Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31 924058841 71 3 CORNELL UNIVEftSITY LIBRARY The Fitch Bond Descriptions 1919 EDITION Descriptions of all Important Corpora- tion and Railroad Bond Issues of the United States and Canada 'It's DEPEriDABLE" THE FITCH PUBLISHING COMPANY INCORPORATED Financial Statisticians 47 BROAD STREET NEW YORK CITY . Copyright; 1919 The Fitch Publishing Co., Inc. Preface This is the seventh annual edition of the publication heretofore known as the Fitch Bond Book. The preparation of this edition has necessitated a greater amount of revision than any previous one. The number of new issues to be included, the number of issues retired and to be eliminated, the modifications in provisions of issue of an important nature have required practically a re-writing of the entire book. An important feature of this edition is the indication of the position of each issue with reference to Federal Income and State taxes. This is clearly shown in a separate paragraph following the interest payment dates in each de- scription. The Fitch Bond Descriptions, now in use by every investment banker in the United States, have earned the highest reputation for accuracy. An important feature, not found in any other similar publication, is the "market" classification. This gives the names of investment dealers who are specialists in the various issues, and are at all times ready to buy, sell, or quote. The Fitch Bond Descriptions is the only collection of bond descriptions that is completely revised every year. FITCH PUBLISHING COMPANY, New York, July, 1919. Incorporated. Explanatory Notes Familiarity with the following sueeestions is" necessary to obtain the full reference value of this book. IVFETHOD OF INDEXING All issues are arranged in alphabetical order. Railroad, Public Utility, and Indus- trial issues are not grouped separately. Titles containing "and" are placed first, viz.; Washington & Vandemere R. R. Co, coming before Washington, Alexandria & Mt. Vernon Ry. Co. Names beginning with a deriva'tive follow the issues beginning with the title from which they are derived, viz.: East Tennessee, Virginia and Georgia Ry. Co. precedes Eastern Car Co., Ltd. TAX STATUS Each description carries under this classification a specific statement indicating whether the Federal Income Tax Is assumed or not assumed by the company, and if assumed whether it is paid at the sourc3 or refunded. This elasslflcation also gives the names of states in which the bonds are tax exempt. This classificatioil supersedes the information heretofore symbolized by "F" and "N" after the due date. PRICE RANGES , With thrt exception of issues not actively quoted, the following cla.ssification is given for issues listed on the New York Stock Exchange. PRICE RANGE— N. T. S. E. Jan. 1, 1906 to Jant. t, 1919 1918 High 103 Jan. '14' 102 Dec. Low 100 Mar. '33 101 June All quotations in this form are based on actual sales unless designated "Bid" or "Ask." The first "High" and "I^ow" quotations given are for the period mentioned, and the remaining ciuotations are exclusively for 1918. For issues not listed or not actively quoted on the New York Stock Exchange the following form is given: PRICE RANGE Jan. 1. 1906 to Jan. 1, 1919 1918 Bid Ask Bid ASk High 98 07 100 '13 100 June 103- Dec. /^b. Dae March 1, 1942. — N. Dated March 1, 1892. Interest payable Mar. and Sept. 1, at D. & H. Company's office, 32 Nassau St., New York. Tax Status — Payment of Federal In'comy Tax not assumed by company. Authorized — Closed mortgagre. Outstanding — $1,000,000. Denomination — Coupon. $1, 000. Reelsterable as to principal or fully registerable. Trustee — United States Trust Co., New York. Guaranteed as to principal and interest by endorsement by the BelaY^are & Hudson Co. Control — Merged in 1902 into the Delaware & Hudson Co. Secured by a first mortgage on 60 miles of road from Saratoga to North Creek, N. T., and branch. These bonds are outstanding at the rate of $16,666 per mile. Underlies D. & H. 1st & Ref. 4s of 1941 which provide to retire this Issue, and deben- tures. Ijegal for Cal.. Conn.. Me., Mass., Mich.. Minn., N. H., N. J., N. T., R. I.. Vt. and Wis. Market. New York — Remick, Hodges & Co., Baker, Carruthers & Pell. - Boston' — Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. Philadelphia — Charles Fearon & Co. Providence — Hornblower & Weeks Price Range. Jan. 1, 1908, to Jan. 1, 1919. Bid High. 105 '11 Low.. 97 '17 ADVANCE-RUMELY CO. 10-year S. F. Deb. 6s. Due Dee. 1, 1925.— F Dated Dec. 1, 1915. Interest payable March ^nd Sept. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 500, 000. Outstanding — $1,545,000 (Dec. 31, 1918). Retired by S. F.— $1,955,000. Denomination — Coupon, 51,000, $500 and $100. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 102% and interest on any interest date on 30 days' notice. Sinking Fund— Annually beginning Dec. 31, 1916, at least $100,000 to and including 1920 and thereafter at least $200,000 for the pur- chase or redemption of these bonds at not over 102%. Bonds acquired to be cancelled. Organization — Incorporated in Indiana Dec. 1916, as a reorganization of M. Rumely Co. Company' s plants are located at La Porte, Ind., Battle Creek, Mich, and Toronto. The L'ompany manufactures agricultural imple- ments such as tractors, threshers, separators, etc. Security — A direct obligation of the company but not secured by a mortgage. No mortgage shall be placed on the properties of the com- pany (except purchase money mortgafeea) while these debentures are outstanding. If the float- ing debt of the company shall at any time ex- coed the authorized amount of these debentures plus the amount' which at any time may be retired, these debentures may be declared im mediately due and payable, unless the Com- pany shall within 30 days after written re- quest by. the Trustee, execute a mortgage to the Trustee on all its plants as security for these debentures. No other debentures or similar obligations can be created while these are outstanding. Yecirs ended Dec. 31. Gross Net Interest 1918 $3,393,704 $1,533.0^7 IBl44,fib7 1917 $2,419,226 $716,758 $165,201 1916 2,178,321 488.380 204.901 Original Market — Issued in exchange for se- curities of M. Rumely Co., under plan of re- organization. Market. " ' New York — J. A. Clark &" Co., E. A. Miller & Co., Harvey A. Willis & Co.. Ernest Smith, William C. Orton, Pynchon & Co.. W. C. Rauscher. Baker, Carruthers & Pel], Chas. D. Barney & Co.. Frederick H. Hatch & Co., Mor- ton Lachenbruch & Co., T Hall Keyes & Co., John Nickerson, Jr.. Newhall & Co. Chicago — Babcock, Rushton & Co.. Pynohon & Co. Philadelphia — Charles Pearon & Co., Mor- ton Lachenbruch & Co.. Newhall & Co. Price Range. Jan. 1, M7 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99 '18 101 '18 99 Dec. 101 Dec. Low.. 83 '17 85 '17 83 Jan. 85 Jan. AETNA EXPLOSIVES CO.. INC.. 6s. Due Jan. 1, 1945. — N. Dated Nov. 30, 1914. Interest payable Jan.. April, July and Oct. 1, at Company ' s office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Principal Declared Due — On Aug. 29, 1917, the Guaranty Trust Co., Trustee, declared the principal of these bonds due and payable for the reason that the receivers' appointed are permanent and not temporary and for the pur- pose of instituting foreclosure proceedings if advantageous. Protective Committee — The following com- mittee reciuests deposits of bonds under agree- ment dated April 12, 1917: E. R. Duer, Ed- ward R. Tinker, F. N. B. Close," A. C. Fay. Evan Randolph, A. W. Eullard, with W. S. Hood, 43 Exchange Place, New York, Secre- tary. Depositaries, Bankers Trust Co. , New York. Girard National Bank, Philadelphia, Illi- nois Trust & Savings Bank, Chicago. Readjustment — Judge Julius M. Mayer, U. S. District Court, New York, on May 24. 1919. approved the plan of adjustment adopted by representatives of bondholders Dec. 11. 1918. It is stated that the plan will shortly be made effective and receivership terminated. Bondholders will have option of receiving 85% in cash or 100% in new bonds at 6% interest with twelve year maturity, one-twelfth of the bonds to be retired each year. Non- assenting bondholders may retain their pres- ent bonds (May 27, '19). '''Authorized — $5,300,000. Outstandins — $2,188,050. Fledged — $2,800,000. In treasury — $311,950. f Additional bonds issuable for 75% of value of additions, etc. Denominations — Coupon $1,000 and $60. Registerable as to prinblpal. Registered $1,- 000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New Tork. Redeemable at 105 and interest on any Inter- est date on two weeks' notice or for sinking fund at par. Sinlcing Fund — Annually, beginning July 1, 1920, 4% of outstanding bonds (either In cash or these bonds) for their purchase or redemp- tion at not over 100 and Interest. Organization — Incorporated in New Tork In 1914, and acquired directly or through stock ownership the properties of the Aetna Powder Co. , Miami Powder Co. , Keystone National Powder Co., P. K. Brewster. Inc., Jefferson Powder Co., Pluto Powder Co., Aetna Chem- ical Co., of Maine and Aetna Chemical Co. of Canada, Ltd. Also owns 60% of the Kings- ley Wood Pulp Co. of Salisbury, Vt. Secured by a first mortgage on all the pro- perty now owned or hereafter acquired includ- ing 4,384 shares of capital stock of the Aetna Powder Co., 2,125 shares of capital stock of the Miami Powder Co. and a certain lease cov- ering real estate in Pennsylvania for 99 yeare. Market. New York — ^McGeorge & Vanderhoef, Miller & Co., Tobey & Kirk, Gwynne Bros.. B. & C. Randolph, J. W. Carroll Co., Sheldon, Morgan & Co'., Haliowell & Henry, Dunham & Co., Newhall & Co. , Baker, Carruthers & Pell. Frederic H. Hatch & Co., T. Hall Keyes & Co. , Morton Lachenbruch & Co. , "William C. Orton. Chicago — Child & Levering, Babcock, Rush- ton & Co., Pynchon & Co. Philadelphia — Newhall & Co., Morton Lach- enbruch & Co. Price RanfTC. Jan. 1, '17. to Jan. 1. '19 1918 Bid Ask Bid Ask High. 83 '18 90 '18 83 Mar. 90 July Low.. 60 '17 66 '17 75 Nov. 82 May Philadelphia — Graham, Parsons & Co. . Charles Pearon & Co., Newhall & Co.. Sam') K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 95 '09 100 '08 83 Dec. 86 Dec Low.. 75 '17 86 '18 80, Sept, AKRON & BARBBRTON BELT RAILROAD Co. 1st 48. Due June 1. 1942. — F. Dated June 1. 1902. Interest payable Junii and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding— $976,000 (May 1, 1919). Held in Sinking Fund— $264. 000. Denomination — Coupon and registered, $1.- 000. Trustee — United States Mortgage & Truat Co.. New Tork. Redeemable by lot for the sinking fund, at 105 and interest. Sinking Fund- — Annually, 1% on amount of bonds issued, plus one year's interest on bonds in fund. Control — ^AU of the stock Is owned by the B. & p.. Brie, Nor. Ohio and Cleveland. Akron & Cincinnati railroad companies. Secured by a first mortgage on belt Una around Barberton, Ohio, and branches to Pair- lawn and to Akron. Miles of main track 23.11; of sidings 21.09. Market. New York — -McKinley & Morris, Chas. W. Place, John Davenport, Finch & Tarbell, Blodget & Co., Abraham & Co., Baker, Car- ruthers & Pell, Taylor, Smith & Hurd, Wood, Struthers & Co. AKRON PEOPLE'S TELEPHONE CO. Bef. 1st S. F. 6s. Due January 1, 1925. Dated January 1, 1915. Interest payable Tanuary and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $3 83,200. Retired by S. F.— $17,800. Denomination — Coupon, $100, $500 and $1,- 000. Registerable either fully or as to prin- cipal only. Trustee — State Savings Bank & Trust Co.. Columbus, Ohio. Redeemable as a whole on any Interest date at 102^ and interest. Sinking Fund — $4,000 per annum, on De- cember 15, payable in cash or bonds of thli issue at par, plus interest on bonds In the sinking fund, to be applied to the purchase of bonds at the best market price, not exceeding 105 and Interest. Guaranteed as to principal and interest by the Ohio State Telephone Co. by endorsement. Organization — Incorporated in Ohio in 1900. Merged April, 1915, Into The Ohio State Tele- phone Co. Secured by a first mortgage on Independent telephone system in Akron, Ohio, and vicinity, serving a population of 100,000. Earnings — See Ohio State Telephone Co. Cons. & Ref . Original Market — Offered by Otis & Co., Cleveland, Dec, 1915, at par and interest. Market. Cleveland — Otis & Co. New York — Oilman & Clucas. Chicago — Miller & Co Philadelphia — Newhall & .Co., Sam'l K, Phillips & Co. Price Range. Jan. 1, »17, to Jan. 1. '19 1918 Bid Ask Bid Ask High. 98 '17 100 '17 90 July 100 July Low.. 90 '18 100 '18 ALABAMA & YICKSBURG RAILWAY CO. Cons. 1st 5s. Due April 1, 1931. — N. Dated April 1, 1889. Interest payable April and Oct. 1, at Central Trust Co., New York. Tax Status — Payment of Federal Income tax not assumed by company. Authorized — $1,800,000. Outstanding— $580,800 (Dec. 31, '17). Held in Company's Treasury — $211,200. Retired — $8,000. Denomination — Coupon, $1,000 and $100. Trustee — Centi^l Union Trust Co. , New York. Control — In 1917 the Sterling Trust Co., Ltd., of London, acquired the stock control formerly held by the Ala., N. O., Tex. & Pac. Jet, Rys. Co. Secured by a second mortgage on 142.66 miles of road from Meridian to Vicksburg. Miss. , and branches, subject to a prior Hen at the rate of $7,000 per mile. These bonds are outstanding at the rate of $4,100. not In- cluding those held in the treasury. Prior Lien-7-$l,000,000 Vicksburg & Merid- ian Railroad 1st 6s of 1921 which this mort- gage provides to retire. Cnderliea — 2d 6a o( 1921. Leeal for N. H. ana R. I. Year ended Dec. 31 Int. & Gross ■ Net Rent. 191' $2,139,316 $626,662 $122,860 1916 1,818,133 675,224 126,726 1916 1.536.819 462,841 125,573 Market. New York — J. S. Farlee & Co., F. J. Lis- man & Co., E. & C. Randolph, Chas. W. Place, Wm. A. C. Swen, Wm. Carnegie Ewen, Abra- ham & Co. Philadelphia — Graham, Parsons & Co., Har- rison & o., Prazier & Co., Charles Pearon & Co., Sam'l K. Phillips & Co. Baltimore — Jenkins, Whedbee & Poe, FittsbUTEh — R. B. Hutchinson & Co. Price Ranee. Jan. 1, '08 to Jan. 1, 'IB 1918 Bid Ask Bid Ask High. 103 '08 105 '11 93 Feb. 100 Nov. Low.. 84 '18 92 '18 84 June 92 Aug:. ALAlBAMA & VICKSBUBO RAILWAY CO. 2d 58, Dne April 1, 1921. — ^F. Dated April 1, 1889. Interest payable April and Oct. 1, at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $700,000. Oatstandine — $416,100 (Dec. 31. '17). Retired by SlnklnE Fund — $282,100. Held in Company's Treasury — $1,800. Denomination — Coupon, $1,000 and $100. Trustee — Central Union Trust Co.. New York. SlnkiDE Fund — Whenever $10,000 shall be In the fund from the sale or lease of lands owned, that amount Is to be devoted to the purchase and cancellation of these bonds at the lowest price obtainable. Control — See Cons. 1st 5a. Secured by a first mortgaEe on all lands (about 3,116 acres) and third mortgage on 142.66 miles of road from Meridian to Vicks- burE, Miss., subject to prior liens at the rats of $11,100 per mile. These bonds are out- standinE at the rate of $3,000 per mile. Prior Uens — $580,000 Cons. 1st 6s 1921 and $1,000,000 VlcksburE & Meridian lat 6s 1>21. EarninES — See Consol. lat 6s above. Market. New York — Chas. W. Place, Abraham & Co., Baker, Carruthers & Pell, P. J. Lisman & Co., Wm. CarneEle Ewen. Philadelphia — Chas. Pearon & Co. Price BanEe. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High. 100 '09 104 '08 80 Mar. Low.. 80 '17 100 '16 80 Deo. (TEE) AlABAMA COMPANY Gen. Sa. Dns May 1, 1933.— P. Dated May 1, 1913. Intereat payable Jan. I and July 1, at Trustee's offlc. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Ontstanding — $690,000 (Dec. 31, '18). Balance Retired. Denomination — Coupon, $100,' $600 and $1,- 000. Registered $1,000 and multiples. Cou- pon and Registered of $1,000 interchangeable. Coupon reglsterable as to principal. Trastee — Equitable Trust Co., Baltimore. Redeemable any intereat date at 106 and In- terest, Sinking Fund — Annually 1% of the face value of bonds Issued for the purchase of bonds. Organization — This company acquired by purchase all the property of the Alabama Con- solidated Coal and Iron Company under a (ors- closure decree of April 3, 1913, . Secured by a general mortgage on 4 fur- naces, located, 2 at Ironton and 2 at Oadsden. Ala.: 3 coal mines, located at Brookwood, Searles and Lcwisburg; 915 coke ovens, annual capacity 340,000 tons; 10,164 acres of land located in Etowah, TalladeEa and Jefferson counties, Alabama, and in Polk county, Oa. ; 36,185 acres coal land located in Tuscaloosa (company sold 960 acres in Tuscaloosa county, Ala., Sept., 1916) and Jefferson counties, Ala.: 14,677 acres timber and farm lands, locatefl in Alabama; 320 acrea limestone auary lo- cated at Rock Springs, Ala.: 8,833 acres min- eral right? in Coosa county — total acrease 70,- 097; and about 7 miles of railroad from East Birmingham, Ala,, to Its coal mines. Prior IJens — $1,476,000 1st Cons. 5s of 1933 of the Ala. Consolidated Coal & Iron Co. Year ended Dec. 31. Gross Net Interest 1918 $1,847,031 $1,111,249 $120,692 1917 1,421,485 1,218,823 134,139 1916 659,716 420,396 157,689 Original Market — Offered May, 1913, by Mld- dendorf, Williams & Co., Baltimore and New York, at 70 and interest. Market. New York — H. I. Nicholas & Co., Baker, Carruthers & Pell. Baltimore — H. R. Taylor & Co., Baltimore Trust Co. Blnningbam — Caldwell & Garber. Price Range Jan. 1, '!'>, to Jan., '19 1918 Bid Ask Bid Ask HiEh.85 '18 90 '18 85 July 90 July Low. 80 '17 88 '17 83 Sept. AliiABAMA CONSOLIDATED COAL & IRON CO, Ist Cons. 5b. Dne May 1, 1933. — N, Dated May 1, 1903. Interest payable May 1 and Nov. 1, at Baltimore Trust Co., Balti- more. Tax Status — Payment of Federal Income Tax not assumed by company. Aothorized — $2, 250, 000. Issued — $1,760,000. Outstanding — $1,476,000. Retired by S. F. — $284,000. Denomination — Coupon, $1,000. Resisterable as to principal. Trustee — Baltimore Trust Co. Redeemable at 105 and intereat by lot. Sinking Fund — Annually, Nov. 1, 1% of all bonds issued for the retirement of 6s of 1318, or to retire bonds of this issue at, not exceed- ing 105 and interest, and if not so obtainable this fund Is to be Invested in other securities. Organization — See Alabama Company Gen. 6a above. Secured by a mortsaEc on the property de- scribed under Alabama Company Gen. 6s, ses above. Underlies — $690,000 Ala. Co. Gen. 6s of 1933. Farnings — See Alabama Co. Market. Baltimore — H. R. Taylor & Co., Baltimore Trust Co,, Jenkins, Whedbee & Poe. New York — H. I. Nicholas & Co., Baker, Carruthers & Pell, Frederic H. Hatch & Co., Taylor & White. Philadelphia— S. K. Phillips & Co. Price Range. Jan. 1, '17, to Jan. 1, '19 1918 Bid Ask Ask High.81 '17 88 '18 88 Dec. Low. 81 '17 88 '17 AI.ABAMA GREAT SOUTHERN RAILROAD Co. 1st Ext'd 68. Due Dec. 1, 19%1.— N. Dated January 1, 1878. Extended January 1, 1908. interest being reduced from 6%. In- terest payable January and July 1, at Trus- tee's olllce. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 750, 000. Outstanding — $1, 749. 000. Denomlnation---Ooui)on, $1,000. Trustee — Farmers' Loan & Trust Co., N. T. Control — The Southern By. Co. owns $1,- 726,000 out of $3,380,360 preferred stock and $4,540,060 out of $7,830,000 ordinary stock, all of which is deposited under its Cons. 6a of 1994. Secured by a first lien on 290.49 miles of road from Wauhatchie, Tenn., to Meridian, Miss. These bonds are outstanding at the rate of $6,000 per mile. ' TJnderlies — £714,700 Gen. es of 1927, and $4,312,000 1st Cons. 6s of 1943. which pro- vides to retire this issue. Year ended Dec. 31 Gross Net Int. & Rent 1917 $7,161,065 $2,613,784 $710,162 1916 6,987.828 2,494,369 640,409 •1916... 4,776,630 1,184,696 568,612 •June 30. ' lioeal for Mich.. Minn., N. H., N. J.. R. I and Wis. Listed on T.>ondon Slock Exchanire. Original Market — -The extension of these bonds on Jan.- 1, 1908, was underwritten by Potter, Choate & Prentice of New York, Market. Philadelphia — Graham, Parsons & Co. - New York — Callaway, Fish & Co., Morton Lachenbruch & Co.. Sam'l Goldscbmldt. S. P. Larkln & Co., E. & C. Randolph. Simon Borg & Co., Low. Dixon & Co.. Taylor. Smith & Hard. Abraham & Co., Baker, Carruthers & Pell, J. S. Farlee & Co. Baltlmone — Baltimore Trust Co.. Jenldns Whedbee & Poe. Price Range. Jan. 1, 1908, to Jan. 1, 1»1» 1918 Bid Ask Bid Ask Hlgh.107% '11 110 '11 99 Jan. 100 Dec. Low. SB '17 96 '18 90 July 96 July Price Range. — LonUon Stock Exchange. Jan, 1, '08, to Jan. 1. '19 1918 Bid Ask Bid Ask High. 106 '12 107 '12 • 00 Jan 95 Mar. Low. 90 '08 96 '08 90 Dec. ALABAMA GREAT SOUTHERN RAILROAD Co. Gen. Sterling 6b. Due Dec. 1. 1927.— N. Dated Aug. 7, 1888. Interest payable June and Dec; 1, Morgan. Grenfell & Co., London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — £1.160.000. Ontstanding-^£714,700. Closed Mortgage. Denomination — Coupon, £100. Trustee — Central' Union Trust Co., New York. Secured by a second lien on 290.49 miles of road from "Wauhatchie. Tenn., to Meridian, Miss., subject to a prior lien at the rate of $6, 000 per mile. These bonds are outstanding at the rate of $11,288 per mile. Prior Hens— $1,760,000 1st Ext. 5s 1927. Underlies — $4,312,000 Ist Cons. 5s of 1943. which provide for the retirement of this Is- sue. Earnings — See 1st Bxt'd 6s. Legal for N. H. and H. I. Listed London Stock Exchange. Market. Baltimore — Jenkins. Whedbee & Poe. Neurgh — Goddard, Hunter & Co., Col- onial Trust Co. Chicago — Pynchon & Co. Philadelphia — Paul &. Co. •Price Range. — N. Y. S. E. Jan. 1, '06, to Jan. 1, '19 1918 High. 100 May 19 '14 93 Oct. 31 Low. S7% Mar. 8 '18 87% Mar. 8 ALABAMA GREAT SOUTHERN R. R. CO. Equip. 4%s, Series E. Dne $55,000 each Dec. 1 and June 1 to June 1, 1936 Inclu- sive. — N. Dated June 1, 1916. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,100,000. Outstanding — $826(000 (Dec 31.18). Balance retired. Denomination— Coupon $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment agreement on 6 Mikado freight engines. 4 switch engines, 2 passenger engines, 3 all-steel baggage cars, 2 all-steel dining cars, 8 all-steel passenger cars, 695 steel center sill plain box cars and 100 steel center sill automobile box oars, oostlne {1,313.970, of which the com- Pany paid $213,970 In cash. UriElnal Market — Offered April 1916 by Potter, Choate & Prentice, New York at prices to yield 4.40%. Market. New York— E. & H. Randolph, Freeman & Co., CoBireshall & Hloka, Potter. Choate * Prentice, Evans, Stillman & Co., Ernest Smith. Cincinnati — Pith-Third Nat' I Bank. AIABAMA MIDtAND BAELWAY CO. lat St. Dae Nov. 1, 1928. — F. Dated Nov. 1. 1888. Interest payable May and Nov. 1 at Metropolitan Trust Co.. Now Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandlne— {2, 800. 000. Denomination — Coupon. $1,000, Trustee — Metropolitan Trust Co.. New Tork. Assumed by the Atlantic Coast Line R. R. Co. Control — ^Mereed In 1901 into the Sav., Pla. & West'n Ry. Co., which Conipany was con- solidated Into the A. C. L. R. R. Co., in 1902. Secured by a first mortgage on 173.81 miles of road from Montgomery. Ala., to Bainbridge. Ga. These bonds are outstanding at the rate of $16,110 per mile. Underlies — ^A. C. L. Cons. 4a of 1952 and Unified 4s 19S9 and Gen. Unit. iMa and 48 of 1964. which provide to retire this issue at maturity. Xegal for Bait., Cal.. Conn.. Mich.. Minn., N. H.. N. J.. N. T.. R. I. and Wis. litsted on Nsw Tork Stock Exchange. Market. Baltimore — Jenkins, "Whedbee & Foe. New York — Clark, Dodge & Co., Curtis & Sanger, Wood, Struthera & Co.. Redmond ~& Co.. Seasongood, Haas & Macdonald, Remick, Hodges & Co., Ambrose R. Clark & Co., Chas. W. Place, Wm. Carengie Ewen, Taylor, Smith & Hard. Baker, Carruthers & Pell, Simon Borg & Co., S. P. Larkin & Co Philadelphia — ^Prazier & Co., Wheeler. El- liott & Mann, Charles FeRron & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. — N. Y. S. E. Jan. 1. 1906, to Jan. 1. 1919 1918 High.lll Sept. 3 '09 98% Nov. 8 Low. 96% June 4 '18 96% June 4 ALABAMA POWER Co: 30-Year 1st Ss. Due March 1, 1946. — N. Dated March 1, 1916. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $100,000,000. Ontstandine — $8,000,000 (Dee. 31, '17). Fledged to Secure 6% Notes — $2,639,000. Reserved for Ext. — $89,361,000. Denomination — ^Coupon, tSl,0\0(V. $500 and $100. Registerabie as to principal. Regis- tered $1,000 and multiples. C. & R. inter- changeable. Trustee — United States Mortgage & Trust Co., New Tork. Redeemable at 105 and Interest on any In- terest date after March 1, 1921. Improvement and Sinking Fund — Annual payments as follows; V4 % of outstanding bonds March 1, 1920 to 1926 Inclusive; 1% March 1, 1926 to 1931; 1%% March 1. 1932 to 1945 inclusive. (1) for acquisition of additional property or permanent extensions and improve- ments which might otherwise have been made the basis for issuance of bonds. (2) If not so expended within a, Bpeclfiefl time to. be used for the purchase or redemption oi these bonds. Bonds so acaulred to be cancelled. Organization and Control — Incorporated' In Alabama in 1906, and serves directly or Indi- rectly the major part of the urban population of northern Alabama, including the Birming- ham District. The entire capital stock Is owned by the Alabama Traction, Light & Power Co., Ltd. Secured' by a first mortgage on the entire property of the company, Including a hydro- electric plant on the' Coosa River. 46 miles southeast of Birmingham, with installed ca- pacity of 90.000 h. p.; steam plant at Gads- den of 15,000 h. p., an additional steam plant of 40,000 h. p., located on the Black Warrior River, in the heart of the coal mining dis- trict is to be constructed; a hydro-electrlo development of 2.000 h. p. at Jackson Shoals, 40 miles east of Birmingham; 350 miles of double-circuit steel tower and 400 miles of treated pole transmission lines, local distribu- tion systems supplying .electric light and power in Albany. Anniston. Attalia, Talladega, Huntsville. Decatur and several smaller places; street railway systems in Annis- ton ' and Huntsville and plants supplying gas In Anniston, Decatur and Albany. The company also contracts power to the Birmingham Ry., Light & Power Co. and to local service companies in Gadsden, Tuscaloosa and Alexander City; and supplies cut-rent in bulk to municipal plants in Pied- mont and Opelika. Also contracts power to Industrial enterprises in the district served. Further secured by deposit of stocks of sub- sidiary companies owning hydro-electric pos- sibilities aggregating several bundred thousand horsepower. Population served, 325.000. Franchises with minor exceptions are report- ed unlimited as to time. Year ended Dec. 31 Gross Net 1918 - $3,019,731 $1,672,260 1917 2,101,968 1,300,624 1916 1,615,953 949.607 1916 1.041.148 638.606 Original Market — $4,000,000 offered by Perry, Co^n & Burr, and Harris Forbes & Co., Boston and New Tork, March, 1916, at 96% and interest. $2,000,000 ottered Jan. 1917, by Coffin & Burr and Harris Forbes 4 Co. Market. New York — Plympton, Gardner & Co., Mc- George & Vanderhocf Collin & Burr Berdell Bros., J. A. Clark & Co., S. P. Larkin & Co., Paine, Webber & Co., Whjite, Weld & Co., Geo. H. Burr ,& Co., F. H. Hatch & Co., Kiely & Horton, , John Nickerson, Jr., Newhall & Co., Taylor & White, Earle A. Miller & Co. Philadelphia — H. D. Boenning & Co., New- hall & Co., Paine, Webber & Co., Frazier & Co. St. I,onis — Stlfel, Nicolaus Inv. Co., Stix & Co. Birmingham — Caldwell & Garber, Geo. B. Ward. New Haven — The Chas. W. Scranton Co, Boston — Paine, Webber & Co., Arthur Perry St. Co., Coffin & Burr, Richardson, Hill & Co., Tj. Sherman Adams. P. B. Bassett & Co., Kimball, Russell & Co., White, Weld & Co. Detroit — Nicol, Ford & Co., Paine, Web- ber & Co. Milwaukee — Marshall & lisley Bank, F. A. Bartlett Co., First National Bank of Mll- wp"i'''>.e. Second Ward Savings Bank. Chicago — Ames, Emerich & Co., Babroclt, Rushton & Co., Curtis & Sanger, Paine, Web- ber & Co. IdialSTlUe, Ki.—J. S. B. HllUard & Son. Worcester — Paine, Webber & Co. St. Paul— Paine, Webber & Co. Price KanEe. Jan. 1, 'X6, to Jan. 1, '19 1918 Bid Ask Bid Aslc Hig;h.96% '16 98 '17 88 Nov. 90 Dec. Low. 80 '18 - 82 '18 80 Aug. 82 July AI.ABAMA POWER CO. 6-Year 6% Secured Notes. Due July 1, 1922. — N. Dated July 1, 1917. Interest payable Jan. 1 and July 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. AnthoriKed — $6, 000, 000. Outstanding — {1,900,000. Reserved for Corporate Purposes — $3,100,- 000. Denomination — Coupon, $1, 000. Register- q.ble as to principal. Trustee — New York Trust Co., New York. Redeemable on four weeks' notice at 101 % and interest prior to July 1, 1918, at 101^ and interest thereafter prior to July 1, 1919, at 101 and Interest thereafter prior td July 1, 1920, at 100%^ and interest thereafter prior to July 1, 1921, and lOOVi and Interest there- after. Secured by pleaire of $2,639,000 ($10,639,- 000 total issued) 1st 6s, due 1946. Additional notes issuable on pledge of additional let 6a in same ratio. Original Market — $1,900,000 ottered Aue., 1917, by Harris, Forbes & Co., and CotBn & Burr, at 99% and Interest. Market. New York — Newhall & Co., Ernest Smith. Chicago — Babcock, Rushton & Co, Milwaukee^P. A. Bartlett Co. Birmingham — Caldwell & Garber. Philadelphia — Newhall & Co. Price Range — 1918. Bid Ask High.96 Dec. 98 Jan. Low. 93 May. ALABAMA STEEL & SHIPBUILDING CO. Ist 6s. Due Jan. 1, 193P. — F. Dated Jan. 1, 1898, Interest payable Jan and July 1, at 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 100, 000, Outstanding — $730,000. Retired by Sinking Fund — $120,000. Denomination — Coupon $1,000. Begerister- able as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 110 and interest for sinking fund on any interest date. Sinking Fund — $20,000 per annum for the purchase of bonds at not exceeding 110 and interest or Investment in other securities with approval of Board of Directors. Bonds may be drawn by lot. Bonds redeemed, cancelled. Guaranteed principal and interest by Ten- nessee Coal, Iron & R. R. Co, Control — Practically all the stock is owned by and the property leased to the Tennessee Coal, Iron & K. H. Co. The latter company is controlled through stock ownership by the United States Steel Corp. Secured by a first mortgage on all the prop- erty of the Company, consisting of ine plant at Ensley, Ala., where the Company has ten open-hearth furnaces of fifty tons each. Market. New York — Coffin & Cc, Holmes, Bulkley & Wardrop, F. H. Hatch & Co., Baker, Car- ruthers & Pell. Philadelphia — Graham, Parsons & Co., Sam 1 K. Phillips & Co. Birmingham — Caldwell & Garber, Geo. B. Ward. Price Range. Jan, 1. '18 to Jan. 1, 19 1918 Bid Ask Bid Ask High.107 '11 110 '16 102 July 107 July Low. 90 '08 95 '08 96% Feb. 102 Nov. ALABAMA, TENNESSEE & NORTHERN RAILROAD CORPORATION 30-Year Prior Lien 08. Due July 1, 1948. Dated October 16, 1918. Interest payable January 1 and July 1 a,t the Metropolitan Trust Co., New York. Tax Exempt — 2% Federal Income Tax paid by the company without deduction. Authorized — $3,600,000. Outstanding — $850,000 (Mar. 14, '19). Issuable for Financial Reouirements — $100,- 000. Reserved for Ext. (Reform to K, C. M. Sc B. R. R.) — $900,000. Reserved for Ext. (Calvert to Mobile) — $500,- 000. Reserved lor Miscellaneous Purposes — $1,- 150.000. Purpose of Issue^$860, 000 issued to pay reorganization expenses and provide cash re- quirements of plan, including the payment of $118,000 Blakely Island Vendor Lien Notes, $400,000 debts to banks and others, and the payment of the first defaulted coupons on the four bond issues of the old company. Denomination^ — Coupon $1,000, $500 and $100. Registerable as to principal. Trustees — ^Metropolitan Trust Co. of the City of New York and James F. McNamara. Redeemable at 102% and interest on any interest ' date upon 30 days' notice. Organization — Incorporated in Alabama Oc- tober 12, 1918, and on November 1, 1918, took over the properties of the Alabama, Tennessee & Northern Railway Co. which were sold under foreclosure May 16, 1918. Capitalization — New and old companies. New Old Capital Stock Outstanding Outstanding Pfd. 6% $1,700,000 Common 2,500,000 $7,360,000 $4,200,000 $7,350,000 Funded Debt 2,966,000 4,336,086 I $7,166,000 $11,686,086 Secured by a first mortgage on the com- pany's entire lines of railroad as follows: Miles Nannahubba to Reform, Ala 188.0 Industrial tracks in and around Mobile 7.0 195.0 Also a first mortgage on real estate, and terminals, InGluding a parcel of land form- ing part of Farmer's Island within the limits of the City of Mobile, Ala., fronting 700 feet along the harbor line of Mobile River; six pieces of land within the City of Mobile and the east side of the Mobile River opposite the City of Mobile. Also secured by a lien on all the equipment of the company subject as to a part of same to a small amount of equipment trusts. At Reform, Ala., the road forms a con- nection with the Mobile & Ohio Railroad and at Mobile. Ala., with the Southern Railway and the Louisville & Nashville Railroad. Underlies — $2,116,000 (closed mortgage) Gen. Income 6s, due Oct, 1, 1948, 10 Year ended Dec. 31: Gross 1918 $684,158 1917 584,763 Origiiial Market — See above. Net Deductions $136,921 $33,509 134.102 35,504 ■ 'Purpose of Issue' ' ALABAMA, TENNESSEE & NORTHERN RAILROAD CORPORATION General In- come 6s. Dne Oct. 1, 1948. Dated October 15, 1918. Interest payable in New Tork, - viz. : Interest payable (if de- clared and earned) for the year 1919 to 1921 inclusive April 1 and October 1 (action of the board of directora conclusive). Interest payable (if earned) for years 1922 and 1923 inclusive April 1 and October 1 (action of board of directors conclusive unless within 90 days after resolution holders of at least 25% of bonds shall in writing- request the trustee to take steps to test correctness of resolution). Interest payable absolutely for the years 1924 to 1948 inclusive January 1 and July 1. Interest Payment Provisions — Net income applicable to the payment of interest on these bonds shall be the net income remaining after deducting from the gross earnings and income of the company from all sources the follow- ing items: (a) operating expenses, mainte- nance, depreciation and general expenses; (b) all taxes; (c) rentals of leased lines and tracks, rolling stock, eauipment or other property, but not deferred instalments of the purchase price of any such rolling stock, equipment or other property; (d) all accrued interest on Prior Lien bonds, and on any and all other bonds, equip- ment trust obligations or other obligations se- cured by a lien or charge upon any of the property of the company prior to the lien of this mortgage; (e) all interest accrued, if any, on such floating indebtedness as shall have been necessarily incurred in the ordinary oper- ation of the railroad. Tax Exempt— 2 % Federal income tax paid by the company without deduction. Authorized — $2,116,000. Outstanding — $2,116,000. Purpose of Issue— Issued In exchange for $2,116,000 bonds of the old company. Hold- ers of some of the underlying issues also re- ceived in addition small amounts of new pre- ferred and common stocks. Denomination — Coupon $1,000 and $ 1 0. Registerable as to principal. , Trustees^Columbia Trust Co. , New York and George E. Warren. Redeemable as a whole only at 105 and in- terest on any interest date upon 60 days' no- tice. Organization- See "Prior Lien 6s." Secured by a mortgage on all the property of the company but subject to the junior lien of the Prior Lien 6s. For description of property see description of latter issue. Prior Liens — $850,000 Prior Lien 6s, due July 1. 1948. Earnings — See Prior Lien 6s, Original Market — See "Purpose of Issue" above. ALABAMA WATER COMPANY S-Year 7% Notes. Due Jan. 1. 1924. Dated Jan. 1. 1919. Interest payable Jan. and July 1st at Trustee's office. Tax Status — Not stated. Authorized — $500,000. Outstanding~-$400,000. Purpose of Issue — To retire outstanding 3- Year 6% Notes, due Jan. 1, 1920, to pay in part the cost of acquiring water works at At- talla, Oneonta and Jasper, Alabama, and for improvements and betterments of other prop- erties. Denomination — Coupon $1,000. Trustee — New York Trust Company, New York. R^eemable as a whole or in part on any Interest dat at 102% during the first year, the premium being reduced one-half of 1% in each succeeding year. Organ^ation — Owns and operates plants supplying water to Anniston. Albany, Besse- mer, Jasper, Oneonta and Decatur, Alabama under perpetual franchises, and to Attalla, Blue Mountain, Brighton and Oxford, under limited franchises. Estimated value of prop- erties $2,250,000. (Jan. 1, 1919.) Security — A direct obligation of the, com- pany, but not secured by mortgage. Indenture provides that without any additional debt be- ing created there must be invested in the property during the life of these notes a sum not less than $125,000. Prior Lien — $1,000,000 1st 6s, due 1932. Year ended Dec. 31st: Bond Gross Net Interest 1918 $284,373 $139,854 $60,000 1917 215,533 13 8,690 60,000 Original Market — Offered in April, 1919, by Liggett & Drexel, New York and Boston, ALAMOGORDO & SACRAMENTO MT. BAIL- WAY CO. 1st 6s. Due AprU 1, 1938.— P. Dated April 1, 1898. Interest payable April and Oct. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 900,000. Outstanding — $372,000. Reserv-d for Ext. — $528,000. Denomination — Coupon, $1, 000. Heglsterable as to principal. Trustee — New York Trust Company. New York. Redeemable at 105 and Interest on any In- terest date. Guaranteed principal and Interest by the ICl Paso & Northeastern Co. by endorsement. Controlled by the EI Paso & Northeastern Co. through ownership of the entire capital stock. All the capital stock of tlje B. P. A N. B. Co. Is owned by the El Paso & South- western Co. Secured by a first mortgage on the line from Alamogordo to Kussia, N. M,, 31 miles. These bonds are outstanding at the rate of $12,000 per mile. Market. New York — Frederic H. Platch & Co., F. J. Lisman & Co. Pittsburgh — R. B. Hutchinson & Co. ALASKA GOLD MINES CO.. 10-Year Conv. Deb. 6s Series "A." Dne March 1, 1925. Dated March 1, 1916. Interest payable March 1 and Sept. 1, at Company's ofllce, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Default — March 1, 1918, coupons were not paid. Authorized— $1,500,000. Outstanding — $1,500, 000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and Interest on any inter- est date on or after March 1, 1918, on 60 days notice. 11 Convertible at par at any limr prior to ma- turity and up to and including' any date fixed for redemption into the capital stock of tha company (par $10) at $30 per share, with cash adjustment of dividends and interest. Organization — Incorporated in Maine In 1912 as a holding company and owns $11,438,680 of the $12,000,000 capital stock and $3,268.- 000 of $3,500,000 first mortgage e% bonds of the Alaska Gastineau Mining Co. The lat- ter company is a New York corporation owning 1,875 acres near Juneau, Alaska, covering for a length of over two miles a series of otrongly defined veins carrying low-grade mill- ing gold ore, estimated to contain over 200,- 000,000 tons of commercially profitable ore. In the past two years over 42,000 feet of underground workings have l)een driven, giving a total length of drifts, raises and cross-cuts approximating 10 miles. The ore has an aver- age value of more than $1.35 per ton, with an estimated net profit of over 75 cents per ton. Present milling capacity of about 5,000 tons per day is to be increased. During 1916. 1,892,788 tons of ore were milled having an average per ton $1,193 for heads. The aver- age tails .222 cents per ton. Security — A direct obligation of the com- pany, but not secured by a mortgage. While these debentures are outstanding the company cannot mortgage or otherwise encumber any of its assets. The company has outstanding $:,50t),000 Series "B" Deb. 6s. Year ended I>ec. 31 Gross Net 1918 $1,134,523 def$ll 0,29 1917 2,002,603 273,696 Listed on the New Tork Stock Exchange. Original Market — Underwritten by Hayden. Stone & Co. and offered to stockholders of record Jan. 25. 1915, at par pnd $1,463,900 subscribed for by stockholders. Price Range. — N. Y. S. E. Jan. 1, 1915 to Jan. 1, 1919 1918 High. 150 Apr. 22 '15 3 Nov. 6 Low. 14 Dec. 20 '17 18 Juile 12 ALASKA GOIiD MINES CO. 10-Year Conv. Beb. 6fi. Series "B." Due March 1, 1QZ6. Dated Feb. 1, 1916. Interest payable March 1 and Sept. 1. Xmx Status — Payment of Federal Income Tax not assumed by company. • Default-;-March 1, 1918 interest was not paid. Authorized — $1,600,000. Outstanding — $1, 500, 000. Denominations— Coupon $100, $500 and $1,000. RegiBterable as to principal. For further details see Series "A" above. Price Range. — N. Y. S. E. Jan. 1, 1916 to Jan. 1, 1919 1918 High. 105 May 12 '16 36 Nov. 8 Low. 14 Dec. 20 '17 18 June 11 ALBANY & NORTHERN RAILWAY 1st Cons, 5s. Due Jan. 1, 1946. — N. Dated Jan. 1, 1896. Interest payable Jan. and July 1. at New York and Baltimore. Tax Status — Payment of Federal Income Tax not assumed by comnany Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000. Assumed by the G. S. W. & Gulf R. R. Control — The entire $350,000 capital stock owned and the road operated by the Georgia, Southwestern & Gulf R. R. . Secured by a first mortgage on 35 miles of road from Albany to Cordele, Ga. These bonds are outstanding at the rate of $11,400 per mile. Underlies — $155,600 Georgia, S. W. & Gulf 5s secured by deposit of $350,000 capital stock of this company. Year ended Dec. 31: G. S. W. & S. R. R. Gross Net Deduct 1918 $150,925 $48,834 $43,156 1917 115,955 28,045 38.200 1916 115,242 27.960 37.596 Market. Baltimore — MIddendorf, Williams &. Co. ALBANY & SUSQUEHANNA RAILROAD CO. 1st BVzB. Due AprU 1, 1946.— F. Dated April 1, 1906. Interest payable April and October 1. at Delaware & Hudson Co.'s office, 32 Nassau Street, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10, 000, 000. Outstanding — $6, 444, 000. •Converted into Delaware & Hudson Co. Stock — $3,556,000. •Held by D. & H. Co. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Regis- tered. $1,000 and $5,000. Coupon bonds ex- changeable for registered bonds In amounta of $5,000. Trustee — United States Mortgage & Truit Co., New Tork. Convertible into stock of the Delaware & Hudson Co. until April 1. 1916, at the rate of five shares (par $100) of stock for each $1,000 bond. Guaranteed principal and Interest by the Delaware & Hudson Co. by endorsement. Control — Leased in 1870 to the Delaware & Hudson Co. during the term of its charter. Rental interest on bonds and 9% dividends on its $3,500,000 capital stock. Secured by a first mortgage on 142.59 mile? of first track and 113 miles of second track from Albany to Binghamton, N. T., at t rate of $70,125 per mile. Legal for Cal., Conn.. Me., Mass.. Mich.. Minn.. N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New Tork Stock Exchange. Original Market — Offered 1905, to the stock- holders of the D & "H. Co. for subscription at par. Market. New York — Remlck, Hodges & Co., Struthers & Hiscoe. McKinley & Morris, J. B. Colgate & Co., Seasongood, Haas & Macdonald, Am- brose R. Clark & Co., Redmond & Co., Taylor, Smith & Hard. Price Range. — ^N, Y. S. E. .Ian. 1, '06 to Jan. 1. '19 1918 High.118% Nov. 22 '06 77% Nov. 14 Dow. 69 ^^ Dec. 19 '17 71 Apr. 2 Registered. High.98 Aug. 6 '08 Low. 79% June 2 '17 THE A. P. W. PAPER CO. 1st 6s. Due $25,- 000 each Sept. 1 and March 1 fro mSept. 1, 1919 to Sept. 1, 1928 inclusive and $175,000 March 1. 1929 Dated March 1, 1919 Interest payable March 1 and Sept. 1 at S. W. Straus & Co., New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. New York State personal property tax exempt. Authorized — $650,000. Outstanding — $650,000. Purpose of Issue— To fund bank loans con- tracted during 1918 in financing the erection of the new paper nliU. Denomination — Coupon $1,000 all maturl- 12 ties, $500 all maturities except Sept. 1, 1919. and $100 in 1929 maturity only. Trustee — S. W. Straus & Co., New York and Chicago. Redeemable at 102 and interest on any in- terest date. Redemption Fund — The company agrees to make monthly payments to the trustee of an (imount equal to one-sixth of the amount of principal and interest coming due on each semi-annual interest date. OrganiKation— -Incorporated in New York. Business founded in 1877. The company man- ufactures paper towels and tissue paper prod- ucts. Secured by a first mortgage on all the land, buildings, machinery and equipment of the company located at Albany, N. Y., as follows: Manufacturing plant and land, 256 x 675 feet. This plant was built in 1916. It fronts on Broadway at Third Avenue, adjoining the tracks of the Delaware and Hudson River Railroad Company, with switch tracks run- ning into the property. Paper mill, completed and put in operation in 1919, and land, covering more than eleven acres. It is adjacent to the Delaware & Hud- son River Railroad, and also to the Municipal Gas and Electric Plant of Albany, which sup- plies it both power for the machinery and steam for pulp reducing processes. The prop- erty fronts directly on the Hudson River and the new Barge Canal Terminal. Land and buildings formerly occupied by th» company, now leased to another corpora- tion, located at Montgomery, Lansing and Colonie Streets, and the New York Central tracks. The trust agreement provides that dividends shall not be paid in any year in excess of 20%, unless and until the company redeems bonds of the last maturity in reverse of their numer- ical order at 102 and interest equal in amount to the excess of the dividend declared above 20 % . The company also covenants to main- tain a surplus never less than $750,000 and to maintain quick assets equal to all quick liabilities, plus an amount equal to 50% of all outstanding bonds. Annual Barnlngs — Not reported. Original Market — $650,000 offered February, 1919. by S. W. Straus & Co.. New York and Chicago, at 100 and interest. Market. Alban.v — Nafmnal Commercial Bank. Price Range. Jan. 1, '08 to .Ian. 1, '!!> 1918 Bid Ask Bid Ask High.lOSV2 09 lOOVz 09 90 Jan. 95 Jan. Low, 75 '18 84 '18 75 Nov. 84 Aug. ALBANY RAILWAY CO. Cons, (now 1st) 5s. Due Jan. 1, 1930. — N. Dated Jan. 1. 1890. Interest payable Jan, and July 1 at Trustee's ofl!lce. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $500,000. Oatstandtng — $428,000 (closed mortgage). Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the United Traction Co. Control — Merged into the United Traction Co. The entire capital stock of the latter company Is owned by the Delaware & Hudson Co. Secured by a first mortgage on 24 miles of track in Albany, N. Y. Franchises are per- petual, Underlies — Gen. 5s of 1947; United Traction Cons, 4%s of 2004 which provide for the retirement of this Issue, and United Traction Deb. 4^^a of 1919. Earnings — See United Traction Co. regal for Me. and N. H. ALBANY RAILWAY CO. Gen. 5s. Due Jun« 1. 1947.— F. Dated June 1, 1897. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000, Outstanding — $496,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Assumed by the United Traction Co. Control — See 1st 5s. Secured by a mortgage on 24 miles of track in Albany. N. Y., subject to the lien of Al- bany Ry. Cons. 5s. Prior liiens — $428,000 Cons. 5s of 1930. Underlies— Deb. 4%s of 1919 and Cons. 4%s of 2004 of the United Traction Co. The latter issue provides to retire this Issue. Earnings — See United Traction Co. Legal for Me. and N, H. Market. Albany — National Commercial Pank. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.1081^ '09 109 '10 89 Jan 92 Jan. Low, 75 '18 85 '18 75 Nov. 85 Nov. ALBANY RIVER-FRONT COMPANY 1st Lien 6s. Due $15,000 each September 1 from 1916 to 1925. Dated June 1, 1915. Interest payable March 1, June 1, September 1 and December 1 at Trustee's office. Tax Status — Information not availablp. Authorized — $150,000. Outstanding — $105,000 (Jan. 1, 1919). Ifalanre Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co,, Albany, N, Y. Redeemable — On any Interest date at 106 and interest. Guaranteed as to principal and Interest by Hudson Navigation Co. Organization and Control — Incorporated In New York. All of the stock Is owned by the Hudson Navigation Co. Secured by a first lien on the sixty-year leasehold interest of the company in land in the city of Albany, having a frontage on the Hudson River of some 850 feet. The land Is the property of the city, and the company has erected on this land various passenger and freight terminal buildings, and an office build- ing. These various properties have been sub- let to the Hudson Navigation Co. for a period of 60 years, and that company agrees to pay the Trustee of this Issue monthly a sum equal to the interest on all bonds outstanding and the sum required to retire the amount of principal due each year. The Hudson Navigation Co, operates the night boats between New York and Albany. The payment of Interest and principal of these bonds, being in the nature of ren.*-, i « an operating charge of the Hudson Navigation Co., ahead of the Interest on the bonds of that company. n Original Market — OftereA In August, 1915, by Liggett, Hichborn & Co., Boston, Augusta, Me., and New York, at par and interest. Market. N'3w York — Liggett & Urexel. Price Range. Jan. 1, '17 to Jan. 1, *19 1U18 Bid Aalc Bid Ask Hieh.99y4 '18 lOQi/^ '18 99»^ Mar. lOQi^ Mar. Low. 99^ *18 ' 99% June ALBANY SOUTHERN RAIXROAD CO. lit S. F. 5s. Due Sept. 1, 1939.— F. Dated September 1, 1909. Interest payable March and Sept. 1, at Redmond & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $1, 500. OOU. Outstanding: — $1,451,000 (Dec. 31. '18). Retired by S. F. — $49,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 106 and interest on any Inter- est date as a whole only. Sinking Fund— March 1. 1917 to 1921, 1%% of total authorized i&sue; March 1. 1922 to 1928, 2%; March 1, 1929. to maturity, 3%: to be applied to the purchase and cancellation o£ these bonds at not exceeding 106 and Interest. If bonds are not so obtainable, the fund la to be invested in securities legal for New York Savings Banks, until such time at which bonds can be purchased at not exceeding 106 and Interest. Organization — Incorporated In New York In 1909, as successor to the Albany & Hudson R. R. Co.. (foreclosed). In Sept. 1909, absorbed the Albany & Greenbush Bridge Co. Secured by a first mortgage on 61 miles of track, including 37 miles of main line third rail electric railway and 16 miles of second track from Albany and Rensselaer, N. Y., to Kinderhook Lake and Hudson; a power plant; highway toll bridge 1,200 feet long over the Hudson River at Albany and gas plants In Rensselaer and Hudson. The company sup- plies with electricity all the towns through which the railway runs except Albany. Pop- ulation served (1910), Albany, 100.000; remain- ing territory, 75,000. Franchises are reported perpetual. Year ended Dec. 31 Gross Net Int & Rent 1918 $661,629 $151,207 $105,155 1917 574,666 129,378 • 101,596 1916 527.466 142,524 99,596 1915 508,732 149,848 91,354 1914 507,705 133,265 95,764 1913 497,145 146,826 98,191 Original Market — Offered in 1909 by Red- mond & Co., and J.' & W. Seligman & Co.. of New York, at 97% and interest. Market, New York — Martin, Berwln & Co., Tobey & Kirk. Hanson & Doyle, B. & C. Randolph, Redmond & Co. , Frederic H. Hatch & Co. , Philip Lynch, Taylor & White, Wm. Carnegie EJwen. Price Range. Jan. 1, '09 to Jan. -, '19 1918 Bid Ask Bid Ask High.9814 '10 99% '12 75 Apr. 85Apr. Low. 65 '18 75 '18 65 Dec. 75 Dec. 1 and September 1 at Sutro Bros. & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $550,000. Outstanding— -$550,000. Purpose of Issue — To finance general cor- porate requirements. Denomination — Coupon $1,000. Reglsterable as to principal. Trustee — Brooklyn Trust Co., New York. Redeemable at 101 and interest. Olrganization — See 1st S. F. 5 s. Secured by pledge of $700,000 (entire out- standing) 1st Bef. 6s, dated March 1, 1918, and due March 1, 1948. £arning$ See 1st S. F. 5s. Original Market — $ 5 5 0, 00 offered privately February, 1919. ALBAUGH-DOVEB CO. 10-Year Ist 68. Daa May 1. 1937.— F. Dated May 1, 1917. Interest payable May 1 and Nov. 1, In Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $400, 000. Denomination — Coupon. $ 4 0. Reglsterable as to principal. Trustee— Standard Trust & Savings Bank. Chicago. Redeemable at 102 and interest on any Inter- est date on 60 days' notice. Organization — Incorporated in Illinois in 1902. Business established In 1900. Manu- factures cream separators " and gears. Con- trols through stock ownership the Square Turn Tractor Co., Norfolk, Neb. Secured by a first mortgage on land and plant and all factory equipment and other fixed assets, located at 2100 to 2122 Marshall Boule- vard, Chicago. As of March 31, 1917, value of fixed assets (exclusive of land valued at $75,000) $516,915: total $591,915. The pro- ceeds of this issue are to be used largely for the extension of the company's farm tractor business. Year ended Dec, 31 •Net 1918 $135,661 1917. .. , 114,847 1916 198,203 1915 152,230 1914 101,639 •After all charges. Original Market — $ 400,000 offered Aug. , 1917, by the Standard Trust & Savings Bank, Chicago, at 100 and interest. Market. Chicago — ^Babcock, Rushton & Co. ALBANY SOUTHER]*! RAILROAD CO. 3-Year 7% Secured Notes. Due March 1, 1931. Dated March 1, 1918. Tnterpst payable March ALBIA (lA.) MGHT & RAILWAY CO. 1st 58. Due July 1, 1941. — F. Dated July 1, 1916. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Status — 2% Federal Ii^come Tax paid by company without deduction. Authorized — $500,000. Outstanding — $ 300,000. Denomination — Coupon. $1, 000 and $100. Reglsterable as to principal. Trustee — Empire Trust Co.. New York. Organization — Incorporated in Delaware June, 1916, as successor to the Southern Iowa Railway & Light Co., foreclosed In 1916. Capital Stock Authorized Outstanding Pref. 6% non-cum.. $100,000 $100,000 Common 400,000 400,000 Secured by a first mortgage on plants sup- plying gas, electricity and steam heat in Albla, 14 la.; also on 10 miles of street and interurban railway in Albia and to Hockine and Hlteman. Population served in entire territory about 10,000. September. 1916. blanket franchise granted for 26 years. Seven miles of railway are on private right-of-way. The company also sells power to the Centervllle. Albla & Southern Ky. Co.. operating 12 miles of road. Year ended Dee. 31 Gross Net Bond. Int. 1917 $83,397 $28,660 $16,000 1916 76.722 32,706 15.000 Orlstnal Market — Holders of Albia Interur- ban Railway Co. 1st 6s received 70% in bond* of this Issue and 30% in preferred stock. $125,000 offered Sept., 1916, by Damon, BoUei & Co., Boston, at 94^ and interest. Market. New York — ^A. E. Fltkin, & Co., Hanson ft Doyle, Martin, Berwin & Co., Foster & Adams, William C. Orton. New Haven — Henry H. Burgess, The W. T. Fields Co. Boston — J. S. Orler & Co., Chas. A. Day * Co., H. C. Spiller & Co. Price Range. Jan. 1, '17 to .Ian. 1, '19 1918 Bid Ask Bid Ask High.79 '17 85 '17 76 Feb. 75% Apr. Low. 70 '18 70 May AI^XANDRIA COUNTY (VA.) UGHTINO Co. 1st S. F. Ss. Dae June 1, 1931. — ^F. Dated June 1, 1911. Interest payable June 1 and Dec. 1 at Philadelphia Trust, Saf* Deposit & Insurance Co., Phila. Tax Status — 2% Federal Income Tax paid by company without .deduction. Pennsylvania tax refunded. Authorized — {1,000,000. Outstanding — $442,000 ($417,000 owned by Municipal Service Co). Reserved for Ext, — $649,000. Retired by Sinking Fund — $9,000. Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — Philadelphia Trust, Safe Deposit * Insurance Co. Redeemable at 105 and Interest on any In- terest date after June 1, 1916. Sinking Fund — Beginning April 1, I91(, the Company must retire and cancel 2% of the outstanding bonds each year, with a minimum of $6,000 per year. Controlled by Municipal Service Co. Secured by a first mortgage on plant sup- plying electricity and gas in Alexandria, Va. Franchise has 24 years to run. There is also a municipal gas plant in Alexandria. Population. 1910, Alexandria City, 15,300, County, 25,5*0. Original Market — $300,000 offered June, 1911 at 96 and interest by Baker. Ayllng & Co., of Boston, Philadelphia and Providence. Market. Philadelphia — Baker. Ayllng It Toung, H. D. Boennlng & Co., Robt. Glendinnine * Co., S. K. Phillips. Boston — Baker, Ayllng & Toung. ALFRED I.IGHT & POWER CO. 1st 6*. Das July 1. 19S5.^F. Dated July 1, 1905. Interest payable Jan. and July 1. at ofnce of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Default — Jan. 1. 1916. Authorized and Outstanding — $250,000. Denomination — Coupon. $500 and $1,000. Trustee — Columbia Trust Co., New York. Redeemable at 106 and interest after July 1, 1915. Receivership — On default of the Got. 1, 191S coupons of the A. S. Ry. Ref. 4s, P. O. Con- ant and Constant Southworth, both of Port- land, Me., were appointed receivers. Control — Absorbed by Atlantic Shore Ry. Co. Secured by a first mortgage on plant lup- plylng electricity In Alfred, Me. Population. 1910. 890. UnderUes— $160,000 Atlantic Shore By. Oon. Lien 5s and $641,750 Ref. 4s 1941. Market. Boston — McConnell & Co., Chas. A. Day It Co., H. C. Spiller & Co.. Hotchkln & Co. Philadelphia — Frazler & Co., ^am'l K. Phillips & Co. New York — Dunham & Co., H. C. Spiller & Co., Inc. Price Ranffe. Jan. 1, '16 to Jan 1, '19 1918 Bid Ask Bid Hlgh.50£ '16 68f '16 18f Aug. Low.lTf '18 17f Deo. ALGOMA CENTRAI, & HUDSON BAY BAII/- WAY CO. Ist Ss. Due June 1, 1960. Dated June 1. 1910. Interest payable June and Dec. 1. at Trustee's office, also London and Montreal. Payment of Interest — The following plan was approved Sept.. 1916, by bondholders ot the A. C. & H. B. Ry. Co. and Algoma Con- tral Terminals. Ltd. The interest on tlia railway bonds from June 1, 1914, and inter- est and sinking fund on the Terminals bonds to be paid only if and to the extent that the Joint net earnings available for the purpofls permit (except as indicated hereafter), but the interest to be cumulative up to S% with right to 6% per annum if earned in the follow- ing priority (a) Terminals bonds for current and all prior years 3% p. a., said payment, however, to be a fixed obligation for the periods from Aug. 1, 1914, to Aug. 1, 1916, payable forthwith and also in each year after Aug. 1, 1921. (b) Both Issues 2% pari passu as though one issue, (c) Additional Intereit up to 3% on Railway bonds, (d) Any arrears up to 5% on either Issue, (e) Sinking fund for Terminals bonds, (f) Railway bonds 1% and Terminal bonds 'A of 1%. While the guaranty of the L. S. Corp. remains in force only the bondholders committee can enforce It. Payment of 2% for the year ended June 30, 1918. was made Nov. 1, 1918. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 20.000,000. Outstanding— $10, 080,000. Denomination — Coupon, $100, 1500, $l,00t, £100, £600, 615 francs, 2,576 francs and 5,160 francs. Registerable as to principal. Trustee — United States Mortgage It Trust Co., New York. Redeemable as a whole any Interest date at 106 and interest on six months' notice; and for sinking fund at 105 and Interest. Guaranteed as to principal and interest by endorsement by the Lake Superior Corporation. Sinking Fund — Proceeds from the sale of land grants are to be applied to the purchase of bonds at not exceeding par and interest. If not so purchasable to be drawn at not to ox- ceed 105 .and Interest on six months notice. Bonds so acquired to be cancelled. Organization — The Company was incorpor- ated In Canada in 1899, Us the Alfforoa Cen- tral Ry. Co., and name changed to present one In 1901. Receivers appointed March, 1916, were discharged, the company's finances hav- Ing been adjusted without foreclosure. It It controlled by the Lake Superior Corx). through stock ownership. Secured by a first mortgage on the 340 miles ot road from Sault Ste. Marie, Ont.. and Michlpicoten Harbor to a connection with the Grand Trunk Ky. and branch to Helen Mine. The Dominion of Canada has granted a cash subsidy of $6,400 per mile and the Ontario Government a land grant of 2,137,144 acres on completion of the 226 miles. Underlies — $318,000 2d Income 6s. Listed on the Iiondon Stock Exchange. Market. Philadelphia — Wheeler, Blliott & Mann. New York — Abraham & Co. AliCOMA CENTRAL TERMINAL, LTD., let 68. Dae Aug. 1, 1962. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Canadian Agency* Ltd., London a and Montreal. Payment of Interest — See Algoma Central A Hudson Bay By. Co. 1st 6s, On Nov, 1, 1918, the full 5% was paid for the, ^.ear ended June 30, 1918, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — £6,000,000. OutBtauding— £4, 499. 627. DenominatipUr— Coupon, £100 and £600. Kedeemable at any time at 105 and Interest. Guaranteed as to principal and Interest by the Lake Superior Corporation. Sinking Fund of 1% accrues from July 1. 1918. Reorganization — Under a plan of reorgani- zation these bonds are to receive interest at rate of 3% from Aug. 1, 1914 to Aug. 1, 191?. Bondholders also to receive stock In the A. C. & H. B. Ry. Co. Control — ^AIl of the stock Is owned by.' and the property leased for 999 years to the Al- goma Central & Hudson Bay Ry. Co., which Is controlled by the Lake Superior Corporation. Secured by a direct first mortgage on exten- ,slve docks, repair shops and other terminal properties at Sault Ste. Marie and Michlpi- coten. ahd on all of the bonds and stocks of the Algoma Eastern Terminals, Ltd., which Company owns similar properties at Little Current and Sudbury. Canada. Original Market — OfCered in 1913. by the Canadian Agency. Ltd., Montreal, at 96 and Interest. Market. New York — 'Abraham & Co. ALGOMA STEEL CORP.. LTD., 1st & Ref. 5b. Due April 1, 1963. Dated April 1. 1912. Interest payable April and Oct. 1. at Bank of Montreal, London, Mon- treal and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authojrized — $30. 000, 000. .Outstandliig-^$.lB. 691,000. Trustee-^tl. S. Mortgage & Trust Co., N. T. Denomination — Coupon, £100 and £500. Heglsterable ,as to ' principal. Redeemable at 105 and Interest any Interest date on sisc months' notice: callable for sink- ing fund on six weeks* notice at same price commencing July 1, 1918. Sibking Fuh'd—l % per annum of the amount of outstanding bonds from July 1. 1918. to be used as above. Guaranteed Cprincipal and Interest) by the Lake Superior Corp. by endorsement. Organization and Control — ^Incorporated In 1912. in Canada as a ' consolidation of those Companies controlled 'by the Lake Superior Corporation which are engaged in the steel business and allied industries and Is con- trolled by the Lake Superior Corp. through ownership of entire capital stock. Plant la located at Sault Ste. Marie. Canada. Prin- cipal products: open-hearth steel rails, billets, merchant bars, light rails, small structural shapes, etc. Secured by a mortgage on entire property of the Company, subject to prior Hen as to part of same. The Company is a consolidation of several coal, iron and power companies. Prop- erty and assets valued at about $40,000,000. i Prior Liens— $5,800,000 L. S. C. 1st Coll. Tr. 5s and $160,000 Serial 5s of International Transit Co. Earnings — See Lake Superior Corporation, Original Market — First offered, 1912, at 9S and Interest, by the Bank of Montreal, London. Market. New York — Morton. Lachenbruch & Co., Bank of Montreal, John Davenport, Frederic H. Hatch & Co., Philip Lynch. Philadelphia — Chas. Fearon & Co, ALLEGHENY & WESTERN RAILWAY CO. let 4s. Due Oct. 1, 1993. — F. Dated October 1, 1898. Interest payable April and Oct. 1, at A. Iselln & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — (Closed mortgage). -Outstanding — $2,000,000. Denomination — Coupon, $1, 000. Reglsterable as to principal only, or fully reglsterable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and Interest by the Buffalo. Rochester & Pittsburgh Ry. Co, by endorsement. Control — Leased to the B., R. & P. Ry. Co. during its corporate existence. Rental inter- est on bonds, taxes and 6% on the $3,200,000 stock of the Company. Secured by a first mortgage on 62.19 miles of road from Punxsutawney to Butler, Pa., including branches. Legal for Cal.. Conn., Me., Mich.. Minn., ,N. H., N. J., R. I. and Wis. * Listed on the New York Stock Exchange. Market. Baltimore—Jenkins, Whedbee & Poe. Philadelphia — West & Co. , Graham, Par- sons & Co., Biddle & Henry, Harrison & Co., Chas. Fearon & Co., Reed A. Morgan & Co., Welsh Bros., Frazier &'Co., Robt. Gleiidinning & Co., Sam'l ' K. Phillips & Co., Wheeler, Elliot & Mann. Warren A. Reed. New York — Gilman & Clucas, E. & C. Ran- dolph, F. J. Lisman & Co., Sharretts & Young, J. B. Colgate & Co.. Baker, Carruthers & Pell. Redmond & Co.. Taylor, Smith & Hard, Ambrose R. Clark & Co. " Pittsburgh — R. B. Hutchinson & Co. Price Range. — ^N. Y. S. B. Jan. 1, '06 to Jan. 1, '19 1918 Bid High.lOSVi Feb 6 '07 76% Nov. Low. 90 Nov. 5 '15 74% July ALTJEGHENY, BELLEVUE & PERRYSVILLE RAILWAY 1st 58. Du« April 1, 1935.— F. Dated April 1, 1905. Interest payable Apr. and Oct. 1, at Brown Bros. & Co., New York, or Philadelphia, or office of Company. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding— $600,000.. 16 Denomination — Coupon, $1,000. Reglsterable aa to principal. Trustee — Pennsylvania Company for Inaur- ancea on Lives and Grantine Annuities, Phlla> delphla. Gnaranteed — Principal and interest by the Philadelpliia Company. Organization and Control — Company Incor- porated in Pennsylvania in 1906., All at the stools is owned by tlie Pittsburgh Rys. Co. The property is leased to the United Traction Co. for 99B years from 1905, at a rental of 10% on the stock. The property of the latter company is operated by the Pittsburgh Rya. Co. Secured by first mortgage on 16 miles of street railway and interurban road. The road begins at Sast and Blmira Streets, in Alle- gheny, and extends on East Street and Perrys- ville Ave. to the Pittsburgh City Line, and on to "Westview and Bellevue. The ordinance of Allegheny Dnder which the line within the city limits was built provides for the annual payment of 2% of gross earnings, and that the company shall carry passengers between any point on the south side of Pittsburgh and the terminus of this railway in A'legheny for live cents. Population served (1910), 26th Ward of Pittsburgh, 15,291: remaining terri- tory, 11,764, Market. Philadelphia — ^H. D, Boenning & Co. New X*»**'':^Morton Lachenbruch & Co., E. & C. Baridplipb. Pittsbargii— Goddard, Hunter & Co., George Alien & Wfiitehouse, Lyon, Singer & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 Bid Aslt High.98 '17 JOG '17 Low. 943^ ',15 '96 '15 AIiI,EGHENY TAIyLEY RAILWAY CO.. OtO. (now 1st) 4b. Doe March 1, 19418. — F. Dated March i. 1892. , Interest payable March and Sept. 1, at Broad Street Station, Philadelphia, and 86 Cedar Street, New Torlt. Tax Status — 2% Federal Income Tax paid by company without deduction. ■ Tax exempt in Pennsylvania. Authorized — $20,000,000. Oatstanding — $20,000,000. Denomination — Coupon. $1,000. Register- able as to principal only, or fully reglsterable. Trnstee — Fidelity Title and Trust Co., Pitte- burgh, . Pa. Assumed by the Pennsylvania R. R. Co., Dec. 31, 1915. Guaranteed principal and interest, by the Pennsylvania B, R. Co. by endorsement. Control — Merged into the Pennsylvania R. R. Co, in 1910. Secured by a first mortgage on about 285. 81 mllea of road in Pennaylvania, viz: Miles. Pittsburgh to So. Oil City 139.61 Red Bank to Driftwood 110.22 Lawaonham to Siigo 1 0. 66 Branches 6.51 Total 265.89 Bonds are outstanding at the rate of $75,200 per mile. - Underlies — Pennsylvania R. R. Gen. 4% a or 1965 under which bonds are reserved to retire this issue. teeal for Bait., Cal., Conn., Me.. Mam., Mich., Minn., Mo.. N. H., N. J.. N, T„ R. L, Listed on the New Torlj, Pittsburgh, Phila- delphia and London Stock Exchange. Original Market— First ottered by Speyer * Co., of New York and London. J2,000,00t offered by Kuhn, Loeb & Co., at 96 and interest, Sept., 1913. $600,000 offered by Newburger, Henderson & Loeb Oct., 1913, at 96 and interest. . Market. PhUadelphia— Biddle & Henry, West * Co., Harrison & Co., Graham, Parsons & Co., Ca«- satt & Co., H. D. Boenning & Co., Bikins, Morris & Co., Wheeler, Elliott & Mann, Reed A, Morgan & Co., Reilly Brock & Co., Brown Bros. & Co., Brvin & Co., Charles Fearon & Co., Barclay, Moore & Co., Sam'l K. Phillips & Co., Warren A. Reed. New York — Remick, Hodges & Co., Ambrose R. Clark & Co., B. B. Smith & Co., J. B. Farlee & Co., "Van Sant & Legg, Seasongood, Haas & Macdonald, Bernhard. Snholle & Co., Sam'l Goldschmidt, Taylor, Smith & Hard. Vilas & Hickey. Pittsburgh — Goddard, Hunter & Co., B. B. Hutchinson & Co. Chicago-^Kean, Taylor & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 102% Apr. 9, '10 87% Nov. 13 Low. 85 Nov. 1. '18 86 Nov. 1 ALLEGHENY VALLEY STREET RAILWAY 1st Mtge. & Coll. Tr. 6s. Due Feb. 1, 1936.— P. Dated Feb. 1, 1906. Interest payable Feb. and Aug. 1, at ofSce of Trustee. Tax Status — 2% Federal Income Tax Paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 000, 000. Outstanding — $ 1,680,000. Denomination — Coupon, $1,000. Reglsterable ' as to principal. Trnstee — Union Trust, Co., Pittsburgh. Organization and Control — Company incor- porated in Pennsylvania, 1906. Entire capital stock 'owned by the West Penn Rys. Co. Secured by a first mortgage on an electric line 19 miles in length and by deposit of $250,000 stock of the Allegheny Valley Light Co. Earnings — See W. P. Rys. Co. Market. Pittsburgh — Mellon National Bank. New York — Redmond & Co. ALLENTOVVN Si READING TRACTION CO. 1st Cons. 6s. Due Jnly 1, 193%. — F. Dated July 1, 1902. Interest payable Jan. and July 1, at offices of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $760,000. Outstanding — $300,000. 'Reserved to Retire Underlying Bonds — $450,000. •Ailentown & Kutztown Traction 1st 5s. and Kutztown St Fleetwood Street Ry. 1st Ba. Denomination — Coupon and registered, $1,000 and $600. Trustee — Integrity Title Insurance & Trust Co., Philadelphia. Redeemable at par and interest after July 1, 1917. Organization — Incorporated in Pa. in 1898 and name changed to Ailentown & Reading Traction Co, Leases the Ailentown & Read- ing Elec. St. Ry, ■ and the Kutztown & Fleet- wood St. Ry. for 290 years. Controls throush stock ownership the Kutztown Light, Heat^ & Power Co. 17 Secured by a mortg:aere on about 20 miles of track, formlner part of a throush route from AUentown to Reading, Fa. Also leases IS miles of road. Population served (1910), Read- ing and Allentown, 138,000; remaining terri- tory, 10,000. Prior Iiiens— $250,000 1st Es. 1930. UnderUes — $163,000 2d 5s, due 1937. Years ended Dec. 31 Net Int. & Rent. 1915 $94,398 $78,398 1914 83,702 79,534 ALtENTOWN-BBTHLEHEM GAS CO. Gen. 6s. Due Dec. 1, 1943.— N. Dated Dec. 15, 1913. Interest payable June and Dec. 1, at Trustee's office. Tax Status— Payment of Federal Income Tax not assumed by company. Tax free in Pennsylvania. Authorized — $3, 000,000. Outstanding — $1,155,000 (May 1, 1919). Reserved for Ext. — $1,169,000. Reserved for prior Hens — $686,000. 'Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 105 and interest on any In- terest date. Organization — Incorporated In Pennsylvania, Dec. 1913, as a consolidation of the following companies: The Allentown Gas Co., Bethlehem Consolidated Gas Co., Bethlehem Gas Co., Bethlehem & Saucon Gas Light Co., Fountain Hill Gas Co., Lower Saucon-Bethlehem Gas Co., Northampton Heights Gas Co., Salisbury- Hanover Gas Co., South Allentown Gas Co. and West Bethlehem Light Co. Control — The United Gas Improvement Co. is Interested in this company. Secured by a general mortgage on the entire property of the company. Prior Iiiens — $600,000 Allentown Gas Co. 1st Cons. 5s of 1924 and $186,000 Beth. Cons. Gas Co. 1st Cons, of 1924. Bonds are reserved under this mortgage to retire both Issues. Original Market— $884,000 offered Oct. 1916, by Montgomery, Clothier & Tyler, Philadelphia, at 102^ and Interest. Market. Philadelphia — Graham, Parsons ft Co., H. D. Boenning & Co., Newhall & Co., Henry & Kirkbride. C. D. Barney & Co., Newburger Henderson & Loeb, Elkins. Morris & Co., Reed A, Morgan & Co., Robt. Glendinning & Co., Sam'l K. Phillips & Co. New York — ^Klely & Horton, B. ft C. Ran- dolph, C. D. Barney & Co. Price Range. Jan. I, '17 to Jan. I, '19 Bid Ask High. 101 '17 103 '17 Low. 96 '17 Alil^NTOWN BRIDGE CO. 1st 6>. Due July 1, 1942.— F. Dated July 1, 1912. Interest payable Jan. and July 1, at Trilstee's office. Tax Status — 2 % Federal Income Tax paid by, company without deduction. Tax exempt in Pennsylvania. Authorized — $225, 000. Outstanding — $218, 000. In Treasury — $7,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Lehigh Valley Tr. Co., Allentown, Pa. Redeemable at 105 and Interest on any Inter- est date. Guaranteed principal and interest by Lehigh Valley Transit Co. by endorsement. Control— All stock ($292,100) owned by Le- high Valley Transit Co. Secured by first mortgage on 2,650-foot con- crete bridge at Allentown, Pa. Original Market— First offered by E. B. Smith & Co., Philadelphia and New York, at 101 and interest In 1912. Market. Philadelphia — Brown Bros, ft Co., E. B. Smith & Co., Sam'l K. Philiips & Co. Price Range. Jan. 1, '11 to Jan. 1 ,'19 1918 Bid Bid High.99 17 90 May Low. 90 '18 ALtENTOWN (PA.) GAS CO. 1st CoM, Bl. Due Oct. 1, 1924.— F. Dated Oct. 1, 1904. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $500,000. Trustee — Provident Life & Trust Co., Phila- delphia. Redeemable at 105 and interest any inter- est date. Assumed by the AUentown-Bethlehem Gas Co. Organization and Control — ^Incorporated In Pa. in 1882, and merged Dec. 16, 1913, with the Bethlehem Consolidated 'Gas Co. Into thr Alientown-Bethlehem Gas Co. Secured by a first mortgage on plant sup- plying gas to Allentown, Pa. Underlies — $1,156,000 Allentown - Bethlehem Gas Co., Gen. 5s of 1943. Bonds are reserved under this mortgage to retire this Issue. Market. Philadelphia — Graham, Parsons & Co., Brown Bros. & Co., Frazier & Co., Reed A. Morgan & C^,, H. D. Boenning & Co.. Elkins, Morris & Co., Brvin & Co., Charles Fearon & Co., Robt. Glendinning & Co., Newhall & Co.. Sam'l K. Phillips & Co., Warren A. Reed. New York — E. & C. Randolph, J. J. Leven- son, Berdell Bros. Boston — Hotchkln £ Co. Price Range. Jan. 1, '16 to Jan.. 1, '19 1918 Bid Ask Bid Ask High. 102% '16 103 '16 93 Dec, 95 Sept. Low. 90 '18 95 '18 90 Sept. ALLENTOWN TERMINAL RAILROAD CO. Ist 4s. Due July 1, 1919. — F. Dated July 10, 1889. Interest payable Jan. and July 1, at New York and Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pensylvania. Authorized and Outstanding — $460,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co, New York. Guaranteed as to principal and interest sev- erally by the Philadelphia & Reading Ry. Co. and the Lehigh Coal and Navigation Co. Control — Leased In 1889 for 999 years to the L. C. & N. Co. and the P. & R. Ry. Co.. the former company assigning Its leasehold Inter- est to the C. R. R. of N. J. at same time. Rental, Interest on bonds and 6% on stock. The C. R. R. of N. J. and the L. C. & N. Co. each' own one-half of the $460,0000 capital stock of the company. Secured by a first mortgage on three miles o( road in AUentown, Pa., connecting the Phlla. & Readins with the main line, L. & S. Division of the Central R. R. of N. J. Lesral for Cal., Me.. Mich.. Minn. N. J. and Wis. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — West & Co.. Baker, Carruth- ers & Pell, Graham, Parsons & Co., Wistar & Stokes. Frazler &. Cc.Biddle & Henry. Reed A. Morgan & Co., Welsh Brothers. Chaa. Fearon & Co., Brown Bros. & Co., Sam'l K. Phillips & Co. New York — Baker, Carruthers & Pell, John Davenport. Price Ranee. ,Ian. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 '09 106 '09 99 Dec. 100 Dec. Low. 90 '08 98 '14 96% Nov. 98 June Ari/IANCE GAS & FOTTEB CO. 1st & Bet. 58. Due June 1, 193%. — F. Dated June 1, 1907. Interest payable Jun« and Dec. 1, at .office of Trustee or Bankers Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 500,000. Outstanding — $362,000 (Dec. 31, 1918). Retired by Sinking fund — $64,600. Denomination — Coupon, $600. Reelsterable as to principal. Trustee — Guardian Savings & Trust Co., Cleveland. Sinking Fond — 2%% annually of bond! la- sued, beginning June 1, 1913. Organization and Control — Incorporated In Ohio in 1907. Practically the entire capital stock is owned by the Cities Service Co. and deposited under Cons. Cities Lt. P. & T. mort- gage. Management — The Doherty Organization. Secured by a first mortgage on plant supply- ing natural gas in Alliance. Ohio, and a sec- ond mortgage on artificial gas and electric plant. Prior Uens — $57,600 Alliance Gas & Slec- tric Co. 6s 1929, for retirement of which bonds are reserved. market. Cleveland — Otis & Co. Chicago — Devitt, Tremble & Co. New York — J. A. Clark & Co., T. Hall Keyes & Co., Joseph & Weiner. Philadelphia — Sam'l K. Phillips & Co. Price Range. Jan. 1, 'n to Jan. 1, '19 1918 Bid Ask Bid High.94 '18 98 '17 94 Jan. Low. 92 '17 98 '17 ALTON, GRANITE! & ST. IX)UIS TRACTION CO. 1st Cons. 68. Due Aug. 1, 1944. — F. Dated August 1, 1904. Interest payable Feb. and Aug. 1, at New York or Bast St. Louis, III. Tax Status — 2% Federal Income Tax paid by company without deduction. Default — Aug. 1, 1918. Authorized — $3, 000. 000. Outstanding — $2,500,000 (Dec. 31, '17). Reserved for Prior Liens — $600,000. Denomination — Coupon, $1,000. Registerabls as to principal. Trustee — Illinois State Trust Co., Hast St. Louis, 111. Redeemable at 110 and interest on any inter- est date on 9 days' notice. Assumed — ($566,000) by the Alton Gas A EJlectric Co. Organization — The Company is a consolida- tion of the Alton Light & Traction Co. and the Granite City & St. Louis Ry. Co., and Is controlled by the East. St. Louis & Suburban Ry. Co. through ownership of its entire capital Management — B. W. Clark & Co., Philadel- phia. Secured by a mortgage on 61 miles of street and Interurban electric railway in Alton, 111.. and between Alton and East St. Louis. III.. and on the plants supplying gas and electricity in Alton, and electricity in Venice and Brooic- lyn. Power is now obtained from the East St. Louis Light & Power Co. and the Mississippi River Power., which owns the hydro-electrle plant at Keokuk, la. Population (1910) Alton, 17,600; B. St. Louis, 58,500; remaining terri- tory 26,000. Franchises — Gas perpetual. Railway and electric in Alton expires 1948. Venice in 1920, Brooklyn In 1921 and franchises for country roads in 1926. Prior liens — $250,000 Alton Ry. A 111. Co. 1st ext. 6s. 1939, and $260,000 Alton Ry„ Gas & Elec. Co. 6s of 1939, which this issue pro- vides to retire. Farnings — See B. St. L. & Sub. Co. Listed on the St. Louts Stack Exchange. Original Market — Offered in 1905. by Francis Bro. & Co., St. Louis, at par and interest. Market. St. Louis — Whitaker & Co., Stlx & Co., Her- riok J. Gray & Co., A. G. Edwards & Sons, E. A, Gessler. New York — Berdell Bros.. Newborg & Co. Price Range. Jan. 1, 1908 to Jan 1, 1919 1918 Bid Ask Bid Ask High.97 '09 »Tii '10 70 Jan. 7314 Jan. Low. 70 '18 70 July ALTON RAILWAY & ILLUMINATING CO l8t Ext. Sa. Due Oct. 1, 1939. — F Extended Oct. 1. 1916. Dated Oct. 1. 1896. Interest payable April and Oct, 1, at office of Trustee, New York. Tax Status — 2% Federal Income Tax paid by company without deduciton. , Authorized and Outstanding — $260,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Control — ^Merged into Alton, Granite ft St. Louis Traction Co.. which is controlled by East St. Louis & Suburban Co., by stock own- ership. Secured by first mortgage on 9^ miles of street railway lines in Alton. 111. Underlies — $2,483,000 Alton, Granite & St. Louis Traction Co., 1st 63 1944. Earnings — See E. St. L. & Sub. Co. Market. St. Louis — Mississippi Valley Trust Co., Whitaker & Co. Chicago — Plotz & Co. Price Range. Jan. 1, '16 to ^an. 1, '19 Bid Ask HlBh.97% '17 100 '17 Low. 96 '16 97 '16 ALTOONA Si LOGAN VALLEY ELECTRIC RAILWAY CO. Cons. 4V^a. Due Aug. IB. 1933 F. Dated Aug. 15, 1903. Interest payable Feb. and Aug. 16, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. 19 Authorized — $4,000,000. Outstandin? — $3,754,000: $464,000 owned by American Rys. Co. 'Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- ed. Registered; $1,000 and $600. Trustee — Continental-Equitable Title & Trust Co., Philadelphia. Guaranteed principal and interest by the American Railways Co., by endorsement. Organization and Control — Incorporated in Pennsylvania in 1903. Company owns stock of Home Electric Light & Steam Heating Co., and leases its property. All of the stock ($1,- BO'0,000) is owned by the American RailAaya. Co. of N. J. Secured by a first mortgage on 5S miles of street and interurban electric railway, includ- ing the lines in Altoona, Pa., and those ex- tending from that city to HolUdaysburg. Ty- rone and Bell wood; and additionally secured by deposit of $58,000 nf $59,000 entire capital ■tock of the Home Electric Light & Steam Heating Co. Population served, 1910, Altoona, 52. 127 ; remaining territory, 14, 000. Fran- chises are perpetual. Year ended June 30 and Dec. 31. Gross Net t Deductions 1917 $751,519 $393,150 $274,967 1916 684,169 306,716 207,516 1915 609,648 269,364 203,748 *1914 632,926 271,577 196,519 ♦1913 585,741 233,335 195,444 *June 30. tinterests. taxes and rentals. Ijisted on the Philadelphia Stock Exchange. Original Market— $300,000 offered in 1904 at 94 by Bioren & Co. and Cramp, Mitchell ft Shober, of Philadelphia; $1,000,000 were of- fered in 1905 at 97% by Townsend Whelen & Co., Newhurger, Henderson & Loeb and Bio- ren & Co., of Philadelphia. Market. Philadelphia — Frazier & Co., Geo. S. Fox & Sons, Capelle & Co., Newburger, Henderson & Loeb, Merchants Union Trust Co.. Hy. D. Boenning & Co., Richards & Co., Harper & Turner, Charles Fearon & Co., Sam'l K. Phil- lips & Co. Nsw York — Philip Lynch, Hanson & Doyle, Berdell Bros., E. & C. Randolph. Price Range. Jan. 1, '08 to Jan. 1, '19 1»18 Bid Ask Bid Ask High.»5 '09 97% '09 73 Jan. 80 Feb. Low, 48 '18 60 '18 48 Aug. 60 Nov. ALTOONA COAL & COKE CO. iBt 6a. Dae $16,000 each June 1 from 1918 to 1928 inclusive, and $10,000 June 1. 1939. — F. Dated June 1, 1916. Interest payable June 1 and December 1, at Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $175, 000. Outstanding — $90,000 (Mar. 15, '19). In Treasury— $25,000. Retired by S. F. — $60,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — ^Philadelphia Trust Co., Philadel- phia. Redeemable at 102% and Interest on an^- Interest date on four weeks' notice, the earliest maturing bond to be redeemed first. Sinlclng Fund — ^Monthly a sum equal to at least eight cents for each net ton of coal mined. This fund to be first applied to the payment of maturing bonds and the balance in amount of ' not less than $5,000 applied to the purchase or redemption of the next succeeding maturities at not over 1 02 % and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Pezmsylvanla. Secured by a first mortgage on all the prop- erties of the company. The company operates over 3,700 acres, of which 2,673 acres m.tm owned In fee and the balance operated under -nineral leases, located on the eastern slope of the Wllmore Coal Basin in Cambria and Blair Oounties. Also owns flfty-flve acres additional in Cambria County which are not operated. The property covered also includes the right-of- way and equipment of the Kittanning Run Railroad, together with all mlnlnff equipment. The mines are electrically equipped, worklnc at the present time on three levels. The com- pany mines Upper Freeport, Miller, Clarion and BrookvlUe coals. Unmlned and easily available coal, as of December, 1916, esti- mated at about 11,811,700 net tons, with practically a like tonnage available as a re- sult of additional property developments. Earnings — For three years, to March 31, 1916, gross income has averaged $241,223 per annum and net $15,914 per annum. The econo- mies resulting from the expenditure of the proceeds of these bonds and the further de- velopments contemplated are expected to more than double net earnings. Market. New York — T, L. Bronson. ALTOONA GAS CO. Ifit 5a. Due Anv. 1. 1932.— F. Dated Aug. 1, 1902. Interest payable Feb. and Aug. 1, at office of Trustee, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Default — Aug. 1, 1916. Authorized and Outstanding — $750,000. Denomination — Coupon, $500 and $1,009. Reglsterable as to principal. Ti-ustee— New York Trust Co., New York. Control — ^Absorbed by the Altoona Oai LlEkt & Fuel Co., which la controlled through owner- ship of practically its entire capital stock by the United Gas & Electric Co. of N: J., which la controlled by United Gas & Elec. Corp. Protective Committee — ^Arthur V. Morton, Chairman: J. C. Neff, A. M. Holding, with E. L. Brautigam, 517 Chestnut St., Philadel- phia, Secretary. Depository, Pennsylvania Co. for Ins. on Lives and Grantine Annuities. Philadelphia. Secured by a first mortgage on plant sup- plying gas to Altoona and Juniata, Pa. Popu- lation. 1910, 52,500. Franchise perpetual. Underlies — $250,000 Altoona G. L. & F. 1st & Ref. 5s, which provide for the retirement of this Issu'e. Years ended Dec. 31 Net Interest 1915 $10,928 $41.25« 1914 48,068 41,2S« Market. New York — Berdell Bros., Frederic H. Hatch & Co. Philadelphia — Frazier & Co., Hy. D. Boen- ning & Co., Warren A. Reed, Wistar. Carter & Co. Price Range. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid High.98 '12 101 '11 1 Of May Low.l0f'17 25f'17 ALUMINUM COMPANY OF AArBRICA fi% Notes. Due .S4, 000,000 each March 1 from 1931 t« 1938, inclusive. 20 Dated March 1, 1919. Interest payable March 1 and Sept. . 1 at Union Trust CJo., Pittsburgh, ar Guaranty Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $12,000,000. Outstanding — $12,000,000. Denomination — Coupon $1, 000. Trustee — Uudon Trust Co., Pittsburgh. Not Redeemable prior to their respective maturity dates. Organization — Incorporated in Pennsylvania in 1888 as The Pittsburgh Reduction Co. Present name adopted January 1. 1907. The business conducted by the Aluminum Company of America and its subsidiaries was established in 1888 and consists of the mining of the ore of aluminum, smelting of aluminum therefrom, and. its fabrication. The principal plants are located at Bast St. Louis, Illinois; Niagara Falls, New York; Massena. New York ; Edgewater, New Jersey ; New Kensing- ton. Pennsylvania; Shawinlgan Falls, Quebec; Badin. North Carolina and Maryville, Ten- nessee. The company owns and operates large water power plants for the production of elec- tricity required by its smelters. Outstanding Capital stock $20,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. The Indenture under which the notes are issued provides, among other things, substan- tially that so long as any of the notes are outstanding and unpaid, the Aluminum Com- pany of America will not create or permit to exist any secured indebtedness upon or against its properties (Including the properties of sub- sidiary companies, but excepting the present funded debt of the subsidiaries, amounting to $858,000); also that the quick assets of the company and its subsidiaries shall at all times be at least equal to the aggregate amount of their indebtedness, including the amount of these notes then outstanding. Ori^nal Marlcet — $12,000,000 offered Feb- ruary, 1919, by the Guaranty Trust Co.. New York. Union Trust Co. and Mellon National Bank, Pittsburgh, and Illinois Trust & Sav- ings Bank, Chicago, at 100. 99% and 99% and interest for respective maturities. (THE) AMAI>GAMATEI> SUGAR CO. 1st Se- ries Conv. 78. Due $750,000 each Aug. 1 from 1919 to 1923 inclusivsed Mortgage.) Outstanding — $E, 252, 000. Retired by Sinking Fund — $3,042,000 (Apr. 24, '18.) Converted into Preferred Stock — $706,000. Denomination — Coupon, $1,000. Keglsterabl* as to principal. Registered, $1,000 and multi- ples. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 103 and Interest on any interest date on 12 weeks* notice* or for Sinking Fund at 1 03 and interest upon 4 weeks' notice. Convertible into 6% cumulative preferred stock of the Company at par. Sinking Fund — ^An annual amount eaual to 3 % % of the *'ital bonds Issued to be applied beginning January 1, 1910, to purchase or re- deem these bonds at not exceeding 103 and in- terest, bonds so redeemed to be cancelled. Organization — Incorporated in Connecticut In 1893 as the Agwa Co., charter amended and name changed in 1899. Secured by a first mortgage on all of the plants now owned or hereafter'acquired includ- ing the property formerly owned by 19 fertilizer companies, comprising 30 factories and exten- sive phosphate deposits throughout the United States. Also upon all of the stocks of the American Phosphate Mining Co, of Maine and the Charlotte Harbor & Northern R. R. Co., and substantially all of the stock of the Lister Agricultural Chemical Co. Underlies — $9,100,000 Deb 5s of 1924. Year ended June 30 Net 'Deductions 1918 $11,377,108 $3,266,088 1917 S. 709, 215 3.162,860 1916 8,174,828 2,729,301 1915 6,225,121 2.549, 97« 1914 5,372.378 2,806,663 •Includes reserves, depreciation and interest. 21 Listed on New York and Boston Stock Kx- chanire. Orielnal Offerins — Offered in 1908 at 94 and Interest by Lee, Hlgerlnson & Co.. of Boston, Clark. Dodge & Co., and Moffat & White (now White, Weld & Co.); of New York. In 1911, $4,000,000 of these bonds were offered at 102 and Interest by Lee, Higg:lnson & Co. and Clark, Dodge & Co. Market. New York — Baker, Carruthers & Pell, Clarik, Dodge & Co., Lee, Higginson & Co., McKinley & Morris, White. Weld & Co. Boston — Lee, Hlirglnson & Co. Price Range. — N. Y. S. IE. Jan. 1, 1906 to Jan. 1, 1919 1918 High.l04y8 Dec. 11 '16 * 100^^ Feb. 2G Low. 90 Dec. 27 '17 92Vi Jan. 9 (THE) AMERICAN AGRICULTURAL CHEMI- CAL CO. 10-Year Conv. Deb. 5b. Doe Feb. 1. 1024.— F. Dated Feb. 2, 1914. Intere.st payable Aug. 1 and Feb, 1, In New York and Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $16,000,000. Outstanding— $9,100,000 (Jan. 24, '18). Reserved for Corporate Puruoses-— $5,900, - 000. Denomination — Coupon. 100, $500 and $1.- 000. Registerable as to principal. Registered, $1,000, $5,000, $10,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole only at 101 and in- terest on Feb. 1, 1919, orjon any interest date thereafter. Convertible into the common stock of the company at any time, par for par. Organization — See lat 6s. Seourity — ^A direct obligation of the company but not secured by a mortgage. No additional mortgage can be placed on the property of the company unless this issue is retired thereby. Prior Lien— $8,677,000 1st 6s of 1928 (Closed mortgag-e.) Listed on New York and Boston Stock Six- changes. Earnings — See 5s of 1928. Original Market — $ 7,000,000 offered Feb. , 1914, by Lee, Higglnson & Co., Boston, New York, Chicago, etc., at 97% and Interest. Market. Chicago — ^Kean, Taylor & Co. New York — Baker, Carruthers & Pell, Lee, Higginson & Co., Newborg & Co. Philadelphia — Paul & Co. Price Range. — 'S, Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 108% Nov. 27 '16 106 Oct. 7 Low. 90^ Mar. 26 '18 90^ Mar. 26 AMERICAN BAKERY CO. 1st 6b. Due March 1, 1927.— P. Dated March 1, 1907. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding— $713,000 (March 1, 1919). Held by Trustee— $100,000. Retired by Sinking Fund — $187,000. Denomination — Coupon, $100, $600 and $1,000. Trustee — Missouri-Lincoln Trust Co., St. Louis, Mo. Sinking Fund — 3% per annum of bonds out- standing. Secured by a first mortgage o:\ plants of seven leading bread-making establishments in St. Louis. Mo., which were consolidated Into the American Bakery Co. Listed on the St. Louis Stock Exchange. Original Market— $776,000 offered March 1, 1907, at prlcea to yield 6%% by Altheimer ft Rawlinga Inv. Co., St. Louis. Market. St. Louls—Herrick J. Gray & Co., Whitaker & Co., Francis Bros. & Co., Stlfel, Nicholau* Inv. Co., Stix & Co., A. G. Edwards & Sons, S. A. Gessler, John Nickerson, jr. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask High.lOl '17 :01'A '17 Low. 94% '16 101 '17 AMERICAN BOSCH MAGNETO CORP. 7% Series Notes. Due $600,000 each January 1.5, from 1930 to 1932 inclusive. Dated January 15, 1919. Interest payable January 15 and July 15 at First National Bank, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,800,000. Outstanding— $1,200,000 (July 16, 1919). Balance Retired. Denomination — Coupon $1, 000.' Registerable as to principal. Trustee — First ^ National Bank. Boston. Redeemable at 101 and interest on any in- terest date upon 30 days' notice. Organization — Incorporated in New York in 1919 as successor to the Bosch Magneto Com- pany, incorporated in 1906. The entire cap- ital stock and certain patent rights, etc., were seized by A. Mitchell Palmer, the Alien Prop- erty Custodian, and were sold by him in De- cember, 1918. The company manufactures magnetos, starting and lighting systems and battery ignition systems for internal combus- tion engines; and also, spark plugs, spark coils, impulse starters, switches and cable terminals. Company' s plan|:s located at Springfield and Chicopee, Mass. Outstanding Capital stock (no par value)... 60,000 shares Security — A direct obligation of the company but not secured by a mortgage. tJ!:ider the terms of the indenture no mortgage can be placed upon the property of the company while these notes are outstanding. As of Sept, 3 0, 1918, net quick assets re- ported as $4,367,768; total net assets, $6,703,- 527. Year ended Sept. 30: Gross Net 1918 $3,815,786 $670,547 1917 4.539.408 478,564 1916 4,009.022 806,646 1915 4.617,059 1,554.606 ♦1914 5,258.036 1,586.366 *15 months. Original Market — $1,800,000 offered Jan- uary, 1919, by Hornblower & "Weeks, Boston, New York, etc., at 100 and interest. AMERICAN BOOK CO. 6s. Due Jan. 1, 1938. Dated Jan. 1, 1908. Interest payable Jan. and July 1, at Bank of America, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $2,000,000. Outstanding — $],(J22,000 (Jan. 1, 1919). Retired by Purchase — $37H.000. Denomination — Coupon, $1,000. Organization — Company Incorporated In New York, 1907. Secured by all the property, rights, etc., of the company, including plants at New York and Cincinnati. Dividends Paid— ($5,000,000 stook), 1908, 6%; 1909, 10%: 1910, 12%: 1910-11, 107©; 1918- 1915, 12%: 1916, 8%; 1917, 8%; 1918. 8%. Market. ^New York — Remick, Hodges & Co., F. H. Hatch & Co., Baker, Carruthers & Pell, F. L. Bronson. Boston — L. Sherman Adams. Cincinnati — Irwin, Ballman & Co. Price Ranpt*. Jan. 1, '15 to Jan, 1, '19 1918 Bid Ask Bid Arfc High.107 '15 108*^ '16 103 Feb. 103^ July Low. 97 '18 100 '18 97 Dec. 100 Nov. 1918 Price Range. Jan. 1, '15 to Jan, 1, '19 Bid Ask Bid Ask High.103 '16 104 '17 100 June 102 Oct. Low. 98 '18 lOOVi '18 98 Dec. 100% June AMERICAN BRAKE SHOE & FOUNDRY CO. Ist F. S. 6s.. Dne March 1, 1963. — F. Dated March 1, 1902. Interest payable Mar. and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $392,000 (March 1, '19), Retired by S. F. — $368,000. In Treasury — $240, 000. Denomination — Coupon, $1, 00** Trustee — Farmers' Loan & Trust Co., New York, Redeemable for sinking fund only. $20,000 annually for first 10 years at 110 and Interest, second 10 years at 105 and interest and there- after at par and interest if bonds cannot be purchased in open market at lower prices. Sinking Fond — $20,000 annually from sur- plus earnings on June 1, to be applied to the purchase or redemption of these bonds as above. Organization — Incorporated in New Jersey in 1902. Reincorporated in Delaware in 1916. Secured by a first mortgage on the Com- pany's plants for the manufacture of patented brake shoes, locatp-d at Buffalo, N. Y., Chatta- nooga, Tenn., Chicago, 111., Mahwah, N. J., Melrose Park, 111., Minneapolis, Minn., Kich- mond, O.. TJnlontown, Pa., and Norwood, Mass., and also on a plant for the manufac- ture of miscellaneous iron castings located at Burnside, 111. Also secured on all other prop- erty of the company, including the entire capi- tal stock of the American Malleables Co., own- ing plants at Lancaster, N. Y., and Oswosso, Mich., now in operation, and also at Bloom^ field, N. J., not in operation; further secur d on practically the entire capital stock of the American Land & Building Co., which owns 70 acres of land and homes at Mahwah, N. J. ; and a majority of the capital stock of the American Manganeeae Steel Co., owning plants at Chicago Heights, 111., and New Castle, Del. The company controls an annual output of 175,000 tons. In 1910 the company sold the steel works at Chicago Heights, 111., to the American Manganese Steel Co. 15 months ended Dec. 31 Net Interest 1918 $2,324,884 $30,340 Years ended Sept. 30 Net Interest 1917 $3,260,694 $28,452 1916 1,661,619 34,312 1915 1,180,613 35,226 1914 1.059,745 36.173 Market. New York — Sharretts & Young, Morgan & Finlay, H. I. Nicholas & Co. . Baker, Car- ruthers & Pell. Frederic H. Hatch & Co. Phiiadelpfaia — Frazler & Co.. S. K. Philips & Co. , Charles Fearon & Co. AMERICAN CAN CO. 16-Year Deb. S. F, ffl. Due Feb. 1. 1928.— F. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $15,000,000 Issued— $14,000,000. Outstanding — $11,329,000 (Dec. 31, '18). Retired by S. F.— $2,671,000. Issued to reimburse the company for surplus earnings expended for new properties and plants. Proceeds applied to payment of ac- crued dividends on preferred stock. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 102^ and Interest on any Interest date on 60 days' notice. Sinking Fund — $500,000 in cash on or before May 1, 1914, and annually thereafter for tba purchase or redemption of these bonds at not exceeding 102 % and interest. Bonds so ac- quired to he cancelled. This fund will retire approximately $7,000,000 bonds before ma- turity. Security — A direct obligation of the company but not secured by a mortgage. The company cannot mortgage the property or create any funded debt while these debentures are out- standing. The company has no mortgage or funded debt, other than this issue. The com- pany has 50 plants In the United States and Canada. Year ended Dec. 31. Net Dep' n Interest •1918. . . $10,076,335 $3,500,000 $575,508 •1917. : . 15.995.042 3,500.000 628.000 1916... 11,091.048 2.500,000 628,068 1915. . . fi. 533.806 850.000 654,533 1914... 5.807,802 750,000 681,629 1913... 6,245,679 600,000 •After Federal Taxes Original Market — Offered in 1913 by the Guaranty Trust Co., New York, and Lee, Hlg- ginaon & Co., New York and Boston, at 97 H and interest. Market. New York — Lee, Higginson & Co.. Finch & Tarbell. F. H. Hatch & Co., Guaranty Trust Co., Ambrose R. Clark & Co., E. & C Ran- dolph, Chas. -W. Hill. J. K. Rice, Jr., & Co., Seasongood, Haas & MacDonald. Struth- ers & Hiscoe, Holmes, Bulkley & "VVardrop. Bernhard. Scholle & Co., "Vilas & Hickey, Baker. Carruthers & Pell, John Nickerson, Jr.. Phelps & Neeser. Philadelphia — Frazler & Co, Boston — Lee, Higignson & Co. Chicago — Lee, Higginson & Co. , Babcock. Rushton & Co., First Trust & Savings Bank. Pittsburgh — Lyon, Singer & Co. Price Range. Jan.. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOOi^ '16 100% '16 93 Dec. 94^^ Dec Low. 86 '18 87 '18 86 Sept. 87 Oct. AMFRICAN CARAMFL CO. Ist 6b. Dne June 1. 1930.— N. Interest payable June and Dec, 1, at Trus- tee's office. Providence. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. 23 Outstanding — $200,000. Retired by Sinking Fund — $400,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal, Trnstee— Industrial Trust Co.. Providence. R. 1. Redeemable. $50,000 per annum by lot, at 105 and interest. Sinking Fund — $25,000 annually with privi- lege of redeeming $60,000. Organization — Company Incorporated in Pa., 1898. Secured by first mortgage on all real estate and assets of the company. Including plants for the manufacture of confectionery at York and Lancaster, Pa. Underlies — $300,000 6% debentures. Earnings — During Feb., 1917, dividends at rate of 4% were paid on $1,000,000. 8% com- mulative preferred stock. Market. |New York — Hotchkin & Oo., Dldrichsen & Co., Geo. S. Crap & Co., Baker, Carruthers & Pell, Frederic H. Hatch & Co. Boston — ^Hotchkin & Co. Pittsburgh — Wm. P. Lemley 4 Co. Providence — Weeden & Co. Price Range. Jan. 1, '15 to Jan. 1, •!» 1918 Bid Ask Bid High.95 '17 96 '16 91 June Low. 91 '15 91 '15 AMERICAN CARAMEL CO. Debenture 68. Due Jan. 1, 1923. Interest payable January 1 and July 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $50, 000. In Treasury — $750,000. Denomination — Coupon, $100, $500 and tl.OOO. Trustee — Columbia Trust Co., New York. Redeemable by lot on any interest date at 105 and interest. , Organization — Property and Sarnlngs. See 1st 6s above. Market. Pittsburgh — Wm. P. Lemley & Co. New York — Ged. S. Crap & Co., Baker, Car- ruthers & Pell, Frederic H. Hatch & Co. Providence — Weeden & Co. Price Range 1918 — Bid 65, Ask 70. AMERICAN CITIES COMPANY 8-Year CoU. Tr. 58 and 6s. 5% to July 1. 1817, and 6% thereafter. Due July 1, IBIS.^F. Dated July 1, 1911. Interest payable Jan. and July 1, at New Ytfrk or New Orleans. Tax Status — 2% Federal Income Tax paid by company without deduction. Default — Jan. 1. '19. Interest was not paid. The appointment of Receivers for the New Orleans Railway & Light Co., the Mem- phis Steel Railway Co., and the Birmingham Railway, Light and Power Co., constitutes a default under the collateral trust agreement securing the above bonds. Protective Committee — J. K. Newman. Chairman, Lynn H. Dinkina. Archibald Kains, Lewis H. Parsons and Percy Warner: with H. L. Falk, as secretary, 212 Corondelet St. New Orleans, La. Depositaries: Mercsintile Trust & Deposit Co., New York, N. Y., Guar- antee Trust and Safe Deposit Co., Phila., Pa., Commercial Trust & Savings Bank, New Or- leans, La. Authorized— $11,000,000. Outstanding — $7,600, 000, In Treasury — $209,000 ($200,000 pledged). Retired — $2,500,000 (July 1. 1916). Denomination — Coupon, $1,000 and $100, $1,000 bonds are registerable as to principal, Trnstee — ^Whitney-Central Trust & Savings Bank, New Orleans. La. Redeemable at par and Interest on any Inter- est date on 60 days' notice as a whole only. $2,500,000 are to be redeemed by lot at par and interest July 1, 1916, if the whole issue has not been redeemed previously. Organization — Incorporated in New Jersey July 1, 1911, as a holding company. Control — In 1913 a majority of the common stock was acauired by the United Gas & Electric Corp. Secured by a pledge with the Trustee of the following shares of stocks: $2,770,700 of the $3,500,000 preferred stock and $3,475,400 out of $3,900,000 common stock of the Birming- ham Ry. & Lt. Co.; the entire $2,000,000 com- mon stock of, the Houston Ltg & Power Co.: the entire Issue of $2,050,000 common stock of the Knoxville Ry. & Lt. Co.; $600,900 of the $750,000 preferred stock and $1,617,600 of the $2,000,000 common stock of the Little Rock Ry. & Blec. Co.; $2,208,700 of the $2,600,000 preferred stock and $2,163,500 of the $2,500,- 000 common stock of the Memphis St. Ry. Co.; and $8,796,200 of the $10,000,000 pre- ferred stock and $19,331,100 of the $20,000,000 common stock of the New Orleans Ry. & Lt. Co. The Houston Ltg. & Power Co. and the Knoxville Ry. & Lt. Co. retired their pre- ferred stock in 1911, and common stock was issued in exchange, and deposited under this mortgage. The companies whose stocks are deposited, own,, subject to about $63,000,000 bonds, the principal public utilities in the cities In which they operate, containing a population of 1,000,000. Year ended Dec. 31 Gross 1917... $1,191,904 1916... 1.418,924 1915... 1,405,089 1914... 1,928.676 Net Interest $895,296 $592,500 1,165.696 527,000 1,177,831 600,000 1,833,807 500,000 Listed on New Orleans Stock Exchange. Original Market — Offered 1911 at 96 and in- terest by Ladenburg, Thalman & Co,, of New York and the Wbitney-Central Trust & Sav- ings Bank and Isadore Newman & Son of New Orleans. -Market. New York — Earle A. Miller & Co., Kieley & Horton, Bigelow & Co.. A. E. Fltkln & Co.. W. J. Wollman & Co., Dunham & Co., J. A. Clark & Co., L. A. Norton, John D. Curtis & Co., Miller & Co., Berdell Bros., Philip Lynch, Taylor & White. liOnisviile — United States Trust Co. New Orleans — Hlbernla Bank & Trust Co., Claude M. Smith & Co., E. D. Cohn. Boston — McConnell & Co.. Inc. Philadelphia — Graham. Parsons & Co.. H. D. Boenning & Co., Newhall & Co., Martin & Co., R. M. Stinson & Co., Frazier & Co., Sam'l K. Phillips & Co. Price Range. Jan. 1. '11 to .Ian. 1. '19 1918 Bid Ask Bid Ask HlBh.9!H4 '17 100 'Ifi 79% Jan. 80 Jan. Low. 40 '1« 45 '18 40 Dec. 45 Dec. 24 AMERICAN CLAY MANUFACTURING CO. 1st 6s. Dae March 1, 1930.— P. Name haa been changed to American Sewer Pipe Co. Dated March 1, 1900. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,600,000. Outstanding — 11,234,000 (Dec. 31, 1918). Retired by Sinking Fund — $1,191,001. Held in Treasury — $75,000. Denomination — Coupon, $500 and $1,000. Trustee — Columbia Trust Co., New York. Redeemable at 105 and Interest. Sinking Fund — Minimum of $50,000. but not exceeding: $100,000 of bonds per annum to be retired at not exceeding: 105 and interest. Secured by a first mortgage on 32 vitriiied drain pipe and two paving brick plants which were consolidated to form this Company. Listed on the Pittsburgh and Cleveland Stock Exchanges. Year ended Dec. 1 Gross Net Interest tl918. . $540,366 $240,964 $67,923 1917.. 82 8,230 435,392 74,498 ♦1916.. 534,466 281.5 87 74,603 til months. Market. Philadelphia — Chas. Fearon & Co. New York — Baker, Carruthers & Pell. Fred- eric H. Hatch & Co. Pittsburgh — W. E. Ballard, Wm. P. Lem- berg & Co., Lyon, Singer & Co. Price Range, Jan. 1. 1908 to Jan. 1, 1»1*J lOlS Bid Ask Bid Ask High.98% '11 100 '17 86^^ Dec. 91*/^ Apr. Low. 81 '11 87 '12 84 July 88 May AMERICAN COTTON OIL CO. 20-Ycar Ss, Due May 1. 1931,— F. Dated May 1, 1911. Interest payable May and Nov. 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $5,000,000. Reserved for Corporate Purposes — $10,000,- 000. Denomination — Coupon, $1,000, Reglsterable as to principal. . Trustee and Registrar — Centrar Union Trust Co., New York. Redeemable at 105 and Interest on any Inter- est date. Organization — Incorporated in New Jersey in 1889 and owns and operates large refineries of cotton seed oil at St. Louis, Guttenberg, N. J., Cincinnati. Providence, R. I., Chicago, and Gretna, La. Through its subsidiary the Union Seed & Fertilizer Co. owns and operates In southern states plants for ginning cotton. crushing cotton seed and manufacturing ferti- lizer from by-products of the seed oil. Through the N. K. Fairbanks Co. owns and operate! plants for the manufacture of cottolena, lard compounds and other edible fats, soaps, wash- ing powders and allied products. Security — Not a mortgage* but a direct obli- gation of the Company. The property cannot be mortgaged without consent of 80% of all bondholders. The company ,has no mortgage debt. Years ended Aug. 31 Net Interest 1918 $2,327,995 $666,667 1917 2.034,042 500,000 1916 2.524,292 495,838 1915 2,614,403 475.000 1914 1,487,623 475,000 Listed on the New York Stock Exchange. Original Market — $6, 00^,000 off ered March, 1911, at 97 and interest by White. Weld St Co., and the First National Bank of New York. Market. New York — Hodenpyl, Hardy & Co., J. .S. Parlee & Co., Ambrose. R. Clark & Co., Kean. Taylor & Co., Baker Carruthers & Pell, Sam'l Goldschmidt, Ladd & Wood, Ernest Smith, Morrison & Townsend. Philadelphia — Montgomery & Co. Chicago — Hodenpyl, Hardy & Co., Kean, Taylor & Co. Boston — Hotchkin & Co,, Inc. Price Range— N. Y. S, E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.98 Nov. 20 '15 89% Nov. 14 Low. 80 Sept. 18 '18 80 Sept. 18 AMERICAN COTTON OIL CO, 5% Notes. Due, Series A, $2,500,000 Sept. 1, 1918, and Series B, $.^,000,000 Sept. 1, 1919. — F. Dated Sept. 1, 1917. Interest payable March 1, and Sept. 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7, 500. 000. Outstanding — $5,000,000 (t)ec. Zl, '18). Retired— $?. 500. 000. DenonUnation — Coupon $1,000. Redeemable at any time as follows; Series A at 100% and interest and Series B at 101 and interest. Security — A direct obligation of the com- pany but not secured by mortgage. No mort- gage lien can be created or placed on the property of the company -without the approval of 80% of these notes outstanding and also without equally securing these notes. Earnings — See 20-Tear 5s. Original Market — $7,500,000 offered Sept, 1917, by the First National Bank, New York, at 99^ and 98, and interest for respective maturities. Market. New York— Salomon tiios. & Hutzler, Mer- rill, Lynch & Co., Mann, Bill & Co., Bull & Eldredge, Hemphill, Noyes & Co., Ernest Smith, Bertram A. Unger Co. Philadelphia — Biddle & Henry. Chicago — Merrill, Lynch & Co., Babcock, Rushton & Co., Curtis & Sanger. Price Range — 1918. Bid Ask High. 99 Vi Dec. 99 ^^ Dec. Low. 9 5 Jan. AMERICAN COTTON OIL CO. 1-Year 7% Notes. Due Sept. 3, 1919. Dated Sept. 3, 1918. Interest payable March 3 and Sept. 3 at First National Bank, New York. Tax Status — 2 % Federal Income Tax paifl by company without deduction. Autlioria?d— $5,000,000. Outstanding— $5,000,000. run>ose of Issue — To retire $2,500,000 notes maturing Sept. 1, '18, and to meet the re- quirements of a large volume of business and an increased inventory. Denomination — Coupon $1,000. Registrar — Central Union Trust Co., New York. Security — ^A direct obligation of the com- pany but not secured by a mortgage, notes of this issue provide: The 25 "^No mortgage lien shall be created or placed upon the property of the company without the written approval first had and obtained of the holders of eighty (80) per centum in amount of the notes of this issue then out- standing, equally and ratably with ali the other indebtedness secured by such mortgage." Original Market — $5,000,000 offered Aug.. 1918, by the First National Bank, New York, at 99^ and interest. Market, Chicago — Babcock, Rushton & Co. New York — Mann. Bill & Co.. Morrison & Townsend, John Nickerson, jr., Ernest Smith. Bertram A. Unger Co. Price Range — 1918. Bid Ask High. 99% Oct. 100% Nov. Low. 99% Nov. AMERICAN DISTRICT TEUBGRAPH CO. OF NEW JERSEY 1st Coll. Trust Ss. Due April 1, 1936.— P. Dated April 1, 1906. Interest payable April and Oct. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,000,000. Outstanding — $251,000 (Dec. 31. '17). Retired by Sinking Fund— $110,000. Held in Treasury — $139,000. Trustee — Equitable Trust Co., New Tork. Redeemable at 105 ^nd Interest. Sinking Fund — $10,000 annually. Organization and Control — Incorporated in New Jersey in 1901. Messenger business leased to Western Union Telegraph Co. In 1911. Secured by deposit of stocks of subsidiary companies which operate messenger service in about 100 cities throughout the United States. Years ended Dec. 31 Net Interest 1917 $787,989 $12,6 08 1916 748.105 12.82fi 1815 748.135 13.118 1914 708,953 13,572 Market. New York — Hotchkin & Co., Inc.. Hanson & Doyle, Oilman & Clucas. Tobey & Kirk. AMERICAN DOCK & IMPROVEMENT CO. 1st 5s. Due July 1, 1921.— F. Dated July 1, 1881. Interest payable Jan. and July 1, at Liberty National Bank, New York. Tax Status — 2 % Federal Income Ta x pa id by company without deduction , Authorized — $6, 000, 000. Outstanding — $4,987,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — George F. Baker and Hudson Trust Co., Hoboken, N. J. Redeemable at 110 and interest. Guaranteed principal and interest by The Central R. R. of New Jersey by endorsement, Control — The Central R. R. of N. J. owns the entire capital stock which is deposited un- der its general mortgage. Secured by a first mortgage on three large tracts of improved water front and dock prop- erty In and around Jersey City. Iiegal for Conn, and N. H. Listed on the New York Stock Exchange. Market. New York — Coffin & Co., Ambrose H. Clark & Co., Remick, Hodges & Co. . .Hodonjyl, Hardy & Co., Hanson & Doyle, W. E. R. Smith & Co., Taylor. Smith & Hard, Vilas & Hifckey. Chas. W, Place, Redmond & Co. , Wm, Carnegie Ewen, Baker, Carruther-s & Pell. Flilladelpliia — Graham, Parsons & Co., Frazier & Co.. Biddle & Henry. Charles Fearon & Co. Newark, N. J. — Clarence Hodson & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range.~N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High. 113 Apr. 16 '06 100 Dec, 7 Lo\V 96% Dec. 20 '17 97% Oct. 2 AMERICAN DOCK & TRUST CO. Ist 5b. Due Sept. 1. 1930.— F. Dated Sept. 1, 1910. Interest payable March and Sept. 1. at Hamilton Trust Co.» Brooklyn. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $1,000,000. Outstanding-T-$1.000,000. Denomination — Coupon, $1,000. ReglsterabU as to principal. Trustee — Hamilton Trust Co., Brooklyn, N. T. Redeemable at 102% and Interest on any interest date. Organization — Incorporated In New York In 1875. Name changed in 1913 to American Dock Co. Secured by a first mortgage on all property. which Includes 30% acres water front on Staten Island, , City and Port of New York, 42 warehouses," 5 covered piers, power plant. 5, 000 feet of railroad track, etc. Years ended Sept. 1 Gross Net Interest 1917 $625,602 $422,471 $50,000 1916 505,344 360,525 60.000 1915 287,423 153.772 1914 242.011 144.308 Original Market — Offered in 1910 by Pouch & Co., New York, at 97 and interest, and in 1911 at 98 and interest. Market. New York — F. H. Hatch & Co.. John Daven- port, Abraham & Co. Price Range. Jan. 1, '16 to Jan.. 1, '19 1918 Bid Ask Bid Ask High.90% '16 92^^ '16 82^^ Nov. 90 July Low. 80 '18 87% '18 80 July 87H Nov. AMERICAN GAS & ELECTRIC CO. B% Se- cured Notes. Due $2,600,000 Jan. 1, 1930 and $1,500,000 .Tan. 1. 1921. Dated Jan. 1, 3918. Interest payable July, 1 and Jan. 1, In New York. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State tax refunded. Authorized — $ 5, C 00, 000. Outstanding — $4, 000. 000. Unissued — $1,000,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — BquItaMe Trust Co.. New Tork. Redeemable as a whole or in amounts of not less than $600,000 at lOOH and in- terest on 60 day's notice. Organization — Incorporated in New York in 1906 as a holding company. Controls through stock ownership companies supplying electric light and power, steam and hot water heating In 109 communities located In six states, including Scranton, Pa.. Canton and Newark, O.. Muncle and Marlon. Ind.. Wheel- ing, W. Va., Atlantic City. N. J. and Rock- ford, III., serving an aggregate population of about 912.000. Capital Stock — Outstanding, Preferred (6% cum.) $5,899,250: Common. $4,020,350. 26 Controlled by interests Identified with the General Electric Co. Security— A direct obligation of the Ameri- can Gas & Electric Co. and by pledges of $6,667,000 Central Power Co, 1st & Ref, 6s due 1947 (an additional $4,090,000 bonds are issuable under the morteaeo as of Jan. 1918), representing at par 166 2-3 per cent of the amount of notes Issued. Additional notej issuable on deposit of additional bonds In the same ratio. The bonds pledged are a direct first lien on an electric power plant on the Ohio Hiver at Windsor, W. Va,. which when present construction Is completed will have a capacity of 60.000 k. w. and a mortgage sub- ject to prior Hens on the remaining property of the company serving 42 cities and towns of Ohio Including Canton and Newark. A large number of franchises are unlimited In time and none, except a few small villages, expires prior to 1947. When expenditures from the proceeds of these notes are completed the property will be valued at about $13,500,000. The property covered by the first lien of de- posited bonds, includes a power plant with a capacity of JISO.OOO k.w. and is being con- structed jointly by the Central Power Co. and the West Penn Power Co. The entire com- mon stock of the Central Power Co, is owned by the American Gas & Electric Co, Prior Liens — $2,696,600 (closed morteagea) bonds of constituent companies of Central Power Co. Yearn ended Dec. 31 Gross Net Int., etc, 1917 $7,915,137 $1,372,377 $828,907 1916 6,966,026 1,666,303 662,667 1916 6,006,020 1,438,771 487,941 1914 4,368,883 1,130,839 436,869 1913..., 3,811.292 994.403 413,790 Original Market — $3,000,000 offered Jan., 1918 by Wm. A. Read & Co.. New Tork, Townsend Whelen & Co., Philadelphia, and The Bonbrlght-Herrlok Co., Cleveland on a TA per cent basis. Market. Boston — L. Sherman Adams. Chicago — Babcock, Rushton & Co. Philadelphia — Paul & Co. New York— Equitable Trust Co. of N. T., McClure, Jones ^ Reed, H. F. McConnell & Co.. E, & C. Randolph. L«uisville — J. J. Hilliard &. Son, Ernest Smith. Grand Rapids — Howe, Snow, Corrigan & Eertles, Price Range — 1918. Doe 1920 Bid Ask High. 97 Dec. 99 Dec. Low, 95% Apr. 9T/i Apr. Due 1921 High. 96% Dec. 97% Dec. Low. 94 Aug. 96 Aug. AMERICAN GAS & ELECTRIC CO. 6% Deb., American Series. Dae May 1, 3014.. N. Dated May 1. 1914. Interest payable May 1 and Nov. 1 in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Open mortgage. Outstanding — $3,600,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Registered $1,000. Trustee — Guaranty Trust Co., New York, Redeemable as a whole on any Interest date at 110% and Interest, Organization and Property — See 6% Secured Notes. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. No additional debentures may be issued unless the annual net Income of the American Gas & Electric Co.. after deducting expenses and In- terest 'on outstanding secured Indebtedness of the company maturing not less than five years from date of this Issue, are three times the Interest charges for a like period on the de- benture bonds outstanding, those applied for, and interest upon any Indebtedness of the company other than the secured Indebtedness above mentioned. Earnings — See 6% Secured Notes. Original Market — Offered in Julys 1914, at 97% and Interest by Kimball, McKlnney & Co.. Conant, Young & Co., Boston. Market. Boston — ^Kimball, McKlnney & Co., Tucker, Anthony & Co., F. B. Bassett & Co. Philadelphia — Frazier & Co., Newburger. Henderson & Loeb, Harper & Turner, P. Pierce & Co., H. T>. Boenning & Co., Hughes & DIer, Elklns, Morris & Co., Newhall & Co.. Sam'l K. Phillips & Co., Edward B. Smith & Co. New York — Martin, Berwin & Co., A. E. Pitkin & Co., J. J. Levenson, Dunham & Co., John Muir & Co,, E. & C, Randolph, Berdell Bros., Frederic H. Hatch & Co., Kiely & Hor- ton. Abraham & Co., Sam'l Goldschmidt, Mc- Clure. Jones & Reed. H. P. McConnell & Co.. Hemphill, Noyes & Co., Newhall & Co., Tay- lor & White, Earle A. Miller & Co, New Haven^-The Chas. W. Soranton Co., Henry E. Burgess. I*rice Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99 '16 100 '16 89 Dec. 9014 Dec. Low. 77% '18 78% '18 77% Apr. 78% Apr. AMERICAN GAS & ELECTRIC CO. Coll. Tr. 6s. Due Feb. 1, 2007.— F. Dated Dec. 31, 1907, Interest payable Feb, 1 and Aug. 1 at Guaranty Trust Co., N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $6,282,000. Issued in exchange for Electric Co. of Amer- ica stock at the rate of $14 bonds for $10 stock. Trustee — Guaranty Trust Co.. N. Y. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Redeemable at 105 and Interest on any in- terest date. Organization and Control — Incorporated In New York In 1906 as a holding company. Con- trolled by the Electric Bond and Share, a sub- sidiary of the General Electric Co. Secured by the deposit of entire common stock issues of the following companies: Company Par Value Atlantic City Electric Co.. Atlantic City, N. J $1,250,000 Central Power Co., Newark, Ohio.. 2,700,600 Indiana General Service Co., Mun- cle, , Ind 3,000,000 ♦Lackawanna Light Co,, Scranton, Pa 400,000 RocJtford Electric Co., Rockford. Ill 1.500.000 Scranton Electric Co., Scranton, Pa 2.600,000 Wheeling Electric Co., Wheeling, W. Va 1,000,000 • 'Subject to first lien of Scranton Electric Co. 27 I'nderlics — $1,500,000 B%- Debs. Karnines — See 6% secured notes. Listed on Philadelphia Stock Gxchange. Market. Philadelphia — Barclay, Moorp & Co., Fra- zier & Co., Newburger, Henderson & Loeb, Charles Fearon & Co., Morton Lachenbruch & Co.. Newhall & Co., Sam'l K. Phillips" & Co. >ew York— Barle A. Miller & Co., B & G. Randolph, Morton, Lachenbruch & Co., Abra- ham & Co., Ernest Smith. Price Range. Jan. 1,'08 to Jan. 1, 'lit 1^ '18 30 AMERICAN ICE CO. Real Est. 1st and Gen. 6s. Due August 1, 1942. — F. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Philadelphia and New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax Refunded. Also tax free in New Jersey. Authorized — $ 6,500,000. Outstanding— $4,211,000 (Mar., 1919). Held in Investment Fund — $540,000. Retired by S. F.~$491.000. In Treasury — $5,000. Reserved for prior liens and corporate pur- poses — $440,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Redeemable at 1 2 % and Interest on any interest date upon 60 days' notice and for the sinking fund on any August 1st, upon four weeks' notice. Sinking Fund — 2% per annum of outstand- ing bonds, beginning August 1, 1913, and for 10 years thereafter and 2%% each succeeding year until maturity for the purchase or re- demption of these bonds at not exceeding 102% and Interest. Bonds so acquired to be can- celled. Organization — This company was Incorporat- ed in New Jersey March, 1899, and is a con- solidation of 10 old established companies, in- cluding the Consolidated Ice Co. of Maine; Knickerbocker Ice Co. of Maine; the Independ- ent Ice Co.; Great Falls Ice Co.. Washington, D. C. : Distilled Water Ice Co. of Baltimore: "Union Ice Co. and Crystal Lake Ice Co. of New York City. Also it owns the entire capital stock of the Knickerbocker Ice Co. of New York City and the Boston Ice Co. Secured by a first mortgage executed jointly by the American Ice Co.. Knickerbocker -Ice Co. and Ice Maiiufacturing Co.. of New York City, and the Knickerbocker Ice Co. of Phila- delphia, on real estate valued at $8,100,949, and a Hen upon real estate, sub.1ect to ground rents having an equity of $599,275; also a second lien on property conservatively pp- praiaed at $2,599,735 subject to prior liens amounting to $759,930 and a general lien on all of the company's properties, rip-hts and franchises. The Company Is engaged In the wholesale and retail ice and the retail onal business In New York City, Philadelphia, Bos- ton. Baltimore. Washington, Cape May, At- lantic City and Camden and throughout the State of Maine. It has upwards of 20 Ice houses and 22 manufacturing plants. Its sub- sldiary companies own 66 Ice houses and 14 manufacturing plants as well as extensive equipment of bargea, wagons and horses. Prior Liens — $759,930 bonds and $247,410 real estate mortgagee. Year ended Oct. 31 Gross 'Net Int., etc. 1918. . . $12,742,433 $1,643,533 $434,239 1917... 10,014,932 1,394,269 410,958 1916. . . 9,229.111 1,100.573 396.012 1915. . . 8,650,428 88S,468 862,286 1914. . . 8,837.126 746.112 337,246 1913... 10,615,208 2,015,656 356,335 •After taxes, rents, insurance, maintenance, etc., including $164,904 Reserved in 1918 for Federal Taxes. Original Marlcet — Offered June 1, 1912, by Henry & West and Brown Bros. , & Co. of Philadelphia at 100 and interest. $600,000 offered In August, 1916, 'by same Arms at 97 and interest. Market. Philadelphia — Biddle & Henry. Barclay, Moore & Co., Frazier & Co., Bloren & Co.. Newburger, Henderson & Loeb, Samuel K. Phillips, Reed A. Morgan & Co., Brown Bros. & Co., Harper & Turner. Blkins, Morris & Co., C. T>. Barney & Co.. Lloyd & Palmer, "Wheeler, Elliot & Mann, Robt. Glendinning & Co., In- vestment Registry of America. New York — W. J. Wollman & Co., Brown Bros. & Co., Chas. D. Barney & Co., Baker, Carruthers & Pell. Ernest Smith Price Range. Jan, 1, '13 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '17 103 *17 98 May 99 Dec. Low. 94 '17 95% '18 94 Oct. 95% Oct. /UIERICAN ICE CO. Coil. Ss. Due April 1, 1933..— F. Bated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $5,000,000. Oatstandjng in hands of public — $1,246,000. Retired by Sinking Fund — $1,905,000. In Treesory — $2,000. Reserved to acauire nnderlyin? bonds — $1.- 845,000. Denomination — Coupon, $1,000. Regtsterable as to principal. XVustee — Central Union Tl-ust Co. , New York. Redeemable at 105 and interest on any in- terest date upon 10 days* notice. Sinking Fund — Annually a sum eaual to 5% of all outstanding bonds, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest in lots of not less than $5,000. Organization — See R. E. & Gen. 6s 1942. Set!ured by pledge of the following securities: $494,500 (par value) Boston Ice Co., capital stock; $1,000,000 (par value). Merchants' Union Ice Co. of N. J., common stock; $500,000 Mer- chants' Union Ice Co. of N. J., preferred stock; $50,000 (par value) John Hancock Ice Co.. capital stock; $17,200 (par value) New Jersey Ice Co., capital stock: $26,000 (par value) Glasco Ice Co., capital stock; $140,125 (par value) Knickerbocker Steam Towage Co., capital stock; $24100 (par value) Continental Hygela Co.. capital stock; $237,520 (par value) Pairmount Ice Co., capital stock; $62,700 (par value) United Ice Manufacturing Co., capital .■^tock- $100 000 (par value) Merchants' Union Ice Co. of N. T., capital stock; $168,000 (par value) New York Hygeia Ice Co., 1st 6% bonds; $200,000 Ridgewood Ice Co. 1st 6% bonds; $100,000 .Drivers' Union Ice Co., 1st 5s., and $50,000 Consumers' Ice Co., 1st B% bonds. Earnings — See 1st & Gen. 6b below. Original Market— Offered In 1902. to stock- holders at 95 and Interest. Market. New York— E. & C. Randolph, F. H. Hatch & Co., Baker, Carruthers & Pell, Newhall & Co. Philadelphia — Chas. D. Barney & Co. . Charles Fearon & Co., Newhall & Co., Sam'l K. Phillips & Co., "Wheeler, Elliot & Mann. Boston — McConnell & Co., Inc. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid High.93^ '16 95 '16 91 Dec. Low. 85 '15 87 '15 86 Sept. AMERICAN-LA FRANCE FIRE ENGINE CO. Inc., 10-Year 6% Conv. Notes. Dae May 1, 1936. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Trustee's office or Bankers' Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 1,500,000. Outstanding — $1,500,000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., Buffalo, N. Y. Redeemable at 105 and interest on any In- terest date on 3 months* notice. Convertible at any time after two years from date and prior to May 1, 1926, Into common stock, par for par, with adjustment of Interest and dividends. If called for redemption may be converted up to 30 days prior to redemp- tion date. Capital stock consists of $2,000,000 7% cumulative preferred stock and $1,450,000 (May 20, 1916) common, of an authorized issue of $2,950,000. Regular 7% dividends have been paid on the preferred stock since April 1, 1913. 4% Is now being paid on common stock. Organization — Incorporated in New York In 1912, and took over all the assets and property of the American-La France Fire Engine Co.. which was founded in 1845. The company manufactures steam Are engines, aerial trucks. chemical engines, hand fire extinguishers and Are department apparatus In general; Its chief product at present being motor fire apparatus. Plant located at Elmlra, N. Y. Sales offices are maintained in Important cities. Security — A direct obligation of the company but not secured by a mortgage. No mortgage shall be placed on the property of the company without equally securing these notes. Quick assets must at all times bear to the fixed in- debtedness a ratio of not less than 1% to 1, except that a committee of three, one to h^ cliosen by the Marine National Bank of Buffalo, one by the executive committee of the company and a third by these two, shall have the power to permit borrowing in excess of said ratio upon obligations payable in one year. Years ended Dec. 31 •Net Pfd. DIv. Com. Dlv. 1917... $596,289 $140,000 $65,250 1916. . . 353.570 140,000 58,000 1915. . . 269.132 140,000 58,000 1914... 350.645 140,000 ♦After Interest. Original Market — Underwritten by Swart- wout & Appenzellar, New York, May, 1916. and offered to stockholders at par. 31 Market. New York — Swartwout & Appenzellar, Han- son & Doyle, Frederick H. Hatch & Co: Price Range. Jan. 1, '17 to Jan. 1, 19 1918 Bid Ask Bid Ask High. 95 '18 100 '18 95 Dec. 100 Dec. Low. 90 '18 96 '18 80 Juiy 96 Aug. .AMERICAN UTHOGRAPHIC CO. 1st 5s. Due Jan 1, 1921. — N. Dated March 1,- 1896. Interest payable Jan, and July 1, at office of Company. New York Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. ' Outstanding — 1342,000, (Deo. 31, '18). Denomination — Coupon, $1,000, $500, $100. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any in- terest date on 30 days' notice. Organization — Company incorporated in New York, 1896. ' Secured' by first mortgage on all the property of the Company, located in Buffalo and New York. Market. New York — Baker, Carruthers & Pell, Fred- eric H. Hatch & Co., Taylor & White. Price Range. Jan. 1, 1915 to Jan. 1. 1919 Bid Ask High.89 '15 95 '15 Low. 83 '16 92% '15 AMERICAN MAX.TING CO. 10-.Year 1st Ref. Ss. Due June 1, 1926. — N. Dated June 1, 1916. Interest payable Junt 1 and Dec. 1. in New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Autliorized — $1,500,000. Outstandine — $332,000 (May 6, '19). Balance Retired.' Denomination — Coupon, $1,000. Reglaterabl* as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole on any Interest data or in part for sinking fund at 105 and Interest, on four weeks' notice. Sinking Fund — Annually 5 % of outstanding, but at least $50,000, plus amounts for release of property, etc., for the purchase or redemp- lion ,oi these bonds at not over 105 and inter- est. The trustee may purchase bonds privately from time to time at a price in its judgment fair and reasonable. Bonds acciuired to be cancelled. Organizatipn — Incorporated in New Jersey in 1897 as a consolidation. In 1917 the American Malt Corporation, holding company, organ- ized in 1906, was dissolved. Liquidation of Assets — By unanimous vote of more than two-thirds of stockholders at special meeting Jan. 9, '19, the dissolution- of Company was approved and on Feb. 10. '19, Company went into Liquidation. Property Sold — Trustees in liquidation on May 17 sold real estate, plant, etc., of this company to the American Malt & Grain Co. Property is subject to the lien of the above m^rtgage. Secured by a first- mortgage on all the prop- erty of the company, including plants at Buf- falo. N. Y.'. Chirago, Til. (two plants), Ham- ilton, O,, Milwaukee, Wis (one plant) Syra- cuse, N. y., and Watertown, Wis., of a hook value Dec. 31, '18, of $12,935,950. with current assets DfC. 31, '18, of $4,651,793. Year ended Aug, 31. Net Dep'n Int., etc. 1918... $135,758 $237,426 $41,720 1917 . 990,767 266,860 6,4,299 1916... 662,927 144.467 1916... 158.323 147.349 1914... 476.182 145.406 Original Marliet — Offered in exchange for 1st 6s due June 1, 1917, and also for subscription at 9 7 'A and iilterest. Market. New York — Baker. Carruthers & Pell, Fred- eric H. Hatch & Co., Earle A. Miller & Co. Price Range. ,Ian. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '17 101 '17 97 Nov. 98 Apr. Low. 87 '17 94 '17 92 Jan. 95 Jan. 32 AMERICAN Oil, ITELDS CO. 6s. Due Feb. 1, 1930.— F. Interest payable Feb. and Aug. 1, at Trus- tee's office, Los Angeles. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $1,914,000 (Mar. 15, '19). Purchased Tlirough S. F. — $1,088,000. Amount Can«elled— $90,600. Denomination — Coupon, $1,000. $100. Trustee — Southern Trust Co., Los Angeles. Redeemable at 105 and Interest on and after Feb. 1. 1916. Sinking Fund — 4% annually of outstandlns bonds beginning Feb. 1. 1912. Controlled by California Petroleum Corpora- tion through ownership of 96% of capital stock Secnred by mortgage on oil lands approxi- mating 7,000 acres, production about 6,t)00 barrels daily and on steel storage tank and concrete reservoirs. Year ended Dec. 31 (Cal. Pet. Co.) Net ■ Int. 1918 $1,896,111 $96,171 1917 1,788,400 102,219 1916 1,182,660 110,480 1915 889,879 115,444 1914 1,543,483 121,648 Market. San Francisco — Blankenhorn-Hunter-Dulin Co. Los Angeles — A. H. Woollacott. Blanken- horn-Hunter-Dulin Co., L, A. Crisler & Co. Pasadena — Blankenhorn-Hunter-Dulin Co. New York — McDonnell & Co., W. J. WoU- man & Co., Taylor & White, Sutro Bros. & Co.; E. B\ Hutton & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.76 '17 79 '18 73% Sept. 79 May Low. 69 '18 74 '17 69 May 75 Dec. AMERICAN PIPE & CONSTRUCTION SE- CURITIES CO. lO-Year Coll. Tr. 6s. Duo Aug. 1, 1922. — F. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Girard Trust Co., Philadelphia. Tax Status— 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. .Authorized — $3. 000, 000. Outstanding — $1,245,000 (Dec 31, '18) Retired by S. F.— $1,766,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole or in part for the sinking fund at 102% and Interest. Sinking Fund — Aug. 1, 1913, and annually thereafter $160,000 shall be purchased In the open market at not exceeding 102 '/5 and Inter- est. If not so purchasable bonds must be called. The Am. P. & C. Co. agrees to pur- chase each year a sufficient amount of the de- posited bonds to enable the Securities Company to retire $150,000 of these bonds at 102% and Interest. Guaranteed principal and Interest by the American Pipe & Construction Co. Organization and Control — Incorporated in Delaware in 1912, to acquire securities re- ceived by the American Pipe & Construction Co. in payment for work done.' Entire $2,000,000 common stock owned by Am. P. & C. Co. For further particulars see American Pipe Mfg. Co. Series "A" below Secured by a first lien on $7,000,000 par value of bonds of subsidiary companies de- posited with Trustee. Upon the retirement of $300,000 bonds by the sinking fund the Com- pany has the right to withdraw $200,000 par value of pledged securities for each additional $150,000 retired by the sinking fund. This leaves $5,000,000 par value of bonds as se- curity for the $1,600,000 maturing at the. end of ten years. Pledged bonds may be so|^ provided the proceeds are used to retire bonds of this issue at 102^4 or less. Year ended Dec. 31 .. 'Net 1917 $162,102 1916 139,649 1915 166,706 1914 176,.673 •After interest. Original Market — $3,000,000 offered July. 1912, by Brown Bros & Co. of New York, Philadelphia and Boston, at par and interest. Market. rhiladelphia — Biddle & Henry, Newhall & Co., Graham, Parsons & Co., Wurts, DuUes & Co., Brown Bros. & Co., Hy. D. Boennlng & Co., Sam' I K Phillips & Co. New York — B. & C. Randolph, Brown Bros. & Co., Baker, Carruthers & Pell, Taylor & White. Pittsburgh — Colonial Trust Co. Price Range. Jan. 1, '15 to Jan. 1. '19 1»I« Bid Ask Bid Ask High.102 '17 102% '17 100 Nov. 101 Nov. Low. 93 '18 96 '17 93 Jan. 96% May. AMERICAN PIPE & FOUNDRY CO. 1st 69. Due Jan. 1. 1928. — N. Dated July 1, 1898, Interest payable Jan. and July 1, at Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding— $789,000 (Dec. 31, '17). In Treasury and Sinking Fund — $711,000. Denomination^Coupon. $1,000. Trustee — Chattanooga Savings Bank, Chatta- nooga, Tenn. Assumed by United States Cast Iron Pipe & Foundry Co. Control — Merged Into U. S. Cast Iron Pipe & Foundry Co. Secured by a first mortgage on plants lo- cated at South Pittsburgh, Chattanooga, An- niston (110 acres), and Bessemer, Ala. (164 acres). Formerly the property of the Amer- ican Pipe Sc Foundry Co. Year ended Dec. 31 , . , Net Interest 1917 .... $1,469,464 $117,314 1916" .. -1,426,896 117.266 .1915'' 361,662 55,774 • Seven months. Market. Now York — Holmes, Bulkley & Wardrop., Baker, Carruthers & Pell, McGeOrge & 'Van- derhoef. Philadelphia — Harrison & Co., S. K. Phil- lips & Co., Robt. Glendlnning & Co., Newhall & Co. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 High. 103 '16 106% '17 99 Jan. 100 June Low. 95 '16 98 '15 97 Dec. AMERICAN PIPE MANUFACTURING CO. Series "A" Coll. Tr. Ctts. 6s. Due Oct. 1. 1927. — F. Dated Oct. 1, 1907. Tax exempt Pennsyl- vania. Interest payable April 1 and Oct. 1, at Girard Trust Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $500,000. Retired by S. F. — $600,000. Trustee — Girard Trust Co.. Philadelphia. Denomination — Coupon, $600 and $1,000. Redeemable at 102% and interest on any ln< terest date. Sinking Fund — $50,000 must be redeemed an- nually on Oct. 1. Organization — Incorporated. in New Jersey Id 1889 and name changed to American Pipe & Construction Co. The Company controls the following companies: Baldwin County Water Co., Burlington (N. J.) Sewerage Co., Clayton- Glassboro Water Co.. Monmouth County Water Co.. Norfolk County Water Co.. Paris Moun- tain Water Co.. Springfield Consolidated Wat er Co., Wayne Sewerage Co., Westvllle & New- bold Water Co.. Collingswood (N. J.) Sewerage Co.. New York Interurban Water Co., Selma Lighting Co. Secured by deposit of following bonds (other securities of at least equal value may be , su" - stituted) as of Feb.. 1917; $100,000.00 Con- solidated Water Co., of Suburban, New York: $80,500 Norfolk County Water Company^ Gen'l Mtge. $2,000.00 Rochester & Lake Ontario Water Company. $362,000.00 Springfield Con- solidated Water Company. $76,000.00 Syra- cuse Suburban Water Company, $6,000.00 Tex- arkana Water Company 1st Mtge. Year ended Dec. 31 *Net 1916 $237,96» 1915 161,101 1914 264,907 •After interest. Original Market — First offered by Cramp, Mitchell & Co., Philadelphia. Market. Philadelpliia — Sam'l K. Phillips & Co. New York — E. & C. Randolph. Price Range. Jan. I. '15 to Jan. 1. '19 Bid Ask High.88% '17 91% '15 Low. 85 'IC 90 '16 AMERICAN PIPE MFG. CO. Series "B." Coll. Tr. Ctfs. 5b. Due Feb. 1, 1929. — F. Dated Feb. 1, 1909. Tax exempt In Penn- sylvania. Interest payable Feb. 1 and Aug. 1, at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by cornpan.v without deduction. Authorized — $1, 000, 000. Outstanding — $ 600.000. Retired by S. F.— $600,000. Denomination — Coupon, $500 and' $1,000. 33 Trustee — Girard Trust Co., Philadelphia. Redeemable — 1021^ and interest. SlnkinE Fund — $50,000 par value of truit certiflcates annually on Feb. 1, by lot at 102 V4 and interest. For Organization and list ot companies con- trolled, see Series *'A" above. Secured by the deposit of followinir bonds (other securities of at least equal value may be substituted): $140,000 Baldwin County Water Co. Ist 4%s, 1936; $160,000 Consoli- dated Wa'ter Co. of Suburban, New York, 1st 6s. 1932; $39,000 Rochester & Lalce Ontario Water Co. 1st 6s, 1933; $296,000 SprinEfleld Consolidated Water Co. 1st 6s, 1968, and $126,000 Norfolk County Water Co. Gen'l Mte. EarninKS — See Series "A" above. OriEinal Market — $1,000,000 offered Feb.. 1909, by Cramp, Mitchell & Co., Philadelphia, at 91% and interest. Market. Philadelphia— J. C. Bogan, Sam'l K. Phil- lips & Co. Price Bansa. Jan. 1, 'IS to Jan. 1, 19 Bid Ask High. 88 '16 95 '17 L,o\v.87'^ '17 89 '16 AMERICAN PNEUMATIC SERVICE CO. 25- Year S. F. 68. Due Oct. 1, 1988.— N. Dated Oct 1, 1903. Interest payable April and Oct. 1, at Boston. Tax Status — Payment of Federal Income tax not assumed by company. Authorized — $6,000,000. Issued — $1,849,000. Held in Company's Treasury — $932,500. Outstanding in hands of public — $174,000. Held in Sinking Fund — $742,500. Reserved for Improvements or Extensions — $2,651,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — International Trust Co., Boston. Sinking Fund — 2% per annum of bonds orig- inally issued with an additional amount for all bonds Issued subsequently, sufficient to pro- vide for the retirement of the entire issue at maturity. Payments to be applied to the purchase of bonds at not exceeding 105 and In- terest annually in October. If bonds are not purchasable funds shall be Invested in securi- ties which are legal Investment for savings banks in Massachusetts or Connecticut. All bonds to be kept alive and Interest to be added in sinking fund. Organization — Incorporated In Delaware in 1899. Secured by a first mortgage on all of the property owned by the Boston Pneumatic Transit Co., New York Pneumatic Service Co., Chicago Postal Pneumatic Tube Co., and St. Louis Tube Co.. a first mortgage by deposit of entire issue ($200,000) of first mortgage bonds of the New York Mall & Newspaper Transpor- tation Co., and also by a direct lien on the property of that company and by a second mortgage on the property owned by the Lamaon Co. This latter company controls practically all important patents covering the use of pneu- matic tubes in stores and factories. The American Pneumatic Co. also operates under contracts with the United States Government, pneumatic tubes connecting the post offices and railroad stations in Boston, Chicago, New York and St. Louis, Prior liiens — $311,000. Lamson Cons. 5s. 1922, to be retired by this issue. Year ended Dec. 31 Net Int., etc. 1918 $337,214 $137,001 1917 461.229 166,669 1916 590,299 160.097 1916 479,254 160,224 1914 639.506 178,162 Original Markei^— $600,000 offered in 1906 by Hayden, Stone & Co., and Geo. A. Fernald & Co.. Boston, at 97% and interest. Market. Boston — Geo. A. Fernald & Co.,- Hayden, Stone & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid High.961,4 '16 97% '16 92% May Low. 90 '15 94 '16 AMERICAN POWER & LIGHT COl 10-Year 6% Notes. Uue Aug. 1, 1921. — N. Dated August 1, 1911. Interest payable Feb. and Aug. 1, at Guaranty Trust Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,200,000. Denomination — ^Coupon. $1,000. $600 and $100. Registerable as to principal. Trnstee — Guaranty Trust Co., New York. Redeemable as a whole, at 102 and interest on any interest date. Stock Convertible Warrants — These notes were issued with detachable and transferable option warrants permitting holders to purchase stock of the company at par at any time prior to Aug. 1, 1921. Organization — See Deb. 6a of 2016. Security — ^A direct obligation of the Com- pany but not secured by a mortgage. Anv sums received from the note holders in pay- ment for common stock to be applied to pur- chase of these notes at not exceeding 101 and interest. Bonds so purchased to be cancelled. Earnings — See Deb 6s of 2016. Original Market — Ottered by the Electric Bond and Share Co., of New York to preferred and common stockholders at par and interest. Market. New York — Harris. "Wlnthrop & Co., Bull & Bldredge, Dunham & Co., Mann, Bill & Co.. Joseph & Weiner, Wm. P. Bonbrlght & Co.. E. & C. Randolph. Berdell Bros.. Earl A. Miller &. Co., Kiely & Horton, Frederic H. Hatch & Co.. McClure. Jones & Reed, H. F. McConnell & Co., Hemphill. Noyes & Co.. Newhall & Co. Boston — ^H. L. Nason & Co., F. B. Baasett & Co., Richardson. Hill & Co. Philadelphia — Newhall & Co.. Frazier & Co., H. D. Boenning & Co. Grand Rapids — ^Howe. Snow. Corrigan & Bertles. Chicago — Harris, Wlnthrop & Co. Price Range. .Ian. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.lOl^ '17 102 '16 93 Dec. 96 Dec. l.ow. 87 '18 90 '18 87 Apr. 00 Sept. AMERICAN POWER & UGHT CO. Deb. 6a Series "A." Due March 1, 2016. — N. Dated March 1, 1916. Interest payable March 1 and Sept. 1, at Company's office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Unlimited. Additional bonds issuable when net earnings for 12 months in preceding 14 months are 2% times Interest on all Indebtedness including bonds to be issued. 34 OutBtandingr — $4,158,000. Denominations — Coupon, $100, $500 and 51.000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole only, on any Interest date, at 110 and interest. Stoclc Convertible Warrants Detachable — Stock subscription option warrants were issu( d with these bonds entitling the registered hoi u r of these warrants to receive a certiflcate for shares of the full-paid common stock of t >- company, of an aggregate par value equal in amount to the principal of the bonds sub- scribed and paid for upon the surrender of such warrants, at any time before March 1, 1931 and upon payment in cash for such stock at par, or after March 1, 1918 upon delivery, In lieu of such cash payment in whole or in part of a bond or bonds (if coupon bonds, with all unmatured coupons attached) of this issue. Organization — Incorporated in Maine In 1909 a-nd controls through stock ownership the Kan- sas Gas & Electric Co., the Portland (Ore.) Gas & Coke Co., the Pacific Power & Light Co. and the Southwestern Utilities Corporation. The latter company controls through stock owner- ship the ' Southwestern Power & Light Co.. which company controls, through ownership of all its common stock except directors' shares, Texas Power & Light Co.; through ownership of 93% of entire common stock the Port Worth Power & Light Co. and the following companies, through ownership of all outstand- ing securities, except directors' shares: El Paso Gas Co. , Galveston Gas Co. , Wichita Falls Electric Co., "Wichita Falls Water Co., West Texas Electric Co., Sweetwater Ice & Cold Storage Co., Paris Transit Co., Interna- tional Electric Co. and Eagle Pass Water Co. The American Power & Light Co. Is con- trolled by interests identified with the Electric Bond & Share Co. The American Power & Light Co., through Its subsldaries, serves a total of 150 communities of which 140 com- munities are served with electric light and power, 16 with artificial gas, four with natur gas. seven with water service, three with stre t railway service, three with Interurban rail- way service and two with Ice and fuel service Total population .-gerved, 1,000,000. Through its subsidiaries it owns and operates as of De- cember 31, 1915, 2,180 miles of overhead elec- tric distribution lines, 11 miles undergroui.d lines, 1.299 miles high voltage transmission lines with 28 miles under construction, 36.5 miles of street and Interurban railway, 1,473 miles of gas mains and 137 miles of water mains. Kilowatt-hour feeder output for year ending Dec. 31. 1915: 155,053.615: artificial gas, 2,165,777,000 cubic feet, and natural gaa 3,262,963.000 cubic feet. Security — A direct obligation of the company but not secured by a mortgage. The company has outstanding $2,200,000 6% notes, due Aug. 1, 1921, and $3,000,000 6% notes, due July 13. 1916. The company agrees to pay to the trustee all sums received in payment for common stock under previous option warrants, which fund shall be used to purchase these bonds at not over 101 and Interest. Bonds so acquired to be cancelled. Year ended Dec. 31 Gross Net Int., Etc. 1917 $1,622,177 $1,203,960 $645,621 1916 1,236,757 930,076 372,236 1915 1,275,687 1,011,049 493,602 •Not including Interest on this Issue. Original Market — Offered February. 1916. to holders of preferred stock, voting trust certifi- cates and option warrants to 50% of their holdings, at 93 and interest. About $5,936,665 subscribed for by stockholders. Market. New York — Tucker, Anthony & Co., Berdell Bros., Barle A. Miller & Co., Chandler & Co., Hallgarten & Co. , Hanson & Doyle, J, A. Clark & Co., Coggeshall & Hicks, Bonbright & Co. . Joseph & Weiner, John Muir & Co. , Merrill, Lynch & Co.. E. & C. Randolph, Sam'l Goldschmidt, Americus J. Leonard. Mc- Clure, Jones & Reed, H. F. McConnell & Co., Hemphill, Noyes & Co., Newhall & Co., W. C. Rauscher, Klely & Morton. Boston — F. B. Bassett & Co.. Richardson, Hill & Co.. Kimball, McKinney & Co., H. L. Nason & Co., Tucker. Anthony & Co.. Moore & Cabot. Philadelphia — E. B. Smith & Co., P. Pierce & Co., H. D. Boenning & Co., Newhall & Co.. Paul & Co. Pittsburgh — Gordon & Co. Baltimore — Mackubin, Goodrich &, Co. Price Range. Jan. 1, 1!>1C to Jan. 1, 191!) 1918 Bid Ask Bid Ask High.9.5 '16 971^ '16 80H Dec. 83 Dpi; Low. 70 '18 72 '18 70 Sept. 72 Sept. AMERICAN PUBLIC SERVICE CO. First Lien 6s. Due Dec. 1, 1943.— F. Dated Dec. 1, 1912. Interest payable June and Dec. 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — Not limited, but may be Isau^^d at only 85 % of cash cost of betterments, additions or new properties, but not to exceeJ 85% of actual replacement value of new prop- erties. Outstanding — $2,572,100 (Dec. 31, '18). Denomination — Coupon, $100, $500 and $1,000. Only $1,000 bonds are registerable as to principal and exchangeable for fully registered bonds. Registered. $1,000 and mul- tiples, interchangeable with coupon bonds of $1,000. Trustee — The New York Trust Co. Redeemable on any interest dale at 105 ^nd interest. Depreciation Fund — Company will pay tn Trusiee or expend for extensions and better- ments for which bonds may not be Issurd f-n amount ranging from 1% of outatandin-r b n ^s on Jan. 1. 1916, to 2% on Jan. 1, 1918, and annually thereafter. Organization — Incorporated in Delaware in pctober, 1912. Secured by a first lien on all of the stocks and bonds of companies supplying electric light and power and ice in Abilene, Cisco. Jefferson, Longview. Baird. Merkel and Marshall, Texas, and Henryetta. Hugo, Morris and Okmulgee, Oklahoma ; electric light and power in Stam- ford, Texas; gas in Abilene and Cisco: water In Abilene and street railway service In Marshall, Texas. Population .served about 98,850. Re- placement value of property, not including franchises and good will, estimated Nov. 30, 1916. $2,712,797. Franchises with minor ex- ceptions are practically co-extensive with or extended beyond maturity of these bonds. The Company convenants not to permit the Issue by constituent companies of additional stocks and bonds, unless the same be deposited under this mortgage. Net Interest $323,916 $166,579 289,456 156,351 288.982 129,413 201,629 120,063 136.905 71,472 120,647 Year ended Dec. 31 Gross 1918. . $1,173,740 1917. . 896,198 1916. . 723,067 *1916. . 565,265 1914. . 411,775 1913. . 368.925 *Year ended Jan. 31. Original Market — Offered by N. W. Halsey & Co., New York and Chicago, at par and in- terest in January, 1913; offered by same firm Uctober, 1915, at par and interest. A block offered February, 1918, by National City Co. at 9 and interest. Market. New York — F, H. Hatch & Co., Jacob Zel- ler, E. & C. Randolph. Harris. Winthrop & Co.. Hanaon & Doyle, IS'ational City Co.. S. L. Snowden, Newhall & Co., Earle A. Miller & Co. Boston — McConnell & Co. Chicago — Harris, Winthrop & Co. Philadelphia — Montgomery & Co., Newhall & Co. Price Range. Jan. 1. M.-) to Jan. 1, '19 1918 Bid Ask Mid Ask Hi5?h.9R '17 1021/^ '17 92 ] >ec. 95 Dec. Low. 81 'IS 86 '18 81 ilay 86 May AMERICAN PUBI.IC UTILITIES CO. Coll. Tr. S. r. 5s. Due Sept. 1. 1943. — P. Dated Sept. 1, 1912. Interest payable March and Sept. 1, at Grand Rapids and New York. Tax Status — 2% Federal Income Tax paid hy company without deduction. Authorized — $20, 000, 000. Issued — $690,000. Outstanding — $456,300 (Dec. 31, '17). Retired — $233,700. Denomination — Coupon $100, $50t» and $1,000. Registerable as to principal. Regia- ter-^.d, $500 and $1,000. G. and R. inter- changeable. Trustee — Central Trust Co., of Illinois, Chi- cago. - ' Redeemable at 102 and interest on any in- terest date on three weeks' notice. Sinking Fund — 1% per annum of outstand- ing bonds beginning Jan. 1, 1916, and for nine years thereafter; 1^^% from Jan. 1, 1926, to 1935; 2% from Jan. 1, 193fl. to maturity. Payable out of net earnings to be used for the purchase of bonds, preferred stocks, notes or other evidences' of debt of subsidiary com- panies, or for .the purchase or redemption of any outstanding bonds of the company at the direction of the company. Organization — Incorporated In Delaware June, 1912, as a holding company and owns the entii'e outstanding common stock of the Albion (Mich.) Gas Light Co., Boise (Idaho) Gas Light and Coke Co., Elkhart (Ind.) Gaa & Fuel Co., Holland (Mich.) City Gas Co.. Jackson (Miss. ) Light & Traction Co. , Mer- chants' Public Utilities Co. (Indianapolis), Val- paraiso (Ind. ) Lighting Co. , Wisconsin-Minne- sota Light & Power Co., operating in Eau Claire, La Crosse. Chippewa Falls, Minom- Inee (Wis ) and Red Wing apd Winona (Minn.), Also practically all the common stock of the Utah Gas & Coke C6. (Salt Lake City). Management— Ke Is ey. Brewer & Co., Grand Rapid.?, Mich. Secured by deposit with the Trustee of bonds of sub.si diary companies bearing interest at not less than 5 % and of an equal principal amiunt to the bonds issuable under this indenture. Bonds of the following companiea are now deposited hereunder: Holland City (Mich.) Gas Co. 1st 5s of 1925, Elkhart (Ind.) Gas & Fuel Co. 1st & Ref. 6s of 1929, Val- paraiso (Ind.) Lighting Co. 1st Cons. 5s of 1925, Albion (Mich.) Gas Light Co. l.t Bs of 1919 and Boise (Idaho) Gas Light & Cokp 1st 5s of 1941. Year ended June 3() Gross Net Interest 1918.. $4,452,125 $1,626,504 $1,376,854 1917. . 3,819,821 1,688.409 1,217,472 1916.. 3.309,586 1,509,092 1,114,019 1915. . 2.932,070 1.3 01.659 9 52.109 Original Market — Offered in 1913 by Hamble- ton &. Co., Baltimore and New York, and H. L. Nason & Co., Boston, at 92% and interesti Market. Boston — ^McConnell & Co., Inc. New York — E. & C. Randolph, Hanson & Doyle. McClure, Jones & Reed, H. F. McCon- nell & Co., Newhall & Co., Ernest Smith. Grand Rapids — Howe, Snow, Corrigan & Bertles, Kusterer, Hilliker & Perkins. Philadelphia — Newhall & Co., Frazier & Co., J. W. Sparks & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Ask High.80 '15 92% '15 74 Jan.- Low. 70 '18 70 Jan. AMERICAN PUBLIC UTILITIES CO. 30-Year Coll. Tr. 6a. Dae April 1. 1936. — F. Dated April 1, 1916. Interest payable April 1 and Oct. 1. at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $3,500,000. Outstanding — $2, 500, 000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Logan Trust Co., Philadelphia. Redeemable at 102% and interest on any Interest date. Organization — ;^Controls, through stock own- ership. Wisconsin-Minnesota Light & Power Co., opprating in 26 c^trnmunities in Western Wisconsin and Eastern Minnesota, Including: the towns of La Crosse. Bau Clair, Chippewa Falls, Wis. ; Winona and Red Wing, Minn. ; Utah Gas & Coke Co., Salt Lake City; Mer- chants' Public Utilities Co., Indianapolis, Ind.; Elkhardt (Ind.) Gas & Fuel Co.; Valparaiso (Ind.) Lighting Co.; Jackson (Miss.) Light & Traction Co.; Albion (Mich.) Gas Light Co.: Holland City (Mich.) Gas Co.; Boise (Idaho) Gas Light & Coke Co. Secured by a first lien on the following se- curities: $2,000,000 common stock of Mer- chants' Public Utilities Co.; $348,000 common stock of Merchants' Heat & Light Co.; $500,000 common stock Elkhart Gas & Fuel Co.: $150.- 000 common stock Valparaiso Lighting Co.; $400,000 Valparaiso Lighting Co. and Elkhart Gas & Fuel Co. 1st Cons. 5s. The collateral properties serve a. population of over 550,000. Earnings — See Coll. Tr. 5s. Original Market — $1,600,000 offered March, 1916, by Bioren & Co., Philadelphia, at 98 and interest. Market. Philadelphia — H. D. Boenning & Co.. New- hall & Co., Geo. S. Fox & Sons. Bioren & Co. Boston^ — L. Sherm^^n Adams. New York — E. & C. Randolph, Philip L-'-nch, Ernest Smith. 36 Jiin. Price Ranige. 1. 1916 tu Jan. 1, 1919 1918 Bid Ask Bid Ask High.991^ -le 101 '16 93 Jan. 95 Jan. Low. 67 '17 90 '18 85 Dec. 90 Dec. AMERICAN RAILWAYS CO. 3-Year 7% Se- cured NoteB. Due Feb. 1, 192S. Dated Feb. 1. 1919. Interest payable Aug. 1 and Peb. 1 in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $3,000,000. Outstanding — $3,000,000. Purpose of Issuis — To retire $1,672,000 notes due Feb. 1, 1919, and the balance for cor- porate purposes. Denomination — Coupon $1,000. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila- delphia. Rede^emable at 1 01 and interest on any interest date upon § days' notice. Organization — See Ref. Conv. 51. Secured by deposit of the following securi- ties: Average Yearly Net Inconie for Four Years Ended Dec. 31, Par Value 1918 The Amer, Rwys. Ohio Valley Collateral Tr. 5s $716,500.00 $35,825.00 Altoona & Logan Val- ley Elec, Rwy. Co. First Mtg. 4^s ... 454,000,00 20,430.00 Lynchburg Tr. & Lt. Genl. Mortgage 5s. 704,000.00 35,200.00 National Properties — The American Rwys. Co. 4-6s 100,000.00 4,125.00 Johnstown Traction Co. Pfd. Stock 500,000.00 28,437.50 Wilmington & Phila. Tr. Co. Common Stock 4.050,000.00 185,276.14 Wilmington & Chester Tr. Go. Collateral Tr. 6s 143,000.00 8.580.00 $6,667,500.00 $317,873.64 Origrinal Market — $3, 000. 000 offered Febru- ary, 1919, by Newburger, Henderson & Loeb and Bioren & Co. , Philadelphia at 100 and interest. AMERICAN RAILWAYS CO. I^nchburg & Roanoke Coll. Tr. 6s. Due Jan. 1, 1930. Dated Jan. 1, 1910. Interest payable Jan. 1 and July 1 at Real Estate Title Ins. & Tr. Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1, 000, 000. Outstanding — $987,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Real Estate Title Ins. & Tr. Co., Philadelphia. Redeemable at 102% and interest on any interest date. ^ Secnred by pledge -of 14,975 of the 15,000 shares (par value $50) of the Lynchburg Traction & Light Co. owning 20 miles of street railway in and around Lynchburg, W. Va., and plants supplying that city with elec- tricity, water and gas, subject to the lien of $1,689,000 bonds, and 9.72 5 of the 10,000 shares (par value $100) of the Roanoke Trac- tion & Light Co., which owns all of the stock of the Roanoke Ry. & Elec. Co. This latter company owns 32 miles of street railway in and around Roanoke, Va.. and plants supply- ing that city with electricity. Prior Liens — $788,000 Lynchburg Traction & Light Co. 1st 5s of 1931 and $1,719,000 Roanoke Traction & Light Co. 1st & Coll. Tr. Bs of 1958. Earnings — See Refdg. Conv. 5s of 1931. Listed on the Philadelphia Stock Exchange. Market. Fhiladelpliia — Brown Bros. & Co., 0. H. Bean & Co., Capelle & Co., Chandler Bros. & Co. New Y'ork — Ernest Smith. AMERICAN RAILWAYS CO. Ohio Valley Elec- tric Coll. Tr. 5s. Due Jan. 1, 1961.— N. Dated June 1, 1911, Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $ 2,000,000 ($723,000 owned by American Rys. Co.) Denomination — Coupon ^and registered $ 5 and $1,000. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on any interest date at 102 and Interest. Organization — See Rfgd. & Conv. 6a of 1931. Secured by a first lien on 19,614 of 20,000 shares common stock of Ohio Valley Electric Ry., and other slocks of Ohio Valley Electric Ry. subsidiary companies. Company operates electric railway from Guyandotte, W. Va., to Ashland, Ky., and from Ironton to Hanging Rock, O., and electric power plants in various cities in W. Va., Ky., and Ohio, having popu- lation of about 80,000. Earnings — See Rfdg. & Conv. 5s of 1931. Market. Philadelphia — Geo. N. Fleming, E, B. Smith & Co. New York — Ernest Smith. (THE) AMERICAN RAILWAYS CO. Ref. Conv. 5s. Due Aug. 1, 1931.— F. Dated August 1, 1911. Interest payable Feb. and Aug. 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvajiia tax refunded. Authorized — $3,000,000. Outstanding — $2,500,000. Cancelled — $500,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Merchants' Union Trust Co.. Phila- delphia, Pa. Redeemable at 102 and interest on any In- terest date. Convertible privilege has expired. Organization — Incorporated in New Jersey in 1900 as a consolidation of the American Rail- ways Co. and the United States Electric Ry. & Lgt. Co. Cohtrols companies operating about 600 miles of street and interurban rail- way, located in and around the following cities: Altoona, Pa.; Bridgeton, N. J.; Joliet, 111. ; Lynchburg, Va. : Huntington, W. Va. ; Roanoke, Va. ; Springfield, Ohio; Dayton, Ohio; Scranton, Pa. ; and Wilmington, Del. In De- cember, 1913, the Company sold its holdings in the Johnstown Passenger Ry. Co. to the 37 Johnstown Traction Co., $758,000 of the $1,000,000 preferred stock and $8,000 of the $1,000,000 common stock of the latter com- pany is owned by the American Rys. Co. On January 1, 1916, the American Rys. Co. ac- quired the entire $4,060,000 common stock of the Wilmington & Philadelphia Traction Co. which company controls through stock owner- ship and leases companies owning- 137^ miles of street and interurban track in and connect- ing Wilmington, New Castle and Delaware City, Del., and Chester and Media, Pa., and doing the electric light and power business In Wilmington, New Castle, Delaware City and Newark, Del., the Boutheastern part of Dela- ware County, Pa., and Blkton, Chesapeake City, Md. No honds are to be issued against the stock of the latter Company. Control — On Jan. 1, 1916, the National Properties Co. of Delaware acquired a ma- jority of the common stock and $1,500, OQO preferred stock of the American Rys. Co. of N. J. in exchange for its Collateral Trust Bonds at par which are secured by American Rys. Co. stock. The organization of the latter company is to facilitate the operation of the American Rys. Co. of New Jersey under the "Seven Sisters" laws. Feb. 26. 1917, the United Utilities Co. of Delaware has been organized and acquired the stock of the Na- tional Properties Co. Security — A direct obligation of the Com- pany, and secured by deposit with the Trustee of $1,600,000 Chicago & Joliet Electric Ry. Co. Gen. 5s of 1931, and $2,250,000 (entire issue $2,600,000) capital stock of The Peoples Railway Co., Dayton, Ohio. Through a de- posit of these securities, these bonds are a first mortgage upon approximately 63 miles of road, and practically a second moptgage, sub- ject to $900,000 prior liens, upon 50 miles of road. Note— In July, 1914. $500,000 Springfield Ry. Co. bonds, which were deposited as part security for this issue, were retired and $500,000 bonds of this issue, formerly held in the treasury were cancelled. The Spring- Held Ry. bonds were secured by a first mort- gage on the street railways in Springfield, Ohio, comprising 33 miles of track. Through the deposit of those bonds this collateral issue was a first lien on that road. Prior liiens — $400,000 bonds of the Chicago & Joliet Electric Ry. Co.; $500,000 bonds of the Peoples Ry. Co. (both closed mortgages). Year ended Dec. 31 (after subsidiary) Net *Charges Dividends 1918. .$1,321,563 $1,029,097 $280,000 1917.. 1,568,718 874,129 658.400 1916.. 1,538.269 785,931 658.400 1915.. 1,145,624 686.238 442,099 "Expenses, taxes, interest, etc. Original Market — OfCered in 1911 by New- burger, Henderson & Loeb and Bioren & Co., of Philadelphia, at 96^ and interest. Market. Philadelphia — H. D. Boenning & Co. , New- burger, Henderson & Loeb, Sam' 1 K. Phil- lips & Co.. Newhall & Co., Bioren & Co. New York — Philip Lynch, Dunham & Co., E. & C. Randolph, Ernest Smith. Prire Range. Jan. 1, '11 to Jan. 1. '19 1918 Bid Ask Bid Ask High.93^ '16 96 '15 77 Jan. 80 Jan. IjOW.65 '18 72 '18 66 Dec. 72 Dec. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,750,000^ Outstanding — $1,750,000. Denomination — Coupon $1,000. Registerabla as to principal. Trustee — Continental-Equitable Title & Trust Co., Philadelphia. Redeemable at 102% and interest on any interest date. Secured by deposit of the entire $2.000.0nft capital stock of the Scranton Ry. Co. and the entire $1,500,000 capital stock of the Altoona, & Logan Valley Electric Ry. Co. less directors' qualifying shares. Net earnings from the col- lateral properties for year ended- Dec. 3 1 1916— $225,506. Original Market — $1,750,000 offered Feb., 1917, by Bioren & Co. and Newburger, Hen- derson & Loeb, Philadelphia, at 9 5 and in- terest. Market. Philadelphia — Newhall & Co., Newburger. Henderson & Loeb. New York — Ernest Smith. AMERICAN RAILWAYS CO. Car Trust 5s. Series "C." Due $11,000 annually from Aug. 1, 1917, to 1920, inclusive, and $12,000 Aug. 1, 1921, to 1928, inclusive. Dated Aug. 1, 1916. Interest payable Feb and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company w^ithout deduction. Authorized — $140,000. Outstandinc— $118,000 (Jan. 1, 1919). Denomination — Coupon, $1, 000. Trustee — Logan Trust Co.. Philadelphia. Guaranteed principal and interest by the American Railways Co. by endorsement. Secured by an equipment agreement on 25 street railway cars for city and interurban use. costing $176,456. Original Market — Offered Sept. , 1916, by Bioren & Co., Philadelphia, at prices to yield from 5% to 5^A%. Market. Philadelphia — Bioren & Co. New York — Freeman & Co. (THE) AMERICAN RAILWAYS CO. 10-Year Coll. Tr. 58. Dae Mar. 1, 1927.— F Dated March 1, 1917. Interest payable Mar. 1 and Sept. 1 in Philadelphia. AMERICAN REFRIGERATOR TRANSIT CO. Equip. 5% Notes. Series "A." Due semi-annually; $59,000 June 1, and Dec, 1,' 1916. to Dec. 1. 1918: $58,000 June 1. 1919, to June 1. 1920, and $57,000 Deo. 1. 1920; and Jun.? 1. 1921.— F. Dated June 1, 1911. Interest payable June and Dec. 1, at New Tork, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,188,000. Redeemed — $9 00,000. Outstanding — $288,000. Denomination — Coupon. $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in New Jersey, May, 1898, as successor to an Illinois corpor- ation of the same name incorporated In lS<'i. Its entire capital stock owned by the Mo. Pac. Ry. Co. and associated roads. The Com- pany furnishes refrigerator cars to its pro- prietary and other companies, the profits being divided among the stockholders on the basis of the mileage traveled by the refrigerator cars on their respective lines. Secured by an equipment trust agreement on 1, 000 refrigerator cats, original cost of which was $1,214,400, of which the Company* paid $126,400. 38 Original Market — Offered by William Salo- mon & Co.. New York and Chicago, and G. H Walker & Co., St. Louis, at par and interest. Market. Chicago — The Stan wood Co., Babcock, Rush- ton & Co. • New York — Freeman & Co. , Frederic H. Hatch & Co., Evana, Stillman & Co. AMERICAN REFRIGERATOR TRANSIT CO. Equip. Tr. 5% Notes. Series "R." Due $24,000 semi-annually June 1 and Dec. 1 to Dec. 1, 1922, inclusive. — F. Dated Dec: 2, 1912. Interest payable June 1 and Dec. 1, at the First Trust & Savings Bank, Chicagro. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $480,000. Outstanding — $192,000 (Feb. 1, 1919). Balance Retired. Denomination — Coupon, $1, 000. Trustee — First Trust & Savingrs Bank, Chi- cago. Organization — See 5s of 1921. Secured by an equipment trust agreement on 600 thirty-ton steel refrigerator cars costing $573,630, of which amount $93,630 waa paid in cash by the Company. Original Market — $480,000 offered In Dec, 1912, by the First National Bank of Chicago at par and interest. Market. Chicago — The Stanwood Co., First National Bank, Babcock, Rushton & Co. New York — Freeman & Co., Evans, Still- man & Co. AMERICAN REFRIGERATOR TRANSIT CO. Guar. Eauip. 5% Notes. Series "C". Due $105,000 each May 1 and Nov. 1, to May 1, 1923.— F. Dated May 1. 1913. Interest payable May 1 and Nov. 1, at Chicago and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,150,000. OutNtanding— $840,000 (May 2. 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Organization — See Eauip. 5s of of 1921 above. Guaranteed as to principal and Interest by the American Car and Foundry Co. by en- dorsement. Secured by an equipment trust agreement on 2, 000 new 30-ton capacity steel underframe refrigerator cars, costing $2,632,500 of which amount $482,500 was paid in cash and these notes Issued for the balance. Original Market — $2,150,000 ofCered June, 1913, by Potter, Choate & Prentice, Ne w York, and by the First Trust & Savings Bank, Chicago, at prices ranging from par to 9 5, yielding about 5 % % , « Market. New York — Freeman & Co., Evans, Stillman Co. C hi cag«t— First Trust & Savings Bank, Bab- cock, Rushton & Co. Flttshurgh — Colonial Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized— $1. 500, 000. Outstanding — $900,000 (Feb. 8, '19), Held in S. F. — $100,000. Reserved for Ext. (75%)— $500,000. Denomination — Coupon, $ 6 and $1,000, Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole, or in part for the sinking fund at 105 and interest. Sinldng Fund — Semi-annually on or before May 30 and Nov. 30, 2% of all bonds out- standing to be applied to purchase of bonds. Bonds acquired by the sinking fund to be kept alive and interest added to the fund. Should retire entire issue at maturity. Organization — Incorporated in Delaware 1913, as successor to The American Road Ma- chinery Co., established In 1886. and has con- solidated the Climax Road Machine Co., Mon- arch Road Roller Co., Indiana Road Machine Co. and Lima Contractors and Supply Co. Secured by a first mortgage on plants of the Company, located at Kennett Square, just out- side of Philadelphia. Fa., Marathon and Ore- ton, N, T. , Fort Wayne, Ind., and Delphos. Ohio. Plants cover about 1 4 acres, also on all other property of the Company. The mort- gage provides that net quick assets shall at all times be equal to 100% of amount of these bonds outstanding. Original Market — Offered $1,000,000 by Wil- liam Morris Imbrie & Co., New York, at 100 and interest in February- 1913, Market. New York— Klely & Horton, B. & C. Ran- dolph. Baker, Carruthers & Pell, Frederic H. Hatch & Co. Philadelphia— S. K. Phillips & Co. Baltimore — J. S. Wilson, Jr., & Co.. Mldden- dorf, Williams & Co., Inc. Price Range, Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask Hie-h.81 '18 92 '17 81 Dee. 90 Aug. Low. 72 '18 80 '18 72 May 80 May AMERICAN ROAD MACHINERY CO. Ist S. F. 6s. Due February 1, 1938. — F. Dated February 1, 1913. Tax exempt in Pennsylvania, Interest payable Feb. and Aug. 1 at office of Trustee. AMERICAN ROLLING MILL CO. 6% Notes. Due ¥500,000 April 1, 1917 and $750,000 each April 1. 1918 and 1019, and $600,000 April 1, 1920.— N. Dated April 1, 1915. Interest payable April 1 and October 1 at A. G. Becker & Co.. Chi- cago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2, 500, 000. Outstanding— $412,500 (April 2, 1919). Ralance Retired. Denomination — Coupon, $500, $1,000 and $5,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any Interest date at 102 and Interest. Organization — Incorporated In New Jersey In 1899. Security — A direct obligation of the company but not secured by a mortgnge. The com- pany covenants that it will not mortgage its property while these notes are outstanding. The company owns an extensive plant at Mid- dletown, Ohio, where It is engaged in the manu- facture of special high grade iron and steel sheets. The Company Is the sole producer of ' 'American Ingot Iron. * ' The company re- cently received about $75,000 In settlement of a patent case, and royalties which the former 39 infringini: companies agreed to pay in the future should add materially to the company's income. The property of the company Is unmortgaged. Net Quick assets must at all times be 140% of outstanding notes of this Issue. $5,306,421 June 30. 1915. year Bnded June 30: Net Interest 1918 $7,845,526 $318,133 1917 3.951,512 258,850 1916 3,141.687 177,483 Reserved for Federal Taxes 1918 — $3,798,- 823 Original Marlcet — Offered in April, 1915, by A. G. Becker & Co., Ft. Dearborn Tr. & Sav. Bk., Chicago, and W. E. Hutton & Co.. Cin- cinnati, at par and interest. Market. Cincinnati — W. B. Hutton & Co. Chicago — Fort Dearborn Trust & Savings Bank. AMBRICAN SAIiES BOOK CO.. LTD., 1st Mtg. 6s. Due AprU 1. 1927.— F. Dated April 1, 1912. Interest payable April and Oct. 1, at Toronto, Canada, or Bank of Manhattan Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $603,083. * Fledged in , Treasury and Sinking Fund — $146,917. Denominatinn — Coupon and registered, $500 and $100. Trustee — ^National Trust Co., Ltd., Toronto. Redeemable as a whole or for the sinking fund at 107H and interest April 1. 1015, or any interest date thereafter. Sinking Fund — Annual amounts beginning April 1. 1916. Organization — ^Incorporated in Ontario in 1911 and is the largest manufacturer of mer- chants' s&,le3 books in the world. Secured by first mortgage on all the prop- erty of the Company which has factories at Niagara Falls and Blmira, N. Y., appraised at more than $1,000,000. Year ended Dec. 31 Net Interest 1918 $171,316 $37,304 1917 262,461 38.431 1916... 270.545 31,184 1915 ." 130,816 31,383 Original Market — First offered April, 1912, by A. E. Ames & Co., Toronto, at par and in- terest. Market. Toronto — A. B. Ames & Co., Oxford Securi- ties Corp., titd. Montreal — Dominion Bond Co. « Ltd. Pittsburgh — R. W. Evans & Co. New York — Hanson & Doyle. AMERICAN SEWER PIPE CO. See American Clay Mfg. Co. AMERICAN SMELTING & REFINING CO. 30-Year 1st 5s, Series A. Due April 1, 1947.— F. Dated April 1, 1917. Interest payable April and Oct. 1 at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Limited to an aggregate prin- cipal amount at any one time outstanding which shall not exceed the aggregate par value of the then outstanding full-paid pre- ferred and common stock of the Company. Outstanding — $31,961,700 (Dec. 31. '18). Held by Trustees in S. F.— $490,000. Ilk Treasury — $500,200. Issued to acquire .Series A and B preferred stock of the American Smelters Securities Co. Additional bonds issuable for (1) extensions, etc.; (2) ^.cquisition of obligations or stocks of company at least a majority of whose capital stocks are pledged hereunder; (3) ac- Quisition of plants, r^al estate or construction of plants of companies, at least 95% of whose capital stocks are pledged hereunder. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Regis- tered $1,000, $5,000, $10,000 and multiples of $1,000. C. & R. interchangeable. Trustos — Central Union Trust Co.. New York. Redeemable at 100 and interest Oct. 1, 1930, or any subsequent interest date on 30 days' notice. Sinking Fund — Annually, beginning Jan. 1, 1918, 1 % % of maximum amount of bonds Issued for the purchase of these bonds at not over 105 and interest. If bonds are not so purchaseable during the year the fund is cred- ited for the succeeding year. In lieu of cash payments the company may deliver bonds of this issue at par. Bonds acquired are to be cancelled. Organization — Incorporated in New Jersey in 1899. Owns the entire common stock of the American Smelters, Securities Co. : practi- cally all of the stocks and bonds of the Na- tional Metallurgical Co., and the entire capi- tal stocks of the Consolidated Kansas City Smelting & Refining Co., The United States Zinc Co., Carbon Coal & Coke Co., and Ameri- can Smelters Steamship Co. Capital Out- Stock Authorized standing Pfd. (7% cum.). $50,000, 000 $5 0,000,000 Common 65.000,000 60,998,000 Secured by a first mortgage on all the prop- erty of the company and by pledge of the entire common slock ($30,000,000), and the preferred stock, Series A and B (exchanged for these bonds) of the American Smelters Securi- ties Co. ; entire capital stock of the following companies: Consolidated Kansas City Smelt- ing & Refining Co. (1000,000 shares, par $25): United States Zinc Co. (7,838 shares common, par $100, and 4,500 shares 6 % preferred, par $100); National Metallurgical Co. (34,436 shares, par $25); 20.000 of 21,000 shares (par 100 pesos) Sociedad de Minas & Fundiciones de Carrizal of Chile; 1,849 of 2,400 shares (par 6 pesos) Uegociacion Miner a de Jesus Maria S. A. of Mexico. Also by pledge of $2,746,000 bonds secured by mortgages dated April 1, 1917, to Central Trust Co., New York, and Milton Ferguson, trustees, on all Mexican properties. Also to be secured on any addi- tional land the company may hereaf te^, acquire and the stock and bonds of every fiompany owning land or an interest in land which this company may hereafter acquire if the stock of such company constitutes at least a majority thereof, provided the land so ac- quired is not located in Mexico or Chile, and provided such land or securities are acquired with the proceeds of bonds of this issue. It is further provided that this indenture is and shall always be kept and maintained a valid first lien on the trust estate as it now exists and on future acquisitions with the proceeds of these bonds, and that no prior lien shall be created on the properties of collateral companies, a majority of whose capital stock is subject to the lien of this mortgage. The properties covered are located in Colo- rado, Utah. Montana, New Jersey, Nebraska. 40 Texas, California. Illinois. Maryland, Wash- in&ton. Arizona, Mexico and Chile. Year ended Dec. 31 (consolidated) Net *Deductiona 1918 $18,311,567 $10,604,069 1917 31,602,616 13.106,990 1916 28.117,830 5,965;b'82 1915 18,245,731 5,192,427' •Expenses, interest, depreciation, etc. Ijisted on the New York Stock Exchange. Original Market — Offered Jan., 1917. par for par, in exchange for series B preferred stock of the American Smelters Securities Co., May, 1917, offered in exchange for aeries A preferred stock of same company at par, plus 7 % % cash. Market. New York — Seligsberg & Co., Morgan & Fin- lay, Bigelow & Co., J. L. Morgenthau & Co., Gude, Winmill & Co.. T. Hall Keyes & Co., Seasongood, Haas & Macdonald, John Mulr & Co., J. S. Bache & Co. Price Range— N. Y. S. E. Jan. 1, '17 to Jan.l, '19 1918 High.95% Nov. 6, '18 95% Nov. 6 Low. 84 Dec. 19, '17_ 84% Sept. 19 Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 98% '16 101 '16 97% Dec. 100 Dec. L,ow.90 '17 95 '17 91 Mar. 96 Mar. AMERICAN SPIRITS MFG. CO. 1st Ext. 6s. Due Sept. 1, 1920. — N. Extended— Sept. 1. 1915. Dated Aug. 29 , 1895. Interest payable March and Sept. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,400,000. Outstanding — $891,000 (Dec. 31, '18). Retired by S. F. — $509,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Bankers' Trust Co., New York. Sinking Fund — ^Annually a sum sufficient to retire $100,000 par value bonds at not exceed- ing 101 and mterep.t. Guaranteed as to principal and interest by the Distilling Company of America. Organization — Incorporated in New York August, 1895, and acquired the various prop- erties of the Distilling & Cattle Feeding Co, under receivership reorganization, of that Com- pany. Control — The Distilling Co. of America owns practically the entire capital stock of this company. The former company Is controlled through ownership of 98% of its $46,111,000 common stock and 95% of its $30,782,000 pre- ferred stock by the Distillers Securities Corp., which company has deposited these holdings under its Collateral 5s. Secured by a first mortgage on the Distil- leries, brands, good will and acreage formerly owned by the Distilling & Cattle Feeding Com- pany and located at St. Louis, Mo., Chicago, III., South St. Paul, Minn., Pekin, 111., Mill- dale, Ky.. Peoria, 111., Terre Taute, Ind., Cin- cinnati, O., and Omaha, Neb. Earnings — See Distillers Securities Corp. Coll. Tr. 25 year Conv. 5s Due Oct. 1, 1927. Original Market — Extension underwritten by C. D. Barney & Co. , Livingston & Co. and J. S. Bache & Co., New York. Bondholders assenting received a cash bonus of 2%%. The balance offered at 99 and int. Market. New York — Chas. H. Jones & Co., Plymp- & Co., Baker, Carruthers & Pell, Chas. D. Barney & Co. , Sam.' 1 Goldschmidt, Phelps & Neeser, Gardiner & Co., J. S. Bache & Co., Hanson & Doyle Geo. S, Crap & Co.. F. H. Hatch & Co. AMERICAN STEAMSHIP CO. OF WEST VIR- GINIA Ist 5s. Due Nov. 1, 1920. Dated November 1, 19 00. Interest payable May and Nov. 1, at Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,630,000. Outstanding— $862,000 (May 1, 1919). Held in S. F. — $4,768,000. Denomination — Coupon, $1,000. Reglsterable $1,000. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest for Sinking Fund. Sinking Fund — $182,400 annually plus inter- est on bonds acquired, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Assumed by the Pittsburgh Steamship Co. Guaranteed principal and interest by the American Steel & "Wire Go. by endorsement. Organization — Incorporated In W. Va. in 1900. In 1901 its property was transferred to the Pittsburgh Steamship Co., which latter company is controlled by the TJ. S. Steel Corp. Secured by a first mortgage on 12 steam- ships engaged in the iron ore trade on the Great Lakes. Iiisted on the New York Stock Exchange. Market. New York — E. & C. Randolph, Coffin & Co., Baker, Carruthers & Pell. Chicago — Babcock, Rushton *& Co. Philadelphia — Frazier & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Bid Ask High;i02 Nov. 2. '16 100 Apr. 102 Apr. Low. 102 Nov. 2, '16 99^^ Aug. AMERICAN STEEI. FOUNDRIES Deb. 4s. Due Feb. 1, 1933. — F. Dated February 1, 1908. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,436,800. Outstanding— $1,372,800 (Dec. 31, '18). Retired — $2,064,000. Denomination — Coupon, $1,00, $500 and $100. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any In- terest date. Retirement Provision — ^Minimum of 10% of entire issue of bonds to be retired annually, beginning 1913. Bonds to be purchased in open market at not exceeding par. If not purchaseable, bonds are to be called. Organization — Incorporated in New Jersey In 1902. Owns or controls plants for the manu- facture of iron, steel, and other products at Pittsburgh, Pa., E3ast St. Louis and Granite City, 111., Indiana Harbor and Hammond, Ind., Thurlow. Franklin and Sharon, Pa., and Alli- ance, Ohio. Security — A direct obligation of the company but not a mortgage. 41 Year ended Dec. 31 Net 'Interest 1918 $4,189,424 $136,497 1917 8,038,674 219,236 1916 4,225,810 267,240 1915 602,766 238,609 1914 493,206 262,212 •Not including sinking funds, etc. Market. New York — Taylor & White, Sharretts & Young, C. H. Jonea & Co., W. C. Orton, B. & C. Randolph, Swartwout &- Apenzellar, Holmes, Bulkley & Wardrop, Baker, Car- ruthers & Pell, Sam'l Goldschmidt, Frederic H. Hatch & Co. Philadelphia — Frazier & Co., Charles Fearon & Co. Chicago — Babcock & Rushton. Frice Range. Jan. 1, li>08 to Jan. 1, 1919 1918 Bid Aak Bid Ask High.91>A '18 95 '17 91% Apr. 92'^ Apr. Low. 58 '08 60 '08 87 Sept. 92 Dec. AMERICAN TEL-EPHONB & TEI^GRAFH CO. Coll. Tr. 48. Due July 1, 19%9.— N. Dated July 1. 1899. Interest payable Jan. and July 1, at Bankers' Trust Co., New Tork, and at Boston, London and Amsterdam. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — ^Amount not to exceed Company's capital stock. Outstanding — $78,000,000. Bonds may be issued up to 76% of esti- mated value of collateral deposited with Trus- tee. The limit of issue under collateral at present deposited Is $88,700,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Old Colony Trust Co., Boston. Organization — Incorporated in 1886 in New York and owns and operates long distance tele- phone lines of the "Bell System." Also con- trols patents to the Bell instruments, and licenses their use by local companies, which it controls. Also controls the Western Electric Co., Inc. As a result of a suit brought by the United States against the company it agreed to relinquish control of the Western Union Telegraph Company, which it acquired in 1909, and also to make other concessions to the government. Secured by deposit with the Trustee of the following stocks (par value $100, except as otherwise indicated) of subsidiary companies; 290,000 shares of Chicago Telephone Co.; 49,696 Cincinnati & Suburban Bell Telephone Co. (par $50); 238,213 Mountain States Tel. & Tel. Co.; 399,804 New Tork Telephone Co.; 21,896 Wisconsin Telephone Co.; also $100,000 New England T. & T. Co., 4s. Total par value, $97,676,060. Estimated value, $118,- 328,052. Gevemment Contract of Aug. 1. 1918. pro- vides for payment of Interest and Amortiza- tion charges on all outstanding securities and obligations of the Bell system in the hands of the public; dividends at the existing rate (8% per annum A. T. & T. Co.); all charges for interest, dividends and other costs of se- curing necessary additional capital; all charges for interest and dividends on new securities issued for the discharge, conver- sion, renewal or extension of present obliga- tions. Year ended Dec. 31 Gross Net Int., etc. 1918, .$61,056,163 $54,293,017 $10,391,695 1917., 60.237,063 48,040.467 10.469,360 1916.. 50,932,051 44,743,376 6,730,099 Legal for Conn,, Mass,, N. H. a^d R. I. lilsted on the New York, Boston and London Stock Exchanges and Unlisted Dept. Chicago Stock Exchange. Original Market — $26,000,000 offered in Jan. 1911 by Kidder, Peabody & Co. of New York and Boston. N. W. Harris & Co.. Boston. Harris, Forbes & Co., New Tork, Harris Trust and Sav. Bank, Chicago, at 90li and in- terest. Market. New York — National City Co., Harris, Forbes St. Co., Redmond & Co., Miller & Co., Merrill, Lynch & Co., A. B. Benesoh & Co., A. H. Biokmore & Co., John Mulr & Co., B. & C. Randolph, E. F. Coombs & Co., Oilman & Clucas, Remlck, Hodges & Co,, A, B. Leach & Co,, Seasongood, Haas & Macdonald, Struthers & Hlscoe. Bernard. SchoUe & Co.. Low, Dixon & Co., McKinley & Morris, Hemp- hill, Noyes & Co.. Vilas & Hlckey. Portland, Me. — Chas, H. Oilman & Co. Boston — Bond & Goodwin, J. W. Bowen & Co., Merrill, Oldham & Co., Harris, Forbes & Co., R. L, Day & Co., Geo. A. Fernald & Co.. Old Colony Trust Co,. L. Sherman. Adams, Arthur Perry & Co, Pittsburgh — ^R. W. Evans & Co,, Mellon Na- tional Bank. Chicago — Merrill, Lynch & Co., Harris Trust &. Savings Bank. A. B, Leach & Co,, Bab- cook, Rushton & Co,, Pynchon & Co, Worcester, Mass. — Kinsley & Adams. St. lK>uis — Bowman, Cost & Co. Philadelphia — Frazier & Co., Harper & Turner. Thos. A. Biddle & Co., Brown Bros. & Co. Richmond, Va. — J. L. Williams & Sons. Price Range — N. Y. S. B. .Ian. 1, 1906 to Jan. 1, 1919 1918 High, 96 Apr, 13, '09 88 Nov. 12 Low,76>/4 Jan. 7, '08 77 Aug. 2 AMERICAN TEUEPHONE & TELaiGRAPH COMPANY Conv. 48. Due March 1, 1936. Dated March 1, 1906. Interest payable March and Sept. 1, at New Tork and Boston and Amsterdam, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $160,000,000. Outstanding — $2,589,000. Balance Converted. Denomination — Coupon, $1,000. Reglsterable as to principal or full reglsterable. Regis- tered, $1,000 or any multiple of $6,000. C. & R. interchangeable. Trustee — Old Colony Trust Co,, Boston. Redeemable at 105 and interest on March 1, 1914, and quarterly thereafter on 12 weeks' notice. Conversion Privilege expired Mar, 1, 191», prior to which, bonds were convertible into stock of the company at 140; except where additional stock was sold or Issued at a price less than 140, In which case bonds were con- vertible at such price. Secnrlty — A direct obligation of the company but not secured by mortgage. These bonds are to be equally secured by any future mortgage or collateral trust indenture. Government Contract — See Amer. Tel. & Tel, Co Coll. Tr. 4s Due July 1, 1929. Listed on the New York, Boston, Chicago, Washington and London Stock Exchanges. Original Market — Underwritten by Kidder, Peabody & Co., of New York and Boston, Kuhn, Loeb & Co., and J. P. Morgan & Co., of New Tork. Market. Phlladelplila— Thos, A. Bkldlo & Co., Brown Bros, & Co, 42 New York — E. & C. Randolph, Gilman & Clucas, Ernest Smith. Boston — T. "W. Bowen & Co., L. Sherman Adams. Chicago — Babcock, RushLon & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Fan. 1. 1919 1918 High.116^ Mar. 25, '12 87 Nov. 8 Low. 78 Dec. 10 '18 78 Dec. 10 AMERICAN TEI^EPHOKE & TRI^GRAPH CO. 30-Year Conv. 4^s. Due March 1, 1933.— N. Dated March 1, 1913. Interest payable March and SepJ. 1 at Bos- ton and New York and Amsterdam. Tax Status — Paym.ent of Federal Income Tax not assumed by company. Authorized — $67,000,000. Outstanding — $13,073,500. Balance converted. Denomination — Coupon, $1,000, $500 arid $100. Resisterable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at par and interest on any in- terest date on 12 weeks' notice on and after September 1, 1925. Convertible at par into the common stock of the company at $120 per share to March 1, 1925. Entire exchan&e may be made in bonds, or bonds may be exchangretl for stock, par for par, upon payment of $ 2 In cash fo r each share of stock taken. Security — See Conv. 4s of 1936. Government Contract — See Amer. Tel. & Tel. Co.. Coll. Tr. 4s' Due July 1, 'l929. listed on the New York, Boston, Chicago, Philadelphia, Washington, London and Am- sterdam Stock Exchanges. Original Market — Under^vritten in 1913 by J. P. Morgan & Co., Kuhn, Loeb & Co., Baring Bros. , London, and Kidder, Peabody & Co. . and offered to stockholders Jan., 1913, par to the extent of 20% of their holdings. Market. New York — John Muir & Co., Lee, Higgin- son & Co. , Harris, Forbes & Co. , Gilman & Clucas, Ernest Smith. Pittsburgh — R. W. Evans & Co. Boston — J. "W. Bowen & Co., Lee, Higgin- son & Co., Harris, Forbes & Co., Kidder, Pea- body & Co. , L. Sherman Adams. Chicago — Lee, Higginson & Co., Harris Trust & Sav. Bk., Babcock. Rushton & Co. Phiadelphia — Harper & Turner, Thos. A. Biddle & Co., Brown Bros. & Co. Price Range— N. Y. S. E. Jan. 1, 1913 to Jan. 1, 1919 1918 High. 113% Sept. 29 '16 92 Nov. 29 Low. 82 July 15, '18 82 July 15 AMERICAN TELEPHONE & TELEGRAPH Co. 7-Year Conv. 6s. Due Aug. 1, 1925. Dated Aug. 1, 1918. Interest payable Aug. 1 and Feb. 1. Tax StatuM — Payment of Federal Income Tax not assumed by company. Authorized — $50,000,000. Outstanding— $48,353,624. Res-?rved for Extensions, etc. — $1,646,376. Denominations — ^Coupon $100, $500 and $1,000. ]£ Registerable as to principal. Convertible at any time after Aug. 1, 1920, into common stock of the company at 106. Security — A direct obligation of the com- pany, but not secured by a mortgage. Government Contract — Sen Amer. Tel. & Tel. Co.. Coll. Tr. 4.s Due July 1, 1929. I..i»tMl on the Now York Stock Exchange. Original MarW holders of recoi/ July 3, 1918, value for ever/ shares held. July 15, 1918/ follows for At the time Aug. 1, '18 $44.44. Th/ adjustment made either/ cr.p.. Mann. Bill & -oPile Trust Co. of ^5 ,T. Hall Keyes ^^c? fioCo.. Curtis l^'^iHjPa^ Bank. 1^5 ^>^^. Mor- !^'^^ % Chicago- Sanger, Pyni^ Philadelphia- ham, Parsons & C^ St. liouis — Bowman. CosT~ New York — Gilman, Clucas, MarmT Co., John Muir & Co., National City CoTT" Redmond & Co. , Vilas & Hickey, Ernest Smith. Grand Rapids — Howe, Snow, Corrigan & Bertles. Pittsburgh — Kean, Taylor & Co. Ijouisville — J. J. B. Hilliard & Son. Price Range — ^N. Y. S. E. High. 105 Nov. 7, '18 Low. 93 Aug. 20, '18 AMERICAN TELEPHONE & TELEGRAPH CO. 30-Year Coll. Tr. 5s. Due Dec. 1, 1946— N. Dated Dec. 1. 1916. Interest payable Jun« and Dec. 1, New York or Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 80,000,000. Outstanding — $7 8,333,900. Balance Retired. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Registered $1,000 and multiples. C. & R. ($1,000 and multiples) interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any In- terest date on 60 days' notice. Sinking Fund — Annually 1% of bonds Issued for their purchase or redemption at not over 105 and interest. Organization — Incorporated in New York in 1885 and controls through stock owni^rs^ip the leading companies operating under the Bell patents. Also owns a large majority of the stock of the Western Electric Co., Inc. Owns and operates the long distance system by which the subsidiaries are united. Secured by deposit stocks of affiliated and subsidiary companies, having a market value at all times of 133 1-3% of the par value of bonds outstanding, Collatert^l originally de- posited consisted of shares of the following companies: New England Telephone and Tele- graph Co., New York Telephone Co., Southern Bell Telephone & Telegraph Co., Southwestern Telegraph & Telephone Co., and Pacific Tele- phone & Telegraph Co. Government Contract — See Amer. Tel. & Tel. Co., Co., Coll. Tr. 4s. Due July 1, 1929. Legal for Conn. Listed on the New York Stock Exchange. Original Market — $80,000,000 offered Dec, 1916, by J, P. Morgan & Co., Kidder, Teabody & Co., Kuhn, Loeb & Co., National City Bank, First National Bank, Harris, Forbes & Co., and Lee, Higginson & Co.. at 98 and interest. Market. New York — Active on N. Y. Stock Exchange Buffalo — Brie Finance Corporation. Detroit — First &. Old Detroit National Bank. 43 Year ended Dec. SJyl. Hardy & Co.. Block & 1918 Jd Co., Megowen & Co., C. F. 1917 McCoy & Co., Northern Trust 1916 i'rust Co., Babcock, Rushton & 1915.... & Sanger, Pynchon & Co. 1914.. .ilcs — Stephens & Co., Torrence, Mar- •Not inco., Blankenhorn-Hunter-Dulin Co. ^nd. Me. — Maynard S. Bird & Co., C. New.man & Co., Chester H. Pease, Fidelity Youne Co. C, iinneapolis — ^Wm. W, Eastman Co. HrGrand Rapids, Mich. — Howe, Snow, Corrl- igan & Bertles. Pasadena — Blankenhorn-Hunter-Dulin Co. St. Louis — Francis Brothers, G. V. Holli- day & Co.. W. R. Compton & Co. Kansas City — Prescott & Snider. Milwaukee — Second Ward Savings Bank, Marshall & Ilsley Bank. San JFraneisco — Blyth, Witter & Co. St. Paul — Northwestern Trust Co., Capital Trust & Savings Bank. Seattle — Dexter-Horton National Bank. Providence — Bodell & Co., Hornblower & Weeks. Boston — Benjamin Fisher & Co., R. L. Day & Co., Curtis & Sanger, Paine, Webber & Co., Blake Bros. & Co., Kimball, McKinney & Co,, C. B. Denison & Co., W. L, Raymond & Co., J. W. Bowen & Co., Merrill, Oldham & Co. , Old Colony Trust Co. , L. Sherman Adams. Pittsburgh — R. W. Evans & Co., Lyon, Singer & Co. Philadelphia — Bl-own Bros. & Co., E. W. Clark & Co., Frazier & Co., Thos. A. Biddle & Co. , Graham, Parsons & Co. Denver— Boettcher, Porter & Co., Sweet. Causey, Foster & Co. , Bosworth, Chanute & Co., International Trust Co. Baltimore — Baker, Watts & Co. , Robert Garrett & Sons, Baltimore Trust Co. , Ed- ward "V. Kane & Co, Louisville — J. J. B. Hilliard & Son. Price Range—N. Y. S. E. Jan. 1, '17 to Jan. 1, '19 1918 High,101% Jan. 31. '17 97H Nov. 12 Low. 86 July 30, '18 86 July 30 AiAIERICAN TELEPHONE & TELEGRAPH CO. 5 -Year 6% Nofcss. Due Feb. 1, 1924. Dated Feb. 1, 1919. Interest payable Feb. 1 and Aug. 1 in New York and Boston. Authorized — $ 40,000,000. Outstanding — $40,000,000, Purpose of Issue — To retire an equal amount of 6% Bell System notes endorsed by the American Telephone & Telegraph Co. matur- ing Feb. 1, 1919. DenominatlO'n^ — Coupon $1. 000, $500 and $100. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable with accrued interest as fol- lows: 105 if on or prior to January 31, 1920. 104 if after January 31, 1920, and on or prior to January 31, 1921. 103 if after January ,31. 1921, and on or prior to January 31, 192 2. 102 If after January 31, 1922, and on or prior to January 31, 1923. 101 if after January 31, 1923, and prior to maturity. Organization — See Coll. Tr. 4s of 1929. Security— A direct obligation of the com- pany but not spi;ured by a mortgage. Government (' , Original Market — $140,500, offered by May- nard Bird & Co.. Portland, Me., Feb., 1916. Market. Portland — Maynard S. Bird & Co.. Beyer & Small. ANDROSCOGGIN ELECTRIC CO. 1st & Ref 58, Due Oct. 1, 1934. — F. ANGLO-AMERICAN MILL CO. (Owensboro. Ky.), •?% Notes. Due $200,000 Jan. %, ■ 1930, and 100,000 each July 2 and Jan. 3 from July 3, 1930, to Jan. 3, 1934, inclusive. Dated January 2. 1919. Interest payable July 1 and Jan. 2 at Continental & Commer- cial National Bank, or Peabody, Houghteling & Co., Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $ 1,000,000. Purpose of issu« — To provide additional working capital. Denomination' — Coupon $1,000 and $500, Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at the end of one year at 101 and interest; at the end of two years at 102 and interest, and at the end of three years at 103 and interest upon 90 days' written notice. Organization — Incorporated in Kentucky in 1910. The company manufactures flour mill- ing machinery and specializes on the pro- duction and sale of self-contained roller fiour mills varying in its capacity from 15 barrels to 100 barrels per day, which are known under the trade name of ' 'American Midget Marvel Flour Mill." The company also does a jobbing business in grain cleaning ma- chiiipiry and other accessories. The com- pany's plant is located at Owensboro, Ky. Security — A direct obligation of the com- pany but not secured by a mortgage. The . company covenants in the indenture that, while any part of this Issue is outstanding or unpaid, no mortgage lien of any sort can be placed on the assets of the company. The company also undertakes to maintain its net 48 auick cash assets at not less than double the. amount of the outstanding notes and in no event less than $1,500,000. Years ended Dec. 31: tNet *1918 $400,000 1917 201,989 1916 163,614 1915 207.881. 1914 74.530 1913 49,367 *Two months estimated. tAfter interest and depreciation. Original Market — $1,000,000 offered Jan- uary, 1919, by Peabody, Houghteling Co. and John Burnham & Co. . Chicagro, at prices ranging from 99.75 to 96.94 and interest for respective maturities. Market, Chicago — Peabody, Houghteling & Co. ANN ARBOR RAILROAD CO. Ist 4s. Dus July 1, X995.— F. Dated July 1, 1895, Interest payable Jan., April, July and Oct. 1, at Bankers' Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $7,000,000. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Metropolitan Trust Co., New York. Organization — Chartered in Michigan, Sept.. 1895, as the successor to the Toledo, Ann Ar- bor & North Michigan Ry. Co. Secured by first mortgage on entire property of the Company, including 291.90 miles of main line and 109 miles of sidings, etc., from To- ledo, Ohio, to Frankfort, Mich., on Lake Michigan, from which port the Company oper- ates 3 car ferries to Milwaukee, Wis. These bonds are outstanding at the rate of about $23,970 per mile. Underlies — $1,500,000 Impt. & Extn. 5s, 1941, Entire issue deposited to secure $611,000 6% notes, due May 1, 1919. Year ended Dec, 31 Gross Net Int. & Rent 1917 $3,138,943 $639,39 4 $569,670 1916 2,807,121 700,516 449,439 •1916 2.684,309 728.549 428.490 •1915 2,310.902 554,896 454,139 *Tear ended June 30 Listed on the New York Stock Exchange. Market. New York — Hanson & Doyle, McKinley & Morris, F. J. Lisman & Co., E. & C, Ran- dolph. Wolff & Stanley, Baker, Carruthers & Pell. Philadelphia — Frazier & Co., Edward V, Kane & Co. Price Range — N. Y, S. K. Jan. 1. 1906 to Jan. 1, 1919 1918 High.99 Jan. 19. '06 64% Nov. 12 Low. 51 Nov. 19, '17 51 July 26 ANN ARBOR RAILROAD CO. Kquip. 5s Series "B." Due $30,000 each January and July 1, to Jan. 1, 1931, inclnsiTe. — F. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Empire Trust Co,, New York. Tax Status — 2% Federal Ihcome Tax paid by company without deduction. Authorized — $600,000. Outstanding — $120,000 (Jan., 1919). Redeemed — $480, 000. Denomination — Coupon, $1,000. Trustee — Empire Trust Co., New York, Redeemable as a whole on any interest date at 102 1^' and interest. Secured by an equipment trust agreement on equipment costing $583,407. Of this amount the Company paid $253,407. Original Market — Offered Jan., 1911. by Far- son, Son & Co., and J. S. Bache & Co., New York, at prices to net 5 % % . Market. New York — Bull & E;dredge, Freeman & Co., Evans, Stillman & Co. Philadelphia — H. F. Bachman ,'z Co. ANNUITY REALTY CO. 5% S. F. Participa- tion Ctfs. Due April 1, 1953. — F. -Dated April 1, 1912. Interest payable Jan. April, July and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Missouri. Authorized — $3,000,000. Outstanding — $3,000,000. Denomination — Registered $1,000. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Redeemable at 110 and interest. Sinking Fund — The lease provides for an- nual payment beginning July 1, 1918, suffi- cient to retire this issue by April 1, 1952. Security — The principal and interest of these certificates are a lien on the rental from the lease of an entire block in St. Louis to the Railway Exchange Building Co., for 88 years and 9 months, at a yearly rental of 5% of the outstanding certificates plus taxes and any charges upon the iDroperty. The building erected on this lot by the lessee is 21 stories high and contains 15.350 cubic feet. Original Market — $2,725,000 offered May, 1912, by A. G. Edwards & Sons. G. H. Walker & Co.. and Wm. R. Compton & Co., all of St. Louis, at 97% and interest. Market. St. Louis — Stifel, Nicolaus Investment Co.. Wm. R. Compton Co., A. G. Edwards & Sons. G. H. Walker & Co., Little & Hays, Stix & Co.. APPALACHIAN POWER CO. 1st 5s. Due June 1, 1941. — F. Dated June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $6,133,000. In Treasury — $1,000. Retired by S. F. — $247,000. Reserved for Ext. — $18,619,000. Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable .at 105 and interest. Sinking Fund — Annually from 1916 to 1920 1% of outstanding bonds: 1921 to 1925, 1%%; 1926 to 1930, 2%. and 1931 to 1940. 2%%. Organization — Incorporated in 1911 in "Vir- ginia. Secuf*ed by a first mortgage on 2 hydro-elec- tric power plants in Carroll County, Va., on the New River, a large steam electric plant, and on transmission lines, local street rail- way, water, electric and distribution plants in numerous towns in W. Va. and Va. The Company now serves 12 t6wns and cities and supplies power to large ooal mining com- panies of the Pocahontas district. XTnderlies — $2,170,700 7% notes due 1920, which are ser-ured by deposit of $3,000,000 2nd 6s of 1933. 4i>, Year ended Dec. 31 Gross Net Interest 1918 $1,254,266 $582,925 $513,404 1917 948,277 423,213 483,384 1916 794,922 444,402 424,575 1915 624,865 315,839 282,403 1914 536.757 239,097 261.764 Market. New York — A. E. Pitkin & Co., Hanson & Doyle, Kemerer, Matthes & Co., Sharretts & Young, Dunham & Co., Martin, Berwln & Co., L. A. Norton, Taylor & White, Jacob Zeller, BonbriiTht & Co., Fred H. Hatch & Co., B. & C. Randolph, Berdell Bros., H. M. Byll«sby & Co. , Joseph & "Wiener, Kiely & Horton, Philip Lynch, McClure, Jones & Reed. H. P. McConnell & Co., John Nickerson, Jr., New- hall & Co., Earle A. Miller & Co. Philadelphia — Prazier & Co., Newhall & Co. Chicago — H. M. Byllesby & Co. , Babcock, Rushtoh & Co. Boston — P. B. Bassett & Co.. L. Sherman Adams. Providence — R. S. Moore & Co. Price Range. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 82% '12 84^^ '12 75 Dec. 80 Dec. Low. 60 '14 66 '18 62 Sept. 66 Apr. ABCOLA SUGAR MILI.S CO. 1st Serial 6s. Due $30,000 annually Feb. 1, 1930 to 1920. Dated Pebruary 1, 1919. Interest payable Pebruary and August 1 . at Trustee' s office, Chicago, or Mississippi "Valley Trust Com- pany. St. Louis. Authorized — $300. OQO. Outstanding — $300,000. Demominationis — $100, $500 and $1,000. Trustee — Port Dearborn Trust & Savings Bank, Chicago. Redeemable at 102 on any interest date on sixty days' notice. Guaranteed — Unconditionally principal and interest by estate of T. H. ' Scanlan. The Scanlan property is valued at $3,800,000 and has no mortgage indebtedness. Secured by a Closed 1st Mtge. on a tract of about 8,400 acres with Improvements, equipment, etc.. in Pord Bend County near Houston, Texas, one-half under cultivation (sugar cane, cotton and feed crops). Also i\^ miles standard gauge railroad track and one 600-ton sugar mill. Estimated value of property $604,000. Original Market — Offered Pebruary, 1919, by Mississippi "Valley Trust Company, St. Louis. ARDMORE STREET RAXLWAY CO. 1st 6s. Dae Oct. 1, 1958.— P. Dated Oct. 1. 1908. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized'^$l. 250,000. Outstanding — $1,032,000. Trustee — Colonial Trust Co., Pittsburgh, Pa. Redeemable on any interest date at 105 and interest. Guaranteed principal and interest by Con* solidated Traction Co. of Pittsburgh. Control — All stock owned by and property leased to the Consolidated Traction Co. of Pittsburgh, a subsidiary of the Philadelphia Co. Secured by a first mortgage on 8 miles of double-tracked electric railway, on private right-of-way, from Wilkinsburg to East Pitts- burgh. Pa. Population served, about, 35,000. Market. Phihidelphia — Prazier & Co.. Barclay. Moore & Co.. Hy, D. Boemiing & Co.. A. D. Con- verse & Co.. Sam'l K. Phillips & Co. Pittsburgh — Colonial Trust Co. Prederic H. Hatch & Co. New York — Philip Lynch, E. & C. Randolph, Price Range. Jan. 1, 1910 to Jan. 1. 1919 I9I8 Bid Ask Bid Ask High.99Vfe '10 QB% '10 84 Jan. 87 Jan. Low. 60 '18 80 '18 CO May 80 May ARIZONA GAS& ELECTRIC CO. 1st S. F. 6b. Due Jan. 1, 1937, — P. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, at P. . "W. Brooks & Co., New York. Tax Status — 2%-»^ederal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,000,000. Outstanding — $23 5,000. Additional bonds issuable for 75% of cost of additions, etc., when net earnings for 12 months within preceding 14 months are equal to not less than twice interest charges on bonds outstanding and to be issued. Denominations — Coupons. $100, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New Tork. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Sinking Fund — ^Annually 1% of outstanding bonds for their purchase or redemption at not over 105 and interest. Secured by a first mortgage on plants sup- plying gas, electricity and ice in Nogales, Arizona. Population served, about 10,000. The company also sells electric current to mining companies. Year ended Dec. 31 Bond Gross Net Interest 1918 tl51,234 $43,850 $14,100 1917 129,891 38,203 12,000 1916 82,000 36,301 12,000 Orieinal Market — Offered May, 1917. by P. W. Brooks & Co.. New York and Phlladel- phia. ARIZONA POWER CO. 1st 6s. Doe May 1. 1933,— P. Dated May 1, 1908. Interest payable May and Nov. 1 , at New Tork Trust Co. , New York. Authorized — $2,000,000. Outstanding — 11,781,000. Retired by S. F. — $219,000. Denomination — Coupon, Jl.OOO and $500. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 102 and interest on any inter- est date. Sinking Fund — 2% annually of bonds issued beginning March 15, 1914, interest of bonds redeemed to be added to sinking fund. Pay- ments to be applied to purchase or redemption of bonds at not exceeding 102 and interest. Ad- vertisement shall be made for three consecu- tive days from each March 16 In the New Tork Evening Post for tenders to be received prior to April 2. If no bonds can be obtained at or below 102 and interest, bonds shall be drawn on April 16, and bonds so drawn shall be ad- vertised for three consecutive days thereafter. Company has alternative of buying bonds and delivering them to trustee, to be accepted at their par value for payments to sinking fund. 50 Orgranizatiou — Company incorporated in Maine, 1908. Secured by first mortgage on all properly, rights, franchises, etc., now owned or hereaf- ter acauired, including two hydro -electric plants, one of 5,400 k. w capacity and other 1,500 Ic. w., about 48 miles east of Prescott, Ariz. Company owns all of the stoclc of the Prescott Gas & Elec. Co., and supplies power to that company and in Jerome, Ariz. Also supplies power to mining companies including the United Verde Copper Co. Underlies — $667,000 Gen. & Ref. 6s of 1945. Year ended Dec. 31 Gross Net Interest 1918 $570,691 $218,474 $138,026 1917 493.;JJ*4 .272.139 136.493 3916 309,801 207,941 125.803 1915 233,477 160.362 111.825 Market. New York — Dunham & Co., Hanson & Doyle, Taylor & White, E. & C. Randolph, Kiely & Horton, Berdell Bros., Bonbright & Co,. Fred- eric H. Hatch & Co.. Philip 1,-ynch. Philadeliihia — Frazler & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 90 'J 2 95 '17 85 Mar. 9 Mar. Low. 75 '15 SO^A '16 80 Jan. 85 Jan. ARIZONA POWER CO. 7% Bond-Secured Notes, Series A. iJue Jan. 1, 1934. Dated Jan. 1, 1919. Interest payable Jan. 1 and July 1 at the Office of Bonbright & Co., Inc.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,000,000. Outstanding- — $340,000 (May 1, 1919). Be.served for Corporate Pun»oses — $660,000. Purpose of Is&ue — To retire the $200,000 8% notes due Jan. 1, 1919, and the floating in- debtedness incurred for additions and im- provements. Provisions of Issue — Additional notes may be issued only upon deposit of Gen. & Ref. 6s in a principal amount of 133 1-3% of the par value of notes outstanding. provided net earnings are at least 1% times the total an- nual interest requirements on all funded debt outstanding, including notes about to be is- sued. Denomination — Coupon $1,000, $500 and $100. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable upon 60 days' notice at 101 and interest upon any interest date on or prior to Jan. 1, 1922, and thereafter at lOOM: and interest. Organization — Incorporated in Maine in 1908. Owns two hydro-electric generating plants about 48 miles from Prescott, Ariz. Also owns all the common stock of the Ari- zona Steam Generating Co. and of the Pres- cott Gas & Electric Co. , each of these com- panies owning steam generating stations oper- ated in conjunction with the hydro-electric plants as one complete system of the elec- tric supply. The company supplies electricity for power purposes to the copper mining district of Yavapai County. In addition, electricity is furnished for lighting and power purposes in the towns of Humboldt, Mayer, Jerome, Clarkdale and Prescott; in the latter city gas also is furnished. Capital Stock Authorized Outstanding Pfd. (6% cum.) $1,000,000 $1,000,000 Common 3,000,000 2,995,000 Secured by pledge $667,000 (entire outstand- ing) Gen. & Ref. 30-year 6s, due 1945. or in a principal amount of 133 1-3% of the par value of notes issued under this Trust Agree- ment. Prior Lien — $1,781,000 1st 6s, due 1933. Funded Debt — In addition to the 1st 6a (above) there are outstanding $700,000 Ari- zona Steam Generating Co. 1st 6s of 1933 and $239,000 Prescott Gas & Electric Co. 1st 6s of 1940. !Eamings — See Lst 6s. Original Market — $500,000 offered January, 1919. by Bonbright & Co.. Inc., New York, etc., at 96 and interest. ARKANSAS I.IGHT & POWER CO. 1st 30- Year S. F. 68. Due Oct. 1, 1945.— P. Dated Oct, 1, 1915. Interest payable April 1 and Oct. 1, at New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. Outstanding— $1,820,200 (Mar. 17. '19). Additional bonds may be issued for 85% of cost of improvements and extensions, but only when net earnings for past twelve months are twice interest charges on total Issue of bonds. Denomination — Coupon. $1,000, $500 and $100. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Beginning Jan 1, 1920, an^ annually thereafter. 5% of gross earnings for the purchase or redemption of these bonds at not over 106 and interest. Bonds so acquired to be cancelled. Maintenance Fund — Annually (Feb. 1, '17) 5% of gross earnings and an additional amount if such sum is not sufficient. Improvements made from this fund cannot be made basis for issuance of additional bonds. Organization — Incorporated ' In Arkansas, Sept., 1914, to acquire and operate public utilities in that state. As of March 1, 1917, had acquired the following properties: Arkadelphia. light power and water. Malvern, light and power. Waldo & McNeil, light and power, Newport, light and power. Camden, light, power and water. Eldorado, light, pow^er and water. Paragould, light, power and water, Morrilton, light, power and water. Marianna, light and power. MagnoUo, light, power and ice. Plummerville, light and power. Dardanelle, light and power. Tuokerman, Light & Power. Russellville, light, power and water. In March, 1919, took over Arkansas Public Service Co. and all equities in the Missouri & Southeastern and Pine Bluff Cos. Secured by a first mortgage on all the prop- erty now owned and hereafter acauired. Esti- mated value of properties as of March 1, 1919, $3,491,700. Population served over 55,000. Franchises expire from 1950 to 1966. The company has long term lighting contracts In most cities served and also has pumping con- tracts running from five to ten years In Mal- vern, Paragould and Marianna. Prior Lien — $92,000 Russellville Water & Light Co.. 1st 6s due $5,000 each Dec. 1, 1918 to 1930. balance due Dec, 1931. CI Year ended Dec. 31 Gross 1918. . 3917. . 1916. . 1915. . Net $264,471 140.933 135.235 120;742 69,120 60,120 1916, by Fierlein $639,326 390,449 330,040 292,125 Original Market — Offered March, Stanwood, Taylor & Co., and Wilsey, & Co., Chicago, at par and interest. Market. St. I^ouis — Herrick J. Gray & Co., Bowman Cost and Co, New York — John Nickerson, Jr.. Babcock, Rushton & Co., E. & C. Randolph, Philip Lynch. Chicago — The Stanwood Co., Dodge & Ross, Baboock, Rushton & Co. Philadelphia — Frazier & Co. Boston — L. ^herraan Adams. Price Range. Jan. 1, 1916 to Jan. 1, 191!» 1918 Bid Ask Bid Ask Hig:h.99 17 101 '17 94 Jan. 98 Jan. Low. 80 '18 85 '18 80 Nov. 85 Nov. Bond Original Market— $2,365,000 exchanged for Interest bonds issued May 1, 1910, at the rate of $500 $114,732 of this issue, plus $500 7% cumulative pre- ferred stock for each $1,000 bond. Market. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.85 '18 92 '18 85 Feb. 92 Feb. Low. 75 '17 92 '38 ARKANSAS NATURAL GAS CO. Gen. 6s. Due May 1, 1936.— F. Dated May 1, 1916. Interest payable Nov. 1 and May 1 , at Colonial Trust Co. , Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $2,171,500 (Dec. 31, '18). Retired by S". F. — $193,500. Reserved for Prior Liens — $225,000. ^Reserved for Additions — $1,365,000. •Issuable for 80% of cost of additions, etc. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — The Colonial Trust Co., Pittsburgh. Redeemable by lot on any interest date at 105 and interest. Sinking Fund— Quarterly, beginning Nov. 25, 1916, a sum equal to 1% of each 1,000 cubic feet of natural gas sold and paid for. This fund is for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be cancelled. Organization! — Incorporated in Delaware in 1909. Capital stock. Authorized Outstanding Preferred (7% cum.).. $2,500,000 $2,365,000 Common 7,50,000 7,500,000 Secured by a mortgage on all property now owned or hereafter acquired. The company supplies natural gas to Little Rock, Hot Spring, Pine Bluff, Arkadelphia and other towns in Arkansas and Louisiana, having an aggregate population of 150,000. Franchise extends to 1940 or later. The property covered includes operating oil and gas wells, 485 miles of pipe line, compressor stations, distribution lines. The company has extensive holdings of producing oil and gas 'lands in Arkansas and Louisiana. As of Dec. 31, 1918, held leases on 104,482 acres in Louisiana and Arkansas of which 5.609 acres were operated, and owned and operated 30 gas wells and 6 oil wells in Louisiana. Also purchased gas from 14 other producing companies. Prior Liens — $225,000 first mortgage bonds (closed mortgage) for the retirement of which bonds are reserved under this mortgage. Year ended Dec. 31 Gross Net Int., etc. 1918. . . .$1.805. 470 $726,178 $187,279 1917. . . . 1.448,304 642,173 204,903 1916.. . . 1.036,466 438,943 319.781 1915. . 864.646 352,616 347,627 1914. . 951.696 521,924 356,617 (THE ARKANSAS VALLEY INTERURBAN RAILWAY CO. Ist Sinking Fund S%8. Due Dee. 1. 1936. — P. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1 in New York or Chicago. Tax Status — 2 % Federal Income " Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $ 900,000. Additional bonds to the amount of $100,000 may be issued for not exceeding 50% of cash cost of additions, etc.. the remaining $2,000,- 000 bonds issuable at not exceeding 75 % of cash cost, provided net earnings for twelve months within 60 days preceding are not leas than one and three-quarters annual interest charges on total issued. Denominations — $1,000, $500 and $100. Reg- isterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 103 and interest on Dec. 1, 1919, or any interest date thereafter. Sinking Fund — A nnually beginning 1919, a sum sufficient to retire at not exceeding 1 03 and interest 2% of bonds certified. Bonds so acquired to be kept alive and interest thereon may at option of company be added to this fund or applied to additions, etc. , which shall not be made the basis for the certification of additional bonds. It is estimated that this fund will retire over $300,000 bonds by ma- turity. Maintenance Fund — The mortgage requires amounts to be set aside from earnings and expended for maintenance and equipment. Organization — Incorporated in Kansas in 1909. Secured by a f rst-mortgage on all the prop- erty of- the company comprising 57.5 miles single track eqxiivalent of electric railroad from Wichita*, Kan., in a northerly direction to Van Arsdale, Kan., and thence in a westerly direc- tion to Hutchinson, Kan., with a line extend- ing from Van Arsdale in a northerly direction to Newton, Kan. Also operates under contract 5.3 miles of 'ine in Wichita and Hutchinson. Except within corporate limits road is built on private right-of-way. Franchises are for long terms and the most important extend be- yond the year 2000. Power is purchased from the Kansas Gas & Electric Co. under long term contract. Total population served about 115,000. Year ended Dec. 31 Gross Net Interest 1917 $292,020 $123,50tf 1916 217,107 122.019 $49,500 Original Market — $900,000 offered Jan., 1917, by E. H. Rollins & Son, Boston, etc., and Sweet, Causey, Foster & Co., Denver, at 98% and interest. Market. Denver — Sweet, Causey Poster & Co. Boston- — E. H. Rollins & Sons. Chicago — E, H. Rollins & Sons. New York — John Muir & Co. Pliiladelphia — Sam'l K. Phillips & Co. 52 Price Ranire. Jan. 1, '17 to Ja-n. 1, '19 Ask High.98% '17 Low.88 '18 1018 Ask 90 Nov 88 July (THE) ARKANSAS VAI>I^Y RAILWAY, LIGHT & POWER CO. 1st & Ref. S. F. 5s. Due Nov, 1, 1931. — N. Dated Nov. 15, 1911. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $10,000,000. Outstanding — $3,665,000 Call owned by the Standard Gas & Elec. Co.) Retired by Sinking Fund — $287,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any inter- est date. Sinking Fund — Annually. Commencing Nov. 1, 1913 to 1915 inc., 1% of bonds outstanding and 2% 1916 to 1930 inc., for the purchase or redemption- of these bonds at not exceeding 105 and interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated in Colorado in 1911 and acquired the properties of the Pueblo & Suburban Traction & Lighting Co., the Colorado Light & Power Co., Crown City, Colo.» the Rocky Ford Ejlec. Co., La Junta Elec. Co., and Gold Belt Consolidated Elec. Co. Controlled by the Standard Gas & Electric Co. through ownership of entire $3,500,000 com- mon stock and $125,0(To of $885,000 preferred. Management — H. M. Byllesby & Co. , Chi- cago. Secured by a mortgage on all property of the company, including 3 5 miles of street railway track and plants supplying electric light and power in Pueblo, Colo. ; also on hydro-electric power plant on Beaver Creek, near Victor; steam plant in Canon City, together with Sistribution system supplying electric light and power in the Cripple Creek District and on considerable real estate, in- cluding mineral lands. Railway franchise in Pueblo expires in 1940; electric In 1936. Prior Xiens — $990,000 Pueblo Traction & Lighting Ist 53 of 1921 and $1,847,000 Pueblo & Suburban Traction & Lighting 1st 5s of 1922. Underlies — $450,000 6% notes, July 1, 1919. Year ended Dec. 31 Gross Net Interest 1917 $1,428,467 $645,222 $370,533 1916 1,260.287' 664,762 344.699 1915 1,171.628 505,824 335,214 ARKANSAS VALLEY RAILWAY. LIGHT & POWER CO. (PUEBLO) 6% Notes. Due July 1. 1919,— P. Dated Jan. 3, 1916. Interest payable Jan. and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500, 000. Outstanding — $450,000. Denomination — Coupon, $1,000. $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank. Chicago. Redeemable on any Interest date on or before July 1, 1918, on 60 days' notice at 101 and accrued interest, and thereafter at lOOV^ and interest. Organization — Incorporated in Colo'-ado 1911 as a consolidation of street railway, electric light and power properties. Also controls through stock ownership the La Bella Mill- Water & Power Co. The company owns and operates electric light and power system in Pueblo, Cripple Creek, Canon City, La Junta. Victor. Rocky Ford, Fowler, Goldfleld, Inde- pendence, Munzanola. Swink, Elkton, Altman, Anaconda and wholesales current in Florence Ordway and Sugar City, all in Colorado. The company has a hydro-electric power plant on the Beaver Creek near Victor and steam plants in Canon City and Pueblo. Also owns and. operates the street railway system in Pueblo. Population served about 90,000. Controlled through stock ownership by the Standard Gas & Electric Co. Management — H. M. Byllesby & Co., Chicago. Security — A direct obligation of the company, but not secured by a mortgage. While these notes are outstanding the company may issue bonds under present mortgages. No new lien mortgages, except purchase money mortgages, may be placed on the property of the com- pany without eciually securing these notes. Prior Liens — $ 990,000 Pueblo Traction & Lighting 1st 5s of 1921 (closed), and $1,847,000 Pueblo & Suburban Traction & Lighting 5s of 10^2, and $3,665,000 A. V. Ry.. Lt. & P. 1st & Ref. 5s of 1931. Earnings — See 1st & Refgd. 5s below. Original Market — $450,000 offered January, 1916. by H. M. Byllesby & Co., Chicago, and New Tork, at 98% and interest. Market. Milwaukee, Wis. — Morris P. Fox & Co. Chicago — Bonbright & Co., H. M. Byllesby & Co. Providence — R. S. Moore & Co. Denver — Newbold & Co. Colorado Springs — Newbold & Co. New York — J. W. Howell & Co., Hanson & Doyle, A. E. Fitkin & Co., Kiely & Horton, Joseph & Wiener, Bonbright & Co. , John Muir & Co.. E. & C. Randolph. Philadelphia — Prazier & Co., H. M. Bylles- ley & Co., Inc. Price Range. -Ian. 1, '16 to Jan. 1, '!!) 1918 High.lOO -17 101 '16 97 Oct, 99V^ Dec. Low. 93% '17 9S '18 95 June 98 July ABItANSAS VALLEY RAILWAY. LIGHT & POWER CO. 7% Secured Gold Notes. Due Dec. 1, 1920~F. Pated June 1, 1918. Interest payable June 1, and Dec, 1, at Trustee's office and in New York. Tax Status — -2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1,500,000. Outstanding — (This issue) $3 50,000. Purpose of Issuie^ — To reimburse Company for expenditures incurred for additions and improvements. Denomination — Coupon $100. $500 and $ ] , - 000. Registerable as to principal. Trustee — Continental & Commercial Trus* & Savings Bank, Chicago. Redeemable to Dec. 1, 191 8, at 101 and interest, to Dec. 1, 1919 at 100% and interest, thereafter at 100 and interest on 3 days' notice. Organization and Control — See 1st & Ref. S, F. 5s. 1931. Management — H, M. Byllesby & Co. , Inc. , Chicago, Secured by deposit with Trustee of Ist & Ref. 5s. due 19.11 in a principal amount of 133 1-3% of par value of notes outstand- ing. 53 Prior Uens — $3,665,000, Ist & Ref. 5s, due 1931, $980,000 Pueblo Traction & Lighting 1st 5s, due 1921, $1,797,000 Pueblo & Sub- urban 1st 5s, of 1922, $450,000 Arkansas Valley Ry. , Lt. & Power 6 % Notes, due July 1, 1919. Original Market — $350, 000 offered June, 1918, by H. M; Byllesby & Co., Inc., Chi- cago and Bonbright & Co., Inc., New York at 97% and interest. Market. Xew York— H. M. Byllesby & Co., Inc. Providence — R. S. Moore & Co. Price Range 1918 — Bid 96% Dec. ABKANSAW WATER CO. Ist 6s. Due Nov. 1. 1930.— F. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1, at First National Bank, New York, or office of Trustee, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Unlimited. Outstanding — $1,789,000 (Jan. 24, '19). Additional bonds may be issued as follows; Up to $1, 550, 000 when net earnings are 1% times the" annual interest including bond^ to be issued; and, at par for not over 80% of the cost of improvements, etc. , when net earnings are as aforesaid. Denominations — Coupon $1,000, $500 and $100. Registerable as to principal only. De- nominations interchangeable. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any inter- est date up to and including Nov. 1, 1925, and thereafter at 102 and interest. Improvement Fund — Annually 12% of gross earnings, of which at least 6 % shall be charged to operating expenses. This fund may be used for maintenance, replacement, improvements and additions or for the retirement of these bonds. Organization — Incorporated November, 1880, in Arkansas. Control — E3ntire capital stock is owned and property managed by the American Water Works & Electric Co. Secured by a first mortgage plant supplying water to Little P.,ock, Argenta and Pulaski Heights, Ark. Population served about 70.000. Company's property at Little Rock comprises pumping station on Arkansas River, filtration plant, three wells, a concrete reservoir • and a gravity .systef of distribution mains of 159 miles of pipe. Property at Argenta con- sists of eight clear water wells, pumping station. 500,000 gallon concrete reservoirs and distributive system. Franchise in Little Rock expires November, 1935, and provides for pur- chase by city after expiration on one year's notice at appraised value. Argenta franchise expires November 28, 1941. with municipal purchase provision exercisable at end of each ten-year period; Pulaski Heights expires Au- gust. 1947.. with fifteen-year period purchase privilege. Year ended April 30 Gross Net Interest 1918. . . $361,778 $196,833 $106,602 1917. . . 269.38-2 15 8.897 101.19 8t 1916.. . 249,262 147,759 135,713* 1915. . . 253.662 147.986 143.169 1914, . . 228,899 134.322 132.143 • Feb. 1 . 1916, funded debt reduced from $2,323,000 to $1,400,000. tNot including $32,- 554 amortized items. Origimil Market^ — Offered February. 1916. by N. W. Halsey &. Co.. New York, Philadelphia, Boston, etc., at par and interest. Market. Chicago — Halsey, Stuart & Co., Union Trust Co., Chicago Savings Bank & Trust Co.. J. P. Hobbs & Co.. The People's Trust & Savings Bank. St. Louis — Stix & Co. New York — Dunham & Co., E3. & C. Ran- dolph. Otto Billo, Taylor & White. Boston — H, C. Spiller & Co., McConnell & Co. . Hotchkin & Co. , L. Sherman Adams. Chas. A. Day & Co. Portland — H. Mt Payson & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '17 101 '17 92 Dec. 97 Dec. Low. 85 '18 90 '18 85 Sept. 96 Mar. ARMOUR & COMPANY Conv. Deb. 6s. Dut $10,000,000, each June 15. 1919 to 1924 inclusive — F, Dated June 15, 1918. Interest payable June and Dec. 15 at Trustee's office, Chicago and in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $60,000,000. Outstanding — $50,000,000 (May 1. 1919). Balance Convo'ted. Purpose of Issue — Entire proceeds will be used to reduce current liabilities. Denomination — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable — At par* on any interest date upon 60 days' notice as a whole or in aeries. If in series company must call for redemption air the debentures of one or more of the series first maturing. Convertible— On and after Sept. 1. 1918. par for par into Armour & Company 7% Cum. Pref. Stock. AH this stock is redeemable by the company at 115 and accumulated divi- dends. Organization and Control — See Real Estate 1st 4%s. due 1939. S?cured — ^A direct obligation of the company but not secured by mortgage. No additional mortgage shall be placed on the property of the company which does not include these de- bentures in the Men of such mortgage. Trust agreenient further provides that the current assets of the company shall be maintained in an aggregate amount equal to one and one- half times all current liabilities, including these debentures. Prior Lien — $50,000,000. Real Estate 1st 4%s. due June 1, 1939 (closed mortgage). Karnings — See Real Estate 1st 4%s, due 1939. Original Market — Offered June, 1918. at 99.25 to 94.50 for various maturities by Con- tinental & Commercial National Bank, Con- tinental & Commercial Trust & Savings Bank, Halsey, Stuart & Co. , First National Bank, First Trust & Savings Bank. Illinois Trust & Savings Bank, The Merchants Loan & Trust Co., all of Chicago. Market. New York — Babcock, Rushton & Co.. Bull & Eldredge, Equitable Trust Co. of N. Y. , Hornblower & Weeks, T. Hall Keyes & Co.. Morton Lachenbruoh & Co., Mann, Bill & Co., Morrison & Townsend. John Muir & Co.. Na- tional City Co.. E. & C. Randolph. Chicago — Bdbcock. Rushton & Co. . f^'entra I Trust Co. of Illinois. Curtis & Sanger. First Trust &i Savings Bank, Halsey, Stuart & Co., 54 Illinois Trust & Savings Bank, Merrill, Lynch & Co., Pynchon & Co. St. Louis — Bowman, Cost & Co.. Mercantile Trust Co. Milwaukee— First National Bank of Mil- waukee. Pittsburgh — Kean, Taylor & Co. Buffalo — John T. Steele. Detroit — Joel Stockhard & Co. liouisville — J. J. B. Hilliard & Son. Philadelphia — Graham, Parsons & Co., Mor- ton Lachenbruch & Co., Lloyd & Palmer. liOS Angeles — Blankenhom-Hunter-Dulin Co. Pasadona — Blankenhorn-Hunter-DuUn Co. Grand Rapids — ^Howe, Snow, Corrig-an & Bertles. Price Range — 1918. Bid Ask Due 1919 High.lOl^ Nov. 102 Dec. Low. 99 June 99^/4 June Due 1920 High.100% Dec. 102 Dec. Low. 95% Aug. 97% June Due 1921 High.lOlV^ Nov. 102 Dec. Low. 96^4 Sept. 96% June Due 1922 High. 100% Dec. 102 Dec. Low 95% July 95% Aug. Due 1923 High.lOl Dec. 102 Dec. Low. 94% July 95 June Due 192r- High.lOl 1j4 Dec. 102% Dec. Low. 94% June ARMOITR & COMPANY Real Estate 1st 4^s. Due June 1. 1939. — P. Dated June 1, 1909. Interest payable June and Deo. 1, at Trustee's office. Tax .Status — 2% Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding — $50,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Regis- tered $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co.. New York. Redeemable as a whole at 102% and Inter- est on any interest date upon 12 weeks' notice, expiring June 1, 1914; and in lots of not less than 10% of bonds outstanding, beginning De- cember 1, 1914, at 102% and interest on any interest date upon same notice. Organization — This Company is the largest engaged In the meat packing and allied busi- nesses. In addition to its packing industry the company is engaged in the production of fertilizer, soaps, glue and other by-products of meat packing. Stockholders of this company own the entire capital stock issues of the Armour Car Lines, the Armour Packing Com- pany and Armour & Company of New Jersey, which three companies have jointly with the parent company executed the mortgage secur- ing these bonds. These bonds are followed by $20,000,000 stock on which 10% dividends per annum are being paid. Secured by a direct first mortgage on 155 acres of Improved real estate located in Chi- cago, Kansas City, Mo., South Omaha, East St. Louis, Sioux City and Fort Worth as well as on 700 acres unimproved land at Minne- apolis and warehouses in and around New York City, This property was appraised in 1909 at upwards of $40,000,000. These bonds are a first mortgage, in effect, by deposit with the trustee of the entire issues of first mortgage bonds on all property constituting the "plant" used in the production and distribution of the products of Armour & Company and its aux- iliary companies, not Including refrigerator cars and other rolling stock. Year ended Not. 1 Bond Net Interest 1918 $26,128,611 $2,286,986 1917 27,043,041t 2,240,422 1916 23,835,208 1,809,784 1915 14,954.370 1,346,301 1914 11.069,274 1,346.301 tAfter income tax reserve. Listed on the New York Stock Exchange. Original Marlcet — Offered in May, 1909, by Kuhn, Loeb & Co.. and the Nafl City Bank ol New York at 95% and interest. Market. New York — Finch & Tarbell, Sharretts & Young, Halsey. Stuart & Co., E. & C. Ran- dolph, Babcock, Rushton & Co., Baker, Car- ruthers & Pell, McKinley & Morris, Mor- rison & Townsend. Omaha — Burns, Brinker & Co. Philadelphia — Brown Bros. & Co., Paul & Co. Kansas City — Fidelity Trust Co. Chicago — McCoy & Co., The Stanwood Co., Taylor, Dodge & Ross, Block & Co., Hodenpyl, Hardy & Co., Northern Trust Co., Halsey, Stuart & Co., Continental & Commercial Trust & Savings Bank, Megowen & Co., C. F. Childa & Co., Babcock, Rushton & Co., Curtis & Sanger, Illinois Trust & Savings Bank, Merrill, Lynch & Co. , Pynchon & Co. Cleveland — Otis & Co. Detroit — First & Old Detroit National Bank. Pasad?na — Blankenhorn-Hunter-Dulin Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. * Rock Island — Litten & Roberta. Milwaukee — Second Ward Savings Bank. Price Range— N. Y. S. E. Jan. 1, 1909 to Jan, 1, 1919 1918 High. 95 Nov. 24, '16 89 Nov. 12 Low.81>^ Aug. 10. '18 81^^ Aug. 10 AROOSTOOK CONSTRUCTION C. 1-Year Coll. Tr. 7% Notes. Due May 1, 1920. IJJated May 1, 1919. Interest payable May and Nov. 1, at Trustee's ofllce, B-jSton. Tax Status — Not stated. Authorized — $1,000,000. Outstanding — $1,000,000. Purpose of Issue — To refund a like amount of 2-Year Coll. Tr. 5% Notes, due May 1, 1919. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Old Colony Trust Company, Bos- ton. Organization — Incorporated in Maine Feb.. 1891, for the purpose of building and equip- ing railroads. Controls the Bangor & Aroos- took R. R. Co. through ownership of the ma- jority of the common stock. Security — A direct obligation of the company and secured by pledge of $3,608,900 par value Bangor & Aroostook R. R. common stock and $261,900 par value Northern Telegraph Com- pany stock. The company has capital stock of $500,000 and no outstanding obligations other than this note issue. Original Market — Offered April, 1919, by Brown Brothers &. t'u. , Ni'w York, Boston and PhilfHlelphia. 55 AROOSTOOK NORXH£RN RAILROAD CO. Ist 58. Due Oct. 1, 1947.— F. Dated Oct. 1. 1897. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $225,000. Denomination — Coupon. $1,000. Registerable as to principal or fully regiaterable. Trustee — Guaranty Trust Co., New Tork. Assumed by the Bangor & Aroostook R. R. Co. Organization — Incorporated in Maine and consolidated with the Bangor & Aroostook R. R. Co. July 1. 1901. Secured by a first mortgage on 16 miles of road from Caribou to Limestone, Me., at the rate of $14,358 per mile. Underlies — B. & A. Cons. Ref. 43 of 1951, a sufficient amount of which issue is reserved to retire this issue. Earning;s — See Bangor & Aroostook R. R. iLegal for He. and Mass. Market. New York — Baker, Carruthers & Pell, Fred- eric H. Hatch & Co., F. J. Lisman & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.107 '09 106 '09 88 Jan. 90 Jan. Low. 84 '18 87 '18 84 Dec. 87 Dec. AROOSTOOK VAIXEY (Electric) RAILROAD 1st 41^8, Due Aug. 1. 1939.— F. Dated Aug. 1, 1909. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Augusta Trust Co., Augusta, Me. Redeemable on any interest date at 105 and interest. Sinking Fund — 1% of amount outstanding beginning in 1915. Guaranteed as to interest by the Canadian Pacific Ry. by endorsement. Organization and Control — Incorporated in Maine in 1902; owns 33 miles of road from Washburn Jot. to Washburn, Presque Isle to Presque Isle Jet., Washburn to Sweden and Carson to West Caribou all in Maine, Con- trolled by Canadian Pacific Ry. Co. through stock ownership and connects with mileage of that company at Presque Isle, Maine. Secured by a first mortgage on electric rail- way from Washburn Jet. to Washburn, Maine, 12 miles. Underlies — $82,000 6% Debentures. Funded Debt— $455,832 1st 4%s due July 1, 1961, are a- first lien on ] 4 miles from Presque Isle to Presque Isle Jet. and Washburn to Sweden; $100,000 1st Div. 5s due 1962 are a first lien on 7 miles. Carson to West Caribou. Year ended Dec. 31 Gross Net Interest 1917 $110,328 $46,786 $46,158 Original Market — Offered Jan., 1910, by J. M. Robinson & Sons, St. John, N. B. Market. New York — F. J. Lisman & Co, Price Range. Jan. 1, 1909 to Jan, 1, 1919 1918 Bid Ask Bid High.97'^ '10 100 '13 60 Jan. Low. 50 '17 70 '17 50 Dec. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $550,000. Denomination — Coupon. $100, $500 and $1,000. Registerable as to principal only. Trustee — Fidelity Trust Co.. Baltimore, Md. Redeemable on any interest date at 105 and interest. Convertible at any time into common stock at par. Organization — Incorporated in 1913 in Dela- ware. The company is a consolidation, formed in 1908, of several stone and paving com- panies. Capital Stock Authorized Outstandg Preferred 7% $1,000,000 $975,000 Common 2.250,000 1.485.000 Secured by a first mortgage on sand and gravel beds near Baltimore, Md., and Wash- ington, D. C, owned in fee or held under lease, and also on plants and equipment and 450 acres of water front property. Year ended Dec. SI Gross Net *Int., etc. 1918 $1,550,827 $382,733 $41,917 1917 1.344,465 305.084 37,658 ■^Does not include Federal Taxes. Market. Baltimore — Poe & Davies, Hambleton & Co.. Jenkins, Whedbee & Poe. ARirNDEL SAND & GRAVEL CO. 1st 6s. Due Dec. 1, 192.5.— F. Dated Dec. 1, 1915. Interest payable June 1 and Dec. 1, in Baltimore. (THE J. H.) ASHDOWN HARDWARE CO. LTD. 1st S. F. 58. Due Jan. 1. 1928. Dated Jan. 1, 1913. Interest payable Jan., and July 1 at the Canadian Bank of Com- merce, Toronto, Montreal, Winnipeg and Lon- don, Eng. Authorized — $1,600,000. Outstanding — $1,046,400. Denomination — Coupon, $1,000, $500 and $100 with sterling equivalents. Registerable as to principal or fully registerable. .C. & R. interchangeable. Trustee — The Northern Trusts Co., Winni- peg, Canada. Redeemable at 100 and Interest on any Inter- est date on six weeks' notice or for sinking fund. Sinking Fund — Annually on and after Jan. 1. 1914. such sums, as will be. sufficient to retire outstanding bonds at maturity. The fund may be used to purchase or redeem these bonds at not' exceeding 100 and interest or Invested in securities authorized for Trustees in the provinces of .Manitoba. Alberta and Sas- katchewan. Organization — The origin of the company dates back to 1869. Incorporated In Canada In 1902. The company does both a wholesale and retail hardware business with branches throughout Northwestern Canada and British Columbia. Secured by a mortgage on all the property of the company real and personal. Including three wholesale buildings and one retail build- ing in Winnipeg; a wholesale and retail build- ing in Calgary; a wholesale building In Saska- toon. All the buildings of the company are of substantial construction. The replacement value of the property is appraised at the date of this mortgage at $1,270,000 after deducting underlying mortgages. Prior Liens — $245,000 mortgages due 1917. which this Issue provides to retire. Earnings^^ — Average annual earnings for four years ending Dec. 31. '17. $332,627 before pro- viding for bond interest. Original Market — Offered Jan., 1913. at 90.20 and interest by the Dominion Securities Corp., Ltd., Montreal, Toronto and London, Eng. ."56 Market. Montreal — Dominion Securities Corp., Hew R. Wood Company. Toronto — A. E. Amea & Co., Dominion Se- curities Corp. Price Range 1918 — Bid 88%. Ask 91. ASHEVILUE POWER & LIGHT CO. 1st S. F. 5s. Due April 1, 1943. — F. Dated April 1, 1912. Interest payable April and Oct. 1, at Trustee's office, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000, 000. Outstanding — $1,220,000 (Dec. 31, 1918). Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole at 105 and Interest on any interest date. Sinking Fund — One-half of 1% annually of outstanding bonds, from April 1, 1917 to 1922, 1% from 1923 to 1927, 1%% from 1928 to 1932, and 2% annually thereafter, to be ap- plied to the purchase or redemption of these bonds at not over 105 and interest, or for per- manent improvements and additions to plants and property. Organization — Incorporated March, 1912, as successor to the Asheville Electric Co. Con- trolled through ownership of its entire com- mon stock by Carolina Power & Light Co. , which company is controlled by the Electric Bond & Share Co., which latter company ia controlled by the General Electric Co. Secured by a first mortgage on all property rights and franchises, now owned or hereafter acquired. The company owns and operates the gas, electric and street railway systems of Asheville, N. C, and suburbs. Population served 28,500. The property includes 23 mllei of gas mains and 19 miles of street railway track. Replacement value at date of thia Indenture estimated at $1, 727, 841. Besides generating Its own power the company also has a favorable contract with the North Caro- lina Electrical Power Co. for purchaslne elec- trical power. Franchises are perpetual except one unim- portant street railway franchise (H4 miles) expiring in 1962. Year ended Dec. 31 Gross Net Interest 1918 $527,544 $212,261 $62,001 1917.... 497.95-9 219,481 58,944 19ie 456,947 191,974 56,401 1915 440,285 200,063 55,681 Original Market — $1,100,000 offered in 1912 at 95 and interest by Hambleton & Co., Balti- more, and Redmond & Co., Equitable Truit Co., W. C. Langley & Co. and Spencer Trask & Co., of New York. Market. New York — Kiely & Horton, Redmond & Co., W. C. Langley & Co., Spencer Trask & Co., Berdell Bros., Frederic H. Hatch & Co., Philip Ly*ch. Taylor & White. Philadelphia — Frazler & Co., H. D. Boen nlng & Co. Milwaukee — Edgar, Ricker & Co. Providence — Hornblower & "Weeks. Boston — F. B. Bassett & Co., L. Sherman Adams. Wilmington, Del. — George P. Blssell. Price Range. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 98 '16 101 '16 86 Aug. 93 Jan. Low. 80 '18 89 '18 80 Oct. 89 Sept. ASHLAND (WIS.) LIGHT, POWER & STREET RAILWAY CO. Ist Sinking Fund 58. Due Jan. 1, 1939.— F. Dated Jan. 1, 1909. Interest payable Jan 1 and July 1, New York, Chicago or Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1, 000, 000. Outstanding — $621,000. In Treasury — $100,000. Retired by Sinking Fund — $28,000. Denomination — Coupon, $1,000, Reglsterable as to principal. Trustee — Chicago Savings Bank & Trust Co., Chicago. Redeemable at 104 and interest on any inter- est date. Sinking Fund — ^Annually, beginning Jan. 1, 1912. 1% of outstanding bonds, for their pur- chase or redemption at not over 'l04 and interest. Organization and Control — Incorporated In Wisconsin in 1896. Authorized Outstandlnar •Capital Stock $300,000 $200,000 *A majority is owned by the Ironwood A Bessemer Railway & Light Co. Secured by a first mortgage on all the prop- erty of the company. The company does the entire electric light and power, and gas busi- ness in Ashland and vicinity and owns and operates the street railway system in that city comprising 5 miles of track. The elec- tric property includes a hydro-electric plant of 1,350 h. p. and steam plant of 9,000 b. p.. distribution system and transmlision lines. The company operates under an Inde- terminate permit. Year ended June 30 Gross Net Interest 1917. . $268,472 $30,494 $32,752 1916.. 148,1j.S 64,418 80.169 1915.. 114,076 50.089 26,684 1914. . 118,562 58,151 25,955 Legal for Me. Orieinal Market — A block offered February, 1917, by P. W. Brooks -& Co., New York, at 95 and interest. Market. New York — Philip Lynch, E. & C. Ran- dolph, Burgess, Lang & Co. , P. W. Brooks & Co. Philadelphia — P. W. Brooks & Co. Price Range. Jan. 1. '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 96 '17 99 '17 90 Jan. 93 Jan. Low. 80 '18 83 '18 80 Nov. 83 Dec. ASHI^ND (WIS.) WATER CO. 1st Mtge. 6b. Due June 1, 1939. — F. Dated June 1, 1909. Interest payable June and Dec. 1, at American Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $297,000. Trustee — American Trust Co., Boston. Organization — Company incorporated In Wis- consin in 1884. Secured by first mortgage on all the plant supplying water to Ashland, Wis. Population (1910), 11,600. Operates under indeterminate provisions of the Public Utility law of Wiscon- sin. Market. Boston— H. C. Spiller & Co., Hotchkin & Co., Geo. A. Fernald & Co., F. W. Mason & Co., Chap. A. Day & Co. Philadelphia — Frazier & Co. 57 Price Raiijfe. Jan. 1, ^7 to Jan. 1, '19 Bid Hi&h.97 '17 Low. 92 '18 1918 Bid 92 Mar. ASHTABULA (O.) WATER SUPPLY CO. Iflt 69. Due June 1, 1937.— F. Dated June I, 1917. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction , Authorized — $275, 000. Outstanding— $243,000 (Dec. 31. '18). Approved by the Ohio P. U. Commission for the purpose of retirinir $202,000 outstanding maturing bonds and for extensions and im- provements. Denomination — Coupon, $1,000. Reg-Isterable as to principal. Trustee — Columbia Trust Co., New Torlc. Redeemable after June 1, 1922, at 105 and interest. Organization — Incorporated in Ohio in 1910 and purchased the property of the Ashta- bula Water Co. •* Capital Stoclc Outstanding Preferred (6% cum.) $288,800 Common 300,000 Secured by a first mortgage on all the prop- erty of the company. The company takes its water supply from Lake Erie and has a modern filtration system with a daily capacity of 6,000,000 gallons. 52 miles of main and pumping station with a daily capacity of 11,000,000 gallons. Population served, 25,000. Franchise expires in 1932, Year ended Dec. 31 Gross Net 1916 $100,224 $53,119 Later earnings not available. Original Market — $275,000 offered Aug., 1917. by Geo. A. Fernald & Co., Boston, at 99 and interest. Marlcet. Boston — Geo. A. Pernald & Co. New York — Frederic H. Hatch & Co. ASHUELOT GAS & ELECTRIC CO. Ist 58. Due Feb. 1. 1935. Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200, 000. Outstanding — $ 200,000. Denomination — Coupon, $500. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable as a whole at 103 on any inter- est date.' Guaranteed as to principal and interest by the Keene Gas & Electric Co. by endorsement. Organization and Control — Incorporated In New Hampshire in 1911 and acQuired from the Keene Gas & Electric Co. properties covered by this mortgage. The latter company owns all the common stock, $100,000, and leases the properties until Feb. 1, 1935. Rental, interest, taxes, maintenance, expenses, 5% cumulative dividend on $100,000 preferred stock and 6 % on common stock. Secured by a first mortgage on plants sup- plying electricity in Winchester, Swanzey. Marl- boro, Chesterfield, Westmoreland, Dublin and Peterborough, N. H., and Including two hydro- electric plants in Dublin and Peterborough developing 475 h. p., 38 miles transmission line from Hinsdale to Keene, and Keene to Dublin, supplying its own territory and Keene with electric current purchased from the Con- necticut River Power Co. plant at Hinsdale. Total population served over 9,000. Earnings — See Keene Gas & Electric Co., 1st 5s of 1935. Legal for N. H. Original Market — Offered May, »913. by Baker Ayling & Co.. Boston, Philadelphia, etc., at 99 and interest. Market. Boston — Baker, Ayling & Young, Richard- son. Hill & Co. ASSOCIATED GAS & ELECTRIC CO. Coll. Tr. Sinking Fund 6s. Due January 1, 1941.— F. Dated January 1. 1916. Interest payable January 1 and July 1. Tax Status— 2 % Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized — $2,000,000. Outstanding — $926,600. Retired by S. F.— $3,500. Denominations — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia, Pa. Redeemable at 105 and interest at any time on three weeks' notice. Sinking Fund — Annually as follows : One- half of 1% of bonds outstanding Jan. 1, 1917, to Jin. 1, 1921: 1% Jan. 1, 1922. to Jan. 1. 1936; and l%7o Jan. 1, 1937, to July 1, 1940, inclusive, for the purchase or redemp- tion of these bonds at not over 105 and interest. Organization — Incorporated in New York in 1906 and controls, through ownership of se- curities, gas and electric properties In Ithaca and Norwich, N. Y., Frankfort, Bowling Green and Hopkinsvilie, Ky., and Clarkville, Tenn . electric property in Oxford, and gas proper- ties in Homer and Cortland, N. Y., Van Wert and Greenville, O., and Owensboro, Ky. Secured by deposit of $1,356,000 of $1,500,- 000 Coil. Tr. 6s of 1949, and $375,160 6% notes of Associated Gas & Electric Co. and $425,000 (entire) preferred stock and $566,900 (60%) common stock of the Kentucky Public Service Co. The indenture provides for a bondholder's committee of three members, one appointed by the board of directors of the company, one by the bondholders and one by the trustee. The consent of the majority of this committee shall be obtained as a condi- tion precedent to the release of any securities deposited. Additional bonds may be issued only for the following purposes: 1. For 80% of the cost of betterments. Im- provements, etc., made after January 1. 191'', to the property of operating companies, a majority of the voting stock of which Is deposited as collateral for these bonds, or for 5% bonds due 1939 and the 6% bond; due 1949. 2. For the acquisition of not less than a control of new subsidiary properties, provided that (unless the bondholders' committee unani- mously otherwise consents) the earnings of operating companies applicable to securities pledged and to be pledged under this agree- ment (or those securing the 5 % bonds due 1930 and 6% bonds 1949) for twelve months preceding, after deducting expenses and taxes and interest on the 5% bonds due 1939, are not less than 2 % times interest charges on bonds of this issue outstanding and to be issued and the 6% bonds dOe 1949 outstand- ing in the hands of the public. If the 5% bonds due 1939 shall be cancelled prior to the maturity of this issue the earningrs- restric- tions become twice the interest on these bonds outstanding and to be issued and any debenture bonds outstanding: in the hands of the public. 3. For the purpose of acQulrinfr or refund- ing- bonds for operating companies the ma- jority of the voting stock of which shall be acquired under paragrapH 2. Earnings — See Coll. Tr. 5s. Original Market — OfCered .July. 1916, by Montgomery, Clothier & Tyler, Philadelphia, at 98^^ and interest. Market. New York — ^Montgomery & Co. Philadelphia — Montgomery & Co., Newhall & Co., Sam'l K. Phillips & Co. ASSOCIATED GAS & ELECTRIC CO. Iflt Coll. Tr. 5s. Due July 1, 1939.— F. Dated July 1, 1909. Interest payable Jan. and July 1 at Phila. Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. New York and Pennsylvania State taxes refunded. Authorized— $5,000,000. Outstanding— $1,175,000 (April, 1918). Retired — $257,000. The $3,568,000 unissued bonds are reserved to exchange for the securities of subsidiary companies only when such companies ar^ earning twice the interest charges on their bonds. Trustee — ^Phila. Trust Co., Philadelphia. Denomination — Coupon, $500. and $1,000, Registerable as to principal. Redeemable at 105 and interest on any Inter- est date on four weeks' notice. Sinking Fund — Each of the mortgages se- curing the bonds deposited hereunder pro- vides for a sinking fund. When money is available for the purchase of any deposited bonds for the respective sinking funds, the Trustee under this mortgage shall sell such bonds, but only if the money so received can be applied to the purchase of bonds of this issue at not exceeding 105 and Interest. All bonds so purchased are to be cancelled. If bonds are not purchaseable. the mDney in the sinking fund shall be applied by the sub- sidiary companies to improvements and ex- tensions. Organization — Incorporated in New York in 19 06 as a, holding company, and control =i through stock ownership companies named below and also the Greenville, O. , Gas & Light Co. and the Kentucky Public Service Co. Company is operated under supervision and advice of The J. G. "White Management Corporation. Secured by deposit of the following secu-^I- ties: $166,000* Homer (N. Y.) & Cortland Gas Light Co. Ref. 5s (now Ist); $1,163,100 (entire outstanding) stock and $245,000* Ref. 5a (now St) of the Ithaca (N. Y.). Gas & Electric Corp.; $85,000 1st 5s and $159,000* Ref. 5s of the Norwich (N. Y.) Gas & Elec- tric Co. ; $100, 000 stock (entire outstanding) and $119,000* Ref. 5s (now 1st) of the Van Wert (O.) Gas Light Co. (♦Indicates entire issue.) Population served 109,000. Franchises are either perpetual or for long terms, except in the city of Cortland, N. Y. Underlies— $145,000 Coll. Tr. 6s of 1949, and $926,500 Coll. Tr. S. F. 6s, due 1941. secured In part by deposit of $1,355,000 Coll. Tr. 6s of 1949. Year ended Dec. 31 (Consolidated) Gross Net Int. & S. F. 1917. . $921,014 $243,937 $236,653 1916.. 800.616 328,283 219.197 1915.. 671,059 284,616 184,496 1914.. 658,903 260,142 186.467 1913. . 828,730 279,320 228,234 Original Market — $1,325,000 offered in Oct., 1909. by Montgomery, Clothier & Tyler, and W. H. Newbold's Son & Co.. both of Phila- delphia, at 97^ and interest. Market. Philadelphia — H. D. Boenning & Co., New- hall & Co., Sam'l K. Phillips & Co. New York — Kiely & Horton, Newhall & Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 Bid Ask High. 92^/4 17 96 '17 Low. 86^/4 '15 89 '15 ASSOCIATED OIL COMPANY lat 5s. Due Aug. 1, 1923. — N. Dated Aug. 1, 1902. Interest payable Feb. and Aug. 1, at Trustee's or Southern Pacific Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. • Authorized — $5,000,000. Outstanding — $1,839,000 ($437,000 owned by Southern Pacific Co). Retired by Sinking Fund — $1,867,000. Denomination — Coupon, $1, 000. Trustee — Union Trust Co. , San Francisco, Cal. Sinking Fund — 5 % annually July 1, of bonds outstanding for the purchase or redemption of these bonds at not over 105 and interest, as may be offered Feb. 1, and Aug. 1. If no bonds are so purchaseable fund to be invested In government, municipal or quasi-public cor- poration bonds. See 1st Ref. 5s. Control — Majority of stock owned by South- ern Pacific Co. Secured by a first mortgage on 6,000 acres of oil lands In California. Underlies — $10,460,000 Rfdg. 5s. Listed on the San Francisco Stock and Bond Exchange. Earnings — See 1st Ref. 5s below. Market. New York — Sutro Bros. & Co., McDonnell & Co.. E. F. Hutton & Co. Los Angeles — A. H. Woolacott. Blankenhorn- Hunter-Dulin Co., L. A. Crisler & Co, San Francisco — McDonnell & Co., Sutro & Co. Price Range. Jan. 1, *08 to Jan. 1. *19 1918 Bid Ask Bid Ask High.103% '16 104 '16 99^ Feb. 100 Nov. Low. 75 '08 76^ '08 94?4 Sept. 98 Oct. ASSOCIATED OIL CO. (San Francisco) tst Ref. 5a. Due Jan. 15, 1930.— F. Dated Jan. 15, 1910. Interest payable Jan. and July 15, in New York and at the Union Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25, 000, 000. Outstanding— $8,899,000 (Sept. 15. '18). In Treasury — $1, 806, 000. Retired by S. F. — $6,993,000. Reserved for Extensions, etc. — $5,3 62,000. Reserved for Prior Liens — $1,940,000. Trustee — Union Trust Co., San Franclaco. Redeemable at par and interest on any inter- est date. 59 Sinkine Fund — Commenced Dec. 1, 1910, and provides for gradually increasing annual pay- ments as follows: 1/20 of bonds outstanding Dec. 1910, 1/19 1911, 1/18 1912. 1/17 1913. etc., for the purchase of these bonds at not exceeding- par and interest. Organization — Incorporated in California In 1901. The company owns directly or throug-h subsidiaries, oil wells, pipe lines, steamships and refineries. Controlled by Southern Pacific Co. by stock ownership. Secured by a mortgage on 37.000 acres of oil land owned in fee and leasehold interest in 2,125 acres additional, and a second mort- gage on 6, 000 acres of oil lands, located in central and southern California. Further se- cured by deposit of following stocks : 4,975 shares Associated Supply Co.. 34,980 shares Associated Pipe Line Co., and 12,910 shares Bakersfleld Iron Works. Oil production of properties owned or controlled amounts to 10,100,000 bbls. annually. Prior Liien — $1,839,000 1st 5s. 1922, Year ended Dec 31 Gross Net Int., Etc. 1918 $31,243,481 $5,316,612 $775,305 1917 $28,188,565 $4,729,101 $887,312 1916 21.663.906 4,019,311 820.922 1915 15,818.671 2.887,814 969.809 1914 15,544,675 2,175,800 911.047 Market. San Francisco — McDonnell & Co. Los Angeles — ^A. H. "Woolacott. New York — McDonnell & Co., B. P. Hutton. Sutro Bros. & Co. ASSOCIATED SI3IM0NS HARDWARE COM- PANIES 5% Secured Notes. Due $500,- 000 each July 1. from 1917 to 1920 in- clnsiTe and $2,500,000 July 1, 1931.— P. Dated July 1, 1916. Interest payable Jan- uary and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. Out8tanding^$3,000,000 (July 2, 1919). Retired— $1,500,000. The remaining $500. 000 bonds are issuable by written consent of Drexel & Co. , Phila- delphia, and will mature July 1. 1921, Denomination — Coupon, $1,000. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable as a whole at 100^^ and inter- est on Jan. 1. 1918. or any interest date there- after on eight weeks 'notice. Organization — This company is a voluntary trust, established under the laws of Massa- chusetts in 1911. The Trustees, B. C. Sim- mons, L. L. Rue and W. D. Simmons have acQuired the entire capital stock (except direct- ors' shares) of the Simmons Hardware Co. of St. Louis and affiliated companies, which in- clude distributing corporations located in Phil- adelphia, Toledo, Minneapolis, Sioux City, la. , Wichita, Kan., and an export office in New York City ; also of the Simmons Warehouse Co. Secured by deposit of the capital stock of subsidiary companies as described above. These companies have no mortgage debt except $50,000 serial mortgage bonds of the Sim- mons Warehouse Co. and no mortgag'^ debt can be placed on any of the properties during the life of these notes unless the securities representing such debt are pledged hereunder. The Indenture also provides that the aggregate quick assets of all companies shall be always equal in actual value to at least one and one- half times their aggregate net debt. The proceeds nt these notes with additional funds were applied to the retirement of $5,000,000 notes called for payment at 101 and interest July 1, 1916. Regular dividends have been paid on the stock of the Simmons Hardware Co. since its incorporation In 1874. EamingB — For the year ended Dec. 31, 1918, net earnings after all interest charges were $1,198,588 surplus and undivided profits, $6,- 393,790. Original Market — Offered June. 1916, by Drexel & Co., Philadelphia. Market. Philadelphia — Graham. Parsons & Co. St. Louis — Whitaker & Co., Smith, Moore & Co. Pittsburgh — Colonial Trust Co. Price Range, Jan. 1, '17 to Jan. 1, '19 - 1918 Bid Ask Bid Ask High. 93% '18 lOa '17 93^^ Nov. 95 Nov. Low. 93% '18 94% '18 94% Mar. ASTORIA VENEER MILLS & DOCK CO. iBt S. F. 6s. Due Jan. 1, 1941.— F. Dated Jan. 1, 1911. Interest payable Jan. 1 and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $500,000. Outstanding — $430,000 (Dec. 31. '17). Retired by S. F. — $70,000. Denomination — Coupon and registered $1,000. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest. Sinking Fund — ^Annually at least $10,000 of these bonds at not over 110 and interest. Organization — Incorporated in New Tork in 1911 as successor to the Astoria Veneer Mills, business established in 1876. The Company la engaged in the manufacture, storage and ware housing of lumber, veneers and logs. Secured by a mortgage on New York Harbor dock property comprising about 400 lots with 2,800 feet water front, with docks, ware- houses, machinery, etc., located at the north- ern end of Long Island City, appraised at $1,610,818. Market. New York — J. A. Clark & Co., Chas. H. Jones & Co. Buflfalo — John T. Steel. Philadelphia — Sam'l K. Phillips & Co. Price Range, Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 105 '17 95 Dec. 105 Dec. Low. 94 '18 98% '18 94 May 98% May ATCHISON & EASTERN BRIDGE CO. Ist 4s. Due July 1. 1928. — P. Dated July 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $66 5,000. Outstanding — $248,000. Retired by S. F.— $366,000. Denomination — Coupon $1,000. Trustee— Central Union Trust Co. , New York. Redeemable for the sinking fund by lot at par Sinking Fund — Difference between annual In- terest on outstanding bonds and $30,000. Secured by a first mortgage on railway and highway tollbridge over the Missouri River, at Atchison, Kas. Used by A., T. & S. P.. C.. R. I. & P.. C. B. & Q.. Mo. Pac. and othe? railroads. GO Market. ^ew York — Sharretts & Youne, F. H. Hatch & Co.. Wolfe & Stanley. Coffin & Co., F. J. Lisman & Co.. Abraham & Co., Baker, Car- ruthers & Pel], John Davenport. Philadelphia — Louchheim, Minton & Co., Charles Pearon & Co. Price Ranffe. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High. 89 '17 90 '08 80 Jan. Low. 70 '08 82 '14 80 Dec. ATCHISON RAILWAY, LIGHT & POWER CO. 1st and Ref, S. F. 5s. Doe Not. 1, 1935. Dated November 1, 1910. Interest payable May and Nov. 1, at Federal Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $726,000 (Feb., '19). Held in S. F. — $24,000. Reserved for Ext. — $750,000. Denomination — Coupon, $1,000 and $500. Regiaterable as to principal. Trustee — Federal Trust Co., Boston. Redeemable at 105 and interest on any inter- est date after May 1, 1915, on two weeks' notice. Sinking Fund — $5,000 annually, from Nov, 1, 1915 to 1919 inclu.5ive and $10,000 annually thereafter, to be applied to the purchase or redemption of these bonds at not over 105 and Interest. Bonds so redeemed to be kept alive and interest added to sinking fund. Organization and Control — Incorporated in Kansas 1895. All of the stock is owned by the Western Rys. & Li&ht Co., a subsidiary of the Illinois Traction Co. Secured by a first mortgage on ten miles of street railway in Atchison, Kan., and on plants supplying gas and electricity to that city. Population (1910) 16,429. Franchises are re- ported to extend beyond maturity of these bonds. The company has discontinued the manufacture of artificial gas, and is purchas- ing and distributing natural gas. Earnings — See "Western Rys. & Light Co. Original Market — Offered in 1910. $175,000 by Baker, Ayling & Co., Boston, Philadelphia, etc., at 96^ and interest. Market. Boston — Baker, Ayling & Young. Chicago — Baker, Ayling & Toung. New York — Philip Lynch. Philadelphia — Baker, Ayling & Young. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask • Bid Ask High.88'^ '16 93^ '17 82 Dec. 87 Dec. Low. 77 '18 82 '18 77 Oct. 82 Oct. ATCHISON, TOPEKA & SANTA FE RY. CO. Incorporated in Kansas in 1895. The Com- pany owns and operates 11,262 miles of road. The lines of the System extend from Chicago, III., through Kansas City, to Denver, Colo., Fort Worth, Dallas and Galveston, Texas, and Los Angeles and San Francisco, Cal, The A. T. & S. P. Ry. Co. is the only company owning a line from Chicago to California. The company had outstanding Dec. 31, 1918, $22 0,500,000 common stock and $124,173,700 5% non-cum.ulatIve preferred stock. Dividends have been paid on the preferred stock since 1899, and on the common stock since 1901. The present rate of dividend on the common stock is 6,%, which has been paid since 1910. For more than 10 years the net earnings in each year have been in excess of twice the Interest charges on the entire funded debt. Year ended I>ec. 31 Gross Net Int. & Rent tl918.. $42,885,311 $40,044,625 $11,696,192 $1918. . 187.658.223 44,206,339 1917.. $165, 529, 519 $52,240,229 $14,054,681 1916.. 144,290,238 52,555.449 14,433,260 •1915.. 117,665,587 39,048,561 14,930,635 •1914. . 111,109,770 34.289.204 14,117,960 •Tear ended June 30. tCorporate Income Account-Standard return under Federal control. ^Federal Income Account. ATCHISON. TOPEKA & SANTA FE RAIL- WAY CO. Gen. 4s. Due October 1, 1995: Dated December 12, 1895. Interest payable April and Oct. 1, at Company's office. 5 Nassau Street, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $165, 490, 500. Outstanding — $150,634,000. Denomination — Coupon, $ 5 and $1,000. Registerable as to principal, or exchangeable for registered. Registered, $1,000, $5,000 and $10,000. Trustee — Central Union Trust Co. , New York. Secured by a direct or collateral mortgage on 8,539.96 miles of road, viz: A first lien on 5,241.07 miles — Dearborn Station to Crawford ave. , Chicago, 111 5.00 Ancona to Streater Junction 30.71 Pekin Jet. to Pekin, 111 21.29 North Lexington to St. Joseph, Mo.... 76.14 Atchison, Kan., to Kan. -Colo. State Line 470.54 Kansas City, Mo., to Topeka. Kan.... 64.35 HoUiday, Kan., to Okla.-Tex. State Line 443.03 Hawthorne to Wilder, Kan 45.37 Lawrence to Ottawa Jet., Kan 26.07 Ottawa Jet. to Emporia Jet., Kan 54.19 Quenemo to Osage City, Kan 19.45 Burlingame to Alma, Kan •. . 34.23 Burlington Jet. to Burlington, Kan,... 41.57 Burlington to Gridley, Kan 10.72 Colony to Yates Center, Kan 24.74 Chanute to Pittsburgh, Kan 52.67 Chanute to Longton. Kan 43.33 Benedict Jet. to Madison Jet., Kan.. 40.61 Cherryvale to Coffeyville, Kan 18.13 Independence to Cedar "Vale, Kan 5 4.67 Havana to Caney, Kan 5.43 Kansas-Okla. State Line to Tulsa, Okla. 67.17 Emporia to Molina, Kan 83,29 Florence to Winfield Jet., Kan 72,74 Strong City to Bazar, Kan 11.70 Neva to Kan.-Nebr. State Line 151. 8t Abilene to Saline, Kan 22,55 Manchester to Barnard, Kan 43.38 Florence to Ellinwood, Kan 98.30 Little River to Holyrood, Kan 26.31 Newton to Arkansas City, Kan 76.60 Augusta to Mulvane, Kan 20.59 Mulvane to Englewood, Kan 166.35 Mulvane to Caldwell, Kan 37.65 Wichita to Pratt, Kan 79.79 Arkansas City, Kan., to Purcell, Okla. 154.00 Attica to Medicine Lodge, Kan 21.01 Wellington to Hunnewell. Kan 18.32 Hunnewell, Kan., to Braman, Okla.... 9.07 Braman to Tonkawa, Okla 15.95 Hutchinson to Kinsley, Kan 84.25 Great Bend to Scott City, Kan 120.23 Larned to Jstmore, Kan 46.33 Kan. -Colo. State Line to Canon Jet., Colo 150 16 Canon Jet. to Denver, Colo 116.48 61 Canon Jet. to Rockvale, Colo 35.86 Clelland to Canon City, Colo 7.24 Holly to Swlnk. Colo 93.17 Lamar to Kornman. Colo 4.32 Las Animas to Waveland, Colo 2.25 La Junta, Colo., to Colo.-N. Mex. State Line 96.46 Colo.-N. Mex. State Line to San Mar- cial. N. Mex 352 87 Las Vegas to Hot Springs, N. M 9.02 Lamy to Santa Pe, N. M 18.10 Socorro to Magdalena, N. M 27.34 San Marcial to Deming, N. M 129.01 Rincon, N. M., to N. M.-Tex. State Line 56.35 Nut to Lake Valley, N. .M 13.31 Deming to Silver City, N. M 46.65 Whitewater to San Jose, N. M 14.55 San Joae to Santa Rita, N, M 3.28 Hanover to Fiorro, N. M 6.18 ' Isleta, N. M., to Needles, Cal 564.64 Barstow to Los Angeles, Cal 140. "TO Los Angeles to National City, Cal.... 131.92 San Bernardino to Orange, Cal 47.07 Highgrove to Temecula, Cal Perris to San Jacinto, Cal 19.44 Elsimore Jet. to Alberhill, Cal 7 76 Richfield to OUnda, Cal 4. ?6 Casa Blanca to Prenda, Cal 2.04 Pallhrook Jet. to Pallbrook, Cal 18 05 Escondido Jet. to Escondido. Cal 21.3 San Bernardino to Mentone. CqI 12.51 Highland Jet. to Mentnre i'--, i .. 12 tn Redondo Jet. tt, RedOix^o, Cal 20.59 Connections .42 A first collateral lien by pledge of entire issue of stocks and bonds on 1.390.81 miles — Galveston, Tex., to Purcell, Okla 515.55 Alvin to Houston, Tex 24.66 Somerviile to Silsbee, Tex 152.61 Temple to Coleman, Tex 161.36 Lometa to Eden, Tex 98.18 Coleman Jet, to San Angelo, Tex 73.16 Weatherford Jet. to Weatherford, Tex. 39.90 Cleburne to Paris. Tex 152.32 Branches 27.94 N. M.-Tex. State Line to El Paso, Tex. . .' 20.22 Okla. -Tex. State Line to Amarillo, Tex. 124.92 A second lien on 1,908.09 miles, covered by the first lien of the following — Hutchinson & Southern 1st 5s 141.36 A., T. & S. P. Eastern Oklahoma Div. 1st 4s 477.41 Chicago, Santa Pe & Cal. 1st 5s 439.29 San Prancisco & San Joaquin Valley Ry. 1st 5s 374.60 A... T. & S. P. Trans. Short Line 4s.. 475.43 Also secured by pledge of the following securities — BONDS. Atchison Union Depot R. R. 2d 5s. S2, 000 Kansas City Northwestern R. R. 1st 6s 2.000 Leavenworth & Topeka Ry. 1st 4s. 50,000 Toluca Coal Co. 1st 5s 289,000 Union Passenger Depot Co. of Gal- veston 1st 5s 64.000 Southern Ry. of Texas 1st 5s.... 1,583,000 Pacific Land Improvement Co 99,506 Rush Centre Town Co 1,205 St. Joseph Terminal R. R 148,500 St. Joseph Union Depot Co 900 Santa Pe Pacific R. R 3,998,700 $1,990,000 STOCKS. Atchison Union Depot & R. R. Co.. $18,000 Aztec Land & Cattle Co., Ltd 21,540 Cherokee & Pittsburgh Coal & Min- ing Co 198,000 Port Worth Union Passenger Sta- tion Co 23,200 Las Vegas Hot Springs Co 246,600 Leavenworth & Topeka Ry 24,600 Leavenworth Depot & R. R 12,000 $4,993,145 Prior Liens — Subject to $38,889,000 prior liens, as follows: Hutchinson & Southern 1st 5s 1928. 192,000 A., T. & S. P. Eastern Okla. 1st 4s, 1928 9.603,000 Chicago, Santa Pe & Cal. 1st 5s, 1937 660.000 San Francisco & San Joaquin Val- ley 1st 5s, 1940 5.989.000 A. T. & S. P. Trans. Short Line 4s 1958 22,545,000 Underlies — Adj. 4s of 1995. Leeal for Bait., Cal., Conn., Me., Mass.. • Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New York, Boston, London and Amsterdam Exchanges Original Marltet — $4,000,000 offered in 1908 by Lee, Higginson & Co., of New York. Bos- ton, etc., Moffat & White (now White. Weld & Co.), of New York, Boston, etc., and Clark, Dodge & Co., of New York. Market. New York — Merrill, Lynch & Co. .Redmond & Co., Seasongood, Haas & Macdonald, J. S. Bache & Co., E. & C. Randolph. Remick, Hodges & Co., Colgate, Parker & Co., Coffin & Co., Taylor, Smith & Mard. Cliicago — Taylor & Co., Merrill, Lynch & Co. Pittsburgh — R. W. Evans & Co. Baltimore — Mercantile Tr. & Safe Deposit Co. Los Angeles — Blankenhorn-Hunter Co. Cincinnati — Plfth-Third Nat. Bank. Pasadena — Blankenhorn-Hunter Co. Price Kange^^N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 High. 104% Jan. 29, '06 90 Nov. 8 Low. 79 Sept. 27, '18 79 Sept. 27 Registered. High.103% Jan. 23, '06 85% Nov. 30 Low. 80 Apr. 16, '18 80 Apr. 16 ATCHISON, TOPEKA & SANTA FE KAIL- WAY CO. Adj. 4s. Due July 1, 1995.— P. Dated December 12, 1895. Interest payable up to 4 per cent, per an- num out of surplus nqt earnings, at Com- pany's office, 5 Nassau Street, New York. In- terest cumulative beginning July 1. 1900. Originally payable annually on Nov. 1. on a'l bonds. Interest is now payable on $43,178,500 (Dec. 31, 1918). stampe<3 bonds, semi-annually May and November 1. Tax Status — 2% Pederal Income Tax paid by company without deduction. Autliorized — $71,728,000. Outstanding — $51,346,000. Unissued bonds may be issued \\-itb th" assent of a majority of holders of outstanding bonds and at not more than $2,000,000 per annum, after $30,000,000 bonds have been is- sued under the Gen. ^tge. Denomination — Coupon, $600 and $1,000. Regiaterable as to principal only, or fulLv reg- isterable. Registered, $1,000, $5,000 and $10,000. Trustee — Central Union Trust Co., New York. Secured by a direct or collateral Hen on 62 8,539.96 miles of road subject to the Gen. 4a of 1996. Prior Iiiens — Gen. 4a and prior liens to same. Iieeal for N. H. and R. I. lilsted on the New York,. Boston, London and Amsterdam Stock Exchanges. Original Market — Offered In 1906, by the Guaranty Trust Co. and Potter, Choate & Prentice, New Tork, at 96 and Interest. Market. New York — Struthers & Hlscoe, MoKinley & Morris, Guaranty Trust Co., Seasonsood, Haas & Hacdonald, Bernhard, SchoUe & Co.,- Colgate, Parker & Co., Redmond & Co. Chicago — Illinois Trust & Savings Bank. Kansas City, Mo Houston, Fible & Co. Philadelphia — Frazier & Co. Omaha — City Trust Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Unstamped. High. 97% Jan. 23, '06 81 Nov. 9 Low. 71% Apr. 8, '18 71% Apr. 18 Registered, Hlgh.92H Feb. 9, '09 73'^ June 19 Low. 73% June 19, '18 73% June 19 Stamped. High.97 Jan. 9, '06 82% Nov. 9 Low. 70 Sept. 20, '18 70 Sept. 20 Registered. High.92 Feb. 16, '07 71% Sept, 17 Low. 71% Sept. 17, '18 71% Sept. 17 ATCHISON, TOPEKA Si SANTA FE RAIL- WAY CO. East. Okla. Dlv. Ist 4s. Due March 1, .1988.— F. Dated February 26, 1903. Interes' payabU March and September 1, at the Company's office. 5 Nassau St., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000, 000. Outstanding — $9,603,000. Denomination — Coupon, $1,000, registerable as to principal 6v exchangeable for fully reg- istered bonds. Registered, $1,000, $5,000 and 110,000. Trustee — Guaranty Trust Co., New York. Organization — The Eastern Oklahoma Ry. Co. was chartered in Oklahoma in 1899 and consolidated with the A., T. & S. Fe Ry. Co. In 1907. Secured by a first mortgage on 477.41 miles of road, viz; Newkirk to Pauls Valley, Okla 183.67 Guthrie Jet. to Cashing Jet., Okla.. 47.86 Ripley to Esau Jet., Okla 40.42 Pauls Valley to Lindsay, Okla 24.18 Davis to Sulphur, ikla 9.27 Guthrie, Okla., to Kiowa, Kan 113.37 Kiowa to Belvldere, Kan 48.03 Seward to Caahion, Okla "10.61 *Not operated. Bonds outstanding at rate of $20,100 per mile. Underlies — A., T. & S. F. Gen. 4s of 1995 and A., T. & S. F. Adjmt. 4s of 1995 and Conv. Debs. Legal for Cal., Conn., He., Mass., Mich., Minn., Mo., N. H., N. J, R. I„ Vt. and Wis. Listed on the New York and Amsterdam Stock Exchanges Original Market — $1,000,000 offered in 1908 by N. W. Harris &- Co., New York and Bos- ton, and the Harris Trust and Savings Bank, Chicago, at 93% and interest. Market. New York — Remick, Hodges & Co., Shuman & Sellgman, Samuel Goldschmidt, "Wood, Struthers & Co.. S. P. Larkin & Co., Finch & Tarbell, Bernhard, Scholle & Co., Seaaon- good, Haas & Macdonald, Struthers & Hiscoe, Ambrose R. Clark & Co., Redmond & Co., Taylor, Smith & Hard. Boston — Lee, Higglnaon & Co, Chicago — Harris Tr. & Sav. Bank, Hoden- pyl. Hardy & Co. Philadelphia — West £ Co. Omaha — City Trust Co. Baltimore^ — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 190(i to Jan. 1, 1919 1918 Hieh.101% Jan. 9, '06 91% Aug. 26 Low. 91 Apr. 3, '07 91% Aug. 26 ATCHISON, TOPEKA * SANTA FE RAIL- WAY CO. Conv. 4s. Due June 1, 1955. Dated April 1, 1906, and June 1, 1909. In- terest payable June 1 and Dec. 1, at Com- pany's office. 5 Nassau St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $49,711,000 dated 1905, and $28,258,000 dated 1909. Outstanding — $7,307,000 dated 1905, $1,296,- 000 dated 1909 (Deo. 31. 1917). Balance converted. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon five months' notice. Convertible at par into the Company's com- mon stock at any time up to June 1, 1918. Security — A direct obligation of the com- pany, but not secured by a mortgage. The indenture provides that no new mortgage, ex- cept to further secure issues executed prior hereto, shall be executed againat the lines owned Jan. 1..1905, without equally securing these convertible bonds. Legal for N. H. and R. I. Listed on the New Tork, London, Amster- dam and Boston Stock Exchanges. Original Market — Underwritten in* 19 05 by J. P. Morgan & Co., and offered to stock- holders 1908 at 104. Market. New York — Kissel. Kinnicutt & Co., Coffin & Co., Shuman & Sellgmann. Boston — Parkinson & Burr. Price Range — N. Y. S. E. .Ian. 1, 1906 to Jan. 1, 1919 1918 High. 123% Oct. 2, '09 87 May 16 Low. 71% Oct. 9, '18 71% Oct. 9 ATCHISON, TOPEKA & SANTA FB RAIL- WAY CO. Trans. Continental Short Line 4s. Due July 1, 1958. — F. Dated July 1, 1908. Interest payable Jan. and July 1, at office of the Company, 5 Nassau St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding — $22,545,000. Denomination — Coupon, $1,000. Registers hie as to principal. Registered, $1,000, $5,000 and $10,000. C. £ R. interchangeable. Trustee — Guaranty Trust Co., New York Redeemable at 110 and interest on any in- terest date upon three montha' notice. Secured by a direct or collateral lien on 1.100.04 miles of road, viz: A direct first mortgage on 476.43 ml'es. Belen, N. M., to Tex. N. M. State Line. 248. 2'' Clovis, N. M. to Tex. N. M. State Line. 21 7. 19 Dalies to Belen, N. M lO 02 63 A first collateral liRn by pledg-e of entire issues of stock and bonds, on 624.61 miles. Amarillo, Tex. to Tex, N. M. State Line. 94.93 Farwell to Co'.eman, Tex 288.37 Plainview Jet. to Ploydada, Tex 26.75 Sweetwater Jet. to Sweetwater, Tex. . . 3.12 Slaton Jet. to Lamesa, Tex 54.06 Canyon Jet. to Lubbock Jet., Tex 103.14 Tex. N. M. State Line to Pecos, Tex... 54.24 Underlies — Atchison, Tbpeka and Santa Fe General 4s and Adjt. 4s of 1995. Legal for Cal. ,■ Conn. , Me. , Mass. , Mich., Minn., Mo.. N. J., R. L, Vt. artd "Wis. Listed on the New York Stock Exchange Original Market — Offered in 1908 by J P. Morgan & Co., New York, Drexel & Co., Phila- delphia, Kidder, Peabody & Co. , Boston, and J. S. Morgran & Co., London, at 94^ and interest. Market, New York — E, & C. Randolph, Seasongood, Haas & Macdonald, Struthers & Hiscoe, Bern- hard, Schnlle & Co., Ambrose R. Clark & Co., Remlck, Hodges & Co., Merrill, Lynch & Co., Poter, Choate & Prentice, Wm. Morris Imbrie & Co., "Wood, Struthers & Co., Sharretts & Young, J. S. Bache & Co., Wolff & Stanley, J. S. Farlee & Co., Redmond & Co.. Taylor. Smith & Hard. Boston — Curtis & Sanger. Philadelphia — West & Co., Harrison ft Co. Chicago — Harris Tr. & Sav. Bank. St. Louis — Bowman, Cost & Co. Pitsburgh — Lyon, Singer & Co Price Range — N. Y. S. E. Jan. 1. 1908 to Jan. 1. 1919 1918 High.97 Dec. 24, '08 86 Dec. 5 trf)W.74% Oct. 10. '18 74% Oct. 10 Registered. High.92i/i Apr. 18. '16 Low..92i^ Apr. 18, '16 ATCHISON, TOPEKA & SANTA FE RAIX/- WAY CO. Conv. 4s. Due June 1, 1960. Dated June 1, 1910. Interst payable June and Dec. 1, at Company' s office, 5 Nassau Street, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $43,686,000. Outstanding — $11,861,000 (Dec. 31, '17). Balance converted into stock. Denomination — Coupon, $1,000. Reglsterable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon three months' notice. Convertible at par into the Company's com- mon stock at any time prior to June 1, 1923. Security — A direct obligation of the com- pany but not secured by a mortgage. The Indenture provides that no future mortgage shall be executed on the lines owned on Jan. 1, 19 07 except to secure issues executed prior to that date, without equally securing these Convertible Bonds. Legal for New Hampshire and Rhode Island. Listed on the New York, Boston and London Stock Exchanges. Original Market — Offered to the stockholdera in 1910 for subscription at 102%. Market. Active on N. Y. Stock Exchange. Price Range — N. Y. S. E. Jan. 1, 1930 to Jan. 1, 1919 1918 High.llOVi Nov 4, '15 96% Nov. 19 Low. 79 Nov. 13, '17 82 Apr. 17 ATCHISON, TOPEKA & SANTA FE RAIL- WAY CO. Cai.-Ariz. Lines Ist & Ref. 4Va8. Series "A" and "B." Due March 1, 1962.— P. Dated March 1, 1912. Interest payable March and Sept. 1, at New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding — $18,501,579. $17,805,000 Series "A" and $696,579 Series "B" (Dec. 31, 1917). Series "B" are in Sterling. Denomination — Coupon, $1,000 and £100 and £200. Registerable as to princip^all. Regis- tered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date on three months' notice. Organization — The California, Arizona & Santa Fe Ry. Co. was organized Dec, 1911, In the interests of the A., T. & S. F. Ry. Co. to take over the lines of the Cal. East'n Ry.. S. Pe, Prescott & Phoenix Ry. and the Pres- cott & East'n R. R. Co. and certain other rail- roads. Conti'oIIed by ownership of entire cap- ital stock by the A., T. & S. F. Ry. Co. Secured by a direct or collateral lien on 819.16 miles of road, viz: A direct mortgage on 317.49 miles — Cadiz, Cal., to A. & C. Jet., Ariz 190.27 Barnwell, Cal., to Searchlight. Nev 23.22 Poland' Jst. to Poland, Ariz 7.95 Mayer to Crown King, Ariz 27.70 FuUerton to Richfield, Cal 5.10 Reedley to Pledra, Cal .• 16.97 Riverbank to Oakdale, Cal 6.32 Richmond to Oakland, Cal 11.82 Kramer to Johannesburg, Cal 28.64 A first collateral lien on 38.37 miles — Through pledge of $597,000 (of total issue of $600,000) California East- ern Ry. 1st 5s 1921 GofEs to South Ivanpah, Cal 38.37 A direct second mortgage on 463.30 miles: (Covered by the first Hen of the Southern Pacific R. R. of Cal. 1st cons. 5s) Needles to Mojave, Cal *241.58 (Covered by the first lien of the Santa Fe, Prescott & Phoenix 1st 53) Ashfork to Phoenix, Ariz 195.32 (Covered by the first lien of the Pres- cott & Eastern 1st 5s) Prescott & Eastern Jet. to Mayer, Ariz. 26. -'O Prior Liens — Subject to $9,294,500 prior liens as follows: •California Eastern Ry. 1st 5s 1921,. $3,000 ♦Prescott & Eastern 1st 5s 1928 224,000 Southern Pacific R. R. of Cal. 1st 5s 1937- 4.127,500 *Santa Pe, Prescott & Phoenix 1st 5s 1942 4,940,000 •Provided for by this issue. Legal for Cal., Conn.. Mich.. Minn.. N. J., R. I. and "Wis. Listed on the New York and London Stock Exchanges. , } Original Market — $9,934,000 offered in March. 1912, by J. P. Morgan & Co., National City Bank, and First Nat'l Bank of New York at 102 and interest. Market. New York — Active on New York Stock Ex- change. St. Louis — Wm. R. Compton Co. Boston — Lee, Higginson & Co., Old Colony Trust Co. Cliicago — Kean, Taylor & Co., Union Trust Co. Cincinnati— Fifth-Third National Bank. Pittsburgh — Lyon, Singer & Co. 64 Price Rane&^Ser. "A" — N. Y. S, E. Jan. 1, '12 to Jan, 1, '19' 1918 High.100% Oct. 22. '12 85^ Nov. 20 Low. 79 Mar. 27, '18 79 Mar. 27 THE ATCHISON. TOPEKA & SANTA FE RAILWAY CO. ROCKY MOUNTAIN DI- VISION 1st 4a, Series A, Duo Jan. 1. 1965. — ^N. Dated Jan. 1, 1915. Interest payable Jan. 1 and July 1, at Company's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000,000. Outstanding — $3,000,000. Denomination — Coupon, $1,000. Register- able as to principal or fully regristerable. Reg- istered $1,000 and multiples. C, & R. in- terchangeable. Trustee — Guaranty Trust Co., New York. Redeemable aa a whole at 105 and Inter- est on any interest date. Control — The Rocky Mountain & Santa Pe Ry. Co. is controlled by the Atchison, Topeka & Santa Fe Ry. Co. through ownership ot the capital stock. Secured by a first mortgage executed joint- ly by the Atchison, Topeka & Santa Fe Ry. Co. and the Rocky Mountain & Santa Fe Ry. Co. on all the property of the latter company, owned or hereafter acquired by the proceeds of these bonds and includes 105.17 miles of railroad, viz ; Des Moines to Ute Park, 95.25 miles, and branches from Clifton House to Raton 6.45 miles and from Koehler to Koehler Jet., 3.47 miles, all In New Mexico. This road forms a connection with the Colo- rado & Southern Ry. and the Bl Paso & Southwestern System. The road covered by this mortgage tra- verses extensive and important coal proper- ties. These bonds are outstanding at tha rate of about $28,000 per mile. Listed on the New York Stock Exchange, Legal for Cal., Conn.. Me., Mich., Minn., Mo., N. H., N. f., R. I. and Wis. Orisinal Market — Offered in 1915 by Rob- inson & Co., New York, Bodell & Co., Provi- dence, at 88 % and interest. Market. New York — C. H. Hensel, J. J. Levenson, Wood, Sruthera & Co. , L. P. Rothschild & Co.. B. & C. Randolph, Gude, Winmill & Co.. Sharretts & Young, Newborg & Co., Robinson & Co. , McKinley & Morris. Providence — Bodell & Co. Pittsburgh — Moore, Leonard & Lynch. Price Ranee — N. Y. S. E. Jan. 1, 1915 to Jan. 1, 1919 1918 High. 89 Feb. 2, '16 79 June 20 Low. 78 Aug. 22, '17 79 June 20 ATHENS (GA.) ELECTRIC RAILWAY CO. Ist 6s. Due Oct. 1, 1931.— F. Dated Oct. 1, 1901. Interest payable Apr. 1 and Oct. 1, at Title Guarantee & Trust C».. Atlanta, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $388, 000. Denomination — Coupon, $1,000. Trustee — Title Guarantee & Trust Co., At- lanta, Ga. Redeemable as a whole only at 106 and Interest. Control — ^Absorbed In 1910 by the Athens Ry. & Bl, Co. which Is controlled by tha Cities Service Co, Management — The Doherty Organization, Secured by a first mortgage on street rail- ways in Athens, Ga., embracing ten miles of track. Population served, 22,000. Pranchlsa is nernetual Underlies— $434,000 Athens Ry. & Elec. Co. bonds. Earnings — See Athens Ry. & Blec. Co. Market. Augusta, Ga. — J, W. Dickey. Atlanta — J. H. Hilsman & Co. Baltimore — John D. Howard & Co. New York — Frederick H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1. 'Iff Bid Ask Hlgh.lOl '16 105^^ '17 Low. 100 '17 103 '17 ATHENS (GA.) GAS, LIGHT & FUEL CO. 1st 30-Year S. F. 5s. Due May 31. 1942. Dated June 1, 1912. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $ 266,000. Denomination — Coupon, $1,000. Trustee — Fairmont-Savings Trust Co., Phil- adelphia. Redeemable at 102^/^ and Interest on and after June 1, 1918. Sinking Fund — ^Annually, beginning May 1, 1918, 1 per cent, of bonds Issued. Organization — Incorporated in Georgia, In 1912. Secured by a first mortgage on all the property and . franchises of the company, in- cluding a gas plant at Athena, Ga., serving a population of 20,000. Franchises are re- newable at the expiration of each 2 years upon application to the Superior Court. Original Market — $ 250,000 ofCered June, 1913, by Newburger, Henderson & Loeb, Phil- adelphia, at 90 and interest with 20 per cent, stock bonus. Market. Philadelpbia — Newburger, Henderson & Loeb, Sam'l K. Phillips & Co. ATHENS New I'ork — Baker, Carruthers & Pell. Baltimore — ^Middendorf, Williams & Co. Price Range, 1918 — Asked 70. ATLANTIC & YADKIN RAILWAY CO. 1st 4s. Due April 1, 1949. — F. Dated May 16, 1899. Interest payable April and Oct. 1, at J. P. Morgan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandine — $1,500,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Trust Co., New York. Guaranteed principal and Interest by the Southern Ry. Co. by endorsement. Controlled by the Southern Ry. Co. (oper- ated independently) through ownership of en- tire capital stock ($1,000,000). all but $700 of which is deposited under the S. Ry. Cons. 6s of 1994. Secured by a first mortgage on 161.08 miles of road including the line from Mt. Airy to Sanford, N. C, 130.96 miles, and branches. Bonds of this issue are outstanding at the rate of $9,400 per mile. Refunding — The Southern Ry. Dev. & Gen. Mtge. provides for the retirement of this Issue. Listed on the New York Stock . Exchange. IVIarket. Baltimore — Jenkins. Whedbee & Poe. New York — Chas. W. Place, Morton, Lach- enbruch & Co., J. S. Farlee & Co., Harts- horne & Battelle, Wm. Carnegie Bwen, Baker. Carruthers & Pell, F. J. Lisman & Co. Philadelphia — Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y._S. E. Jan. 1, 1906 to Jan. 1, 191!) 1918 Bid High.75% Dec. 10, '14 70 Nov. Low. 76 Feb. 7. '17 ATLANTIC AVE. RAILROAD CO. OF BROOKLYN Gen. Cons. Ss. Due April 1, 19S1.— N. Dated April 23, 1891. Interest payable April and Oct. 1 at Central Union Trust Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $2,241,000. (Closed Mortgage). Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Brooklyn Trust Co.. Brooklyn, N. Y. Redeemable at any time at par. In 1893 certain of these bonds were stamped and these bonds are not subject to redemption. Control — Merged into the Nassau Electric Railroad Co. This latter company is con- trolled by the Brooklyn Rapid Transit Co., through ownership of practically its entire capital stock. Property covered by this mort- gage is leased to the Long Island R. R. Co. at a rental of $60,000 per a^nnum and affords that company an entrance into Brooklyn. Secured by a first mortgage on 9% miles of double track from Jamaica to Fiatbush Ave., Brooklyn. (In Oct., 1910, the N. T. Court of Appeals decided that the City had the right to tear up the trade). Underlies— $220,000 Atlantic Ave. R. R. Impt. 6s and 111.608,000 Nassau Bleo. B. R. Co. 4s. Bonds are reserved under the latter mortgage to retire this issue. Earnings — See Nassau Ei. R. R. Market. New York — T. L. Bronson, Wolff & Stanley, John Davenport, Wm. Carnegie Ewen, Abbott. Johnson & Co.. Berdell Bros.. Wm. R. Clarke. Ladd & Wood, Low. Dixon & Co., L. A. Norton & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 1021/1 '11 104 '13 90 Mar. 96 Mar. Low. 80 '18 84 '18 80 Aug. 84 Aug. ATLANTIC AVE. BAILKOAD Imp. Mtge. 5s. Due Jan. 1, 1934.— F. Dated Jan. Ir 1894. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $220,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., New York. Control — See Gen. Cons. 5s. Secured by second mortgage on 9% miles of road from Jamaica to Fiatbush Ave.. Brooklyn. Prior Lien — $2,241,000 Gen. Cons. 6s (Closed). Underlies — $11,608,000 Nassau Bl. R. R. 4s. Earnings — See Nassau El. R. R. Market. New York — T. L. Bronson, John Davenport, Wm. Carnegie Bwen. Ablwtt. Johnson & Co., Low, Dixon & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Bid High.86 '17 75 Nov. Low. 75 '18 ATLANTIC CITY & SHORE CO. Coll. Tr. 4s. Due Feb. 1, 1988 or 1940 F. Dated Feb. 1. 1910. Interest payable Feb. and Aug. 1, at oflice of Trustee. Tax States — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $591,100. Denomination — Coupon, $1,000, $500. $100. Registerabie as to principal. Trustee — Cambridge Trust Co.. Chester. Pa. Organization — Company incorporated in Del- aware in 1909. Owns a majority of stock of the Atlantic City Shore R. R. Co. Receivership of Subsidiary — Receiver was appointed for the Atlantic City & Shore R. R. Co. Dec, 1915, for default of Dec. 1. 1916. interest. Secured by deposit of $591,100 (entire Is- sue) Atlantic & Suburban 1st 5s and 2,995 out of 3,000 shares of same corporation. The Atlantic City & Suburban Ry. Co. owns 16 miles of road from Atlantic City to Pieas- antville, Somers Point and Absecon, N. J. Underlies — $100,000 Prior Lien 5s. ATLANTIC CITY & SHORE RAILROAD 1st & CoU. Tr. 6s. Due Dec. 1, 1945 P. Dated Dec. 1, 1905. Interest payable June and Dec. 1, at office of Trustee. Dec. 1, 1915, and subseauent coupons In default. 71 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding: — $950>,000. Held in Treasury — $50,000. Denomination — Coupon, $1,000. Regrister- able as to principal. Trustee — Girard Trust Co.. Philadelphia. Redeemable at 110 and Interest. Organization — Incorporated in New Jersey In 1905. Receivership — Receiver appointed Dec, 1915, for default of interest. Protective Commit- tee: Geo. Burnham, Jr., -Harry C. Francis, Frank H. Bachman, Jr., Til&hman Johnson and J. D. Mcllhenny. Control — Atlantic City & Shore Co. through stock ownership. Secured by a first mortg^age on 4 miles of street railway in and around Atlantic City. N. J. The Company operates 48 miles of track, including lines to Pleasantville, Long- port and Ocean City. Original Market — First offered by H. F. Bachman & Co., Philadelphia, January, 1906, at par and interest. Market. Philadelphia — O. B. Lansinger & Co., H. F. Bachman & Co. Price Range 1918 — Bid 3 0-3 5. ATLANTIC CITY & OCEAN CITY CO. Coll. Tr. 5s. Due March 1, 1947. — F. Dated June 1, 19j07. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outsla^nding — $350,000. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable on any interest date at 110 and interest. Control — A majority of the stock is owned by the Atlantic City & Shore R. R. Co.. which leases the Atlantic City & Ocean City R. R. for 999 years. Rental la $19,500 per annum, plus a contingent rental of 33 1/3% of net surplus after reservation of $25,000 for improvements and betterments, but not to exceed $25,000. Receivership of Iiossee — Receiver was ap- pointed for the Atlantic City & Shore R. R. Co. on default of its Deo. 1, 1915, Interest. Secured by a first lien on all stocks and bonds ($180,000 of each) of the Atlantic City -& Ocean City R. R., owning 2% miles of road from Ocean City to Somers Point; N. J., forming part of the only electric railway line between Atlantic City and Ocean City, N. J. The road is built largely on bridges and trestles across Great Egg Harbor Bay. Original Market — Offered by H. F. Bach- man & Co., Philadelphia, In 1907, at par and interest. Market. Philadelphia — ^H. F. Bachman & Co. ATLANTIC CITY ELECTRIC CO. 1st & Ref. 5s. Due March 1, 1938. — P. Dated March ^, 1908. Interest payable March and Sept. 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — $5,000,000. Outstanding— $2,113,000 (Mar. 31, 1918). Retired by Sinking Fund — $106,000. Reserved for Prior Liens — $201,000, Reserved for Ext. — $2,580,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia, Pa. Redeemable as a whole at 110 and Interest on any interest date. Sinking Fund — 1% annually of outstanding bonds, from 1913 to 1921; 1%% from 1921 to 1930: and 2% from 1930 to 1937; to be applied to the purchase or redemption of these bonds at not over 110 and interest. Guaranteed srincipal and interest by the American Gas & Blectric Co. Organization and Control — Incorporated in New Jersey in 1907. In October, 1914, the company acquired the property of the Ocean City Electric Co. The Company is controlled by the American Gas & Electric Co., through ownership of Its entire common stock, which ts deposited under that company's Coll. Tr. 5s, due Feb. 1, 2007. The latter company Is controlled by interests identified with the Gen. Elec. Co. Secured by a mortgage on all property, now owned or hereafter acauired. including plants supplying Atlantic City and Ocean City, N. J., with electricity and hot water for heating Population served about 50,000 permanently and 250,000 In summer. Franchises are un- limlted as to time except one which expires 2005. Prior Liens — $175, 000 Atlantic City Elec- tric Light & Power Co. 1st 5s of 1934 and $13,000 New Jersey Hot Water Heating Co. 1st 5a of 1936 for the retirement of which bonds of this issue have been reserved. Year ended Dec, 31 Gross Net Interest 1916.... $616. 464 $279,009 $108,317 1915 548,250 272,754 104,000 1914 540,943 270,212 101.323 1913 457,186 227,771 95,652 IjRter earnings not available. Listed on the Philadelphia Stock Exchange. Original Market — OfEered, 1908, by E, B. Smith & Co., Philadelphia and New York, at 9 2 Vi and interest ; $350,000 ofCered by the same firm April, 1912. Market. Philadelphia — J. W. Sparks & Co., E. E. Smith & Co., H. D. Boenning & Co., Harper &. Turner, Barclay, Moore & Co., Newhall & Co.. Sara'l K. Phillips & Co. New York — ^Morgan & Finlay. Dunham & Co., "Wolff & Stanley, A. E. Fitkin & Co., Kiely & Horton, E. & C. Randolph, Berdell Bros. , Frederic H. Hatch & Co. , McGeorge & Vanderhoef, E. & C. Randolph, Berdell Bros. New Haven — The "W. T. Fields Co. Newark — Clarence Hodson & Co. Wilmington, Del. — Geo. P. Bissell. Boston — L. Sherman Adams. Price Range. Jan. 1, *15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 9814 '16 991^ '16 87 Dec, 92 NOV. Low. 80 '18 85% '17 80 Aug. ATLANTIC CITY GAS CO. 1st S F. 5s. Due Jan. 1, 1960. — F. Dated Jan. 1, 1910. Interest payable Jan. and July 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey; Pennsylvania state tax re- funded. Default — On interest on these bonds due Jan. 1, 1919. Authorized — $ 6.000.000. Outstanding — $3,374,000. 72 Denomination — Coupon, 1 1,000 and $500. Reeisterable as to principal. Trustee — Girard Trust Co., Philadelphia. Pa. Redeemable at 105 and interest Jan. 1, 1920, or on any interest date thereafter, as a whole only or for sinking: fund. Sinl(ine I^nd — $25,000 annually, beginnlnB Nov. 1, 1919. to be applied to the purchase of these bonds at not over 105 and Interest. If entire sum available has not been con- sumed up to Dec. 1st, bonds are to be called. Bonds acQUlred to be cancelled. Organization and Control — Incorporated in New Jersey in 1909 and controlled by The Atlantic City Co. throuirh ownership of en- tire capital stock. Protective Committee — ^A. A. Jackson, chair, man; C. S. W. Packard, J. S. Disston. A. B. Johnson. J. R. McAllister, H. F. Hansill. Jr., L. H. Parsons, with J. M. Johnston, secre- tary. Depository, Girard Trust Co., Phila. Management — C. H. Geist Co., Philadelphia. Secured by a first mortgage on entire prop- erty, franchises, etc., now owned or hereafter acquired, including plant supplying gas to Atlantic City, Chelsea. Margate City and Longport, N. J. Franchises are perpetual. Population served in winter, 60,000, in sum- mer 300,000. liisted on Philadelphia Stock Exchange. Original Market — $3,000,000 offered March. 1910. by B. B. Smith &. Co., of Philadelphia and New York, at 98 and interest. Market. Fhiladelpbia — J. "W. Sparks & Co.. Hy. D. Boenning & Co., Brown Bros. & Co.. Bar- clay, Moore & Co., Newhall & Co., Sam'l K. Phillips & Co., Warren A. Reed. New fork — ^Miller & Co., A. B. Fitkin & Co., Martin, Berwin & Co., Morton, Lachen- bruch & Co., Sharretts & Young, Hanson & Doyle, B. & C. Randolph, Berdell Bros., Fred- eric H. Hatch & Co., Newhall & Co. Boston — L. Sherman Adams. New Haven — The W. T. Fields Co., Henry E. Burgess. Price Range. Jan. 1, 1910 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.931i '12 98 '10 47 Dec. 60 Dec. Low. 34 '18 38 '18 34 May 38 May ATI-ANTIC CITY RAILROAD CO. 1st 5s. Due May 1, 1919.— F. Dated May 1, 1889. Interest payable May and Nov. 1, at Reading Terminal. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,200,000. Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co.. Philadelphia. Guarantee — This issue was guaranteed by the old Philadelphia & Reading R. R. Co. but not assumed by the Philadelphia & Reading By. Co. Organization — In 1901 this company. The Ocean City R. R. Co., the Seacoast B. R. Co.. and The Camden County R. R. Co., were con- solidated Into the present Atlantic City R. R. Co. Controlled by the Reading Co. through own- ership of practically the entire capital stock.. Secured by a first mortgage on 85.20 miles of road, including the road from Camden to Atlantic City, N. J., 58.35 miles; from Atoo to Mullica Hill, N. J., 22.67 miles and branch. Bonds of this issue are outstanding at the rate of $26,200 per mile. UnderUes— Atlantic City R. R. Co. 1st Cons. 4s of 1951, under which mortgage bonds are reserved to retire this issue. Legal for Me. Listed on Philadelphia Stock Exchange. Market. New York — Sharretts & Young, B. & C. Randolph, Wood, Struthers & Co. Philadelpliia — Graham, Parsons & Co.. West & Co., Brown Bros. & Co.. Wheeler. Elliot & Mann, Chas. Fearon & Co., Blkins, Morris & Co., Reed A. Morgan & Co., Frazier & Co., Biddle & Henry, Sam'l K. Phillips & Co.. Wallace A, Reed, Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Eld Ask Bid Ask Hlgh.109 '09 111 '09 99 Dec. 99V4 Dec, Low. 95 '17 98% '17 98 Jan. 99 Jan. ATLANTIC CITY RAILROAD CO. 1st Cons. 48. Due July 1, 1951.— F. Dated July 1. 1901. Interest payable Jan. and July 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,500,000. Outstanding — $1,861, 000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Girard Trust Co.. Philadelphia. Guaranteed principal and interest by the Reading Co. by endorsement. Controlled by the Reading Company through ownership of practically the entire capital stock. (See 1st 5s.) Secured by a mortgage on 170.19 miles of road, viz: A first lien on 16.84 miles — Tuckahoe to Ocean City. N. J 10.16 Mt. Bphraim to Grenloch. N. J 6.68 A second lien on 153.35 miles — (Covered by the Atlantic City R. R. 1st 6s.) Camden to Atlantic City. N. J 68.36 Camden to Mt. Bphraim. N. J 4.18 Atoo to Mullica Hill. N. J 22.67 (Covered by the Seacoast R. R. Prior Lien Ss, Ser. A 5s and Ser. B 5s.) Winslow to Cape May, N. J 55,80 Tuckahoe to Sea Isle City, N. J 12.36 Prior Liens — Subject to $2,651,117 prior liens as follows — Atlantic City R. K. 1st 59 1919 $2,200,000 Atlantic City R. R. R. E. 4%3 1930. 75,000 Seacoast R. R. P. L. 5s 1948 350,000 Seacoast R. R. Series A 5s 1948.. 23,500 Seacoast R. R. Series B 6s 1948... 2,617 Legal for Maine. Listed on the New York and Philadelphia Stock Bxchangeg. Market. New York — Frederic H. Hatch & Co.. Red- mond & Co.. Taylor. Smith & Hard. Philadephia— West & Co.. Graham, Par- sons & Co., Biddle & Henry, Frazier & Co., Reed A. Morgan & Co., Blkins, Morris & Co., Charles Fearon & Co., Sam'l K. Phillips & Co., Wallace A. Reed. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.94 '16 95 '16 74 Jan. 76 Feb. Low. 60 '18 76 '18 60 Oct. ATLANTIC COAST ELECTRIC UGHT CO. 1st Mtge. 5s. Due June 1, 1945. — N. Dated July 1, 1896. Interest payable June and Dec. 1, at Asbury Park & Ocean Grove 73 Bank, or Federal Trust Co., Newark, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. Outstandine— $196,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and Interest. Controlled by the Atlantic Coast Blectrlc By. through ownership of entire stock. Secured by ^ mortgag:e on plant supplying electricity to Asbury Park, Ocean Grove, Al- lenhurst, Belmar and other resorts on the Atlantic Coast of New Jersey. Population served, 1910, about 30,000. Prior liien — $40,000. Neptune Electric Co. 6s of 1933. Legal for Cai. Market. New York — ^Van Sant & Legg, Frederic H. Hatch & Co. Paterson — P. A. Peters, Francis K. Mc- Cuiiy. Wilmington, Del. — Geo. P. Bisseli. Philadelphia — Charles Fearon & Co., Sam'l K. Phillips & Co. ATI-ANTIC COAST EI/ECTRIC RAIIBOAD Ist Mtge. 6s. Due May 1, 1945 N. Dated May 1, 1895. Interest payable May and Nov. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 000, 000. Outstanding — $800,000. Denomination — Coupon $1,000. Trustee — Columbia Trust Co., New Yorlc. , Control — ^Absorbed by Atlantic Coast Elec- tric Ry. Secured by a first mortgage on 32 miles of street railway in and around Asbury Park, N. J., with lines to North Long Branch and Sea Girt. Population served about 30,000. One franchise in Sea Girt expires in 1915. other franchises of the company expire between 1926 and 1966, while a few are perpetual. TTnderlies — $1,000,000 Qen'l Mtge. 6s, due July 1. 19 45. Market. New York — B. & C. Randolph, Van Sant & Legg, Philip Lynch, Frederic , H. Hatch & Co. Paterson, N, J. — F. A. Peters. Philadelphia — Hy. D. Boenning & ' Co. Wilmington — Geo. P. Bisseli. Price Range. Jan, 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97 '17 100 '16 80% Oct. 96 Jan. Low. 80% '18 81 '18 80% Oct. 81 Dec. ATLANTIC COAST UNE RAILROAD CO. OF SO. CAR. Gen. 1st 48. Due July 1. 1948. Dated August 1, 1898. Interest payable Jan. and July 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $6,047,000. In Treasury — $600,000. — Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more, Md. Assumed by the Atlantic Coast Line R. R. Co. Control — Consolidated into the A. C. L. R. R. Co. in 1900. Secured by a mortgage on 696.60 miles of road, viz; A first mortgage on 594.88 miles — Miles North Carolina State Line to Florence, S. C •'• 37.26 Latta to Clio, S. C 19.78 Florence to Wadesboro, N C 64.08 Floyda to Hartsville, S. C 10.05 Sumter, S. C, to Gibson, N. C 73.95 Central R. R. Connection, Sumter, S. C 0.77 Sumter to Columbia, S. C 43.23 Creston to Pregnalis, S. C 40.85 Eutawville to Ferguson, S. C 5.58 Elliot to Lucknow, S. C 16.73 Wilmington to Wilmington By 1.71 Navassa, N. C, to Pee Dee, S. C 92.99 Florence to Robbins, S. C 137.78 Conway, S. C, to Boardman, N. C 50.12 A second mortgage on 101.91 miles — (Covered by the first lien of the Northeast em R. R. Cons. 6s.) Florence to Charleston, S. C 101.72 Prior Lien — $657,000 Northeastern B. R. 6s of 1933. Underlies — ^Atlantic Coast Line B. R. <;ons. 4s of 1952 Unified 4s of 1959 and General Unified bonds. The General Unified mortgage provides for the retirement of this issue. Legal for Bait., Cal., Conn., Mich., Minn., N. H.. N. J., N. T, and B. I. Listed on the Baltimore Stock Exchange. Market. Baltimore — Hambleton & Co., Jenkins, Whed- bee & Poe. New York — Redmond & Co., E. & C, Ran- dolph, Abraham & Co., Baker, Carruthers & Co., Chas. W. Place, Sam'l Qoldschmidt. Ham- bleton & Co., g. P. Larkin & Co., Remick, Hodges & Co., Taylor, Smith & Hard. Philadelphia — Chas. Fearon & Co. Price Range. Jan. 1, '»8 to Jan. 1, '19 1918 Bid Ask Bid Ask Hish.99% '09 100% '09 85 Dec. Low. 78% '18 82 '18 78% Jan. 82 Jan. ATLANTIC COAST LINE RAILROAD CO. Incorporated in 1836 by the Virginia Legis- lature as the "Richmond & Petersbui'g" R. R. Co. Subseauently its name was changed to A. C. L. R. R. Co. of Va., and in 1900 present title was adopted. The company owns 4,746.07 miles of road and has a controlling interest in the Louis- ville & Nashville R. R. Co., and other com- panies, owning and controlling 7.780 miles of road. Affiliated in interest with companies operating 414 miles of road. Of the mileage owned, about 332 miles are double-tracked. The lines owned by the company extend from Richmond and Norfolk, Va., to Wilming- ton. N. C, Charleston, S. C, Savannah, Brunswidk and Albany. Ga., Montgomery, Ala., Jacksonville, Moorehaven, Tampa and Port Myers, Fla. The company has mort- gage Ijonds outstanding at the rate of $28,794 per mile. In common with other roads serving the same territory the earnings of the Atlantic Coast Line R. B. Co. have shown a decided im- provement in recent years. In each of the last four years net earnings have been in ex- cess of twice the interest charges on the entire funded debt. The company has outstanding $67,559,400 common stock, $1,000,000 stock of the old Richmond & Petersburg B. R. Co. and $196.- 700 5% preferred stock. The balance of the preferred stock, $18,653,300, was retired In 1902 through exchange for 125% of 4% certifi- cates of indebtedness. Dividends have been paid, on the common stock since the incorpora- 74 tlon of the present company in 1900. From 1912 to 1914, Inclusive. 7% per annum was paid, but in January, 191B, the rate was reduced to 6% annually. 7% was paid on common stock in 1917, 1918 and January, 1919. A majority of the stock was owned by The Atlantic Coast Line Co. of Connecticut, but one-half of this stock has been distributed to its stockholders. Year ended Dec. 31, and June 30 Gross Net Int & Rent tl918.. $10, 180,915 $13,698,536 $6,313,704 1917.. $44,063,331 $17,192,960 $6,491,666 1916.. 37.322,085 15,973,106 6,301.477 1915.. 31,936.962 11,669.992 6,141,624 ♦1914.. 36.832,780 13,105,935 5.767,088 •June 30. tCorporate Income Account-Standard return under Federal control. ATI^ANTIC COAST UNB BAn.KOAI> CO. General Unified 4%s, Series "A" and 48 Series "B." Due June 1, 1964. — ^N. Dated June 1, 1914. Interest payable June 1 and Dec. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $200,000,000. Outstanding — Series A, $22,849,000, Series B. $100,000 (Dec, 31, '18). Held in Treasury — $23,782,674. Reserved for Prior Uens — $88,964,710. Reasrved for Ext., etc. — $64,303,616. Denomination — Coupon, $1,000. Reglsterable as to principal only. Registered $1,000, $5,000, $10,000 and $50,000. C. & R. interchange- able. Trustee — ^United States Trust Co., New York. Secured by a direct mortgage on 4.409.44 miles of road and all other property here- after acauired with the proceeds of these bonds, via : A first mortgage on 108.79 miles — Mllldale to Bastport, Fla 4.13 Fincher to Fanlew, Fla 31.79 Rumph to Puck 3.76 Sebring to Harrisburg- 44.06 Harrisburg- to Moorehaven 15.64 S. & B. Branch near Sanford, Fla.... 9.41 A second mortgage on 369.04 miles — (Covered by the Unified 4s.) Meadow to Falling Creek, Va 4.48 Aynor to Myrtle Beach, S. C 30.09 Tonges Island Branches. S. C 15.39 Ashley River, Phosphate Branch. S. C 4.61 Ashley Jet. to Rhett St., N. Charleston 0.72 Composite to Jacksonville-, Fla 4.13 Milldale to Perry, Fla 16S.26 Dunnellon to Wilcox, Fla 50.11 Okahumpka to Yalaha, Fla 6.59 Archer to Morriston, Fla 20.21 Florence Villa to Nlles. Fla 6.68 Bnterprise Jet. to Enterprise, Fla.... 4.83 Fort Meade to Tiger Bay. Fla 3.36 Haines City to Sebring, Fla 45.68 A third mortgage on 1,087.10 mile."? — Covered by the first lien of the 1st Cons. 4s. A fourth mortgage on 2,674.42 miles — Covered by the second lien of the 1st Cona. 4s. A iifth mortgage on 280.09 miles — Covered by the third lien of the 1st Cons. 4s. Also a third lien on 52.03 miles of leasehold Interest — Covered by the first lien of the 1st Cons. 4s. Also secured on 63.03 miles of trackage rights. Prior Mens — Subject to $80,233,750 prior liens as follows: Sanford & St. Petersburg 1st 43 of 1924 $275,000 Petersburg R. R. Cons. Class A 5a of 1926 888,000 Petersburg R. R. Cons. Class B 6s 800,000 Alabama Midland Ry. 1st 5s of 1928 2.800,000 Northeastern R. R. Co. Cons. 6s of 1933 667,000 Savannah, Florida & Western Ry 1st 63 and 5s of 1934 6,500,000 Wilmington & Weldon R. R. 1st Bs 1936 3,062,000 Wilmington & Weldon R. R. 1st 4s 1936 938,000 Charleston & Savannah Ry. Gen. 7s of 1936 1.500,000 Brunswick & Western 1st 4s of 1938 1,407,000 Norfolk & Carolina R. R, Ist Ss 1939 1,316,000 Richmond & Petersburg R. R. Cona. 4%s of 1940 300,000 Florida & Southern R. R. l«t 43 of 1945 2,418,000 Norfolk & Carolina R. R. 2d Ss of 1946 400.000 Wilmington & New Bern 1st 4s of 1947 106,000 Atlantic Coast Line of S. C. Gen. 1st 4s of 1948.... 5,547,000 Atlantic Coast Line 1st Cons. 4s of 1962 51,326,760 Atlantic Coast Line Unified 43 of 1959 15.000 I^esal for Bait.. Cal., Me., Mich.. Minn., Mo.. N. H.. N. J., R. I. and Wis. Listed (Series A) on New York Stock Ex- change. Original Market — Series "A" offered in ex- change for Unified 4s, par for par, and series "B" In exchange for Certfs. of Indebtedness, par for par, in April, 1914. Market. Baltimore — Jenkins, Whedbee & Poe. PhiladelpUa— Graham. Parsons & Co. New York — Potter, Choate & Prentice, E. & C. Randolph, Coffin & Co., Guaranty Trust Co., Struthers & Hiscoe, Seaaongood, Haas & Macdonald, Baker, Carruthers & Pell, Hemp- hill, Noyes & Co., Redmond & Co. Cliicago — Harris Trust & Savings Bank. Price Range (Series A) — N. Y. S. E. Jan. 1, 1914 to Jan. 1, 1919 1918 High. 96% Jan. 22. '17 89% Nov. 12 Low. 74 Oct. 10. '18 74 Oct. 10 ATLANTIC COAST LINE RAILROAD CO. Unified 4s. Dae Dec. 1, 1959. — F. Dated Dec. 1. 1909. Interest payable June and Dec. 1. at United States Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Oatstanding — $15,000 (Dec. 31. '18). Exchanged (or Gen. Unlf. 4y2S— $30,832, 484. Exchangeable — These bonds were exchange- able prior to June 1, 1916, for Gen. Unified 4%a of 1964, par for par. Denomination — Coupon, $1,000. Registerable as to principal or fully reglsterable. Regis- tered, $1,000. $5,000, $10,000 and $50,000. C. & R. interchangeable. Trustee — New York Trust Co., New York. Secured by a direct mortgage on 4,30(T.66 miles of road, viz: A first mortgage on 361.16 miles — Meadow to Falling Creek, Va 4.48 Aynor to Myrtle Beach. S. C 30.09 Yonges Island Branches, S. C 15.39 75 Ashley River Phosphate Branch, S. C. 4.61 Ashley Jet. to Rhett St., N. Charleston, S. C 0.72 Composite to Jacksonville Export Ter- minals, Fla 4.13 Mllldale (St. Johns River) to Perry, Fla 163.26 Dunnellon to Wilcox, Fla 60.11 Okahumpka to Yalaha, Fla 6.69 Archer to Morristown, Fla 20.21 Florence Villa to Niles, Fla 6.6 8 Enterprise Jet. to Enterprise. Fla 4.83 Fort Meade to Tiger Bay, Fla 3 3 6 Haines City to Sebring, Fla 46.58 A second mortgage on 1,087.10 miles — Covered by the first lien on the A. C. L. 1st Cons. 4s. A third mortgage on 2,574.42 miles — Covered by the second lien of the A. C. L. 1st Cons. 4s. A fourth mortgage on 280.09 miles — Covered by the third lien of the A. C. L. 1st Cons. 4s. Prior Uens — $80,218,760 bonds of the A. C. L. and absorbed companies. Underlies — Gen. TJnif. 4%s of 1964. I.egal for Cal„ Mich.. Minn., N. J., R. I. and Wis. Original Market — $3,000,000 offered June, 1911, at 93 and interest, by J. P. Morgan & Co.; $3,500,000 ottered April, 1913, by Pot- ter, Choate & Prentice and White, Weld & Co., both of New York, at 87 and interest. Market. Nevf York — B. & C. Randolph, Struthers & Hiscoe, Taylor, Smith & Hard. Seattle. Wash. — Carstens & Earles. Inc. ATLANTIC COAST LINE RAILROAD CO. 1st Cons. 4s. Due July 1, 196%. — ^F. Dated July 1, 1902. Interest payable March and Sept. 1, at United States Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $5 0,938,000. Held in Treasury or in Special Deposit — $388,750. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Regis- tered $1,000, $5,000, $10,000 and $60,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Secured by a direct mortgage on 3,941.61 miles of road, viz; A first mortgage on 1,087.10 miles — Miles Tarboro to Plymouth, N. C 63.78 Goldsboro Belt Line 3.66 Jadkin Jet. near Wilmington, to San- ford, N. C ■ 116.11 Parkton, N. C, to South Carolina State Line 34.19 Maxton Jet. to Maxton 0.40 Near 7 M. P. from Charleston to Bee's Ferry (Ashley River) 3.76 Green Pond to Ehrhardt, S. C 37.80 Jesus to Folkston, Ga 53.78 ThomasviUe, Ga., to Monticello, Fla.. 23.96 Otisca to Amsterdam 10.36 Grimes to Abbeville, Ala 26,90 Waterford to Elba, Ala 37.17 Sprague to Luverne, Ala 33.17 Jack'sonville to Port Tampa, Pla 247.95 Funta Gorda to Fort Myers, Fla 2 8.29 De Land Jet. to De Land 4.34 Sanford to Lake Eustis, Fla 28.39 Sanford to Lake Charm, Fla 17.31 Kisslmmee to Apopka, Fla 33.08 Kissimniee to Narcoossee, Fla 14.24 High Springs to Archer, Fla 23.13 Morriston to Bartow, Fla 110.16 Juliette to Aala 20.28 Gulf Jet, to Homosasoa 21.87 Leesburg to Astor, Fla 37,95 Fort Mason to Lane ' Park 9. 48 Lalce Alfred to Bartow. Fla 16.38 Thonotosassa Jet. to Thonotosassa, Fla 13.28 Winston to Tiger' Bay, Fla 25.36 A second mortgage 2,638.76 miles as fol- lows, covered by the first lien of the follow- ing — Richmond to Petersburg Cons. 4%s.... 26.87 Wilmington & Weldon Gen. 5s and 4s 478.77 Atlantic Coast Line of S. C. 4s 595.00 Charleston & Savannah 1st 7s 111.19 Brunswick & "Western 1st 4s 166.81 Alabama Midland 1st 5s 173.79 Silver Springs, Ocala & Gulf 1st 4s. . . . 63 83 Sanford & St. Petersburg 1st 4s 144.64 Florida Southern 1st 43 243.64 Savannah, Florida & Western 63 and 6s 543.69 Wilmington & Newborn 1st 4s 90.63 A third mortgage. 280.18 miles as fol- lows, covered by the first lien of the follow- ing — Petersburg R. R. 1st 5s 68.69 Norfolk & Carolina 1st 63 109.68 Northeastern R. R. Cons 6s 101.91 Also secured on 52.03 miles of leasehold. Prior Liens — Subject to $29,386,000 prior liens, as follows — Silver Springs, Ocala & Gulf 1st 4s, July 1, 1918 $492,000 Sanford & St. Petersburg 1st 43 1924 275,000 Petersburg R. R. 1st 6s 1926 868,000 Petrsburg R. R. 2d 6s 1926 800,000 Alabama Midland 1st 5s 1928 2,800,000 Northeastern R. R. Con. 6s 1933 667.000 Savannah, Florida & Western 1st 6s and 6s 1934 6,500,000 Wilmington & Weldon Gen. 5s and 4s 1936 $4,000,000 Charleston & Savannah 1st 73 1936. 1.500,000 Brunswick & Western 1st 4s 1938.. 1,407,000 Norfolk & Carolina 1st 5s 1939 1,316,000 Richmond & Petersburg Cons. 4^s 1940 300,000 Florida Southern 1st 4s 1946 2,418,000 Norfolk & Carolina 2d 5s 1946 400,000 Wilmington & New Bern Ist 43 1947 106,000 Atlantic Coast Line of So. Car, Gen. 4s 1948 5,647,000 Underlies — At. C. L. R. R. Unlfled 4s 1969 and General Unified bonds which provide for retirenjent of this issue, and Convertible Debs. Legal for Bait.. Cal.. Conn.. Mich.. Minn., N. H., N. J., N. Y.. R. I. and Wis. Listed on New York, Baltimore and Rich- mond Stock Exchanges. Original Market — Offered July, 1902. at lOOW and interest by Brown Bros. & Co., New York, Philadelphia and Boston, and Hall- garten & Co.. New York. Offered March. 1909, at 97% and Interest by Redmond & Co. and Moffat & White (now White. Weld & Co.), both firms of New York, $1,100,000 offered in February, 1915, by Guarantee Trust Co. and White, Weld & Co., New York, at 92% and interest. Market. New York — ^Merrill, Lynch & Co., Sharretti & Young, Vickers & Phelps, Coffin & Co., & Young, Coffin &. Co., Remick, Hodges & Co., Seasongood, aas & Macdonald, Struthers & Tiscoe, Gude, Wlnmill & Co., Taylor, Smith & Hard. 76 Cliicaeo — Merrill. Lynch & Co., Harris Trust & Sav. Bank. Philadelphia — West & Co. St. lionis — Francis Bros. & Co. Pittsburgh — R. w. Evans & Co. San Diego — Stephens & Co. I.OS Anseles — Stephens & Co. Omaha — City Trust Co. Providence — Hornblower & Weeks Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hig-h.102% Jan. 9. '06 89^/4 Nov. 15 Low. 77 July 8, '18 77 July 8 Registered. High.98^ Oct. 2, '06 Low.. 92% Nov. 9, '16 ATLANTIC COAST XINE RAILROAD CO. Conv. Deb. 4s, Due Nov, 1, 1939. — F. Dated November 16, 1909. Interest payable May and Nov, 1, by check from Treasurer's office, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $23,562,500. Issued — $23,072,300. Converted into Common Stock — $18,591,255. Outstanding — $4, 481, 045.* Denomination — Registered $ 1 and mul- tiples. Trustee — Safe Deposit & Trust Co., Balti- more. Redeemable at 105 and interest on any Inter- est date after May 1, 1916, upon 9 days' notice. Convertible into the common stock of the .company at 135, at any time prior to Jan. 15, 1920. If bonds are called conversion privilege expires 3 days prior to date uf redemption. Security — A direct obligation of the com- pany, but not secured by mortgage. Refunding — Bonds are reserved under the General Unified Mortgage to retire this Issue. Legal for N. H. and R. I. Listed on the Richmond Stock Exchange. Market. New York — Shuman & Seligman, Sam'l Gold- schmidt, Hambleton & Co., John Davenport. Baltimore-^ J. Harmanus Fisher & Sons, Sutton & Co., Hambleton & Co., Jenkins, Whedbee & Pee. Pittsburgh — R. W. Evans & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93y2 '16 97 '15 83 Nov. 87% Nov, Low. 70 '18 73l^ '18 70 Jan. 73^ Apr. ATLANTIC COAST LINE RAILROAD CO. L. & N. Coll. 4s. Due Oct. 1, 1953.— P. Dated November 1, 1902. Interest payable May and Nov. 1, at J, P. Morgan & Co. , New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $35,000,000, Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000, $10,000 and $50,000. C. & R. interchange- able. Trustee — New ■ York Trust Co., New York. Redeemable on any interest date at 105 and Interest; not less than $100,000 to be redeemed at any one time. Secured by a first lien on 367,200 shares, par value $36,720,000, of the capital stock of the Louisville & Nashville R. R., out of a total outstanding capitalization of 720,000 shares and 3,060 shares of stock of Louisville Prop- erty Co. The mortgage provides that the relative proportion of stock deposited to that outstanding shall at all times be maintained. Legal for N. H. and R. I. Listed on the New York Stock Exchange. Market. New York — Curtis & Sanger, Seasongood, Haas & Macdonald, Struthers & Hiscoe, Coffin & Co., Ambrose R. Clark & Co., Redmond & Co. Philadelphia — Thos, A. Biddle & Co. Baltimore — Robt. Garrett & Sons. Chicago — Harris Trust & Sav. Bank. Omaha— rCity Trust Co. Los Angeles — Stephens & Co, San Diego — Stephens & Co. Louisville— J. j. B. Hilliard & Son. Price Range — N, Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.101% Dec. 17, '09 8] ^/^ Nov. 13 Low. 68 Dec. 26, '17 64^^ Oct. 3 ATLANTIC COAST LINE RAILROAD CO. Series "B" Eauip. 4V2S. Due $135,000 semi-annually June and Dec. 1, from June 1, 1915, to Dec. 1, 1921.— F. Dated December 1, 1911. Interest payable June and Dec. 1, at U. S. Trust Co., New York, and Safe Deposit & Trust Co., Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $750,000 (Dec. 31, '18). Redeemed — $1,750,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more. Secured by an equipment trust agreement on 35 locomotives, 2,000 steel underframe freight cars and 49 passenger, baggage and mail cars, costing $2,777,778, $277,778 of which was paid by the Company in cash. Legal for N. H. and R. I. Original Market — Offered in 1911. by Brown Bros. & Co., New York and Phila.. and by Potter, Choate & Prentice, New York, on a 4%% basis. Market. Philadelphia — Frazier & Co., Graham, Par- sons & Co., Brown Bros. & Co., Barclay, Moore & Co. New York — Evans. Stillman & Co., Freeman & Co., Coggeshall & Hicks, Bull & Eldredge. ATLANTIC COAST LINE CO. OF CONNEC- TICUT 4% Deb. Ctfs. Due Jan. 1, 1925. Dated Jan. 1, 1905. Interest payable Jan. and July 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 5,000,000. Outstanding — $3,000,000. Denomination — Registered $100 and mul- tiples. Trustee — Safe Deposit & Trust Co., Balti- more, Redeemable at par and Interest on any In- terest date on three months' notice. Organization — Incorporated in Connecticut in 1889 and prior to 1914 owned a majority of the stock of the Atlantic Coast Line R. R. Co. In 1914 the capital stock was. reduced one-half and one-half of the holdings of the company amounting to $17,640,000 stock of the railroad company was distributed to stockholders of the Connecticut Company. Security — A direct obligation of the Atlantic Coast Line Co., but not a mortgage. The Company has no bonded Indebtedness. Besides this issue there are $5,000,000 irredeemable 5% Ctfs., issued In 1897. The Indentures pro- vide that no mortgage shall be placed on the assets of the company without consent of two-thirds of certificate holders. Xasted on the Baltimore Stock Exchange. Market. Baltimore — Hambleton & Co., Baltimore Trust Co., John D. Howard & Co., Jenkins, Whedbee & Poe. New York — H. T. Carey & Co. , Abraham & Co. , Baker, Carruthers & Pell. Hambleton & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 Bid Ask High.92 '17 93 '16 Low. 80 '17 90 '17 ATLANTIC FRUIT CO. 6% Debentures. Due Jan. 1, 1945.— F. Dated Jan. 1« 1915. Interest payable Jan. And July 1, at Company's office, 61 Broadway, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — % 4,000.000. Outstanding: — $3,500,000. Denomination — Coupon, SI, 000, $S00 and $100. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable on any interest date at par and Interest. Sinking Fund — 10% of dividends declared. Organization — Company incorporated in Dela- ware in 1912 as successor by reoganization to the Atlantic Fruit & Steamship Co. Security — Not secured by a mortgage. The company owns properties in Cuba. Jamaica, Mexico and Nicaragua. Market. New York — Baker, Carruthers & Pell, E. Bunge & Co. , Frederick H. Hatch & Co . , McGeorge & Vanderhoef. Price Range — 1918. Bid Ask High. 60 Nov. 72 Apr. Low.. 50 May 70 Dec. ATLANTIC. GULF & WEST INDIES STEAM- SHIP LINES Coll. Tr. 5s. Due Jan. 1, 1959.— F. Dated December 16, 1908 Interest payable Jan. and July 1, at New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding— $11,048,500 (Dec. 31, '18). Held in Treasury — $1,951,500. Balance issuable by consent of two-thlrda of preferred stockholders. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in Maine, In 1908, and acquired the property of the Con- solidated Steamship Lines sold under fore- closure. Owns entire capital stock of the companies mentioned under "Security," and the Texas City S. S. Co. Also owns terminals at Santiago, Cuba, San Juan, Porto Kico, Jacksonville, Charleston and Wilmington, S. C. Secured by a first lien on 542,318 shares of stock of the Mallory S. S. Co., the Clyde S. S. Co., the New York & Cuba Mail S. S. Co., and New York & Porto Rico S. S. Co. In case of default of interest no legal proceed- ings can be instituted until two years tbore- after. During, this period the company may satisfy the default by paying accrued inter- est charges. Prior Liens — $ 14,218,000 bonds of con- trolled companies. GovemniiEnt Operation — Since April 13, 1918, control and operation of the company is under the Director General of Railroads. Year ended Dec. 31 Gross Net 'Charges 1917. .$48,212,055 $11,875,776 $2,228,264 1916. . 35,175,970 10,765,603 2,530.936 1915 5,206,057 2,542.578 ♦Interest, depreciation and rentals. Market. New York — Morton, Lachenbruch & Co., Moore & Co., Baker, Carruthers & Pell, E. Bunge & Co., Sam'l Goldschmidt. Houston, Tex. — Sherwood & King. Portland, Me. — E. L. Wengren. Price Range. Jan. 1, 1909 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.85iA '16 87% '16 82^! Dec. 84 Dec. Low. 64 '14 64% '14 74% June 75 June ATLANTIC ICE & COAL COBPOBATION 1st Mtge. 6s. Due Jan. 1. 1930. — ^F. Dated Jan. li 1910. Interest payable Jan. and July 1, at office of Trustee or Chase Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,500,000. Outstanding — $2,952,000 (Jan., 1919). Retired by S. F. — $548,000. Denomination — Coupon, $1,000. Registerabi* as to principal. Trustee — Trust Co. of Georgia, Atlanta, Ga. Redeemable at 105 and interest on any in- terest date, or at par for sinking fund. Sinking Fund — 3 per cent annually of total issue of bonds 1913 to 1922 inclusive, and 4 per cent thereafter to be applied' to the retire- ment of bonds by lot at par. Organization — Company incorporated in Vir- ginia in 1909, and acquired a number of Ice and coal properties in Georgia, Tennessee and Florida. Secured by first mortgage on all property now owned or hereafter acquired except raw materials and manufactured products. Earnings — Dividends of 6% on $1,323,600 preferred stock from 1910 to 1918, and 5% on $2,384,100 common stock paid in 1911: 7% 1912; 6% 1913 to 1918. Market. Atlanta — J. H. Hilsman & Co., Robinson- Humphrey Co. Augusta — John W. Dickey, Philadelphia — Harrison & Co. New York — Baker, Carruthers & Pell. Price Range Jan. 1, *17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99 '17 101 '17 96 Aug. 99 Aug. Low. 91 '18 95 '18 91 Apr. 95 Dec. ATLANTIC ICE & COAL CORPORATION Bond Sale Secured Serial 7 % Participa- tion Certificates. Due $10O»00O each Jan^ uary 1 from 1930 t« 1924, inclusive. Dated December 2, 1918. Interest payable January 1 and July 1 at Trust Company of Georgia, Atlanta. Ga. Authorized — $500, 000. Outstanding — $500,000. Puniose of Issue — See "Secured*' below. Denomination — Coupon $500, $1,000 and $5,000. Registerable as to principal. 78 -Trust Company of Georgia, At- Trastee- lanta, Ga. Redeemable on any interest date upon 30 days' nojtice at 102 and interest if called three years prior to their maturity, and at 101 and interest thereafter prior to maturity. Organization. — See Atlantic Ice & Coal Corp. lat 6s. Secured by pledge of $625,000 of $2,952,000 (closed) Atlantic Ice & Coal Corporation 1st Ss, due 1930. $550,000 of the pledged bonds were sold by the Trust Company of Georgia to re- sponsible parties to be paid for and delivered in five annual installments. The purchasers have deposited as a guarantee that this con- tract will be carried out $75,000 additional bonds of the same issue making the total pledged as above. The Trust Company of Georgia agrees that the amount of these Certificates outstanding shall at all times be secured by 125% of the par value of the bonds deposited. Original Market — $500,000 offered January, 1919. by the Trust Company of Georgia at 99.88, 99.54; 99.34, 99.15 and 98.46 and interest for respective maturities. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.35f '17 42f '17 29f Dec. 35f Oct. Low.25f *18 35f '18 25f May ATLANTIC SHORI] IJNE RATLWAT CO. 1st Cons. 5s. Dne April 1, 1934. — ^F. Dated April 1, 1904. Interest payable April and Oct 1, at the Columbia Trust Co., New Tork. Default Oct. 1, 1915 and Bubaeauent cou- pons. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorixed — $1. 000, 000. Outstanding — $361,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal Redeemable at 105 and Interest on April 1, 1914, or any interest date thereafter. Trustee — Columbia Trust Co., New Tork. Orgajcloation — Reorganized by foreclosure, Dec. 1, 1910, and was succeeded by the At- lantic Shore Ky. Co., 1911. Receivership — Company placed In hands of receiver, Oct. 1, 1915, on default of Oct. 1 coupons of the Ref. 4a. Secured by a mortgage on 60.50 miles of electric road from' Portsmouth, N. H., to Bid- deford. Me., and Sanford to Cape Porpoise, Me, Also secured on two hydro-electric plants and equipment. The road forms part of a through electric route from Boston to Portland. Population served (1910) by road, covered by this mortgage, 50,000. The Atlantic Shore Ry. operates a total of 95 miles of road. Prior liiens — $707,000. Underlies — $641,750 Atlantic Shore Ry. Co. Ref. 4s of Jan. "1, 1941, which provides for retirement of this issue and on which no interest is payable prior to 1915 unless earned. year ended Dec. 3t (A. S. By.) Gross Net •Interest 1916. . $351,216 $52,096 $117,106 1915.. 349,866 56,079 114.738 1914. . 360,139 63,086 94.399 •Accrued, not paid. Original Market — $250,000 offered Jan., 1906, at 101 and interest, by A. H. Bickmore & Co., New York. Market. Boston — McConnell & Co., Inc., Cbaa. A. Day & Co., Hotchkln & Co., Inc.. P. W. Mason & Co., H. C. Spiller & Co. Portland. Me. — E. L. Wengren. New York — H. C. Spiller & Co., Inc. ATLANTIC STEEL CO. 1st 6s. Due Jan. 1, 1941.— P. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at office of Trustee or Chase Nat' I Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500, 000. Outstanding — $723,000 (Dec. 31, '17). *Purclia6ed by Company — $277,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Trust Co. of Georgia. Atlanta, Ga. Redeemable at 105 and interest. Sinking Fund — Semi-annual payments, Nov. 30 and May 30 as follows: 1%% of outstand- ing bonds from Nov., 1917, to May, 1922; 2%, May, 1922, to May, 1927; 2^^%, May. 1927, to 1940. Minimum annual amount, $15,000. Fund to be applied to the purchase or redemption of these bonds not over 1 05 and interest. Organization — Incorporated In Delaware, Dec, 1915, to take over the business of the Atlanta Steel Co. Manufactures wires, wire nails, wire fencing, staples, cotton ties, hoops, bars, etc. Secured by a first mortgage on all the prop- erty of the company. Company's plant com- prises 53 acres at Atlanta, Ga. Annual ca- pacity about 75,000 gross tons. Original Market — OfCered Feb., 1916, at 97% and interest. Market. New York — Morton, Lachenbruc^ & Co., E. & C. Randolph, Plympton, Gardiner & Co. , Sam' 1 Goldschmidt. Philadelphia — Harrison & Co., Newburger, Henderson & Loeb, Biddle & Henry, Morton Lachenbruch & Co., Sam'l K. Phillips & Co., Wallace A, Reed. Baltimore — P. H. Goodwin & Co. Buffalo — ^A. L. Chambers & Co. Atlanta — J, H. Hi Isman & Co . , Robinson- Humphrey Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 101% '17 95^^ Nov. 96 Feb. Low. 91% '17 96 '18 94 Feb ATLAS CRUCIBLE STEEL CO. 7% Serial Gold Notes. Due $200,000 May 1, 1919 to 1922 Inclusive — P. Dated May 1, 1918. Interest payable May 1 and Nov. 1 at Trustee's office, New Tork, and in Buffalo. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York. Pennsylvania State Tax re- funded. Authorized — $1,000,000. Outstanding— $800,000 (May 2, 1919). Balance Retired. Denomination — Coupon. $1,000. Registera- ble as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 107 and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually 1 % of net earn- ings accruing from May 1, 1918, First pay- ments on Nov. 15, 1918. Additional payments annually beginning May 1, 1920. Fund to be 79 applied quarterly to purchase of notes up to call price; fund not used for such purposes must be used to call notes annually. (Note — Series "A" are not subject to Sinking Fund provisions.) Organization — Incorporated July, 1912. Man- ufactures Carbon-tool and special Alloy Steels. Executive offices BufCalo; General offices and Mill, Dunkirk, N. Y. Mill covers about 1 acres of buildings, including crucible and elec- tric furnaces, rolling mills, etc. Company re- fines its own tungsten ore. Company has re- cently acquired modern Drill Rod Mill of the Atlas Drawn Steel Corporation adjoining its property. For year ended September 30. 1918, the Company had a finished product of about 20.000,000 lbs. Capital Stock Authorized Outstanding Common stock $2,000,000 $2,000,000 Pref. (7% Cum.) 1,000.000 750,000 Seeuped — ^A direct obligation of the company but not a mortgage. Company has no other funded debt and will not mortgage any of its property now owned, or hereafter ac- quired during the life of these notes, nor create any other funded debt maturing more than one year from date of issu-e. Company also agrees, while any of these notes are outstanding, not to issue any additional stock except for cash at par, not to retire any of its Preferred or Common stock and to pay no dividends in excess of 5 % per annum on the Common stock. Year ended Sept. 30; Gross Net 1918 $6,3 08,395 * $3, 129, 530 1917 4.092,726 *1, 801, 873 1916 2,009,466 896,641 ♦Before Federal Taxes. Original Market — OfCered June, 1918, by White, "Weld & Co. , New York. Boston, etc. ; O'Brian, Potter & Co., Buffalo, at prices to yield 7^7o on Series "A" and "B" and 8% on Series "C, " "D" and "E. " Market. Buffalo— O'Brian, Potter & Co. THE ATLAS POBTIiAND CEMENT CO. 1b< S. F. 6s, Due March 1, 1925. — F. Dated March 1, 1905. Interest payable March and Sept. 1, • at Liberty National Bank. New York. Tax Status^ — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding— $3,600,000 (Mar., 1919). Retired by S. F. — $1,400,000. Denomination — Coupon, $1,000. Registerable as to principal. Trnstees — Bankers' Trust Co., New York, and George A. Mahan. Redeemable at 110 and interest on any In- terest date on six months' notice. Sinkingr Fnnd — $100,000 of these bonds to be retired annually on or before March 1, by purchase or redemption at not over 110 and Interest. Organization — Incorpo rated in Pennsylvania in 1899. Owns six manufacturing plants at Copley and Northampton, Pa., and Hannibal, Mo. Also owns plant at Hudson, N. Y, Secured by a first mortgage on all property and real estate in Pennaylvanja and Missouri, and plants having a capacity of 14,000,000 bbls. per year. Underlies — Gen. & Ref. 6s. due Nov. 1, 1939. Original Market — Offered in 1905, by Clark, Dodge, & Co., New York, at 105 and Interest. Market. New York— H. I. Nicholas & Co., J. D. Curtis & Co., Calloway, Fish & Co., Hanson & Doyle, Baker, Carruthers & Pell, Frederic H. Hatch & Co. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOS '09 109 '09 95 Dec. 98 Dec. Low. 90 '18 95 '18 90 Oct. 95 Oct. (THE) ATLAS PORTLAND CEMENT CO. Gen. & Ref. S. F. 6s. Due Nov. 1, 1939. Dated Nov. 1, 1914. Interest payable May 1 and Nov. 1, in New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $3,600,000 (April 1, '19). Reserved for Prior Liens — $3,600,000. Reserved for Extensions, etc — $2,400,000. Retired by S. F. — $400,000. Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — Bankers Trust Co., New York, and George A. Mahan. Redeemable at 105 and interest on any in- terest date on 3 days* notice. Sinking Fnnd — Annually, beginning Nov. 1, 1915, $100,000 of these bonds, and an addi- tional $100,000 when 90% or more of the 1st 6 s have been refunded. Organization — See 1st 5s. Secured by a first mortgage on part of the properties in Pennsylvania and Missouri and a second mortgage on the remainder (see 1st 5s). Also secured by pledge of 4,988 of 6,000 shares of stock of the Northampton & Bath R. K. Co.; 1,987 of 2,000 shares of stock of the Hannibal Connecting R. R. Co. ; 593 of 600 shares of stock of the Atlas Transporta- tion Co.; 28,500 of 30,000 shares of the New York & New England Cement & Lime Co. and a promissory note of the same company for $2,214,795. Also on additional property ac- quired with the proceeds of these bonds. Prior Liens — $3,800,000 1st 5s, due 1925, and $77,000 Deb. 6s, due 1923. For the re- tirement of these issues bonds are reserved under this mortgage. Market. New York — J. K. Rice, Jr., & Co., Frederic H. Ha'-.ch & Co. AUBURN & SYRACUSE ELECTRIC RAIL- ROAD CO. 1st & Ref. 6s. Due Oct. 1, 1942. — F. Dated October 1, 1902. Interest payable April and October 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,752,000. Reserved for ExtensionS'^$248,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on Oct. 1. 1912, or on any interest date thereafter. Organization — Incorporated in New York In 1902 as a consolidation of the Auburn City Ry. Co. and the Auburn Interurban Electric R. R. Co. Secured by a first mortgage on 14 miles of street railway in Auburn, N. Y., and 27 milea of Interurban railway from Auburn to Syra- cuse. Total track owned, 64 miles. Also has trackage rights to enter Syracuse. Popula- 80 tion served outside of Syracuse. 48.000. Per- petual franchise and 28 miles on private right of way. Underlies— $97,000 6% notes due Feb. 1. 1921. Year ended Dec. 31 "Fixed Net Charges 1918 $179,335 $174,736 1917 258,087 163,905 1916 184,039 161,801 * Interest, taxes and rentals. Original Market — OfCered in 1902, by N. W. Harris & Co., New York. Boston, etc., and Perry, Coffin & Burr, Boston. Market. New York — Harris. Forbes & Co., Horn- blower & "Weeks, Coffin & Burr, McDonnell & Co., B. F. Hutton & Co., Philip Lynch, Han- son & Doyle, Berdell Bros., Frederic H. Hatch & Co. Utica — W. D. Lyon. Boston — Harris. Forbes & Co., Inc., Coffin & Burr, Chicago — Harris Trust & Sav. Bank. Portland, Me.^ — E. L. Wengren. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 ■ Bid Ask Bid Ask High.lOl '09 103 '10 81 Jan. 88 Jan. Low. 75 '18 84 '17 75 May 85 Dec. AUBURN (N. Y.) GAS CO. 1st 6s. Duo Jan. 1. 1937.— F. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at New Tork Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $209,000. ' Pledged under Cons. 5s — $7,000, Retired by S. F. — $115,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — New Tork Trust Co., New York. Assumed by the Empire Gas & Electric Co. Sinking ITund — $5,000 annually in January to purchase bonds at a price to net not leaa than 3%%. Control — Consolidated into the Empire Gas & El. Co. in 1911. Secured by a first mortgage on plant supply- ing gaa to Auburn, N. T. Population served 36,000. Franchise Is perpetual. Gas is pur- chased from the Empire Coke Co. Underlies — $276,000 of the Auburn Gas Co. Cons. 5s of 1930, and $2,072,000 of the Em- pire Coke Co. and Empire Gaa & Electric Co. Joint and Ref. 5s, which mortgage provides for retirement of this issue. Barnin^rs — See Empire Gas & Electric Co. Original Market — $300,000 offered Jan., 1902. at 103% and interest, by N. W. Halsey & Co., of New York, Philadelphia, etc., 125,000 of- fered by the same firm Dec, 1905, at 102% and interest. Market. New York — Earle A. Miller & Co., J. A. Clark & Co., John J. Levenson, Kiely & Hor- ton. Philip Lynch, Berdell Bros., Frederic H. Hatch & Co. Philadelphia— S. K. Phillips & Co., F. R. Welsh, H. D. Boenning & Co., Chas. Pearon & Co. Boston — L. Sherman Adams. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 101 '17 90 Feb. 95 Feb. Low. 90 '18 92 '18 90 June 92 Dec. AUBURN GAS CO. 85-Year Cons. 58. Due June 1, 1930.— F. Dated June 1, 1905. Interest payable June 1 and Dec. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $276,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — New York Trust Co., New York. Assumed by the Empire Gas & Electric Co. Control — Absorbed by the Empire Gas & Electric Co. in 1911. Secured by a first mortgage on the electric light and power plant in Auburn. N. Y., and a second mortgage on the gas plant. Also se- cured by pledge of $20,000 1st 6s. Franchise is perpetual. Prior Lien — $209,000 1st S. F. 5s, due 1927. Underlies — Empire Gas & Electric and Em- pire Coke Co. Joint & Ref. 5s, under which mortgage bonds are reserved to retire this issue. Market. New York — Earle A. Miller & Co.. Klely & Horton, Frederic H. Hatch & Co. Philadelphia — F. R. Welsh. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid High.98i^ '17 101 '17 80 Oct. Low. 80 '18 100% '17 AUGUSTA-AIKEN RAILWAY & ELECTRIC CORP. S. P. 5s. Due Dec. 1, 1935. — F. Dated November 15, 1910. Interest payable June and Dec. 1, at Redmond & Co., New York. Tax Status — 2% Federal Income Tax paid bq company without deduction. Authorized — $7,500,000. Outstanding— $2,891,000 (Dec, 31, 1918). Held in Treasury — $80,000. Held in S. F. — $81,000. Reserved for Prior Lien — $89 8,000. Denomination — Coupon, $1,000. $500 and $100. Registerable as to principal. Registered $1,000 and multiples. C. & R. interchange- able. Trustee — Central Union Trust Co. , New York. / Redeemable at 105 and interest on any Inter- est date on thirty days' notice, aa a whole only, or in part for sinking fund. Sinking Fund — Beginning Feb. 1, 1916, the sinking fund provides for annual payments of $25,000 to 1920: $40,000, 1921 to 1925: $60,- 000, 1926 to 1930: and $65,000, 1931 to 1935. These amounts, if requested of trustee by the company to be applied to the purchase or re- demption of these bonds at not over 105 and interest. Bonds so redeemed to be held alive and interest added to said fund. Organization — Incorporated in South Caro- lina In 1911 and Is a consolidation of the Au- gusta-Aiken Ry. & Electric Co., the Augusta Ry. & Electric Co. Also owns the entire capi- tal stock of the Georgia-Carolina Power Co. (owning water power rights on the Savannah River). The Augusta-Aiken Ry. & Elec. Corp. guarantees principal, interest and sinking fund of the latter* company's $2,750,000 outstanding, 1st 5s, due July 1, 1952. Management — J. G. White Management Corp., New York. Secured by a mortgage on 65 miles of street railway track of which 29 miles are in the city of Augusta and suburbs ; a three story brick terminal building In Augusta; two power plants, one of which haa both steam and by- 81 draulic equipment; electric lighting systems in Augusta, North Augusta, Summerville and Harrisonville; 16 acre park on Lake Olmstead. Kailway and lighting franchises expire in 1939. Private right of way for interurban railway. Prior Lien — $898,000 Aug. Ry. & Elec. Co 5s of 1940, for retirement of which bonds of this issue are reserved. Year ended Dec. 31 Gross Net Interest 1918.. $1,023,832 $458,286 $338,317 1917. . 925.524 402,424 338.520 1916. . 838.456 406,734 348,674 1915. . 732,990 351,735 348,568 1914. . 738,372 344,486 276.420 1913. . 725,073 321,988 200,169 Original Market — $2,400,000 offered in 1911 and 1912, by Redmond & Co., of New York and Boston, and in 1912 by Adams & Co., Boston, at 94 and interest. Market. New York — Martin, Eerwin & Co., Taylor & "White, Redmond & Co., A. B. B'itkin & Co., Chas. D. Barney & Co., Berdell Bros., Sam'I Goldschmidt, Frederic H. Hatch & Co. New York — Robinson & Co., Martin, Berwln & Co.. S. R. Taylor, Leonard Snider & Co.. O. M. Vail, Jr., Redmond & Co., A. B. Pit- kin & Co., Geo. Reith & Co., Michaelis & Co. Philadelphia — Prazier & Co., J. W. Sparks & Co., Sam'I K. Phillips & Co., Wallace A. Reed. Boston — McConnell & Co., Inc. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.93 '11 95 '12 64 Dec. 68 Dec. Low. 50 '16 59% '18 55 Nov. 59% Nov. AUGUSTA RAILWAY & ELECTRIC CO. 1st 5s. Due June 1, J940. — N. Dated June 1, 1900. Interest payable June and Dec. 1, at Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 000, 000. Outstanding — $898,000 (Mar., 1919). Held ini S. F.— $102,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable at 105 and Interest on 10, 20 or 30 years from date of bonds upon six months' notice. Sinking Fond — % of 1% of all outstanding bonds, beginning June 1. 1905, for 15 years; 1% for the next 10 years; and 2% for the remaining 10 years. Assumed by the Augusta-Aiken Ry. & Elec. Corp. Control — Merged In 1911 with several other companies into the Augusta-Aiken Ry. & Elec. Corp. Secnred by a first mortgage on all the prop- erty of the former Augusta Ry. & Electric Co. consisting of 29 miles of track, two power plants and other property. Underlies — Augusta-Aiken Railway & Elec- tric Corporation 1st 5s of 1935, which pro- vide for the retirement of this issue. Earnings — See A. A. Ry. & El. Corp., 1st Ba above. • Listed on the Baltimore Stock Exchange. Origrinal Market — Underwritten by the Mer- cantile Trust & Deposit Co. of Baltimore, and the New York Security & Trust Co., New York. Market. New York — S. L. Snowden, F. H. Hatch & Co., Philip Lynch. Baltimore — Poe & Davis. Sutton & Co., Jen- kins, Whedbee &. Poe. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 '11 105 '12 84 Feb. 91 Jan. Low. 75 '11 83% '18 75 Dec. 83% Nov. AUGUSTA SOUTHERN RAILROAD CO. Ist Cons, (now Ist) ds. Due Dec. 1. 1924. Dated Dec. 1, 1894. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by comuany without deduction. Authorized and Outstanding — $400,000. Denomination — Coupon, $1, 000. Registerabl* as to principal. Trustee — Central Union Trust Co.» New York. Control — The $296,000 out of $350,000 pre- ferred and $294,800 out of $400,000 common stock formerly owned by the Southern Ry. Co. was acauired March, 1917, by the Georgia & Florida Ry. Co. Secnred by a first mortgage on the road from Augusta to Tennille. Ga., 82.50 miles. The company has trackage rights into Augusta over the Augusta & Summerville R. R. Bonds of this issue are outstanding at the rate of about $4,800 per mile. Year ended June 30: Gross Net •Charges 1916 $173,417 $57,222 $49,600 1915 160,027 36,517 49,742 1914 185,936 55.045 52,449 1913 181,731 42,216 67,157 ♦Includes taxes, rentals and interest. Later earnings not available. Market. New York — ^WolfC & Stanley. F. J. Usman & Co., Taylor & White, Baker, Carruthers & Pell. Price Range. Jtn. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.92 '12 95 '13 65 Jan. 75 Jan. Low. 40 '18 70 '18 40 Dec. 70 Dec. AUGUSTA TERMINAL RAILWAY CO. 1st 6b. Due April 1. 1947.— F. Dated April 1, 1897. Interest payable April and Oct. 1 at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $600,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Assumed by Charleston & Western Carolina Ry. Control — ^Absorbed in 1906 by the Gharlea- ton & West. Car. Ry. Co. All of the stock of which Company Is owned by The Atlantic Coast Line Co. Secured by a first mortgage on warehouses, and terrfiinal facilities including tracks in Augusta, Ga. Underlies — Charleston & W. Carolina Ry. 1st 5s. of 1946 and 1st Cons. 4s. of 1964. Bonds are reserved under latter mortgage for the re- tirement of this issue. Market. New York — John Davenport, P. J. Llsman & Co., Carruthers & Pell, Wm. A- C Ewen, Samuel Goldschmidt, Abraham & Co. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.llO '16 115% '16 100 Dec. 110 Oct. Low. 92 '18 105 '17 92 Nov. 105 Jan. 82 AUGUSTA (GA,) UNION STATION CO. 1st 4s. l>ue July 1, 1953. — P. Dated August l, 1903. Interest payable Jan. 1 and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Ontstanding: — {226,000. Denomination — Coupon, $1,000. Registered. $1,000 and multiples. Trustee — Safe Deposit & Trust Co.. Balti- more. Control — The entire capital stock. $75,000, is owned by and the property leased to the So. Ry., Georgia R. R, and the Atl. C. L. R. R. Co. Rental interest on bonds and 4% dividends on stock. Seeured by a first mortgage on the Augusta Union Station. Used as passenger station by the Southern, Atlantic Coast Line and Georgia railroads. Original Market — $225,000 offered in Jan., 1906, at 98 and interest by Potter, Choate & Prentice of New York. Market. New York — Baker, Carruthers & Pell, Abra- ham & Co., John Davenport, F. J, Lisman & Co. Baltimore — Mercantile Trust & Deposit Co. Philadelphia — Louchheim. Minton & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High. 80 '16 83% '16 71 Nov. Low. 71 '18 AURORA, ELGIN & CHICAGO RAILWAY CO. 1st 5s. Due April 15, 1941. — F. Dated April 15, 1901. Interest payable April and Oct. 15 at First Nat'l Bank, New York, or Cont. & Com. Tr. & Sav. Bank, Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Oatstanding — $2,650,000 (Dec. 1917). Retired by Sinking Fund — $350,000. Denomination — Coupon, $1,000. Trustee — Continental & Com. Tr. & Sav. Bank, Chicago. Sinking Fund — Commencing April 15, 1911, $50,000,000 annually to be invested in these bonds if they can be acquired at a price agreed upon by company and trustee, or other securi- ties selected by the company and apiToved by the Trustee. AsBumed by the Aurora, Elgin & Chicago R. R. Co. Organization and Control — Incorporated in Illinois in 1901. In 1906 it was consolidated into the Aurora. Elgin & Chicago R. R. Co. Secured by a first mortgage on 57 miles of third-rail electric railway from a connection with the West Side Elevated Ry. in Chicago, via Wheaton to Aurora, 111., of which 25 miles are double track. Population served (1910), exclusive of Chicago. 50,000. The line Is largely on private right of way. Fran- chises are for 50 years or without limit. Underlies — ^A., E. & C R. R. First & Ref. 6s of 1946, a sufficient amount of which bonds Is reserved to retire this issue. Eamlngs — See 1st and Ref. 5s, 1946. Legal for Me. Listed on the Unlisted Depts. of the Chicago and Cleveland Stock Exchanges. Market. Ntrw York — F. J. Lisman & Co., Burgess, Lang & Co., Frederick H. Hatch & Co., A. E. Fitkin, Berdell & Bros., J. S. Farlee & Co.. Newhall & Co. Cleveland — Borton & Borton. Pliiladelphia — Frazier & Co.. Newhall & Co., R. M. Stimson & Co., H. D. Boenning & Co., S. K. Phillips. Springfield, Mass. — ^Moody Bros. & Co. Boston — Burgess, Lang & Co., L. Sherman Adams, F, B. Bassett & Co, Portland, Me. — Fidelity Trust Co., Union Safe Dep. & Tr. Co., E. L. Wengren, Beyer & Small. Buffalo— John T. Steele. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl^ '12 IO2V4 '12 80 Mar. 85 Dec. Low. 75 '18 80 '18 75 July 80 July AURORA, ELGIN & CHICAGO RAILROAD CO. 1st & Ref. 5s. Due July 1, 1946.— F. Dated July 1, 1906. Interest payable Jan. and July 1, at New York, Citizens' Savings & Trust Co., Cleveland, or Northern Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Default — Jan. 1, 1919. Interest had not been paid as of Mar. 1, 1919. Protective Committee — R. M. S tin son, Chairman; G. H. Stewart, 3d., L. B. Williams, "W. T. Goodale, A, B. Conant, with A. B. Pf abler, 319 North American Bldg. , Phila- delphia, as secretary. Depositary, Girard Trust Co., Philadelphia; Sub-depositories, In- ternational Trust Co., Boston, and Citizens Savings & Trust Co., Cleveland. Authorized — $15,000,000. Outstanding— $3,079,000 (Mar. 1, '19). Reserved for Prior Liens — $4,196,000. In Treasury — $532,000. Reserved for Xlxt. — $6,126,000. Denomination — Coupon, $1,000. Registerabla as to principal. Registered, $1,000. C. & R. Interchangeable. Trustee — The Northern Trust Co., Chicago, 111. Organization — Incorporated In Illinois in 1^06 and is a consolidation of the Aurora. Elgin & Chicago Ry. Co., the Elgin, Aurora & Southern Traction Co. and the Cook County & Southern R. R. Co. and in 1910 acquired by purchase the Chicago, "Wbeaton & Western Ry. The company owns and operates the street railway lines in Elgin and Aurox'a, III., and electric lighting plant in Elgin. All Its property is In Illinois. Secured by a mortgage on 169 miles of third-rail electric railway (measured as single track) from a connection with the Metropoli- tan, West Side Elevated road in Chicago to Wheaton, Elgin, Batavia, Aurora and branches to Carpentersville, Dundee, St. Charles. Gen- eva, Torkville and Bristol. The Company has exclusive trackage rights over the Met. W. S. Elev. to the central business district of Chi- cago. The road is built largely on private right of way. Franchises are for 50 years. Prior Liens— $2,650,000 Aur., Bl. & Chi. Ry. 1st 5a, 1941, $1,546,000 Elgin, Aurora & Southern Traction Co. 1st Cons. 5s of 1919, to retire which bonds of this issue are reserved. Year lEruL^d Dec. 31 Gross Net Interest 1918. .$2,140,355 $262,797 $439,253 1917.. 2,158.478 600.815 428,516 1916.. 2,056,362 675,494 433,910 1915.. 1.909.544 606,842 436.165 Listed pn the Unlisted Dept. of the Chicago Stock Exchange. S3 Original Market — $1,000,000 offered in 1909 by Hayden, Miller & Co., Cleveland, on about a 5.25% basis. Market. Philadeli>hia— E . V. Kane & Co. , S. K. Phillips, Hy. D. Boennin^ & Co., Newhall & Co., R. M. Stinson & Co. Boston — Burgess, Lans & Co. Cleveland — Hayden, Miller & Co. Now York — ^Kiely & Horton, Didrichaen & Co., Philip Lynch, E. & C. Randolph. F. H. Hatch & Co., Burgess, Lang & Co., A. E. Fitkin & Co, J. S. Farlee & Co. Portland, Me. — B. L. Wengren. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1. 1908 to Jan, 1, 1919 1918 Bid Ask Bid Ask High.94 '13 lOQi^ '14 55 Jan. 70 June Low. 40 '18 55 '18 40 Dec. 55 Dec. AUSTIN & NORTHWESTERN RAILROAD CO. 1st 5s. Due July 1, 1941.— N, Dated July 1, 1891. Interest payable Jan. and July 1, at Southern Pacific office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000 per mile. Outstanding — $1,920,000, $300,000 held in S. F. of Central Pac. Rys. SMts of 1929. Denomination — Coupon, $1, 000. Registerable as to principal. Registered $1,000. Trustee — Metropolitan Trust Co., New York. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Organization and Control — Consolidated in 1901 into the Houston & Texas Central R. R. Co. The entire capital stock of latter com- pany is owned by the Southern Pacific Co. Secured by a first mortgage on 106.08 miles of roads from Austin to Llano, Tex. , 99. 68 miles, and branch. Bonds of this issue are outstanding at the rate of $18,100 per mile. T..egal for Tex. Listed on tha New York Stock Exchange. Market. New York — J. S. Farlee & Co., E. & C. Randolph, "Wm. Carnegie Ewen, Tobey & I^irk. H. Hatch & Co., Taylor, Smith &. Hard, Baker. Carruthers & Pell. Portland, Me. — Fidelity Trust Co. Philadelphia — Graham, Parsons & Co. Pittsburg — R. B. Hutchinson & Co. Price Ran^e — N. Y. S. E, Jan. 1, '06 to Jan. 1, '19 1918 High.llO Feb. 9, '06 IC) Nov. 9 Low. 93 Nov. 9. '18 93 Nov. 9 AUSTIN (TEX.) GAS LIGHT CO. Rfif. Gs. Due July 1, 1937.— F. Dated July 2, 1917. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $440, 000. Reserved for Prior Liens — $134,000. Reserved for Ext. (80%) — $926,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Central Trust Co. of Illinois. Chicago. ^ Redeemable at 102% and Interest on any interest date on 30 days' notice. Maintenance Fund — The company Is reauired to expend or set aside annually for mainte- nance and repairs, or for renewals and re- placements a sum eaual to 1% of all outstand- ing bonds of this issue. Any part of this fund not used for such purposes may be used either for permanent extensions^ en- largements and additions against which no bonds may be issued or for the redemption and retirement of outstanding bonds. Should the sum thus provided not be sufficient, an added amount must be expended each year so that the property will be kept at all times in first class working condition and repair. Organization — Incorporated in Texas in 1905 as successor to the Austin Gas Co. Capital Stock Authorized Outstanding Preferred (7% Cum.). $300,000 $275,000 Common 250,000 250,000 Secured by a mortgage on all the property of the company now owned or hereafter ac- quired. The property covered includes plant completed in 1913 supplying gas to Austin, Tex. Population served about 40,000. Fran- chise expires in 1929. Prior Lien — '$134,000 (closed mortgage) 1st 5s of 1925 for the retirement of which bonds are reserved under this mortgage. Years ended April 30 and Dec. 31: Bond Gross Net Interest 1917 $143,685 $66,505 $33,100 *1915 130,383 59,640 26,448 •1914 120,837 53,324 25,164 *1913 109,879 41,301 23,624 ♦Year ended Dec. 31. Original Market — $440, 000 offered July, 1917, by H. T. Holtz & Co., Chicago. Market. Chicago — ^H. T. Holtz & Co. Price Range — 1918. Bid Ask High.92 Dec. 95 Dec. Low. 89 June 92 June AUSTIN (TEX.) STREET RAILWAY CO. 1st & Refg. 5s. Due Jan. 1, 1936. — F. Dated January 2, 1911. Interest payable Jan. and July 1, at Trustee's office, New York. Tax Status — 2 % Federal Income Tax de- ducted from interest payments. Authorized — $1,500,000. Outstanding — $786,000 (Mar., 1919). Held in S. F. — $97,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 102% and interest on any interest date. Sinking Fand — Beginning 1915, and annually thereafter, 2% of outstanding bonds including those held in sinking fund, to be applied to the purchase or redemption of these bonds at not over 102% and interest.' Bonds so re- deemed to be kept alive and Interest added to sinking fund. Organization — Incorporated in Texas In 1911 and acquired the property of the Austin Elec- tric Railway. Secured by a first mortgage on street rail- way system in Austin, Tex., consisting of a power house, 21 miles of track and equip- ment. Population served 45,000. Franchise expires in 1942. Year ended Dee. 31. Gross Net •Deductions 1918 $273,184 $96,696 $80,047 1917 257,372 97,711 75.263 1916 269,094 106.020 67,500 1916 240.177 82.407 "67,666 1914 262,069 109,640' 64,463 1913 258.405 110,936 49,818 •Interest, taxes and sinking fund. Original Market — Offered in 1911 by Esta- brook & Co., New York and Boston, at 95 and interest. 84 Market. New York — A. B. Fitkln & Co., Estabrook & Co., Frederic H. Hatch & Co. Boston — Estabrook & Co. Philadelphia — Chaa. Fearon & Co.. Sam'l K. Phillips & Co. Price Range. Jan. 1, 1915 to Jan. 1,1»19 1918 Bid Ask Bid Ask High.91 '16 94 '15 76 Jan. 75% May Low. 67 '18 75% '18 67 Deo. (THE) AUTOCAR COMPANY 1st 6s. Due $125,000, each April 1 and October 1, 1920; $150,000, each April 1 and October 1, from April 1. 1921, to October 1, 1922, inclu- sive; $175,000, each April 1 and October 1, 1923; $200,000, each AprU 1, 1924; Oc- tober 1, 1924 and April 1, 1925. Dated April 1, 1919. Interest payable April 1 and October 1 at Trustee's office. Tax ISxempt — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized — $1,800,000. Oatstanding — $1,800,000. DenAmina.tion — Coupon, $1,000: registerable as to principal. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila- delphia. -* Redeemable, as a whole, only on 30 days notice, at 102% and interest until October 1, 1922, and at 101 and Interest thereafter. Organization — Incorporated in Pennsylvania in 1899 and manufactures and sells commercial automobile trucks of 1 to 2 tons' capacity. General ofBces and plant are located at Ard- more. Fa. Outstanding Capital Stock $2,000,000 Secured first mortgage on real estate, build- ings and machinery of the company in Ard- more. Pa., having a book value of $1,801,003 as of December 31, 1918. The provisiohs of the Trust Agreement in- clude the following covenants by the company: To maintain dujck assets in ' excess of all liabilities (other than this issue) and incum- brances totalling $100,000 on property In Washington, D. C, of not less than one and one-half (1%) times the principal amount of bonds of this issue at any time outstanding, of which not less than 50% shall consist of cash accounts and notes re.ceivable. To furnish the Trustee each month a state- ment of the financial condition of the com- pany certified to by certified public account- ants. Note — ^As of Dec. 31, 1918, net quick assets, $2,400,000. Original Market — $1,800,000 offered March. 1919. by Montgomery & Co., Philadelphia and New York, at prices ranging from 100 to 97% and interest according to maturity. 85 B (THE) BAILEY COMPANY Ist Serial 6s. Due $50,000 annually Nov. 1 from 1914 to 1923 inclusive. — F. ■ Dated Nov. 1, 1913. Interest payable May and Nov. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by conipany without deduction. Authorized — $500,000, Outstanding — $250,000 (Mar. 15. 1919). Retired — $250,000. Denominatiou — Coupon, $100, $500 and $1,000. Registerable aa to principal. Trustee — Superior Savings & Trust Co., Cleveland. Redeemable on any interest date on 60 days' notice at 102% and Interest, and on Nov. 1 of any year, bonds maturing the next suc- ceeding year may be called at 101 and in- terest. Bonds acquired to be .cancelled. Organization — Incorporated in Ohio in 1899. The company conducts a department store business in Cleveland, O. Secured by a first mortgage on all property of the company both real and personal and including land, leaseholds and buildings located in the business section of Cleveland appraised at $2,068,053 and merchandise, bills receiv- able, etc., valued at $1,737,093. Under the terms of this mortgage the company must maintain at all times quick assets over and above all debts to an amount not leas than the principal of outstanding bonds. Original Marlcet — Offered Nov., 1913, by Otis & Co., Cleveland, at par and interest. Market. Cleveland — Otis & Co. BAI-DWIN LOCOMOTIVE WORKS let S. F. 58. Due May 1, 1940. — F. Dated April 30, 1910. Interest payable May and Nov. 1, at Brown Bros. & Co. , New York, and at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $16,000,000. Outstanding— $9,144,000 (Jan. 1. '19). Held in S. F. — $856,000. Reserved for Ext. — $5,000,000. Denomination — Coupon, $1, 000. Registerable as to principal or full registerable. C. & R. Interchangeable. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable as a whole at 115 and interest on any interest date after May 1, 1915. Sinking Fund — Beginning May 1, 1915, and annually thereafter, a sum equal to 2% of, all bonds Issued for the purchase or redemrtion of these bonds at not exceeding 107% and in- terest. Bonds so acquired to be held alive and Interest added to this fund. Organization — Incorporated In Pennsylvania in 1909 as successor to the firm of Burnham, Williams & Co., founded 1831 by M. W. Bald- win. The Baldwin Locomotive Works wa s incorporated in 1911 and acquired all the cap- ital stock of the original conipany and the entire $3,000,000 capital stock of the Standard Steel Works Co. The company owns the larg- est individual plant in the world devoted to the manufacture of locomotives. Its property comprises a plant in the City of Philadelphia covering 18 acres. Also owns 422 acres of land on which are foundries, smith shops and erecting shops at Eddystone, Pa. (1 2 miles from Philadelphia). The property of the Stan- dard Steel Works Company is situated at Burnham, Pa. Its plant consists of furnaces, tire mills, spring shops, foundries, 11 miles of railway with locomotives and freight cars* and covers 87 acres. This plant has been In continuous operation since 1871. Interests allied with tbe company have purchased 370 acres of ground near Chicago, where It is proposed to erect a new plant. Secured by a first mortgage on all the prop- erty of the company aa described above and by a first lien by deposit with the Trustee, all the capital stock of the Standard Steei Works Co. ($3,000,000). The mortgage pro- vides that the unencumbered quick assets of the corporation shall at ail times equal i aggregate indebtedness, including outstanding bonds. Years ended Dec. 31. Bond Gross •Net t Deductions .$123,179,252 $19,760,441 $1,498,329 1918. 1917. 1916. 1915. 1914. 12,740,486 10,505,062 3,510,383 981,754 1,546.645 1.060.421 642.567 616.524 etc. Re- 98,263,865 59,219,058 22.083,011 13,616,163 *Before depreciation, etc. tTaxes (not Federal), interest, served for Federal Taxes, 1918, $6,500,000: 1917, $1,750,000. I^isted — New York and Philadelphia Stock Sjxchanges. Original Market — $ 10,000,000 offered May, 1910, by Kuhn, Loeb & Co. and Brown Bros, & Co., New York. Market. Philadelphia — Graham, Parsons & Co., Mont- gomery & Co.. S. K. Phillips & Co., Biddle & Henry, Henry & Kirkbride, Reed A. Mor- gan & (IJo., Brown Bros. & Co., Harper & Turner, Elkins, Morris & Co.. Frazier & Co.. Chas. Fearon & Co. New York — H, M. Salomon & Bro., HoImes( Bulkley & Wardrop, Earle A. Miller & Co.. Morton Lachenbruch & Co. San IVancisco — Blankenhorn-Hunter-Dulin Co. IjOS Angeles — ^Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Price Range — N. Y. S. E. Jan. 1, '10 to Jan. 1, '19 1918 High.106^ Dec. 2, '15 101% May"l6 Low. 98 Oct. 24, '18 98 Oct. 24 BALTIMORE & ANNAPOUS SHORT MNE RAILROAD CO. 1st 6s. Due August 1, 1946.— F. Dated August 6, 1906. Interest pavable Feb. and Aug. 1, at Alex. Brown & Sons. Baltimore. Tax Status — 2 % Federal Income Tax paid by company without deduction. " Tax free in Maryland. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Baltimore. Redeemable at 110 and interest on any In- terest date on 90 days' notice. Organization and Control — Incorporated in Maryland In 1893. Consolidated In 1906 vitb the Maryland Electric Ry. Co. into tbe Mary- land Electric Rys. Co. and its line electrified. The latter company is controlled by interests afniiated with the United Rys. & Blec. Co. of Baltimore and leases part of its property to that company (the property covered by this mortgage Is not included under this lease) Lease also obligates United Rys. & El. Co. to purchase leased property at sum sufficient to retire Maryland Electric bonds. Rental IS sufficient to provide for interest on bonds. Secured by a first mort&aire on all prop- erty, rig-hta and franchises, including 25 miles of electric street railway between Clifforda Station and Annapolis, Md, Original Market — Offered 1907 by J. S. Wil- son, Jr. & Co, and Fidelity Trust Co., Balti- more, at 97 and interest. Market. Baltimore — Poe & Davies. Jenkins, Whedbee & Poe. New York — ^W. W. Cohen. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hi&h.95 '09 97% '13 55 Jan. 60 Jan. Low. 50 '16 55 '17 50 Nov. 55 Nov. (THE) BALTIMORE & CUMBERIAND TAI^ liEY RAII.ROAD CO. Ist 6s. Due July 1. 1929.— N. Bated July 1, 1879. Interest payable Jan. and July 1 at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $72, 800. Outstanding — $72, 800. Denomination — Coupon, $500 and $100. Trustee — Mercantile Trust & Deposit Co., Baltimore. Assumed by the "Western Maryland Ry. Co. Organization and Control — Incorporated in Pennsylvania In 1878 and leased its property for 50 years from July 1, 1879, to the "West- ern Maryland R. R. Co. at an annual rental eauivalent to Interest and taxes. Merged Jan., 1917, into the Western Maryland Ry. Co. Secured by a first mortgage on 4.55 miles of road from Maryland State Line to "Waynes- boro, Pa. Bonds of this issue are out- standing- at the rate of $16,000 per mile. Underlies — ^Western Maryland Ry. 1st & Ref. Mtge., under which bonds are reserved to retire this issue. Ijegal for Me. lasted — Baltimore Stock Exchange. Market. See Railway 6s below. Price Range 1918 — Bid 100. THE BAI.TIMORE & CUIVIBERI^ND VAIi- I^Y RAII.ROAD EXTENSION CO. 1st 6s. Due July 1, 1931. — N. Dated July 1, 1881. Interest payable Jan. and July 1, at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $230,000. Denomination — Coupon, $1, 000. Trustee — Mercantile Trust & Deposit Co., Baltimore. Guaranteed as to interest, under terms of lease, by the "Western Maryland Ry. Co. Organization — Incorporated in Pennsylvania In 1880. Property was leased to the "West- em Maryland R. R. Co. for 5 years from July 1, 1881, at a rental equivalent to in- terest on bonds and 7% dividend on $270, f>00 capital stock, and lease assumed by the "W. M, Ry. Co. Merged in 1917 into the Western Maryland Ry. Co. Secured by a first mortgage on 26.52 miles of road from Waynesboro to Shippensburg, Pa. ; together with all other property now owned or hereafter acquired. Bonds of this issue are outstanding at the rate of $8,6 73 per mile. Underlies — ^Western Maryland Ry . Co . 1st & Ref. Mtge., under which bonds are re- served to retire this Issue. liCgal for Conn, and Me. Market. See Railway 6a below. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Bid High.112 '09 100 Sept. Low.. 100 '14 100 Dec. BALTEVIORE & CUMBERIAND VAtLEY RAII-WAY CO. Ist 68. Due July 1, 1939. Dated July 1, 1879. Interest payable Jan. and July 1, at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $48,500. Outstanding — $48,500. Denomination — Coupon, $ 5 00. Trustee — ^Mercantile Trust & Deposit Co., Baltimore. Assumed by the Western Maryland Ry. Co. Organization and Control — Incorporated in Maryland in 1878, and leased for 50 years, from July 1, 1879, with right of renewal to the Western Maryland R R. Co., at an annual rental equivalent to interest and taxes. Merged Jan., 1917, into the Western Maryland Ry. Co. Secured by a first mortgage on 3.03 miles of road extending from Bdgemont. Md.. to Pennsylvania State Line. Bonds of this Issue are outstanding at the rate of $16,007 per mile. Underlies — ^Western Maryland Ry. Co. lat & Ref. Mtge., under which bonds are re- served to retire this issue. liOgal for Me. liisted on the Baltimore Stock Exchange. Market. New York — Baker, Carruthers & Pell, Abra- ham & Co. Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co. Baltimore — Baltimore Trust Co., Jenkins, Whpdbee & Poe. H. R. Taylor & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range, 1917 — Bid 100. BAI.TI3I0RE & HARRISBURG RAILWAY CO. Ist 5s. Due Nov. 1. 1936.— N. Dated November 1, 1886. Interest pay- able May and Nov. 1, at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $690,000. Denomination — Coupon, $1,000. Regj ster- able as to principal or fully registerable. Trustee — Mercantile Trust & Deposit Co. , Baltimore. Assumed by the Western Maryland Ry. Co. Organization and Control — Incorporated In Pa. and Md. in 1886. Property leased for 50 years from Oct. 25, 1886, to the Western Maryland R. R. Co. Merged Jan., 1917, into the Western Maryland Ry Co. Secured by a first mortgage on 65.93 miles of road, viz : Miles. Emory Grove, Md., to Orrtanna, Pa. . .58.43 Valley Jet. to Hanover Jet., Pa 6.20 Intersection, Pa., to Maryland State Line 1.30 Underlies — Western Maryland Ry. Co. lat & Ref. Mtge. , under which bonds are re- served to retire this Issue. Legal for Conn, and Me. Listed on the Baltimore Stock Exchange. 87 Market, New York — Coffin & Co., F. H. Hatch & Co., Samuel Goldschmidt. Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co. Baltimore — Kobt. Garrett & Sons, Jenkins, "Whedbee & Poe, Howard R. Taylor & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hig-h.110'08 110 '09 92^^ Dec. 95 Dec. Low. 85 '17 95 '18 85 Jan. BALTIMORE & HARRISBURG RAILWAY CO. Western Extension 1st 5b. Due May 1, 1938.— N. Dated July 7, 1888 Interest payable May and Nov. 1, at National Bank of Commerce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. ' Authorized and Outstanding — $240,000. Denomination — Coupon, $1,000. Regi ster- able as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Assumed by Western Maryland Ry. Co. Organization and Control — Incorporated in Pennsylvania in 1888 and property leased for 50 years from June 1, 1889. to the Western Maryland R. iR. Co. Rental interest on bonds and 5 % dividend on stock. Merged in 1917 into Western Maryland Ry. Co. Secured by a first mortgage on 15 miles of road from Orrtanna, Pa., to Highfield, Md. Bonds of this issue are outstanding at the rate of $16,000 per mile. Underlies — Western Maryland Ry. Co. 1 st & Ref. Mtge., under which bonds are re- served to retire this issue. Legal for Me. Listed on the Baltimore Stock Exchange. Market New York — J. S. Parlee & Co.. Wolff & Stanley, F. H, Hatch & Co., Samuel Gold- Bchmldt. Baltimore — Poe & Davies, H. R. Taylor & Co. , Jenkins. Whedbee & Poe. Philadelphia — Chas. Fearon & Co., Sam'l K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.llO '10 111 '10 92^ Nov. 95 Dec. Low. 85 '17 95 '18 85 Jan. BALTIMORE & OHIO RAILROAD CO. Chartered in Maryland in 1827. In 1896 the company was placed in receiver's hands, but a reorganization was effected without foreclosure. The company owns or controls 4,868.91 miles of road, extending from Phila- delphia to Baltimore, Washington, Pittsburgh, Cleveland, Cincinnati, Louisville, Chicago and St. Louis, and includes numerous branch lines. A large part of the mileage including practically the entire line from Philadelhpia to Chicago, is double-tracked, and large sums are being expended in straightening the main line and reducing grades. The company serves the soft coal fields of Pennsylvania and West Virginia, about two-thirds of its total tonnage being in the products of mines. The Balti- more & Ohio R. R. is bonded, including equipment trusts, at the rate of $94,79 7 per mile. Under reorganization agreement of the Cin- cinnati, Hamilton & Dayton Ry. Co. , the B. & O. R. R. acaulred all the securities of the Toledo & Cincinnati R. R. Co., the successor company. It also owns about one- fifth of the total capital stock of the Read- ing Co.. including $6,945,593 1st preferred, $14,265,000 2nd preferred and $10,002,000 com- mon stock. The company has outstanding $58,863,182 4% non-cumulative preferred stock and $161,- 945,593 common stock. Dividends on both classes of stock have been paid since 1900, the rate on the common stock having been 6% per annum, from September, 1906, to January, 1915, when a semi-annual dividend of 2%% was declared, placing the stock on a 5% basis. $53,607,800 common stock and $28,480,000 preferred \, stock was owned by the Union Pacific R. R. Co. Of this amount $21,273,600 each of common and pre- ferred stock was acquired from the Pennsyl- vania R. R. in exchange for Southern Pa- cific R. R. stock, sold by the Union Pacific R. R. Co. under orders from the U. S. Supreme Court. This stock has since been distributed as an extra dividend to common stockholders of the U. P. R. R. Co. For a long period of years net earnings In each year have exceeded twice the interest on the entire bonded debt (not including rentals and miscllaneous interest charges, amounting to about $1,500,000 annually) but this -was not the case in the year ended June 30, 1914, and years ended Dec. 31, 1916. and 1917. Years ended Dec. 31 Gross Net Int. & Rent 1917.. $133,'613.321 $32,218,526 $24,189,150 1916.. 116,968,882 34,268,685 21,616.009 1915. . 100,717,666 34.690.477 19,115,066 BALTIMORE & OHIO RAILROAD CO. Prior Lien 3%s. Due July 1, 1935.— F. Dated July 1, 1898. Interest payable. Cou- pon Bonds, Jan. and July 1, at Company's office, 2 Wall Street. New Tork. Registered Bonds, Jan., April, July and Oct, 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Out8tanding-^$74,895,400. Held in Treasury — $104,600. Denomination — Coupon, $1,000 and $500. Regiaterable as to principal, or fully register- able. Registered $1, 000 and multiplies. Trustee— Bankers' Trust Co., New York. Secured by a direct or collateral lien on 1,077.07 miles of road, viz: A first mortgage on 702,24 miles — Miles. Baltimore (Camden Station), Md., to Wheeling, W. Va 378.18 Washington, D. C, to Washington Jet., Md 41. 66 Miller to Berkeley Station, W. Va 14.54 Hancock to Berkeley Springs, W. Va... 6.06 Green Spring to Romney, W. Va 16.11 Grafton to Belington, W. Va 41.47 Berryburg Jet. to Berryburg, W. Va... 3.90 Grafton to Parkersburg, W. Va 104.66 Relay Station, Md. , to Washington, D. C 29.75 Miscellaneous branches 66.11 A first colateral Uen (throxigh deposit of all the bonds and practically all the stock of proprietary companies) on 374.83 miles: Miles. Weverton to Hagerstown, Md... 23.92 Mt. Savage Jet., Md., to Pittsburgh, Pa., 163.36 Garrett to Berlin, Pa 11.82 Salisbury Jet. to Niverton, Pa 12.57 Rockwood to Johnstown, Pa. 40.04 Green Jet. to Uniontown, Pa 11.36 O. & B. Short Line Jet. to Elm Sid- ing, Pa 9.93 Board. Ford to Mt. Pleasant, Pa 9.70 88 Confluence and Oakland Jet., Pa., to Kendall, Md 19.70 Wheeling Jet. to Wheeling, W. Va....! 68.34 Underlies — B. & o. 1st 49 of 1948, which provide for retirement of this issue, Conv. 4%s of 1933 and Ref. & Gen. Es of 199S. The latter issue provides for the retirement of this issue. liegal for Bait., Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Iiisted on the New York Stock Exchange. Original Market — $2,000,000 offered 1908 by the Guaranty Trust Co., New York, and Alex. Brown & Sons, Baltimore. Market. New York — McKinley & Morris, National City Co., Remlok, Hodges & Co., WolK & Stanley, Seasongood. Haas & Macdonald, Struthers & Hlscoe, Colgate, Parker ft Co., Bemhard, Schoile & Co., John Nickerson, Jr., Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Brown Bros. & Co., Graham, Parsons & Co., Elklns, Morris & Co. Louisville — Henning, Chambers & Co., J. J. B. Hilliard & Sons. Chicago — Harris Trust & Say. Bank, Union Trust Co., Kean, Taylor & Co. Pittsburgh — R. B. Hutchinson & Co., R. W. Evans & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Conpon. High.9.7ii June 7, '06 92% Nov. 19 Low. 84 Dec. 14. '17 86% Apr. 18 Registered. High. 96 May 31, '06 t:,ow.88 June 6, '13 BALTIMORE Si OHIO RAILROAD CO, Ist 4s. Due July 1, 1948. — F. Dated July 1, 1898. Interest payable. Cou- pon, April and Oct. 1, at 2 Wall St., New York. Registered, Jan., April, July and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $166, 000, 000. Outstanding — $81,996,000. Held in Treasury — $4,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal or fully register- able. Registered, $1,000 and multiplies. Trustees — United States Trust Co., New York, and John A. Stewart. Redeemable at 105 on or after July 1, 1923, upon 3 months' notice. Secured by a direct or collateral lien on 1,668,24 miles of road, viz: A first lien on 166.32 miles — Miles. Md.-Del. State Line to Bay View Yard, Md, , and branches 64.80 Akron to Chicago Jot., 66.71 Lodi to Millersburg, 35.73 A first coUater/Ll lien on 404.54 miles — Bastwick (Philadelphia), Pa., to Md.- Del. State Line and branches 56.61 Childs to Providence Mills, Md 4,0 Bay View to Baltimore, Md 7.24 Uniontown, Pa., to F. M. & P. Jot., W, Va., and branches 73,65 Chicago Jet., O., to Ind.-IIl, State Line. 267, 12 Ind.-lli. State Line to Brookdale, 111 5.92 A second lien on 702.24 miles — Covered by B, & O. P. L. Z'As 702.24 A second collateral lien on 374.83 miles — Covered by the B. & O. P. L. S%s 374.83 Also secured by pledge of $8,500,000 (en- tire issue) B, & O. R, R. Terminal 4 lis, due 1934, which are a ilrst lien on terminals in Baltimore, Brunswick and Cumberland, Md, ; Benwood, W. Va., and Pittsburgh and Phila- delphia, Pa. This issue is also a collateral Hen by deposit of stocks and bonds on 20.31 miles of road, viz: Park Jet., Phila., to Eastwick, Phila., Pa. (connection with Phila. & Reading R. R.) East Side to Philadelphia, Fa Metropolitan Southern Jet., Md., to Mary- land-District of Columbia State Line. AQueduct Bridge, Georgetown, D. C. to District of Columbia-Maryland State Line. Aqueduct Bridge to Rock Creek in George- town, D. C. Prior Liens — $74,895,400 Prior Lien 3%e 1925, $5,000,000 Schuylkill River East Side R. R. 4a of 1925. Underlies — Convertible Debentures and Bet. and Gen. 5a of 1996. Bonds are reserved under this mortgage to retire this issue. Legal for Bait., Cal., Conn., Mass., Me., Mich., Minn., N. H., N. Y., R. I. and Vt. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered 1908 by Alex. Brown & Sons, Baltimore, and Guar- anty Trust Co., New York. $6,000,000 of- fered in July, 1913, by Kuhn, Loeb & Co., Speyer & Co., White, Weld & Co., Harris. Forbes & Co. and Clark, Dodge & Co., all of New York, at 89% and Interest. Market. New York — Bemhard, Schoile & Co., Rem- Ick. Hodges & Co., Guaranty Trust Co., Sea- songood, Haas & Macdonald, Colgate, Parker & Co., Redmond & Co., Taylor, Smith & Hard, Vilas & Hlckcy. Boston — Old Colony Trust Co. Chicago — Harris Trust & Sav. Bank. Philadelphia — Graham, Parsons & Co., Newburger, Henderson & Loeb, Brown Bros, & Co., Eiklns, Morris & Co., Harper & Turner, Edw. V. Kane & Co. Pittsburgh — R. W. Evans & Co. Baltimore — ^H. R. Taylor & Co. Louisville — Henning, Chambers & Co. Los Angeles — Biankenhorn-Hunter Co. Pasadena — Blankenhorn-Hunter Co, San Francisco — Ryone-Blankenho rn-Hunter Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High,105% Jan, 26, '06 87 Nov, 13 Low. 71% Dec. 24, '17 73y8 Sept. 17 Registered. Hlgh,103% Jan. 26, '06 Low 85 Oct. 19, '16 BALTIMORE & OHIO RAILROAD CO. Pittsb. Jet. & Middle Div. 1st 3>/^s. Due Not. 1, 19S6.— F. Dated November 1, 1898. Interest payable on coupon. May and Nov. 1, at Company's office, 2 Wall St., New York, on registered, Feb., May, Aug. and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $ 6,066,960. Fledged Under P., L. E. & W. Va. 4s of 1941— $8,711,650. Held in Treasury — $69,330. Unissued Bonds, if issued, shall be deposited under B. & O., P., L. B. & W, Va. System Refg. Mtge. Denomination — Coupon, $500 and $1,000. Registerable as to principal, or fully register- able. Registered, $1,000 and multiplies. Trustee — Central Union Trust Company of New York. Secured by a direct or collateral lien on 379.74 miles of road, viz: A first mortgage on 229.90 miles — Miles. Shawnee to Sandusky, 160.10 Columbus to Midland City, 69.80 A second mortgage on 143.37 miles (cov- ered by the first lien of Cent. O. R. R. Cons. Bellaire to Columbus, O , 136.80 Neff to Clairsville, 6.67 Also a collateral lien on 6.47 miles — Loughlin Jet. to Willow Grove, Pa. River Branch to Pittsburgh, Pa. Prior liiens — Subject to {2,186.000 prior liens, viz: Pittsburgh Jet. R. R. 1st 63 1922.. $934,000 Pittsburgh Jet. R. R. 2d Ss 1922... 243,000 Central Ohio K. R. Cons. Ist 4%s 1930 1,009,000 The balance of the above issues is pledged hereunder. Underlies — B. & O., Pitts.. L. B. & W. Va., Ref. 4s, a sufficient amount of which to- gether with Ref. and Gen. 5s are reserved to retire the outstanding bonds of this issue. Legal for Cal., Conn., Mass., N. H., N. T., R. I. and Vt. Xisted on the New York Stock Exchange. Market. New ITork — E. & C. Randolph. Van Sant & Legg, Harris, Forbes & Co., Redmond & Co., Remick, Hodges & Co., Abraham & Co., Taylor, Smith & Hard, Vilas & Hlckey. Chicago — ^Harris Trust & Sav. Bank, First Trust & Savings Bank. Plliladelpliia — Chas. Fearon & Co., Brown Bros. & Co., Graham. Parsons & Co. Omaha — City Trust Co. Fittsbureb — Goddard. Hunter & Co., R. B. Jlutchinson & Co. Price Range — N. Y. S. E. Jtn. 1, 1906 to Jan. 1. 1919 1918 Coupon. High.94 Jan. 23, '17 87% Dec. 30 Low. 79 Aug. 2, '17 81 Oct. 4 Registered. Hlgh.82 Mar. 27, '08 Low.. 82 Mar. 27, '08 BALTIMORE & OHIO RAILROAD CO. So. West. DiT. 1st 3V&S. Due July 1, 192S. Dated January 1, 1899. Interest payable, registered, Jan., April, July and Oct, 1. coupon, Jan. and July 1, at Company's office, 2 Wall St., New Tork. Tax Status — 2% Federal Income JTax paid by company without deduction. Autliorized — $45, 000. 000. Outstanding — $44, 840, 980. Heid in Treasury — $159,020. Denomination — Coupon, $500 and $1,000. Principal may be registered, also fully reg- Isterable. Registered $1,000' and multiplies thereof. Trustee — Farmers' Loan & Trust Co., New Tork. Secured by a first collateral lien on entire capital stock ($4,000,000) and the entire issue ($46,000,000) B. & O. Southwestern R. R. 1st 3%s of 1925, which are secured by a first mortgage on 920.56 miles of road as follows: Miles. Belpre, O., to East St. Louis, Mo... 528. 22 Belpre to Marietta, 11.35 Mineral City to Carbondale, 4.65 Hamden to Portsmouth, 56.45 Blanohester to Hillsboro, 21.60 North Vernon to Jefferson, Ind 54.18 Watson to New Albany. Ind 6.77 Riverdale Station to Bedford. Ind 10.22 Shawneetown to Beardstown, III 228.11 Underlies — ^Ref. & Gen. 5s of 1995, which provide to retire this issue and Conv. 4^ a of 1933. Listed on the New Tork and London Stock Exchanges. Legal for Bait., Conn., Me., Mass., Mich., Minn., Mo., N. H., R. I., Vt. and Wis. Original Marliet — Offered in 1908. $1,600,000, by Alex. Brown & Sons, Baltimore, and the Guaranty Trust Co., New Tork. Maritet. New York — McKlnley & Morris, Hallgarten & Co., Finch & Tarbell, McClure, Jones t Reed, J. A. Joseph, Jr., & Co., W. J. Wallman & Co., Merrill, Lynch & Co., J. S. Farlee & Co., Seasongood, Haas & Mac- donald, Struthers & Hiscoe, Bernhatd, Scholie & Co., Colgate, Parker & Co., Redmond & Co., Abraham & Co., Sam'l Goldschmidt, Moore, Leonard & Lynch. Chicago — Harris Trust & Sav. Bank. Pittsburgh — R. W. Evans & Co., Lyon, Sin- ger & Co., R. B. Hutchinson & Co:, Kean, Taylor & Co. Philadelphia — Graham, Parsons & Co., Brown Bros. & Co., Frazier & Co. Omaha — City Trust Co. Baltimore — Jenkins, Whedbee & Poe. Price Range— N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High.94 Jan. 15, '17 88% Nov. 12 Low. 80 Nov. 26, '07 80 Sept. 27 Registered. High. 91 Apr. 6, '09 Low.. 81 Nov. 2, '17 BALTIMORE & OHIO RAILROAD CO. Pitts., Lake Erie & W. Va. Ret. 4s, Due Nov. 1, 1941. — ^p. Dated November 1, 1901. Interest payable May and Nov. 1 at Company's office, 2 Wall Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $76, 000, 000. Outstanding — $42, 525, 000. Held in Treasury — $916,500. Deposited Under Gen. & ~Bef . 68 — $715,400. Denomination — Coupon, $1,000. Register- able as to principal or fully registerable. Trustee — Central Union Trust Co., New Tork. Redeemable, as a whole only, beginning Nov. 1, 1925, at par on any interest date on three months' notice. Secured by a direct or collateral lien on 1,643.20 miles of road, viz: A first lien on 192.92 miles — Miles. Clarksburg to Brooklyn, W. Va 61.93 Ripley to Millwood. W. Va 12.48 Lore City to Comberland, 16.94 Haselton via Girard and Warren to Cuyahoga Falls, 61. 71 Do Forest Jet. to Palrport, 49.86 A second lien on 660.36 miles (covered by the first lien of the following): Ohio River R. R. Gen. 63 42.20 Monongahela River R. B. 1st 5s 36.60 Huntington & Big Sandy R. R. 1st 68.. 10.92 Ravenswood, Spencer & Glcnvllle 1st 6s 32.76 Pitts., Cleve. & Tol. 1st 6s 47.61 West Va.' & Pittsburgh 1st Ms 177.U Cleveland Terminal & Valley R. R. 1st 4s 83.43 B. & O. Pitts. Jet. & Middle Dlv. 1st 3%3 229.91 A third lien on 309.03 miles (covered by the first lien of the following): Ohio River R. R. 1st 5s 165.62 Central Ohio R. R. Cons. 1st 4%s 143.4« 90 A fourth lien on 198.24 miles (covered by the first lien o( the following): Cleve.. Lorain & Wheeling 1st Cons. 5s. 198. 24 A collateral lien by pledge of stocks and bonds of proprietary companies on 282.66 miles — Pittsburgh. Pa., to New Castle Jot., Pa. 64.88 New Castle Jet. to New Castle, Pa... 4,19 Callery to Mt. Jewett, Pa 137.06 Ribold Jet. to Harmony Jet., Pa 8.02 Zanesville to West Marietta. 72.04 Connection with B. & O. R. R. in Pa. to a connection with the Pitts. & West- ern R. R. in the Borough of Millvale. Pa 6 4 7 Also secured by pledge of the following un- derlying bonds r Pledged B. & O. Pitts. Jet. & Middle Div. 1st 3%s 1925 $8,711,650 Central Ohio R. R. Cons. 1st 4s 1930 1,491,000 Cleveland. Lorain & Wheeling Cons. Ref 4%s 1930 3,050,00« Cleveland. Lorain & Wheeling Gen. 5s 1936 3,000 Cleveland Terminal Valley R. R. 1st 43 1995 2.699,000 Huntington & Big Sandy 1st 6s 1922 97,000 Pitts., Cleveland & Toledo 1st 6s 1922 1.959.000 Ravenswood. Spencer & Glenville 1st 6s 1920 15,001 West Virginia & Pittsburgh 1st 43 1990 19,000 Prior Liens — Subject to $29,707,280 prior liens, viz : Monongahela River R. R. 1st 5s of 1919 $700,000 Raven., Spencer & Glenville 1st 6s of 1920 361.000 Huntington & Big Sandy R. R. 1st 6s of 1922 : 303.000 Pitts., Cleveland & Toledo 1st 6s of 1922 441,000 Ellwood Short Line 1st 6s 1922 300.000 Pitts. Junction R. R. 1st 6s 1922.. 934,000 Pitts. Junction R. R. 2d 5s 1922.. 243,000 B. & O. Pitts. Jet. & Middle Div. 3%s 1925 6,125,280 Cleve,, Lorain & Wheel. Cons. Ref. 4%s 1930 960,008 Central Ohio R. R. Cons. 1st 4%a 1930 1,009,000 Cleve., Lorain & Wheeling 1st Cons. 53 1933 B,000,0»6 Cleve.. Lorain & Wheeling Gen. 5s 1936 $890,000 Ohio River R. R. Ist 6s of 1936.. 2,000,000 Ohio River R. R. Gen. 6s of 1937.. 2.941,000 Ohio & Little Kanawha 1st 5s 1950 228,000 West Va. & Pittsburgh 1st 4s of 1990 3,877,000 Cleve. Terminal & Valley R. R. 1st 4s 1996 3, 301. 909 UnderUes — Conv. 4J4s of 1933 and Ref. and Gen. 5s of 1995. which provide for re- tirement of this issue. Listed on the New York Stock Exchange. Xegal for Bait.. Cal.. Conn.. Mass., Mich., N. H., N. T., R. I. and Vt. Original Marltet — $13,000,000 offered Feb.. 1909, by Alex. Brown & Sons, Baltimore, and Kuhn, Loeb & Co.. and Speyer & Oo.. New York. Market. New York — Merrill. Lynch & Co., Gude, Wlnmill & Co., Sharretts ' & Toung, M-rris & Smith, Moore, Leonard & Lynch, Britton, Rollins & Co.. F. J. LIsman & Co.. Guar- anty Trust Co., Harris, Forbes & Co., Struth- era & Hiscoe, Seasongood, Haas & Macdonald, Hodenpyl, Hardy & Co., Coffin & Co. Baltimore — Robt. Garrett & Sons, Mercan- tile Trust & Deposit Co. Fhiladelpliia — West & Co., Brown Bros. & Co.. Frazier & Co. Boston — Blodget & Co.. Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank, Central Trust Co. of Illinois. Omaha — City Trust Co. Pittsburgh — R. W. Evans & Co., R. B. Hutchinson & Co. Price Kange — N. ¥. S. E. Jan. 1. 1906 to .Ian. 1, 1919 1918 High.99% Jan. 16. '06 83 Nov. 8 Low. 71% Dec. 24, '17 72 Mar. 2 BALTIMORE & OHIO RAILROAD CO. Conv. Deb. iVzB. Due March 1, 1933. — F. Dated March 1. 1913. Interest payable March ana Sept. 1. at Company's office, Z Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized and Outstanding — $63,250,000. Denomination — Coupon. $1,000 and $500. Registerable as to principal. Registered, $500, $1,000, $5,000, $10,000, and multiplies. C. & rt. interchangeable. Trustee — Central Union Trust Co.. New York. Redeemable as a whole on March 1. 1923. or any interest date thereafter at 102% and Interest, on 90 days' notice. Convertible into common stock of the Com- pany at $110 a share on or before February 28. 1923. The right of conversion not af- fected by call for redemption if made, on March 1, 1923. Security — These debentures are now a lien pari passu with the Ref. and Gen. 6s Is- sued Dec. 1, 1915, * which Issue provides to retire these bonds. For further detail see description of last-named issue. Legal for Cal.. Conn.. Mass.. Mich., Minn., N. H., N. J.. N. Y.. Vt. and Wis. Listed on New York and London Stock Exchanges. Original Market — Underwritten by Kuhn. Loeb & Co. and Speyer & Co.. of New York. $63,250,000 offered to stockholders Jan.. 1913. at 95% and interest. Market. New York — Active on New York Stock Ex- change. Fiiiladelphia — Brown Bros. & Co., J. S, Farlee & Co. Chicago — Harris Tr. & Sav. Bk.. Pynchon & Co. Pittsburgh — Lyon, Singer & Co., R. W. Evans & Co. San Francisco — Ryone-Blankenhorn-Hunter Co. Los Angeles — Blankenhorn-Hunter Co. Pasadena — Blankenhorn-Hunter Co. Price Range — N. Y. S. E. Jan. 1, 1913 to Jan. 1. 1919 1918 Coupon. High. 98% Jan. 15. '16 . 88 Nov. 13 Low. 69% 'Dec. 19. '17 75% Sept. 6 Registered. High.98% Jan. 18. '16 Low.. 91% Mar. 9, '14 BALTIMORE & OHIO RAILROAD Ref. St Gen. 5s, Series "A." Due Dec. 1. 1995. Dated Dec. 1. 1915. Interest payable June 1 and Dec. 1. at Company's office, 2 Wall St., New York. Tax Status — Payment of Federal Income Tax not assumed by companv. Authorized — $70. 000. 000. 91 Provlsiong of Issue — L,iinlted to an amount which together with all the prior debts of the company after deducting therefrom the bonds reserved under the mortgage to retire prior debts at maturity shall not exceed three times the then outstanding capital stock of the company, with the additional limitation that when the aggregate amount of bonds outstanding and the bonds reserved to retire prior debts shall be $600, 000,000 no addi- tional amount of boniSa shall thereafter be Issued except the bonds so reserved to re- tire prior debts without further consent of the stockholders of the company, and such additional bonds may be issued only to an amount not exceeding 80% of the cost of work dene or property acQuired. Outstanding — $60, 000, 000. Held in Treasury— $10,000,000. Denominations — Coupon, $1,000 and $600. Registerable as to principal. Registered $500 $1,000 and multiplies of $1,000. Coupon and registered interchangeable. Trustee — Central Union Trust Co. and James N. Wallace, New York. Redeemable as a whole on June 1, 1925, or any Interest date thereafter at 105% and interest on three months' notice. Secured pari passu with the Conv. 4%3 of 1933 on practically the entire property of the company comprising 4,508.18 miles of first track, equipment, terminals and securities as follows: A first lien on 36.12 miles — Miles. Patterson Creek, "W. Va., to McKen- zle, ■ Md 6.21 Tygert Jet. to Buckhannon, W. Va., and branches 21.69 Federal Jet. to Grant Town, W. Va.. and branches 8,19 A first collateral lien on 110.20 miles — Cranford Jot. to Arthur 'Kill Bridge, N. J 6.31 Arthur Kill Bridge to South Bridge, S. I., N. T 10.89 Harpers Ferry, W. Va., to Winches- ter, Va 31.43 Winchester to Strasburg, Va 19.00 Quemahoning Jet. to Garrett, Pa., and branches 41.28 Brainerd Jot. to Chicago, 111 2.30 A second lien on 385.85 miles — Covered by the B. & O. 1st 4s 156.32 Covered by the B. & O. Pitts., Lake Brie & W. Va. Ref. 4s 192.92 Covered by Hampshire Southern 1st 5s 36.61 A second collateral lien on 1,549.94 miles covered by the direct first or collateral lien: Staten Island Ry. 1st 4%s 12.65 B. & O. 1st 4s 415.69 B. & O. S. W. Div. SMs 920.55 B. & O. P. L. B. & W. Va. Ref. 4s.. 191. OB A third lien on 1,352.76 miles (covered by the first Hen of the following): B. & O. Prior Lien 3'/4s 702.25 B. i O. Pitts. Jet. & Middle Div. 1st 3%B 229.91 Monongahela River R. R, 1st 6s 36.60 West Virginia & Pittsburgh 1st 4s 177.13 Ohio River R. R. 1st 6s 42.20 Huntington & Big Sandy R. R. 1st 63 10.92 Ravenswood, Spencer & Glenville 1st 63 32.76 Cleveland Terminal & Valley R. R. 1st 4s 83.43 Pittsburgh, Cleveland & Toledo let 63 37.66 A third collateral lien on 545.51 miles cov- ered by the direct or collateral first lien, viz; Chicago School Board 6s and Chicago & Great Western 1st 6s 76.63 Sohuiykill River Bast Side R. R. 1st 4s 9.16 B. & O. P. L. 314a 374.83 Ellwood Short Line 1st 6s 3.10 Pitts., Cleve. & Toledo 1st 6s 9.86 Ohio & Little Kanawha 6s 72.04 A fourth lien on 309.03 miles covered by the first lien, viz: Ohio River R. R. 1st 5s 165.62 Central Ohio R. R. Cons. 1st 4%s 143.41 A fifth lien on 198.24 miles — Covered by Cleveland, Lorain & Wheel- ing Cons. 1st 6s 198.S4 A fifth collateral lien on 6.47 miles- Covered by Pittsburgh Jet. R. R. 1st 6s 6.47 Also secured by pledge of the following securities: $2,126,000 of $4,252,000 capital stock of the Washington Terminal Co.; all the underlying bonds (except Pitts. Jet. & Middle Div. 3hia) deposited under the B. & O. P. L. E. & W. Va. Ref. 4s; properties covered by the first collatreal lien of the B. & O. 1st 4s, and entire equipment of the company, subject to prior liens. Prior Hens — Subject to $281,642,780 prior liens, viz; Ravenswood, Spencer & Glenville 1st 6s 1920 361, 000 Blwood Short Line 1st 6s 1922 300,000 Pittsburgh Jet. R. R. 1st 6s 1922... 934,000 Pittsburgh Jot. R. R. 2d 5s 1922.. 303,000 Huntington & Big Sandy 1st 6s 1922 303,000 Pitts., Cleve. & Toledo 1st 6a 1922 441,000 B. & O Pitts. Jet. & Middle Div. Ist 3%3 1926 6,126,280 B. &. O. Prior Lien 3%s 1925 76,000,000 B. & O. Southwestern Div. 1st 314 s 1926 46,000,000 Schuylkill River East Side R. R. 1st 4s 1926 5,000,000 Central Ohio R. R. Cons. 1st 4%s 1930 1,009,000 Cleve., Lorain & Wheeling Cons. Ref. 414s 1930 960,000 Cleve., Lorain & Wheeling 1st Cons. 5s 1933 6,000,000 Hampshire Southern R. R. 1st 6s 1934 6,000 Cleve., Lorain & Wheeling Gen. 6a 1936 890,000 Ohio River R. R. 1st 5s 1936 2,000,000 Chicago & Great Western R. R. 6s 1936 394,000 Ohio River R. R. Gen. 5s 1937 2,941,000 B. & O. Chicago Terminal R. R. Pur- chase Money 5s 1938 660,000 B. & O. Pitts., Lake Brie & W. Va. Ref. 4a 1941 43,441,600 Staten Island Ry. 1st 4%s 1943... 611,000 Baltimore & Ohio .Ist 4s 1948 82,000,000 Ohio & Little Kanawha R. R. 1st 6s 1960 $228,000 West Virginia & Pittsburgh 1st 4a 1990 3,877,000 Cleve. Terminal Valley R. R. 1st 43 1996 3,301,000 Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y., Vt. and Wis. Listed on the New York Stock Exchange. Original Market — Sold by the B. & O. R. R. Co. to Kuhn, Loeb & Co. and Speyer & Co.. at 97, and by these firms to a syndicate at 98, and ofCered to the public at par and interest in November, 1915. Market. New York — Remick, Hodges & Co.. Season- good, Haas & Macdonald, Coggeshall & Hicks, Sharretts & Young, Guaranty Trust Co.. Jos. Walker & Sons, Bull & Bldredge, Henry Clews & Co., Harris, Forbes & Co., Merrill, Lynch & Co., Gude, WlnmiU & Co., Cofiln & Co.. 92 Hodenpyl, Hardy & Co. John Davenport, Moore, Leonard & L4ynch, Redmond & Co. , Vilas & Hickey. Chicaeo — ^Harris Tr. & Sav. Bk. Boston— Merrill, Oldham & Co., Blake Bros. & Co., R. L. Day & Co.. J. H. Pitzpatrlck & Co. Irf>iii8TUle — J. J. B. Hilliard & Son. Philadelphia — "West & Co., Newburser, Henderson & Loeb, Harper Sc Turner. Baltimore — ^Nelson Cook &. Co., Robt. Gar- rett & Sons, Jenkins, Whedbee & Poe. Pittsburgh — Lyon. Singer & Co.. R. W. Evans & Co. Price Range — N. Y. S. E. Jau. 1, 1916 to Jan. 1, 1919 1918 Hlgh.lOlMs Mar. 13. '16 92% Nov. 12 Low. 74 Dec. 21. "17 75% Oct. 8 BALTIMORE & OHIO RAILROAD CO. TO- LEDO-CINCINNATI DIV. First Lien & Ref. Series "A" 4s and ''B" 6s. Due July 1, 1959.— N. Dated July 1, 1917. Interest payable Jan. and July 1. in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $35, 000, 000. Outstanding — $16,250,000, $11,250,600 "A" 4a; $5,000,000 "B" 5s. Reserved for Prior Liens — $12,366,500. Reserved for Ext. — $6,383,000. Denominations — Coupon, $100. $500 and $1,000. Registerable as to principal. Reg- istered, $1,000 and multiples. C. ($1,000) & R. interchangeable. Trustee — Bankers Trust Co., New York. Redeemable — Series ' 'A* * at 102 % and In- terest, and Series "B" at 105 and interest on any interest date on 60 days' notice. Re- deemed Bonds are to be cancelled. Organization — The collateral company, the Toledo & Cincinnati R. R., was incorporated in Ohio in June, 1917, as successor to the Cincinnati, Hamilton & Dayton Ry. Co. by foreclosure. Its entire stock Is owned by the B. & O. R. R. Co. and the property operated as a division of that company's system. Security — A direct obligation of the B. it O. R. R. and secured by deposit of all the outstanding Toledo & Cincinnati R. R. 1st & Ref. "A" 4s ($11,250,000) and ($5,000,000) "B" 53, due July 1, 1959. (Addition?,! bonds issued under this mortgage must be deposited). The pledged bonds are secured by a direct or collateral mortgage on 249.81 miles of road owned; 144.10 miles of leasehold interest and all other property, viz: A first lien on 122.89 miles — Miles. Dayton to West Jet., O., and Byers Jet. to Wellston, 107.13 Wellston to Buckeye Furnace 8.31 Ironton Jet to Berlin, 1.43 Miscellaneous branches 6.02 A first (by pledge of practically all the securities of proprietary companies) collateral lien on 62.46 miles — Hamilton to Middletown, 13.21 Tontogany to North Baltimore, 0.... 18.95 Belt Line to Hamilton. 2.94 Deshler to Findlay, 17.56 Troy to Plqua. 8.81 Belt Line to Lima. 99 A third lien on 6.06 miles — Cincinnati to Dayton, 60.06 Also a lien on 1 43. 9 8 miles of leasehold Interest, viz: Dayton to Toledo. 141.15 Dayton to Soldiers' Home, 2.83 Also secured by pledge of $106,500 of $321,- 000 stock of Dayton Union Ry. Prior Liens — Subject (on direct or collat- eral lien) to $6,000,000 prior liens, viz: Cine. Hamilton & Dayton R. R. 2d (now l3t) 4^3 1937 $2,000,000 Cine, Hamilton & T)ayton R. R. Gen. 5s 1942 3,000,000 And $6,436,200 prior liens on the leasehold Interest. Dayton & Michigan R. R. Cons. 4%s 1931 $2,728,000 Dayton & Michigan pfd. stock 1,211,250 Dayton & Michigan R. R. common stook 2,396.950 Home Ave. R. R. comm,on stock... 100,000 Total $11,436,200 Underlies — Toledo & Cincinnati R. R. Co. Adjustment & Improvement Mortgage Bonds, all of which are owned by the B. & O. R. R. Listed (Series "A") on the New York Stock Exchange. Original Market — Exchanged In 1917 for certain securities of the C, H. & D. Ry. Co. under reorganization plan. Market. New York — P. J. Lisman & Co.. Sharretts & Young, "Wolff & Stanley. Sam'l Gold- BChmidt, Abraham & Co., Baker, Carruthers & Pell, Wm. C. Orton, Redmond & Co.. Rob- inson & Co., Vilas & Hickey. Price Range— Ser. "A" — N. Y. S. E. High.68 Nov. 27, '18 Low. 57^ Sept. 17, '18 BALTIMORE & OHIO R. R. Coll. Tr. 6s. Due AprU 1, 1924. Dated April 1, 1919. Interest payable April and October 1, at otBce of the company. New York or Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed issue. Outstanding — $3,000,000. Purpose of Issue — To refund in part the $5,000,000 Coal & Coke Ry. 1st 5s due April 1, 1919, the payment at maturity of the $2,000,000 remaining bonds being provided for by the B. & O. R. R. Denomination — Coupon $1,000. Redeemable as a whole at 101 and interest on any interest date upon 60 days' notice. Trustee — Mercantile Trust & Deposit Co., Baltimore. Security — ^A direct obligation of the Balti- more & Ohio R. R. Co. and secured by pledge of $5,000,000 Coal & Coke Ry. 1st 5s due 1924 (closed mortgage), pledged bonds being at the rate of 166 2-3% par value of this issue. The pledged bonds are a first direct lien on the entire property of the Coal & Coke Ry., including 197 miles of railroad from Blkins. W. Virginia, to Charleston, "W. Va., together with eauipment. The Coal & Coke Ry. was acquired Feb- ruary 1. 1917. by Baltimore & Ohio R. R. Co. at a total cost of over $7,500,000. Original Market — Offered March, 1919, by Townsend Scott & Sons, Baltimore, at 97^ and interest. BALTIMORE & OHIO RAILROAD CO. EqulP. 4:Vzs. Due $1,000,000 each February 1st from 1913 to 1933.— F. Dated February 1, 1912. Interest payable Feb. and Aug. 1, at New York. Tax Statns — 2 % Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding— $3,000,000 (Feb., 1919). Balance Retired. Denomiaation — Coupon, $1, 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Secured by an equipment trust agreement on 62 locomotives, 24 st^el passenger cars and 10,301 freight cars, costing $11,119,720 of" which the B. & O, paid 10% in cash. Legal for Conn, and N. H. Original Market — $10,000,000 offered in Jan- uary, 1912, by Kuhn, Loeb & Co. and Speyer & Co., New York, on about a 4%% basis. Market — See Equip. 4i^s 1917-1927. BAI^TIMOBE & OHIO BAII.BOAD CO. Equip- ment 4^/is. Due $1,000,000 each April Isi from 1914 to 1923 inclusive. Dated April 1. 1913. Interest payable April and Oct. 1. Tax Status — Payment of Federal Income Tax not assumed, by company. Authorized — $10, 000. 000. Outstanding — $4,000,000 (Apr., 1919). Balance Retired. Denomination — Coupon $1,000. Regi sterable as to principal. Trustee — Girard Trust Co.. Philadelphia. Secured under an equipment lease on 181 locomotives, 111 steel passenger cars, and 5.047 freight oars. Cost of quipment $11,128,- 588, of which the company paid 10% in cash. liCgai for Bait, and N. H. Original Market — $10,000,000 offered by Kuhn, LiOeb & Co. and Speyer & Co., of New York, Sept., 1913. on a 5^4% basis. Market. See Equip. 4V^s 1917-1927. BALTIMORE & OHIO RAILROAD CO. Equip. Tr. 4y2%. Due $500,000 annually from May 1, 1917, to May 1, 1936, inclusive. Dated May 1, 1916. Interest payable May 1 and Nov. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 5,000,000. Outstanding — $3,500,000. Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102^ and interest on any interest date on 60 days' notice. Guaranteed principal and interest by the Baltimore & Ohio Railroad Cn. Secured by an equipment trust agreement on 60 locomotives and 3,350 freight cars, cost- ing $5,707,500 of which the B. & O. paid 12% in cash. Original Market — $5,000,000 offered June, 1916, by Speyer & Co., and Kuhn, Loeb & -Co., New York, on a 4.30% basis. Market See Equip. 4'^s, due 1917-1927. BALTIMORE & OHIO RAILROAD CO. Equip. Tr. of 1917, 4^B. Due $1,000,000 each April 1 from April 1, 1918 to April 1, 1937, inc.— N. Dated April 2. 1917. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10. 000. 000. Outstanding — $8,000,000 (Apr.. 1919). Balance Retired. Denomination — Coupon. $1,000. RegisterabU as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102 % and interest on any interest date on 60 days' notice. Guaranteed principal and interest by the B. & O. R. R. Co. by endorsement. Secured by an eauipment trust agreement on 30 Mallet locomotives, 10 Pacific type locomo- tives, 6 5 steel passenger cars, 1 5 combina- tion cars, 10 express cars, 7 baggage and mail cars, 3 postal cars, 2,000 steel center aill box cars, 4,000 steel hopper cars, and 1,000 com- posite hopper cars costing at least $12,500,000. Original Market — Offered April, 1917, by Kuhn, Loeb & Co. and Speyer & Co.. New York, at 99% and interest. Market. New York — Evans, Stillman & Co., Coggea- hall & Hicks, Harris. Forbes & Co., Kissel, Kinnicutt & Co., Brown Bros. & Co.. Season- good, Haas & Macdonald, Freeman & Co., Bull & Bldredge, Guaranty Trust Co. Philadelphia — West & Co., Graham. Par- sons & Co., Biddle & Henry, Geo. S. Fox & Sons, Cassatt & Co.. Thos. A. Biddle & Co., Brown Bros. & Co., Chas. Fearon & Co.. Reed A. Morgan & Co., Reilly, Brock & Co., Elkins, Morris & Co. . Barclay, Moorp & Co. , Sam'l K. Phillips & Co., Wurts. Dulles & Co. Chicago — Kissel, Kinnicutt & Co. , Harris Trust and Sav. Bank. Boston — Harris, Forjaes & Co. BALTIMORE, CHESAPEAKE & ATLANTIC RAILWAY CO. 1st 5s. Due Sept. 1, 1934. Dated Sept. 1, 1894. Interest payable March and Sept. 1, at Broad St. Station, Philadel- phia, and 85 Cedar St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,250,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Metropolitan Trust Co., New York. Organization — Incorporated in Maryland in 1894 as a consolidation of railroad and steam- boat companies. The company leases for 50 years from 1908 the west side of Pier No. 1 from the City of Baltimore at annual rental of $16,097 subject to periodic readjustments. Also leases for 50 years from 1909 from City of Baltimore wharf front on Light Street. The company controls through stock ownership Md., Del. & Va. Ry. Co. In addition to the railroad mileage the company has a total water ^lileage radiating from Baltimore of 1,134 miles. Controlled by the Pennsylvania R. R. Co. and allied companies through ownership of 97% capital stock. Secured by a first mortgage on 87.61 miles of road from Claiborne to Ocean City. Md., and on steamboats and v/harf property. The?e bonds are outstanding at the rate of $14,200 per mile. Year ended Dec. 31 Fixed Gross Net Charges *1918.. $86,647 $98,515 $252,805 1917.. 1,281.364 87.930 222,587 1916.. 1.232,021 186,031 261.875 1915.. 1,154,423 52.393 279,627 1914. . 1.250.246 133.139 232.509 1913.. 1,247,861 136,759 197.978 ♦Corporate Income Account-Standard return under Federal control. Legal for Me. Market. Baltimore — Norman J. Polack. New York — F. J. Lisman & Co. . G. W. Walker & Co. F. H. Hatch & Co. Boston— G. W. Walker & Co. M Philadelphia — Wm. G- Hopper & Co.. Chas. Fearon & Co. Price Range. Jan. 1, 1908 to Jan. 1. 19ia 1918 Bid Ask Bid Ask Hi&h.lOS *12 106 '11 50 Jan. 60 Jan. Low. 37^ '18 481^ '18 37^ Dec. 48% Dec. BAXTIMORX: COUNTY WATER" & ELECTRIC CO. iBt 5s. Due May 1, 1946. — P. Dated May 1, 1906. Interest payable May and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized— -$1, 500, 000. Outstanding — $896,000 (Dec. 1, '18). Retired by S. E. — $104,000. Reserved for Extensions — $500,000. Denomination — Coupon, $1,000. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 110 and interest on any Inter- est date. Sinking Fund — 1% annually of outstandlne bonds. Organization — -Incorporated in Maryland in 1900 and is a consolidation of the Chesapeake Electric & "Water Co., the Catonsville Water Co. and the Towson "Water Co. Secured by a first mortgage on all property rights and franchises, including 150 miles of water mains, three elictrical power plants and 85 miles of pole line Franchises are reported perpetual. In 1912 the electric plant and prop- erties were sold to the Consolidated Gas, EI. Lt. & Pr. Co. of Baltimore. Replacement value, exclusive of franchise, is over $2,000.- 000. Supplies a number of towns surrounding the City of Baltimore with water. Year ended Dec. 31 Gross Net Interest 1918.. $241,957 $86,075 $47,583 1917.. 194.441 69.892 46,015 1916.. 178.849 98,530 47,766 1915. . 157,724 91.401 47,781 1914.. 151,988 85,190 48,92S 1913.. 139,995 82,740 50,298 Original Market — Offered in 1911 by Harris, Forbes & Co., New York. N. "W. Harris & Co., Boston, and Harris Trust & Sav. Bank, Chi- cago, H. C. Spiller & Co. Market. Chicago — Harris Trust & Savings Bank Boston — Chas. A. Day & Co., H. C. Spiller & Co. Baltimore — H. R. Taylor & Co., Jenkins, Whedbee & Poe, Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask Hiffh.921^ '16 94% '16 Low. 90 '16 BALTIMORE DRY DOCKS & SHIPBUILDING CO. Ist 6s. Due June 1, 1935. — F. Dated June 1, 1915. Interest payable June 1 and December 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding^$270,000 (Feb. 24, '19). Retirsd by S. F. — $30,000. Denomination — Coupon, $100, $ 500 and $1,000. Registerable as to principal only. Trustee — Baltimore Trust Co., Baltimore, Md. Redeemable on any interest date at 1 02 % and interest. Sinking Fund — $10,000 per annum, account- ing from June 1, 1915. to be applied to the purchase or redemption of these bonds. Organization — Incorporated in Maryland. Secured by a first mortgage on water front real estate, dry docks and shops in Baltimore, Md. The property consists of three distinct ing and repair plant. One drj' dock is 610 feet in length, 62 feet wide on the floor and 22 feet deep, and was completed in 1902. An other dry dock is 437 feet long, 52 feet wide on the floor, and 22^ feet deep. Original Market — Offered by Baltimore Trust Co., Howard R. Taylor & Co. and John Red- wood, all of Baltimore, at 95 and interest, in August, 1915. Market. Baltimore — H. R. Taylor & Co., Jenkins, Whedbee & Poe. BALTIMORE ELECTRIC CO. OF BALTI3I0RE CITY 1st 5s. Due June 1, 1947.— F. Dated June 1. 1907. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,500,000. Outstanding — $3,950,000 (Mar. 27. '19). Reserved for Extensions — $3,550,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Northern Trust Co., Philadelphia, Pa. Redeemable on any interest date at 110 and interest upon two months' notice. Sinking Fund — 1 % per annum of outstand- ing bonds from December 31, 1912 to 1916, 11/6% from 1917 to 1921 and 2% thereafter, to be invested by Trustee in interest bearing securities and held as a sinking fund for the redemption of these bonds at maturity. Guaranteed principal and interest by the Consolidated Gas, Electric Light & Power Co. of Baltimore under terms of lease. Organization and Control — Incorporated in Maryland in 1907. The Maryland Securities Co. owns practically all of the common stock of the Baltimore Electric Co., and is in turn controlled by the Consolidated Gas, EJlectric Light & Power Co. through entire stock owner- ship. The property of the Balto. El. Co. is leased for 999 years to the Consol. Gas. E. L. & Pr. Co., the rental being interest on bonds and 5 % per annum on the $1,000,000 pre- ferred stock. Secured by a first mortgage on generating plant, transformer stations and a distributing system supply electricity to a large part of the City of Baltimore. Md. Further secured by a first lien on $1,155,000 Gen. Mtge. i^% bonds of the Conaol. Gas, El. Lt. & Pr. Co. A large portion of the power distributed by the Consolidated Gas, Bl. Lt. & Power Co. is being obtained from the hydro-electric plant of the Pennsylvania "Water & Power Co. at McCall's Ferry, on the Susquehanna River. Earnings — See Cons. Gas. El. Lt. & Pr. Co. Original Market — Offered 1909 by Robt. Glendinning & Co., Philadelphia, on a 5.50% basis. Market. New York — Berdell Bros. Baltimore — ^.Sutton & Co., Hambleton & Co., Robert Garrett & Sons, J. W. Gross, Jenkins, Whedbee & Poe. Philadelphia — Frazier & Co., Battles & Co.. Graham, Parsons & Co., Hy. D. Boenning & Co., Chas. Fearon & Co. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOOH '17 101 '16 93 Dec. 94 Dec. Low. 88 '18 90 '18 88 Sept. 90 Sept. 95 BALTEUORf:, SPARROWS POINT & CEOBSA- PBAKX: RAILWAY CO. lat 4%b. Due Feb. 1, 1953.— F. Dated January 31, 1903. Interest payable Feb. and Aug. 1, at Alex. Brown & Sons, Balti- more. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized anc| Ontstandin? — $2,000,000. Denominatiou — Coupon, $1, 000. RegisterabU aa to principal. Trustee — Fidelity Trust Co., Baltimore. Guaranteed principal and interest by the United Railways & Electric Co. of Baltimore by endorsement. Organization and Control — Incorporated in Maryland, Jan., 1903, and is a consolidation of the Baltimore, Middle River & Sparrowa Point R. R. and the Dundalk, Sparrows Point & North Point Ry. of Baltimore. Property leased Jan., 1903, for 999 years to the United Rys. & Electric Co. of Baltimore. The latter company also owns entire capital stock. Secured by a first mortgage on the entire property, which includes 37 miles of single track, including a line 22 miles long from Baltimore to the plant of the Maryland Steel Works at Sparrows Point and summer resorts on Chesapeake Bay. Earnings — See U. Rys. & El. Co. of Bait. X^isted on the Baltimore Stock Exchange. liegal for Baltimore. Original Market — $1,700,000 offered in 1904 by Dominick & Dominick, New York, and Mid- dendorf, Williams & Co., Baltimore, at 9 S and interest. Market. Baltimore — Robt. Garrett & Sons, Poe & Davies, Hambleton & Co., Baltimore Trust Co., Jenkins, Whedbee & Poe. New York — McGeorge & Vanderhoef, Ham- bleton & Co. Price Range. Jan. 1, 1»08 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98 '17 98% '17 93 Jan. 95 Jan. Low. 83" '08 86 '08 88 Sept. 89^ Sept. Bid Ask Bid Ask High.lia '09 113 '09 100 Dec. 100% Jan. Low. 93% '17 95% '17 95Sept. 99 Sept, BALTIMORE TRACTION CO. 1st 6s. Due Nov. 1, 1929. — N. Dated Nov. 1, 1889. Interest payable May and Nov. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding- — SI, 500, 000. Denomination — Coupon, $1, 000. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md. Assumed by United Rys. & Elcc. Co, of Baltimore. Control — Consolidated with United Rys. & Elec. Co. of Baltimore, Md. Secured by a first mortgage on about 32 miles of single track, extending to Pikesville, Westport and other suburbs. Underlies — $47,097,000 bonds and notes of United Rys. & Elec. Co. of Baltimore. Bonds are reserved under the- U. Rys. & B. Co. lat Cons. 4s of 1949 to retire this Issue. Earnings — See U. Rys. & El. Co. of Bait. Legal for Bait. Market. Baltimore — Marshall Winchester & Co.. Hambleton & Co. , Jenkins, Whedbee & Poe, Howard R. Taylor & Co. Philadelphia — Graham, Parsons & Co., Hambleton & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 BALTIMORE TRACTION CO.— NORTH BAL- TIMORE DIVISION 1st 5s. Due Jane 1, 1942.— N. Dated June 1, 1892. Interest payable June a^nd Dec. 1, at Merchants-Mechanics First Nat'l Bank, Baltixnore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,750,000. Denomination — Coupon, $1, 000. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md, Assumed by United Rys. & Elec. Co. of Baltimore. Control — Consolidated with the United Rys. & Elec. Co. of Baltimore. Secured by a first mortgage on about 21 miles of single track electric railway In Bal- timore. Underlies — $50,097,000 bonds and notes of United Rys. & Elec. Co. of Baltimore. Bonds are reserved under the U. Rys. & B. Co. 1st Cons. 4s of 1949 to retire this issue. Legal for Bait. Market. New York — Hambleton & Co. Baltimore — Marshall, Winchester & Co., Poe & Davies, Hambleton & Co. , Baltimore Trust Co. , Jenkins, Whedbee & Poe, H. R. Taylor & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.115 '09 117 '09 100 Dec. 100% Dec. Low. 95 '18 99 '18 95 Aug. 99 Aug. BANCROFT REALTY CO. 1st 5s. Due Feb- ruary 1, 1933. — F. Dated February 1, 1913. Interest payable February and August 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Massachusetts, Authorized and Outstanding — $600,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Boston Safe Deposit and Trust Co., Boston, Mass. Redeemable at any time at 102% and Inter- est. Organization — Incorporated in Massachusetts in 1911. Property leased to the Bancroft Hotel Co. for 30 years. Secured by a first mortgage on grounds and hotel building adjoining City Hall Park in Worcester, Mass. Underlies — $100,000 2d 6a. Market. Boston — Edward Aspinwall, Thos. C. Powell, P. R. Keith & Co. Price Range. Jan. 1, '16 to Jan. 1, *19 Bid Ask High.7B '17 96% '16 Low. 75 '17 93% '17 BANGOR & AROOSTOOK RAILROAD CO. 1st 5a. Due Jan. 1, 1943. — F. Dated Jan. 1, 1893. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $3,360,000. Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Trustee — Guaranty Trust Co., New York. Secured by a first mortgage on 212.30 miles 96 of road, viz: Brownsville to Caribou, Me 155.13 Ashland Jet. to Ashland, Me 43.87 Phair to Fort Fairfield, Me 13.30 Underlies — B. & a. Cons. Ref. 4s of 1951, a sufficient amount of the latter being reserved to retire this issue. liBgal for Me. and Mass. iEarnings — See Cons. Ref. 4a. Market. New York — H. T. Carey & Co., Burgess, Lang & Co., Fred H. Hatch & Co., Taylor, Smith & Hard, J. S. Farlee & Co. , F. J. Lisman & Co. Boston — Chas. A. Day & Co., Edward As- pinwall, Burgress, Lang & Co. , L. Sherman Adams. Philadelphia — Brown Bros. & Co. Portland — Casco Mercantile Trust Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lll '09 114 '08 90 Jan. 93 Jan. Low. .S6 '18 92 '18 86 Aug. 92 Dec, BANGOR & AROOSTOOK RAILROAD CO. Piscataquis Div. 1st 5s. Due Jan. 1, 1943.— F. Dated April 1, 1899. Interest payable April and Oct. 1, at Guaranty Trust .Co., New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Registerablo as to principal, or fully registerable. Trustee — Guaranty Trust Co. of New Tork. Secured by a first mortgage on 76.13 milea of road from Old Town to Greenville, Maine. Bonds of this issue are outstanding at the rate of $19,703 per mile. Underlies — B. & A. Cons. Ref. 4s of 1951, a sufl!icient amount of which is reserved to retire this issue. Legal for Mass and aie. Earnings — See Cons. Ref, 4s. Market. New York — Gude, Winmill & Co., Burgess, Lang & Co., !^orn, Lehman & Co.. F. J. Lisman & Co. , Baker, Carruthers & Pell, J. S. Farlee & Co. Boston — Burgess, Lang & Co., McConnell & Co., Inc., L. Sherman Adams. Price Range. Jan. 1 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 110 '09 112 '09 85 Aug. 90 Aug. Low 78'/4 '18 78U Dec. BANGOR & AROOSTOOK RAILROAD CO. Van Buren Extension 1st 5s. Due Jan, 1, 1943. Dated April 1, 1899. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Trustee — Guaranty Trust Co., New York. Secured by a first mortgage on 33.40 miles of road from Caribou to "Van Buren, Me. Bonds of this issue are outstanding at the rate of $14,970 per mile. Underlies — B. & A. Con. Ref. 4s of 1951, a sufficient amount of which is reserved to retire this issue. Legal for Me. and Mass. Earnings — See Cons. Ref. 4a. Market. Boston — Burgeas, Lang & Co., Hotchkin & Co., L. Sherman Adams, New York — Burgess, Lang & Co., Fred H. Hatch & Co., Baker. Carruthers & Pell, F. J. Lisman & Co, Philadelphia — Brown Bros. & Co. Price Range. Jan. 1, 1908 to Jan. 1. 1910 1918 Bid Ask Bid Ask High.lOo '09 109 '09 88 Jan. 90 Jan. Low. 82 '17 86 '15 82 Dec. 86 Dec. BANGOR & AROOSTOOK RAILROAD C6. Cons. Ref. 4s. Due July 1, 1951. — F. Dated July 1, 1901. Interest payable Jan. and July 1, at Lee, Higginson & Co., Boston, and Brown Bros, & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 20,000,000, Outstanding — $6,331,000 (Dec. 31, 1918). Purchased and Held — $2,341,000. Reserved for Refunding — $11,328,000, Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — Old Colony Trust Co., Boston, Organization — Chartered in Maine, March, 1891. Controlled by the Aroostook Construction Co. through stock ownership. Secured by a mortgage on 424.47 mi les of road as follows: A first lien on 86,97 miles — Derby to Iron "Works, Me 19.03 Patten Jet. to Patten, Me 5.87 Ashland to Ft. Kent 51.00 Schoodic Jot. to Medway, Me 9.46 Oakfield to Ashland Branch, Me 1.61 A second lien on 337.50 miles — Old Town to Greenville, Me 76.13 Caribou to Van Buren, Me 33.40 Caribou to Limestone, Me 15,67 Brownsville to Caribou, Me 155.13 Ashland Jet. to Ashland, Me 43,87 Phair to Fort Fairfield, Me 13.30 Prior Liens — Subject to $5,585,000 priur liens: B. & A. 1st 5s 1943 $3,360,000 B. & A. Piscataquis Div. 5f 1943.. 1,500,000 B. & A. Van Buren Ext. Cs 1943.. 500,000 Aroostook &. Northern R. R. 5s 1947 225,000 Years ended June 30 and Dec;. 31 Gross Net Int. etc. * tl918. . $1,555,775 $1,511,317 $1.025,9S7 1917. . 4,384.561 1.622.331 1,129.157 1916.. 4,013,408 1,748,578 1,252,566 •1916.. 3,775,806 1,489,199 1,248,590 *1915,. 3,747.974 1.474,631 1,248,141 •June 30. f Corporate Income Account-tStandard return under Federal Control. Legal for Me, Market, Boston — G. Ernest Van Elten & Co,, Inc.. McConnell & Co., Inc., Hotchkin & Co., Ed- ward Aspinwall, Burgess, Lang & Co., F. W. Mason & Co., L. Sherman Adams. New York — ^. E. Fitkin & Co., Finch & Tarbell, P. J. Lisman & Co., Burgess, Lang & Co., Fred H. Hatch & Co. Bangor — Merrill Trust Co. Philadelphia — Brown Bros. & Co. Price Range. Jan. 1, 1908 to Jan. 1 1919 1918 Bid Ask Bid Ask High.86i^ '09 90 '08 58 Jan. 60 Jan. Low. 49 '18 53 '18 49 Nov. 53 Nov, BANGOR & AROOSTOOK RAILROAD CO. Medford Ext. 1st Ss. Due May 1, 1937. Dated May 1, 1907. Interest payable May and Nov. 1, at Brown Bros. & Co., New York and Boston. 97 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination—Coupon. $1,000. Reglsterable aa to principal. Trustee — United States Trust Co., New York. Secured by a first mortgage on 27.96 miles of road from South La Grange to Packarda, Me., and connecting with the main line. Bonds of this issue are outstanding at the rate of $35,765 per mile. Legal for Mass. and Me. ^Earnings — See Cons. Ref. 4a. Original Marlcet— $1,000,000 offered in 1907, by Brown Bros. & Co., New York, Philadel- phia and Boston. Market. New York — Brown Bros. & Co. , Burgess, Lang & Co., F. H. Hatch & Co., Baker, Car- ruthers & Pell, F. J. Lisman & Co. Boston — Burgess, Lang & Co., L. Sherman Adams. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 86 '16 90 '17 80 June 85 Jan. Low. 80 '17 85 '17 80 Dec. 85 Dec. BANGOR & AROOSTOOK RAILROAD CO. Washburn Ext. 1st 6s. Due Aug. 1. 1939. Dated Aug. 1. 1909. Interest payable Feb. and Aug. 1, at Trustee's office, and in Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,650,000. Outatanding^$l,618,000 (Dec. 31, *17). Purchased and Held — $32,000. Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully registerable. Trustee — Central Union Trust Co. , New York. Secured by a first mortgage on 55.10 mllei of road including line from Squapan to Stock- holm, Me., 48 miles and branch from Maple- ton to Preaque Isle, Me. Bonds of this issue are outstanding at the rate of $29,807 per mile. Legal for Me. flarnings — See Cons. Ref. 4s. Original Market — $1,600,000 offered In 1910 by Brown Bros. & Co., -New York, Boston, etc., at par and interest. Market, New York — Leonard Snider & Co., Fred H. Hatch & Co. , Burgess, Lang & Co. , Brown Bros. & Co., Baker, Carruthers & Pell, Korn, Lehman & Co., F. J. Lisman & Co. Philadelphia — West & Co. , Barnes & Lof- land, Brown Bros. & Co. Boston — Hotchkin & Co., Stone & Webster, Edward Aspinwall, C. E. Denlaon & Co., Bur- gess, Lane & Co., L. Sherman Adams. Price Range. Jan. 1, 1910 to Jan. 1. 1919 1918 Bid Ask Bid Ask High. 98^ '11 100 '11 78 Jan. 82 Jan. Low. 65 '18 75 '18 65 Dec. 75 Dec. Trustee — Central Union 'Trust Co. , New York. Secured by a first mortgage on 60.28 miles of road from Van Buren to St. Francis, Me. Bonds of this issue are outstanding at the rate of $26,659 per mile. Legal for Me. Earnings — See Cons. Ref. 4s. Original Market — Offered in 1911, at 100 and interest by Brown Bros. & Co., New York and Boston. Market. New York — Burgess, Lang & Co., F. H. Hatch & Co., Baker, Carruthers & Pell. P. J. Lisman & Co. Boston — Edward Aspinwall, Hotchkin & Co.. Burgess, Lang & Co.. L. Sherman Adams. Philadelphia — Brown Bros. & Co. Portland, Me. — Maynard S. Bird & Co. Price Range. Jan. 1, ]913 to Jan. 1. 1919 1918 Bid Ask Bid Ask High. 971/^ '12 100 '12 75Ja.n. 82 July Low. 75 '16 80 '16 75 Dec. 80 Dec. BANGOR & AROOSTOOK RAILROAD CO. St. John River Ext. 1st 5s. Due Aug. 1. 1039. Dated Aug. 1, 19 09. Interest payable Feb. and Aug. 1, at Trustee's office and at Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,800, 000. Outstandl|ig^$1.632.000 (Dee. 31. '17). Purchased and Held — $168,000. Denomination — Coupon. $1,000. Reglsterable aa to principal only, or fully reglsterable. BANGOR & AROOSTOOK RAILROAD CO. Car Tr. 5s. Series *'E." Due $13,000 and $13,000 alternately each Oct. 1; $12,000 Oct. 1, 1912 to Oct. 1, 1931, inclusive. — ^P. Dated Oct. 1. 1911. Interest payable April 1 and Oct. 1 at dffice of trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $125,000. Outstanding — ^$38,000 (Dec. 31, '18), Retired— $87,000. Denomination — Coupon. $1,000. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Philadel- phia. Secured by an equipment agreement on 6 locomotives and 2 gas-electric passenger cars, costing $140,000. Market — See Equip. 5s Series F. BANGOR & AROOSTOOK RAILROAD CO. Locomotive Trust 5s. Series "F." Due $7,000 each May 1, 1916 to 1924, and $8,000 May 1, 1925. — F. Dated May 1, 1915. Interest payable May 1 and Nov. 1 at office of Trustee. Tax Status — 2% Federal -Income Tax paid by company without deduction. Autliorized — $71,000. Outstanding— $43. OaO (May, 1919). Balance Retired. Denomination — Coupon, $1, 000. Trustee — ^Pennsylvania Co. for Insurances on Lives and Granting Annuities, Phladelphla. Secured by an equipment agreement on 6 locomotives. Market. New York — Freeman & Co. , F. J. Lisman & Co. Philadelphia — Brown Bros. & Co. Boston — L. Sherman Adams. BANGOR & PORTLAND RAILWAY CO. Ist €s. Due 1930. 2d 68 due 1932 and 3d 6s due 1936. — N. Interest payable Jan. and July 1, at D., L. & W. R. R. office. 90 West Street, New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Ontsto>nding — $150,000 1st 6s .dated Jan. 1. 1880; $100,000 2d 6s. dated Jan. 1. 1882; $70,000 3d 6s. dated Jan. 1, 1886. Denomination — Coupon, $1. 000. Trustees — C. L. Blair and D. C. Blair. 98 Merged in 1909 into D. L. & W. R. R. Co. Secured by a first, second and third mort- gage respectively on 43 miles of road from Portland to Nazareth, Pa. , and from Naz- areth Jet. to Martin's Creek, Pa. These bonds are outstanding at the rate of $7,400 per mile. Legal for Savings Banks, 1st mtge., Cal., Conn., Me., Mich., Minn., N. H., N. J., N. T., R. I. and Wis.; 2d and 3d mortgages, N. H. Market. N'9w York — Chas. W. Place, Remick, Hodges & Co., Taylor, Smith & Hard. BANGOK GAS MGHT CO. 5s. Due Oct. 1, 1941.— F. Dated Oct. 1, 1901. Interest payable April and Oct. 1. Tax Status — 2 % Federal Income Tax paid by corapany without deduction. Authorized and Outstanding — S300,000. Denomination — Coupon, $1,000. Redeemable at 107 and interest. Controlled by American Gas Co. through ownership of entire capital stock. Secured by a first mortgage on plant supply- ing gas to Bangor, Me., population 1910, 24,800. The franchise is included in the charter, and is exclusive to 1934. Original Market — Harry Merrill, Bangor, , Me., at 109% and interest Nov., 1901. Market. New York — F. H. Hatch & Co. BANGOR POWER CO. 1st Series "A-" and "B." Due Sept. 1, 1931.— F. Dated Sept. 1. 1911. Interest payable at Trustees and Bangor, March and Sept.' lat. Series "A" 4% for first five years, 4*/^% from Sept. 1, 1916 for next five years, and 5% for remaining 10 years. Series "B" 5%. Tax Status— 2% Federal Income Tax paid Dy company without deduction. Authorized — Total issue $2,500,000, of which $750,000 are Series "A." Outstanding — $1,319,000, of which $750,000 are Series "A" and $569,000 are Series "B." Denomination — Coupon $1,000. Registerable as to principal. Trustee— Central Union Trust Co. , New York. Redeemable at 105 and interest on any inter- est date on 60 days' notice. Assumed by the Bangor Ry. & Bl. Co. Controlled by Bangor Ry. & Elec. Co. through ownership of all stock which com- pany also leases the dam at Veazie which fur- nishes water power for its electric station. Secured by a first mortgage on all the property of the company, including hydro- electric development 7,600 k. w. on the Penob- scot River at Milford, the dam at Veazie on same river and also property formerly owned by "Veazie Lumber Co. The company does a wholesale power business in Old Town and Brewer, Me., and sells power to the Bangor Ry. & Electric Co. Franchises are unlimited as to time. Earnings — See B, Ry. & Bl. Co. Original Market — Chas. H. Gilman, Port- land, Me., and Merrill Trust Co.. Bangor, Me. * Market. Portland, Me. — Chas. H. Gilman & Co., B. L. Wengren & Co. Bangor, Me. — Merrill Trust Co.. L. C. Tyler & Sons Co., Inc. New York — Philip Lynch. Boston — F. W. Mason & Co., R. L. Day & Co., Chas. A. Day & Co., Richardson, Hill & Co. BANGOR RAILWAY & ELECTRIC CO. lit Cons. 5s. Due July 1, 1935.— F. Dated April 1, 1905. Interest payable Jan. and July 1, at Trustees, New York and Bast- tern Trust & Banking Co., Bangor, Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding — $2,000,000 (Mar. 28, *19). Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 107% and interest on 60 days notice. Organization — Incorporated in 1909 in Maine as a consolidation of the street railway and electric companies, serving Bangor, Me,, and vicinity and controls through stock ownership the Bar Harbor & Union River Power Co., the Bangor Power Co. and Orono Water Coi Management — E. "W. Clark & Co., Philadel- phia. Secured by a first mortgage on 66 miles of street and interurban railway, single-track basis. The property covered includes all of the street railway lines in Bangor and Brewer, Me., and interurban line connecting Bangor with Brewer, Harripden, Old Town, Charles- ton and intermediate towns and on plants sup- plying electricity to all of these cities. Aho secured by a second mortgage on plant sup- plying electricity in Bangor. Additionally se- cured by deposit with trustee of all the stocks except one share of preferred and $479,000 1st and Ref. 5s of the Bar Harbor & Union River Power Co. Population served 60, 000. Fran- chises are perpetual, except one for eight miles in Bangor which expires in 1937 and one for two miles in Brewer which expires in 1940. Prior Liens — $599,000 Public Works Co. 1st 5s, 1929. Year ended Dec. 31 Gross Net Int. & Rent 1918. . $923,122 $326,387 $239,096 1917.. 886,120 384,067 228,442 1916.. 829,988 369,110 214.912 1915.. 788,832 388,322 212,49 5 Legal for Me. Original Market — $900,000 offered July, 1905. by Richardson & Clark, Providence, R. I., and E. W. Clark & Co., Philadelphia, at par and Interest. $500,000 offered Oct., 1908, by Spencer Trask & Co., New York, and Perry, Coffin & Burr, Boston, at 97% and interest. Market. ' Philadelphia — Newburger, Henderson & Loeb. Portland — Chas. H. Gilman & Co., Beyer & Small. New York— A. B. Fitkin & Co., Kiely & Horton, Taylor & White, Dunham & Co., Spen- cer Trask & Co., Fred. H. Hatch & Co., Burgess, Lang & Co., B. & C. Randolph, Geo. H. Burr & Co., Bauer, Starr & Co., Lynch & McDermott, Boston — Hotchkin & Co.. Chas. A. Day & Co.. Jas. H. Fitzpatrick & Co.. F. B. Bassett & Co., McConnell & Co., Inc., Cofiin & Burr. Arthur Perry & Co.. Richardson. Hill & Co. C. B. Denison & Co.. Burgess, Lang & Co., L. Sherman Adams. Bangor, Me. — Merrill Trust Co., Richard- son, Hill & Co. Price Range. Jan. 1. 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '09 103 '09 90 Jan. 95 Jan. Low. 85 '18 90 '18 85 Mar. 90 Mar. KAUKEK (O. C.) CO. (AKROX. O.) 7% Coll. Tr. Notes. Due Jan. 1, 1933. Dated January 1, 1919, Interest payable July 1 and January 1 at First Trust & Sav- ings Bank, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,650,000. Outstanding — $1,65 0,000. Denomination — Coupon, $1,000. Trustee — First Trust & Savings Bank, Cleveland. Redeemable on any interest date at 100 and interest upon 4 weeks' notice. Guaranteed principal and interest by O. C. Barber of Akron, O., by endorsement. Secured by pledge of the following securi- ties: Par Shares Company Value 1,485 American Hominy Co., of In- dianapolis, Ind.. common stock $100 100 American Hominy Co., of In- dianapolis, Ind., pref. stock... 100 ],900 American Sewer Pipe Co., of Akron, Ohio, common 100 $15,000 July 1, 1930. 4.000 The Babcock & Wilcox Co., of New York City, common stock 100 41,292 Bryant & May Co., Ltd., of Lon- don, Eng., common stock £1 2,000 General Fire Extinguisher Co. of N. Y., common stock $100 2,000 The Diamond Match Co., an Illi- nois Corp., common stock 100 750 The National Coal Co. of Cleve- land. O., common stock 100 1.650 The National Protection Co. of Providence, R. I., common ... 25 5,000 Northwestern Rubber Co. of Liv- erpool, Eng.. common stock ... 100 851 Northwestern Rubber Co. of Liv. erpool. Bng., pref. stock .... 100 3,535 Union Salt Co. of Cleveland, O., common stock 100 458 The Wilson Realty Co. of Cleve- land. O., common stock 100 American Strawboard Co. (Chi- cago, 111.) $100,000 6% deben- ture bonds due Jan. 1, 1928. Union Salt Co., Cleveland, Ohio, $29,500 second mortgage bonds, - due $14,500 July 1, 1920, and $15,000 July 1, 1930. $1,500,000 First Mortgage of 1915 (subject to an indebtedness of approximately $35, 000) on O. C. Barber's farm of 3,100 acres in Summit County. Ohio, to mature on demand; the note signed by O. C. Barber and the mortgage signed by O. C, Bar- ber and Mary O, Barber, re- leasing dower. The following are extracts from the letter of O. C. Barber: The shares of stock of the American Hom- iny Co., American Sewer Pipe Co., Babcock & Wilcox. Bryant & May Co. . Ltd. Diamond Match Co., General Fire Extinguisher Co. and the National Protection Co. alone are quoted in the present market at a sum equal to approximately $1,500,000 and based upon book value, are worth substantially in excess of the total note issue. The National Coal Co. is an Ohio corpora- tion having an authorized and outstanding capital stock of $3 00,000, and owning 7,500 acres of coal in Guernsey and Belmont Coun- ties, Ohio, with an estimated unmined ton- nage of 39.000,000 tons. Is only indebted- ness, outside of current accounts, consist of approximately $162,000 of purchase money mortgages. The Northwestern Rubber Co. was organ- ized under West Virginia laws some years ago, to reclaim old rubber: plant at Liverpool, Eng., main office in Akron, O. Authorized and outstanding capital stock, $2,500,000 com- mon and $500,000 preferred, no indebtedness other than current bills. The Union Salt Co, is an Ohio Corporation owning about 13 acres of lake front on which a modern plant was completed this past year, with a product capacity of 275 tons of salt per day. Authorized and outstanding; (a) Capital stock. $500,000: (b) First Mortgage bonds. $350,000: (c) Second Mortgage bonds. $39,500: during the past year this propertj' was appraised at $1,200,000, exclusive of the value of riparian rights. The Wilson Realty Co. is an Ohio corpo- ration; outstanding capital stock of $250,000. Property consists of about 22 acres, all on the Cleveland lake front. No indebtedness against this except possibly $25,000 or $30,000 for carrying charges. On my farm I have spent over $2,500,000 and from it I took a crop last year Worth nearly $400,000 the dividends paid during the year 1918 on pledged stocks were about $200.- 000. Original Market — $ 1, 650,000 offered Jan- uary. 1919, by the First National Bank. Til- lotson & Wolcott Co. , Bonbright-Herrick Co , C. E. Denison & Co., Hayden, Miller & Co.. Maynard H. Murch & Co. , Borton & Borton and Otis & Co., all of Cleveland, at 98 ^^ and interest. BARNEY & SMITH CAR CO. 1st JItge. 5s. Due July 1, 1936. — N. Dated July 1, 1906. Interest payable Jan. and July 1, at Trustee's offlce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,000,000. Denomination — Coupon $1,000. Principal Registerable. Trustee— Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date on 60 days' notice. Organization — December, 1915. receivership was lifted and property returned to stock- holders without foreclosure. Secured by a first mortgage on the plant of the company at Dayton. Ohio, covering 56 acres of ground and including 68 buildings, where the company builds all kinds of ateam and electric railway cars. Listed on the Cincinnati Stock Exchange. Original Marlcct — $2, 000.000 offered May. 1906, by P. J. Goodhart & Co., N. T.. and Cincinnati, and Irwin, Ballman & Co.. Cin- cinnati, at 102% and interest. Market. Cincinnati — Irwin, Ballman & Co., W. E. Hutton & Co.. A. J. Frank. New York — ^E. & C. Randolph. Price Range. Jan. 1, 08 to Jan. 1, '!!) IfilS Bid Ask Ask High.98 'OS 101 '08 65 Jan. Low. 55 '18 55 Dec. BARRETT MANtTFACTURING CO. Deb. 58. Due April 1, 1939. — F. Dated April 1, 1899. Interest payable April and Oct. 1. at Trustee's office. .100 Tax status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,600,000. Outstanding — 52,500,000. Denomination — Coupon, $1, 000. Trustee — Land Title & Tru.st Co., Phlla. Redeemable at lio and interest in 1919. Assumed by Barret Company, New Jersey. Organization^ConsoUdated with the Barrett Company (Xew Jersey). Security — A direct obligration of the com- pany, but not secured by mortgage or col- lateral. Year ended Dec. 31 (Barrett Co.): Gross Net Interest 1918 $41,339,665 $3,789,5 61 $175,308 1917 34.297.371 3.673,244 211,8 56 1916 27.800.185 5,165,286 158.656 Original 3Iarket — George A. Huhn & Sons, Phila., Pa., at par and interest. Market. New York — J. J. Levenson, Coggeshall & Hicks. Hanson & Doyle. E. & C. Randolph. Fred H. Hatch & Cu. , Low, Dixon & Co. , W. M. van der Kieft. Taylor & White. Philadelphia — "VVurts, Dulles & Co., Blkins, Morris &. Co. Boston — McConnell & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.H.s^ '16 100 'J6 88 Dec. 93 Dec, Low. Si; '18 90 '1^ 82 Sept. 90 May BARTLESVILT.E INTERURBAN RAILWAY CO. 1st S. F. 6s. Due Jan. 1, 1D47.— P. Dated Jan. 1, 1917, Interest payable Jan. 1 and July 1, in New York. Tax Status — 2 7o Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Anthorized — $1, 500, 000. Outstanding — $373,000 (Dec. 31, '18). In Treasurj- — $45,000. Reserved for Imp. — SI. 082. 000. Additional bonds issuable for 85% of cost of improvements, etc., when net earnings are twice interest charges. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Logan Trust Co., Philadelphia. Redeemable at 102 and Interest on any inter- est date on four weeks' notice. Improvement and Sinking Fund — Annually on Dec. 1, 1917, a cash amount equal to 1% of outstanding bonds and 2% during the laft ten years of the life of the issue for their purchase or redemption at not over 102 and interest: this fund may also be satisfied by an annual investment of 2 % of bonds out- standing in extensions, etc, against which no bonds can be issued. Bonds acquired are kept alive and interest added to this fund. Organization and Control — Incorporated in Oklahoma in 1905. Authorized Outstanding •Capital stock $250,000 $143,500 *Owned by the Cities Service Co, Secured by a first mortgage on all the prop- erty of the company. Property comprises a steam generating plant, 5.5 miles of trans- mission lines, 20 miles of distribution lines, supplying electric light and power to Dewey, Smeltertown and Bartlesville, Okla. ; also 10^^ miles of street and interurban railway extend- ing from Smeltertown through Bartlesville t.T Dewey. Electric franchise in Bartlesville and street railway franchises in Bartlesville and Dewey expire in 1956; electric franchise in Dewey expires in 1937. Interurban lines are mainly on private right of way. Elstl- mated population of Bartlesville, 20,000. Dewey, 3,367. Earnings (12 mos.) Dec. 31 Gross Net 1917 $175,950 «61,251 1916 155,387 56,675 Original Market — $350,000 offered Jan., 1917. by Edward V. Kane & Co., Philadelphia, at 100 and interest. Market. Fhiladelphia — B. V. Kane & Co. BATH & BRtJNSAVICK LIGHT & POWER CO. 1st and Ref. os. Due July 1, 1930. Dated July 1, 1910. Interest payable July and Jan., at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 75 0.000. Outstanding — $325. 000. Reserved for Prior Liens— $200,000. Reserved for Extensions — $225,000. Trustee — Fidelity Trust Co., Portland. Me. Redeemable at 102 and interest on any inter- est date. Control — January, 1916. the entire capital stock $520,000 was acquired by the Central Maine Power Co. Secured by a fi,rst mortgage on plants at Brunswick and Topsham, and a second mort- gage on the property in Bath, Me. The Com- pany supplies electric light and power to a population of about 9,000 and electric light and power and gas to the city of Bath, population 1910, 9,400. Prior Liens — $200,000 Sagadahock Lt. & Pr. 41^3 of 1922. Year ended Dec. 31 Net Int. & Tax. 1913 $71,972 $31,678 1912 64,328 26,114 For later earnings see Central Maine Power Co. Original Market — Offered April, 1912, by Fidelity Trust Co., Portland, Me., at 98 and interest. Market. Portland, Me. — Fidelity Trust Co. New York — Philip Lynch, Coffin & Burr. Boston — Coffin & Burr, L. Sherman Adams. BATH IRON WORKS. LTD., 1st S. F. 6s. Due July 1, 1932. — N. Dated July 2, 1917. Interest payable Jan. 1 and July 1 at Bangor, Me., or Boston. Tax Status — Payment of Federal Income Tax not assumed by cimpany. Authorized — $5, 000, 000. Outstanding— $1,450,000 (Mar. 2S, '19). Retired by S. F.— $50,000. Reserved for Extensions — $3,500,000. Additional bonds issuable for 75% of cost of extensions, etc. , when net earnings for three preceding calendar years have averaged annually at least three times interest charges on bonds outstanding and to be issued. Denomination — Coupon. $500 and $1,000. Reglsterable as to principal. Trustee — Merrill Trust Co., Bangor, Me. Redeemable at 105 and interest on interest date. Sinking Fund — Annually not less tha n $50,000 with additions thereto in case of any increases in the amount of outstanding bonds over $1, 5 00. 000; also in case of payment of more than 10% dividends in any one year on the common stock. Fund to be applied to the purchase or redemption of bonds at not over 105 and interest. Bonds acquired to be cancelled. 101 Organization — This company was acquired in 1917 by the present management from the estate of the late John S. Hyde. Secured by a first mortgage on all the prop- erty of the company now owned or here- after acquired. The company's plant is located at Bath, Me. The company is engaged in constructing destroyers for. the Government. As of July, 1917, plant valued at $1,949,305. Earnings — For 5^ years prior to July, 1, 1917, annual net earnings after depreciation averaged $327,316. Legal for Me. Original Market — $ 1,500,000 offered July, 1917. by Maynard S. Bird & Co., Charles H. Oilman & Co. , Portland, Me. , and Merri I Trust Co., Bangor, Me., at 99^ and interest. BATON ROUGE (LA,) ET^CTRIC CO. 1st 5s, Due Feb. 1, 1939. — F. Dated Feb. 1, 1909. Interest payable Feb. and Aug. 1, at Old Colony Trust Co., Boston Tax Status — 2% Federal Income Tax paid by company without deductipn. Authorized — % 75 0,000. Outstanding— $493,500 (April 1, 1919). In Treasury — $7,000. Retired by Sinking Fund — $31,500. Reserved for Extensions — $218,000. Denomination — Coupon. $ 5 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as whole or for sinking fund at 105 and interest on any interest date. Sinking Fund — 1 % per annum of outstand- ing bonds, beginning Feb. 1, 1914. Management of Stone & "Webster. Secured by a first mortgage on the street railway, gas and electric light and power plants in Baton Rouge. Street Railway sys- tem embraces 6 miles of traclt. Popiilation served, 21,700. Franchise for electricity ex- pires in 1988, railway franchise in 1940, gas franchise In 1942. ■ ended Dec. iil Grosa Net Int. & S. F. 1918,. $267,809 $121,166 $46,428 1917. . 231.965 112,651 42,736 1916.. 211,694 110,836 42,C0J 1915.. 190,862 82,648 26,946 1914.. 178,825 64,646 26, OM Original Market — $400,000 offered by Stone & "Webster, Boston, April. 1909, at 87^ and interest. Market. New York — Berdell Bros., Stone & Webster. Boston — Hornblower & "Weeks, Stone & Web- ster. Chicago — Stone & Webster. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.89 '16 92% '15 79 Dec. 85 Dec. Low. 75 '18 85 '18 BATTLE CREEK & STURGIS RAILWAY CO. 1st 3s. Due Dec. 1, 1989. — N. Dated December 1, 1889. Interest payable June and Dec. 1, at Central Union Trust Co., New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Guaranteed principal and Interest by the Michigan Central R. R. by endorsement. Control — Of the $500,000 capital stock of the company the Mich. Cent. R. R. Co. owns $417,500 and the New York Central Railroad Co. owns $82,500. Leased in perpetuity to these companies. Secured by a first mortgage on 40.99 miles of road from Battle Creek to Sturgis, Mich,, 33.80 milfes from Battle Creek to Findley are owned and operated by the Michigan Cent. R. R. Co. and 7.19 miles from Findley to Stur- gls by the New York Central R. R. Co. Bonds of this issue are outstanding at the rate of $12,200 per mile. Legal for Me. Listed on the New York Stock Exchange. Market. New York — Wm. Carnegie Bwen, Baker, Carruthers & Pell, Abraham & Co., Finch & Tarbell. F. J. Lisman & Co. Chicago — Harris Trust & Sav. Bank. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.70 '12 80 '08 52 Dec. Low. 50 '18 64 '16 50 Jan. BATTLE CREEK COAL & COKE CO. 1st 6s. Due April 1, 1935.— N. Dated April 1, 1905. Interest payable April 1 and Oct. 1 in New York or Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $325,000. Outstanding — $141,000 (Jan. 1, '19). Held in S. F.— $180,000. In Treasury — $4,000. Denomination — Coupon, $500. Registerable as to principal. Trustee — Baltimore Trust Co. , Baltimore. Redeemable at 110 and interest on 30 days' notice. Sinking Fund — ^Ten cents per ton on all coal mined and so'.d, with a minimum of $7,500 per annum. Organization — Incorporated in Georgia in 1905 and acquired the properties of the Camp- bell Coal & Coke Co. Secured by a first mortgage on all the prop- erty of the company comprising 3.018 acres of coal lands owned in fee located at Orme; Marion County, Tenn., with complete plant. Output 10,000 tons per annum. Underlies — $42,000' 7% Serial Notes due annually to July 1, 1925. Year ended Dec. 31 Gross Net Interest 1918.. $267,145 $56,159 $11,895 1917 11.870 11,234 1916.. 85,370 4,053* 1:^,310 1915.. 108,902 12.443 10.710 •Deficit after depreciation $9,500. Original Market — Offered in 1905 by Law- rence Barnum & Co., New York; Baker^ "Wa'ts & Co., Baltimore and Robinson, Humphrey & Co., Atlanta. Market. New York — Barnum. Mildon & Co. Philadelphia — S. K. Phillips & Co. Atlanta, Ga. — Robinson-Humphrey Co. Scranton — W. D. Runyon, Price Range. Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Bid High.84 '17 90 '17 58 May Low. 55 '18 85 '17 55 Nov. BAY CITY & BATTLE CREEK RAILWAY CO. 1st 3s. Due December 1, 1989. — N. Dated December 1, 1889. Interest payabls June and Dec, 1, at Central Uniun Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. 102 Aathorized — $1. 800, 000. Outstandins: — $49,000. Purchased and Cancelled by Mich. Cent. B. S. — $201,000. Denomination — Coupon, $1. 000. Reiriaterable as to principal. Trustee — Metropolitan Trust Co., New Tork. Guaranteed principal and interest by the Michigan Central R. R. Co. by endorsement. Assumed by Michigan Central R. R. Control — Origrinally leased in perpetuity to the Michigan Central R. R. Co. Rental, in- terest on bonds and taxes. Merged with Mich- igan Central R. R. Sept. 27. 1916. Secured by a first mortgage on 18 miles of road from Midland to "West Bay City. Mich. Leeal for Cal., Me., Mich., Minn., Mo., N. J., N. T. and Wis. Market. New York — Remiclc, Hodges & Co., Abraham & Co. Frico Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.70 '12 70 '14 50 June Low. 50 '18 67 '14 50 Aug. BAY CITY GAS CO. 1st 5s. Due Juno 1, 1920.— F. Dated June 1, 1900. Interest payable Jun9 and Dec. 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — (Closed Mortgage.) Outstanding — $367,500 (Jan, 1, '19). Denomination — Coupon, $500 and $1,000. Trustee — New Tork Trust Co., New Tork. Redeemable at 110 and interest on any inter- est date on four weeks' notice. Assumed by the Michigan Light Co. Control — Absorbed by the Michigan Light Company, which is controlled by Common- wealth Power, Ry. & Lt. Co. , by ownership of all common stock. Secured by a first mortgage on gaa plant supplying Bay City. Michigan. Population served, 50,000. tJnderlies^S2,5S2,000 Mich. Lt. Co. 1st &- Ref. 53 of 1946 a sufficient amount of which bonds are reserved to retire this issue. Earnings — See Michigan Light Co. New York— Kiely & Horton. E. & C. Ran- dolph, F. H. Hatch & Co. Detroit — Whittlesey, McLean & Co. Wilmington — Geo. P. Bissell. Philadelphia — Frazier & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid High.99 '16 100 '17 85 June Low. 85 '18 95 '15 BAY COUNTIES POWER CO. 1st Cons. 5fl. Due Sept. 1, 1930. — F. Dated Sept. 1, 1900. Interest payable May and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,250,000. Outstanding — $1,083,000 (Apr. 1, '19). Held in S. F. — $810,000. Held for Prior Liens — $357,000. Denomination — Coupon, $1,000. Trustee — Mercantile Trust Company, San Francisco. Sinking Fund — Annually 2% of outstandins; bonds June 1. 1915-19, 2%% 1920-24. 3% 1925 to maturity. Assumed by Pacific Gas & Electric Com- pany. Control acquired by California Gas & Elec- tric Co. in 1903, now consolidated with suc- cessor company, the Pacific Gas & Electric Co. Secured by a mortgage on property form- erly of the Bay Counties Co. Prior Liens — $357,000 bonds of merged com- panies. Underlies— $54,247,000 bonds of the Pacific Gas & Electric Company and predecessor com pany, and $540,000 2nd 6s of 1931 of Bay Counties Power Co. Listed on thts San Francisco Stock and Bond Exchange. Earnings — See Pacific Gas & Electric Co. Market. New York — Sutro Bros. & Co., McDonnell & Co., E. F. Hutton & Co. San Francisco — Sutro & Co., Cyrus Pierce & Co. Philadelphia — S. K. Phillips & Co. Los Angeles — A. H. 'Woollacott. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.104% '10 105 '09 98 Feb. 101 Feb. Low 92% '08 93% '08 95 June 98 Nov. BAY OF QUINTE RAILWAY CO. 1st 5s. Due Jan 3, 1927.— N. Dated Jan. 2, 1902. Interest payable Jan. and July 2, at Canadian Bank of Commerce, Toronto. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $780,000. Retired by Sinking Fund— $160, 000. Denomination — Coupon, $1,000. Reglsterablo as to principal. Trustee — National Trust Co., Ltd., Toronto. Sinking Fund — $10,000 annually to be ap- plied to the redemption of bonds by lot each five years at 105 and interest since Jan. 2, 1907. $50,000 called Feb. 1, 1917. Controlled by the Canadian Northern Ry. Co. through stock ownership since 1912. Secured by a first mortgage on 86 mllea of road including line from Deseronto to Ban- nockburn, Ontario, 75 miles and branches. Also has trackage rights from Harrowsmith to Kingston, Ont., 19 miles, 4 miles from Des- eronto to Deseronto Jet. not operated. Earnings — See Canadian Northern Ry. Co. Market. New York — Bigelow & Co., F. H. Hatch & Co. BAY STATE STREET RAILWAY CO. 5% Notes. Due Serially each August 15th, aa follows. — N. 1917... $50, 000 1925.. $116, 000 1918... 57,000 1926. ..126.000 1919... 64,000 1927. ..136,000 1920... 72,000 1928. ..148,000 1921... 80,000 1929. ..160.000 1922... 88,000 1930. ..174,000 1923... 97,000 1931. ..188,000 1924... 106, 000 1932... 202, 000 Dated August 15, 1912. Interest payable Feb. and Aug. 15, at American Trust Co., Boston. Authorized — $2,000,000. Outstanding— $1,814,00 (April 1, 1919). Retired — $186,000. Reorganization — Under reorganization plan of Bay State Street Railway and Eastern Massachusetts Street Railway ■ Company, hold- ers of these notes will receive sinking fund stock, par for par, with dividends from Feb. 103 15, ],D18, Holders have option of exchange for 1st pfd. stock on same basis (Apr. 10. ■19). BAY STATE STREET RAILWAY CO. Eq. Tr. 6s. Due $131,000 each Aug. 1 from 1918 to 1936 inclusive, and $139,000 An?. 1, 1927.— F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 a,t Trustee's office. Authorized — $ 1,308,000. Outstanding— $1,177,000 (April 1, 1919). Bahi n ce retired . Denomination — Coupon, $1,000. Trustee — Old Colony Trust Co., Boston. Redeemable on any interest date at 100 and interest on 6 weeks' notice. As.sumed by Eastern Massachusetts Stretst Railway Co. (April, 1919). Secured by an equipment agreement on 200 semiTConvertible Pay-As-Tou-Bnter 44-seat pas- senger cars, costing $1,631,000. Original Market — $1,308,000 offered Aug., 1917. by Kidder, Peabody & Co. and Old Col- ony Trust Co.. Boston, and Kinsley & Adams, "Worcester, on a 6 % ^ $1,000. Registerable BEAUMONT & GREAT NORTHERN R. R. 30-Year IstSs. Due July 1, 1939.--F. Dated July 1, 1909. Interest payable Jan. 1 and July 1, at M. K. & T. Ry. Co.. 61 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $40,000 per mile. Outstanding — $ 883.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable at 102^ and interest on 9 days' notice. Assumed by the Missouri, Kansas & Texas Ry. Co. Now in hands of receivers. Control — $49,100 of $50,000 capital stock owned by the M., K. & T. Ry. Co. Secured by a first mortgage on 48.3 miles from Livingston to Weldon, Tex. BEAUMONT (TEX.) GAS MGHT CO. Ist 6a. Due June 1, 1944. — F. Dated June 1, 1914. Interest payable June 1 and Dee. 1, at office of Trustee or First Na- tional Bank, New York. Tax Status — 2 % Federal Income Tax paid by .company without deduction. Authorized — $1,000,000. Outstanding— $635,200 (Dec. 31. '18). Denomination — Coupon, $1,000. $500 and $100, Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable on any Interest date at 101 and interest. Organization — Incorporated In Texas in 1907. Secured by a first mortgage on plant supply- ing gas to Beaumont, Tex. Population served, 26,000. City franchise expires in 1951 and county franchise in 1962. Original Market — $ 3 5 0,000 offered in 1914 by H. T. Holtz & Co., Chicago, at 100 and interest. Market. Chicago— H. T. Holtz & Co. Price Ranee 1918 — Bid 89. (THE) BEAVER VALLEY TRACTION CO. Gen. 5a. Duo Nov. 1, 1953. — F. Dated Nov. 1, 1903. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3, 000, Ono. Outstanding — $957; OOO. Denomination — Coupon, as to principal. Trustee — Northern Trust Co., Philadelphia. Redeemable on any interest date at 110 and interest. Organization and Control — Incorporated in Pennsylvania in 1891 and has absorbed the properties of a number of traction companies. The company is controlled through ownership of entire capital stock by the Philadelphia Co. Secured by a general mortgage on all the property of the Company including 36 miles of track connecting Beaver Falls. New Brighton, Rochester, Beaver, Monaca, Colonial, Conway, Freedom, Vanport. Bridgewater, Sharon and College Hill, Pa. Population served. 55,000. Prior Liens^$675,000 Cons. 5s of 1950 for the retirement of which provision is made in this mortgage. Year ended March 31 Gross Net 1917. . $405,462 5136,691 Market. Philadelphia — Graham. Parsons D. Boenning & Co., Sam'l K. Co. New York — Sharretts & Young. Lynch & McDermott. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 100 '09 101 '09 75 Jan. 8.S Dec. Low. 70 '18 80 '18 70 Dec. 80 Jan. Int & Rent $96,456 & Co., H. Phillips & (THE) BEAVER VALLEY TRACTION CO. Ist Cons. 5s. Due October 1, 1950. — F. Dated October 1, 19 00. Interest payable April and October 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $ 675,000. Outstanding — $675, 000. Denomination — Coupon. $1. 000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila. Redeemable on any interest date at 110 and interest. Organization and Control — See Gen. 5s. Secured by a mortgage prior to that of the General Mortgage on the property described under that issue. Underlies — $957,000 Gen. Earnings — See Gen. 5s. Market. Philadelphia — Graham. D. Boenning & Co., Sam'l K. New York — Philip Lynch. Price Range. •16 to Jan. 1, '19 Ask 100 '16 97 '16 5s. Parsons & Co., Phillips & Co. Jan. 1. Bid High. 9 6 '16 Low.. 92 '16 BEAVER VALLEY WATER CO. 30-Year 1st 5b. Due May 1, 1932.— F. Dated May 1, 1902. Interest payable May and Nov. 1 at office of Trustee. Tax Status — '2 % Federal Income Tax paid by company without deduction. Authorized — $ 1,000,000. Outstanding — $1, 000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — People' a Savings & Trust Co. , Pittsburgh. Organization — Incorporated in Pennsylvania in 19 02 as a consolidation. 104 Secured by a first mortgage on plant supply- ing: water to College Hill Borough. Beaver Falls, Paterson Heights, New Brighton. Roch- ester. North Rochester, "West Bridgewater. Freedom and Fallaton, Pa. Property com- prises 97 miles of pipe lines. Daily pumping capacity 8.000,000 gallons by water power and 9. 000, 000 by steam power. In 1916 the Public Service Commission placed a value- ation of 3985,000 on the property of this com- pany and authorized the company to charge rates to yield a return of $135,950. This Is based on a 7% return on the appraised value plus an allowance of $63,000 for operating expenses, maintenance and taxes and $12, 000 for depreciation. Market. Pittsburgh — Goddard. Hunter & Co., George, Allen & "Whitehouse. BEECH CREEK COAL & COKE CO. 1st S. F. 5s. Due June 1, 1944. — F. Dated June 1, 1904. Interest payable June and Dec. 1, at Columbia Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $3, 000,000. Outstanding— $1,882,000 (Jan. 1, '19). Retired by S. F. — $1,046,000. Reserved for Prior Lien — $72,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at pai and interest for sink- ing fund on any interest date. Sinking Fund — Beginning May 1, 1907, three cents per ton on all coal mined, with a mini- mum of $75,000 annually, to be applied to the purchase or redemption of these bonds at not exceeding par and interest. Guaranteed interest and sinking fund by the Clearfield Bituminous Coal Corp. Control — Absorbed by the Clearfield Bitumih- ous Coal Corp. This latter company is con- trolled by the New York Cent. R. R. Co. , through ownership of entire capital stock. Property leased and operated by the Penn- sylvania Coal & Coke Corp. at el minimum an- nual rental of $225,000. Secured by a mortgage on 33,000 acres of coal land in Clearfield, Cambria and Indiana Counties, Pa., of which 3,400 acres are leased and ^.900 owned as to surface only, the bal- ailce owned in fee. The property includes 17 collieries with capacity of 10,000 tons per day. Coal estimated at 125,000,000 tons. Prior Liens — $72,000 Chest, Creek Land & Improvement Co. 4s, 191 4-2 4, retirement of which is provided for by these bonds. Underlies — Clearfield Bitum, Coal Corp. 4^s 1932. Original Market — $2,000,000 offered 1905 by Kean Van Cortlandt & Co. (now Kean, Taylor & Co.) New York, at 98^ and interest. Market. New York — Sharrets & Young, Wm. Car- negie E3wen. Sam' I Goldschmidt. E. & C. Randolph, P. H. Hatch & Co., Hartshorne & Battelle. H. I. Nicholas & Co.. J. S. Farlee & Co., Morton, Lachenbruch & Qo. Philadelphia — Henry & Kirkbride, Frazier & Co., Hy. D. Boenning & Co., Graham. Parsons & Co., Sam'l K. Phillips & Co. Pittsburgh — "Wm. P. Lemley & Co., George Allen & Whitehouse. Price Range, Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 '17 97% '17 92 May 96 May Low,G6 '17 71 '13 85 Nov. 90 Nov. BEECH CREEK EXTENSION RAILROAD CO. 1st 3»4s. Due April 1, 1951.— P. Dated May 1, 1901. Interest payable April and Oct, 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — (Closed Mortgage.) Outstanding — $3. 500, 000. Denomination — Coupon, $1,000. Registerable . as to principal only. Registered, $1,000, $5,000 ' and $10,000. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. (Now New York Central R. R.) by endorse- ment. Assumed by the New York Central R. R. Co. Control — Leased for 999 years to the N. Y. C. & H. R. R. R. Co., now New York Central R. R. Co. , which company owns its entire capital stock. Secured by a fl,rst mortgage on 58.27 miles of road including line from Keating to Clear- field, Pa. , 52.14 miles and branches. Bonds of this issue are outstanding at the rate of $60,000 per mile. Underlies — $3,964,000 Beech Creek Extn. R. R. Cons. 4s of 1955, which provide for the retirement of this issue. Legal for Cal., Me., Mich.. Minn., N. H., N. J. and R. I. Listed on the New York Stock Exchange Original Market — $3,500,000 offered Nov., 1901, by J. P. Morgan & Co., at 104 and in- terest. Market. New York — Sharrets & Young, J. S. Farlee & Co., Abraham & Co.. F. H. Hatch & Co. Philadelphia^ — Henry & Kirkbride. Chas. Fearon & Co., Sam'l K. Phillips & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid ' Ask Bid High.82i^ '17 85 '17 65 Jan. Low. 60 '18 841/^ '17 60 June BEECH CREEK EXTENSION RAILROAD CO. Cons. 4s, Due April 1, 1955. — F. Dated May 1, 1905. Interest payable April and Oct. 1, at Grand Central Terminal. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $3,964,000 (all owned by N. Y. C. R. R. Co.). Denomination — Coupon, $1,000. Regi sterable as to principal. Registered $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R, Co. (now New York Central R. R. Co.) by endorse- ment. Assumed by the New York Central R. R. Co. Control — All of the stock Is owned by the New York Central R. R. Co, , which leases property for 999 years. Secured by a first mortgage on 79 miles of branch lines in the bituminous coal fields around Curwensville, Pa., and a second mort- gage on 58^27 miles of road from Keating to Clearfield, Pa., and branches. Bonds of this issue are outstanding at the rate of $28,000 per mile. 105 Prior Liens — $3,500,000 Beech' Creek Exten- sion 3^3 of 1951, outstanding at tlie rate of $60,000 per mile. Leeal for Cal., Me., Minn, and N. H. Listed on the New York Stock Exchange. Market. Philadelphia — Samuel K. Phillips & Co. BEECH CKEEK RAILROAD CO. 1st 4s. Dot July 1, 1936.— F. Dated July 1, 1886. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $6,000,000. Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Columbia Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. (now New York Central R. R. Co.) by endorse- ment. Assumed by the N. Y. C. R. R. Co. under consolidation agreement. Control — Leased for 999 years to the N. T. C. & H. R. R. R. Co. Rental interest on bonds and 4 % on capital stock. Lease as- sumed by the N. Y. C. R. R. Co., as above. Secured by a first mortgag'e on 163.88 miles of road from Jersey Shore to MahafCey Jet., Pa., 112.31 miles and branches to coal mines. Bonds of this issue are outstanding at rate of $30,000 per mile. Underlies — $1,000,000 B. C. R. R. 2nd 5s of 1936. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J. and Wis, Listed on the New York Stock Exchange. Market. Philadelphia — Graham, Parsons & Co., Read A. Morgan & Co. , West & Co. , Newburger, Henderson & Loeb, Chas. Pearon & Co., Cas- satt & Co. , Brown Bros. & Co. , Prazier & Co., Wheeler, Elliot & Mann, Ervin & Co., Welsh Bros., Sam'l K. Phillips & Co., Elkins, Morris & Co. • Nerw York — Sharretts & Young, J. S. Far- lee & Co., Coggeshall & Hicks, McKinley & Morris. Bemhard, SchoUe & Co. , B. & C. Randolph, Korn, Lehman & Co., John Nicker- son, Jr. , Baker, Carruthers & Pell, P. H. Hatch & Co., Abraham & Co.. Chas. W. Place, Redmond & Co., Wm. Carnegie \Ewen, Tavlor, Smith & Hard. Pittsburgh — ^R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. I. '19 1918 Coupon, High.105% Feb. 20. '06 86^ Dec. 24 Low. 86^ Dec. 24, '18 SQM Dec. 24 Registered. High. 99 May 4. '11 Low.. 93% Sept. 15, '16 BEECH CREEK RAILROAD CO, 2nd 6s. Dn» July 1, 1936,— F. Dated July 1, 1892. Interest payable Jan. and July 1. at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon. $1,000. Registerable as to both principal and interest. Regis- tered, $1,000. Trustee — Central Union Trust Co. . New York. Guaranteed principal and interest by the New York Central & Hudson- River R. R. Co. (now New York Central B. R. Co.) by endorse- ment. Assumed by the N. T. C. R. R. Co, under terms of consolidation agreement. Control — See 1st 4a above. Secured by a second mortgage on 163,88 miles of road from Jersey Shore to Mahaffey Jet., Pa., and branches to coal mines. Prior Liens — $5,000,000 1st 4s of 1936 out- fltanding at the rate of $30,400 per mile. Legal for Cal. ird N. H. Listed on the New Tork Stock Exchange. Market. New York— Wm. Carnegie Bwen, B. & C. Randolph. Taylor, Smith & Hard, Abraham & Co., Baker, Carruthers & Pell, Redmond & Co. Philadelphia — Elkiijs. Morris & Co. Price Range— N. Y. S. E. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask High.104 May 20, '16 87% Dec. 92 Dec. Low. 104 May 20, '16 83 Jan. BELDING. PAUL, CORTICELLI, LTD., Deb. 6s. Due May 1. 1936. Dated May 1, 1911. Interest .payable May and Nov. 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by compa ny. Authorized — $1, 000, 000. Outstanding — $639,188 (Nov, 30. '18). Held in S. E.— $100,351. Denomination — Coupon, £20, £100 and £200, or in dollars at 4.86 2/3. Trustee — Royal Trust Co., Montreal, Canada. Redeemable at 105 and interest on any inter- est date on six months' notice. Sinking Fund — 2% annually to purchase bonds in open market at not exceeding 105 and interest. Bonds so acquired are kept alive and interest added. Convertible privilege expired May 1, 191B. Organization and Property — Incorporated In 1911 in Canada as a holding company to ac- quire securities _ of several silk manufacturing companies. Factories operated by the com- p».ny are located at Montreal, St. Johns and Coaticook. Secured by pledge of 3,969 shares of Beld- tng, Paul & Co.. 175 shares of Cascade Nar- row Fabric Co., and 1,250 shares of Cortt- celli Silk Co., Ltd.; any additional shares of the first two companies hereafter acquired are to be pledged. Year ended Not. 30 Net Int & S. F. 1918 $247,4961 $58,018 1917 220,772 51,768 1916 187,762 51,763 1915 110,749 51,869 1914 102,393 52,108 tBefore war tax. Original Market— $750,000 offered July, 1911, at 89 and interest, C. Meredith & Co.. and Do- minion Bond Company, Montreal, at 89 and interest, also offered in London by Royal Bank of Scotland and London and Southwestern Bank. Market. Montreal — Manning & Co . , Ltd. . Dominion Bond Co. , Ltd. , Canada Securities Co. . Hew R. Wood Co. New York — Morton, Lachenbruch & Co., Abraham & Co. Toronto — Oxford Securities Corp., Ltd., Nes- bitt. Thomson & Co. Price Range 1(HS — Bid 74, Ask 78. 306 (THE) BEU. TELEPHONE CO. OF CANADA. let 5s. l>ue April 1. 1925. — N. Dated April 1, 1895. Interest payable April and Oct. l, at Bank of Montreal, Uo.itr al, or London, Eng., at the rate of $4.86 per £. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $11,250,000. Outstanding — $11,149,000. The Company may issue bonds up to 75% of paid up capital stock. Denomination — Coupon, $500 and $1,000, Registerable as to principal. Secured by a first charge upon the whole lines, works and plants of the Company, other than real estate. There Is no mort&ase on the real estate. The . Company owns and operates the principal telephone system ex- chang-ing business with some 703 local com- panies in the Provinces of Quebec and On- tario, Canada. Year ended Dec. 31 Gross Net Interest 1918. .$12,227,5 45 $2,104,688 $562,054 1917.. 11,567.193 2.534,071 561,001 1916.. 10,204,998 2,469,243 668,792 1915.. 9,462,838 2.221,985 558, 13( 1914. . 9,175,775 2,212,617 662,180 Listed on the Montreal and London Stock Exchanires. Original Market — $1,200,000 offered March. 1911, at 102 and interest by the Royal Securi- ties Corp. , Ltd. , Montreal, and Lee, Higgrin- son & Co., Boston, New York. $1,750,000 of- fered July, 1912, by same firms at 101 and in- terest, $4,500,000 offered Sept., 1913, same firms, at 98% and interest. Market. Montreal — C. B. Meredith & Co,, Royal Se- curities Corp., Ltd., Canada Securities Corp., Ltd., Nesbitt, Thompson & Co., Ltd.. Dominion Sec. Corp., Hew R. Wood Co. Boston — J. W. Bo wen & Co., Lee, Hlgglnson & Co. Baltimore— Baltimore Trust Co. Toronto — A. B. Ames & Co. , Goldman & Co., N. B. Stark & Co., Dominion Securities Corp., Ltd. Milwaukee — First Savings & Trust Co., First National Bank. New York— P. H. Hatch & Co., Finch & Tarbell, Coggeshall & Hicks, Holmes, Bulkley & Wardrop, W. Sturg-is Macomber, Jacob Zeller, Harris, Forbes & Co., E. & C. Ran- dolph, Oilman & Clucas. Abraham & Co., Lynch & McDermott, Phelps & Neeser, Mor- ton, Lachenbruch & Co. Chicasro — Northern Trust Co., Harris Trust & Savings Bank, Babcock, Rushton & Co. Portland, Me. — Fidelity Trust Co. Philadelphia — Frazier & Co. Pittsburgh — Lyon, Singer & Co.. R. W. Evans & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.105 '10 105 '10 93% Dec. 95 Dec. Low. 85 '18 87^^ '18 85 Sept. 87% Aug. BEtr-EVHiliE & CARONDELET RAIXROAD CO. 1st 68. Dne June 1, 1923. — N. Dated June 1, 1883. Interest payable June and Dec. 1, at Company's office, 32 Nassau St., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $485,000. Outstanding — $470,000 (Closed mortgage). Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Robert Fulton Cutting and M. Bayard Brown. Assumed by the St. Louis, Alton & Terre Haute R. R. Co., which company conveyed Its property to the Illinois Central R. R. Co. The latter company has not expressly assumed this obligation, but covenants in its Refunding Mortgage that it will not ' 'make or suffer any default upon any of the prior lien bonds, which provision includes this issue. Control — Merged into the Illinois Central R. R. Co. Secured by a first mortgage on 17 miles of road from Belleville to East Carondelet, 111. Bonds of this issue are outstanding at the rate of $27,600 per mile. Underlies — Illinois Central-St. Louis Div. & Ter. 3s & 3^s: and Illinois Central Ref. 4s of 1955, both of which issues provide for re- tirement of these bonds. Legal for Me. and Mo. Listed on the New York Stock Exchange. Market. New York — J. D. Curtis & Co., J. S. Farlee & Co., Sharretts & Young, Wood, Struthers & Co.. E. & C. Randolph, Wm. C. Ewen, Abra- ham & Co., Baker, Carruthers & Pell. P. J. Lisman & Co. , Taylor, Smith & Hard. Philadelphia — Graham, Parsons & Co., Louchheim, Minton & Co. Chas. Fearon & Co. Pittsburgh — R. B. Hutchin.son & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 Ask High.121 Fpb. 26, '06 107% May Low. 1171^ May 12, '10 BEIiluEVILLE (ILL.) GAS & ELECTRIC CO. 1st 5s. Due Sent. 1, 1922.— F. Dated Sept. 1. 19 02. Interest payable March and Sept. 1, at Cont'l and Com'l Nat'l Bank, Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. An thoriz-^ — $ 3 50.000. Outstanding— $263,000. Denomination — Coupon, $500 and $1,000, Trustee — Citizens' Savings & Trust Co., Bait St. Louis, 111. Assumed by St. Clair County Gas & Elec- tric Co. Merged with St. Clair County Gas & Elec- tric Co., which is controlled through ownership of all stock by the American Gas Co. Secured by a first mortgage on plants sup- plying Belleville (population, 1910, 21,122) with gas and electricity. Gas franchise is per- petual; electric expires in 1932. Underlies — $1,810,000 1st Consol. 5s of the St. Clair County Gas & Blec. Co. Earnings — See St. Clair County Gas & Elec- tric Co. Market. Chicago — Babcock, Rushton & Co. New York — John J. Levenson, Kiely & Hor- ton. Sharretts & Young, E. & C. Randolph. Cincinnati — Rudolph Kleybolte & Co. Philadelphia — H. D. Boenning & Co., Sam' I K. Phillips & Co. Milwaukee — Morris F. Fox & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '16 89 May 95 June Lnw.88 '18 92*18 88 Aug. 92 Aug. BELLINOHAM BAY & BRITISH COIiUMBIA RAILROAD 1st 5s. Due Dec. 1, 19S2. Dated Dec. 2. 1901. Interest payable June and Dec. 1. at U. S. Mortgage & Trust Co . New York. 107 Tax Statue — Payment of Federal Income Tax not assumed by company. Authorized — $ 1,000,000. Outsttincling — $515,000 (Apr. 1, '19). Retired by S. F. — $144,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust Company, San Francisco, Cal, Sinking Fund — Commencing Dec. 31, 1911, 3% of bonds outstanding to be applied annu- ally to retirement of these bonds, or invested in other securities legal for California trust funds. Control — Succeeded in 1912 by the Belling- ham & Northern Ry. Co. the entire stock of the latter company is owned by the Chicago, Milwaukee & St. Paul Ry. Co. Assumed by the Chicago, Milwaukee & St. Paul Ry. Co. Secured by a first mortgage on 49 miles of road from Bellingham to Glacier, Wash. These bonds are outstanding at the rate of $12,200 per mile. Year ended June 30 and Dec. 31 town and Alstead, N. H. Population. 1900, 10,500; 1910, 10,900. Property subject to $65,000 bonds. Earnings — See New England Co. Gross $302,584 318.532 243,075 Net t$15.276 80,891 51.241 34,410 Int. & S. F. t$14.629 58,482 50,058 46,421 *1918 n917 *1916 1915 *Dec. 31. tGross Corporate Deficit. ?F_ederal Taxes. Original Market — First offered by N. W. Harris & Co., New York. Chicago and Boston. Market. New York — Harris. Forbes & Co. Chicago — Harris Trust & Savings Bank. Boston — Harris. Forbes & Co. Price Range. Jan. 1 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hi8h.93M! '17 97 '17 90 Jan. 95 Jan. Low. 85 "IS 90 '18 85 Dec. 90 Dec. BELLOWS FALLS POWER CO. Collateral Tr. 5s. Due July 1, 1922. — F. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $550,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Old Colony Trust Co. , Boston, Mass. Redeemable on the first day of any month at par and interest. Organization and Control — Incorporated in Massachusetts as a holding company. 85% of the common stock is owned by the New Eng- land Co., a Massachusetts Voluntary Associa- tion. Note — The various subsidiaries of the New England Co. are being merged into one operat- ing company. Secured by a first lien on the following se- curities: Entire issues of stock ($100,000) and bonds ($450,000) of the Bellows Falls Canal Co., owning a valuable water power site on the Connecticut River at Bellows Palls, Vt. Entire capital stock ($250,000) of tlie Bellows Falls Electric Co., owning valuable water rights on the canal of the Bellows Palls Canal Co., which are free of encumbrance. Entire capital stock ($125,000) of the Fall Mountain Electric Light & Power Co. owning steam and hydraulic generating plants and distribution systems sup- plying electricity in Bellows Palls, Westminster and Saxton's River, Vt.r and Walpole, Charles- BELOIT WATER, GAS & ELECTRIC CO. Ist S. F. 5s. Due March 1. 1937.— F. Dated March 1, 1912. Interest payable Mar, and Sept. 1, at New York or Cincinnati, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $1,248,000 (Feb., 1919). Held in S. F.— $52,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Union Savings Bank &. Trust Co . Cincinnati. Ohio. Redeemable at 103 and interest on any inter- est date on three weeks' notice. Sinking Fund — 1% annually, beginning Jan. 1, 1916, of outstanding bonds for purchase or redemption of these bonds at not over 103 and interest. Bonds so redeemed to be kept alive and interest added to the sinking fund. Organization — Incorporated in 1906 in Wis- consin as a consolidation of the Beloit Gas Light & Coke Co., Beloit Water Works Co. and the Beloit Electric Co, Secured by a first mortgage on plants sup- plying Beloit, Wis., and South Beloit, 111.. with gas, electricity and water. Water supply derived from wells and is reported inexhaust- ible. Operates under an indeterminate permit from the R. R. Commission of Wisconsin. Population served. 22,000. Year ended Dee. 31 Net Interest 1918 $105,970 $65,000 1917 139,221 65.000 1916 139,945 *55.000 1915 126.788 *50,000 ♦This issue. Original Blarket — $ 900,000 offered April. 1912, by Spencer Trask & Co., New York. Boston, etc., on about a 5.30% basis. Market. New Y'ork— Kiely & Horton, Dunham & Co., BatacjL-k. Rushton & Co., E. & C. Randolph, P. H. Hatch & Co., Wm. C. Ewen. Milwaukee — Second Ward Savings Bank, Ed- gar Ricker & Co. Chicago— Babcock, Rushton & Co.. Chicago Savings Bank & Trust Co. , Curtis & Sanger. Boston — L. Sherman Adams. Milwaukee — F. A. Bartlett Co. Price Range. Jan. 1, '16 to Jan. 1 '19 Bid Ask High.98y8 '16 100 '3(5 Low. 89 '17 93 '17 BELT RAILROAD & STOCKYARD OF IN- DIANAPOLIS 1st & Ref. 4s. May 1, 1939. Dated May 1, 1909. Interest payable May and Nov. 1, at National City Bank, New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Union Trust Company, Indianapolis. Control — Leased for 999 years to Indian- apolis Union Ry. Indianapolis Union Ry. con- trolled by subsidiary companies of Pennsyl- vania System. Secured by a first mortgage on a belt rail- road around Indianapolis, including- 14 milea of first track and nine miles of sidings. Listed on the Indianapolis Stock Exchange. ins Original Market — $1,000,000 offered 1911 by Estabrook & Co.. Boston, New York and Chi- cago, at 97V4 and interest. Market. Indianapolis — Union Trust Co. New York — Baker. Carnjthers & Pell, P. H. Hatch & Co., Tffiylor. Smith & Hard. Plliladelpllia — Saml K. Phillips & Co. Price Range. Jan. 1, 19H to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97% 'H 98 '14 85% Aug. 93 Jan. Low. 84 '18 85% 'IS 84 June 85% Dec. BELT RAILWAY OF CHATTANOOGA Ist 5s. Due July 1, 1945. — F. Dated Dec. 21. 1895. Interest payable Jan. and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Deposit Co.. Baltimore, Md. Guaranteed as to interest by lease to the A-labama, Great Southern R. R. Control — Leased to July 1, 1945, to the Ala- bama Gt. Southern R. R., which owns all the stock. Rental interest on bonds. Ala. Gt. Southern R. R. is controlled by Southern Ry. Co. by ownership of majority of common and preferred stocks. Secured by a first mortgage on 49 miles of road in and around Chattanooga, Tenn. Underlies — $24,000 2d 4s. Market. New York — J. S. Farlee & Co., Chas. W. Place, Wm. Carnegie Ewen, Abraham & Co., Baker. Carruthers & Pell, John Davenport, F. J. Lisman & Co.. Taylor, Smith & Hard. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High. 105 '09 109 '09 86% Kov. Low. 80 '17 101 '11 80 Jan. BELVIDERE DELAWARE RAILROAD CO. Cons. S. r. 4s and SVas F Issued in 4 series as follows; Interest Outstanding Date Due Rate Payable $500,000 1886 Sept. 1. 1925 4% M & S 677.000 1887 Feb. 1, 1927 4% F & A 316.000 1893 Jan. 1. 1933 4% J & J 072.000 1903 Jan. 1, 1943 3 1/2% J & J Mortgage — Dated Deo. 1, 1875. Interest pay- able at Broad St. Station, Philadelphia, and bonds due 1943 also at Penna. R. R. Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. 3 ^/^ s tax ex- empt in Penn. and New Jersey. 4s tax ex- empt in New Jersey. Authorized — Not to exceed $4,000,000 at one time outstanding. Outstanding — $2,464,000. Retired by S. F.— $386,000. Held by Penna. R. R. — $300,000 4s. 1933. Held by Employees' Saving Fund — $22,000 4a 1933. Denomination — Coupon, $1, 000. Regiaterabl* as to principal (1943 series). Registered $1,000 (1925, 1927 and 1933 series). Trustee — Commercial Trust Co., Philadel- phia. Pa. Sinking Fund — 1% of all bonds outstanding out of net earnings for the purchase of these bonds at not exceeding 105. If bonds are not purchaseable. the funds may be invested in other securities. Guaranteed — Issues due 1925, 1927 and 1943 as to principal and interest by United New Jersey R. R. & Canal Co. by endorsement. The Pennsylvania R. R. assumes all liability result- ing from the guarantee. Control— Leased in 1876 until 2870 to the United New Jersey R. R. & Canal Co. and lease transferred to the Pennsylvania R. R. Co. If earnings do not pay expense, lease may be cancelled. The latter company owns $244,- 600 of the $1,253,000 capital stock and the balance is owned by the U. N. J. R. R. & Canal Co. Secured by a first mortgage on 81 miles of road from Manunka Chunk, N. J., to Trenton, N. J. . and branch to Flemington. Bonds of this issue are outstanding at the rate of $32,200 per mile. Legal — Issues due 1925, 1927 and 1943 for Bait., CaL, Conn., Me., Mich., Minn., N. H.. N. J., R. I. and Wis. Issue due 1933 for Bait.. Me. Year ended Dec. 31 Int. dJross Net & Rent. 1917 $395,693 $277,314 1916.. 2.371,003 450,969 264,457 1915. . 2.112,433 389,722 261,343 Listed — Issues due 1927 and 1943 on Phila- delphia Stock Exchange. Issue due 1943 also on the New York Stock Exchange. Market. New York — Abraham & Co. , Baker, Car- ruthers & Pell, Hartshorne & Battelle, Tay- lor, Smith & Hard, Vilas & Hickey. Philadelphia — "West & Co., Graham, Parsons & Co., Chas. Fearon & Co., Biddle & Henry, Sam'l K. Phillips & Co. Pittsburgh — R, B. Hutchinson & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Due 1927 High.99 '16 100 '16 89 Oct. 92 Mar. Low. 85 '18 92 '18 85 July Due 1943 High. 90 '17 92 '17 77% Jan. 84 Jan. Low. 68 '18 83 '18 68 Mar. 83 Feb. BENEFICIAL LOAN SOCIETY, Profit Shar- ing Deb. 6a. Due Jan. 1, 1939. — N. Interest payable Jan. 1, April 1, July 1 and Oct. 1, at any office of the Society. Profit Sharing — These debentures carry a Certificate of Profit Sharing for pro rata par- ticipation, in addition to the 6% interest rate, of at least one-third of the annual profits after expenses, interest, losses or casualties, amorti- zation fund and a suitable surplus each year until these bonds are redeemed. Profit sharing is limited to 8 % in addition to 6 % interest on bonds. Under this provision 1 % in cash was paid 1914, 27o 1915, and 5% 1916, 1917, and 1918. For profit sharing in the last three years bondholders had option to receive stock. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,150,000 (Dec. 31. '18). Denominations — Coupon, $1,000, $500 and $100- Registerable as to principal. Organization — Incorporated in Delaware, 1913, the Society makes small loans to indi- viduals and operates under the supervision of each state where jt has offices. Loan offices are located at Baltimore, Md., Cincinnati, Cleveland and Columbus. O* Detroit, Pitts- burgh, Pa., Elizabeth, Jersey City, Newarii:, N, J., two offices in Philadelphia. Chicago, and Richmond, Va. The Society has capital stock of $350,000 (par $10). outstanding. Security — A direct obligation of the Society, chargeable against its entire assets, equally 109 with such other certificates as may be issued from time to time, and have priority ov r the equity and interest o£ the hoiders of the capital Steele. Original Market — Offered by Clarence Hod- son & Co., New York, Philadelphia and New- ark, also by Society at Newark, N. J. ofBce. Market. Boston — Chaa. A, Day & Co. New York — Clarence Hodson & Co. Newark — Clarence Hodson & Co. Philadelphia — Clarence Hodson & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask HiKh.SS '17 116 '17 75 Dec. 110 June Low. 75 '18 110 '18 BENNINGTON & KUTLAND KAILWAY CO. 1st iVuB. Due Nov. 1, 1927 F. Dated Nov. 1, 1897. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Uenomlnation — Coupon, $1^000. Registerabl* as to principal or fully registerable. Trustee — New York Trust Co., New York. Assumed by the Rutland R. R. Co. Control — Merged in 1901 into the Rutland R. R. Co. Secured by a first mortgage on 59.02 miles of road, including line from Rutland to Ben- nington, Vt. , and branch to New York State line and from Bennington to North Bennington, Vt. Bonds of this issue are outstanding at th€ rate of $8,000 per mile. Underlies — $500,000 B. & R. 2d Mtge. 6s of 1920. Legal for Cal. and Me. Earnings — See Rutland R. R. Market. New York — F. H. Hatch & Co.. Abraham & Co. . Baker, Carruthers & Pell. Boston — McConnell & Co., Inc. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Hish.102 '08 104 '09 70 Nov. Low. 70 '18 80 '13 BENNINGTON & RUTLAND RAILWAY CO. 3nd 5s. Due Mar. 1, 1930. — P. Dated March 1, 1900. Interest payable Mar. and Sept. 1, at First Nat'l Bk., New York. Tax Status^— 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at par and interest on any Inter- est date upon 60 days' notice. Assumed by the Rutland R. R. Co. Secured by a second mortgage on the 59.02 miles of road covered by the first Hen of 1h? 1st i^^^ which are outstanding at the rate of $8,000 ])er mile. Bonds of thia issue are also outstanding at $8,000 per mile. Prior Liens — $500,000 B. & R. 1st 4%a of 1927. Earnings — See*Rutland R. R. Co. BENTON HARBOR & ST. JOSEPH ELEC- TRIC RAILWAY & LIGHT 20- Year iBt 6». Due Sept. 1. 1920. — F. Dated 1900. Interest payable March 1 and September 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — $120,000 (Apr. 1, '19). Retired by Sinking Fund — $80,000. Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust Co. Sinking Ennd — ^Annually $10,000, began 1910. Organization — See Benton Harbor-St. Joe Ry. & Lt. Co. 1st Cons. 5a Security — See Benton Harbor-St. Joe Ry. & Lt. 1st Cons. 6s. Refunding — Bonds are reserved under the B. H.-St. J. Ry. & Lt. Co. Ist Cons. 63 to retire this issue. Earnings — See Benton Harbor-St. Joe Ry. & Lt. 1st. Cons. 5s. BENTON HARBOR-ST. JOSEPH GAS A FUEL CO. Gen. 5s. Dae Oct. 1, 1986.— P. Dated Nov. 1, 1906. Interest payable Jan. 1, April 1, July 1, and Oct. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $600,000. Denomination — Coupon, $1000. Reglsterabl« as to principal. Trustee — Central Trust Co. of Illinois. Chicago. Organization — ^Incorporated In Michigan. Secured by a mortgage on plants supplying gas to St. Joseph and Benton Harbor, Mich. Population served (1910), 16,000. Franchises: Perpetual In Benton Harbor: runs to 1927 in St. Joseph. Original Market — Offered In 1907 by Chas S. Kidder & Co. and Kennet, Cowan & Co., of Chicago. In 1915 by H. T. Holtz & Co.. Chicago, at 93 and interest. Market. Chicago — H. T. Holtz & Co. Louisville — Henning, Chambers & Co, Price Range, 1918 — Bid 86. BENTON HARBOR-ST. JOE RAILWAY & LIGHT CO. 1st Cons. 5s. Due Nov. 1, 1935. — F. Dated 1906. Interest payable May and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000,00. Outstanding — $825,000 (Mar. 28, '19). Reserved to Retire B. H. & St. J. El. Ky & Lt. 1st 5s. — $120,000. Denomination — -Coupon $500 and $1,000. Trustee — Fidelity & Columbia Trust Co. Louisville, Ky, Redeemable at 105 and Interest on any In- terest date on three weeks* notice. Organization — Incorporated in Michigan In 1906 as a consolidation of the Benton Harbor & St. Joseph Electric By. & Lt. Co., the St. Joseph Electric Ry. & Lt. Co. and the St. Joe River Traction Co. Secured equally with the $120,000 B. H. ft St. J. Bl. Ry. & Lt. 1st 6s and $493,500 Ref. 63 by a first mortgage on 39 miles of Intor- urban electric railway between Benton Harbor and Paw Paw Lake and Benton Harbor via Bauolaire to Dowagiac; on 16 miles of street railway In Benton Harbor and St. Joseph, and on plant supplying eleotrlcdtr to Benton Har- bor and St. Joseph, Mich,, and all equipment. Population served by railway, 30,000; by elec- tric plant, 16,000. Charter expires In 1936. no Refunding: — Bonds are reaerved under Ref. 5s to retire thia laaue. year ended June 30: Int. Gross Net Rent, etc 1917.. $486,051 J133.301 $91,039 1916.. 422,097 - 109.973 79,914 Market. Grand Rapids — Howe, Snow, Corriean & Bertles. LouisTUle — Wood, Johnston & Co., Hennlne, Chambers & Co. PrioB Ran^e 1918 — Bid 72. Price Range. Jan. 1, »17 to Jan. 1, '10 1918 Bid Ask Bid Ask High.gs '17 95% '17 90 Mar. 80 Dec. Low. 80 '18 BENTON HARBOR-ST. JOE RAXLWAT & LIGHT CO. Ref . 5s. Due May 1, 1939.— F, Dated May 1, 1911. Interest payable May and Nov. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 500, 000. Outstanding — $449,500 (Mar. 31, '19). Reserved for Refuuding 1st Cons. 6a— $1,000,000. ■ Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Fidelity & Columbia Trust Co., Louisville, Ky. Organization — See 1st Cons. 5s. Security — See 1st Cons. 5s. BERGEN COUNTY RAILROAD 1st Ext. 6s. Due AprU 1. 1931.— F. Dated March 1, 1881. Extended April 1, 1911, interest being reduced from 6%. Inter- est payable April land Oct. 1, at 60 Church St., New York. . Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2, 000. 000. Outstanding — $200. 000. Denomination. .Coupon, $1,000. Trustee — Farmers Loan & Trust Co., New York. Control — Leased to the Erie R. R. Ca dur- ing its corporate existence at annual rental of $22,000 and taxe». Entire $200,000 owned by latter company. Secured by a first mortgage on 9.82 miles from Rutherford Jet- to Ridgewood Jet., N. J., together with lands, buildings, etc. Refunding — Bonds are reserved under the Erie R. R. Prior St Gen. Mtge. to retire thla issue. BERGEN TURNPIKE CO. 1st 5a, Due July 1, 1951.— N. Dated July 1. 1901. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in New Jersey. Authorized and Outstanding — $1,000,000, Denomination — Coupon, $1,000. Trustee — New Jersey Title Guarantee A Trust Co., Jersey City, N. J. Guaranteed by Jersey City, Hoboken and Pateraon St. Ry., which is now merged in Pub- lic Service Ry. Co. Control — Public Service Corp. of N. J. Secured by a first mortgage on turnpike and electric railway between Hoboken and Hacken- aack, N. J. Market. Faterson, N J. — F. A. Peters. Francis K. McCully. New York— Geo. H. Burr & Co., B. H. & F. "W. Peizer, Van Sant & Legg, F. H. Hatch & Co. Newark, N. J- — Fidelity Trust Co., J. S. Rippel, Clarence Hodson & Co.. Eisele & King. BERGNER & ENGEL BREWING CO. 1st Os. Due July 1, 1931. — ^N. Dated July 1, 1891. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company, Anthorized — $1,500,000. Outstanding — $1,431,000 (Mar.. 1919). Held by Trustee — $69,000. Outstanding — $1,441,000 (Sept. 30, '17). Held by Trustee — $69,000. Denomination — Coupon, $1, 000. Trustee — Merchants' Union Trust Co., Phila- delphia, Pa. Organization.— Incorporated in Pennsylvania in 1891. Secured by a first mortgage on brewery of company, covering 12% acres of ground In center of Philadelphia. Year ended Sept. 30 Net Int. 1916 $270,680 $90,000 1916 285,421 90,000 1914 404,114 90,000 Later earnings not available. Market. Philadelphia — Chas. Fearon & Co., Sam'l K. Phillips & Co. New York — Lynch & McDermott, F. H. Hatch & Co. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOl '11 103 '11 40 Aug. 60% Apr. Low. 40 '18 60 '18 60Aug. BEBKSmRE STREET RAILWAY 1st 68. Due June 1, 1922. — N. Dated June 1, 1902. Interest payable June and Dec. 1, at IJarris Trust & Savings Bank, Chicago, "Harris. Forbes & Co., Boston and New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $800,000.- Denomination — Coupon, $1, 000. Trustee — Girard Trust Co., Phila., Pa. Organization and Control — Incorporated in Massachusetts in 1901. All of the stock was formerly owned by the New York, New Haven & Hartford R. R. Co. In 1913 the Massachu- setts Legislature authorized the consolidation of this and other companies into the Consoli- dated Berkshire St. Ry., which is controlled by the N. Y., N. H. & H. R. R. Co. The stock of this company, formerly owned by the N. T., N. H. & H. R. R. Co. is now held by a board of trustees to be sold before July 1, 1921, in accordance with a decree of the Su- preme Court of the United States, Leases for 99 years the Vermont Company's property com- prising 28 miles of line from Bennington to Pownal, Vt. The latter company leases for 99 years the Hoosick Falls R. R. 7.53 miles serving Walloomsie, North Hoosick and Hoosick Falls, N. Y. The B. S. Ry. operates last mileage under an agreement. The Vermont Co. is also controlled by the N. Y., N. H. & H. R. R. Co. Secured by a first mortgage on 117 miles of road, serving Pittsfield, Adams, N. Adams and other towns in Massachusetts, having a popu- lation of about 100.000. Prior liiens — $ 700,000 bonds of absorbed companies. Ill Underlies — $200,000 Deb. 5s of 1925 and 13,364,760 notes all owned by the N. T., N. H. & H. R. R. Year ended June 30; Gross Net Int. & Rent 1918.. $891,832 t$241,895 $319,479 1917.. 1,061,914 172,837 331,487 1916.. 966,967 170,489 257,545 1915.. 951,197 88,429 206,620 1914.. 994,467 132,238 204,745 tDeflcit. Market. New Tork — Sharretts & Young, Philip Lynch, Burgess, Lang & Co., Van Sant & Legs, P. H. Hatch & Co., Coffin & Burr, Theo. L. Bronson. Boston — McConnell & Co., Inc., Richardson, Hill & Co., Burgess, Lang & Co., Coffin & Burr. New Haven — Chas. W. Scranton & Co. Chicago — Harris Trust & Savings Bank. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Ask High.102 '12 105 '10 86 May Low. 70 '18 70 Dec. BERLIN Mlil.S CO. 1st 5s. Due $100,000 annually Aug. 1, 1914, to Aug. 1, 1930, inclusive, and $150,000 on Aug. 1, 1931.— N. Dated Aug. 1, 1902. Interest payable Feb. and Aug. 1, at Old Colony Trust Co., Boston Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,750, 000. Outstanding — $1,350,000. Retired Aug., 1918 — $1,400,000. Trustee — Old Colony Trust Co., Boston, Redeemable at 110 and interest on any inter- est date. Sinking Fund — Annually $1.75 per 1,000 feet of "logs cut during the preceding season. Mini- mum sinking fund $100,000. Organization — Incorporated in Maine in 1888. ^ Control — In 1917 the Brown Coiyipany of Maine'was organized as successor company and acquired the entire 'stock of the Burgess Sul- phide Fibre Co. and the Brown Corp of Canada. Secured by a first mortgage on 142,277 acres of spruce timber lands in Maine and New Hampshire, new mills at Berlin, and 17,000 H. P. water power for manufacture of pulp, paper, etc., and second mortgage on the prop- erty under the 1st 6s of 1919. Legal for Maine. Original Market — Offered by H. W. Poor & Co., Boston. Market. Boston — Hptchkin & Co.. Inc., Geo. A. Fer- na:id & Co., G. W. Walker & Co. Portland — Fidelity Trust Co., Chester H. Pease,' E. L. Wengren & Co., Beyer & Small. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Ask High. 99 '17 1001^ '17 lOOVi Mar. Low. 100% '18 BERWYN (PA.) WATER CO. 1st 6a. Due Sept. 1, 1921.— F. Dated Sept. 1, 1896. Interest payable March 1 and Sept. 1. Tax Status — 2% Federal Income Tax paid hy company without deduction. Authorized and Outstanding — $500,000. . Trustee — Columbia Ave. Trust Co., Phlla., Pa. Control — Absorbed by North Springfield Water Co., which is leased to Springfield Con- solidated Water Co. for 99 years from 1908. All of the stock of the latter company is owned by the American Pipe & Construction Co. Secured by a first mortgage on plant supply- ing water to Berwyn, Pa. Underlies — $2,000,000 North Springfield Water Co. 1st 5s. Market. Philadelphia — Biddle & Henry, H. D. Boen- ning & Co., Chas. Fearon & Co.. nlng & Co.. Chas. Pearon & Co., Robt. Glen- dinning & Co., Sam'l K. Phillips & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99'A '17 100% '17 90 June 94 Mar. Low.90 '18 94 '18 BESSEMER & LAKE ERIE RAILROAD— Erie EguiD. Tr. 5s. Due March 1, 1922. — F. Dated Feb. 28. 1902. Interest payable March 1 and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,220, 000. Outstanding — $1,220,000. Denomination — Coupon, $1,000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 11 locomotives and 1,000 steel cars. Market. New York — Bull & Bldredge. BESSEHEER & LAKE ERIE RAILROAD— Standard Equip. Tr. 20-Year 5s. Due April 1, 1925. — F. Dated April 1, 1905. Interest payable Ap:?il 1 and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by coinpam^ without deduction. Authorized — $1,060,000. Outstanding — $1, 060,000. Denomination — Coupon, $1,000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 12 locomotives and 1,000 gondola cars. BESSEMER & LAKE ERIE RAILROAD— Bessemer Equip. Tr. 6s. Due $110,000 each March 1 from 1918 to 1927 P. Dated March 1, 1907. Interest payable March and Sept. 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,100,000. Outstanding — $880,000 (March, 1919). Retired — $220,000. Denomination — Coupon. $1,000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on six locomotives, 500 hopper cars and 600 gondola cars. BESSEMER & LAKE ERIE RAILROAD — MeadviUe Eauip. Tr. 5s. Due $55,000 each March 1 from 1022 to 1931. — P. Dated March 1, 1911. Interest payable Sept. 1 and March 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by compan>- without "deduction. Authorized — $ 550,000. Outstanding — $550,000. Trustee — Home Trust Co., Hoboken, N. J. Secured by an equipment agreement on 35 locomotives. 112 BESSE^IER & . LAKE ERIE RAILROAD— Albion Eqiiip. Tr. 5s. Due $75,000 each June 1 from 19S3 to 1932 inclusive and $100,000 each on June 1, 1933 and June 1, 1934.— F. Dated June 1, 1912. Interest payable June 1 and Dec. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — -$950,000. Outstanding — $950, 000. Denomination — $1,000. Trustee — Home Trust Co.. Hoboken, N. J. Secured by an equipment agreement on 1,000 steel cars. BESSEIVIER & LAKE ERIE RAILROAD— Euclid Equip. Trust 5s. Due $350,000 each July 1 from 1924 to 1933. Dated July 1, 1914. Interest payable Jan. and July 1, at Office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500, 00,0. Outstanding — $2, 500,000. Denomination — $1,000. Trustee — Home Tfust Co., Hoboken, N. J. SAured by an equipment agreement on 2,500 steel cars. BESSEMER & LAKE ERIE RAILROAD— Girard Equip. Tr. 5s. Due $240,000 each Nov. 1 from 1918 to 1932. — F. Dated May 1, 1916. Interest payable Nov. 1 and May 1 at Office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,600,000. Outstanding — $3,360,000. Balance Retired. Trustee — Union Trust Co., Pittsburgh, Pa. Secured by aji equipment agreement on 2,500 freight cars and 20 locomotives. BETHLEHEM & NAZARETH PASSENGER RAILWAY 1st 5s. Due May 1, 1929.— F. Dated May 1, 1899. Interest payable May and Nov. 1, at Trustee's office. Authorized and Outstanding — $150,000. Denomination — Coupon, $1, 000. Trustee — Guaranty Trust Co., New York. Guaranteed as to interest by terms of 99 9 year lease by Lehigh Valley Transit Co. Control — Leased for 999 years to Lehigh Valley Transit Co., for interest on bonds and 5% per annum on stock. In 1917 a substan- tial stock interest in the latter company was acquired by the Lehigh, Power Securities Corp., a subsidiary of the Electric Bond & Share Co Secured by a first mortgage on 9% miles of road, from Bethlehem to Nazareth, Pa. Popu- lation served, about 16,000. Earnings — See Lehigh Valley Transit Co. Market. Philadelphia — H. D. Boenning & Co., Sam'l K. Phillips & Co. BETHLEHEM CITY WATER CO. 1st 5s. Due Sept. 1, 1944.— F. Dated Sept. 1, 1914. Interest payable March and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 500, 000. Outstanding— $900,000. (Apr. 15, 'IS). Reserved for Ext. 80% of cost — $600,000. Denomination — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — E. P. "Wilbur Trust Co., South Bethlehem, Pa. Redeemable at 105 and interest on any In- terest date on three weeks' notice. Sinking Fund — Annually, beginning Sept. 1, 1916, not less than %. of 1% of bonds pre- viously issued for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired to be kept alive and interest added. _ Organization — Incorporated in Pennsylvania in 1914 as successor to companies operating since 1873. Property of this company has been sold to city of Bethlehem and it is stated, all bonds will be called for payment Sept. 1. 1919. Secured by a first mortgage on plant supply- ing water to South Bethlehem, Fountain Hill, Northamption Heights, a part of Bethlehem and Rittersville, Pa. Population served 36,500. Franchises are perpetual. Market. Philadelphia — Wurts, Dulles & Co., Sam'l K. Phillips & Co. BETHLEHEM STEEL COMPANY Purchase Money 6s. Due Aug. 1, lAOS.^F. Dated Aug. 1, 1901. Interest payable quar- terly Feb. 1, at Girard Trust Co., Philadelphia, Pa. Tax Status- — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $7,500,000. Denomination — Coupon, $1,000. Register- able as to principal, or fully registerable. Trustee — Girard Trust Co., Philadelphia. Secured by a first mortgage on property owned at date of mortgage, but not afterward acquired, including 170 acres of land at South Bethlehem, furnaces, foundaries, etc. Further secured by deposit with the Trustee of one-half ($300,000) capital stock of the Juragua Iron Co. Underlies — 1st Ext. S. F. 5s of 1926 and 1st Lien & Ref. 5s of 1942. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Montgomery & Co., Graham, Parsons & Co., Wurts, Dulles & Co., Geo. S. Fox & Sons, Newburger, Henderson & Loeb, Chas. Fearon & Co., Frazier & Co., Harper & Turner, Sam'l K. Phillips & Co. New York — L. A. Norton, Robinson & Co., Bull & Eldredge, Holmes, Bulkley & Wardrop. Price Range. Jan. 1, '08 to Jan. 1, '10 1918 Bid Ask Bid Ask High. 1231/^ '17 125 '17 116 Jan. 118 Apr. Low. 105 '18 110 '08 105 Oct. 110 Oct. BETHLEHEM STEEL CO. Ifit Ext. S. F. 5s. Due Jan. 1, 1936.— F. Dated Jan. 2, 1906. Interest payable Jan. and July 1, at Harvey Fisk & Sons, New York. Tax Status — 2 9t Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $12,000,000. Outstanding — $6,936,000 (Dec. 31, '18). Deposited under 1st Lien & Ref. 5s of 1942 — $2,668,000, Cancelled under S. r.^$4, 064,000. In Treasury' — $1,000,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York, annually thereafter, the Company agrees to Redeemable at 105 and interest on any in- terest day on six weeks' notice. 113 SInkine Fund — Beginning July 1, 1908, and annually thereafter, the company agrees to pay the Trustee $300,000 for the purchase and retirement of these bonds at not over 105 and interest. Bonds so purchased to be cancelled. Under the provisions ol^ the 1st Lien & Ref. Mortgage, all bonds for this sinking fund are to be purchased from the Trustee of the 1st Lien & Ref. Mortgage, as long as any bonds of this issue are deposited under that mort- gage. Guaranteed principal and interest by the Bethlehem , Steel Corporation by endorsement. Oreanization and Control — Incorporated in Pennsylvania in 1899. Entire capital stock owned by the Bethlehem Steel Corp. Secured by a first mortgage upon all real es- tate of the Company at or near South Bethle- hem. Pa., acquired since Aug. 16, 1901, con- sisting of approximately 250 acres of land ad- joining its original plant, and the plant and buildings erected thereon and upon all exten- sions or additions. Also a second mortgage upon the remaining plant and manufacturing properties of the Company at or near South Bethlehem, Pa. Prior liien — $7,500,000 Purchase Money 6s of 1998. Underlies — 1st Lien & Ref. 5s of 1942, a sufficient amount of which has been reserved to retire their issue. Liisted on the New York Stock Exchange. Original Market — Offered in 19 06 and 1907 by Harvey Fisk & Sons, New York, at 96% and interest. Market. New York — McGeorge & Vanderhoef, E. & C Randolph, J. S. Bache & Co., Seasongood, Haas & Macdonald, Holmes. Bulkley & War- drop. Bull &. Eldredge, Sam'l Goldschmidt. Pikiladeiphia — Harper & Turner, Chas. Fearon & Co. Price Range — N. ¥. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.104% May 22, '16 99 Feb. 6 Low. 77 Feb. 23, '09 92 Oct. 4 BETHLBHEM STEEL CO. 1st Lien & Ref. Series "A" 5*. Due May 1, 1942. — ^F. Dated May 1, 1912. Interest payable May and Nov. 1, at New York, London, Berlin and Amsterdam. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $50,000,000. Outstanding — $12,759,500 (Dec. 31. '18). Retired by S, F.— $3,240,500. In Treasury — $24,000,0 00. Denomination — Coupon, $500 and SI. 000. Resisterable as to principal or Interchange- able for registered bonds. Registered $10,- 000, $5,000, $1,000, $500 or multiples of $500. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 90 days' notice. Sinking Fund — Beginning Nov. 1, 1913, and annually thereafter, 2%% of outstanding bond with g, minimum of $300,000 a year to be applied to the purchase or redemption of these bonds at not over 105 and Interest. Bonds so redeemed to be cancelled. Guaranteed principal and Interest by the Bethlehem Steel Corporation by endorsement. Guaranty is secured by pledge with the Trustee of the entire capital stocks of the fol- lowing subsidiary companies: Bethlehem Steel Co., Union Iron Works Co., Harlan & HolIIngs- worth Corporation, Samuel L. Moore & Sons Corporation and the Bethlehem Iron Mines Co. The $18,806,500 outstanding bonds are guar- anteed, and the reserved bonds may also be guaranteed at the option of the Bethlehem Steel Corp. Organization — See 1st Ext. 6s of 1926. Secured by a mortgage on all the real es- tate and plants now owned or hereafter ac- quired. Also secured by all the capital stock ($590,000) of the Juragiia Iron Co., on $300,000 of which they are subject to the prior lien of the Purchase Money 6s 1998. Further se- cured by the deposit of $1,134,000 1st Ext. 5s 1926. Prior Liens — $7,500,000 Purchase Money 68 and 1st Ext. 5s of Jan., 1926, Listed on the New York Stock Exchange. Original Market — ■$15,000,000 offered In May, 1912, at 91^?^ and interest by Hallgarten & Co., Harvey Fisk & Sons and William Salo- mon & Co., New York. Market. New York— A. H. Bickmore & Co. , John Muir & Co.. E. & C. Randolph, Seasongood, Haas & Macdonald, Bull & Eldredge, Holmes, Bulkley & Wardrop, Vilas & Hickey. Philadelptiia — Reed A. Morgan & Co., Har- per & Turner, Chas. Fearon & Co. Price Range — N. Y. S. E. Jan. 1, '12 to Jan. 1, '19 1918 Coupon High.103^ Feb. 14, '16 93% Mar. 22 Low. 78% Dec. 23, '13 " 86 July 15 Registered High.lOO Sept. 1, *15 Low.. 90% May 15. '15 BETHLEHEM STEEL CO. Focchase Money A Improvement 20-Year S. F. 5s. Doe July 1. 1936.— N, Dated July 1, 1916. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Free of Pennsyl- vania State Tax. Authorized — $ 60,000,000. Outstanding — $23,566,000 (Dec. 31. '18). In Treasury — $8,376,000. Reserved to Retire Underlying and Subsidiary Bonds — $16,949,000, ^Reserved for Improvements — $11,109,000. ♦Issuable for 75% of cost. Improvements, etc., made after March 1, 1919, to mortgage property or the property of any corporation 90% of the stock of which Is pledged under this mortgage. Denomination — Coupon, $1,000. Register- able as to principal. Registered $1,000 and $5,000. C. & R. interchangeable. Trustee — Bankers Trust Co., New York. Redeemable at 105 and Interest, on any in- terest date. , Sinking Fund — ^Annually beginning July 1, 1919, an amount equal to 2H%'pf outstanding bonds for their purchase or redemption at not over 105 and interest. Bonds so acquired are to be cancelled. Organization — Incorporated in Pennsylvania in 1899. The company owns the entire capital stock of the Juragua Iron Co., Bethlehem Steel Products Co., Philadelphia, Bethlehem & New England R. R, Co. , Bethlehem, Chili Iron Mines Co., Fore River Shipbuilding: Corpora- tion and Detlck-Hovey Machine Co. In July, 1916, $31,942,000, bonds, were issued in con- nection with the financing of the purchase of 114 all the assets of The Pennsylvania Steel Co. at Pennsylvania, Maryland Steel Co. and the assets of the Pennsylvania Steel Co. of New Jersey, except the capital stocks of the two former companies, by the Penn-Mary Steel Co., all of the stock of the latter company be- ing owned by the Bethlehem Steel Co. Control — The entire $15,000,000 capital stock, except directors' shares, is owned by the Bethlehem Steel Corporation. Secured by a mortgage executed jointly by the Bethlehem Steel Co. and the Penn-Mary Steel Co. on properties as follows: Extensive steel plant at Steelton, Pa., with live blast furnaces, open hearth furnaces, roughing and finishing mills, forge and machine shops, a complete frog and switch department and bridge shop; two blast furnaces at Lebanon, Pa. and a complete plant with large ore docks, four blast furnaces, Bessemer converters and open hearth furnaces and rail mills, together with a fully equipped shipyard at Sparrows Point, Md. These plants are all equipped with by-product coke ovens. About $60,000,000 will be .expended within the next four years In ex- tending these plants and diversifying their products. All of these extensions wlU be cov- ered by this mortgage, which also covers the Penn-Mary Steel Company's 54.16% interest in the valuable Cornwall Ore Banks, Lebanon, County, Pa. In addition to the above-men- tioned property, there are pledged with the trustee, capital stocks of subsidiary compa- nies, having a par value of $2,644,290; being the entire outstanding stocks (except directors* shares) of these subsidiaries which include The Spanish-American Iron Co., owning valuable ore lands in Cuba, and the Penn-Mary Coal Co.. owning about 16,000 acres of bituminous coal measures in Indiana and Cambria coun- ties, Pennsylvania. Prior Liens — On property under direct mort- erage as follows: $3,931,000 Pennsylvania Steel Co. of Pa. and Maryland Steel Co. Joint Cons. 6s, due Sept. 1, 1925; $1,903,000 Mary- land Steel Co. 1st 5s, due Feb. 1, 1922; $5,- 399,000 The Pennsylvania Steel Co. of Pa. Coll. Tr. 5s, due Oct, 1, 1932. On collateral properties as follows: $2,854,000 Spanish- American Iron Co. 1st 6s, due July 1, 1927, and $1,482,000 Penn-Mary Coal Co. 1st 5s. due April 1, 1939. NOTE — ^All of the above mortgages are in effect closed by the provisions of this mortgage. Payment of all of the above bonds except $1,- 000,000 Pennsylvania Steel Co. 1st Bs, aro guaranteed by the Bethlehem Steel Co. Bonds are reserved under this mortgage to retire the above* issues. Original Market — Offered Nov., 1916. by Clark, Dodge & Co.. New York; Brown Bros. & Co., New York, Boston and Philadelphia; E. W. Clark & Co., and B. Lowber Stokes, Phila- delphia at 100^% and interest. Market. Philadelphia — Montgomery & Co., West & Co., Brown Bros. & Co., Frazier & Co., Cas- satt & Co., Newburger, Henderson & Loeb, Capelle & Co., Reed A- Morgan & Co., Biddle & Henry, Graham. Parsons & Co., Lloyd & Palmer, Sam'l K. Phillips & Co. New York — White, Weld & Co., L. A. Nor- ton, Kiely & Horton, W. C. Orton, Gude, Win- mill & Co., C. D. Barney & Co., C. W. Wal- ker & Co., DJdrichsen & Co., Sam'l Gold- schmidt, Bull & Eldredge, Eqditable Trust Co, of N. Y, , Holmes, Bulkley & Wardrop, Mc- Kinley & Morris. Pittabare — Lyon. Singer & Co.. Goddfcrd. Hunter & Co. Milwaukee — Second Ward Savings Bank. Boston — Parkinson & Burr. Price Range — N. Y. S. E. Jan. 1, '17 to Jan. 1, '19 1918 High. 87^ Nov. 13, '18 87 Mi Nov." 13 Low. 76% Dec. 22, 517 78^ Mar. 13 BETHIJEHEM STEEL CORP. Secured Serial 7% Notes. Due Series A, B, G and D, $7,500,000 each July 15, 1919-1923 inclu- sive, and Series E, $20,000,000 July 15. 1923— P 2%. Dated July 15. 1918. Interest payable Jan. 15, and July 15, in New York. Tax Status — 3% Federal Income Tax paid by company without deduction. Authorized — $ 50,000,000. Outstanding — $50,000,000. Denomination — Coupon $1,000. Registerable as to principal. Tru8ti2e — Bankers' Trust Co., New York. Redeemable at any time upon 30 days' no- tice, as a whole or in series (in which event all the notes of one or more of the series first maturing must be called for redemption) at 102 for Notes with 4 years or more to run ; 101 ^ for Notes with 3 years or more to run; 101% for Notes with 3 years or more but less than 4 years to run; Q.01 for Notes with 2 years or more but less than 3 years to run; 100% for Notes with 1 year or more but less than 2 years to run; 100 for Notes with less than 1 year to run. Convertible at the option of the holder at par into Bethlehem Steel Corporation Consoli- dated Mortgage 30-Year Sinking Fund 6% Gold Bonds. Series A, due August 1, 1948, when pledged under the indenture, at a price for said bonds equivalent to a 6%% income basis at the time of such conversion. Upon any such conversion, the Corporation will deliver bonds up to the nearest $1,000 par value for which the Notes will suffice to pay, and cash for any balance. Accrued in- terest, if any, will be adjusted. Rights of conversion on the first four Series A, B, C and D, respective maturities, and on the last Series, E. four months prior to the maturity of that Series. Security — The Notes are direct obligations of Bethlehem Steel Corporation, and issued under an indenture in which Bethlehem Steel Company joins and are secured by pledge with the Trustee of $70,000,000 new Consolidated Mortgage 30-Year Sinking Fund 6% Gold Bonds. Series A, due August 1. 1948. In ad- dition the Note indenture contains a covenant that the Corporation will not declarp or pay dividends on its Common Stock which will result in reducing the net current assets of the Corporation and its subsidiaries as de- fined in the indenture, below the face amount of these Notes then outstanding. The Consolidated Mortgage Bonds are to be issued under a mortgage in which Bethlehem Steel Corporation and Bethlehem Steel Com- pany will join, and are to be secured (sub- ject to $85,340,000 underlying issues>, either by direct mortgage lien, or collaterally through pledge of mortgage bonds and/or entire issues of stocks (excepting directors' shares), upon the real estate and plants of the principal sub- sidiaries of the Corporation, comprising in value over 95% of such properties owned. The Consolidated Mortgage Bonds are also to be secured by $35,434,000 previously issued un- derlying bonds which, in respect to the most important properties, rank equally with Cer- 115 tain of the above mentioned underlying: issues. No additional underlying' bonds may be issued unless pledged under the Consolidated Mort- gage. The Series A Bonds are to be part of an authorized issue of Consolidated Mortgage Bonds not to exceed $500,000,000 at any time outstanding', which may be issued in series and differ as to dates, maturities, interest rates, redemption prices, sinking funds, con- version privileges, etc. . but no such bonds shall be issued maturing prior to these Series A Bonds. Of the total authorized issue, $70,- 000,000 Series A Bonds are to be pledged as above stated and $85,340,000 reserved for the retirement of the above mentioned underlying issues, and not to exceed $60,000,000 reserved to acquire additional bonds hereafter issued secured by prior liens, all of which are re- quired to be pledged under the Mortgage, when issued. Bonds not issued for refunding pur- poses may be issued from time to time as provided in the mortgage for not exceeding 80% of the cost of investments in properties or securities. The Series A Bonds will be callable at 105, and will have the benefit of a sinking fund beginning in 192 of 1 % per annum of all Series A Bonds issued prior to the dates of the respective sinking fund payments, to be applied to the purchase of such bonds at not exceeding 105 or to their redemption at that price. Bonds so purchased or redeemed will be cancelled. Year ended Dec. 31: Gross *Net Int. etc. 1918. .$488,410,809 ,$25,678,403 $9,7 48,013 1917. . 298,929,531 36.0 67,719 8.746,9 821 1916.. 216.284,555 47,366,524 3,772,556 1915.. 146,513.795 20.105,409 2,342,596 *After all taxes and depreciation, etc. tOf this amount $2,000,000 was discount. Original Market — $50,000,000 offered July, 1918, by a syndicate headed by the Guaranty Trust Co. and Bankers Trust Co.. New York. at 99^, 98%, 98%, 9T^/ii and 97 and interest, for respective maturities. Market. Chicago — Babcock, Rushton & Co. , Curtis & Sanger, Pynchon & Co. Baltimore — Robt. Garrett & Sons. St. Louis — Bowman. Cost & Co., Mercantile Trust Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Philadelphia — Brown Bros. & Co., Graham, Parsons & Co. Louisville — J. J. B. Hilliard & Son. New York — Bull & Eldredge, Equitable Trust Co. of N. Y. . Hornblower & Weeks, T. Hall Keyes & Co., Mann, Bill & Co., Mor- rison & Townsend, John Nickerson, Jr., E. & C. Randolph. Pittsburgh — Glover & MacGregor. Kean, Taylor & Co. Price Range— 1918. Due 1919 Bid Ask High, 100% Dec. 101 Dec. Low. 99% July Due 1920 High. 100% Dec. 101 Dec. Low. 99% July Due 1921 High.100% Dec. 101 Dec. Low. ^9 8Vt July 98% July Due 1922 High.100% Dec. 101 Dec. Low. 95% July 97 July. Due 1923 High.100% Dec. 101 Dec. Low. 97 July BIG SANDY RAILWAY CO. 1st 4s. Due June 1. 1944.— F. Dated June 1, 1904, Interest payable June and Dec. 1, at C. & O. Ry. Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $4,501,000 (Mar. ::.S. '19). Retired by S. F.— $499,000. Denomination — Coupon, $1,000. Register- able to principal. Trustee — Central Union Trust Co. , New York. Sinking Fund — 1% per annum of outstand- ing bonds, payable Nov. 1 for purchasing these bonds at not exceeding 105 and interest; if not 80 purchasable, to be invested in approved se- curities. Bonds of this issue acquired to be cancelled. Assumed by the C. & O. Ry. Co. Guaranteed as to principal and Interest by the Chesapeake & Ohio Ry. Co. by endorse- ment. Control— Merged in 1907 into the C. & O. Ry. Co. Secured by a first mortgage on 86.8 miles of road including line from Elkhorn City to White House, Ky., 76.80 miles and branch. Bond of this issue are outstanding at the rate of $55,300 per mile. Underlies — C. & O. Gen. 4'^s: Gen. Fund & Impt. 5s, First Lien & Impt. Mtge.; Conv. 4%s of 1930 and Conv. 5s of 1946. Listed on the New York Stock Exchange. Original Market — Underwritten in 1906 by Kuhn, Loeb & Co.. New York, and $2,000.- 000 offered in 1908 by Kissel, Kinnicutt & Go. and William Salomon & Co., New York, at 87^ and interest. Market. Philadelphia — West & Co., Graham, Parsons Chas. Fearon & Co., Reed A. Murgan i- Co., Sam'l K. Phillips & Co. New York — E. & C. Randolph, Kn?--' Nachod & Kuhne, Baker, Caruthers & Pell, Abraham & Co. , Redmond & Co. , Wm. Car- negie Bwen. Price Range — N. Y. S. E. Jan. 1. '06 to Jan. 1. '19 1918 High.92^ Oct. 30, 'Cs 75 Nov. 22 Low. 75 Nov. 22, 'IS 75 Nov. 22 BILOXI (MISS.) ELECTRIC RAILWAY & POWER CO. 1st 6s. Due Jan. 1. 1924. Dated Jan. 1. 1904. Interest payable Jan. and July 1. ■ Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — S 2 00.000. Outstanding — $149,400 (Dec. 1918). Retired by Sinking Fund — S50.600. Denomination — Coupon. $100. $500 and $1,000. Trustee — Hibernia Bank & Trust Co.. New Orleans, La. Redeemable at 106 and interest. Sinking Fund — $6,000' per annum to be in- vested in these bonds at a price not to ex- ceed 106. As.s(inied by Gulf port & Mississippi Coast Traction Co. Control — Jlerged with the Gulf port Jt Mis- sissippi Coast Traction Co. Secured by a first mortgage on 6.6 miles of road in Eiloxl, ]\Iiss. Population, 1910, 8,000. 116 rnderlies— $ 1 . C 9 2 . bonds of G. & M. C. T. Co. Earnings — See Gulfport & Mississippi Coast Traction Co. Market. New York— Hotchkin &. Co. Chlcugro — Hulburd, Warren & Chandler. paid New BINGHAMTON GAS WORKS CO. 1st 5s. Due April 1, 1938. — F. Dated April 1, 1898. Interest payable April and Oct. 1, at Emerson McMillin & Co., 120 Broadway, New York. Tax Status — 2 % Federal Income Tax by company without deduction. Authorized and Ou tstandins: — $ 750,000. Denomination — Coupon, $1, 000. Trustee — Central Union Trust Co. , York. Redeemable at 110 and interest on six weeks' notice. Control — All stock owned by American Light & Traction Co. Secured by a first mortgage on plant supply- ing gas to Binghampton and Johnson City, N. Y, Population, 60,000. Pranchlae expires 1947. Underlies — $246,0.00 Gen'l Mtge. 5s. Market. New York — Bigelow & Co., Morgan & Pin- lay, Morton, Lachenbruch & Co., F. H. & Co., E. & C. Randolph, Taylor & Phil;idelpliia — H. D. Boenning & Co., K. Phillips & Co. Pittsburgh — Wm. P. Lemley & Co. Boston — G. W. Walker & Co. Price Range. Jan. 1, '08 to Jan. 1, '39 1918 Bid 'Ask Bid High. 99% '16 107 '17 91 Jan. Low. 85 'OS 87% '18 86% Feb. 87% June Hatch White. Sam'l Ask BINGHAMTON (N. Y.) MGHT, HEAT & POWER CO. 1st Ref. (Now 1st) 5s. Due July 1, 1942.— F. Dated July 1. 1902. Interest payable April and Oct 1, at Guaranty Truat Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. OutHtanding— $178,000 (Jan. 1. 1919). Retired by Sinking Fund — $69,000. Denomination — Coupon, $1, 000. Trustee — U. S. Trust Co., New York. Redeemable for sinking fund at 110 and interest. Sinking Fund — S 5, 000 annually beginning Feb. 1, 1908 to Feb., 1918, inclusive, and $7,500 annually thereafter. Organization — Incorporated in New York, 1902. Manaeement^W. S. Barstow Management Assn , N. Y. Control — Affiiliated with the General Gas & Electric Co. Secured by a first mortgage on plant supply- ing Binghampton, N. Y. and nearby towns with electricity. Franchise, perpetual. Population served, about 95,000. Earnings — See 1st Ref. 59. Original Market — Offered In 1902 by N. "W. Halsey &. Co., New York, Chicago, etc., at 102 and interest. Market. New York — Miller & Co., P. H, Hatch & Co.. Taylor & White. Baltimore — Stein Bros. XJtJca — Burr L. Tibbits. Price Range. Jan. 1, '13 to Jan. 1, '19 1918 Bid Ask Bid Ask PIigh.1021^ -le fiO% Mar. 85 Feb. Low. 78% '18 85 '18 78% May BINGHAMTON LIGHT, HEAT & POWER CO. 1st Ref. 5s. Due Feb. 1, 1940. Dated Feb. 1, 1916. Interest payable April and Oct. 1, at Guaranty Trust Co.. New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Pennsylvania State Tax re- funded. Authorized — Unlimited. Outstanding — ?1. 209. 000 (Apr. 1, '19). Reserved for Prior Xiien — $187,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Guaranty Trust Co., New York. . Redeemable at 105 and interest on 3 days' notice. Improvement and Sinking Fund — Annually beginning Feb. 1, 1920, 1% of outstanding bonds, either for the purchase or redemption of these bonds at not over 105 and interest or for improvements or additions. Depreciation Fund— Annually, beginning March 1, 1917, 10% of gross operating reve- nues for maintenance, repairs, renewals or for betterments and improvements. Any part of fund not so used during the fiscal year is to be deposited with trustee for future use. Secured by a mortgage on the entire prop- erty of the company, subject to 1st 5s of 1942. As these bonds are acquired they are to be de- posited with the trustee. The property cov- ered includes electric generating plant of 3,500 k. w. in Union, N. Y. , and 1,500 k. w. in Binghamton, six miles transmission lines, 660 miles of overhead distributing lines and five miles of underground conduits supplying city and vicinity with electric light and power. Franchises are perpetual. Prior liien — $187,000 1st Ref. 5s of 1942, which this issue provides to retire. Years ended Dec. 31: Gross 1918. . $446,923 1917. . 372.085 1916.. 315.207 1915. . 270,354 teeal for R. I. Original Market — Offered by N. W. Halsey & Co., New York, etc.. May. 1916. at 99 and Interest. A block offered Oct., 1917 by Hal- sey, Stuart & Co., Chicago, etc. at 90 and interest. Market. New York — P. M. Dyer & Co., Hanson 4 Doyle, A. B. Benesch & Co., J- A. Clarke & Co., Kiely & Horton. Philadelphia — F. Pierce & Go. Chicago — J. P. Hobbs & Co., Halsey, Stuart & Co. Utica — Burr L. Tibbits, Price Range. '16 to Jan. 1, '19 Ask Bid Ask 99 '16 86 Dec. 89 Dec. 80 '18 76 June 80 Aug. Net Int., etc. $160,602 $76,027 130.163 61.777 128.701 49.86,3 119.267 42,765 Jan. 1, Bid High. 96% '17 Low. 76 • '18 1918 BINGHAMTON (N. Y.) BAII-ROAD CO. 1st 5s. Due S5.000 annnally Sept. 1, 1910 to 1917, inclusive. SIO.OOO annually Sent. J. 1918, to 1983, inclusive,, and $447,000 Sept. 1. 1933. Dated March 1. 1893. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. 117 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $900, 000. Outstanding — $502,000 (Mar. 3X, '19). Redeemed — $187,000. Cancelled — $211,000, Trustee — Metropolitan Trust Co., New York. Assumed by Binghampton By. Co. Secured by a first mortg:age on 21 miles of street railway track in Binghannpton, N. Y., (see 1st Cons. 5s of 1931). Underlies — $1,684,000 B. By. Co. 1st Cons. 5s, 1931, which provide for retirement of this Issue. Jlarket. PhiladeTphia — S. K. Phillips & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask Hish.99 '17 101 '17 95 Feb. 99 Feb. Low. 90 '18 96 '18 90 Dec. 96 Nov. BINGHAMTON (N. Y.) RAHiWAX CO. 1st Cons. 6fi. Due Nov, 1, 1931.— N. Dated Dec. 10, 1901. Interest payable May and Nov. 1, at Seaboard National Bank, New York, or at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Receivership W. G. Phelps was appointed receiver for the company Oct. 8, '18, by Judge George W. Ray, at a term of the U. S. Court in Auburn, N. Y. Authorized — $2,500,000. Outstanding — $1,684,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Fidelity Trust Co.. Buffalo, N. Y. Redeemabie at 110 and interest on any in- terest date. Organization — Incorporated In New York In 1901 as a consolidation of the Binghampton R. R. Co and the Binghampton, Lestershire & Union R. R. Co. Controlled by the Scranton & Binghamton By. Co. through ownership of 98% of stock. Secured by a mortgage on all the property, franchises, etc., now owned or hereafter ac- quired and comprises 48 miles of railway track of which 30 miles is in the city of Bingham- ton with Johnson City, Hooper, Endicott. Union and Port Dickinson. Franchises are perpetual and exclusive. Serves a population of 75.000. Prior Liens — $147,000 B. L. & Union R. R. Co. 1st 5s, 1925. and $502,000 B. R. R. Co. 1st Bs. 1916-23, for retirement of which bonds of this issue are reserved. Years ended Dec. 31: Gross Net Interest 1917 $705,030 $212,125 $130,153 1916 651,527 223,872 121,337 1915 546,300 192,021 112,261 Original Market — Offered, 1909, by John T. Steele, Buffalo, at 101 and interest. Market. New York — Joseph & Wiener, W. D. Lyon & Co., Lynch & McDermott, Fred H. Hatch & Co., E. & C. Randolph. Bulfalo — John T. Steele. Utica — W. D. Lyon & Co. Pittsburg — Wm. P. Lemley & Co. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask High, 100 '10 104 '08 S7% July 90 July Low. 80 '18 83^ '18 80 Mar. 83% Mar. Jan. 1 and July 1 at offices of Lee, Higginson & Co., Boston, New York and Chicago. Tax Status — 2% Federal Income Tax paid by cumpany without deduction. Authorized — $1,000,000. Outstanding— $1,000,000. Purpose of Issue — To pay off floating in- debtedness. Denomination — Coupon $1,000 - and $500. Registerable as to principal. Trustee — First National Bank, Boston. Redeemable on any interest date at 103 dur- 1919; 102 during 1920 and 1921; 101% dur- ing 1922 and 1923; 101 during 1924, 1925 and 1926; and 100% during 1927 and 1928. Sinking Fund — Annually, beginning Nov. 1, 1919, $100,000 in cash or in these notes at cost not exceeding call prices. The cash fund is to be applied to the purchase or redemp- tion of these notes at not exceeding the call prices (see above). Notes acquired are to be cancelled. Organization — Incorporated in Massachu- setts in May, 1918. Business established in 1795. The company manufactures a large variety of paper, roofing and building prod- ucts, including paper boxes, roll roofings and waterproof building materials. Its roofing and building products are sold under the trade name "Neponset." Its plants are at East Walpole, Mass. ; Norwood, Mass. ; Phillips- dale. R. I., and Chicago, 111. Capital Stock Authorized Outstanding 1st Pref. (7%) $2,000,000 $2,000,000 2d Pref. (6%) 3,000,000 3,000.000 Common 1,000,000 1.000,000 Security — A direct obligation of the company but not secured by a mortgage. The company has no mortgaged debt except $50,000 which will be paid off at maturity, Feb. 15, 1919. The trust agreement provides that while any of these notes are outstanding the company will not mortgage any of its properties, will incur no indebtedness running for a tgrm in excess of one year, and will maintain quick assets equal to at least 150% of all its lia- bilities (as defined in trust agreement), in- cluding these notes. As of October 31, 1918, plants and equip- ment were valued at $2,825,624 and net quick assets amounted to $3,070,454. Original Market — $ 1,000.000 offered Jan- uary. 1919. by Lee, Higginson & Co,, Boston, etc.. at 98% and interest. BIRD & SON, INC., 10-Year 6% Sinking Fund Notes. Due January 1, 1929. Dated January 1 . 1919. Interest payable BIRDSBORO STREET RAILWAY 1st 5s. Due Jan. 1, 1934.— F. Dated Jan. 1, 1904. Interest payable Jan. and July 1 . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon. $500 and $1,000. Trustee — Colonial Trust Co., Reading^ Pa. Redleemable at 105 and interest on and after Jan. 1. 1914. Control — Merged in 1917 in the (new) Read- ing Transit & Light Co., a subsidiary of the Eastern Power & Light Corp. Secured by a first mortgage on 7 % miles of electric railway from Black Bear to Birds- boro. Pa. Ref. 5s of 1947 C$3,000,000, total issue, all de- posited to secure 6% Notes due 1919) which Underlies — Reading Transit & Light Gen. provides for the retirement of this issue. Market. Rending — George A. Rick. Philadelphia — Graham, Parsons & Co., H. P. Bachman & Co., Sam'l K. Phillips & Co. 118 BIRMINGHAM & SOUTHEASTERN BATC/- WAY CO. 1st 6b. Due May 1, 1961. — P. Dated May 1. 19H. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Default — Nov. 1, 1916. rrot*H!tive Committee — George C. Van Tuyl, Jr., chairman; Secretary, H. M. De Lanoie, 66 B'way, New York, and Depositary, Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Outstanding — $519,000. Held in Treasnry — $20,000. Denomination — Coupon and registered $100 and $1,000. Trustee — Central Union Trust Co. and Wil- liam Goodman, New York. Redeemable as a whole at 107% and inter- est. Organization — Incorporated In Alabama^ In 1901. Present name adopted in 1911. Secured by a first mortg:ag:e on 54 mllei of road from Union Springs to Bjlectic, Ala., including 21 mile extension from Port Davis to Milstead. Ala., and 6 mile branch from Tellassee to Milstead. Bonds are outstand' ing at rate of about $9,500 per mile. Underlies — $67,705 Inc. Deb. 6s of 1921 and $161,000 Gen. and Equip. & Mtge. 6s. ¥ear ended June 30 Net Interest 1916 $26,608 $50,948 1915 28,009 40.260 1914 40.996 38.96} Later earnings rot available. Market. Boston — Ernest E. Smith & Co. New York — Baber, Carruthers & Pell. Price Ranee. Jan. 1, '12 to Jan. 1, '17 1918 Bid Ask Ask High.98 '12 101 '12 65 Jan. Low. 45 '18 45 Dec. Philadelphia — Chas. Fearon & Co. Price Range. Jan, 1, '08 to Jan. 1, '19 Bid Ask High.97 '13 99 '13 Low. 80 -14 84 '17 1918 Bid 80 July 80 Dec. BIRMINGHAM BEI.T RAILROAD CO. 1st 4a Due Oct. 1, 1923. — F. Dated October 1 , 1902. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deductinn. Authorized and Outstanding — 4!l. 000, 000. Denomination — Coupon. $1,000. Regristerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 102% and interest on any Interest date on 60 days' notice. Assumed by the St. Louis-San Francisco Ry. Co. Guaranteed jointly and severally by the St. Louis & San Francisco R. R. Co. (foreclosed) and by the Kansas City. Memphis & Birming- ham R. R. Co. by endorsement. Controlled by the St. Loule-San Franelsco Ry. Co. through ownership of entire capital stock. Secured by a first mortgage on belt railway and terminal property in Birmingham, Ala., Including 39 miles of track, equipment and real estate. Equity — The entire $50, 000 Capital Stock of this Company Is deposited under St. Louis* S. F. Ry. Prior Lien Mtge. Original Market — Offered In 1902 by H. W, Poor & Co., at 96 and interest. Market. New York — F. J. Lisman & Co., Chas. W. Place, Abraham & Co. , Baker. Carruthers & Pell, John Davenport, F. H. Hatch & Co. BIRMINGHAM, KNOXVILLE & AIXEN- TOWN TRACTION CO. 6s. Due Sept. 1, 1931. — P. Dated Sept, 1. 1891. Interest payable Mar. and Sept. 1, at Mellon National Bank, Pitts- burgh, Pa. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Default — March 1, 1919, interest. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Phlla., Pa. Guaranteed as to interest by the Pittsburgh & Birmingham Traction Co. Conta'ol — Leased in 1889 to Pittsburgh & Birmingham Traction Co. The property of the latter company is leased to the United Trac- tion Co. of Pittsburgh, which is controlled through stock ownership by the American Ry. Co., a subsidiary of the Philadelphia Co, Receivership — See Pittsburgh Railways Co. Secured by a first mortgage on 1,98 miles of track and all other property of the Com- pany, Including 19,980 of 20,000 shares of Its own stock: the entire 1, 060 shares stock of the Birmingham St. Ry. Co., 1,213 of 2,006 shares of stock of tte Mt. Oliver Incline Ry. Co. and the entire 340 shares of stock ot the Hilltop St. Ry. Co.. and the lease by the Traction Co. of the Birmingham St. Ry. 's property for 999 years. The Mt. Oliver In- cline Ry. property consists of an incline plane in the 17th "Ward, South Side, of Pittsburgh, extending from Carson and S. 12th Sta. to near Arlington Ave. and S. 18th St.. Inclur" Ing connecting surface tracks and is subject to $41,500 1st 6a, due May 1, 1954. The property was leased in 1891 to ihe Birmingham Street Ry. Co.. at A. rental of $6,300 per annum. Ivisted on the Pittsburgh Stock Exchange. Market. Philadelphia^-H. D. Boenning & Co., Sam'l K. Phillips & Co. Boston — Chaa. A. Day & Co. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask Bid. Ill '08 112 '08 93 Jan. 98 Jan. Low. 80 '18 98 '18 80 Feb. 119 BIRMINGHAM (ALA.) RAIIiWAT & EI^C- TRIC CO. iHt 5fl, Due July 2, 1924. — N. Dated July 2, 1894. Interest payable Jan and July 1, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tai not assumed by company. Authorized — $1,250,000. Outstanding— $837,000 (Apr. 1, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Birmingham Trust & Savings Co., Birmingham, Ala, Redeemable at 105 and Interest. Sinking Fund — $12,500 per annum January 1, for purchase or redemption of these bonds at not over 105 and interest. Bonds pur- chased to be cancelled Receivership — See Birmingham Ry.. Light and Power Co. Control — Absorbed by the B. Ry., Lt. A ?. Co. This latter company is controlled through stock ownership by the Pitsburgh Cities Co., a subsidiary of the XJnited Gas & Electric Corp. Secured by a first mortgag-e on 45 miles of street railway in Birmingham, Ala. Underlies — B. Ry.. Lt. & Pr. Gen. 4%s of 1954 and Ref. & Ext. 6a of 1957. Bonds are reserved under the latter mortgage to retire this issue. Earnings — See. B. Ry., Lt. & Pr. 4% a. Market. Philadelphia — H. D. Boenning & Co., Sam'l K. Phillips & Co. New York— J. D. Curtis & Co., B. & C. Randolph. Baltimore — Jenkins, \Vhedbee & Poe. Birmingham — Geo. B. Ward, Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104 '13 108 '11 100 June 105 June Low. fi4 '18 100 '18 94 Dec. 100 July Original Market — Offered In 1904 by Laden- burg, Thalmann & Co., New York, at 93^ and interest. Market. New York— Miller & Co., A. E. Fitkin & Co.. H. N. "Whitney & Sons, W. J. WoUman & Co., Kiely & Horton, Earle A. Miller & Co., E. & C. Randolph, Harris, Forbes & Co.. J. S. Bache & Co., Low, Dixon & Co., John D. Curtis & Co., Coffin & Burr. F. H. Hatch & Co., Phelps & Neeser. Louisville — ^Hennlng, Chambers & Co., United States Trust Co., J. J. B. Hilliard & Sons. New Orleans — E. D. Cohn. Hibernia Bank & Trust Co., Isidore Newman & Son, Claude M. Smith & Co. Chicago — Harris Trust & Sav. Bank. Boston — Coffin & Burr. Philadelphia — Frazier & Co., S. K. Phillips. Baltimore — Jenkins, Whedbee & P^e. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 94 '09 96^ '09 80^ Jan. 82^^ Feb. Low. 68 '18 71 '18 68 Sept. 71 Sept. BIRMINGHAM RAILWAY, LIGHT & POWER CO. Gen. Ref. Wzs. Due AprU 1, 1954. Dated April 1, 1904. Interest payable April and. Oct. 1, at New York or New Orleans. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — -Closed Mortgage. Outstanding — 58,720,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Commercial-Germania Trust & Sav- ings Bank, New Orleans, La. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — One-half of 1% of outstand- ing bonds annually, beginning Aug. 1, 192 4 for the purchase or redemption of these bonds at not over 105 and Interest. Organization and Control — Incorporated In Alabama in 1901 as a consolidation of the various public service companies in Birming- ham. Controlled by the American Cities Co. through ownership of a large majority of th- preferred and common stocks. The latter company is a subsidiary of the United Gas & Electric Corp. Receivership — See 6% Notes due April 1, '19: Secured by a first mortgage on about 90 miles of street railway track in Birming- ham, Ala., and vicinity and plants supplying steam heat, gas and electricity to the same territory, and a second mortgage on 45 miles of street railway track in the center of the city. The street railway subject to this mort- gage Includes practically the entire system In the city and suburbs. Fifty-two miles is single track and 43 double track. Popula- tfon served, 160,000. Franchises, with minor unimportant exceptions, are perpetual. Prior Lien — $849,000 Birmingham Ry. & Electric Co. 1st 5s of 1924. Underlies — $4,711,000 Refunding & Exten- sion 6s of 1957, a sufficient amount of which have been reserved to retire these bonds, also $1,200,000 6% notes due April 1, 1919. Year ended Dec. 31 Gross Net Int., etc. 1918.. $3,742,865 $1,094,444 $838,487 1917.. 3,655,894 1,306,441 830,088 1916. . 3,40 4,104 1,191.770 811,412 1915. . 2,9 87,2 51 1.020,699 7 89,697 Listed on the New Orleans and Louisville Stock Exchanges. BIBMINGHAJW RAILWAY, LIGHT & POWER CO. Ref. & Ext. 6s. Due May 1, 1957. Dated May 1, 1907. Interest payable and Nov. 1, at New York or Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $4,711,000 (Dec 31, 'IS). Held in S. F.— $23,000. Denomination — Coupon $1,000. Reglsterable as to principal. Trustee — Old Colony Trust Co., Boston. Sinking Fund — Beginning Sept. 1, 1918, %% of outstanding bonds annually for the purchase of these bonds at not over a 4^,^% basis. Bonds so purchased to be kept alive. Organization and Control — See Gen. 4%a 1954.' Receivership — See 6% Notes, due April 1, '19. Secured by a general mortgage on all the property of the company as described under the Gen. 4%s of 19 54 (see above). Prior Lions — $8,720,000 Gen. Mtge. Ref. 4%a of 19 54, and $849,00 Birmingrham By. & Electric Co. 1st 5s of 1924, for the retirement of which bonds of this issue are reserved. Underlies — $1,200,00 6% notes due Apr. 1. 1919. Earnings — See Gen. Ref. 4%s. Listed on the New Orleans and Louisville Stock Exchanges. Original Market — Offered in 1908 by Isadore Newman & Son, New Orleans, and the United States Trust Co. of Louisville, at 103% and interest. Market. New York — Kiely & Horton, Joseph & Wiener. A. E. Fitlvin i^- Co., E. & C. Ran- dolph. Hotchkin ^- Co., Miller & Co., John D. Curtis & Co., H. N. Whitney & Sons. Boston — Hotchkin & Co. Philadelphia — 'H. D. Boenning & Co.. Sam'l K, Phillips & Co New Orleans — E. D. Cohn, Hibernia Bank & Trust Co., Isadore Newman & Son, Claude M. Smith & Co. Louisville— J. W. & D. S. Green. United States Trust Co., Henning Chambers & Co., J. J. B. Hilliard & Sons. St. Louis— Stifel, Nlcolaua Inv. Co. Birminghuni — Caldwell & Garber. 120 Price Range. Jan. 1, '12 to Jan. 1, *19 1918 Bid Ask Bid Ask Hig:h.l04 '12 105 '12 92 July 97 July Low. 75 '18 77 '18 75 Sept. 77 Aug. BIRMINGHAM RAELWAY, I^IGHT & FOWXIB CO. 67o Notes. Dae April 1, 1S»19.— P. Dated April 1, 1917. Interest payable April 1 and Oct. 1, in New Tork City. Default — No funds are available for pay- ment of interest or principal due April 1 , 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Outstanding— $1,20 0,000 (Dec. 31, '18). Reserved for Extension — $688,000. Denomination — Coupon, $1,000. Begisterable as to principal. Redeemable at 101 and Interest to April 1, 1918, and 100^6 and interest thereafter on 30 days' notice. Receiveruliip — Lee S. C. Bradley was ap- pointed receiver for this company and th-i Birmingham Tidewater Ry, Co, upon peti- tion filed by the American Cities Co. (Jan. 31, '19). Protective Committee — T, J. Walsh, M. K. Parker, E. W. Rollins, Harry Stetson, G. H. Taylor with Miss D. Earl, Sec'ty, 43 Ex- change Place, New York. Depository, Equita- ble Trust Co., New York. Security — A direct obligation of the company, but not secured by a mortgage. Under th» provisions of the indenture the company cove- nants not to increase the amount of bonds outstanding under existing mortgages, except for refunding these notes ; not to create any new mortgages unless these notes are eaually secured, and not to create any other direct indebtedness except for current operating pur- poses, without written consent of the holders of two-thirds of the outstanding notes. Prior I.iens — $849,000 1st os: $4,711,000 Ref. & Extn, 6s and ' $8,720,000 Gen. 4i^s. Earnings — See Gen. 4% a. Original Market — $1,200,000 offered March, 1917, by E. H. Rollins & Sons, at 100 and interest. Market. New York — E. H. Rollins & Sons, McGeorge & Vanderhoef, AV, C. Rauscher. Boston — E. H. Rollins & Sons. 1.08 Angeles — B. H. Rollins & Sons. San Francisco — E. H. Rollins & Soni. BIR3nNGHA3I (AI.A.) TIDEWATER RAIL- WAY CO. 1st 5s. Due .January 1, 1946. Dated Jan, 1, 1916. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $1,500,000, Held for Ext.— $2,500,000. Denominations — Coupon $500 and $1,000. Trustee — Empire Trust Co., New York. Redeemable on any interest date at 101 and interest. Guaranteed principal and interest by the Birmingham Railway, Light & Power Co. by endorsement. Receiver Appointed — See Birmingham Rail- way, Light & Power Co. 6% Note.s. Protective Committee. Charles H. Zehnder, J. O. Kirkpatrick and Howard R, Taylor, with J. D. Packenthal. Secretary, 165 B'way, New York. Deposi- taries, Empire Trust Co. , Npw York : Old Colony Trust Co., Boston, and Fidelity Trust Co., Baltimore. Organization & Control — Owns and operates 32 miles of electric railway in Birmingham. Alabama, under a 99-year franchise. All out- standing capital stock is owned by Birmingham Railway. Light & Power Co. Security — A direct first lien on all prop- erty of the company now owned or hereafter acquirfd. Earnings — See Birmingham Railway, Light & Power Co. Original Market— Offered Jan., 1916, by Howard R. Taylor & Co., Baltimore. BIRMINGHAM TERMINAL CO. Ifit 4s. Due March 1, 1957.— F. Dated March 1. 1907. Interest payable March and Sept. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax pauJ by company without deduction. Authorized — $3, 000. 000. Outstanding — $1,940,000. Held In Treasury — $60,000. Reserved for Add. — $1,000,000, Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Guaranteed severally as to 1/6 of the prin- cipal and interest by 111. Cent. R. R., So. Ry.. Seaboard, Central of Ga. Ry., St. L. & S. F. R. R. and Ala. Gt. So. Ry. Control — The entire capital stock is owned by the six companies mentioned above to which the property is leased at a rental equivalent to all expenses and charges and 4% per annum on paid up stock. $150,000 ($3,000 paid up). Secured by a first mortgage on the passenger terminals of the Company at Birmingham, Ala, Original Market — Offered in 1907 by William Salomon & Co. and Potter, Choate & Prentice. New York, and Parkinson & Burr. New York and Boston, at 94 and interest. Market. Chicago — Merrill, Lynch & Co. New York — Merrill. Lynch & Co.. E. & C. Randolph. Coffin & Co.. Baker. Carruthers & Pell. Abraham & Co,, John Davenport, J. S. Farlee & Co.. T. Hall Keyes & Co., "\Vm. Carnegn^ Ewen, Philadelphia — Chas. Fearon & Co. Birmingham — Geo. B Ward. Price Range. Jan. 1. 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 90 '12 92 '12 70 Dec. 7.5 Dec. Low. 60 '17 70 'IS 63 Jan. 70 Aus. BIRMINGHAM (ALA.) WATER WORKS— 2d (now 1st) 6a. Due Feb. 1, 1931.— X. Dated Feb. 2, 1891. Interest payable Feb. 1 and Aug. 1 . at Hanover National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $400, 000. Outstanding — $239. 000, Denomination — Coupon, $1, 000. Trustee — Birmingham Trust & Savings Co., Birmingham. Ala. Control — See 5s of 1939. Secured by a first mortgage on an important part of the company's property — see 5s of 1939. Underlie — $2,260,000 5s of 1909 and S_'.50l.- 000 5s of 1945. Market. Boston — Chas. A. Day & Co., H. C. Spiller & Co.. Hotchkin & Co. Philadelphia — Frailer & Co. New York — Otto Billo. ItirmiiiKham — Geo. B. Ward. Pittsburgh — Wm. P. Lemley & Co. Price Range — 1918. Bid Ask High.lOO July 105 July Low. 96 Oct. BIRMINGHAM (AXA.) WATER WORKS CO. 40-Year 5s. Due Aug. 1» 1939.— N. Dated Aug. 1, 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $2,260,000. Deuomlnation — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., N. T. Redeemable at par and interest. Control — Entire capital stock owned by Amer- ican Water Works & Electric Co. Secured by a mortgage on property of Com- pany in Birmingham, Ala., and suburbs. Population served about 170,000; nominal dis- tributive pumping capacity 38,000,000 gallons per day. Prior Liens — $239,000 6s, 1921. Underlies — $2,501,000 5s, due Feb. 1, 1945. Year ended April 30: Gross Net Int., etc. 1918... $669,198 $403,987 $264,420 1917. .. 591.891 373.613 258,862 1916. .. 529,6 82 310.620 249,24] 1915. .. 56 4.556 348,241 345,868 1914. . . 565,744 338,272 239.186 Market. Boston — Chas. A. Day & Co., McConnell & Co., Inc.. Hotchkin & Co., H. C. Spiller & Co., F. W. Mason & Co. Pittsburgh — Wm. P. Lemley & Co., Glover & MacGregor. N«w York — Dunham & Co., B. & C. Ran- dolph, Otto Billo, F. H. Hatch & Cd., H. C. RpiDer & Co., Taylor & White. Portland, Me. — H. M. Payson & Co, Birmingham — Caldwell & Garber, Geo. B. Ward. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid • Aak Hiffh.91 '17 92% '16 85 July 90 May Low, 83 '15 88 '16 83»A Nov. 88 July BIRMINGHAM (ALA.) WATER WORKS CO. 40-Year 5s. Due Feb. 1. 1945.— N. Dated Feb. 1, 1906, Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 5.000,000. Outstanding — $2,5 01,000. Denomination — $500 and $1,0 00. Trustee — Equitable Trust Co., New York. Redeemable prior to Feb, 1, 1915, at 105 and interest, after that date at par and interest. Control — Entire capital stock owned by Amer- can Water Works & Electric Co. Secured by a mortgage on property described under 1st 53 above. Prior Liens — $239,000 6s of 1921 and $2,260,- 000 5s of 1939. Earnings — See Ba above. Market. Portland, Me. — H. M. Payson & Co. New York — H. N. Whitney & Sons. BLACK LAKE ASBESTOS & CHROME CO.. LTD., 3d Income 6s. Due Sept. 1, 1943. Dated Oct. 23. 1912. Interest payable Mar. and Sept. 1 , at Toronto, if earned for pre- ceding six months. Non cumulative. Authorized — $1,250,000. Outstanding — $1,191,500. In Treasury^-$58,500. Denomination — Coupon $500 and $1,000 reg- isterable as to principal. Registered $500 and $1,000. Trustee — National Trust Company, Toronto. Redeemable — After Sept. 1, 1918, at 105 on any interest day as a whole only. Sinking Fund — Annually 25% of net earn- ings after the payment of all bond interest to be applied to purchase of these bonds in the open market at not more than 105, Security — On 6,500 acres of mineral lands, one asbestos mill of 10,000 tons fibre capacity and complete plant, repair shops, locos., etc. One 30 stamp chrome concentrating mill. Prior Lien — $250,000 1st 6s, due Jan. 2, 1933 (none issued as of April 30, 1919). Market. Montreal — Hew R. Wood Co, BLACK MOUNTAIN CORPORATION iBt 8. F. 6s. Due each April 1 and Oct. 1 as fol- lows: $25,000, April 1, 1930 to April 1, 1922 inclusive; $37,500, Oct. 1. 1922 to April 1, 1925 inclnsiTa; $50,000 Oct. 1, 1925 to April 1. 1934 inclusive. Dated April 2, 1917. Interest payable Oct. 1 and April 1 at Central Trust Co., Chicago and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $1,250,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable In reverse of numerical order on April 1, 1918 or on any interest date at 102^! and interest. Sinking Fund — Monthly, after the mines are in operation, the sum of 10 cents a ton (2.000 lbs.) for each ton of coal mined and shipped from this property during the preceding month. Organization — Incorporated in Virginia in 1909. Secured by a first mortgage on 10.000 acres of merchantable coal, owned in fee, in Har- lan County. Ky., together with 18 completely' equipped mines and 3 double tipples to be constructed (as of Dec. 31, 1917); also a gen- eral lien on about 20,000 acres of coal in Lee County, Va. Contracts — The Middle West Utilities Co. By- products Coke Corp. and Peabody Coal Co. , have each contracted to purchase annually an aggregate amount of 1,000,000 tons for a period of 20 years. These contracts provide that under no circumstances shall the aggre- gate amount paid in any one month by the three companies be less than one-twelfth of the annual requirements for principal and In- terest of the bonds. Prior Liens — $2,500,000 1st 6b (on 20.000 acres of coal). Original Market — $1,250,000 offered Dec, 1917, by Peabody, Houghteling & Co. on a S%% basis. Price Range 1918 — Ask 95 ^. BLACKSTONE VALLEY GAS & ELECTRIC CO. 1st & Gen. 5s. Due Jan. 1. 1939.— F. Dated July 1. 1912. Interest payable Jan. and July 1, at office of. Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000. 000. Outstanding — $3,008,000 (Mar. 20. 19). Retired by S. F. and Cancelled — $186,000. In Treasury, etc. — $50,000. Unissued — $1,806,000. 122 Denomination — Coupon, $1,000. Registerable as to principal only. Registered. Jl.OOO. Coupon and registered bonds interchangeable. Trustee — Slater Trust Co., Pawtucket, R. I. Redeemable on any interest date at 110 and interest. Sinking Fiind— 17o of bonds outstandine, payable annually on Jan. 1, at purchase bonds at not exceeding 110 and interest. If not pur- chasable bond shall be drawn by lot al 110 and interest. Organization — Incorporated In Rhode Island in 1912 as successor to Maine Company of the same name. Management — Stone & Webster. Secured by a general mortgage on plants supplying gas and electricity to Woonsocket, Central Falls, Lincoln and Cumberland, R. I. Further secured by a first lien on $10,000 of the 51,000,000 preferred and all of the $1,000,000 common stock of the Pawtucket Gas Co., which company supplies gas in Paw- tucket. Population served, 160.000. Fran- chises unlimited as to time. The company is now purchasing its power from the Rhode Island Transmission Co., which distributes the power generated by the hydro-electric plants of the New England Power Co. and the Connecticut River Power Co. It is ex- pected that the steam generating plants of this company will supplement the hydro-eleo- trie power in the dry seasons. Prior Liens — $176,000 (closed) Pawtucket Electric Co. Cons. 5s of 193 8; $1,400,000 (closed) Pawtucket Gas Co. of N. J. Coll. 1st Mtge. 4s of 1932; $126,500 (closed) Woon- socket Electric JTachine & Power Co. 1st 4% a of 1931 and S208,500 (closed except for ref.) W. E. M & P. Cons. 4^^s of 1943. Tear ended Dec. 31 (combined) Gross Net •Int.&S.P. 1918.. $2,444,733 $690,470 $316,389 1917.. 1.991,8 44 641. G69 304.165 1916.. 1.744.928 762,578 379.6 03 1915. . 1,515,194 676.485 365,270 1914. . 1.330,373 564.344 354.171 •Includes dividends on preferred stock of Pawtucket Gas Co. Market. Chicago — Stone & Webster. Boston — L. Sherman Adams, Stone & Web- ster, Estabrook & Co. Providence — Providence Banking Co., Horn- blower & Weeks. Philadelphia — Frazier & Co. New York-^Kiely & Horton, Dunham & Co. Estabrook & Co., F. H. Hatch & Co., Stone & Webster, Taylor & White. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.102 '16 104 '17 94 Dec. 97 Dec. Low. 88 '18 93 '18 88 Nov. 93 Nov. BMHECKER ST. & FULTON FERRY BAH/- ROAD 4s. Duo Jan. 1, 1950. — N. Dated Jan. 1, 1900. Extended in 1900 and -interest reduced from 7% to 4%. Interest payable Jan. and July 1, at office of Treas- urer, N. Y. Rys, Co. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorizcd and Oatstanding — $700,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Guaranteed — Interest guaranteed by 99 year lease from 1876 to New York Rys. Co. Receivership — S-^e New York Railways Co. Control — Leased to New York Rys. Co. for 99 years from 1876 for interest on bonds and 1%% on stock, taxes and expenses. The N. Y. Rys. Co. owns 8,536 of 9,000 shares of capital stock. Secured by a first mortgage on 2.80 miles (underground electric) street railway track. Note — The company received permission in 1917 to abandon parts of its former rout* over which horse cars were run. Market. New York — Plympton, Gardner & Co., Kiely & Horton, G. W. Walker & Co., Williamson & Squire. F. H. Hatch & Co., Abbott, John- son & Co., Low, Dixon & Co., Wm. C. Ewen. Theo. L. Bronson. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.76 '08 85 '08 55 Mar. 65 Dec. Low. 45 '18 60 '10 45 Oct. 6 Aug. BLOOMFTEIiD STREET RY. 1st 5s. Das August 1, 1923.— F. Dated Aug. 1, 1893. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Default — Interest due Feb. 1, 1919, had not been paid Mar. 1, 1919. Authorized and Outstanding — $250, 000. Denomination — Coupon, $1, 000. Trustee — Pittsburgh Trust Co., Pittsburgh, Pa. Guaranteed as to principal and Interest by the Pittsburgh Traction Co. Receivership — See Pittsburgh Railways Co. Status — See Pittsburgh Rys. Co. Organization and Control — Incorporated In Pennsylvania in 1892. All of the stock Is owned by the Pittsburgh Traction Co. and the road leased to that company for 999 years from 1892. The PittsTburgh Traction Co. is leased to tTie Consolidated Traction Co. for 950 years Almost all of the stock of this last named company is owned by the Phila- delphia Co. Operated by the Pittsburgh Rye. Co. Secured by a first mortgage on 2^/i miles of double track street railway from Penn. Ave. and Main St. on Mam Bt, to Liberty Ave. to Millvale Ave. to Center Ave., Pitts- burgh. Listed on the Pittsburgh Stock Exchange. Market. New York — Lynch & McDermott. Philadelphia — Sam'l K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High. 9 8 '16 101 '16 Low. 94% '17 101 '17 95 Jan. 123 BLOOMINGTON & NORMAI. RAILWAY & LIGHT CO. 1st & Gen, Gs. Due Jan. 1, 1928. — F. Dated June 1, 1911. Interest payable Jan. and July 1. at New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without dr-duction. Authorized — $3 ,500,000. Outstanding — $1,113,000 (Jan. 1, '19). Held in S. F. — $87 000. Reserved to Retire Underlying Bonds — $600,000. Reserved for E\t,. etc. — $1,700,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered. $1, 000. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable at 102% and interest on any in- terest date. Sinking Fund — 1% annually of bonds out- standing from July 1, 1912, to 1919, and 2% annually thereafter, for the purchase or re- demption of these bonds at not over 102 -, ana interest. nonds Kept aUve and Interest added to fund. Guaranteed principal, interest and sinking fund by the Illinois Traction Co. by endorae- ment. Organization — Incorporated in Illinois in 1906 as a consolidation of the B. & N. Ry., B. & H. Co. and the Consumers L. & H. Co. Entire common stock of company is owned by the Illinois Traction Co. Secured by a mortgage on property described under B. & N. Ry. El. & H. Co. 5s above. Prior Liens — $468,000 B. & N. Ry. Blec. & Heatins Co. lat 5s, 1927, which this issue pro- vides to retire. Original Market — S 700,000 offered Sept. , 1911, at 96 and interest by Estabrook & Co., Boston, New Tork, Chicago, etc. Market. Chicago — Estabrook & Co., Babcock, Rush- ton & Co. Xew York — Estabrook & Co., F. H. Hatch & Co. . Bauer, Starr & Co. Portland, Me, — Fidelity Trust Co. Boston — Estabrook & Co., Merrill, Oldham & Co. Philadelpliia — H. D. Boenning & Co., Sam'l K. Phillips & Co. Price Range. Jan. 1, '15 to Jan. 1, '!» 1918 Bid Ask Bid Ask High.nS '15 98 '17 80 Dec. 92 Nov. Low. 80 '18 92 '18 Portland. Me. — Fidelity Trust Co. Price Range. Jan. 1, '15 to Jan. I, .'!« 1918 Bid Ask Bid Ask High. 96 '17 99 '1-5 88 Dec. Low. 85 '18 86U '18 85 Oct. Sti"^ Nov. BLOOMINGTON (ILL.) & NORMAL RAIL- WAY, ELECTRIC & HEATING CO. 1st 5s. Due June 1, 1937.— F. Dated June 1, 1902.* Interest payable June and Dec. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 6 00,000. Outstanding— $459,000 (Jan. 1, '19). Ktld in S. F.— $141,000. Trustee — Illinois Trust & Savings Bank, Chi- cago, 111. Redeemable on any interest date at 110 and interest. Sinking Fund — $10,000 per annum, June 1. Guaranteed — This issue not guaranteed, but junior issue is guaranteed as to principal and interest by Illinois Traction Co. Assumed by Bloomington & Normal Ry. & Lt. Co. Organization — Consolidated Feb. , 1906, with the Consumers' Light & Heat Co. into the Bloomington & Normal Ry. and Lt. Co., which company is controlled by the Illinois Trac- tion Co. through ownership of entire common stock. Secured by a first mortgage on 19 miles of street railway and plants supplying elec- trict light and power and hot water and steam- heating plants in Bloonnington and Normal. 111. Population about 30,000. Electric light franchise perpetual, principal railway fran- chise expires in 1929, in Normal in 1922. Underlie^ — $1,113,000 Bloomington & Nor- mal Ry, & Lt. Co. 5s. Original Market — First offered by Devitt, Tremble & Co., Chicago. Market. New York — -Philip Lynch, Babcock, Rush- ton & Co. Philadelphia— F. H. Hatch & Co. , H, P. Boenning & Co. , Sam'l K Phillips & Co. , Bauer. Starr & Co. Boston — Merrill, Oldham & Co.. L. Sher- man Adams. BLOOMINGTON. DECATUR & CHAMPAIGN RAILROAD Ifit & Ref. 5s, Due Nov. 1. 1940.— F. Dated November 1, 1910. Interest payable May and Nov. 1, at Chase Nat'l Bank, New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15. 000, 000. Outstanding — $1,496,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on any inter- est date. Guaranteed, principal and interest by the Illinois Traction Co. by endorsement. Organization — Incorporated in Illinois in 1910 as a consolidation of the Chicago, Bloom- ington & Decatur Ry. Co., and the St. Louis Decatur & Champaign Ry. Co. Controlled by the Illinois Traction Co. through ownership of all common stock. Secured by a first mortgage on entire prop- erty and equipment, including 9 7 miles of track, of which 89 miles is main line from Bloomington, through Decatur to Champaign and Urbana, all but eight miles of which is on private right of way. Franchises in towns extend to 1953. Urban population served about 100,000. Replacement value of property over $2,750,000. Underlies — $890,000 Gen. 5s of 1940. for the retirement of which bonds of this issue are reserved. Original Market — Offered Jan., 1911. by N, W. Halsey & Co., New Tork. Chicago, etc.. at 9 7 ^^ and interest. Market. New York — Hanson & Doyle, Didrichsen & Co., E, & C. Randolph, Kiely & Horton. F. H. Hatch & Co.. John Nickersnn, Jr. Minneapolis — "Wells & Dickey Co., Babcock, Rushton & Co. Chicago — A. E. Butler & Co. Boston — Merrill. Oldham & Oo. PhiladHphia — Frazier & Co., Xewburger, Henderson & Loeb. H. D. Boenning & Co. St. Louis — John Nickerson. Jr. Price Range. Jan. 1, '15 to Jan. 1, 'ID 1918 Bid Ask Bid Ask High. 91 '15 95 '15 73 May 81 Aug. Low. 73 '18 75 '18 75 Dec. BLOOMSBURG & SULLIVAN RAILROAD Is 5s. Due Jan. 1, 1928. — F, Dated June 28. 1898, Interest payable Jan. and June 1. Tax Status — 2% Fr-deral Income Tax paid liy company without deduction. Tax free in Pennsylvania. Authorized — $400, 000. Outstanding— $223,300 (Mar. 31. '19). Retired by S. F. — :?176,70n. Denomination — Coupon. $100 and $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Sinking Fund — 5 % of annual gross earn- ings. Organization — Incorporated in Pennsylvania In 1883. 124 Secured by a first mortgage on 29 mllea of road from Bloomsburg to Jamison City, Penna. Bonds of this issue are outstanding at the rate of about $9,000 per m,ile. Underlies — $199,600 Jnd income 5s. Year ended June 30 Gross Net Interest 191fi.. $90,222 $24,5 43 $20,084 1915.. 77,464 24,6ie 17.495 1914.. 88,775 26,392 22,080 Later earnings not available. From 1905 to 1912 the company had a sur- plus after charges and additions and better- ments in each year,' averaging $9,981. In 1913 the deficit was $16,982. Original Market — Issued In exchange for defaulted issue of 5s. $666.66 of these bonds and $333.23 of 2nd income 5s for each old bond. Market. Philadelphia— Thos. A. Biddle & Co., Chas. Fearon & Co, ^ Price Kange. Jan. 1, '16 to Jan. 1, '19 1918 Ask ■- Ask High. 93 '16 65 Sept. Low. 64 '18 64 May BLUE HILL STREET RAILWAY 1st 5b. Dne Oct. 1, 1933.— F. Dated Oct. 1, 1903. Interest payable April and Oct. 1, at Old Colony Trust Co.. Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $250,000. Denomination — Coupon, II. 000. Trustee — Old Colony Trust Co. , Boston, Mass. Redeemable on any interest date at 115 and interest, as a whole only. Organization and Control — Incorporated In Massachusetts in 1899. In 1917 the stock interest of Stone & Webster was purchased Receivership — George Spaulding of Canton, Mass. , wa s appointed receiver April 9 , 1919. by Michael A. Cavanaugh of Roxbury, Mass. Secnred by a first mortgage on about 2 miles of street railway, serving Canton. Mass., and surrounding towns and connects with the Boston Elevated Ry. at Mattapan. Population served, 2 0,000. Franchise is perpetual. Year ended Dec. 31 Net Interest 1916 $18,351 $19,890 1915 17.468 20,247 1914 26.379 21,531 BLUFF POINT LAND & IMPROVEMENT CO. 1st 4s. Duo Jan. 1, 1940. — N. Dated Jan. 1, 1890. Interest payable Jan. and July 1, at Delaware & Hudson office, 32 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Oatstandin? — $300,000. Denomination — Coupon, $1,000. Guaranteed as to principal and interest by the Delaware & Hudson Co, Controlled by Delaware & Hudson Co. through stock ownership. Secnred by a first mortgage on 263 acres of ground on Lake Champlain, N. T. Market. »w York — Abraham & Co., Baker. Car- ruthers & Pell. Philadelphia — Louchheim, Minton & Co. Price Range. Jan. 3. 'ft« to Jon. 1, '19 1918 Bid Ask Bid Ask High. 93 '12 95 '09 72 Feb. 75 Feb. Low. 60 '18 70 'IS GO Apr. 70 June BOISE GAS LIGHT & COKE CO. 1st 5s. Das November 1, 1941. — F. Dated November 1, 1911. Interest payabla May 1 and November 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $33 5.000.- Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 103 and interest. Sinking Fund — Beginning Oct. 1, 1917, an- nually 1 % of outstanding bonds until 1921, thereafter 1%%, for the purchase or redemp- tion of these bonds, or for improvements or additions. Organization — Incorporated in Idaho In 1903. All of the common stock Is owned by the American Public Utilities Co. Secured by a first mortgage on plant sup- plying gas in Boise, Idaho. Population, 21,000. Market. New York — Kirkpatrick & Lewis, F. H. Hatch & Co. Grand Rapids — Howe. Snow, Bartles. Price Range. Jan. 1, '1.5 to Jan. 1, '19 Bid Ask High.82 '15 86 '15 Low. 76 '18 Corrigan & 1J)18 Ask 76 Aug. 7 6 Dec. (THE) BOONVII.LE RAILROAD BRIDGE CO. 1st S. F. 4s. Due Nov. 1. 1951.— N. Dated Nov. 1, 1901. Interest payable May and Nov. 1, at Company's office, 61 B'way., New York. Deferred Interest — Since Nov. 1, 1915. pay- ments have been deferred. Nov. 1. 1916, was paid May 1, 1917; May 1, 1917, was paid Oct. 29, 1917; Nov. 1, 1917, was paid Apr. 30, 1918: May 1, 1918, was paid Oct. 30, 1918. Nov. 1, 1918. interest was paid May 1, 1919. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding— $923,000 (Dec. 31, '18). Retired by S. F. — $77,000. Trustee — Central Union Trust Co., New York. Denomination — Coupon, $1, 000. Registerable as to principal; or fully registerable. Trustee— Central Trust Co., New York. Redeemable at par and interest. Sinking Fund — $10,000 annually, beginning Nov. 1, 1911, and interest at 4% on all pay- ments made. Guaranteed principal and interest by M., K, & T. Ry. Co. by endorsement. The latter company ia in hands of receivers. Control — Entire capital stock owned by and the bridge property leased to the Missouri, Kansas & Texas Ry. Co. Secured by a first mortgage upon the bridge across the Missouri river from Boonville to Franklin, Mo. Original Market — Offered in 19 01 by H. W. Poor & Co., Boston. Market. New York — F. H. Hatch & Co., Abraham & Co. , Baker. Carruthers & Pell. John Daven- port, Sam'l Goldschmidt, Wm. C. Orton, Tay- lor, Smith & Hard. Philadelphia — Chas, Fearon & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91 '09 92^.^ '(19 65 Nov.' 75 Nov. Low. 55 '15 65 '17 55 Jan. 65 Jan. 125 BOOTH ITSHESIES CO. Codt. Dab. S. F. 6b. BOOTH MANTJFACTCBING CO. New Bed- Due April 1, 1926. — F. ford, Mass. let Couv. 4^8. Due tair Dated April 1, 1911. Interest payable April 1, 1931 ^N. and Oct. 1, at Trustee's office or National City Dated July 1, 1911. Interest payable Jan. Bank, New York. and July 1, at Old Coleny Trust Co.. Boston. Tax Status — 2 % Federal Income Tax paid Tax Status — Payment of Federal Income Tax by company without deduction. not assumed by company. Tax exempt in Authorized — $6,000,000. Mass OutstandinK — $3,064,000 (April, 1919). Authorized — $600,000. Held In S. F.— $1,946,000. Outstanding— $600,000. Denommatlon — Coupon, $1,000. Resisterable Denomination — Coupon, $1,000. Kesisterable as to principal. as to principal. Trustee — Central Trust Co. of Illinois, Chi- Trustee — Old Colony Trust Co., Boston, caeo- Convertible prior to July 1, 1921, into com- Bedeemable in lots of $260,000 any Interest mon stock at $125 per share or at the rate date on 30 days' notice at 101 and interest. of 8 shares of stock for each $1,000 bond. Sinkine Fund — $160,000 annually on March OrEanization — Incorporated in Massachusetts 1 for the purchase or redemption of bonds at 1q 1910. not exceeding 101 and interest. Bonds acauired Secured by a first mortgage on real estate to be kept alive and Interest added to this and mills located at New Bedford, Mass., where fund. It is estimated that this fund will the Company is engaged in the manufacture retire all but $609,000 debentures before ma- of cotton yarns and fabrics and silk novelties, turitr. Property covers 10 acres and is inventoried Convertible into first preferred 7% cumu- at over $1,460,000. latlve preferred stock at par by presentation Original Market — Offered Oct., 1911. at 100 to the National City Bank, New York, or the and interest by Hayden. Stone & Co., New Central Trust Co. of Illinois for endorse- York. Boston, etc. ment. Market. Organization — Incorporated in Delaware, Boston — Thos. C. Powell, Hayden, Stone & May, 1909, and purchased at receiver's sale co all the assets of A. Booth & Co., Chicago, 111. Worcester— Kinsley & Adams. The Company is engaged in the wholesale xt t» j* .i »«-.,„ c * .a ,> n- i. and retail fish business, and has branches in ^ew Bedford, MaS8.--Sanford & Kelley. over seventy cities in the United States and - i .ie * '^"'^ ,io ,oia has a large fleet of fishing boats on the Great ■'^"' ^' ./" '" "'. ," ^' ^'' „.. "'^'^ . , Lakes and the Pacific Ocean. The company '""■ „- ,,„ „„ S „, l owns in fee cold storage plants In several "'® „„,,„ „„,, ,,o 82 Dec. 97 Jan. cities together with other real estate and 117 I-ow.S^ 18 90%18 90% June steamships and tugs and 571 sailing vessels. In 1911 it purchased the entire capital stock and assets of the Northwestern Fisheries Co.. bOOTH-ST. LOUIS COLD STORAGE CO. 1st ??ir .l,ri°^"^f^?^„rl» n''Jl,»=';^'.t Jv .nS Guaranteed 6s. Due annuaUy each Jan. 1, . «t=^? t>f» Tnttrnftin^,! m»hLH« ro n? SIS.OOO. from 1917 to 1936. inclusiTe: assets of the International Fisheries Co. of g20,000, 1937 to 1930. inclusive, and S12C,- Tacoma Wash. ,„„ j^„ j_ 1931.— F. Security— These debentures are not secured Dated Jan. 1, 1916. Interest payable April by mortgage but while they are outstanding j^ jmy j, October 1 and January 1, at Trus- any new funded obligation created by the tee's office company will be 5unlor In Hen. Tax Status— 2% Federal Income Tax paid Prior Lien— $343 814 bonds. by company without deduction. Year ended Dec. 31 t, , Authorized— $500,000. 1918 $2^f7.677 $?fv8.M7 Ba{anTe''re?i7ed'"'°°'' *'''"'- '""■ illl f'fif?'??? llt'lll Denominations-lcoupon, $600 and $1,000. "" l'n«'??? Hi 111 Registerable as to principal. 1916 ........ 1.042,771 «9*,m Trustee— American Trust Co.. St. Louis, ,„?„''?^'*,„^?'' Et'iZ'}:,. ™^' "*«•— !'"■ Redeemable at 102% and Interest on any $250,000 :1917, $625 000. Interest date, on 30 days' notice. Listed on the New York and Chicago Stock Guaranteed principal and interest by the Exchanges. .,„„„„„„ „ .. . ,„,, Booth Fisheries Co.. by endorsement. OHginal Market— $4,000,000 offered In 1911 Control— Organized as an operating sub- at 98% and interest by Jas. B. Colgate & Co., sifliary of the Booth Fisheries Co and S B Chapin & Co. New York, and Rob- Secured by a first mortgage on a public ert Glendinnlng, Philadelphia, $260,000 offered cold and dry storage plant in St. Louis The Oet., 1916 by C W. Anderson & Co., Chi- property has a frontage of 280 feet on Ash- oago, on about 7%% basis, ley street, a depth of 191 feet and bounded Market. on the east by Lewis Street and on the west New York — Merrill. Lynch & Co.. Babcock. by Main Street. On this property are erected Rushton & Co., J. "W. Howell & Co., Morton. three modern storage buildings with over T.achenbruch Co., E. & C. Randolph, Chas. H. 2.000,000 cubic feet of cold storage space, and .Tonp.-i & Co. 600,000 to 600,000 cubic feet of dry storage Philadelphia — Barclay, Moore & Co. space. The company is required by the In- Chicago — Babcock. Rushton & Co., Merrill, denture to maintain fire and tornado Insur- Lynch & Co., Peoples Trust & Savings Bank, ance to the full Insurable value of the prop- Curtis & Sanger. Pynchon & Co. erty. Reproductive value of property ap- St L.ols-HerrickJ.Gray*C„^ ^^I'Znll ''^!r^et^r...., June, 1916, by Pittsburgh— Goddard. Hunter £ Co. Mark C. Steinberg & Co.. St. Louis at 100 Price Range — N. T. 8. E. and interest. .Ian. 1. '18 to .Ian. 1, '19 1018 Market. High.94 Apr. 16, '17 90 Feb. 18 Chicago— Babcock. Rushton & Co Low. 90 Sept. 20, '16 90 Feb, 18 Omaha — Burns, Brinker & Co. 126 BOBD£R CITY MANUFACTURING CO. Ut 5s. Due July 1, 1U»0. Dated July 1. 1900. Interest payable Jan and July 1. Tax b»tatus — Payment of Federal Income Tax not assumed by company. Authorized — $ 5 0, 0. OutstandSng — $281,000 (Apr. 1, '19). Retired— $219,000. Trustee — B. M. C. Durfee Safe Deposit A Trust Co.. Fall River, Mass. Oreamzation — Incorporated in MassacliuBetta in 1880. Seoored by a firat mortgagre on three mills at Fall River, Mass., having an annual out- put of 20,000,000 yards of cotton print goods and specialties. JSarnines — Dividends of 4% were paid on $1,000,000 stock in 1912, 1913. 1914 and 1915 and 6% 1916. In 1917 3%% paid on $1,000,000 stock and 5%- on $1,200,000. Stock dividends of 20% paid May 2, 1917. Original Market — Issued to stockholders in 1900, at par and interest. Market. New Bedford. Mass. — Sanford & Kelley. Price Range, 1918 — Bid 100. BOSTON & ALBANY RAILROAD CO. Deb. SVzs. Due Jan. 1. 1951.— N. Dated January 1, 1901. Interest payable Jan. and July 1, at Terminal Station, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding- $1,000,000. DenominatiOD^Coupon, $1, 000. Guaranteed as to Interest by the N. Y. C. ft H. R. R. B. Co. under terms of lease. Assumed by the New York Central B. B. Co. Organization and Control — See 25'year Debs. Security — A direct obligation of the Company, but not a mortgage. No mortgage shall be placed upon the property without eaually se- curing this issue. Legal for Conn., Mass, and Vt. Year ended Dec. 31 Gross Net Int. & Rent 1917.. $22, 562, 282 $4,998,963 $5,003,495 1916. . 21,676,542 7,529,734 4,778,138 1915. . 17.675,865 5.325,744 4.543.760 1914. . 16,491,441 3,782,410 4,692.766 Market. New York — Remick, Hodges & Co. Chicago— Harris Tr. & Sav. Bank. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94^ '17 85% '17 74 Nov. 76Vi Dec. Low. 65 '18 70 '17 65 June 70 Feb. BOSTON A ALBANY RAILROAD CO. Deb. 3^8. Due Ai>rU 1. 1953.— N. Extended April 1. 1902. Interest being re- duced from 5%. Interest payable April and Oct. 1, at Ter- minal Station, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding — $3,858,000. Denomination — Coupon. $1,000. Registered. $1,000. Guaranteed as to principal and interest by the N. Y. C. ft H. R. R. R. Co. by endorse- ment. Assumed by the New York Central R. R. Co. Organization and Control — See 25-year Debs. Security — ^A direct obligation of the Com- pany, but not a mortgage. No mortgage shall be placed on the property without eaually securing this Issue. Legal for Conn., Mass. and Vt. Listed on the Boston Stock Exchange. Market. New York — Blodgel & Co., Remick, Hodges & Co., Sam'l Goldschmidt. Boston — Bstabrook & Co., R. L. Day & Co. Pittsburgh — R. B. Hutchinson & Co. Frice Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.84y4 -17 85% '17 74 Nov. 76^ Dec. Low.641^ '18 69^ '18 Gi% Aug. 69^ Mar. May 1, 1908 May 1, 1909 May 1, 1910 July 2. 1912 July 1, 1913 BOSTON & ALBANY RAILROAD CO. 25-Year Debentures. — N. Dated Hate Outstanding 4% $7,000,000 4% 4,500,000 4% 2.000,000 4%% 1,000,000 6% 2,015,000_ Interest payable May and Nov. 1 on series dated May 1, and Jan. and July 1 on aeries dated July 1, at Company' s office. Terminal Station, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Denomination — Coupon, $1,000. Registered, $1,000. C. & R. interchangeable. Guaranteed as to principal and interest by the New York Central & Hudson River R. R. Co. by endorsement. Assumed by the New York Central R. R. Co. Organization and Control — Leased for 99 years in 1900 to N. Y. C. & H. R. R. R. Co. Rental $2,000,000 per annum and interest, taxes, etc. This lease was assumed by the New York Central R. R. Co. at consolida- tion. The B. & A. R. R. Co. owns 200 miles main line road from Boston to Albany, N. Y. and 104 miles of branches. Also leases 90 miles of road. Total miles operated, 394, The company has no mortgage bonds outstand- ing. Security — A direct obligation of the Com- pany but not a mortgage. No mortgage shall be placed on the property without equally securing these issues thereunder. Legal for Conn., Mass. and Vt. Earnings — See Deb. 3%s 1951. Original Market — $1,000,000 4^a ofTered January, 1915, by Kidder, Peabody & Co., Bstabrook & Co. and R. L. Day & Co., Bos- ton, at 105 and Interest; $3,500,000 4s of 1933 offered in 1908 by Harris Forbes & Co. at 98.45 and Interest; $2,000,000 4s of 1935 offered in 1909 by latter firm at 97 and Inter- firm and Merrill Oldham ft Co. at 101.79 and Interest. Market. New York — Curtis & Sanger, Bloflget ft Co. Boston — Blodget & Co., R. L. Day & Co. Philadelphia — Prazier ft Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 4s, 1933 Bid Ask Bid Ask High. geVs '17 97% '17 88% Nov. 89% Dec. Low. 80 '18 84% '18 80 July 84% Mar. 4s. 1984 Hirh. 96 '17 97 17 88y8 Nov. 89% Dec. Low. 80 '18 83% '18 80 Aug. 83% Mar. 4s, 1935 tlleh. 95% '17 96'% '17 88 Nov. 89.% Dec. Low. 79 '18 83% '18 79 July 83% Mar. 4%s, 1937 HiiTh.lOlH '16 102% '16 92% Nov. 94 Dec. Low. 83 '18 8«% '18 83 July 88% Feb. 5s. 1938 High. 108% '16 109% '16 99 Der. 101% Dec. Low. 89 '18 94 '18 89 June 94 Feb. V27 BOSTON & ALBANY RAILROAD CO. Ret. Deb. 5s. Due Oct. 1, 1»63.— N. Dated Oct. 1, 1913. Interest payable April and Oct. 1, at Company's office, Boacon. Tax Status — Payment ot Federal Income Tax not assumed by company. Authorized and Outstanding — $3,627,000. For further details see 25-year Debs. Legal for Conn., Mass. and Vt. Original Market — $3,627,000 offered July, 1913, by Kidder, Peabody & Co., N. W. Harris & Co., Blodeet & Co., Estabrook & Co., K. L. Day & Co., Merrill, Oldham & Co. and Curtis & Sanger, Boston, at 102.33 and interest. Market. Boston — Blodget & Co.. R. L. Day & Co. New York — Blodget & Co., Remick, Hodgea & Co. , 3am'l Goldschmidt. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.llli^ '17 114^^ '17 98 Dec. 100 Dec. Low. 85 '18 92 '18 t>5 June 92 Feb. BOSTON & ALBANY RAILROAD CO. Deb. 58. Due June 1, 1942.— N. Dated June 1, 1917. Interest payable June 1 and Dec. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstandine — $1, 000, 000. Denomination — Coupon, $1,000, Fully regia- terable. Registered $1,000, $5,000 and $10,- 000. C. & R. interchangeable. Guaranteed principal and interest by the New York Central Railroad Co. by endorse- ment. Security — A direct obligation of the com- pany, but not secured by a mortgage. No new mortgage can be placed on the property without equally securing these bonds. Legal for Conn., Mass. and Vt. Original Market — $1,000,000 offered Aug., 1917, by Harris, Forbes & Co., and Merrill, Oldham & Co., at 98 and interest. Price Range — 1918 Bid Ask High.SSVa Dec. 101% Dec. Low. 88 June 93^ Feb, BOSTON & LOWELL RAILROAD 4s. Dae April 1. 1933.— N. Dated April 1. 1892. Interest payable April and Oct. 1 at Merchants' National Bank, Bos- ton. Tax Status^Payment of Federal Income Tax not assumed by company. Outstanding — $ 1 , 0, 0. Denomination — Coupon, $1,000. RegisterabU as to principal. Registered, $1,000. $5,000, $10,000 and $25,000. Guaranteed as to interest by terms of 99- year lease, date 1887, to Boston & Maine R. R. Under plan of reorganization of the Boston & Maine R. R. the properties of this com- pany are taken over and its obligations as- sumed by the Boston & Maine. Control — See ' 'Security. ' ' Security — These bonds are a direct obliga- tion of the Boston & Lowell R. R. Co., but are not secured by a mortgage. The company owns 111 miles of road from Boston to Lowell, Lawrence and Salem, with branches, and formerly leased 372 miles of road. These leases have been assumed by the Boston & Maine R. R. Co. The Boston & Lowell R. R. Co. has outstanding a total of $6,528,- 000 debentures, or at the rate of about $55,000 per mile. It hp g no mortgage debt, nor can any mortgage be placed on the property without eciually Securing these bonds. The property of the company Is leased to the Boston & Maine Co. for 99 years, from April 1, 1887, the present rental being 8% on the $7,679,400 stock outstanding, $7,000 for organ- ization expenses and all interest, taxes, etc. Legal for Conn., Mass. Listed on the Boston Stock Exchange. Market. Boston — Estabrook & Co. New York — Estabrook & Co.. Remick, Hodges & Co. Price Range. Jan. 1. *16 to Jiui. 1, '19 1918 Bid Ask Bid High. 93% '16 95^4 '16 84% Nov. Low. 75 '17 92% '16 75 Jan. BOSTON & LOWELL RAILROAD 20-Year Debentures. — N. Interest payable semi-annually from date of bonds at the Merchants' National Bank, Boa- ton. Tax Status — Payment of Federal Income Tax not assumed by company. Denomination — Coupon, $1, 000. Registerable as to principal. Registered $1,000, $5,000, $10,000 and $25„000. Coupon bonds are ex- changeable for registered. Dated Rate Outstanding Oct. 1, 1898 4% 214.000 July 1. 1899 3% To 620,000 Jan. 1. 1901 3%% 319,000 May 1, 1903 Z%% 250,000 Sept. 1, 1905 3%% 500,000 Nov. 1. 1906 4% 500.000 July 1, 1907 4% 325,000 Apr. 1, 1909 4% 350,000 •Feb. 1, 1913 4%% 1,000,000 Mar. 1, 1916 5% 1,385,000 Mar. 1, 1916 5% 1.250,000 $5,328,000 The overdue 4s dated Oct. 1, 1898, will be paid off under reorganization plan of Boston «& Maine R. R. See details under Boston & Maine (May 1. '19). Legal for Conn., Mass. For provisions of issue see 4s of 1932. Market. New York — Remick, Hodgea & Co., Esta- brook & Co. Boston — ^Estabrook & Co., Walter S. Place. K. L. Day & Co. Chicago — Harris Trust & Savings Ba*iik, Estabrook & Co. Price Range — 1918. 3V2S Due 1919 — Bid 94-97%. 3i^s Due 1921— Bid 87%-94%. 4V2S Due 1933— Bid 80-89. BOSTON & MAINE RAILROAD. Receivership — Pres. James H. Hustis was appointed receiver Aug. 29, 1916. Incorporated in New Hampshire in 1835, in Massachusetts in 1841 and In Maine in 1843. The company owns 717 miles of road, leases 1,515 miles and controls 264 miles additional. The Boston & Maine R. R. controls prac- tically all ot the railroad in Massachusetts, north of Boston, in Vermont and Maine. Reorga-nization — As of May 1, 1919, a plan of reorganization had been approved by the Director General of Railroads, by the Public Service Commissions of the various New Eng- land States concerned, and by the stockhold- ers of the several companies, under which the Boston & Maine is to acquire the proper- ties and assume the obligations of the fol- lowing leased companies: Fitchburg R. R, Cn., Boston & Lowell R. R. Corp., Conn. River R. R. Co . Concord & Montreal R. R., Lowell & Andover B. R. Go., Manchester & Law- rence K. R., Kennebunk & Kennebunk Port R. R. The leases held by the above com- panies will be taken over by the new consoli- dated company. Upon transfer to the Boston & Maine R. R. of the property and fran- chises of the above leased lines the Federal Government will loan to the reorganized com- pany $19,879,060 to be applied to payment of the following overdue indebtedness: Boston &. Me. R. R. Notes $13,306,060 Conn, River R. R. Notes 2,000,000 Vermont Valley R. R. Notes 2,300,000 Pitchburg R. R. Notes 1.859,000 Boston & Lowell R. R. Notes... 200,000 Boston & Lowell R. R. Debs. Due Oct. 1, 1918 214,000 Overdue interest on the above will be paid in cash by the Boston & Maine R. R. In ex- change for the loan from the Federal Gov- ernment the Boston & Maine R. R. will issue $17,606,060 of 6% bonds, due July 1, 1920, and $2,273,000 6% bonds, due Jan. 1, 1929, to be secured on entire property of company subject to existing liens. Year ended Dec. 31 Gross Net Int. & Rent •1918.. $9,618,771 $9,875,394 $9,648,464 +1918,. 72,141,625 3,613,412 1.615.899 1917.. 69,450,778 11,368,313 11.777,697 1916.. 66,383,644 16,242,790 11.451,916. •Corporate Income Account-Standard return under Federal contro'.. tFederal Income Account. BOSTON & MAINE BAILBOAD 60-Year De- bentures. — N. Interest payable semi-annually from date of bonds at Company's office. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Default — Interest was not being paid on these issues as of Dec. 31, 1917, with the ex- ception of the 4s dated 1887 and 1892. Dated Rate Outstandinc Feb. 1. 1887 4% $1,919,000 Aue. 1. 1892 i% 2.500,000 Jan. 1, 1894 4%% 6.000.000 July 2, 1900 3% 6,464.000 Denomination — ^All issues. Coupon. $1,000. Registered, issues of 18S7, 1894 and 1900. $1,000 and multiples. Issues of 1892. $6,000. Sinking Fund — Issue of 1887 has a alnklng fund providing for the payment of 1%% per annum of outstanding bonds. This fund baa been invested in $1,081,000 bonds of that series. iFor further details see 20-year Debs. Market. Neir York — Blodget & Co., Batabrook & Co., F. H. Hatch & Co. Boston — Chas. A. Day & Co.. Old Colony Trust Co., "Walter S. . Place, L. Sherman Adams. Pri«e Range — 1918. Bid Ask 4s Due 1937 High. 76 Dec. 80 Dec. Low. 65 Feb. 73 Sept. 4s Due 1942 High. 70 Nov. 75 Nov. Low. 66 Feb, 70 Sept. 4^3 Due 1944 HiEh.80 Nov. 86 Nov. Low. 55 Jan.. 64 Apr. 3s Due 1950 High. 5 5 Nov. Low. 40 Apr. BOSTON & MAINE BAILBOAD 20-Year De- bentoreB. — N. Interest payable semi-annually from date of • bond at Company's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Default — ^No Interest is being paid on these debentures as of Dec. 31, 1917. Dated Rate Outstanding Nov. 1, 1901 3%% $1,000,000 Jan. 1, 1903 3%% 2,000,000 Feb. 2, 1906 3H% 600,000 Sept. 1, 1906 4% 10,000.000 Apr. 1. 1909 4V4% 11.700,000 Denomination — ^All Issues, coupon and regis- tered, $1,000. Issue of 1909, Registered, $1,000, $5,000, $10,000 and $60,000. Coupon bonds of this issue exchangeable for regis- tered bonds. Security — The Boston & Maine K. R. has never issued any mortgage bonds, nor, under the laws of Massachusetts, may it place any mortgage on its property without eaually se- curing all the debentures outstanding. The Boston & Maine R. R. owns 717 miles of road. (May 1, 1919). Beorganization — See under Boston & Maine Railroad above. Market. New York — Blodget & Co. Boston — McQonnell & Co., Inc., R. L. Day 6 Co., Walter S. Place, Estabrook & Co. Portland, Me. — ^H. M. Payson & Co. New Haven — Hincks Bros. & Co. Price Range— 1918. Bid Ask 3^s Dus 1921 High. 88 Nov. 92 Nov. Low. 76 Mar. 90 Sept. 3%s Due 1923 High. 8 5 Nov. 90 Nov. Low. 7 2 Mar. 86 Sept. 4s Due 1926 High. 8 7 Dec. 92 Dec. Low. 66 Mar. 70 May 4% Due 1929 High. 87 Dec. 92 Dec. Low. GO Jan. 66 Apr. BOSTON & NEW YOBK AQt UNE BAII,- BOAD CO. 1st 4s. Due Aug. 1, 1955.— F. Dated August 1, 1905. Interest payable Feb. and Aug. 1, at New York, Boston and New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $3,777,000. Beserved for Extensions — $1,223,000. Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for fully regis- tered bonds. Registered, $6,000. Trustee — Treasurer of the State of Connecti- cut, Assumed by the New York, New Haven & Hartford R. R. Co. Guaranteed as to principal and interest by the New York, New Haven & Hartford R. R. Co. by endorsement. Control — Merged in 1907 into the New York, New Haven & Hartford R. R. Co. Secured by a first mortgage on 61.27 miles of road from New Haven to Willimantic, Conn., and 23 miles of second track and sidings. Bonds of this issue are outstandinK at the rate of $74,000 per mile. The road subject to this mortgage is a part of the New York, New Haven & Hartford R. H. Company's shortest route between New York and Boston. I 4V28. Due a"»y 15' 1»37. Dated July 15, 1897. Interest payable Jan. and July 15, at State Street. Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed b.v company. Authorized and Outstanding— $1,000,000. Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Statq Street Trust Co, Secured by a; first mortgage on 13,2 mllea of double narrow gauge track frorh Lynn to East Boston, Mass. , from East Boston to Winthrop. _Also ferries from Boston to East Boston. Note — This mortgage does not cover the 1.2 miles from Winthrop to Point Shirley. Year ended Dec. 31 Gross Net Interest 1918.. $1,247,629 $104,459 155.657 1917.. 1,048,143 103.911 53.241 1916. . 1,025.553 153.943 52.304 Legal for Cal., Conn., Fla., Me.. Mass.. Minn., Mich.. Mo.. N. H.. N. J. and Wis. Listed on the JBoston Stock Exchange. Original Market — First offered by N. W. Har- ris & Co., of Boston. $150,000 offered 1914, by Paine, Webber & Co., Boston, and Spencer TraSk & Co., New York, at 99% and interest. Market. New York — Baker, Carruthers & Pell, Rem* ick. Hodges & Co. Boston — F. W. Mason & Co., Arthur Perry & Co., L. Sherman Adams. Price Rang*. Jan. 1. '08 to Jan. 1, ']j> 1918 Bid Ask Bid Ask High.lOl '08 104% '12 OS^.^ Nov. Low. 85 '18 90 '18 85 May 90 May $500 and BOSTON SUBURBAN ELECTRIC COM- PANIES 4% Notes. Due Deo. 1, 1919. Dated December 1. 1909. , Interest payable June and Dec. 1, at Boston Safe Deposit & Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanding — $1,100,800. DeDomiiiation — Coupon, $100. $1,000. Redeemable at 105 and Interest on any Inter- est date prior to Dec. 1, 1941, or at 102% and interest on any interest date thereafter. Organization — A voluntary association formed In 1901 and controls through stock ownership the Middlesex & Boston Street Ry. Co. and Novumbega Park Co. The Railway Company is a consolidation of several street railway companies formerly operating in the vicinity of Boston. Secnrit)' — These notes are a direct obligation of the Company but not secured by a mort- gage. The Company controlled by the Boston Suburban Electric Companies own 130 miles of road, extending from Newton through Waltham and Framingham to Westboro, where con- nection 13 made for Worcester, and from Ar- lington Heights through Bedford to Billerica, where connection is made for Lowell, through cars being operated. This Company has out- standing $1,983,000 bonds, and unfunded obli- gations amounting to about $1,500,000. 131 Year ended June 30 and Dec. 31 Net Int. & Bip. 1918 $87,881 $85,366 *1917 114.952 59,194 1916 146.330 50.288 1915 160,448 49,085 1914 177.840 49.897 •Dec. 31. Market. Boston — Geo. H. Burr & Co. New York — Geo. H. Burr & Co. Dna BOSTON TERMINAL CO. lat 3%a. Feb. 1. 1947.— N. Dated Feb. 1, 1897. Interest payable on coupon bonds on Peb. and Aug. 1. and on registered bonds Feb., May., Aug. and Nov. 1, at Merchants Nat'l Bank, Boston. Tax Status — Payment of Federal Income Tax not assumed • by company. Tax exempt in Massachusetts. Authorized and Outstandlns — $14,500,000. Denomination — Coupon, $1,000. Exchange- able for registered. Hegistered, $1,000 and multiples. Trustee — Old Colony Trust Co., Boston. Organization — Incorporated in Massachusetts in 1896. Owns Southern Union Depot ("South Station"), Boston, which was opened in 1899. The $500,000 capital stock is owned one-flfth each by the New York, New Haven & Hartford R. R. Co., Boston & Albany R. R. Co., New England R. R. Co.. Old Colony R. R. Co. and the Providence & Boston R. R. Co. Rental 4% dividend on stock interest on bonds and all op- erating and maintenance charges. Secured by a first mortgage on South Sta- tion,, Boston. liOgal for Mass. and R. I. Listed on the Boston Stock Exchange. Original Market — $500,000 offered Dec, 1911, at 99% and interest by Perry, Coffln & Burr, Boston. Market. * New York — Blodget & Co., Curtis & Sanger, Baker, Carruthers & Pell, Abraham & Co. , John Davenport. Boston — Curtis & Sanger, . Arthur Perry & Co. Chicago — Curtis ft Sanger. Price Range. Jan. 1, *08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.105% '09 106M! '09 78 Dec. 82 Dec. Low. 69 '18 71 '18 69 Sept. 71 Sept. BOSTON WHARF CO. Ist 4s. Due April 1, 1941.— N. Dated April 1, 1911. Interest payable April and Oct. 1, at Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Massachusetts. t Authorized — $5, 000, 000. Outstanding — $2,500,000. Denomination — Coupon. $1, 000. Registered, in any amount. Trustee — State Street Trust Co., Boston. Mass. Redeemable as a whole at 105 and interest on any interest date. Ori^nijEation — Incorporated In Massachusetts' In 18^6 to engage In storage, warehouse and real estate business. Secured by a first mortgage on real estate located in business section of Boston and including office buildings, factories, warehouses and wharves. Mortgage limited to an amount equal to 50% of the assessed valuation of all the company's real estate. Land and buildings inventoried Dec. 31, 1918, at $8,933,887 and assessed at $7,736,900. Year ended Dec. 31 *Net Interest -1918 $413,492 $96,792 1917 391,542 91,542 Market. Boston — Burroughs & Co. New York — John Davenport. BOYER VALLEY RAILWAY CO. 1st SVas. Doe Dec. 1. 1923.— N. Dated Dec. 1, 1898. Interest payable June and Dec. 1, at Chicago & Northwestern Ry. Company's office. 111 Broadway, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. i Authorized and Outstanding — $1,440,000. Denominations — Coupon, $1, 000. Fully rcg- isterable. Registered, $1,000, $5,000 and MO.- 000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — ^Absorbed by the Chicago & North- western Ry. Co. in 1900 by consolidation. Secured by a first mortgage upon 86.10 miles of road in Iowa, from Boyer to Mondamin, and Danison to Wall Lake. Bonds of this Issue are oustanding at the rate of $16, 700 per mile. Legal for Cal., Conn.. Me,, Mass., Mich., Minn.. Mo., N. H., N. J., N. Y.. R. I. and Wis. i Original Market — $200,000 offered in 1900 by N. W, Harris & Co., New York, Chicago and Boston, at 102% and interest. Market. New York — ^Remlck, Hodges & Co.. Redmond & Co.. Hartshorne & Battelle, Colgate, Parker & Co., Abraham & Co., Baker, Carruthers & Pell. Chas. W. Place. Boston — ^Redmond & Co. Philadelphia — Louchheim, Minton & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 97% '16 95^ '16 91 Dec. Low. 85 '08 91 '18 88 Jan. 91 July BOYEBTOWN & POTTSTOWN RY. 30-Year 1st 5a. Due Aug. 1, 1936. — F. Dated Aug. 1, 1906. Interest payable Feb. and Aug. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300, 000. Outstanding — $300,000 ($30,000 owned' by the United Traction Co.) Denomination — Coupon $500 and $1,000. Registerable as to principal. Trustee — Colonial Trust Co., Reading, Fa. Guaranteed principal and interest by the United Traction Co. by endorsement, which was assumed by the Reading Transit & Light Co. Organization and Control — ^Incorporated in Pennsylvania in 1902. In 1908 absorbed the Pottsto wn & Northern Street Ry. In 1917 absorbed by the (new) Reading Transit & Light Co. Secured by a first mortgage on 12 miles of electric railway in and between Boyertown and Pottstown, Pa. Franchises are unlimited as to time. Underlies — $3,000,000 Reading Transit & Light Co. Gen. & Ref. 5s of 1947, which pro- vide for the retirement of this issue. All of the above bonds are deposited to secure 6 % notes due 1919. 132 Market. Philadelphia — Barclay, Moore & Co.. Chas. H. Bean & Co.. Sam'l K. Phillips & So. New York — Lynch & McDermott. Price Ranee. Jan. 1, *17 to Jan. 1, '19 1918 Bid Ask Ask High. 80 ',17 88 '17 87 Jan. Low. 80 '17 87 '18 BBADEN COPPER MINES CO. 15-Year CoU. Tr. S. F. 6fi. Due Feb. 1, 1931.— N. Dated Feb. 1, 1916. Interest payable Auir. 1 and Feb. 1, at Bankers Trust Co. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorizeil — $20,000,000. Outstanding — $17,184,000 (Feb. 24. '19). Retired by S. F. — $2,816,000. DeDomination — Coupon, $1, 000. Reglaterable as to principal. Trustee — Bankers Trust Co., New York. Redeemable as a whole only on any interest date at 106 and interest on three weeks' notice. Sinking Fund — Semi-annually 3 1/3% each Feb. 1 and Aug. 1, from 1917 ot total amount of bonds issued. It in any calendar year the total amount of ore extracted from the mines of the Braden Copper Co, shall exceed 3,650,- 000 long tons, then the amount of cash to be paid to the Trustee shall be increased in the flame proportion that such excess tonnage of ore extracted shall bear to 3,650,000 long tons. This fund is for the purchase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Delaware in 1909 as a holding company, and owns the entire capital stock and first mortgage bonds of the Braden Copper Co., a Maine corporation organized in 1914 and is registered in Chile and owns in fee at Sewell, Chile, 174 claims equal to 2,362 acres and at Rancagua railroad terminals containing about 16 acres. As of Feb.. 1916, owned a concentrator with capacity of 4,400 tons of ore per day; complete smelting plant, hydro-electric power plant and an entire village for housing its employees. The entire property is located in the Province of O'Hig- eins. Chile. The terminal of the Mines rail- way at Rancagua is about 48 miles southeast of Santiago and connects with the government- owned railway which runs to Valparaiso on the Control— Feb. 1, 1917, $12,824,645 of the $12,953,530 capital stock outstanding (par $5) of this company was owned by the Kennecott Copper Corporation. Setinred by deposit all the securities of the Braden Copper Co. now owned or hereafter created, and comprising $4,000,000 first mort- gages bonds, due May 17, 1919, and 233,303 shares of stock (par $10) both entire authorized issues; also $8,800,000 notes of the latter com- pany and the operating agreement between the Braden Copper Mines Co. and the Braden Cop- per Co., dated Feb. 1, 1916. The property cov- ered by the lien of this mortgage comprises th« property mentioned under "Organization." It is estimated to contain ore reserves of 113,000,000 tons — 2.5% copper — 38 pounds per ton; life of mine 73 years. From the proceeds of these bonds It is proposed to increase the present milling capacity from 4,400 to 10,000 tons per dav Year ended Dec. 31 (Braden Copper Co.): Gross ■ Net Int. & Tax. 1917... $13, 041. 925 $3,973,860 $1,110,748 1916. .. 12.648,111 4,849,861 1,029,786 1915. .. 5.812.245 2.476,29 4 828,518 Listed on the New York Stock Exchange. Original Market— Offered Feb., 1916, by Kis- sell, Kinnicutt & Co., New York, Chicago, at 99 and interest. Market. Philadelpliia^-Klkins, Morris & Co. New York— Kissel. Kinnicutt & Co., C. H. Hensel, Hanson & Doyle. T. Hall Keyes & Co., McKinley & Morris, Gude, Winmill & Co. Price Ranee— N. Y. S. E. Jan. 1. 1916 to Jan. 1, 1919 1918 High.ggi/^ July 5, '16 96^ Dec. 13 L0V.-.89 Dec. 20, '17 89% Jan. 8 BRANDON (MANITOBA) GAS & POWER CO. Ltd., 1st 6s. Due Oct. 1. 19^9. Dated Oct. 1. 1911. Interest payable April and Oct. 1, at P. W. Brooks & Co., New York. Authorized — $600,000. Outstandine — $216,000. Held in Treasury — $284,000. Denomination — Coupon, .$100. $500 and $1,000. Trustee — Columbia Trust Co., New York. Redeemable on Oct. 1, 1914, or any Interest date thereafter at 105 and interest. Sinking Fund — ^Annually beginning Oct. 1, 1914. 2% of all bonds outstanding. Secured by a first mortgage on gaa and elec- tric power plant in Brandon, Man., Canada. Population, 15,000. Franchise perpetual, but city may purchase plants In 1935. Year ended Dec. 31 Bond Gross Net Interest 1916 $56,882 $15,499 $12,960 1915 63,000 21,666 12,960 Earnu^gs since 1916 included in those of Continental Gas & ISilec. Co. Original Market — $145,000 offered Sept., 1912, at 104 and Interest, by P. "W, Brooks & Co., New York. Market. New York — Gllman & Glucas. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask Hish.90 -le 101 '16 IK)W.90 '16 96 '16 BrKnDRAM-HENDFRSON. liTD.. Ist Gs. Due Oct. 1, 1936. — N. Dated Oct. 1, 1906. Interest payable April and Oct. 1, at the Royal Bank of Canada, 3VIontreal or Halifax. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $345,000 (Mar.. 1919). Held in S. F. — $155,000. Denomination — $100 and $1,000. Trustee — Eastern Trust Co., Halifax. Redeemable at 110 and interest. Sinking Fund — 2% of outstanding bonds per annum to be applied to redemption of bonds- Bonds so acquired to be kept alive and interest thereon added to the sinking fund. Organization — Incorporated in Canada In 1906. Owns Canadian rights for Brandram process. Secured by a first mortgage on real estate, buildings and plants of the Company, consist- ing of several plants manufacturing white lead paints, etc. Ihulerliefl Cons. S F. 6s. due Mar., 1939. Year ended Nov. 30 ' Int. Net & 3. F. War Tax 1918 $220,633 $43,732 $13,767 1917 213,929 38,129 *31,918 3916 216,075 39.539 6.000 *For two years less 1916 reserve, $6,000. 133 Original Market — First offered by J. C. Mackintosh & Co. and F. B. McCurdy & Co., of Halifax, and Royal Securities Co., of Mon- treal, at par with 50% stock bonus. Market. 3Iontreal — Eastern bee. Co.. Ltd., Nesbitt, Thomsoa & Co., Ltd., Hew R. Wood Co. Halifax— J. C. Mackintosh & Co., H. il. Bradford. Price Range 1918— Bid 9 4. Ask 9 8. BRANDRA3I-HENDERS0N (LTD.) CONS. S. F. 6^. Due March 15, 1939. Dated -March 15, 1919. Interest, payable March and Sept. 3^5 at Royal Bank of Can- ada. Montreal, Toronto, Halifax and New York. Tax Status — Payment of Fedi^ial Income Tax ' not assumed by company. Authorized — $1,^50,001). Out»*tandiiiK — $655,000. lu Treasury — S:i50,000. Reserved for Prior Lien — $345,000. Purpoge of Issue — To pay bank loans and provide additional working capital. Denominations — Coupon $ 50 and $1,000. Registerable as to principal. Redeemable on any interest date, beginning March 15. 1924, at 105 and interest. Trustee— ill mtreal Trust Companj'. Mon- treal. Sinking: Fund — Beginning March ■ 15, 1924. 2 % annually on all bonds outstanding and interest on all bonds redeemed. Bonds to be purchased in the market or drawn at 105 and interest. Organization — Incorporated 1906 in Canada and acquired Canadian business of Brand- ram Brothers & Company of London, England, manufacturers of white lead. Company man- ufactures paints, colors, oils, varnishes, etc. , and has plants at Halifax, Montreal, Toronto and Medicine Hat with warehouses and dis- tributing branohps at other points. Security — Subject to prior lien, a direct mortgage on all the property of the company now owned or hereafter acQuired. and by pledge of entire capital stock of the Alberta Linseed Oil Company, Ltd., except directors' qualifying shares. Prior Lien — $345,000 First Jtortgage bonds. Earnings — Average annual net profits of the company after paying bank interest but be- fore depreciation were over $214,000 for the four years ended December 31, 191S. Original Market — Offered in March. 1919, by Nesbitt, Thomson & Co., Ltd.. Montreal, and J. C. JIackintosh & Co.. at 94^4 and interest. BRAZILIAN TRACTION', LIGHT & POWER CO. 6% Secured Gold Notes. Due Nov. 1. 1919- Dated Nov. 1, 1916. Interest payable May 1 and November 1, ai Canadian Banii of Commercp, New York nr Toronro, Authorized — $7. 500, 000. Outstanding — $7,500,000. Denomination — Coupon, Si. 000. Trustee — Central Union Trust Co. of N. Y. Redeemable by lot at 103 and interest on any interest date to and including Nov. 1. 1918, or at 101 and interest on May 1, 1919. Organization — Incorporated in Canada in 1912, and owns over 99% of the capital stock of both the Rio de Janeiro Tramway, Light & Power Co. and the Sao Paulo Trapiway, Light & Power Co., and through the first named com- pany will own the entire capital stock of the Rio de Janeiro & Sao Paulo Telephone Co. Through these controlled operating companies it does the street railway, electric light and power, gas and telephone business in the cities of Rio Janeiro and Sao Paulo. -Brazil, and adjacent territory, serving a population esti- mated at 2,000,000. Capital stock outstand- ing: 6% Cum. Pref., $10,000,000, upon yrhich full dividends have been paid since issue, and Common. $106,515,500, paying i% fr^-m 1915 to 1917 and 6% in earlier years. Dividends on common stock were discontinued after divi- dend of 1% paid March 1. 1917. Secured by deposit with trustee in New York of bonds of subsidiary, companies as follows: $5,002,967 (£1.028,000) Rio de Janeiro Tram- way. Light & Power Co. Gen. Mtg. 5% Bonds due 1963 (authorized £2,000,000). $2,501,483 (£514,000) Sao Paulo Tramway. Light & Power Co. Gen. Mtg. 5 % Honda, duo 1963 (authorized £1.000,000). $7, 500, poo Rio de Janeiro & Sao Paulo Tele- phone Co. 1st Mtg. Coll. Tr. G% Bonds, due 1946 (total authorized). Year ended Dec. 31 (Canadian currency) Net Exp.&.Int. 1917 $6,203,699 $937,180 lillG 6.019.47;; 344.831 1915 5,612.876 218.074 1914 8,058,813 392.281 191C 8,420.560 308.296 Note — As a result of the decline in exchange the reduction of revenue is about $3,000,000 in 1915 and $3,300,000 in 1916. Original fliarket— Offered October. 1916, by Wm. A. Read & Co., New York, at 99 and Interest. Market. New York — Stone & "Webster. Hood & Bolles. H, N. Whitney & Sons, Jos. Walker & Sons, Sharretts & Young, Dunham & Co., Parkin- son & Burr, A. H. Bickmore & Co., :\rann. Bill & Co., W. S. Macomber. E. & C. Ran- dolph, J. A. Clark & Co.. Barle A. Miller & Co., Bull & Eldredge, Goggleshall & Hicks, Wm. A. Bead & Co., John Davenport. Taylor & White. Boston — Stone & Webster, Parkinson & Burr, Wm. A. Read & Co. Chicago — Stone & Webster, Central Trust Co. of 111., Fort Dearborn Tr. & Sav. Bank. Kean, Taylor & Co.. Babcock. Rushlon Jt Co. St. Louis — Whitaker & Co. Milwaukee — Second Ward Savings Bank, Grand Rapids — Kusterer. Hilliker & Perkins. Philadelphia — West & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 98% '17 99% '17 94 Dec. 96 Pec. Low. 80 '18 87 '17 80 Mar. 90 Mar. BREITUNG HEMATITE MINING CO.. LTD., First Mortgage Leasehold Sinking Fund 6s. Due SIOO.OOO each January 1 from 1917 to January 1, 19S3, inclusive. — F. Dated January 1, 1916. . Interest payable January 1 and July 1 at First Trust & Sav- ings Co.. Cleveland; Guaranty Trust Co., New York, or Continental & Commercial National Bank, Chicago. Tax Status — 2% Federal Income Tax pni<1 by company without deduction. Tax free in ilichigan. Authorized — $700, 000. Outstanding — $400,000 (Jan. 1. '19). Retired — $300,000. Denominations — Coupon $1,000 and S500. Trustee — The First Trust & Savings Co., Cleveland, O. Redeemable at 101 and Interest, on any inter- est date, in the reverse order of their matur- ities on five weeks' notice. The first maturing 134 SSOO.OOO are to be redeemed at 101 by contract with the E'uarantors. Sinkins: Fund — During: the first six years, thirty-five cents per ton on ore mined, or shipped or delivered and thirty cents per ton thereafter. Guaranteed as to principal, interest and sink- ing fund, by endorsement, by Breitung & Co.. Ltd., owners of 95% of the fee of the lease- holds covered by the lien of this mortgage. Organization — A partnership association, In- corporated under the laws of Michigan, with a capital stock of $1,000,000. Secured by a first mortgage on a twenty-five year leasehold in 175 acres located in the City of Negaunee, Mich., with assured ore holdings of 1,770,000 tons and probable additional hold- ings of 2,15 0,000 tons of merchantable ore. A substantial part of the ore is high-grade Bes- semer, known as Foley No. 1 and Foley No. 2, used in the manufacture of high-grade steel. As of August 1, 1916, an amount in excess of $170,000 had been spent in development and eQuipment. Original Market — Offered August. 1916, by The Tillotson & "Wolcott Co., Cf^veland, New York and Cincinnati, at par and interest, ex- cept the first maturing $300,000. Market. Cleveland — Tillotson & Wolcott Co. BRIDGEPORT (CONN.) GAS lulGHX CO. 1st 4s. Due Jan. 1, 1953. — F. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Fedtral Income Tax paid by company withDut deduction. Authorized and OutBtanding — $1,000,000. Trustee — Central Union Trust Co., New York. Organization — Incorporated with perpetual charter in Connecticut ii. 1849. Secured by a first mortgage on gas plant supplying Bridgeport, Conn., and nearby towns. Population served without competition 170,000. Franchise perpetual. Year ended June 30 Gross Net Interest 1916 $724,651 $2 44,785 $52,383 1915 583.755 212,051 44,697 193 4 581.050 219.526 40.761 1913 562,558 229.012 47,769 Market. New York — Kiely & Horton, John J. Leven- son, Morgan & Finlay. B. & C. Randolph. F. H. Hatch & Co. New Haven — H. C. Warren & Co.. W. T- Fields Co., The Chas. W. Scranton Co., Henry E. Burgess. Stevenson & Co. Hartford — Richter & Co.. Francis R. Cooley & Co. Bridgeport — Hincks Bros. & Co. Boston — L. Sherman Adams. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 97 '16 98Vi '16 86 Dec. 90 Jan. Low. 80 '18 84'.^ '18 80 Oct. 84V6 Oct. BRIDGEPORT HYDRAULIC CO. 5% 5-Year Notes. Due July 1, 1930, Sept. 1, 1921, and Dflc. 1, 1921. Dated July 1. 1915, .Sept. 1. 1916. and Dec. 1. 1916. Interest payable respectively Jan. 1 and July 1, Sept. 1 and Mar. 1 and Dec. 1 and June 1, in Bridgeport. Tax StatuM — Payment of Federal Income Tax not apsumed by c^mpanv. ADthorized— $5. 000, 000. Outstanding — $3,500,000. Denomination — Coupon, $1,000. Trustee — Bridgeport Trust Co., Bridgeport, Conn. Redeemable at 100% and interest. Organization — Incorporated In Connecticut In 1853. Owns plant supplying water to Bridge- port, Fairfield and Stratford. Conn., also owni the Westport Water Co. and Shelton Water Co.. including 7.000 acres of ground. Popula- tion served 220,000. Franchise perpetual, con- firmed by Connecticut Supreme Court in 1887. Security — A direct obligation of the Company but not secured by a mortgage. Earnings^Dlvidends have been paid contin- uously on the stock since 1890, since 1900 the rate has been 8% per annum (present amount of stock outstanding, $3,500,000). Legal for Conn. Original Market — Offered by Hincks Bros. & Co. and T. L. Watson & Co.. both of Bridge- port. Market. New Haven — Hincks Bros. & Co. BridKeport — Hincks Bros. & Co., Francis R. Cooley & Co. BRIDGEPORT (CONN.) TRACTION CO. Ist 5s. Due July 1, 1923.— N. Dated July 1, 1893. Interest payable Jan. and July 1. Tax Status — Payment of Federal Income Tax not assumed by cDmpany. Authorized — $ 2,000.000. Outstanding — $706,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Newark, N. J. Assumed by Connecticut Ry. & Lighting Co. Control — Merged with Conn. Ry, & Ltg. Co., property leased in 1906 for 999 years to Con- solidated Ry. Co. at an annual rental of $1,400,000 per annum. The latter company In 1907 was merged Into the N. Y,, N, H. & H. R. R. Co., and property is operated by the Connecticut Company, whose stock Is owned by the former company, but by decree of court to be. sold before July 1, 1919. Secured by a first mortgage on 53^^ miles of street railway in and around Bridgeport. Conn, Population served, about 140.000. Franchise perpetual. Underlies — $12,551,000 Conn. Ry. & Ltg. Co. 4%s. Market. New Haven — H. C. Warren & Co., The Chai. W. Scranton Co. Price Rimge 1918 — Bid 95. BRIDGETON & MILIiVIMJE TRACTION CO. 1st 5s. Due Jan. 1, 1930,— F. Dated Jan. 1, 19 00. Interest payable Jan. and July 1, at Trustee' s office. Tax Status — 2% Federal Income Tax paid by compaliy without deduction. Authorized — $500,000. Outstanding — $500,000 $(16,000 owned by the American Rys. Co.). Denomination — Coupon, $500 and $1,000. Registerable as to both principal and Interest. Trustee — Continental-Equitable Trust Co., Phila., Pa. Guaranteed as to principal and interest by American Rys. Co. Organization — Incorporated in New Jersey, May, 1897, as successor of the South Jersey Traction Co.. sold in foreclosure. Controlled by American Rys. Co., of N. J. through ownership of entire capital stock. Secured by a direct mortgage on all the property of the company and by deposit with Trustee of 1,000 shares of stock (entire issue) of the Bridgeton Rapid Transit Co. (no bonds outstanding); 377 shares of stock of the 135 ^ridgeton & Millville Turnpike Co. (no bonds outstanding) and $250,000 (entire issue) let mortgage 6% bonds of the Bridgeton Electric Co. The B. & M. Traction Co. controls and operates 40 miles ot electric railway, including line from Bridgeton to Millville, 11 miles; Bridgeton to Cedarville. 8% miles; CedarviUe to Port Norris, N. J., 12% miles, and 5% miles pf street railway in Bridgeton; also two toll roads and electric light and power plant in Bridgeton and supplies electricity to Bridge- ton, CedarviUe, Newport, Fairton, Dividing Creek and Fort Norris, N. ^. Population served, 30,000. Franchises perpetual. Listed on the Philadelphia Stock Exchange. Original Market — Bioren A Co. of Philadel- phia at par and interest, August, 1800. Price Range. Jan. 1, 1908 to Jan. 1, '1919 Bid Ask High.lOl '09 104 '08 Low. 89 '16 BBIDG£XON & SACO RIVER BAnLBOAD lot Cons. 4s. Due June 1, 1928. — ^N. Dated June 1, 1898. Interest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $135,000. Denomination — Coupon, $500 and $1,000. Trustee — Union Safe Deposit & Trust Co.. Portland, Me. Organization and Control — Incorporated in Maine In 1881. Controlled by Maine Central H. R. through ownership of entire capital stock. Secured by a first mortgage on 21 miles of road from Harrison to Bridgeton Jet., Me. Underlies — $S5.000 2nd Cons. 4s. fear ended June 30 Gross ' Net Interest 1917 $68,382 $20,703 $9,279 1916 60,353 ' 13.764 6,800 Ijegal for Mass. BRIGHT NAVIGATION CO. (Schooner "Bright") 1st S. F. 7s. Due AprU 1, 1932. Dated April 1, 1919. Interest payable April and Oct. 1st, at Trustee's office, Pittsburgh. Tax Status — Company refunds normal Fed- eral income tax up to 4%. Pennsylvania State tax refunded. Authorized — $225,000. Outstanding — $225,000. Denomination — Coupon $1,000. Registerable as to principal. Redeemable as a whole or in part at 103 and interest on thirty days' notice. Trustee — Commonwealth Trust Co., Pitts- burgh. • Sinking Fund — Company covenants to pay the following sum to the Trustee on the date specified. Oct. 1, 1919 $46,800 Apr. 1, 1921 $34,550 Apr. 1, 1920 46,800 Oct. 1, 1921 34,550 Oct. 1, 1920 34,650 Apr. 1, 1922 34,500 On receipt of the above moneys the Trus- tee will advertise / during a period of ten days for tenders of bonds up to 103 and interest. The purposeof the Sinking Fund, amounting to $231,750, is to retire all bonds at or before maturity at 103 and interest. Organization — Incorporated in New York. Company owns five-mast schooner "Bright" launched October 24, 1918, classed A-1 by British Lloyds, 3,500 tons dead weight, and valued at $400,000. Security — A direct obligation of the com- pany and secured by closed mortgage on the Schooner "Bright. ' ' Company covenants to carry insurance payable to the Trustee or Owner, as their interest may appear, to amounts at all times equal to not less than 125% of bonds outstanding. Original Market — Offered March, 1919, by Lyon, Singer & Company, Pittsburgh, at 98 and interest. BBINSON RAILWAY CO. 1st 5s. Dae Mar 1* 1935.— F. Dated May 2, 1910. Interest payable May and Nov. 1, at Farmers' Loan & Trust Co.. New Tork, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding— $865, 000. Denomination — Coupon, $1, 000. Registerable as to principal. Trastee — Farmers* Loan & Trust Co., N. T. Organization — Incorporated in Georgia in 1906 and name changed to Savannah & North- western Ry. in 1914. Control— Absot-bed in 1917 by the Savannah te Atlanta Railway Co. Secnred by a first mortgage on 110.94 miles of road from Savannah to St. Clair, Ga. Has trackage rights over Augusta Southern By. from St. Clair to Augusta, Ga., 6 miles. Underlies — $2, 500,000 Savannah & Atlanta Ry. 1st & Cons. 6s of 1935. Earnings — See Savannah & Atlanta Ry. Original Market — Offered Aug., 1910, at 96 and interest by Wm. Morris Imbrie & Co., New York. Market. New York — Po&ter & Adams, F. H. Hatch & Co. Philadelplila — ^Welsh Bros. THE BRISTOI^ & PLAINVIIil^E TRAMWAY CO. 1st 4%s. Due Nov. 1, 1945. — N. Dated Nov. 1, 1905. Interest payable May and Nov. 1, at Bristol National Bank, Briajtol, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $600, 000. Outstanding — $540,000. Denomination — Coupon, $500 and $1,000. Trustee — Treasurer ,of State of Connecticut. Redeemable prior to Nov. 1, 1915, at 102 and interest, thereafter at par and interest. Organization — Incorporated in Connecticrut, Sept., 1893. Secured by a first mortgage on 13.74 miles of electric railway connecting Bristol, Conn., with Porestville. Plainville and branches to Lake Compromise and Terryville, all in Con- necticut, and on gas plant supplying Bristol, Forestville and Plainville, and electric power plant supplying Bristol, Forestville and Terry- ville, and steam heating plant supplying Bris- tol. Population served: Railway, 25.000; gas. 22,000, and electricity, 23,000. Franchises are perpetual. Year ended Dec. 31 Net Interest 1918 $98,092 $29,335 1917 109,468 24,732 Xegal for Conn. Market. New York— A. E. Fltkln & Co. Hartford — Francis R. Cooley & Co. Boston — Chas. H. Tenney & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 '17 105 '17 90 Dec. 94 Dec. Low. 90 '18 94 '18 136 BRISTOL GAS & EliECTRIC CO. 1st Ss. Due July 1, 1939.— P. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustees' office and National City Bank, New York. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 5 5 0, 0. Outstanding — $426,000. In Treasury — $56,000. Reserved for Imp. — $69,000. Denomination — Coupon, $500 and $1,000. Trustee — Munsey Trust Co., Washington. D. C. Redeemable on any interest date at 105 and Interest. Control — Majority of stock controlled by Cities Service Co. and deposited as part secur- ity for the Consol. Cities Lt., Pr. & Trac. Co. 6s of 1962. Management — Doherty Organization. Secured by a first mortgage on plant supply- ing gas and electricity to Bristol, Tenn., and Va., under perpetual franchise. Population served, 13,500. Year ended May 31 Gross Net 1916 $108,865 $41,164 1915 97,990 26,504 Later earnings not available. Market. New York — Dunham & Co., H. L. Doherty & Co.. Martin, Berwin & Co.. E. & C. Ran- dolph, Berdell Bros., John W. Christiansen, Lynch & McDermott. Boston — F. B. Bassett & Co. Philadelphia — ^Prazler & Co., H. D. Boen- ning & Co. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.80 '17 82 '17 72 Feb. 78 Feb. Ix)W.68'18 75*18 68 Dec. 75 Mar, BRITISH COLUMBIA SULPHITE FIBRE CO. LTD., let Serial 6s. Due $65,000 annually NoTf. 1 from 1917 to 1926, inclusive. Dated Nov. 1, 1916. Interest May 1 and Nov. 1, at Peabody, Houghteling & Co., Chlr cago. Tax Status — Information not available. Authorized — $1,000,000. Outstanding — $520,000 (April. 1919). Retired — 5130,000. 'Reserved for Extensions, etc. — $350,000. •Bonds issuable for 50% of actual cash cost, subject to the written approval of Peabody, Houghteling & Co. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Augustus S. Peabody, Chicago. Redeemable at 102% and interest in reverse numerical order on any interest date qn 60 days' notice. Organization — Incorporated in British Colum- bia. Control — ^Absorbed In 1917 by Whalen Pulp & Paper Mills. Ltd., together with the Empire Pulp & Paper Mills. Ltd., and Colonial Lumber & Paper Mills, Ltd. Secured by a first mortgage on a complete sulphite fibre plant, located at Mill Creek at the head of Howe Sound, 33 miles from the City of Vancouver, B. C, consisting of a mill Bite of 75 acres owned In fee simple, a com- plete sulphite mill with an annual capacity of over 22,000 tons of sulphite fibre, a developed water power largely In excess of the company's needs, together with docks, residences and Im- provements; also on timber limits In British Columbia, containing 840,000,000 feet of tim- ber. The company contracts for Its pulp-wood reauirements at mor^ advantageous prices than would be possible from the operation of Its own woodlands. The property covered Is val- used in 1919 at $2,000,000. The mortgage provides for a net working capital of a minimum of $300,000 during the life of these bonds. Original Market — $650,000 offered Nov., 1916, by Peabody, Houghteling & Co.. Chicago, at 100 and interest except the first two matur- ities which were offered on a 5% and 5%% basis. Market. Chicago — Peabody, Houghteling & Co. BROAD RIPPLE TRACTION CO. 1st Ss. Due July 1, 1933.— N. Dated July 1, 1899. Interest payable Jan. and July 1, at Trustee's offlce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $400,000. Denomination — Coupon. $1,000. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia, Pa. Guaranteed as to principal and Interest by the Indianapolis St. Ry. Co. The Union Trac- tion Co. of Indiana guarantees principal and interest of $200,000 of the bonds and one-half of the interest of remaining $200,000. Control — 75% of stock owned by Indianapolis St. Ry. Co. and road operated jointly by that company and Union Traction Co. of Indiana. Secured by a first mortgage on 7% miles of electric railway from Indianapolis to Broad Ripple Park, Ind. Franchise expires 1944. Listed OD the Indianapolis Stock Exchange. Market. Philadelphia — Ervln & Co., H. D. BoennIng & Co. Indianapolis — J. F. Wild Si Co., Otto P. Haueisen & Co. , Fletcher American Natl. Bk., Meyer-ICiser Bank. Price Range. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High.33H '16 96% '16 Low. 87 '15 89 '15 BROADWAY & NEWPORT BRIDGE CO. Ist 5s. Due July 1, 1934. — F. Dated July 1, 1904. Interest payable Jan, and July 1, at National City Bank. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800,000. Outstanding — $782,000. Retired^$18,000. Denomination — Coupon and Registered, $M0. $500 and $1,000. Trustee — Central Trust & Safe Deposit Co.. Cincinnati, O. Redeemable after July 1, 1914. at 110 and Interest. Secured by a first mortgage on real estate In Cincinnati, O., and Newport, Ky., and on bridge built In 1890 between these two cities. Listed on Cincinnati Stock Exchange and Unlisted Department of Cleveland Stock Ex- change. Original Market — These bonds were ex- changed for bonds of old company (which failed), $600 bonds, $200 common and $400 preferred stock for each $1,000 bond of old company, July, 1904. Market. New York — A. Hicks Lawrence, "W. E. Hut- ton ,& Co.. John Davenport. Cincinnati — "W. B. Hutton & Co., B. F. Hutton & Co. Price Range 1918 — Ask 90. 137 BROADWAY & SEVENTH AVE. RAILROAD CO. 1st Cons. 5a. Due Dec. 1, 1943. — N. Dated Dec. 22, 1893. Interest sayable June and Dec. 1, at Treasurer's office, N. Y. Rys. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $12,500,000. Outstanding — $8,150,000. Denomination — Coupon, $1,000. Reglsterable as to principal or exchahireable for registered Donds. Registered, $ 1, 6o. Trustee — Guaranty Trust Co., New York. Guaranteed as to interest under lease by the New York Railways Co. Note — This issue was originally guaranteed principal and interest by the Metropolitan Street Ry. Co. (foreclosed). Receivership — See New York Railways Co. Control — Leased during corporate existence to the New York Railways Co. Rental, ta?ces, interest on bonds and 10% dividend on $2,100,- OOO capital stock of which amount the New York Railways Co. owns $1,400,000. Secured by a mortgage on all the property of the Company, including 7 miles of double track road from 59th St. via 7th Ave. and Broadway to 15th St. and Broadway; also on terminal station covering an entire block from fith to 7th Ave. and from 50th to 51st Streets and eight story office building at Broadway and Houston Street. This mortgage is also a lien on trackage rights on Broadway from 15th Street to the Battery, about 3 miles, subject to $1,500,000 Broadway surface 1st 5s which this company assumed. Prior liiens — $1,500,000 Broadway 1st 5s of 1904 (all owned by the New York Railways Co.) Refunding — The N. Y. Rys. 1st & Ref. 4s of 1942 provide for retirement of this issue. Listed on the New York Stock Exchange. Market. New York — Wolf & Stanley, Coffin & Co., Hepburn & Co., T. L. Bronson, O. J. Brand & Co., Ho4enpyl, Hardy & Co., J. A. Joseph, Jr.. ^ Co., Kiely & Horton, Gude. 'Winmin & Co., Newborg & Co., Hanson & Doyle. L. A. Norton, Wm. C. Ewen, Tobey & Kirk. John Davenport, Equitable Trust, Co. of X. T., T. Hall Keyes & Co.. Low. Dixon & Co. rhiladelpliia — Newburger, Henderson & Loeb. Price Range — N. Y. S. E. Jan. 1. 1»06 to Jan. 1, 1919 1918 High.lie^u Jan. 3. '06 85 Feb. 7 Low. 7(jU Dec. 5, '17 76^4 Jan. 5 Price Rang?. Jan. 1, '15 to Jan. 1, M9 1918 Bid Ask Bid High.74 *18 96 '15 74 July Low. 74 '18 88 '17 BROADWAY REALTY CO. (N. Y.) 1st 5s. Due Sept. 1, 1926.— N. Dated July 25, 1896. Interest payable Mar. and Sept. 1, at TJ. S. Mortgage and Trust Co.. New York. Tax Status — Payment of Federal. Income Tax not assumed by company, i Authorized and Outstanding — $1,S00,00X). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — U. S. Mortgage & Trust Co., New York. Secured by a first mortgage on the property of the Company, which includes "the Bowling Green Office Building." This is a 16-story modern office building. Assessed valuation about double the amount of this issue. Market. New York — J. K. Rice, Jr., & Co., F. H. Hatch & Co. BROADWAY SURFACE RAILROAD CO. let 5s. Due July 1, 1924.— N. Dated July 1. 1884. Interest payable Jan. and July 1, at Pacific Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — "W. H. Hays, New York. Assumed by the Broadway & 7th Ave. R. R. Co. (See "Control.") Receivership — See New York Railways Co. Control — Absorbed by the Metropolitan Street Ry. Co., which was succeeded through reor- ganziation by the New York Rys. Co. The Broadway & Seventh Ave. R. R. operated the track originally under its agreement to guar- antee the principal and interest of these bonds. This operation was transferred under the lease of the Broadway & Seventh Ave. to the Met- ropolitan Street Ry. Co. and now rests with the New York Railways Co. Secured by a first mortgage on 3 miles of double track street railway from Bowling Green via Broadway to Broadway and Fif- teenth St. Underlies — $1,500,000 B. & S. A. 1st 5s and $8,150,000 1st Cons. 5s. which latter issue pro- vides for the retirement of these bonds. Mark:et. New York — A. E. Fitkin & Co.. F. H. Hatch & Co., T. L. Bronson & Co.* E. & C. Randolph, Remick, Hodges & Co., L. A. Norton, Abbott, Johnson & Co., "Wm. C. Ewen. John Daven- port, Tobey & Kirk. Price Range. Jan. 1. 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.103 '12 107 '10 9d Jan. 101 V6 Jan. Low. 82 '18 90 '18 82 Sept. 90 Sept. Co., Blodget BROCKTON & PLY'JMOUTH STREET RAIL- WAY CO. 1st 4V2S. Due Dec. 1. 1930.— N. Dated Dec. 1, 1900. Interest payable June and Dec, 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $300, 000. Outstanding— $260,000 (Dec. 31, 1917). In Treasury — $35,000. Denomination — Coupon, $1,000. Trustee — Old Colony Trust Co., Boston, Mass. Organization — Chartered in Jan., 1900, as the Pembroke St. Ry. Co. and consolidated with the Plymouth & Kingston St. Ry. Co. in Nov., 1900, and name changed to Brockton & Plymouth St. Ry, Co. Controlled and Managed by Stone & "Webster, Boston, ]\Iass. Secured by a first mortgage on 24 miles of street railway and equipment. Line runs from Plymouth via Whitman and Pembroke to Brockton, Mass. , serving population of about 26.000. Franchises are perpetual. Year ended Dec. 31 Gross Net Interest 1917 $124,316 •$463 $14,755 1916 122.614 13,501 13,286 1915 115,207 18,774 13,493 •Deficit. Original Market — Perry. Coffin & Burr, Boa- ton, at 103 and interest In Jan., 1901. 138 Market. Boston — Stone & Webster, Coffin & Burr. New York — Stone & Webster, Coffin & Burr. Miller & Co. , Lynch & McDermott. Chicago-rStone & Webster. Price Range 1918 — Asked 96. BROCKTON (MASS.) GAS LIGHT CO. Ist 5fl. 1938. Interest payable Feb. and Aug. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $100,000. Denomination — Coupon, $1,000. Registerable as to principal and Registered, $1,000. Trustee — Old Colony Trust Co. , Boston, Mass. Redeemable at 105 and Interest on any interest date. Secured by a first mortgage on plant supply- ing Brockton, Mass. (population, 1910, 56.800), with gas. Year ended June 30 Net Interest 1915 $117,634 $22,415 1914 108.041 19.111 Later earnings not available. Market. New York — Hanson & Doyle. Boston — Ij. Sherman Adams. Due BROCKTON STREET RAILWAY 1st 5s. Oct. 1, 1934. — K. Extension — Under the plan of org-anization ->f the Eastern llasspchuserts Street Ry. Co. these bonds may be extended at 6% to Oct. 1, 1920. Accrued interest will be paid in cash. If extended they will be redeemable at 103 and interest up to Oct. 1, l927, there- after at 10-1 and interest (Apr. 8, '19). Dated Oct. 1, 1894. Interest payable Aprif and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not as.sumed by company. Authorized — $750,000. Outstanding — $689,000. Denomination — Coupon, $1, 000. Trustee — State St. Trust Co., Boston. Mass. Redeemable on any interest date at 105 and interest. Assumed by Eastern IMassachusetts Street Railway Co. Control — Merged with Bay State Street Ry. Co., which was succeeded in March, 1919. by Kastern Massachusetts Street Railway Co. Secured by a first mortgage on about 47 miles of street railway. Underlies — Eastern Mass. St. Ry. Ref. -Mtge. Market. New York — Coffin' & Burr, Blodget & Co. Boston — Coffin & Burr. (THE) BRONX GAS & EI^CTRIC CO, 1st & Ref. 5s. Duft July 1» I960.— P. Dated July 1, 1910. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $1,500,000. OutfttandinB — $1,110,000 (Dec. 1. '18). Reserved for Ext.— $390,000. Denomination — Coupon, $1, 000. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any In- terest date on and after Jan. 1. 1920. Secured by a first mortgage on gas and elec- tric plants supplying a part of the Borough of the Bronx, New York City, and servinar a population of over 30,000. Replacement value, 1910, estimated at $1,109,901, exclusive ot per- petual franchise. Year ended Dec. 31 Gross Net Interest 1917 $395,404 $75,593 $70,334 1916 363,588 104.190 66,726 1915 347,684 99.473 64.890 1914 335,180 95,984 62,689 Original Market — Offered in 1910 by Chaa. D. Barney & Co., New York and PhiladelpTiia, at 95 and interest. Market. Philadelphia — Graham, Parsons & Co., H. D. Boenning & Co. , Chas. D. Barney & Co., Paul & Co.. .Sam'I K. Phillips & Co. New Y^ork — Abbott. Johnson & Co., Chas. D. Barney & Co.. Theo. L. Bronson, John Davenport. F, H Hatch & Co., Taylor & "White, Lynch & McDermott. Price Ran^e. Jan. 1, 1911 to Jan. 1. 1919 1918 Bid Ask Bid Ask High. 99 '13 102 '16 85 Jan. 90 Jan. Low. 65 '18 75 '18 (i5 Xov. 75 Nov. BROOKLYN & MONTAUK RAILROAD CO. 2nd (now 1st) 5s. Due Jane 1, 1938. — N. Dated June 15, 1888. Interest payable June and Dec. 1, at Treasurer, Penna. R. R. Co., New York. Tax Status— -Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $600,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Certral Union Trust Co., New York. Assumed by the Long Island R. R. Co. Control — Consolidated with the Long Island *R. R. Co., April, 1889. The latter company is controlled through Stock ownership by the Pennsylvania R. R. Co. Secured by a first mortgage on 78.15 miles, viz. : A first mortgage on 75.83 miles — Miles From a point past Laurel Hill to East- port Jet., L. I 66.90 Valley Stream to N. "t. & Rockaway Beach Jet., L. I Bushwick Jet., to Bushwick, L. I A second mortgage on 2.32 miles — Long Island City to ' a point beyond Laurel Hill. L. 1 2.32 Prior Lien — $125,000 New York & Flushing 1st 6s, due lOSiO. Underlies — Long Island 1st Con. 5s and 4g of 1931, Unif. 4s of 1949, Ref. 4s of 1949. which latter provide for the retirement of this ispue, and Deb. 5s of 1937. Legal for Me. Earnings — See Long Island R. R. Co. Market. New York — Abbott, Johnson & Co., Wolff & Stanley, Chas. W. Plar-.', Wm. C. Kwen, Abraham & Co.. S. P. Larkin & Co., F. J. Li.sman & Co., Low. Dixon & Co., Taylor, Smith & Hard. Philadelphia— Frazier & Co. Price Ranee. Jan. 1, '08 to Jan. 1, '19 1!)18 Bid Ask Bid Hieh.lOfi^ '16 II3V2 '12 90 Nov. Low. 85 'IS 101 '17 SoJune 7.13 1.80 BROOKLYN. BATH & WEST END RAIL- ROAD CO. Gen. 5s. 1933. — F. Dated Dec. 28, 1886. Interest payable April and Oct. 1 at Central Union Trust Co., NeW" York. 339 Tax Status — 2% Federal Income Tax paid ■ by company without deduction. Authorized and Outstanding — $121,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Franklin Trust Co., Brooklyn. Control — ^Absorbed by the Kings County Elec- tric Ry. Co., which was subsequently mergred Into the Nassau Electric R. R, Co. Secured by a first mortgaee on 6% miles of double track, . from Greenwood Cemetery, Brooklyn, to Coney Island. ■ Underlies — $11,508,000 Nassau Blec. R. R. 1st Cons. 4a, 1951, which provide for retire- ment of this issue. Market. New York— T. L. Bronson, Wm. C. Ewen, Abbott, Johnson & Co., John Davenport, Low, Dixon & Co., Lynch & McDermott, L. A. Norton & Co. Price Range. Jan. 1, '08 to Jan. 1, 191J> 1918 Bid Ask Bid Ask High.lOO '08 104 '08 85 Nov. 90 Apr. Low. 79 '18 83 '18 79 Dec. 83 Dec. BROOKLYN BOROUGH GAS CO. 1st 6s. Dae March 6. 1938. — N. Dated March 5, 1898. Interest payable Mar. and Sept. 1, atidlHce of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Trustee — Title Guarantee & Trust Co., New York. Secured by a first mortgage on plant supply- ing gaa to 31st "Ward of Brooklyn, N. T.. in- cluding Coney Island. Population served, 30,- 000. Franchise perpetual: See Gen. 5s for further details. ' Underlies — $500,000 General 5s of 1945. Earnings — See Gen. 5s. liisted on the Philadelphia Stock Exchange. Original Market — Stahl & Straub, Philadel- phia, at par and interest in Jan., 1899. Market. New York— A. E. Fitkin & Co., Coggeahall & Hicks. E. & C. Randolph, Abbott. John- son & Co. , "Wm. C. Ewen, Tobey & Kirk, L. A. Norton, Theo. L. Bronson, John Daven- port, F, H. Hatch & Co. , Bauer, Starr & Co. Philadelphia — Newburger, Henderson & Loeb. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.100% '16 102 '16 87 May 91 May Low. 79 '18 81 '18 79 Sept. 81 Dec. BROOKLYN BOROUGH GAS CO. Gen. 5b. Due June 1, 1945.— F. Dated June 1, 1905. Interest payable June and Dec. 1, at New York. Tax Status — 2% "Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $500,000.' Reserved for Prior IJens — S500.000. Denomination — Coupon. $1,000. Trustee — Title Guarantee & Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in New York in 1898 aa successor of the Coney Island Fuel, Gas & Light Co, Secured by a mortgage on all property, franchises, etc., Including gas plant supplying gaato the 31st "Ward In the Borough of Brook- lyn, which Includes Coney Island, Seagate, Gravesend and Sheepshead Bay. The com- pany's plant Is located at Coney Island. Fran- chises are perpetual. Population served 30,000. Prior liien — $500,000 1st 5s, 1938,, for retire- ment bonds of this issue reserved. Year ended Dee. 31 Interest Gross Net Taxes, and Amortization 1918. . $518,078 $106,994* $173,414 1917.. 434.646 135,385* 151,951 1916. . 394,072 179,916* 152,412 1915. . 351,083 170,236 131,687 ' *Net includes overcharge reserve. Note — The law requiring an 80 cent rate for the above company became effective July 1, '16. The company, however, continued to charge the 95 cent rate up to Dec. 11, 1918, contesting the 80 cent rate in the courts on the ground that it was confiscatory. Since Dec. 11, 1918, company has been charging $1.10, which rate was permitted by the Pub- lic Service Commission, which, however, re- quired restoration of the lower rate on Jan. 1, 1920. The above compara.tive earnings statement is on the basis of the 95 cent rate. Com- pany has established a reserve representing the overcharge to customers in case the 80 cent rate is declared legal. As of Dec. 31, 1918. this reserve amounted to $182,210. Original Market — Offered March, 1912. at 98 and interest by P. "W. Brooks & Co., Ne* York, Boston, etc. New York— A. E. Fitkin & Co., E. & C. Randolph, P. "W". Brooks & Co. Price Range. -Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '16 100 '16 87 July 94 Feb. Low. 84 '18 86 '18 84 Aug. 86 Mar. BROOKLYN CITY & NEWTOWN RAILROAD 1st 5a. Due July 1, 1939. — N. Dated July 1, 1889. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,000,000. Denomination — Coupon. $1,000. Registe'rable as to principal. Trustee — Bankers' Trust Co., New York. Assumed by Coney Island & Brooklyn R. R. Control — Merged with Coney Island & Brooklyn R. R., which is controlled through stock ownership by the Coney Island ft Gravesend Ry Co., a subsidiary of the Brook- lyn Rapid Transit Co. Secured by a first mortgage on 5% milea of double-track street railway in Brooklyn, N. Y. Underlies — $4,232,000 bonds of C. .1. & B. R. R. Earnings — See C. T. & B. R. R. Market. New York — ■Abbott. Johnson & Co.. Joseph & Wiener, Theo. L. Bronson, "Wolff & Stanley. Coffin & Co., "Wm. C. Ewen. .Tohn Davenport, Low, Dixon & Co.. L. A. Norton & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High, 09% '14 105 '08 83 Mar. 90 Mar. Low. 75 18 78 '18 75 Aug. 78 June BROOKIiYN CITY RAItROAD CO. Ist Cons. 5s. Du« July 1, 1941. — N. Dated July 1, 1891. Interest payable Jan. and July 1, at Brooklyn Trust Co. 140 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,000, 000. Outstandingr — $4,373,000. *Owned by B, R. T, Co. — $1,627,000. *Depo8ited — See ' 'Guaranteed. ' ' Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trastee — Kings County Trust Co., Brooklyn, Guaranteed as to interest by the Brooklyn Heights R. R. Co. under terms of lease. Per- formance of the terms of this lease Is secured by deposit with various trustees , a euarantee tund comprisinff $1,627,000 bonds of this Issue; $2, 000, 000 1st 6s of the Brooklyn, Queens County & Suburban R. R. Co.; $125,000 Ref. 4s of the Brooklyn City R. R. Co.; $25,000 50- Year Ss and $260,000 1st Ref. 4s of t'r B. R. T. Co.; entire $2,000,000 capital stock of B. Q. C. & S. R. R.. owned by B. R. T. Co. is deposited with Peoples Trust Co.. Brooklyn, and will at expiration, or sooner termination of lease become the sole and exclusive property of the Brooklyn City R. R. Co. Receivership — See Brooklyn Rapid Transit Co. Control — Leased to the Brooklyn Heights R. R. Co.. for 999 years from 1893. Rental, all interest, taxes and 10% dividend on $12,- 000,000 capital stock. The B. R. T. Co. owns entire capital stock of the B. H. R. R. Co. Secured by a mortgage on 229 miles of trol- ley surface lines. Including 106 miles tlr track, 100 miles second track and 22 miles sidings. Underlies — $925,000 Ref. 4s of 1956, which provide for retirement of this Issue. All are owned by the Brooklyn Rapid Transit Co. $125,000 deposited as above. Earnings — See B. H. R. R. Ist 5s. I^isted on the New York Stock Exchange. Market. New York — Paterson & Co., Theo. L. Bron- son, Tobey & Kirk, L. A. Norton, Abbott, Jolinson & Co., Wm. C, Ewen, Lynch & Mc- Dermott, John Davenport, Lloyd & Co., Low, Dixon & Co. Price Range — N. Y, S, E. Jan. 1, '06 to Jan. 1, '19 1918 High.107 June 14. '06 92 Dec. 6 Low. 89 Oct. 16, '18 89 Oct. 16 BROOKLYN EDISON CO,, Inc., Gen. Ss, "Se- ries A." Due Jan. 1, 1949. Dated January 1, 1919. Interest payable Jan. 1 and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. New York State tax exempt. Authorized — $100,000,000. Outstanding — $5,500,000. Purpose of Issue — Of the proceeds $2,325,- 000 is to reiqiburse the treasury for moneys actually expended for acquisitions, extensions, etc., of the Brooklyn Edison Co. and Edison Electric Illuminating Co. outstanding between Oct. 1, 1918, and Dec. ,31. 1918; $2,350,000 to discharge bank loans of the Edison Electric Illuminating Co. outstanding as of Decem- ber 30. 1918. Provisions of Issue — $3,500,000 issuable, wit^ the approval of the Public Service Com- mission to reimburse the company's treasury for expenditures made prior to Jan. 1, 1919, -and the balance for extensions, improvements, acquisitions and refunding purposes. Additional bonds may be issued for the ac- quisition of stocks, bonds or other corporate obligations of other similar corporations, but in no such instance shall sUch bonds be is- sued for such purpose unless the company ac- quires at least two-thirds of the entire out- standing stock of such corporation. Bonds shall not be issued for the purchase of se- curities if thereby more than 26% of either the actual cost or reasonable value (which- ever is less) of the property subject to this mortgage (after deducting all underlying liens) would consist of stock, bonds or other obli- gations. In no event shall bonds be issued for the above purposes (except refunding) in excess of 80% of the actual cost or rea- sonable value (whichever is less) of such property or securities, or extensions and im- provements, made after January 1. 1919. Furthermore, bonds other than the $9,000,- 000 for reimbursement shall not be issued for any of the above purposes (except refund- ing) unless net earnings, as defined in the mortgage, have been at least twice the an- nual interest charges upon all outstanding underlying mortgage bonds and all bonds is- sued under this General Mortgage, together with those applied for. General Mortgage Bonds in addition to these $5,500,000 bonds may be issued In series, which may differ as to interest rate, ma- turity and redemption rate, and may have the privilege of conversion into capital stock, as shall be determined by the company. Denomination — Coupon $100, $500 and $1,000: bonds of $1,000 registerable as to principal only. Registered $1,000, $5,000 and $10,000. Coupon ($1,000) and registered bonds interchangeable. Trustee — Central Union Trust Co. , New York. Redeemable at 105 and interest on any inter- est date upon 3 days' notice. Organization — The Brooklyn Edison Co. , Inc., is successor by change of name January, 1919, to the Kings County Electric Light & Power Co. (incorporated in New York in 1890). The Edison Electric Illuminating Co. of Brooklyn, formerly controlled through stock ownership was physically merged into the Brooklyn Edison Co., Inc., January, 1919. Outstanding Capital Stock $17.237, TOO Secured by a mortgage on all the real and personal property of the company now owned or hereafter acquired in any way. The prop- erty covered includes two steam generating plants with an installed capacity of 125,000 k. w. and 5,236 miles of distributing lines of which 2, 549 miles are underground. The company does all the electric light and power business in the Borough of Brooklyn (except' the 29th Ward), City of New York serving a population of about 1,600,000. Franchises are reported as perpetual. Prior liens — $11,996,000 bonds, viz.: Kings County Elec. Lt. & Power 1st 5s 1937 $2,500,000 Kings County Elec. Lt. & Power P. M. 6s 1997 5,176,000 Edison Elec. Ilium. 1st Cons. 4s 1939 4,275.000 ' Real Estate Mortgages 45,000 Under the terms of thl? mortgage no ad- ditional bonds can be issued under the above mortgages and bonds are reserved under this mortgage for refunding. Underlies — $1,762,300 Convertible Deben- ture 6s due 1922 and 1925. 141 Years eiiclf 191G, to September 16, 1930.— F. Dated March 15. 1915. Interest payable March IB and September 15, at Old Colony Trust Co., Boston; Chase National Bank, New York, and Michigan Trust Co.. Grand Rapids, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $3,000,000. Outstanding— $2,300,000 (Mar. 15, '19). Redeemed — $700,000. Denomination — Coupon. $100, S500 and Sl.OOO. Trustees— Old Colony Trust Co., Boston, and Michigan Tomst Co.. Grand Rapids. Redeemable on any Interest date at 102% and interest. Sinking Fund — Jl.OO per cord, for any wood cut in addition to the 250,000 cords per annum cut under the sale agreement referred to below. Such payments may be used to retire bonds, or with concurrence of James D, Lacey Timber Co. for purchase of additional timber or pulp- woods. Organization and Control — Incorporated in Canada as successor to Quebec & St. Maurice Industrial Co. In 1917 the Brown Company of Maine was organized as successor to the Ber- lin Mills Co. and acquired the entire stock Interest in this company and the Burgess Sul- phite Fibre Co. Secured by a first mortgage on nearly 2.000,- 000 acres of pulpwood lands, owned In fee or perpetual license In Canada, reported to have cost $3,275,000 in cash, and on sulphate pulp mill and lumber mill at La" Tuque, P. Q., in- cluding hydro-electric plant, reported to have cost $2,615,000 in cash. Further secured by a first lien on the proceeds of a sale by the Brown Corporation of about 3,750,000 cords of standing pulpwood timber for $4,485,000 to the Berlin Mills Co. and the Burgess Sulphite Fibre Co. The payments for this pulpwood and timber purchase are made semi-annually and are equal to the interest and principal re- quirements of the issue. Original Market — Offered in April, 1915, by Hornblower & Weeks, Boston, New York, Chicago, etc., and James D. Lacey Timber Co., Chicago, at x^ar and interest. Market, New York — B. H. Rollins & Sons, Horn- blower & Weeks, W. B. R. Smith & Co., B. & C. Randolph. H. N. Whitney & Sons. Chicago — E. H. Rollins & Sons, Child & Levering. Boston — E. H. Rollins & Sons. Hornblower & Weeks. Portland — Fidelity Trust Co., Casco Mercan- tile Trust Co., M. S. Brown, Beyer & Small, E. L. Wengren. \ PliUadelphia — E. H. Rollins & Sons. Brown Bros. & Co. Denver — B. H. Rollins & Sons. liOB Angeles — B. H. Rollins & Sons. San Francisco — B. H. Rollins & Sons. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO'^ '16 102% '16 98 Nov. lO-O Nov. Low. 98 '17 100 '18 100 Jan. BROWN HOISTING MACHINERY CO. 1st 6s. Due $100,000 each July 1 from 1917 to 1924. — F. Dated July 1, 1915. Interest payable Jan- uary and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800, 000. Outstan^ng — $600,000 (July, 1918). Balance Retired. Denombiation — Coupon $500 and $1,000. Trustee — ^First Trust & Savings Co., Cleve- land. Ohio. Redeemable in reverse order at 103 and Interest. Organization — Incorporated In Delaware In 1900, to succeed a company in business since 1885. Secured by a first mortgage on the plant of the company located at Cleveland, Ohio, where the company Is engaged In the manufacture of automatic hoisting and conveying appliances and material-handling machinery of all de- scriptions. Underlies — $200,000 2d 6s. Earnings — ^Average annual net earnings for eight years ended December 31. 1914, $217,136. Original Market — Offered in July, 1915, by TlUotson & Wolcott Co.. Cleveland. New York and Cincinnati, and First Trust & Savings Co., Cleveland. Ohio, at par and interest. Market. Cleveland — Tillotson & Wolcott Co. BROWNSVTLIE & MATAMOROS BRIDGE CO, 1st 6s. Due Jan. 1, 1930. — F. Dated Jan. 1, 1910, Interest payable Jan. and July 1, at St. Louis Union Trust Co.. St. Louis, Mo. Tax Status — 2% Federal Income Tax paid by company without deduction. Payment of Interest — ^In 1917 all coupons were paid from income; In 1916 from funds ad- vanced by N. O. T. & M. Ry. 145 Authorizea — $333,000. Outstanding — $333, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— St. Louis Union Trust Co. . St. Louis, Mo. Guaranteed jointly and severally as to prin- cipal and interest by endorsement by the Nat'l Rys. Co. of Mexico and The St. Louis, Browns- ville & Mexico Ry. Co. The latter company is subsidiary of the N. O.. Tex. A Mex. Ry. Co. Organization and Control — Incorporated Aug., 1909, in Arizona, and owns 93% of capital stock of the Brownsville Ferry Co., owning valuable river front property. The company issued $93,000 Gen. 4s for this pur- chase, of which $90,000 are outstanding. En- tire capital stock is owned jointly by guar- antors. Secured by a first mortgage on a steel bridge between Brownsville, Tex., and Matamoros, Mexico. This is the only bridge" crossing the Rio Grande River east of Laredo, and con- nects the lines of the proprietary companies. The company operates a gasoline car service between the two termini. Underlies — $93,000 2d 4s. due Sept. 1, 1931. Bond Year ^nded Deo. 31: Net Interest 391R $53,829 $20,250 *1917 33.126 20.250 ngiG 14,400 20.250 *1915 9.658 20,3*I4 ♦Year ended June 30. Original Market — Offered Jan., 1912. at 99 and interest by G. H. Walker & Co., St. Louis. Mo. $50,000 offered 1913 by the Mercantile Trust Co., St. Louis. BROWNSVILLE AVENUE STREET RAIL- WAY 1st 5s. Duo Aug. 1, 1926. — F. Dated Oct. 1, 1896. Interest payable Feb. and Aug. 1. at Mellon Nat'l Bank, Pittsburgh. Tux Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Default — Feb. 1, 1919, interest had not been paid Apr. 1, 1919. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia, Pa. Guaranteed as to interest by Pittsburgh & Birmingham Traction Co. Receivership — See Pittsburgh Railways Co. Organization and Control — Incorporated- in Pennsylvania In 1886. Controlled by Pitts- burgh & Bi rmingham Traction Co. through ownership of its entire capital stock, and prop- erty leased to the latter company. The Pitts- burgh and Birmingham Traction Co. is leased to The United Traction Co. of Pittsburgh which is controlled through stock ownership by the Pittsburgh Railways Co. The performance of lease is guaranteed by the Philadelphia Co., which controls through stock ownership the Pittsburgh Rys. Co. Secured by a first mortgage on 8.14 miles of street railway track in the 16th, 17th and 18th wards of Pittsburgh and the Boroughs or St. Clair and Mt. Oliver. The road extends on Brownsville Ave. from Carson St. to Arlington Ave. and on Arlington Ave. to its end at Han- dler St. Also on Beltzhoover Ave. from, War- rington Ave. to Charles St. and on Climax St. font St. Population dt wards and boroughs traversfjd, 75, 000. Franchise perpetual. Listed — Pittsburgh Stock Exchange. Market. Pittsburgh — Goddard, Hunter & Co. New York — Morton, Lauhenbruch & Co. Piiiladelphia — Sam'l K. Phillips & Co. Price Range. Jan. 1. '08 to Jan. 1, '11> 1918 Bid Ask Bid High. 103 '09 107 '10 88 Jan. Low. 76 '18 95 "IS 76 May BRUNSWICK & WESTERN RAILROAD CO. 1st 4s. Due January 1, 1938. — N. Dated Dec. 12, 1887. Interest payable Jan. and July 1, at United States Trust Co., New York. Tax StatuH — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $1,407,000. Exchanged for Atlantic Coast Line Consol. 4s and deposited under that mortgage — $1,593,- 000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Assumed by the Atlantic Coast Line R. R. Co. Control — Merged in 1901 with the Savannah. Florida & "Western Ry. Co. , which Company was consolidated in 1902 into the Atlantic Coast Line R. R. Co. Secured by a first mortgage on 166.58 miles of road from Albany to Brunswick, Ga. The line, which connects with three other lines of the Atlantic Coast Line R. R. , affords that Company its only entrance into Brunswick, Ga., which port is rapidly Increasing in im- portance as a shipping point for lumber. Bonds of this issue are outstanding at the rate of J8.446 per mile. Underlies — A. C. L. Cons. 4s of 1952, Gen. Unif. 4s and 4^s of 1964 and Unified 4s of from Beltzhower Ave. to Gearing St. to Chal- 19 59. Bonds are reserved under the Gen. Unif. mtge. to retire this issue. Legal for Bait., Cal., Conn., Mich., Minn., N. H.. N. J., N. T.. R. I. and Wis. Listed on the New York Stock Exchange, Market. New York — J. S. Farlee & Co.. E. & C. Randolph, Seasongood, Haas & Macdonald, Remick, Hodges & Co., Ambrose R. Clark & Co., Baker, Carruthers & Pell. Simon Borg & Co., S. P. Larkin & Co., P. J. Lisman & Co., Chas. W. Place, Redmond & Co., Tay- lor, Smith & Hard. Pittsburgli — Chas. Fearon & Co. Baltimore — Jenkins. Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hish.99^ Mar. 30. '06 78 Oct. 9 Low. 78 Oct. 9, '18 78 Oct 9 (THE) BRUNSWICK-BALKE COLLENDER CO. 6% Serial Notes. Due $400,000 each January 1 from 1920 to 19S9 inclusive. Dated January 1. 1919. Interest payable July 1 and Jan. 1 in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding— $3,555,000 (Dec. 31. 1918). Denomination — Coupon $1,000 all maturi- ties; $500 and $100, January 1, 1925, ma- turity. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole only at 103 and in- terest on any interest date upon 60 days' notice. 146 Organiziition — Incorporated in 1907 in Dela- ware as successor to a corporation of the same name incorporated under the laws of Ohio in 1884. Business established in 1845. The company manufactures billiard tables, b.i\\"ling alleys, phonographs, automobile tires, ha rd rubber goods, etc. The company, with its subsidiary companies, has factories distributed over the entire coun- try as follows: Chicago, New York, Muske- gon, Michigan, Dubuque, Iowa, and Toronto, Canada. In addition, it has hardwood timber lands, saw rniU and planing mill at Big Bay, Michigan. The products of the company are sold both through jobbers and through thirty- five branch houses in the principal cities of the United States and Canada. Capital Stock Authorized Outstanding .Preferred (7% cum.). $6,000,000 •$4,833,500 Common 6,000.000 6,000, (M)0 $li,166,5 00 purchased and retired as of Nov. 30, 1918. Security — A direct obligation of the company but not secured by a mortgage. These notes are the company's only funded debt. The indenture contains the following provisions: While any of the notes are outstanding the company may not mortgage or pledge any of its present assets, or those of its subsidiaries, except Liberty Bonds or other obligations of the United States Government. Total quick assets of the company and its subsidiaries must equal at least twice total lia- bilities, including the amount of these notes outstanding. The company may not issue, guarantee or endorse any other long time notes, bonded debt or similar securities, except for acquir- ing additional property, without the consent of the Trustee. Total assets as of November 30, 1918, after giving effect to this financing, were $21,228,- 764.80, net quick assets were $13,389,078.70. Years ended Dec. 31: Net 39IS $1,239,969 1917 1.211.889 1916 1,165.409 Original Market — $4,000,0 00 offered Jan- uary, 1919. by A. G. Becker & Co., Ames, Emerich & Co. and Continental & Commer- cial Trust & Savings Bank. Chicago, at prices ranging from 100 and interest to 96 and inter- est for various maturities. Market. Chicago — Ames. Emerich & Co., Child & Xicvering, Curtis & Sanger. Pynchon & Co. St. Louis — Mercantile Trust Co., Stix & Co. BRUSH BLECTRIC CO. 1st 5s. Dae AprU 1. 1953.— P. Dated April 1, 1912. Interest payable April 1 and Oct. 1. at H. L. Doherty & Co., 60 Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — $5,000,000. Ontstanding — $1,265,000 ($419,000 owned by -Cities Service Co.). Reserved for Extension 85% of Cost — $3,- 735,000. Denomination — Coupon, $1,000. Regiaterable aa to principal. . Trnstee — Bankers Trust Co., New 'York. Redeemable at 105 and interest on any In- terest date. Improvement and Slnkine Fund — Annually after 1916, 1% of outstanding bonds outstand- ing or in lieu thereof the company may expend 2% of outstanding bonds for improvements, etc. Organization and Control — The Brush Elec- tric Co. was incorporated in Delaware in 1912. The company is controlled through stock ownership by the Cities Service Co. Secured by a first mortgage on electric plant supplying a large part of Galveston, Tex., with electric light and power. The company wholesales current to the municipality for street lighting. Franchise expires in 1961. Year ended Dee. 31 Gross Net 1915 $277,352 $143,350 1914 277,567 127,671 Later earnings not available. Original Market — $1,250,000 offered in 1916 by Klemm & Keen and McCreery, Capelle & McCown & Co., Philadelphia, at 92 and in- terest. Market. New York — G. "W. Walker & Co., Hanson & Doyle. McDonnell & Co., Dunham & Co., F. H. Hatch & Co., E. & C. Randolph. H. L. Do- herty & Co. Philadelphia — O. B. Lansinger & Co., Rich- ards & Cu. . Barclay. Moore & Co. , Geo. S. Fox & Sons, H. D. Boenning & Co. , Capelle &> Co. Price Range. Jan. 1, '17 to Jiui. 1, '19 1918 Bid Ask Bid Ask High. 91 '17 93 '17 60 June 77 Oct. Low. 60 '18 66 '18 65 May BRYX MAWR (PA.) WATER CO. 1st 6s. Due July 1, 1919.— F. , Dated July 1, 1894. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deductiop. Tax free in Pennsylvania. Autliorized — $200,000. Outstanding — $185,000. Trustee — Columbia Ave. Trust Co., Phila- delphia. Pa. Assumed by Springfield "Water Co. Control — Merged with Springfield Water Co., which is leased to Springfield Consolidated Water Co., practically all of the stock of this company being owned by American Pipe & Construction Co. Underlies — $2,278,000 Cons. 53 of Spring- field Water Co* Market. ^ Fliiladelphia — Chas. Fearon & Co.. Sam' I K. Phillips & Co. Boston — H. C. S. Spiller & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Bid High.101% '17 92 Nov. Low. 91 '18 , 91 June BUDD (The Edw. G.) MANUFACTURING CO. 1st 6s. Due $67,000 each Aug. 1 from 1918 to 1927, inclusive, and .$6,000 from 1938 to 1933, inclusive. — F. Dated Aug. 1, 1917. Interest payable Feb. I and Aug. 1. at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized— $2,000,000. Outstanding — $933,000 (Aug. 2, '18). ♦Reserved for Additions — $1,000,000. •Issuable for 70% of cost when net profits for the 12 calendar months immediately pre- ceding the application, after all expenses and depreciation, are at least 3 times the amount necessary to pay the principal maturing duting 147 the said previous year and one year's interest on the largest amount of all of the bonds se- cured by this mortg-a&e outstanding at any one time during the said year, and 3 times the amount of one year's interest upon the addi- tional bonds proposed to be issued and the principal thereof maturing- 'In one year. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable as a whole at 101 and interest, or in part by lot from the last maturity out- standing. Organization — Incorporated in Pennsylvania and manufactures all stee". automobile bodies, interior steel furnishings, steel window frames, steel doors for railroad passenger coaches and steel stampings of every sort. Secured by a first mortgage on about 7 acres of land, for which the company paid $75,000, bounded by Wissahickon and Hunting Park Ave. and the Reading and Pennsylvania Rail- roads, on which the company has erected mod- ern concrete buildings of fireproof construction at a total cost,' including machinery and fix- tures, of $2,036,831. These buildings are ad- jacent to the company' s old plant, which is leased. The plants are connected by under- ground tunnels. Net assets as of Aug. 1, 1917, $1,253,350. The company covenants that it will at all times keep its quick assets to lia- bilities in the ratio of two to one. Original Market — Offered Aug., 1917, by Townsend, "Whelen & Co. and Brown Bros. & Co. , Philadelphia, at prices to net 6 % , 6 % and 6 % % . Market. Philadelphia — Biddle & Henry, Townsend, Whelen & Co., Brown Bros. & Co.. Sam'l K. Phillips & Co. , Price Range 1918 — Ask 96-98. BUFFAIiO & I.ACKAWANNA TRACTION CO. 1st 20-year 5s. I>ue Dec. 1, 1928. — F. Dated Dec. 1, 1908. Interest payable June and Dec. 1, at Trustee's office, Buffalo. Tax Status — 2% Federal Income Tax pa;id by company without deduction. Tax exempt in New York. Pennsylvania tax refunded. Default— Dec. 1, 1918, interest. Authorized — $1,500,000. Outstandipg— $1,000,000 (Feb. 21. '19). Pledged — $150,000. Reserved for Ext. — $340,000. In Treasury — $10,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — City Trust Co., Buffalo. Guaranteed principal and interest by the Buffalo , & Lake Erie Traction Co. (now in hands of receiver). Receiver — In December, 1918, Harry Evera of Buffalo was appointed receiver, upon ap- plication of City Trust Co., of Buffalo. Control — Leased for 999 years to the Buf- falo & Lake Erie Traction Co. , which com- pany also owns entire -capital stock. Through a contract with the International Traction Co, has universal transfers throughout the City of Buffalo. The Buffalo & Lake Brie Traction Co, Is now in the hands of receivers. Secured by a first mortgage on five miles of double-tracked street railway from the centre of Buffalo to the City of Lackawanna, where connection is made with the Buffalo & Lake Brie Traction Co. This line affords an en- trance into Buffalo for the B. & L. E. cars from Erie, Pa., and intermediate points. Fran- chises expire in 1931. Oiigimal Market — Offered in 1910 by Ber- tron, Griscom & Jenks, New York, at 96 and interest. Market. New York— J. S. Bache & Co., F. H. Hatch & Co. , Sharretts & Young, Philadelphia — H. D. Boenning & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask rtigh.94 '10 96 '12 70 Jan. 75 Jan. Low. 55 '17 67 '17 70 Nov. 75 Nov. BtrrFAI.0 & TAKE ERIE TRACTION CO. 1st & Ref. 5s. Due Nov. 1. 1936.— F. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at New York Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York arid Pennsylvania. Default — Nov. 1, 1912, and subsequent in- terest in default. Interest due Nov. 1, 1912, advanced to holders of certificates of deposit. Authorized — $12,000,000. Outstanding — $7,066,000. Denomination — Coupon, $1,000. RegisterabCe as to principal. Trustee — New York Trust Co. , New York. Redeemable at 110 and interest on any in- terest date. Protective Committee — ^A. "W. Krech, Chair- man, A. V. Morton, "W. N. Ely, H. Nesbit. G. R. Teller, R. E. Grisoom, with Samuel Armstrong, 37 Wall St., N. Y. C, as secre- tary. Depositary, Equitable Trust Co., New York. Sub-Depositary, Girard Trust Co. , Phila. Receivership — George Bullock was appointed July 7. 1915. Organization and Control — Incorporated in New York and Pennsylvania In 1906. The Company is in process of reorganization. Sam- uel Armstrong, 37 Wall St., New York, is Secretary of Bondholders* Conamittee, Equi- table Trust Co., New York, is the depositary. Secured by a first mortgage on high speed Interurban railway between Lackawanna, N. Y., and Erie, Pa., about 85 miles, and by a second lien, by deposit of all the stock of the Buffalo & Lackawanna Traction Co., on 4^ miles of double track street railway between Buffalo and Lackawanna. Also secured by a second mortgage on 13 miles of interurban railway from Buffalo to Hamburg, N. T., a second mortgage on 6% miles of street railway in Dunkirk, N. Y., and between that city and Fredonia and a general mortgage on 30 miles of street railway in and around Brie, Pa. Population served, 800,000. Franchises are perpetual. Prior Liens — $745,000 Hamburg Ry. 1st 4s of 1926, $39,000 Dunkirk & Fredonia 5s of 1952, $1,250,000 Erie Electric Motor Co. 1st Ref. 5s of 1941 and $1,310,000 receivers certificates. Year ended June 30 Gross Net •Int.&rRent 1917 $1,7'20,408 $515,982 $6S9,.'819 1916 1,416,361 455,257 -626.446 1915 1,214,253 33S,194 613.663 1914 1,233.056 444,790 614,595 1913 1,167.082 330,992 ■ 584,875 •Includes interest accrued but not paid. Market. New York — Chas. H.' Jones & Co., Bigelow & 'Co., E. & C. Rarfdolph, J. S. Bache '& 148 Co., A. B. Fitkin & Co.. Fred H. Hatch & Co., Taylor & White. Lynch & McDermott. Philadelphia — Saml K. Phillips & Co. Boston — Hotohkin & Co.. Chas. A. Day & Co. Price Banee. Jan. 1, '10 to Jan. 1, '19 1818 Hieh>85 '10 95 '10 20f. Jan. 25f. Jan. Low. lot. '16 15f. '18 lOf. Nov. 15f. Nov BUFFALO & tOCKPOBT KAILWAY 1st Ss. Due July 1, 1038 F. Dated May 26, 1898. Interest payable Jan. and July 1. at Bauitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandingr — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Control — Merged into the International Ky. Co., which company is controlled through ownership of entire capital stock, by the Inter- national Traction Co. The latter Company Is controlled by the United Gas & Electric Corp. through stock ownership. ijecured by a first mortgrage on 24 miles ol Tonawanda interurban railway between Buffalo and Lockport, N. Y., and 6 miles between Ken- more, a suburb of Buffalo, and Tonawanda, and on 7 miles of street railway in Lockport. Population served, ButCalo, 430,000; remaining, territory, 50,000: Franchises are mostly per- petual, none expiring prior to 1946. Underlies — $13,907,000 International Ry. 6a, $18,336,000 International Trac. Coll. Tr. 4s, 1949. and $300,000 debenture 6s. Bonds are are reserved under the Railway Ref. & Imp. Mortgage to retire this issue. Eaminge — See International Ry Co. Market, BuffaJo — John T. Steele. J. C. Dann & Co., Baker. Mandeville Sc Co.. Gardner, Penn & Co., O' Brian, Potter & Co. Buffalo — John T. Steele, J. C. Dann & Co. New York — B. & C. Randolph. Fred H. Hatch & Co. Price Range. Jan. 1, 1909, to Jan. 1, 1919 1918 Bid Ask Bid Ask IIigh.100% '09 103 '08 96 Jan. 98 Jan, Low. 90 '18 92 '18 90 July 92 Nov Market. Buffalo — John T. Steel, J. C. Dann & Co., O'Brlan, Potter & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOOii '14 103 '08 93% Dec. 96% Deo. Low. 93 '18 96 '18 93 Aug. 96 Dec. BUFFALO & NIAGARA FALLS ELECTRIC RAILWAY CO. 1st 5s. Due July 1, 1935. Dated June 15, 1895. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750, 000. Outstanding — $750, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Bankers' Trust Co.. New York. Control — Merged In 19 02 into International Ry. Co.. which- is controlled through stock ownership by the International Traction Co. , a subsidiary of the United Gas & Electric Corp. Receivership — See International Traction *Co. Secured by a first mortgage on 30 miles of interurban and street railway track between Buffalo, Tonawanda, North Tonawanda and Niagara Falls, and street railway lines in lat- ter city. Population served, Buffalo, 430,000, remaining territory, 55,000. Franchises ex- tend to 1946 or beyond. Underlies — $13,907,000 Int. Ry. 6s, $18,335.- 000 Internat'l Trac. Co. Coll. Tr. 4s, 1949, and $300,000 debenture 63. Bonds are reserved under the Railway Ref. & Imp. Mortgage to retire this issue. !Eamings — See International Ry. Co. Market. New York — Hodenpyl, Hardy & Co. Buffalo — John T. Steel, J. C. Dann & Co., Baker, Mandeville & Co., Gardner, Penn & Co.. O'Brlan. Potter & Co. Chicago — Hodenpyl, Hardy & Co. Boston — HOtchkln & Co., Inc., L. Sherman Adams. . Price Range. Jan. 1, 1908, to Jan. 1, 1919 1918 Bid Ask Bid Ask High.107 '»9 108 '09 96 June 99 June Low. 89 '18 89 Sept. BUFFALO & NIAGARA FALLS ELBH^TBIC LIGHT & POWER CO. Ist 5s. Due Feb. 1, 1942.— F. Name changed to "Niagara Blectric rServlce Corporation." Dated Feb. 1, 1902. Interest payable Feb. 1 and Aug. 1, at Buffalo Trust Co.. Buffalo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and OntstaJiding — $500,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Buffalo Trust Co., Buffalo. Controlled through stock ownership by the Buffalo General Electric Co. Secured by a first mortgage on transforming station and distribution system supplying elec- tricity in Niagara Falls, N. Y. Purchases power from two companies oper- ating hydro-electric plants. Population served, 30,000, Franchises perpetual. Year ended Dec. 31 Gross Net Interest 1918 $364,825 $127,952 $25,000 1617 330,568 118,970 26,000 1916 304,593 116,073 25,000 1915 283,588 106,664 25,000 1914 274.641 110.510 26,000 149 BUFFALO & SOUTHWESTERN RAILROAD CO. 1st Extended 6s. Due July 1, 1928. Dated December 17. 1877. Extended July 1, 1908, interest being reduced from 6%. Interest payable Jan. and July 1, at J. P. Morgan & Co. Extended July, 1918, for 18 years. In- terest mcreased from 5 % to 6 % . Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000, $600, $100 and $50 each. Registerable as to principal. Redeemable at 105 and Interest on any in- terest date. Assumed by the Brie R. R. Co. Control — Merged into the Erie R. R. Co. in 1895. Secured by a first mortgage on 66.38 miles of road from Buffalo Creek R. R. Jot.. Buf- falo, to Jamestown, N. Y. Bonds of this Issue are outstanding at the rate of $22,600 per mile on the line affording the Erie R. R. an en- trance into Buffalo from the West. Underlies — Brie R. R. Buffalo & S. W. Div. 2d Bxtd. Ss; Erie R. R. Cons, Prior Lien and Gen. Lien 4s, which latter provide for the re- tirement of this issue and Erie Gen. Conv. 4s of 1953 and notes. Legal for Cal. and Me. Original Ma-rkct — $300,000 offered in 1908 by Charles C. Harrison, Jr., & Co., Philadelphia, at par and interest. Market. New Yoi'k— Wolff & Stanley, Wm. C. Bwen. Price Rangre. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO^ '09 102 '08 101 Uec. 101^^ Dec. Law. 93 '09 97 '10 98 Jan. 99 Jan. BUFFALO & SUSQUEHANNA IRON CO. 1st S. F. 5s. Due June 1, 1933.— F. Dated July 1, 1902. Interest payable June and Dec. 1. at New York Trust Co., New York. Tax Status— 2% Federal Income Tax paid by company without deduction. " Authorized — §3,000.000. Outstanding — $1,700,000 (June 2, '19). Retired by Slnikin^ Fund — $1,300,000. Denominatioin' — Coupon, $1,000. Registerable as "to principal or fully registerable, Trustee — New York Trust Co., New; York. Redeemable as a whole at 107^/^ and interest on any interest date or for sinking fund at par. Sinkhi«: Fund — Retires $100,000 par value annually of these bonds each June 1 at par, in numerical order from the lowest. Organization) — Incorporated in New York in 1902. Subsequently organized and now owns the entire capital stocks of the Cascade Coal & Coke Co. and the Munro Iron Mining Co. In 19 09 the company was merged into the Rogers- Brown Iron Co. , which is controlled , through stock ownership by partners of Rogers, Brown & Co. Secured by a first mortgage on all property now owned or hereafter acquired and inaud- ing: fifty acres of land in Buffalo with two blast furnaces with a daily capacity of 700 tons of pig iron. Also further secured by de- posit with the trustee of entire $100,000 cap- ital stock of the Munro Iron Mining Co. Underlies — Debenture 5s of 1926 and Rog- ers-Brown Iron Co. 1st & Ref. os which pro- Vide to retire this issue. Farnings — See Rogers-Brown Iron Co. 1st ,& Ref. 5s. , liieted on the New York Stock Exchange. Original Market— Offered in 1904 by Fisk & Robinson, New York, at 98 and interest. Market. Buffalo — John T. Steel, A. L. Chambers & Co.. Baker, MandeviKe & Co., O'Brian, Pot- ter & Co. New York — Chas. H. Jones & Co., McKinley & Morris, Robinson & Co.. Wolff & Stanley, Bigelow & Co.. F. H. Hatch & Co., Hodenpyl, Hardy & Co., T. Hall Keyes & Co. Price Range — N. Y. S. ' E. Jan. 1. 1906 to Jan. 1, 1919 1918 High. 100 May 24, '09 90 May 22 Low. 90 Sept. 4, '13 90 May 22 BUFFALO & SUSQUEBANNA IRON CO. 30- Year Deb. 5s. Due Jan. 1, 192G.— F. Dated January 2, 1906. Interest payable March and Sept. 1, at Trustee's ofRce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,500,000. OutstandiJig— $1,23 7,00 (Jan. 1, 1919). Held in Treasury — $203,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any inter- est date on nine weeks' notice, as a whole only. Organization and Control — See 1st S. F. Ba. 1932. Secured equally with Rogers-Brown Iron Co. ls,t and Ref. 5s of 1914-40 by a mortgage oi^ the property covered by the direct lien of the B. & S. I. Co. 1st S. P. 5s of 1932, and 2 additional blast furnaces and ore docks. Trior Liens— 1st S. F. 5s of 1932. Refunding— The R.-B. I. Co. 1st & Ref. Mortgage provide to retire this issue.- Barnings — See Rogers-Brown Iron Co. 1st & Ref. 5s. Listed on the New York Stock Exchange. Original Market — First offered by Fisk & Robinson, New York. Market. New York — Miller & Co., E. & C. Randolph, J. S. Bache & Co., WolfE & Stanley, Robinson & Co., Hodenpyl, Hardy & Co., F. H. Hatch & Co. Buffalo — John T. Steel, J. C. Dann & Co., Baker, Mandeville & Co., O'Brian' Potter & Co. Chicago — Hodenpyl, Hardy & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hish.993^ Nov. 8, '09 86% July 16 Low. 74 Dec. 9. '13 85 Jan. 12 BUFFALO & SUSQUEHANNA RAILROAD CORPORATION Ist 4fi. Due Dec. 30, 1963.— F. .Dated Dec. 30, 1913. Interest payable Jan. 1 and July 1, at E. B. Smith & Co.. New Ydrk. Tax Status — 2%, Federal Income Tax paid by company without . deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding— $6,008,700 (Mar. 15, '19). Held in S. F.— .l;581,800. In Treasury — $368,500. Reserved for Evt., etc. — $3,041,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only or exchanged for fully registered bonds "which are reconvertl- ble into coupon bonds. Registered. $100, $200 and $500 bonds, exchangeable for $1,000 bonds. Trustee — Equitable Trust Co., New York. Sinking Fund — Minimum of $50,000 per an- num from Jan. 1, 1915, to 1949, to retire bonds at not exceeding par and interest. Amounts in excess of $5 0,000 to be received on account of principal of any mortgages held as collater&,l under this mortgage and any further payments authorized in case of issue of further bonds or otherwise. Bonds acquired to be held alive. Organization — Incorporated in Pennsylvania in 1913 as successor to Company of the same name. Secured by a direct or collateral lien on 237.12 miles of road, viz.: A first lien on 217.28 miles — Miles Sagamore, Pa., to N. Y.-Pa. State Line 164.60 Gaines Jet. to Ansonia, Pa 8.60 Galeton. Pa., to N. Y.-Pa. State Line. 26.91 Du Bois Jet. to Du Bois, Pa .54 Wharton to Keating Summit, Pa 16.63 A first collateral lien (entire issues of stocks and bonds) on 19.84 miles — N. Y.-Pa. State Line to Addison, N. Y. 9.73. N. Y.-Pa. State Line to Wellsville, N.Y. 10.11 Further secured by deppsit.of all the mort- gages aggregating $1,153,117 on the property of the Powhatan Coal & Coke Co. at Tyler, Pa., and Sykesville. Pa., and by depesit of a second mortgage for $1,300,000 on the proper- ties of the Buffalo & Susquehanna Coal & 150 Coke Co. at Du Bois. Pa., Onondaga, Pa., and Sagamore, Pa., and by deposit of all the common stock (par value, $60,000) of the Kfey- " stone Store Co, Year ended Dec. 31 Gross Net ' Interest 1918 $1,786,856 $937,018 $294,368 1917 1,785,701 936,698 294,038 1916 1,678,686 910,077 301.626 1916 1,632,863 707,608 319,797 *Includes rentals and sinking fund. Market. Fhiladelphia — H. P. Bachman & Co.. Har- per & Turner. E. B. Smith & Co.. Prazier & Co., Biddie & Henry, Chas. Fearon & Co., Sam'l K. Phillips & Co. New York — Britton, Rollins & Co., Morton, Lachenbruch & Co., Hanson & Doyle, Korn, Lehman & Co., F. H. Match & Co., F. J. Lisman & Co., B. & C. Randolph, J. S. Farlee & Co., Abraham & Co., Baker, Carruthere & Pell, Freeman & Co.. McKinley & Morris. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 81 '16 82 '17 73 Nov. 76 Nov. Low. 63 '15 70 '15 69 Jan. 72 Jan. (THE) BUFFALO CREEK RAILROAD CO. Cons, (now l&t) {>s. Due January 1, 1941. Dated January 1, 1891. Interest payable Jan, and July 1. at U. S. Mortgage & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000, 000. Outstanding — $1,000,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — E. P. Wilbur .Trust Co., South Bethlehem. Pa. Guaranteed as to interest by the Lehigh Val- ley B. E. Co. and N. Y., L. B. & W. K. R.Co., now Brie R. R. Co.. jointly, under terms of lease, each company beln^ liable for one-half the rental. Organization — Incorporated in New York in 1869 and leased in 1889 for the term of its charter to the Lehigh Valley R. R. Co. and the Erie R. R. Co. Rental, 7% dividend on $250,000 capital stock and interest on bonds. Secured by a first mortgage on 5.70 miles of terminal main line and a total mileage in Buffalo. N. Y.. including second, third and fourth track and sidings of 36.37 miles. Underlies — 1st Ref. 4s of 1961. which mort- gage provides for the retirement of these bonds. Legal for Me., Mich., Minn., N. J., N. Y. and Wis. Original Market — First offered by Spencer. Trask .4 Co. and Potter. Choate & Prentice, New York. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell. John Davenport, Taylor. Smith & Hard. Philadelphia — Rami K. Phillips Price Range. Jan. 1, 1909 to Jan. 1, 1919 Birl Ask High.114 -09 115 '09 Low. 85 '18 114 '09 & Co. 1918 Bid 85 Nov. BUFFALO GENERAL ELECTRIC CO. 1st 5b. Due Feb. 1, 1939.— N. Dated Feb. 1. 1899. Interest payable Feb. and Aug. 1, at Fidelity Trust Co.. Buffalo. Tax Status — Payment of Federal Income Tax not assumt^d by company. Anthorized — Closed mortgage. Outstanding — $2,375,000. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Buffalo. Organization — Incorporated in New York Aug., 1892, as a consolidation of all electric light companies in Buffalo. Also owns entire capital stock of the Buffalo & Niagara Falls Electric LI. & Pr. Co. (now Niagara Electric Service Corporation). In Sept., 1916, merged the Cataract Power & Conduit Co. Secured by a first mortgage on plants sup- plying electric light to Buffalo, Lackawanna, Blasdell, West Seneca, Amherst and Cheek- towaga, N, Y. Uses electricity generated by the Niagara Falls Power Co. and owns a 6,000 k. w. steam generating station. Population served, 500,000. Franchises are perpetual. Underlies — $7,029,000 1st Ref. 5s of 1939, which provide for retirement of this issue. Year ended Dec. 31 Gross Net Interest 1918 $5,373,703 $1,415,555 $717,997 1917 4.209,719 1.479,757 682.564 1916 $3,366,963 $1,226,006 $440,608 1915 2.134,180 788,985 265,664 1914 1,630,886 631,879 178.164 1913 1,449.437 597.390 171,363 Original Market — First offered by J. C. Dann & Co.. Buffalo. ^^rket. Buflfalo — John T. Steele, O'Brian & Potter, Baker, Mandeville & Co. , Gardner. Penn & , Co, Boston — Lee, Hieginson & Co. New York — J. S. Farlee & Co., Dunham & Co.. G. W. Walker & Co,, Miller & Co.. J. S. Bache & Co., Kiely & Horton, John Muir & I 'o. . E. & C. Randolph, Lee, Higginson & Co., Hodenpyl, Hardy & Co.. McGeorge & Van- derhoef, "Wm. C. Ewen. Abraham & Co., Berdell Bros., F. H. Hatch & Co.. Low, Dixon ic Co.. Taylor & White. Chicago — Illinois Trust & Savings Bk.. Bab- cock. Rushton & Co, Albany — Henry J. Prince. Philadelphia — Graham, Parsons & Co., Fra- zier & Co. prj^^ K^„j,^ Jan. 1, 'OS to -Ian. 1, '19 1918 Bid Ask Bid Ask High.10214 '17 104 -IT 97^/^ Jan. 99 Feb. Low. 8y -'IS 91 'la 89 Dec. 01 rJct. BUFFALO GENERAI. ELECTRIC CO. 1st Ref. 5s. Due April 1, 1939.— N. Dated April 1, 19 09. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Feder?il Income Tax not assumed by company. Tax exempt in New York. Authorized — $ 10.000,000. Outstanding — $7. 029. 000. Reserved for Prior Liens — $2,375,000, Reserved for Ext. — $594 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole or in part by lot at 105 and interest on four weeks' notice on any interest date. Organization — See 1st 5s of 1939. Secured by a mortgage on plants supplying electric light to Buffalo. Lackawanna, Blasdell, AVest Seneca, Amherst and Cheektowaga, N. Y. . and also a second mortgage on the prop- erty formerly belonging to the Cataract Power & Conduit Co. Prior Lien — $2,375,000 1st 5s of 1939 anft. $1,384,000 Cataract Power & Conduit Co. ls\. 5s of 1927. Earnings — See Gen. 5s. 151 Orlgrinal Market — $1,200,000 offered March. 1916. by Lee, Hlggrlnson & Co., at 100% and Interest. Market. New york — J. S. Farlee & Co., Dunham. & Co., Lee, Hi&ginaon & Co., Kiely & Horton, Wm. C. Eivven, Hodenpyl, Hardy & Co., Lynch & McDermott, McGeorge & Vanderhoef, Abra- ham & Co.. F. H. Hatch & Co., Kiely & Horton, ■ Taylor & White. Philadelphia — Bonbrlght & Co. , Frazier & Co.. Graham, Parsons & Co. Chicago — Bonbright Sr- Co., Babcock, Rush- ton & Co. Buffalo — O'Brian, Potter & Co., Baker, Man- deville & Co., Gardner, Penn & Co., John T. Steele, Boston — Lee, Higglnson & Co.» Bonbright & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.101% '16 101*^ '17 97 Dec. 99 Dec. Low. '85 '18 87% '18 85 Sept. 87% June. BUFFALO GBJSTERAL EUQCTBIC CO. 6-Year Conv, Deb. 6s. Due Aug. 1, 1922. — F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, in New York and Buffalo. Tax Status — 2% Federal Income Tax paid by company without deduction. Antfaorized — $4,400,000. Outstanding — $4,400,000. Purpose of Issue — Proceeds to be applied to the new construction. Including new 50,000 h.p. unit. Denominations — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustee — Bankers Trust Co., Buffalo. Redeemable as a whole only on any interest date on five weeks' notice as follows: During 1920, 103 and interest: 1921, 102 and Interest, and on Feb. 1, 1922. at 101 and interest. Convertible at any time after Aug. 15. 1919, Into the common capital stock of the com- pany, par for par, with adjustment of interest and dividends. If called privHege extends to ten days before call date. Secnrity — ^A direct obligation of the company but not secured by a mortgage. While these debenture bonds are outstanding no further mortgages or liens can be placed In the com- pany's properties without equally securing these bonds. Prior tiens — $2,375,000 1st 5s of 1939; $7,- 029,000 1st Ref. 5s of 1939. and $1,384,000 Cataract Power & Conduit Co. 1st Ss of 1927. Original Market — $4,400,000 offered Aug.. 1917, by Lee, Higginson & Co.; at 100 and interest. Market. Chicago — Babcock, »Ru3hton & Co., White, Weld & Co. New York — Wm. M. Clarke. F. H. Hatch & Co., T. Hall Keyea & Co., Kiely & Horton, McGeorge & Vanderhoef, John Nickerson, Jr.. Taylor & White, White. Weld & Co. BafTalo — Gardner, Penn & Co., O'Brian, Pot- ter & Co., John T. Steele. Price Range — 1918. Bid Ask High. 101 Dec. 102 Dec. Low. 85 June 89% May Bankers' Trust Co., New York, and E. W. Clark & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Oatstanding — $5,000,000. Denomination — Coupon and registered, $1,000. Coupon bonds reglsterable as to prin- cipal. Trustee — Bankers' Trust Co., New York. Control — ^Merged Into the International Ry, Co. , which company is controlled through stock ownership by the International Traeuon Co.. a subsidiary of the United Gas & Klectric Corp. Secured by a first mortgage on 67 miles of street railway track, of which 40 miles are first track, including many of the most import- ant lines in Buffalo. No franchises expire prior to 1946, while practically all are per- petual. Underlies — $13,907,000 International Ry. 5b and $300,000 notes and $18,335,000 4s of the International Traction, Bonds are reserved under Int. Ry. Bef. & Imp. Mtge. to retire this issue. Earnings — See International By. Co. Maricet. XiOuisville — Wood, Johnson & Co. , J. W. & D. S. Green, J. B. Hilliard & Sons. Chicago — ^Harris Tr. & Sav. Bank. Buffalo — O'Brian, Potter & Co., A. L. Cham- bers & Co., John T. Steele, Baker, Mandeville & Co., Gardner, Penn & Co. New York — L. A. Norton, F. H. Hatch & Co., Kiely & Horton, Gude, Winmill & Co., E. & C. Randolph, Hodenpyl, Hardy & Co., Joseph & Wiener, Miller & Co., Tobey & Kirk. Earle A. Miller & Co., Taylor & White, Har- vey A. Willis & Co. Philadelphia — Graham, Parsons & Co.. Fra- zier & Co., Harper & Turner. Boston — L. Sherman Adams. Price Bange. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.103 '17 104 '17 95 Jan. 98 Jan. Low. 90 '18 91% '18 90 Dec. 91% Dec. BUFFALO RAILWAY CO. 1st Cons. 6b. Due Feb. 1, 1931.— P. Dated Feb. 1, 1891. Interest payable Feb. and Aug. 1, at International Ry. Co.. Buffalo, BUFFALO. ROCHESTER & PITTSBURGH RAILWAY CO. Gen. 5b. Dae Sept. 1. 1937.— N. Dated September 1, 1887. Interest payable March and Sept. 1, at A. Iselin & Co., 36 Wall Street, New York. Tax Status — 2% Federal Income Tax de- ducted from interest payments. Pennsylvania State Tax exempt. Authorized — $4,780,000, as limited by terms of Cons. 4% mtg. Outstanding — $4,427,000. Reserved for for construction of line from Mt. Jewett to Johnsonburg, $353,000. Denomination — Coupon. $1, 000. Reglsterable as to principal only, or fully reglsterable. Trustee — Central Union Trust Co. , New York. Organization — See Cons. 4%s of 1957. Secured by a direct mortgage on 253.23 miles of road, viz. : A first lien on 18.89 miles — Miles Howard Jet. to Mt. Jewett. Pa 18.90 A. second lien on 125.01 miles — (Covered by the first lien of R. & P. Cons. 1st 63) •. . . . 124.99 A. third Hen on 109. S3 miles — (Covered by first lien of R. & P. 1st 6s) 109.34 A-lso secured by a first lien on practically the entire capital of the Rochester & Pitts- burgh Coal & Iron Co. Bonds of this Issue are outstanding at the rate of $17,500 per mile. ir)2 PHor Mens — $1,300,000 R. & F. 1st 6s ot 1921 and J3, 920, 000 R. & P. Cons. Ist 6s of 1922. Cnderlies— B., R, & P. Cons. 4%s o£ 1967, o( which a sufficient amount is reserved to- retire this issue. Year ended June 30 and Dec. SI Gross Net Int.&Rent 1918.. $18, 479, 668 $1,027,618 $2,206,026 1917,. 14,976,000 3,636,241 2,166,266 1916.. 12,761,765 4,233,792 2.104,263 •1916.. 11,971,018 4,088,200 2.795,380 •1916,. 9,479,936 3,032.733 2.262,933 •June 30. listed on the New York Stoclc Bxchanre. IiBEal for Cal., Conn.. N. H.. N. T. and R. I. iviarket. New 'york — White, Weid & Co., Wood, Struthers & Co., Sharretts & Young, B. & C. Randolph, Remick, Hodges & .Co., Seasongood, Haas & McDonald, F. J. Lisman & Co., Low, Dixon & Co., Redmond & Co., Abraham & Co., Baker, Carruthers & Pell, S. P. Larkin £ Co. Philadelphia — Frazier & Co., Graham, Par- sons & Co. Price Ranee— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.119% July 16 '06 99% June 22 Low 99 Mar. 16, '18 99 Mar. 16 BUFFALO, BOCHESTBB & PITTSBURGH RAILWAY CO. Cons. 4%s. Due May 1, 1957.— F. Dated May 1, 1907. Interest payable May and Nov. 1, at A, Iselin & Co., 36. Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt (numbers 10,001 to" 10,907) in New York (stamped). Tax exempt in Pennsylvania. Authorized — $36,000,000. Ontstandine — $16,414,000 (May 15, 1919). Reserved for Prior l.iens. Extensions, etc. — $18,586,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registrable. Reg- istered, $1,000 and $5,000. Trustee — Central Union Trust Co.. New York. Organization — Chartered in 1887 in New York and Pennsylvania as a consolidation of the B., R. & P. R. R. Co. and the Pittsburgh & State Line R. R. Co. The two latter com- panies were chartered in accordance with a plan for the reorganization of the Rochester & Pittsburgh Ry. Co. Secured by a direct mortgage on 368.31 miles of road and all other property, viz. : A first lien on 104.79 miles — Miles Indiana Jet. to Josephine. Pa 18.61 C'reekside to Iselm. Pa 18.61 Perry to Silver Springs, N. Y 6.46 Frances Branch, Pa 1.17 Ajucerne Branch, Pa 6.76 Jacksonville Branch, Pa 5.21 Aultman Branch, Pa 2-42 Bleanora Branch, Pa 6.98 'Adrian Branch. Pa 4.24 Walston Branch, Pa 3.82 Beechtree Branch, Pa 4.83 A second lien on 29.19 mi'les — (Covered by first lien of Lincoln Park & Charlotte 1st 5s) 10.39 Covered by first lien »f B. R. & P. Gen. Mtge IS-SO A third lien on 124.99 miles — (Covered by first lien of R. Sc P. Cons. 1st. 6s) 124-9!' A fourth lien on 109.34 miles — /Covered by the first lien of R. & P. 1st 6s) 109.34 Also a lien on 131.11 miles of trackage rights. Prior Mens— Subject to $9,997,000 (closed /nc^tgagesj prior liens, viz. : Buffalo, Rochester & Pittsburgh Gen, 6s, 1937 $4,427,000 Lincoln Park & Charlotte 1st 6., 1939 360.000 Rochester & PIttsbureh 1st 63. 1921. 1.300.000 Rochester & Pittsburgh Cons. 1st 6b, 1922. „ 3,920,000 Prior liens cannot be extended at maturity. Legal for Cal., Conn., Me., Mich., Minn, N. H.. N. J., N. Y„ K. I. and Wis. Listed on the New York Stock Exchange. Original Market — $1,000,000 offered July, 1907, at 100% and Interest, by Wm, A. Read i Co., New York, $600,000 Sept.. 1912. by same firm on a 4>,4% basis. $1,400,000 offered April, 1914, by Colgate, Parker & Co., Whitt. Weld & Co. and Robert WInthrop & Co.. at 103% and Interest. $1,020,000 offered March. 1917. by Kean. Taylor & Co., at 101% and interest. $4,570,000 offered by Guaranty Trust Co.. New York, at 87% and interest, April, 1919. • Market. New Tork — ^Wood, Struthers & Co., Chas. H. Jones & Co., Hartshorn & Battelle, E. & C. Randolph, Remick, Hodges & Co,, Colgate, Parker & Co.. Struthers & Hlscoe, Sea-son- good, Haas & Macdonald, Redmond & Co., Taylor. Smith & Hard. Baker. Carruthers & Pell. J. S. Farlee & Co. Flliladelphia — W^est & Co., Graham, Parsons & Co., Bioren & Co., Frazier & Co. Pittsburgh — R. B. Hutchinson & Co., Co- lonial Trust Co., Wm. P. Lemley & Co.. Kean, Taylor & Co. Price Range — N. Y. S. E. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask High. 110% Dec. 28, '09 87% Dec. 99% Apr. Low. 98% Dec. 22, '14 77% Jan. 87% Nov. BUFFALO, ROCHESTER Si PITTSBCBGH RAILWAY CO, Eauip. 4%s. Series "B." Due May 1. 1980. — F. Dated May 1, 1904. Interest payable May and Nov. 1. at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized — $1,000,000. Outstanding — $942,000 (Jan. 1. '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Sinking Fund — On May 1st of each year an amount equal to 5% of bonds issued, for the purchase and cancellation of bonds of this issue at not more than par and interest. If bonds cannot be purchased, fund is to be applied to the purchase of additional equipment as a fu»- ther security for this issue. Secured by an equipment trust agreement on 36 locomotives, 17 passenger cars, 1,402 gon- dola cars, 44 coke cars, 15 flat cars and 18 work equipment cars. Market — See Equip. 6.s. Price Ranee 1918 — Bid 96%, Ask 98. 153 BUFFAI.O, ROCH£$T£R & PITTSBURGH RAILWAY CO. Equip. Wss, Series *'C." Due May 1» 1921. — F. Dated May 1, 1901. Interest payable May and Nov. 1, at A. Iselin & Co., New York., Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Penn.sylvania and New York. Autliorized — $1, 000. 000. Outstanding — $804,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Sinking Fund — 5% of bonds Issued on Nov. 1st of each year, for the purchase and can- cellation of bonds of this issue, at not more than par and interest; otherwise for the pur- chase of additional equipment as further secur- ity for this issue. Secured by an equipment trust agreement on 56 locom3tives. 1 passenger car, 10 box cars, 1,003 gondola cars and 52 ballast cars, one snow plow. Mariiet — St^e Equip. 6s. I'rice Ran&3 1918 — Bid 95. BUFFALO. ROCHESTER & TITTSBURGH RAILWAY CO, Equip. 4'/^s. Series "i*. . Due Nov. 1, 1919.— F. Dateif November 1, 1902. Interest payable May and Nov. 1, at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax paid by company' without deduction. Tax exempt in Pennsylvania and New York. Authorized — $2,000,000. OutJ^tanding — $267,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any inter- est date, on six weeks' notice. If less than the entire issue is called for redemption, bonds shall be drawn by lot. Sinking Fund — Annually on Sept. 1, G% of bonds issued for the purchase and cancellation of bonds at not more than 105 and interest. Bonds not purchasable to be cal'ed by lot at not exceeding 105 and interest. Secured by an equipment trust agreement on 45 locomotives, 6 passenger cars, 300 box cars. 1,249 gondola cars, 79 coke cars, 10 stock cars, 25 refrigerator cars, 21 flat cars, and 4 work equipment cars. T'larket^See Equip. 6s. Price Range 1918 — Bid 96. BUFF.VLO. ROCHESTER & PITTSBURGH RAILWAY CO. Equip. 4^s, Series "E." Due M.^.y 1, 1922.— F. Dated May 1, 1900. Interest payable May and Nov. 1, at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax paid hy company without deduction. Tax exempt in Pennsvivania and New York. Authorized and Issued — $2,000,000. Outstanding- $693,000 (Jan. 1, '19). Bjilancc Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. * Redeemable at 102 and interest on any inter- est date on six weeks' notice, or for sinking entire issue Is called for redemption, bonds shall be drawn by lot. Sinking Fund — On March 1st of each year, beginning March 1, 1905, an amount equal to 6% of issued bonds, for the purchase and can- cellation of same at not more than 105 and .interest. Bonds not purchasable to be called by lot at not exceeding 105 and interest. Secured by an equipment trust agreement on 30 locomotives, 12 passenger cars, 100 box cars and 1,994 gondola cars. Market — See Equip. 6s, Price Range 1918 — Bid 95. 1, '19). Registerable BUFFALO, ROCHESTER & PITTSBURGH RAILWAY CO. Equip. 4V3S, Series *'F." Due April 1, 1937.— F. Dated April 1, 1907. Interest payable April and Oct. 1, at A. Iselin & Co., New York. Tax Status-^ L^ % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized — $3, 000, 000. Outstanding — $1,053,000 (Jan. Balance Retired. Denomination — Coupon, $1,000. as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102 and interest on any inter- est date on six weeks' notice, or for sinking fund at par and interest. Sinking Fund — On August 1st of each year, beginning Augu.st 1, 1908, an amount equal to 6 % of issued bonds for -the purchase and can- cellation of bonds of this issue at par and in- terest. Bonds not purchasable to be called by lot at not exceeding par and interest. Securer! by an equipment trust agreement on 27 locomotives, 525 box cars and 2,127 gondola cars. Original Market — $1,700,000 offered March, 1907, at 94% and interest by Guaranty Trust Co., New York. .Market — See Equip 6s. Price Rapge 1918^Ask 9 8V2-99. BUFFALO, ROCHESTER & PITTSBURGH RAILWAY CO. Equip. 4s, Series *'G." Due Oct. 1. 1929.— P. Dated October 1, 19 09. Interest payable April and Oct. 1 , at A. Lgelin & Co. , New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized — $3, 000,000. Outstanding— $1,915,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Sinking Fund — 6% per annum, of the bonds Issued, to be paid on each Febriiary 1st, be- ginning Feb. 1, 1911, for the purchase and can- cellation of these bonds at not more than par and interest. Bonds not purchasable to be called by lot at par and interest. Secured by an equipment trust agreement on 2.465 steel coal cars, 920 steel underframe box cars, 100 steel underframe flat cars, 21 steel passenger cars, 13 locomotives. Original Market — $1,000,000 offered Jan- 1912, by Proctor & Borden, New York, on a 4.35% basis: $500,000 offered July. 1913, by Kean, Taylor & Co., New York, at 90% and interest, ' Market — See Equip. 6r. X»rice Range 1918 — Bfd 96. BUFFALO. ROCHESTER & PITTSBURGH RAILWAY CO. Eanip. 5s. Series "H." Due 8125,000 each Jan. 1, from 1915 to 1930. — F. Dated July 1, 1913. Interest payable Jan. 1 and July 1. 154 Tax StatiiF) — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized — $2,000,000. OutBtandiiig — *i,U^o,uoo (April 16. 1919). Haluiiee Retired. l>enumination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organ ization» Karningre, etc. — See Consol. 4V2S. Secured by an equipment trust agreement on equipment to cost not less than $2,200,000, in- cluding 16 locomotives, 12 steel passenger cars, 1,000 steel hopper bottom coal ears, 500 steel underframe box cars and 500 steel underframe gondola cars. Original Market — $1,500,000 offered in May, 191-1, by Lee, Higginson & Co., Boston, New York, etc., and George S. Fox & Sons and Townsend Whelen & Co.. Philadelphia, to yield 4.40%. Marliet — ^ee Equip. Gs. BUFFALO. ROCHESTER & PITTSBURGH RAILWAY CO. Equip. Tr. 5s, Series **J." Due $50,000 each April 1 and Oct. 1, from AprU 1, 1918, to Oct. 1. 1933, in- clusive. Bated July 1. 1917. Interest payable April 1 and Oct. 1. at A. Iselin & Co., New York. Tax Status — 2% Federal Income Tax de- ducted from interest payments. Tax exempt in Pennsylvania and New York, Authorized — $1,600,000. Oatstanding— $1,5 00,000 (Apr. 16, '19). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Secured by an equipment agreement on 6 Mallet locomotives, 1 wrecking crane, 1 5 ca- boose cars, 21 light j\Iallet locomotives; 5 switching locomotives and 3 Pacific type loco- motives, costing $2,087,960. Original Market — $1, 600,000 offered July, 1917, by Tilney, Ladd & Co. , and Colgate, Parker & Co. , New York, and Townsend, Whelen & Co. and Graham, Parsons & Co., Philadelphia, on a 5% % basis for average maturities. JMarket — See Equip. 6s. BUFFALO. ROCHESTER & PITTSBURGH RAILWAY CO. Equip. 6fi. Series "K.'* Due $40,000 each Feb. 1 and Aug, 1 from E?b. 1, 1919, to Aiipr. 1, 1933, inclusive. Dated Aug. 1, 1918. Interest payable Feb. 1 and Aug. 1. Tax Status — 2 % Federal Income Tax de- ducted from interest payments. Tax exempt in Pennsylvania and New York. Authorized — $1,2 00,000. Outstanding — $1,160,000. (Feb. 1. '19). Balance Retired. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Secured by an equipment agreement on 4 eight-wheel superheater switching locomotives, 5 Pacific type passenger locomotives. 15 Mal- let type articulated superheater locomotives and 1 heavy Mallet articulated .superheater locomotive. All of this pnuipment was or- dered prior to May 1 , 1917. and the total cost amounted to $1,586,136. Original Marltet. — $1,700,000 offered De- cember, 1918. by Freeman & Co., New York, on a 5.75% basis. Market. New York — Bull & Eldredge, Evans, StlU- man & Co., Coggeshall & Hicks, Freeman & Co. , Seasongood, Haas & Macdonald, F. J. Lisman & Co. Philadelphia — Frazier & Co., S. K. Phillips & Co., Cassatt & Co., West & Co., Graham, Parsons &, Co., Biddle & Henry, Chas. Fearon & Co.. Welsh Bros., Wurts. Dulles & Co. IMttsburgh — R. B. Hutchinson & Co., Kean, Taylor & Co. BUFFALO TRACTION CO. Ist 5s. Due Dec. 1, 1948.— F. Dated Dec. 1, 1898. Interest payable June and Dec. 1, at Trustee's ofFlce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $673,000. Denomination — Coupon, $1,000. Trustee — Metropolitan Trust Co., New York. Assumed by International Ry, Co. Control — ^Merged with International Ry. Co., which company is controlled through stock ownership by the International Traction Co. Receivership — See International Traction, Co. Secured by a first rfiortgage on 12 miles of street railway track In Buffalo. Underlies — $13,907,000 International Ry. 5s and $300,000 notes and $18,335,000 4s of the International Traction Co. Bonds are reserved under the Railway Ref. & Imp, Mtge. to retire this issue. Earnings — See International Ky. Co. Market. Buffalo — John T. Steel. Boston — L. Sherman Adams. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.1061^ '09 108 '09 100 Jan. 102 Jan. Low. 95 '18 98 '18 95 June 98 Feb. BURGETTSTOWN COAL CO. (OF PENN- SYLVANIA 1st S. F. Gs. Due .1130.000 each June 1 and December 1 from June 1, 1919, to December 1, 1928. inclusive. Dated December 1, 1918. Interest payable June 1 and December 1 in Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State tax exempt. Antliorized — $600,00 0. Outstanding — $600,000. Denomination — Coupon $1,000. Registera- ble as to principal. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities. Philadelphia. Redeemable at 100 and interest at 30 days' notice, upon any interest date. Sinking Fund — 20 cents per net ton on all coal mined, with required minimum payments to the Trustee from Jan. 1, 1919 ' to 1928, inclusive, providing for the serial retire- ments of $30,000 of boniis each six months. Surplus amounts accruing to this fund over and above such minimum may be applied to the purchase of bonds in the market, or if unobtainable, to the retirement of next suc- ceeding series. Bonds so acquired shall be cancelled. Organization — Incorporated in Pennsylvania in 1018, Secured bv a first mortgage on 725 land acres and 800 coal acres owned in fee to- gether with mine plant including tipple, elec- tric pou'or hou.'^e, adequate buildings, mine in.5 cars, electric locomptives and miners' houses. This plant is valued at $350,000 and has an annual capacity of 350,000 tons. The prop- erty is estimated to contain 5,600,000 tons of the Pittsburgh bed domestic and steam coal and about 2,500,000 tons of "Rooster" bench coal. The property adjoins the town of Burgettstown, Pa., which is about 28 miles west of Pittsburgh on the main line of the P. C. C. & St. L. Ry. Co. ■ In addition to the security according to the mortgage by the Burgettstown Coal Co. opera- tion, an additional tract of land containing 400 acres in fee simple of coal and appraised at $120,000 is also provided. When the mort- gage is reduced by the amount of $120,000 under the operation of the Sinking Fund or otherwise, this 400-acre tract may be released, provided additional coal acreage is substituted therefor adjoining the Burgettstown opera- tion to maintain 800 coal acres at that opera- tion. This means that when the mortgage is reduced to $480,000 there will still be the same amount of unmined coal at the Burgetts- town operation as exists at present. As se- curity temporarily in lieu of the 300 additional coal acres (Included in the 800 acres above) to be acquired at the Burgettstown tract, there is deposited under this mortgage 2,000 acres known as the Patterson Mill Tract, all of which is underlaid with the Pittsburgh Seam, Original Market — $600,000 offered February, 1919. by Graham, Parsons & Co., Philadel- phia, at prices ranging from 100 and inter- est to 96% and interest for the various ma- turities. BURLINGTON, CICDAR RAPIDS & NORTH- ERN RAILWAY CO. CoDB. Ist 6s. Dae April 1. 1034.— N. Dated April 1, 1884. Interest payable April and Oct. 1, at First National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $19,405,000. Outstanding in Hands of Public — $11,000,000. Deposited under C.p R. I. & P. Ref. 4s — $6,600,000. Under terms of the Chic, R. I. & Pac. Re- funding Mortgage, all of the Burlington, Cedar Rapida & Northern Cons. 5a issued subaeauent to April 1, 1904, are to be acquired and de- posited under said Refunding Mtge. An addi- tional $1,905,000 bonds may be issued under thia mortgage to retire prior Hens. Denomination — Coupon, $1, 000, Exchange- able for registered bonds. Registered. $5,000. Trustee — Central Union Trust Co., New York. Assumed by the Chicago, Rock Island & Pacific Ry, Co. Control — ^Purchased in 1903 by the Chicago, Rock Island & Pacific Railway Company. Secured by a direct mortgage on 1,302.29 miles of road. viz. : A first lien on 998.44 miles — Miles Plymouth Jet. to Manly, la., and North- wood, la., to Minn. State Line 9.17 Traer to Holland, la 24.16 Germania. la., to Erie, Minn., and Rose- mount to Iver Grove, Minn 108.93 ■Waverjy Jet, to Waverly, la 5.68 Bennett to Davenport, la 29.92 Hayfield Jet to Tltonka, la 24.91 Lake Park, la., to "Watertown, S. D... 16 4. 08 Ellsworth, Minn., to Sioux Falls, S. D. 42.34 "Worthington to Hardwick, Minn 34.79 Troaky to Jaaper, Minn 8.71 Iowa City to Montezuma, la T. . 71.29 Thornburg to What Cheer, la 5. 40 Iowa City to Clinton, la 78 . 42 Junction near Postville, la., to Uecorah, la 23.28 Spur to Worthington, Minn 1.27 Spur to Albert Lea, Minn 0. 68 Burlington to Plymouth Jet., la 219.52 Muscatine to Iowa Jet., la 28.15 Linn Jet. to PostviUe, la 94.12 Vinton to Traer, la 23.62 A second lien on 303.85 miles — Covered by the first liens of the follow- ing: Cedar Rapids, Iowa Falls & N. W. 53.. 291. 61 Minn. & St, L. 1st Guar. 7s 12.34 Also a lien on 39 miles of trackage. Further secured by pledge of $2,011,000 of $3,916,000 C, R. I. F. & N. W. 1st 5s of 1921. Prior Liens— $1,905,000 C.R ., I. F. & N. W. 5s of 1921, and $150,000 Minn. & St. Louis 1st Guar. 7s of 1927 (closed mortgages). Underlies — C, R. L & Pac. Ref. 43 of 1934, which provide for the retirement of thia laaue. Legal for Bait, and Me. Listed on the New York and Boston Stock Exchanges. Market. New York — Struthers & Hiscoe, Sharretts & Young, E. & C. Randolph, Coflin & Co., Tay- lor, Smith & Hard, Vilas & Hickey, Ambrose R. Clark & Co., Baker, Carruthers & Pell, Chas. W. Place, Redmond & Co. Chicago — ^A. E. Butler & Co., Harris Trust & Sav. Bank. Philadelphia — Harrison & Co., Biddle & Henry. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.119^ Feb. 28, '06 96 Feb. 13 Low. 95% Dec. 13, '18 95% Dec. 13 BURLINGTON (VT.) GAS LIGHT CO. 1st 6s. Due Jan. 1, 1955. — P. Dated April 1, 1905. Interest payable Jan. and July 1. at Ameridkn Trust Co., Boston, Mass. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,250,000. Outstanding — $1,216,000. Reserved for £xt. — $34,000. Denomination — Coupon, $1,000, Trustee — Burlington Trust Co., Burlington. Vt. Guaranteed principal and interest by the American Gas Co. by endorsement. Organization and Control — Incorporated In Vermont, 1904, as a consolidation of two elec- tric companies and the old Burlington Gas Co. Controlled through ownership of entire capital stock by American Gas Co. Secured by a flrat mortgage on entire prop- erty, including a water gas plant and a hydro- electric plant in Burlington, three miles from . Burlington on the Winooskl River; supplies gas to Burlington and Winooskl. and electric light to Burlington, Winooskl, Essex, Essex Jet. and Port Ethan Allen. Franchises are perpetual. Population served, gas, 25,000; electricity, 30.000. Original Market — Offered in 1905 by B. H. Gay & Co., New York, at 102% and Interest and also offered In 1910 by Damon, Bollea & Co., Boston, at 95 and interest. Market. New York — J. D. Curtis & Co.. A. E. Fit- kin & Co., John J. Levenaon, E. & C. Ran- dolph, G. W. Walker & Co., Chas. H. Jones & Co., Bauer, Starr & Co. 156 Philadelphia — H. D. Boenning & Co., Fra- zier & Co., Blkins, Morris & Co., Sam'l K. Phillips & Co. Boston — McConnell & Co., Inc., Hotchkin & Co., L. Sherman Adams, G. "W". Walker & Co. Chicago — Bab cock. Ruahton & Co. Newark — Post & Flaffg:. Birmingham — Caldwell & Garter. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95% '16 97% '12 S6 Jan. 91 Jan. Low. 62 *18 82 '18 62 Aug. 82 June Price Kange. • Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.94»^ '12 96^ '12. 80 Jan. 85 Jan. Low. 76 '18 81 '18 7-6 Nov. 81 Nov. (TITE) BURLINGTON (lA.) RAILWAY & LIGHT CO. 1st S. F. fis. Due March 1, 1932.— F. Dated March 1, 1912. Interest payable March and Sept. 1. at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,600,000. Outstanding— $1,738,0100 (April. 1919). Retired by Sinking Fond — $102,000. Reserved for Ext. — $5,660,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Equitable Trust Co., New York. Redeemable at 106 and interest on any inter- est date on three months' notice. Sinking Fund — ^Annually, beginning July 1, 1914, 5% of the gross earnings of the Company for the purchase and cancellation of bonds at not exceeding 105 and interest. Organization — Incorporated in Delaware In 1912 and acquired the Peoples' Oas & Electric Co. and t^e Burlington Ry. & Light Co. of Iowa. Secured by a first mortgage on all the prop- erty, franchises, etc., now owned or hereafter acquired and including 23 miles of street rail- way track in Burlington and suburbs and gas, electric and steam heating plants. The com- pany owns all the lighting properties in Sigour- ney, Hedrlck, Delta, Martlnsburg, Fremont, Mediapolis, Wapello, What Cheer, Milton, West Burlington, Morning Sun and Wlnfleld, all In Iowa. The company has long term contracts with the Mississippi River Power Co. and the Rock Island-Southern Ry. Co. for the purchase of power for its own use and for distribution. Railway franchises except two minor ones are unlimited as to time. Gas, electric and heating in Burlington expire in 1927. Company must obtain renewal three years prior to expiration or on failure to do so pay the trustee the ap- praised value of properties. Population served, 53.000. Years ended Dec, 31 Gross Net 1917 $431,580 $176,124 1916 427,285 186.703 1915 405.352 182,608 1914 400,818 182,373 1913 366.614 177,349 Original Market — $1,400,000 offered June, 1912, on a 5.30% basis by Spencer Trask & Co. Market. Chicago — Babcock, Rushton & Co. New York — Spencer Trask & Co., A. E. Fitkin & Co., Miller & Co., Barle A, Miller & Co., Berdell Bros., John J. Levenson, Lynch & McDermott. Joseph & Wiener, Kiely & Hor- ton. B. & C. Randolph, Chas. H. Jones & Co., Fred H. Hatch & Co.. Taylor & White. Milwankee — Edgar Rlcker & Co. Wiimington — Geo. P. Blssell. Boston — L. Sherman Adams. BURNS (P.) & CO. 1st 68. Due April 1, 19S4. D9ted April 1, 1909. Interest payable April and Oct. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $455,900 (May 17, 1919)'* Retired by Sinikine Fund — $644,100. Denomination — Coupon* $100. $500 and $1,000. Trustee — ^National Trust Co., Toronto, Can. Redeemable on any interest date as a whole, or for the sinking fund at 105 and interest. Sinking Fund — Sum sufficient to redeem bonds before maturity must be set aside eacn year. Secured by a first mortgage on abbatolrs, packing houses and ranch land located at vari< ous points in Canada. irnderiies — $1,203,500. Refg. 6s. Original Market — Dominion Securities Co., Toronto, at par and interest, July, 1909. Market. Montreal-^N. B. Stark & Co. , Dominion Securities Corp. , Ltd, , Hew R. Wood Co. Toronto — A. E. Ames & Co., Murray, Mather & Co., N. B. Stark & Co., Goldman & Co., Dominion Securities Corp. New York — ^Abraham & Co. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103^ '11 104 '12 100 Apr. 101 Apr. Low. 95% '18 98% '18 95% June 98% June BURNS (P.) & CO. lat Refg. 6s. Due Jan. 1, 1931.— N. Dated Jan. 3. 1911. Interest payable Jan. and July 1. Tax Status — Payment of Federal Income Tax not assumed by ccrmpany. Aathorized— $1, 500, 000. Outstanding — $1,126,500 (May 17, 1919). Retired by Sinking Fund — $373,500. Denomination — Coupon. $100, $500 and $1,000. Trustee — National Trust Co., Toronto, Can. Redeemable as a whole at 105 and interest on any Interest date after July 1, 1916, and for the sinking fund beginning July 1, 1912, and annually thereafter. Sinking Fund — Conmienclng July 1, 1912, Company must pay to Trustee annually, sum sufficient to retire bonds before maturity on basis of purchasing fixed amount in market, or calling desired amount at 105 and interest. Secured by a second mortgage on abbatolrs, packing holises, stores and ranch lands, lo- cated throughout western Canadar Prior Liens— $532,600 1st 6s. Famings — ^Net earnings have averaged over $400,000 after all interest and charges for the past six years. Original Market — Offered by the Dominion Securities Corp. at 100 and interest in March, 1911. Market. Hamilton — ^Morgan, Dean, Harris & Co. Toronto — ^Murray, Mather & Co. , A. B . Ames & Co., Goldman & Co., Aemellua Jarvia & Co., Dominion Securities Corp. Montreal — Dominion Securities Cori>.» Ltd., N. B. Stark & Co.. Hew R. Wood Co. New York — Abraham & Co. 157 Price Range. Jan. 1. 1912 to Jan. 1, 1»19 1918 Bid Ask Bid Ask Hieh.102 '12 103 '12 97 Mar. »9 Mar. L,ovv. 94^ '18 9^^ '18 94^^ June dl\^ June BUSH TERMINAL BUILDINGS CO., 1st S. h\ OS. Due AprU 1, 1960.— F. Dated April 1, 1910. Interest payable April and Oct. 1, at company's office, New York. Tax Statui!) — 2% Federal Income Tax paid by coiftpany without deduction. Tax exempt in New York. Authorized — $12,000,000. Outstanding— $8,984,000 (Dec. 31, 1918). Retired by S. F. — $440,000. Reserved for Ext. — $2,576,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $^,000 and $10,000. C. & K. in- terchangeable. Trustee — Columbia Trust Co., New York. Sinking Fund — On November 1, 1915, and annually thereafter, sums equal to the per- centages of the amount of all bonds which have been issued prior to respective dates of such payments as follows: 1915 to 1919 in- clusive, 1%; 1920 to 1929 inclusive, 1M%: 1930 to 1939 inclusive 1%%; 1940to 1949 in- clusive, 1%%: 1950 to 1959 inclusive. 2%; together with an additional sum, equal to 10% of the amount of each payment. The bonds may be purchased for sinking fund at not over 110 and interest, but if not purchasable the fund may be invested in securities legal for New York State Savings Banks, and securi- ties so acquired to be pledged under this mort- gage. Bonds of this i ssue purchased for sinking fund to be cancelled. Guaranteed principal and interest by the Bush Terminal Co. by endorsement. Controlled by the Bush Terminal Co., through ownership of entire outstanding capi- tal stock and which is deposited under the Cons. 5s of that company. Secured by a first mortgage on a number of large modern terminal factory and loft build- ings in Brooklyn and New York City. These properties include 9 city blocks and 9 seven and eight story steel and concrete loft buildings with power building in Borough of Brooklyn; office building of company 100 Broad St., ahd a 10-story loft building east 29th St.. New York City. Years ended Dec. 31 Gross 1917 $1,480,939 1916 1,230,930 1915 1.100,830 Listed on the New York Stock Exchange. Original Market — $4,000,000 offered April, 1911, by Spencer Trask & Co., and F. J. Lis- man & Co., New York, at 98% and interest. Market. New York — C. H. Jones & Co., Britton, Rol- lins & Co., J. S. Stubbs & Co.. McKinley & Morris, Sharretts & Young, Hartshorne & Ba- telle, McClure, Jones & Reed, Ladd & Wood. A. H. Bickmore & Co., Crap & Co.. Wolff & Stanley, Morton, Lachenbruch & Co.. E. & C. Randolph, Redmond & Co., Wm. Carnegie Ewen, Theo. L. Bronson, John Davenport, Sam'l Goldschmidt, J. S. Farlee & Co. Philadelphia — Lauchheim, Minion, & Co.. Brown Bros. & Co., Chas. Fearon & Co. Syracuse — Trust & Deposit Co. of Onon- Net $627,275 629,826 664,689 Interest $366,242 353,908 360.726 San Francisco — Ryone-Blankenhorn-Hunter Co. Uoston — McConnell & Co., Inc. Price Range, N. Y. S. E. Jan. 1, 1911 to Jan. l,^ 1919 1918 High.97% -Nov. 19, '12 85 Nov. 23 1jOW.74 Feb. 6, 'IS 74 Feb. 6 BUSH TERMINAL COMPANY 1st 4a. Dae April 1, 195a.— N. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,500,000. Outstanding— $2,952,000 (Dec. 16, '18). Retired from Sale of Lands — $325,000. Retired by Sinking Fund — $219,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Sinking Fund — 1 % of outstanding bonds annually on July 1. for their purchase at not exceedirg par and interest. If jiot so pur- chasable, within one year after rflter to pur- chase, fund to revert to Company's treasury. Organization — Incorporated in New York in 1903 and in 1904 absorbed the Bush Co. Ltd. Also owns entire capital stock of the Bush Terminal R. R. Co. and the Bush Terminal Buildings Co. Requisitioned by Government — The WAr De- partment has requisitioned the properties of this company. iSecured by a first mortgage on property in Brooklyn on New York Bay, having 3,100 feet water frontage and comprising 164 acres to- gether with improvements, terminals, seven, piers. 20 miles of railroad track, "6 locomo- itves, numerous car floats and tug boats. Cnderlies — Cons. 5s of 1955. Years ended Dec. 31 Gross Net Interest 1917 $2,157,210 $1,436,305 $451. 85& 1916 1,955,237 1,392,721 453,097 Original Market — offered in 1903 by p. j. Lisman & Co. , and Dominick & Dominick, New York, at 91*yi and interest. Market. New York — B. & C. Randolph, J. 'S. Far- lee & Co., John Davenport. McKinley & Mor- ris, "Wm. C. Ewen. * Philadelphia — S. K. Phillips & Co., Brown Bros. & Co. Price Range, N. Y ,S. E. Jan. 1, 1906 lo Jan. J, 1919 1918 High.96 Sept. 16, '11 83 Jan. 2 L,ow.75 Nov. 'll. '17 79 May 20 Los Angeles — Blankenhorn-Hunter Co. Pasadena — Blankenhorn-Hunter Co, BUSH TERMINAL COMPANY Cons. 5s. Due Jan. 1, 1955.— N. Dated December 31, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $6,629,000. Reserved for Prior Lien — $3,371,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Title Guarantee & Trust Co., New York. Organization — See 1st 4s. Secured by a first collateral lien on the en- tire capital stock ($20,000) of the Bush Ter- minal R. R. Co., which owns a double track electric railroad, free from bonded debt, from 28th Street and Second Avenue, Brooklyn, to First Avenue and 6 5th Street, Brooklyn, two electric locomotives, also on the entire capi- 158 tal stocli of the Bush Terminal BuildinBS Co., which owns nine City blocks In the Borough of Brooklyn. (See B. T. Bldg. Co. 1st 6s.) Also a second mortgage on the entire property of the company covered by the First 4a. Prior JLieiis — 1st 4s, due 1962, which this mortgage provides to retire.. liisted on the New York and Amsterdam Stock Exchanges. Karnings — See 1st 4a. Original Market — $1,000, 000 offered in 1906, by F. J. Lisman & Co., New York, at 96% and interest. Market. New York — P. J. Lisman & Co., Britton, Rollina & Co., McKiniey & Morris, F. H. Hatch & Co., J. S. Farlee & Co., E. & C. Randolph, Theo. L. Bronson, John Davenport, Wm. C. Bwen. Philadelphia — Brown Bros. & Co. Boston — McConnell & Co., Inc. Price Range, N. Y. S. B. Jan. 1, 1906 to Jan. 1, 191il 1918 High.100% Apr. 18, '11 86 Nov. 12 Low. 75% Sept. 6, '18 75% Sept. 5 BUSH TERMINAI. CO. 6%Secnred Notes. Due $100,000 aoarterly, March 15, 1918, to Dec. 15, 19S0, Inclusive.^F. Dated Dec. 15, 1917. Interest payable quarterly March 15, June 15, Sept. 15, and Dec. 15. in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding — $533,000 (May 17, 1919). Bush Terminal Co. owns $111,000. Purpose of Issue — The proceeds are to re- imburse the company for expenditures in con- nection with the coat of two industrial build- ings and to strengthen the treasury. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Redeemable at 101 and Interest on any In- terest date on 15 days' notice. Organization, etc. — See 1st 4s. Secured by pledge, of $1,600,000, Bush Ter- minal Buildings Co. 1st S. F. 5s, due 1960 and $1,100,000 additional collateral represent- ing cash expenditures in connection with the cost of construction of the new International Exhibit Building on 4 2d St., Manhattan, New York City. Original Market — $1,200,000 offered Jan. 1918, by F. J. Lisman & Co., New York, at prices to yield 7.25% for average maturities. Market. New York — John Davenport. Price Ranee 1918 — ^Aak 99%. BUSINESS REAL ESTATE TRUST OF BOS- TON 1st 4s. Due June 1. 1921. — F. Dated June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax Exempt in Mass. Authorized and Outstanding — $4,200,000. Denomination — Coupon. $1,000. Registered $100, $500, $1,000, $5,000 and $10,000. Coupon fully reglaterable. C. & K. $1,000 and over interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on sixty days' notice. Secured by a first mortgage on 34.780 square feet on Washington and Sumner Street. Boa- ton, and on a 99 year leaae of 7, 600 square feet at same location. On this property there was erected in 1912 a department store build- ing which has been rented for a term of 35 years to William Filene's Sons Co. Earnings — Dividends of 4 % % per annum are being paid on $3,250,000 stock. Original Markets— First offered Nov., 1911, at 99 and interest by Lee, Higginson & C^o., Boston, New York, etc., $60,000 offered by same firm 1915 at 97 and Int. Alarket. Boston — Blodget & Co., Thos.' O. Powell, Lee, Higginson & Co., Burroughs & Co., G. AV. Walker & Co. New York — Blodget i Co., G. W. Walker & Co., Lee, Higginson & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid High. 90 '16 09 '17 84 Jan. Low. 81 '18 02 '17 81 June BUTLER WATER CO. 1st 5s. Due July 1, 1927.— N. Dated July 1, 1897. Interest payable Jan. and July l,,at Trustee's ofBce. , Tii.v Status — Payment of Federal Income Tax not assumed by company. Ta-\ exempt in Pennsylvania. .-Vuthurized — $200,000. Outstanding — $ 1 72,500. Denomination — ^Coupon, $500 and SI. 000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at any time at par and interest. Control — Entire stock owned by American Water Works & Electric Co. Secured by a first mortgage on plant supply- ing water to Butler, Pa. Real estate includes 550 acres of ground, with pumping station, reservoirs and filtration plants. Population. 35.000. Company operates with perpetual franchise. Underlies — $6S1,000 bonds. Years ended April 30 Gross Net Interest 1918 $126,407 $73,i;i5 $50,958 1917 128,279 87,6-06 .''.1,663' 1916 110,978 81,968 50,402 1916 108,077 78,613 50,033 1914 101,403 75,370 49,211 Market. Pittsburgh — Wm. P. Lemley & Co., Glover & MacGregor. Boston — H. C. Spiller & Co., Inc., Hotchkln & Co., Chas. A. Day & Co., F. W. Mason & Co, McConnell &. Co., Inc. Portland — H. M. Payson & Co. New York — H. C. Spiller & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid A sk Bid High.89 '17 92% '17 80 July Low. 72 '18 72 Sept. BUTLER WATER CO. 5s. Due Sept. 3, 1931. Dated Sept. 2, 1901. Interest payable March and Sept. 2, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $750. 000. Outstanding — $677,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. *i Redeemable at par and interest at any time. Control — Entire capital stock is owned by American Water Works & Electric Co. Secured by a second mortgage on plant sup- plying water to Butler, Pa. Population, 30,000. 159 Prior liens— $172,500 lat 5s of 1927. Underlies— $4,0,00 5s of 1948. ISarnines — See Ist 6a. Market. Boston — P. W. Mason Co., H, C. Spiller & Co., Hotchkin & Co. Portland, Me. — H. M. Payson & Co. Pittsburgh — ^Wm. P. Lemiey & Co. Price Range. Jan. 1, 1915 \o Jan. 1, 1919 1918 Bid Ask Bid Ask Hi&h.84'15 90 '15 ?0 Sept. 73^ Sept. Low. 65 '18 1Z% '18 65 Dec. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98 '17 100 '16 91% Feb. 95 Feb. Low. 80 '18 87 '18 80 July 87 July BUTTE. ANACONDA & PACIFIC BAIIiWAY CO. Ist S. F. 58. Due Feb. 1, 1944.— N. Dated Feb. 1. 1914. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $5, 000, 000. Outstanding — $4,289,000 (May 3. 1919). Held in Sinking Fund — $174,000. Reserved for Ext. — $537,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. C. & R. inter changreable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on Feb. 1, 1915, or on any Interest date thereafter. Sinking Fund — Beginning February 1, 191 S and annually thereafter, a sum of money equal to 1 % of total face amount of bonds issued, plus interest on bonds in the sinking fund, to be applied to the acquisition of these bonds at not exceeding 105 and interest. Bonds to acquired to be held alive in the sinking fund. Guaranteed as to principal and interest by the Anaconda Copper Mining Co. by endorse- ment. Control — Over a majority of the $2,500,000 capital stock is owned by the Anaconda Cop- per Mining Co. The latter company Is the largest single producer of copper In the world. Secured by a first mortgage on 60 miles of main line road and a total of 136 miles of track from Butte to Anaconda and west to Southern Cross with branches ; and also on all equipment (except steam locomotives) valued at $1,500,000, which the company covenants to maintain. Of this mileage 77 nliles are operated by electricity. The road operates between the mines of the Anaconda Copper Mining Co. and smelter, and connec- tions with through lines. Year ended Dec. 31 1917 $1,789,396 $367,186 $219,590 •1916 1.973.231 680,778 147,985 •Tear ended June 30 Original Market — Offered March, 1914, by the Guaranty Trust Co., New Tork and Kid- der, Peabody & Co. , Boston and New Tork, at 99% and interest. Market. New York — ^McDonnell & Co., Miller & Co., Potter, Choate & Prentice, Holmes, Bulkley & Wardrop, John J. Levenson, Morton Lachen- brUch & Co.. B. & C. Randolph, F. J. Lisman & Co. , Phelps & Neeser, Abraham & Co. , Chas. D. Barney & Co., Fred H. Hatch & Co., T. Hall Keyes & Co. Boston — McConnell & Co., Inc., Kidder, Pea- body Sl Co. St. liouis — John Nlckerson, Jr. Pittsburgh — R. B. Hutchinson & Co., Kean, Taylor & Co. Minneapolis — Phelps, Eastman Co. Providence — Homblower & Weeks. Philadelphia— Sam' 1 K. Phillips & Co. BUTTE (MONT.) EUBCTBIC & POWER CO. 1st S. F. 5s. Due $25,000 annually from Jun>8 1, 1919, through June 1, 1930; $299.- 000 on June 1. 1931, and remainder on June 1, 1951.— F. Dated June 1, 1901. Interest payable June 1 and Dec. 1, at Trustees, New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,985,000 (Mar. 15, 1919). Retired by S. F.— $260,000. Serial Retirement — $380,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New Tork. Sinldng Fund — Beginning May 31, 1916, $10,000 annually, which will provide for the payment of one-half of the bonds that mature on Jime 1, 1931. A second sinking fund pro- vides for the redemption of one-fourth of all bonds maturing June 1, 1951. Assumed by the Montana Power Co. Organization and Control — Incorporated in New Jersey 1901 as successor to the Butte Lighting & Power Co. In 1912 it was merged with three other power companies into the Montana Power Co. Secured by a first mortgage on all the prop- erty formerly owned by the company and in- cluding gas plant in Butte ; electric lighting and distributing systems in Butte and Great Falls, street railway system in latter town and by deposit of $375,000 (one-half entire issue) capital stock of the Great Falls Water Power and Townsite Co., and $5,000,000 (over half issue) common stock of Great Falls Power Co., which owns 3 power plants and water rights near Great Falls. Mont. The former company owns a 2-3 Interest in a company owning a hotel costing $400,000, and other real estate in Great Falls. The Madison River Power Co. owns two hydro-electric plants and supplies Livingston and Bozeman, Mont., with electricity. Franchises for most important properties are reported as perpetual. Underlies — $22,328,700 Montana Power Co. 1st & Rfg. 5s. of 1943, Earnings — See Montana Power Co. liisted on the Boston Stock Exchange. Original Market — $1,000,000 offered July, 1901, at prices from 100 to 101 and interest by B. H. Rollins & Sons, New Tork, Boston, etc., and Rudolph Kleybolte Co., New TorK, Chicago and Cincinnati. $1,650,000 offered June, 1909, by Lee, Higginson, New Tork, Boston, etc., at 98 and interest. Market. New York — Paine. Webber & Co., Earle A. Miller & Co.. Miller & Co., J. S. Farlee & Co.. John J. Levenson, Dunham & Co., Wm. C. Bwen, Berdell Bros.. Fred. H. Hatch & Co., Lee, Higginson & Co., Kiely & Horton, Colgate, Parker & Co.. Burgess, Lang & Co.. Lynch & McDermott, McGeorge & Vanderhoef, Phelps & Neeser, Taylor & White. Albany — ^Horace S. Bell, Paine, Webber & Co. Boston — H. C. Spiller & Co., Inc., Chas. A. Day & Co., Hotchkin & Co., Inc., Lee. Hiff- ginson & Co., F. H. Bassett & Co., Old Colony Trust Co., Paine, Webber & Co., L. Sherman Adams. 160 riiiladeliihia — Paine, Webber & Co. Chicago — Babcock, Rushton & Co., Paine, Webber & Co. St. Paul — Capital Trust & Savings Bank, Paine, Webber & Co. Price Ranee. Jan. 1, '16 to Jan. 1, '19 1918 Bid Aak Bid Ask High.100% '16 101% '17 93 Feb. 96 Feb. Low. 87 '17 90 '17 88 Apr. 92 May BUTTE (MONT.) EUECTBIC RAILWAY CO. 1st 5». Dub Marcll 1, 1925. — N. Dated March 1, 1900. Interest payable Mar. end Sept. 1, at Trustee's office. Default — Interest due March 1, 1919, not paid (May 15, 1919). Tax Status — Payment of Federal Income Tax not assumed by company. Authoriezd — $700,000. Outstanding — $700,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trnstee — ^W. A. Clark & Brc. Butte, Mont. Redeemable as a whole only, at par and in- terest March 1, 1915, or on any Interest date thereafter, on three weeks' notice. Sinking Fund — 10% per annum of bonds Issued, beginning March 1, 1916. Organization — Incorporated in "West "Virginia, 1889, as a consolidation of street railway properties in Butte. Secured by a flrst mortgage on all property. Including 38.98 miles of street railway track, in Butte, Mont., and vicinity. Franchise ex- pires in 1929. Population served, 80,000. Underlies — $200,000 2d 6s of 1925. Year ended June 30 Gross Net Interest 1918 $700,866 $132,523 $44,667 1917 722,357 106,097 42,687 1916 650,037 100,686 43,469 1915 466,936 26.325 41,481 Original Market — Offered in 1912, by Law- rence Bamum Sc Co., at 96 and interest. Market. New York — Bamum, Mlldon & Co. Boston — Paine. Webber & Co. BUTTE (MONT.) WATER CO. 1st 5a. Dn« July 1, 1921. — N. Dated July 1, 1901. Interest payable Jan. and July 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $2,600,000. Outstanding — $2,000,000. Trustee — Old Colony Trust Co., Boston, Mass. Organization — Incorporated In New Jersey in 1901. Secured by a first mortgage on plants sup- plying water to Butte, Montana. Population served 75,000. Franchise is without time limit. Original Market — $600 of these bonds and two shares stock in exchange for bonds on which default was made. Also to stockholders of old company at par with 100% bonus of stock of new company July, 1901. Market. Boston^McConnell & Co.. Inc., Chas. A. Day &. Co., P. W. Mason & Co., Hotohkln & Co., H. C. Spiller & Co., L. Sherman Adams. New York — Dunham & Co., E. & C. Ran- dolph, J. S. Farlee & Co., F. H. Hatch i Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 . 1918 Bid Ask Bid Ask High.96 '17 97 '17 90 Deo. 92 May Low. 81 '15 85 '15 88 June BY-PRODUCTS COKE CORPORATION 20- Year 6s. $675,000 due May 1, 1926: «1,- 000,000 due May 1, 1930; $325,000 due Nov. 1, 1932. — F. Interest payable May and Nov. 1, at Trus- tee's office. Tax Statue — 2% Federal Income Tax paid by company without deduction. Anthorized — $2,000,000. Outstanding — $2,000,000. Denomination — Coupon, $1,000 and $100. Trustee — First Trust & Savings Bank, Chi- cago. Organization — Incorporated in NetV York. 1905. In 1915 acauired the entire property of the Federal Furnace Co., subject to $1,080 000 mortgage bonds. Secured by a first mortgage on 280 coke ovens, by-product plant and 200 acres of land on Calumet River at South Chicago, 111. Year ended Dec. 31 Gross 1918. .$4,230,204 1917.. 3,415,260 ♦After interest. Market. New York— B. & C. Randolph, P. H. Hatch & Co., McClurp, Jones & Reed. Syracuse — Syracuse Trust Co. Boston — H. C, Spiller & Co., Inc. Philadelphia — Chandler Bros. & Co. Price Range. •Net Dep'n $3,923,968 $2,738,782 3,089,783 699,783 Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Due 1926. Bid High. 103 % '17 105 '17 Low. 97 '17 104 '17 Due 1930. High.105 '17 106 '17 98 Feb. Low. 96 '18 104 '17 Due 1932. 96 Aug. High.103 '17 107 '17 Low. 97 '17 104 '17 ICl C & O (BROOKINGS. ORE.) LUMBER CO. iBt 6s. Dae each Jane 1 and Dec. 1, as follows: $30,000, June 1. 1919, to Jnne 1, 1922, IncluslTe; $35,000 Dec. 1, 1932, to Dec. 1, 1930, inclusive, and $95,000 June 1, 1931.— F. Dated June 1, 1916. Interest payable June and Dec. 1, at Illinois Trust & Savings Bank. Chicago, and Mlchig-an Trust Co., Grand Rapids, Mich, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstandini: — 1900,000. Additional bonds issuable for the purchase of timber or timber lands. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago, the Michigan Trust Co., Grand Rapids, Mich., and Wood Beal, Chicago. Redeemable at 102 and interest on any In- terest date on 3,0 days' notice. Sinking Fund — $2 per 1,000 feet of timber cut or removed, such payment to be made from time to time prior to cutting. It is estimated that this fund will retire this issue when less than 45 % of the standing timber has been removed. Organization — Incorporated in Missouri Dec, 1915, as a consolidation. ' Secured by a first mortgage on 13,830 acres of virgin timber land in Del Norte County, Cal., estimated to carry over 1,100,000,000 feet of timber, of which 90% is redwood and 10% douglas fir. Mill is located at Brookings, Ore. Original Market — $900,000 offered July. 1916, by James D. Lacey Timber Co. and Illinois Trust & Savings Bank, Chicago, at prices to yield from 5.25% to 6 % , according to ma- turity. Market. Cleveland — Harry W. Hasford. CADDO Oil. & REFINING CO. OF LOUISI- ANA, INC., lO-yr. 1st Sinking Fund 6s. Due Jan. 1, 1927.— F. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, in Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $10,000,000. Outstanding — $2.121.S00 (Jan. 1, '19). Retired by S. F.— $378,500. Reserved for Ext. — $7,500,000. Additional bonds issuable for 80% of coat when net earnings are three times Interest charges. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 105 and interest on any In- terest date on four weeks' notice. Sinking Fund — Semi-annually beginning Oct. 1, 1917, 5% of outstanding bonds on Jan. 1 of each year (except 1917, when date is July 1) and for an additional fund 20% of the surplus earnings in each year after deduction of all expenses (not including cost of drlUIng new wells) Interest on bonds, and sinking fund pay- ment of 5%. Fund will be applied to the pur- chase or redemption of these bonds at not over 105 and Interest. Organization — Incorporated In 1916 In Louisi- ana as a consolidation of the Caddo Oil Re- fining, Red River Pipe Line Co., Star Oil Co., Oil Fields Gas Co., Globe Oil & Gas Co., Inc., and State Oil and Gas Co. Authorized Outstanding Capital Stock $10,000,000 $10,000,000 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired as follows: 2,880 acres (2,080 owned in fee and 800 leased) of oil lands in the Caddo Oil Field, which, as of Dec. 1916, had pro- duced 1,000,000 barrels with less than 20% de- velopment; 31,000 acres owned In fee located in Bossier Parish, beginning about five miles east of the Caddo Oil Field, which on test drill- ing both oil and gas has been found; leases on about 10,000 acres, of which 6,500 are located on Cross Lake, near Shreveport and the bal- ance in various parts of the oil fields on which tests indicate both oil and gas ; oil refinery with a daily capacity of 2,000 barrels; 85 miles of pipe line with gathering lines and storage tanks ; 8 5 tank cars of 8,000-8,500 gallons capacity, of which 55 are owned and balance leased. As of Dec, 1917, 75 oil wells were producing 680 barrels per day. Three grades of oil are produced, viz. : Caddo light, Chricton and Caddo heavy. The company also has 8 gas wells, small gas compressor and 18 miles of small gas lines. Year ended Dec, 31 Gross Net Interest 1918 $2,075,580 $705,734 $142,627 1917 2,089,114 556,455 142.191 Original Market — $2,500,000 offered Dec, 1916, by B. W. Clark & Co.. at 97% and in- terest, with a bonus of 50% of common stock. Market. Philadelphia — H. D. Boenning & Co., Paul & Co., Warren A. Reed, Huntoon & Co., Bar- clay, Moore & Co. Texarkana — R. S. Cheatham. Chicago — Babcock, Rushton & Co. Grand Rapids — Howe. Snow, Corrigan &. Bertles. Price Range. Jan. 1, '17 to Jan. 1, *19 1918 Bid Ask Bid Ask High.85 '18 87% '18 85 May 87% Dec. Low. 79 '18 81% '18 79 June 81% Nov. CAHABA COAL MINING CO. 1st 6s. Due Dee. 1, 1933. — N. Dated Dec. 1, 1892. Interest payable June and Dec. 1, at office of U. S. Steel Corpora- tion, 71 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,100,000. Outstanding — $892,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Central Trust Co., New York. Assumed by the Tennessee Coal, Iron & R. R. Co. Controlled by T. C, T. & R. R. Co. by mer- ger. The latter company is controlled by the United States Steel Corp. through stock owner- ship. Secured by a first mortgage on 44.000 acres of coal land comprising 8 operating mines with a production of 3.600 tons per day; also on 467 coke ovens, 16 miles of railroad, equip- ment, etc. . and 575 tenement houses, stores and wa rehouses. Underlies — T. C, T. & R. R. Gen. 6s of 1951, which provide to retire this issue. Listed on the New York Stock Exchange. 162 Market. New York — Coffin & Co,, Baker. Carruthers & Pell, H. I. Nicholas & Co. Price Range. Jan. 1. 1916 to Jan. 1. 1919 1918 Bid Ask Bid Hieh.1061^ '16 108 '16 100 June Low. 99 '18 106 '16 99 Aug. Market. New York — Lynch & McDermott. Montreal — Nesbilt, Thompson & Co., Royal Securities Corp., Ltd., Dominion Securities Corp., Hew R. Wood Co. Halifax— H. M. Bradford. CALDWELL & NORTHERN RAILROAD let 5s. Due June 1, 1957. — F. Dated June 1, 1907. Interest payable June 1 and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Out»tandiug — $&4S,000. Held io Treasury — $162,000 . Denomination — Registered, $1,000l Trustee — Guaranty Trust Co., New York. Assumed by the Carolina & North Western Ry. Co. Control — Absorbed by the Carolina & North Western Ry. Co. Secured by a first mortgage on 24 miles of road from Lenoir to Edgemont, N. C. These bonds are outstanding at the rate of $22,600 per mile. Year ended June 30 (C. & N. W.) Gross Net Deduction •1917 $471,228 $130,835 $145,757 1916 461,626 123,950 167,794 1915 410,732 94,205 157,383 1914 495.535 136.592 157,411 •Dec. 31. Market, New York — -"Baker, Carruthers & Pell, CALGARY POWER CO,, LTD., 1st 5s. Due Jan. 1, 1940. — N. Dated Jan. 1, 1910. Interest payable Jan. and July 1, at Bank of Montreal, Montreal and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 3,000,000. Outstanding— $2,999,813 (£616,400). Denomination — Coupon, £1 0. Registerable as to principal. Trustee — Royal Trust Co., Montreal, Can. Redeemable at 105 and interest at any time. Sinking Fund — Beginning 1920 a cumulative sinking fund of 1% of outstanding bonds to purchase bonds at not exceeding 105 and in- terest, or, if not purchasable at that price, bonds may be called. Organization — Incorporated in Canada, 1909, and acquired all the property of the Calgary Power & Transmission Co., Ltd. Leases from the Dominion Government water power on th ; Bow River. Secured by a first mortgage on hydro-electric power plant and transmission lines supplying electric power to the City of Calgary, Canada Cement Co. , Ltd. , and the Village of Coch- rane. The contract with the City of Calgary Is for five years from December, 1913, pro- viding a minimum payment of $130,000 per annum, being 5,000 horse power at $2 6 per h. p. Year ended Dec 31 Gross Net Interest 1917 '.. $262,162 $221,303 $149,991 1916 266,983 217.059 151,849 1915 289.613 237.159 156,96 6 1914 231.186 180,207 155.479 1913 240.116 188,061 100.034 TJsted on the Montreal Stock Bxchange. CALIFORNIA CENTRAL GAS & ELECTRIC CO. 1st 6a. Due Aug. 1, 1931.— N. Dated August 1, 1901. Interest payable February and August 1, at Trustee's office. Tax Status^ — ^Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $659,000 (Dec. 31, 1918). Held in S. F. — $278,000. Held in other S. F's. — $63,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust Co. , San Fran- cisco. Sinking Fund — 2% per annum of bonds out- standing, to be invested in bonds of this or other isgues, all such bonds to be held alive and interest added to the sinking fund. In ad- dition to the $278,000 bonds of this is'sue the sinking fund holds $284,388 other bonds and cash. Assumed by the Pacific Gas & Electric Co. Control — Absorbed by the Pacific Gas & Electric Co. Secured by a first mortgage on plants sup- plying gas and electricity to Belvedere, Chico. Grass Valley, Marysville, Mill "Valley, Napa, Nevada City. Petaluma, Ross Valley. San Quertin, San Rafael, Santa Rosa, Tiburon and AVoodland, in California. Population served, 55,000. The property covered by this mortgage includes a very Important part of the system of the Pacific G. & B. Co. north of San Francisco Bay. Underlies about $63,000,000 bonds and notes of the Pacific G. & E. Co. and its predecessor companies. Earnings — See Fac. G. & E. Co. Legal for Cal. Market. New York — McDonnell & Co. Philadelphia — S. K. Phillips & Co. Los Angeles — A. H. Woollacott. San Francisco — Cyrus Peirce & Co. . Sutro & Co. Montreal — Hew R. Wood Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.106 '09 105 'U 101 Jan. Low. 85 '08 93 '08 94% May 95 Oct. CALIFORNIA ELECTRIC GENERATING CO. 1st 5s, Series "A" and **B." Due Sept, 1, 1948.— F. Dated Sept. 1, 1908. Interest payable March and Sept. 1. at Central tJniim Trust Co.. Nev/ York, and Anglo-Cal. Trust Co. , San Fran- cisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Series "A" $1,500,000. Series "B" $3,500,000. Outstanding Series "A" — $992,000 (Jan. 31, '19). Retired by S. F. — $199,000 Series "A." Held by G. W. P. Co.— $9,000. Trustee — Central Union Trust Co. . New York. Redeemable at 105 and Interest on 60 days' notice. Sinking FnncI for Series "A" bonds $28,000 annually began Jan. 1, 1913. Series "B" 163 1%% of outstanding bonds. These payments to be applied to purchase of bonds at not ex- ceeding 105 and interest. Guarantee — Series "A" are guaranteed as to principal, interest and sinking fund by en- dorsement by the Great Western Power Co. $661,000 1st 5s o( G.' \V. P. Uo. are pledged with the Trustee as surety for the performance of this guaranty. Control — Leased to the Great Western Power Co., which owns the entire $5,000,000 com- mon stock. Rental provides for interest, sink- ing fund and 6% on $2,600,000 preferred stock. The Great Western Power Co. is controlled, through ownership of its entire stock, by the Western Power Co. Secured by a first mortgage on an electric steam generating plant, capacity 15,000 h. p., located on the water front at Oakland, Cal. ; also by deposit of $665,000 Great Western Power Co. lat Ss of 1946. Underlies — Great Western Power Co. 1st 53 of 19 46, which are secured in part by the de- posit of the entire common stock issue of the Cal. El. Gen. Co. Xlarnlngs — See Great Western Power Co. Original Market — $1,200,000 offered Feb., 1909, by E. H. Rollins & Sons, Boston, New York, etc. Market. Boston — F. B. Bassett & Co., L. Sherman Adams. New York — Sutro Bros. & Co., McDonnell & Co., J. M. Byrne & Co., Sharretts & Young, Hanson & Doyle, E. & C. Randqlph, Kiely & Horton, Berdell Bros.. Bernhard, Scholle & Co., Fred. H. Hatch & Co., Taylor & White. San Francisco — McDonnell & Co. 1.06 Angeles — A. H. WooUacott. Montreal — Hew R. Wood Co. Price Range. ' Jan. 1, 19U to Jan. 1. 1919 1918 Bid Ask Bid Ask Hlgh.89 '16 92 '16 S3 Dec. 86 Dec. Low. 60 '18 80 '18 60 Feb. 80 Feb. CALIFORNIA GAS Si ELECTRIC CORPORA- TION Gen. & Coll. Tr. Ss. Due March 1, 1933.— F. Dated March 1, 1903. Interest payable March and Sept. 1, at Trustee's office, San Francisco, Cal., and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $4,407,000 (Dec. 31, 1918). Held in Sinking Fund — $1,100,000 of this issue and $608,000 of subsidiary issues. Exchanged for and Deposited ITndor Unifying & Ref. 5s of 1937— $1,492,000. Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co. of San Fran- cisco. Cal. Redeemable at 110 and interest on any In- terest date on four weeks* notice. Sinking Fund — $150,000 annually March 1. 1904-1908, $200,000 1909-1913, $260,000 1914- 1919, $300,000 1919-1923, $350,000 1924-1928, $400,000 1929-1938 to be applied to the re- demption of underlying bonds, the remainder to be applied to the redemption of bonds of this Issue. All bonds acauired are held alive ex- cept where the mortgage provides for their can- cellation. Assumed by the Paoiflo Gas & Electric Co. Organization and Control — See Unifying & Ref. 53. Secured by a mortgage _on. the property formerly owned by the California G. & E. Corp., which property includes the most im- portant part of that described under the Uni- rymg & Ref. 5s. Prior Liens — Bay Counties Power 1st Cons. 5s, 1930 $1,076,000 Bay Counties Power Co.. 2d 6s, 1931 533,000 Valley Counties Power 1st 6s, 1930. 1,806,000 Cal. Central Gas & El. 1st 6s, 1931 669,000 Sacramento Bleo. Gas & By. 1st 6s, 1937 2,047.000 Nevada County El. Power 1st 6s. 1928 166,000 Yuba Electric Power 1st 6s, 1929.. 179,000 Central Electric By. 1st 6s, 1912-22. 86,500 The above are all closed mortgages. Underlies — Unifying & Ref. 6a of 1937 and Pacifto Gas & Electric Gen. & Ref. 6s. Bonds are reserved under latter mortgage to retire this issue. Earnings — See Pao. Gas & El. Co. Legal for Cal. Original Market — Offered in 1903 by Mer- cantile Trust Co., San Francisco, at par and interest. Market. New York — J. M. Byrne & Co., Sutro Bros. & Co., McDonnell & Co., K. F. Hutton & Co.. B. & C. Randolph, F. H. Hatch & Co. Los Angeles — A. H. WooUacott. St. Louis — Bowman, Cost & Co. San Francisco — Cyrus Peirce & Co., Sutro & Co. Price Range. Jan. 1, '08 to Jan. 1, Bid Ask High. 103 '16 103% '12 Low. 76 '08 69 '08 '19 1918 Bid Ask 91 Vi Nov. 9 8 Nov. 93% Apr. 95 June CALIFORNIA GAS & ELECTRIC CORP. Unifying and Ref. S. F. 5s. Due Nov. 1, 1937. Dated November 1, 1907. Interest payabl* May and Nov. 1, at New York, or Company's office, San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $19,130,000 (Dec. 31, 1918). Held in Sinking Fund — $1,339,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and $10.- 000 C. & R. interchangeable. Trustee — Union Trust Co.. San Francisco. Redeemable at 110 and interest on any in- terest date. Sinking Fund — Annual payment Nov. 1st of cash, bonds of this issue or underlying issues as follows: $450,000 from 1912 to 1916, in- clusive; $560,000 1917 to 1921, $700,000 1922 to 1926. and $900,000 1927 to 1936; total. $17,- 500,000, to be applied to redemption of under- lying bonds or the purchase or redemption of bonds of this issue at not over 110 and inter- est. Bonds so acquired to be held alive and interest added to fund. Assumed by the Pao. Gas & Electric Co. Organization and Control — Incoirporated In California in 1901 and has acquired practically all the gas, electric light and power plants In Central California outside of San Francisco. All of its property has been deeded to the Pa- cific Gas & Electric Co. The California Gas & Electric Co. constitutes the operating division- of the Pacific Gas & Electric Corp. outside of San Francisco. Secured by a mortgage on all the property of the Pacific G.as & Electric Company, except the capital stock of the San Francisco Gas & Electric Company, subject to the Gen. & Coll. 5s and bonds of constituent companies and In- 36t c)uding 17 hydro-electric and ateam generating plants, of 263,539 h. p., of which 163,003 h. p. is hydro-electric; 1,743 miles of transmission lines, 113.3 miles underground conduits, 4,592 miles of distribution lines, 7 reservoirs with storage capacity of 6,370,42 0,653 cubic feet, 18 gas plants and 2,903 miles of mains; entire street railway system in Sacramento embracing 44 miles of track, valuable water power rights and new developments. Operations extend to 32 counties in Central California, covering an area of over 37,775 square miles. Supplies light and power to about 178 communities, gas to 53 and water to 19. Its operations include the cities of San Francisco, Oakland, Sacra- mento and San Jose. Further secured by de- posit of $4,492,000 Gen. Coll. 5s. Population served, about 1,803,108. Transmission lines are largely on private right-of-way. Fran- chises are unlimited as to time with one un- important exception, in which franchises ex- tend from 10 to 15 years beyond the life of these bonds. Prior liiens — Gen. & Coll. 53 of 1933 and prior liens thereto. Underlies — ^Pacific Gas & Electric Co. Gen. & Ref. 5s of 1942, under which bonds are re- served to retire this Issue. Karnings — See Pac. Gas & El. Co, Jjeeal for Cal. Listed on the New York and San Francisco Stock Exchanges. Original Bfarket — $5,000,000 offered May. 1909, at 95^A and interest by N. W. Halsey & Co. . New York ; Lee, Higginson & Co. , Boa- ton; National City Bank, J. P. Morgan & Co., and the First National Bank, all of New York. Market. New York — Sutro Bros. & Co., McDonnell & Co., Barle A. Miller & Co., J. M. Byrne & Co.. Ivan Goldsmith & Co.. McDonnell & Co., Jacob Zeller, E. & C. Randolph. Bemhard, SchoUe & Co., Abraham & Co., John Nicker- son, Jr. Providence — Hornblower & Weeks. Chicago — Babcock, Rushton & Co., Halsey, Stuart & Co. San Francisco — ,Sutro Bros. & Co., Cyrus Peirce & Co., Stephens & Co. Cleveland — Hayden, Mllfer & Co. San Biego, Cal. — Stephens & Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Philadelphia — Sam'l K. Phillips & Co. Los Angeles — ^A. H. WoUacott, Blankenhorn- Hunter-Dulin Co., Stephens & Co. Price Range — N. Y. S. E. Jan. 1. 1907 to Jan. 1, 1919 1918 High. 101 Jan. 31. '17 95% Nov. 27. Low. 86% Apr. 25, '18 86% Apr. 25 CALIFORNIA NORTHWESTERN RAILWAY CO. 1st S. F. 5s. Due April 1, 1938.— N. Dated March 17, 1898. Interest pay abl e April and Oct. 1, at San Francisco and South- ern Pacific Co.'s office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $924,000. Retired by Sinking Fund — $61,000. Denomination — Coupon', $1, 000. Trustee — Ignatz Steinhart, San Francisco. Redeemable for Sinking Fund at 110 and interest on six months' notice. Sinking Fund — One-half of one per cent, an- nually of the outstanding bonds to be applied to their purchase at not exceeding 110 and in- terest. Guaranteed as to principal and Interest by the San Francisco & North Pacific Ry. Co. Control^Absorbed by San Francisco & North Pacific Ry., which has been consolidated into the Northwestern Pacific R. R. Co. One- half of the $35,000,000 capital stock of this latter company is owned by the Southern Pa- cific Co. and one-half by the Atchison, Topeka and Santa Pe. Ry. Co. Secured by a first mortgage on 40 miles of road from Ukiah to Sherwood, Cal. This line forms part of a road which extends from Sansalito on San Francisco Bay to Trinidad, on the Pacific^ Ocean, in Humboldt County, Cal. It forms part of a through line of 304 miles, passing through one of the richest timber dis- tricts in America. Ukiah, where the road cov- ered by this mortgage begins, is 114 miles from San Francisco. The Northwestern Pa- cific Ry. also owns from Trinidad to Shively, 68 miles, and is building from Willits, on the line covered by this mortgage to Shively, about 60 miles. Underlies — Northwestern Pac. R. R. 1st & Ref. 4'^s of 1957 (all owned by the Southern Pacific Co), which mortgage provides for the retirement of this issue. Year ended Dec. 31 (N. W. Pac. R. R.) Fixed Gross Net Charges 1917 $4,871,59 5 $1,597,169 $1,445,029 1916 4,515,562 1,585,004 1,437,140 *1916 4,319,598 1,703,370 1,618,283 •1915 3,568,701 1,133,720 914,111 •1914 3,745,805 1,195,156 867,676 •June 30. liCgal for Cal. Market. San Francisco — Sutro & Co. New Vork — Abraham & Co. , Baker, Car- ruthers & Pell. Los Angeles — A. H. WooUacott. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Ask High.106 '09 107 '08 101 Jan, Low. 95 '14 99V2 '08 101 Dec. CALIFORNIA-OREGON POWER CO. iBt & Ref. 5s. Due Jan. 1, 1953. — F. Dated Jan. 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Default — Jan. 1, 1916. 90% of bondholders have agreed to waive interest for. 5 years. Interest on underlying bonds has been paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10, 000, 000. Outstanding — $5,600,000. Denomination — Coupon, $1, 000. Trustee — Mercantile Trust Co., San Fran- cisco. Redeemable at 105 and Interest on any In- terest date. Sinking Fund — Became operative after Jan. 1, 1917. Protective Committee — J. W. Churchill, J. A. Donohue, J. D. Grant. A. S. Holmes, Jos. Hyman, I. Kahn, J. Henry Meyer, John D. AFcKee, and A. J. Rosborough. Depository, Mercantile Trust Co., San Francisco. . Organization — Incorporated in California in Dec, 1911, as a consolidation of 21 electric properties in Northern California and South- ern Oregon. Secured by a mortgage on 8 hydro-electric plants serving 31 cities and towns in North- ern California and Southern Oregon ; and 400 miles of transmission lines. The company's hydro-electric plant at Copco, Cal., represent- ing an investment of about $2,000,000. opened for operations Dec, 1917. "This plant has an 165 initial capacity of 25,000 h, p. Power from this plant will be uaed in part in bringing Southern Pacific trains over the Siakiyon Moun- tains. Prior Liens — $1,200,000 divisional bonds. Year ended Dec. 31 Grosa Net Interest 1918.. $5 02,269 $243,444 $414,800 1917. . $487,916 $258,109 $484,485 1916.. 421,886 1915.. 392,350 65,943 217.641 1914.. 376.202 221,470 204,685 1913.. 3 42,224 206.875 193.667 Market. New York — Hanson & Boyle, McDonnell & Co. CALIFORNIA PACIFIC RAILWAY 1st 5a. Doe July 1, 1941. — N. Dated July 1, 1901. Interest payable Jan. and July 1, at Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000 per mile of completed track. Ontstauding — $480,000. I>enomlnation---Coupon, $1, 000. Trustee — Title Insurance & Trust Co., Loa Anereles, Cal. Assumed by Pac. El. Ry. Co. Guaranteed principal and Interest by the Los Angelea Traction Co. Control — Merged with Pacific Elec. Ry. All of the stock of that company Is owned by Southern Pacific Co. Secured by a. mortgage on property for- merly belonging to the company. Underlies — Pac. El. Ry. 1st Ref. 5s which provide for retirement of this issue. Xlarnings — See Pac. El. Ry, Co. Legal for Cal. Market. New York — B. F. Hutton & Co., McDonnell & Co. Los Angeles — Torrance, Marshall & Co., Perrin, Drake & Riley. Blankenhorn-Hunter- Dulin Co., A. H. Woollacott. San Francis«o — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Price Ranee. Jsm. 1. 1908 to Jan. 1. 1919 Bid Aak His:h.99 '12 101 '12 Low.. 94 '16 93 '14 CALIFORNIA TELEPHONE & LIGHT CO. 1st 6s. Due April 1, 1943. — F. Dated April 1, 1913. Interest payable April 1 and Oct. 1. at Trustee's office. Tax Status — 2% Fedora! Inccme Tax paid by company without deduction. Tax exempt in California. Authorized — $5,000,000. Outstanding — $473,200 (Jan.. 1918). Retired by S. F. — $6,800. In Treasury — $4,520,000. Denomination — Coupon. $100. $500 and $1,000. Trustee — Mercantile Trust Co., San Fran- cisco. Redeemable at 107% and Interest on any In-' terest date. Sinking Fund — Annually for 10 years begin- ning July 1. 1916. 1%% of bonds outstand- ing and 2% from 1926 to July 1, 1943. Organization — In 1911 this company pur- chased the property of the Russian River Light & Power Co., together with local elec- tric and telephone companies. Secured by a first mortgage on an independ- ent telephone system and electric light and power distributing system serving Sonoma and :.lendocino Counties. Cal., with light and power and the last-mentioned counties, together with Napa and Lake with telephone service. The counties served include a rich resort section of Cal. Property covered by this mortgage includes 40 miles of transmission lines. Power is purchased from the Pacific Gas & Electric Co. Franchises expire as follows: Telephone in Sonoma County, 1962; In Callstoga City. 1958: in Lakeport City, 1927; electric in Se- bastopol City, 1960; Cloverdale City, 1928: Sonoma County, 1960; Mendocino County, 1964. Company also contracts power to mining en- terprises. Year ended Dec. 31 Gross Net Interest 1918 $164,350 $61,272 $29,614 1917 143,709 55.767 28.149 1916 132.701 52,023 27,148 1915 124.362 45.985 25.271 Original Market — Offered In 1913 by Sutro & Co. and N, W. Halsey & Co., San Francisco. Market. San Francisco — McDonnell & Co. New York — McDonnell & Co. Los Angeles — ^A. H. Woollacott. CALIFORNIA WINE ASSOCIATION Conv. Deb. 6s. Due Sept. 10, 1935. Dated July 1, 1913. Interest payable March and Sept. 10, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $2,489,000 (Dec. 31, 1917). Held in Sinking Fund — $634,000. .In Treasury — $1,877,000. Denominations — Coupon, $1, 000. Trustee — Union Trust Co. , San Francisco. Redeemable =.t 105 and interest to and in- cluding March 10. 1921. and thereafter at par and a premium of 1 % for each year or frac- tion thereof until maturity. Sinking Fund — 2% % of outstanding bonda annually from Sept. 10, 1914, through Sept. 10, 1916: 3%% through Sept. 10, 1919, and 5 % for succeeding five years. Bonds acauired to be kept alive. If in any calendar year divi- dends in excess of $5 per share have been paid on the common stock, an amount eaual to such excess shall be paid into this fund. Convertible up to Sept. 10, 1914, for IF shares of common stock; to Sept. 10, 1916, for 14 shares; to Sept. 10, 1918. for 13 shares and to Sept. 10, 1921, for 12 shares. Privi- lege expires on Sept. 10. 1921. Organization — Incorporated In California In 1894 as a consolidation of several wine com- panies and controls through stock ownership a number of Important companies engaged In manufacturing or selling wine. Secured by a direct first mortgage on real estate In San Francisco and a first lien on 50% of the capital stock of the Itallan-Swlas Colony Co. ; a direct second mortgage on the balance of the property of the company. Fur- ther secured by deposit of the entire capital stock of all other subsidiary companies. Prior Lien — $l.n7.000 1st Lien 5s 1925. Year ended Dec. 31 Net Interest 1917 •$768,928 1916 699,184 280,610 1915 350.845 217,000 •After Interest. 166 Original Market — $3,000,000 offered In 1913 by Sutro & Co. and J. Barth & Co., San Fran- cisco, at 98 and interest. Marlcet. San Francisco — McDonnell & Co., Sutro & Co. New York — -13. & C. Randolph, McDonnell & Co.. E. F. Hutton & Co. 1^08 Angreles — ^A. H. "Woollacott. Price Banee. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid Ask Bid Aak Hieh.9714 '16 98^ '16 92H Sept, 100 FeD. L«ow.90 '18 95 '18 90 Apr. 96 June CAIilFOBNIA WINE ASSOCIATION 20-Year First L.ien 58. Due Sept. 10, 1925. Dated Sept. 10, 1905. Interest payable March 10 and Sept. 10, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstandins — $1,137,000 (Dec. 31. '17). Cancelled — $127,000. Held in S. F.— $736,000. Denomination — Coupon. $1,000. Trustee—Union Trust Co., San Francisco. Redeemable after Sept. 10, 1915. at 110: March 10. 1916. at 109; 1917 at 108 and a reduction of $1.00 each year thereafter. Sinking Fund — ^Annually, beginning Sept. 10, 1910, 5% of outstanding bonds. Bonds acquired to be kept alive. Convertible privilege expired Sept. 10, 1915. Organization — See Conv. Deb. 6s. Secured by a first mortgage on certain real property in San Francisco, and in counties of Napa, Alameda, Santa Clara and Sacramento; also a, first lien on all the stocks of subsidiary companies, including $499,500 stock of Cali- fornia "Wineries Co. and $499,500 stock of Great "Western Vineyards Co. Underlies — $2,698,000 Con. Deb. 6s due 1925. Earnings — ,See Conv. Deb. 6s. "Listed on the San Francisco Stock and Bond E3xchange. Market. New York — Sutro Bros. r.os Angi?les — A. H. WooUacot. CALUMET & SOUTH CHICAGO RAII.WAY CO. iBt 5s. Due Fob. 1, 1937.— F. Dated Feb. 1, 1908. Interest payable Feb. and Aug. 1, at First Trust & Savings Bank, Chicago, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Limited to the amount of new work done. Outstanding — $5,355,000 (Jan. 31, '19). Denomination — Coupon, $1, 000. Registered, $1,000 and multiples. Coupon registerable as to principal. C. & R. interchangeable. Trustee — First Trust and Sav. Bk., Chicago. Organization and Control — Incorporated in 1908 as a consolidation of the Calumet B'ec- tric St. Ry. Co. and the South Chicago City Ry. Co, In June, 1908, the City of Chicago approved an agrepment by which the Chicago City Ry. Co. operates the system and Includes It In its transfer zone. Under an agreement effective February 1, 1914, all of the street railways in Chicago are operated as a single system, known as the Chicago Surface Lines. Of the Income re- maining after onerating charprea the Chicaero City Rys. Co., Calumet & South Chicago By. Co. and the Southern St. Ry. will receive 41% until Feb. 1, 1916, and 40% thereafter, and the Chicago Rya. Co. will receive the remain- ing 59% and 60%. respectively. Secured by a first mortgage on all the prop- erty of the company, which includes 126.75 miles of track from B4th street to 106th street and the Indiana State Line, and connects South Chicago, Pullman. "West Pullman. Auburn Park, Burnside and Manhattan Beach. The City may purchase the property Feb. 1 or Aug. 1 of any year on six months' notice for present value fixed at $5,000,000 plus amounts ex- pended for improvements, etc. , but only for municipal operation where purchase is made prior to Feb. 1, 1927. City may also purchase for the purpose of turning the property over to other parties for an additional 20% In price. except if purchased for the Chicago City Ry. Co. additional price shall be only 12%. but such additional sums need not be paid if the parties taking the property pay over to th© City all of ,the profits above 6% on the pur- chase price. Franchises expire in Feb. 1, 1927, and the City receives 55% of the net re- ceipts after operating expenses, taxes and de- preciation and 5% on present value, together with amounts expended on improvements, etc. Year ended Jan. 31 •Int. on Total Bond Capital Income Interest 1919 $547,375 $558,813 $292,938 1918.... 535,681 548,992 266.250 1917 518,868 644.732 266.260 1916 510.267 532,112 266,250 1915 497.523 510.793 259,625 ♦Company's 40% from surface lines. Listed on Chicago Stock Exchange. Original Market — Offered in 1908 by the First Trust and Savings Bank, Chicago. $1,250,000 offered Dec. 1910, at par and In- terest by White, "Weld & Co., New York, etc.; $500,000 offered 1913 by the First Trust & Sav. Bk., Chicago, at 96 and interest; offered April. 1914. by Merchants Loan & Trust Co.. Chicago, at 95 and interest. i Market. Milwaukee — Second Ward Savings Bank, First National Bank, Chicago — Andrews & C-^.. Ft. Dearborn Tr.* & Sav. Bank, Union Trust Co. , Merchants' Loan & Trust Co., First National Bank, Na- tional City Bank, First Tr. & Sav. Bk.. Bab- cock, Rushton & Co., Halsey. Stuart & Co. Price Range. Jan. 1, '09 to Jan. I, '19 1918 Bid Ask Bid Ask High.102 '10 102% '09 75 Nov. 85 Nov. Low. 60 '17 75 '18 68 Sept. 75 Mar. CAMBRIA & CLEARFIELD RAILROAD CO, Iflt Ss Due Jan. 1, 1941. — ^F. Dated Jan. 1. 1891. Interest payable Jan. and July 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — Closed mortgage. Outstanding— $534,000 (April 26. 1919). Cancelled— $745,000. Denomination — Coupon. $1. 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Assumed by the Pennsylvania R. R, Co.. Dec. 31. 1915. Control — Consolidated into the Cambria & ' Clearfield Ry. Co., which company was merged into the Pennsylvania R. R. Co. Jan.. 1913. Secured by a first mortgage on 102.01 mllei of road from Cresson to Glen Campbell, Pa., with branches. 167 Unilerlies — Cambria & Clearfield Ry. Gen. 4s of J.950, Penna. R. R. Cons. Mtge. and Gen. 4^/^s of 1965, which provides for retire- ment of this issue. L.egal for Bait., Cal.," Conn., Me., Mass., Mien., Minn., Mo., N. H.. N. J., N. T.. R. I.. Vt. and Wis. liisted on the Philadelphia Stock Exchange. Market. Philadelphia — West & Co., Graham, Par- sons & Co, , Reed A. Morgan & Co. , Welsh Bros., Warren A. Reed. H. D. Boenning & Co., Huntoon & Co., Chas. Fearon & Co., Sam'l K. Phillips & Co. New York — Remick. Hodges & Co., Abra- ham & Co.. Baker, Carruthers & Pell, Chas. W. Place, Taylor. Smith & Hard. Pittsburgh — R. B. Huchinson & Co. Price Ranee. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 112 '09 115 '09 99 Dec. 102 Jan. Low. 90 08 97 '08 95 Oct. 100 Oct. CAIVIBRIA & CLEARFIEIiD RAILWAY CO. Gen. 4s. Due Feb. 1, 1955. — F. Dated Feb. 1. 1905. Interest payable Feb. and Aug. 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — Closed mortgage. Outstanding — $ 415,000. Held In Penna, R. R. Funds — $1,585,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Commercial Trust Cc>., Philadel- phia. Assumed by the Pennsylvania R. R. Co. Dec. 31. 1915. Control — Merged into the Pennsylvania R. R. Co.. Jan., 1913. Secured by 'a direct lien on 411.81 miles ot road in Pennsylvania, viz. : A first lien on 219.35 miles — Miles Vail to Grampian and branches 149.46 Cregson to Irvona and branches 29.47 Ebensburg to Black Lick and branches. 40.42 A second lien on 135.95 miles — Covered by the first lien of the following: Penna. & Northwestern Gen, 5 33.94 Cambria &. Clearfield 1st 5s 102.01 A third lien on 56.51 m.iles — Covered by the first lien of the Clear- field & JefCerson 1st 6s 66.21 Prior Liens — Subject to $2,555,000 prior liens, as follows: Cambria & Clearfield R. R. 1st 5g 1941 $534,000 Clearfield & Jefferson Ry. 1st 6s 1927 1,000.000 Pennsylvania & Northwestern R. R. Gen. 5s 1930 1.021.000 Underlies — Penna. Cons. Mtge. and the Gen. 4i^s of 1965 which latter provides for retire- ment of this issue and prior liens. Legal for Bait., Cal.. Conn.. Mass., N. H., N. Y., R. I.. Vt., and Me. Market. Philadelphia — Chas. Fearon & Co., Graham, Parsons & Co., Reed A. Morgan & Co., War- ren A. Reed, H. D. Boenning & Co., Huntoon & Co., Sam'l K. Phillips & Co. New York — Remick. Hodi,^es & Co. , Abra- ham & Co., Taylor, Smith & Hard. Price Range. * Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask Hjgh.93 '17 95 '16 H5 Jan. 90 Jan. Low. 80 '18 90 '17 80 Oct. CAMBRIA & INDIANA RAILROAD CO. 1st OS. Due May 1, 1936. — F. Dated May 1, 1911. Interest payable Nov. 1 and May 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of Penn- sylvania State tax. Authorized — $ 900,000. Out8tanding~$786,000 (Jan. 1, '19). Retired by Sinkinff Fund— $88,000. Denominationr-Coupon, $1, 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102 ^^ and interest on any interest dale. Sinking Fund — Two cents per ton of coal (2240 pounds) originating and shipped over the company's lines, with a minimum annual amount of $16,000 for the purchase or redemp- tion of these bonds at not over 102% and interest. Organization — Incoroprated in Pennsylvania as the Blacklick & Yellow Creek R. R. Present name adopted in 1911. Secured by a first mortgage on 26 miles ol road from Colver Heights to Manver and from Colver Jet. to Rexis, Pa., serving a large coal territory in Cambria and Indiana Counties, and connects at Rexis with the Pennsylvania R. R. and Buffalo, Rochester & Pittsburgh Ry. and at Manver with the New York Central R. R. and Pennsylvania R. R. Underlies — 6 % secured notes due Aug. 1, 1919. Year ended June 30 Gross Net Interest 1918 $441,444 $254,390 $179,249 1917 286,577 366,508 114,149 1916 273,051 23 0,986 92,321 1915 294,722 224,478 lt)6.502 1914 246,844 209,806 93,195 Market. Philadelphia^ — Brown Bros. & Co., Chas. D. Barney & Co., H. D. Boenning & Co., Hun- toon & Co., Chas. Fearon & Co., Sam'l K. Phillips & Co. New York — Baker, Carruthers & Pell, Brown Bros. & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100 '16 101 '16 95 Dec. 98 Nov. Low. 85 '17 95 '17 94 Dec. CAMBRM^ & INDIANA RAILROAD CO. 6% Secured Notes. Due Aug. 1, 1919. — P. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1. at Girard Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $ 500,000. Outstanding — $500,000. Denomination — Coupon, $5, 000. Trustee — Girard Trust Co. . Philadelphia. Redeemable on Aug. 1, 1918, or Feb. 1. 1919. at 100% and interest on 2 weeks' notice. Organization — See 1st 5s. Secured by a mortgage on all the property of the company, including 45.95 miles of road in Pennsylvania, as follows: Rexis to Man- ver (connecting with the Cherry Tree & Dixon- ville R. R.) 18.15 miles; White Mill to Colver Heights, 7.9 miles; Regan Jet. to Nant-Y-Glo, 10.35 miles; Nant-Y-Glo to Revloc (near Ebens- burg) 6.55 miles and on 3 miles of branches to various mines. 168 Prior Lien— $786,000 1st 5s of 1936. Market. See lat 5s. CAMBRIA & INDIANA RAXLROAD Equfp. Tr. 5s, Series "A." Dae annually to Sept. 1, 1931, inc. — P. Dated Sept. 1, 1911. Interest payable Jan. 1 and Sept. 1. at office of Trustee. Tax Status — 2% Federal Income JTax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $243,000. Outstandinff— 575,000 (Jan. 1, '19). Balance retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Girard Trust Co., Philadelphia. Secured by equipment agreement on 300 steel hopper cars, two locomotives and one combination coach. Market. See Equip, ds Series F. CAMBRIA & INDIANA RAILROAD Equip. Tr. 5s. Series *'B." Due annually to Feb. 1, 1927.— F. Dated Feb. 1, 1912. Interest payable Feb. 1 and Aug". 1, at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $22 0. 00 0. Outstanding — $135,000 (Jan. 1. '19). Balance retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia, Pa. . Secured by an equipment agreement on 300 steel hopper coal cars and one electric storage battery combination .car. Market. See Equip. 5 s Series F. CAMBRIA & INDIANA RAILROAD CO. Equip. Tr. 5s. Series "C." Due $30,000 each Feb. 1, from 1914 to 1928, inciasive. — ^F. Dated Feb. 1. 1913. Interest payable Feb. 1 and Aug. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $300,000. Outstanding— $200,000 (Jan. 1, '19). Retired — $100,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Cambria &. Indiana R. R. Co. Secured by an equipment agreement on 393 steel hopper cars costing $339,000. Original Market — Offered by Brown Bros. & Co. -— Market. See Equip. 5s Series F. CAMBRIA & INDIANA RAILROAD CO. Equip. Tr. 5s. Series "E." Due annually to May 1, 1929, inclusive. — F. Dated May 1, 1914.' Interest payable May 1 and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $360,000. Outstanding — $264,000 (Jan, 1, '19). Balance retired. Denomination— Coupon. $1, 000. Registerable as to principal. Trustee — Girard Trust Co.. Philadelphia. Secured by an equipment agreement on 600 steel hopper cars. Market, See Equip. 5s Series F. CAMBRIA & INDIANA RAILROAD CO. Eqaip. Tr. 5s. Series **F/* Due $88,000 each Dec. 1, from 1917 to 1931, inclusive.— F. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,320,000. Outstanding— $1,144,000 (Jan. 1. '19). Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Secured by an equipment agreement on 1,000 steel hopper cars costing about $1,650,000, or which 20%, or $330,000, was paid In cash by the' company. Original Market — Offered Dec, 1916, by Brown Bros. & Co., at prices yielding from 4.25% to 4.75% according to maturities. Market. , Philadelphia — Sam'l K. Phillips & Co. CAMDEN & SUBURBAN RAILWAY CO. 1st 58. Due July 1, 1946.— F. Dated July 1, 1896. Interest payable Jan. and July 1, at Security Trust Co. , Camden, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — $3,000,000. Outstanding — $1,940,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Jersey Trust & Safe Deposit Co., Camden, N. J. Guaranteed as to Interest under terms of lease. Control — Leased for 999 years from May 1. 1904, to the Public Service Ry. Co., which company is controlled by the Public Service Corp. of N. J. through ownership of entire capital stock. Rental fixed charges and an annual amount increasing from $30,000 in 1905 to $120,000 in 1913, and this sum annually thereafter. Secured by a mortgage on 63 miles of street railway (103 miles of track) Including all of the lines in Camden, N. J., and between that city and Haddon Heights, Haddonfleld, Mer- chantville- Moorestown, Clementon and River- ton, N. J. At the latter point connection Is made for Trenton and New York. On a large part of this mileage these bonds are a first lien, on the remainder, some 30 pilles, leased from the Camden Horse R. R. Co., they are subject to the prior lien of that company's $25 0,000 .stock. Population served, about 115,- 000. Franchises are perpetual, with one minor exception which exptrng In 2000. Original Market — $200,000 offered Feb., 1907, at 110 and interest, by Bioren & Co., Phila- delphia; offered In 1909 by Cramp, Mitchell & Shober, Philadelphia, and Fidelity Trust Co., Newark, N. J.; $250,000 offered April. 1912. at 106 and Interest by Bioren & Co., Philadel- phia. Market. Philadelphia — Graham. Parsons & Co., Mar- tin & Co.,*H. D. Boenning & Co., Huntoon & Co., Chas. Pearon & Co., Sam'l K. Phillips & Co. New York — E. & C. Randolph, W. B. R. Smith & Co. Newark — Post & FlagB. Paterson — Francis K. McCully. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.105% '12 107 '10 93 Jan. 98 Feb. Low. 85 '18 90 '18 86 Sept. 90 Nov. CANADA BBBAD CO. 1st S. V. 68. Dae Ang. 1, 1941. Dated Aug. 1, 1911. Interest payable Feb. 1 and Aug. 1, at Canadian offices of the Union Bank of Canada or the Bank of Nova Sco- tia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 260, 000. Outstanding — $1,132,000 (Mar. 1, '19). Retired by Sinldng Fund — $63,900. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Guardian Trust Co., Toronto, Ont. Redeemable at 110 and interest on three months' notice. Sinking Fund— 1% annually of outstanding bonds beginning Aug. 1, 1912. • Secured by a first mortgage on three bread bakeries in Toronto, one in Montreal, and one In Winnipeg. Capacity, 600,000 loaves of bread per week. Year ended June 30 Net Int.&S.F. Dep'n •1918 $226,206 $81,438 •1917 212,812 83.660 1916 234,361 84,321 $50,000 1915 298,726 112,935 60,000 1914 266,915 73,432 60,000 1913 161,693 74,268 •Net after depreciation. Listed on the Toronto Stock Exchange. Original Market — OfEered Aug., 1911, by Cawthra, Muloch & Co. and Baillie, Wood & Croft, Toronto, at 98% and interest, and 25% bonus in common stock. Market. Toronto — G. A. Stimson & Co., A. B. Ames & Co., Baillie, Wood & Croft. New York — Abraham & Co. Montreal — Hew R. Wood Co. CANADA CEMENT CO., I^TD., 1st 6s. Due Oct. 1, 1929. Dated Oct. 1, 1909. Interest payable April 1 and Oct. 1, at Bank of Montreal, Montreal and London. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $8,000, 000. Outstanding — $6,839,047 (Jan., 1919). Retired by S. E. — $1,160,953. Denomination — Coupon, $100, $600 and $1,000, and £100. Registerable as to principal. Trustee — ^Royal Trust Co., Montreal. Redeemable as a whole or in part at 110 and interest at any time on three months* notice, and for sinking fund on any Oct. 1. Sinking Fund — 2% per annum, plus Interest on bonds in sinking fund to purchase bonds at rot exceeding 110 and interest. If not pur- chasable bonds are to be called. ,^ Bonds ac- quired to be cancelled. Secured by a first mortgage on a number of cement plants in Canada with a total capacity per annum of 5,800,000 barrels of Portland cement. Year ended Dec. 31 Net Interest • 1917 •$2,861,247 $432,066 1916 2,218,848 4*3,762 1915 1,742.014 456,060 •After deducting $2,190,617 depreciation and special equipment written off. Ijisted on the Montreal and London Stock Exchanges. Original Market — Offered In 1909 by the Royal Securities Corp. and Dominion Securi- ties Co., Montreal, etc., at 100 and interest. Marlcet. Montreal — Greenshieids & Co., Royal Securi- ties Corp., Ltd., McCualg Bros. & Co., N. B. Stark & Co., Dominion Securities Corp., Nes- bitt, Thomson & Co., Hew R. Wood Co. Toronto — A. K. Ames & Co., Dominion Se- eurities Corp., Ltd. Halifax— H. M. Bradford. New York — Morton Lachenbruch & Co., Abraham & Co., Lynch & MoDermott. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.10014 '12 101 '12 97 Dec. 98 Dec. Low. 88 '17 92 '16 96'/4 Sept. 96% Apr. CANADA FOUNDRIES & FORCINGS, LTD., l8t Mtge. 6s. Due Feb. S, 1942. — N. Dated Feb. 2, 1912. Interest payable Feb. 2 and August 2, at Royal Bank of Canada. Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $760,000. Outstanding — $179,200 (Jan. 1. '19). Denomination — • Coupon, $100, $500 and $1,000. Trustee — Montreal Trust Co., Montreal, Can. Redeemable as a whole or for the Sinking Fund at 110 and interest on any interest date. Sinking Fund — Commencing Feb. 2, 1914, an annual sum sufficient to retire all bonds at maturity, to be applied to the purchase of bonds in the open market at not exceeding 110 and interest. If not so purchasable bonds shall be called. Organization — Incorporated under the laws of Canada in 1912. Secured by" a first mortgage on plants of the company located at Brockville and Wel- land, Ontario, where the company is engaged in the manufacture of hardware, machine tools and heavy iron and steel forgings. Year ended Dec. 31 Net Interest 191S $612,117 $17,207 1917 69B.587 10,479 1916 659.862 8.673 1915 832,067 8,749 Original Market — $75,000 offered In 1914 by Anderson, Robinson & Harcourt, Toronto, Can., at par and interest.- Market. New York — Abraham & Co. Montreal — Hew R. Wood Co. CANADA SOUTHERN RAILWAY CO. 1st ft Ref. Cons. 5s, Series "A." Due Oct. 1. 19e2.~N. Dated October 1, 1912. Interest payable April and Oct. 1, at Treasurer's office. New York, Tax Status — Payment of Federal Income Tax not assumed by comriany. Authorized — $40, 000, 000. Outstanding — $22. 600. 000. Reserved for Prior Lien — $13 0,000. Reserved for Ext. — $17,370,000. 170 Denomination — Coupon, $1,000. Beglsterable &■ to principal or fully regristerable. Regis- tered. $1,000, $5,000. $10,00(J, $50,000 and multlplea of $5,000. G. & R. Interchangeable. Trustee — Guaranty Trust Co.. New York. Guaranteed as to principal and interest bj the Michigan Central R. R. Co. by endorse ment. Organization and Control — Incorporated !•. Canada in 1868. Leased in 1904 for 999 years to the Michigan Central R. R. Co. at a rental equlvklent to all fixed charges and 3% on $15,000,000 on stock outstanding. Secured by a first mortgage on 380.04 miles of road, viz. : A first lien on 366.24 miles — Miles Windsor to Suspension Bridge 226.18 St. Clair Jet. to Courtright 62.63 Niagara to Port Brie 30.70 Amherstburg to Essex Centre 16.83 Welland Jet, to Brldgeburg 17.50 Branches 12 . 40 A second lien on 13.80 miles — Covered by Leamington & St. Clair 1st 4s: Leamington to Comber Station 13.80 A first lien on $700,000 (entire issue) cap- ital stock Niagara River Bridge Co. Prior Hen — $130,000 Leamington & St. Clair 1st 4s of 1945. Legai for Cal.. Me., Mich., N. H., N. J. Ijisted on the New York and London Stock Exchanges. Original Market — $20, 000, 000 offered Dec, 1912, in exchange for maturing bonds by J. P. Morgan & Co., New York, and $2,500,000 offered by Ladenburg, Thalmann & Co., Harris, Forbes & Co., New York, and Coutts & Co., London, at 106% and Interest, Jan., 1913. Market. New York — W. S. Macomber, Struthers & Hiscoe, Guaranty Trust Co., B. & C. Randolph, Redmond & Co., Coffin & Co., Seasongood, Haas & Macdonald, Baker, Carruthers & Pell, Simon Borg & Co., Korn, Lehman & Co., S. P. Larkin & Co., Taylor. Smith & Hard, Vilas & Hickey. Cleveland — Otis & Co. St, Louis — Bowman, Cost & Co. Hartford. Conn. — Richter & Co. Chicago — Harris Tr. & Sav. Bank. Pittsburgh — R. B. Hutchinson & Co. Montreal — Hew R. "Wood Co. '^"' Price Range — N. Y. S. E. Jan. 1, 1913 to Jan. 1. 1919 1918 HIgh.106% Apr. 16. '14 100 Nov. 12 Low. 85 Sept. 26, '18 85 Sept. 26 Market. Montreal— C. B. Meredith & Co., Ltd., Do- minion Bond Co., Ltd., Hew R. Wood Co. Toronto — Aemilius Jarvis & Co. Vliiladelphia — Morton Lachenbruch & Co. New York — Morton Lachenbruch & Co. CANABA STARCH CO., LTD., 1st 6s. Due Oct. 1, 1930. Dated Oct. 1, 1910. Interest payable April and Oct. 1, at Trustee's office. Tax Statu R — Payment of Federal Income Tax not assumed by romppn''' Authorized and Outstanding — $500,000. Denomination — 'Coupon, $1, 000. Reglsterable as to principal. Trnst«e — Royal Trust Co., Montreal. Redeemable on Oct. 1, 1915, and on any In- terest date thereafter at 110 and interest. Organization — Incorporated in Canada, Feb., 1 9 06, and absorbed the Imperial Starch Co. , Prescott, Bdwardsburg Starch Co., Montreal, Brantford Starch Works, Brantford, and Fort William Starch Co., Port William. Secured by first mortgage on plants of the company located at Cardinal. Brantford and Port William, Ont.. Can. Earnings — Not reported. , 1st CANADIAN CAR & FOUNDRY CO., LTD.. 6s. Due Dec. I. 1939. — N. Dated Dec. 1, 1309. Interest payable June and Dec. 1, at any agency of the Bank of Montreal or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 7,500.000. Outstanding — $5,222,593 (Sept. 30, '18). Retired by S. F. — $877,407. Reserved for Ext., etc. — $1,400,000. Denominati»n — Coupon, $100, $500 and $1,000. Reglsterable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole at 110 and interest on Deo. 1, 1919, or thereafter, or in part for sinking fund on any interest date at 110 and interest. Sinking Fund — On July 1, 1912, and annually thereafter 2% of all bonds issued, plus an amount eQual to the annual interest on bonds redeemed. Bonds to be purchased or re- deemed at not exceeding 110 and Interest. Organization — Incorporated in Canada, Oct., 1909, and has acquired the properties of the following companies: Canada Car Co., Ltd., Rhodes-Curry Co., Ltd., Dominion Car & Foun- dry Co.. Ltd., Pratt & Letchworth Co., Ltd., and owns the entire capital stock of the Can- adian Steel Foundries, Ltd. (latter company is a merger of the Montreal Steel Works, Ltd., and the Ontario Iron & Steel Co.). Secured by a first mortgage on all tlje prop- erty of the company and Including the plants of the company, two of which are located at Montreal, Quebec, and one each at Ft. William, Ont., Amherst, Halifax and Sydney, Nova Sco- tia. Year ended Sept. 30 (combined) Net Dep'n. Interest 1918 $4,617,39 $711,563 $507,305 1917 2,572,884 467.610 523,915 1916 1.292,105 360,000 538,693 1915 321,840 325,000 655.312 1914 673,036 278,077 460,768 1913 2,351.325 349.166 280.506 Listed on the Toronto, Montreal and London Stock Exchanges. Original Market — $2,350,000 offered In 1910 at 102% and Interest by Lee, Higglnson & Co., Boston, and Royal Securities Corp., Montreal; $500,000 sold to same firms in Sept., 1912, and $500,000 additional July, 1913. Market. Montreal — Royal Securities Corp., Ltd., Mc- Cualg Bros. & Co., N. B. Stark & Co., Can- ada Industrial Bond -Corp., Dominion Securities Corp., Nesbitt, Thomson & Co., Hew R. Wood Co. Toronto — A. B. Ames & Co., Dominion Se- curities Corp., Ltd. New York — Morton Lachenbruch & Co., B. & C. Randolph. Sutro Bros, & Co., W. S. Ma- comber, Abraham & Co., Baker, (Ilarruthers & Pell, Pyncbon & Co., Bun^e & Co.. Lynch & McDermott. Taylor & White. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1. '10 tfl Jan. 1, '19 1918 ' Bid Ask Bid Ask High. 107 '12 108 '12 95 Aug. 97V4 Aug. Low. 83 '17 88 '17 84 Dec. 90 Dec. 171 CANADIAN CONNECTICUT COTTON MILLS, liTD., l8t Mtge. 6s. Due April 1, 1933. Dated April 1, 1913. Interest payable April 1 and Oct. 1, in Montreal, Halifax, Boston and London, Sng. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 500,000. Outstanding — $350,000. Denomination — Coupon, $100, $500 and $1,000, with sterling equivalents. Trustee — National Trust Co., Ltd., Montreal. Sinking Fund will retire entire issue by ma- turity. Organization — Incorporated in Canada In 1913. Secured by a first mortgrage on plants at Sherbrooke, Que., for the production of cotton tire fabrics used in automobile and other tires. Has five year contracts with leading tire manu- facturers in Canada. • Original Market — $100, 000 offered in Jan. 1914, by the Nova Scotia Trust Co., Halifax, and McCuaig Brothers & Co., Montreal, at 100 and interest with 50% bonus of common stock. Market. Montreal — Hew R. Wood Co. CANADIAN CONSOLIDATED FELT CO. 1st S. F. 6fi. Due April 1, 1940. — N. Dated April 1, 1910. Interest payable April 1 and Oct. 1, at Bank of Toronto. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 500,000. Outstanding — $364,500 (April 30, 1919). Ketired by S. F.— $119,500. Purchased and Cancelled— ^$16,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Royal Trust Co.. Montreal. Redeemable as a whole or in part at 105 and interest on three months' notice. Sinking Fund — Beginning April 1, 1911, and annually thereafter 2 % of outstanding bonds to be applied to the purchase of bonds at not exceeding 105 and interest, or if not purchas- able, to their redemption at that price. Guaranteed as to principal, interest and sink- ing fund by the Canadian Consolidated Rubber Co. Organization and Control — Incorporated March, 1910, in Canada as a consolidation of the Berlin Felt Boot Co., the Kimmel Felt Co. and the Elmira Felt Boot Co., which companies manufacture felt boots. Controlled through stock ownership by the Canadian Consolidated Rubber Co. The United States Rubber Co. owns a majority of the stock of the last named company. Secured by first mortgage on three manufac- turing plants, two of .which are located at Berlin and one at Elmira, Ontario. Earnings — See Can. Cons. Rubber Co. Listed on Montreal Stock Exchange. Original Market — $500,000 offered in 1911 by the Investment Trust Co., Montreal, at 98% and interest. Market. Montreal — W. Graham Browne Co., Nesbitt, Thomson & Co., Hew R. Wood Co. Toronto — Oxford Securities Corp., Ltd. Price Range 1918 — Bid 90 y2, Ask 92. Authorized — $2, 600, 000. Oatstanding — $2,600,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Royal Trust Co., Montreal, Can. Redeemable at any time at 110 and Interest. Organization — Incorporated in Canada in 1906 and owns the entire capital stock of the Canadian Rubber Co. of Montreal, Ltd., Berlin Rubber Mfg. Co., Ltd., Merchants Rubber Co., Ltd., Maple Leaf Rubber Co., Ltd., Granby Rubber Co., Ltd., Dominion Tire Co., Ijtd., Dominion Rubber Co., Ltd., and owns a ma- jority of the stock of the Canadian Consoli- dated Felt Co. Acts as selling agent for the above companies. The company is controlled by the United States Rubber Co. Secured by a mortgage on the plants of the Granby Rubber Co. and by deposit of the en- tire capital stock of the Canadian Rubber Co. Year ended Dec. 31 Gross 'Net . 1918 $18,785,640 $1,604,851 1917 16,323.431 1.208,018 1916 12,094,695 827,580 1915 7,522,147 534,979 •After interest. Listed on the Montreal Stock Exchange. Original Market — Offered by Bank of Toron- to and Royal Trust Co., Montreal, at par and interest. Dec, 1906. Market. New York — Miller & Co., Didricbsen & Co., Sutro Bros. & Co., W. S. Macomber. Montreal — Royal Securities Corp., McCuaig Bros. & Co. , Nesbitt, Thomson & Co. , Hew R. Wood Co. Price Range. Jan. 1, '10 t^ Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '16 101 '16 93 May Low. 87 '16 88 '15 88% Sept. 90 Sept. CANADIAN CONSOLIDATED RUBBER CO., LTD.. Coll. Tr. 68. Due Oct. 1, 1946. — N. Dated Oct. 1, 1906. Interest payable April and Oct. 1 at bank of Toronto, Montreal. ■ Tax Status — Payment of Federal Income Tax not assumed by company. CANADIAN COTTONS, LTD., 1st 5s. Due July 3. 1940. Dated July 2, 1910. Interest payable Jan. 2 and July 2, at Royal Trust Co., Montreal, and agencies of Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $4,688,000. Retired by S. F. — $312,000. Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at 105 and interest on six months' notice, Sinking Fund — 1% annually of outstanding bonds commencing July 2, 1913, for the pur- chase of these bonds at not above 105 and interest. If not purchasable to be drawn by by lot. Bonds acquired are cancelled. Organization — Incorporated in Canada as the Canadian Colored Cotton Mills, Feb.. 1892: name changed to present title Aug., 1910. Owns a controlling interest in the Cornwall & York Cotton Mills Co., with two plants at St. John, N. B. Secured by a first mortgage on all the prop- erty of the company, which includes 7 mills and a bleaching and print works located at Milltown and Marysville, N. B., Cornwall and Hamilton, Ont. , and Montreal, Que. Property Includes two valuable water powers at Mlll- to\^'n and Cornwall, respectively. Substituted Security — Company has sold the Mount Royal Mills to the Dominion Textile Company. Ltd., for $2,375,000, payment to be made in bonds and cash. Property sold is 17 covered by the lien of the above mortgaee and proceeds of the sale will be turned in to Royal Trust Company, Montreal, Trustee, to replace the property released (May 22, '19). Vear ended Mar. 31 Bond Gross Net Int., Etc. 1918 $7,573,777 $1,126,126 $509,700 1917 5.594,811 792,833 246,274 IListed on the Montreal and London Stock Exchanges. Original Market — Offered April, 1911, by the Hoyal Securities Corp.. Montreal, at 92 and interest; $400,000 offered in March, 1912, at 86 and interest by C. Meredith & Co., Mon- treal; $1,000,000 offered Oct., 1912. at 86 a,nd interest by Koyal Securities Corp. Market. Toronton — Oxford Securities Corp., Ltd. Montreal— C. E. Meredith & Co., Ltd., Royal Securities Corp., Ltd.. McCuaig Bros. & Co., Eastern Securities, Ltd., N. B. Stark ~& Co., J. M. Robinson & Sons. New York — Sutro Bros. & Co., Abraham & Co., Baker, Camithers & Pell. Price Range. Jan. 1, 1913 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.se '12 87 '15 80 June 80% June Low. 75 '18 78 '15 75 Jan. 80 Jan. CANADIAN LIGHT & POWER CO,, LTD., . OF MONTREAL 1st 5s. Due July 1, 1949. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee' s office, and London Joint Stock Bank, Ltd. , London. Tax Status — Paynaent of Federal Income Tax not assumed by company. Authorized — $6, 500, 000. Outstanding — $6,090,000 (April 30, 1919). Retired by S. F.— $410,000. Denomination — Coupon, $500 and $1,000. Pi.egisterable as to principal. Trustee — Royal Trust Co., Montreal, Can. Redeemable at 105 and interest on 60 days* notice. Sinking Fund — 1% of all bonds issued an- nually beginning July 1, 1914. Bonds to be purchased or redeemed at not exceeding 105 and Interest. Control — Over 90% of the $7,000,000 capital stock is owned by Montreal Tramways & Power Co. and $5,900,000 deposited under notes due April 1, 1917. Secured by a first mortgage on hydro-electric plant on St. Lawrence River about 30 miles from Montreal with a present development of 3 0,000 h. p.; also on franchise and plant sup- plying electric light and power in the down- town business district of Montreal. In 1916 the distribution system of this company In Montreal was acquired by the Montreal Public Service Corp, Franchise perpetual. Market. New York — Klely & Horton, Jacob Zeller, Morton Lachenbruch & Co., Sharretts & Young, F. H. Hatch & Co., W. S. Macomber, E. & C. Randolph, Coggeshall & Hicks, Abraham & Co.. Berdell Bros., Taylor & White. Montreal — McCuaig Bros. & Co., Eastern Sec. Corp., Hew R, "Wood Co. Toronto — Oxford Securities Corp. , Ltd. Price Range, Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.821^ '11 85 '10 45 Dec. 50 Dec. Low. 35 '18 44 '18 35 Dec. 44 Nov. Dated July 1, 1911. Interest payable Jan. and July 1, at agencies of the Bank of Mon- treal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanding — $1,466,500 (June 30, '18). Reserved for Corporate Purposes — $500,000. Held in S. F. — $33,500. Denomination — Coupon, $100, $500 and 51,000. Registerable as to principal and in- terest. C. & R. interchangeable. Trustee — National Trust Co., Toronto. Redeemable as a whole at 105 and interest on or after July 1, 1914, on six weeks' notice, or for sinking fund commencing July 1, 1916. dinkine Fund — Beginning on July 1, 1916, 1% per annum of bonds outstanding and those held in sinking fund, together with Interest on bonds in sinking fund, to be applied to the purchase of bonds at not exceeding 105 and interest. If not purchasable, bonds are to be called. Organization — Incorporated in Canada June 9, 1911, as successor to company of same name which began business in 1901. Secured by a first mortgage on all the prop- erty of the company, including a large plant in Kingston, Ont. Year ended June 30 Net 'Deductions 1918 $677,937 $230,000 1917 721,254 230,000 1916 574,211 307,691 1915 134,613 190,112 •Interest, depreciation and sinking fund. Listed on Montreal and Toronto Stock Ex- changes. Original Market — $1,500,000 offered Nov., 1911, at par and interest by Aemilius Jarvis & Co., Toronto and the Dominion Securities Corp., Montreal, etc. Market. Montreal — N. B. Stark & Co., Eastern Secur- ities Co., Ltd., Dominion Securities Corp., Ltd., Hew R. Wood Co., Nesbitt, Thomson & Co., Ltd. Toronto — Goldman & Co.. A. E. Ames & Co., G. A. Stimson & Co., Aemilius Jarvis & Co., McCuaig Bros. & Co., Dominion Securities Cor- poration. New York — Baker, Carruthers & Pell. CANADIAN XOCOMOtlVE CO. 1st S. F. 6s. Due July 1, 1951.— N, CANADIAN NORTHERN COAX & ORE DOCK CO., LTD., Ifit Sinking Fund 5s. Due Jan. 1, 1936. — N. Dated Jan. 1, 1916. Interest payable Jan. and July 1, in New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in Can- ada. Authorized — $2, 000, 000. Outstanding — $1,630,000 (Jan. 15, 1919). Held in S. F.— $120,000. Reserved for Ext. — $250,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Columbia Trust Co., New York, and National Trust Co., Ltd., Toronto. Redeemable as a whole at 105 and interest after Jan. 1, 1921, and in part for sinking fund after Jan. 1, 1917. Sinking Fund — Annually on or before Jan. 1, beginning 1917, 2% of outstanding bonds for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be kept alive and interest added. Organization and Control — Incorporated In Ontario, Canada. A majority of the stock is owned by the majority stockholders of the Canadian Northern Ry. Co. 173 Leaee — Property leased for 25 years from CANADIAN NORTHERN RAILWAY CO. - Jan. 1, 1916, to the Canadian Northern Ry, Co. As of June 16, 1915, annual rental $122,500, which is increased when any of the $250,000 escrow bonds are issued. Annual rental when $2,000,000 are oustandins $140,000. Rental to be paid direct to the Columbia Trust Co., Trus- tee, for interest and sinking fund requirements. Under the Railway Act of Canada this rental is payable from the gross earnings of the Rail- way Company before deduction for interest on its bonded indebtedness. Under terms of lease the Railway Company shall pay all taxes, maintenance charges and keep the property fully insured. In the opinion of counsel ii. would be impossible, under the Railway Acr of Canada, for the Railway Company through receivership proQeedings, abrogate or cancel this lease. Secured by a first mortgage on all the prop- erty of the company, comprising water-front real estate, dock, storehouses, hoisting towers, cable cars and other ore dock equipment lo- cated in the city of Port Arthur, Ontario (on Lake Superior). Storage capacity 500,000 tone of bituminous and 160,000 tons of anthracite coal. About 8,000 tons can be unloaded and handled in a ten-hour day with present equip- ment. The coal is used by the Canadian North- em Ry. Co. and also distributed in Northern Ontario and Western Canada. Original Market — $1,375,000 offered July. 1916, by the Chicago Savings Bank & Trust Co., Chicago, and Chas. H. Jones & Co., New York, at 88.60 and interest. Market. New York — W. S. IMacomber, Chas. H. Jones & Co., Baker, Carruthers & Pell, Lynch & McDermott. Philadelphia — Barclay, Moore & Co., H. D. Boenning & Co.. Sam'l K. Phillips & Co. Chicago — Chicago Savings Bank & Trust Co, Montreal — Hew R. Wood Co. Price Range. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.89 '16 93 '16 82 Dec. 90 Dec. Low. 78 '18 88 '17 78 Dec. 88 Feb. CANADIAN NORTHERN RAILWAY CO. — Imperial Boiling Stock Co., Ltd. — Equip. 4^8, Series "T." Due anmially, $150,000 Sept. 1, 1915 to 1919, inclusive. — F. Dated March 1, 1909. Interest payable March and Sept. 1. at Canadian Bank of Commerce, Toronto, New York and London. Tax Status — 2% Federal Inc.me Tax paid by company without deduction. Authorized — $1,500,000. OnlstandiiiK— $150,000 (April 1, '19). Balance Retired. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co.. Ltd., Toronto. Guaranteed by the Can. Nor. Ry. Co. by terms of sale. Secured by a conditional bill of sale on 15 locomotives, 1,200 box cars, 125 flat cars, 125 stock cars, 8 passenger cars, 7 baggage and mail cars, 4 combination cars, 15 caboose cars, costing $2,108,743, of which the railway com- pany paid. $608,743 In cash. Title to equip- ment remains In Trustee until these notes are paid. Original Market — $1,500,000 offered in 1909 by Wm. A. Read & Co., New York, and Do- minion Securities Co., Toronto. Market. See Series L. 1. Imperial Rolling Stock Co., Xtd. — Equip. Wzs, Series "U/' Due annually $50,000 Nov. 1, 1915 to 1919, inclusive.— F. Dated Nov. 1, 1909. interest payable May and Nov. 1, at Canadian Bank of Commerce, Toronto. New York and London. Tax Status — 2,% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $50,000 (April 1, '19). Balance Retired. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co., Ltd., Toronto. Guaranteed principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 350 flat cars, 3 sleeping cars, 100 box cars, 2 cafe cars, 27 refrigerator cars, 15 caboose cars. 2 parlor cars, 5 snow plows, costing $692,932, ol which the railway companj' paid $192,932 in cash. Title to equipment remains in Trustee until these notes are paid. Original Market — First offered by the Do- minion Securities Corp., Toronto, and Wm. A. Read & Co., New York. Market. See Series "L-1." CANADIAN NORTHERN RAILWAY CO. — Imperial Rolling Stock Co.. Ijtd. — Equip. 4Vzs, Series **V.** Due $300,000 annually Nov. 1, 1915 to 1930. Inclusive. — F. Dated Nov. 1, 1909. Interest payable May and Nov. 1, at Canadian Bank of Commerce, Toronto, Montreal, New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $600,000 (April 1, '19). Balance Cancelled. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co., Ltd., Toronto, Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 2.100 box cars, 50 caboose cars, 50 automobile cars, 100 ore cars, 100 logging cars, 50 stock cars, 500 flat cars, 250 Hart convertible cars, 18 passenger oars. 6 combination cars, 12 bag- gage cars, 3 dining cars, 4 parlor cars, 50 refrigerator cars, 3 locomotives, costing $4,- 203, 598, of which the railway company paid $1,203,598 in cash. Title to equipment remains In Trustee until these notes are paid. Original Market — First offered by Dominion Securities Corp., Toronto, and Wm. A. Read & Co., New York, on a 5% basis. Market. See Series "L-1.'* CANADIAN NORTHERN RAILWAY CO. — Imperial Rolling Stock Co., Ltd, — Equip. "t'l'S. S-ries "Al," Due $184,000 semi- annually Aug. 1, 1915 to 1920, Inclusive, and !i?188,000 Feb. 1, 1921. — F. Dated Feb. 1. 1911. Interest payable Feb. and Aug. 1. at Canadian Bank of Commerce, Toronto, New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,500, 000. Outstanding — $740,000 (April 1, '19). Balance Cancelled. Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. 174 ^ Trustee — National Trust Co,. Ltd., Toronto, Guaranteed as to principal and interest by the Canadian Northern Ky. Co. by terms of sale. Secured by a conditional bill of sale cover- ing 42 locomotives, 2 snow plows, 300 flat cars, 1,600 box cars, 20 ore cars, 10 baggage cars, 4 dining cars, 250 convertible cars, 200 stock cars, 100 refrigerator cars, 3 8 passenger cars, 6 passenger and baggage cars, 2 baggage and mail cars, 10 sleeping cars, 16 caboose cars, costing $4,996,570, of which the railway com- pany paid $1,496,570 in cash. Original Market — First offered by Dominion Securities Corp., Toronto, and "Wm. A. Read & Co., New York. Market. See Series "L-l." CANADIAN NORTHERN RAILWAY CO. — Imperial Rolling Stock Co., Ltd. — ^Bauip. 4^s, Series "Bl." Dae semi-annually $74,500 March 1 and $75,500 Sept. 1 to Sept. 1, 1931, inclusive. — F. Dated Sept. 1, 1911. Interest payable March and Sept. 1, at Canadian Bank of Commerce. Toronto, New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 500, 000. Outstanding — $377,500 (April 1, '19). Balance Retired. Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — ^National Trust Co.. Ltd., Toronto. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale cover- ing 1,332 box cars, 190 flat cars, 31 caboose cars, 26 passenger cars, 6 pasenger and bag- gage cars, 2 cafe cars, 6 snow plows, costing $2,094,446, of which the railway company paid $594,446 in cash. Original Market — See Series "A-1" above. Market. See Series "L-l." CANADIAN NORTHERN RAILWAY CO. — Imperial Boiling Stock Co., Ltd. — ^Eanip. Tr. 4%9, Series **C1." Due semi-annually $100,000 April and Oct. 1 from April 1, 1915 to 1917, inclusive, and $110,000 to April 1, 1922, IncluslTe. — F. Dated April 1, 1912. Interest payable April and Oct. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000, 000. Outstanding — $660,000 (April 15, '19). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Guaranteed as to principal and Interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 25 locomotives, 1 snow plow, 1,084 box cars, 20 caboose cars, 100 flat cars, 550 steel under- frame flat cars, 300 ballast cars, 25 locomo- tives and 1 snow plow, which cost $2,667,165. of which the railway company paid $667,165 in cash. Original Market — Offered by "Wm. A. Read & Co., in 1912, on a 4.75% basis. Market. See Series "L-l." CANADIAN NORTHERN RAILWAY CO, — Imperial Rolling Stock Co., Ltd.— Equip. 4^s, Series "Dl." Due semi-annDally $150,000 April and October 1, to April 1. 1917, inclusive; $165,000 thereafter to April 1, 1932, inclusive. — F. Dated April 1, 1912. Interest payable April and Oct. 1, at Canadian Bank of - Commerce, Toronto. New York and London. Tax Status— 2% Federal Income Tax paid by company without deduction. Au'lhorized — $3,000,000. Out8tand'ing^$990,000 (April 15, '19). Balance Retired. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — National Trust Co., Toronto. Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 41 locomotives, 1,886 box cars, GO caboose care, 100 ballast cars, 3 passenger and baggage cars, 250 flat cars, 34 passenger cars, 2 passenger and mail cars^ 12 baggage and mail cars, 21 baggage cars, 4 dining cars, costing $4,150,631, of which the railway company paid $1,150,631 In cash. Original Market — $3,000,000 offered In June, 1912, by Wm. A. Read & Co., New York, and the Dominion Securities Corp., Toronto, on a 4.75% basis. Market. See Series "L-l." CANADIAN NORTHERN RAILWAY CO. — Imperial Boiling Stock Co., Ltd. — Equip. 4%s. Series "El." Due semi-annually $105,000 March and Sept. 1 to Sept. 1, 1922, inclusive. — P. Dated Sept. 1, 1912. Interest payable March and Sept. 1, at Canadian Bank of Commerce* Toronto. New York and London. Tax Status — 2% Federal Income Tax paid by company without deductian. Authorized^$2,000,000. Outstanding— $735,000 (April 1, '19). Balance Retired. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — National Trust Co., Ltd., Toronto, Guaranteed as to principal and interest by the Canadian Northern Ry. Co. by terms of sale. Secured by a conditional bill of sale on 37 locomotives, 1,025 box cars, 70 automobile box cars, 10 tank cars, 75 caboose cars, 5 flrst- class coaches, 25 second-class coaches, 6 sleep- ing cars, 2 parlor cars, costing $2,797,370, of which the railway company paid $797,370 in cash. Original Market — $2,000,000 offered In 1912 by Wm. A. Read & Co., New York, and Dominion Securities Corporation, Ltd., To- ronto. Market. See Series "L-l." CANADIAN NORTHERN RACLWAY CO. — Imperial Rolling Stock Co.. Xtd. — ^Eaaip. IV^B, Series **in.** Due $210,000 semi- annually March and Sept. 1 from Sept. 1» 1915. to Sept. 1, 1922. inclusive; and $220,- 000 March 1, 1923.— F. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $4,000,000. 175 Outstanding — $1,690,000 (April 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Triisftee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest by the Canadian Northern Ry. Co, by terma of sale. Secured by a conditional bill of sale on 90 locomotives, 2 snow plows, 1,780 box cars, 700 flat ears, 300 Hart convertible cars, 25 passenger cars, 71 stock cars, 90 locomotives and 2 snow plows' coating $5,333,600, of which the railway company paid $1,333,600 in cash. Original Market — $4,000,000 offered 1913 by Dtiminion Securities Corp., Toronto, and Wm. A, Read & Co., New York, on a 5% basis. Market. See Series "L-1." See Series "L-1." CANADIAN NORTHERN RAILWAY CO. — Imperial Rolling Stock Co., litd. — Xlauip. Tr. 4»^s, Series *'G1." Due $50,000 semi- annually March 1 and Sept. 1 from Sept. 1, 1915. to March 1. 1018; and $55,000 from Sei>t. 1, 1918. to March 1. 1933, inclusive. — F. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $440,000 (April 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest bT the Canadian Northern Ry. Co. under terms of equipment lease. Secured by an equipment agreement on 11 combination cars, 6 baggage cars, 4 coaches, S3 box cars, 250 box cars, 20 consolidation locomotives, 1 2 switching locomotives and 7 9 stock cars, costing $1,339,932, of which amount the railway company paid $339,932 in cash. Original Market — Offered May, 1913 by Wm. A. Read & Co., New York, Chicago, etc., at prices to yield 5 % . Market. See Series "L-1." CANADIAN NORTHERN RAELWAY CO. — Imperial Rolling Stock Co., X. under which bonds are reserved to retire this issue. Earnines — See N. O. T. & Lt. Co. Market. New York — E. & C. Kandolph, J. W. Chris- tiansen, Kiely & Horton, F. H. Hatch & Co., Hodenpyl, Hardy & Co., Burgess, Lang & Co., Berdell Bros. Philadelphia— Parish & Co.. H. D. Boennine & Co., Wistar & Stokes, Warren A. Reed, Huntoon & Co. Cleveland — ^Hayden, Miller & Co., Roland T. Meacham, Borton & Borton. Boston — McConneil & Co.. Inc., Burgess, Lang & Co., F. B. Bassett & Co. Price Ranee. Jan. 1. 'OS to Jan. 1, '19 1918 Bid Ask Bid Ask ^igh.lOO '08 101 '^8 90 Jan. 95 Jan. Low. 85 '18 90 '18 85 Mar. 90 Dec. CANTON COMPANY (BAI.TIMORE) lO-Year Deb. 5s. Due AprU 1, 1^36.— N. Dated April 1, 1916. Interest payable OC' tober 1 and April 1, at Alex. Brown & Sons, Baltimore. Tax StatuS' — Payment of Federal Income Tax not assumed by company. Authorized — $1, 500, 000. Outstanding — $1, 500, 000. Purpose of Issue — For permanent improve- ments and acQUisitions. Denomination — Coupon $1, 000. Hegisterable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable at 101 and Interest on any In- terest date. Organization — Incorporated in Maryland in 1828 and acauired a large tract of land in Canton and in and near the City of Baltimore. Now owns 1,600 acres of valuable land with over a mile of water front. Also has large interest in ground rents. The company's prop- erty is largely improved with warehouses, stores, factories and dwellings. It is reached by the Pennsylvania B. R., B. & O. R. R. and Western Maryland Ry. The company also owns practically all the stock of the Canton R. R. Co. which owns 19 miles of terminal road which connects the deep water of Balti- more Harbor ^ith various trunk lines. Security^-A direct obligation of the com- pany, but not secured by a mortgage. The company has no funded debt and agrees not to place any mortgage debt ahead of these bonds. Also agrees to apply at least 6 % of the proceeds from sale of real estate or from proceeds of Canton R. R. if sold to the redemption of these bonds or for permanent improvement. Years ended May 31 •Deduc- Divi- , Gross tions dends 1918 $634,311 $1,020,557 $110,100 1917 560.640 848,408 88,652 1916 l,965,033t 644.904 88.652 1915 299,464 483,639 88,652 1914 859,050 431.411 88,652 ♦Includes permanent Improvements, ex- penses, taxes and interest. t Includes $1,462,500 proceeds from sale of these bonds. Original Market — Offered April, 1916, by Alex. Brown & Sons, Baltimore, at 99% and interest. Markpf Baltimore — Harableton & Co., Poe & Davies, Alexander Brown & Sons. Price Range 1918 — Bid 98. CANTON (OHIO) ELECTRIC CO. Ist & Bef. 5s. Uua.May 1, 1»S1.— F. Dated May 1, 1907. Interest payable May 1 and November 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $1,366,600- (Dec. 31. '18). Retired by the Sinking Fund — $67,600. Denomination — Coupon, $500 and $1,000. Resisterable as to principal Trustee — Guaranty Trust Co., New York, N, Y. Redeemable at 110 and interest on any in- terest date, on four weeks' notice. Sinking; Fund — ^Annually on May 1, 1% of the total amount of bonds outstanding from 1912 to 1919, inclusive; 1%% to 1929 inclu- sive, and 2% to 1936. Guaranteed as to principal and interest by endorsement by the American Gas & Electric Co. Organization and Control — ^Incorporated Apr. 1907, in Ohio as a consolidation of three elec- tric lighting companies. In 1916 The Central Power Co, was organized as successor com- pany. The entire $2,250,000 common stock of the latter company is owned by the American Gas &. Electric Co., which is controlled by interest affiliated with the Gen, Elec. Co. Secured by a mortgage on the entire prop- erty of the Company, comprising plants sup- plying Canton, Osnaberg, New Berlin and Louisville, Ohio, with electricity and Canton with steam heat. Population served, 68,000. Electric franchise perpetual, heating fran- chises expire in 1932. Prior Lien — $18,000 Canton Light, Heat & Power Co. first 6s. Due annually $4,000 Sept. 1, 1914 to 1920. Underlies — $9,196,000 Central Power Co. 1st & Ref. 6s of 1947, $6,667,000 of which are pledged to secure American Gas & Electric Co. 6% notes due 1920-21. Years ended Bee. 31 (Central Power). Gross Net Interest 1916 $888,665 $306,956 $94,648 1915 679,582 320,887 75,461 1914 546,039 260.714 63,141 Original Market — Offered In June, 1908, at 92% and interest, by Coggeshall & Hicks, New York, Market. New York — Hbtohkin & Co., Dunham & Co., G. W. Walker & Co., Berdell Bros., E. & C. Randolph, Wm. C. Orton, Kiely & Horton, F. H. Hatch & Co., J. W. Christiansen, A. E. Fitkin & (3o., Newhall & Co., Taylor & White. Boston — ^H. L. Nason & Co., F. B. Bassett & Co. Fliiladelphia — S. K. Phillips & Co., .H. D. Boenning & Co., Warren A. Reed, Huntoon & Co., E. R. Barnard. Newhall & Co. Chicago — Babcock. Rushton & Co. VTilmington, Del. — Laird & Co., G. P. Bissell. New Haven, Conn. — Henry E. Burgess. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 98% '16 101 '17 90 Dec. 92 Deo. Low. 86 '18 87 '18 86 Oct. 87 Aug. CANTON-MASSrLtON ELECTRIC RAILWAY CO. 1st 5s. Due May 1, 1920. — F. Dated May 1, 1900. Interest payable May 1 and November 1, at Cleveland Trust Co., Cleveland, Ohio, or at Guaranty Trust Co., New York, N. Y. 180 Tax Status — 2% Federal Income Tax paid by company without deduction. AutJiorized — (Closed mortgage). Outstanding — $840,000 (Jan. 1, '19). Denomination — Coupon, $1,000. Trustee — Cleveland Trust Co., Cleveland, O. Assumed by the Northern Ohio Traction & Light Co. Control — ^Merged Into the Canton-Akron Con- solidated Ry. Co., which is controlled by the Northern Ohio Traction & Light Co. (See Cons. 5s above.). Secured by a first mortgage on 29 miles of street and interurban railway, including prac- tically all of -the street railway lines in Can- ton and Massillon, Ohio, interurban line be- tween those cities and line from Massillon to Navarre. Franchises extend five years beyond maturity of bonds. Population served, 65,000. Underlies-^Canton- Akron Ry. Co. 1st 5s due March 1, 1922, sufficient of which are reserved to retire this issue, Canton-Akron Consoli- dated Ry. Cons. 5b of 1933 and N. O. T. & Lt. Co. 1st L. & Ref. 5s, due 1956, under which bonds are reserved to retire this issue. Earnings — See N. O. T. & Lt. Co. Original Market — $3^26, 000 of these bonds were offered in 1902, at 102% and interest by Benjamin Fisher Cnow Kuhn, Fisher & Co.), Boston. Market. Baltimore — J. S. Wilson, Jr.. & Co. Philadelphia — E. H. Rollins & Soijs, H. D. Boenning & Co., Parrish & Co.. Newhall & Co., S. K. Phillips & Co. Pittsburgh — Wm. P. Lemley &' Co. Bost-on — E. H. Rollins & Sons, Burgess, Lang & Co. New York — Hodenpyl, Hardy & Co.. K. & C. Randolph, J. W. Christiansen, Kiely & Hor- ton, E. H. Rollins & Sons, Burgess, Lang & Co., F. H. Hatch & Co., Newhall & Co. Cleveland — Borton & Borton. . Chicago — E. H. Rollins & Sons, Hodenpyl, Hardy & Co. Denver — E, H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Price Range. Jan. 1. '06 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100 '08 101 '18 91 July 95 Jan. Low. 85 '18 90 '18 85 July 90 Mar. CANXON-NEVV PHILADELPHIA RAILWAY CO. 1st 5s. Due February 1, 1923. — F. Dated February 2, 1903. Interest payable Feb. 1 and Aug. j., at American Trust Co., Bo. « ton. Tax Status^2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — 1565,000 (Jan. 1, '19), Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston, Mass. Redeemable as a whole only at 105 and Interest on any interest date upon three months notice. Assumed by the Northern Ohio Traction & Light Co. Control-^Merged Into the Canton-Akron Con- solidated Ry. Co. (See Cons. 5s of that com- pany. ) Secured" by a first mortgage on 23 miles of electric railway, extending from Navarre, to New Philadelphia, Ohio. The road is built on private- right of way. Population served, 20.000. Underlies — Canton-Akron Consolidated Ry. Co. Cons. 5s of Jan. 1. 1933, and N. O. T. & Lt. Co. 1st L. & Ref. 5s, due 1956, under which bonds are reserved to retire this Issue. Earnings— See N. O. T. & Lt. Co. Legal for R. I. Original Market— First offered (?35O,000) In 1903, by B. H. Rollins & Sons, New York, Boston, Philadelphia, etc.. and Benjamin Fisher (now Kuhn. Fisher & Co.), Boston, Market. Philadelphia — H. D. Boenning & Co., E. H. Rollins & Sons, Parrish & Co., Newhall & Co., S. K. Phillips & Co. Portland — Fidelity Trust Co. New York — E. H. Rollins & Sons, Burgess. Lang & Co., F. H. Hatch & Co., Newhall & Co. Boston — E. H. Rollins & Sons, Burgess, Lang & Cor Chicago — E. H. Rollins & Sons. Baltimore — J, S. Wilson, Jr., & Co. Denver — ^E. H. Rollins & Sons. • San Francisco-^E. H. Rollins & Sons. liOS Angeles — E. H. Rollins & Co. Price Kange. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.lOO '08 101 '08 90 Mar. 95 Nov. Low. 85 '18 90 '18 85 Feb. 90 June CAPE BRETON ELECTRIC CO., liTD.. 1st 58. Due Jan, 1, 1933. — N. Dated January 1. 1902. Interest payable Jan. and July 1, at State Street Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $1,096,000 (Dec. 31, '18). Cancelled for Improvement Fund — $2,000. Reserved for Ext. — $402,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — State Street Trust Co., Boston. Beedemable as a whole only at 105 and in- terest on any Interest date. improvement Fund — 1% per annum of bonds issued. Management — Stone & "Webster Management Association, Boston, Mass. Organization — Incorporated in Nova Scotia and does the entire street railway and electric business in Sidney, the entire electric business In North Sidney, ferry business between Sid- ney and Sidney Mines, owns interurban rail- way connecting Sidney Mines with Sidney. A^so owns the entire capital stock and $220,- 000 of $380,000 1st 5s of the Sidney & Glace Bay Ry. Co. and leases its 19 miles of inter- urban railway. Secured by a first mortgage on all the prop- erty of the company including electric lighting plants, three ferry boats and 12 miles of electric railway in Sidney and North Sidney, Nova Scotia. Franchises expire in 1931 and 1932. Year ended Dec. 31 Gross Net Int. & S. F. 1918 $513,005 $120,596 $78,506 1917 464.082 165,835 78.652 1916 393.667 162,402 78,328 1915 357,214 150.786 79,172 1914 349.894 138,774 77,579 Original Market — First offered by Stone & Webster, Boston, and J. M. Robinson & Sons, Montreal, etc., $100,000 offered Jan., 1913, by Stone & Webster. Boston. Market. Boston — Stone & Webster. 181 New York — Stone & Webster, F. H. Hatch & Co. Montreal — F. B. McCurdy, J. M. Robinson & SonB. Canada Securities Corp., Eastern Sec. Co., Ltd., Hew R. Wood Co. Toronto — ^A. B. Ames & Co. Chicago — Stone & Webster, Babcock, Rush- ton & Co, Price Range, Jan, X, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask HiBh.87 '16 91 '16 77 Dec. 83 Dec. Low. 77 '18 83 '18 Price Banee. Jan, 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.120 '09 120y4 '09 104 June Low. 95% '18 97 '18 95% Oct. 97 Oct. CAPE MAY nXTOIINATING CO. 1st £ Coll. Tr. 6s. Duo March 1, 1936,— T". Dated March 1, 1906. Interest payable Mar, and Sept. 1, at Trustee's office. Tax StataB — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $176, 000. Denomination — Coupon, $1, 000. Trustee — Camden Safe Deposit & Trust Co., Camden. N. J. Redeemable on any Interest date at 102 H and interest. Control — Entire capital stock ($100,000) la owned by National Gas, Blec. Lt. & Power Co.. a subsidiary of the American Rys. Co. Secured by first mortgage on plant and all the $80,000 capital stock and $29,000 of $30,000 first mortgage bonds of the Cape Island Gas Co. Supplies Cape May, N J. and vicinity with gas. Population served about 10.000. Franchise is perpetual. Original Market — Offered in 1906 by Bioren & Co., at par and interest. Market, Pliilade'phia — C. Clothier Jones & Co. CAPITA! TRACTION CO, 1st 5s, Due June 1, 1947, — F, Dated June 1, 1907. Interest payable June 1 and December 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstamling — $,606,000 (Jan. 1, '19). In Insurance Reserve Fund — $194,000 In Treasury — $200,000. Denomination. — Coupon, $500. Trustee — Union Trust Co. of District of Columbia. Organization — Incorporated under Act of Congress in 1895. Secured by a first mortgage on 27 miles of double tracked underground trolley road in the city of Washington and five mile suburban line to Chevy Chase. Population served, 360.- 000. Franchise perpetual. The Company pays as a tax 4% of gross earnings and paves streets. There are 160 miles of street railway track in Washington not owned or operated by this company. Year ended Dec, 31 Gross Net Int., Etc. 1918 $3,529,855 $1,173,486 $280,300 1917 2,783,538 1,080,188 280,300 1916 2,289,251 917,956 280.396 1915 2.206,493 924,941 280,075 191-4 2,256,992 980.838 283,711 Market, Washington — Crane, Parrish & Co. New York — F, H. Hatch & Co. B,lItimoTe — Jenkins, Whedbee & Pop. CARBON TRANSIT CO. 1st SB. Dae Anc, 1. 1938,— F. Dated Aug. 1, 1908. Interest payable Feb, and Aug, 1, at Trustee's office. Tax free In Pennsylvania. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized — $150,000. Outstanding — $150, 000. Denomination — Coupon, $100 and $500. Trustee — Mauch Chunk Trust Co., Manch Chunk, Pa. Redeemable on any interest date at 105 an& Interest. Organization— ^Incorporated In Pennsylvania in 1908 to take over the property of the Car- bon Street Ry. Co. sold under foreclosure. On January 20, 1919, holders of the $46,100 outstanding second mortgage bonds purchased under foreclosure sale the properties of com- pany for $5,000 subject to the lien of this mortgage. On Feb. 15, 1919, company was reorganized as the Mauch Chunk & Lehighton Transit Co. Secured by a first mortgage on 12% miles of street railway connecting Mauch Chunk, E. Mauch Chunk and Lehighton, Pa,, and also on 425 acres of real estate Including a 76 acres trolley park on Flagstaff mountain. Popula- tion served about 13,000. Franchises are per- petual. Year ended Dec. 31 Gross Net Interest 1918 $54,623 $3,265 1917 $51,001 $17,975 $11,764 1916 52,871 18.640 12.850 1915 66,276 15,667 12,648 Market. Philadelphia — National City Co. CARBONDAIE & SHAWNEETOWN RAIL- ROAD CO, 1st Is, Due March 1, 1932. Dated March 1, 1887. Interest payable Mar. and Sept. 1, at Illinois Central office, 32 Nas- sau St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. * Outstanding — $241,000. Denomination — Coupon, $1,000, Hegisterable as to principal. Trustee — Bankers' Trust Co., New Tork. Assumed by St. Louis. Alton & Terre Haute R. R. Co. at time of merger in 1897. But not assumed by the 111. Central R. R. Co. Control — ^Merged in 1897 Into the St. Louis, Alton & Terre Haute R. R. Co., which com- pany was merged Into the Illinois Central R. R. Co. In 1904. Secured by a first mortgage on 10.72 miles of road from Carbondale to Marion, 111. Underlies — III. Cent., St. Louis Div. & Ter- minal 3s and 3%s, and Ref. 4s of 1955, both of which mortgages provide for "the retirement of this Issue. Legal for Me.. Mo.. Mich and N. H. lilsted on the New York Stock Exchange. Market. New York — ^Pynchon & Co., Callaway, Fish & Co.. Abraham & Co.. Baker. Carruthers & Pell. F. J. Lisman & Co., W. C. Bwen, Tay- lor, Smith & Hard. Chicago — ^TTnlon Trust Co. Philadelphia — Louchhelm, Mlnton & Co.. 182 Price Bauee N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Hish.lOO Aug. 13 '08 72% Dec. Low. 90 Jan. 9 '17 CABBONDALB BAILWAY Gen. 56. Due Jan. 1, 1933.— F. Dated Dec. 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800, 000. , Outstanding — $800,000. Denomination — Coupon, $1, 000. Trustee — Provident Life & Trust Co., Phila- delphia, Pa. Guaranteed principal and interest and as- sumed by the Scranton Ry. Co. Control — ^All of the stock is owned by Scran- ton Ry. Co., which is controlled by American Rys. Co. Secured by mort^ag^e on 35 miles of road, connecting Carbondale, Forest City, PIttston and Duyrea with Scranton, Pa. Population served, exclusive of Scranton, about 60,000. Franchise perpetual. Prior liiens — $655,000 bonds of merged com- panies. Underlies — $2,500,000 Scranton Ry. 1st. & Ref. 6s of 1947, under which bonds are re- served to retire this issue. Earnings — See Scranton Ry. Co. Original Market — $800,000 offered January, 1912, at 96 and interest by Newburger, Hen- derson & Loeb and Bioren & Co., Philadelphia. Market. New York — Lynch & McDermott. Philadelphia — Newburger, Henderson & Loeb, Sam'l K. Phillips & Co. Scranton — Chas. E3. Robertson. Price Bange. Jan. 1, '11 to Jan. 1. '19 1918 Bid Ask Bid Ask High.95 '16 97% '16 85 Jan. 90 Jan. Low. 76 '18 85 '18 75 Nov. 85 Nov. CABOI.INA & YADKIN EIVEB BAILWAY CO. Ifit 6s. Due Jane 1» 1962. — F. Dated June 1, 1912. Interest payable June and December 1, at Equitable Trust Co., New York. Default — June 1, 1917. r Authorized — $3,000,000. Outstanding — $1, 288. 600. Denomination — Coupon. $100, $500 and $1,000, registerable as to principal. Trustee — ^Bciuitable Trust Co., New York, Bedeemable at 105 and Interest on any in- terest date Sinking Fund — ^Annually from July 1, 1918, to 1922, 1% of gross earnings; 1923 to 1927» 1%%; 1928 to 1932, 2% and 3% thereafter. Protective Conimittee — Because of the de- fault and the financial difficulties of W. N. Coler & Co. , who have been financing the company, the following committee request de- posits: Alvin W. Krech, Chairman; Lewis L. Clarke, Westcott Roberson, Walter Sheperd. £. H. Holeb, Jr., with Samuel Armstrong. Secretary, 37 Wall Street and Equitable Trust Co., New York, depositary. Organization — Incorporated in 1903'In North Carolina, and acquired the property of the Piedmont Ry. Secured by a first mortgage on 34.81 miles of main track and 8. 01 miles sidings and passing track; on terminals at ThomasvIUe and High Point of sufficient capacity to meet the road's requirements for sevprai- years to come; also on 13 switches completed Into vari- ous factories. Additional switches (40) pro- jected. Year ended Dec. 31 Gross Net Int. & Bent 1917 $114,675 $14,582 $90,800 Market. New York— Kiely & Horton, Baker, Car- ruthers & Pell. Price Bange. Jan. 1. 1916 to Jan. 1. 1919 1918 Bid Ask Ask High.81 '16 88 '16 60 Jan. Low. 20 '17 40 '17 50 Dec. CABOUNA CBNTBAIi BAILBOAD CO. l*t Cons. 4b. Due Jan. 1, 1949. — N. Dated Sept. 1, 1898. Interest payable Jan. and July 1, at office of Blair and Co.. 24 Broad Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $3,000,000. Denomination — Coupon, $1, 000 : registerable as to principal. Trustee — The Farmers' Loan & Trust Com- pany, New York. Assumed by the Seaboard Air Line Railway. Guaranteed principal and interest by Sea- board & Roanoke R. R. Co. and Raleigh A Gaston R. R. Co. (consolidated into S. A. L. Ry.) jointly and severally by endorsement. Control — Merged in 1901 Into the Seaboard Air Line Ry. Secured by a first mortgage on 271.03 mllea of road, viz. : Miles Wilmington to Rutherford, N. C 264.61 Mill Jet. to Henrietta, N. C 1.70 Ellenboro to Caroleen, N. C 4.70 Underlies— S. A. L. 1st 4s of 1950; Ref. 4b of 1959; 1st & Cons. 6s of 1946, which provldea for retirement of this issue ; and Adjmt. 5a of 1949. Legal for Bait. Ijisted on the New York Stock Exchange. Market. New York — J. S. Bache & Co., Sam'l Gold- schmidt, Abraham & Co., Baker, Carruthers & Pell, Simon Borg & Co., Hambleton & Co.. S. P. Larkin & Co., F. J. Lisman & Co., Chas. W. Place, W^m. C. Bwen, Taylor, Smith & Hard. Baltimore — ^Robt. Garrett & Sons, Poe A; Davies, Hambleton & Co., Sutton & Co., Jen- kins, Whedbee & Poe. Price Bange — "S. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 ' 1918 Hi&h.97 Mar. 23, '06 77 Jan. 10 Low. 75 June 24. '18 75 June 24 CABOLINA. CIiINCHFIEI.D & OHIO BAIL- WAY 1st Ss. Due June 1. 1938.— F. Dated June 1, 1908. Interest payable June and Dec. 1. at Blair & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $15,000,000. Outstanding — $1 3.950, 000. Pledged— $250,000. In Treasury — $150,000. Beserved for Ext. — $650,000. Denomination — Coupon, $1, 000 and $1 00. Registerable as to principjil. Rec-istered, $1,000 and multiples thereof. C. & R. inter- changeable. Trustee — Farmers* Loan & Trust Co., New York. Bedeemable as a whole or may be drawn in part by lot at 110 and interest on any interest date upon two months' notice. J 83 Organization — Incorporated In Virgrlnla In 1905 as the South & Western R. R. Co. In 1908 Us present name was adopted and it ac- quired all the property of the lAck. Creelc & Lake Brie R. R. Co. Secured by a direct or collateral lien on 241.42 miles of road, equipment, etc. , viz. : A first lien on 216,97 miles — Miles Fink, Va., to S. C— N. C. State Line.. 215. 97 A second lien on 7.50 miles — Covered by the first lien of the Lick Creek & Lake 1st Bs: Dante to Fink, "Va 7.50 A first colateral Hen through pledgre of entire issue of C. C. & O. of S. C. 1st 5s: S. C.-N. C. State Line to Spartanburg, S. C 17.95 A 35-miIe extension has been completed from Danfe to Elkhorn, Va., where connection will be made with the Chesapeake & Ohio Ry. This latter mileage is not covered by the lien of this mortgage. Prior I/ien^$200.000 Lick "Creek & Lake Erie 1st 5s, due 1933. Underlies — $2,000,000 Carolina, Clinchfield & Ohio Ry. 5% Notes, due 1919. Year ended Dec. 31 Gross Net Int. & Rent 1917 $4,285,390 $2,231,924 $1,332,128 1916 $3,101,444 $1,815,178 $1,254,948 1915 2,260,776 1,136.773 988,967 1914 2.679,208 1,666.421 966.307 1913 2,634,635 1,689,238 946,925 TJsted on the New York Stock Exchange. Original Market — Sl'b.OOO, 000 offered in Feb., 1909, by Blair & Co., New York, at 102% and interest. Market. New York — G. W. "Walker & Co.. Geo. S. Crap & Co., Burgess. Lang & Co., "Wolff & Stanley, E. & C. Randolph. J. S. Farlee & Co., Miller & Co., McKinley & Morris, Struth- ers & Hiscoe, F. J. Lisman & Co. , Taylor, Smith & Hard. Baker, Carruthers & Pell, F. H. Hatch & Co. Boston — Burgess. Lang & Co. , L. Sherman Adams. Baltimore — Mercantile Trust & Deposit Co., Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1. 1908 to Jan. 1. 1919 191S High. 100 Apr. 6 '14 84 Nov. 15 Low. S2% Nov. 21 *18 82% Nov. 21 CAROLINA, CLINCHFIELD & OHIO RAII^ WAY CO. 10-Year 5% Notes. Due July 1, 1919.— F. Dated July 1. 1009. Interest payable Jan. and July 1. at Blair & Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $ 2.000,000. Retired— $3,000,000. Denomination — Coupon. $1, 000. Reglsterable as to principal. Trustee — Equitable Trust Co.. New York. Redeemable at par and interest on any in- terest date on 30 days' notice. Convertible into preferred stock of the com- pany at par. Secured by a mortgage on all the property covered by the 1st 5s and subject to the lien thereof. Prior Liens^$200, 000 Lick Creek & Lake Brie lat 5s of 1933, and $13,750,000 C. C. & O. 1st 6s of 1938. Earnings — See 1st 5s. Original Market — Offered In 1909, by Blair & Co., New York. Market. New York — Miller & Co.. Bull & Eldredge. Price Range. Jan. 1. '16 to Jan, 1. '19 1918 Bid Ask Ask High.98 '17 98% '16 95 Dec. Low. 92 '16 95 '18 CAROLINA. CLINCHFIELD & OHIO RAIL- Way Co., Elkhorn Extension 1st Mort- gage 5% notes. ' Due Jan, 1, 1930. — ^N, Dated Feb. 1, 1917. Interest payable Aug. 1 and Feb. 1, at Blair & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by rompany. Authorized — $6, 000, 000. Outstanding — $6,000,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable on any interest date, on 30 days' notice, at 100 and interest. Organization and Control — See 1st 5s above. Secured by a direst first mortgage on 34.69 miles of road from the terminus of the C, C. & O. Ry. at Dante to "The Breaks" on the Big Sandy River at the "Virginia-Kentucky sta,te line and to a connection with the Chesa- peake & Ohio Ry. Co. near Elkhorn City, Ky. Under the provisions of this mortgage the Company covenants that it will not create any new mortgage liens on any of its property without first retiring these notes. Earnings — See 1st 5s above. Original Market — $6,000,000 offered March, 1917, by Blair &. Co., New York, and Brooke, Stokes & Co., Philadelphia, at 97% and In- terest. Market. New York — B. & C. Randolph, McGeorge & Vanderhoef, Phelps & Neeser. Philadelphia — Brooke, Stokes & Co. Price Range — 1918. Bid Ask High.92 Dec. 95 Dec. Dow. 91 Dec. 9 4 Dec. CAROLINA, CLINCHFIELD & OHIO BAII^ WAY CO. Equip. Tr. 5s, Series "B.'* Due 950,000 each Jan. and July 15, to Jan. 15, 19S0, inclusive. — F. Dated Jan.. 15. 1910. Interest payable Jan. and July 15, at Blair & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1 . 000, 000. Outstanding — $100,000 (April 1, '19). Balance Retired. Denomination — Coupon, $1, 000. Trustee — Central Union Trust Co.. New York. Secured under terms of an equipment trust agreement on 750 steel hopper cars, 250 steel gondola cars, 4 freight locomotives, 7 steel underframe passenger coaches, 20 dump cars, costing $1,375,285, of which the company paid $375,285 in cash. Original Market — Offered in 1910. by Blair & Co., New York. Market. See Series *'A.'* CAROLINA. CUNGHFIELD & OHIO RAIL- WAY CO. Equip. Tr. 5s, Series "C." Due S50.000 each Feb. 1 and Aug. 1 to Auk. 1. 1923, inclusive. — F. Dated Aug. 1. 1912. Interest payable Feb. and Aug. 1, at Blair & Co., New York. 184 Tax Status — 2% Federal Income Tax paid by company without deduction. Auttaovizod — $1, OOO, 000. Outstanding — $350,000 (April 1, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee— ^New York Trust Co., New Tork. Secured by an equipment trust agreement on 1,000 steel hopper cars, 6 freight locomo- tives, 3 passenger locomotives, costing $1,- 385,761, of which the company paid $385,761 in cash. Original Market — First offered in 1912 by Blair & Co., New York. - Market. See Series "A.'" CAROLINA. CUNOHFIELD & OHIO RAI1> WAY CO. Eauip. Tr. 5s, Series "D." Due $25,000 each Jan. 1 and July 1 to July 1, 1920, inclusive. — P. Dated July 1, 1913. Interest payable Jan. and July 1, at Blair & Co., New York. Tax S^tatus — 2% Federal Income Tax paid by company without deduction. Authorized — $350,000. Outstanding— $75,000 (April 1, '19), Balance Retired. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — New York Trust Co., New York. Secured by an equipment trust agreement on 47 5 steel underf rame box cars, 2 5 steel underframe stock cars, costing $431,646, of which the company paid $81,646 in cash. Original Market — Offered in 1913 by Wm. A. Read & Co., New York, Boston, etc., at price to yield 5%%. Market. See Series "A." CAROLINA. CLINCHITELD Si OHIO RAIL- WAY Eauip 5s. Series "E." Dae $13,- 000 each April 1 and October 1 to October 1, 1934.— N. Dated October 1, 1914. ' Interest payable April 1 and October 1 at Blair & Co., New York. Tax Status — Payment of Federal Income Tax hot assumed by company. Authorized — $260, 000. Outstanding— $143,000 (April 16. '19). Balance Retired. Denomination — Coupon, $1,000. Trnstee — New York Trust Co., New York. Organization, Earnings, etc. — See 1st 5s. Secured by a direct first lien on 300 steel Central of Georgia. .Mobile Div. 5s, underframe stock cars, two Pacific type pas- senger locomotives and one -Shay locomotive, costing $309,604, of which $49,604 was paid in cash. Oriignal Market — Offered in April, 1915, by Freeman & Co., New York, at prices to yield 5.25%. Market. See Series "A." CAROLINA, CLINCHFIELD & OHIO RAIL- WAY Equip. Tr. 5s. Series "F." Due $38,000 each Jan. 1 and July 1 to Jan. 1, 1927, inclusive. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1 .at Blair & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorised — $760,000. Outstanding — $608,000 (April 1, Balance Retired. Denomination — Coupon $1,000. Trustee — Xew York Trust Co., New York. Redeemable as a whole only at 102 ^^ and Interest on any interest date upon 30 days' notice. Secured by an equipment trust agreement on 500 fifty-ton all steel hopper cars and 5 steel-underframe caboose cars. Original Market — $760,000 offered in 1917 by Blair & Co., New York. CAROLINA, CLINCHFIELD & OHIO RAIL- WAY Eauip. Tr. 5s, Series "G." Due $42,000 each Oct. 1 and Apr. I from Oct. 1« 1917, to Apr. 1, 1927, inclusive. Dated April 1, 1917. Interest payable Oct. 1 and April 1 at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $840, 000. Outstanding — $662,000 (April 15, '19). Balance Retired. Denomination — Coupon, $1, 000. Trustee — Commercial Trust Co.. Philadel- phia. Guaranteed principal and interest by Caro- lina, Clinchfleld & Ohio Ry. Co., by endorse- ment. Secured by an equipment agreement on 7 Malley type locomotives and 9 Mikado type locomotives, costing $1,005, 500. of which the Railway Company paid $205,000 in cash. Original Market — Offered April, 1917, by Elkins, Morris & Co., at 100 and interest. Market. See Series "A," •19). CAROLINA POWER & LIGHT CO. 1st 5s. Due Aug. 1, 1938.— F. Dated August 1, 1908. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $3,482,000 (April 9, '19). Retired by Sinking Fund — $162,000. Cancelled — $407,000. Reserved for Ext. — $949,000. Denomination — Coupon, $1,000 -and $500. Registerable as to principal. Trustee — Guaranty Trust Co. of New York. Redeemable at 105 and interest on any in- terest date as a whole or in part for sinking fund. Sinking Fund-: — 1 % annually j>f outstanding bonds from Aug. 1, 1913, to 1922, and 1%% annually thereafter. Organization — Incorporated in North Carolina in 1908 as successor to the Raleigh Street Ry. Co., Raleigh Electric Co,. Central Caro- lina Power Co. and Consumers' Light & Power Co. Subsequent to 1910 absorbed the Durham Light & Power Co., Henderson Light & Power Co., the Standard Gas & Electric Co. and the Goldsboro Lighting Co. Owns the entire com- mon stock, except directors shares, of the Ashville Power & Ijight Co. and the Yadkin River Power Co, Controlled by the Electric Bond & Share Co. through stock ownership. The latter com- pany is controlled by the General Electric Co. Secured by a first mortgage on 13.7 miles of street railway track in Raleigh, N. C, gas plants in Raleigh and Durham, N. C. ; electric light and power plants in Raleigh, Oxford, Henderson. Sanford, Jonesboro and Goldsboro, N. C, and electric light and power distribution system for manufacturers in Fayetteville. Smithfleld, Selina. Franklington. Pine Level, Roxboro and Cumberland, N. C, and compris- ing five power stations, two of which are hydro-electric, and 215 miles of transmission 1S5 lines, 186 miles of distributing lines and 60 miles of gaa mains. Population served by railway 22,000, gas 42,000 and electricity 50,000. The street railway franchise In Raleigh expires In 1945, the gas and electric franchises are perpetual, as Is also the franchise in Fayetteville. In Sanford franchise expires In 1942, In Henderson and Oxford In 1971, In Goldsboro, Smithfleld and Pine Level in 1972, in Jonesboro in 2003, and in Durham is 1960. Year ended Dec. 31 Gross Net Interest 1918, .$1,015,382 $502,181 $181,888 1917.. 915,401 471,727 175,611 1916.. 786,916 382,767 178.687 1915. . 701,079 321,443 175,871 ^Listed on the Baltimore Stock Exchange. Orierinal Market — Offered in 1911 by B. H. Rollins & Sons, New York, Hambleton & Co., and Stein Bros., Baltimore, and Pingree, Mc- Kinney & Co. , Boston, at 9 2 % and interest. Offered in 1914 by W. C. Langley & Co., at 94% and intflrest. Market. New York — ^Farson, Son & Co., Morton Lacb- enbruch & Co., Kemerer, Matthes & Co., Mar- tin, Berwin & Co. , Dunham & Co. , G. W. Walker & Co., E. & C. Randolph, Joseph & Wiener, Ja, A. Clark & Co. , Jacob Zeller, Merrill, Lynch & Co., E. H. Rollins & Sons, Berdell Bros. , Chas. H. Jones & Co. , Gude, Winmill & Co., Joseph & Wiener, Kiely & Hor- ton, Miller & Co., John Nickerson, Jr., New- hall & Co.. Taylor & White. Barle A. Miller & Co., Pynchon & Co., Wm. M. Clarke, F. H. Hatch & Co., McClure, Jones & Reed. Boston — F. B. Bassett & Co.", H. L, Na»on & Co. . E. H. Rollins & Sons, L. Sherman Adams, Kimball. McKinney & Co., G. W. Walker & Co. Baltimore — Mackubin, Goodrich & Co., Nel- son, Cook & Co. Chicaeo — Merrill, Lynch & Co.. E. H. Rol- lins & Sons, Babcock, Rushton & Co. , Curtis & Sanger, St. liouis — Bowman, Cost & Co. Philadelphia— S. K. Phillips & Co.^ E. H. Rollins & Co. , Morton Lachenbruch & Co. , Newhall & Co. Milwaukee — Edgar, Ricker & Co. BnfTalo — A. L. Chambers & Co. Denver — E. H. Rollins & Sons. TjOS Angeles — E. H. Rollins & Sons. San Franci^o — B. H. Rollins & Sons, Price Range. Jan. 1. 1913 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.96 '17 97 '17 87^4 Dec, 92 Dec. Low. 80 '17 82 '18 80 Jan. 82 Feb. CAROTJNA rOM'ER & LIGHT CO.. YADKIN RIVER POWER CO.. PAJLMETTO POW- ER & LIGHT CO. 5-Year First and Joint 6s. Dne January 1, 1924. Dated January 2, 1919. Interest payable January 1 and July 1 in New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 3.000,000. Outstanding — $3,000,000. Purpose of Issue — To retire indebtedness and to finance the construction of 94 miles of high- voltage transmission lines, substations and certain distributing lines. These additions are being constructed by the Palmetto Power & Light Co. to connect up the various plants of the Tadkin River Power Co. and Pal- metto Power & Light Co. with the hydro- electric plant of the Wateree Power Co. lo- cated about eight miles northwest of Camden, S, C, and having a capacity of 93,833 h. p. The Tadkin River Power Co. has a thirty- year contract with the Wateree Power Co. whereby the latter is to supply 18,666 h. p. Denomination — Coupon $ 5 and $1,000. Registerable as to principal. Trustee — Bankers Trust Co,, New York. Redeemable at any time upon four weeks' notice at 101 and interest during 1919; 100^ and interest during 1920, and thereafter at 100 and interest. Organization — The companies are incorpo- rated in North Cgjolina. The Tadkin River Power Co. owns all the capital stock, except directors' shares, of the Palmetto Power & Light Co. The Carolina Power & Light Co. owns all the common stock, except directors' shares, of the Tadkin River Power Co. Control — The Electric Bond & ,Share Co, contrpls the Carolina Power & Light Co. through stock ownership. Secured by a first mortgage on all the property of the Palmetto Power & Light Co. nt)w owned or hereafter acquired and a sec- ond mortgage on all tfte property now owned or hereafter acquired of the Tadkin River Power Co, and the Carolina Power & Light Co. The Palmetto Power & Light Co. owns and operates 44 miles high-voltage transmission lines and interconnecting distributing lines supplying Florence, Marion, Darlington, Mul- lins and Timmonsville, S. C. ; steam electric plant supplying Summerville, S. C, and water works system in Marion and Darlington, S, C. For further description of property covered by this mortgage see Carolina Power & Light Co. 1st 5s and Tadkin River Power Co. 1st 5 s. Franchises and Contracts — None of the fran- chises of the Palmetto Power & Light Com- pany with one exception expires prior to 1932. while one extends to 1972, three extend to 1976 and ons is unlimited as to time. None of the franchises of the Tadkin River Power Company expires prior to 1971. None of the franchises of the Carolina Power & Light Company, with one unimportant exception, ex- pires prior to 1942, while one is unlimited as to time and sixteen extend to 1971 or beyond. The companies are supplying street lighting service in all communities served, either di- rectly or through the sale of power at whole- sale to local distributing systems. They also have a large number of power contracts, many of which are for long terms of years supply- ing a 1 arge number of diversified manufac- turing industries. Prior Xiiens — Outstanding Carolina Power & Light 1st 5s 1938. $3,482,000 Tadkin River Power 1st 5s 1941 3,500.000 Total $6,982,000 Original Market — $3,000,000 offered Feb- ruary. 1919. by Spencer Trask & Co. and W. C. Langley & Co. , New Tork, at 9 5 % and interest. Dae CAROLINA TERMINAL CO. lat 5fi. Nov. 1, 1937.— F. Dated November 1, iaj2. Interest payable May and Nov, 1, at Trustee's ofllce, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding— $6 03,000 (Dec. 31, '18), Retired by S. F. — $100,000. Owned by A. G. & W. I. S, S.— $97,000. Denomination — Coupon, $1, 000. Trustee — Bankers' Trust Co., New Tork. 186 Redeemable at 105 and interest on any In- terest date, , Sinking Fund — $20,000 annually, beginning Nov. 1, 1914, for the purchase of bonds of this issue at not exceeding 105 and interest. Bonds so acauired to be cancelled. Guaranteed as to principal and interest by the Clyde Steamship Co. by endorsement. Controlled by the Atlantic Gulf & West In- dies S. S. Co. by ownership of entire capital stock. The Clyde Steamship Co. leases the property for 99 years rental, all fixed charges, maintenance and insurance. The Clyde S. S. Co. is controlled through stock ownership by the Atlantic, Gulf & "West Indies S. S. Co. Secured by a first mortgage on the entire property of the company, including an extensive terminal site at Charleston, S. C, together with three large piers 425 feet long which fur- nish terminal facilities foe the Clyde S. S. Co. and connecting railroads. Original Market — 8700,000 offered Dec, 1912, by Spencer Trask & Co., New York, at 99 and Interest. Market. New York — Baker,, Carruthers & Pell, Klely & Horton, Abraham & Co., Baker, Carruthers & Pell, John Davenport, F. H. Hatch & Co., Wm. C. Bwen. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95 '16 98 '15 90*^ June Low. 80 '17 841^ '18 84 Nov. 84^ Sept. CARPENTERr-O'BRIEN CO. 1st 6s. Doe $135,000 each Dec. 1 and $140,000 each Jane 1 from Dec. 1, 1915, to June 1, 1935. Dated Feb. 1. 1914. Interest payable June 1 and Dec. 1 in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,250,000. Outstanding — $1,842,100 (April 30. 1919). Retired — $1,157,900, Re»srved for Add. — $1,250,000. Denomination — Coupon, $100, $500 and $ 1, - boo. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, and John K. Lyon. Redeemable at 102^/^ and interest on any interest date on 30 days' notice. Sinking Fund — $4.50 per thousand feet for cypress and $3.00 per thousand feet for pine, payable before timber is cut. Organization — Incorporated in Delaware in 1913. Name changed to Brook-Scanlon Corpo- ration Dec. 31, 1917. Secured by a first mortgage on 183,000 acres of land owned in fee in Taylor, Lafayette, Madison and Jefferson counties, estimated to contain 850,000,000 feet of pine and 425,000,- 000 feet of cypress, and on plant on the St. John' s River at tidewater, just outside of Jacksonville, Pla. The cypress timber has all been sold, subject to this mortgage, to another CO mpany. Oriignal Market — Offered In March, 1914, by William A. Reed & Co., New York, and Lyon, Gary & Co. , and Continental & Commercial Trust & Savings Bank, Chicago, at par and interest. Market. Chicago — Lyon, Gary & Co., Continental & Commercial Trust & Savings Bank, Babcock, Rushton & Co. Minneapolis — Minnesota Loan & Trust Co., Stevens. Chapman & Co. St. Paul — Capital Trust & Savings Bank. Price Range. Jan. 1, '16 to Jan. 1» *19 Bid Ask High. 98% '16 101 '16 Low. 93 '17 CARRIAGE FACTORIES, LTD., 1st 6s. Due April 1, 1940. Dated 4pril 1, 1910. Interest payable April and Oct. 1, at Royal Bank of Canada, Mon- treal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 000, 000. Outstanding— $454,000 (Feb. 26, '19). Retired by S. F. — $46,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- able. Trustee — Montreal Trust Co., Montreal, Can. Redeemable after April 1, 1920, at any time on six months' notice, at 110 and interest. Sinking Fund beginning Dec. 1, 1915, an amount annually sufficient to redeem one-half the bonds prior to maturity, by purchase or redemption at not exceeding 110 and interest. Organization — Incorporated in Canada, 1909. to acquire the businesses and properties of the Canada Carriage Co. of Brockville, Ont. ; Heney Carriage & Harness Co. . Ltd. , Mon- treal: Munro & Mcintosh Carriage Co.. Ltd., Alexandria, Ont., and the Tudhope Carriage Co. , Ltd. , Orillia, Ont. The corporate ex- istence of these companies is maintained and they are to act as selling and distributing agents. Secured by first mortgage on plants of four companies engaged in the manufacture of car- riages, wagons and automobile bodies in Can- ada. Year ended Not. 30 Net Interest *1918 $25,567 • $19,080 1917 18,471 28.620 1916 33.455 29,310 1915 297,231 30,000 1914 117,783 30,000 *8 months ending July 31, '18. Original Market — $500,000 offered 1910 at par and interest by J. A. Mackay & Co. , Montreal Market. Montreal — Canada Securities Co., Ltd., Hew R. Wood Co. Price Range. Jan. 1- '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 90 '17 93 '16 70 June 72 June Low. 70 '18 72 '18 CARTHAGE & ADIRONDACK RAILWAY Co. Ist 4s. Due Dec. 1, 1981. — F. Dated Dec. 1, 1892. Interest payable June and Dec. 1, at Grand Central Station, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — Closed mortgage. Outstanding — $1,100,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Assumed by the New York Central R, R. Co. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. by endorsement, which obligation was assumed by the N. Y. C. R. R. Co. at consolidation. Control — Merged Into the N. Y. C. & H. R. R. R, Co. April, 1913, which was con- solidated into New York Central R. R. in 1914. 187 Secured by a first mortgage on 45.86 miles of road from Carthage to Newton Palls, N. T. Underlies— N. T. C. & H. R. R. R. Mtse. S^/^s of 1997; Cons. 4s of 1998, Michigan Cen- tral Coll., Lake Shore & M. C. Coll., and Debentures; and Ref. & Imp. 4%s of 2013. JLegal for Cal. . Conn. , Me. , Mass. , Mich. , Minn.. Mo.. N. H., N. J., N. Y., R. I., Vt. and Wis, liisted on the New York Stock Exchange. Market. New York — Merrill, Lynch & Co., Hanson & Doyle, E. & C. Randolph, Chas. W. Place, Taylor, Smith & Hard, Remick, Hodges & Co., Seasongood, Haas & Macdonald, F. H. Hatch & Co.. Bernhard, Scholle & Co.. F. J. Lis- man & Co., Spencer Trask & Co., Wm. C. Ewen, Baker, Carruthers & Pell, Brown Bros. & Co. Philadelphia — Graham, Parsons & Co., Brown Bros. & Co., Chas. Pearon & Co., S. K. Phillips & Co. Pittsburg — R. B. Hutchinson & Co. Chicago — Merrill, Lynch & Co. Portland, Ore. — Morris Bros., Inc. Price Ranee — N. Y. S, E. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid High. 971^ Apr. 26, '09 74% Dec. Low. 88 Oct. 9, '12 C3% Jan. CARTHAGE, WATERTOWN & SACKET'S HARBOR R. R. CO. Cons, (now first) 5s. Due July 1, 1931. — P, Dated July 1, 1891. Interest payable Jan. and July 1, at Grand Central Station. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Denomination — Coupon^ $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the N. Y. Cen. R. R. Co, Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. by endorsement, which obligation was assumed by the N. Y. C. R. R. Co. at consolidation. Control — Merged in April, 1913, into the N. Y. C. & Hud. Riv. R. R. Co., which was con- solidated In 1914 into the New York Central •R. R. Co. Secured by a first mortgage on 28.96 miles of road from Carthage to Sacket's Harbor, N. Y. Underlies— N, Y. C. & H. R. R. 3%s of 1997; Cons. 4s of 1998: Ref. & Imp. 4%s of 2013; CoU. Tr. 3^^s of 1998 and Debentures. Legal for Cal., Conn., Me., Mass.. Mich., Minn., Mo., N. H., N. J., N. Y.. R. I.. Vt. and Wis. Market. New York — Chas. W. Place, Remick, Hodges & Co., P. H. Hatch & Co.. Abraham & Co.. Baker, Carruthers & Pell, P. J, Lisman & Co. Pittsburg — R. B. Hutchinson & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 105 *16 98 Aug. 99 Dec. Low. 95 '17 99 '18 Dated Feb. 1, 1914, Interest payable June and Dec. 1, at Trustee's office or First Nat'l Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $12,000,000. *Outstanding:— $2,415,000 (June 2, 1919). Balance Retired. *Remaining Maturities 1919 $607,000 1920 587.000 1921 499.000 1922 722.000 Denomination — Coupon, $1,00(W except 1923 maturities which are $500. Registered $1,000 and $10,000 C & R. interchangeable. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable as a whole on any interest date at 103 and interest, and in part in Inverse order of maturities; Organization — This company has been en- gaged in manufacturing threshing machines and other farm implements for 75 years. Also manufactures automobiles. The company has extensive branch sales agencies throughout this country and Canada. Secured by a first mortgage on the real prop- erty of the company, including large manu- facturing plants in Racine, Wis., and valuable land and buildings in other cities, 'and addi- tionally secured by deposit of $11,500^000 of notes received in payment of implements. After the retirement of $2,500,000 bonds, and only upon the further reduction of the amount out- standing the company may withdraw notes pledged to the par amount of bonds paid. The company is also required to maintain net quick assets of not less than $18,000,000 or 150% of the total amount of bonds issued under this mortgage. Year ended Dec. 31 Gross Net Bond Interest 1918. .$25,162,769 $3,150,889 $572,621 1917.. 17,657,754 3,775.922 726,540 1916.. 13.047.257 2.385.110 737,389 1915. . 14,058,632 2,889.282 907,457 1914. . 14.395.384 2.024.878 1,008,180 Original Market — Offered in March, 1914. by Potter, Choate & Prentice, New York, and ' First Trust & Savings Bank, Chicago, at par and interest. Market. New York — Kean, Taylor & Co.. Kiely & Horton, J. S. Bache & Co., A. B. Benesch & Co. , Garrison & Brown, Sharretts & Young, E. & C. Randolph, Hanson & Doyle, Abraham & Co. Chicago — P. J. Johnson & Co., First Trust & Savings Bank, Merchants' Loan & Trust Co., The Stanwood Co.. Dodge & Ross. Ames. Em- erich & Co. . First National Bank. Babcock, Rushton & Co., Curtis & Sanger. liouisville — Henning Chambers & Co. Pittsburgh — Colonial Trust Co. Worcester — Kinsley & Adams. Cleveland — Hayden, Miller & Co. Baltimore — J. S. "Wilson, Jr.. & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 ' Bid Ask Bid Ask High.103 '16 lOS^A '16 99 Aug. 102 Aug. Low. 98 *15 100 '18 98 Nov. 100 Nov. I.) CASE THRESHING MACHINE CO. 1st 66. Due annually $1,500,000 Dec. 1., 1914; $1,000,000 Dec. 1. 1915: $500,000, 1910 to 1918; $1,000,000, 1919 to 19^6, inclusive. — P. CASS AVENUE & FAIR GROUNDS RAITr- WAY CO. 1st Ext. 4V2S. Due July 1. 1932.— N. Dated July 1, 1912. Extended from July 1, 1912; interest reduced from 5%. Interest pay- able January and July 1, at St. Louis Union 188 Trust Co., St. Louis, and Northern Trust Co., Chicago, or office of No. American Co., New York. Tax Status — Payment of Federal'income Tax not assumed by company. Authorized — $2,000,000. Outstandini: — $1,800,000. Cancelled— $200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Northern Trust Co., Chicago. Redeemable at 102 and interest on any in- terest date. Sinking Fund — $10,000 per annum. Guaranteed principal and interest by the United Railways Co. of St. Louis by endorse- ment. Controlled through ownership of entire capi- tal stock by the United Rys. Co. of St. Louis, which latter company is controlled by the No. American Co, of New York. As of April 15, 1919, the United Rys. Co. was in the hands of a receiver. Secured by a first mortgage on 36 miles of street railway, including the following Unas extending from the center of the city into the northern and western residential sections: On Walnut St. from 5th St. to 8th St. to Cass Ave. to Glasgow Ave, to St. Louis Ave. to Clara Ave. near the western city line. On 7th St. from Walnut St. to Cass Ave. On Franklin St. from 5th St. to 14th St. to Leffingwell Ave. On Carr St. from 5th St. to Leffingwell Ave. to Garrison Ave. to Market St. to Prairie Ave. to Natural Bridge Road to Klngshighway Boule- vard. On O' Fallon St, from 2nd St. to 15 th St. to Salisbury St. to Kossuth Ave, to Prairie Ave. to Lee Ave. Additionally secured by de- posit of 10.001 shares (one-half of entire issue) of the capital stock of the St. Louis R. 'B„ Co. Franchises extend to 1939. Refunding — The United Rys. Gen. 4s of 1934 provide to retire this issue. Sarnings^See United Rys. of St. L. Listed on the St, Louis Stock Exchange. Original Alarket — Offered in 1912, by Missis- sippi Valley Trust Co., Mercantile Trust Co., A. G, Edward^ & Sons, and Francis Bro, & Co., St. Louis, at'97?4 and interest. Market. St. Loais — Herrick J. Gray & Co., Francis Bro. & Co., Mercantile Trust Co., Mississippi Valley Trust Co., Stifel, Nicolaus Inv. Co., Stix & Co., Whitaker & Co. New York — J. S. Bache & Co., John Nicker- son. Jr. Chicago — Babcock, Rushton & Co. ISaltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '17 98*4 '16 94% Jan. 95^ Jan. Low.921^ '18 94^^ '13 92% Apr. 95 Apr. CATARACT POWER & CONDUIT CO. let 58. - Due January 1, 1927. — F. Dated January 1. 1897. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax Exempt Bonds — Bonds numbered 832 to 845, inclusive, 851 to 866. inclusive, 876 to 900, inclusive, and 1,001 to 1,384, inclusive, have been made tax exempt in New York. Anthorized — $2,000,000. Ontstanding — $1,384,000. Denomination — Coupon, $1,000. Regl sterable as to principal. Trustee — Metropolitan Trust Co., New York. Sinking Fund— Annually an amount from the surplus income and invested so as to form a fund sufficient to redeem at maturity out- iitanding bonds. Assumed by the Buffalo General Electric Co. Organization — Incorporated in New York in 1896 to distribute electric power generated by the Niagara Falls Power Co. In the City of Bufealo. Control — Merged In 1915 into Buffalo Gen- eral Electric Co. Secured by a first mortgage on the distribu- tion system supplying electricity In Buffalo, including 105 miles of underground conduits and five substations. Underlies — Buffalo General Electric 1st Ref. 53 of 1939, Earnings — See Buffalo General Electric Co. issues. Legal for R. I, Market. Buffalo — J. C. Dann & Co., John T.- Steele, Baker, Mandeville & Co., Gardner, Penn & Co., O'Erian, Potter & Co. Cleveland — Borton & Borton, Philadelphia — Frazier & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '16 lOlVa '16 94 May 97 May Low. 94 '18 97 '18 CATASAUaUA & FOGELSVILLE RAILROAD CO. Ifit 4a. Due July 1, 1928.— F. Dated July 1, 1898. Interest payable Jan. and July 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding — $135,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Controlled by the Reading Co. through own- ership o£ $254,125 of $426,900 capital stock. Secured by first mortgage on 31.76 miles of road from Catasauqua to Rittenhouse Gap, Pa., and branches. Year ended June 30 Gross Net Interest 1916 $25,2.299 $158,915 $5,400 1915 204,664 107,119 5.400 1914 213,080 94,741 5,400 Later earnings not available. Legal for Me., Mich., Minn., N. H., N. J., R. I. and Wis. Market. Philadelphia — Graham, Parsons & Co. Pittsburg — R. B. Hutchinson & Co. CATAWBA POWER CO. 30-Year 6s. Due June 1, 1933.— F. Dated June 1, 1903. Interest payable June - and Dec. 1, at Equitable Trust Co.. New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $552,500 (Jan. 1, '19). Retired by S. F. — $191,500. Trustee — Equitable Trust Co., New York. Sinking Fond — ^Beginning June 1, 1906, the company will pay $10,000 per annum to pur- chase bonds in the open market at not exceed- ing 105 and interest. If bonds cannot be pur- chased, ten bonds are to be drawn by lot and cancelled. Control' — AH the capital stock is owned by the Southern Power Co. 1S9 Secured by a practically first mortgage on hydro-electric plant 6^ miles from Rock Hill, S. Car., and 18 miles from (Jharlotte, N. Car., and on distribution system for supplying elec- tricity to those cities and Gastonia, Fort Mill, Plneville and Yorkville, all located within 20 miles of the power plant. Population served, 40,000. Prior liien — $6,000 1st 6s of 1922. Original Market — Uftered by Morris Bros. & Christiansen, Phila., at par in 1903. New York— Kiely & Horton, F. H. Hatch & Co.. E. & C. Randolph, J. W. Christiansen, Berdell & Co., Newhall & Co. Philadelphia — S. K. Phillips & Co., Flncke, Bangert & Co., Barclay, Moore & Co., H. D. Boenning & Co., "Wistar & Stokes, Warren A. Reed, Huntoon & Co. , Newhall & Co. Baltimore — H. R. Taylor &. Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '16 lOa '15 99% Dec. 101 Dec. Low. 96 *17 101% '17 96 Mar. 99 May OATAWISSA RAILROAD CO. 1st Cons. 4s. Due AprU 1, 1948.— F. Dated April 1, 1898. Interest payable April and Oct. 1, at Company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,215,000. Denomination — Coupon, $1,000. Registerabla as to principal or fully registerable. Trustee — The Pennslyvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by the Philadelphia & Reading Ry. Co. under terms of lease. Control — Leased Dec, 1896, for 999 years to the Philadelphia & Reading Ry. Co. The entire capital stock of the latter company is owned by the Reading Co. Rental interest on bonds, 5 % dividends on $3,200,000 preferred stock, taxes and $8, 000 for organization ex- penses. Secured by a first mortgage on 104.06 miles of road from Tamanend to Newberry Jet., Pa. This line affords that system Its only entrance into Wllliamsport, Pa., and also a connection with the New York Central & Hudson River 'R. R. at Newberry Jet. Legal for Me. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — ^West & Co.. Graham, Parsons & Co., Brown Bros. & Co., Henry & Klrkbride, Chas. Pearon & Co., Reed A. Morgan & Co.. "Welsh Bros., "Warren A. Reed, H, D. Boen- nlng & Co., Barclay, Moore & Co. New York — ^Abraham & Co. . Baker, Car- ruthers & Pell, Brown Bros. & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Eld Ask High.103* '08 106 '08 90 Jan. 95 Jan. Low. 80 '18 88 '18 80 July 88 Aug. CAYADUTTA ELECTRIC RAILROAD 1st 6s. Due Oct. 1, 1922.— N. Dated Oct. 1, 1892. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed — $350,000. Outstanding — $350,000. Denomination — Coupon, $1, 000. Trustee — Farmers' Loan & Trust Co., N. T. Guaranteed principal and Interest by Fonda, Johnstown & Gloversville R. R. Control — Merged with Fonda, Johnstown & Gloversville R. R. Co., which operates both steam and electric railways. Secured by first mortgage on 9 miles of electric road 'from Fonda to Gloversville, N. T. Underlies — F. J. & G. R. R. 1st Cons. & Gen. Refg. 4'^s, which provide to retire this issue. Earnings — See Fonda, Johnstown & Glov- ersville R. R. Market. New York— Wm. F. "Wolff, F. H. Hatch & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 95 Oct. 100 Oct. Low. 94 '18 98% '18 94 July 98% July CEDAR RAPIDS St IOWA CITY RY. & LIGHT CO. 1st S. F. 5s. Due June 1, 1923. — ^F. Dated June 1, 1903. Interest payable June and Dec. 1, at Harris Trust & Sav. Bank, Chicago, or Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $189,000 (Nov., 1917). Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Illinois Trust & Savings Bank and Harris Trust & Sav. Bank, Chicago. Redeemable at 1 7 % and Interest on any interest date, on 60 days' notice. Sinking Fund — Began June 1, 1908, an an- nual amount' to retire $500,000 bonds by ma- turity. Assumed by the Iowa Ry. & Light Co. Organization and Contrdi — Incorporated In Iowa, 1903, and acquired the property and franchises of the Cedar Rapids Electric Light & Power Co. and built an electric railway from Cedar Rapids to Iowa City. Name changed Sept.. 1912, to the Iowa Ry. & Light Co. (See latter company for details.) Secured by a first mortgage on plants sup- plying Cedar Rapids, la., with electricity and steam heat and on 30 miles of interurban rail- Way between Cedar Rapids and Iowa City, la., built on private right-of-way. Franchise in Cedar Rapids expires In 1926 and Is perpetual In Iowa City. Population served, 50.000. Underlies — Iowa Ry. & Light Co. Ist & Ref. 5s of 1932, which provide to retire this Issue. Earnings — See Iowa Ry. & Lt. Co. Original Market — Offered In 1903 by N. "W. Harris & Co., Boston, Harris Trust & Savings Bank, Chica^TD, and Harris, Forbes & Co., New York, at par and interest. Market. Boston — Harris. Forbes & Co. Chicago — Harris Trust & Sav. Bank. New York — Dldrlchsen & Co.. Harris. Forbes & Co. CEDAR RAPIDS. IOWA FALLS & NORTH- WESTERN RAILWAY CO. 1st Bs. Due Oct. 1, 1921.— N. Dated June 23, 1881. Interest payable April and Oct. 1, at First National Bank, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $4,000,000. Outstanding — $1,9 05,000. Deposited under B.. C. R. & N. Cons. Ist 5b — $2,011,000. 190 ProviBioiis of Issue— Under terms of C. R. I. & P. Ry. Co. 1st & Ref. Mtg., bonds of this issue cannot be extended. Denomination — Coupon, $1,000. Registerabie as to principal. Trustee — Central Union Trust Co. , New York. Control — Merged in 1900 into the Burlington, Cedar Rapids & Northern Ry. Co. and the property of the latter company was deeded to the Chicago, Rock Island & Pacific Ry, Co. Secured by a first mortgage on 291,51 miles of road from Worthington, Minn., to Holland, la., 182.64 miles, and Dowa to Batherville, la., 108.87. Underlies — B.. C. A. & N. Con?. 5s of 1934, which provide for the retirement of this issue, and the C. R. I. &P. Ry. 1st & Ref. 4a of 1934. Legal for Me. liisted on the New York Stock Exchange. Market. Pittsburg — R. B. Hutchinson & Co. New York — Baker, Carruthers & Pell, Cur- tis & Sanger, Taylor, Smith & Hard. Price Bange— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.106% Feb. 23, '11 gT^^Dec. 100 Apr. Low. 97% May 16, *17 91% July 98 Dec. CEDARS RAPIDS MANUFACTURING & POWER CO. l8t 58. Due January 1, 1953. Dated January 17, 1913. Interest payable January 1 and July 1 at Royal Bank of Can- ada, New York, Montreal and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 15,000,000. Outstanding — $11,498,000 (Feb., 1919). Reserved for Ext.— $3,503,00-0. Denomination — Coupon, $100, $500 and $1,- 000, and sterling equivalents. Registerabie as to principal only. Trustee — Montreal Trust Co., Montreal, Can. Redeemable on or before January 1, 1917, at 100 and interest, between January 1, 1917 and 1922 at 105 and interest and after January 1, 1922, at 110 and interest. Sinking Fund — Beginning January 1, 1^25. 1% per annum of outstanding bonds to be paid to the trustee. Organization and Control — Incorporated tn Canada. During 1916 the stocks of this com- pany and of the Montreal Light, Heat & Power Co. were acquired by the Civic Investment & Industrial Co. The name of the latter com- pany was changed in 1918 to Montreal Light, Heat & Power Consolidated. The properties are operated by the latter company under a 98-year lease from Aug. 1. 1916. Rental ex- penses, fixed charges and dividends. Secured by a first mortgage on hydro-elec- tric plant on the St. Lawrence River, about 30 miles above Montreal. The development ex- tends for two miles along the river, in which distance there Is a drop of 32 feet. The com- pany has perpetual rights to take sufficient water to develop 160,000 horsepower. Present equipment has a capacity of 100.000 h. p. The company has long term contracts with the Aluminum Co. of America for the delivery of 60,000 h. p. at its plant at Massena, N. T., and with the Montreal Light, Heat & Power Co. for the present delivery of 20,000 h. p. in Montreal, with an ultimate increase to 60.000 h. p. The transmission lines for delivery of this current are owned by the purchasing com- panies, who receive an agreed amount per horse power for delivery service. Listed on the Montreal Stock Exchange. Original Market — OfEered in May, 1915, by Jackson & Curtis, New York and Chicago,, at 87% and interest. A block offered Feb., 1918, by Spencer Trask & Co., New York. Market. Boston — Parkinson & Burr, F. B. Baasett & Co. New York — J. J. Levenson, Dunham & Co.. W. S. Ma comber. Oilman & Clucas, Sutro Bros. & Co., Parkinson & Burr, Spencer Trask & Co., Jacob Zeller, Phelps & Neeser, "Wm. C. Ewen, Taylor & White, McGeorge & Van- derhoef, John Nickerson, Jr., Abraham & Co., Aldred & Co., Pynchon & Co., Fred H. Hatch & Co., Homblower & Weeks, Kiely & Horton. Montreal — Greenahields & Co. , Royal Se- curities Corp., Nesbit, Thompson & Co., Do- minion Securities Corp., Ltd., Hew R. Wood Co. Portland — ^Merle S. Brown. Philadelphia — Frazier & Co., Paul & Co., Joseph W. Gross, Bauer, Starr & Co., S. K. Phillips & Co. Providence — Homblower & Weeks. Price Bange. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.90% '16 92 '17 87 Dec. 89^^ Dec. Low. 77 '17 82 '17 80% June 82 Jan. ^ CEDAR VALLEY (lA.) ELECTRIC CO. Ist 6s. Due April 1, 1935. — F. Dated April 1, 1915. Interest payable April 1 and October 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6 00,000. Outstanding — $ 4 00,000. Reserved for Ext. — $200,000. Denomination — Coupon. $ 5 00 and $1,000. Registerabie as to principal only. Trustee — Pennsylvania Co. for Insurances on Lives & Granting Annuities. Redeemable on any interest date at 105 and interest. Guaranteed as to principal and interest by the American Gaa Co. by endorsement. Organization and Control — Incorporated in Towa in 1915. Controlled by the American Gas Co. through stock ownership. Secured by a first mortgage on two hydro- electric and three steam generating plants and distribution systems supplying electricity in Charles City, Hampton, Parkersburg and other towns in north central Iowa. Population served, 16,000. The principal franchises are reported as extending to 1940- or beyond. Earnings — Included in American Gas Co. income account. Original Market — Offered in May, 1915, bv William P. Bonbrlght & Co., New York, and JSlston, Clifford & Co., Chicago, at par and Interest. Market. Chicago — Bonbrlght & Co., WoUenberger & Co. New York — Bonbrlght & Co. Boston — Bonbrlght & Co. Philadelphia — Bonbrlght & Co., H. D. Boen- ning & Co. Price Range — Bid 89-91. CENTRAL ARGENTINE RAILWAY. LTD.. 10-Year Conv. 6% Gold Notes. Due Feb. 1. 1927.— N. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1 at J. P. Morgan & Co., New York, 191 or in sterling, at fixed rate of $4.85 per £ at London County & -Westminster Bank, London, Eng. Tax Status — Payment of Federal Income Tax not assumed by company. Principal and in- terest payable without deduction for any Brit- ish or Argentine taxes. Authorized — $15,000,000. Outstanding — $15,000,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 102 and interest on Feb. 1, 1922, or on any interest date there- after on 6 months' notice (see "Note" under "Convertible"). Convertible at any time after Jan. 31, 1918, to and including date of maturity, or dfate of redemption if called prior thereto, into consoli- dated ordinary stock of the Company at par. Bonds are convertible in London or at the Guaranty Trust Co., New York. Organization — Organized in 1863. The prop- erty comprises 3,305 miles of track connecting Buenos Aires with the interior and serving the most densely populated section and principal cities of the Argentine Republic. The business is conducted under a perpetual concession and an amended contract "with the Government whereby the railway is entitled to rates that will provide a net earning power of 6.80% on the capital invested, now over $250,000,000. Capitalization — The Company's total obliga- tions, including these notes, aggregate $90,- 659,527, while there are outstanding three classes of dividend-paying stock aggregating $188,055,114. The indebtedness other than this issue of notes represents a total of about $22,890 per mile .of road operated. The $15,- 000,000 notes represents a further $4,450 per mile, while the junior securities represent about $56,900 per mile. Outstanding Capital Stock (Computed at $4.86 to the pound): Preference Stock (4%% non-cum.) $47,121,189 Consolidated O r d i n ary Stock 136,988,577 Deferred ' Stock 3,945,348 Total $188,055,114 The consolidated ordinary stock is entitled to 5% dividends before dividends on the deferred stock and shares eaually with the deferred stock in the distribution of earnings after the latter has received 5%. Dividends on con- solidated ordinary stock have been paid as fol- lows: 4% 1916; 5% 1915 and 1914 and 6% from 1904 to 1913, inclusive. The ordinary stock from 1905 to 1917, inclusive, sold on the London Stock Exchange above 110 in every year except in 1910, in which year they sold at 109%. Security — A direct obligation of the company but not secured by a mortgage. Prior Liens— Total, $76,659,527; $550,949 Central Argentine Ry. Gentral Deb. 3 % % Stock (secured on 150 miles); $9,805,050 4%% "West- ern Annuity (secured on 202 miles); $65,303,- 528 4% Debenture Stock (secured on entire property). Year ended June 30 (computing $4.86 per £): Fixed Gross Net Charges 1918. .$30,054,673 $9,044,441 $5,108,822 1917-. 25,498,597 8,678,629 3,988.706 1916. . 27,882,000 10,406.000 3.889.000 1915. . 28.120.000 12.471.000 3.305,000 1914., 29,442,000 13,069,000 2.867.00" 1913. . 31,537,000 14,308,000 2,649,000 Original Market — Offered March. 1917, by J. P. Morgan &. Co., Kuhn, Loeb & Co., Na- tional City Co.. Guaranty Trust Co., Lee, Hig- ginson & Co. and Wm. A. Read & Co., at 100 and interest. Market. New York — Stacy & Braun, A. B. Benesch & Co., Guaranty Trust Co., B. & C. Randolph, McDonnell & Co., Morton Lachenbruch & -Co., Chas. W. Hill, Jos. Walker & Sons, Lee, Higginson & Co., Mann. Bill & Co., Harvey A. Willis & Co.. T. Hall Keyes & Co.. Phelps & Neeser. Ernest Smits, Fred H. Hatch & Co., Babcock, Rushton & Co. Cincinnati — ^A. E. Aub & Co. Indianapolis-— Fletcher- American Nat'I Bank. Denver — International Trust Co. Grand Rapids — Howe. Snow, Corrigan & Bertles. Portland — Beyer & Small. Kansas City — H. P. Wright Investment Co. Seattle — Dexter-Horton National Bank. St. Louis — Bowman, Cost & Co. Chicago — Pynchon & Co. Price Range. Jan. 1. '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High.92% '18 100 '17 92^ Dec. 94 Dec. Low. 55 '17 65 '17 70% Jan. 77 Jan. CENTRAL ARKANSAS & EASTSBN RAIL- ROAD CO. 1st Guar. 5s, Due July 1, 1940. — ^P. Dated July 1, 1910. Interest payable Jan, and July 1. at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 3.000,000. Outstanding — $1,085,000. Reserved for Ext. — $1,915,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Redeemable at 105 and interest at any time, on 30 days' notice. Giyfcranteed principal and interest by the St. Louis Southwestern Ry. Co. by endorsement. Control — Leased for 30 years from July 1, 1910, to the St. Louis, Southwestern Ry. Co. with the privilege of purchasing the property. Secured by a first mortgage on 44.8 miles of road from Stuttgart to England and from Rice Jet. to Hazen, all in Arkansas. Refunding — The St. L, S. W. 1st Term. & Unif. Mtge. 5s of 1952 provides for retirement of this issue. Legal for Me. and Mo. Original Market — Offered in 1911. by the Guaranty Trust Co. and Rhoades & Co., New York, Townsend. Whelen & Co.. Phila.. and Hayden, Miller & Co., Cleveland, at 97% and interest. $350,000 offered in Feb.. 1912, by Guaranty Trust Co, and Rhoades & Co., New York, at 98 and interest. Market. New York — F. J. . Lisman & Co., E. & C. Randolph. Abraham & Co., Baker. Carruthers & Pell, S. P. Larkin & Co., P. J. Lisman & Co., W. C. Rauscher. St. Louis — Bowman, Cost & Co. Baltimore — Riggs & McLane. Philadelphia — Barclay, Moore & Co. Price Range. Jtin. 1, 1916 to Jan. 1, 1919 191$ Bid Ask Bid Ask High.90 '16 95 *16 65 Dec. 75 Dec. Low. 45 '18 55 'IS 45 Apr. 55 Apr. 192 CENTRAL ARKANSAS KAII.WAY & LIGHT CORF, lat Lien S. F. 5a. Due March 1, 1938.— F. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7, 000, 000. Outstanding — $1,911,000 (May 15, '19). Held in S. F.— $216,000. Reserved for Ext. (8O%)~$4,873.000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole any interest date at 102 and interest or in part for sinking fund beginning 1915, Sinking Fund — Beginning Jan. 2, 1915, an- nual amounts sufficient to retire at least 20% of bonds issued at the date of the last install- ment in 1927. Organization and Control — Incorporated in Virginia in 1913 and owns all the stocks and bonds of four companies doing the street rail- way, water,- gas and electric business of Hot Springs, Ark. Controlled by the Federal Light & Traction Co. through ownership of the entire ($2,500,000) common stock, which company also guarantees by endorsement 7% dividends on the $1,200,000 preferred stock outstanding. Secured by deposit with the Trustee of $499,- 500 of $500,000 capital stock and $300,000 (entire issue) first mortgage bonds of the Hot Springs Water Co.; $499,500 of $500,000 capi- tal stock and $513,000 (entire issue) first mort- gage bonds of the Hot Springs Street Ry. Co. (owning 13 miles of street railway); $199,500 of $200,000 capital stock and $300,000 (entire Issue) first mortgage bonds of the Consumers' Gas Co.; $499,500 of $500,000 capital stock and $635,000 (entire issue) first mortgage bonds of the Citizens Electric Co. Through the lien on these securities this issue is practically a first mortgage on all of the public utilities in Hot Springs. Ark., including plants supplying gas, electricity and water, and on 13 miles of street railway. Street railway franchises ex- pire In 1954. water 1931, artificial gas un- limited as to time, natural gas expiree 1931, electric expires in 1933. Population served, about 34,000. Tear ended Dec. 31 Gross Net Int. , etc. 1918 $555,179 $207,863 $97,697 1917 545,456 204,365 98.012 1916 494.109 166,747 98.906 1915 470.972 183,248 98,095 1914 522,584 198,015 108,051 Original Market — $2,000,000 offered March, 1913. by Lee. Higginson & Co., Boston, New York, Chicago, etc., at 95 and interest. Market. New York — Lee, Higginson & Co., H, T. Carey & Co., Hanson & Doyle. Kiely & Hor- ton, S. L. Snowden. Fred H. Hatch & Co.. Lynch & McDermott, Taylor & White, Didrich- aen & Co. Boston — Lee, Higginson & Co, St. Louis — Whitaker & Co. Milwaukee — First National Bank. Chicago — Lee, Higginson & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.89 '15 92 '17 78 Jan, 82 Jan. Low. 70 '18 80 '18 70 Nov. 80 Aug. and Dec. 1, at Bankers' Trust Co., New York. Tax Status — Payment 6f Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $1,628,000 (Dec. 31. '18). Pledged under Mo. Pae. 1st & Ref.— $872.- 000. Denomination — Coupon, $1, 000. Registerable as to principal only, or fully registerable. Reg- istered, $1,000. Trustee — Central Union Trust Co., New York. Assumed by the present Missouri Pacific Ry. Co. Control — Absorbed in 1909 by the Missouri Pacific Ry. Co. In March, 1917, the latter company was succeeded through foreclosure by the Missouri Pacific R. R. Co. Exchange for New Securities — The reorgani- zation plan of the Mo. Pac. Ry. Co. provides for the exchange of these bonds for 50% of Gen. Mtge. 4s, 50% of 5% preferred stock, cumulative after June 30, 1918, or 100% of Gen. 4s. Secured by a first mortgage on 100 miles of road from Atchison to Waterville, Kan. Underlies — Missouri Pacific (new) 1st & Ref. Mtge. , which mortgage provides for the re- tirement of these bonds, and Gen. 4s of 1975. Listed on the New York Stock Exchange. Market. New York — J. A. Clark & Co.. Jr., Wolff & Stanley. Chas. W. Place, F. J. Lisman & Co.. Earle A. Miller & Co., Baker. Carruthers & Pell. Simon Borg & Co. Philadelphia — Louchheim, Minton & Co., F. R. Welsh. Boston — ^Hotchkln & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High. 9 5 Mar. 20, '06 71% May 84% Dec. Low. 72 Dec. 16. '13 GO Apr. 72 Aug. CENTRAL BRANCH UNION PACIFIC BAIL- WAY CO. Ist 4s. Due June 1, 1948. Dated June 30, 1898. Interest payable June CENTRAL CALIFORNIA TRACTION CO. 1st S. F. 5s. Due April 1. 1936.— P. Dated September 1, 1906. Interest payable April and Oct. 1, at Union Trust Co., San Francisco. Cal. In 1917 bondholders were reouested to assent to reduction of interest to 2% for 1917, '18 and '19 and waive default of sinking fund. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 500. 000. Outstanding — $1,473,000. Retired by Sinking Fund — $27,000. Denomination — Coupon. $1,000. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at 105 and Interest on any in- terest date on 60 days' notice. Sinking Fund — Commencing Oct., 1912, $15,- 000 annually to 1922, $30,000 for succeeding 10 years and $45,000 annually thereafter. Organization — Incorporated in California in 1905 to construct and operate interurban rail- ways for both freight and passenger traffic. This company, in 1915, leased Its- lines in Stockton, which had not proven profitablfe, ' to the Stockton R, R. Co. at an annual rental increasing from $12,500 for the first three years to $15,000 for the next 35 years. Early in 1916 this company entered into an agree- ment with the Tidewater Southern Ry. Co. providing for the Joint operation of the two lines as one system, the separate corporate existence of each to be maintained. The Tide- water Southern Ry. operates 34 miles of elec- tric railway between Modesto and Stockton. 193 :secared by a first mortgage on 70 miles of railway track extending from Stockton via Lodi to Sacramento, Cal., and Including street railway mileage in Stockton. Street railway franchise in Stockton expires in 1950, and out- side of cities road is built on private right-of- way. Population served, 80,000. uriglnal Markets-Offered in 1911. by N. W. Halsey & Co., New York, etc., at 95 and in- terest. Market. lios Angeles— A. H. Woollacott. Price Range. Jan. 1. 1911 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.96% '12 97 '12 35 Jan. 40 Oct. Low. 30 *17 36 '17 "30 Aug. '19). Registerable CENTRAI. COAL & COKE CO. Gen. Cons. 6s. Due $100,000 each July 1st to 1926, and $150,000 July 1, 1937. Dated Jan. 15, 1902. Interest payable Jan. and July 1st, at Drexel & Company, Phila- delphia. Tax Status — Payment of Federal Income Tax not assumed by the company. Authorized — $2,500,000. Outstanding — $919,000 (Jan. 1, Balance Retired. ' Denomination — Coupon $1,000. as to principal. Trustees-^Fidelity Trust Co. , Kansas City and Pennsylvania Co. for Ins. on Lives, etc.. Philadelphia. Sinking Fund — Annually one-twelfth of bonds outstanding to provide for redemption of bonds maturing each year. Organization — Incorporated in Missouri, 1893, in 1900 acquired properties of the , Sweetwater Coal Mining Co. of "Wyoming and in 1902 properties of the Kansas and Texas Coal Co. of St. Louis, Mo. The company owns the entire capital stocks of the Delta Lumber Company and Delta Land & Timber Company, owning timberlands in Texas and Louisiana, and also entire capital stock of Bevier & Southern Railroad. Secured by a mortgage on entire property owned including coal mines in Kansas, Mis- souri, Arkansas, Oklahoma and "Wyoming with daily output of about 25,000 tons bituminous coal, and planing mills in Louisiana and Texas with daily capacity of 700,000 ft. Year ended Dec. 31 Cexcl. of subsidiary) Net •Int., etc. 1918 $1,533,243 $216,684 •Includes general expenses. CENTKAIi COMMERCIATi CO. First Lien EquIp. 6s. Dne as follows: $8,000 Oct. 1. 1917. and $7,000 Quarterly from Jan. 1. 1918, to July 1, 1925. inc.— P. Dated July 1, 1917. Interest payable Jan. 1, April 1, July 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $225,000. Outstanding — J175,000 (Apr. 1, '19). Balance Retired. Denomination — $500 and $1,000. Trustee — Union Trust Co., Chicago. Guaranteed principal and Interest by F. C. Lowrey, president of the company. Organization — Incorporated In Illinois In 1894. The company Is a large distributor of naval stores, petroleum products and liquid chemicals. Secured by an equipment agreement on 100 all-steel tank cars appraised Sept. 1, 1917, at $350,000. Original Market — $22 5,000 offered Sept. . 1917, by Taylor, Bwart & Co., Chicago. Market. Chicago — Union Trust Co. CENTRAL CONNECTICUT POWER & UGHT CO. 20-Year 1st S. F. 5s. Dae April 1, 1937.— F. Dated April 1, 1917. Interest payable April 1 and Oct. 1, In Hartford, Conn. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Connecticut. Authorized — $500,000. Outstanding— $110,000 (Dec. 31, '18). Reserved for Ext. (80%) — $390,000. Denomination — Coupon, $1,000. Trustee — Hartford Trust Co.. Hartford, Conn. Redeemable at 105 and interest. Sinking Fund — ^Annually, beginning Jan. 1, 1920, 2% % of outstanding bonds for their purchase or redemption at not over 105 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Connecticut, March, 1917. Capital Stock Authorized Outstanding Preferred $200,000 $100,000 Common 125,000 125,000 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. The property covered includes a hydro-electric plant in Leesviile, Conn., on the Salmon River, with a capacity of over 1,500 h.p. and supplies electric light and power in the ' towns of East Hampton, Glastonbury, Haddam, Sast Haddam, Colchester, and a portion of the town of Lynn, Conn. The distribution system from Leesviile consists of about 33 miles of pole line, a portion of which is jointly owned with the Southern New England Telephone Co. A 13,000-volt transmission system supplies cur- rent from the lines of the Connecticut Power Co. at Middletown, extends easterly to East Hampton and Colchester, with a branch to Westchester and also to South and East Glas- tonbury, and comprises about 26 miles of transmission line. Population served, 16.000. Franchises are practically unlimited as to time, being granted under the laws of the State of Connecticut. Year ended Dec. 31 Bond Gross Net Interest 1918 $67,331 $19,544 $5,500 1916 39,614 14,713 5,500 Original Market — $110, 000 offered April, 1917. by Bodell & Co., Providence, R. I. Market. Hartford — Elchter & Co. CENTRAI. CROSSTOWN RAHiROAD Ist 6b. Due Nov. 1. 1922.— F. Dated Nov. 1, 1882. Interest payable May and Nov. 1. at Treasurer's office N. T, Rys. Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $1,000. Trustee — ^American Trust Co., Boston. Mass. Receivership — See New York Rys. Co. Organization and Control — Chartered In 1873 In New Tork. Leases the Christopher & 10th Sta. R. R., 4 miles, for 999 years from 1890. at a rental equivalent to Interest on bonded debt and 8% on $650,000 stock. All of the Consolidated Mtge. bonds are owned by the J 04 New Tork Rya. and pledged as security for a note issue, on which no interest is being paid. The road will probably be merged with the New York Railways through foreclosure pro- ceedings. Secured by first mortgage on 2^ miles of street railway in New York City. Eight-tenths of a m.ile of track is operated by electricity, and the company has abandoned the operation of that part of its horse railway located on 17th and 18th Streets. Underlies— $2,473,400 1st Cons. 6s, due 1952, all owned by New York Rys. Co. Market. New York — Abbott, Johnson & Co. , T. L. Bronson. Price Bange. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104 '13 114 '0« 90 Jan. 100 Mar. Low. 80 '12 85 12 85 Dec. 95 Dec. (THE) CENTRAL DISTRICT TELEPHONE CO. 1st S. F. Ss. Due Dec. 1, 1943.— F. Dated Dec. 1, 1913. Interest payable June and Dec. 1. at New York or Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $9,776,000 (April 28, 1919). Retired by Sinking Fund — $234,000. Unissued — $14,990,000. Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Fidelity Title & Trust Co., Pitts- burgh. Redeemable as a whole at 105 and interest on any interest date on or after Dec. 1, 1918. on three months' notice. Sinking Fund — Beginning June 1, 1914, 1% per annum of the amount of bonds issued, pay- able semi-annually. Assumed in 1918 by the Bell Telephone Co. of Pennsylvania. Organization and Control — Incorporated in- Pennsylvania in 1874 as the Central District & Printing Telegraph Co. Name changed to the Central District Telephone Co. in 1913. 'On April 1. 1918, the Ohio property of the ■la^tter company was sold to the Chesapeake & Potomac Telephone Co. of W. Va. and t'he remaining property and business of the com- pany was sold to the Bell Telephone Co. of Pennsylvania on September 30, 1918. The lat- ter company is a subsidiary of, the American Telephone & Telegraph Co. Secured by a first mortgage and first collat- eral lien on the property of the company In Pennsylvania, The physical property covered by this mortgage is valued at more than $22,- 000,000. Year ended Dec. 31 (Bell Tel. of Pa.) Gross *1918. .$14,297,605 1917.. 23,925,240 1916. . 22.709.183 1915.. 21.492,643 1914.. 20,312,537 ♦Seven months ended July 31. Listed on the New York Stock Exchange. Original Market — Offered March, 1914, by J. P. Morgan & Co., Kuhn, Loeb & Co., Na- tional City Bank and First National Bank, New York, and Kidder, Peabody & Co., Bos- ton and New York, at par and Interest. Market. Pittsburgh — Goddard, Hunter & Co., Lyon. Singer & Co., Holmes, Bulkley & "Wardrop, Moore. Leonard & Lynch, Union Trust Co., Safe Deposit and Trust Co., Colonial Trust Net Interest $2,576,929 $384,176 4,872,236 763,509 6,976,774 622,442 5,811,633 692,800 6,355,074 466,801 Co., R. W. Evans & Co., W. B, Ballard, Kean, Taylor & Co. Boston — J. W. Bowen & Co. PhUadelphia — Wistar & Co., Graham, Par- sons & Co., Blddle & Henry, Brown Bros. & Co.. S. K. Phillips & Co,, Wurta, Dulles & C!o., Newburger, Henderson & Loeb, Elkins, Morris & Co., H. D. Boenning & Co., KeiUy, Brock & Co.. Harper & Turner, Welsh Bros.. Thos. A. Biddle & Co., Robt. Glendlnnins & Co. Chicago — Harris Trust & Savings Bank. New York — ^Klely & Horton, B. & C. Ran- dolph, Wm. C. Bwen, Pynchon & Co., Morton Lachenbruch & Co., B. C. Megargel & Co., Moore, Leonard & Lynch, Oilman & Clucas. C. H. Hensel, Holmes, Bulkley & Wardrop, Bernhard, Scholle & Co., Richards & Co. Lachenbruch & Co., Moore, Leonard & Lypch, Gilman & Clucas, C. H. Hensel, Holmes, Bulkley & Wardrop, Bernhard. Scholle & Co. Price Bange — N, Y. S. B. Jan. 1, 1911 to Jan. 1, 1919 1918 High.103% Aug. 1, '16 99% Feb. 16 Low. 97% Dec. 4, '17 98% Jan. 12 CENTKAL EUECTRIC CO. OF N. J. Cons. Ss. Due July 1, 1940. — F. Dated July 1, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $760,000 (Jan. 1, '19). Denomination — Coupon, $500 and $1,000. Reglst'erable as to principal. Trustee — Fidelity Trust Co., Newark. U. J. Redeemable at 110 and interest. Assumed by Somerset, Union & Middlesex Lighting Co. Control — Merged with Somerset, Union & Middlesex Lighting Co., which is leased to the- Public Service Corporation of N. J. for 900- years from Jan. 1, 1904, and lease assigned to- the Public Service Electric Co. Rental, inter- est, taxes and 4% dividend on $1,060,000 stock. Secured by a first mortgage on generating plant and distribution system supplying elec- tricity to Metuchen, Perth Amboy, Rahway, Woodbridge. Raritan, Bound Brook, Dunellen, South Plainfield and New Brunswick, N. J. . including a large generating plant at Metu- chen. Population served, 80,000. Franchises are perpetual. Underlies — $1,974,481 S. U. & M. Lgt. Co. Original Market — OfEered by J. S. Rippel, Newark, N. J., in March, 1901. Market. Faterson, N, J. — Francis K. MoCully, Newark — J. S. Rippel, Fidelity Trust Co., Post & Flagg, Clarence Hodson & Co., Bisele & King. New York — W. E. . R. Smith i- Co., Van Sant & Legg. Price Bange. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid High.95 '16 98 '16 82 Dec. Low. 82 '18 98 '16 (THE) CENTRAL FOUNDRY CO. 1st S. F. 6s. Due May 1, 1931. — F. Dated May 1 1911. Interest payable Feb, and Aug. 1, at Company's oiEce, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 600, 000, Outstanding — $1,085,000, Held in Sinking Fund — $71,000. In Treasury — $344,000. 195 Denomination — Coupon, $1,000 and $100. Reristerable as to principal. Trusto?s — Central Union Trust Co. , New York, and James N. AA'*allace. Redeemable at 105 and interest on any Inter- est date as a whole, or in lots not less than $100,000 on 60 days' notice. Sinking ITund — $20,000 annually, beginning 'Oct. 1, 1914, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be kept alive and interest added to sinking: fund. Organization — Incorporated March, 1911, In Maine as a reorganization of the Central Foundry C6. of New Jersey, which was in the hands of a receiver appointed Feb., 1910. The predecessor company had absorbed a large ma- jority of the soil pipe plants of the United States. Plants are located at Baltimore, Newark, N. J., Bessemer and Anniston, Ala., South Pittsburgh, Tenn.. Vincenpes, Ind., and Medina, N. Y. Owns the entire capital stock and $435,000 of $1,206,000 bonds of the Cen- tral Radiator Co. and the Central Iron & Coal Co. The company does about one-third of the cast iron soil pipe business In the United States. Secured by a first mortgage on all the prop- erty of the company mentioned above and addi- tionally secured by deposit with the Trustee of $1,000,000 (entire issue) of the capital stock of the Central Iron and Coal Co. The latter com- pany owns a blast furnace, coal mines, large ore properties and coke ovens in and around Holt and Kellerman, Ala., and supplies the Central Foundry Co. with pig Iron. Also se- cured by deposit of entire capital stock ($200,- 000) 'of the Central Radiator Co. The plant of the latter company was destroyed by fire In 1913 and it Is being liauidated. Prior I.ien~$1.029,000 ($412,000 of which are owned by C. F. Co.) Central Iron & Coal Co. 1st 6s of 1938. Year ended Dec. 31 (combined) Net Interest S.F.&Dep. 1918 $807,189 $106,701 $337,143 1917.... 2.203,912 130,619 286,290 1916 971,106 182,933 112.463 liisted on the New York Stock Exchange. Original Market — $1,000,000 offered in 1912 by Alfred Mestre & Co., New York, on about a 6% basis. Market. New York — Wm. Wheatley, E. & C. Ran- dolph, Baker, Carruthers & Pell, T. Hall Keyes & Co., Morton Lachenbruch & Co.. Mc- JECinley, Morris & Co. , . Salisbury. Leslie & Co. Boston — H. C. Spiller & Co. Philadelphia — S. K. Phillips & Co. Price Range — N, Y. S. E. Jan. 1. 1911 to Jan. 1, 1919 1918 High.85Aug. 31. '17 84Vi June 20 Low. 80 Apr. 4, '18 80 Apr. 4 CENTRAL GEORGIA POWER CO. 1st S. T. 5s. Due May 1, 1938. — F. Dated May 1, 1908. Interest payable May and Nov. 1. at A. B. Leach & Co.. New York, and Bank of Scotland, London. Eng. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $2,820,400 (Jan. 1, '19). Retired by S. F.— $179,600. Denomination — Coupon, $100, $500 and $1,000. Reelsterable as to principal. Trustee — Empire Trust Co., New York. Redeemable at 105 and interest on any inter- est date, upon 60 days' notice. Sinking Fund — Annual amount equal to 1% of outstanding bonds from July 1, 1913. Organization and Control — Incorporated fn Georgia, March, 1907, as Bibb Power Co. Pres- ent name adopted Jan., 1908. Controlled through ownership of 91 % % entire capital stock ($4,000,000) by the Georgia Light, tower & Railways and deposited under its 1st Lien 5s. Secured by a first mortgage on a hydro- electric plant, 24,000h.p.. located on Ocmulgee River, near Jackson, Ga., and on 93 miles of transmission lines extending to Jackson, Ma- con, Forsyth, Bibb, BarnesviUe. Thomaston and Griffin, Ga.. and connecting at latter town with the lines of the Central Georgia Trans- mission Co.. extending to Hampton, Jonesboro and Atlanta, which the company leases. The company furnishes electric light and power in the above cities, and also to the street rail- ways in Macon, these various properties hav- ing been consolidated into the Georgia Lt., Pr. & Rys. Population served, Macon, 55,000; re- maining territory (not including Atlanta). 20.000.' Franchises are reported to extend be- yond the life of the bonds. Earnings — See Georgia Lt., Pr. & Rys. Co. Original Market — Offered in 1909 by A. B. Leach & Co., New York, etc. Market. Philadelphia — Newburger, Henderson & Loeb. "Wistar & Co., Morton Lachenbruch & Co., S. K. Phillips & Co., A. B. Leach & Co.. Bauer. Starr & Co. New York — Dunham & Co. , Morton Lach- enbruch & Co., E. & C. Randolph, Wolff & Stanley, S. P. Larkin & Co., Berdell Bros., A. B. Leach & Co., F. H. Hatch & Co., Barle A. Miller & Co., Bauer. Starr & Co.. Taylor & White. Boston — A. B. Leach & Co.. P. B. Bassett * Co.. Hotchkin & Co. Chicago — A. B. Leach & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.85 '17 90 '17 78 Dec. 85 Dec. Low. 68 '18 72 '18 68 June 72 May CENTRAL OF GEORGIA RAII.WAY CO. Incorporated in Georgia in 1895 as successor to the Central R. R. & Banking Co., whose property was sold at foreclosure. The com- pany owns 1,485 miles of road (58 miles not operated) and leases 492 miles additional. Ita lines extend from Savannah, Ga., to Augusta, Macon. Atlanta and Albany. &a., Chattanooga, Tenn., and Birmingham' and Montgomery, Ala., and include many important branches. It also owns all of the stock of the Ocean Steamship Co. of Savannah, operating a fleet of modem steamships between Savannah and New York and Boston. The Central of Georgia Ry. Company has outstanding $15,000,000 6% cumulative pre- ferred stock and $5,000,000 common stock. Practically the entire amount of both issues Is owned by the Illinois Central R. R. Co. The preferred stock was issued In 1912 to retire the income bonds, and the full dividend has been paid on this stock since it was Issued. 5% paid on common stock 1913 to 1918 in- clusive. In each of the past five years the net Income has been eaual to practically twice the Interest charges on the entire funded debt (not including rentals). 196 Vear ended Pec. 31 Gross Net Int. &Rent. tl918.. $3,450,903 $4,171,141 $2,965,854 il918.. 20.692,888 4,481.190 1917.. 16,024.537 5.362.242 2,721,614 1916.. 13,725,144 6.3 46,989 2,697,338 1915.. 12,254;i63 4,386,292 2.692,168 •1915., 12.108.184 3,844,637 2.642.631 •1914.. 14.326.575 3,750,806 2,659.763 •1913. . 13.854.872 3.730,853 2.507,389 t Corporate Income Account-Standard return under Federal control. tPederal Income Account. •June 30. CENTRAL OF, GEORGIA RAILWAY CO. let 5b. Due Nov. 1, 1945. — F. Dated Nov. 1, 1895. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $7,000,000. Denomination — Coupon. $1,000. Keglsterable as to principal, or fully registerable. Regis- tered, $1,000. Trustee — Guaranty Trust Co., New York, Organization and Control — Incorporated in Georgia on Nov. 1, 1895. succeeded the Central R, R. & Banking Co. of Georgia, which was sold under foreclosure. In June, 1909, the $5,000,000 capital stock was acquired by the Illinois Central R. R. Co., but the road is operated independently. Secured by a first mortgage on 311.34 miles of road. viz. : Miles Savannah to Atlanta, Ga 294.02 Gordon to Milledgeville. Ga 17.32 A second lien on $1,995,000 of $2,000,000 capital stock of the Ocean S. S. Co.. subject to $4,840,000 bonds, secured In part by the deposit of this stock. The Ocean S. S. Co. operates between Savannah and New York and Boston and owns several steamships and val- uable wharf property, subject to $1,000,000 bonds. Underlies — Gen. & Ref. 5s of 1962 and Cons. 5s of 1945. The Gen. & Ref. Mtge. provides for the retirement of this Issue. Listed on the New York Stock Exchange I/egal for Cal, and R. I. Market. New York — Pyne, Kendall & Hollister, J. S. Farlee & Co., B. & C. Randolph, Morton Lachenbruch & Co.. Saml. Goldschmidt. Coffin & Co.. Wm. M. Clarke, F. J. Lisman & Co., Redmond & Co., Wm. C. Bwen, Vilas & Hickey. Philadelphia — "West & Co., Graham, Parsons & Co., liouchheim. Minton & Co.. Chas. Fear- on & Co., Morton Lachenbruch & Co., New- burprer, Henderson & Loeb. Baltimore — ^Robt. Garrett & Sons. Atlanta — J. H. Hilsman & Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.121 Jan. 16. '06 99% Dec. 2 Low. 96^ Apr. 25, '18 96i^ Apr. 25 CENTRAL OF GEORGIA RAILWAY CO. Cons. 5s. Due Nov. 1. 1945.— F. Dated Nov. 1, 1895. Interest payable May and Nov. 1, at Guaranty Trust Co., New York. Tax Status— 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $18,500,000. Denomination — Coupon, $1,000, Registerable as to principal, or fully registerable. Regis- tered, $1,000. Trustee — The Bankers' Trust Co.. New York. Secured by a direct mortgage on 1,485.13 miles of road, equipment, etc.. viz.: A first lien on 59 5.87 miles — Miles Savannah to Tylee, Ga 17.70 Meldrim to Lyons, Ga •58.09 Bamesville to Thomaaton, Ga 16.25 Griffin to Carrollton, Ga 60.00 Americus to Columbus, Ga 62.34 Columbus to Greenville, Ga 48. 23 Columbus, Ga.. to Birmingham. Ala. -.155. 82 Opelika to Roanoke, Ala 36.12, Montgomery to Eufaula, Ala 79.65 Bufaula to Ozark, Ala 60.00 Henry Ellen Ala., to 1.67 M. P., Upper Cahaba Branch 1.67 ♦Leased to Georgia & Alabama Ry. A second lien on 555.13 miles — Covered by the first lien of the follow- ing: Central of Georgia 1st 5s 311.30 Mobile Div. 5s 137.90 Macon & Northern Div. 5s 101.78 Central of Georgia Gen. & Ref. Mtge... 4.05 A third lien on 176.31 miles — Covered by the first lien on the follow- ing: Middle Ga. & Atlantic Div. 5a 43.57 Oconee Div. 5s 77.02 Chattanooga Div. 4s 21.66 Upper Cahaba Div. 4s 10.49 Greenville & Newman 4s 23.67 A fourth lien on 157.82 miles — Covered by th'e first lien on the follow- ing: Eatonton Branch R. R. 5s 21.00 Chatt., Rome & So. 5s 136.82 The issue is further secured by a first lien on $30,000 bonds (entire Issue) of the Talbot- ton R. R.. owning 6^^ miles of road, on $70,- 000 (entire issue) of preferred stock of tho Wrightsville & Tennille R. R., owning 104 miles of road, subject to $200,000 bonds, and on the entire capital stock of the New England & Savannah S. S. Co. and the Savannah fi; Ogeechee Canal Co.', a second lien on $1,500,- 000 (entire issue) stock of the Western Ry. of Alabama, owning 130 miles of road, subject to $1,543,000 bonds, and a third lien on $1,995,- 000 of the $2,000,000 stock of the Ocean S. S. Co., owning a fieet of modern steamships, sub- ject to $1,000,000 bonds. Prior Liens — Central of Georgia. Upper Cahaba 4a, 1925 $210,000' Central of Georgia, Greenville & Newman 4s, 1925 210.000- Eatonton Branch R. R. 1st 5s. 1926. 168,000 Central R. R. & Banking Co. of Georgia Coll. 53. 1937 4,840.000' Central of Georgia, Oconee Dv. 5s, 1945 462.00(r Central of Georgia 1st 5s, 19 45 7,000,000 Central of Georgia. Macon & No. Div. 5s. 1946. 840.000 Central of Georgia, Mobile Div., 5s 1948 1,000,000 Central of Georgia, Middle Georgia & Atlantic Div. 5s, 1947 413,000 Chattanooga, Rome & Southern 1st 5s, 1947 343.000 Central of Georgia, Chatt. Div. 43, 1951' ' 2,057,000 Underlies— Pre f. Income Bonds and Gen. & Ref. 53 of 1962. which latter issue provides for the retirement of- this issue. Listed on the New York and Richmond Stock Exchanges. Original Market — OfCered in 1895 by Harvey Flak & Sons, New -York. 197 Market. New York — J, S. Parlee & Co.. B. & C. Randolph, Saml. Goldachmldt, Bigelow & Co.. Coffin & Co., Seasongood, Haas & Macdonald, Struthers & Hiscoe, Callaway, Fish & Co., Redmond & Co., Abraham, & Co., Equitable Trust Co. of N. T., Evans, Stillman & Co., Korn, Lehman & Co., P. J. Lisman & Co. Philadelphia — ^West & Co., Graham, Farsona & Co., Geo. S. Fox & Sons. Louchheim, Min- ton & Co. Baltimore — W. "\V. Lanahan & Co., Jenkins, Whedbee & Poe. Atlanta — J. H. Hilsman & Co. Price Ranse. Jan. 1, 1906 to Jan. 1, 1919 1918 Hi&h.ll4% Jan. 19. '06 94% Dec. 27 Low. 83% Dec. 19, '17 85 July 6 CENTRAL OF GEORGIA RAILWAY CO. First Pref. Non-Cam. Inc. 5s. Due Nov. 1. 1945.— N. Dated Nov, 1. 1895. Interest payable Oct. 1, at Guaranty Trust Co., New York, or at Savannah, Ga. Interest payable, if earned, up to 5% per annum. Interest is being- regularly paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 4,000,000. Outstanding — $136,500 (Jan. 1, 1919). Balance has-been exchanged for preferred stock and cancelled. Denomination — Coupon, $1,000. Fully regis- ter able. Trustee — Metropolitan Trust Co., New York. Secured by a mortgage on all the property covered by the liens of the Cons. 5s of 1945. Prior liien — $18,500,000 Cons. 5s of 1945. Underlies — 2d & 3d Pref. Inc. 5s and Gen. & Ref. 5s. which latter Issue is deposited as security for $2,000,000 notes. The Gen. & Ref. mortgage provides tor. retirement of these bonds. Earnings — See Consol. 5s above. Market. See Consol. 5s. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Ask Ask High.lOl '16 101 Nov. Low. 98 '17 CENTRAIi OF GEORGIA RAILWAY CO. Second Fref. Non-Cum. Inc. 5s. Due Nov. 1. 1945.— N. Dated Nov. 1, 1895. Interest payable Oct. 1 at Guaranty Trust Co., New York, or at Savannah. Interest payable. If earned, up to 5% per annum. Interest is being regularly paid. Tax Status^ — Payment of Federal Income Tax not assumed by company. Authorized — $7,000,000. Ontstandine — $104,350. Balance has been exchanged for preferred stock and cancelled. Denomination — Coupon, $1,000. Fully regls- terable. Trustee — Central Union Trust Co., New York. Secured by a mortgage on all the property covered by the liens of the Cons. 5s of 1-945. Prior TJens — $18,500,000 Cons. 5s of 1945 and Ist Pref. Inc. 5a. ITnderlies — 3d Fref. Inc. 5& and Gen. & Ref. 5s. Bonds of the latter Issue are reserved to retire these bonds. Earnings — See Consol. 5s above. Market. See Consol. 5s above. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Ask Ask High.lOl '18 101 Nov. Low. 91 '15 CENTRAL OF GEORGIA RAILWAY CO. Third Preference Non-Cumulative Income Mortgage Gold 5fl. Due Nov, 1, 1945. — N. Dated Nov. 1, 1895, Interest payable Oct. 1. at Guaranty Trust Co., New York, or at Savannah. Interest payable, if earned, up to 5% per annum. Interest is being regularly paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 4,000,000. Ontstanindg^$47.500. Balance has been exchanged for preferred stock and cancelled. Denomination—Coupon, $1,000. Fully regis- terable. Trustee — Bankers Trust Co., New York. Secured by a mortgage on the property cov- ered by the liens of the Cons. 5s of 1945. Prior Liens — $18,500,000 Cons. 5s of 1945, and 1st and 2d Pref. Inc. 5s. underlies — Gen. & Ref. 5s. Bonds of that issue are reserved to retire these bonds. Market. See Consol. 5s above. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Ask Ask High.lOl '18 101 Nov. Low. 91 '15 CENTRAL OF GEORGIA RAILWAY CO.— Mobile Div, 1st 5s. Due Jan. 1, 1946. — ^F. Dated Nov. 1, 1895. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Control — See lat 5a above. Secured by a first mortgage on 137.96 mllei of road from Columbus, Ga. , to Andalusia. Ala. Underlies — Gen. & Ref. 5s of 1962 and Cons. 5e of 1945. Bonds are reserved under the Gen. & Ref 5s to retire this issue. Legal for Cal. and R. I. Listed on the New York Stock Exchange. Market. New York — Wolff & Stanley, Chas. W. Place, Wm. C. Ewen, Abraham & Co., Baker, Carruthers & Pell, Simon Borg & Co. Philadelphia—Harrison & Co., Graham, Far^ sons & Co. , Chas. Fearon & Co. , Wheeler, Elliot & Mann. Baltimore — Baltimore Trust Co., John D. Howard & Co., Jenkins. Whedbee & Poe. Price Range— N, Y. S. E, Jan. 1. 1906 to Jan., 1919 1918 High.llQi^ May 7, '09 84% Aug. 22 Low. 84U July 16, '18 84% July 16 198 CENTRAl OF GEORGIA RAILWAY CO.— Macon & Xorthern Div. Ifit 5s. Due Jan, 1, 1946.— F. Dated Nov. 1, 1896. Interest payable Jan. and July 1, at Guaranty Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company ■without deduction. Anthorized — { 840,000. Outstanding — $840,000. Denomination — Coupon, tl.OOO. Registerable as to principal. Trustee — Maryland Trust Co., Baltimore. Control — Macon & Northern Ry. Co. was consolidated in 1895 with other roads into the Central of Georgia Ry..Co., which is controlled by the Illinois Central through ownership of entire capital stock. Secured by a first mortgage on 101.78 miles of road from Macon Jet. to Athens, Ga. Underlies — Gen. & Ref. 6s of 1962 and Cons. 5s of 1945. Bonds are reserved under the Gen. & Ref. Mtg. to retire this issue. Legal for Cal. and R. I. lasted on the New Tork Stock Exchange. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell. Simon Borg & Co., Wm. C. Ewen. Philadelphia — Harrison & Co., Graham, Far- sons & Co. Atlanta — J. H. Hilsman & Co. Baltimore — Baltimore Trust Co., Jenkins, Whedbee & Poe. Price Range — N. Y, S. E. Jan. 1, 190« to Jan. 1, 1919 1918 High.107% Jan. 16, '12 90 May 7 Low. 90 May 7, '18 * 90 May 7 CUNTRAI. OF GEORGIA RAILWAY CO. — Middle Georgia & Atlantic Div. 1st 58. Dne Jan. 1, 194?. — F. Dated Jan. 1, 1897. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $413, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control — See Ist 5s. Secured by a direct mortgage on 64.57 miles of road. viz. : A first lien on 43.57 miles — Miles Eatonton to Covington, Ga 43.57 A second lien on 21 miles — Covered by the Eatonton Branch R. R. 5s: Eatonton to Mllledgeville, Ga 21.00 Prior Lien — $168,000 Eatonton Branch 6s of 1926. Cnderlies — Gen. & Ref. 6s of 1962 and Cons. 5s of 1946. liisted on the New Tork Stock Exchange. Ijegal for Cal. and R. I. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell, Simon Borg & Co., Wm. C. Ewen. Baltimore — Baker, Watts & Co., Baltimore Trust Co.. John D. Howard & Co., Jenk4ns, Whedbee & Poe. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.104% Apr. 7, '14 87% Deo. 101% Dec. Low. 97% June 8, "17 85 Apr. 101% Apr. CENTRAIi OF GEORGIA RAILWAY CO.— Oconee Div. 1st 5s. Due Dec. 1, 19*6. — F. Dated June 1, 1901. Interest payable June and Dec. 1, at Guaranty Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $462,000. Outstanding — $462, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New Tork. Secured by a first mortgage on the 77.02 miles of road from Dover to Brewton, Ga. Underlies — Gen. & Ref. 5s of 1962 and Cons. 5s of 1945. Legal for Cal. and R. I. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell, Simon Borg & Co., Wm. C. Ewen. Augusta — John W, Dickey. Baltimore — Baltimore Trust Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.109% '13 110 '13 90 Dec. 100 Jan, Low. 85 '18 86% '18 85 Nov. 86'^ May. CENTRAL OF GEORGIA RAILWAY CO.— Chattanooga Division P. M. 4s. Dne June 1, 1951 F. Dated June 1, 1901. Interest payable June and Dec. 1, at Guaranty Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — Closed mortgage. Outstanding — $2,057,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New Tork. Control — See 1st 5s. Secured by a direct mortgage on 168.38 miles of road, viz.: A first lien on 21.56 miles — Miles Chlcamauga to Durham, Ga 17.54 Lyerly to Woodyard, Ga 4.02 A second lien on 136.82 miles — Covered by the Chattanooga, Rome & Southern 6s: Belt Jet., Chattanooga, Tenn., to Car- rollton, Ga 136.82 Prior lien — $343,000 Chattanooga, Rome & Southern 1st 6a of 1947. Underlies — Cent, of Ga. Ry. Gen. & Ref. Mtge. Bonds of 1962, which issue provides for the retirement of these bonds and $18,600,000 Cent, of Ga. Cons. 6s of 1945. Xegal for Cal. and R. I. Listed on the New Tork Stock Exchange. Original Market — Ottered In 1901 by Kean. Van Cortlandt & Co. (now Kean, Taylor & Co.), New Tork. at 89 and interest. Market. New York — J. S. Farlee & Co., Wm, C. Wil- son & Co., Taylor, Smith & Hard, Coffin & Co., Wm. Carnegie Ewen, Abraham & Co., Baker, Carruthers & Pell, S. P. Larkin & Co., John Nickerson. Jr. Philadelphia — West & Co., Graham, Par- sons & Co., Wheeler. Elliot & Mann. Atlanta — J. H. Hilsman & Co. Augusta — John W, Dickey. Baltimore — Jenkins, Whedbee & Poe. Price Range'— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.94% Apr. 26, '06 72% Nov. 7 Low. 72% Nov. 7, '18 72% Nov, 7 199 CENTRAL OF GEORGIA RAILWAY CO.— Upper Cahaba Branch P. M. Ifit 48. Due $15,000 each feb. Ifit and Aug. Ist, to Auff. 1, 1935.— P. Dated Aug. 1, 1905. Interest payable Feb. and Aug. 1, at Guaranty Trust Co,, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding— $195,000 (April 1, '19), Balance Retired. Denomination— Coupon, $1,000, Registerable as to principal. Trustee — The New York Trust Co., New York. Redeemable at 102^ and interest on, any interest date, on three weeks' notice. Control — See 1st Es above." Secured by a first mortgage on 10.49 miles of road from Henry Ellen to Margaret, Ala., also on about 4,000. acres of coal lands in Northern Alabama, and rights in 5,040 acres. Underlies — Gen. & Ref. 5s of 1962 and Cons. 5s of 1945. Legal for California. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell. . Philadelphia — West & Co., Graham, Parsons & Co. Baltimore — Jenkins AVhedbee & Poe. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask High.931^ '16 96^ -16 Low. 81 '17 88 '17 Re<1eemable as a whole, but not in part upon 60 days' notice on June 1. 1924, or any inter- est date thereafter upon payment of a pre- mium of *^ % for each six months between the date of redemption and the date of ma- turity. Secured by pledge of $11,000,000 face value New Refunding & General Mortgage Bonds, which are a mortgagge on the entire property and lea.seholds of the company, totaling 1,976 miles of road. Upon the creation of the mort- gage securing the new Ref. and Gen. bonds the company's Gen. and Ref. mortgage dated Oc- tober 1; 1912, under which Sll.135,000 Bonds were authorized but none of which are out- standing, will be cancelled. Pi'ior Liens — $31,462,300, all closed issues and for the retirement of which sufficient of the New Ref. & Gen. Mortgage Bonds will be reserved. Original Market — Offered May, 1919, by Kuhn, lioeb & Co., and National City Com- pany, New York, CENTRAL OF GEORGIA RAILWAY CO.— Greenville & Newman Div. P. M. 1st 48. Due $15,000 each March 1st and Sept. Ist to Sept. 1, 1925.— F. Dated Sept. 1, 1905. Interest payable March and Sept. 1. at Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by : company without deduction. Authorized — $600, 000. Outstanding — $195-000 (April 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— rNew York Trust Co.. New York. Redeemable at 102% and interest on any interest date upon three weeks' notice. Secured by a first mortgage on 23.67 miles of road from Greenville to Raymond, Ga. Underlies — Gen. & Ref. 5s of 1962, Cons, 5s of 19 45, and first, second and third Prefer- ence Income 5s- Legal for Cal.. N. J. and N. H. Original Market — Offered In 1906 by William Salomon & Co., New York, on a 4^% basia, Market. New York — Baker, Carruthers & Pell, Simon Borg & Co. Baltimore — Jenkins, Whedbee & Poe. Philadelphia — Graham, Parsons & Co. CENTRAL OF GEORGIA RAILWAY C03f- PANY 10-Year Secured 6s. Due June 1, 1929. Dated June 1, 1919. Interest payable June and Dec. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $8,000,000. Outstanding — $8,000,000. Denomination! — $1,000. coupon, registerable as 'to principal and fully registerable. C. & R. interchang-eable. Trustee — Guaranty Trust Co., New York. CENTRAL OF GEORGIA RAILWAY CO. Equip. Tr. Wss Series "L." Due $50,000 each July 1 and January 1 to January 1, 1926, inclusive. Dated January 3, 1916. Interest payable Jan, 1 and July 1 at Commercial Trust Co.. Philadelphia, and Guaranty Trust Co., New York. Authorized — $1,000,000. Outstanding — $700,000 (April 1, '19). Balance Retived. Denomination^ — Coupon $1,000.^ Registerable as to principal. Trustee — Commercial Trust Co. , Philadel- phia. Redeemable, as a whole only, at 102% and interest on January 1, 1921, or on any in- terest date thereafter, upon 90 days' notice. Guaranteed principal and interest by the Central of Georgia Railway Co. by endorse- ment. Secured by an equipment agreement on 500 steel underframe fruit cars, 500 steel super- structure box cars, 8 mikado type locomotives, 4 Pacific type locomotives, 4 steel baggage and express cars and 1 steel baggage and mail car, costing $1,269,881, of which the company paid $282,381 in cash. Original Market — $1,000,000 offered in 1916 by Kuhn, Loeb & Co., New York. CENTRAL HUDSON GAS & ELECTRIC CO. 1st & Ref. 5s. Due June 1, 1941. — F. Dated June 1, 1911. Interest payable June and December 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $5, 000, 000. Outstanding — $1,175,000 (Jan. 1. 1919). Reserved for Prior Liens — $700,000. Reserved for-Ext. — $3,125,000. Denomination — Coupon, $500 and 1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Organization — Incorporated in New York April, 1911, as a consolidation of the New- burgh Liight, Heat & Power Co., the Hudson Counties Gas & Electric Co. and the Pough- keepsie Light, Heat & Power Co. Secured by a mortgage on the entire prop- erty of the company, and by a first mortgage on the new gas plant at Poughkeepsie and on real estate, office buildings, and other property in Poughkeepsie and Newburgh and on all the company's property in Cornwall and vicinity. 200 The company supplies gas and electricity in Newburgh and Fouirhkeepsie, N. Y,, and adja- cent territory. Population served, 104,000. Franchises in Newbursh and Poughkeepsie are perpetual. Prior liiend — $700,000 Newburgh Light, Heat & Power Co. 1st 5s of 1921. for the re- tirement of which bonds are reserved under this mortgage. Underlies — $489,300 Conv. Deb. 68 of 1925 and $600,000 Conv. Deb. of 1929. year ended Dec. 31 Gross Net Interest 1918 $1,290,520 $412,922 $151,935 1917 1,149.168 446,216 163,661 1916 1,001,579 448,980 144.160 1915 904,133 377.626 123,811 1914 856,015 350,103 111,243 Orisrinal Market — $600,000 offered July. 1911, by James A. Hutchinson and Merrill, Oldham & Co., Boston, at 100 and interest. • Market. Nefw York — Lynch & McDermott. John Da- venport. Fred H. Hatch & Co. Boston — Hotchkin & Co., Inc. Bochester — Wm. H. Poxall & Co. r- Price Range. Jan. 1, ^6 to Jan. 1, *19 1D18 Bid Ask Bid Ask High.97% '17 100 'It 96 Jan. 98% Apr. Low. 96 '18 98% '18 CENTRAI. HUDSON GAS & ELECTRIC CO. Cunv. Deb. 6s. Due Oct. I. 1925. Dated Oct. 1, 1915. Interest payable April 1 and October 1 at Company's oflH.ce, Pough- keepsie, N. T. • > i - ' Tax Status — t*ayment of Federal Income Tax not assumed by company. Antliorized — $500,000. Outstanding: — $489,300 (Jan. 1, '19), Denomination — Coupon $100, . $900 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York- Redeemable on 30 days' notice upon any in- terest date on and after April 1, 1921, at 105 and interest. Convfertible on Oct. -1, 1918, or any inter- est date thereafter at par into the capital stock -of the company upon 30 days' notice in writing, at office of company in Pough- keepaie. Organization — See 1st & Ref._ 5s. Security — A direct obligation 'tif ' the com- pany but not secured by a mortgage, these debentures are a charge on the assets of the company prior to the stock. Prior Lien — $1,175,000 1st & Ref. 5s of 1941; $700,000 Newburgh Light Heat & Power Co. 1st 5s of 1921. ' CENTRAI. HUDSON GAS & ET^CTRIC CO. Conv. Deb. 7s. Due Jan. 1, 1939. Dated Jan. 1. 1919. Interest payable Jan. and .July 1, at Company's office, Pough- keepsie, and Columbia Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized' — $750,000. Outstanding--$750,000 (May 22, 1919). . Denominations — Coupon $100, $500 and $1,000. Registerable as to principal. j^edeemable at 105 and interest on any interest date on thirty days' notice. Convertible — At the option of the holder after Jan. 1. 1921, into capital stock of the company, on any interest date on thirty days' notice, on the basis of par for the stock and par and interest tar the bonds. Organization — See 1st & Ref. 5s. Security — A- direct obligation of the company but not secured by mortgage. Prior liiens— $1,175.0,00 1st & Ref. 5si^ due June 1. 1941, and $700,000 liens prior thereto. Earnings — See 1st & Ref. 5 s. Original Market — Offered direct by the com- pany Feb., 1919, at par and interest. CENTRAL HUDSON STEAMBOAT CO. 1st Ext. 7s. Due May 1, 19^3. Dated May 1, 1S99. Extended May 1, 1919; interest increased from 5%. Interest payable May and Nov. 1, at Trustee's office. Tax Statlis — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500,000. Trustee — Eauitabie Trust Co., New York. Redeemable at 102 and interest. - Organization^— Incorporated 1899 in New York as a consolidation, of four Hudson River steamboat lines. ' Secured by a first mortgage on a number of steamboats plying on the H^dson River and on all other property of the company, including docks, etc. Underlies — $231,000 Ref. 5s of 1933. Market. ' ' New York — Ivan (Goldsmith & Co., Didrich- sen & Co., Herrick & Bennett, Fred H. Hatch & Co. . , Pougkeepsie — Isaac W. Sherrill & Co. Rochester — Wm. H. Foxall & Co. , Price Range (old 5s) Jan. 1, 'U to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.98 '16 102% '16 90 Aug. 98 Mar. Low. 75 '18 90 '18 75 Feb. 90 Feb. CENTRAIi ILLINOIS LIGHT CO. 1st & Ref. 5s. Due April 1. 1943.— F. Dated April 1, 1913. Interest payable April 1 and October 1, in New York City. Tax Status — 2%, Federal Income Tax paid by company without deduction. Authorized — $15, 000, 000. Outstanding — $4,270,000 (Jan. 1, '19). Reserved for Prior Liens — $2,500,000. Reserved for Ext. — $8,230,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustee— r-Bankers' Trust Co.. New York. Redeemable at 105 and interest on any inter- est date. Sinking Fund — Beginning April 1, 1917, and annually thereafter, an amount equal to !4 % of the amount of these bonds and .underlying bonds outstanding to be applied to the retire- ment of these bonds or for the acauisition of new property or for permanent extensions. Organization, Control and Management — In- corporated in Illinois in 1913. Controlled by the Commonwealth Power. Railway & Light Co., and under the management of Hodenpyl, Hardy & Co., Inc., New York, and E. W. Clark & Co.. Philadelphia. Secured by a mortgage on the plants sup- plying gas, electricity and steam heat in Peoria and , Pekin, 111., and vicinity. Population served. 100,000. Gas franchise In Peoria ex- pires in 1998, in Pekin is without time limit. Electric franchise in Peoria runs to 1947. Franchises elsewhere are of various denomina- tions. Prior Liens — $2,500,000 Peoria Gas & Elec- tric Qo. 1st 5s, 1923. 201 Vear ended Dec. 31 Gross Net Interest 1918 $2,244,815 $797,758 $372,343 1917 1,883,150 889,441 333,675 1916 1,593,100 857,207 360,000 1915 1,466,403 ■819.885 336,024 Orleinal Market — OtCered in February, 1916, by Drexel & Co. and B. W. Clark &. Co., Philadelphia, and Hodenpyl, Hardy & Co., Inc., New York. Market. Philadelphia — H. D. Boenning & Co., Wistar & Co., A. B. Pitkin & Co., Henry & Kirk- bride, Harper & Turner, Biddle & Henry, S. K. Phillips & Co. Chicaffo — ^Hodenpyl. Hardy & Co., Inc. New York — A. B. Pitkin & Co., E. & C. Randolph, Hodenpyl, Hardy & Co., Inc., Lynch & McDermott, Taylor & White. PittsbnTsh — Colonial Trust Co. New Haven — The Chas. W. Scranton Co. Providence — Hornblower & Weeks. Price Banee. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96 "17 98 '17 90 Feb. 93 Feb. Low. 80% '18 90 '18 80% Dec. 90 Nov. CENTBAI, tLLINOIS PDBI-IC SERVICE CO. 1st & Befc. SB. Due Aue. 1. 195%. — F. Dated Aug. 1, 1912. Interest payable Feb. and Aue. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^Additional bonds above $6,000,- 000 may be issued only in such amounts that the net earnings for the previous year shall be equal to at least one and one-half times all interest charges, including interest on bonds to Oatstandins— $10,562,000 (Jan. 1, '19). Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any inter- est date. Depreciation Fund — On Jan. 1, 1919. and an- nually thereafter a sum equal to 2% of out- standing bonds shall be charged to deprecia- tion. Oreanlzation and Control — Incorporated in Illinois In 1902 and originally operated street railways and electric and heatin^r plants in and around Mattoon, III. In 1912 name was changed to present title and company acquired control of numerous other companies. Con- trolled by Middle West Utilities Co., throug-h stock ownership. Secured by a mortgage covering as a direct lien all fixed property now owned or hereafter acquired by the company, and are secured by a first lien on properties producing about 68% of the total gross earnings of the company; and a lien on the balance of the company's property subject to underlying bonds which mature on or before Oct. 1, 1935. Further secured by deposit with the trustee of $75,000 (entire issue) First Mortgage bonds of the Mattoon Gas Jjight & Coke Co.; $290,000 (entire outstanding) Central Illinois Traction Co. 1st Ss and $1,999,- 500 (entire outstanding except qualifying shares) of the stock of the latter company; and $600,500 par value of various underlying bonds. The Central Illinois Public Service Co. now serves 148 communities in central and southern Illinois. The company now has In operation a total of 1.025 miles of high tension transmission lines. The largest generating sta- tion owned by the company, having a capacity of over 8,000 horsejwwer, is located at Kin- caid, 111., practically at the mouth of some of the largest and best equipped coal mines In central Illinois. The energy generated at this station, as well as that received from the hydro-electric plant at Keokuk, is fed into the main transmission system of the company. From its own stations and through its con- tracts for the purchase of power, the company now has a total available capacity of 50,000 horsepower. Population served, 326.000. The franchises under which this company operates are, in the opinion of counsel, favorable from the standpoint of the company and the holders of these bonds, and in many of the more im- portant instances extend well beyond the ma- turity of the First and Refunding Mortgage Bonds of the company. Prior I^ens — $1,486,000 (closed mortgages) bonds of absorbed companies. Year ended Dec. 31 Gross Net Int. Etc 1918 $2,955,171 $957,555 $736,101 1917 2,448,051 897,997 615,497 1916 2,169,649 849.093 552,053 1915 1,898.985 707.788 1914 1,851,142 666.032 1913 1,699,607 574.551 Original Market — $3,000,000 offered In 1912 \nd 1913 by N. W. HaUey & Co., New York. Chicago. Philadelphia, etc.. at 96 and interest; $4,000,000 offered Nov.. 1916, by the Conti- nental & Commercial Trust & Savings Bank, Halsey, Stuart & Co., Illinois Trust & Savings Bank. Fort Dearborn Trust & Savings Bank. McCoy & Co., Chicago, at 90 and interest. Market. New York — Dunham & Co.. B. & C. Ran- dolph, Hanson & Doyle. Van Sant & Legg, Russell, Brewster & Co.. H. D. Robbins & Co., Kiely & Horton, Taylor & .White, Earle A. Miller & Co., Lynch & McDermott. Chicago — J. P. Hobbs & Co., Russell, Brews- ter & Co.. Northern Trust Co.. State Bank of Chicago, Union Trust Co., Child & Levering. Halsey, Stuart & Co., Babcock, Rushton & Co.. Curtis & Sanger, H. T. Holtz & Co. Albany, N. Y.— John J. Hart. San Diego, Cal. — Stephens & Co. Milwaukee — John E. De Wolf Co. Grand Bapids — Howe, Snow. Corrigan & Bertles. Detroit — Joel Stockard & Co. Price Range, Jan. 1, '16 to Jan. 1, 19 1918 Bid Ask Bid Ask Hieh.89% '16 92 '16 80 Jan. 83% Jan. Low. 69 '18 73 '18 89 Apr. 73 Oct. CXINTBAI^ ILUNOIS tJTHJTIES CO. 1st 6s. Due SIO.OOO annually Oct. 1, 1916 to 1920 inclusive; $15,000 Oct. 1. 1921 to 1925 InclnsiTe: $25,000 Oct. 1, 1926 to 1930 In- cluBive; and 9719,000 Oct. 1. 1932.— F. Dated Oct. 1, 1912. Interest payable April and Oct. 1, at Trustee's oiHce. Tax Status — 2% Fedpral Income Tax paid by company without deduction. Authorized — $2,500,000. Ont8tanding^$D85,000 (May 1. 1919). Retired — $30,000. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Continental and Commercial Trust and Savings Bank. Chicago. Redeemable at 103 and interest on any Inter- est date. Organization — Incorporated in Illinois in 1912 as a consolidation of a number of electric light and power plants in North Central Illinois. 202 Controlled by the Middle West Utilltie* Co. through stock ownership. Secured by a first mortgage on all the prop- erty of the company, includins plants supply- ing electricity to Chataworth, Palrbury, Forest, Piper City, Oilman, Onarga, Wetseka, Mil- lord, Fasten, Saybrook, Gibson City, Arrow- smith, Colfax and other towns In eeneral vicin- ity. Population served, about 32,000. Fran- chises have been extended with minor excep- tions to 1962. Year ended Dec. 31 Bond Gross Net Interest 1918 $274,476 $93,958 $57,390 1917 244,682 73,542 67,990 1916 217,960 95.613 57,830 1915 208,737 101,493 53,372 1914 213,186 92,976 45,010 1913 164,630 37,763 36,463 Orisinal llarket — $400,000 offered at par and Interest by Farson Son & Co., New Tork, etc. Market. New York — E. & C. Randolph. John Nioker- son, Jr. Chlcaeo — Plotz & Co., Wm. S. Gilmore, Rus- sell. Brewster & Co. New Haven — The "W. T. Field Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.92% '16 100 '16 L0W.92H '16 94% '17 CENTRAL, INDIANA GAS CO. 1st S. F. Ss. Dne Sept. 1, 19S1 F. Dated Sept. 1, 1911. Interest payable March 1 and Sept. 1 at Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $5,000,000. Outstanding — $2,576,000 (May 1, 1919). Cancelled — $137,000. $600,000 additional bonds Issuable on written consent of bankers and balance for 80% of coat of permanent improvements, etc., provided net earnings are 1% times annual interest charges on bonds outstanding and to be issued. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Continental & Commercial Trust & Savings Bank and Frank H. Jones, Chicago. Redeemable on any Interest date at 102 and interest. Sinking Fund — Annually, beginning Jan. 16, 1917, 2% of all bonds certified, payments to be semi-annually, for the purchase or redemp. tlon of these bonds at not over 102 and interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated In Indiana in 1888 for supplying artificial and natural gas in the east-central part of In- diana. Controlled through stock ownership by the Metropolitan Gas & Electric Co., of Chi- cago. Secured by a first mortgage on plants sup- plying gas to Muncie, Anderson, Marlon, Hart- ford City, Blwood, Alexandria and Fairmount, Ind. Property covered Includes artificial gas plants with a dally capacity of 3,300.000 cubic feet and 128 miles of transmission lines con- necting the cities served. Distributing system comprises 283 miles. As of June, 1919, the company was distributing natural gas from the West Virginia fields through its artificial gas distribution system. Population served, 116.- 000. Franchises are either without time limit or extend beyond the life of the bonds. Underlies — $476,000 10-year Debenutres 6a due 1925. Year ended Dec. 31 Gross Net 1917 $1,180,291 $287,376 1916 962,465 269,676 Original market — $2,100,000 offered June, 1916, by A. B. Leach & Co., and B. H. Rol- lins & Sons, New Tork, Boston, Chicago, etc, at Qi%, and interest. Market. Chicago — A. B. Leach & Co., E.VH. Rollins & Sons, Babcook, Rushton & Co., H. T. Holtz & Co. New York— Dunham & Co., B. H. Rollins & Sons, A. B. Leach & Co., Hanson & Doyle, B. & C. Randolph, H. D. Robbins & Co., Lynch & McDermott. Fhliadelphia — A. B. Leach & Co.. B. H. Rol- lins & Sons. H. D. Boennins & Co: Boston^— E. H. Rollins & Sons, A. B. Leach & Co., McConnell & Co., Inc. Denver — E. H. Rollins & Sons. lios Angeles — B. H. Rollins & Sons. San Francisco — B. K. Rollins & Sons. Detroit — Joel Stockard & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94% '17 96 '17 86 Jan. 91 Nov. Low. 83 '18 85 '18 83 Dec. 85 Nov. CENTRAI, INDIANA UGHTING CO. 1st Si Ret. 6s. Due May 1, 1927.— F. Dated May 1, 1907. Interest payable May and Nov. 1, at Trustee's office. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized — $2. 600, 000. Outstanding — $870,000 ($661,000 of these Bonds are owned by National Light. Heat & Power Co. and deposited to secure collateral notes of that Company). Denomination — Coupon, $500 and $1,000. Trustee — Columbia Trust Co., New Tork. Sinking Fund — 2% per annum of gross earn- ings. Guaranteed principal and interest, by the National Light, Heat & Power Co. Organization and Control — Incorporated in 1907 in Indiana as a consolidation of the Peo- ples' Gas, Electric Light & Heating Co. of Bloomington, Ind., and Columbus Street Ry. & Light Co. Controlled through stock owner- ship by the National Light, Heat & Power Co., a subsidiary of the Middle West Utilities Co. Secured by a first mortgage on street railway system and plant supplying electricity in Co- lumbus, Ind., and a mortgage on plants sup- plying gas, electricity and hot water heat in Bloomington, Ind. Population served, about 20,000. Franchises in Columbus perpetual, in Bloomington expire in 1931 and 1932. Prior Liiens — $116,000 Peoples' Gas, Elect. Lt. & Heating Co. serial 6s, which are being retired by sinking fund payments. Year ended Dec. 31 Gross Net Interest 1918 $209,862 $41,640 $49,795 1917 53,104 68.088 1916 $199,542 62.576 66,467 Original Market — First offered by A. H, Bickmore & Co., New Tork. Market. New York — Hotchkin & Co., Inc. Boston — Hotchkin & Co., Inc., McConnell & Co. Price Ranire. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.75 '17 86 '16 65 Jan. 77% Jan. Low. 60 '16 65 '16 65 Mar. 203 CENTRAL INDIANA RAILWAY CO. 1st 4s. l>ue May 1, iaS3.— F. Datea May 1, 19 03. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Indiana. Authorized — $4. 000, 000. Outstanding — $1,500,000 ($750,000 owned by the Pennsylvania Co.) Reserved for corporate porposes — ^$2,500,000. Denomination — Coupon, $1, 000. Resisterable as to principal. Trustee— Central Union Trust. Co., New York. ■ ^ Guaranteed — The $750,000 In hands of pub- lic, formerly owned by the Cleveland, Cin- cinnati. Chicago & St. Louis Ry. Co., are gruar- anteed as to principal and interest by that com- pany, by endorsenient. Controlled jointly by the Cleveland, Cincin- nati, Chicago & St. Louis Ry. Co. and the Pennsylvania Co. through stock ownership. Secured by a first mortgage on 117.74 miles of road from Muncie, Ind., to "Waveland, Jet., and from Sand Creek to Brazil, Ind., and a first lien on trackage rights over the Vandalia R. R. between Waveland Jet. and .San Creek, 10 miles. The road covered is not of much im- portance to either of the systems which con- tiol it, aa they both have other lines entering the important cities served by this road, ex- cepting Brazil, which Is not served by any other line oi the New York Central System. Year ended Dec. 31 Gross Net Int., Etc. 1917 $303,055 $24,591* $105,518 1916 225,888 15,995* 89,761 1915 208,574 28,586* 89,738 1914 203.715 44,874* 99,027 •Deficit. Legal for Me. Original Market — Offered in 1904 by Doml- nick & Dominick, New York, at 97^ and in- terest. . Market. New York — WolfE & Stanley, Wm. C. Ewen. ,J. S. Farlee & Co., F. H. Hatch & Co.. Baker. Carruthers & Pell, F. J. Lisman & Co. Philadelphia — Louchheim. Minton & Co., Walter B. Pollock. Price Range. Jan. 1, 1908 to Jan. 1, 1<)19 1918 Bid Ask Bid Ask High.92% '09 95 '09 60 Dec. 66% Dec. Low. 48 '17 59 '18 53 Oct. 59 Oct, CENTRAL IRON & COAL CO. 1st S. F. 6s. Due Aug. 1, 1938.— F. Dated Aug. 1, 1908. Interest payable Peb. 1 and Aug. 1, at Central Poundii-y Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstan(ling^$609.000 (Dec. 31. 1918). Retired by Sinking Fund — $171,000. Held in Treasury — $423,000. Owned by the Central Foundry Co — $412,000. Reserved for Ext. — $377,000. Denomination — Coupon, Sl^^pOO. Regi^terable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on 90 days' notice. Sinking Fund — 5 cents per ton of coal: 8 cents per ton of brown iron ore; 10 cents per ton red iron ore mined by the company. Controlled by the Central Foundry Co. through ownership of the entire $^1,000,000 cap- ital stock, which is deposited under the 1st 6s of that company. Secured by a mortgage on all the property of the Company, including 7,400 acres of coal and iron ore land and SOD acres of mineral rights; blast furnace, coke ovens, houses. stores, etc., located in and around Holt, Ala. Original Market-Offered Aug., 1908. at 87^^ and interest by P. S. Smithera & Co., New York. Market. New York — Hanson & Doyle, J. D. Curtis & Co., McGeorge & Vanderhoef, Baker, Car- ruthers & Pell. - Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.82 '17 90 '17 80 May 86 May Low. 70 '16 76 '16 CENTRAL IRON & STEEL CO. 1st S. F. 5s. Due August 1, 1925. Dated August 1. 1905. Interest payable Feb. 1 and Aug. 1 at Girard Trust Co. , Philadelphia. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized — $1,500,000. Outstanding— $448,000 (March 19, fl9). Retired by S. F. — $1,052,000. Denomination — Coupon $1,000. Eegisterable as to, principal , op fully registprable. Trustee — Girard Trust Co., Philadelphia. Redieemable at 105 and interest. Sinking Fund — Annually an amount suffi- cient to retire $75,000 of these bonds at not over 102% and interest. Organization — Incorporated in Pennsylvania in 1897. Business established in 1852, Owns the capital stock of , the Connellsville Basin Coke Co.. which company owns about 2.000 acres of coking coal in the Morgantown, "W. Va.. district. In February, 1912, receivers were appointed on petition of general creditors. In June, 1917, all obligations having been paid, the re- ceivers were discharged and the property transferred back to stockholders. Secured by a mortgage on the company's real estate, buildings and machinery, includ- ing plant at Harrisburg, Pa., with an annual output of about 200, 000. tons of steel- Dur- ing receivership (see above) the company's mills were rebuilt, enlarged and modernized. Original Market — First offered in 19 05 by Henry & "West (now West " & Co.). Phila- delphia. Market. Philadelphia — Harper & Turner, Newburger, Henderson & Loeb, Henry D. Boenning & Co. CENTRAL LEATHER COMPANY 1st Lien 20- Year 5s. Due April 1» 1925. — F. Dated April 1, 1905. Interest payable April and Oct. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $46,000,000. Outstanding — $30,620,150 (Dec. 31, '18). In Treasury^ — $182,000. Held in Stumpage and Special Dep'n Fund — $5,959,000. Reserved for V. S. Leather Pfd. Stock — $1,500. Unissued (free bonds) — $S, 237,850. 204 Denomination — Coupon, $1, 000. .Reglaterable as to principal, or fully registerable. Reg- istered, $100 and $10,000. Trustes — Central Union Trust Co. , New York. Stumpaee and Special Depreciation Fund- Annually $750,000 to $1,000,000 from stumpagre moneys for the purchase of these bonds or other equally high grade securities. This fund is not a provision of the mortgage but was authorized by directors in 1913 to provide for the retirement of these bonds. Organization — Incorporated in New Jersey, In 1905. and has absorbed the properties of a large number of tanneries, etc., including the properties of the United States Leather Co. Also own^ the entire capital stock of other companies, including N. R. Allen's Sons Co., Union Tanning Co. and Cen. Pennsylvania Lumber Co. The company's chief product is sole leather. There are no outstanding bonds on any of the property of the subsidiary com- panies. Secured by a mortgage on all the property directly owned by the Company and by deposit with the Trustee of stocks and bonds of sub- sidiary companies of a par value of about $64,000,000. The property covered by this mortgage includes over 90 tanneries, 13 saw mills, glue factories, warehouses, etc., valued at over $17,738,949, 220.94 miles of railroad and sidings and 142.26 miles of tram roads, over $3,924,196 real estate in New York City, $1,029,591, 525,004 acres of timber lands, val- ued at over $33,323,727. Total book value as of Dec. 31, 1918, $56,435,350, current assets bonds but exclusive of capital stock), $45,- 310,955. Year ended Dec. 31 Net Interest 1918 $8,314,642 $1,838,208 1917 16,243,062 1,83 8,208 1916 17,327,409 1,838,208 1915 8,465,104 1.838.208 1914 6,715.131 1,838.208 I^isted on the New York and Boston Stock Exchanges. Market. New York — B. & C. Randolph, J. S. Bache & Co., Baker, Carruthers & Pell. Price Bange — N, Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 103% Nov. 14,^6 101% May 16 Low. 78 Nov. 26, '07 97% Oct. 23 CENTBAIi MAINE POWER CO. Ist 5s. Due Nov, 1, 1939.— F. Dated Nov. 1, 1909. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 5,000,000. Outstanding — $4,096,000 (Apr., 1918). Reserved for Prior liens — $290,000. Reserved for Extensions — $614,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Registered, $1,000. Trustee — State Street Trust Co., Boston. Mass. Redeemable at 105 and Interest for slnkine fund only on any Nov. 1, commencing 1920, on 3 weeks' notice. Sinking Fond — ^Annually 1% of outstanding bonds from Sept. 15, 1920, to 1929, inclusive, and 2% thereafter. Bonds to be purchased or redeemed at not exceeding 105 and interest and cancelled. Orsranization — Incorporated in Maine In 1906 as a consolidation of a number of companies as Messalonskee Electric Co. Present - name adopted in 1910. Owns the entire capital stock of the Waterville, Fairfield & Oakland Rail- wgiy, Bath & Brunswick Light & Power Co., Penobscot Bay Electric Co., Waldoboro "Water & Electric Light & Power Co., Hartland Elec- tric Light & Power Co., Newport Light & x'ower Co., TVlscasset Electric Light .Co., Solon Electric Co. and Union Light & Power Co. The company does practically all the electric light and power business in Central Maine, in- cluding the valley of the Kennebec River. Among the most important communities served are Augusta, Gardiner, Hallowell, Bath, Bruns- wick, Belfast. Bucksport, Waterville, Skow- began. Dexter, Greenville, Dover and Foi- croft. Operates street railway connecting Waterville with Fairfield and Oakland. The company sells power to local street railway and electric light company in Rockland and also contracts power to other public utility companies and mills, Gas is supplied to Augusta. Gardiner, Hallowell, Bath and Bel- , fast. Population served, 1 5 0, 0. Franchises are unlimited as to time. Secured by a mortgage on all the property directly owned by the company and by de- posit of all the stocks owned subject to $525,- 000 mortgage bonds on the property in Bath and Brunswick and $57,000 mortgage bonds on property in Dover and Poxcroft; also sub- ject to power contract with the Lewiston, Augusta & Waterville Street Ry. The prop- erty covered includes hydro-electric plants with a combined capacity of 15,000 h.p. ; steam plants of a combined capacity of 7.500 h. p., 310 miles of transmission lines, and gas plants at Augusta, Bath and Belfast. Prior Lien— $290,000 (closed) Kennebec Lt. & Heat Co. Cons. 4^s of 1925. Underlies — $700,000 7% Notes due Aug. 1, 1920. Year ended Dec. 31 (Consolidated) Gross Net Interest 1918 $1,220,661 $536,680 $302,197 1917 1,093.053 526,298 288,026 1916 945.352 502,056 271,060 1915 658,248 327,774 195,948 1914 620,019 295,391 186,201 1913.; .. 587,156 308,235 185,143 Legal for Maine. Original Market — $1,000,000 offered March, 1910, at %%'^k and interest, by N. W.-Harris & Co. and Perry, Coffin & Burr, Boston; Har- ris, Forbes & Co.. New York, and Harris Trust & Savings Bank, Chicago; $500,000 additional offered by same firms Sept., 1911, at 97% and Interest. Offered by the above firms and Park- inson & Burr, Jan., 1916, at 96% and interest. Market. New York — Kiely & Horton, Dunham & Co., B. & C. Randolph, Harris, Forbes & Co., Eer- dell Bros., Coffin & Burr, Glidden, Davidge & Co., Fred H. Hatch & Co., Lynch & Mc- Dermott, John Nickerson, Jr., Paine, Webber & Co., Remick, Hodges & Co. Boston — Richardson, Hill & Co., McConnell & Co.. Inc., Hotchkin & Co.. Inc., , J. H. Fitzpatrick & Co., Harris, Forbes & Co., Cof- fin & Burr, Hornblower & Weeks, Arthur Perry & Co., L. Sherman Adams, Paine, Web- ber & Co. Chicago — Harris Trust & Savings Bank; Paine, Webber & Co. Portland, Me. — Casco Mercantile Trust Co., Beyer & Small, Maynard 0. Bird & Co., Fi- delity Trust Co., Merle & Brown, H. M. Pay- son & Co., E. L. Wengren. Providence — Brown, Lisle & Marshall, Horn- blower & Weeks. 205 Price fianse. Alarket. Jaa. 1, '10 to Jan. 1, '19 1918 Chicaso— ^First Trust & Savings Bank, Bab- Bid Ask Bid Ask cook, Rushton & Co. High.97ii! '11 100 '17 88% -Mov. 92 Uea. Low. 83 '17 85 '18 83 Jan. 85 Mar. CENTRAL MABKBT STREET RAILWAY CO. CENTRAL MANUFACTURING DISTRICT, ^^*^ "*• ""* "'*"• ^' '^''**- (CHICAGO) 1st OS, Series "A" and "B." D^Kd Jan. 1, 1902. Interest payable Jan. Due $160,000 annually eacli March 1 from ^";J J""?: \' at Trustee's office. 1917 to March 1, 1941, incluslTe.— F. *^^ status— Payment of Federal Income Ta.\ Dated March 1, 1916. Interest payable "°' assumed by company. March 1 and September 1, at Trustee's office. Authorizea— $dOO,000. Tax Status— 2% Federal Income Tax paid Outstanding— J326, 000 (Jan. 1, 19). by company without deduction. JJ"" '? =: 1'.— JlVo.OOO. ' Authorized $10,000,000. Denomination — Coupon, 51,000. Registerable Outstanding — $2, 64o',OOo' Series "A." as to principal. „ ,. _ , 1,210,000 Series "B." Trustee — New York Trust Co., New York. As of June 1 1919. ' Redeemable as a whole at 110 and Interest Retired by S. F.— $360,000 Series "A." on 60 days' notice. 568,000 Series "B." Sinkmg Fund — o% of gross earnings per an- Denomination — Coupon, $1,000. Registerable -"""^ payable from Dec. 31, 1907. Bonds ac- as to principal. quired are kept alive and interest added to this Trustee — First Trust & Savings Bank, Chi- '""'^- . ,. , „ ^ , „, Qg^gQ Organization and Control — The property of Redeemable at 105 and interest on any inter- '^is company was acguired under foreclosure est date on 30 days' notice. Bonds to be called ^^'^ »" 15"^ ^^ *e Columbus Traction Co. by lot if less than whole Issue redeemed. '■'''^^ name of latter company was changed to Guaranteed principal and interest by the Chi- Columbus Ry., Pow. & Lgt. Co. in 1913. cage Junction Railways & Union Stock Yards Ssecured by a flrst mortgage on 13 miles of Co. of New Jersey, by endorsement. street railway track in Columbus, O., extend- Sinklng Fund— Annually 2% of total Issue of '"^ °'^ Summit and Hamlet Streets from the bonds except bonds issued in exchange for northern city line to Mt. Vernon St. in the other bonds, which is to be increased 1% in center of the city, and on Rich Street from any year the "District" distributes any of its Hamlet to 5th Sts. to Mohaw-k, Jaeger and net earnings, other than for payment of divi- Fourth Streets, with a loop m the southern end dends to holders of its flrst preferred oertifl- °* "^^ <=''y- '^^^ '^°^^ '= "°' continuous, but cates of interest to an amount not exceeding in '^^^ ^ ^^B °' ^''°"t *°"'' blocks in the center the aggregate the amount of Series "A" and °^ *« city. The franchise for this line expires "B" bonds outstanding. '"J'^^l- _ „ _ . „ Organization— The property is held by J. A. Earnings— See Columbus Ry., Pr. & Lgt. Co. Spoor, Arthur G. Leonard and Eugene V. R. J;®?^' *°'',i'- ,^1 „. ^ „ ^ .. „ „ Thayer, as Trustees. The District is being de- Original Market-First otCered by E. H. veloped primarily for the purpose of bringing Rollins & Sons and Edgerly & (Jrooker, Bos- tonnage to the Chicago Junction Railways. The '""J; ^" -o??,^ i°f ?, '^°°''''° '°°'^ ^- ^- Rist'ns guarantor company owns the entire capital " Co.). Philadelphia^ stock of the Chicago Junction Railways and „ „ , „ , „ °.:' , . .-, -r ^ the Union Stock Yards and Transit Co. The *•«■" York— H. I. Nicholas & Co., Joseph ■companies own and operate one of the largest * Wiener, Bauer, Starr & Co. railroad freight terminal properties in the PhUadelphla — Wlstar & Co., H. D. Boen- <:ountry, including about 143 miles of Belt Line "'ns & Co., S. K. Phillips, Parrlsh fe'Co., Railroad. Huntoon & Co., Bauer, Starr & Co. Secured by a flrst mortgage on the real Baltimore — Jenkins, Whedbee & Poe. estate and property of the Central Manufactur- Price Range. ing District now owned or hereafter acquired. Jan. 1, 1908 to Jan. 1, 1919 1918 The property has been developed since 1908. Bid Ask Bid Ask The property is located between 39th and 35th High.lOO '08 101 '09 94 June 96% June Streets, extending from Morgan Street on the Low. 88'18 95'10 88 Aug. 95 .A.ug. east to Ashland Avenue on the west, together with considerable areas located at 39th Street and Normal Avenue and north of 36th Street CENTRAL MEXICO LIGHT & POWER CO. on South Racine Avenue and a new tract of is* S. F. 6s. Due Jan. 1, 1940. — P. over 100 acres south of 39th Street and ex- Dated January 1, 1910. Interest payable tending from Ashland Avenue to Western Ave- Jan. and July 1, at Old Colony Trust Co., nue. The property covered includes 375 acres Boston, and Wm. P. Bonbrlght & Co., New located in the exact geographical and popula- York, tlon centre of Chicago. As of March 1, 1916, Payment of Interest — Coupons in default there were 160 high-grade concerns, most of are being paid at the Old Colony Trust Co., which occupied buildings ■ erected by the Trus- Boston, plus interest at 6% to date of pay- tees. The south branch of the Chicago River ment, as follows: runs through the center of the "District," It Coupon Total is also located on the tracks of the Chicago Date Paid Amount Junction Railway and Is connected directly with July 1, '15 Jan. 1, '18 $34.50 every Trunk Line Railroad entering Chicago. Jan. 1, '16 July 1, '18 34.50 Property values of March, 1916, as follows: July 1, '16 Jan. 1. '19 34.60 Appraised value of land $10,017,393 Default — See "Payment of Interest" above. Cost value of Improvements 2,874,829 Sinking fund payment for 1916 and subseauent thereto are in default. Total $12,892,222 Tax Status — 2% Federal Income Tax paid Original Market — Offered by the First Trust by company without deduction. & Savings Bank, Chicago, March, 1916, at Authorized — $2,600,000. prices to yield about 4%%. Outstanding — $1,778,000. 206 Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any inter- est date on and after Jan, 1, 1916. SinkinB Fund — Annually 1% of outstanding bonds, from Jan. 1, 11115, to Jan. 1, 1924; 2% from Jan. 1, 1925, to Jan. 1, 1932, and 4% from Jan. 1, 1933, to Jan. 1, 1940, for the purchase or redemption of bonds at not exceed- ing 105 and Interest. Bonds so acquired to be cancelled. Guaranteed principal and interest by the Guanajuato Power & Electric Co. by endorse- ment. Organization and Control — Incorporated In Maine in 1909 and acaulred the electric light and power distributing systems supplying Leon, Irapuato, Silao, Celeya-Salamanca and San Luis, all in the Stat& of Guanajuato, Mexico, and other towns. The Guanajuato Power & Electric Co. owns the entire ($1,500,000) com- mon stock. Secured by a first mortgage on all the prop- erty of the Company and including the dis- tributing systems supplying the above towns with a population of over 200,000. Franchises are perpetual. Status— Owing to the disturbed conditions in Mexico, all of the company's American force has left Mexico, and in consequence 1916 earn- ings are not available. Net Earnings, 13/31/13 $219,608 Interest 115,000 Original Market — $1,800,000 offered in 1910, by Wm. P. Bonbright & Co., New York, and Kennett, Cowan & Co. , Chicago, at 96 and Interest with 20% stock bonus. Market. New York — Hanson & Doyle, S. L, Snowden. Boston— F. "W. Mason & Co. Price Range. Jan. 1. 1911 to Jan. 1, 1919 Bid Ask High.89 '12 93% '12 Low.. 70 '15 80 '15 CENTRAIj new ENGIiAND RAILWAY CO. 1st 4s. Due Jan. 1, 1961. — F. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Lincoln National Bank, New York, or First National Bank, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Anthorized — $25,000,000. Outstanding — $13,427,000 (Dec. 31, 1918). In Treasury — $1,217,000. Deposited under N. Y., N. H. & H. 1-Yr. Notes — $1,500,000. Reserved for Prior Lien — $287,000. Reserved to Exchange for Income Bonds — $18,000. Reserved for Ext. — $8,551,000; Denomination — Coupon, $1,000. Hegtsterable as to principal. Registered, $10,000 and mul- tiples. C. & R. interchangeable. Trnstee — Farmers' Loan & Trust Co., New York. Redeemable at 105 and interest on any inter- est date on and after Jan, 1, 1921, on six weeks' notice. Guaranteed principal and Interest by the New York, New Haven & Hartford R. R. Co. by endorsement. Organization and Control — Incorporated In New. York In 1907. Leases for 50 years from 1890 the Hartford & Connecticut "Western R. R. The New York, New Haven & Hartford R. R. Co. owns practically all of the preferred stock, and -a, large majority of the common stock. Secured by a mortgage on 137.87 miles of road and all other property constructed or acquired with the proceeds of these bonds, viz. : A first lien on 126.02 miles — Milea •Campfcell Hall to Poughkeepsie Jet.. N. Y 30.88 RhineclifC Jot. to Silver Nails, N. W 3,38 Dutchess Jet., N. Y., to Conn.-N. Y. State Line 63.16 PoughkeeCsie to Boston Corners, N, Y. . 36.12 Other branches 2.50 •Includes bridge over Hudson River costing more than $7,000,000. A second lien on 11.85 miles — Covered by the Dutchess County R. R. 1st 4^5: Poughkeepsie to Hopewell, N. Y 11.85 In addition to the road covered by this mortgage the Company leases and operates 120 miles additional from Rhinecliff, N. Y. , to Hartford, Conn,, and Agawam Jet., near Springfield, Mass. Prior Lien — $287,000 Dutchess County R. R. 1st 4%s of 1940. Year ended Dec. 31 Gross Net Int. &Rent *1918.. $1,468,124 $1,626,809 $83 5,196 tl918.. 6,063,156 577,267 519,499 1917. . 5,477.288 1.690.566 1.452,756 .1916.. 6,208,198 2,273,298 1.358,648 ♦Corporate Income Account, standard return under Federal control. tFederal Income Account. Listed on the New York Stock Exchange. Legal for Me. Original Market— $11,927,000 oftered In 1911, by J. P. Morgan & Co., National City Bank and the First National Bank, New York, at SZ% and interest, ^ Market. New York — ^McKinley & Morris, Hanson & Doyle, Pynchon & Co.. Moore & Co.'. Wolff & Stanley. B. & C. Randolph, F. J. Lisman & Co, . Abraham & Co. , Baker, Carruthers & Pell, Fred H. Hatch & Co.. S. P. Larkin & Co., Tobey & Kirk. New Haven — The Chas. W. Scranton Co. Boston — McConnell & Co., Inc., L. Sherman Adams. Price Range — N. Y. S. E. Jan. 1. 1911 to Jan. 1, 1919 1918 High.93% Nov. 17. '11 69 Oct. 16 Low. 60 Sept. 9, '18 60 Sept. 9 CENTRAL NEW YORK GAS & ELECTRIC CO. 1st S. F. 5s. Due Jan. 1, 1941. Dated March 16, 1911. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania. Authorized — $2, 000, 000. Outstanding— $1,307,000 (Jan. 1, '19). Retired by Sinking Fond — $37,000. Reserved for Ext. — $656,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Philadelphia Trust, Philadelphia. Redeemable at 105 and interest on any inter- est date on 3 weeks' notice. Sinking Fond — 1% per annum of outstand- ing bonds beginning' 1916. Assumed by the Emnlre Oas & Electric Co. Organization and Control — ^Incorporated In New York, 1911, as a consolidation of two electric companies and one gas company. Merged 1916 Into the Empire Oas & Electric Co. 207 Secured by a first mortgage on all the prop- erty of the Company, incluflingr plants supply- ing gas and electricity in Newark, Lyons and Palmyra, N. T. ; plants supplying electricity in Seneca Falls, Palmyra, Clyde, "Waterloo and Phelps, N. y., and plants supplying steap heat in Geneva and Newark. Also includes 8 gen- erating stations, one hydro-electric plant at Lyons and transmission lines connecting the various towns named. The company has re- cently completed a gas pipe line from Syracuse to Lyons, and is now purchasing gas from the Solvay Process Co., which has resulted in con- siderable reduction in the cost of gas. Popula- tion served, about 55,000. Franchises are either unlimited in time or extend well beyond maturity of bonds. Underlies — Empire Gas & Electric Co. and E3mpire Coke Co. Joint 1st & Ref. 5s of 1941. Year ended Dec. 31 Bond Net Interest 1914 $124,550 $54,443 1913 119,655 48,172 Later earnings see Empire Gas & Electric Co. issues. Original Market — Offered in 1911 by W. C. Langley & Co., New York, at 97 and interest, and in 1914 by the same firm at 96% and interest. Market. Boston — H. L. Nason & Co., F. B. Bassett & Co. New York — Earle A- Miller & Co., Berdell Bros., A. B. Fitkin & Co,, J. J. Levenson, G. W. Walker & Co., C. H. Jones & Co.. Martin, Berwin & Co., Jacob Zeller, Kiely & Horton. Miller & Co., Hanson & Doyle, E. & C. Randolph, Pynchon & Co., Wm. M. Clarke, John Davenport, Lynch & McDermott. Philadelphia — H. D. Boennlng & Co., A. B. Fitkin & Co., S. K. Phillips & Co. Buffalo — ^A. L. Chambers & Co. Price Range. Jan, 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 96 '17 98 '17 88 Dec. 92 Dec. Low. 80 '18 84 '18 80 Jan. 84 Aus. CENTRAI. OHIO RAILROAD CO. Cons, let 41/48. Due Sept. 1, 1930.— N. Dated Aug. 30, 1886. Interest payable March and Sept. 1, at Company's office, 2 Wall St., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — (Closed mortgage). Outstanding — $1,009,000. Deposited under B. & 0., P. Jet. & M. Div. Mtge.— $1,491,000. Denomination — Coupon, $1,000. Trustee— Mercantile Trust & Deposit Go., Baltimore. Assumed by the B. & O. R. R. Co. Control — During the fiscal year 1914-15 the property of this company was acauired by the Baltimore & Ohio R. R. Co. Secured by a first mortgage on 143.38 miles of road from Bellatre to Columbus. O., and branch. The road covered is the only entrance of the B. & O. R. R. into Columbus, O., from the East. Underlies— P. Jet. & M. DIv. 1st 3%s of 1925: P. L. E. & W. Va. Ref. 4s of 1941, and B. & O. Ref. & Gen. 5b of 1995. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. I., vt. and Wis. Listed on the New York Stock Exchange. Market. New Yorlc — E. & C. Randolph, F. J. LIsman & Co., Taylor, Smith & Hard, Chas. W. Place, Seasongood, Haas & Macdonald, Baker, Car- ruthers & Pell, Redmond & Co. Pittsburgh — R. B, Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe.' Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Hlgh.103 June 18, '09 89"^ Dec. Low. 99 Oct. 31. '12 S0% June CENTRAL PACIFIC RAILWAY CO. 30-Year S. r. 3^s. Due Aug, 1» 1929.— F. Dated August 1, 1S99. Interest payable June and Dec. 1, at 165 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $9,249,825. Retired by Sinking Fund— $15,750,175. Denomination — Coupon, $1,000 and $500. Registerable as to principal only, or fully reg- isterable. Registered, $1,000 and multiples. Trustee — United States Trust Co., New York. Sinking Fund — Beginning in 1900 and an- nually thereafter, the Company agrees to set apart out of its net earnings the sum of $25,000 to be applied to the purchase of these bonds at the lowest price offered. The proceeds from the sale of securities pledged as security for these bonds are also to be applied to their purchase at not exceed- ing par and interest. If not obtainable at that price, the company has the option of buying these bonds or 1st Refg. 4s. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Secured by a fi.rst mortgage on 7,117,987 acres of land, which Include all of the original grants to the company remaining unsold. Also secured by a first lien on all securities ac- quired by any sinking fund of the Central Pacific Ry. These amount to $4,729,000 securi- ties, viz. : Austin & Northwestern R. R. 1st 5s. $300,000 Port Worth & New Orleani Ry. 1st 6s 548,000 Galveston, Harrisburg & San Antonio. Ry.. Mex. & Pac. Ext. 1st 5s 1.024,000 Iberia & Vermilion R. R, 1st 5s 322,000 Oregon & California R. R. 1st 5s 353.000 Guatamala Central R. R. 1st 6s.... 1,788.000 San Antonio & Aransas Pass Ry. 1st 4s 394,000 Further secured by a second lien on prop- erty described under 1st Refg. 4s. Prior Lien — $98,877,000 1st Ref. 43. Listed on the New York, London and Ams- terdam Stock Exchanges. Market. Active on N. Y. Stock Exchange. Price Range — N. Y. S. E. Jan. 1, 19(H) to Jan. 1, 1919 1918 High. 92 Feb. 17, '11 88 Feb. 25 Low. 75 Nov. 22. *07 85 Sept. 24 CENTRAL PACIFIC RAILWAY CO. 1st Bef. 46. Due Aug. 1, 1949. — F. Dated August 1, 1899. Interest payable Feb. and August 1, at 165 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $100,000,000. Outstanding — $98,877,000. Reserved for Ext. — S71?I,000. Retired by Sinking Fund — $410,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only, or fully reg- 208 iBterable. Registered, tl.ooo slbd multiples. Trustee— Central Union Trust Co., New York. Sinkine Fund — $25,000 per annum for the purchase and cancellation of these bonds. Guaranteed as to principal and interest by the Southern Pacific Co. by endorsement. Control.^— Property of the Company leased to the Southern Pacific Co. for 90 years from 1894 and its {67,275,000 common stoclc and $17,400,000 preferred stoclc are owned by the latter company. Secured by a first mortgage on 1,342.20 miles of road and all other property, viz: Miles Oakland Antonio Jet. to Fruitvale, Cal. 4.83 Oakland Pier to West Oakland, Cal 2.02 Oakland to Melrose, Cal 6.13 Sacramento, Cal., via Brlgham to near Ogden. Utah 731.74 Roseville, Cal., to Oregon State Line. . .296. 58 Lathrop to Goshen Jet., Cal 146.48 Halvern to Alvardo, Cal 2.63 Glmhurst to Stonehurt, Cal 0.76 Oakland Pier to Elvas, Cal 133.46 Nlles to San Joso, Cal 17.68 Underlies — 3%s of 1929. Zieeal for Bait., Me., Minn., R. I. Listed on the New Tork, London, Berlin, Hamburg, Frankfort, and Amsterdam Stock Exchanges. Market. New York — Jenks, Gwynne & Co., Callaway, Fish & Co., Seasongood. Haas & Macdonald. Bernhard, SchoUe & Co.. Ambrose R. Clark & Co., McKinley, Morris & Co., Redmond & Co., Vilas & Hlckey. Philadelphia — West & Co. Chicago — Harris Trust & Savings Bank. Omaha — City Trust Co. Fittsbulrgll — R. W. Evans & Co. Price Range— N. \. 8. E. Jan. 1, 1906 to Jan. 1. 1910 1918 Hlgb.102% Jan. 11, '06 86 Nov. 13 Low. 75 Oct. 1 '18 75 Oct. 1 CENTRAL PACIFIC RAILWAY CO. Thronch Short Line 1st 48. Due Oct. 1. 1954 — F. Dated October 1, 1904. Interest payable April and Oct. 1, at 1C6 Broadway, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized— $10, 000. 000. Outstandine — $10,000.0ff0. Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully reglsterable. Reg- istered, $1,000 and multiples. C. & K. Inter- changeable. Trustee — Guaranty Trust Co.. New York. Bedeemable at 107^ and interest on any In- terest date upon 60 days' notice. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Secured by a first mortgage on the road known as the "Ogden-Lucin Cut-Off," 102.94 miles In length, from Umbria across the Great Salt Lake to Cecil. Utah. This line shortens the through line from Ogden to San Francisco some forty miles, and does away with an ex- tremely heavy grade. More than 30 miles of the line are built on a trestle, over Great Salt Lake. Practically all through trains between the Bast and San Francisco over the Union Pacific B. R. and connecting lines use this cut-olf. Listed on the New Tork and Amsterdam Stock Exch&nges. Legal for Cal.. Me., Mich.. Minn., Mo., N. J., R. I. and Wis. Original Market — Underwritten In 1904 by Speyer & Co. and Kubn, Loeb & Co., New Tork. Market. New York— Woltt & Stanley, Sharretts & Young, Seasongood, Haas & Maodonald, Struth- era & Hiscoe. B. & C. Randolph, Baker, Car- ruthers & Pell, Taylor, Smith & Hard. Philadelphia — ^Henry S. Morris, Inc. Price Range— N. Y. S. E. Jan. 1 ,1006 to Jan. 1, 1919 1918 High.99% Feb. 9, '06 78 Nov. 14 Low. 70 Dec. 8, '17 71 Jan. 29 CENTRAL PACIFIC RAILWAY CO. 36-Year European Loan 4fi. Due March 1, 1946. Dated March 1, 1911. Interest payable March 1 and Sept. 1 at Banque d© Paris et des Pays Bas and Societie Generale. Paris; at Baring Bros. & Co., Ltd.. London, and in Brussels and Switzerland. Authorized — 260,000,000 francs. Outstanding — 133.164.600 francs. Held by Southern Paclflc Co. — 116,835,600 francs. Purpose of Issue — To provide funds for dou- ble-tracking, addition^ and other corporate purposes. Denomination. — Coupon 500 francs (or £19 16sV Trustee — United States Trust Co.. New Tork. Redeemable at 100 and interest on March 1, 1921, or on any interest date thereafter upon six months' notice. Guaranteed principal and interest, by en- dorsement, by the Southern Pacific Co. and as security for said guarantee has pledged the following securities of afllliated companies, aggregating $83,986,800 viz: Stocks Pledged Issued Houston, East & West Texas Ry. Co. cap- ital stk $1,919,000 $1,920,000 Houston & Texas Cen- tral R. R. Co. cap- ital stk 9,998.300 10.000,000 Morgans Louisiana & Texas R. R. & S. S. Co. capital stk 10,000.000 16.000,000 Oilegon & California R. R. common stock 6.900.000 7.000,000 Oregon & California R. R. preferred stock 11,991.000 12,000,000 Southern Pacific R. R. Co. capital stock.. 35.000,000 160,000,000 Southern Pac. Term. Co. capital stock.. 1,999,600 2.000,000 Total $77,807/800 $207,920,000 Bonds Pledged Issued Galveston, Harrlsburg & San Antonio Ry 1st Mtg. Eastern ' Dlv.6% Bonds $4,728,000 $4,728,000 Galveston, Harrisburg & San Antonio Ry. 2d Mtg. Eastern Dlv. 6% Bonds ... 1,000.000 1,000,000 Houston & Texas Cen- tral R. R. Lam- pasas Ext. 1st Mtg. 6% Bonds 450,000 450,000 Total $6,178,000 $6,178,000 Security — See "Guaranteed."' 209 Listed on the Paris and Boston Stock Ex- change. Original Marliet — 125,000,000 franca offered March, 1911, by the Banaue de Paris et dea Pays-Baa and Societe Generale, Paris, and Baring Bros. & Co., Ltd., London, at 471 francs 25 centimea per 500 franc bond (94y4,%). CENTRAL PASSENGER RAILWAY (PITTS- BURGH) 1st 6a. Due Oct. 1, 1934.— N. Dated Oct. 1, 1894. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — {125, 000. Outstanding — tl25,000. Denomination — Coupon, 11,000. Registerablo as to principal only. Trustee — Union Trust Co., Pittaburgh, Pa. Guaranteed as to principal and interest by the Central Traction Co. Receivership — See Pittsburgh Rys. Gen. 5s. Control — All of the stock is owned by the Central Traction Co. Practically all of the stock of that company la owned by the Consoli- dated Traction Co., which ia. in turn, con- trolled by the Philadelphia Co. and operated by the Pittsburgh Bys. Co. under an operating agreement. All of the stock of the Pittsburgh Rys. Co. is owned by the Philadelphia Co. Secured by a firat mortgage on about 10 miles of street railway track in the center of Pittsburgh proper. The road commences on Sixth Ave. at Smithfield St. and extends on Sixth Ave. to "Wylle Ave. to FuUerton St.. to Center Ave. to Penn. Ave. Also from Wylie Ave. on FuUerton St. to Bedford Ave. to Her- ron Ave. to Center St. Also from Bedford Ave. on Roberts Ave. to Linton St. to Mahon St. to Herron Ave. Underlies — $375, ODD Central Traction Co. Bs, 1929. Market. New York — B. & C. Randolph. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid Hish.104 '16 98 Jan. Low. 95 '17 CENTRAL RAILROAD & BANKING CO. OF GEORGIA CoU. Tr. 6b. Due May 1, 1937. Dated May 2, 1887. Interest payable May and Nov. 1, at Guaranty Trust Co., New York Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — (Closed mortgage). Outstanding — $4, 840, 000. Demonination — Coupon, {1,000. Reglsterabia as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 110 and interest on six months' notice. Control — ^Property of company acaulred !n 1895 under foreclosure sale by the Central of Georgia Ry. Co. The entire capital stock of latter company is owned by the Illinois Cen- tral R. K. Co. Secured by a Urst Hen on $1,996,000 of the $2,000,000 stock of the Ocean Steamship Co., which operates between Savannah, Ga. , and New York and Boston, and owns, subject to $1,000,000 bonds, a large fleet of modem steamships, and valuable terminals in Savan- nah; which stock, at the time deposited, was valued at $250 per share; on the entire capital •took ($1,500,000) of the Western Ry. of Ala- bama, owning* 130 miles of road from 'West Point, Ga., through Montgomery to Seima, Ala., subject to $1,543,000 bonds; $115,400 of the $2,500,000 stock of the Atlanta & 'West Point K. R. Co., owning 86 miles of road from Atlanta to 'West Point, Ga., not mortgaged; and $1,589,000 out of 1st Cons, bonds. Series "A" (interest 3% 1916-18, 4% 1919-23 and 6% to maturity 1964), of the Charleston & 'Western Carolina R. R.. which owns 340 miles of road from Port Royal, S. C. to Augusta, Ga., and Greenville, Anderaon and Spartana- burg, S. C, subject to $2,720,000 1st Mtge. ' bonds. This latter road is controlled by the Atlantic Coast Line Company. The road is bonded at the rate of only $15,000 per mile, including this issue. Underlies — Cent, of Ga. Ry. 1st 5s and Cons. 63. Note — Ocean S. S. Co. stock was subse- auently 'pledged as collateral under the above mortgages, and Western Ry. of Alabama stock, under the Cons. 6s of 1945 only. Listed on the New York Stock Bxchange. Market. New York — ^Wolff & Stanley. B. & C. Ran- dolph, P. H. Hatch & Co., Newborg & Co.. Wm. C. Bwen, Gilman & Clucas, J. S, Far- lee & Co., Saral. Goldsohmidt, Jos. Walker & Sona, Coffin & Co., Struthers & Hlscoe,. Sea- aongood, Haaa & Macdonald, Bernhardt, Scholle & Co., Simon B.org & Co., F. J. Lis- man & Co., John Nickerson, Jr., Redmond & Co., Robinson & Co. Pittsburgh — R. B. Hutchinson & Co. Atlanta — J. H. Hilaman & Co., Robinson- Humphrey Co. FhUadelphia — P. R. Welsh. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.108 Jan. 16, '07 88% Dec. 13 Irfjw. 83 June 27, '18 83 June 27 CENTRAL RAILROAD OF HAITI 1st CoU. Tr. 68. Due June 1, 1919. — F. Dated June 1, 1909. Intereat payable June and Dec. 1, at Company's office, 25 Broad St.. New York; Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800, 000. Outstanding — $800,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guaranty' Trust Co., New York. Redeemable at 106 and interest on any inter- est date. Guarantee — The Republic of Haiti has pledged 20% of government revenues from duties on cocoa and logwood for the payment of an annual subsidy of $41,280 United States gold coin to the Company. Organization — Incorporated In 1909 In New York, and owns the securities mentioned be- low, and also of company owning electric light- ing system in Port au Prince and Cap Haitien, the two principal cities of Haiti. Property of these companies includes 65 miles of railroad, eQuipment, terminals, power houses, etc. Secured by pledge of $622,800 first mortgage 5% and 6% bonds and $760,000 capital stock of the Cle des Chemins de Fer de la Flaine du Cui de Sac, and $400,000 capital stock and $392,000 1st 6a of the Cie Haltienne du 'Wharf de Port-au-Prince. Underlies — $200,000 2nd Coll. Tr. 6s of 1919. Year ended Deo, 31 'Net Bond Int. 1916 $160,034 $137,137 •Not including subsidiary profits. Original Market — Underwritten in 1909 by ■JIO Speyer & Co. and the National City Bank; New York, and ofEered by Zimmerman & Porshay. New York, at 95 and interest. Market. New York — Zimmerman & Porshay, Joseph £ Wiener, E. & C. Randolph, Hartshorne & Batelle, Jos. Walker & Sons, Abraham & Co. Price Range. Jan. 1, '16 to Jan. 1, *lf> 1918 Bid Ask Ask High. 80 '16 95 '18 95 July Low. 72 '17 79" '17 CENTRAL RAILROAD COMPANY OF N. J. Gen. OS. Due July 1, 1987. — P. Dated July 1, 1887. Interest payable Coupon Jan. and July 1, at Liberty National Bank, New York, and Kegistered Jan., Apr., July and Oct. 1. Tax Status — 2% Pederal Income Tax paid by company without deduction. Authorized — $50, 000, 000. Outstanding — $43,924,000. In Treasury — $1,167,000. Denomination — Coupon, $1,000, exchangeable for Registered. Certificates issued for $500. $1,000. $5,000, $10,000 and $50,000 each. Trustee — Central Union Trust Co. , New York. Organization — Chartered in New Jersey in 1849. Owns 380 miles of road; con,trols by stock ownership 4 miles, operating agreements for about 254 miles and trackage rights for 46 miles. Total mileage operated about 684. Control — The Reading Co. owns $14,600,000 of the $27,436,800 capital stock outstanding. Secured by a direct first mortgage on 156.63 miles of road from Jersey City to Phillipsburg, Jersey City to Newark, Newark to Perth Am- boy. High Bridge to Lake Hopatcong, Somer- ville to Flemington and branches, and a first lien on all of the stocks of subsidiary com- panies (now merged) owning 223 miles of road in New Jersey, and on all the stock of the New York & Long Branch R. R., owning 38 miles of road from Perth Amboy to Bayhead, N. J. The lines covered by a direct lien form the main line of the road, and afford the Reading ,System entrance into New York, and also give a line to tidewater from the very extensive anthracite coal mines controlled by the C. R. R. of N. J. The roads covered by the lien on stock are directly connected to that covered by the direct lien, and extend to the southern end of New Jersy, and form part of the shortest rail line between New York and Atlantic City, N. J. Note — As of May 1, 1919, while the stocks of the companies were covered by the lien of this mortgage, the properties of these compa- nies had been conveyed to the C. R. R. of N. J., but had not been conveyed to the Trustee and in consequence was not under the ■direct or collateral lien of this mortgage. Prior Lien — $2,500,000 New York & Lone Branch R. R. 1st Ss and 4s of 1941. Year ended I>ec. 31 Gross 1917. .$37,096,739 1916. . 34,372.348 1915. . 30.568,90; Net Int. & Rent $12,655,721 $5,879,648 11.823,432 5,925,538 10.875.915 5.668,353 Le?al for Bait.. Cal., Conn,, Me., Mass,, Mich.. Minn.. N. H., N. J., N. Y., R. L. Vt. and Wis. Listed on ' the New York and London Stock Exchanges. Market. New York— Active on N. T. Stock Exchange. Philadelphia — West & Co.. Elklns, Morris ft Co., H. D. Boenning & Co., Chas. Pearon & Co. Newark — J. S. Rippel, Clarence Hodion A Co. Chicago — Hodenpyl, Hardy & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to .*iin. 1. 1919 1918 Coupon. High.132 Jan. 15. '06 lOS^/^ Nov. 15 Low. 100 Nov. 5, '17 100 May 2 Registered. High.1311^ Jan. 10, '06 104 Peb. 7 Low. 100 Dec. 17. '17 100 Sept. 23 CENTRAL RAILROAD CO. OF SOUTH CAROLINA 1st 6s. Due July 1. 192I.~P. Dated July 1, 1881. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $ 300,000. Denomination — Coupon, , $1,000. Registera- ble as to principal. Trustees — Edmund P. Grice and Arthur Is- rael, Charleston, S. C. Control — Leased to the Atlantic Coast Line R. R. Co. Rental, $31,000 annually and taxes. Secured by a first mortgage on 40.20 miles of road from Lanes to Sumter, S. C. Legal for Mich., N. J., R. I., and Wis. Market. New York — Baker, Carruthers & Pell. Price Range. Jan. 1, 'le to Jan. 1, '19 1918 Bid Bid High.llO '16 101 Jan. Low. 99^ '18 99^ Dec. CENTRAL RAILWAY (BALXIMOBE) Cons. 5s. Due May 1, 1932.-— N. Dated May 1. 1892. Interest payable May and Nov. 1, at Merchants-Mechanics Pirst Nat'I. Bank, Baltimore. Tax Status — Payment of Pederal Income Tax not assumed by company. Authorized and Outstanding — $700,000. Denomination — Coupon, $1, 000. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md. Assumed by United Rya. & El. Co. of Balti- more, Md. Control — ^Absorbed in 1889 by the United Rys. & Elec. Co. of Baltimore. Secured by a first mortgage on 37 miles of street railway including Important lines In the center of the City of Baltimore, Underlies — Ext. & Imp. 5s of 1932 and bonds and notes of the United Rye. & Elec. Co. of Baltimore. Earnings — See United Rys. & Elec. Co. Listed on the Baltimore Stock Exchange. Legal for Bait. Market. Baltimore — Robt. Garrett & Sons, Poe & Davies, Hambleton & Co., Jenkins, Whedbee & Poe. New York — Hambleton & Co. Price Ran^e. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.113 '09 114 '09 100 Dec. 100% Jan. Low. 95 '18 99 '18 95 Oct. 99 Apr. CENTRAL STATES ELECTRIC CORP. 10- Year 5% Secured Notes. Due June 1, 1922.— N. Dated June 1, 19i2. Interest payable June and Dec. 1, at Trustee's office. New York. Tax Status — f'aylment of Pederal Income Tax not assumed by company. 21] Authorized — $6, 000, 000. Outstandine — $ 5,963,500. Reserved to Acuuire C. E. 111. Co. Stock — $36,216. Denomination — Coupon, $500 and $1,000. Registerable as to principal.. Xrustee — Guaranty Trust Co., New Tork. Redeemable at 101 and interest on any inter- est date on thirty days' notice. Convertible at any time at par into the 7% cumulative preferred stock at 105 at any time ijrior to maturity or redemption. Organization — Incorporated in Virginia in 1912 as a holding company. Owns over 75% of the common stock of the Cleveland (O.) Electric Illuminating Co. Secured by deposit of $7,293,400 common stock of the Cleveland Electric Illuiminating Co. The remaining notes can only be Issued by depositing additional common stock of that company at the rate of $100 in stock for $77.32 of notes issued. The stock of the Cleveland Electric Illuiminating Co. has re- ceived dividends at the rate of 8% per annum since '!L904> Year ended Dec. 31 (C. E. lU. Co.) Gross *Net Dividends 1918. .$8,443,329 $1,011,740 $781,080 1917.. 6,863,886 881,730 781.080 1916.. 5,109,738 1,151,609 781.080 *After taxes, interest, amortization, depre- ciation and preferred dividends. Original Market — Offered in 1912 by Spencer Trask & Co. and the Guaranty Trust Co., New York, on a 5%% basis; in 1914, $650,000 of- fered by White & Co., New York, at 87% and interest. Market. New York — Farson, Son & Co., A. E. Fit- kin & Co., R. C. Mayer & Co., Dunham & Co., Paine, "Webber &. Co., S. P. Larkin & Co., . Mann, Bill & Co., F. H. Hatch & Co., Martin, Berwin & Co., E. & C. Randolph, Hoit & Woodward, McGeorge & Vanderhoef, Joseph & Wiener, Kiely & Horton, John W. Christian- sen. John Nickerson, Jr., McClure, Jones & Reed, H. F. McConnell & Co., Earle A. Miller & Co. , John Davenport. Boston— F. B. Bassett & Co., Paine. Web- ber & Co., Blodget & Co., Van Voorhis, Wil- son & Co., L. Sherman Adams. Philadelphia — A. E. Fitkin & Co.. Graham. Parsons & Co., H. D. Boenning & Co., Frazier & Co.. Paine, Webber & Co. Milwaukee — Edgar, Ricker & Co. Detroit — W. A. Hamlin & Co. St, Louis — A. G. Edwards & Sons, John Nickerson, Jr., Bowman, Cost & Co., Missis- sippi Valley Trust Co. Chicago — Chicago Sav. Bank & Trust Co., Paine, Webber & Co., Spencer Trask & Co., Babcock, Rushton & Co. Cleveland — Roland T. Meacham. New Haven — The Chas. W. Scranton Co. Providence — ^W. W. White & Co. Xos Angeles — Blankenhorn-Hunter-Dulin Co. Pasa^sna — Blankenhorn-Hunter-Dulin Co. San Francisco — Blankenhorn-Hunter-Dulin Co. Price Range. Jan. 1. 1015 to Jan.. 1. 1919 191S Bid Ask Bid Ask High.96'^ '16 99 '16 89 Dec. 92% Dec. Low. 75 '18 18% '18 75 Jan. 78% Jan. 1934; $20,000, 1935 to 1938, inc.; $23,000. 1929; $23,000, 1930; $25,000. 1931 to 1936. inc.— P. Dated April 1, 1917. Interest payable Jan. 1 and July 1, at Trustee s office or Guaranty Trust Co., New York. Tax {status — 2% Federal Income Tax paid by company without deduction. Authorized — S350.000. . Outstanding — $350,000. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal and in- terest. Trustee — Guardian Trust & Savings BaiUt, Toledo, O. Redeemable at 103 and interest in inverse numerical order on any interest date on 60 days' notice. Organization — Incorporated in Indiana in Oct.. 1916. Secured by a first mortgage on all the prop- erty of the company, including plant supply- ing gas to Vincennes, Ind. Also supplies gas to the Illinois Gas Co., which distributes^ to the towns of Lawrenceville, Bridgeport, kro- ner and Olney, 111. Total population served, 40,000. Franchises in Vincennes extends to 1941. .Earnings — Not available. Original Market — Offered July, 1917. by Sid- ney Spitzer & Co.. New York. etc.. on a 6% basis. Market. New York — Sidney Spitzer & Co. CENTRAL TRACTION CO. Iflt 5s. Doe July 1, 1939. — N. Dated July 1. 1889. Interest payable Jan- uary 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by campany. Default — Jan. 1, '19. Interest unpaid Mar. 1, "19. Authorized and Outstanding — $375,000. Denomination — Coupon, $500. Registerable as to principal only. Trustee — Fidelity Title & Trust Co., Pitts- burgh. Organization and Control — - Incorporated in Pennsylvania in 1888. Owns all of the stock of the Central Passenger Ry. For further details see Central Passenger Ry. 6s. 1924, above. The Central Traction Co. does not directly owrt any mileage. Reeelvarship— See Pittsburgh Rys. Co. Gen. 5a. Secured by pledge of $96,650 of total of $125,000 capital stock of the Central Passen- ger Ry. Co., which owns lines as described under its 1st mortgage 6s. above. Prior Uens' — $125,000 Central Pass. Ry. Co. 1st 6s of 1924. Philadelphia — F. R. Welsh, S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 105 '10 106 '08 75 May 96 Jan. Low. 75 '18 96 '15 CENTRAL STATES GAS CO. (VINCENNES, IND.) 1st 6b. Due qach July 1 as fol- lows: $10,000, 1919 and 1020: $12,000. 1921; $13,000, 1922: $16,000, 1923 and CENTRAI. UNION GAS CO. 1st 5s. Dae July 1, 1927.— F. Dated July 1, 1897. Interest payable Jan. and July 1, at National City Bank, New Tork. Tax Stp.tuB — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding— $3,500, 000. 212 Denomination — Coupon. $1,000. Re&iaterable as to principal. Trustee — central Union Trust Co., New- York. Guarantee — $3,250,000 of theae bonds are guaranteed as to principal and interest by the New York & East River Gas Co. This guar- anty has been assumed by the New Amsterdam Gas Co. Organization and Control — Incorporated in New York in 1897. Owns $760,000 of the $1,500,000 of the capital stock of the Northern Union Gas Co. Controlled by the New Amster- dam Gas Co. through ownership of entire cap- ital stock. The latter company is controlled through ownership of entire capital stock by the Consolidated Gas Co. of New York. Secured by a first mortgage on all the prop- erty of the company, including plant supplylnff gas to a large part of the Bronx. New York; five large gas holders and large gas plant located at 138th St. and East River. Year ended Dec. 31 Gross Net Int. Etc. 1917 ■ $2,490,311 $497,115 $195,826 1916 2.384.207 760.344 194,335 1916 2,531,345 946.671 197,011 1914 2,521,217 847,578 201,586 1913 2,423,467 1,109,768 425.146 Market. New York — Hepburn & Co., A. E. Fitkin & Co., Dunham & Co., Moore & Co.. B. & C. Randolph, Wm. C. Bwen, T. L. Bronson, Wil- liamson & Sfiuire, Tobey & Kirk, H. N. Whit- ney & Song, Berdell Bros. , John Davenport, Low, Dixon & Co., L. A. Norton & Co. 'Boston — Abbott, Johnson & Co. FMladelphia — A. E. Fitkin & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102% '16 104 '12 92^! Mar. 95 Nov. Low. 70 '08 80 '08 80 June 90 June CENTRA!. VERMONT RAILWAY CO. Ist 4b. Due May 1, 1920. — N. Dated May 1, 1899. Interest payable Feb., May, Aug. and Nov. 1, at Blair & Co., New York, or at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $12,000,000. Outstanding (Public) — $9.106. 700 (Jan. 1, '19). Owned by Grand Trunk Ry. of Canada — $1,583,300. Pledged — $1,226,000. In TreaBury — $84,000. Denomination — Coupon, $1,000, J500 and multiples. Reglsterable as to principal. Reg- istered, $100 and multiples. Exchangeable for coupon bonds in amounts of $500 and multiples. Trustee — American Trust Co., Boston. Voting Power — Bach $100 bond Is entitled to one vote in the election of three members to the board of directors. Guarantee — The Grand Trunk Ry. Co. agrees that if gross receipts of the Central Vermont Ry. Co. shall be insufficient to pay operating and maintenance expenses, taxes and interest, the Grand Trunk Ry. Co. will provide any sum necessary to pay interest on these bonds. The amount which the Grand Trunk Ry. Co. is obligated to pay In any one year Is limited, however, to 3 % of its share of the gross earnings derived from the interchange of traffic between the two roads. Organization and Control — Incorporated in 1898 in Vermont. Practically the entire capi- tal stock of the Southern New Bngland R. R. Co. is held in trust for this company. The Grand Trunk Ry. Co. owns $2,191,100 of the $3,000,000 capital stock of the C. V. Ry. Co. Secured by a first mortgage on 248.50 miles — Miles Windsor, Vt., to Canada Line 153.90 Essex Jet. to Burlington, Vt 8.00 Rouses Point, N. Y., to Fonda Jet., Vt. 17.70 Montpelier Jet. to Williamstown, Vt. . . . 14.90 Bssex Jet. to Cambridge Jet., Vt 26.00 St, Albans to Richford, Vt 28.00 Also a collateral lien on 164.40 miles of road in Vermont and Canada, through pledge of the following securities: $197,300 of $201,300 capital stock of Mon- treal & Vermont Jet. R. R. Co. owning — Miles Canada Line to St. Johns, Que 23.00 $500,000 (entire) capital stock and $644,120 of $800,000 1st 4s of the Stanstead. Shefford & Chambly R. R. Co. owning — Miles St. Johns to Waterloo. Que 40.80 $982,000 of $1,000,000 capital stock of the Montreal & Province Line Ry. Co. owning — Miles St. Lambert (via Farnham) to Frelighs- burg. Que 50.00 Marieville to St. Cesaire. Que 8.60 236 shares of capital stock of the Bethel, Granite Ry. Co. owning — Miles Bethel to Granite Quarries, Vt 5.40 $75,000 (entire issue) 1st 4s of 1990 of the- West River R. R. Co. owning — Miles Brattleboro to .South Londonderry. Vt. . 36,00 Year ended Dee. 31 1917 $4,816,578 $637,909 $792,636 1916 4.811,330 1,044,368 837.572 *1915 4.210.411 1,139,821 1.12 4,403 *Year ended June 30. Legal for Me. Listed on the New York, Boston and London Stock Exchanges. Market. New York — Louchheim, Minton & Co., John Muir & Co., Wolff & Stanley, B. & C. Ran- dolph, F. J. Lisman & Co., F. H. Hatch & Co., Baker, Carruthers & Pell, J. S. Farlee & Co. Boston — ^McConnell & Co., Inc., Hotchkin & Co., Inc., Edward Aspinwall. Bangor — L. C. Tyler & Sons Co., Inc. Philadelphia — Louchheim, Minton & Co. Price Range — N, Y, S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.92^^ Mar. 10. '11 67^ Aug. 20 Low. 55 Nov. 24, '17 65 Jan. 22 CENTRAL VERMONT RAILWAY CO. Eqnip, 5s. Series "D." Due $49,000 each Aug. and Feb. 1st to Feb. 1, 1923., inclaslTe. Dated February 1, 1912. Interest payablfl Feb. and Aug^ 1, at Blair & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $980,000. Outstanding — $294,000 (Feb. 2, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable as a whole only at 102^ and Interest on any interest date on 40 days' notice. Secured by a conditional bill of sale on l.noo thirty-ton steel underframe box cars. 200 fifty- ton all steel hopper cars, 2 standafd baggage cars. 6 passenger coaches, 2 parlor cars. 1 dining car, 3 switching locomotives and 4 213 Pacific-type locomotives, costing $1,094,210, of which the Company paid $114,210 in cash. £arniiies — See 1st 4s. Original Market — OfCered, 1912, by Blair & Co., New York. Market. New York — E. & C. Randolph. Coggeshall & Hicks. Freeman & Co., Fred H. Hatch & Co. niiladelphia — Graham, Parsons & Co. Original Market — $100,000 offered July, 1918, by Stanley & Bissell, ' Cleveland, at 100 and interest. CHAMPAIGX & URBANA WATBR CO. 1st 58. Due July 1, 1933.— F. Dated July 1, 1912. Interest payable Jan. and July 1, at Fourth Atlantic National Bank, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400, 000. Outstanding— $328,000 ?nominations — Coupon $500 and $1,000. Trustee — Safe Deposit & Trust Company, Baltimore. Redeemable at 100 ^ and interest on any interest date on sixty days' notice, as a whole or in part. Organization — Incorporated in West Vir- ginia in 1909. Oon Dec. 20, 1909, leased for 99 years the property of the Kanawha Valley Traction Co. at an annual rental of $20,- 000. The entire $500,000 stock of the latter company is pwne;^ by the Ohio Valley Elec- tric Ry. Co., a subsidiary of the American Rys. Co. On Nov. 10, 1914, acquired the property of the Charleston Traction Co. Secured by pledge of $600,000 ($1,600,000 outstanding) Kanawha Valley Traction Co. 1st 5s, due Jan, 1, 1946, which are secured by a first mortgage on 14 milp-s of electric railway track in Charleston, W. Va. The Charleston Inlerurban R. R. Co. oper- ates street railway system in Charleston, W. Va., and interurban lines in surrounding ter- ritoo' of Kanawha County, and comprising 38 miles of track. The eauipment of the com- pany consists of 40 passenger cars of which 26 are of the P-A-Y-B type, 5 , freight cars and 2 trial cars. The company owns a povjer plant but at present purchases power from the Virginia Power Co. Population served 10^.- 000. . - Franchise in Charleston expires in 1954. Interurban lines are almost entirely, on pri- vate rights of way. Year ended Dec. 31: • • . ; Gross Net Int. & Rent 1918. . $578,189 $234,994 $134,116 1917.. 418,855 176.215 115,523 1916. . 326,149 162,6()2 108,812 1915.. 245,168 111,447 70.710 Original Market — Offered in March, 1919. by Robert Garrett & Sons, Baltimore, at 97^ and interest, to yield 7%. CHARLESTON (S. C.) UNION STATION CO. ' 1st 4s. Due Jan. 1, 1937. Dated Jan. 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $400,000. Outstanding — $250,000. Unissued — $150,0 00. Deiiiomination — Coupon, and registered, $1,000 and multiples. Trustee — Equitable Trust Co., New York. Guaranteed principal and interest by Atlantic Coast Line R. R. and Southern Ry. Companies by endorsement. Control — Leased to Southern Ry. and Atlan- tic Coast Line B. R., which own all stock. Rental interest on bonds and 4% on capital stock. Secured by a first mortgage on all the prop- erty of the company, including terminal proP: erty in Charleston, S. C ,used by the Southern Ry. Co. and Atlantic Coast Line R. R. Co. Original Market — Offered by Redmond & Co. at 96 and interest in Jan., 1907. Market. New York — Blodget & Co.. Baker, Car- ruthers & Pell. John Davenport, F. J. Lis- man & Co.. F. J. Lisman & Co. Boston — Blodget & Co. Cliicago — Biddle & Henry. Price Rangre. Jan. 1, '16 to Jan. 1, '19 1918 Ask Ask High.88V^ '16 84 Dep. Low. 80 '17 84 Dee. CHARLOTTE EI.£CTRIC RAILWAY LIGHT & POWER CO. 1st 5s. Due July 1. 1939. Dated July 1, 1899. Interest payables Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not n ssumed bv company. Authorized — $500,000. Outstanding — $313,000 (Jan. 1. '19). Retired by S. F. — ? 87. 00 0. Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md. Redeemable at 107*4 and interest on any interest date. Sinking Fund — 1% per annum of bonds out- standing from July 1, 1900. to purchase bonds in open market or redeem bonds by lot at 107% and interest. Assumed by Charlotte Electric Ry. Co. Organization and Control — Incorporated In North Carolina, Ja-n., 1896. as a consolidation of the street railway; gas and electric lighting properties in Charlotte, N. C. Name changed in 1911 to the Charlotte Electric Ry. Co. The eras business was transferred in 1911 to the 210 Charlotte Gas & Electric Co. and the electric business to the Charlotte Power Co. The en- tire capital stock of the Charlotte Electric Ry. Co. is owned by the Southern Public Utilities Co., which is controlled by the Southern Power Co. Secured by first mortgage on 19 miles of street railway and plants supplying eas and electricity in Charlotte. N. C. Population, 1910, 34,000. Franchises are unlimited as to time. Underlies — ^Ref. & Ext. 6s of 1936 and S. P. U. 1st & Ret. 6s of 1943 which provide for retirement of this issue. £arninES — See Southern Public Utilities Co. Market. See Ref. & Ext. 6s 1936. lottesville and county is perpetual; railway franchise in Charlottesville extends to 1944 and In county perpetual. Year ended Dec. 31 Fixed Gross Net Cbarses 1918 $122,231 $63,203 Ja2,031 1917 120.120 60,279 29,236 1916 114,819 63,600 28.072 1916 103,383 56,232 26,603 1914 93,059 44,847 28,288 Original Market — Offered In April, 1916, by Middendorf, Williams & Co., Baltimore and New York, at 96 and interest. Market. Baltimore — Middendorf. Williams & Co., Inc., Baltimore Trust Co.. Jenkins, Whedbee & Foe. Philadelphia — Cassatt & Co, CHARLOTTE EUSCTRIC BArLW.4Y LIGHT & POWER CO. Ref. & Ext. 6s. Dne April 1, 1936. Dated April 1, 1906. Interesf payable April and Oct. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding — $452,000 (Jan. 1, '19). Retired by S. F. — $43,000. Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Deposit Co.. Baltimore, Md. ^ Redeemable at 107% and Interest on any Interest date. Sinking Fand — 1% per annum of bonds Is- sued beginning April 1, 1907. Bonds to be bought in open market or called at 107% and interest or invested in other securities at the discretion of the Trustee. Assumed by Charlotte Electric Ry. Co. Organization and Control — See 1st 6s above. Secured by a second mortgage on 19 miles of street railway and plants supplying gas and electricity in Charlotte, N, C. Population, 1910; 34,000. Franchise unlimited as to time. Prior lilens — $313,000 1st 6s, 1929, which this issue provides to retire. Earnings — See Southern Public Utilities Co. Original Market— Offered by Mercantile Trust & Deposit Co., Wilson, Colston & Co., Stein Bros, and Whelan, Duer & Lanahan, all of Baltimore, at 98 and interest, in 1906. Market. Baltimore— J. S. Wilson, Jr., & Co.. Mer- cantile Trust & Deposit Co., Jenkins, Whedbee & Poe. CkARLOTTESVU/LE St ArBEMARLJE; RAIL- WAY 1st 6s. Due AprU 1, 1943.— F. Dated April 1, 1915. Interest payable April 1 and October 1. in Baltimore, Md. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $760,000. Outstanding— $376,000 (Dec. 31. 1918). In Treasury — $24,000. Reserved for Ext. — $350,000. Denomination — Coupon, $1,000. Reglsterable as to principal only. Trustee — ^Equitable Trust Co., Baltimore, Md. Redeemable at 105 and interest on any Inter- est date on 60 days' notice. Organization — Incorporated In Virginia In 1913 as a consolidation of a power company and a railway company. Secured by a first mortgage on plant supply- ing electricity In Charlottesville, Va.. and vi- cinity, and on a short intenirban railway be- tween Charlottesville and the -town of Uni- versity^ The railway contributes about 2/5s of the earnings of the company. Population served, 16,000. Electric franchise In Char- CHARTIERS RAILWAY COMPANY 1st S%s. Due Oct. 1, 1931.- F. Dated Oct. 1, 1901. Interest payable April and Oct. 1 at office of Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $626,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Samuel Rea. Assumed by the Pittsburgh, Cincinnati, Chi- cago & St. Louis R. R. Co. Control — Absorbed by the P., C, C. & St. L. R. R. Co., which company Is controlled by the Pennsylvania Co. through ownership of a ma- jority of both common and preferred stock. Secured by a first Hen on 38.71 miles — Miles Carnegie to Washington, Pa 23.51 Bridgevllle to Bend's Mines, Pa 7.46 Cecil to Bishop, Pa 1.10 Houston to Westland. Pa 6.02 Houston to Palanka. Pa ., 1 . 68 Underlies — Pittsburgh, Clnetamatl, Chicago tt St. Louis Ry. Cons. Z'Aa, 48 and ihia of 1940-1963. Legal for Cal., Ore. and Me. Market. Pittsburgh — R. B. Hutchinson & Co. OHATEAUGAY ORE & IRON CO. Bet. 1st 4b. Dne Jan. 1, 1942 F. Dated Jan. 1, 1902. Interest payable Jan. and July 1. at Company's office, 26 Liberty Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,550,000. Outstanding — $1, 560, 000. Denomination — Coupon and registered, (1.000. Trustee — New York Trust Co., New York. Redeemable at 105 and interest. Guaranteed principal and Interest by Dela- ware & Hudson Co. Controlled through stock ownership by Dela- ware & Hudson Co. Secured by a first mortgage on mines and other property of the company located in Clin- ton and Franklin counties. New York, and a first lien on $375,000 of the $460,000 common stock of the Chateaugay & Lake Placid Ry. Co. The latter company, which has also out- standing $3,000,000 preferred stock, owns fifty- three miles of road from Dannemora to Sara- nac Lake, and leases some twenty miles addi- tional, the complete line extending from Platts burg to Lake Placid. 217 Market. New York — Louchheim, Minton & Co.. Abra- ham & Co., Baker, Carruthers & Pell. Fred H. Hatch &. Co. Philadelphia — Louchheim, Minton & Co. Price Banse. Jan. 1, 1908 to Jan. 1, 1»1!> 1918 Bid Ask Bid High.88 '10 90 '16 72 Jan. Low. 60 '18 80 '17 60 Dec; CHATTAHOOCHEE & GVt,T SAILBOAD CO. 1st OS. Due July 1. 1930.— F. Dated July 2, 1900. Interest payable Jan. and July 1, at Trustee's office. Ta.\ Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000, Outstanding — $190,000 (May 2. 1919). a«tlred by Sinking: Fund — $217,000. Denomination — Coupon, $1,000. Reslsterable as to principal. Trustee — The Citizens and Southern Bank of Savannah. Redeemable tor Slnklns Fund at 102 K on Jan. 1 in any year. Sinking Fund — 1% per annum on $843,400, being the original issue of stock and bonds, for the redemption of these bonds at 102^ and interest. Control — Leased In 1900 In perpetuity to the Central of Georgia Ry. Co. Rental 6% on $436,400 stock and $407,000 (being the original issue) bonds of which 1% Is for the sinking fund, until these bonds are retired and 5% on stock thereafter. The C. of G. Ry. Co. Is con- trolled by the Illinois Central Ry. Co. through ownership of entire capital stock. Secured by a first mortgage on 91.47 miles . of road from Columbia to Lockhart. Ala. Legal for Mich., Lllnn., N. J. and Wis. Market. New York — P. H. Hatch & Co., Abraham & Co., Baker, Carruthers & Pell, Taylor, Smith &. Hard. Atlanta — J. H. Hilsman & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104 '10 103 '09 93 Dec. 96 Feb. Low. 85 '18 96 '18 85'Sept. CHATTAT«OOGA ELECTRIC RAILWAY Ist 5s. Due Jan. 1. 1919. — N. Dated Jan. 1, 1898. Interest payable Jan. and July 1, at Trustee's otBce. Default — Principal has not been paid but Jan. 1. 1919, interest was paid when due. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstandlne — $626,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Maryland Trust Co., Baltimore, Md. Control — Absorbed by the Chattanooga Ry. & Light Co.,' which company is controlled through stock ownership by the Tennessee Ry., Light & Power Co. Protective Committee — Charles C. Homer. Jr., Chairman: Arnold Blzey M^aters, John C. Legg, Jr.. with Joseph B. Kirby, Secretary. Depository, Safe Deposit & Trust Co., Bal- timore. Receivership — See Chattanooga Ry. & Lt. 1st & Ref. 5s. Secured by a first mortgage on an Important part of the street railway in Chattanooga. Tenn., and vicinity. Population, 1910, 44,600. Total population served, 95,000. Underlies — C. Ry. & Ltg. Co. 1st & Ref. 5s of 1956 and C. Ry.'s 1st Cons. 6s of 1966, The former provides for the retirement of these bonds. Earnings — See C. Ry. & Lt. Ist & Ref. 6s. Market. Philadelphia — Graham, Parsons & Co. Baltimore — Jenkins, Whedbee & Poe. Price Banse. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 100 '16 99 July 99% Nov. Low. 95 '17 96 '17 CHATTANOOGA (TENN.) GAS CO. 1st 6b. Due Jan. 1, Ids'?.— F. Dated Jan. 1, 1907. Interest payable Jan. and July 1. at the First National Bank. New York, and Trustee's office. Tax Statue— 2% Federal Income Tax paid by company without deduction. Authorized — $1,600,000. Ontstanding-^$508,000 (May 6, 1919). $6,000 owned by the United Light & Rys. Co. and pledged under its first and refunding mort- gage. Retired by Sinking Fund — $160,000. Denomination — Coupon. $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on and after Jan. 1, 1917, at 105 and interest. Sinking Fund — $15,000 per annum, 1912 to 1926, on first $500,000 issued, and 2% per annum of all additional bonds Issued. $18,000 per annum has been applied to Jan. 1, 1917. Organization and Control — ^Incorporated In Tennessee in 1906 and is controlled and oper- ated by the United Light & Rys. Co. Secured by a first mortgage on plant supply- ing gas to Chattanooga, Tenn. Population, 1910, 44,600. Franchise expires In 1953. Earnings — Not available. Listed on the Cincinnati and Louisville Stock Exchanges. Original Market — Offered In 1907 at 105 and Interest by the American Trust & Savings Bank (now Continental & Commercial Trust & Savings Bank). Chicago. Market. Baltimore — ^H. R. Taylor & Co. New York — Kiely & Horton, B. H. Rollins & Sons. S. L. Snowden, Berdell Bros., Fred H. Hatch & Co. Philadelphia — B. H. Rollins & Sons, S. K. Phillips, H. D. Boenning & Co. • Chicago — B. H. Rollins & Sons. Boston— T-B. H. Rollina & Sons. Denver — ^B. H. Rollins & Sons. Los Angeles — ^B. H. Rollins & Sons. San Francisco — B. H. Rollins & Sons. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '17 99 '16 SO Jan. 93'^ Jan. Low. 80 '18 90% '17 CHATTANOOGA RAILIVAY & LIGHT CO. 1st & Ref. 5s. Due May 1, 1966. — ^F. Dated August 1, 1909. Interest payable May and Nov. 1, at Hodennyl, Hardy & Co., New York, or Trustee's office. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $15,000,000. Outstanding — $2,395,000. Pledged to Secure 7% Notes — $682,000. Reserved for Prior Lien — $2,790,000. Reserved for Ext. — $9,133,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. 218 Bedeemable at 105 and interest on any inter- est date after Nov. 1, 1916. Recelversblp — On April 17, 1919, on appli- cation of the Commercial Trust Co., trustee under the Chattanooga Railway Co. 1st Cons. OS, due May 1, 1956 (interest in default), Jolin Graham, of Philadelphia, and Percy Warner, of Nashville, were appointed receivers for the street railway property and other property used in connection therewith, covered by the lien of the last named mortgage, the receiver- ship does not cover the electric lighting and power properties. Orsanizatlon and Control — Incorporated in Tennessee July. 1909. as a consolidation of the Chattanooga Kys. Co. and the Chattanooga Electric Co. Owns the entire capital stock of the Lookout Mountain Ky. Co. Buys electric power from the Tennessee Power Co. and is controlled by the Tennessee Ry., Lt. & Pr. Co. through stock ownership. Management — E. W. Clark & Co., Philadel- phia. Secured by a first mortgage on plants sup- plying electricity to Chattanooga and vicinity and by a mortgage on all the other property of the company, including 61 miles of street and interurban railway track. Operates 73 miles of road. Population served, 85,000. Franchises with minor exceptions are unlimited as to time. Prior liens — $389,000 Lookout Mountain Ry. 1st 6s; $2,165,000 Chatt. Rys. 1st Cons. 6s of 1966 and $626,000 Chatt. EJlec. Ry. 1st 6s c( 1919, all closed mortgages which this issue provides to retire. Note — The Chatt. 1st Cons. 5s are in de- fault as to interest and the Chatt. Elec. Ry. 1st 5s are in default as to principal. Year ended Dec. 31 (Combined) Gross Net Int. E!tc. 1918 $1,843,947 $402,335 *$S0S,962 1917,... 1.350.342 217,439 359,705 1916 1,236,623 . 412,179 366.324 1915 1,087,344 359,613 367,762 1914 1,086,096 385,373 339,409 1913 1,204,928 487,303 298,082 »$72,W7 interest on Chattanooga Rys. Cons. 5s of 1956 after May 1. 1918, not included, as Company defaulted. Original Market — Offered in 1909 by Hoden- pyl, Wallbridge & Co., New York, at 96% and Interest, and in 1911 by B. W. Clark & Co., Philadelphia, at 95 and interest. Market, Fhiladi?lphia — Chandler Bros. & Co., Morton Lachenbruch & Co., Wurts, Dulles & Co., H. D. Boenning & Co., Huntoon & Co.,- E. R. Barnard. Bauer. Starr & Co. New York — McDonnell & Co., Klely & Hor- ton, F. H. Hatch & Co., B. & C. Randolph, J. D. Curtis & Co., Callaway, Fish & Co., Morton Lachenbruch & Co., Berdell Bros., Lynch & McDermott, John Nickerson, Jr., Bauer. Starr & Co. Baltimore — H. R. Taylor & Co. I^uisviUe — ^Hennlng Chambers & Co. Price Bange. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask • High.94 '13 07 '13 65 Jan. 75 Jan. Low. 50 '18 56 '18 50 Dec. 66 Dec. CHATTANOOGA RAILWAY & LIGHT ton — G. W. Walker & Co. Price Ranee. Jan. 1, 1908 to to Jan. 1, 1919 1918 Bid Ask Bid Ask Hig-h.88 '09 91 09 76% «Jct. 80 Uec. Low. 60 '18 70 '14 60 Mar. 7G% Oct. CHESAPEAKE & OHIO NORTHERN RAXI> WAY CO. 1st 58. Ihio Oct. 1, 1945. Dated Oct. 1, 191B. Interest payable Apnl 1 and Oct. 1. at office of C. & O. Ry. Co.. 71 Broadway, New York City. . Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandine: — $1,000,000. Denomination — Coupon, $1. 000. Reglsterabla as to principal. Registered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Commercial Trust Co.. Philadel- phia, Pa. Redeemable on any interest date at 105 and Interest as a whole only. Guaranteed as to principal and Interest by the Chesapeake & Ohio Ry. Co. by endorsement. Organization — Incorporated In Kentucky in 1915. Control — The Chesapeake & Ohio Ry. Co. agrees to purchase for cash at par $3,500,000 stock of the C. & O. N. Ry. Co. and such ad- ditional stock as may be necessary to com- plete the bridge over the Ohio River and the road to "Waverly. Secured by a first mortgage on 30.4 miles of road from. Bdgington, Ky., to Waverly, Ohio (including steel bridge over the Ohio River from Edgington, Ky,. to Portsmouth, Ohio, with a total length of 3,435 feet), where a connection ie made with the Norfolk & West- ern Ry. From Waverly to Columbus the com- pany has trackage rights over the N. & W. Ry. and at Columbus connection Is made with the Hocking Valley Ry.; which extends to Toledo, Ohio. A considerable majority of the stock of this latter company Is owned fey the Chesa- peake & Ohio Ry. Co. The Chesapeake & Ohio Ry. formerly connected with the Hock- ing Valley Ry. by the Kanawha & Michigan By., which was controlled by the C. & O. By. and the Lake Shore & Michigan Southern R. R, Co. In 1915 the C. & O. Ry. Co. sold its ho«d- Ingg of K. & M. Ry. Co. stock. In compliance with an order from the U. S. Circuit Court, and the construction of the C, & O. Northern Ry. was necessary to enable the C. & O. Ry. Co. to forward Its coal to the Lake region advantageously over the controlled Hocking Valley Ry. Origrinal Market — Offered in November, 1915, by Montgomery. Clothier & Tyler. Philadel- phia, New York, Pittsburgh and Hartford, at par and interest. Market. New York — Abraham & Co., F. H. Hatch & Co., F. J. Lisman & Co. Price Range. Jan. 1, 1916 to Jan. 1, iyi9 Bid Ask Bid High.94 '13 97 '13 65 Jan. Low. 80 '18 89 '18 80 Mar. 1918 Ask 75 Jan. 89 Dec. CHESAPEAKE & OHIO RAILWAY CO. Incorporated in Virginia in 1868 as the Chesapeake & Ohio R. R. Co. The road was sold under foreclosure In 1878 and purchased oy tne present company, which was reorgan- ized without foreclosure 18S8. The company owns 2.128.5 miles of road, controls through ownership of entire capital stock 261 miles and leases, or has trackage rights over 262 miles of road. The lines owned or controlled extend from Old Point Comfort and Newport News, Va., through Richmond, Va,, with two lines from Richmond to Clifton Forge, Va., to Charleston. W. Va., Cincinnati, Ohio, Chicago, 111., and Lexington, Ky. The company has trackage rights into Washington, D. C, and Louisville, Ky. The lines of the company traverse the soft coal fields of Virginia, West Virginia and Kentucky ,and three-quarters of the company's freight tonnage is in the product of mines. The Chesapeake & Ohio Ry. Co. has outstand- ing $62,792,600 stock. Dividends were paid on this stock since 1899. and at the rate of 5% per annum from 1911 to September, 1913, when the rate was reduced to 4%. The quar- terly dividend was not paid in Sept.. 1914, but Z% was paid in 1914. none in 1915. 2% Dec. 1916. 4% in 1917, and 4% in 1918. The C. & O. R. R. Co. owns $8,800,000 of the $11,000,000 stock of the Hocking Valley Ry. Co.. which conxpany oowns 350 miles of road from Toledo to Athens and Pomeroy, Ohio. At Athens this road connects with the Kanawha & Michigan Ry., which was for- merly controlled jointly by the C. & O. R. R. Co. and the New York Central R .R., through ownership by each of these companies of $4.- 029,000 of the K. & M. Ry. Co.'s $9,000,000 stock. This road extends from Athens to a connection with the C. & O. R. R. at Gauley Bridge, W. Va. In 1912 the United States Circuit Court held this ownership of the K. & M. Ry. Co. stock to be In violation of the Anti-Trust Law, and in 1914 In accordance with a decree of the United States District Court the stock of the K. & M. Ry. Co. owned by the C. & O. Ry. was sold to the Toledo & Ohio Central Ry. Co. (which is a subsidiary of the New York Central R. R.) at a price which Is reported to have netted the C. & O, Ry. a profit of $1,100,000. Year ended Dec. 31 Gross Net Int & Rent 1917,. $54,643. 794 $16,792,321 $9,725,943 1916. . 49,834,312 17,127.820 9.460,938 1915.. 43,580,841 13,954,351 8.862,329 •1915.. 39.464.037 11,568.133 8.'904,6g6 1914.. 37.459.864 11,859.681 •1913.. 35,085.278 11,483,392 8,184.889 •June 30. CHESAPEAKE & OHIO RAILWAY CO. Terminal Ext. 1st 6s. Due June 1, 1923. Dated June 1, 1882. Interest payable June and Dec. 1, at J. P. Morgan & Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. 221 Authorized — Closed Mortgage. Oatstanding — $142,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Joseph P. Lloyd and Frank H. Davis. Secured by a first mortgage on 10 miles of road from Ne%\'port News, Va. , to Ft. Monroe, Va., and also terminal property. Underlies — 1st Cons. 5s of 1939: Gen. 4Hs of 1932; Gen. Funding & Imp. 6s o£ 1926; conv. 4^3 of 1930 and 1st lien Imp. Mtg. all bonds issued under the latter pledged to secure the Conv. 5a of 19 46. Market. New York — Abraham & Co., John Daven- port, F. J. Lisman & Co. Philadelphia — Newburger, Henderson & Loeb. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOTVS '16 108 '17 97^ Dec. 100V4 Sept. Low. 95 '17 100% '18 95 Jan. CII£SAP£ARE & OHIO BAILWAX CO. 1st Cons. 5s. Due May 1, 1939. — F. Dated January 1, 1889. Interest payable May and Nov. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30, 000,000. Outstanding — $29, 368, 000. Denomination — Coupon, $1,000. Registerable as to principal only: or fully registerable In amounts of $500, $1,000 and $10,000. Trustee — Central Union Trust Co., New York. Secured by a direct or collateral lien on 676.30 miles of road, viz.: A first Hen on 664.50 miles — Miles Newport News, "Va.. via Richmond and Mineral to Kenova. W. Va. (330.30 miles double track) 502.80 Cabin Creek Jet. to* Acme, W. Va 14.60 Hawk's Nest to Ansted, W. Va 3.40 Ashland to Covington, ' Ky. (double track) 143.70 A second lien on 10 miles — Miles Covered by the Cbes. & Ohio Term. Bxtn. 6s. Newport News to Fort Monroe, Va 10.00 Further secured by the first collateral Hen, through deposit of all of the stocks and bonds of the Covington & Cincinnati Elevated R. R. & Trans. & Bridge Co. on the bridge over the Ohio River between Covington and Cincinnati, 1.08 miles. Prior tien — $142,000 C. & O. Term. Bztn. 6s of 1922. Underlies— Gen. 4%s of 1992: Gen. Fund'g & Impt. 5s of 1929: Conv. 4%s of 1930 and Conv. 5s of 1946. Listed on the New York and London Stock Eixchanges. Original Market — 15,371,000 sold to an un- derwriting syndicate at 90, when road was reorganized In 1888. Marlcet. New York — Bernard, Scholle & Co.. Season- good, Haas & Macdonald, Struthers & Hiscoe, j. S. Farlee & Co., Vilas & Hickey, Baker. Carruthers & Pell. ICorn, Lehman & Co., S. P. Larkin & Co., Redmond & Co., Wm. C. Bwen. Philadelphia.— West & Co., Wheeler, Elliot & Mann. Omaha — City Trust Co. I.os Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. San Francisco — Blankenhorn-Hunter-Dulin Co. Baltimore — Robt. Garrett & Sons. Kichmond — Scott & Stringfellow. Price Bange — N. Y. S. IS. Jan. 1, )9U6 to Jan. 1, 1919 1918 High.llSMi Feb. 17, '06 101% Dec. 5 Low. 94% Dec. 19. '17 94% Aug. 7 CHESAPEAKE! & OHIO BAILWAX CO. Bichmond & Alleghany Div. 1st Cons. 4s. Due Jan. 1, 1989.— F. Dated Jan. 20, 1890. Interest payable Jan. and July 1, at Central Union Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $8,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Secured by a first mortgage on 242.04 miles of road, viz.: Miles Richmond via Lynchburg to Clifton Forge, Va 229 . 91 Balcony Falls to Glasgow, Va 1.30 Loch Laird to B. Lexington, Va 10.50 Bremo BlufC to New Canton, Va 0.33 Underlies — R. t A. Div. 2nd Cons. 43 ot 1989: Gen. 4%s of 1992: Gen. Fdg. & Impt. 6s of 1929: Conv. 4%b of 1930 and Conv. 5a of 1946. Legal for Bait. Listed — New York Stock Exchange. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Louchheim. Minton & Co., J. A. Joseph & Co., Clark, Dodge, & Co., J. S. Far- lee & Co., Gude, Winmill & Co.. B. & C. Randolph, Moore & Co.. Wm. E.- Ewen, , Brit- ton, Rollins & Co.. Tobey & Kirk. Wolff & Stanley. Redmond & Co., Simon, Borg & Co., Kom, Lehman & Co., Spencer Trask & Co. Philadelphia — Louchheim, Minton & Co., Frazier & Co., West & Co., S. K. Phillips & Co. Boston — J. S. Orler & Co. Baltimore — Jenkins, Whedbee & Poe. Price Bange — N, Y. S. E. .Ian. 1. 1906 to Jan. 1, 1919 1918 High.103 Nov. 5, '06 76% Nov. 22 Low. 73 l^ov. 16, '17 76 Oct. 26 CHESAFEABX: & OHIO RAILWAY CO. Bich- mond & Allegheny Div. 2nd Cons. 4s. Due Jan. 1, 1989.— F. Dated Jan. 20. 1890. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by 'company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Secured by a second mortgage on the 242-04 miles of road covered by the 1st Cons. 4s. (See above.) Prior Lien— $6,000,000 1st Cons. 4s of 1989. Underlies — Gen. 4%s of 1992: Gen. Fdg. A Impt. 55 of 1929: Conv. 4Hs of 1930 and Conv. 6s of 1946. Legal for Bait. Listed on the New York Stock Exchange. Market. New York — Brltton, Rollins & Co., Sam'l Goldschmidt, Wm. C. Bwen, Baker, Car- ruthers & Pell. J. S. Farlee & Co., F. J. Lis- man & Co., Redmond & Co., Tobey & Kirk. 222 Philadelphia: — Frazier & Co. BaltilDore — Jenkins, Whedbee & Poe. Price Ranee — N. Y. S. E. Jan. 1. 1906 to Jan. 1, iai9 1918 Bid Ask Bid Ask Hish.97% Dec. 7, '06 68^4 Deo. 82% Jan. Low. 71 Oct. 16. '17 62 May 75 Dec. t;HESAFEL4KE Si OHIO RAIIiWAY CO. Crate Vallef Br. 1st Ss. Dne July 1, 1940. — F. Dated' May 29, 1890. Interest payable Jan. and July 1, at C. & O. Ky. Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandine — $660,000. Denomination — Coupon, $1,000. Besisterable as to principal. Trustee — Central Union Trust Co., New ToTk, and Decatur Axtell. Secured by a first mortgage on 26.41 miles of road from Bessemer to Craig City, Va. Underlies — Gen. ihia of 1992: Gen. Fde. & Impt. 5s of 1929; Conv. ihka of 1930 and Conv. 5s of 1946. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, J. S. Farlee & Co., Louohheim, Minton & Co.. Abraham & Co., Baker, Carruthers & Pell, Korn, Leh- man & Co.. Chas. W. Place, Redmond & Co.. Wm. C. Ewen. Pittsburgh — R. B. Hutchinson & Co. Pliiladelphia — Louchheim, Minton & Co. Price Ranee— N.. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High. 112 Feb. 28, '06 88 Mar. 92 Mar. Low. 95 Nov. 10. '15 80 Nov, 90 Dec. CHESAPEAKE & OHIO RAILWAY CO. Warm Springs Yal. Br. 1st 5s. Due March 1« 1941.— F. Dated November 10, 1890. Interest payable March and Sept. 1, at Company's office,- New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Secnred by a flrst mortgage on 24.70 miles of road from Covington to Hot Springs, Va, Underlies — Gen. 4%s of 1992; Gen. Fdg. & Impt. 5s, 1929: Conv. 4%s of 1930 and Conv. 5s of 1946. Listed on the New York Stock Exchange. Market. New York — J. S. Farlee & Co., Louchheim, Minton & Co., Abraham & Co., Baker, Car- ruthers & Pell, P. J. Llsman & Co., Chas. W. Place. Redmond & Co.. Wm. C. Ewen. Philadelphia — Louchheim. Minton & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. .Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 96% '16 100 '16 80 Nov. 97% Oct. Low. 80 '18 90 '15 9254 Dec. CHESAPEAKE Ss OHIO RAILWAY CO. Gen. 4%s. Dne March 1, 1998. — F. Dated February 23, 1892. Interest payable March and Sept. 1, at C. & O. Ry. Co., New Tax Status — 2% Federal Income Tax paid by company" without deduction. Authorized — $70,000,000 and $23,000 per mile additional f(* double tracking, but no: more than $1,500,000 in any one year to be issued under this provision. Oiitstanding— $48,129,000. (No more bonds may be issued except to retire prior liens and for double-tracking.) Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Reg- istered, $1,000 and $10,000. Trustees — Central Union Trust Co., New ^ York, and Henry T. Wickham. Secured by a mortgage on 1,479.84 miles of road, eauipment, etc, viz. ; ) A first lien on 426.28 miles — Miles New Canton to Rosney, Va 20.47 Prince to Jenny's Gap, "W. Va 28.90 Barboursville to Ethel, "W. Va 71.60 Denton to Lexington, Ky 102 . 70 Mt. Sterling to Rothwell, Ky 19.54 Ashland to TVliItehouse, Ky 51. OO Quinnimont to Lay land, W. Va 5.50 Garrison to Carter, Ky 19.77 Thurmond to Hawk's Jlest, W. Va 7.80 Warren to Alberene, Va 11.10 White Oak Jot. to Carlisle, W. Va 3.60 South Side Jet. to Minden, W. Va 4.60 Gauley to Greendale, W. Va 14.20 Open Fork Jet. to Carterboro, W. Va... 3.50 Mt. Carbon to Powellton, W. Va 5.20 Elk Ridge Jet. to Elk Ridge, W. Va 2.80 Acme to Colcord. W. Va., and branches. 30.30 Thurmond to Macdonald, W. Va 9.90 West Bank of Big Sandy River to Ash- land, Ky 6.60 Richardson to Peach Orchard, Ky 3.00 Lexington, Ky., Belt Line 4,20 A second lien on 801.52 miles — Covered by the first Hen of the fol- lowing : Ches, & Ohio 1st Cons. 5s 664.50 Ches. & Ohlo-Cralg Valley 5s 26.41 Ches. & Ohio-Warm Spring Valley 53.. 24.70 Big Sandy Ry. 1st 4s 85.91 A third lien on 252.04 miles — Covered by the first lien of the fol- lowing: Ches. & Ohio Term. Bxtn. 69 10.06 Ches. & Ohio-Richmond & Alleghany Div. 1st 43 252.04 Also secured by a pledge of the following securities: Chesapeake Mineral Co. Stock $10,000 Covington & Cine. Elevated R. R. & Transfer & Bridge Co. Stock 21.000 Miscellaneous Bonds 15.000 Prior Liens — $42,560,000 prior liens, viz.: Ches. & Ohio Term. Bxtn. 6s. 1922. $142,000 Ches. & Ohio 1st Cons. 6s, 1939.. 29,858.000 Ches. & Ohio-Cralg Valley Branch 5s, 1940 650.000 Ches. & Ohio-Warm Spring Valley Branch 5s, 1941 400,000 Big Sandy Ry. 1st 4s. 1944 4,510,000 Ches. & Ohio-Richmond & Allegheny 1st 4b, 1989 6, 000, 000 Ches. & Ohio-Richmond & Allegheny 2d 4s, 1989 1,000,000 Underlies — Gen. Fdg. & Impt. 5s of 1929; Conv. 4%s of 1930 and Conv. 6s of 1946. Listed on the New York and London Stock Exchanges. Market. New York — ^Active on N. T. Stock Ex- change. Baltimore — Robt. Garrett & Sons, Wurts. Dulles & Co. Price Range— N. T, S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High. 109 Feb. 14, '06 86 Nov. 12 Low. 70 Dec. 24, '17 72 Jan 18 223 CHESAPEAKE Ss OHIO BAIIiWAY CO. Paint Creek Br. 1st 48. DaS Feb. 1. 1945.— F. Dated February 1, 1905. Interest Dayabls Feb. and Aug. 1, at Company ofllce. New ^ork. Tax Status — 2% Federal Income Tax paid by company - without deduction. Authorized — $750, 000. Ontstandine — {639,000. Reserved (or Ext. — J211.000. Denomination — Coupon, $1,000. Seglsterable as to principal. Trustee — Central Union Trust' Co., New . York. Secured by a first mortgage on 22 miles of road from Paint Creeli Jot. along Paint Creek to Kingston, "W. Va. Underlies — Gen. Fdg. & Impt. 6a 1929: Conv. iMs of 1930 and Conv. 6a of 194t. Marlcet. New York — Abraliara & Co., Baker, Car- ruthers & Pell. Philadelphia — Graham, Parsons & Co. Price ^ange. Jan. 1, '16 to Jan. 1, '19 Bid High.73 '17 Low. 60 '17 CHESAPEAKE St OHIO RAIIiWAY CO. Fotta Creek Br. Ist 4s. Due Juiy 1, 1946. — F. Dated July 1, 1906. Interest payable Jan. and July 1, at Company's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $600,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Secured by a first mortgage on 20.10 miles of road from Covington to Bess, Va. Underlies — Gen. Fdg. & Impt. 63 of 1929; Conv. 4'A3 of 1930 and Conv. 6s of 1946. Usted on the New Tork Stock Exchange. Original Market — Offered in 1907 by White, Weld & Co., and Proctor & Borden. New Tork. at 90 and interest. Market. New 'Vork — J. S. Farlee & Co., Abraham & Co., Baker, Carruthers & Pell, Sam'l Gold- schmidt. Pittsburg — R. B. Hutchinson & Co. Price Range — ^N. Y. S. B. Jan. 1, 1907 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.90 Jan. 18, '09 70 Jan. Low. 84 May 29, '12 63 Feb. 70 Feb. 1.784.93 miles of roads, docks, terminals, etc.. viz. : A second lien on 729.57 miles — . Milps Covered by the first lien of the fol- lowing: Ches. & Ohio Gen. 4%s. 1992 426.2,8 Ches. & Ohio Paint Creek Branch 4s.. 22.00 Raleigh & Southwestern 1st 4s 35.50 Coal River Ry. 1st 4s 95 .10 Ches. & Ohio-Potts Creek Branch 4s.. 20.10 Greenbrier Ry. 1st 4s 100.80 Virginia Air Line Ry. 1st 5s 29.80 A second collateral lien on 1.80 miles — Covered by the second lien of the Gen. 4%s. 1992 ....'. 801.52 A fourth lien on 262.04 miles — Covered by the third lien of the Gen. 4%s, 1992 252.04 A third lien on 801.52 miles — Covered by the 1st Cons. 6s 1.80 Also secured on the entire capital stock, $100,000, of the Norfolk Terminal & Trans- portation Co. Prior Ijiens — Subject to $97,993,000 prior liens, viz. : Ches. & Ohio Gen. i'As, 1992, and Prior Liens $90,689,000 Raleigh & Southwestern 4s. 1936.. 845,000 Greenbrier Ry. 1st 4s, 1940 1,742.000 Ches. & Ohio-Paint Creek Branch 4s, 1946 539,000 Coal. River Ry. 1st 4s, 1945 2,756,000 Ches. & Ohio-Potts Creek Branch 4s, 1946 600,000 Virginia Air Line Ry. 1st 6s. 19B2. 822,000 Underies — Conv. 4%a of 1930 and Conv. 6s of 1946. liisted on the New Tork Stock Exchange. Original Market — Underwritten in 1909 by J. P. Morgan & Co. and ICuhn, Loeb & Co., New Tork. Market. New York — Louchheim, Minton & Co.. -J. S. Farlee & Co., Abraham & Co., Redmond & Co. Philadelphia — Louchhelm, Minton & Co. Price Range— N. Y. S. E. Jan. 1. 1910 to Jan., 1919 1918 High.lOeVi Mar. 28, '11 94 July 16 Low. 80 Apr. 1, '18 80 Apr. 1 CHESAPEAKE & OHIO RAILWAY CO. Gen. Fdg. & Imp. 5s. Due Jan. 1, 1989. — F. Dated January 2, 1909. Interest payable Jan. and July 1, at Company's office. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Ximited to $11,000,000 while any Conv. 4%a due 1930, or First Lien & Impt, bonds due 1930 (all deposited under Conv. Bs) are out- standing. Outstanding — $3, 698, 000. Deposited under First Lien & Imp. 6s, $7,- 302,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Registered $1,000 and mul- tiples thereof. C. & R, interchangeable. Tmatees — United States Mortgage & Trust Co., New York, and William H. 'WTiite. Redeemable at 107% and interest on any Interest date upon 12 weeks' notice. Secured by a direct or collateral lien on CHESAPEAKE & OHIO RAILWAY CO. Conv. 4%s. Due Feb. 1. 1930.— F. Dated February 1, 1910. Interest payable Feb. and Aug. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid bv cnnipany without deduction. Authorized- $37,200,000. Outstanding — $31, 390, 000. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. C. & R. interchangeable. Trustee — United States Mortgage & Trust Co.. New York. Redeemable as a whole, at 102% and Inter- est on any interest date upon 90 days' notice. Convertible into common stock at par prior to Feb. 1. 1920. It called for redemption during this period, they may be converted up to and including the second day of January or July next preceding the date of redemption. Secured eaually with First Lien & Impvt Bonds (all deposited as security for Conv. Sa due 1946) on all of the property of the company owned Apr. 28. 1910, and including 1,712.14 miles of road. viz. : A third lien on 658.68 miles — Miles Covered by the first lien of the fol- lowing: Ches. & Ohio Gen. 4%s. 1992., 426.28 Raleigh & Southwestern 1st 4s 20,10 224 Coal Hiver Ry. lat 4s 69 30 Greenbrier Ry. lat 4a 100 80 Ches. & Ohio Potta Creelc Branch 1st 4s. 2o!lO Ches. & Ohio Paint Creek Branch 1st <3 22.90 A fourth lien on 801.52 miles — Covered by the second lien of the Chea. & Ohio Qen. 4Mis, 1992 801.62 A. fifth lien on 252.04 miles — Covered by the third lien of the Ches. & Ohio Qen. 4%a, 1992 252.04 Prior lAeiis — About $100,869,000 Gen. Fund- Ins & Improvement 5s and underlyinir Issues. Usted on the New Torlt and London Stock Bxchanses. Original Market — Offered in 1910 by J. P. Morsan & Co., Kuhn, Loeb & Co,, and the National City Bank, New Tork, to the stock- holders for subscription at 93>^ and Interest, Marlcet. New York — Newburger, Henderson & Loeb, Kean, Taylor & Co,, McKlnley & Morris, Sea- sonsood, Haas & Macdonald, Jenks, Gwynne & Co., Struthers & Hiscoe, John Nickerson, Jr. Fliiladelphla — Newburger, Henderson & Loeb. Richmond — iScott & Stringfellow. Atlanta — J, H. Hilsman & Co. - GhicaKO — Kean, Taylor & Co., Pynchon & Co. Pittsburgh — R. W. Evans & Co. Price Range — N. Y. S. E. Jan. 1, 1911 to Jan. 1, 1919 1918 High.97',4 Feb. 23, '11 85% Nov, 12 Low. 66 Dec. 15, '17 65y2 Jan. 17 (THE) CHESAPEAKE & OHIO RAILWAY CO. 30-Year Conv. Secured 5s. Dae April 1, 1946.— N. Dated April 1, 1916. Interest payable April 1 and Oct. 1 at Company's office, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Antborized — $40,180,000. Ontstandlng — $40,180,000. Denominations — Coupon, $500 and $1,000. Registerable as to principal. Registered $500, (1,000 and authorized multiples of $1,000. C. & R. Interchangeable. ^ Trustee — Central Union Trust Co., New York. Redeemable as a whole at 105 and Interest on any interest date up to and including April 1, 1929, and at 100 and Interest on any in- terest date thereafter on 60 days' notice. Convertible on or before April 1, 1920, Into common stock of the company at $75 per share; thereafter to and including April 1, 1923, at $80 per share; thereafter to and Including April 1, 1926, at $90 per share; and there- after to and including April 1. 1936, at $100 per share. Conversion privilege terminates 30 days prior to redemption If bonds are called. Secured by pledge of $45,920,000 face amount of the company's First Lien and Improvement bonds. The mortgage provides for the with- drawal of collateral as bonds of this Issue are converted and also that the date of maturity of the First Lien and Improvement Bonds may be extended in the company's discretion to not later than April 1, 1946, For description of security see First Lien & Improvement 5 s. Listed on the New Tork Stock Bxchange, Original Market — Offered June, 1916, by the _National City Bank, New Tork, at 97% and Interest. Market. Philadelphia — Newburger. Henderson & Loeb, Harper & Turner, Warren A. Reed. New York — Kean, Taylor & Co., Newburger, Henderson & Loeb, Seasongood, Haai & Mac- donald, Bernhard. Soholle & Co., Newborg & Co. Pittsburgh — Lyon, Singer & Co., R. W. Evans & Co. Chicago — ^Kean, Taylor & Co, Richmond — Scott & Stringfellow. Price Range— N. Y. S. E. Jan. 1, 1916 to Jan. 1, 1919 1918 High.97% Oct. 19, '16 90% Nov. 12 Low. 72 Nov. 16. '17 76 Jan. 18 CHESAPEAKE & OHIO RAILWAY COM- PANY 1st Lien Si Imp. 5s. Due Dec. 1, 1930. Extension Privilege — Indenture securing Conv. 5s, due 1946 provides that maturity of 1st Lien & Imp. bonds pledged thereunder may be extended to not later than April 1, 1946. Dated Dec. 1, 1910. Interest payable June and Dec. 1. Tax Status — -2% Federal Income Tax paid by company wihout deduction. Authorized — $126,000,000. Outstanding^In hands of public) None. Pledged under Conv. 5s, 1946 — $45,920,000. Reserved for Prior Liens — $4,835,000. In Treasury — $4,793,000. Reserved for Ext., etc. — $69,452,000. Denominations — $100, $600 and $1,000. Reg- isterable as to principal. Registered, $500. $1,000 and multiples. C. & R. interchange- able except $100 bonds. Trustee — United States Mortgage & Trust Company and William H. White, New York. Redeemable in any one or more series on such terms as may be fixed for such series. Convertible — ^Any one or more series may be issued convertible on such terms as may be fixed for such series. Secured by first direct lien on 38.43 miles — ' Miles Gauley Branch Extension 3.03 Cabin Creek Branch Extension 3.30 Stallings to Ethel, W. Va 6.20 Ethel to Mann, W. Va 7.00 Rum Creek Jet, to Slagle, W. Va 6.60 Man to Craneco, W. Va 12.30 A first collateral lien on 291.23 miles — Through pledge of $292,100 (entire issue) capital stock of Logan & Southern Ry. Monitor Jet. to Barnabas, W. Va 9.79 Through pledge of $30,000 (entire issue) capital stock and $1,031,- 000 (entire issue) 1st Mtge. bonds of the Eikhorn & Beaver Valley Ry. Beaver Creek Jet, to Wayland, Ky. . . . 2,0.74 Through pledge of $5,998,800 (entire issue) capital stock and $7,270,- 000 (entire issue) 1st Mtge. Bonds of the Ches. & Ohio Ry. of In- diana. Cincinnati, Ohio to H. T. Tower, Ind.260.70 Equally secured with Conv. 4%s, due Feb. 1, 1930, as follows: — A third lien on 729.57 miles — Covered by second lien of the Gen. Fdg. & Imp. 5s 729.57 A third collateral lien on 1.80 miles — ■ Covered by second collateral lien of the Gen. Fdg. & Imp. 5s 1.80 A fourth lien on 801.52 miles — Covered by third lien of the Gen. Fdg. & 225 Imp. 5s 801.52 Co., Thos. A. Biddle & Co., S. K. Phillips *8, 825, 000 11.000,000 t528.600 *7, 302,000 11,000,000 A fifth lien on 252.04 miles- Covered by fourth lien of the Gen. Fdg. & Imp. 5s 252.04 Further secured by pledge of the following securities — Pledged Issued Chesapeake & Ohio Northern Ry. cap- ital stock *$3,497,900 $3,497,900 Chesapeake & Ohio Equip. Corp. secur- ities *11,922.000 Hocking Valley Rail- way Co. capital stock Proceeds of Kanawha & Mich. Ry. stock sale Chesapeake & Ohio Ry. Gen. Fdg. Imp. 5s. 1929 . Covington & Cincin- nati Elevated R. R. & Transfer & Bridge Co. cap stk. Covington & Cincin- nati Elevated R. R. & Transfer & Bridge Co. 1st 5s, 1937 Norfolk Terminal & Transportation Co. capital stock Miscellaneous bonds . . *A first lien on these securities. tCash. C. & C. El. R. R. & T. & B. Company stock subject to prior pledge under 1st Cons., Gen., and Gen. Funding & Imp. Mortgages. C. & C. El. R. R. & T. & B. Company 1st 5s, 1937, subject to prior pledge under 1st Cons, and Gen. Funding % Imp. Mortgages. Also secured on various leaseholds and track- age rights. Prior liens — Subject to $3,698,00>0 Gen. Funding & Imp. 5s, 1929 and liens prior thereto aggregating $92,458,000. & Co. Baltimore — Baker, Watts & Co. 1.500,000 ,500,000 100,000 993,508 1,500,000 3,500.000 100,000 993,508 CHESAPEAKE & OHIO RAILWAY CO. Eqnip. Tr. 41^8, Series "N." Bne $85,000 each June 15 and Dec. 15 to June 15> 1924, InclusiTe. — N. Dated June 15, 1914. Interest payable June 15 and Dec. 15, at Company's office, New York, or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,700,000. Outstanding — $935,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and Interest by the C. & O. Ry. Co. by endorsement. Secured by an equipment agreement on 2,000 steel coal cars, and 6 Mikado tyre locomo- tives. The company paid 15% of cost In cash. Original Market— Offered June. 1914, by Kuhn, Loeb & Co. and National City Bank, N. T. Market. New Tork— Colgate, Parker & Co., Freeman & Co., Evans, StlUman & Co., Bull & Bldredee. Wm. A. Mitchell, Coggeshall & Hicks. Philadelphia — Biddle & Henry, West & Co., Graham, Parsons & Co., Blklns, Morris & Co., Geo. S. Fox & Sons, Rellly, Brock & Co., Caasat & Co., Bioren & Co., Barclay, Moore & CHESAPEAKE & OHIO RAILWAY CO. Equip. Tr. 4%s, Series *'0." Due $158,000 each June 1 and Dec. 1 to Dec. 1, 1926, in- clusive. — -N. Dated Jan. 15, 1916. Interest payable Jan. 15 and July 15 at Company's office. New Tork, or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,160,000. Outstanding — $2,054,000 (June 2, '19). Balance Retired. Denomination — Coupon, $1,000. Reg:lsterabls as to principal. Trustee — Commercial Trust Co., Philadelphia. Redeemable as a whole at 102 and interest on any interest date on 60 days* notice. Guaranteed as to principal and interest by the C. & O. Ry. by endorsement. Secured by an equipment agreement on 2,000 steel coal cars; 17 locomotives, 12 express cars, 6 passeng-er cars and 2 parlor cars. The Company paid 15% of the cost In cash. Original Market — Offered Jan. , 1916. by Kuhn, Loeb & Co. and National City Bank, N. T. Market. See Series "N." CHESAPEAKE & OHIO RAILWAY CO. Equip. Tr. 4^s. Series "P." Due $1^5,000 each June 1 and Dec. 1 to Dec. 1. 1926, in- clusive. — N. Dated Dec. 1, 1916. Interest payable June, 1 and Dec. 1, at Trustee's office or Company*! office. New Tork, Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania, Authorized — $2, 500, 000. Outstanding — $1,875,000 (June 3, '19), Balance Retired. Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole only at 102 and In- terest on 60 days' notice. Guaranteed principal and Interest by the Chesapeake & Ohio Ry. Co. by endorsement. Secured by an equipment agreement on 25 locomotives and 1,000 steel coal cars, costing about $3,149,376, of which the company paid $649,375 in cash. Market. See Series "N." CHESAPEAKE & OHIO RAII.WAY CO. Equip. Tr. 4%s. Series "R." Due $189,000 each Nov. 1 and May 1 from Nov. 1, 1917, to May 1, 1927. Inclusive. — N. Dated April 2, 1917. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by companj'. Authorized — $3,780,000. Outstanding — $3,024,000 (May 2, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadelphia. Redeemable at 102 and interest on any In- terest date on 60 days' notice. Secured by an eaulpment agreement on 25 Mallet locomotives, 2,000 50-ton steel coal cars, 10 steel passenger coaches, 2 steel parlor cars, 1 steel dining car. costing $4,735,110, 20% of which paid by company In cash. 226 Original Market — Offered April , 1917. by Elkins, Morris & Co.. Philadelphia, on a 4.65% basis. Market. See Series "N." (THE) CHESAPEAKE & POTOMAC TEUB- PHONE CO. Cons. 6&. Due July 1, 1939. Dated July 1, 1899. Interest payable Jan. and July 1, at American Security & Trust Co., Washington, D, C. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 600, 000. Outstanding — $1,214,000 (Dec. 31, 1918). Retired by Sinking Fund — $286,000. Denomination — Coupon $1, 000 ; registerable as to principal. Registered $1,000. Trustee — ^American Security & Trust Co., Washington, D. C. Redeemable at 103 and interest. Sinking Fund — Semi-annually, January 1 and July 1, beginning in 1901, an amount equivalent to 1 % of outstanding bonds, plus interest on securities held in this fund. The company may direct the Trustee to invest the payment in such securities and property as shall be satisfactory to the company. Bonds of this issue acquired are cancelled, but other securities purchased are held alive and inter- est added to this fund. Organization — Incorporated in New York in 1883 as a consolidation of the National Capital Telephone Co. of Washington, D. C, and the Telephone Exchange Co. of Baltimore. Control — This company is controlled by the New York Tel. Co. , which is controlled by the American Tel. & Tel. Co. Secured by first mortgage on property of the Company, which embraces the Bell system in District of Columbia and vicinity. Year ended Dec. 31 , Gross Net Interest *1918.... $1,539,057 $244,248 $166,747 1917 3,375,032 4.429.799 660,259 1916 $3,684,013 1,598,167 651.399 1915 3,508,495 1.578,408 656,696 1914 3.360,405 1,654,344 614,344 *7 months ending July 31. Xisted on the Washington Stock Exchange. Market. New York — F. H. Hatch & Co., Gilman & Clucas. Washington — Crane, Parris & Co. Baltimore — Mercantile Trust & Deposit Co., Jenkins. Whedbee & Poe. Boston — J. W. Bowen & Co. Price Range. Jan. 1, '08 to Jan. 1, '!!> 1918 y Bid Ask Bid Ask High.105% '09 106 '10 99^/^ Jan. 101 Jan. Low. 95^ '18 96^ '18 D5^ Dec. 96^ Dec. CHESAPEAKE & POTOMAC TELEPHONE CO. OF VIRGINIA 1st 5s, Series "A." Due May 1, 1943. — P. Dated April 30, 1913. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 5.000.000. Outstanding — $3,360,700 (Dec. 31, 1918). Retired by S. F. — $139,300. Denomination — Coupon. $100, $500 and $1,000. Registerable as to principal only. Trustee — Old Dominion Trust Co., Rich- mond, Va. Redeemable as a whole only at 103 and Interest, on and after Nov. 1, 1918. Sinking Fund — 1% per annum of bonds out- standing, payable semi-annually. Organization and Control — Incorporated In Virginia in 1905 as the Southern Bell Tele- phone & Telegraph Co. of Va. Present title adopted in 1912. All of the capital stock of the company is owned by the New York Tele- phone Co., a subsidiary of The American Tel- ephone & Telegraph Co. Secured by a first mortgage on the Bell tele- phone system in a large part of Virginia, in- cluding the cities of Richmond, Norfolk, Lynch- burg, Newport News and Portsmouth. Year ended Dec. 31 Gross Net Interest •1918 $1,539,057 $244,248 $166,747 1917 2.482,789 381,844 200,932 1916 $2,171,208 355,547 162,209 1915 1.734,261 310,610 144,278 1914 1,654,948 316,387 111.132 *7 months ended July 31, '18. Original Market — $1,000,000 offered in Mar., 1914, by Hambleton & Co., and Mercantile Trust & Deposit Co., Baltimore: Old Dominion Tr. Co., Inc., Richmond, at 96 and interest. Market. Washington — Crane. Parris & Co. New York — Gilman & Clucas, Lynch & Mc- Dermott. Boston — J. W. Bowen & Co. Baltimore — Baltimore Trust Co., Jenkins, Whedbee & Poe, Nelson, Cook & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '17 100 '17 91 Dec. 95 Dec. Low. 80 '18 88 '17 80 Aug. 90 Aug. CHESAPEAKE STEAMSHIP CO. Equip, let 5s. Due $30,000 semi-annually May 1 and Nov, 1 to May 1, 1920. — F. Dated May 1, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 600,000. Outstanding — $60,000 (May 2, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Safe Deposit Co.. Baltimore, Md. Organization and Control — Incorporated In Maryland in 1900 and acquired the property of tne Baltimore, Chesapeake & Richmond S. S. Co., operating two lines of freight and passen- ger steamers to Norfolk and Richmond, Va. The entire capital stock and debentures valued at $1,250,000 are owned jointly by the Southern Ry. Co. and the Atlantic Coast Line R. R. Co, Secured by a first lien on two steamships costing $760,000 of which amount the company paid $150,000 in cash. The company cannot create any mortgage or other lien on its ter- minal property in Baltimore during the life of these bonds and in the event of selling any of its other vessels the proceeds must be applied to the redemption of outstanding equipment bonds or the acquisition of additional floating equipment. Original Market^First offered in 1910 by J. S. Wilson, Jr., & Co. and Baker, Watts & Co... Baltimore, at par and Interest. Market, Baltimore — Nelson, Cook & Co.. Mercantile Trust & Deposit Co. , Jenkins. Whedbee & Poe, J. S. Wilson. Jr., & Co. CHESAPEAKE STEAMSHIP CO. Equip. Ist 68. Due SSO.OOO semi-annually April 1 and Oct. 1 to April 1, 1924.— F. Dated Oct. 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $63 0,000. 227 Outstanding— $330,000 (Apr. 2, '19). lEulance Retired. Denomination — Coupon, $1,000. Trustee — Mercantile Trust & Safe Deposit Co., Baltimore, Md. Redeemable as a whole on any Interest date at 102% and interest. Organization and Control — See Eq,uip. 5a above. Secured by a first lien on two steamers coat- Ing $785,400. of which amount the company paid $155,400 in cash, and further secured by a second lien on two steamers covered by the first lien of the Eauip. 5s of 1910 (which see above). Original Market — First offered 1912 by the Mercantile Trust & Safe Deposit Co., Balti- more, at par and Interest. Marlcet. Bee Equip. 5s above. Market. Philadelphia — Henry & Kirkbride, Harper & Turner. Price Range, Jan. 1, '17 to Jan. 1, 'li> 1918 Bid Ask Ask Hi&h.97 '18 99 '17 97% Nov. Law. 89 'IS 89 July CIDSSTBR & PHILADELPHIA RAILWAY CO. 1st 5s. Due July 1, 1940. — F. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $ 600,000. Outstanding — $600,000. Denomination — Coupon, $1,000, $500 and $100. Registerable aa to principal. Trustee — The Real Bstate Title Insurance & Trust Co.. Philadelphia. Redeemable at 105 and interest on any inter- est date on four weeks' notice. Improvement and Sinking: Fund — ^Under the operating agreement with the Philadelphia Rapid Transit Co. , one-half of the surplus earnings of the Company in excess of 4% on the capital stock to be used either for the pur- chase or redemption of these bonds, or for new construction. During 1915 and 1916 about $14,000 was expended for new construction. Contemplated improvements as of Feb., 1917, represented an outlay of $25,000. Organization aud Control — Incorporated In Pennsylvania In 1910 as successor to the Phila- delphia & Chester Ry. Co.. foreclosed. Authorized Outstanding Capital Stock $485,000 $486,000 The road is operated by the Philadelphia Rapid Transit Co. under an operating agree- ment for 30 years, from Feb. 14. 1911. In consideration of 65% of the gross receipts, the balance, 35%, being paid to this Company. Secured by a first mortgage on 10.8 miles (15.2 miles single track eauivalent) of street railway extending from Third and Market Sts., Chester. Pa., to Bow Creek, the southerly limits of the City of Philadelphia, where phy- sical connection is made with the Philadelphia Rapid Transit Co., which Company's through cars are operated to 13th and Market Streets. subway station, Philadelphia; 1.6 mile branch from Essington, Pa., to Moore Station, where connection Is made with the Philadelphia Rapid Transit lines at Folsom; 3.4 mile branch along Second Street and Tlnicum Road. Essington. to a connection with P. R. T. lines at Bow Creek and 0.2 mile branch from Essington south to the Delaware River. Franchises are unlimited aa to time. Year ended Dec. 31 Bond Gross Net Interest 1918 $157,43 8 $99,723 $30,000 1917 166.019 129.895 30.000 1916 122.124 115.218 30.000 Listed on the Philadelphia Slock Exchange. Orieinal Market — Offered Feb., 1917, by Mar- tin & Co. and Harper & Turner, Philadelphia, at 98% and interest. CHESTER COUNTY GAS CO. 1st Cons. 5s. Due Dec. 1, 1935.— F. Dated Dec. 1. 1905. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $500,000. Outstanding~$350,000 (Dec. 31, 1918). Reserved for Ext. — $150,000. Denomination — Coupon, $1,000. Trustee — Chester County Trust Co., West- chester, Pa. Redeemable on any interest date at 102% and interest. Organization — Incorporated In Pennsylvania In 1905 as a consolidation of a number of small gas companies. The United Gas Im- provement Co. Is interested In this company. Secured by mortgage on plant supplying gaa In West Chester. Dowlngton. PaoU and other towns In Chester County, Penna. Population served, about 16,000. Earnings — Not reported. Original Market — Offered In 1906 by H, W. Noble & Co.. Detroit, at 101 and interest. Market. New York — J. J. Levenaon. Philadelphia — Elkins, Morris & Co., Reed A. Morgan & Co. . H. D. Boenning & Co. , Huntoon & Co. . Biddle & Henry. Ervin & Co.. S. K. Phillips & Co. Price Range. Jan. 1. *16 to Jan. 1, '19 1918 Bid Ask Bid High.101% '16 103 '16 95 Jan. Low. 92 '18 98% '17 92 Feb. CHESTER COUNTY PUBLIC SERVICE CO. 1st 5b. Doe Jane 1, 1941. — F. Dated June 1, 1911. Interest payable June and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $500. 000. Outstanding — $273,500 CApr. 15, '19). Held in S. F. — $21,500. Reserved for Ext. — $205,000. Denomination — Coupon, $500 and $1,000. Trustee — Chester County Trust Co.. West Chester, Pa. Redeemable on any Interest date at 105 and Interest. Sinking Fund — Annually % of 1% of out- standing bonds from Dec. 1, 1912, to June 1. 1922. and % of 1% from Dec. 1, 1922, to maturity, for the purchase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired to be kept alive and Interest added to fund. Assumed by the Philadelphia Suburban Gaa & Electric Co. Organization and Control — Incorporated In Pennsylvania in 1911 as a consolidation of a number of small electric light and power com- panies supplying West Chester, Pa., and vi- cinity. Power plant located in West Chester. Absorbed in 1913 by the Philadelphia Suburban Gas & Electric Co. Secured by a first mortgage on plant supply- ing West Chester, Pa., and vicinity with elec- tricity. Population served, about 20,000. Barnlnes— See Phila. Sub. Gas & Electric Co. Ori^nal Market — Offered In 1911 by Mont- gomery, Clothier & Tyler, Philadelphia, at 97% and interest and a 25% bonus of common stock. Market. Phjiadelphia — Barnes & Lofland, Reed A. Morgan & Co., Huntoon & Co., S, K. Phillips & Co. Price Range. Jan. I, *16 to Jan. 1, '1» 1918 Bid Ask Bid Ask High.101% '16 95 June 97 ' Jan. Low. 92 '18 93% '18 92 Dec. 93% Jan. CHESTER WATER CO. 1st 5a. Doe July 1, 1931.— N. Dated July 1, 1901. Interest payable Jan. . and July 1, at Trustee's oflBce. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Connecticut. Anthorized — (Closed mortgrage). OutBtanding — $81,000 (Dec. 31. 1917). DenoxDilnation — Coupon, $500. Trustee — Union & New Haven Trust Co., New Haven, Conn. * Assumed by Guilford-Chester Water Co. Control — ^Absorbed in 1908 by the Guilford- Chester Water Co., which company supplies water to Guilford, Madison, Clinton, West- brook, Essex and Chester, Conn. Population 20,000. Franchises are perpetual. Secured by a first xnortsae:e on all the prop- erty formerly belonging' to the company and including 20 miles of pipe and two reservoirs. Underlies— G.-C. W. Co. Cons. 5s of 1939, which provide for the retirement of this issue. Earnings — See Guilford-Chester Water Co. Cons. 5s. Market. New Haven — H. C. Warren & Co., Chas. W. Scranton & Co. CHESTERFIELD & I.ANCASTER B. B. CO. 1st 5s. Due Aug. 1, 1955. — ^F. Dated Aug. 1. 1905. Interest payable Feb. and Aug. 1, at Columbia Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $ 750,000. Outstanding — $186,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co. Control — The Seaboard Air Line Ry. Co. owns a majority of the $500,000 capital stock. Secured by a first mortgage on 38 miles of road from a connection with the Seaboard Air Line Ry. at Cheraw to Pageland and Crow- burk, S. C. Underlies — $67,000 2d Gs, due 1918.. Year ended Dec. 31 Gross Net Int. & Rent 1917 $60,29 8 $16,271 $22,324 1916 50.914 7.147 19.039 Original Market — First offered by F. J. Lis- man & Co., New York, in 1905. Market. New York — F. J. Lisman & Co, Price Range. -Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High, 97 '12 101 '08 60 .Tan. 85 Jan. Low. 55 '18 65*18 55 Sept. 65 Dec. CHICAGO & ALTON R. R. CO. Incorporated in Illinois in 1906 as a consoli- dation of the old Chicago & Alton Railroad Company and the Chicago & Alton Railway Company. The company owns 688 miles of road, of which 160 miles are double tracked. and leases 328 miles, of which 37 miles are double- tracked, and trackage rights on 37 miles. Total mileage operated, 1,062. The road owned includes the entire system in Illinois excepting from Joliet to Chicago and a small branch. Of this mileage 20 miles be- tween Joliet and Feauot and 18 miles from Wann to Sast St. Louis, which are figured as double track, are owned jointly with the Atchi- son, Topeka & Santa Fe Ry. Co. and the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co., respectively. In each case each road owns one track. The road owned extends from Joliet to £i. St. Louis, with two lines between Bloomington and Godfrey, from Feoria to Springfield, and to the Mississippi River. Leased lines extend from the Mississippi River to JefCerson City and Kansas City, Mo. The company has oustanding $879,300 4% cumulative preferred stock, $19,544,000 4% non-cumulative preferred stock and $19,642,800 common stock; $14,420,000 of the common stock and $6,480,000 of the non-cumulative preferred stock Is owned by the Toledo, St. Louis & Western R. R. Co., and $10,343,000 of the preferred stock is owned by the Union Pacific R. R. Co. The stock owned by the Toledo, St. Louis & Western R. R. Co. is de- posited as collateral for its 4% collateral trust bonds, the preferred stock being deposited par for par and the common stock in the ratio of $100 in stock for each $35 of bonds. No divi- dends have been paid on the common stock since 1910, the non-cumulative preferred stock since 1911 nor the cumulative preferred stock since 1912. , In Aug., 1914, the T., St. L. & W. R. R. Co. .defaulted in the payment of interest on the collateral trust bonds, secured by the deposit of C. & A. R. R. stock and the T., St. L. & W. R. R. Co. is now in the hands of a receiver. Year ended June 30 Gross Net Int., Rent *1917. . .$20,525,689 $4,900,266 $4,947,358 *1916... 17,781,279 4,972,109 4,656,465 1916. . . 16,325.288 4,401,322 4,572,901 1915... 14,245,624 2.767,821 4,447,977 1914... 14,259,479 1,478,107 4,240,396 1913... 15.254.865 1,937,094 3.820,384 ♦Tear ended Dec. 31. CHICAGO & ALTON RAILROAD CO. Ref. 3ff. Due Oct. 1, 1949.— F. Dated October 1, 1899. Interest payable April and Oct. 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Bonds in excess of $40,000,000 were only to be issued to refund obligations of the company, excepting that $10,000,000 were issuable for extensions at not exceeding $20,t00 per mile, and $5,000,000 for betterments. The latter amount has already been issued. Outstanding — $45,350,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000. $5,000 and $10,000. C. & R. interchangeable. Trustee — Illinois Trust & Savings Bank, Chi- cago. Secured by a direct mortgage on 595.10 miles of road in Illinois, 294.75 miles. of leaseholds, and stocks of a par value of $6,815,200, viz.: A first lien on ,595.10 miles — Miles Joliet to Bast St. Louis 242.80 Joliet to Mazonia and Coal City 26.92 Dwight to Washington & Lacon 80.77 Bloomington to Godfrey and Wann. .. .158 .19 Roodhouse to Center of Mississippi River 37.80 Barnett to Eldred 48.80 220 Also secured on 294.75 miles of lease- hold a— Joliet & Chicago R. R. — Chicago to Jol- iet. 111 37.15 Louisiana &. Missouri River R, R. — Lou- isiana to Cedar City, Mo 101.77 Kansas City, St. Louis & Chicago R.R. — Mexico to Kansas City, Mo 155.83 Further secured by deposit of the following stoclts : Deposited Issued Kan. City, St. L. & Chi. R. R. Pfd $3,000,000 $3,000,000 Kan. City, St. L. & Chi. R. R. Com 157,100 271,800 Louisiana & Missouri Rlv. R. R. Pfd 989,300 1,010,000 Louisiana & Missouri Riv. R. R. Com 2,268,800 2,312,700 Kansas City Terminal Ry. Com 100,000 1,200,000 aiississippi River Bridge Co 300.000 300,000 $6,815,200 $8,094,500 Underlies — 1st Lien 3%s, Debenture 5s, Gen. :^^tge. 6s and Imp. & Eauip. 5s, Leeal for Me. IJsted on the New Tork Stock Exchange. Market. New York — Active on N. T. Stock Exchange, Boston — Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank, Omaha — City Trust Co. Price Range — N. Y. S. E. Jan. 1, 1906, to Jan. 1, 1919 1918 High. 82 1/^ Jan. 8. "06 55 1^ Dec. 30 Low. 50 Feb. 15. '18 50 Feb. 15 Price Eange — N. Y. S. E, Jan. 1, 1906 to Jan. 1. 1919 1918 High. 82 Feb. 1. '06 47% Jan. 7 Low. 32% Nov. 30, '14 35% Apr. 18 CHICAGO & ALTON RAILWAY CO. 1st Lien 3V2S. Due July 1, 1950.— F. Dated April 1, 1900. Interest payable Jan. and July 1, at First National Bank, New Tork. Tax Status — 2% Federal Income Tax paid by conapany without deduction. Authorized — $22,000,000. Outstanding — $22,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at par and interest on any inter- est date upon six months' notice. Secured by a direct mortgage on 680.26 miles of road in Illinois, together with 294.75 miles of leaseholds and securities, viz. : A first lien on 85.16 miles — Miles Grove to Sherman 50.82 lies to Murray ville 34.34 A second lien on 595.10 miles — Covered by the first lien of the Ref. 3a. Also a second lien on the leasehold rights of the Company in 294.75 miles, covered by the first Hen of the Ref. 33. Prior Iiiens — $ 45,350,000 Chicago & Alton 1st Ref. 3s of 1949. Underllcs^Chieago & Alton Impt. & Equip. 5s of 1930, all deposited to secure the Gen. 6s, Deb. 5s'of 1922 and Gen. 6s of 1932. Listed on the New Tork Stock Exchange. Market. New York — Active on N. Y. Stock Exchange. New CHICAGO & ALTON RAILROAD CO. 15-Year S. F. Deb. OS. Due June 1. 1923.— P. Dated June 1, 1907. Interest payable June and Dec. 1, at Company's office. 120 Broad- way, N3W York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $750,000 (Jan. 1, '19). Retired by Sinking Fund — $916,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., York. Redeemable as a whole only at 102% and interest on any interest date on 60 days' notice. Sinking Fund — ^Annually beginning May 15. 1908, 1%% of the face amount of these de- bentures outstanding, to accumulate for the purpose of paying these debentures upon ma- turity, or^for their redemption at not exceeding 102% and interest. Secured equally with the Imp. & Equip. Bs and Gen. 6s on the entire property of the com- pany. For details, see description of Gen. 6a. Prior Liens — $45,350,000 Chicago & Alton 1st Ref. 3s of 1949 and $22,000,000 Chicago & Alton 1st Lien 3%s of 1950. Refunding — Bonds are reserved under the Gen. Mtge. to retire this issue. Market. New York — G. W. "Walker & Co.. Coffin & Co., Hartshorne & Battelle, Wolff & Stanley, Abraham & Co., Baker, Carruthers & Pell, H. I. Nicholas & Co. Pliiladelphia — Graham. Parsons & Co. Price Range. Jan. 1, *13 to Jan. 1. '19 1918 Bid Ask Bid Ask High.87 '14 92^^ '13 72 Oct. 76 Oct. Low. 55 '17 72 '16 60 May 75 Nov. Cliicago — King, Farnum & Co. Omalia — City Trust Co. CHICAGO & ALTON RAILROAD CO. Gen. 6b, Due July 1, 1933, — ^F. Dated July 1, 1912. Interest payable Jan. and July 1, at Company's office. 120 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Autnorized — $20, 000,000. Outstanding — $16,834,000 ($8,417,000 owned by the Union Pacific R. R.). In Treasury — $216,000. Reserved for Corporate Purposes — $4,317,000. Denomination — Coupon. $100, $500 and $1,000. Registerable as to principal or fully registerable. Registered, $100. $500 and $1,000. C. & R. interchangeable except $100. Trustee — United States Mortgage & Trust Co.. New Tork, and B. F. Swinney. Redeemable as a whole at 105 and inter- est, on any Interest date on 90 days' notice. Secured equally with the Deb. 5s of 1922 on all the property of the company, and is a direct mortgage on 687.84 miles of road in Illinois, leaseholds, securities, etc., as follows: A first lien on the following securities: Deposited Issued Chic. & Alton R. R. Imp. & Equip. 63, 1930 $6,817,000 $6,817,000 Louisiana & Missouri River R. R. pfd. stock 10.500 1,010.000 Louisiana & Missouri River R. R. com. stock 31,700 2.312.700 230 Rutland Toluca & North- ern R. R. stock 96,300 97,000 Peoria Ry. Terminal Co. cap. stock 499,300 1.000,000 Terminal R. R. Associa- tion of St. Louis stock 205,800 3,087,800 Total $7,660,600 $14,324,500 A second lien on 7,58 miles — Miles Covered by tiie first lien of the Imp. and Equip. 5s 7.58 A third lien on 85.16 miles — Covered by the first lien of the 1st Lien 3%s 85.16 A fourth, lien on 595.10 miles — Covered by the first lien of the Ref. 3s.. 595. 10 Also a second lien on the leasehold rlgrhts of the Company in 26.97 miles covered by the first lien of the Imp. & Equip. 6s and a fourth lien on the leasehold rights of the Company in 294.75 miles covered by the first lien of the Ref. 3s. Also a lien on the $6,815,200 securi- ties covered by the first lien of the Ref. 3a. Prior Lien — Ref. 3a of 1949, 1st Lien 3%fl of 1950, and the Deb. 5s of 1922 and Imp. & Equip. 5s of 19 30, which latter issues are equally secured. CHICAGO & ALTON RAILROAD CO. Squip. 5b, Series "G." Due $72,000 on Oct. let each year to 191S, and $73,000 on Oct. 1, 1919 and 1920.— F. Dated October 1, 1910. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $722, 000. Outstanding — $146,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at 101 and Interest on any inter- est date. Guaranteed principal and interest by the Chl- cagro & Alton R. R. Co. Secured by an equipment trust agreement on 40 freight and passenger locomotives. Original Market — Offered in 1910 by Brown Bros. & Co., New York and Philadelphia, at prices yielding about 5.20%. Market. Xew York — McDonnell & Co.. Coffin & Co., Bull & Eldredge. Freeman & Co., Evans, 3till- man & Co. Baltimore — Nelson, Cook & Co. Philadelphia— S. K. Phillips & Co. CHICAGO & ALTON RAILROAD CO. Eanip. Tr. 4:VkB» Series 1916. Due $47,500 each June 1 and Dec. I to Dec. 1. 1921, inc. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office or Bankers' Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $475,000. Outstanding — $285,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $500 and $1,000. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable as a whole only at 102 and interest on any Interest date on 30 days' notice. Secured by an equipment trust agreement on 200 automobile cars and 350 wooden gondola cars, costing $625,000. Original Market — Offered Feb., 1917, by the P. L. Fuller Co. and the TlUotson & Wo'lcott Co., Cleveland. Market. See Series "G." CHICAGO & ATLANTIC RAILWAY TERMI- NAL CO. Ext. 1st 58. Due July 1, 1928. Dated November 1, 1888. Extended July 1. 1918. Interest payable Jan. and July 1, at Brie R. R. office, 50 Church St., N. T. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $300,000. Deuominatlon — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Control — Reorganized in 1890 as the Chicago & Brie R. R. Co., the entire stock of which is owned by the Erie R. R. Co. Secured by a first mortgage on numerous parcels of land located In various places along the line of the Chicago & Erie R. R. used by the company, on which stations, machine shops and other buildings have been erected. Refunding — Bonds are reserved under the Erie R. R. Cons. Gen. Lien Mortgage of 1996 to retire this issue. Original Market — Extension underwritten by J, P. Morgan & Co., assenting bondholders re- ceived $75 in cash on each $1,000 bond. Price Ranee. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl^ '16 104*11 99 Apr. 100^^ Jan. Low. 90 '14 100 '14 981^ Jan. 100 Feb. CHICAGO & EASTERN ILLINOIS RAILROAD COMPANY. Foreclosure Sale — As of May, 1919, sale had been postponed from time to time. Incorporated in Illinois in 1894. The com- pany owns 990 miles of road of which 190 miles are double-tracked. The lines owned ex- tend from Dolton, 17 miles south of Chicago, to Thebes, 111., Pana, 111., and EvansvIUe, Ind., and from La Crosse to Brazil, Ind. , with numerous branches. The company leases road from Pana to St. Louis from the Cleveland, Cincinnati, Chicago & St. Louis Ry., from Dol- ton to Chicago, from the Chicago & Western Indiana R. R.. one-fifth of the capital stock of that company being owned by the Chicago & Eastern Illinois R. R. Co., and from Thebes to Illmo. Mo., including bridge over the Miss- issippi River, and has operating rights over or controls several short terminal lines. The total mileage operated is 1,131.39 miles. The company has outstanding $7,217,800 common stock and $11,670,400 preferred stock. The entire issue of common stock and more than 75% of the preferred stock was owned by the St. Louis & San Francisco B. R. Co., and a large part of it Is deposited as security for the stock Trust Certificates of that company. Dividends of 6% per annum were paid on the preferred stock from the organization of the company to July, 1913. On the common stock dividends were first paid in 1902. The rate has varied greatly, 10% being paid in 1907 and 1908 and only 2% In 1909. In 1913 dividends were discontinued. The St. Louis & San Fran- cisco R. R. Co. guaranteed 6% per annum on the preferred stock and 10% on the common stock which was exchanged for its certificates. Under reorganization plan of St. L. & S. F. R. R. Co. of Nov., 1915. all Interest In the C. & B. I. R. R. was relinquished. Receiver for the EvansvIUe & Indianapolis R. R. was appointed Feb., 1916, and in March, 1916, he began operating that road separately. Owing to its close connection with the St. Louis & San Francisco R. R. Co., the difficul- ties of that road resulted in a receiver being appointed for the Chicago & Eastern Illinois R. 231 R. Co. This was also due to the Impaired financial condition of the C. & E. I. R. R. Co., which failed to earn its charges in the year ended June 30, 1913. Receivers were appointed May 27, 1913. Thos. D. Heed of Chicago is the present re- ceiver. The Chicaeo St Eastern Illinois H. R. Co. has outstanding $60,956,000 bonds, not includ- ing equipment notes, of which $2,647,000 are outstanding, bonds not secured on the railway property and $6,000,000 receiver's certificates. The bonds are outstanding at the rate of $49,000 per mile. Xear ended Dec. 31 (Including E. & I. R. R. to Mar. 1. 1916) Gross Net Int.&Rent tl918... $2,946,000 $3,174,088 $1,609,438 111918... 26,753,092 2,573,039 1,012,233 1917... 21,018,986 5,577,925 1,883,040 1916... 16,884,697 4,426,188 1,871,899 1915... 14,871,495 2,861,630 1,819,471 •1916... 14,210,602 2.660.591 t4.379.B00 •1914... 15.633.626 3.036,966 t4,659,492 •1913... 16,214,972 3,803,448 t4,2S2,814 tCorporate Income Account-Standard return under Federal control. IIFederal Income Account. •June 30. tincludes interest accrued and un- paid. CHICAGO Si EASTERN ILUNOIS RAILBOAD CO. 1st Hxt. 6s. Due Dec. 1, 1931.— F. Dated December 1, 1881. Interest payable June and Dec. 1, at Mechanics & Metals Na- tional Bank, New York. On Oct. 1, 1916. all past due coupons were paid and subsequent interest Is to be paid unless otherwise ordered by the court. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $91,000. Retired — S159.000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Secured by a first mortgage on 14.10 miles of road from Westville to Sidell. 111. Underlies — $6,000,000 Receivers' Certfs. and Cons. 6s of 1934, Oen. Cons, and 1st 5s of 1937 and Ref. & Imp. 4s of 1956. Xegal for Me. Market. See 1st Cons. 6s 1934. — Westville to Sidell, 111 14.10 Frlor laenB — $97,000 Danville & Grape Creek 6s of 1920 and $91,000 Chicago & East- ern Illinois 1st Extn. 6s of 1931. Underlies — -$6,000,000 Receivers' Certfa. and Gen. Cons. & 1st 5a of 1937 and Ref. & Imp. 4s of 1955. lasted on the New York and Boston Stock Exchanges. Market. New York — Louchheim, Minton & Co., Wm. C. Orton, Sam'l Goldschmidt. Coffin & Co., Woin & Stanley, Korn, Lehman & Co., S. P. Larkin & Co., F. J. Usman & Co., Taylor, Smith & Hard. Philadelphia — Liouchheim, Minton & Co. Price Range — N. Y. S. E. Jan. 1, IBOfi to Jan. 1, 1919 1918 High.139 Jan. 26, '06 101 Mar. 20 Low. 91 Mar. 18, '15 98 Mar. 8 CHICAGO & EASTERN IXUNOIS RAJLROAD CO. 1st Cons. 68. Dae October 1, 1934. Dated June 2, 1884. Interest payable April and Oct. 1. at Central Union Trust Co., New York. On and after Oct. 1. 1916, coupons due or past due were paid and subsequent interest will be paid unless otherwise ordered by the court. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — (Closed mortgage). Outstanding — $2,736,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Protective Committee — J. "W. Platten. Chair- man: Calvert Brewer, Sec: U. S. Mtge. & Trust Co.. N. Y.. depository. ' Secured by a direct lien on 130.31 miles of road, viz. : A first lien on 107.21 miles — Milea Dolton to Danville, 111 107 . 21 A second lien on 23.10 miles — Covered by the Danville & Grape Creek 1st 6s — Danville Jet. to Westville. Ill . 9 . 00 Covered by the C. & B. I. 1st Extn. 63 CHICAGO & EASTERN ELUNOIS RAILROAD CO. Gen. Cons, and 1st 5s. Due Novem- ber 1, 1937. — N. Dated November 1, 1887. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Default — May 1. 191B, and subsequent cou- pons. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $30,000,000. Outstanding — $21,343,000. Denomination — Coupon, $1,000. Coupon bonds may be exchanged for registered. Regis- tered, $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Foreclosure instituted by Trustee Nov. 6, 1916. Protective Committee — H. Evans. Chairman: A. F. Halsted, Sec, 62 Cedar St.. N. Y. C. ; Guaranty Trust Co., N. Y. C. . depository. Secured by a direct mortgage on 1,024.22 miles of road, equipment, etc. , viz. : A first mortgage on 463.77 miles of road viz. : Miles Momence Jet., 111., to State Line 11.35 Sidell's Grove to Thebes and Joppa. 111.269.29 Woodlawn Jet. to Villa Grove. Ill 62.20 Findley Jet. to Pana, 111 19.74 Miltord Jot. to Freeland, Ind 10.84 Cissna Jet. to Cissna Park, 111 11.36 Rossville Jet. to Sidell Jet., Ill 34.29 Rossville Jet. to Judyville, Ind 13.77 Otter Creek Jet. to Brazil, Ind 12.62 Branches 18.31 A second mortgage on 33G.09 mile.*! — - Covered by the first lien of the follow- ing; Chicago & Eastern Illinois 1st Cons. 6s. 107. 21 Chicago & Indiana Coal 1st 5s 176.52 Bvansville. Terre Haute & Chicago Inc. 6s 48.68 Evansvllle Belt Ry. 1st 5s of 1940 3.77 A third mortgage on 23.10 miles — Covered by the first lien of the follow- ing: Danville & Gra»e Creek 1st 6s 9.00 Chicago & Eastern Illinois 1st Extn. 6s. 14.10 A fourth mortgage on 201.26 miles — Covered by the first lien of the Evansvllle A Terre Haute 1st Gen. 5s of 1942. Prior Liens — $16,120,150 prior liens as fol- lows: Chicago & Eastern Illinois 1st Extn. 6s. 1931 $91,000 Chicago & Eastern Illinois 1st Cons. 6s, 1934 2,736.000 Chicago & Indiana Coal Hy. 1st 6s, 1936 4.626.000 Danville & Grape Creek 1st 6s. 1920 97,000 232 Bvanaville, Terre Haute, Chic. Inc. „6s, 1920 ISO.OOO EvansviUe & Terra Haute Xst Cona. _ 6s, 1921 3,000,000 Evansville & Terre Haute — Mt. Ver- non Branch 1st «s, 1923 376,000 Bvansville & Terre Haute — Sullivan Co. Coal Br. let 6a, 1930 460,000 Bvansville & Terre Haute Ret. 5a, „ 19*1 „•, 1,278,160 Bvansville & Terre Haute lat Gen. 6a. 1942 -. 3,176,000 Bvansville Belt Ry. 1st 53, 1940... 142,000 . Underlies — $6,000,000 Receivers' Certfs. and Ref. & Imp. 4s of 1965. lilsted on the New York and Boston Stock Bxchanges. Market. New York — Kom, Lehman & Co., Louch- haim, Minton & Co.. P. J. Lisman & Co., W. C. Orton. Saml. Goldschmidt, Wolff & Stan- ley, "Wm. M. Clarke. Taylor, Smith & Hard. CMcaEO — Harris Trust & Savines Bank. Hartford — Riohter & Co. Philadelphia — Louohheim, Minton & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Coupon. High. 120 Apr. T, 'OC 72 Aug. 20 Low. 61 Mar. 18. '16 72 Aug. 20 Guar. Tr. Co. Ctfs. of Dep. High. 88 Jan. 31, '17 75 Nov. 14 Low. 75 Nov. 14, '18 75 Nov. 14 U. S. iltge. & Tr. Ctfs. of Dep. High. 91 Nov. 23. '10 75 ■% Oct. 28 Low. 59 Oct. 7, '15 70 Feb. 1 CHICAGO & EASTERN nXINOIS RAILROAD CO. Ref. & Imp. 4s. Due Jnl7 1, 1955. Dated July 1, 1905. Interest payable Jan, and July 1, at Bankers' Trust Co., New York, Default — July 1. 1914. Ta-\ Status — 2% Federal Income Tax paid by company without deduction. Authorized — $56,000,000. Ontstanding— ^$18, 019, 000. Denemination — Coupon, $1,000. Reglsterabl* as to principal. Registered, $1,000 and $10,- 000. C. & R. interchangeable. Tmstee-T-Bankers' Trust Co., New York. Redeemable at 102% and interest on 60 days' notice. Foreclosure — Instituted by Trustee July, 1914. Protective Committee — J. W. Flatten, Chair- man; Calvert Brewer, Sec: U. S. Mtge. & Trust Co.. N. Y. , depository. Secured by a direct mortgage on 819.18 miles of road, viz. : A second lien on 463.77 miles — Miles Covered by the first Hen of the C. & E. 1. Gen. & Cons. & 1st Ss 463.77 A third lien on 332.31 miles — Covered by the first lien of the follow- ing: C. & E. I. 1st Cons. 6s 107.21 Chic. & Ind. Coal Co. 1st 6s 176.62 Evans., T. H. & Chic. Inc. 6a 48.58 A fourth lien on 23.10 miles — Covered by the first lien of the follow- ing; Danv. & Grape Creek 1st 6a 9.nn C. & E. I. 1st Bxtn. 6s 14.10 Prior Liens — Subject to $36,043,000 prior liens as follows: Receivers' Certificates $6,000,000 Chicago & Eastern Illinois R, R. 1st Bxtn, 6s, 1931 91,000 Chicago & Eastern Illinois R, R. 1st Cons. 6s, 1934, 2,736,000 Chicago & Eastern Illinois R. R. Gen. Cons. & 1st 6s, 1937 21,341,00* Chicago & Indiana Coal Ry. Co. 1st 5a, 1936 4,626,000 Danville & Grape Creek R, R. 1st 6a, 1920 97,000 Bvansville, Terre Haute & Chic. Ry. Inc. 6a, 1020 160,000 Xiisted on the New York and Boaton Stock Bxchangea. Original Market— $6,000,000 offered In 1905 by, Redmond & Co., and J. & W. Seligman & Co., New York. Market. New York — F. J. Lisman & Co., ,Sam'l Goldschmidt. Sharretts & Young. W. C- Or- ton, Wolff & Stanley, Wm. M. Clarke. Price Ranee — N. Y. S. E. Jan, 1, 1906 to Jan. 1, 1919 1918 High.96% Mar. 9, '06 30% Nov. 27 Low. 15 Oct. 13, '15 25 Apr. 1 Ctfs. of Deposit High.35ys Nov. 9, '16 30 Aug. 13 Low. 13 Oct. 11, '15 22 May 8 CHICAGO & EASTERN ILLINOIS RATLBOAD CO. 1-Year 6% Receivers' Certificates. Due July 1, WM.— N. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at Equitable Trust Co., New York. Default — Principal is in default. Interest payments to continue until certificates are re- tired. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,000,000. Outstanding — $6,000,000. Denominations — Coupon, $1,000 and mul- tiples thereof. Trustee — Equitable Trust Co., New York. Redeemable as a whole only at 100 and Interest at any time on 30 days' notice. Secured by prior liens on the property cov- ered by the Ref. & Imp. Mtge. and also a first lien on the following trust assets; Chicago & Western Indiana R. R. stock $1,000,000 Belt Ry. of Chicago stock 240,000 Chicago Union Transfer Ry. cash substituted for stock 40,000 Southern Illinois & Missouri Bridge Co. stock 10, 000 Brazil Black Coal Co. stock 612,300 Missouri & Illinois Bridge Co. Com. and $1,000 cash 14,000 Chicago & Eastern Illinois R. R. Com 6,408.300 St. L. & San Francisco R. R. Tr. Ctfs. for Chic. & Eastern 111. R. H. Com 13,400 Southern 111. & Missouri Bridge Co. 1st 4s 550,000 Indiana Springs Co. cash substituted for 1st Mtge. Bonds 2.000 $8,890,000 Prior Uens — Subject to $29,043,000 prior Mens, as follows: Chicago & Eastern Illinois R. R. 1st Bxtn. 63, 1931 $91,000 Chicago & Eastern Illinois R, R. 1st Cons. 63. 1934 2.736.000 Chicago & Eastern Illinois R. R. Gen. Cons. & let 6s. 1927 21.343.000 Chicago & Indiana Coal Ry. Co, 1st 5s. 1936 4,626.000 Danville & Grape Creek R. R. 1st 6s. 1920 97.000 Bvansville, Terre Haute & Chic, Inc. 63, 1920 150,000 Underlies — Ref. & Imp. 4s of 1955. 233 Market. New "Vork — F. J. Lisman & Co., Wm. C. Orton. CHICAGO & EASTERN ELLINOIS RAILROAD CO. Eauip. BVzs, Series **G." Dae $134,- 000 each April lat and Oct. 1st to Oct. Ist, 1920, inclnsiTe.— F. Extended 3 years with interest at 5%%. Dated October 1, 1907. Interest payable April and Oct. 1, at Trustee's oflace, New York. Tax Status — 2% Federal Income Tax paid by company without deduction, Anthorized — $2,480,000. Outstanding— $372,000 (May 1, Balance Retired, Denomination— Coupon, $1, 000. Trustee — Bankers* Trust Co., New York. Secured by equipment trust agreement on 2,000 steel frame dumping gondola cars costing $2,737,912, of which $257,912 was paid in cash. Under extension agreement all equipment obligations were made superior in lien to mort- gages on all property except coal. Market. See Series "H." '19). CHICAGO & EASTERN ILUfNOIS RAXIiROAD CO. Equip. 6%s, Series *'H." Due $166.- 000 each March 1st and $165,000 each Sept. 1st to Sept. 1st, 1925, inclusive. — F. Extended for three years with Interest at 5H%. Dated Sept. 3, 1912. Interest payable March and Sept. 1, at Trustee's office, -Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 310,000. Outstanding — $2,151,000 (May 1. '19). Balance Retired. Denomination — Coupon, $1,000. Regist^rable as to principal. Trustee — Commercial Trust Co., PhiladeN phla. Redeemable at 101 and interest on any In- terest date on 60 days' notice. Secured by an equipment trust agreement on 3,000 fifty-ton steel frame freight cars, 20 steel underframe caboose cars and 25 freight locomotives, costing $3,680,000, of which $370,- 000 was paid in cash. Under extension agreement all equipment obllgatlona were made superior in Hen to mort- gages on all property except coal properties. Original Market — OfCered in Sept,, 1912, by Kuhn, Loeb & Co., New York, on 5%% to 4 % % basis. Market. New York — WolfC & Stanley. Freeman & Co., Bull & Eldredge, Coggeshall & Hicks. Evans. Stillman & Co., F. J. Lisman & Co. CHICAGO & ERIE RAILROAD CO. 1st 5s. Due May 1. 1982.— N. Dated August 21, 1890. Interest payable May and Nov. 1, at Erie R. R. office, 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $12,000,000. Denomination — Coupon, $1, 000. Registerablt as to principal or fully regiaterable. Trustee — Central Union Trust Co., New York. Guaranteed as to Interest by the New York, Lake Erie & Western R. R. Co. by endorse- ment, which guarantee has been assumed by the Erie R. R. Co. Organization and Control — Incorporated In Indiana In 1890. The entire $1,000,000 stock Is owned by the Erie R. R. Co. Secured by a first mortgage on 249.57 miles of double-tracked road from Marion Jet., Ohio, to the Indiana-Illinois State Line near Ham- mond, Ind., also upon all rights to the use of the Chicago & Western Indiana R. R. from the Indiana-Illinois State Line to Chicago, 111., and the terminal facilities in Chicago ; also upon $1,000,000 of the $5,000,000 stock of the Chicago & Western Indiana R. R. and $240,- 000 of the $2,880,000 stock of the Belt Ry. of Chicago, which companies own valuable ter- minal facilities in Chicago. The former stock has received dividends at the rate of 6% per annum since 1896 and the latter at various rates for a long period of years. Underlies — 2nd Income 5a, all but $98,000 of which are deposited under the Brie R. R. Prior & General Lien Mortgage. Refunding — Bonds are reserved under the Erie R. R. Cons. Gen, Lien Mortgage of 1996 to retire this issue. Legal for Me. and Mo, liisted on the New York and Amsterdam Stock Exchanges. Market. New York — Louchhelm, Minton & Co., Wolff & Stanley, E. & C. Randolph, J. S. Farlee & Co., Wm. C. Ewen, Wood, Struthera &. Co.. Colgate, Parker & Co. , Bernhard, Scholia & Co., Struthers & Hiscoe, Taylor, Smith & Hard, Vilas & Hickey. Baker, Carruthers & Pell, Sam'l Goldschmidt, Korn, Lehman & Co., Spencer Trask & Co., Redmond & Co. Philadelphia — Louchheim. Minton & Co. Price Range— N. Y. S. E. Jan. 1, 1906. to Jan. 1, 1919 1918 High.122% Feb. 7, '06 96 Dec. 17 Low. 82 Sept. 25, '18 82 Sept. 25 CHICAGO & ERIE RAI1LR0AI> CO. 2(1 Iii<-. 3s. Due Oct. 1, 1983.— N. Dated August 21, 1890. Interest payable annually on Oct. 1. Tax Status — Payment of Federal Income Tsix not assumed by company. Authorized — $10,000,000. Outstanding — $10,000,000, of which $9,902,- 000 are deposited under the Erie R. R. Conaol. Mtge. of 1996. Denomination — Coupon, $1, 000. ReglsterabI* as to principal. Trustee — New York Trust Co., New York. Control — Erie R. R. Co. See 1st Bs above. Secured by a second mortgage on 249. B7 miles of road covered by the 1st Bs. Prior Liens — $12,000,000 Chic. & Erie R. R. 1st 5s of 1982. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.1081^ '17 110 *17 91 Nov. 98 Nov. Low. 85 '17 95 '17 90 .Tan. CHICAGO & ILLINOIS WESTERN RAILROAD CO. Gen. 6s. Due July 1, 1947.— F. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paifJ by company without deduction. Authorized — $4,000,000. Outstanding— $961,000 (May 5, 1919). Cancelled — $39,000. Reserved for Ext. — $3,000,000. Denomination — Coupon, $1, 000. Registeriible as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at par and Interest on any In- terest date on 30 days' notice. Guaranteed as to principal and Interest by Dolese & Shepard Co. 234 Secured by a first mortgage on all prop- erty, now owned or hereafter acquired. Includ- ing H miles of road from Hawthorne to "Wil- low Springs and branches, a total of 14 milea in and around Chicago. Extensions to the stone and granite Quarries of the Dolese & Shepard Co. at Napierville, 111., and Gary, Ind., are proposed. Year ended Dec. 31 Gross Net Int. & Rent 1917 $180,291 $77,665 $88,436 Market. New York — BIgelow & Co. CHICAGO & INDIANA COATj RAII.WAY CO. 1st 5s. Due January 1, 1936. — N. Dated December 1, 1885. Interest payable Jan. and July 1, at Metropolitan Trust Co., N'ew York. Default — July 1. 1914. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $4,626,000 (Closed mortgage). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Assumed by the Chicago & Eastern Illinois R. R. Co. Control — Consolidated with other roads into the Chicago & Eastern Illinois R. R. Co. In 1894, now in hands of receivers. Foreclosure instituted by Trustee, January, 1915. March, 1916, appointment of separate receiver refused by court. Protective Committee — James B. Mahon. Chairman; Chas. E. Sigler, Sec, 54 Wall St., New York. Depository, Central Union Trust Co., New York. Secured by a first mortgage on 172.66 miles of road from La Crosse to Brazil, Ind., with branch to Indiana-Illinois State Line near Momence. 111. Underlies — C. & E. I. Gen. Cons, and Ist 5s of 1937 and Ref. & Imp. 4s, due 1955. Listed on the New York Stock Exchange. Market. New York — ^Plympton. Gardner & Co., "Wm. C. Orton, Sam'l Goldschmidt. Hanson & Doyle, Wolff & Stanley, Jacob Zeller, F. H. Hatch & Co.. Baker, Carruthers & Pell, J, S. Farlee & Co., H. I. Nicholas & Co. Pittsburg — Wm. P. Lemley & Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Bid Ask High,llS% Feb. 6. '06 12 June 25 Jan. Low. 17 Oct. 20, '15 8 Dec. Secured by a first mortgage on 4 8 miles of electric railway from 119th St. and VincenneS Ave. in Chicago to Kankakee, III., and on all other property of the company. Year ended Dec. 31 Gross Net Int. & Tax 1918 $316,483 $77,363 $92,944 1917 333,650 125,788 94.769 1916 330,161 143.394 87,828 Market. Chicago — Babcock, Rushton & Co. CHICAGO & INTERURBAN TRACTION CO. 1st 5s. Due Jan. 1, 1932. — F. Dated Jan. 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Unlimited. Outstanding — $1,350,000. Held in Treasury —$378, 000. Denomination — Coupon. $100, $500 and $1,000. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable on any Interest date, beginning with lowest number, at 102 and Interest. Organization — Incorporated In Illinois, Feb., 1912, and acquired by purchase the property outside the city of Chicago of the Chicago & Southern Traction Co. sold under foreclosure. The company operates Its Interurban cars over the lines of the Chicago City Ry. Co. to a terminus at 63rd and Halsted Sts. under an operating agreement between both companies ratified by an ordinance passed January. 1912. CHICAGO & NORTHWESTERN RAILWAY CO. Incorporated In Illinois and Wisconsin in 1869. The company owns 8.107.82 milea of road of which 906.57 miles are double-tracked, 104.49 milea have third track and 95.36 miles have fourth track. The lines owned extend from Chicago via Milwaukee to Blroy, Wis.. where connection is made with a controlled line for MInneapolIa and St. Paul, and Pierre, S. D., and from Chicago to Omaha and Su- perior, Neb., Caspar, Wyo., and Dead wood, S. D. From Chicago to Blroy and from Chicago to Omaha, road ia double-tracked. In connection with the Union Pacific R. R. Co. at Omaha a through line is operated between Chicago and San Francisco, of which 1,345 miles, from Chicago to Granger, Wyo., Is double- tracked, constituting the longest con- tinuous stretch of double-track in the world. The C. &. N. W. Ry. Co. also owns lines Into the Michigan mining region. In addition to the mileage owned it leases and has track- age rights over 145 milea of road and controls companies operating 2,060 miles of road, in- cluding the Chicago, St. Paul, Minneapolis & Omaha Ry. Co. (For description see under that company.) The Chicago & Northweatern Ry. Co. has outstanding $22,395,120 preferred stock and $145,157,408 common stock. The preferred stock ia entitled to dividends up to 7%, after which the common stock Is to receive 7%. The preferred stock is then entitled to 3% addi- tional, and the common stock to the same. Above 10% per annum both classes are to re- ceive dividends at the same rate. Dividend.^ on the preferred stock have been paid in each year since 1864. and on the common stock since 1878. Since 1902 the present dividend of 7% has been paid on the commnn stock. The total bonded debt outstanding in the hands of the public is $206,048,000, or at the rate of about $25,000 per mile, on the road owned. Year ended Dec. 31 Gross Net *Charges t1918.. $23,201,016 $25,463,677 $10,9 80,966 1917.. 108,264.983 28.311.451 10.357.302 1916 . 97.978.844 30.794,904 ]0. 625, 555 1915.. 83.754,447' 25.081.321 10.587.229 •Rentals, interest and sinking funds. tCorporate Income Account-Slandind return under Federal control. CHICAGO & NORTHWF.STERN RAILWAY CO. Coll. Tr. S, r, 69 and 5s. Due OH. 1. 1929.— N. Dated Oct. 1. 1879. Interest payable April and Oct. 1, at Company's office. 111 Broadway, New York and in London. Tax Statna — Payment of Federal Income Tnx not assxmied by company. Authorized— $15,000,000. OntRtandinff-~$5,079.000— 6s; $5,'355.000~5s. Retired by Sinking Fund — $4,566,000. Denomination — Coupon, $1,000. Fully regis- terable. Registered, $1,000. $5,000 and $10,- 000. 235 Trustee — Farmers' Loan & Trust Co., New York. ■Redeemable tor Sinking; Fund at lOS and interest. Sinkine Pond — Commenoins Oct., 1884, 1% annually of bonds outstanding, to be applied to the purchase of bonds at the lowest pric* obtainable, or, if not purchasable at a lower price, to redeem bonds at 106 and interest; bonds so acauired to be cancelled; and when BO cancelled, the Trustee shall deliver to the Company an eaual amount of First Mort^affe bonds held hereunder, to be selected propor- tionately from all issues, and cancelled. Secured through deposit of an equal amount of entire issues of first mortgage bonds of 13 subsidiary companies by a first lien on 1.045.03 miles of road, as follows: Miles Sheboygan to Princeton, Wis 78.40 Carroll to Kirkman, la 34.11 Manning: to Audubon, la 17.00 Tama to Elmore, la 164.60 Eagle Grove to Hawarden, la 145.20 Jewell Jet. to Lake City, la 68.00 State Line to Stager, Wis 13.00 Stager to Iron River, "Wis 18.00 Tracey to Pierre, S. D 255. 60 Chatfield Jet. to Chatfield, Minn 11.40 Sioux Valley Jet. to Watertown. S. D. 43.83 James Valley Jet. to Columbia, S. D.. 104. 83 Centreville to Yankton, S, D 28.40 Branches 71 . 83 Underlies — Gen. Mtge. bonds and debentures. Bonds are reserved under the General Mort- gage to retire this Issue. I.egal for Bait.. Conn., Mass.. N. H., B. I. liisted on the New York Stock Exchange. Market. New York — J. S. Farlee & Co., Taylor. Smith & Hard, Eemick. Hodges & Co.. Blod- set & Co., Seasongood, Haas & Maedonald, Low. Dixon & Co., Redmond & Co., Abraham & Co., Baker, Carruthers & Pell. Equitable Trust Co. of N. T., S. P. Larkin & Co. Baltimore — Poe & Davies. Phiiadelnhia — Chas. Fearon & Co. Price Range— N. Y. S. E. .Ian. 1, 1906 to Jan,. 1, 1919 191« Coupon 6s. HiKh.113 June 14, '06 104 May 24 Low. 104 May 24, '18 104 May 34 Registered. Hleh.114% Feb. 7, '06 Low.. 105% Dec. 6. '13 Coupon 63. High.lll Feb. 23. '06 94% July 24 Low. 94ys July 24, '18 94% July 24 Registered, High. 110% Jan. 20, '09 96 Nov. 18 Low. 96 Nov. 18. '18 96 Nov. 18 CHICAGO & NORTHWESTERN RAILWAT CO. S. r. Deb. 6s. Due May 1, 1933.— N. Dated May 1, 1883. Interest payable May and Nov. 1, at Company's office. 111 Broad- way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $10,000,000. Outstanding — $9,171,000. Retired by Sinking Fond — $629,000. Held by Company — $200,000. Denomination — Coupon, $1,000. Reglsterabl* as to principal, or fully reglsterable. Regis- tered. $1,000, $5,000 and $10,000. Trustee — Central Union Trust . Co.. New York. Sinking Fund — 1200,000 annually to pur- chase bonds at not exceeding 105 and interest. If not purchasable, company is relieved of lia- bility of sinking fund. Bonds acauired to b» cancelled. Security — A direct obligation of the Com- pany. The indenture provides that no in- creased mortgage debt shall be created without equally securing these bonds, excepting for the enlargement, improvement or extension of ths Company's property. The General Mortgage, executed in 1897, contains a clause authorizing the issuance of bonds under that mortgage to repay the railroad company for any premium which it might pay above the par value of bonds refunded with proceeds from the Gen- eral Mortgage bonds. This would seem to be an increase in debt for other purposes than those mentioned in the indenture securing these debenture bonds, but the General Mortgage expressly provides that it does not in any way secure any bonds except those issued under it. Bonds are reserved under the General Mort- gage to retire this issue. Refunding — Provided for in Gen. Mtg. of 1987. I.egal for N. H. and R. I. Listed on the New York and London Stock Exchanges. Market. New York — ^McKinley & Morris, Remick, Hodges & Co., J. S. Farlee & Co., Sam'l Gold- Schmidt, Hartshorne & Battelle, Coffin & Co., Callaway. Fish & Co., S. P. Larkin & Co., IjOW, Dixon & Co.. Redmond & Co., Abraham & Co., Korn, Lehman & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High.117 Jan. 26. '06 98 Dec. 24 Low. 92% Oct. 7, '18 92% Oct. 7 Registered. High.117 Feb. 8, '06 97 Nov. 16' Low. 94% May. 14, '18 94% May 14 CHICAGO & NORTHWESTERN BAILWAT CO. Coll, Tr. Ext. 4s, Due Aug. 15, 1926, Dated April 16, 1886. Interest payable Feb. and Aug. 15, at Company's olBce, 111 Broad- way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000, 000. Outstanding — $17,662,000. Held in Sinking Funds — $970,000. Denomination — Coupon, $1,000. Fully reg- lsterable. Registered, $1,000, $5,000 and $10,- 000. Trustee — Central Union Trust Co.. New York. Secured, through the deposit of the entire Issues ($7,948,000) of First Mortgage bonds of twelve subsidiary companies, by a first lien on 447.26 miles of road, viz.; Miles Lake City to Wall Lake, la 19.00 Mapleton to Onawa, la 20. 5S Janesville to Evansville, Wis 15.68 Ispheming to Republic, Mich 23.64 Clowry to Mlchigamme. Mioh 10.44 Iron River to Watersmeet,' Mich 42.25 Crystal Falls to Amasa, Mich 16,10 Redfleld to Gettysburg, S. D 74.77 Doland to Groton. S. D 38.84 Columbus to Oaks, N. D 27.11 State Line to Caspar, Wyo 130.41 Branches 28 . 4i Further secured by deposit of $10,675,000 of $18,400,000 Fremont, Elkhorn & Missouri Valley R. R. Cons. 6s of 1933, ooverin* 1,171.55 miles of road. Underlies — Gen. Mtge. Bonds and Deben- tures. Bonds are reserved under the General MortgaEre to retire this issue. Legal for Bait., Cal., Conn,, Mass., N. H., R. I. and Vt. Listed on the New York Stock Exchange. 236 Market. New York — McKinley & Morris, Jenka, Gwynne & Co., Sam'l GoldBchmldt, B. * C. Randolph, Sharretts & Youne, Wooi Struthera & Co., Newbors & Co.. Struthers & Hiicot, llartshorne & Battelle, Remiok, Hodges & Co.. iMw, Dixon & Co., Redmond & Co. Boston — R. L,. Day & Co., Arthur Perry & Co. FlttsbDTE — K. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 19ia 1918 Coupon. High.105% Jan. 17, '06 92% Dec. 9 Low. 86 Nov. 7. '17 89 Jan. 2a Registered. High.104 Feb. 8, '07 96 Dec. 3 Low. 85% Aug. 5, '18 86% Aug. 5 CHICAGO & NOBTHWBSTEBN RAIIiWA'Y CO. 30-year Deb. 68. Due April IS, 1921. Dated Feb. 28, 1891. Interest payable April and Oct. 15, at Company's office. 111 Broad- way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — {10,000,000. Ootstandlne — {9,770,000. Held in Sinking Fund — $230,000. Denomination — Coupon, .$1,000. Reglstenbis as to principal only, or fully registerable. Registered, $1,000, {5,000 and $10,000. Trustee — Central Union Trust Co., New York. Security — See Debenture Ss of 1933. Refnndlng— Bonds are reserved under the General Mortgage to retire these bonds. I.egal for Cal., N: H. and R I. Listed on the New York Stock Exchange. Market. New York — Remick, Hodges & Co., McKin- ley & Morris, E. & C. Randolph, Seasongood, Haas & Macdonald. S. Goldschmidt, Low, Dixon & Co., Redmond & Co, Philadelphia — Graham, Parsons & Co. Fittsbnrg — R. B. Hutchinson & Co. Price Range— N. Y. S. E.. Jan. 1, 1906 to Jau. 1. 1919 ' 1918 Coupon. High.112% Mar. 2, '06 98 Dec. 27 Lof. 93% Nov. 14, '17 95JIar. 12 Registered. High,106% Feb. 14, '10 100 Jan 9 Low. 100 Jan. 9, '18 100 Jan. 9 CHICAGO & NORTHWTBSTERN RAILWAY CO. Gen. SMis^ 4a and Ss. Due Nov. 1, 1987. Dated Nov. 1, 1897. Interest payable on coupon bonds. May and Nov. 1, at company's office. 111 Broadway. New York. Interest on registered bonds. Quarterly, February 1st. Tax Status — The company, assumes the pay- ment of the Federal Income Tax of 2% as follows: All the 3%s: 4s — Nos. .51,317 to 53,- 816, inclusive. On 4s — Nos. 53,817 to 61,870, inclusive, and entire issue of 5s no payment is assumed by the company. Authorized — $165, 000, 000. Outstanding — $31,316,000 3%s 30,554,000 4s 28,472,000 5s $90,342,000 (Jan. 1, '19). Reserved for Prior Liens— $60,182,000. Reserved for Ext. — $14,476,000. Denomination — -Coupon, $1,000. Reglsterable as to principal only, or fully registerable. Registered, $1,000, $5,000 and $10,000. Trustee — United States Trust Co., New York, John A. Stewart. Secured by a direct lien on 6,043.94 miles of road, viz. : A first lien on 2.926.77 miles — Miles Chicago, 111., to Council BlutCs, la 491.1,0 Chicago to Preeport, 111 '. 121.00 Chicago via Janesville to Green Bay, Wis 242.20 Chicago, 111., via Milwaukee to Fond du Lac, Wis 147.63 Chicago South Branch to Chicago River 4,50 North 40th Ave. to Mayfair, 111 6,20 Appleton to Water Power, Wis 3,63 Elgin, 111., to Lake Geneva, Wis 46.24 Galena, 111., to Woodman, Wis 76,84 Green Bay, Wis,, to Ishpeming, Mich., and Branches to mines 229.71 Ipswich to Platteville, Wis 4.00 Kenosha, Wis., to Kockford, 111 72.10 Lancaster Jet. to Lancaster. Wis 12.04 Laona, Wis., to Saunders, Mich 29.61 Milwaukee to Montfort, Wis 140.88 Narenta to Metropolitan, Mich 34.86 Powers, Mich., to State Line 31.08 St. Charles to Aurora. Ill 11.80 Wabik to Champion, Mich 1.23 Spring Valley to Belvidere, 111 76.96 Belvidere, 111., to Winona, Minn 225 . 83 Winona, Minn., to Watertown, S. D,., 322. 98 Wall Lake to Mapleton, la 44.00 Wall Lake to Kingsley, la 70.87 Watertown to Redfleld, S. D 71.10 Boone to Coal Banks, la ,~ 3.25 Burdette to Mankato, Minn 3 , 7S Palinview Jet, to Plainview, Minn 15.01 Tower, W. J., to La Crosse 3.96 Rochester to Zumbrota, Minn 24.48 Clinton to Quarry beyond Anamosa, la. 73. S7 Des Moines to Story City, la 57.34 Belle Plain to Muchakinock, la 64.00 Extension through Section 34 1.34 Iroquis to Hawarden, S. D 125.49 Maple River to Carnarvon, la 13.00 Sleepy Eye to Redwood Falls, Minn... 24.40 A second lien on 1,584.41 miles — Covered by the first lien of the following: C. & N. W. Coll. 6s and 6s of 1929 . .1,045 .03 C. & N. W. Coll. Ext. 4s of 1926 316.83 Milwaukee, Lake Shore & Western Ext. and Imp. 5s 121.52 Milwaukee, Lake Shore & Western- Marshfield Ext. 1st 5s 40,00 Wisconsin Northern 1st 4s 61.03 A third lien on 633:76 miles- Covered by the first lien of the fol- lowing: Milwaukee, Lake Shore & Western Cons. 6s ...412.88 Milwaukee, Lake Shore & Western- Michigan Div. 1st 6s 81.28 Milwaukee, Lake Shore & Western-Ash- land Div. 1st 63 39.62 Prior Liens — Subject to $40,341,000 prior liens; C. & N. W. Bxtn. 4s of 1926 $17,662,000 C. & N. W. S. F. 6s and 6s of 1929 10,561,000 M., L. S. & W. Cons. 6s of 1921.. 5,000.000 M., L. S. & W. Marshfleld Ext. 5s, 1922 400.000 M., L. S. & W. Michigan Div. 6s of 1924 1,281,000 M,, L, S. & W. Ashland Div. 6s, 1925 1,000,000 M., L. S. & W. Ext. & Imp. 6s of 1929 3,997,000 Wisconsin Northern 4s of 1931 440,000 Underlies — $19,700,000 Debenture bonds. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn.. N, H., N. J., N. Y., R. I., Vt. , Wis. , and Ore, Listed on the New York Stock Exchange. Original Market — $15,000,000 offered In 1910 237 and $7,500,000 in 1911 by Kuhn, L.o6b & Co- New ifurk; $8,064,000 4s, offered in May. 1914. by Kuhn, Loeb & Co., at 94^ and interest and $10,000,000 5s in December, 1914, by the same firm at IQ'Z'/^ and inierest. $5,000,000 6s offered Feb., 1916. by Kuhn, iMeb & Co. at 110 and interest, and $3,000,000 6s in May. 1916. by the same firm. $10,600,000 6s of- fered December, 1918, by Kuhn. Loeb & Co.. New Yorlc. at 100 and interest. Market. New York — McKinley & Morris. ■ Remick, Hodges & Co.. Season^ood. Haas & Macdonald, Wm. C. Ewen, Shuman & Seligman. A. H. Bickmore i Co., W. J. Wollman & Co., J. S. Farlee .it Co., E. & C. Randolph, Sam'i Gold- schmidt. Pinch & Tarbell. Wolff & Stanley. Wood. Struthers & Co.. Sharretts & Young, Jos. Walker & Sons, Harris. Forbes & Co.. J. S. Bache & Co., Struthers & Hiscoe, Col- gate, Parker & Co., Vilas & Hickey, White, Weld & Co.. Moore. Leonard & Lynch. John Nickerson, Jr., Redmond & Co., Bull & El- dredge, Eauitable Trust Co. of N. T.. T. Hall Keyes & Co. Boston — Horris, Forbes & Co., R. L. Day & Co. Chicago — Harris Trust & Savings Bank. The Peoples' Trust & Savings Bank, Central Trust Co. of Illinois, Union Trust Co.. Babeock. Rushton & Co.. Curtis & Sanger. Omaha — City Trust Co. Portland, Ore. — Morris Bros., Inc. Pittsbiirgli — Moore. Leonard & Lynch. Louisville — J. J. B. Hilliard & .Son. Price Kange — N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon 3%s. High.100% Jan. 9, '06 76 Dec. 13 Low. 66% Aug. 19, '18 66% Aug. 19 Registered. High.ge Nov. 6, '06 71 Oct. 16 Low. 71 Oct. 16, 'IS 71 Oct. 16 Coupon 4a. JIigh.99% Apr. 26, '11 88 Nov. 13 Low. 79% Nov. 21. '17 79% Apr. 22 Registered. High.97?i May 9, '11 Low. 86 July 19, '17 Stamped 4s. High. 96 Dec. 16, '15 82% Sept 9 Low. 79% Oct. 4, '18 79% Oct. 4 Stamped 5s. High.118 Jan. 18. '16 . 103 Feb. 6 Low. 99% Aug. 6. '18 99% Aug. 6 CHICAGO & NOKXHWESTBEN RATLWAT EauiD. *ViB, Series "A." Dae S300,000 each July 1 to 1982. — N. Dated July 1, 1912. Interest payable Jan. 1 and July 1. at Trustee's office. T».\ Status — Payment of Federal Income Tax not assumed by compaany. Authorized — $2. 700,000. Outstandins — $1,200,000 (May 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Registered $1,000, $6,000. $10,000 or $60,000. Trustee — Farmers' Loan & Trust Co.. New York. Secured by an eauipment trust agreement on 76 locomotives. 3 observation buffet cars. 6 steel dining cars. 6 parlor oars, 30 steel coaches, 10 steel smokers. 483 refrigerator cars. 500 flat cars. 146 automobile oars and 111 box oars. Market. New York — Evans. StiUman & Co.. Season- good, Haas & Macdonald, Freeman & Co.. Cog- geshall & Hicks. Bull & Bldredge. Philadelpliia — Graham. Parsons & Co. CHICAGO Si NORTHWESTERN RAILWAY Equip. 4%s, Series "B." Due $300,000 each Oct. 1 to 1922.— N. Dated Oct. 1, 1912. Interest payable April 1 and Oct. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,700, 000. Outstanding — $1,200,000 (May 1, '19). Balance Retired. Denomination — Coupon. $1,000. Registerable as to principal only or fully registered. Reg- istered. $1,000, $6,000, $10,000 and $50,000. , Trustee — ^Farmers' Loan & Trust Co.. New York. Secured by an eauipment trust agreement on 464 automobile cars. 617 refrigerator cars and ' 2.699 box cars. Market. See Series "A" above. CHICAGO & NORTHWESTERN RAILWAY Eauip. i'/zs. Series "C." Due $400,000 each July 1 to 1923. — N. Dated July 1, 1913. Interest payable Jan. and July 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4. 000. 000. Outstanding — $2,000,000 (May 1. '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal or fully registered. Registered $1,000, $5,000. $10,000 and $60,000. Trustee — Farmers' Loan & Trust Co., New York. Secured by an eauipment trust agreement on 4 locomotives. 2,000 gondola cars and 2.005 box cars. Market. See Series "A" above. CHICAGO & PACIFIC WESTERN 1st 59. Dae 1931.— N. See under Chicago, Milwaukee & St. Paul Ry. Co. CHICAGO Si ROCK ISLAND ELEVATOR CO. 1st 5s. Dae $60,00€r annually on Oct. 1 to 1924.— N. Dated Oct. 1. 1904. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1.000, 000. Outstanding — $300,000 (Oct.. 1918). Balance Retired. Denomination — Coupon. $1,000. Registerable as to principal. Trustee— First Trust & Savings Bank. Chi" cago. III. Redeemable on any interest date at par and interest on 30 days' notice.' Assumed by the Chicago, Rock Island & Pacific Ry. Co. Control— The company has been consolidated with the Chicago. Rock Island & Pacific Ry. Co. Secured by a first mortgage on real estate, grain elevators and docks in Chicago, 111. Market. New York — ^P. H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High. 96 '17 100% '16 Low. 92% '16 CHICAGO & WEST TOWNS RAILWAY CO. 1st 7s. Due Sept. I. 1920.— F. Dated March 1. 1918. Interest payable March 1 and Sept. 1 in Chicago. 238 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $750,000. Reserved for Ext. — $250,000. Denomination — $1,000 and $500. Register- able as to principal. Trustee — ^Harris Trust & Savings Bank, Chicago. Redeemable on the first day of any month- at 101 and interest. Organization — Incorporated in Illinois in Sept., 1913. Capital Stock Authorized Outstanding Pref'd (6% cum.)... $1,000,000 $1,000,000 Common 1.000,000 1.000,000 Secured by a first mortgage on all the prop- erty of the company as follows: 72.13 miles of electric railway measured as single track, of which about 5 miles are leased and oper- ated by the Chicago Railways Co. ; two power houses and rolling stock. The company pur- chases power from the Chicago Sanitary Dis- trict under a five-year contract. The com- pany's lines serve a suburban section west and southwest of the City of Chicago and afford connection with both surface and elevated lines in Chicago. Franchises extend 'beyond the maturity of these bonds, with the excep- tion of 5.78 miles which have been operated for several years without a franchise. 10. 5 miles are located on private riglit of way. Year ended Dec, 31: Gross Net Interest 1918. . $594,773 $118,820 $50,488 1917. . 587.292 173,119 39,223 1916. . 566,675 189.021 37,935 1915.. 505,061 158.631 37,976 Original Market — $750,000 offered March. 1918, by Harris Forbes & Co.. New York & Boston, and Harris Trust & Savings Bank, Chicago, at 98^ and interest. Market. Chicago — Babcock, Rush ton & Co. Milwaukee — F. A. Bartlett Co. CHICAGO & WESTERN INDIANA RAIL- ROAD CO. Gen. 6fi. Due Dec. 1, 1932. Dated Dec. 1, 1882. Interest payable March, June. Sept. and Dec, 1. at J. P. Morgan & Co.. New York. Tax- Status — 2% Federal Income Tax paid by company without deduction. Auttiorized — Closed mortgage. Outstanding — $3. 315.000' (Mar. 15. '19). Retired by S. F. — $11,053,000. Denomination — Coupon, $1,000. Reglsterabla as to principal. Trustee— C. H. Russell and H. L. Satterlee. Sinking Fund — Under the terms of leases, monthly payments of a portion of the proceeds from rentals, aufilcient In amount to retire the bonds of this Issue, on or before maturity, to be applied to their purchase at not exceeding 105 and interest or for their redemption by lot. Control — ^AU the property of the company except the "Belt Line Division" is leased for 999 years to Chicago & Bastem Illinois R. R. Co., the Chicago & Erie R. R. Co., the Chi- cago, Indianapolis & Louisville R. R. Co., the Grand Trunk Western Ry. Co. and the Wabash R. R. Co., each of which owns one-fifth of the company's $5,000,000 capital stock. Rental 20% in excess of the Interest on all bonds outstanding. The * 'Belt Line Division* * Is leased to the Belt Ry. Co. of Chicago for 50 years from Nov. 1. 1912. The Belt Ry. Co. pays for maintenance and all operating ex- penses and In addition an annual rental pay- able monthly equal to 4% on $18,400,000 agreed upon as the valuation of the division and cost of property formerly owned by Chi- cago Union Transfer Ry. and the interest on bonds of the Chicago & West Indiana, whose proceeds have been expended on this division. Approximate total rental now paid, $1,404,696 per B.nnum. Rental from all leases for 1917, $4,022,125. The entire capital stock of the Belt Ry. Co. is owned equally by the five com- panies mentioned above and the Atchison, To- peka & Santa Fe Ry. Co., Chicago, Burlington & Quincy R. R. Co., Chicago, Rock Island & Pacific Ry, Co., Chesapeake & Ohio R. R. Co., Illinois Central R. R. Co., Minneapolis, St. Paul & Sault Ste. Marie Ry. Co. and the Penn- sylvania Co. Secured by a first mortgage on 53.60 miles of main track and 490. ill miles of second "elnd miscellaneous track, part of which constitutes a belt line around the city; and also on 1,200 acres of real estate, including the Dearborn station and other passenger and freight yards, warehouses, elevators, wharves, etc., prac- tically all of which are within the city limits of Chicago or the territory immediately adja- cent. Underlies — $46,527,000 Cons. 4s: bonds of which mortgage are reserved to retire this issue. $15,000,000 6% and $1,000,000 5% notes issued under the 1st & Ref'g Mortgage. Rental payable annually to com- pany or trustees, after pay- ment of operating expenses 1917 and taxes $4,022,125 Annual Interest 3,031.660 Legal for Conn., Me., Mich., Minn., Mo., N. J., R. I. and Wisconsin. Listed on the New York Stock Exchange, Market. New York — Blodget & Co, , Baker, Car- ruthers & Pell, J. S. Farlee & Co., Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Chas. Fearon & Co. Pittsburg — R. B. Huchinson & Co. Price Range — N. Y. S. E. Jan. 1. 1D06 to Jan. 1, 1919 1918 High.115 Oct. 16. '07 105 July 18 Low. 103 June 26, '18 103 June 26 CHICAGO & WESTERN INDIANA RAIL- ROAD CO. Cons. 4s. Due July 1, 195S. Dated July 1, 1902. Interest payable Jan. and July 1, at Chase National Bank, New York and at Illinois Trust & Savings Bank, Chicago. Tax Status — 2 % Federal Income Tax paid by com.pany without deduction. Authorized — $ 50.009,000. Outstanding— $46,527,000 (Jan. 1. '19). Denomination — Coupon, $1, 000. Reglsterable as to principal, or fully registerable. Reg- istered. $10,000. Coupon Bonds of the Bame amount are Interchangeable. Trustee — Illinois Trust &. Savings Bank, Chicago. Control — See Gen. 6s above. Secured by mortgage upon entire property subject to the General 6s, except that the $16,000,000 Notes have a first Hen on the Chi- cago Union Transfer yards, and Improvements thereon acquired through sale of notes. Prior Liens — $3,473,000 Gen. 6s of 1932 for the retirement of which bonds of this Issue are reserved.* Underlies — First & Ref. Mtge. under which $16,000,000 notes have been Issued. Earnings — See Gen. 6s above. Legal — Maine and New Jersey. Listed on the New York and London Stoeli Exchanges. 239 OrifiTlnal Market — OfCered In 1908 by Potter, Choate & Prentice, White, Weld & Co, and Willianx tSalomon & Co., New York; offered in 1911 by same firms on a 4.35% basis: offered in 1914 by the Guaranty Trust Co., White, Weld & Co., Potter, Choate & Prentice of New York, and Montgomery, Clothier '& Tyler of Philadelphia on about a 4.98% basis. Market. New York — Struthers & Hiscoe. Wm. A. Read & Co., Tucker, Anthony & Co., Season- good, Haas & Macdonald, Gude, Winmili & Co. , Sharretts & Young, Finch & Tarbeli, Wolff & Stanley, Wm. C. Ewen, Blodget & Co., J. S. Parlee & Co., Sam'l Goldschmidt, ICiely & Horton, A. E. Fitkin & Co., Coffin & Co. , John Davenport, John Nickerson, Jr. , Vilas & Hickey, White, Weld & Co. Chicago — Northern Trust Co., Union Trust Co., Babcock. Rushton & Co., Pynchon & Co. Philadelphia — ^Prazier & Co., West & Co., Montgomery & Co., Newburger, Henderson & Loeb, Edw. V. Kane & Co. Boston — Tucker, Anthony & Co. , Blodget & Co., Wm. A. Read & Co. Portland — Chester H. Pease. St. I^uis — John Nickerson, Jr. Milwaukee — First National Bank of Mil- waukee. Price Range — N. Y, S. E. Jan. 1. 1906 to Jan. 1, 191» 1918 High. 100 Dec. 31, '08 70 Nov. 3 I.o'v. 61% Nov. 19. '17 62 Nov. 4 CHICAGO & WESTERN INDIANA BAIIr- ROAD CO. 1-Year Coli. Trust 6% Ext. Notes. Due Sept. 1, 1919. Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, at J. P. Morgan & Co., New York. Extended — Sept. 1, 1918. Holders received ppemium of 512.50 in cash per $1,000 note. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $15,000,000. Outstanding— 7$1B, 000, 000. Purpose of Issue — To retire $12,935,000 notes maturing Sept. 1, 1917, and for additions. Denominations — Coupon, $1,000, $5,000 and no. 000, Trustee — Bankers* Trust Co., New York. Redeemable as a whole only at 100% and Interest on 60 days' notice. Secured by deposit of $21,000,000 of $22.- 250jOOO 1st & Ref. 5s, Series A. (The remain- ing $1,250,000 are to be pledged to secure $1,000,000 notes to be taken by the Belt Rail- way Co.) .The 1st & Ref. 5s are a first lien on the "clearing yard," comprising 1,810 acres, having 150 miles of yard track and other fadlitiesj costing about, $10,000,000, and a junior lien on the remaining property of the contpany, including 137.7 miles of main tracks and 237 miles of yard and siding track in and around Chicago, valued at $118,000,000. Original Market — $15,000,000 offered July, 191=7, by. J. P. Morgan & Co.. First National Bank, National City Co. and Harrfs. Forbes & Co., New York, at 99% and interest. Market. Pliiladelpliia — Warren A. Reed, Graham, Parsons & Co., Mann. Bill & Co. Chicago — Babcock, Rushton & .00. New York — Bull & Eldredge, John Nicker- son, Jr. Price Range. Jan. 1, U7 to Jan. 1. '19 1918 Bid Ask Bid Ask HiKh.99 'IS IO2V2 '18 99 June 102'^ July Low. 95 '17 96 '17 9 8 Aug. 98^^ Jan. CUICAOO, BURLINGTON & QUINCY RAIL- UUAD CU. Incorporated in Illinois In 1849 as the Aurora Branch R. R. Co., name changed to present title in 1855. The Company owns ».uuts.41 miles of road, of which 760 miles are doubie-tracKed. Its lines extend from Chicago to St. Paul and Minneapolis, to umaha. Den- ver, anu ±tiliings. Montana, to St, Ijouis and "Kansas City, entering all of the principal cities in northwestern Illinois, southern Iowa and southern Nebraska. The Company also con- trols, through ownership of a majority of its capital stock, the Colorado & Southern Ry. Co., owning and operating roads from Urln Jet. and cheyennt;, Wye, through Denver, Colo. , and Port Worth. Texas, to Houston, Tex,, a total of 1,870 miles. Also leases 257.53 miles. Total mileage operated, 9,273, as of Dec. 31, '17. The C, B. & Q. R. R. Co. has outstanding $110,839,100 stock, of which $107,613,600 is owned by the Great Northern Ry. Co. and Northern Pacific Ry. Co., and deposited under their joint Collateral trust bonds. The com- pany has paid dividends in all but three of the fifty-seven years since 1861. Cash divi- dends have averaged in excess of 6% per an- num, and stock dividends of 208% have been paid. The present dividend rate is 8% per annum, which has been maintained since 1908. Year ended Dec. 31 1917.. $122. 342. 707 $38,414,360 $10,405,358 1916. . 109.191,205 42,090.304 10,959,866 1915.. 93.589,722 30,480,802 10,592,709 *Rentals, interest and sinking fund- CHICAGO, BURMNGTON & QUINCY RAIL- ROAD CO. Iowa DiT. 1st S. E. 4s and 5s. Due Oct. 1, 1919.— N. Dated October 1, 1879, Interest payable April and Oct. 1, at~ National Bank of Com- merce, New York, and at Boston. Tax Status — Paynaent of Federal Income Tax not assumed by company. Authorized — $16,000 per mile, and $14,600 additional per mile of second track, but not to exceed 900 miles of road. Mortgage is now closed. Outstanding — $6,017,000. Retired by Sinking Fund and Exchanged — $7,818,000 4s and $1,156,000 5s. In Treasury — $511,000. Denomination — Coupon, $1,000. Registerablo as to principal. Trustees — H. Parkman, Francis Bartlett and W. J. Ladd, Boston. Redeemable — 49, for Sinking Fund, at par and interest; and 5s, for Sinking Fund, at 105 and interest. Sinking Fund — 1 % % of par value of bonds issued; payable Oct. 1, each year, to be ap- plied to purchase of 5s at not exceeding 105 and interest, and of the 4s at not exceeding par and interest. Bonds so purchased to be cancelled. Secured by a first mortgage on 891.02 miles of road, viz. : Miles Burlington to Pacific Jet., Iowa 270.40 Red Oak to Hamburg, Iowa 39.17 Chariton to Leon, Iowa 3fi . 54 Creston, Iowa, to Hopkins, Mo 44.61 Main track in Council Bluffs, Iowa 1.67 Leon, Iowa, via Bethany Jet., Mo., to Grant City and from Bethany Jet. to Albany, Mo 103.28 Hastings to Sidney, Iowa 21 . 12 Villisca Jet., Iowa, to Burlington Jet., Mo 35.02 Clarinda to Northboro, Iowa 17.85 Red Oak to Griswold, Iowa 18.04 Creston to Fontanelle, Iowa 26.83 240 Hastings to Carson, Iowa 16.79 Chariton to Indianola. Iowa 30.49 Knoxvilie to Ues Moines, Iowa 32.92 Albany to St. Joseph, Mo 48.76 Fontaneile to Cumberlana, Iowa 20.33 Albia to Knoxvilie, Iowa 32.97 Van Wert to Bhenandoa, Iowa 95.34 Underlies — Qen. Mtee. 4s Bonds are re- served under the General Mortgage to retire this issue. I/egal for Bait., Cal., Conn., Me.. Mass., Mich., Minn., Mo., N. H., N. J., N. !f., R. i., Vt. and Wis. -" ■ listed on the New York and Boston Stock Exchanges. Market. New York — Bull & Eldredge, McKlnley & Morris. Taylor, Smith & Hard, Remick, Hodges & Co., Struthers & Hiscoe. Boston — L. Sherman Aldams. Pittsburgh — Gordon & Co, Omaha — City Trust Co. rhiladelphia — Graham, Parsons & Co., Chas. Fearnn & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1»19 1918 4s. High.102% Mar. 24, 'OC 99% Oct., 18 Low. 96 Nov. 7, '07 97 Jan. 19 5s. High.106 May 29, '07 99% Oct. 3 Low. 96% Dec. 13, '17 98 May 4 (JOINT) C, B. & Q. Coll. Tr. 48 or 1921. See under Northern Pacific. CHICAGO, BUKMNGTON & QUINCX KAIL. SOAD CO. Denver Ext. Coll. Tr, S. F. 4s. Dne Veb. 1, 1922. — N. Dated Dec. 1, 1881. Interest payable Feb. and Aug. 1. at company's office. New York, and at State Street Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $166,900 (May 1, '19). Held in Sinking Fund — $7,142,100. Denomination — Coupon, $1,000 and $100. Registerable a:s to principal. Trustee — New England Trust Co., Boston. Redeemable for Sinking Fund at not exceed- ing par and interest, on Jan. 20 and July 20 in any year. Sinking Fund — $79,680 per annum, payable Jan. and July 1st in each year, to be applied to the purchase or redemption of bonds at not exceeding par and interest; bonds so ac- quired to be kept alive in Sinking Fund, and interest thereon added to semi-annual pay- ments. Secured by a first lien on all of the first mortgage bonds of companies owning 369.48 miles of road, viz. : Miles West line of Red Willow County to West line of Neb 72.60 Nemaha to Beatrice, Neb 65.19 Nemaha to Salem, Neb 17 . 73 Table Rock to Wymore, Neb 39.09 West line of Nebraska to Denver, Colo.174.87 A participating first collateral lien on 180.39 miles through pledge of $540,000 of $2,105,000 ($1,565,000 pledged under Gen. 4s) Republican Valley R. R. 1st 6s, due July 1, 1918, on the following: Aurora to York, Neb 21.64 Aurora to Central City, Neb 19.71 Aurora to Grand Island, Neb 18.51 Beatrice via Wymore to Red Cloud, Neb.120.53 Underlies — Gen. Mtge. Bonds, Bonds are re- served under the General Mortgage to retire bonds of this issue. Legal for Conn., Mass., N. H., R. I. ano Vt. I/isted on the New York and Boston Stock Exchanges Market. New York — E, & C. Randolph, Seasongood, Haas & Macdonald, E. F. Coombs & Co., John Mulr & Co., Remick, Hodges & Co., Kurn, Lehman & <^o.. Redmond & Co. Philadelphia — Graham, Parsons & Co., S. K. Phillips & Co., Chas. Fearon & Co.. Boston — Tj. Sherman Adams. Price Range — N. Y. S. E, Jan, 1, 1901) to .Jan. 1, 1919 1918 High.102% July 19. '06 29% Feb. 8 Low. 96% Oct. 3. '07 97% Jan. 29 CHICAGO, BDKUNGTON & «JUINCY RAIL- ROAD CO, Southwestern Div. S. F. Plain 4s. Dne Sept. 1, 1921. — N. Dated Sept 1, 1881. Interest payable March and Sept. 1, at company's offices. New York, and at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed — Closed Mortgage. Outstanding — $10,000 (Dec, 31, 1918). Held in Sinking Fund — $3,646,000. Exchanged or CanceUed-^$744,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — New England Trust Co., Boston. Redeemable for Sinking Fund at par and In- terest. Sinking Fnnd — $43,000 annually, payable Aug. 1 in each year, to be applied to purchase or redemption of these bonds at not exceeding par and interest; bonds so acQUired to be held alive and interest added to the sinking fund. Security — ^A direct obligation of the C, B. & Q. R. R. but not a mortgage. Refunding — ^A sufBeient amount of C. B. & Q. Gen. 4s is reserved to retire this issue at maturity. Legal for N. H. and E. I. Market. New York — ^Mann. Bill & Co., Kean, Taylor & Co., Jenks, Gwynne & Co., Newburger. Hen- derson & Loeb, C. W. Remsen, Remick. Hodgea & Co., Curtis & Sanger, Taylor. Smith & Hard, Philadelphia — Newburger, Henderson Ss Loeb, S. K. Phillips & Co. Boston — Hooper. Kimball & "Williams, Inc., L. Sherman Adams. Chicago — ^Kean, Taylor & Co. CHICAGO, BURLINGTON & QUINCY RAIL- ROAD CO. Nebraska Exten. S. F. 4s. Due May 1, 1927. — N. Dated May 2, 1887. Interest payable May and Nov. 1, at company's office. New York, and at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000 per mile of road and $10,000 additional for each mile of double track either owned directly or covered by the lien of 5% first mortgage bonds, payable 1927. Mortgage is now closed. Outstanding — $18 294,000, In Treasury and Pledged as Collateral — $2,397,000, Retired by Sinkintr Fund — $6,184,000. Exchanged for Gen. 4s — $2,566,000. Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable in amounts of $6,000. Registered, $6,000. Trustee — ^New England Trust Co., Boston, Mass. •Ml Sinkinsr Fund — 1% of par value of all bonds issued, payable annually on May 1, to be ap- plied to purchase of these bonds at not to exceed 110 and interest; but if not so pur- chasable, funds to revert to Company. Bonds purchased to be cancelled. Secured by a direct or collateral lien on 1,471.41 miles of road, viz.: A first lien on 296.91 miles — Miles Hastings to Aurora, Neb 27.75 Grand Island to Alliance, Neb 269.16 A lirst collateral lien on 1,174.50 miles, viz. : De Witt, Neb., to Cheyenne. Wyo 471.91 Fairmont via Strang to Chester, Neb... 45.19 Edgar to Superior, Neb 26.53 Kenesaw via Holdrege to Oxford, Neb.. 60.67 Omaha via Ashland to Schuyler, Neb... 80.59 Central City to Bricson, Neb 62.94 Palmer to Arcadia, Neb 53 . 61 Greeley Center to Burwell, Neb 40.38 Orleans, Neb., to St. Francis, Kan 133.79 Odell, Neb., to Concordia, Kan 71.49 Republican City. Neb., to Oberlin, Kan. 78.23 Culbertson to Imperial, Neb 49. 17 UnderlicB — Gen. 4a. Bonds are reserved un- der that mortgage to retire this issue. Legal for Bait., Cal., Conn., Me., Mass.» Mich., Minn., Mo., N. J., N. H., N. T., R. I., Vt., Wis., and Ore. listed on the New York and Boston Stock Exchanges. Market. New York — Morris & Smith, Seasonffood, Haas & Macdonald, McKinley & Morris, Wm. C. Ewen, E. & C. Randolph, Sharretts & Young, Wood, Struthers & Co., J. S. Parlee &. Co., Kean, Taylor & Co., Remick, Hodges & Co., Struthers & Hlscoe, Callaway, Fish & Co., Redmond & Co. Denver — Wimer & Co. Bostoo— L. Sherman Adams, Arthur Perry & Co. Philadelphia — West & Co.. Biddle & Henry, S. K. Phillips & Co. Omaha — City Trust Co. Chicago — ^Kean, Taylor & Co. Price Range— N. Y. S. £. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High.107 Feb. 15, '06 95% Nov. 9 Low. 89% Sept. 19, '18 89% Sept. 19 Registered. High. 104% May 8, '06 91 Mar. 12 Low. 91 Mar. 12. '18 91 Mar. 12 CHICAGO. BUEWNGTON & QUINCY RAIL- ROAD CO. m. Div. ZVsB and 4s. Due July 1, 1949,— N. Dated July 1, 1899. Interest payable Jan. and July 1 , at company' s office. New York, and at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $85,000,000. Outstanding— $60,451,000 — 3%a; $33,976,000 —4s. In Treasury — $384,000 — 3%s; $189,000 — 43. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable in amounts $5,000 and multiples thereof. Regis- tered, $5,000 and multlpes thereof. Trustee — New England Trust Co.. Boston, Mass. Redeemable at 105 and interest on any In- terest date after July 1. 1929. Secured by a first mortgage on 1,646.40 miles of of road, viz. : Miles Chicago, 111., to Burlington, la 204.04 Galesburg to Qulncy, 111 99.91 South Aurora, 111., to St. Paul, Minn. 379. 50 Rock Island to East Alton, III 226.74 South Aurora to West Chicago, 111.... 12.35 Aurora to Geneva, 111 7.54 Montgomery to Streator, lU 57.55 Btreator to Walnut Jot., Ill 59.49 Sheridan Jet. to Paw Paw, 111 19,54 Mendota to Savanna, 111 80.86 Buda to Elmwood, 111 44.82 Yates City to Rushville, 111 62.79 Lralva to New Boston, 111 50.63 Galesburg to Peoria, 111 52.77 Galesburg to Rio, 111 12.22 Gladstone to Arpee, III 23.38 Carthage Jet. to Quincy, 111 71.21 Cjuincy to East Louisiana and East Han- nibal, 111 46.33 Shabbona to Barstow, 111 88 . 42 Flag Center to Rockford, 111 23.50 Oregon to Forreston, 111 17,96 Galena Jet. to Galena, 111 3.82 East Clinton, 111., toi Clinton, la 0.39 East Dubuaue, 111., to Dubuque, la . 0.53 Underlies — C, B. & Q. Gen. 4s of 1958. Bonds are reserved under that mortgage to retire this Issue. Legal for Bait. , Cal. , Conn. , Me. . Mass. , Mich., Minn., Mo.. N. H., N. J,. N. T.. R. L, Vt. and Wis. Listed on the New York, Boston and London Stock Exchanges. Market. New York — Coffin & Co., Newborg & Co., Seasongood, Haas & Macdonald, McKinley & Morrig, Sharretts & Young, Miller & Co., Wood, Struthers & Co., Wm. C. Ewen, J. D. Curtis & Co., Morris & Smith, Sam'l Gold- schmidt, Harris, Forbes & Co., Callaway, Fish & Co., Blodget & Co., E. & C. Randolph, 'Hartshorne & Battelle, Remick, Hodges & Co.. Struthers & Hiscoe, Shuman & Seligman, Red- mond & Co. Boston — Harris, Forbes & Co. , L. Sherman Adams. Chicago — ^Harris Trust & Savings Bank, Union Trust Co. Portland — Chas. H. Oilman & Co. Baltimore — Mercantile Trust & Deposit Co. Omaha — City Trust Co. Philadelphia — Graham, Parsons & Co.. Fra- zier & Co., Bioren & Co., Biddle & Henry. Providence — Hornblower & Weeks, Price Range — N. Y. S, B. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon 3^s. High.95% Jan. 3, '06 79% Dec. 11 Low. 71% Oct. 1, '18 71% Oct. 1 Regristered. High.91% Dec. 2, '08 Low.. 84% Nov. 2, '16 Coupon 4s. High.106% Feb. 15. '06 88% Dec. 10 Low. 80 Sept. 18, '18 80 Sept. 18 Registered. High.101% Nov. 2, '08 Low. 88 Oct. 31, '17 CHICAGO, BURMNGTON & QUINCY RAIL- ROAD CO. Gen. 4s. Dae March 1, 1968. Dated March 2, 1908. Interest payable Mar. and Sept. 1, at company's office. New York, and at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $300,000,000. Outstanding — $65,247,000. In Treasury — 59,873.000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable, in amounts of $5,000. $10,000 and $50,000. Reg- istered, $6,000. $10,000 and $50,000. C. & R. interchangeable. Trustees — Central Union Trust Co., New York, and Oliver M. Spencer. 242 Secured by a direct or ^collateral lien on 8,489.76 miles of road, together with lease- holds, trackage rights, securities and all other property ol the company, viz.: Miles A first direct lien on 3,931.05 miles — Galesburg to West Havana. Ill 57 29 Concord to Herrin, 111... 174177 Burlington, la., to St. Louis. Mo. . ! ! ! ! !21l! 61 Viele, Iowa, to CarroUton, Mo 181.65 Mt. Pleasant to Keokuk, Iowa 48.01 Ft. Madison to Batavia, Iowa 56 isB Burlington to Tracy, Iowa 103 . S8 Winfleld to Washington, Iowa 18,64 Alexandria, Mo., to Van Wert, Iowa. . .142.71 Des Moines, Iowa, to Cainsville. Mo. ...106. 62 Seden. Iowa, to Elmira. Mo 52.04 Bigelow to Burlington Jet.. Mo 31.54 Grant City to Albany, Mo 19.93 Old Monroe to Mexico, Mo 63 .29 Corning. Mo., to connection with branch from Cl'arinda. Iowa 27.61 Harlem. Mo., to Council Bluffs, Iowa.. 189. 60 Amazonia, Mo., to Iowa State Line..,. 62.30 Armour, Mo., to Atchlnson, Kan 3 . 61 East Leavenworth, Mo., to Leavenworth, Kan 2,11 Neb. City Jet., Iowa, to Neb. City 3.65 Atchison, Kan., to Kulo Jot.. Neb 45.45 Napier, Mo., to Lincoln, Neb 109.75 .South Omaha to Pappio, Neb 4.47 Ashland, Neb., to Sioux City, Iowa. .. .103.07 O'Neill to Sioux City & Western Jot., Neb 128.14 Stromberg to Alma, Neb 149. 55 McCool Jet. to Endioott. Neb 43.53 Arcadia to Sargent, Neb 19.27 Alliance, Neb., to Huntley, Mont 463.33 Alliance, Neb., to Brush, Colo 125.95 Northport, Neb., to Ironton, Wyo 104.25 Denver, Neb., to Lyons and Tower. Colo. 35.67 Edgemont to Deadwood, S. D..' 106.40 Minnekata to Hot Springs, S. D 13.34 Englewood to Spearflsh, S. D 31.91 Hill City to Keystone, S. D 9.50 New Castle to Cambria, Wyo 7.00 Lincoln to Columbus, Neb 73.41 Hannibal to St. Joseph, Mo 205.52 Palmyra Jet. to Moody, Mo 8.73 Cameron Jet. to Kansas City, Mo 52.52 Pacific Jet., la., to Kearney, Neb 193.42 Omaha to Oreapolis, Neb 16.88 Crete to Beatrice. Neb 31.04 Nemaha to York, Neb 136.53 Hastings to W. Line of Franklin Co., Neb 76.34 West Line of Red Willow Co. to West Line Franklin Co., Neb 90.47 A participating first collateral lien on 180.39 miles through pledge of $1,565,000 of S2,106,- 000 ($540,000 pledged under Denver Ext. 4s) Republican Valley R. R. 1st 6s, due July 1, 1918, on the following mileage: Aurora to York, Neb 21.64 Aurora to Central City, Neb 19.71 Aurora to Grand Island, Neb 18.51 Beatrice to Red Cloud, Neb 120.53 A second direct lien on 2,834.33 miles — Covered by the following: C, B. & Q. — 111. Div. 3%s & 4a, 1949.1,646.40 C, B. & Q. — Iowa Div. 4s & 6s, 1919. 891.02 C, B. & Q. — Neb. Extn. 4s, 1927 296.91 A second collateral lien on 1,543.98 miles — Covered by the first collateral liens of the following: Nebraska Extension 4s 1,174.50 Denver Extension Coll. Tr. 4s 369.48 Also secured on terminals In Chicago, Au- rora. Galesburg, Peoria and East St. Louis. III. : St. Paul and Winona, Minn. ; St. Louis. Hannibal and Kansas City, Mo.; Clinton, Du- buque, Burlington, Ottumwa, Des Moines and Council BlufEs. la.; Omaha and Lincoln. Neb,, and Denver, Colo. Further secured by pledge of the controlling interest in the capital stock of the Colorado & Southern Ry. Co. Prior Liens — $108,003,900 bonds, viz.: Iowa Div. 4s & 5s of 1919 $6,116,000 Nebraska Ext. 4s of 1927 18,294,000 Illinois Div. 3%s & 4s of 1949 .... 84,427,000 Denver Ext. 4s, 1922 166,900 Legal for Bait.. Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis., and Ore. Usted on the New York Stock Exchange. Original Marlset — $8,000,000 offered in Feb- ruary, 1911, by the First National Bank, New York, at 97 and interest. $5,000,000 offered by Kean, Taylor & Co., in March, 1914, at 93% and interest. New York — ^Active on N.Y. Stock Exchange. Boston — R. L. Day & Co., Harris, Forbes & Co., Curtis & Sanger, Parkinson & Burr, L,. Sherman Adams. Chicago — Harris Trust & Savings Bank, Hodenpyl, Hardy & Co., Kean, Taylor & Co. Phiiadeiphia — ^Montgomery & Co.. B. W. Clark & Co. Pittsburgh — Kean. Taylor & Co. Minneapolis — ^Minneapolis Trust Co. Cincinnati — ^Fifth-Third National Bank. Omaha — City Trust Co. Prlee Ranee — N. Y. S. B. Jan. 1, '08 to Jan. 1, '19 1918 High.l03ii Dec. 28, '08 89 Nov. 12 Low. 78 Sept. 27, '18 78 Sept. 27 CHICAGO CITY AND CONNECTING KAIL- WAYS Coil. Tr. S. r. 5s. Due Jan. 1, 1987.— F. Dated January 1. 1910. Interest payable April and Oct. l,at J. P. Morgan & Co.. New York, and First Trust & Savings Bank. Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $22, 000, 000. Outstanding — $21,351,000 (Mar. 2, '19). Retired by Sinlting Fund — $649,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered. $1,000 and multi- ples. C. & R. interchangeable. Trustee — First Trust & Saving Bank, Chicago. Redeemable as a whole or for sinking fund on any interest date at 105 and Interest. In the event the City of Chicago purchases the property of the Chicago City Ky. Co. these bonds are redeemable at par and Interest. Sinking Fund— $105,000 annually, beginning March 1. 1916. Organization — Organized In 1910 under a trust agreement (Trustees: Chicago Title & Trust Co.. Chicago) to take over the stock of the Chicago City Ry. Co, and the stock and bonds of the Calumet & South Chicago Ry. Co., the Southern Street Ry. Co., the Hammond. Whiting & Bast Chicago Ry. Co. and the Chi- cago & Western Ry. Co. These companies own about 491.83 miles of street railway In the South Side of Chicago and adjacent territory. This agreement has been held valid by the Illinois Supreme Court. Under an agreement effective Feb. 1, 1914, all of the street railways in Chicago are now operated as a single system, known as the Chicago Surface Lines. Of the Income remain- ing after operating charges the Chicago City Rys., Calumet & South Chicago Ry. and South- 243 ern St. Ry. will receive 41 % until Feb. 1, 1916, and 40% thereafter, and the Chicago Rys. Co. will receive the remaining 59% and 60%, respectively. Secured by a first lien on the following stocks and bonds deposited with the Trustee: Stocks Bonds Par Value Par Value a. Chic. City Ry, Co.. $16,971,900 None b. Calumet & South Chi. Ry. Co •10,000,000 c. Southern Street Ry. Co •2,400,000 d. Hammond, Whiting & East Chi. Ry. Co •1,000.000 ♦$1,000,000 Chicago & Western Ry. Co •72.000 None Total $30,443,900 $1,000,000 •Entire issue. The Hammond, Whiting & East Chicago Ry. and the Chicago & Western Ry. own a total of 34.49 miles of street railway track. Note — Under .the provisions of this mortgage the bonds pledged as collateral may be con- verted as an entirety into the stock of the respective companies in equal amount. a. Total outstanding stock $18,000,000, par $100. This stock was purchased at about $200 per share, by a syndicate which subse- quently ■ joined in the Organization of the trust. The Chicago City Ry. has also $33.- 900,000 bonds outstanding. b. Total outstanding bonds, $5,35 5,0 00 1st 59 1927. c. Outstanding bonds have been cancelled. d. Bonds authorized, $5,000,000 new 1st Es of 1930. Year ended Dec. 31 Net •Charges 1918 $1,285,776 $1,257,612 1917 2,040,851 1,264.662 1916 2.100.670 1,264,147 1915 1,815.163 1,257,864 1914 2.052,026 1.161.114 •Includes taxes, expenses, interest and sink- ing fund. Listed on the New York and Chicago Stock Exchanges. Original Market — Offered in 1910 by J. P. Morgan & Co., New York, and the First Trust & Savings Bank and Illinois Trust & Savings Bank, Chicago, at 95 and Interest. Market. Baltimore — Poe & Davies, Hambleton & Co. New York — Merrill, Lynch & Co. , Babcock, Rushton & Co. , Sam'l Goldschmidt. Hamble- ton & Co. , Lynch & McDermott. Chicago — First Trust & Savings Bank, Bab- cock. Rushton & Co. Price Range— N. Y. S. E. Jan. 1, '10 to Jan. 1, '19 1918 High.81'^ Nov. 28. '16 58 Mar. 25 Low. 58 Mar. 25, '18 58 Mar. 25 CHICAGO CITY RAILWAY CO. let 60. Due Feb. 1, 1927.— F. Dated July 1, 1907. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized— Unlimited. Outstanding— $33,9 00,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and multi- ples. C. & R. interchangeable. - Trustee — First Trust & Saving Bank, Chicago. Redeemable as a whole in case the property Is purchased by the City of Chicago or Its licensee, and only in such case, at par and in- terest on any interest date before maturity on not less than 2 months' or more than 8 months' notice. Control — The Chicago City & Connecting Rya. Co. own $16,971,900 of the $18,000,000 entire outstanding capital stock and has deposited ■ame under its Coll. Tr. 6s of 1927. This company and the Chicago Rys. Co. are now being operated as a single system under con- trol of a joint Board of Operation, and are known as Chicago Surface Lines. For two years ending Jan. 31. 1916. this company to- gether with the Calumet & South Chicago Ry. and the Southern St. Ry. received 41% of net income and thereafter 40%, the balance going to the Chicago Ry. Co. Secured by a first mortgage on all the prop- erty of the company, comprising practically the entire surface railway system of the South Side of Chicago. Also operates the Southern Street Ry. and the Calumet and South Chicago Ry. Miles operated (including Southern Street Ry.). 348.08 single track. Franchise — Under city ordinance passed Feb., 1907, the City of Chicago has the privilege of purchasing the property of the company or au- thorizing its purchase on any interest date on six months' notice. The value of the property as of that date was ffxed at $21,000,000 and this amount plus the cost of rehabilitation, ex- tensions, including fair allowance for construc- tion, profit and brokerage is fixed as the basis for. the purchase of the property by €he City. Jan. 31, 1918, purchase price in terms of fran- chise was $53,096,306. If purchased by an au- thorized private corporation the purchase price is to be increased 20%. Earnings — The city receives 55% of the net earnings after the payment of 5% on the cap- ital investment. On this basis the receipts of the company were as follows: Year ended Jan. 31 Net Bond Int. 1919 $2,601,404 $1,755,217 1918 3.196.385 1,695,000 1917 3,367.502 1.617.792 1916 2.979,096 1.565,556 1915 3,298,826 1,529,409 liisted on the Chicago Stock Exchange. Original Market — Offered in 1907 by Harris, Forbes & Co., New York; N. W. Harris & Co.. Boston, Harris Trust & Savings Bank and First Trust & Savings Bank, Chicago, at 98 and interest. Jan., 1916. $1,000,000 of- fered at 99% and interest by Lee. Higginson & Co. Market. Chicago — Halsey, Stuart & Co. , Peoplei* Trust & Savings Bank, Harris Trust & Saving! Bank, Northern Trust Co.. Merchants Loan ft Trust Co.. First Trust & Savings Bank. Firit National Bank, Central Trust Co. of Illinois. Union Trust Co., Ftr- Dearborn Trust & Savin&i Bank, Illinois Trust & Savings Bank, National City Bank. Curtis & Sanger. Babcock, Rush- ton & Co., Merrill, Lynch & Co. Baltimore — Jenkins. "Whedbee & Poe. New York — Kiely & Horton, Morton Iiachen- bruch & Co., Finch & Tarbell, Garrison ft Brown, McDonnell & Co., E. & C. Randolph, Harris, Forbes & Co.. Curtis & Sanger, Bab- cock. Rushton & Co., Hambleton & Co.. Lynch & McDermott St. Louis — ^Wm. R. Compton Co., Bowman, Cost & Co. Boston — Harris. Forbes & Co. Baltimore — Hambleton & Co. Louisville — John W. & D. S. Green. Milwaukee — Wm. W. Eastman Co.. Marshall & Illsley Bank, First National Bank. Omaha — City Trust Co. Minneapolis — Wells. Dickey & Co., Wm. W. Eastman Co, 244 Los Angieles— Stephens & Co., Blankennorn- Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. San Francisco — Blankenhorn-Hunter-Dulin Co. Price Banee. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.104% -09 104% *09 89 Nov. 91 Nov. Low. 81 '18 84^ '17 81 Dec. 85% Aug. CHICAGO ELEVATED BAILWAYS 6% Notes. Due July 1, 191».— N. Dated July 1, 1916. (Extended July 1, 1916, Interest increased from 5%). Interest payabl* Jan. 1 and July 1, at New York or Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $14. 000, 000. OutstandinET — $14,000,000. Denomination — Coupon, J 1, . Regiaterable as to principal. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable as a whole at 100 and Interest on any interest date on 30 days' notice. Oreanization — Organized in 1911 as a volun- tary association under the laws of Massachu- setts, to acquire the securities of elevated rail- ways in Chicago. For some time a plan for consolidating all the various railways in Chi- cago has been under consideration. Secured by pledge of practically the enllre capital stocks of the Northwestern Elevated R. R., Metropolitan West Side Elevated Ry. and South Side Elevated R. R. Under the ex- tension agreement promissory notes of the above companies, aggregating about $1,070,000, were pledged as additional security; also claims and notes representing additional floating debts of collateral companies aggregating $1,000,- 000. The company also procured an agreement with the Commonwealth Edison Co., whereby all claims for power after June 30, 1916, and until July 1, 1919, will be assigned to the trustee and will be paid only if and as other floating debt of subsidiary companies (except capital debt) is not increased. In case other collateral securities pledged shall upon s:ile prove insufficient to pay these notes In full, the power claims then unpaid will be placed on n parity with these notes. Year ended June 30 (Combined) Gross Net Int. & Rent 1918... $9,777,164 $3,767,2fi!) .$2,300,450 1917. ,. 9.289.913 3,753, G82 2,:i8(i.(i(!2 • 1916. . . 8. 135.008 3,513,525- 2.247. '106 1915. . . 8.045.265 3.592.621 2.188.410 Market. Chicago — Babcock, Rushtnn & Cn, New York — Sam'l Goldschmidt. CHICAGO GAS LIGHT & COKE CO. Ist fls. Due July 1, 1937.— F. Dated July 1, 1887. Interest payable Jan- uary and July 1, at Central Union Trust Co.. New York Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $9,931,00 0. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Fidelity Trust Co., Philadelphia, Pa. Assumed by the Peoples' Gas Light & Coke Co. Control — Absorbed with other companies In 1897 by the Peoples Gas Light & Coke Co. Secured by a first mortgage on all the prop- erty formerly owned by the old Chicago Gai Co. and including plants supplying gas to im- portant sections of the South and North Divi- sions of the' City of Chicago. Underlies — Peoples' Gas Light & Coke Co. Consol. 6a of 1943, Ref. 5s of 1947. and Gen. & Ref- 53 of 1963, which latter mortgage pro- vides for the retirement of this issue. Earnings — See Peoples' Gas Light & Coke Co. Listed on the New York and Chicago Stock Exchanges. Market. Chicago — Continental & Commercial Trust & Savings Bank, Merrill, Lynch & Co., Bab- cock, Rushton & Co., Curtis & Sanger. ' New York — Merrill, Lynch & Co., B. & C. Randolph, Moore & Co., Barle A. Miller & Co., J. J. J^evenson, Kiely & Horton, J. A. Clark & Co., Babcock, Rushton & Co., Berdell Bros., T. L. Bronson. Philadelphia — P. R. Welsh, Price Range— N, Y. S, E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.107 Jan. 3, '06 89 Dec. 96 Mar. Low. 90 Nov. 8, '07 89 Oct. CHICAGO GREAT WESTERN RAILROAD CO. 1st 4s, Due Sept. 1, 195&.— F. Dated September 1, 1909. Interest payable March and Sept. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $75,000,000. Outstanding — $25,383,000. Ill Treasury — $10,547,000. Reserved to Acautre Mason City & Ft. Dodge 1st 4s— $12,000,000. Reserved for Construction and Acauisition — $27,070,000. Dennminatfon — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Bonds may be made .payable In sterling money in denominations of £200 and CI 00, and also In French money In denomina- tion of 500 francs. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated In Illinois in 1900 as successor to the Railway Company of the same name. Owns 757.47 miles of road from Chicago to St. Paul, Minn., and Kansas City, Mo., and branches. Con- trolled through stock ownership, companies owning 053 miles of road from Oelwein, la., to Council Bluffs, la., and Osage, la., to Red- wing. Minn., and branches. Total mileage oporated. including trackage rights, 1,496 miles. Company has outstanding $43,867,902 4% cumulative preferred stock and $45,210,- 513 common stock. Smireil by a first mortgage on 757 miles of i-oad from Chicago, 111., via Oelwein. la., to St. Paul. Minn,, and Kansas City, Mo., and practically a first mortgage on 277 miles of road (by deposit of practically the entire Issues of bonds and stocks of the Wisconsin, Minn. & Pacific R. R.) from "Winona, Minn., to Man- kato. Minn., and Osage, la. Further secured by the deposit of the entire capital stock and leases to the property of the Mason City & Fort Dodge R. R. Co., owning 375 miles of road from Oelwein, Ta., to Council Bluffs, la., Hayfield, Minn., lo Clarion, la., and branches. Also secured on 76.53 miles of trackage rights and on the entire equipment of the company. 245 Vear ended Dec. 31 Gross Net Int. & Rent ♦1918... $2,963,460 $2,899,408 $1,691,663 tl918... 19,116,926 1,926,165 1,866,146 1917... 16,368,323 6,067,202 3,721,362 1916... 16,131,692 5,723,887 3,388,618 191B... 14,119,321 4,238,279 3,228,782 ♦Corporate Income Account — standard re- turn under Federal control, tl'ederal Income Account. Leeal tor Cal., Me. and Mo. Listed on the New York and London Stock Exchanges. Orieinal Market— $18,000,000 offered in 1909 by J, P. Morgan & Co. at 92 and Interest, Snd $2,000,000 offered In 1911 by Kissel, Kinnicutt & Co., New Tork, on a 4%% basis. Market. Philadelphia — ^J. S. Bache & Co., Newburser, Henderson & Loeb. New York — Newburger, Henderson & Loeb, J. S. Bache & Co., Wolff & Stanley, E. & C. Randolph, Redmond & Co., Taylor, Smith & Hard. Chicago — Peoples' Tr. & Sav. Bank, Central Trust Co. of Illinois, Hibernian Bank, First National Bank, Pynchon & Co. Atlanta — J. H. Hilsman & Co. Price Range— N .Y. S. E. Jan. 1, 1910 to Jan. 1, 1919 1918 High.87% July 22, '10 69 Nov. 12 Low. 62 Dec. 19, '17 54 Feb. 18 CHICAGO, HAMMOND & WESTERN RAIL. WAY CO. 1st 68. Due Jan. 1, 1987.— F. Dated January 1, 1897. Interest payable Jan. and July 1, at Treasurer's ofUce, Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 600, 000. Outstanding — $2, 500,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal only, or fully reg* isterable. Trustee — E. Francis Hyde. Assumed by the Indiana Harbor Belt H. R. Co. Control — Absorbed by the Indiana Harbor Belt R. R. Co. 60% of the stock of the latter company is owned by the New York Central R. R. Co. and the Mich. Cent. R. R. Co. and 20% each by the Chicago, Milwaukee & St. Paul Ry. Co. and the Chicago & Northwestern Ry. Co. Secured by a first mortgage on 24.58 miles of road from Franklin Park to McCook. 111., and Blue Island, III., to Whiting, Ind. The company has trackage rights between McCook and Blue Island, which enable it to operate a continuous belt line around the city of Chicago, except on its northern side. This road, which is double tracked, is operated for the transfer of carload freight between the twenty-four trunk lines entering Chicago. Underlies — Indiana Harbor Belt R. R. Gen. 4s & 3s which mortgage provides for the re- tirement of this Issue. liegal for Me. I^isted on the Boston Stock Exchange. Market. New York — Clark, Dodge & Co., Saml. Gold- schmidt, F. J. Lisman & Co., Abraham & Co., Baker. Carruthers & Pell. J. S. Farlee . & Co., S. P. Larkin & Co., Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.122 '09 125 '09 99 Deo. 106 Oct. Tjow. 90 '17 101 '17 90 Jan. 103 Apr. CHICAGO. INDIANA Ss SOUTHERN RAH/- ROAD CO. 60-year 48. Due Jan. 1, 19S6. Dated June 27. 1906. Interest payable Jan. and July, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — (Closed mortgage). Outstanding — $16,150,000. Denomination — Coupon, $1,000. Reglsterable as to principal or fully registerabie. Regis- tered, $1,000, $6,000. $10,000 and multiples of $10,000. C. & R. Interchangeable. Trustees — Guaranty Trust Co.. New York, and Wm. H. Wildhack. Guaranteed principal and interest by Li. S. & M. S. By. Co. by endorsement. Assumed by the N. Y. Cent. R. R. Co. Controls-Absorbed by the N. Y. Cent. R. R. Co. Secured by a mortgage on 329.46 miles of road, viz. : A first lien on 126.65 miles — Miles Indiana Harbor. Ind.. to Danville, 111.. 109. 26 Gibson to Ivanhoe, Ind 1.52 Indiana Harbor to Dune Park, Ind.... 16.77 A second lien on 202:91 miles — South Bend, Ind., to Seatonville. Ill 191.69 Michigan Central connection at South Bend. Ind 1.93 Kankakee to Bradley, 111 1.36 Reddiok to Cardiff, III 3.49 DePue Jet. to DePue, 111 1.27 Ladd to Churchill, 111 2.79 Ladd Jet. to New York Central Jet., III. 0.49 Also a second lien on 1.97 miles of trackage rights over the line of the Chi- cago & Northwestern Ry. Co.. viz.: Seatonville Jet. to Ladd, 111 1.97 Prior Liens — $4,860,000 Indiana, Illinois & Iowa lat 4s of 1950. Underlies— N. Y. C. & H. R. R. R. Ref. & Imp. Mtge. Legal for Cal., Conn.. Mass. N H., N Y., R. I. and Vt. Listed on the New Tork Stock Exchange. Original Market — Offered in 1909 by J. P. Morgan & Co.. New York, and Drexel & Co., Philadelphia. Market. New York — Blodget & Co., J. S. Farlee & Co., Seasongood, Haas & Macdonald, S. Gold- schmldt. Abraham & Co., Chas. W. Place. Redmond &. Co.. Remick, Hodges & Co., Tay- lor. Smith & Hard. Philadelphia — H. JO. Boennirg & Co., Wheeler, Elliot & Mann Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1907 to Jan. 1, 1919 1918 Bid Ask High.96% Aug. 26, '09 82 Dec. 86 Jan, Low. 85% Nov. 3. '15 70% June 78 May. CHICAGO. INDIANAPOLIS & LOUISVILLE RAILWAY CO. Ref. 6s, 5s and 4s. Due July 1, 1947.— F. Dated July 1, 1897. Interest payable Jan. and July 1. at J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $4,700,000 6s, $5,000,000 5s. $5,300,000 4s. Denomination — Coupon, $1,000. Registerabie as to principal. The 4s are Coupon $1,000. Registerabie as to principal. Registered $1,000 and multiples. C. & R. interchangeable. Trustees — Central Union Trust Co., New York, and James Murdock. 246 Oreanization — See 1st & Gen, 6s. Secured by a mortgage on all the property of the company, including 622.13 miles of road owned. 40.23 miles of leaseholds and trackage rights, together with securities owned and all other real and personal property, viz. : A first lien on 508.79 miles — Miles New Albany to Michigan City, Ind 2S8.S6 Ind.-Ill. State Line to Indianapolis, Ind. 161. 94 Bedford to Switz City, Ind 40.29 Orleans to French Lick Springs, Ind.... 17.70 A second lien on 113.34 miles — Covered by the first liens of the following: Indianapolis & Louisville Ry. 1st 4s.. 64.17 C. I. & L. By. 1st & Gen. 5s 49.17 Also secured on company's leasehold Inter- ests in terminal facilities in Chicago of the two collateral companies mentioned below and' in terminals at Louisville and Indianapolis. Also secured by pledge of the following se- curities: Deposited Issued Chicago & Western Indi- ana R. R $1,000,000 $5,000,000 Belt Ry. Co. of Chicago 240,000 2,880,000 Prior Liens — Outstanding •Indianapolis & Louisville 1st 4s, 1956 $1,650,000 tC. I. & L. Ry. 1st & Gen. 5s, 1966 ■ 3,250,000 •$478,000 pledged under 1st & Gen. 5s. tPrior in lien as to 49.17 miles only. Underlies — 1st & Gen. 6s, due May 1, 1966, under which bonds are reserved to retire this issue. Earnings — See 1st & Gen. 5s. Legal for Me. and Mo. Listed on the New York Stock Exchange. Original Market — Offered in 1910 $3,000,000 4| on a 4%% basis and In 1911 $2,300,000 4a on a 4.30% basis by Potter, Choate & Prentice, New York; In 1912, $1,568,000 5s on a 4.40% basis by White. Weld & Co. and Potter. Choate & Prentice, New York. Market. 4s. New Tork — Wolff & Stanley, F. J. Lisman t Co.. Saml. Goldschmidt, Potter, Choate i Prentice. Abraham & Co., Low, Dixon & Co. Chicago— Union Trust Co., First Trust & Savings Bank. Philadelphia — Harrison & Co. 58. New York — Saml. Goldschmidt, Korn. Leh- man & Co.. Taylor, Smith & Hard. Baltimore — Jenkins, Whedbee & Poe. 6s. New York— Wolff & Stanley. Saml. Gold- schmidt, Potter, Choate & Prentice, Coffin & Co., F. J. Lisman & Co. Price Range — N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 6s. High.137 Mar. 20. '06 Low. 94% Dec. 27. '17 6s. High.114% Feb. 8, '09 Low. 100 Feb. 14, '16 4s. High95% Apr. 12. '11 Low. 83 Sept. 22, '16 101 Oct. 29 98 Feb. 19 Bid Ask 90 Apr. 99'% Jan. 80 May 81 Nov. 75 Jan, 78 Jan. 65 Nov. CHICAGO, INDIANAPOLIS & LOUISVILLB RAILWAY CO. 1st & Gen. Ss, Series "A." Doe May 1, 1966.— N. Dated May 1, 1916. Interest payable May and Nov. 1, in New York. Tax Status — Payment of Federal Income Taj not assumed by company. Authorized — $40, 000, 000. Outstanding — $3,260,000. In Xreasury — $1,280,000, For Refunding — $16,998,800. Reserved for Improvement — (80%) $18,471,- 200. Denomination — Coupon, $1,000 and $500, interchangeable and registerable as to principal. Registered. $1,000 and multiples. C. & R. in- terchangeable. Trustees — Guaranty Trust Co.. New York, and William L. Taylor. Organization and Control — Incorporated in 1897 as a reorganization of the Louisville, New Albany and Chicago Ry. Co. 77% of the $5,000,000 preferred and 93% of the $10,500,- 000 common stock is owned jointly by the Louisville & Nashville R. R. Co. and Southern Ry. Co. and pledged to secure $11,827,000 of their joint "Monon" Coll. Tr. 4s. Secured by a mortgage on all the property of the company including 622.13 miles of road owned, 40.23 miles of leaseholds and track- age rights, together with securities owned and all other real and personal property, vin. : A first lien on 39.95 miles— Miles McCoysburg to Dinwiddle, Ind ;i9.l)u A first collateral lien on 9.22 miles — Through pledge of $253,000 (entire issue) Indiana Stone R. R. 1st 63: Herrodsburg to Clear Creek, Ind 9 . 22 A second lien on 572.96 miles — Covered by the first liens of the following: C. I. & L. Bef. Mtge 508.79 Indianapolis & Louisville 1st 4s 04.17 Also a secured lien on the terminals, securi- ties, etc., covered by the lien of the Ref. Mtge. Also secured by pledge of $478,000 of $1,660,- 000 Indianapolis & Louisville Ry. Ist 4s and the entire $60,000 stock of the Terminal Ware- house Co. of Louisville. Also a lien on equip- ment valued at $7,438,000, subject to $1,062,- 000 equipment trust bonds. Prior Liens — $15,000,000 Ref. Gs, 6s and 4s of 1947 (closed mortgage) for the retirement of which bonds of this issue are reserved and $1,172,000 Indianapolis & Louisville By. 1st 4s of 1956 (closed mortgage) which are to be acquired and deposited under this mortgage. Year ended June 30 and Dec. 31 Gross Net Int. & Rent •1917... $9,161,898 $2,452,614 $1652.618 •1916... 8,202,276 2,846,569 1.692,703 1917... 8,724.582 2,781,887 1.629,321 1916... 7,694,734 2,555,657 1,663,473 1915... 6,669,665 1,794,814 1,555.041 1914... 6,944,005 1,632,830 1.487,032 •Deo. 31. Listed — To be listed on the New York Stock Exchange. Original Market — Offered in May, 1316, by Potter. Choate & Prentice, New York, at 9 3 ',4 and interest. Market. New York — Wm. M. Imbrle & Co., F. J. Lisman & Co., Harris, Forbes & Co., Potter, Choate & Prentice, Sam'l Goldschmidt, Pittsburgh — Goddard. Hunter & Co. Philadelphia — Townsend. Whelen & Co.. Harris, Forbes & Co., West & Co. Chicago — Harris Trust & Savings Bank. Price Range. Jan. 1, '17 to Jan. 1, '19 19)8 Bid Ask Bid Ask HIgh.90 '17 93% '17 84 .Tan. 88. Ian. Low. 75 'IS 83 '18 75 Sort. S:! Sept 247 CHICAGO, INDIANAPOLIS & liOUISVILtE RAILWAY CO. EauiD. 4%s, Series "A." Due $31,000 each Sept. 15th and March ISth to Sept. 15, 1918, inclnslve, and thereafter $32,000 each March and Sept. 15th nntU March 15, 1931, IncIasiTe. — F. Dated March 15. 1911. Interest payable March and Sept. 16, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $425,000. OutstandinE — 188,000 (April 1, 1919). Retired — $337,000. Denomination — Coupon, ^1.000. Trustee — Equitable Trust Co., New York. Secured by an equipment trust agreement on 10 locomotives, 100 automobile box cars. 237 flat cars and 6 passenirer cars, costing $527,- 014. I Market New York — Freeman & Co. Philadelphia — Graham, Parsons & Co. CHICAGO, INDIANAPOLIS & LOUISVILLE RAILWAY CO. Series "B" Equip. 4%B. Due $37,000 each April 15th and $38,000 each Oet. 15th to Oct. 15th, 1921.— F. Dated October 16. 1911. Interest payable April and Oct. 15, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750. 000. Outstanding — $188,000 (April 30, 1919). Retired — $562,0 00. Denomination — Coupon, $1,000, Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agrreement on 9 Mikado type locomotives and 1,000 steel gon- dola cars, costing $1.0()5,300. Original Market — Offered in Oct.. 1911, by Potter, Choate & Prentice, New York. Market. New York — Coggeshall & Hicks, Freeman & Co. Philadelphia — Graham, Parsons & Co. CHICAGO, INDIANAPOLIS Si LOUISVILLE RAILWAY CO. Series "C" Equip. 4%8. Due $50,000 each Feb. 1 and Aug. 1 to Aug. 1, 1923,— F. Dated Aug. 1, 1913. Interest payable Feb. and Aug. 1, at Trustee's office. Ta.v Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $450,000 (April 30, 1919). Retired — $560,000. Denoniination^Coupon $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on 250 50-ton steel underframe flat cars and 1,000 50-ton all steel drop bottom gondola cars, costing $1,262,750. Original Market— Ottered Jan., 1914, by Potter, Choate & Prentice, New York, on a 5% basis. Market.' New York — Freeman & Co. Philadelphia — Graham, Parsons & Co. CHICAGO, INDIANAPOLIS St ST, LOUIS SHORT LINE RAILWAY CO. 1st 4s. Due April 1. 1953,— F. Dated April 1, 1903. Interest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $3,000,000. Denomination — Coupon, $1,000. Registerabls as to principal only or fully registerable. Trustee — Central Union Trust Co.. New York. Guaranteed principal and Interest by the Cleveland, Cincinnati, Chicago & St, Louis By. Co. by endorsement. Control — Merged In 1913 into the C, C, C. & St. L. Ry. Co. Secured by a first mortgage on 43.83 miles of double-tracked road from Hillsboro to Lenox, 111. This road is known as "The Short Line" and all of the express trains operated by the New York Central System to or from St. Louis pass over this road, which cuts off about ten miles between St. Louis and the East. Legal for Me. Original Market — Underwritten in 1904 by J. P. Morgan & Co., New York. Market. New York — Hanson & Doyle, Abraham & Co., Sam'l Goldschmidt. Price Range, Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask ' Ask High.98 '09 Si '09 70 May Low. 70 '18 70 Dec. CHICAGO JUNCTION RAILROAD 1st 4s. Due March 1, 1945.— F. Dated March 1, 1905. Interest payable March and Sept. 1, at Harris Trust & Savings Bank, Chicago, or Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,327,000. Outstanding — $2,327,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago, 111. Redeemable on any interest date at 105 and interest. Guaranteed principal and interest by the Chi- cago Junction Rys. & Union Stock Yards Co. Control — The entire $50,000 capital stock la held in trust for the South Side Elevated R. R. Co. and the property leased to that company for 50 years from 1902. The latter company has the right to purchase the property at coat within 20 years, in which event these bonds are to be retired. Rental, interest, taxes, etc. Secured by a first mortgage on 3.75 miles of elevated electric railway track extending from a connection with the South Side Elevated R. R. at 40th Street to the Union .Stock Yards and a loop around same. Franchises are with- out limit as to time. Listed on the unlisted department of the- Chlcago Stock Exchange. Original Market — Offered by N. W. Harris A Co., Now York, Chicago & Boston, at 101 and interest, February. 1905. Market. Chicago — Harris Trust & Savings Bank. Ames. Emerich & Co.. Babcock, Rushton & Co. New York — Garrison & Brown. John Daven- port. Providence — Hornblower & Weeks. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '09 97 '10 75 Deo. 78 Jan. I^w.71 '18 76 '17 71 Apr. CHICAGO JUNCTION RAILWAYS & UNION STOCK YARDS CO, Mtge. Si Coll. Tr. Ret. 49 and 5s. Due April 1, 1940. — F. Dated, 4s, April 1, 1900; 6s, April 1, 1915. 2-tS Interest payable April and Oct. 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — { 14,000,000. Outstanding — $4,000,000 4s, $10,000,000 5a. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Trustee — Guaranty Trust Co.. New York. Organization — Incorporated in New Jersey in 1890 and owns all the stock of the Chicago Junction Ry. Co. and Union Stock Yard & Transit Co. Controlled through stock ownership by the Chicago Stock Yards Co. Secured by a first lien on the following se- curities: $5,500,000 entire capital stock of Chicago Junction Railway Co., all of the $13,- 200,000 capital stock of Union Stock Yard & Transit Co. These two companies have no funded debt except the $500,000 Deb. 4^9, du» 1920. of the latter company, and no mortgage can be created except as security for deben- tures and bonds of this issue. Also secured by a first lien on $2,500,000 of $4,225,000 Indiana Harbor R. R. General Mortgage Bonds guar- anteed as to principal and interest by the Lake Shore & Mich. Southern Ry. Co. (now N, Y. C, R. R. Co.) and the Michigan Central R. R. Co. The above collateral properties Include the Union Stock Yards of Chicago and 143 miles of terminal and belt railway track connecting with all lines entering Chicago. Year ended Dee. 31 Gross •Net 1918 $5,644,627 $1,513,765 1917 7,726.132 1.405,563 1916 7,208.313 1.693,204 1915 6.566,836 1.623,512 1914 5,982.368 1.597.470 1913 6,329,056 1.674,299 •After interest, but exclusive of earning* from real estate investments. UiBted C4s) on the Boston Stock Exchange. Original Market— OfCered in 1900 by Lee, Higginson & Co. and Strong, Sturgls & Co., New York.- $10,000,000 offered in April, 1915, by Lee, Higginson & Co., Parkinson & Burr, Wm. A. Read & Co. and Estabrook & Co, .at 99 and Interest. Market. Chicago — Babcock, Rushton & Co. Boston — Richardson, Hill & Co.. Old Colony Trust Co., Estabrook & Co. New York — Baker, Carruthers & Pell, John Davenport, Estabrook & Co. Providience — Hornblower & "Weeks. Price Range. Jan, 1, '15 to .Jan. 1, '19 1918 Bid Ask Bid Ask 4s. High.87 '16 101 '16 75 May 83 Jair. Low. 72 '18 74 '18 72 Feb. 74 June 5s. High.102 '17 102^^ '17 93 Dec. 94^^ Dec. Low. 89% '18 91'/^ '17 89% Apr. 91^^ May CHICAGO, LAKE SHORE & EASTERN RAIL- WAY CO. 1st 41^8. Due June 1, 1969. — F. Dated June 1, 1909. Interest payable June and Dec. 1, at Company's office, 71 Broadway, N. Y. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Ontstanding — $9,000,000 (April 1. 1919). Reserved for Ext., etc. — $11,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — New York Trust Co., New York. Redeemable at 110 and interest. In whole or in part by lot, on any interest date after June 1, 1919, on four weeks* notice. Guaranteed principal and interest by. the El- gin, Joliet & Eastern Ry. Co. and the United States Steel Corporation by endorsement. Control — ^AU of the capital stock is owned by the Illinois Steel Company, a subsidiary of the United States Steel Corporation. The road is leased for 60 years from' 1909 to the Elgin, Joliet & Eastern Ry. Co., which Is controlled by the Federal Steel Company, also a subsid- iary of the United States Steel Corporation. Rental is equivalent to interest on bonds, taxes and rentals of lessor company and, if earnings of lessee will permit, $250,000 per annum and 7% on the stock. $4,000,000 stock of the E., J. & B. Ry. Co. is deposited with the United States Steel Corp. to insure the performance of the lease. Secured by a first mortgage on all the prop- erty now owned or hereafter acquired includ- ing 307.35 miles of main track, terminals, sidings, round house, shops, yards and equip- ment. The property covered includes the fol- lowing mileage: C»wned Miles South Chicago, 111., to Kirk Yard, Ind. 12.06 Cavanaugh to Kirk Yard, Ind 4.17 South Chicago. 111., and vicinity. . . . *85.63 Gary, Ind., and vicinity *199 . 94 Fairmont, 111,, and vicinity *5.55 * 307.35 Leased Joliet & Blue Island Ry *38.31 Total main track 345 . 66 Second track 14.85 Yard tracks, etc tl23.24 Total 483.75 •Tracks to mines and industries. t8.46 miles are leased. Equipment — 182 locomotives. 9,291 freight cars, 1 derrick car, 88 caboose cars and 84 other cars. Listed on the New York and London Stock Exchanges. Legal for Me., Mich., Minn., Mo.. N. H., R. I. and Wis. Original Market — Offered in 1909 by 'Wm. A. Read & Co., New York, at 106^ and interest. Market. New York — Saml. Goldschmidt, Morton Lachenbruch & Co.. F. J. Lisman & Co.. Abra- ham & Co. , Baker, Carruthers & Pell, John Davenport, Redmond & Co. Philadelphia — Morton Lachenbruch & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y.' S. E. Jan. 1, 1910 to Jan. 1. 1919 1918 Rid High.l04U July 19. '11 75 Dec Low. 92% Oct. 25, '15 CHICAGO, MEMPHIS & GULF RAILROAD 1st 5s. Due Jan. 1. 1940. — F. Dated January 1, 1910. Interest payable Jan. and July 1, at Illinois Central R. R., New York. Tax Statns-^2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $735,000. Reserved for Terminals — $1,750,000. Reserved for Ext. — $7,515,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000 and multi- ples. C. & R. interchangeable. Trustee — Bankers' Trust Co.. New York. Redeemable as a whole at 105 and interest on any interest date on three months' notice. 249 Control — All of the stock is owned by tha Illinois Central R. R. Co. l^ecured by a, first mortgase on 48.63 mllei of road from C, M. & .G. Jet., near Dyersbure, Tenn., to Hickman, Ky. Year ended I>ec. 31 Gross Net Interest t:91S $45,699 $49,286 $56,992 J1918 206,382 41,917 6,634 1917.... 186,089 44,892 38,100 "■1916 195,134 48.826 38,550 •1915 203,160 55,589 38,850 •1914 206,571 71,447 39,100 •Years ended June 30. ■incorporate Income Account-Standard return under Federal control. ^Federal Income Account. Legal for Me. Original Market — OfEered in 1912 by Cog- sieshall & Hicks, New York, at 95 and inter- est. Offered in 1912 by Lawrence Barnum & Co. and J. H. 'Watkins, New York, at 97V4 and interest. Market. New ■York — "W. J. -WoUman & Co., Martin, Berwin &. Co., J. S. Farlee & Co., Coggeahall & Hicks, Baker, Carruthers & Pell, S. P. Larkin & Co., F. J. Lisman & Co. Baltimore — Smith, Lockhart & Co. Price Range. Jim. 1, '15 to .Jan. 1, '19 , 1918 Bid Ask Bid Ask His,-h.93y2 15 95 '15 78 Dec. 85 Dec. Low. 75 '17 85 'IS 76 July CHICAGO, MILIVAUKEE & PUGEI SOUND RAILWAY CO. 1st 4s. Due Jan. 1, 194i». Dated January 1, 1909. Interest sayable on coupon bonds Jan. and July 1, and on regis- tered bonds quarterly Jan. 1, at Company's office, 42 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. .'Viitliorized — (Closed mortgage). Outstanding in Hands of Fabllc — $26,175,- 000. Deposited under C, M. & St. P. Gen. St Eef. Mortgage — $154,489,600. Held in Insurance Reserve — $1,000,000. Denomination — Coupon, $100, $600 and 51,000. Registerable as to principal. Coupon bonds of S500 and $1,000 denomination are fully registerable. Registered, $600, $1,000 and JS.OOO and multiples of $500. C. & R. inter- changeable. Trustees — United States Trust Co., New York, and Edward "W. "^^heldon. Assumed by the Chicago, Milwaukee & St. Paul Ry. Co. Control — Merged into the Chicago, Milwaukee & St. Paul Ry. Co. in 1913. Secured by a first mortgage on 2,269.94 miles — Miles Mobridge, S. D., to Maple Valley, Wash 1,347.77 Moreau Jet. to Isabel, S, D 59 . 40 Trail City to Faith, S. D 106, SI McLaughlin Jet., S. D., to New Eng- land, N. D 132.84 I-Iarlowton to Lewiston, Mont 62.26 St. Maries Jot. to Elk River, Id.' 70.71 Coeur D'AIene, Id., to Dishman, 'Wash. 25.44 ■Warden to Marcellus, Wash 46.9fi Tiflia to Neppel, 'Wash IB. 67 Bagley Jet. to Bnumclaw Jet., Wash,. IB. 92 Cedar Falls to Everett, Wash B4.84 Beverly Jet. to Hanford, Wash 45.91 Tacoma Jet. to Pacific Ave., Tacoma. Wash 2.08 In Seattle, Wash 1.4« McKenna to Helsing Jet., Wash 33. 2J Lewiston to Grass Range, Mont 35.98 Lewiston to Great Falls, Mont 136.85 Lewiston to Roy, Mont 42.74 Ringling to Dorsey, Mont 3.63 Plummer, Id., to Bell, Wash 19.92 A first mortgage on a one-half inter- est in 70.81 miles, viz.: Black River Jet. to Tacoma Jet., Wash 26.32 Helsing Jet. to HoQuiam, Wash 44.49 Also secured on 126.70 miles of Maple Valley to Seattle, Wash 20.37 Tacoma to McKenna Jet., "Wash 25.70 Manito to Spokane, Wash 19.83 Spokane to Marengo, "Wash 60.80 Also secured on terminal properties In Seat- tle, Tacoma, Butte and Spokane. Note^The company has electrified 440 miles of its lines in Montana and purchases power. Underlies — C, M. & St. P. Gen. & Ref. 4%a and 5s, which provide for the retirement of this issue. Legal for Cal., Conn., Mass,, Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New York and London Stock Exchanges. Original Market — $26,000,000 offered March, 1911, by Kuhn, Loeb, and National City Bank, N. T., and Kidder, Feabody & Co., Boston, at 95^ and interest. Market. New York — Active on N. Y. Stock Exchange. Philadelphia — ^West & Co. Chicago — Central Trust Co. of Illinois, Union Trust Co. Price Range — N. Y. S. E. Jan. 1, 1909 to Jan. 1, 1919 1918 High.96 -Jan. 2, '12 80 Nov. 8 Low. 74% July 25. '18 74H July 25 CHICAGO, MILWAUKEE & ST. PAUL RAIL- WAY CO. Incorporated in 'Wisconsin, 1863, and name changed to present title in 1874. The company owns 9,747.03 miles of road, of which 1,034.78 miles are double-tracked. These lines include the only road extending from Chi- cago to the North Pacific Coast. This line passes through Milwaukee, 'Wis., Minneapolis and St. Paul, Minn., Butte, Mont., and Seattle and Tacoma, 'Wash. The lings of the company also enter Kansas City, Mo., Omaha, Neb., Duluth, Minn., and all of the more important cities and towns in 'Wisconsin, Iowa and South Dakota. The company also owns lines reach- ing the mining regions of Michigan. In addi- tion to the road owned, the company owns jointly with other companies 109.74 miles of road and has trackage rights over 361.17 miles. Total, 10,207.94. The C, M. & St. P. Ry. Co. has outstandlnc $117,411,300 common stock and $116,274,900 7 % non-cumulative preferred stock. Dividends have been paid continuously on the preferred stock from 1876 to September, 1917. and on the common stock from 1892 to Sept.. 1917. For many years prior to 1912 the annual divi- dends on the common stock had been at the rate of 7%. In that year the rate was re- duced to 6%; 4%% paid in 1915; 6% in 1916; 4%% in 1917. As of April 1, 1919, no divi- 'lend had been paid since September, 1917. The total funded debt of the company Is $601,474,166 ($117,247,200 in treasury). Year ended Dec, 31 Gross Net Int. & Rent •1918.. $27,946,771 $30,423,776 $24,182,266 tl918.. 132,894.464 10,698,349 7,006,883 1917.. 113.739.202 23.846,379 19,376,748 1916.. 110,609,689 34,164,812 18,096,553 1916.. 97,048,061 34.202,386 17,644,580 250 •Corporate Income Account-Standard return under Federal control. tFederal Income Account. CHICAGO, MILWAUKEE & ST. PAUl RATL- WAV CO. I-a Crosse & Davenpoit Div. 1st OS. Dub July 1, 1919. — N. Dated July 1, 1879. Interest payable Jan. and July 1, at office of company, 42 Broadway. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — (Closed mortgaee). Outstanding — $2,496,000 (Dec. 31, 1918). Held in Ins. Beserre — $4,000. Denomination — Coupon. $1,000. Hegisterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Secured by a first mortgage on 184.54 miles — Miles Davenport to Jackson Jet., la 151.50 Bldridge to Maquoketa, la 32 . 20 Davenport connections 0.64 Underlies — Gen. Mtge. and Gen. & Ref. Mtge. Legal for Cal.. Conn., Mass., Mloll., Minn.. Mo., N. H., N. J., N. T., R. I.. Vt. and Wis. liisted on the New York Stock Ezcliange. Market. New York — Remick, Hodges & Co., Bern- hard. Schollefc Co., Bstabrook & Co., Red- mond & Co. Boston — Estabrook & Co. Price Banee — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.113% Jan. 27, '06 98 Jan. 31 Low. 98 Jan. 31, '18 98 Jan. 31 CHICAGO, MILWAUKEE & ST. PAUL BAI]> WAY CO. Dubuaue Div. 1st 6s. Due July 1, 1920.— N. Dated July 1, 1880. Interest payable Jan. and July 1, at company's ofilce, 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assume'^ by company. Authorized — (Closed mortgage). Outstanding — $ 4.123.000. Retired by Sinking Fund — $2,587,000. Denomination— Coupon, $1,000. Registerable as to principal. Trnstee — New England Trust Co., Boston. Sinking Fund — Beginning July 1, 1885, and annually thereafter, 1% of the total bondi Issued, to be applied to purchase of these bonds at not over 103 and interest and bonds cancelled; but if not purchasable, to be in- vested in other first mortgage bonds of the company. Secured by a first mortgage on 352.94 miles — Miles Clinton, la., to La Crescent, Minn 178.11 Reno to Preston, Minn 57.77 Waukon Jet. to Waukon, la 22.95 Turkey River Jet. to "West Union, la... 58.34 Bellevue to Cascada, la (narrow gauge) 35.77 Underlies— Gen. and Gen. & Ref. Mtges. Legal for Cal., Conn., Mass., Mich., Minn., lo.. N, H., N. J., N. Y.. R, L, Vt., Wis., and Ore. Listed on the New York and Boston Stock Exchanges. Market. New York — Remick, Hodges & Co., Bern- hard, SchoUe & Co., Korn, Lehman & Co., H. I. Nicholas & Co., Redmond & Co., Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to ,Jan. 1, 1919 1918 High.114% Apr. 22, '11 99% May 16 Low. 97% Aug. 13, '18 97% Aug. 13 CHICAGO, MILWAUKEE & ST. PAUL BAIL- WAY CO. Wis, Valley Div. Ist 6s. Due July 1, 1980.— N. Dated July 1, 1880. Interest payable Jan. and July 1, at office of Company, 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — (Closed Mortgage). Outstanding — $1,43 0,000. Retired by Sinking Fund — $815,000. In Sinking Fund Reserve — $272,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New England Trust Co., Boston, Sinking Fund — ^Besinnlng July 1, 1885, and annually thereafter, 1% of the total issue of these bonds to be applied to their purchase at not exceeding 103 by the following Aug. 1st; bonds so purchased to be cancelled, but if not so purchasable, to be invested in first mortgage bonds of the Company bearing at least 6 % inter- est, the market price of which la at least par. Secured by a first mortgage on 161.50 miles of road from Tomah to Minodua, Wis. Underlies — Gen. Mtge. and Gen. & Ref. Mtge. Legal for Cal., Conn., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. L, Vt., Wis. and Me. Listed on the New York and Boston Stock Exchanges. Market. New York — ^Remick, Hodges & Co., Bern- hard, SchoUe & Co.. Kom, Lehman & Co., Taylor. Smith & Hard. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.114% May 27, '10 97% May 16 Low. 97% Apr. 8, '18 97% Apr. 8 CHICAGO, MILWAUKEE & ST. PAUL RAIL- WAY CO. Chicago Si Pac. Western Div. 1st 5s. Due Jan. 1, 1931. — N. Dated January 1. 1881. Interest payable Jan. and July 1, at Company's office, 42 Broad- way, New York. ^ 'Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — (Closed mortgage). Outstanding — $ 26,334,000. Held in Ins. Reserve — $6,000. Denomination — Coupon, $1,000. Registerable as to principal. Trnstee — Farmers' Loan & Trust Co., New York. Secured by it first mortgage on 1,115.14 miles — Miles Paralta to Council Bluffs, la 260.49 Paralta to Farley. la 43.63 Marion, la., to Coburg (near Kansas City, Mo.) 298.73 Manila. la., to Aberdeen, S. D 354.44 Elk Point, la., to Sioux Falls, S. D 70.09 Woonsocket to Egan, S. D 87.7,6 Underlies — Bonds are reserved under the Gen. Mtge. of 1989 and the Gen. & Ref. Mtge. to retire this issue. Legal for Cal., Conn,, Mass., Mich., Minn.. Mo., N. H., N. J., N. y.. R. I., Vt., Me., and Wis. Listed on the New York, London and Chicago Stock Exchanges. Market. New York — Seasongood, Haas & Macdonald, Ambrose R. Clark, Reniick, Hodges & Co., Struthers & Hiscoe, Redmond & Co. . Taylor. Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. i; 1906 to .Jan. 1. 1919 191S Hlgh.114% Apr. 17. '06 100% Nov. 22 Low. 9B% Apr. 30, '18 95% Apr. 30 251 CHICAGO, MttWACKEE Si ST. PADI. BAIL- WAY CO. Chlcaeo Si Lake Sdp. Div. Ist 58. Due July 1, 19S1. — N. Dated July 21, 1881. Interest payable Jan. and July 1, at office of company, 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by compan3'. Authorized — (Closed mortgage). Ontstandine — 11,360,000. Denomination — Coupon, $1,000. Rcglsterabl* as to principal. Trustee — Farmers' Loan & Trust Co., New York. Secured by a first mortgage on 175 miles — Miles Portage City to Madison, Wis 33.01 Madison to Beloit, Wis 66.86 Rockton to Rockford. Ill 14.94 Elkhorn to Eagle, Wis 16.69 Horicon to Winneconne, Wis 50.39 Rondout to Libertyville, 111 3.21 The various lines covered by this mortgage are not physically connected. Underlies — Gen. Mtge. and Gen. & Ref. Mtge. Legal for Cal.. Conn., Me., Mass., Mich., Minn.. Mo., N. H.. N. J., N. Y., R. I., Vt., and Wis. Listed on the New York Stock Exchange. Market. New York — Seasongood, Haas & Macdonald, Remick, Hodges & Co., Bernhard, Scholle b Co., Ambrose R. Clark & Co., McKinley & Morris, Redmond & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, ]91» 1918 Hish.109% May 13, '08 97% Dec. 27 JjOW. 97 Jan. 31, '08 07 Jan. 31 CHICAGO, MlLWACIiEE Si ST. PAUL RAIL- WAY CO. Wisconsin Si Minnesota Div. lat 5s. Due July 1, 1921.— N. Dated July 1, 1881. Interest payable Jan. and July 1, at Company's office, 42 Broadway, New York. Tax Status — Payment of P^ederal Income Tax not assumed by company. Authorized — (Closed mortgage). Outstanding — 14,755,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Secured by a first mortgage on 213.52 miles — Miles Wabasha to Zunbrota, Minn 54.21 Wabasha, Minn., to Chippewa Falls, Wis 61.38 Red Cedar Jet. to Menominee, Wis 16.32 Cannon Jet. to Northfield, Minn 31.98 Hastings to Stillwater, Minn 22.62 Hastings to St. Paul, Minn 18.71 St. Paul to Minneapolis, Minn 8.30 Underlies — Gen. Mtge. and Gen. & Ref. Mtge. Legal for Cal., Conn.. Me., Mass., Mich., Minn.. Mo., N. H., N. J.. N. T., R. L. Vt. and Wis. Listed on the New York Stock Exchange. Market New York — Remick, Hodges & Co., Bern- hard. Scholle & Co.. Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. ,Ian. 1, 1906 to Jan. 1, 1919 1018 High. 113% Feb. 5. '06 100 July 10 Low. ill; Sept. 4, '18 96 Sept. 4 and July 1, at company's offiOe, 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding— $3. 083,000. Denomination— Coupon, $1,000. Reglsterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Secured by a first mortgage on 75.02 miles — Miles Tripp to Armour, S. D 20.46 Roscoe to Orient. S. D 40.99 Rosooe to Bowdie, S. D 13.68 Underlies — Gen. Mtge. and Gen. & Ref. Mtge. . Legal for Cal., Conn., Mass.. Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Ambrose R. Clark & Co., Sea- BongooQ, Haas & Macdonald, Remick, Hodges & Co., Bernhard, Scholle & Co., Redmond & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S, E. Jan, 1, 1906 to Jan. 1, 1919 1918 High.118% Feb. 15, '06 94 Feb. 18 Low. 92 July 8, '18 92 July 8 CHICAGO, MILWAUKEE Si ST. PAUL RAIL- WAY CO. Chic. & Mo. River Div. 1st fls. Due July 1, 1926.— N Dated July 1. 1886. Interest payable Jan. CHICAGO, MILWAUKEE Si ST. PAUL BAIL- WAY CO. Gen. 4V^8, 4s and S^^s. Due May 1, 1989,— F. Dated May 1, 1889. The 4s are known as Series "A,"' the 3%s as Series "B." and 4%s as Series "C." Interest payable Jan. and July 1, at company's ofilce, 42 Broadway, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $150,000,000. Outstanding— $48,241,000, 4s: $8,950,000 3%si $42,597,000 4%s. In Insurance Reserve — $759,000 4s. Res,srved for Prior Liens — $49,458,000. Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully reglsterable. Trustee — United States Trust Co., New York. Secured by a direct mortgage on 6,364.21 miles of road, viz. ; A first lien on 3,970.02 miles — Miles Chicago, 111,, to Milwaukee, Wis 82.99 Grand Ave. Jet. to North Milwaukee. Wis 6.21 North Chicago to Paralta. la 222.70 Elk River Jet. to Browns, 'la 6.70 Savannah to East Moline, 111 47 . 70 Racine, Wis., to Kittredge, 111 119.94 Milwaukee to La Crosse. Wis 197.43 Watertown Jet, to Madison, Wis 36.48 Milwaukee to Portage City, Wis 94.84 Granville to North Lake. Wis 20.08 Iron Ridge to Fond du Lac, Wis 30.66 Brandon to Markeson, Wis 11.49 Ripon to Oshkosh. Wis 18.84 New Lisbon to Babcock, Wis 31.68 Mlnoaua to Star Lake. Wis 18.81 Dexterville to Romadka, Wis 27.66 North La Crosse, Wis., to Hastings. Minn 109.70 South Minneapolis, Mini;., to Aberdeen, S. D 285.00 Aberdeen to Roscoe. S. D 46.30 Roscoe, S. D., to Linton, N. D 74.44 Hastings to Benton Jet., Minn 53.71 Glencoe to Hutchinson, Minn 13.45 Milbank to Sisseton, S. D 37.20 Aberdeen. S. D., to Bdgeley, X. V 64.21 La Cresent, Minn., to Esan. S. D 305.72 Sioux Falls Jet. to Sioux Falls, S. D.. 32.64 252. Wells to Mankato, Minn 37.20 Madison to Renner, S. D 33.08 Ma2omanie to Prairie de Sao. Wis 10.37 Brodbead to New Glarus, Wis 22.78 Calmar. la., to Minneapolis. Minn 172.02 Conover to Decorah, la 10.00 Austin, Minn., to Mason City, la 39.29 North McGregor, la., to Kapid City, S. D 660.14 Hudson, S. D.. to Rock Valley, la 9.38 Beulah to Elkader, la 19.20 Spencer to Spirit Lake, la 20.18 Marlon Jet. to Running Water, S. D... 62.85 Armour to Stiekney, S. D 20.67 Clive to Boone, la 35 . 01 Granville to Oglesby. Ill 10.50 D>9 Moines to Fonda, la 114.77 Wauzeks to La Farge, Wis 51.97 Albert Lea to St. Clair, Minn 39.46 Warren, 111., to Mineral Point, Wis 32.29 Janesville to ShuUsberg, Wis 67.74 Calamine to Platteville. Wis 17.14 Lone Rook to Richmond Center, Wis... 16.22 Sparta to Viroaua, Wis 32.17 Brookfleia to Milton, Wis., and Madison, Wis., to North McGregor, la 147.77 Babcock to Vesper, Wis 18.39 Otis to Gleason, Wis., and Southward.. 31.64 Chicago to Llewellyn Park, 111 13.68 Hopkins to Lake Minnetonka, Minn.... 7.84 Bristol to Madison, S. D 102.80 Andover, S. D., to Harlem, N. D 65.64 Rush Lake Jet. to Berlin. Wis 6.80 Steward to SeatonviUe Jet.. Ill 36.62 Miscellaneous Branches 18.86 A second lien on 2,394.19 miles — * Covered by the first lien at tha fol- lowing: Chic. & Pae. AV. Div. 1st 5s 1,115.14 Wis. & Mion. Div. 1st 5s 213.62 La Crosse & Davenport Div. 1st 5s... 184.34 DubUQue Div. 1st 63 352.94 Chic. & Mo. River Div. 1st 5s 75 . 02 Chic. & Lake Superior Div. 1st 5s 175.00 Wisconsin Valley Div. 1st 6s 161.49 Fargo & Southern 1st 6s 116.97 Prior Mens — Subject to $44,346,000 prior liens, as follows; C, M. & St. P. -La Crosse & Daven- port 1st 6s, 1919 $2,600,000 C, M. & St. P.-Wis. Valley 1st 6s, 1920 1,526,000 C. M. & St. P. -Dubuque Div. 1st 6s, 1920 4.632.000 C, M. & St. P. -Chic. & Pac. Wn. 5s. 1921 25,340,000 C, M. & St. P.-Wis.. Minn. 1st 6s. 1921 4.766,000 C. M. & St. P.-Chic. & Lake Sup. 1st 6s. 1921 1.360.000 Fargo & Southern 1st 6s, 1924 1.260.000 C. M. & St. P.-Chic. & Mo. Riv. 1st 5s, 1926 . 3,083,000 Underlies — $178,775,950 Gen. & Ref. 4%s, and 5s. and debentures secured equally under that mortgage. Legal for Cal., Conn., Mass., Mich.. Minn.. N. H.. N. T., R. I., Vt. and Wis. liisted on the New York and Loudon Stock Exchanges. Original Market — $26,000,000 48 offered in 1909 at 100'^ and interest by Kuhn. Loeb & Co. and the National City Bank, New York. $30,000,000 4^s offered April, 1913. by Kuhn, Loeb & Co., the National City Bank of New Yorlc and Kidder, Feabody & Co., Boston, at 99% and interest. $9,741,000 4%s ottered January, 1914, by Kuhn, Loeb & Co. and the National City Bank, New York, at 103 ^i and interest; $2,856,000 4%s privately ottered in January, 1916. by the same bankers. Market. New York — ^Active on N. T. Stock Exchange, Price Range— N. Y. S. E. Jan. 1, 1U06 to Jan. 1, 1919 1918 4%3 "C." High.105^ Jan. 18, '17 89ys Deo. 13 Low. 77% Oct. 3. '18 77% Oct. 3 Coupon 43 "A." High.lll June 2s. 06 82% Nov. 9 Low. 70% Aug. 20, '18 79% Aug. ^0 Registered. High.104% Oct. 25. '06 Low.. 89% Apr. 16, '14 Coupon 3%3 *'B.*' High.97 Jan. 15, '06 66 Sept. 20 Low. 60 Sept. iO, '18 66 .Sept. 20 Registered. High.87% Jan. 30, '11 Low.. 78 June 12, '16 CHICAGO, MILWAUKEE & ST. PAUL RAIL- WAY CO. Twenty-Aye Year Deb. 48. Doe July 1, 1934.— F. Dated July 1, 1909. Interest payable Jan. and July 1, at Company's office, 42 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $33,286,000; $83,000 in Insur- ance Reserve. Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Regis- tered. $1,000, $6,000 and $10,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Security — ^Aa originally Issued these bonds were not secured by a mortgage, but In 1913 the company executed its General & Ref'g Mortgage, and by the terms of the indenture under which these bonds were Issued, which provide that no additional mortgage shall be placed on the property owned by the company as of July 1, 1909, these bonds are now se- cured, equally with Gen. & Ref. Mortgage Bonds by a first mortgage .on 719.96 miles of road, a second mortgage on 6,522.43 miles of road, and a third mortgage on 2.506.64 miles of road. Further secured by a first lien on $154,489,600 of the $181,664,600 Chicago. Mil- waukee & Puget Sound 1st 4s. (For details of mileage covered see Gen. & Ref. mortgage below.) Refunding — Bonds are reserved under the Gen. & Ref. Mtg. to retire this issue. Legal for Cal.. Conn.. Mass.. N. H., N. Y.. and Vt. Listed on the New York and London Stock Bxchanges. Market. New York — Newburger. Henderson & Loeb. Remlck, Hodges & Co.. Seasongood, Haas & Macdonald. Philadelphia — Newburger, Henderson & Loeb. Boston — Old Colony Trust Co. Price Eange— N. T. S. E. .Ian. 1. 1909 to .Ian. 1. 1919 1918 High.95 Jan. 19. '17 81 Nov. 12 Low.66'5S May 2, '18 66% May 2 CHICAGO, MILWAUKEE & ST. PAUL BAIL- WAY CO. ConT. 4%B. Due Jnne 1, 1932. Dated June 1, 1912. Interest payable June and Dec. 1. at New York. Tax Status — 2% Federal Income Tax paid by company without dPduction. Anthorized — $50. 000. 000. Outstanding — $49,980,800. Held in Ins. Reserve — $19,2 00. Denomination — Coupon, $100, $600 and $1,000. Registerable as to rrinclral; $500 and 253 $1,000 bonds are also fully registerable. Reg- istered, $500, $1,000, $5,000 and $10,000. C. & R. interchangeable. Xrastee — United States Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date on and after Dec. 1, 1922, on 90 days' notice. .Convertible at par into common stock after June 1. 1917, and prior to June 1, 1922. Security — See Deb. 4s of 1934. Refunding: — Provision made in Gen. & Ref. Mtge. to retire this issue. liCgal for Cal., Conn., Mass., N. H., N. T. and Vt. liisted on the New York and London Stock Exchanges. Original Market — These bonds were ottered to stockholders at various times for subscrip- tion at par. Market. New York — B. F. Coombs & Co., Remick. Hodges & Co. , John Nickerson, Jr. Chicago — Northern Trust Co., Peoples' Trust & Savings Bank. Philadelphia — Harper & Turner. Price Range^N. Y. S. E. Jan. 1. 1913 to Jan. 1, 1919 1918 High.107 Aug. 12, '12 89 Nov. 9 Low. 65^ Dec. 13, '17 71M, Feb. 27 CHICAGO, MILWAUKEE & ST. PAUL RAIL- WAY CO. Gen. and Refg. Mtge. 4V2S. Series "A" and CoDTertible 5s, Series "B." Due Jan. 1, 2014. — N. Dated: Series "A." November 1, 1913. Series "B," February 1, 1915. Interest payable Series ' 'A, ' ' April 1 and October 1. Series "B," February 1 and August 1, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— An amount which, together with all outstanding prior liens, after deducting therefrom bonds of this issue reserved to re- tire prior liens, shall never exceed three times the amount of stock outstanding. Outstanding — $43,089,000 Series "A," $29,- 129,800 Series "B." $11,500 in Insurance Re- serve. Held in Treasury — $117,217,200. Reseorved for Prior Liens — $311,680,200. Reserved for Corporate Pun>oses — $209,997,- 452. Denomination — Series "A," coupon, $1,000. Registerable as to principal only. Registered. $1,000. C. & R. interchangeable. Series "B," coupon, $100, $5 00 and $1,000. Registerable as to principal only. Registered, $1,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Convertible — Series ' 'B' ' bonds convertible par for par into common stock between Feb- ruary 1, 1916, and February 1, 1926. Secured equally with $131,545,650 conv. 4%s of 1932; 25 year 43, due 1934 and "European Loan" 4s of 1925, by a mortgage on 9,747.03 miles of road as follows: A first lien on 717.96 miles — Miles Libertyville, 111., to Janesville, Wis.... 63.69 Sudbury to Rutledge, la 76.30 Faribault to Zumbrota, Minn 33.47 Farmington to Mankato, Minn 55.48 Fonda to Spencer, la 41.66 Rockwell City to Storm Lake, la 38.58 Bowdie to Mobridge, S. D 38.27 Napa to Platte, S. D 82.00 Woonsocket to Wessington Springs, S. D. 15.58 Ashdale to Ebner, 111 15.10 Kelso to Iron River. Mich 27.79 Merrill, Wis., to Northwesterly 18.25 Roy Jet. to Winnlfred. Mont 23.10 Great Falls to Agwam, Mont 70. 00 Milwaukee to Elm Grove, Wis 9.34 Velasco to Papoose, Wis 27,79 Benton Jot. to Colonge, Minn 1.47 Terminal Tracks at Great Falls, Mont. 3.47 Keechelus to Marcellus, Wash 8.23 Madrid to Woodward, la.. Old Lane.... 7.34 Ontonagon to White Pine, Mich 11.16 McGuires to Metaline Falls, Idaho 105.14 Coleman to Ciayston Jet., Idaho 6.15 Maquoketa to Hurstville, la 2.41 Preston to Isinours, Minn 4.46 Nor. Pac. Crossing to West Line Center St., Washington 1.73 A second lien on 6,522.43 miles — Covered by the first lien of the fol- lowing, viz. : C, M. & St. P. Gen. 4M!S, 4s and 3 %s. 3, 970. 02 C, M. & Puget Sound 1st 4s 2,259.94 Milwaukee & Northern Cons. 4%s,.. 292.47 A third lien on 2,506.64 miles — Covered by the second lien of the C, M. & St. P. Gen. 4%s, 4s and 3%s. 2,394. 19 Covered by the first lien of the Milw. & Nor. 1st 4%s 112.45 Also secured on 109.74 miles of road owned jointly, viz. : In Chicago, 111. (Canal St. to Western Ave.) 2.41 Mendota to St. Paul, Minn B.20 Miscellaneous Branches, etc 15.52 Black River Jet. to Tacoma Jet., Wash. 26.32 Helsing Jet. to Hoquiam, Wash 44.49 Hilbert Jet. to Menasha, Wis 14.41 Menasha to Neenah, Wis 1,39 Also secured on 406.18 miles of trackage rights, terminal properties and equipment. Further secured by pledge of $154,489,500 of $181,644,500 Chicago, Milwaukee & Puget Sound 1st 4s of 1949. Prior Liens^Subject to $179,315,000 prior liens as follows; Chic, Milw. & Puget Sound 1st 4s, 1949 $27,175,000 C, M. & St. Paul Gen. 4%s, 4s and 3%s, 1989 100,547,000 Prior Liens to C, M. & St, P. Gen. Mtge. Bonds 44,346,000 Milwaukee & Northern 1st Bxtd. 4iAs. 1934 2,155,000 Milwaukee & Northern Cons. Bxtd. 4i^s. 1934 5,092.000 Legal for Cal.. Conn., Me., Mass., Mich.. Minn., N. H., N. J., N. T., R. L, Vt. and Wis. IJsted on the New York Stock Exchange. Original Market — $30,000,000 Series "A" bonds offered by Kuhn, Loeb & Co. and the National City Bank of New York at 96% and interest in June, 1914. $29,141,300 Series "B" 5s offered in January, 1915, to the stock- holders at par and interest in amounts equal to 12%% of their respective holdings, $25,- 000,000 additional Series "A" 4%s offered by Kuhn, Loeb & Co. and National City Bank. Ne\v York, at 96% and interest in January, 1917. Market. 'Boston — ^Harris Forbes & Co. New York — Active on N. Y. Stock Exchange. Chicago — Harris Trust & Savings Bank. Philadelphia — Harris, Forbes & Co., Harper & Turner. Pittsburgh — R. W. Evans & Co. . Moore, Leonard & Lynch. Price Range — N. Y. S. E. Jan. 1. 1915 to Jan. 1, 1919 1918 4%s. High. 98% Jan. 12, '17 81 Nov, 7 Low. 62 Dec. 19, '17 6i% Jan. 14 High. 110 Jan. 6, '16 Low. 70% Dec. 19. '17 9 4 Nov. 9 7 4 June 14 2^ CHICAGO, MILWAUKEE & ST. PAUL kAII.- WAY CO. "European liOan'' 4s and Gold 4s of 1925. Due June 1, 1935. Dated Dec. 1, 1915. Interest payable June and December 1. at 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Note — ?% Federal Income Tax is paid by the company without deduction on the "Euro- pean Loan" 4s. Authorized — $48,176,^50. Outstandinsr — $13,076,496 "European Loan" of 1910 and $35,100,158 Gold 4s. Denomination — Coupon, $1,000. Reglsterablo as to principal. Trastee — United States Mortgage ' & Trust Co.. New York. Redeemable as a whole %t par and Interest on and after June 1. 1922, on eight weeks' notice. Secured by deposit of an equal face amount of (Francs 500 — $96.3533) of European Loan 4s. due June 1, 1925. The pledged bonds were originally debentures, but are now equally secured with the bonds Issued under the Gen- eral and Befunding Mortgage. For details see that issue. Refunding — Bonds are reserved under Gen. & Ref . Mtg. to retire ' 'European Loan' ' 4s. Legal (Gold 4s), for N. H. and R. I. liisted on the New York Stock Exchange. Original Market — OfCered January, 1916, by Kuhn, Loeb & Co. and National City Bank, New York, at 96 and interest. Market. New York — Struthers & Hiscoe, Bull & El- dredge. Chicago — First Trust & Savings Bank. Philadelphia — Harper & Turner, Price Range. Jan. 1, *17 to Jan.l, '19 1918 Bid Ask Bid Ask High.95% '17 95% '17 85 Nov. 86 Dec. Low. 76 '17 761/^ '17 76^^ Jan. 76% Jan. CHICAGO, NORTH SHORE & MULWAUKEE RAILROAD 1st 5s, Series '*A.'' Due July 1, 1936. Dated July 1, 1916. Interest payable semi- annually Jan. 1 and July 1, in New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $10,000, 000. Outstanding — $4,060,000 (Jan. 1. '19). Pledged to Secure Notes — ?1-310,000. Reserved for Ext. — $4,630,000. Issue approved by the Public Utiltles Com- mission of Illinois and the Railroad Commis- sion of "Wisconsin. $940,000 additional bonds may be issued at par when net earnings are at least 1 % tinles Interest charges on bonds issued and to be issued and the remaining $5,000,000 bonds issuable for 8 5 % of cost of improve- ments, etc., when net earnings are at least twice annual interest charges on total is- sued. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal In Inter- changeable denominations. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, Maintenance and Sinking Fund — For the first five years 12% of annual gross Income from the property subject to this mortgage; 14% for second five years; 16% for the third five years, and 18% for the last five years. This fund may be expended for maintenance, improvements, etc., against which no bonds of this issue may be issued, or for the retire- ment of these bonds. Organization — Incorporated in Illinois in 1916 to take over the properties of the Chicago & Milwaukee Electric R. R. Co. foreclosed. Cap- ital stock is in the nominal sum of $100,000 to he held by three trustees and against which 170,000 participating certificates of no face value have been authorized, $50,000, first pre- ferred, certificates bear $6 a year each, cumu- lative if earned after Jan. 1, 1918, and have priority; $58,000, second preferred, certificates $ 5 a year each, cumulative if earned after Jan. 1. 1918, and $62,000 Qommon participa- tion certificates bearing dividends as may be earned and declared. Ten 1st Pfd. certificates were distributed for each $1,000 bond of the Illinois Division and five 2nd pfd. and five common certiflcatea for each $1,000 bond of the Wisconsin Division. Secured by a first mortgage on an electric railroad from Evanston, 111., to Milwaukee, Wis., and branch from Lake Bluff, 111., to Area, 111., embracing 84,54 miles of road and 167.60 miles single track basis; also secured by deposit of the entire capital stock (no bonds) of the Chicago & Milwaukee Electric Ry. Co. of Wisconsin, owning terminal facili- ties in Milwaukee. The mortgage provides that no mortgage lien may he placed on the property of the collateral company. Replace- ment value of all property estimated Sept., 1916, as in excess of $13,500,000. Franchise in Milwaukee expires Dec. 31, 1934. Within other corporate limits the company owns about 70% of its right-of-way and the re- mainder is covered by franchises, some of which are perpetual and some minor franchises expire before maturity of these bonds. In Wisconsin the company owns its right-of-way to the city limits of Milwaukee and also owns its right-of-way in Illinois outside of corporate limits. At Evanston the road connects with the Northwestern Elevated R. R., which ex- tends to the loop district In Chicago. Underlies — Gen. 53 of 1936. Year ended Dec. 31 Gross Net Int., etc. 1918. . .$2,899,975 $867,585 $332,506 1917... 1.751,373 546,039 266,580 Original Market — Offered Sept., 1916, by the National City Bank, New York, and Halsey, Stuart & Co., Chicago, at 92% and interest. Market. Chicago — Steer & Co., H. L. Barber & Co.. Dodge & Ross, J. P. Hobbs & Co., E. H. Rol- lins & Sons, Halsey. .Stuart & Co., Babcock, Rushton & Co., Curtis & Sanger. New York — Barle A. Miller & Co., B. H. Rollins & Sons, F. H. Hatch & Co., National City Co. Milwaukee — First National Bank. F. A. Bartlett Co. Philadelphia — F. Pierce & Co., E. H. Rol- lins & Sons, Capelle & Co. Boston — McConnell & Co., Merrill. Oldham & Co., Kimball, McKinney & Co., E. H. Rol- lins & Sons. Denver — E. H. Rollins & Sons. San Francisco — B. H. Rollins & Sons. L.OS Angeles — B. H. Rollins & Sons. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Aak Bid Ask High.92 *17 93% '17 87 Dec. 91% Dec. Low. 75 '18 76 '18 75 Jan. 76 May CHICAGO, NORTH SHORE & MILWAUKEE RAILROAD 6% Notes. Due 8180,000 July 1, 1918; 8345,000 July 1, 1919, and $360,- 000 July 1. 1920.— F. Dated July 1, 1917. Interest payable Jan. 1 and July 1 in New York or Chicago, Tax Status — 2% Federal Incorpe Tax paid 255 by company without deduction. Authorized — $885,000. Outstanding — $705,000 (Jan. 1, '19). Balance Retired. Denomination — Coupon, $1,000, $500 and $100 (1918 maturity $1,000 only). Registerable . as to principal. Trustee — Continental & Commercial Trust & Saving's Bank, Chicago. Redeemable on 30 days' notice as follows: One-year notes at 100 and Interest; two-year notes at 100 ^ and interest and three-year notes at 101 and interest for first two years and at 100% and interest thereafter. Organization — See 1st 53. Seco-rity — A direct obligation of the com- pany. Two-year Notes are secured by pledge of $460,000 1st 5s, due 1936, and three-year notes by deposit of $480,000 bonds of same Issue. Earnings — See 1st 5s. Original Market — OfEered July, 1917, by Na- tional City Co.. New York, and Halsey, Stuart &. Co., Chicago, at 99%, 99 and 98% and interest for respective maturities. Market. Chicago — National City Co., Halsey, Stuart & Co. , Babcock, Rushton & Co. New York — ^Wolfl & Stanley, Halsey, Stuart & Co.. National City Co. Boston— Merrill, Oldham & Co. , Halsey, Stuart & Co. Philadelphia — Halsey, Stuart & Co. Price Range — 191". Bid Ask High. 9 7 May 9S% July Low.96^A May 98 Nov. CHICAGO. NORTH SHORE & MILWAUKEE RAILROAD CO. 7% Sertal Notes. Due .S135,000 (unsecured) June 15, 1919; $260,- 000 (secured) June 15. 1931 — F 2%. Dated June 15, 1918. Interest payable June 15 and Dec. 15 in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $:^85,000. Outstanding — $385,000. Purpose of Issue — A portion of the proceeds were applied to the retirement on July 1 , 1918, of $180,000 6% serial notes and the remainder to reimburse the company for cap- ital expenditures made or to be made subse- quent to April. 1918. Denomination — Coupon $1,000. $500 and $100 (1919 maturity $1,000 only). Register- able as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 100 and .interest upon 30 days' notice. Organization — See 1st 5s. Security — A direct obligation of the Com- pany. Notes maturing in 1919 are not secured by collateral. Notes maturing 1921 are se- cured by pledge of $370,000 1st 5s, due July 1, 1936. Earnings — See 1st 5a. Original Market — $ 385,000 offered Aug. , 1918, by the National City Co., New York, etc., and Halsey, Stuart & Co., Chicago, New York, etc., at 98 and interest. Market. Chicago — Halsey, Stuart & Co. New York — National City Co. and Dec. 1, at Merchants' Bank of Canada, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 5,000,000. Outstanding — $2,918,000. Reserved for Prior I>ien — $1,070,000. Reserved for Ext. — $1,012,000. Trustee — Central Trust Co. of Illinola. Chi- cago. Denomination — Coupon, $1, 000. Registerable as to principal. Redeemable on any interest date at 105 and Interest. Guaranteed principal and Interest by the ■ Western Rys. & Light Co. by endorsement. Organization and Control — Incorporated in Illinois in 1907. and in 1909 purchased the property of the Illinois Valley Ry. Co. The entire capital stock ($1,540,000 outstandings) Is owned by tlie Western Rys. & Light Co. All the stock of this latter' company is owned by the Illinois Traction Co. Secured by a first mortgage on 47 miles of interurban railway from Joilet to Seneca and Ottawa to Streator, 111., and a second mort- gage on 57 miles of interurban railway from Seneca to Princeton and Spring Valley to Ladd. and 4 miles of street railway in La Salle, all in Illinois. Road is built largely on private right-of-way. Franchises In towns expire with minor exceptions after 1950. Pop- ulation served, 85,000. Prior Lien — $1,070,000 Illinois Valley Ry. 1st S. F. 5s of 1935 (closed mortgage) for the retirement of which bonds of this issue are reserved. Earnings — See Western Rys. & Lt. Co. Market. Chicago — Plotz & Co. CHICAGO* OTTAWA & PEORIA RAILWAY CO. 1st Cons. & Ref. 59. Dae Dec. 1. 1937.— F. Dated Dec. 1, 1907. Interest payable June CHICAGO. PEORIA & ST. LOUIS RAILROAD CO. Gen. & Ref. 4%s. Due Deo. 1, 1939. Dated Dec. 1. 1909. Interest payable June 1 and Dec. 1, at Liberty National Bank, New York. June 1, 1914, and subsequent interest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $2,850,000. Denomination — Coupon, $1, 000. Registered $100. Trustee — Bankers' Trust Co., New York. Organization — Incorporated in Illinois and took over the property of the Chicago, Peoria & St. Louis Ry. of III. in Dec, 1913. Receivership — July, 1914, Bluf ord Wilson (Pres. of company) and William Cotter, ap- pointed receivers. Protective Committee — F. J. Lisman, Chair- man, and Alfred Shepherd, with Graham Adams, Secretary, and Bankers' Trust Co., New York, Depository. Secured by a second mortgage on 234.32 miles of road described under the Prior Lien 4V6s, subject to the lien of those bonds at the rate of $8,500 per mile. Prior Iden— $2,000,000 "Ry." 4%s. Earnings — See Prior Lien 4%s. Market. New York — Martin, Berwin & Co. , Wolff & Stanley. Philadelphia — ^F. R. Welsh. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Ask High.57% '17 66 '17 60 Nov. Low. 57% '17 60 '18 256 CHICAGO. F£OBIA Si ST. I,0UI8 RAILROAD CO. Equip. 68. Due $59,000 annually Not. 1 to 1933, inclnslTe. — F. Dated April 1. 1913. Interest payable May 1 and Nov. li at Trustee's office, , Default — The principal installment, and in- terest due Nov. 1. 1918, were not paid wlien due. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 590,000. Outstandine — $354,000 (Nov., 1917). Balance Retired. Denomination— Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Foreclosure — In the suit brought by the Trustee against the Railroad Company, in the Circuit Court of Sangamon County, 111., an order was entered April 21, '19, decreeing that unless the Receivers, or some party In- terested, shall pay on or before May 20, '19, the sums due to the Trustee, the Receivers must surrender to the Trustee all of the equipment. A copy of the order was served on "Walker D. Hines, Director General of Railroads. Organization — Company operates 255 miles of road in Illinois, of which 234 miles are owned. Road is now in hands of receivers. Secured by an eauipment agreement on 10 consolidated locomotives; 400 steel gondola cars and 200 steel underframe box cars, costing $692,700, of which the company paid $102,700 in cash. Original Market — $400,000 offered April, 1916, by Farson, Son & Co., New York, at par and interest. Market. New Xork — Bull & Eldredge, Wolff & Stan- ley, Coggeshall & Hicks, Freeman & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.70'15 85 '16 55 Jan. 79 Jan. Low. 45 '15 65 '18 48 Sept. 65 Sept. CHICAGO. PEORIA & ST. I,OUIS RAILWAY OF ILLINOIS Prior Lien 4%s. Doe March 1, 1930.— P. Dated March 1, 1900. Interest payable March 1 and Sept. 1. at Liberty National Bank, New York. Default — March 1, 1918, coupons. The com- pany is allowed a six months' period of grace. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — Baultable Trust Co., New York. Redeemable at any time at 107^, and inter- est, on six months' notice. Organization — Reorganized in 1913 as the Chicago, Peoria & St. Louis R. K. Co. These bonds wero not disturbed in the reorganiza- tion. Protective Committee — Sidney C. Borg, Henry B. Cooper, Thomas Denny and Robert Struth- ers, Jr. Secretary, J. N. Babcock, 37 Wall St., New York. Depositary. Equitable Trust Co.. New York. Secured by a first mortgage on 234.32 miles of road from Pekin to Granite City, 111., Ha- vana to Jacksonville and short branches. Underlies — Gen. & Ref. iVta, 1939. Year ended June 30 Gross Net Charges 1916 $1,752,800 $334,674 $229,486 1916 1,597,909 192,795 281,083 1914 1.676,617 1,840 369,368 Market. New York — ^Martin, Berwln & Co., Wolff A Stanley, F. J. Lisman & Co., Baker, Car- ruthers & Pell, Fred H. Hatch & Co. Philadelphia — F. R. Welsh. CHICAGO PNEUMATIC TOOL CO. 1st 6s. Due Dec. 31, 1921.— F. Dated Dec. 31, 1901. Interest payable Jan. and July 1, at National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $1,165,000 (April 18, '19). Cash Redemption Fund — Of the amount "Outstanding" the company has purchased a substantial amount for the purpose of retir- ing the issue. As of Dec. 31, 1918, a cash fund of $222,000 had been deposited with the Trustee to retire the remaining bonds in the hands of the public. * Denomination — Coupon, $1,000. Trustee— Lawyers' Title Insurance & Trust Co., New York. Redeemable on any interest date at 105 and Interest. Sinking Fund — $50,000 per annum for the purchase or redemption of these bonds at not exceeding 105 and interest. Secured by a first mortgage on all the prop- erty of the company and a first lien on all the stock of subsidiary companies wh^re the amount of stock acquired constitutes a ma- jority interest. The company's holdings include the entire capital stock of the Canadian Pneu- matic Tool Co., Montreal, Consolidated Pneu- matic Tool Co., Ltd., London, and The Inter- national Compressed Air & Electric Co. of Berlin. Underlies — 1st Serial 6s of 1923. Earnings — See 1st Serial 6s of 1923. Listed on the Unlisted Department of the Chicago Stock Exchange. Market, New York — ^Pynchon & Co., Morton Laohen- bruch & Co., Baker, Carruthers & Pell, Bab- cock, Rushton & Co., Bull & Bldredge. Pittsburgh— Goddard, Hunter & Co. Philadelplila — Morton Lachenbruch & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98% '16 99% '16 98 Nov. Low. 6414 '08 70 '08 92 Jan. 96 May CHICAGO PNEUMATIC TOOL COMPANY. 1st Serial tis. Dated October 1, 1918, maturities as fol- lows: $400,000 due October 1. 1920 400,000 due October 1, 1921 460,000 due October 1, 1922 2,000,000 due October 1, 1923 Interest payable April and October 1. Prin- cipal and interest payable in gold at Central Trust Co., of New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,250,000. Outstanding — $3,250,000. Purpose of Issue — Additions to plant and equipment necessitated by increased business, and for additional working capital. Denominations — Coupon $100, $500 and $l,q00, Registerable as to principal. C. & R. interchangeable. Trustee — Central Trust Co. of Illinois, Chi- Redeemable at 101 and interest on any in- terest date upon three weeks' notice, as a whole, in series, or in any part. SiiLking Fund — ^Annually, 25% of net earn- ings, effective beginning October 1, 1918. It is estimated that the Sinking Fund will be sufficient to retire about two-thirds of the issue before maturity. Organization — Incorporated in New Jersey Dec, 1901, and has acquired the property and capital stock of a number of companies en- gaged in tlie manufacture of pneumatic tools, rock drills, railway gasoline motor cars and commercial trucks. The company has plants in Chicago Heights, Detroit, Cleveland, Frank- lin, Pa. , London, Berlin, and Montreal, Can- ada. Secured by a mortgage on all the real estate, plants, machinery and equipment of the com- pany. Further secured by pledge of the en- tire capital stock (except directors' qualifying shares) of the Consolidated Pneumatic Tool Co., Ltd., London, England, and Canadian Pneumatic Tool Co. , Montreal, Canada. Fur- ther secured by pledge of all patents owned by the company. Prior liens — $1,165,000 1st 5s due Decem- ber 31. 1921. Note — $222,000 has been deposited with trus- tee for redemption of these bonds. Year ended I>ec. 31: Int. and Net Depreciation S. P: *1918. .$1,283,214 $407,551 $339,829 1917.- 2,006,372 437,582 171,725 .1916.. 1,577,980 455,182 169,375 1915.. 982,864 281,841 167,775 1914.. 655.104 210.275 166,175 *After deducting $872,414 for extraordinary losses and Federal Taxes. Original Market — Offered in October, 1918, by Hornblower & Weeks, New York, etc., and Elston & Company, Chicago, from 95 to 97%, to yield about 7.25%. Market. Chicago — Ames, Emerich & Co. , Babcook, Rushton & Co., Central Trust Co. of Illinois, Child & Levering, Curtis & Sanger Co., Elston & Co., H; T. Holtz & Co. New York — Bull & Eldredge, Hornblower & "Weeks. John Nickerson, Jr. Boston — ^Hornblower & "Weeks, G. "W. Wal- ker & Co. CHICAGO RAILWAYS COMPANY 1st 58. Due Feb. 1, 1937:— F. Dated February 1, 1907. Interest payable Feb. and Aug. 1, at Harris. Forbea & Co., New ,Tork, or Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company y/ithout deduction. Authorized— 7-1 ssuable from time to time on the approval of -t^e Board of Supervising En- gineers. Outstanflirig— $ 5 5 , 6 9 4 .-0 . Pledged for Bank Loans — $2,812,000. Denomination — Coupon* $1,000. Reglsterable as "to principal. Registered. _$1,000. C. & R. 'interchangeable. - Trustee — ^Harris Trust & Savings Bank, Chicago. ..Redeemp^ble at par and intereat on any In- terest date. ' Organization — Incorporated in Illinois In 1903 and in 1908 acQulred at foreclosure sale the property of the old Chicago Union Traction Co., comprising the surface lines on the north and west sides of the City of Chicago. These properties have been largely reconstructed." In 1910 actiuired the property of the Chicago Consolidated Traction Co. within the city of Chicago. The Chicago Rys. Co. and the Chi- cago City Ry. Co., together with road con- trolled by the latter company, are now being operated as a slngrle system under the control. of a joint Board of Operation. For two years ending: Jan. 31, 1918, the Chicago Rys. Co. will receive 69% of the net income after taxes, etc., and thereafter until 1927 jt will receive 60%. Secured by a first mortgage on all the prop- erty and franchises of the company, including 580 miles of track serving the downtown as well as the north and west sides of Chicago, and also on equipment Including 1907 pay-enter cars. Valuation of the property was fixed January 31. 1917, at $87,447,497. During eight years of rehabilitation, 473 miles of track have been laid with grooved rails, 129 lbs. to the yard. Franchises — ^AU franchises expire Feb.» 1927. The City of Chicago or Its licensee may pur- chase the property of the company at any time prior to the expiration of the franchises. If purchased by the city the price to. be paid Is the valuation of the property as of Feb. 1, 1907, $30,779,875, plus all expenditures for extensions, rehabilitation, etc. If purchased by the city not for municipal operation or by a licensee the purchase price shall be 2 % more. All expenditures by the company are made under the approval of the Board of Supervising Engineers. IJnderlies — Consol. 5s of 1927, Fur. Men. 4-5s of 1927. and Adjt. Inc. 4s of 1927. Year ended Jan. 31 Net Deductions 1919 $4,920,632 $5,294,649 1918 5,654,360 5.244.384 1917 5,958,370 5,180,355 1916 5,313.553 4,982.981 1915 6.706.166 4,989.004 Legal for Bait. Listed on the New York and Chicago Stock Exchanges. Original Market — Offered in 1908 by the National City Bank and Harris, Forbes & Co., New York, at 95% and interest: offered by same firms in 1912 at 99 % and Interest $3,000,000 offered April. 1914. by same firms at 98^ and interest. $1,600,000 offered Jan.. 1916, by the Harris Trust & Savings Bank, National City Bank, Northern Trust Co.. Il- linois Trust & Savings Bank. Chicago, and Harris. Forbes &'Co., Perry, Coffin & Burr. New York and Boston, at 97% and interest. Market. San Diego, Cal. — Stephens & Co. . New York— Active on N. Y. Stock Exchange. Albany — ^Horace S. Bell. Fhlladelphia — ^West & Co.. Ohas. Fearon & Co. . Harper & Turner. Chicago — ^Active on Chicago Stock Exchange. Boston — Harris, Forbes & Co.. Merrill, Old- ham & Co.. Paine, Webber & Co., W. L. Raymond & Co. Baltimore — Robt. Garrett & Sons, Poe & Davies, Mercantile Trust & Deposit Co., Ham- bleton & Co. Lonisville — United States Trust Co., John W. Sl D. S. Green. Omaha^CIty Trust Co. St. Louis — Francis Bro. & Co., Wm. B. Compton Co. Cincinnati— A. E, Aub & Co., C. C. Murray & Co. Price Range — ^N. T. S. E. Jan. li 1908 to Jan. 1, 1919 1918 High.99^A Jan. 24. '10 88 Nov. 19 Low. 80% Sept. 30 '18 80^ Sept. 30 258 CHICAGO RAILWAYS COMPANY Cons. Mortease, Ser. "A/' "B" and "C" 5s. Due Feb. 1, 1927.— F_ Dated February 1, 1907. Interest payable. Series "A," April and Oct. .1; Series "B." June and Dec. 1; and Series "C," Feb. and Aug'. 1, at Trtlstee's office, Chicacro. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Series "A," $18,600,000; Series "B," $17,194,000; Series "C," $4,000,000. Oatltandincr — Series "A," $17,403,800; Serlea "B." $17,164,475; Series "C," $636,336. In Treasury — $1,006,000 Series "A." $228.- 000 Series **B." Retired by S. F.— $3,105,964 "C" (Feb. 1, '19). Retired — $1,196,000 Series "A." Denomination — Coupon, $1,000. Keglsterable as to principal or fully registerable. Reerls- tered, $1,000. C. & R. interchangeable. Trustee — The Merchants' Loan & Trust Co., Chicago. Redeemable at par and Interest on any In- terest date on 30 days' notice. Sinking Fund — Beginning August 1, 1908, and annually thereafter until Series "C" bonds have been retired, $250,000 for the purchase of bonds of that series at not exceeding par and interest, bonds so acquired to be can- celled. So long as any bonds of Series "C" shall be outstanding, no purchase shall be made of any other series, but after cancella- tion of Series "C" the sinking fund shall re- main in -force until such bonds of Series "A" and "B" which have been Issued In lieu of bonds of Series "C" shall have been purchased or redeemed. There are now outstanding $700,- 000 Series "A" bonds, issued in place of Series "C" bonds. Secured by a second mortgage subject to 1st 5s on 387 miles of track, including the most Important mileage owned by the company, and a fourth mortgage, subject to the first 6s and Purchase Money and Adjustment Mtge. bonds, on the 128 miles of track acquired from the Chicago Consolidated Traction Co., includ- ing lines in the northern and western part of the city. Bonds of Series "A" are prior In lien to those of Series "B" and "C," and bonds of Series "B" are prior to bonds of Series "C." Trior Liens — 1st 5s, Pur. Money 4s-5s and Adjustment 4s as to 387 miles, and 1st 5s as to 128 miles. Underlies — Purchase Money 4s-5s and Ad- justment 4s, as to 128 miles of track. Famines — See First 6s above. Listed on the Chicago Stock Exchange. Original Market — $6,000,000 Series 'A," in 1911, by the National City Bank and Harris, Forbes & Co., New York, the Harris Trust & Savings Bank, Chicago, N. W. Harris & Co., Boston, at 96% and Interest. Market. New York — ^F. H. Hatch & Co., S. K. Phil- lips & Co., Harris, Forbes & Co., Babcock, Rushton & Co. Portland. Ble. — Maynard S. Bird & Co. Chicago — Shapker, "Waller & Co., Bussell, Brewster & Co., Harris Trust & Savings Bank, Ames, Emerlch & Co., Babcock, Rushton & Co., Merchants' Loan & Trust Co., Curtis & Sanger. Boston— Harris, Forbes & Co. Philadelphia — ^Klemm & Keen, Montgomery & Co.. S. K. Phillips & Co. Omaha — City Trust Co. Pittsburgh — R. W. Evans & Co. 1918 Price Ranee. Jan. 1, 1908 to Jan. 1, 1U19 Series "A." Bid Ask Bid Ask High.96% '12 96% '12 76 Aug. 87 Nov. Low. 69 '16 71 '16 70 Oct. 75 Dec. Series "B." Bid Ask Bid Ask HiEh.91^ '12 91^^ '12 59 Jan. 60 Jan. Low. 47 '18 50 '18 47 Dec. 50 Dec. Series "C." Bid Ask Bid Ask PIigh.97% '17 99 '17 96 Feb. 99 Feb. Low. 77 '08 77% '14 83 May- CHICAGO RAILWAYS COMPANY Purchase Money 5s. Due Feb. 1, 1927. — F. Dated January 1, 1911. Interest was at the rate of 4% to Jan. 1, 1916, and there- after at the rate of 5%. Interest payable Jan. and July 1, at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6, 000, 000. Outstanding — $4, 073, 000. Denomination — Coupon, $1,000 and $500. Reglsterable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at par and interest on any in- terest date upon 30 days' notice. All bonds redeemed shall be cancelled.. Secured by second mortgage (subject to $55,694,000 First Mortgage 5s) upon at>out 128 miles of track acquired in 1910 from the Chi- cago Consolidated Traction Co., in the out- lying districts of Chicago, and by a third mortgage upon 387 miles of track, being sub- .^'ect to the First Mtge. Bs and the Consoll- dated 5s. Prior Liens — $58,506,000 1st 5s and Consol- idated 5s as to 387 miles of track and $58.- 506.000 1st 5s as to 128 miles of track. Underlies — Adjustment 4s as to 387 miles of track and Consol. -5s and Adjustment 4s as to 128 miles of track. Listed on the, Chicago Stock Exchange. Market. Chicago — Russell, Brewster & Co., Babcock. Rushton & Co. Philadelphia — Harper & Turner. Baltimore — Jenlfins. Whedbee & Foe. Price Range. Jan. 1, 1912 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.82^ '12 85 '12 41 July 60 Jan. Low. 41 '18 49 '17 50 Feb. CHICAGO RAILWAYS COMPANY Adjust. Non-Cnmulative Inc. 4s. Due Feb. 1, 1927.— F. Dated January 1, 1911, Interest payable annually, on May 1st, beginning 1912. at trustee' s office. Chicago, but only from net earnings for the 12 months ending Jan. 31. Interest Is being paid. Including May 1, 1918. - Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $2. 500, 000. Denomination — Coupon, $100 and $500. Reg- Isterable as to principal. Tmstee — Central Trust Co. of Illinois. Redeemable at par and Interest on any May 1st upon 30 days' notice. All bonds redeemed to be cancelled. Secured by a third mortgage on 128 miles of track in the outlying districts of Chicago, ac- quired from the Chicago Consolidated Traction Co., subject to the First 5s and the Purchase 2n9 Money 4a-5s, and a fourth mortgrag-e on 387 miles, being subject to the 1st 6s» Purchase Money 4s-5s and Consolidated 6s. Prior liiens — 1st 5s, Consol. 5s and Purchase Money 4s-6s, as to 387 miles, and 1st 5a and Purchase Money 6s on 128 miles. Underlies — Consolidated 6s as to 128 miles. Earnlnes — See 1st 5s. Listed on the Chicago Stock Bxchange. Market. New York — ^A. E. Fitkin & Co. Chicaeo — A. B. Fitkin & Co.. Russell, Brew- ster & Co. Philadelphia— A. B. Fitkin & Co. Boston — Harris, Forbes & Co. Price Ranee. Jaii. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask Hiirh.56 '12 59% '12 35 Aug. 45 Aug; Low. 26% '17 27 '17 28 Dec. CHICAGO RIVER & INDLINA RAILROAD 1st 6s. I>ae Oct. 1^ 1925. — F. Dated Oct. 1, 1911. Interest payable April 1 and Oct. 1, Merchants' National Bank, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000, Ontstandins — $766,000. Reserve for Bxt. — $1,235,000. Denomination — Coupon, $1,000. Reglsterable as to principal only. Trustee — Merchants' Lioan & Trust Co., Chicago. Redeemable on and after Oct. 1, 1916, at 106 and interest on 12 weeks' notice. Guaranteed as to principal and Interest by the Chicago Junction Rys. & Union Stock Tards Co. Organization and Control — Incorporated in Illinois in 1904. Controlled by the Chicago Junction Rys. & Union Stock Tards Co. by ownership of a majority of stock. Secured by a first mortgage on 11% miles of terminal road in the Stock Tards and Chi- cago River district of Chicago. This road Is the only outlet of the Chicago Junction Rys. & Union Stock Tard^ Co. 'a system to th** ChlcabO River and water transportation via the Great Lakes. The company has trackage right of some 25 miles. Equipment owned consists of nine switching locomotives and 113 cars. Year ended June 30 Gross Net Int. & Kent •t]918 $108,526 $136,879 $64,635 •1917. . . . S47.347 254,487 200,642 1916 895,708 308,129 218,361 1915 402,954 297,105 239.401 1914 314,747 232,490 222,619 •Year ended Dec. 31. tCorporate Income Account Standard return under Federal Control. Oiiglnal Market — Oftered in Aug., 1915, by Hornblower & Weeks, Boston, New Tork and Chicago, at 97% and interest. Market. New York — ^Hornblower & Weeks. Chicago — Childs & Levering, Hornblower & Weeks, Babcock, Rushton & Co. Boston — ^Hornblower & Weeks. Providence — Hornblower & Weeks. Price Range. Jan. 1, *16 to Jan. 1. '19 Bid Ask High.97 '16 101 '17 Low. 97 '16 lOOH '16 The Company owns 6,832 miles of road, leases 109 miles, has trackage rights over G07 miles and controls through stock owner- ship 469 miles of road. The lines operated extend from Chicago via Omaha to Denver and Pueblo, Colorado, St. Paul, Minn., Watertown, N. D.. Kansas City, Ft. Worth, Dallas and Galveston, Tex., and Santa Rosa. N. M.. and from Memphis, Tenn., to Tucumearl. N. M., with numerous branches. From 1902 until 1914, $71,353,500 of the $75,000,000 stock was owned by the Chicago. Rock Island & Pacific R. R. Co. and de- posited as security for an equal amount of collateral trust bonds of that Company, In 1914 the railway company discontinued ' the payment of dividends, and as a result of this action the railroad company defaulted in the payment of interest on its collateral trust bonds, and in the latter part of 1914 this stock was sold under foreclosure, and distrib- uted pro rata to the collateral bondholders. In April, 1915. the Railway Company was placed in hands of receivers. In June, 1917, receiver was discharged. Reorganization was completed without foreclosure. Under reorganization plan of Nov., 1916, the stock was assessed $40 per share, and the 20-Tear Deb. 5s exchanged for 100% for 6% Cumulative Preferred Stock and received in cash the 5% arrears of interest due July 15. 1916. Capital Stock: Pfd. Stock 7% (Cum.)par $100 $29,422,189 Pfd. Stock 6% (Cum.)par $100 25,108.100 Com. Stock, par $100 74.359,723 Year ended Dec. 31 Gross Net Int & Rent tl918. .$15,883,891 $15,766,489 $10,285,390 4:1918. .104.289,565 11.490.753 2.273,001 1917. . 89.608.722 20.622.243 13,095.098 1916.. 80,889,129 23,428,685 15.350.496 1915.. 71,299,359 16.469.676 15,856,064 *1914.. 68,675,842 15.539.962 15,089,340 •1913.. 71.364.935 17,812.047 13,753,692 tCorporate Income Account — Standard re- turn under Federal control. tFederal Income Account. •June 30. CHICAGO, ROCK ISLAND & PACIFIC RAIL- WAY CO. Incorporated In Illinois and Iowa In 1880. CHICAGO, ROCK ISLAND & PACIFIC RAIL- WAY CO. Gen. 48. Due Jan. 1, 19SS.— F. Dated January 1, 1898. Interest payable Jan. and July 1, at First National Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $100,000,000. Outstanding — $61,581,000. Denomination — Coupon, $1, 000. Re^sterabla as to principal or exchangeable for Registered. Registered, $1,000 and $5,000. Trustee — ^Bankers' Trust Co.. New York. Secured by a first lien on 3.158.96 miles — Miles Chicago, III., to Colorado Springs Colo 1,063.16 Davenport. la., to North Topeka, Kans.707.06 Wilton to Muscatine, la 11.93 Gresham to South Chicago, III 7.43 Newton to Monroe. la 17 . 09 Menio to Guthrie Centre, la 14.51 Audubon to Griawold, la 39.48 Harlan to Carson, la 29.62 Washington to Knoxville. la 79.45 Des Moines to Winterset, la 38.68 Connecting track with St. P. & K. C. S. L. R. R. at Allerton, la 05 Summerset Jet. to Indianola, Ta 8.39 Fairbury Jet. to Nelson. Neb 51.56 260 Cameron, Mo., to Connection with Leav- enwortb Terminal Ry. & Bridee Co. track 63.19 Edererton Jet. to Winthrop, Mo., on tlie Missouri River, opp. Atchison, Kan.. 29.24 Kansas City, Mo., to Armourdale, Kan. 3.61 McFarland to Belleville, Kan 103.24 Herin^on Salina, Kan. 49.91 North Enid to Billings, Okia 26.49 Kingfisher to Cashion, Okla 16.96 Bi Reno, Okla., cutoff 2.06 El Reno, Okla., freight connection , 0.14 Chickaaha to Mangum, Okla 97.73 Anadarko to Lawton, Okla 36.60 Herington to Liberal, Kan 263.08 Bucklin to Dodge City. Kan 26.60 Altmont to St. Joseph, Mo., and from Elwood, Kan., to Jansen, Neb 198.09 St. Joseph to Bushvllle, Mo 15.06 Horton to North Topeka, Kan 48.09 Mt. Zlon to Keosauqua, la 4.60 Gowrie to Sibley, la 109.72 Gresham to Blue Island, 111 6.63 A first collateral lien on 93.09 miles through pledge of entire Issue of $1,366,000 1st Mtge. Bonds of the Chicago, Book Island & Texas Ry. — Terral, Okla., to Ft. Worth, Tex 93.09 Also Secured on 209.30 miles of lease- hold interest, as follows: Peoria & Bureau Valley R. R 46.99 Keokuk & Des Moines R. R 162 . 31 Also secured on 343.11 miles of trackage rights. Underlies — 1st & Ref. 4s of 1934. I,egal for Me. Listed on the New York Stock Exchange. Original Slarket — $6,000,000 offered, 1898, at 103% and interest by Speyer & Co., New York. Market. New York — Seasongood, Haas & Macdonald, Taylor. Smith & Hard. Chicago — Harris Trust & Savings Bank, Union Trust Co., Babcock. Rushton & Co. Philadelphia — ^West & Co. Boston — Harris, Forbes & Co. Omaha — City Trust Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 191!) 1918 Coupon. High.l03il Jan. 8, '00 84% Nov. 13 Low. 72 Sept, 26, '18 72 Sept. 26 Registered. High.10.2 Feb. 6. '06 71% May 9 Low. 71% May 9, '18 71% May 9 CHICAGO, ROCK ISI.AND & PACIFIC BAIL. WAY CO. 1st & Bef. 4s, One April 1, 1934 .-F. Bated April 1, 1904. Interest payable April and Oct. 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by compariy without deduction. Anthorlzed— $163, 000, 000. Outstanding — $94,941,000. Held in Treasury — $11,563,000. Deposited as Collateral — $28,618,000. Denomination — Coupon, $1,000 and $500, Registerable as to principal. Registered, $1,000 and $600. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Secured by a direct or collateral lien on 5.834,30 miles of road owned, together with 1.251.8S miles of leaseholds, terminals, etc., viz,': A iirst lien on 815.10, miles — Miles Peoria to Iowa Jet'., Ill 3,09 Preemption to Sherrard, 111 4.69 St. Louis (Union Ave.) to Leeds Jet., Mo 283.90 Lackland Connection at St. Louis, Mo,. 1.46 West St. Paul to Newport, Minn 9.77 Liberal, Kan., to Texhoma, Okla 60.70 El Reno, Okla., passenger connection and belt line 1.76 Enid to Watonga, Okla., and Geary to Anadarko, Okla 105.08 Watonga, Okla. , cut-off 81 Lawton to Waurika, Okla 40.52 Guthrie to Chandler, Okla 39.25 Chickasha to Lindsey, Okla 24,78 Lawton to Chattanooga, Okla 21.01 Coalgate to Lehigh, Okla 6.56 Searcy to Mesa, . Ark 37 . 60 Mesa to Stuttgart, Ark 21.22 Memphis, Tenn. (Union Sta.), to Bridge Siding, Ark 04 Tex.-N. M. State Line, near Glerrio, Tex., to Tuoumcarl, N. M 41 , 46 Bravo, Tex,, to Santa Kosa, N, M 111,63 A first collateral lien through pledge of entire Issues of bonds of proprietary companies on 364.66 miles as follows: Oklahoma-Texas State Line, near Tex- ola, Okla.. to Texas-New Mexico State line, near Glenrio. Tex 182.90 Texhoma, Okla., to Brevo, Tex 91,83 Fort Worth to Dallas. Tex • 31,96 Bridgeport to Graham, Tex 57.98 A second lien on 4,270,46 miles — Covered by the first lien of the follow- ing: C. R. I. & P, Gen. 4s 3.158,96 Burlington, Cedar Rapids & Northern ~ Cona. 5s 998,64 Rock Island & Peoria lat 63 112.86 A second collateral lien on 92,57 miles — Covered by the first collateral lien of the C. R, 1. & P, Gen, 4s 92,57 A third lien on 291,51 miles — Covered by the first lien of the follow- ing: Cedar Rapids, Iowa Falls & Northwest- ern 1st 6s 291.51 Also a lien on 1,251,88 miles of leaseholds. Also a Jirst lien on 38,68 miles of trackage rights. Also secured on terminal properties. Further secured by deposit of the following securities: Rock Island Improvement Co. 1st 6s.*$2,700,000 Rock Island Improvement Co. — Kan- sas City Term. Gold Bond •392,831 Peoria Railways Terminal Co, 1st & Ref. 4%s •1,369,000 St, Louis, Rock Island Term. Ry. stk 11,300 Gasconda Hy. Construction Co. stk. 50,000 C, R. I, & P, G«n. 4s. 1988 26.500,000 C, R. I. & P, Gold 4s of 1902, Series "B" to "O" inclusive,,, 20.913.000 Choctaw, Okla. & Gulf Eauipt. Tr. Notes, Series A, B and C 2,360,000 •Entire issues. Prior Liens — Subject to $74,936,000 prior liens £ls follows: C, R. L & P. Ry. Gen. 4s. 1988. . .$61,581,000 Burl,, Cedar Rapids & Northern Ry. Cons. 1st 6s, 1934 11,000,000 C, R,, Iowa Falls & N. W. Ry. let 6s, 1921 1,906,000 Rock Island & Peoria Ry, 1st 6s. 1926 460,000 liisted on the New York Stock Exchange. Original Market — Underwritten by Speyer A Co., New York, $3,600,000 was ofCered Decem- ber, 1911, by Harris, Forbes & Co., New York; N. W. Harris & Co., Inc., Boston, and th« Harris Trust & Savings Bank, Chicago, at 89% and Interest. .261 Market. New York — Active on N. T. Stock Exchange, Philadelphia — West & Co., Henry & West. Boston — ^Harris, Forbes & Co. St. Louis — Bowman, Coat & Co. Chicairo — Kean, Taylor & Co., Northern Trust Co., Harris Trust & Savings Bank, Babcock, Rushton & Co. Omaha — City Trust Co. Price Kange— N. Y. S. E. Jan. 1, 190€ to Jan. 1, 1919 1918 Hi&h.97 Jan. 31; '06 8OV4. Nov. 7 Low. 59^ Dec. 14, '17 62^ Mar. 26 CHICAGO. ROCK ISIiAND & PACIflG BAH^ WAY CO. EQuip. 4^s, Series "C." Due $365,000 each April and Oct. 1, to Oct. U 1919.— F. Dated April 1, 1909. Interest payable April and Oct. 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 6, 3 00, 000. Outstanding — $265,000 (Apr. 2, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New York. Secured by an equipment trust agreement on 85 locomotives, 100 steel passenger cars, 110 cabooses, 1,950 box cars, 500 steel coal cars, 400 flat cars, 500 furniture cars and 150 stock cars, costing $5,994,789, of which amount the $694,789 was paid in cash. Original Market — Offered in 1909 by N. W. Harris & Co. of Boston, Harris, Forbes & Co., New York, and Harris Trust & Savings Bank, Chicago, Market. See Series "3." CHICAGO, ROCK ISLAND & PACIFIC RAIL- WAY CO. Eauip. 4^s, Series "D." Due $225,000 each May and Nov. 1, to May 1, 1925.— F. Dated May 2, 1910. Interest payable May and Nov. 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,750,000. Outstanding— $2,700,000 (May 1, *19). Balance Retired. Denomination — Coupon. $1,000. Kegisterabla as to principal. Trustee— Bankers* Trust Co., New York. Secured by an equipment trust agreement on 135 locomotives, 4 gasoline motor cars, 5 dining cars, 66 steel passenger, baggage and combina- tion cars, 25 cabooses, 2,625 steel underframe box cars, 250 steel underframe refrigerator cars, 500 steel underframe stock cars and 600 steel underframe ballast cars, costing $7,720.- 253. of which amount $970,253 was paid in cash. Original Market — Offered In 1910 by Speyer & Co. and Guaranty Trust Co., New York, and Edgerly & Crocker. Boston. Market. See Series "3." CHICAGO. ROCK ISLAND & PACIFIC RAIL- WAY CO. Series "F" Eauip. 4^:8. Due $12,000 each Feb. and Aug. 1. to Aug. 1. 1926.— P. Dated Aug. 1, 1911. Interest payable Feb. and Aug. 1. at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $360,000. OQt8tanding^$180,000 (Feb., 1919). Balance Retired. Denomination — Coupon. $1,000. Trustee — Bankers' Trust Co.. New York.* Secured by an equipment trust agreement on 30 steel mail cars and 11 steel baggage and mail cars, costing $400,252, of which $40,252 was paid in cash. Original Market — Offered Oct., 1911, by White, Weld & Co., New York, Boston and Chicago, on a 5% basis. Market. See Series "3." CHICAGO. ROCK ISLAND & PACIFIC RAIL- WAY CO. £auip. 4^8. Series *'G." Due $170,000 semi-annually Jan. 1 and July 1, to July 1, 1927, inclusive. — ^F. Dated July 1, 1912. Interest payable Jan, and July 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,100,000. Outstanding— $2,890,000 (Jan.. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on 50 locomotives. 30 steel baggage and passenger cars, 6 steel dining cars, 10 steel baggage oars. 4 ateel horse cars. 2 gasoline motor cars, 3,000 box cars and 900 ballast and coal cars, costing $5,557,788, of which amount $457,788 was paid in cash. Market. See Series "3." (THE) CHICAGO, ROCK ISLAND A PACIFIC RAILWAY CO. Equip. 5s, Series "H." Due $441,000 annually to July 1, 1933, inclusive. — ^F. Bated July 1, 1913. Interest payable Jan. and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by com^oany without deduction. Authorized — $4,410,000. Outstanding — $2,205,000 (April 15. '19). Balance Retired. Denomination — Coupon, $1, 000. Registered, $1,000 and $5,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on . 64 locomotives, 72 steel passenger cars, 1.500 steel underframe box cars. 500 steel gondola cars and 50 caboosei. costing $5,521,000. of which 20% or $1,111,000 is paid by the rail- way company. Original Market — Offered in May, 1913. at prices to yield 6%% by Brown Bros. & Co.. New York. Philadelphia and Boston, and White. Weld & Co. Market. See Series "3." CHICAGO, ROCK ISLAND & PACIFIC RAIL- WAY CO. Receiver's Equip. 58, Series "I." Due $90,831 each March and Sept. 1. to Sept, 1, 1925. inclusive. Dated Sept. 1, 1915. Interest payable March 1 and Sept. 1, at Merchants Loan & Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,816,620. Outstanding— $1,180,803 (March, 1919). Balance Retired. Redeemable at any time at par and Interest. Secured by an equipment agreement with the Pullman Co. on 2.500 steel frame box cars. 262 costing $2,137,200, of which the Receiver paid $320,580 in cash. Market. See Series "3." CHICAGO, ROCK ISLAND & PACIFIC Re- ceiver's Equip. 5s, Series "2." Due $18,- 14^.40 each March 1 and S-ept, 1, 11)25, inclusive. Dated Sept. 1, 1915. Interest payable March aiLd Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $362,848. Outstanding — $235,851 (March, 1919). Balance Retired. Denomination — Lease warrants of $18,142.40 each. Trustee — First Trust and Savings Bank, Chicago. Redeemable at any time at par and Interest. Secured by an eauipment agreement with the Haskell, Barker Car Co. on 500 steel frame box cars, costing $426,880, of which Receiver paid $64,032 in cash. Market. See Series "3." CHICAGO. ROCK ISLAND & PACIFIC RAIL- WAY CO. Receiver's Eaoip. 5s, Series "3." Due $36,000 each March 1 and Sept. 1, to March 1, 1925, and $34,641 Sept. 1, 1925. Dated Sept. 1, 1915. Interest payable March 1 and Sept. 1 at First National Bank, Chicago. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $718,641. Outstanding: — $466,641 (March, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Merchants' Loan & Trust Co., Chi- cago. Redeemable at any time at par and Interest. Secured by an equipment agreement with the Bettendorf Co. on 1,000 steel frame box oars, costing* $845,460. of which the Receivers paid $126,819 in cash. Market. Philadelphia — ^West & Co., Graham, Parsons & Co., Brown Bros. & Co. Pittsburgh — Kean, Taylor & Co. New York — AV. A. Mitchell, Coggeshall & Hicks, Bull & Bldredge, Freeman & Co. , Eivans. Stillman & Co., Korn, Lehman & Co., Mann, Bill & Co. CHICAGO. ROCK ISLAND & PACIFIC RAIL- WAY CO. 3- Year Coll. Tr. 6% Notes. Due Feb, 1, 1923. Dated Feb. 1, 1919. Interest payable Feb. 1 and Aug. 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,500,000. Outstandings — $4,500,000. Purpose of Issue — The proceeds of these notes are to be used for the settlement in full of the claims, long in litigation, of the Colo- rado & SoutHern Railway Company, growing out of certain contracts relating to the secur- ities of The Trinity & Brazos Valley Railway Company and tUe Galveston Terminal Rail- way Company, and the use ' of their prop- erties. Denomination — Coupon , $1,000. Trustee — Bankers Trust Co.. New York. Redeemable, as a whole only, at 100 and interest on any interest date upon 3 days' notice. Secured by pledge of $7,500,00 1st & Ref. 4s due April 1, 1934. Under the terms of the Trust Agreement the collateral pledged shall at all times be equal at market price to not less than 120% of the face amount of the notes outstanding. Original Market — $ 4,500,000 offered Jan- uary, 1919, by Speyer & Co. and Hayden, Stone & Co. at QS% and interest. ' CHICAGO, ST. LOUIS & NEW ORLEANS RAILROAD CO. Cons. 3^s and Ss. Due June 15. 1951.— F. Dated March 15, 1881. Interest payable June and Dec. 15, at Illinois Central ofRce. 115 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $18,000,000. Outstandlne— $11,369,000 Ss; $1,359,000 3%s. Held by Ulinois Central R. R. Co. and Fledeed under its Coil. Tr. of 1886 — $5,266,009 5s. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustees — Lewis V. F. Randolph and Lynde A. Catlln. Guaranteed — 53, as to Interest only; 3%3, as to both principal and interest by endorsement by the Illinois Central R. R. Co. Organization and Control— Incorporated in 1877 under the laws of Louisiana and Indiana. Leased in 1882 for 400 years to the Illinois Central R. R. Co. Rental, equivalent to Inter- est, taxes and 4% on $10,000,000 stock, all of which is owned by the Illinois Central R. R. Co., $9,989,700 being deposited as security for an equal amount of Illinois Central R. R. Co. Leased Line Certificates. Secured by a first mortgage on 564.24 miles of road, viz. : Miles East Cairo, Ky., to New Orleans, La.. 5 4 6. 08 Aberdeen Jet. to Kosciusko, Miss 18.16 Note — 230 miles are double tracked. Underlies — Illinois Cent. R. R., C, St. L. & N. O. Joint 1st & Ref. 5s, due Dec. 1, 1963. and 111. Cent. R. R. Sterling 3%a of 1950. Legal for Savings Banks: 5% bonds legal In Bait., Cal., Conn.. Mich.. Minn., N. J., Me., N. H. and Wis. 3%% bonds legal in Bait., Cal., Conn.. Mich., Minn., N. H.. N. J., R. I.. Wis and Me. Listed on the New York and London Stock Exchanges. Market. New Tork — Taylor, Smith & Hard. Wood. Struthers & Co., J. S. Farlee & Co., B. & C. Randolph. Miller & Co., Clark, Dodge & Co., Abraham & Co. . Baker, Carruthers & Pell, Ambrose R. Clark & Co., Freeman & Co., S. P. Larkin & Co., Lo"-. Dixon & Co.. Red- mond & Co.. Vilas & Hickev. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 191S 3%s. High. 90 Fpb. 2, '09 65*-^ July 11 Low. 65% July 11. '18 65% July 11 Coupon 5s. High.123% Mfir. 9, '06 98 Feb. 26 Low. 94 Dec. 2X. '38 94 Dec. 28 Registered. High.119 Fpb. 5, '09 90 Oct. 18 Low. 90 Oct. 18, '18 90 Oct. 18 CHICAGO, ST. LOUIS & NEW ORLEANS RAILROAD CO. Memphis Div. 1st 48. Due Dec. 1, 1951. — N. Dated April 3, 1889. Interest payable June and Dec. 1, at Illinois Central office, lis Broadway, New York Tax Status — Payment of Federal Income Tax not assumed by company. 1^63 Anthorized and Outstandln? — $3,600,000. Denomination — Coupon, {1,000. Seeisterabla as to principal only, or fully reelsterable. Trustee— United States Trust Co., New York. Guaranteed principal and interest by the Illinois Central R. R. Co. by endorsement. Organization and Control — See Conaol. 5a and 3%s above. Secq/red by a first mortgage on 98.18 miles of road from Memphis, Tenn., to Grenada, Miss. Underlies — Illinois Cent. R. R.-C, St. L. & N. O. Joint 1st & Ref. Bs, due Dec. 1, 1963. LeBal for Cal., Mich., Minn., N. H., N. J., R. I., 'Wis., ile. and Mo. liisted on the New York and London Stock Exchanges. Market. New York — J. A. Joseph, Jr., & Co., Abra- ham & Co.. Baker. Carruthers & Pell. Simon Borg & Co., Taylor, Smith & Hard. Price Range— N. Y. S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 Hlgh.101% Aug. 20, '06 70% Oct. 10 Low. 70% Nov. 14. '17 70% Oct. 10 CHICAGO, ST. XOUIS & NEW ORLEANS RAILROAD CO, Eanlp. Tr. 5s, Series "A." Due $360,000 each June 1 and Dec. 1, to Dec. 1, 1984,— N. Dated Dec. 1, 1914. Interest payable June 1 and Dec. 1, at office of Trustee or Com- pany's oflflce. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5, 700, 000. Issued— 16,000.000. Outstanding — 13,000,000 (Jan. 1, '19). Redeemed — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole on any interest date after Dec. 1, 1919, at 102% and Interest on 90 days' notice. Guaranteed principal and interest by the Illinois Central R. R. Co. by endorsement. Secured by an equipment agreement on 1.000 steel gondola cars. 500 steel underframe re- frigerator cars, 6,000 steel superstructure single-sheathed box cars, 60 Mikado type loco- motives and 22 switch engines. 20% of cost of equipment paid in cash. Legal for N. H. Original Market — Offered in Dec, 1914, by Kuhn, Loeb & Co., New York, at par and interest. Market. New York — Freeman & Co., Bull & Eidredge. Evans, Stillman & Co. Philadelphia — Cassatt & Co., Graham, Par- sons & Co., Reilly, Brock & Co. CHICAGO, ST. LOUIS & PITTSBURGH RAIL- ROAD CO. 1st Cons. 6s. Due Oct, 1, 1932.— F. Dated March 31, 1883. Interest payable April and Oct. 1, at company's office. New Y6rk. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio, Indiana and Illinois. Authorized — (Closed mortgage). Outstanding — $1,492,000 (May 1, '19). Retired by S. F.— $14,000. Exchanged for P. C. C. & St. L. Cons.— $13,626,000. Denomination— Coupon, $1,000. Fully regis- terable. Registered, $1,000. , Trustee — Central Union Trust Co., New York. Sinking Fund— On April 1, 1893, and annual* ly thereafter, 1% of bonds outstanding to be applied to the purchase of these bonds at not exceeding 105 and interest. If not purchasable at that price, funds revert to the Company, Bonds purchased are to be cancelled. Assumed by the Pittsburgh, Cincinnati, Chi- cago & St. Louis R. R. Co. . Control — Consolidated in 1890 with several other companies into the Pittsburgh, Cincin- nati, Chicago & St. Louis Ry. Co. A large majority of the stock of this company is owned by the Pennsylvania Co., all of whose stock is owned by the Pennsylvania R, R. Co. Secnred by a first lien on 581.62 miles — Miles Columbus, O., to Indianapolis, Ind, ... .187.13 Richmond Jet. to Anoka Jet., Ind 102.56 Bradford Jet. to Chicago, 111 231.49 Peoria Jot. to Bffner, Ind 60.34 Underlies — P.. C., C. & St. L. Ry. Consols. Bonds are reserved under that mortgage to retire this issue. Legal for Me. and Mo. Listed on the New York and Philadelphia Stock Exchanges. Market. Philadelphia — ^West & Co., F. R. Welsh, Biddle & Henry, Wheeler, Elliot & Mann, Chas. Fearon & Co., Welsh Bros., Henry D. Boenning & Co., Graham, Parsons & Co., S. P. Larkin & Co. New York — B. & C. Randolph, F. H. Hatch & Co., Abraham & Co., Baker. Carruthers & Pell, Ambrose R. Clark & Co., Chas. W. Place, Wm. C. Ewen, Taylor, Smith & Hard, Redmond & Co. . Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.122 Jan. 16. '06 100% May 6 Low. 96% Oct. 18. '18 96% Oct. 18 CHICAGO, ST. PAUL, MINNEAPOLIS tt OMAHA RAILWAY CO. Incorporated in Wisconsin in 1880. The company owns 1,683 miles of road, of which 160 miles are double-tracked from Blroy. Wis., where connection is made with the Chicago & Northwestern Ry. Co., to St. Paul, Minneapo- lis and Duluth, Minn., and from Minneapolis to Sioux City and Council Bluffs, la., and Omaha, Neb. The C, St. P., M. & O. Ry. Co. has out- standing $11,259,200 7% non-cumulative pre- ferred stock and $18,666,700 common stock. If more than 7% per annum is paid on the com- mon stock, the preferred stock is entitled to a like distribution. The Chicago & Northwest- ern Ry. Co. acquired $5,380,000 of the pre- ferred and $9,540,000 of the common stock in 1882. Dividends on the preferred stock have been paid since 1881 at 7%, and on the common stock since February, 1897. Since 1906 divi- dends of 7% per annum have been paid on the common stock. ,,.,,. * »,i no,? The company has a bonded debt ol J41,d5i,- 000 outstanding in the hands of the public, or at the rate of $20,400 per mile of road. For a long period of years annual net earnmgs ex- ceeded twice the interest charges on the entire funded debt. Year ended Dec. 31 ■ Gross Net Int.& Rent 1917... $21,476,509 $4,837,726 S2."9."« 1916 20866,286 6,664,051 2.9«.«J6 •1916 ■ 17 841348 5,069,382 2,850,297 .1914 18 210 083 4,762,608 2.740,892 •Ins::: 16:993:004 4:504,272 2,225,338 •June 30. 264 CHICAGO, ST. PAUI-, MINNEAPOLIS A OMAHA RAII.WAY CO. CO. Cons. 68 li i'As. Due June 1, 1930. — N. Dated June .1, 1880. Interest payable June and Dec. 1, at company's office, 111 Broad- way, New York. ■ ^Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized — $30, 000, 000. Outstanding — $24,417,000 63 3,734,000 3%s $28,151,000 (May 1. '19) Reserved for Prior Uens — $536,000. Reserved for Ext. — $1,313,000. Denomination — Coupon, $1,000. Reiristerable as to principal. Trustee — Central Union Trust Co., New York. Control — The C. & N. W. Hy. Co. owns a majority of the stock. Secured by a direct lien on 1.679.60 miles of road. viz. : A first lien on 1,689.60 miles — Miles Elroy to near Hudson, Wis 177.60 St. Paul, Minn., to Lake St. Croix, Wis. IS. 40 Hudson to Bllawortlj, Wis 24.82 Merrillan to Marshfleld, Wis 38.67 Fairchild to Mondovi, Wis 36.75 Gmerald to Weston, Wis 36.37 Eau Claire to Spooner, Wis 81.51 Treeo to Superior, Wis 61.70 Tusoobia to Park Palls. Wis 76.26 Chippewa Falls to Yellow River. Wis.. 45.69 Madelia to Fairmont. Mont 29.38 Bingham Lake to Currie, Mont 38.63 Ponca to Wynot. Neb 29 . 06 Emerson to Norfolk. Neb 46.50 Wakefield to Crofton, Neb 49.14 Wayne to Bloomfleld. Neb 43 . 14 Branches 17.54 St. Paul, Minn., to LeMars. la ...241.46 Lake Crystal to Elmore. Minn 43.69 Heron Lake to Pipestone, Minn 55.10 Trent to Mitchell, ,S. D 130.73 Bayfield- to Chandler. Wis 97.61 Lucerne, Minn., to Doon. la 28.00 Ponca. via Sioux City to Omaha 139.39 St. Croix to Stillwater, Minn 4.65 Cliff to St. Paul Jet 1.02 A second lien on 90 miles — ' Covered by the first lien of the follow- ing; North Wisconsin Ry. 1st 6s 80.00 Superior Short Line Ry. 1st 5s 10.00 Prior I,iens — $2,036,000 prior liens as fol- lows: North Wisconsin Ry. 1st 6s. 1930... $536,000 Superior Short Line Ry. 1st 6s, 1930 1,600,000 Underlies — $11,200,000 Debenture 63. Le&al for Cal.. Conn., Mass., Mich., Minn., N. H.. N. J.. N. Y., R. L, Vt. and Wis. Z,lsted on the New York Stock Exchanee. Orisinal Market — $6,070,000 6s offered Feb- ruary, 1919, by Hornblower"& Weeks and Wil- liam Salomon & Co., New York, etc., at 106U and interest. Market. New York — Seaaongood. Haas & Macdonald, Saml. Goldschmidt, CoBn & Co., J. A. Joseph, Jr.. & Co.. B. & C. Randolph, Wood, Struthere & Co., Wolff & Stanley. Taylor, Smith & Hard, Struthers & Hiscoe, Remlck, Hodges & Co., Kom, Lehman & Co., Low. Dixon & Co., Red- mond & Co. Boston — ^R. L. Day & Co. Chicago — Harris Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. - 1,0s Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co, San Francisco — Blankenhorn-Hunter-Dulin Co. Price Banse— N. Y. S. B. Jan. 1, 1906 to Jan. 1. 1919 1»1« 6a. HiBh,136 Feb.13. '06 112 Nov. 14 I,ovv.l02 Dec. 6, '17 102 Jan. 14 gli g High.91% Feb. 7, '17 ' 88 Sept. 26 Low. 81% June 4. '18 81% June 4 CHICAGO. ST. PAUL, MINVBAPOUS « OMAHA RAILWAY CO. Deb. Ss. Da* March 1, 1930. Dated March 1, 1912. Interest payable March and Sept. 1. at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction on bonds so stamped, Nos. 1 to 9,200. inclusive. No tax is assumfed on Nos. 9,201 to 11,200, inclusive. Authorized — $16,000,000. Outstanding — $11,200,000. Reserved for Ext. — $3,800,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000. $5,000 and $10,000. C. Sc R. interchangeable. Trustee — Central Union Trust Co, , New York. Security — ^A direct obligation of the company. but not secured by a mortgage. The company covenants not to Increase its mortgage debt, except for the enlargement or extension of Its property, ■without securing: these debentures eaually with any such additional bonds. Legal for Cal.. N. H. and R. I. 'Listed on the New York Stock Exchange. Original Market — Offered In 1912 by Kuhn, Loeb & Co., New York, at 105%. $2,600,000 offered in May, 1913, by Rhoades & Co.. and White, Weld & Co., New York, at 97% and interest. Market. New York — Seasongood, Haas & Macdonald. Clark, Dodge & Co.. E. & C. Randolph, Curtis & Sanger, Sharretts & Young, Wood. Struthers & Co., Saml. Goldschmidt, WoltC & Stanley. Remick, Hodges & Co.. Struthers & Hiscoe, Lrfiw, Dixon & Co.. Redmond & Co. Chicago — Curtis & Sanger, Central Trust Co. of Illinois. Philadelphia — Cassatt & Co. Boston — Curtis & Sanger. Price Range — N. Y. S. E. Jan. r, 1912 to Jan. 1. 1919 1918 High.105 May 9. '12 97 Dec. 31 Low. 85% Mar. 1, '18 85% Mar. 1 CHICAGO, SANTA FE Si CALIFORNIA BAIL- WAY CO. 1st 6s. Due Jan. 1, 1937.— N. Dated January 1, 1887. Interest payable January and July 1, at company's office, 5 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $36,000 per mile. Outstanding — $560,000. (Closed mortgage). Denomination— Coupon, $1,000. Registerable as to principal, or fully registerable. Regis- tered, $6,000. Trustee — Boston Safe Deposit & Trust Co., of Boston. Control — Merged into the Atchlaon, Topeka & Santa Fe Ry. Co. Secured by a first mortgage on 439.29 miles of double-tracked road from Corwlth, 111, (Ave miles from Chicago), to Big Blue Jet., Mo. (near Kansas City). Underlies — A., T. & S. F. Gen. 4s and Adj. 4s, Gen. 4s are reserved to retire this issue. .265 r.e?al for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. J,, N. Y., R. I., Vt. and Wis. Market New York — Murphy Bros. & Miles. Abraham & Co., Baiter, Carruthers & Pell, Fred H. Hatch & Co.. S. P. I^arkin & Co., Chas. W. Place, Remick, Hodres & Co. Fittsbursh — R. B. Hutchinson & Co. CHICAGO, SOUTH BEND & NOBTHEEN INDIANA RAILWAY. 1st 5s. Due Jan. 1, 1937.— P. Dated .Tan. 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Default — July 1, 1918, interest. Note — ^As of May 1, 1919, the protective committee announced that they had arranged to advance to depositors, July 1, 1918, and Jan. 1, 1919, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. Ontstandine — $2,489,000 (Dec. 31, 1918). Held In Treasury — $491,000. Reserved for Prior I.iens — $1,900,600. Reserved for Bxt. — $119,600. Denomination — Coupon. $1,000. Trustee — Central Union Trust Co. , . New York. Protective Committee — G. C. Van Tuyl. Jr., Chairman; L. H. Gethoefer, D. Taylor, W. H. Pritchard, P. Coenen, and J. P. MacNamara, Sec, 60 Wall St., N. Y. C. Metropolitan Trust Co., N. Y. C, Depository. Oreanization — Incorporated In Indiana, Jan., 1907, as successor to the Northern Indiana Ry. Co.. which latter company had absorbed the Indiana Ry. Co., the South Bend, La Porte & Michigan City Ry., the Michigan City Electric Co. and the Michigan City -Traction Co. Sectired by a mortgage on all the property of the company, including 117 miles of electric railway track in South Bend, Mishawaka, Elk- hart, Goshen, La Porte, Michigan City, and interurban lines connecting these town.s. Popu- lation served, about 130,000. Franchises are perpetual, except In Ellkhart where franchise expires in 1967. Prior Uens — $688,000 Northern Indiana Ry. 1st Cons. 4s of 1936, $1,000,000 Indiana Ry. 1st S. P. 6s of 1930 and $312,600 La Porte & Michigan City Traction Co. 1st S. F. 6s of 1930. Year ended Dec. 31 Gross Net Interest 1917 $791,956 $186,734 $227,489 1916 863.693 313,324 223,612 1915 759,881 269,313 223,748 1914 306,295 224,718 Market. Philadelphia — H. D. Boenning & Co. New York — B. & C. Randolph. Chicago — Babcock, Rushton & Co.' Boston — Chas. A. Day & Co. Price Range. Jan. 1, 191% to Jan. 1, 1919 1918 Bid Ask Ask High.78 '16 84 '16 75 Jan. Low. 65 '18 65 Nov. CHICAGO TErEFHONX: COMPANY 1st 6s. Due December 1, 1923. — F. Dated December 1, 1908. Interest payable June and December 1, at First National Bank, New York, and Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $60,000,000. Outstanding — $18,996,000 (Dec. 31, 1918). Denomination — Coupon, $1,000. Re^isterable as to principal or fully reglsterable. Regis- tered, $1,000 and $5,000. C. & R. interchange- able. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 105 and Interest on any inter- est date on three months' notice. Organization and Control — Incorporated in Illinois in 1881 and owns the perpetual and exclusive rights of the Bell system in the counties of Cook, Kane, Lake, McHenry, Du Page, Kendall, Grundy and Will in Illinois and Lake and Porter in Indiana. The Ameri- can Tel. & Tel. Co. owns a majority of the (36,000,000 capital stock of the company. Secured by a first mortgage on the plant supplying "Bell" telephone service in Chicago, 111., and vicinity. FrancMses expire Jan., 1929. The city may purchase the property either on Jan. 1, 1919, or Jan. 1, 1924, at 6% in excess of the cost of duplication. Year ended Dec. 31 Gross Net Int.&Rent 1918. . .$22,433,426 $3,362,670 $1,194,871 1917... 21,643,914 3,666,219 1,218,220 1916... 19,672,718 4,609,965 1,096,379 1916... 17,669,633 4,216,807 1,063,760 1914... 16,229,369 3,609,065 1,038,468 Listed on the New York and Chicago Stock Exchanges. Original Market — $14,000,000 otCered In 1912 by First Trust & Savings Bank, Merchants' Loan & Trust Co., Chicago, and Lee, Hlggin- son & Co., New York and Boston. Harris Trust & Savings Bank, The Northern Trust Co. and Illinois Trust & Savings Bank, Chicago, at 102^ and interest. Market. CMcago — Hodenpyl, Hardy & Co., Wm. A. Read & Co., Continental & Commercial Trust & Savings Bank, Illinois Trust & Savings Bank, Northern Trust Co., First Trust & Sav- ings Bank, Curtis & Sanger, Babcock, Rush- ton & Co. Boston — Wm. A. Read & Co., J. W. Bowen & Co. New York — ^Hodenpyl Hardy & Co., Wm. A. Read & Co., E. & C. Randolph, Newburger, Henderson & Loeb, Gilman & Clucas, Curtis & Sanger, Babcock. Rushton & Co. St. Louis — ^Wm. B. Compton Co., Bowman. Cost & Co. - Omaha — City Trust Co. Pliiladelpiila — Newburger, Henderson & Loeb. Seattle — Dexter-Horton Natl. Bank. Detroit — Joel Stockard & Co. Price Range— N. Y. S. E. Jan. 1, 1916 to Jan. 1, 1919 1918 High.103% Jan. 24, '17 93% Oct. 8 1K)W. 93% Oct. 8, '18 93% Oct. 8 CHICAGO, TERRE HAUTE Si SOUTHEAST- ERN RAILWAY CO. 1st & Ret. Ss. Due Dec. 1. I960.— P. Dated December 1, 1910. Interest payable June and Dec. 1, At First National Bank, New York, and First Trust & Savings Bank, Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $4,244,000 (Jan. 31. 1919). Held in Treasury — $605,000. Pledged— $1,485,000. Reserved for Corporate Purposes — $5,879.- 000. Reserved for Prior IJens — $7,787,00,0. Denomination — Coupon, $1,000. Reglsterable as to principal. Registered. $5,000 and multi- ples. C. & R. interchangeable. Trustee — ^Illinois Trust & Savings Bank, Chi- cago, and Wm. H. Henkle. 268 Redeemable as a whole at 107 'A and interest on any interest date on eight weeks' notice. Creanization — Incorporated in Indiana In 1910 as successor to the Southern Indiana Ry. Co.. which was sold at foreclosure. Subse- quently acauired the property of the Chicago Southern Ky. Co. and Bedford Belt Ry. Co. Secured by a direct mortgage on 360.08 miles of road, viz. : A first lien on 128.72 miles — Miles Chicago Heights, 111., to Indiana-Illinois State Line 114.24 Windsor Jet. to Bridge Jet., Ind 7.10 Blanford .let. to Essenbee Mine, Ind.... 2.30 Kolsem Jet. to Jackson Hill Mine, Ind,. 3.03 Mile Post 165.6 to Pine Ridge Mine. Ind. 1.20 Station 37 to Hugh Shirkie Mine, Ind.. 0.86 A second lien on 227.17 miles — Covered by the Southern Indiana Ry, 1st 4s: Ind. -111. State Line to Westport, Ind.. 183. 78 Blackhawk to Sullivan, Ind 18. 52 Shady Grove to Mile Post, Ind 0.91 Mile Post 6.08 to Glendora, Ind 6.69 Latta to Hawton, Ind 8 . 09 West Clinton to Crown Hill, Ind 6.08 Coxton to Giberson Quarry. Ind 3.20 A third lien on 4.19 miles — Covered by the first lien of Bedford Belt Ry. 6s: Bedford to Oolitic, Ind 4.19 Further secured by a first lien on 2% locomo- tives and 2,674 cars, $249,200 stock of the Bedford Belt Ry. Co, and $2,499,600 stock of the C, T. H. & S. E. Ry. Co. of Illinois. The company has trackage rights into Chicago. No passenger service is operated north of West Dana, Ind., 35.50 miles north of Terre Haute. Prior Liens — $7,637,000 Southern Indiana 1st 4s of 1951 and $260,000 Bedford Belt Ry. 1st 6s of 1938. for the retirement of which, bonds of this issue have been reserved. Underlies — $6,500,000 Chicago, Terre Haute & Southeastern Income Bonds, due Dec. 1, 1960, Year ended Dec. 31 Gross Net Int.&Rent 1917 $3,805,025 $1,322,387 $820,554 1916 2,813.761 946,061 760.461 1915 2.263.877 836,738 683,337 I.isted on the New York Stock Exchange. Original Market — Ottered in 1911 by P. J. Llsnian & Co.. New York, at 98 and interest. Market. Chicago — Babcock,.. Rushton & Co. New York — Britton, Rollins & Co., Klely & Horton, B. & CT. Randolph. P. J. Lisman & Co.. Baker, Carruthers & Pell, Wm. M. Clarke, Freeman & Co., Sam'l Goldschmidt, Fred H. Hatch & Co.. S. P. Larkin & Co. Phlladelnhia — E. R. Barnard. Price Range — N. Y. S. B. Jan. 1, 1911 to ,Jan. 1, 1919 1918 High.86 Jan. 23, '14 58 July 26 Low. 58 July 26. '18 58 July 26 CHICAGO, TERRE HAUTE & SOUTHEAST- ERN RAILWAY CO. Cumulative In«ome 59. Dae Dec. 1, I960.— F. Dated December 1. 1910. Interest payable if earned, March and Sept. 1, at First National Bank, New York, and First Trust & Savings Bank, Chicago, Interest Paid — 1% Sept. 1, 1911, March and Sept, 1, 1912, and March 1, 1913. lVi% Sept. 1, 1913. 1%% llaroh 1, 1917, 1%% Sept. 1, 1917. 1'4% March 1, 1918. l'A% Sept. 1. 1918. 1%% Mar. 1. 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $6. 600, 000. Outstanding — $6,336,055. Held in Treasury — $163,945. Voting Privilege — These bonds are entitled to one vote for each $100 par value. Denomination — Coupon, $1,000 and $100. Registerable as to principal. Trustees — First Trust & Savings Bank and Louis Boi&ot, Chicago, Redeemable as a whole on any interest date at par and interest on 60 days' notice. Secured by a mortgage, subject to the lien of the 1st & Ret. Mtge. on the property de- scribed above under that issue. Prior Liens — $6,334,000 Chicago Terre Haute & Southeastern Ry. Co. 1st & Ret. 5s of 1960, $7,637,000 Southern Indiana 1st 4s of 1951, and $250,000 Bedford Belt Ry. Co. 1st 6s of 1938. Earnings—See 1st & Ref. 6&. Market. New York — J. S. Farlee & Co.. Saml, Gold- schmidt, WolSE & Stanley, Didriohsen & Co.. B. & C. Randolph, J, S, Baohe & Co.. Fred H. Hatch & Co., Coflln & Co. Chicago — Steere & Co., Babcock. Rushton & Co., Curtis & Sanger. Price Range. Jan. 1, 1916, to ,lan. 1, 1919 1918 Bid Ask Ask High.82 '16 84 '16 25 Nov. Low. 21 '17 22% '17 24 Deo. CHICAGO UNION STATION CO, 1st 4%8. Due July 1, 1963,— N. Dated July 1, 1915, Interest payable Jan, 1 and July 1, Chicago and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $60. 000, 000. Outstanding — $30,000,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registered, $500. $1,000, $5,000 and $10,000. C. & R. inter- changeable. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on Jan. 1. 1921, or any interest date thereafter on 90 days' notice. Guaranteed as to principal and interest joint- ly and severally by the Chicago, Burlington & Quincy R, R. Co., Chicago, Milwaukee & St. Paul Ry. Co., Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. and the Pennsylvania Co. by endorsement. Organization — Incorporated in Illinois, July. 1913, as the Union Station Co., and present name adopted May, 1915. Control — ^Each of the guarantor companies owns one-fourth of the outstanding capital stock. Secured by a first mortgage on all the prop- erty of the company, including the property knovTn as the "Union Station," Chicago, and properties adjacent thereto, comprising 11 blocks from Carroll Ave. to West 12th St.. principally between the Chicago Riwer and North and South Canal Sts., and including the present city block bounded by West Adams, West Jackson, Clinton and North Canal Sts. A new passenger station Is to be erected with en- larged terminal facilities. Construction was in progress Jan.. 1919. Listed on the New York and Chicago Stock Exchanges. Original Market — Underwritten by Kuhn. Loeb & Co.. Lee, Higglnson & Co.. Illinois Trust & Savings Bank, National City Bank of New York and First National Bank of New York, at par and interest. Market. New York — ^Pynchon & Co.. Wm. C. Bwpn, Seasongood, Haas & Macdnnald. Merrill. Lynch & Co., Kiely & Horton. Newburger, Henderson & Loeb, Struthers & Hlscoe, Col- 267 gate, Parker & Co., BaJcer, Carruthers & Pell. John Davenport, Redmond & Co., Vilas & Hickey. liOaisTille* Ky. — J. J. B. Hilliard & Son. Philadelphia — ^Elkins, Morris & Co., New- burger, Henderson & Jjoeb, Harper & Turner, Warren A. Reed, Biddle & Henry, Brown Bros. & Co., Reilly, Btock & Co. Chicago — ^McCoy & Cq., Northern Trust Co., Merrill, Lynch & Co., Babcock. Rushton & Co., Illinois Trust & Savings Bank, Pynchon & Co. Price Range — N, Y. S. E. Jan. 1. 1915 to Jan. 1. 1919 1918 High.lOl^ Jan. 12, '17 91 Nov. 14 Low. 85 Aug. 23, '18 85 Aug. 23 CHICAGO UTILITIES 1st 6s. Series '*A" and **B." Due April 1, 194S8. — F. As of Feb., 1919, no receiver had been ap- pointed, no protective committee, and no fore- closure proceedings started. Properties are be- ing operated. Dated April 1, 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Interest on Series "B" bonds non-cumulative to April 1, 1917. Default — April 1,. 1915, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorlzed — $20,000,000 Series "A." $4,000,- 000 Series "B." Outstanding — $5,024,900 Series "A." $4,- 000.000 Series "B." Held in Treasury — $975,000 Series "A." Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000. Trustee — United States Mortgage & Trust Co., New York. . Redeemable on any Interest date a€ par and Interest. Organization — Incorporated in Maine In 1912 as a reorganisation of the Chicago Subway Co. and the Illinois Tunnel Co. Security — Series "A" are secured by a first and Series *'B'* by a second collateral lien on the properties of the Chicago Tunnel Co. and the Chicago Warehouse Terminal Co., through the deposit of all of the stocks and bonds of the two companies. The Chicago Tunnel Co. owns 58 miles of subway, covering every busi- ness street In the center of Chicago. These subways are used for the transportation of freight in the business center of Chicago, and the company also has a telephone system in- stalled, using automatic stations. The Chicago Warehouse & Terminal Co. owns the tunnels located on private right-of- way, which connect the lines of the Tunnel Company with the various buildings and ware- houses which are served by the lines, and also with the railroads entering Chicago. Freight cars are shifted directly from the various rail- roads to the building In which they are to be loaded or unloaded, electric locomotives being used. Market. New York — A. E. Fitkin & Co.. B. & C. Randolph, E. Bunge & Co., A. H. MuUer & Sons. Chicago — John Burnham & Co. , Babcock, Rushton & Co., Curtis & Sanger. Scranton — Chaa. E. Robertson, Brooks & Co. Pittsbursh — Wm. P. Lemley & Co. Price Range. Jan. 1, 1915 to Jan. 1. 1919 1918 Series "A." Bid Ask Bid Ask High. 54 '16 60 '16 9f. Apr. lOf. June Low. 5 '17 8 '17 5f. Nov. 9f. Jan: CHICKASAW REFINING CO. Equip. Tr. 6s. Due $43,600 semi-annually from Sept. 15, 1918, to Sept. 15, 1920, inclusive, and $44,125 March 15, 1921. Dated March 15, 1918. Interest payable March 15 and Sept. 15 at Trustee's office. Tax Status — Information not available. Authorized — $261,625. Outstandine — $ 261,625. Denominaticn— Couponi, $1,000. Trustee — Columbia Trust Co., New York. Guaranteed principal and interest by per- sonal endorsement by S. A. Apple and D. J. Childs of Ardmore, Okla., respective presi- dent and vic«-president of the Chickasaw Refining Co. Organization — The Company owns a new and complete refinery at Ardmore, Okla.., and receives its crude product through pipe lines from the Healdton oil fields. Secured by an equipment agreement on 100 all-steel standard tank cars costing $373,- 750, of which the company paid $112,125 in cash. Original Market — $261,625 offered in May. 1918, by Freeman & Co., New York, at prices to yield 'from 6.50% on the first maturity to 7.75% on last maturity. CHICKASHA (OKLA.) GAS & ELECTRIC CO. 1st & Ref. 6s. Due Janaary 1, 1934. — F. Dated January 1, 1914. Interest payabi* January and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $83,000 (Jan. 1, '19). Held in Treasury — $61,000. Held by Trustee — $3,000. Reserved for Prior Liens — $155,000. Denomination — Coupon, $1, 000. ReglsterabU as to principal only. Trustees — Central Trust Co. of Illinois, Chi- cago, and William T. Abbott. Redeemable any interest date, 106 and Inter- est. Depreciation Fund — Beginning December 31, 1919, an annual payment equal to 2% of the par value of bonds then outstanding shall be credited to a depreciation fund. Organization and Control — Incorporated in Oklahoma In 1909. The company la controlled by the Middle. West Utilities Co. Secured by a second mortgage on plants sup- plying gas and electricity in Chldcasha. Okla. The company has hydro-electric and steam gen- erating plants and gas manufacturing plant. Electric franchise expires In 1932, gas in 1954. Population served, 16.000. Prior Lien — $155,000 1st 6s.. Due serially to 1928. Year ended Dec. 31 Gross Net Int. Etc. 1918 $118,182 $25,198 $14,637 1917 103.487 36.711 13.787 ^916 97.999 41,758 21,198 1915 87.808 37,650 20.412 1914 79,806 29.696 14,408 Original Market— Offered In August. 1916, at 88 and interest, by McCoy & Co., Chicago. CHILDS REAL ESTATE CO. 1st Serial 6s. Series "A" due Sept. 1, J929, and Series "B," due Sept. 1, 1938.— P. Dated. Series "A" Sept. 1, 1909; Series "B" Sept. 1, 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000, but not more than $500,000 to be issiied in any one year. "A" and $121,- and OutstandinsT — $63,000 Series 400 Series "B." Retired by Sinkins: Fiind — $78,630 "A' $26,800 "B" (Nov. 30. '18). Issuable as follows — $500,000 for general puiDoses. and the balance to purchase or ac- quire freehold or leasehold interests in real estate and for the construction of buildingrs, betterments, improvements to the freehold or leasehold property of the company. Denomination — Coupon, $100. $500 and $1,000. Regristerable as to principal. Trustee — Bmpire Trust Co., New York. Redeemable as a. whole or for the sinking fund on any interest date at 110 and interest. SinkinsT Fund — The company is to redeem on Sept. 1 annually such proportionate part of each series outstanding as will retire all bonds then outstanding by maturity. Bonds are to be drawn at 110 and interest. Organization and Control — Organized to Aandle the real estate negotiations of the Childs Co., which conducts a large numb<>r of restaurants in many of the larger eastern cities, including New York, Boston, Philadel- phia and Baltimore. The company leases prop- erty acquired with improvements to the Childs Co., which owns the entire capital stock. Secured by a lien on all the property of the company. Market. New York^-J. K. Rice. Jr., & Co.. Fred H. Hatch & Co. Pittsburgh — ^Wm.' P. Lemley & Co. Friee Range. Jan. 1, *16 to Jan. 1, '1\> Bid Ask Ser. "A" High.92% '16 Low. 89^ '17 Ser. "B" High.90 M6 Q8% '16 Low. 90 '16 981/^ '16 CHU^ COPPER CO. CoU. Tr. Convertible 7s. Due May 1, 1923. — N. Dated May 1. 1913. Interest payable May 1 and Nov. 1. at office or agency of company in New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $15,000,000. Outstanding — $15, 000, 000. Denomination — Coupon. $500 and $1,000. Registerable as to principal or fully register- able. Registered, $1,000 and niultiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Convertible at any time into common stock, par for par. Organization — ^Incorporated in Delaware in 1913. and owns all of the stock of the Chile Exploration Co. The company is controlled by the Guggenheim interests. Secured by a first ^en on the entire $1,000,- 000 capital stock of the Chile Exploration Co., wMch owns extensive copper mines and reduc- tion plant at Chuquicamata, Chile, where oper- ations are now in progress. Underlies — Conv. 6 s of 1932. under which bonds are reserved to retire this issue. listed on the New York Stock Exchange. Market. New York — ^Active on N, Y. Stock Exchange. Chicago — ^Kean, Taylor & Co., Francis Jew- ett Johnson. Philadelphia — ^Warren A. Reed. Price Range— N. Y. S. E. Jan. 1, 1913 to Jan. 1. 1919 1918 High.154 Nov. 20, '16 118% Nov. 12 Low. 96^ Nov. 9. '17 102% Jan. 17 CHII^ COPPER CO. Conv. CoU. Tr. 6s, Series "A." Due April 1, 1938.— N. Dated April 1. 1917. Interest payable April 1 and Oct. 1, in New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $100, 000. 000. Outstanding— $27,353,250 (Jan. 1. '19). Subscribed (50% balance due May 29, '19) — $7,646,750. Reserved to Retire Conv. 7s of 1923 — $15,- 000.000. Reserved for Ext. — $50,000,000. Denomination — Coupon. $500 and $1,000. Registerable as to principal or fully register- able. Registered $1,000 and multiples. Trustee — Guaranty Trust Co.. New York. Redeemable as a whole on any Interest date after April. 1922, at 110 and interest. Convertible at the rate of $35 face amount of bonds for each $26.00 par valne of com- pany's stock at any time during the life of these bonds. Organization — See 7% Convertibles. Secured by a second lien on entire $1,000.- 000 capital stock of the Chile Exploration Co. The properties of the latter company are lo- cated in Chile. The proceeds of this Issue are to be applied in part to increasing company's plant capacity to 27,000 tons per day. Prior liens — $15,000,000 Chile Copper Co. Conv. 7s of 1923, for the retirement of which bonds are reserved under this mortgage. Year ended Dec. 31 (combined) Gross Net 'Deductions 1917.. $18, 908. 855 $7,806,371 $2,365,758 1916.. 10,558,724 4,173.049 2,236,657 ♦Federal Taxes, depreciation and interest. liisted on the New York Stock Exchange. Underwritten April. 1917. by the Guaranty Trust Co., Eugene Meyer, Jr., & Co. and Gug- genheim Bros., New York. Market. New York — Bigelow & Co., J. L. Morgenthau & Co., McDonnell & Co., Morton Lachenbruch & Co., C. "W. Pope & Co. Price Ranee— N. Y. S E. Jan. 1, '17 to Jan. 1. '19 1918 Subs. Rects. — Par Paid High.lOl June 14. '17 89*^ Nov. 12 I-ow. 70 Dec. 14, '17 73 Jan. 16 Subs. Rects. — 1st Inst. Pd. High. 89 Vs Nov. 13. '18 Low. 77 Sept. 18. '18 CHINA MAIL STEAMSHIP CORP. (OF CAL- IFORNIA) Ist 78. Due as follows: Se- ries "A," $583,000. July 1, 1919; Series "B," $583,000. July 1, 1920; and Series "C." $584,000. July 1, 1921— F. Dated July 1, 1918. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,750,000. Outstanding — $1,750,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco. Redeemable within 1 2 months of maturity. Series "A" at 100 1^. Seriee "B" at 101 and Series "C" at 101%, at any time upon 30 days' notice; all series as a whole at 102. Organization and Control — Incorporated in California. Its entire capital stock except directors' shares is owned by the China Matil Steamship Co., Ltd., also a California corpo- ration. Secured by a first mortgage on the steam- ers NEtnking and China; and by deposit of all the capital stock, except directors' shares, of 2C9 the China Pacific S. S. Co.. lAd., owner of the steamer Nile. The steamer Nanking (IT. S. registry) is a steel, oil-burnine' cargo and passenger ves- sel of 8,262 tons. The steamer China (U. S. registry) is a steel, coal-burning cargo and passenger vessel of 5,060 tons. The steamer Nile (British registry) is a steel", coal-burn- ing cargo and passenger ship of 5,888 tons. The insurance is the broadest form of cov- erage aecurable on steamers as follows: S. S. Nanking, $2,711,965; S. S. China, $750,000; S. S. Nile, $500,000; total, $3,961,965. Original Market — $1,750,000 offered Aug., 1918. by Blyth, Witter & Co., San Francisco and Los Angeles at 99.53, 99.09 and 98.68 and interest for respective maturities. Market. San Francisco — Blyth, Witter & Co. liOS' An©ples — Blyth, Witter & Co. New York — McDonnell & Co. CHIPPEWA VAIXEY RAILWAY, UGHT & POWER CO. 1st 5fi. Dae July 1, 1924. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $509,000 (Jan. 1, '19). Retired by S. F. — $153,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Harris Trust & Savinga Bank. Chi- cago. Redeemable at 105 and interest on any Inter- est date. Sinking Fund — 1% of outstanding bonds on July 1. 1913 and 1914, 2% 1915-1919, 3% 1920-1923 for the purchase or redemption of bonds at not exceeding lOB and interest. Bonds 80 acquired are to be cancelled. Organization and Control — Incorporated in Wisconsin in 1898 and acquired the property of the Chippewa Falls Electric R. R. Co. into which the Eau Claire Light & Power Co. was merged. In Jan.. 1911, acquired the property of the Chippewa Palls Water Works & Lighting Co.: July, 1911. the Menominee Blec. Light & Power Co., and Nov., 1912, the Spring Valley Light & Power Co. Merged into the Wisconsin- Minnesota Light & Power Co. All of the com- mon stock of the latter company is owned and the property managed by the American Public Utilities Co. Secured by a first mortgage on all the prop- erty of the company and including 23 miles of electric railway track embracing the street rail- way systems of Eau Claire and Chippewa Falls. Wis., and interurban line between those cities; all the water powers on the Red Cedar River and hydro-electric plant at Menominee, Wis. ; plants, transmission lines and distrib- uting systems supplying electric light and power in Eau Claire. Chippewa Palls. Meno- minee, Elk Mound and Altoona; on 40 miles of transmission lines furnishjng electric power to company supplyint? Redwing, Lake City and Wabasha, Minn., with electricity, and on plant supplying gas to Chippewa Falls. Population served, over 30.000. Franchises — Raifway franchise in Eau Claire expires in 1928. The company surrendered Its lighting franchise In this town for an Indeter- minate franchise. Underlies — ^Wisconsin-Minnesota Lt. & Pr. 1st & Ref. 5g, under which mortgage bonds are reserved to retire this issue. EarningH — See Wisconsin-Minnesota Light & Power Co. Original Market — $650,000 offered in 1907 at 91 and interest by Harris, Forbes & Co., New York, N. W. Harris & Co.. Boston, and Harris Trust & Sav. Bank, Chicago. Market. New York — J. J. Levenson. Milwaukee — First National Bank, Wisconsin Trust Co. Chicago — Harris Tr, & Sav. Bank. Price Ranee. Jan. 1. 1915 to Jan. 1, 1919 Bid Ask High.98 '17 101 '17 Low. 92 '15 97 '15 CHOCTAW & MEMPHIS RAILROAD CO. Ist 5s. Due Jan. 1, 1949. — F. Dated January 2, 1899. Interest payable Jan. and July 1, at First National Bank. New York or Girard Trust Co., Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $3,525,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Assumed by the Choctaw, Oklahoma & GUlf R. R. Co. Guaranteed as to Interest by the Chicago. Rock Island & Pacific Ry. Co., under terms of lease of the Choctaw. Okla. & Gulf R. R. Control — Merged into the Choctaw, Oklahoma & Gulf R. R. Co. For further details see C, O. & G. Cons. 5s below. Secured by a first mortga,ge on 282.32 miles of road from the west bank of the Mississippi River near Hopefleld, Ark., to the Ark.-dkla. State Line; on terminals in Memphis, Tenn., and trackage rights from Memphis, Tenn., to west side of the Mississippi River, including bridge over the Mississippi River, 4 miles. Underlies — Choctaw, Okla. & Gulf Cons. 5a of 1952. Listed on the Philadelphia Stock Exchange. Market. New York — Morton Lachenbruch & Co., Newburger, Henderson & Loeb, F. H. Hatch & Co., E. & C. Randolph, Abraham & Co.. Baker, Carruthers & Pell, F. J. Lisman & Co.. Taylor, Smith & Hard. Philadelphia- — Harrison St Co., West & Co.. Newburger, Henderson & Loeb, Chas, Fearon & Co., Chas. D. Barney & Co., Elkins. Mor- ris & Co., Warren A. Reed, Huntoon & Co., Biddle & Henry, Graham, Parsons & Co., S K. Phillips & Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 191S Bid Ask Bid Aak High.113% '09 115% '09 93 June 95 Feb. Low. 85 '17 89 '18 85 Dec. 89 Oct. CHOCTAW, OKLAHOMA & GULF RAILROAD CO. Gen. (now Iflt) 6s. Due Oct. 1, 1919. Dated October 3, 1894. Interest payable Jan. and July 1, at First National Bank, New York, or at the Girard Trust Co,, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,500, 000. Denomination — Coupon, $1. 000. Registerable as to principal or fully registerable. Trustee — Charles Hayden. Control — See Consol. 5s below. Assumed by the Chicago, Rock Island & Pacific Ry. Co. Secured by a first mortgage on 350.47 miles of road from a connection with the road for- merly of the Choctaw & Memphis R. R. Co. on the Arkansas-Oklahoma line to Elk City, Okla., and branch. Underlies — C. O. & G. Consol. Mtg., under 270 which bonds are reserved to retire this issue, and the C. R. I. & p. 1st & Ref. MortgaEe. Listed on the New York and Philadelphia Stock Exchanges." Market. New York — F. H. Hatch & Co., E. & C. Randolph. S. P. Larkin & Co. Fiiiladelphia — Harrison & Co., West & Co., Wistar & Co. , Henry & Kirkbride, Chas, Fearon & Co., Elkins, Morris & Co., Harper & Turner, "Warren A. Reed, Huntoon & Co., Biddle & Henry, Graham, Parsons & Co. , S. K. Phillips & Co. Price Banse — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.*106% Jan. 3, '06 100 Feb. 27 Low. 95 Feb. 13, '18 95 Feb. 13 New York — Louchheim, Minton & Co.. New- burger, Henderson & Loeb, Baker,. Carruthera & Pell, Taylor, Smith & Hard. Price Range— N. Y. S. E. Jan, 1, 1916 to Jan. 1, 1919 1918 High.111% Aug. 16, '09 93 May 24 Low. 93 May 23. '18 93 May 23 CHOCTAW, OKLAHOMA & GULF RAILROAD CO. Cons. 5a. Due May 1. 1953.— P. Dated May, 1902. Interest "payable May and Nov. 1, at Trustee's office, Philadelphia, and at First National- Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Author ized^$ 30, 000, 000. Outstandine — $5,411,000. Only $5,500,000 additional bonds may be issued, to refund the Gen. 5s of 1919, and upon issuance they are to be pledged under the C, R. I. & P. 1st & Ref. Mtge. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Girard Trust Co., Philadelphia. Assumed by the Chicago. Rock Island & Pa- cific Ry. Co. Organization and Control — Incorporated in 1894 under act of Congress and acciuired Choc- taw & Memphis R. R. and other companies. In 1902 the Chicago, Rock Island & Pacific Ry. Co. acquired all of the stock, and in 1904 leased the pro:perty for 999 years. The latter company is now in the hands of receivers. Secured by a direct mortgage on 968.07 miles of road, viz. : A first lien on 335.28 miles — Miles Elk City to Okla.-Tex. State Line near Texola, Okla 40.17 Haileyville Jet. to Ardmore, Okla 117.51 Geary, Okla., to Anthony, Kan 121.03 IngersoU to Alva, Okla 15.59 Hot Springs to Benton, Ark 34.97 Butterfield to Malvern, Ark B.17 Connection with Malvern & Camden Ry. at Malvern Jet., Ark 0.86 A second lien on 632.79 miles — Covered by the first lien of the following: Choc.^ Okla. & Gulf Gen. 5s 350.47 Choc. & Memphis 1st 5s 282.32 Little Rock Bridge Co. 1st 6s Also a first lien on 62.46 miles of leasehold — Bririkley to Jacksonport. Ark 56.50 Wiville to Gregory, Ark B.96 Prior Liens — $9,080,000 prior liens as fol- lows: Little Rock Bridge Co. 1st 69, 1919.. $55,000 Choctaw & Memphis 1st 5s, 1949.. 3,525,000 Choc, Okla. & Gulf Gen. (now 1st) 53.1919 5,500,000 Listed on the New York and Philadelphia Stock Exchanges. Original Market — $3,400,000 offered In Jan., 1902, by Drexel & Co., Brown Bros. & Co., E. B. Smith & Co., and "W. H. Newbold Sons & Co., Philadelphia, at 107% and interest. Market. Philadelphia — Harrison & Co.. "West & Co., Geo. N. Fleming, Louchheim, Minton & Co., Newburger, Henderson & Loeb, Chas. Fearon & Co. , Reed & Huntoon. Warren A. Reed, Biddle & Henry, Graham, Parsons & Co. CHRISTOPHER & TENTH ST. RAILROAD Ext. Ist 4s. Due Oct. 1, 1923.— N. Dated Oct. 1, 1898. Extended Oct. 1, 1918, at same rate of interest. Interest payable April and Oct. 1, at National Bank of Com- merce, New ,Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $210, 000. Denomination — Coupon, $1, 000. Trustee — Guaranty Trust Co., New, York. Guaranteed as to interest by New York Rail- ways Co. by terms of lease. Receivership — See New 'York Railways Co. Control — Leased in 1890 to Central Cross- town R. R. Co. for 999 years. Rental 8% on $650,000 capital stock, interest and organiza- tion expenses. On April 1, 1904, the Central Crosstown R. R. and the Christopher & Tenth St. R. R. were leased for 999 years to the Metropolitan Street Ry. Co. at same rental. On reorganization of the latter company, its successor the New York Rys. Co. has assumed this lease. Secured by a first mortgage on 4.16 miles of electric street railway in New York City. Refunding — The New York Rys. Co. refund- ing mortgage provides for the retirement of this issue provided the property and fran- chises of the Central Crosstown R. R. Co.. Including the lease of this company, or not leas than 95% of the collateral notes of the latter company, are acquired by the New York Rys. Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 Bid Ask High.80 '10 85 -10 Low.. 70 '08 85 '10 CICERO GAS COMPANY Ref. & Gen. Ss. Due July 1, 1933.— F. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company, without deduction. Authorized — $5,000,000. Outstanding — $3,365,000 (Jan. 1. '19). Reserved for Prior Liens — $500,000. Reserved for Corporate Purposes — $1,130,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Cq., Chicago. Guaranteed principal and interest by the Northwestern Gas Light & Coke Co. by en- dorsement. Assumed by the Public Service Co. of North- ern Illinois. Control — Consolidated in 1902 Into the North- western Gaa Light & Coke Co., which com- pany supplies gas to about 25 suburbs of Chi- cago. In 1913 the property of the latter com- pany w^s acquired by consolidation by tha Public Service Co. of Northern Illinois. Secured by a mortgage on all the property formerly belonging to the Cicero Gas Co. and including plant supplying gas to Cicero, III., and vicinity. Population served, 20,000. Fran- chises expire about 1940. Prior Liens — $500,000 lat 6a of 1923 which this issue provides to retire. Underlies — Pub. Serv. Co. of Nor, 111. 1st & Ref. 5s under which mortgage bonds are re- served to retire this issue, and Deb. 6s, due 1922. 271 EarniDEB-^See P. S. of N. 111. Listed on the Unlisted Department of the Chicago Stock Exchange. Market. Chicaco — Russell, Brewster & Co.. Peoples" Trust & Savings Bank, Ft. Dearborn Trust & Savings Bank, Chicago Savings Bank & Trust Co., National City Bank. Halsey, Stuart & Co., Babcoek, Rushton & Co., H. T, Holtz & Co. New York — ^Hanson & Doyle, Kiely & Hor- ton, Babcoek, Rushton & Co., Berdell Bros. Price Range. Jan. 1. 1911 to .Ian. 1, 1918 1918 Bid Ask Bid Ask High.98% '16 100 '16 82 Mar. 87^4 Dec. 1jOW.70 '18 71 '18 70 May 71 May. CINCINNATI & HAMILTON EUECTRIC STREET RAILWAY 1st 6a. Due AprU 1, 1918.— F. Dated April 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Default — Principal and interest due July 1, 1918. All coupons of these bonds had been paid and cancelled as of March 4, 1918. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized—; 500,000. Ouf standing — $400,000. Denomination — Coupon, $500. Trnstee — Citizens' Savings & Trust Co.. Cleveland. Frotective Committee — W. S. Hayden and E. W. Hale, Cleveland; Depository, Citizens Sav- ings & Trust Co. Foreclosure — Suit has been instituted by the Trustee in the Common Pleas Court of Butler County, O. Control — Merged with Cin., Day. & Tol. Traction Co., which was foreclosed -and re- organized in 1917 as the Cincinnati & Dayton Traction Co. Secured by first mortgage on 15 miles of electric railway. Underlies — Southern Ohio Trac. Co. 1st Cons. Es of 1920. Listed on the Cleveland and Cincinnati Stock Exchanges. Market. Cincinnati — ^W. E. Hutton & Co. Fbiladelphia — E. R. Barnard. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.105 '11 110 '14 95 Jan. 101 Jan. Low. 95 '16 101 '16 CINCINNATI & MUSKINGUM VALLEY RAIL- ROAD CO. 1st 4s. Due Aug. 1, 1948.— F. Dated Aug. 1, 1898. Interest payable B'eb. and Aug. 1, at Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Ohio. Authorized — $2,^00,000. Outstanding — $1,650,000 (Dec. 31, 1918). Retired by S. F.— $100,000. Reserved for Ext. — $260,000. Denomination — Coupon, $1,000. RegisterabU as to principal. Trnstee — Farmers' Loan and Trust Co., New York. Sinking Fund — Annually, on October 1, 1% of .the bonds outstanding, ,to be applied to their purchase at not exceeding par. If not pur- ch^s^d at this price, the fund for that year siiali revert to the company. Ouaranteed principal and interest by th9 Pennsylvania Co. by endorsement. Control — Consolidated In 1911 into the Cleveland, Akron & Cincinnati Ry. Co., which is operated by the Pennsylvania B. R. Co.- Western Lines under the terms of an operat- ing agreement, whereby the net earnings re- vert to the C. A. & C. Ry. Co. All of the stock of the company is owned by the Penn- sylvania Co. Secured by a iirst mortgage on 148.46 miles of road from Trinway to Morrow, Ohio. Legal for Cal., Me., Mich., Minn,, Mo,, N. H., N. J., R. I. Market. Cincinnati — Fifth-Third National Bank. New York — Abraham & Co., Baker, Car- ruthers & Pell, McKinley & Morris, Chas. W. Place, Taylor, Smith & Hard. Philadelphia — H. D. Boenning & Co., Chas. Fearon & Co., S. K. Phillips &. Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.93 16 95 '17 83 Noy. Low. 70 '18 88 '15 70 Jan. CINCINNATI ABATTOIR CO. S. F. 1% Notes. Due April 1, 1929. Dated April 1. 1919. Interest payable April and October 1st at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $1,000,000. Purpose of Issue — Not stated. Denominations — Coupon $1,000, registerable as to principal. Trustee — Central Union Trust' Co., New York. Redeemable upon thirty days' notice by pur- chase at not exceeding 102, and if not so purchaseabie to be called by lot at 102 and interest. Sinking Fund — ^Annually beginning March 1, 1920, as follows: $60,000, 1920; $75,000. 1921; $100,000, 1922 to 1927. "inclusive; $125,- 000, 1928. Organization — Incorporated in Ohio, 1893; Company leases from its subsidiary company the Abattoir Realty Company (all of whose capital stock it owns), plant adjoining Union Stock Yards in Cincinnati, covering five acres of land. As of Dec, 1917, the American Appraisal Company valued this property at $1,228,000, subject to $355,000 preferred stock of the Abattoir Realty CJompany. Company also leases a curing and cold storage ware- house with capacity of three million pounds and maintains branch house in New York. Owns 159 refrigerator cars, subject to $46,- 760 car trust notes, which are operated un- der the title of the Cincinnati Refrigerator Express. Security — A direct obligation of the com- pany, but not secured by mortgage. Company covenants that, so long as any notes of this issue are outstanding, it will not, without the written consent of the holders of two-thirds of the outstanding notes', place any mortgage upon its property or issue evidences of in- debtedness maturing within more than one year, except under certain carefully guarded restrictions specified in the Indenture. The company further agrees to maintain at all times net tangible assets equal to 260% of the face value of the notes outstanding, of which the net quick assets shall be not less than 160%. Original Market — Offered in April, 1919, by Imbrle & Company, New York, etc., at 99% and interest. CINCINNATI GAS & EUBCTBIC CO. 40-'year 1st & Ref. (now 1st) S. F. Ss. Series "A." Due April 1, 19R6. Dated April 1, 1916. Interest payable April and Oct. 1, in New York and Cincinnati. . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $8,936,000 (Apr. 1. '19). Fledsed to Secure «% Notes — $3,000,000. Reserved tor Ext. — $64,000. Reserved for guaranty of Cincinnati Gas Transportation Co. Ss of 1933 — $3,000,000. Denomination — Coupon. $1,000. Registerable as to principal. Registered $1,000 and multi- ples. C. & R. interchanereable. Trnstee — Columbia Trust Co., New Tork. Redeemable at 102 and interest on any in- terest date on 30 days' notice. Sinking Fund — Beginning April 1, 1920, 1% per annum of outstanding bonds. Guaranteed as to interest and sinking fund under terms of the lease by the Union Gas & Electric Co. Ijease — Property of company leased for 99 years from Sept. 1, 1906, to the Union Gas & Slectric Co. Rental, interest and sinking fund charges 6% dividend on capital stock (author- ized $36,000,000, outstanding. $35,096,300) and renewals, replacements and depreciation. Per- formance of lease guaranteed by deposit of $3,286,360 in cash and securities with Trus- tees. Organization — Incorporated in 1837 in Ohio. In 1901 absorbed Cincinnati £]dlson Electric Co., Brush Electric Co. and Jones Bros. Elec- tric Co., all in Cincinnati. Secured by a first mortgage on all the prop- erty of the company and includings plants sup- plying gaa and electricity to Cincinnati, O., gas to Norwood, Elmwood, Wyoming, St. Ber- nard, Arlington, Reading, Lockland, Wiliiams- daie, Giendale, Woodlawn, Sllverton, Deer Park and Mount Healthy: and electricity to Elmwood, Wyoming, Arlington, Lockland. Giendale, Woodlawn, Mount Healthy, Bridgetown and Cheviot. Electric generating capacity 29,200 K. W. Franchises in Cincinnati are perpetual, subject to city's privilege to purchase prop- erty and regulate rates at 10-year periods. Population served 450,000. Listed on the New Tork and Cincinnati Stock Exchanges. Original Market — Offered April, 1916. by A. B. Leach & Co. and Dick, Gregory & Co.. New Tork, etc., at 99% and interest. Market. Boston — A. B. Leach & Co., McConnell & Co., Inc., "Van Voorhis, Wilson & Co., Kim- ball. Russell & Co. Chicago — Northern Trust Co.. Hodenpyl, Hardy & Co., A. B. Leach & Co.. Babcock, Rushton & Co., Curtis &' Sanger, Merrill, Lynch & Co. New York — A. B. Leach & Co., Earle A. Miller & Co., S. P. Larkin & Co., Hodenpyl, Hardy & Co., J. J. Levenson, A. B. Fitkin & Co., Union Trust Co., E. & C. Randolph. Hanson & Doyle, S. P. Larkin & Co., S'am'l Goldsohmidt, Kiely &. Horton. G. W. Walker & Co., Lynch & McDemiott, John Nickerson, Jr., Phelps & Neeser, W. C. Rausoher, Taylor & White. Philadelphia — H. D. Boenning & Co., Rellly, Brock & Co. Pittsburgh — Goldsborough & Hammond. Portland — Casco Mercantile Trust Co., H. M. Payson & Co. . Minneapolis — Minnesota Loan & Trust Co. St. I,oni8 — Mississippi Valley Trust Co. Cincinnati — Irwin, Ballman & Co.. Fifth- Third Nafl Bank. A. & J. Frank, W. E. Hut- ton & Co., M. E. March & Co. Grand Rapids— Howe, Snow, Corrigan & Bertles. Milwaukee — Second Ward Savings Bank. St. Paul — ^Merchants' Trust & Savings Bank. Prjce Range— N. Y. S. E. Jan. 1, 1916 to Jan. 1. 1919 1918 High.102 Mar. 10, '17 91 Dec. 10 Low. 89% Apr. 4, '18 8914 Apr. 4 (THE) CINCINNATI GAS & ELECTRIC CO. Z-Year 6% Secured Notes. Due March 15, 1920 ^F. Dated March 15, 1918, Interest payable March 15 and Sept. 16, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 226, 000. Outstanding — $2,226,000. Purpose of Issue — ^To obtain funds for the completion of a" new electric generating station In Cincinnati, with an initlE^l capacity of 50,- 000 k. w. and an ultimate capacity of 100,000 k. w. and also to pay for extensions, additions and new properties necessary to meet the re- auirements of its franchises in Cincinnati. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co., Cincinnati. Redeemable at 100% and Interest on any Interest date upon 60 days' notice. Organization — See 1st & Ref. 5s. Secured by pledge of $3,000,000 1st & Ref. (now 1st) 5s, dye April 1, 1956, which are se- cured by a first mortgage on the entire prop- erty of the company. Original Market — $2,226,000 offered March, 1918, by the Baultable Trust Co., New York, and Weil. Roth & Co., New Tork, Cincinnati and Chicago, at 97% and interest. Market. Chlc.ago — Babcock, Rushton & Co. Cincinnati — Fifth-Third National Bank, W. E. Hutton & Co., Weil, Roth & Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Boston— F. B. Bassett & Co. Baltimore — Robt. Garrett & Sons. New York — Equitable Trust Co. of N. T. , T. Hall Keyes & Co. Pittsburgh — Kean, Taylor & Co. Price Range — 1918. Bid Ask High.98 Deo. 100 Dec. Low. 96% Sept. 97% Apr. CINCINNATI GAS TRANSPORTATION CO. Ist 58. Due July 1, 1933. — F. Dated July 1, 1908. Interest payable Jan. and July 1, at Cincinnati Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $3,184,000 (Dec. 31. 1918). Retired by Sinking Fund — $1.816. 000. Denomination — .Coupon, $1,000. Trustee — Provident Savings Bank & Trust Co.. Cincinnati. Redeemable at 110 and interest. Sinking Fund — $250,000 per annum payable monthly, at not over 110 and interest. Bonds redeemed to' be cancelled. Guaranteed principal, interest and sinking fund by Columbia Gas & Elec. Co. and $3,- 000,000 also guaranteed principal and interest by endorsement by the Cincinnati Gas & Elec- tric Co. and under terms of guarantee are equally secured with that company's 1st & Ref. 6s of 1966. Control — ^AU preferred stock owned by Cin- cinnati Gas & Elec. Co., which company is leased to the Union Gas & Elec. Co., all of 273 whose stock is owned by the Columbia Gas St Elec. Co., and the C. G. T. Co. property leased to that company until 1938, with privilege of renewal of lease. Secured by first mortgage on 160 miles of main pipe line and 2 5 miles of field lines, connecting- natural ffas fields in W. Va. and Ky., owned by Columbia Gas & Elec. Co.. of West Viriginla. Daily capacity. 80,000,000 cubic feet. Earnings — Dividends at the rate of 10% on the $2,000,000 common stock are being paid annually under terms of lease. liisted on the Cincinnati and Pittsburgh Stock Exchanges. Original Market — $3,000,000 offered 1909, at 91% and interest, by A. B. Leach & Co., New York, Chicago, Boston, etc., and White & Co.. New York. Market. New, York — McKinley & Morris. F. H. Hatch & Co., E. & C. Randolph, Martin, Berwin & Co., Sam'l Goldschmidt. A. B. Leach & Co., John W. Christiansen, Berdell Bros., John Da- venport, Lynch & McDermott, Taylor & White. Cincinnati — Channer & Sawyer, W. E. Hut- ton & Co., Fifth-Third National Bank, A. & J. Frank, W. E. Hutton & Co., M. E. March & Co. Chicago — National City Bank, A. B. Leach & Co.. Babcock, Rushton & Co. Detroit — Security Trust Co. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Boston — A. B. Leach & Co. . L. Sherman Adams. Providence — Hornblower & Weeks. Price Range. Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99^ '17 102 '17 95 Dec. 100 Dec. Low. 88 'IB 89% '12 90 Jan. 97 Aug. Double Guar. High.lOO '17 102 '17 97% Feb. 100 Dec. Low. 90 '18 95 '14 90 Jan. 98 Jan. CINCINNATI, HAMrLTON & DAYTON RAIL- ROAD CO. 2nd (now 1st) 4%8. Dae Jan. 1. 1937.— F. Dated January I, 1887. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized and Outstanding — $2, 000, 000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co.. New York. Assumed by Toledo & Cincinnati R. R. Co. Control — Merged in 1895 into the Cincinnati. Hamilton & Dayton Ry. Co. In June, 1917, the latter company was succeeded through fore- closure by the Toledo & Cincinnati R. R. Co.. the entire capital stock of which is owned by the Baltimore i& Ohio R. R. Co. Secured by a first mortgage on 60.06 milea of road from Cincinnati to Dayton, Ohio, of which 36.84 miles are double-tracked ; a first lien 1.15 miles of trackage rights over the New York Central R. R. at Toledo. C; a first lien on 143.98 miles of leaseholds, Including 141.15 miles from Dayton to Toledo. O. (Day- ton & Michigan R. R. Co. dated May 1, 1863. and modified June 23. 1870) and 2.83 miles from Dayton to Soldiers' Home, O. (The Home Avenue* R. R. Co.. dated June 29, 1897.) Underlies — C, H. & D. R. R. Gen. 5s of 1942 and B. & O. Toledo-Cincinnati Div. 4fl and 5s of 1969, under which bonds are re- served to retire this issue and T. & C. R. R. Adj. & Imp. Mtge. Bonds, all of which are owned by the B. & O. R. R. Ijegal for Me. listed on the New York and Cincinnati Stock Exchanges, Market. New York — P. H. Hatch & Co., Louchheim, Minton & Co., Sam'l Goldschmidt, Wolff & Stanley, F. J. Lisman & Co., Wm. Carnegie Bwen, Baker, Carruthers & Pell, ,3. P. Lar- kin & Co., Spencer Trask & Co. Philadelphia — Louchheim, Minton & Co. , Chas. Pearon & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.lOl^ May 25, '11 83% Nov. Low. 86% Jan. 5, '16 57% July 80 Dec. CINCINNATI, HAMILTON & DAYTON RAIL- ROAD CO. Gen. 5s. Dae June 1, 194!S.—F. Dated June 1, 1892. Interest payable June and Dec. 1, at Kuhn, Loeb & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $7,800,000. Outstanding — $3, 000. 000. , Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Bankers' Trust Co., New York. Assumed by Toledo & Cincinnati R. R. Co. Control — See 2nd 4%s above. Secured by a second mortgage on 60.06 miles of road, trackage and leaseholds, described under the 2nd 4%s. Prior Liens — $2,000,000 Second (now First) 4%s of 1937. Underlies — B. & C, T-C Dlv. 1st Lien & Ref. 4s and 5s of 1959, which mortgage pro- vides for the retirement of this Issue and T. & C. R. R. Adj. & Imp. Bonds, all owned by the B. & O. R. R. Listed on the Cincinnati Stock Exchange. Original Market — $2,000,000 offered In 1892, at 102 and interest, by Blair & Co., New York. Market. New York— J. W. Howell & Co., Coffin & Co., Wolff & Stanley, Sam'l Goldschmidt, Wm. C. Ewen, P. J. Lisman & Co., Fred H. Hatch & Co., Spencer Trask & Co. Philadelphia — Chas. Fearon & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.106% '09 109 '09 85 Feb. 90 Feb. Low. 65 '17 70 '15 80 July 82% July CINCINNATI, HAMILTON & DAYTON RAIL- WAY CO. Bauip. 5s. Due $116,000 each Dec. 1st and June lat to June 1* 1920, inclusive. — P. Dated June 1, 1910. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $2,320,000. OutstaMding — $464,000 (Dec. 31, 1918). Balance Retired. Denomination— Coupon, $1, 000. Trustee — Bankers* Trust Co., New York. Assumed by Toledo & Cincinnati R. R. Co.; of the original issue $696,000 assumed by the Baltimore & Ohio R. R. Co. Secured by an equipment trust agreement on 25 locomotives, 1,500 gondola cars and 1,000 steel un3erframe box cars, costing $2,887,006, of which $567,005 was paid in cash. Original Market— Offered March, 1910, to net 4%% by Kissel, Kinnlcutt & Co., New York and Chicago. Market. New York — P. J. Lisman & Co., Freeman A Co. 274 (THE) •tiNClNNATr, INDIANAPOLIS & WESTERN RAIIiROAD CO. 50-Year let 5s, Due Not. 1, 1965. — ^F. Dated Nov. 15, 1916. Interest payable May 1 and Nov. 1. at Company's Office, New Tork. Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized — $12,000,000. Outstanding — $2,675,000. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trastee — Banitable Trust Co. and P. E. Mowle, New York. Redeemable at 105 and interest on any in- terest date on SO days' notice. Organization — Incorporated In Indiana in 1915. Dec, 1915. acquired the property of the Cin,, Ind. & Western Railway Company, sold under foreclosure. Secured by a Urst mortgragre on 283. SI miles of road from Hamilton, O., via Indianapolis. Ind.. to Springfield, 111. Year ended Dec 31 Gross Net Int. & Rent 1917 $2,639,537 $508,538 $285,774 1916 2,372,130 590,551 347.552 Market. New York— J. S. Stubbs & Co.. Chae. H. Jones & Co., John Muir & Co., F. J, Lisman & Co., Kiely & Horton, Sharretts & Young, Wolff & Stanley. Fred JI. Hatch & Co.. Korn. Lehm.an & Co. Boston — McConnell & Co., Inc. Philadelphia — Bdw. V. Kane & Co. Price Rahee. Jan. 1. '16,10 Jan. 1, '19 1918 Bid Ask Bid Ask Hi&h.79 '17 90 '16 76 Dec. 80^^ Dec. Ujw.65 '18 70 '18 65 Mar. 70 Mar. CINCINNATI, INDIANAPOUS & WESTERN RAILROAD CO. Eanip. Tr. 5s, Series "A." Due $38,000 each Feb. 1 and Aug. 1 to Feb. 1, 1926, inclusive. Dated Feb. 1, 1916. Interest payable Aug. 1 and Feb. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $560, 000, Outstanding — $392,000 (Feb. 2, '19). Balance Retired. Denomination — Coupon $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable as a whole only, at par and In- terest, at any time on 60 days' notice. Secured by an equipment agreement on 8 Mikado type locomotives, 10 consolidated loco- motives, 5 switching locomotives, 10 freight locomotives and 6 passenger locdmotlves, cost- ing $700,000, of which the company paid $140.- 000 in cash. Markets Indianapolis — Fletcher American National Bank. Miller & Co., ■ Inc. New York — McGeorge & Vanderhoef. Miller & Co. , Freeman & Co. , Bull & BIdredge. Evans, Stillman & Co. (THE) CINCINNATI, INDIANAPOLIS & WESTERN RAIIiROAD CO. Eanfp. Tr. 5s. Series f*B." Doe $33,000 each Oct. 15 and April 15^ from Oct. 15. 1916. to April 15, 1921. Inclosive* and $33,000 semi- annually from Oct. 15. 1921. to April 15. 1926, Inclusive. — N . Dated April 15, 1916. Interest payable April 16 and Oct. 16, af trustees. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $650,000. Outstanding — $458,000 (Apr. 16, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trastee — ^Pennsylvania Co. for Insur^^icea on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by the C, I. & "W. R. R. Co. by endorsement. Organization — Incorporated, 1916, in Indiana as a reorganization by foreclosure. Secured by an equipment lease on 660 steel freight cars and nine modern steel coaches. The railroad company paid 20% In cash and these certificates are issued for the balance. Original Market— Offered April, 1916. by Breed, Elliott & Harrison. Cincinnati, etc., at prices yielding from 3%% to 4%%. Market. See Series "A" above. CINCINNATI, INDIANAPOLIS, ST. liOCIS & CHICAGO RAILWAY CO. 1st Cons. 6s. Due May 1. 1920. Dated March 8, 1880. Interest payable May and Nov., at M. S. Barger, Treasurer. Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $572,000 (May, 1919). Retired by Sinking Fund — $173,000. Denomination — Coupon. $1, 000. Registerabltf as to principal. Trustees — Wm. A. Wildhack, Cincinnati, and "Walter P. Bliss, New Tork. Redeemable for Sinking Fund at 105 and interest. Sinking Fund — One per cent, annually of bonds outstanding, to be applied to purchase of these bonds or prior lien bonds secured on the same road at not exceeding 105 and in- terest. If no bonds can be so purchased, theso bonds are to be drawn by lot. Assumed by the Cleveland, Cincinnati, Chi- cago & St. Louis Ry. Co. Control — Consolidated in 1889 with the C- C, C. & St. L. By. Co. Secured by a first mortgage on 173.06 miles of road from Cincinnati, Ohio, to Lafayette. Ind. , with the branch to Lawrenceburg, Ind. Underlies— C. I.. St. L. & C. Ry. Gen. 4s of 1936 and C. C, C. & St. L. Gen. 4s and 5s and Debentures. Bonds are reserved under the first-named mortgage to retire this Issue. Legal for Me. and Mo. Listed on the New Yoilc and Cincinnati Stock Exchanges. Market. 'New York — McKinley & Morris, Ambrose R. Clark & Co., S. P. Larkin & Co. Philadelphia— Chas. Fearon & Co. Price Bange— N. T. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 High.106% June 1, '11 99 Sept. 23 Low. 99 Sept. 23, '18 99 Sept. 23 CINCINNATI, INDIANAPOLIS, ST. LOUIS & CHICAGO RAILWAY CO. Gen. Ist 4s. Dne Aug. 1, 1936. Dated August 2, 1886. Interest payable Feb., May, Aug. and Nov. 1, M. S. Barger, Treasurer, Grand Central Terminal, New Tork Tax Status — 2 % Federal Income Tax paid by company without deduction. Adthorized— Limited to $9,671,000. Outstanding— $6,771,000 (Jan., 1918). Retired by Sinking Fund, Etc. — $2,303,000. Reserved for Prior Lien — $597,000. Denomination — Coupon, $1,000. Coupon bonds may be exchanged for registered bonds. Registered, $1,000, $5,000 and $10,000. 275 Trustees — Central Trust Co., New York, and Wm. A. Wlldhaok. Sinkine Fund — 1% annually of the bonds outstanding, to be paid to the Trustee by tha company in money or bonds: if in money, to be applied to the purchase of these bonds at not exceeding: 102 % and interest. If bonds ' are not purchasable at this flsure payment shall revert to company. Assumed by the Cleveland, Cincinnati, Chi- cago & St. Louis Ry. Co. Control — Consolidated in 1889 into the C, C, C. £ St. Li. By. Co. Secured by a direct collateral Hen on 343,90 miles of road. viz. : A first lien on 46.39 miles — Miles Valley Jet. to Harrison, Ohio 7.02 Fairland to Martinsville, Ind 31.37 A first collateral lien through deposit of stock and bonds of proprietary com- panies on 126.46 miles — Greensburs to Columbus, Ind 24.28 Rushville to North Vernon, Ind 44.39 Templeton, Ind., to Kankakee. Ill 66.78 A second lien on 173.06 miles- Covered by the first lien of the Cine, Ind.. St. Louis & Chic. 1st Cons. 6s — Cincinnati, Ohio, to Lafayette, Ind 170.H Lawrenceburg Jet. to Lawrenceburg, Ind 2.88 Also secured by pledge of the following: Deposited Issued Cent. Union Depot & Ry. Co. pfd $200,000 $600,000 Indianapolis Union Ry. stk 50,000 260,000 Prior IJiens — $572,000 Cine, Indianapolis, St. L. & Chicago 1st Cons. 6s of 1920. Underlies — C, C, C. & St. L. Ry.. Gen. 4s a.nd 5s. Bonds are reserved under that mort- gage to retire this issue: also Debentures. Listed on the New York and Cincinnati Stock Exchanges. Market. New York — Sam'l Goldschmidt, Sharretts tc Young, McKinley & Morris, Hartshorns & Bat- telle, Abraham & Co., Baker. Carruthers & Pell. Pred H. Hatch & Co., S. P. Larkln & Co.. Phelps & Neeser, Wood, Struthers & Co. Philadelphia — Harrison & Co., Chas. Fearon & Co., S. K. Phillips & Co. Price Range— N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask Hlgh.103% Jan. 31. '06 85 Dec. 88 Dec. Low. 84 May 22, '17 75 Apr. 81% Aug. CINCINNATI, LEBANON Si NOETHEBN BAILWAY CO. 1st Cons. 48. Due Not. 1, 194a.-7P. Dated Nov. 1. 1902. Interest payable May and Nov. 1, at Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio. Authorized — $1. 600, 000. Outstanding — $1,138,000 (Jan. 1, 1919). Retired by Sinking Fund — $162,000. Owned by Penna. Co. — $200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust & Safe Deposit Co., Cincinnati, Ohio, Sinking Fund — 1% per annum of bonds- out- standing to be applied to their purchase at not exceeding par. If not purchasable at this price, the funds for that year shall revert to the company. Guaranteed as to principal and interest by the Pennsylvania Co. by endorsement. Organization and Control — Incorporated, in Ohio in 1885. The Pennsylvania Co. owns the entire capital stock. In Jan., 1916, the C, L. & N. Ry. Co. acauired the Dayton, Lebanon & Cincinnati R R. & Terminal Co.. owning 30 miles of road from Lebanon to Lebanon Jet., Ohio, and branches. Secured by first mortgage on 51.45 miles of road, viz. : Miles Cincinnati to Dodds. 36. 87 Blue Ash to Montgomery, 1.35 Middletown Jet. to Middletown. 14.23 Legal for Cal., Me., Mich., Minn., Mo., N. H., N. J. and R. I. Listed on the Cincinnati and New York Stock Exchanges. Original Market — Offered in 1902 by Season- good & Mayer, Cincinnati, at 102 and interest. Market. New York — McKinley & Morris, F. J. Lis- man & Co., Redmond & Co.. Wm. Carnegie El wen, Abraham & Co., Baker, Carruthers & Pell, Fred H. Hatch & Co., Korn, Lehman & Co., Chas. W. Place. Cincinnati — ^Fifth-Third National Bank. Philadelphia — Chas. Fearon & Co., H. D. Boennlng & Co., Blddle & Henry, S. K. Phil- lips & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.lOl May 10. '09 80% Dec. 87% Dec. Low. 84% Oct. 8, '17 80 June CINCINNATI, NTEW ORLEANS & TEXAS PACIFIC RAILWAY CO. Equipment 4%8, Series "C." Due $50,000 each Nov. IStta and May 15th to May 15, 19S1, Inclusive. Dated May 15, 1911. Interest payable May and Nov. 15, at Bankers' Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $200,000 (May 16. 'IS). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on 45 locomotives. 15 steel frame passenger cars, 5 steel combination passenger and bag- gage cars, 6 steel underframe postal cars and 100 steel hopper coal cars, costing $1,258,476, of which $258,475 was paid in cash. Legal for Savings Banks in N. H. and R. I. Original Market— Offered in 1911, by Potter, Choate & Prentice, New York, on a 4.60% basts. Market. Cincinnati — Fifth-Third National Bank. New York — Coggeshall & Hicks, Bull & El- dredge, Freeman & Co., Evans. Stillman & Co. Pittsburg — Colonial Trust Co. Philadelphia — Biddle & Henry. Graham. Parsons & Co. CINCINNATI. NEW ORLEANS & TEXAS PACIFIC RAILWAY CO. Equipment 4%s, Series "D." Due $90,000 each Dec. 1 and June 1 to June 1. 1926. inclusive. — N. Dated June 1, 1916. Interest payable June I and Dec. 1, at o^ce of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,800,000. Outstanding — $1,260,000 (Jan. 2. '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment agreement on 12 all-steel passenger cars, 3 all-steel passenger- 270 baggage cars. 6 all-steel baggage-express cars, 1 all-steel cafe-observation car. 4 switch en- gines, 5 mountain-type passenger engines and 1,609 steel center sill box cars, costing $2,084,- 638, of which $284,638 was paid in cash by the company. Original Market — Offered April, 1916, by Pot- ter. Choate & Prentice. New York. Marlcet. See Series ' 'C ' above. CINCINNATI, NEWPORT & COVINfiTON RAILWAY 1st Cons. Ss. Due Jaly 1, 1922.— N. Dated July 26. 1892. Interest payable Jan. and July 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Aotiiorized — $3,000,000. Outstanding — $2,850,000. Reserved for Prior I^ien — $150,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000. Trustee — ^Farmers' Loan & Trust Co., N. T. Guaranteed as to interest by terms of lease of Cin., New, & Gov. Lt. & Traction Co. to Columbia G,as & Klec. Co. of Ohio. Organization and Control — Incorporated In Ohio in 1892. All of the stock is owned by the Cin., Newport & Cov. Light & Traction Co., and property Is leased to the Columbia Gas & Electric Co.; to 1997, .at a rental eauivalent to- interest on bonds and 4 % % per annum on $4,500,000 preferred stock and 6% per annum on $5,000,000 common stock. Secured by mortgage on 68 miles of street railway in Covington, Dayton and other cities in Kentucky, opposite Cincinnati, Ohio; further secured by deposit of stocks of consolidated companies. Population served, about 105,000. exclusive of Cincinnati. Fi^nchises — The Covington franchise has been declared perpetual by U. S. District. Court. In 1917 the City Council of Cincinnati granted a franchise for the so-called "temporary' ' Covington and Newport routes to remain in force until Jan. 1, 1919, and until 24 months after the ordinance takes effect, respectively; and in the case of other routes for 25 years. As of Dec, 31, 1918. the City of Newport had not granted a new franchise. Prior Liens — $150,000 Cincinnati & Coving- ton Cons. 6s of 1932. Underlies — $859,000 2d 5s, 1926. Hiisted on the Cincinnati Stock Exchange. market Cincinnati — W. B. Hutton & Co., Fifth-Third National Bank, Lynch & McDermott. Price Rang:e. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High, 104% '09 107 '09 92 Dec. 9T% Dec. Low. 90 '18 92 '18 90 Feb. 92 Feb. CINCINNATI, NEWPORT & COVINGTON BATLWAY 2nd 5s. Dne July 1, 1982.— N. Dated July 1, 1896. Interest payable Jan. and July 1, at National Bank o£ Commerce, N. T. Tax Status — Payment of Federal Income Tax not assumed by company. AntlloTized — $1, 000, 000. Outstanding — $859,000. Reserved for Ext. — $141,000. Denomination — Coupon, {1,000. Trustee — Farmers' . Loan & Trust Co., New Tork, Guaranteed as to interest by lease of Cin.. New. & Cov. Lt. & Traction Co. to Columbia Gas & Bleo. Co, Control — See lat Cons. 6s above. Secured by a mortgage junior in Hen to that ot the 1st Con.i. 5s on the property described under that issue above. Prior Liens — $3,000,000 1st Cons. 5s and bonds of absorbed companies. Listed on the Cincinnati Stock Exchange. Market. Cincinnati — Channer & Sawyer, Chas. C. Murray & Co,, W. B. Hutton & Co.. Fifth- Third National Bank. New York — Lynch & McDermott. Price Range. Jan. 1, 19J»8 to Jan. 1, 1919 1918 Bid Ask Bid Ask High,103% '10 108 '09 93 Jan. 96 Dec. Low, 90 '14 90 Dec. 93 Feb. CINCINNATI NORTHERN RAILROAD CO. 1st 4a. Duo July 1, 1951.— F. Dated Sept. 23, 1901. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aatborized — $3,000,000, Outstanding — $1,000,000 ($581,000 owned by tho C, C, C. & St. L. Ry. Co.) Reserved for Ext. — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000. Trustee — Guaranty Trust Co,, New York, Control — A majority of the stock is owned by the Cleveland, Cincinnati, Chicago & St. Louis Ry, Co., which Is in turn controlled through stock ownership by the New York Central R. R. Co. Secured by a first mortgage on 206,26 miles of road from Franklin Jot,, Ohio, to Jackson, Mich., and branches. The company has track- age rights over the C, C, C. & St. L. Ry. Co. from Franklin Jot. to Cinolnnatl ,38 miles, and the line operated forms a short line be- tween Cincinnati and points In Michigan. lYear ended Dec. 31 Gross Net Int.&Rent 1917 $2,440,830 $553, 0«9 $262,079 1916 1,909,947 544,096 185,474 1915 1,628,641 330,263 139,581 Legal for Me. Market. Pittsburgh — Hunzeker & Marshall, R. B, Hutchinson, Boston — Chas. A. Day & Co. New York — J. S. Farlee & Co., Hartshorna & Battelle, F. J. Lisman & Co., Hanson & Doyle, Louchhelm, MInton & Co.. Wm. Car- negie Bwen, Abraham & Co., Baker, Car- ruthers & Pell, Fred H. Hatch & Co., Taylor, Smith & Hard. Philadelphia — Louchheim, Minton & Co Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Hlgh.90 '11 94 '11 65 Nov. Low. 60 '18 76 '17 60 Jan. CINCINNATI NORTHERN RAILROAD Equip. 5s. Dne $43,000 each Sept. 1 from 1916 to 1925 ^N. Dated Sept. 1, 1915, Dividends payable Mar, 1 and Sept. 1, in New York or Phila- delphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $500, 000, Issued — $430,000, Outstanding— $301,000 (May,- 1919). Redeemed — $129,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Commercial Trust Co,, Philadel- phia. 277 Organization — Incorporated in Ohio in 1897. Owns 206 miles of road from Franklin Jet., Ohio, to Jackson, Mich., and terminals in Cin- cinnati, and has trackage rights over 38 miles of road from Franklin Jet. to Cincinnati over the C, C, C. &. St. L. Ry. Co. The latter company, which is a subsidiary of the New York Central R. R, Co., controls through stock ownership and operates the Cincinnati Northern R. R. Co. ^ Secured by an equipment trust agreement on 500 new steel underframe box cars, costing $482,000, of which $52,000 was paid in cash. Original Market — Offered in November, 1915, by Kean, Taylor & Co., New Tork and Chi- cago, at prices to yield 4.90%. Market. NeAV York — Freeman' & Co. Philadelphia — Graham, Parsons & Co. Pittsburgh — Kean. Taylor & Co. CINCINNATI. RICHMOND & FT WAYNE RAILROAD CO. 1st 7b. Due Jane 1, 1921.— N. Dated-June 1, 1871. Interest payable June and Dec. 1, at Winalow, Lanier & Co., New York. Tax Status — Payment of Federal, Income Tax not assumed by company. Authorized and Outstanding — $1,800,000. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Charles Lanier, New York. Guaranteed as to interest jointly by the Pennsylvania Co. and the P. C. C. & St. L. R. R Co. Control — ^A majority of stock Is owned by the Pennsylvania R, R. Co. The road is oper- ated by the Grand Rapids & Indiana Ry. Co., another subsidiary of the Pennsylvania R. R. Co. Secured by a first mortgage on 85.76 miles of roa^ from Richmond to Adams, Ind. The company has also five miles of trackage rights from Adams to Fort Wayne, where its road connects with that of the G. R. & I. Ry, Co., forming a through line from Southern Indiana through Grand Rapids to the northern end of the Lower Peninsula of Michigan. Listed on the Cincinnati Stock Exchange. Market. New York — Chas. "W. Place, J. S. Farlee & Co. , Morton Lachenbruch & Co. , Fred H. Hatch & Co. Philadelphia — Harrison & Co., "West & Co., Chas. Fearon & Co. , Graham, Parsons & Co. Pittsburgh — Goddard, Hunter & Co. Price Range. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Bid High.120 '09 125 "09 101% May Low. 100 '17 107^^ '17 100 Jan. CINCINNATI, SANDUSKY & CJJEVEXA'SD BAIIiROAD CO. Cons. 1st 5s. Dne Jan. 1, 1928.— N. Dated January 1, 1888. Interest payable Jan. and July 1, at Grand Central Terminal, N. Y. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $3, 000, 000. Outstanding — $2, 571, 000. Denomination — Coupon, $1,000. Trustee — ^American Trust Co., Boston. Guaranteed as to interest by the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. under terms of lease. Control — Practically all of the stock Is owned by the C. C. C. & St. L. Ry. Co., which leases the property until 1989, with renewal privilege, paying as rental all Interest, 6% per annum on preferred stock and on each $50 share of the common stock of this company 40% of any dividend which the C, C, C. & St. L. may declare on its own common stock. Secured by a first mortgage on 169.84 miles of road from Sandusky to Dayton, Ohio, and branch to Findlay, Ohio. From Springfield to Dayton, Ohio, this line forms part of the main line of the C, C, C. & St. L. Ry. (New York Central System) into Cincinnati from the east. Refunding — Bonds are reserved under the C, C, C. & St. L. Gen. Mtge. to retire these bonds. Legal for Me. Listed on the New York and Boston Stock Exchanges. Market. New York — ^Wm. C. Ewen, Abraham & Co., Baker, Carruthers & Pell, Fred H. Hatch & Co., F. J. Lisman & Co.. Spencer Trask & Co.. Redmond & Co., Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Baltimor'8 — Jenkins. Whedbee & Poe. Price Range — ^N. Y. S. "E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.115 Jan. 10, '06 92% Dec. 95 Nov. Low. 101 Apr. 26, '15 82% Feb. CINCINNATI TRACTION CO, Eanip. 58» Series "B." Due $18,000 eemi-annnally Jan. 1 and July 1, to July 1. 1920. — ^F. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's ofiftce. Tax Status — 2% Federal Income Tax paid by the company without deduction.. Authorized — $360,000. Outstanding — $54,000 (Dec. 31, '18). Retired — $^06,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by an eauipment trust agreement on 60 pay-as-you-enter and 50 open cars. Market. New York — Freeman & Co. Cincinnati — Fifth-Third National Bank. CINCINNATI TRACTION CO. £aniD. Bs, Series "C." Due $11,000 semi-annually on Jan. 1 and July 1, to July 1, 1921.— F. Dated July 1, 1911. Interest payable Jan. and July 1, at Trustee's office. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $220, 000. Outstanding — $55,000 (Dec. 31, '18). Redeemed — $165,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — The Fidelity Trust Co., Philadel- phia. Control — See Series "A*' above. Secured by an equipment trust agreement on double-truck motor cars, costing $300,000, of which, $80,000 was paid in cash. Original Market — Offered in 1911 by the Fifth-Third National Bank, Cincinnati, at 100^ and interest. Market. See Series "B" above. CINCINNATI TRACTION CO. Equipment 5s. Series "D.'* Dne $17,000 semi-annually April 1 and Oct. 1. to Oct. 1, 1933.— F. Dated Oct. 1. 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $340,000. Outstanding — $136,000 (Dec. 31. '18). Retired— $204,000. 278 Denomination— Coupon. $1. 000. Reglsterabla as to principal. Trustee — ^Fidelity Trust Co.. Philadelphia. Secured by an equipment trust agreement on 76 double-truck closed motor cars, costing $456,000. of which $116,000 was paid In cash. Original Market — $340,000 offered Oct., 1912, by the Fifth-Third National Bank. Cincinnati, at par and interest. Market. See Series "B" above. CINCINNATI TRACTION CO. Eqaipment 5b, Series '*£." Due $10^000 semi-annually , on last day of February and last day of August, to February 39, 1934, — F. Dated March 2. 1914. Interest payable last day of February and last day of August, at Trustee's office. • Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — $110,000 (Dec. 31. '18). Retired — $90,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by an eauipment trust agreement on 60 double-truck steel passenger trail cars com- plete, costing $253,500. of which $53,500 was paid In cash. Market. See Series "B" above. CINCINNATI TRACTION CO. Fquipment 59, Series "F." Due $27,000 first day of February and $28,000 first day of August, to August 1, 1927. Dated August 1, 1917. Interest payable Feb- ruary 1 and August 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $560,000. Outstanding — $495,000 (Dec. 31. '18). Retired — $55,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co.. Philadelphia. Secured by an equipment trust agreement on 100 double-truck motor cars, costing $719,000, of which $169,000 was paid in cash. Market. See Series "B" above. CINCINNATI TRACTION COMPANY Bqoip. 6s, Series ''G-1.'' Due $50,000 each April and October 1. from October 1, 1919, to April 1. 1929. Dated April 1, 1919. Interest payable April and October 1, at Trustee's office. Cincinnati. Tax Status — Information not available. Authorized — $1,000,000. Outstanding — $1,000,000. Denomination — Coupon $1,000. Reglsterable as to principal. Trustee — Fifth-Third National Bank, Cin- cinnati. Secured by an Equipment Trust Agreement on 105 44-ft. "Pay-Within" Double Truck Clo-sed Motor Cars, costing about $1,250,000. Original Market — Offered March, 1919. by the ITifth-Thid National Bank, Cincinnati, at prices ranging from 100 to 98. IS and interest, according to maturities. CITIES FUFI* & POWER CO. 2-Year 7% Secured Notes. Due Dec. 1, 1919.— F. Dated Dec. 1. 1917. Interest payable June 1 and Dec. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $10,000,000. Outstandius— $7,801,000 (Mar. 1, '19). Retired by S, F. — $2,199,000. Denomination— Coupon, $1,000.' Trustee — Bankers' Trust Co., New York. Redeemable at 102% and interest on 30 days' notice. • Sinking Fund — 50% of all earnings applica- ble to dividends on the stocks and of Interest on the bonds and notes pledged, after interest charges on these notes, but In no case less than $125,000 Quarterly for the purchase or redemption of these notes at not over 102^ and interest. Guaranteed principal, interest and sinking fund by the Cities Service Co. by endorsement. Organization and Control — Incorporated Dec. 1917, in Delaware. Capital Stock Authorized Outstanding $10,000,000 $10,000,000 All of the capital stock owned by the Cities Service Co. Secured by pledge of the following collateral: 1. All of the securities (other than directors' qualifying shares) issued or to be Issued by the Franklin County Pipe Line Company. Sentinel Oil & Gas Company. Glenwood Natural Gas Company, Ltd. Manufacturers Natural Gas Company, Lid. American Pipe Line Company. 2, Also the following bonds and notes: $1,730,000 Empire Refining Company First Mortgage & Collateral Trust e% Gold Bonds, due 1927. 2,000,000 Southern Ontario Gas Com- pany, Lt., 5% First Mortgage Gold Bonds, due 19 53. 1,750,000 Dominion Gas Company B% Collateral Trust Gold Bonds, due 1952. 1,500,000 Ozark Power & Water Company First Mortgage Sinking Fund 5% Gold Bonds, due 1952. 1,000,000 Consolidated Cities Light, Pow- er & Traction Company First Lien 5 % Gold Bonds, due 1962. 750,000 Lorain County Electric Com- pany First Mortgage 6% Bonds, due 1941. 3,000,000 Empire Transportation and Oil Company 2-year 8% Notes.* 2.200,000 Frost Gas Company 1-year 6% Notes.* 800,000 Empire Refining Company 2- year 7% Gold Notes.* 750,000 Lorain County Electric Com- pany 1-year 6 % Notes. • $15,480,000 •Promisor has the privilege of renewal upon maturity (Nov.. 1919). The properties of .the above companies whose stocks are pledged, are free of all encum- brances. The companies whose notes are pledged have no unpledged prior liens out- standing (with the exception of the $6,620,500 Empire Refining Company Bonds). The Inden- ture provides that none of the corporations whose stocks are pledged shall incur or create any indebtedness, secured or unsecured, other than for current operating expenses, and that no liens which do not already exist prior to the notes pledged will be created, unless the same are pledged as additional security for these notes. The Indenture provides that the collateral be so maintained that the earnings applicable to dividends on the stocks pledged, together with the income from the deposited bonds and notes, shall at all times exceed twice the in- terest charges on all notes of this issue out- standing. 279 Under the terms o£ the Indenture the com- pany has the right to sell any of the pledged securities at values fixed in the Trust . Inden- ture, but must pay over the proceeds of such sales to the Trustee, to be used for the re- demption of the notes. The company may also secure release of the pledged securities at the said values fixed in the Trust Indenture upon surrender of the notes of this issue, for can- cellation, of a face value eaual in amount to the fixed values of collateral withdrawn. The Ind'enture provides that the total face value of bonds and notes pledged as collateral, interest on which is being punctually paid, shall at all times be maintained at not less than one and onef-half times the total face value of notes of- this issue outstanding. Original Market — $10,000,000 offered Dec, 1917, by a syndicate headed by Montgomery & Co., Philadelphia and New York, at 99 and interest. Market. New York — Gillespie, Livingston & Co.. Mann, Bill & Co., Bauer, Starr & Co.. Phelps & Neeser, H. P. McConnell & Co., McGeoige & Vanderhoef, Morton, Lachenbruch & Co., Mc- Clure, Jones & Reed, Pynchon & Co., Berdell Bros., Bull & Eldredge, Sam'l Goldschmidt, T. Hall Keyes & Co., Kiely & Horton. Philadelphia — Investment Registry of Amer- ica, Montgomery & Co., S. K. Phillips & Co., Bauer. Starr & Co. Denver — Boettcher, Porter & Co. Columbns. 0. — F. W. Freeman. Boston — Richardson, Hill & Co. Baltimore — Poe & Davies. New Haven — Stevenson & Co. Chicago — Babcock, Rushton & Co., Curtis & Sanger, Merrill, Lynch & Co. Price Range — 1918. Bid Ask High. 98 Dec. 100 Dec. Ix>w..92i'^ June 93 Apr. CITIES SERVICE CO. Convertible Debenture 7s, Series "B" and Series "C." Dae Jan. 1. 1966. Dated. Series "B," January 1, 1918; Series "C." January 1^ 1919. Interest (coupon bonds) payable Jan. 1 and July 1, at Henry L. Doherty & Co., New York, or Company's office. London. Interest on registered bonds payable by check monthly, quarterly, semi-annually, or annually, at the option of holder; except that on debentures of less than $100 interest is payable annually on the first day of January. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding — $12,309,200 "B" 17,500,000 "C" $29,809,200 (Jan. 1, '19). Owned by Company — $190,800. ' FroTisions of Issue — Additional debentures In excess of $30,000,000 may be issued when net income, after deducting from gross income expenses, includlngr remtals, license charges and taxes, for 12 consecutive months within the 4 calendar months immediately preceding the request for certification and delivery of such additional debentures, shall not be less than three times the interest charges for a like period on all debentures outstanding and those requested to be certified, as well as upon all other indebtedness of the company outstanding at the close of such twelve months' period. Denomination^ — Coupon $1,000 and $500. Reg- isterable as to principal. R^;istered $5,000-, $1,000, $500, $100, $10 and multiples of $10. Trustee — Bankers Trust Co., New York. Redeemable as a whole, or in part by lot, on any date at 102 and interest. Convertible — Series "B" on and after Jan. 1, 1920, on the following basis: Each $1,000 principal amount of debentures Is convertible into 8 shares of preferred stock and 2 shares of common stock, together with accumulated cash and stock dividends on 2 shares of com- mon stock from Jan. 1, 1918, up to and in- cluding the date of conversion; Series C on and after January 1, 1921, into 9 shares of preferred stock and 1 share of common stock, together with the accumulated cash and stock dividends on the latter amount of common stock from January 1, 1919, to the time of conversion. If called for redemption conversion priv- ilege extends to 30 days prior to redemption date. Accnmulated Dividiends — To provide for the conversion of Debentures, the Company is ■setting aside amounts of casih and common stock equal to the dividends which may have been declared and paid on an amount of com- mon stock, equal to that 'into which the De- bentures are convertible, up to the date of conversion. The directors of the Company shall from time to time invest the cash so accumulated in these Debentures if purchas- able in the open market at 105 and interest or less, but if not so purchasable then in preferred or in common stock of the company* Cash dividends received on the securities so purchased may be again reinvested in the same manner. Organization — Incorporated in Delaware in 1910 as a holding company. Capital Stock Authorized Outstanding Preferred $100,000,000 $67,328,667 Common 50,000,000 26.847.015 Dividend Policy — As of January 1, 1919. the compajiy was paying cash dividends at the rate of 6 % per annum on both its preferred and common stocks — payable monthly. In 1916 the board of directors announced that it would be the policy of the company to pay a 6 % stock dividend on the common stork in 1916 and 1917. 9% in 1918, 12% in 1919, and to increase the stock dividend 3% per annum so long as the earnings of the company warranted it. Stock dividends are paid monthly. Security — A direct obligation of the com- uany, but not secured by a mortgage. Guarantor Obligations of Company — The company has guaranteed the following subsid- iary issues; $10,000,000 Consolidated Cities Light, Power & Traction Company 6 % Gold Bonds, due 1962 ($1,000,000 of which are de- posited under the Cities Fuel & Power Com- pany Notes); $11,606,500 Empire Gas & Fuel Company First Mortgage & Collateral Trust Sinking Fund 6% Gold Bonds, due May 1, 1926; $1,660,000 Empire Gas & Fuel Company Notes; $8,384,000 Cities Fuel & Power Com- pany 7% Secured Gold Notes, due Dec. 1. 1919; $750,000 Richland Company 7% Gold Notes, due Feb. 1. 1920; and 5% dividends on $1,560,000 St. Joseph Railway. Light, Heat & Power Company Preferred Stock. . 280 Year ended Dec. 31: Gross Net Interest 1918. ..$22,280,067 $21,768,582 $272,680 1917... 19,262,493 18,895,264 2,862 1916... 10,110,343 9,870,963 258,960 1916... 4,479,800 4,306,944 490,000 1914... 3,934,463 3,817,546 420,000 Market. New York— Earle A. Miller Co., H. L, Do- herty & Co., Gwynne Bros., Hambleton & Co., T. Hall Keyes & Co., Morton Lachenbruch & Co.. McClure, Jones & Reea, H, P. MoConnell & Co., Martin, Berwin & Co., Moore, Leonard & Lynch, Salisbury, Leslie & Co. ChicaEO — Babcock, Eushton & Co., Merrill, Lynch & Co. Fittsbnrgh — Moore, Leonard & Lynch. Baltimore — Hambleton & Co. Philadelphia — Paul & Co. Cleveland — Roland T. Meacham. Toledo — Secor & Bell. San Diego, Cal, — Stephens & Co. Columbus — Claude Meeker. I'rice Banee^l918. Bid Ask HiBh.119 Dec. 120 Dec. Low. 100 .Sept. 102 July New York — Kiely & Horton, Fred H. Hatch & Co. Price Range. Jan. 1, 191S to Jan. 1, 191!) laiS Bid Ask Bid Ask High.98% '16 »9M '17 92 June 94 July Low. 89 '16 94 '16 90 Dec. CITIZENS GAS & EUECTBIC CO. (WATEE- XOO AND CEDAR FAIXS, IOWA) Ist & Bef. 5s. Due Jan. 1, 1926. — V. Dated January 1, 1906. Interest payable quarterly, Jan., April, July and Oct. 1, at Trustee's office, Chicago, or at First National Bank, New York. Tax Status — 2% Federal Income Tax Said by company without deduction. Antliorized — $1,200,000. Ontstandine — $1,079,600 (Feb. 21. 1919). Retired by Sinking Fund — $120,600. Denomination — Coupon. $500. Regiaterable as to principal. Trustee — Central Trust Co. of Illinois. Chi- cago, 111. Redeemable at 106 and Interest on any inter- est date. Sinking Fund — 1% annually, on Nov! 15, of outstanding bonds to redeem bonds at 106 and Interest. Organization and Control — Incorporated in Delaware in 1902. All of the common stock la owned by the American Gas Co. Secured by a first mortgage on plants supply- ing gas and electricity to "Waterloo and Cedar Falls. la. Population served, 35,000. Gas and electric franchises expire in Waterloo In 1926. in Cedar Palls in 1930. Underlies — Cons. 6s of 1931. Bonds are re- served under that mortgage to retire this issue. Year ended Dec. 31 Gross Net Interest 1918 $706,261 $196,639 $232,462 1917 634,632 232,228 191,425 1916 626,680' 215,003 161,135 1916 1914 463,692 211,374 133,535 1913 469,206 191,305 121,931 Market. Original Market — Oftered in 1906 by H. L. Crawford & Co., New York, and Chas. S. Kid- der & Co.. Chicago, at 97% and interest. Market. Chicago — ^Wollenberger & Co., Chas. S. Kid- der & Co.. Chicago Sav. Bank & Trust Co., Babcock, Bushton & Co., H. T. Holtz & Co., Merrill, Lynch & Co. Omaha — Burns, Brinker & Co. Fliiladelphia — H. D. Boenning & Co.. S .K. Phillips. Milwaukee — First Savings & Trust Co., Mor- ris P. Pox & Co., P. A. Bartlett Co. CITIZENS GAS & EI^CTBIC CO. (WATER- LOO AND CEDAR FAI/LS. IOWA) Cong. 6s. Due Feb. 1, 1931. — P. Dated February 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — $4, 000, 000. Outstanding — $2,270,600 (Dec. 31, 1917). Reserved for Prior Lien — $1,091,000. Reserved for Ext $638 500. Denomination — Coupon, $600 and $1,000. Hegisterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101 and Interest on any Inter- est date, on 3 days' notice. Guarantee — ^A part of these bonds are guar- anteed as to principal and interest by the American Gas Co. Control — See 1st 5s. Secured by a second mortgage on property described under 1st & Ref. 5s. Prior lilen — $1,079,500 1st & Ret. 5s. of 1926, for retirement of which bonds of this issue have been reserved. Earnings — See 1st & Bef. 5s. Original Market — $700,000 offered In 191a. by Charles S. Kidder & Co., Chicago, ' and Douglas Fenwlck & Co., New York, at par and Interest; a block offered Sept., 1917, by Bon- bright & Co., New York, at 100 and interest. Market. Milwaukee — First National Bank. Chicago — Wm. S. Gilmore, Chas. S. Kidder & Co., H. T. Holtz & Co., Merrill, Lynch & Co. Philadelphia — Geo. N. Fleming. H. D. Boen- ning & Co.. Paul & Co. New York — B. & C. Randolph, Hanson & Doyle. Bonbright & Co., Kiely & Horton, Fred H. Hatch & Co. Price Range. Guaranteed. .Tan. 1, 1915, to .Jan. 1, 1919 1918 Bid Ask Ask Hlgh.98% '17 100 '17 9:". Dec. Low. 87% '18 87% Sept. CITIZENS GAS & FUEL CO.(TERRE HAUTE) 1st 58. Due Oct. 1, 19%2 P. Dated Oct. 1, 1902. Interest payable April and Oct. 1 at New York Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500, OOO. Outstanding — $283,000. Denomination — Coupon $1,000 and $600. Registerable as to principal and fully reg- isterable. Trustees — New York Trust Co., New York, and Demaa Deming. Organization and Control — Incorporated In ' Indiana in 1889. Practically its entire capital stock owned by the United Gas & Electricity Co.. which is controlled through the stock own- ership by the United Gas & Electric Corp. .Secured by first mortgage on plant supplying Terre Haute, Ind., with gas. Population served, 66,400. Franchise perpetual. Valuation and Rates — The Indiana P. S. Commission, during 1916,- fixed a valuation on the property of the company of $770,000 and 281 ordered a maximum rate of 85 cents tier 1,000 cubic feet, a reduction of 15 cents. In 1916 thfe company contracted to purchase gas from the Indiana Coke & Gas Co., which company has a by-products plant in Terre Haute. Underlies — $594,500 1st & Ref. 5s, 1960. Bonds are reserved under that mortgage to retire this issue. Earnings — See 1st & Ref. 5s. Market. Philad)?lphia — H. D. Boenning & Co. New York — Kiely & Horton. Fred H. Hatch & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High.96 '16 91^A May Low. ai^/i '18 CITIZENS GAS & EtTEL CO.(TERRE HAUTE. INDIANA) lat & Ref. 5a. Due Jan. 1, I960.— F. Dated January 1, 1910. Interest payable Jan. and July 1, at New Tork Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding— $594,500 (Jan. 1. 1919). Reserved for Prior Uen — $283,000. Reserved for Ext., etc. — $1,122,500. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustees — New York Trust Co,, New York, and Demas Deming, Terre Haute, Ind. Redeemable as a whole only at 105 and in- terest on any interest date. Control^See 1st 5s above. Secured by a second mortgage on property described under 1st 5s above. Prior Liens — $283,000 1st 5s. Year ended Dec. 31 Gross Net Int., Etc. 1918 $316,369 $130,467 $44,406 1917 289,321 128,363 46,658 1916 277,436 107,877 45,691 1915 250,225 93.083 44,091 Original Market — Offered In 1910. at 96 and interest by Bertron, Griscom & jenks, New York and Philadelphia, and Townsend Whelen & Co., Philadelphia. Af^rket. Boston — ^Paine, "Webber & Co. New York — Paine, Webber & Co., Berdell Bros. Chicago — Paine, Webber & Co., Babcock, Rushton & Co. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.951^ '12 97% '12 80 Jan. 81% Aug Low. 80 '18 80% '18 8OV2 July CITIZENS GAS CO. OF INDIANAPOMS Xst & Ref. S. F. 5s. Due July 1. 1942. Dated July 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax de- ducted from interest payments. Authorized — $10,000,000. Outstanding — $2,596,000 (Jan. 1, '19). Held in S. F. — $79,500. ♦Pledged under Gen. 78 — $1,187,000. Reserved for Ext. — (80%) $6,137,500. ■•■$537,000 of this amount is in escrow sub- ject to release by underwriters of Gen. 7s. Actually pledged $650,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trnstees — Bankers' • Trust Co., New York, and Union Trust Co., Indianapolis. Redeemable at 108 and interest -on four weeks' notice. Sinking Fond — % % annually of outstanding bonds from July 1, 1915 to 1917, and 1% an- nually thereafter to purchase bonds. Bonds acquired to be kept alive and interest added to sinking fund. Organization — Incorporated in Indiana In 1907. In 1913 leased plant and distribution system of .Indianapolis Gas Co. for 99 years. Rental, see Indianapolis Gas Co, 1st 5s. Secured hy a first mortgage on plant supply- ing one-third of the gas consumed In Indian- apolis. Property includes about 140 coke ovens owned and 41 leased. Franchise expires in 1930. Gas is supplied at 60 cents per 1.000 feet, as fixed by the Public Service Commission Underlies — $1,500,000 Gen. S, F. 73 due to May 1, 1923. Year ended Dec. 31 Int. and Gross Net S. P. 1918 $5,443,444 $487,157 $158,435 1917 4.297.995 411,834 121,679 1916 3,663,853 598.212 114.949 1915.... 2.870.763 368.973 107,269 Original Market — $400,000 offered July, 1912, at 101 and interest by Payne, Bush & Co., Otto P. Haueisen & Co.,'0. M. Ragsdale & Co.. Newton Todd and the Union Trust Co., all of Indianapolis. , Market. Fhiladelphia~£irvin & Co. Boston — Blodget & Co. New York — Dunham & Co., B. & C. Kan- dolph, Kiely & Horton. Miller & Co., Philip Lynch, Berdell Brosi., Blodget & Co., F. H. Hatch & Co. Indianapolis — Newton Todd, Meyer-Kiser Bank, Fletcher American National Bank.. J. F. Wild &. Co., Breed, Elliott & Harrison, O. F. Haueisen & Co. Cincinnati — Breed, Elliott & Harrison. Chicago — Breed. Elliott & Harrison. Portland — Merle S. BroAvn. Price Range. Jan. 1, 1915, to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98% '17 100 '17 88 Dec. 93 Dec. Low. 82 '17 88 '18 82 Sept. 88 Sept. CITIZENS GAS CO. of Tndiananolis Gen. S. F. 7s. Due each May 1 as follows: $150,000 1930; $350,000 1921; $450,000 1922, and $550,000 May 1, 1923. Dated May 1. 1918. Interest payable Nov. 1 and May 1 at Bankers Trust Co., New York, or Union Trust Co.. .Indianapolis. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $1,500,000. Outstanding — $1,500,000. Purpose of Issue — To provide funds for the construction of 40 new and improved Wilputte by-product coke ovens- to be completed by Jan., 1919. which will increase the company's ca- pacity for producing gas and by-products by more than 50%. Denomination — Coupon $1,000. Registerable as to principal. Trustees — Bankers Trust Co.. New York an<3 Union Trust Co., Indianapolis. Redeemable at 103 and interest on any in- terest date. Sinking Fund — All net earnings in excess of $300,000 per year, after interest, depreciation not exceeding $200,000 per year and sinking fund for the 1st & Ref. 5s. shall be set aside for the retirement of this issue. Organization — See 1st & Ref. 5s. Secured by a general mortgage on all the property of the company. As fast as 1st & 282 Ref. Bs for 80% of the cost of new construc- tion are drawn down they shall be pledged hereunder to not exceeding the amount ap- proved by the P. S. Commission of Indiana for such purpose fixed at $650,000. Prior Xiei: — $:i, 596,000 1st & Ref. Bs of 1942. Original Market — $1,BOO,000 offered July, 1918, by Lee, Higginson & Co. and Boldget & Co. , Boston, etc. , at prices ranging from 9 8 % to 97 according to maturity, to yield 1%%. Market. Portland — Merle S. Brown. Chicago — Child & Levering. Indianapolis — O. F. Haueisen & Co. Price Range 1918 — ^Ask 100 Dec. CITIZENS GAS CO. OF KANKAKEE 1st 5s. Dae Feb. 1, 1932.— F. Dated Feb. 1, 1902. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Statub — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $128,500 ($97,500 deposited under 1st & Ref. Mtge. of Pub. Serv. Co, of Nor. 111.) Denomination — Coupon, $500 and $1,000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 105 and interest. A»snnied by Public Service Co. of Northern Illinois. Control — Merged Into Public Service Co. of Northern Illinois- Secured by first mortgage on plant supply- ing gas to Kankakee, 111., and vicinity. Popu- lation served, 26,000. Underlies — $17,722,000 Pub. Serv. Co. of N. 111. 1st & Ref. 5s. $3,000,000 Deb. 6s. due to 1922. Earnings — See Pub. Serv. Co., N. 111. Market Chicago — Union Trust Co., Babco-ck, Rush- ton & Co. Milwaukee — First National Bank, Edgar Ricker & Co. New York — J. J. Levenson, Kiely & Horton, Fred H. Hatch & Co. Price Range. Jan. 1, Me to Jan. 1, '19 1918 Bid Bid High. 971/^ '17 88 June Low. 88 '18 CITIZENS GAS, ELECTRIC & HEATING CO. (MT. VERNON, ILL.) 1st 5s. Due each July 1 as follows: $7,000, 1919; $7,000. 1920j SS.OOO, 1921. and $133,000, 1922. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — $155,000 (May 7. '19). Balance Retired. Denomination — Coupon, $500. Trustee — State Bank of Chicago. Redeemable on any interest date at 105 and interest. Controlled through stock ownership by the Southern Illinois Light & Power Co. Secured by first mortgage on plants supplying Mt. Vernon, 111., with gas, electricity, heat and water. Population served, 8, 500. Gaa, electric and heating franchises expire in 1927. water franchises in 1942. Earnings — See Southern Illinois Light & Power Co. Market. New York— Fred -H. Hatch & Co. Chicago — Geo. S. Speer & Co. PhiladelDhia — ^H. D. Boenning & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Ask High.90 '16 100 '17 89 June Low. 89 '18 CITIZENS GAS LIGHT CO. (BROOKLYN) Cons. 5s. Due Feb. 1, 1940.— N. Dated Feb. 1, 1890. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $264,000. Denomination — Coupon, $1,000. Trustee — People's Trust Co., Brooklyn. Assumed by The Brooklyn Union Gas Co. Control — Consolidated, into * The Brooklyn Union Gas Co. in 1895. Secured by a first mortgage on plant supply- ing gas to a part of Brooklyn, N. T. Underlies — Brooklyn Union Gas Co. Cons. 5g. Earnings — See Brooklyn Union Gas Co. Market. New York — ^Wm. A. 0, Hwen.. Abbott, John- son & Co., Berdell Bros., Theo. L. Bronson, Fred H. Hatch & Co., Low, Dixon & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99 '16 90 Nov. 95 Aug. Low. 85 '18 95-'18 85 Aug. CITIZENS GAS LIGHT CO. (JACKSON, TENN.) 1st 5s. Due March 1, 1926.— F. Dated March 1, 1906, Interest payable March 1 and Sept. 1, at Merchants' Loan & Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by company w'ithout deduction. Authorized — $500,000. Outstanding— $29 5,500 (Dec. 31, 1918). Denomination — Coupon, $500. Reglsterable as to principal. Trustee — Merchants' Loan & Trust 'Co., Chi- cago. Redeemable at 103 and interest after March 1, 191S. Sinking Fund — The original mortgage pro- vided for a sinking fund beginning March 1, 1912, but by a supplemental mortgage bond- holders agreed to wa/Ive sinking fund provisions. Controlled through stock ownership by the Middle "West Utilities Co.. Secured by a first mortgage on plant supply- ing gas to Jackson, Tenn. Population served, 18,000, Franchise extends beyond maturity of bonds. Original Market — Offered in 1906 at par and interest by Howard, Simmons & Co., Chicago. CITIZENS LIGHT & POWER CO. (ADRIAN. MICH.) lat 6s. Due Aug. 1, 1938.— F. Dated Aug. 1, 1903. Interest payable Feb. and Aug. 1^ at Trustee's office and National Bank of Commerce, New York, Tax Status — 2 % Federal Income Tax paid by companj'^ without deduction. Authorized— $ 100.000. Outstanding — $72, 000. Denomination — Coupon, $500. Trustee — Cleveland Trust Co., Cleveland, O. Redeemable at 110 and Interest. Sinking Fund — 2% per annum of bonds out- standing. Organization — Incorporated in Michigan In 1903. 283 Secured by a first mortgage on plant supply- ing electricity in Adrian, Mich. Franchise ex- pires in 1933. Population served, about 11. OOO. Underlies — 1st Consol. 6s ot 1931. Market. New York — Hanson & Doyle. CITIZENS UGHT, HSAT & POWEE CO. OF FA. (JOHNSTOWN, FA.) iBt 5s. Due Nov. 1, 1934. — P. Dated Nov. 1, 1909. Interest payable May and Nov. 1, at Harris, Forbes & Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3, 000, 000. Outstanding — $1, 600, 000. Retired by S. F. — None. Reserved for Ext. — $1,000,000. Fledged for Pennsylvania Electric Co. 7% :Notes o( 1923 — $500,000. Denomination — Coupon. $1,000. Registerable as to principal Trustee — United States Mortgage & Trust Co., New York. Redeemable on and after Nov. 1, 1914, at 105 and interest. Sinking Fund — Annually on February 1 the following amounts from net earnings; $5,000, 1910; $8,000, 1911; $10,000, 1912; $15,000, 1913; $20,000, 1914; $20,000, 1916, and $22,- 000. 1916. Also annually on September 1 from 1912 to 1916 a sum equal to 1% of out- standing bonds; 1917 to 1921 2% and there- after 3%. Fund applicable, for the purchase or redemption of these bonds at not over 105 and interest only at the special request of company: otherwise fund is to be applied to permanent extensions and improvement. Bonds acquired are to be cancelled. Organization — Incorporated in Pennsylvania in 1909. Controlled by the Pennsylvania Electric Co. through ownership of over 90% of common stock. Management — H. D. Walbrldge & Co., New York. Secared'by a first mortgage on plants supply- ing artificial gas, electricity and heat and on all of the stock, $400,000, of the Johnstown Fuel Supply Co., supplying natural gas in Johnstown, Pa., and vicinity. Population served, 75,000. Franchises perpetual. Underlies — $300,000 5-year 5% notes, due Feb. 1, 1920. Year ended Dec. 31 Gross Net 1917 $641,098 $142,504 1916 513,496 175,033 Original Market — $1,500,000 offered Dec. 1909, at par and Interest by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago. ]\farket. New York — Earle A. Miller &. Co., J. A. Clark & Co.. Sharretts & Young, Coffin & Burr. Lynch & McDermott. Philadelphia — Rufus Waples & Co., H. D. Boenning & Co., Prazier & Co., Geo. S. Pox & Sons, F. R. Welsh. Welsh Bros., Harper & Turner, HuntooU & Co.. Graham, Parsons & Co., S. K. Phillips ft Co. Bogton^Coffln & Burr. Pittsburgh — Safe Deposit & Trust Co. Chicago— Harris Trust & Savings Bank. Providence — Brown, Lisle & Marshall. Price Ranee. .Ian. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.ioi '10 102 '12 86% May 95. Jan. Low. SI '18 87 '18 81 July 87 May CITIZENS MGIIT. HEAT & POWER CO. (LAWRENCE. KANSAS) 1st 59. Due July 1, 1985.— N. Dated July 1, 1905. Interest payable Jan, and July 1, at Trustee's office and National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $300,000. Denomination — Coupon, $100 and $500. Trustee — Fidelity Trust Co., Kansas City. Organization — Incorporated in Delaware in 1905. Secured by first mortgage on plant supplying gas in Lawrence, Kansas The company owns an artificial gas plant, but at present pur- chases natural gas from the Kansas Natural Gas Co., which it distributes. Population served, 15,000. Franchise expires Feb. 15, 1925. Year ended Dec. 31 Net Interest 1918 $22,347 $15,000 1917 .... 29.860 16.000 1916... 30,542 15,000 1915 28,188 15,000 1914 24.119 15,000 CITIZENS STREET RAILROAD CO. 1st 5s. Due May 1, 1933.— P. • Dated May 1. 1H93. Interest payable May and Nov. 1, at Fourth Street National Bank, Philadelphia. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $4,000,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Central Union Trust Co., Mew York. Assumed by the Indianapolis Street Ry. Co. Control — Consolidated into Indianapolis St. Ry. Co., which is leased tor 31 years from 1902 to the Indianapolis Tract. & Terml. Co., a subsidiary of the Terre Haute, Indianapolis & Bast. Tract. Co. Lease provides for dividends on Ind. St. Ry. stock at a graduated annual rate, the maximum of 6% now being paid. Secured by first mortgage on street railway in Indianapolis, Ind., including many import- ant lines. Franchise expires in 1933. The city has right to purchase property up to one year before franchise expires. Underlies — $6,000,000 Ind. St. Ry. Gen. 4s. Earnings — See Indianapolis Traction & Ter- minal Co. Listed on the Indianapolis and Philadelphia Stock Exchanges. Market. Philadelphia — Wistar & Co., Chas. Peaton & Co., Brvin & Co.. H. D. Boenning & Co.. Graham, Parsons & Co., S. K. Phil.Ups &. Co, Indianapolis — Gavin L. Payne & Co.. Meyer- Kiser Bank., J. P. Wild & Co., Fletcher Amer- ican National Bank, Breed, Elliott & Harri- son. New York — B. & C. Randolph, Kieiy & Horton. Chicago — Breed. Elliott & Harrison. Cincinnati — Breed. Elliott & Harrison. Price Range. Jan. 1, '08 to Jan. 1, '19 191» Bid Ask Bid Ask High. 107 '09 107 -119 S8 Feb. 98 Feb. Low. 76 '18 Sl'/i '18 76 June 81% Oct. CITIZENS TRACTION CO. (PITTSBURGH) 1st 68. Due Oct, 1, 1927.— P. Dated Oct. 1, 1887. Interest payable April 1 and Oct. 1, at Union National Bank, Pitts- burgh. Tax Status — 2 "5 Federal Income Tax paid .284 by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,250,000. Ontstandine — $686,000 (March 1, '19). Retired — $564,000. Denomination — Coupon, $1,000. Heglsterable as to principal. Trustee — Fidelity Title & Trust Co., Pitts- hUTgh. ' Guaranteed principal and interest by the Fort Pitt Traction Co. under the terms of the lease. Control — Leased to the Fort Pitt Traction Co. for 9B0 years from 1895, at an annual rental of $181,000. Under the terms of the lease the Fort Pitt Traction Co. assumes all the floating and mortgag-e debt of the com- pany. The $3,000,000 capital stock of the Citizens company is not under corporate con- trol. All the property of the Fort Pitt Trac- tion Co. is operated by the Consolidated Trac- tion Co. under an operating agreement. The latter company also owns all of the $3,000,00 capital stock of the Fort Pitt Traction Co. - The Citizens Traction Co. owns the entire capital stocks of the Citizens Passenger Ry, Co., Transverse Passenger Ry," Co., Aspinwall Street Ry. Co., Penn Street Ry. Co. and High- land Park & Butler St. Ry. Co. The Citizens Traction Co. also leases for 98 years from 1887 the property of the Citizens Passenger Ry. Co. which in turn leases the property of the Transverse Passenger Ry. Co. for 99 years from 1886. The Citizens Traction Co. does not own any mileage. The mileage owned by the above subsidiaries is as follows : Miles Citizens Pass. Ry 20.65 Transverse Pass. Ry 9.89 Aspinwall St. Ry 1.436 Penn. St. Ry 4.15 H. P. & B. St. Ry 2 . 02 Total 38.146 Franchises are perpetual or for 999 years. The Consolidated Traction Co. owns the en- tire capital stock of the Fort Pitt Traction Co. and operates its property under an oper- ating agreement. The Consolidated Traction Co. is controlled through stock ownership by the Philadelphia Co. Secured by a first Hen on the entire capital stocks of the Transverse Passenger Ry. Co. ($300,000) and Citizens Passenger Ry. Co. ($200,000). The Transverse Passenger Ry. Co. owns street railway lines extending from "Water St. on Wood St. to Liberty Ave. and on Liberty Ave. to 23rd St., and also on 16th St. from Liberty Ave, over the Allegheny River to Spring Garden St. and on Spring Garden St. to the city line. The Citizens Passenger Ry. owns street rail- way lines extending on Penn Ave. from San- dusky St. to Prankstown Road and on Franks- town Road to Washington Boulevard, and on Butler St. from 84th St. to the Sharpsburg Bridge. All of the above mlleaee Is free from bonded debt, but there Is no clause In the mortgage securinig these bonds which prevents the companies whose stocks are deposited from mortgaging t^ielr properties. Kote — Neither the securities nor properties of the Penn. Street Ry. Co. (qwning 4.15 miles of street railway from Frankstown Ave. and Washington Boulevard to Wilkins- burg), Aspinwall Street Ry. Co. (owning 1.436 miles from the Sharpsburg Bridge through Sharpsburg and Aspinwall), and Highland Park & Butler street Ry. Co. (owning 2.02 miles), are covered by the lien of this mort- gage. The Penn Street Ry. Co. has outstand- ing $25 0,000 first mortgage 5% bonds due 1922 and guaranteed by the Citizens Traction Co. Listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — Duquesne Bond Corp., Wm. P. Lemley & Co.-, Goddard, Hunter & Co., Moore. Leonard & Lynch. Philadelphia— P. R. Welsh, S. K. PhilHps & Co. New York — Moore, Leonard & Lynch. Price Range. Jan. 1, 'OS to Jan. 1, '19 1918 Bid Ask Bid High.loe '09 108 '09 94 Jan. Low. 70 '18 100 '17 70 Apr. (THE) CITIZENS TRACTION CO. (OIL CITY, PA.) 1st 5b. I>ue April 1, 1943. — F. Dated April 1, 1912. Interest payable April and Oct. 1. at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,500,000. Outstanding— $1,377,000 (Jan. 1. '19). Uenomination — Coupon, $500 and $1,000, Reglsterable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives & Granting Annuities, Phila- delphia. Redeemable as a whole at 105 and interest on April 1, 1917, or any interest date there- after, or for sinking fund after April 1, 1918, upon 60 days' notice. Sinking Fund — Beginning .Tuly 1, 3 918, and annually thereafter, 1% of outstanding bonds to be applied to the purchase of these bonds at not over 105 and Interest. , Bonds so acquired to be cancelled. Improrement Fund — Beginning Jan, 1, 1923, and semi-annually thereafter % of 1% of out- standing bondp to be deposited with the Trus- tee for improvements, etc. Organization — Incorporated in Pennsylvania In 1902. Controlled by the Municipal Service Co. . through ownership of all the common stock and a majority of the preferred, and pledged under its Coll. 6s of 1942. Secared by a first mortgage on 29 miles c>f road, 35 miles of track, including all of the street railways In Oil City and Franklin, Pa., and interurban line between those cities, 8 miles. Also secured by a first lien on the en- tire capital stock and $289,000 (entire out- standing) 1st 6s. due 1944. of the Citizens Light & Power Co., owning the plants supply- ing electricity In Oil City, Franklin and vicin- ity, and also stocks of other subsidllary com- panies. Population served, 28,000. Underlies— $222,000 Ref. 63, dated May 1. 1917, all of which are owned by the Munici- pal Service Co. and deposited under Its 1st Lien Coll. Tr. 5s of 1942. Year ended Dec. 31 Gross Net Int. & Tax 1918 $540,914 $181,180 $108,816 1917 505.698 195.999 100,224 1916 401,158 169.418 92,128 1915 362,047 147.438 81,242 1914 372,738 126,895 71,889 Original Market — $1,000,000 offered April, 1912, at 99 and interest by Brown Bros. & Co. and Robert Glendinning & Co., Philadelphia. Market. Phlladelphia~S. K. Phillips & Co., Wistar & Co., Brown Bros. & Co., H. D. Boenning & Co., Huntoon & Co., Robt. Glendinning & Co. 285 Pittsburgh — "Wm. P. Lemley & Co. ' Price Range Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 96 '16 ' 97% '16 86 June 94 June Low. 86 '18 90% '17 CITIZENS WATER SUPPLY CO. OF NEW- TOWN 2nd 4s. Due Jan. 1, 1931.— F. Dated Jan. 1, 1901.. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Secured by a second mortgage on plant sup- plying 2nd Ward, Borough of Queens, New York City, with water. Population served, about 100.000. Prior Liens— $150,000 1st 5s. Market. Boston — Chas. A. Day & Co., H. C. Spiller & Co. New York — Fred H. Hatch & Co. CITY & EUtf GROVE RAILROAD CO. (WHEELING, W, VA.) Cons. Coll. Tr. 5s. Dae July 1, 1936.— N. Dated July 1, 1906. Interest payable Jan. and July 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by oompany. Anthorized— $2, 500, 000. Outstanding — $1, 119, 000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh. Pa. Redeemable on any interest date at 105 and interest. ^ Assumed by West "Virginia Traction & Elec- tric Co. Control — Absorbed by West Virginia Trac- 'tion & Elec. Co., which Is controlled through stock ownership by the Eastern Power & Light Corp. Secured by a first mortgage on 30 miles of street railway in Wheeling, W. Va.. and a second mortgage on 10 miles of interurban lines. Population served, about 45,000. Fran- chises expire in 1947. Prior Liens — $160,500 Wheeling & Elm Grove 1st 5s of 1928 and $794,500 5s of 1931. Underlies — $1,800,000 W. Va. Tract. & Elec. Co. 6% Notes, due May 1, 1919, which are secured by 1st & Ref. bonds. Note — As of May 3, '19, these 6 % notes were in default. Earnings — See West Va. Traction & Elec. 6% Notes. New York-^F. H. Hatch & Co. Wheeling — Mitchell & Stevenson. CITY & SUBURBAN GAS CO, 20-l?ear 1st 6s. Due Nov. 1, 1933.— F. Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding— $556,000 (May 1, '19). Held in S. F.— $44,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any Inter- est date. Sinking Fund — Annually as follows; 2% of outstanding bonds, Nov. 1, 1916 to 1920: 3% 1920 to 1922; 4%. 1922 to 1924;, B%. 1924 to 1933. If bonds in addition jto the original $500,000 are issued the aWnpany shall pay additional amounts sufficient to retire such ad- ditional bonds before maturity. At the re- quest of the company this fund is applicable to the purchase or redemption of these bonds at not over 105 and interest. !Bonds so ac- quired are held alive and interest added to fund. Guaranteed principal and interest by the West Virginia Traction & Electric Co. Organization and Control — Incorporated in West Virginia In 1912 as successor to the Vir- ginia Oil & Gas Co. The entire common stock Is owned by the West Virginia Traction & Electric Co. Secured by a first mortgage on plants supply- ing natural gas to Fulton, Leatherwood, Woodsdale, Edgewood, Pleasant Valley, Elm Grove and Patterson, W. Va. Population served, 100,000. Franchises are of long dura- tion, except in two instances, where they ex- pire in 1931 and 1933. Earnings — See West Va. Tract. & Electric Co. Market. New York — Hanson & Doyle, Joseph & Wien- er, Kiely & Horton, Morton Lachenbruch & Co., Didrichsen & Co., Berdell Bros. Baltimore — W. W. Lanahan & Co. Price Range. Jan. 1. *17 to Jan. 1. *19 1918 Bid Ask Bid Ask High.841^ '17 90 '17 72 Aug 82 Aug. Low. 72 '18 78 '18 78 July CITY & SUBURBAN RAILWAY CO. (BALTI- MORE) Ut 5s. Due June 1. 1922.— F. Dated June 20, 1892. Interest payable June and Dec. 1, at Alex. Brown & Sons, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding^$3,000,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more. Assumed by the United Rys. and Electric Co., Baltimore. Control — ^Absorbed by the United Rys. & Electric Co. Secured by a first mortgage on 44 miles of street railway track in and around Baltimore, Md. Underlies — United Rys. & Elec. Co, Inc. 48 of 1949, Income Fdg. 5s and 1st Cons. 4a of 1949. Bonds are reserved under- the latter mortgage to retire the bonds of this Issue. Earnings — See United Rys. & Elec. Co. Legal for Bait. Listed on the New York, Baltlmpre, Cincin- nati and Washington Stock Exchanges. Original Market — $1,500,000 offered In- June. 1892; at 105 and interest by Alex, Brown & Sons, Baltimore. Market. Baltimore — W. W. Lanahan & Co., Poe & Davies, Hambleton & Co.> Jenkins, Whedbee & Poe. ■ ■ ; New York — Kiely & Horton, - Hambleton & Co. Price Range. Jan. -1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.llO '08 111 '08 100 Dec. 100% Dec. Low. 95 '18 96 '18 95 Oct.. 96 Sept CITY & SUBURBAN RAILWAY (PORTLAND, ORE.) Cons. 4s. Due Jnno 1. 19^30. Dated June 1, 1900. Interest payable June ■ and Dec. 1, at Trustee's office. Tax Status — Company refunds the Federal Income Tax up to 2 % . Authorized — (Closed mortgage). Outstandins — $1,290,000. Denomination — Coupon, $1,000. Reglsterablo as to principal only. Trustee — Security Savings & Trust Co.. Port- land, Ore. Redeemable on and after June 1. 1915, at par and interest. Control — -Absorbed by Portland Ry. Co.. now a part of the Portland Ky., Lt. & Power Co. Secursd by a first mortgage on 69 miles of street railway in the ' center of Portland, Ore. Underlies — $30,587,000 bonds and notes of Portland Ry., Lt. & Power Co. and predecessor companies. The P. Ry., Lt. & P. Ist & Ret. 5s of 1942 provide to retire this issue famines — See Portland Ry., Lt. & Power . Co. Market. Baltimore — Poe & Davies, Jenkins, Whed- bee & Poe. Price Range. Jan. 1. 1908 to Jan. 1. 19W Bid Ask High. 89*13 92 '13 Low.. 80 '16 86 '08 CITY & SUBURBAN RAILWAY (WASHING- TON, D. C.) 1st 5s. Due Aug. 1. 1948. Dated Aug. 1, 1898. interest .payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 750. 000. Outstanding — $ 1.750.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Baltimore Trust Co., Baltimore. Sinking Fund — ^After the payment of all fixed charges, operating expenses and a dividend of 6%. all surplus earnings up to and not over the sum of $25,000 to be set aside as a sinking fund. Organization and Control — Incorporated in the District of Columbia in 1888. Practically all of the stock is owned by the Washington Ry. & El. Co. Secured by a first mortgage on 41 miles of street railway track in Washington and vicin- ity. 23 miles of which is suburban. Franchises are perpetual. listed on the Washington and Baltimore Stock Exchanges. Earnings— See Washington Ry. & Ejlectric issues. Market. Washington — Crane. Parrls & Co. Baltimore — Hambleton & Co., Jenkins, Whedbee & Poe. . New York — Kiely & Horton, Hambleton & Co. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.105% '09 105 '12 90 Dec. 94 Jan. Low. 85 '18 94 'IS 85 Oct. CITY ELECTRIC COMPANY (SAN FRANCIS- CO) 1st 5s. Due July 1, 1937. — F. Dated July 1, 1907. Interest payable Jan. and July 1. In San Francisco or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mo rtgage. Outstanding — $1,618,000 (May 16, '19). Retired by S. F.-^$22,0,00Q. Held by G. W. P. Co. of Cal.— $986,000. Denomination — Coupon, $1,000. Trustee — Central Trust Co. of California. San Francisco. Redeemable at 102 and Interest. Sinking Fund— July 31, 1913-17, 1% of out- standing bonds per annum; 1918-22. 1^%: 1923-32, 2%, and 1933 to maturity, 2%%. Guaranteed principal and interest by Great Western Power Co. Control — ^AU of the stock Is owned by the Great Western Power Co., which is controlled by the Western Power Corporation. Secured by first mortgage on steam electric plant at North Beach, supplying electricity to San Francisco in competition with the Pacific Gas & Elec. Co. Franchises are perpetual. Underlies — Great Western Power Co. 1st 5s of 1946, and Great Western Power Co. of California 1st &. Ref . 6s of 1949. Earnings — See Great Western Power Co. 1st 5s. Market. San Francisco — Sutro & Co.. McDonnell & Co. New York — ^McDonnell & Co., Bernard Scholle & Co., J. M. Byrne & Co.. B. F. Hutton & Co., Berdell Bros. lios Angeles — ^A. H. WooUacott. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.941^ '10 951^ '10 82 Nov. 85 Dec. Low. 72% '18 80 '18 12% Sept. 80 June CITY GAS CO. (NORFOLK, VA.) 1st 6s. Due June 1, 1936. — N. Dated June 1, 1896. Interest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Virginia. Authorized — $ 5 0, 0. Outstanding — $ 500.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Organization and Control — Incorporated In Virginia in 1851. $401,100 of the S500.000 capital ^tock Is owrted by the Norfolk Railway & Light Co. and $98,900 owned by the Virginia Railway & Power Co. The latter company leases the property of the former company for 99 years from June 1, 1906. Secured by first mortgage on office building, 8 acres of land and gas plant supplying Nor- folk, Va., with gaa. Population served, about 125,000. Market. Baltimore — ^Howard R. Taylor & Co., J. S. Wilson, Jr., & Co.. Jenkins, Whedbee & Poe. New York — Fred H, Hatch' & Co.. Mottu Co. Norfollt — Mottu Bros. Price Range. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High.105% '15 10'6 '15 Low. 101 '17 CITY ICE DELIVERY CO. 1st Gs. Due each Dec. 1» $10,000. 1917-19; 815,000, 1920-21; $20,000. 1932-23; $25,000, 1924-25; $30.00Q. 1926-27, $35,000, 1928-29; $40,000, 1930- 1931; $45,000, 1932-33; and $50,000. 1934- 1936. Dated June 1, 1915. Interest payable June 1 and Dec. 1, at Trustee's office, or office of Field, Richards & Co., Cinciniiati and Cleve- land. Tax Status — 2% Federal Income Tax paid by company without deductioij. Anthjorized— $1, 000, 000. Outstanding— S580, 000 (Mar. 1, '19). Retired — $20,000. 287 Denomination — Coupon, $500 and $1,000. Reglsterable as to principal only. ■ Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable on any interest date at 102 and Interest in reverse of numerical order. Orsanization — Incorporated in Ohio in 1915 as a consolidation of six ice companies, four operating in Cincinnati, one in Newport, Ky., and one in Covington, Ky. Two additional companies consolidated in 1918. Secured by a first mortgage on 18 ice manu- facturing plants, with an output of 1,350 tons of ice per day, and on delivery, equipment, etc. The company serves Cincinnati and adjacent towns. The territory which it covers embraces a population of about 600,000. It Is expected that a considerable savins will be effected by the elimination of the duplication of wasoD service. ^Earnings — Not reported. Original Market — OfCered In November, 1916, by Field, Richards & Co., Cincinnati and Cleveland, at par and Interest. Market. Cincinnati — Field, Richards & Co. CITY LIGHT & TRACTION CO. (Sedalla, Mo.) 1st 5a. Due June 1, 1952. — F. Bated Aug. 1, 1912. Interest payable June 1 and Dec. 1, at agency of Company In New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $2, 500, 000. Oatstandinff— $815,100. Reserved for Ext. — $1,684,900. Denomination — Coupon, $100. $250, $500 and $1,000. Reglsterable as to principal only. Trustee — New Tork Trust Co., New Tork, and Sedalia Trust Co. , Sedalia, Mo. Redeemable on any Intere^st date at 105 and interest, on 40 days' notice. Sinking Fund — Beginning June 1, 1922, 1% per annum of bonds outstanding In cash to retire bonds, or In bonds at 105 and Interest, or 2% per annum to be Invested in the prop- erty. Organization and Control — Incorporated In Missouri in 1912 as a reorganization of the Sedalia Light & Traction Co. Practically all of the common stock Is controlled by the Cities Service Co., and deposited as part security for the Consolidated Cities Lt., Power & Traction Co. 5s of 1962, and the property operated by the Doherty Organization. Secured by a first mortgage on plants sup- plying gas and electricity In Sedalia, Mo., and on street railway system In that city, com- prising nine miles of track. Population served, 20.000. Electric franchise expires in 1940. Earnings not reported. Market. New Tork — Hanson & Doyle, John Muir & Co., E. H. Clarke & Co., H. L. Doherty & Co., F. H. Hatch & Co., Earle A. Mliller & Co. Boston — H. C. Spiller & Co.. F. B. Bassett ft Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.81 '17 89 '17 74 Dec. 75 Jan. Low.62^^ '15 72 '17 68^ June not assumed by company. Authorized and Outstandins — $1,800,000. ^ Denomination — Coupon, $1,000. Reglsterable as to principal. ' Trustee — ^Farmers' Loan & Trust Co., New Tork. Redeemable at 102 and interest prior to Jan. 1, 1916; at 101 and interest on and from Jan. 1, 1916, to Jan. 1, 1921; and at 100 and in- terest thereafter. Guaranteed principal and interest by en- dorsement by the American Water Works and Guarantee Co., succeeded through foreclosure, by American Water Works and Electric Co. Organization and Control — Incorporated in Tennessee in 1869, for 99 years. All of the stock is owned by the American W. W. & Electric Co. Secured by a first mortgage on plant sup- plying water to Chattanooga, Tenn., and vi- cinity. Population served, 100,000. Year ended April 30 Gross Net Interest 1918 $409,211 $197,980 $116,198 1917 335,432 193,698 149,704 1916 306,178 179,828 146.366 1915 297,536 173,764 145,663 1914 296,021 166.271 144,756 Original Market — Offered in 1911 by J. S. ft W. S. Kuhn, Pittsburgh, etc., and C. B. Mitchell & Co., New Tork, at 101 and interest. Market. Pittsburgh — George, Allen & WMtehouse, Glover & MacGregor. Ptiiladelphia — Newburger, Henderson & Loeb. New York — Dunhaq;L & Co. , Newburger, Henderson & Loeb, Morgan & Flnlay, Hotchkin & Co. Boston — Hotchkin & Co.. Chas. A. Day & Co., H. C. Spiller & Co., Inc. Portland, Me. — H. M. Payson & Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 98% '16 90 Feb. 92 H Mar. Low. 86 '15 92% '18 CITY WATKR CO. (CHATTANOOGA) Ist Bef. 6b. Due Jan. 1, 1931.— N. Dated January 2, 1911. Interest payable Jan. and July 1, at Trustee's office. Tax StatuB — Payment of Federal Income Tax CITY WATER COMPANY OF SEDALIA, MO., l8t 58. Due Feb. 1, 1937.— N. Dated Feb. 1, 1907. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. Outstanding — $465,000 (Dec. 31, 1917). Retired by S. F. — $10,000. Denomination — Coupon, $1, 000. Trustee — St. Louis Union Trust Co.. St. Louis, Mo. Redeemable for the sinking fund at 105 and Interest. Sinking Fund — $5,000 per annum, commenr' Ing Feb. 1, 1917. Secured by first mortgage on a plant sup- plying water to Sedalia, Mo. Franchise ex- pires 1928, but if city does not purchase plant, franchise will extend for 21 years additional, and so on for 21-year periods until city pur- chases plant at an appraised value. Popula- tion served, about 20,000. Valuation and Rates — The Publlo Service Commission of Missouri have placed a valua- tion of $500,000 on the property of the com- pany for rate-making purposes. The company has been authorized to increase its service rates to obtain net earnings of 9% on this valuation, of which 2% is chargeable to de- predation, etc. irnderltes — $100,000 6% Notes, due Nov. 1, 1919. Year ended Dec. 31 Grosa Net Interest 1917 $75,039 $36,644 $29,000 1916 32,233 25,500 1915 27,385 22,600 1914 30,039 22,500 Market. Boston — Hotchkin & Co. , Inc. , Chas. A. Day & Co., H. C. SpUler & Co., Inc. New^ York — Hotchkin & Co., Inc., Fred H. Hatch & Co. Price Ran«:£. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid Hiffh.81 '17 70 Dec. t.ow.10 '18 (THK) CITY WATER POWER CO. (AUSTIN, TEXAS), 1st S. r. 5s. Due April 1. 1939. Dated April 2, 1912., Interest payable April and Oct. 1, at Trustee's office, New York. Default — Oct. 1, 1914, and subsequent In- terest. Tax Status — Information not available. Authorized — $750, 000. Outstanding — S734.500. Redeemed — $16,500. Denomination— -Coupon, $500 and $1,000. Resristerable aa to principal. Trostee — ^New York Trust Co., New York. Redeemable at 102% and Interest on any interest date upon 30 days* notice. Sinking Fond — ^Bonda are to be redeemed by lot semi-annually, on April 1 and October 1, at 102% and interest, from $8,500 on October 1, 1914. to $25,000 on October 1, 1937, and the remainder, $24,6X)0 on April 1, 1938. Guarantee — ^The city agrees to maintain such rates for light and water as will enable the payment of, $64,800 annually to the company. This sum will suffice to pay Interest and re- deem the bonds by 1938, when plants will be- come the property of the city. Foreclosure proceedings have been started. Beceiversliii>— Guy A. Collett appointed re- ceiver Nov., 1915, by the U. S. District Court of Texas. The floodgates were destroyed by driftwood during September floods. Protective Committee — ^Mortimer M. Buck- ner, Dimner Beeber, John "W. Healy, Henry M. Tracy, P. F. Patten, Lawrence Barnum with C. B. Haydock, Secy., 1 E3ast 57th street. New York City. Depository, New York Trust Company. Status — Following- the destruction of the flood gates of this company's dam, negotiations were entered into with the city of Austin to modify the franchises or purchase the prop- erty. The purchase hap been approved by the Mayor, but upon terms that would mean less than fifty cents on the dollar to the bond- holders. The deal has not yet been made. Under date of March 5, 1919, the protective committee addressed a letter to depositing bondholders, recommending that authority be given it to sell the bonds. Secured by a first mortgage on plants sup- plying water and electricity In Austin, the capital of Texas. Power is generated by a hydro-electric plant. Population served, 20,- 000. Orieinal Market — $750, 000 offered April, 1912. by Lawrence Barnum & Co., New York, at 97% and interest. Market, New York — Hanson & Doyle. Philadelphia— -Barnes & liOfland. and July 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by comyany without deduction. Tax exempt in Pennsylvania. Autliorized and Outstanding — $1,000,000. Denomination — Coupon. $1, 000 and $600. Registerable as to principal. Trostee — Guarantee Trust & Safe Deposit Co., Philadelphia. Assumed by the Pennsylvania R. R. Co., (Dec. 31, 1915). Organization and Control — ^Absorbed by the Pennsylvania R. R. Co. in 1913. Secured by a first mortgage on 66.51 miles of road from Irvona to near Punxsutawney, Pa., and branches. Underlies — ^Pennsylvania & Northwestern Gen. 5s of 1930, and Cambria & Clearfield Gen. 4s of 1955; also Penn. R, R. Cons. Mtge, and Gen. 4%s of 1965 under which later mort- gage bonds are reserved to retire this issue. liCgal for Cal., Conn.. Me.. Mass., Mich., Minn., Mo.. N. H., N. J., N. Y., R. I., Vt. and Wis. liisted on the Philadelphia Stock Exchange. Market. New York — ^Remlck, Hodges & Co., Taylor Smith & Hard, Newburger, Henderson & Loeb. Baker, Carruthers & Pell, Newhall & Co. , Chas. W. Place. Philadelpliia — ^West & Co., Harrison & Co., Reed A. Morgan & Co., Elkins, Morris & Co.. Frazier & Co., J. W. Sparks & Co., New- burger, Henderson & Loeb, Chas. Fearon & Co.. Warren A. Reed, H. D. Boenning & Co., Huntoon & Co. , Biddle & Henry, Graham, Parsons & Co., Newhall & Co., S. K. Phillips & Co. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1. 1908 to Jan. 1. 1919 191& Bid Ask Bid Ask High.122% '09 123% '09 101 Jan. 103 Jan. Low.lOO '17 101% '18 100 Dec. 101% Sept. CIjEAKFIELD a JEFFERSON RAILWAY CO. 1st 6s. Due Jan. 1, 1937. — ^F. Dated July 8, 1886, Interest payable Jan. CUQABFIEI.D & 3VIAH0NING BAU^WAY CO. 1st 5s. Due Jan. 1, 1943. — F. Dated January 3, 1893. Interest payable Jan. and July 1, at A. laelin & Co., 36 Wall Street, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $650,000. Denomination — Coupon, $1, 000. Registerable as to principal only, or fully registerable Registered, $1. 000. Tmstefr— Guaranty Trust Co., New York. Guaranteed principal and interest by . the > Bu^alo, Rochester & Pittsburgh Ry. Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in 1892. Property leased in per- petuity to Buffalo. Rochester & Pittsburgh By. Co., rental being equivalent to interest, taxes and 6% per annum on the stock. Secured by a first mortgage on 25.72 miles of road from Dubois Jet. to Clearfield, Pa. Legal for Cal., Conn., Me., Mich., Minn . N. H.. N. J.. R. I. and Wis. liisted on the New York Stock Exchange. Market. New York — Abraham & Co.. Baker, Car- ruthers & Pell, Ambrose R. Clarke & Co. , Chas. W. Place, Redmond & Co. , Taylor, Smith & Hard. Philadelphia — ^Biddle & Henry, Chas. Fearon & Co.. Graham, Parsons & Co.,, S. K. Phil- lips & Co. Pittsburgh — ^R. B. Hutchinson & Co. Price Ranse — N. Y. S. E. Jan. 1, 1UU6 to Jan. 1, 19l<) 1918 Bid High.112 Apr. 17. '14 S&M Dec. Low.ioa July 1. '08 83 July CLEARFIELD BITUMINOUS COAL CORP. let 4s. Dae Jan. 1, 1940. — F. Dated July 1, 1891. Interest payable Jan, and July 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $825,000. Outstandinig — $645,800 (Jan. 1, '19). Retired by S. F. — 3179,200. Denomination — Coupon, Ser. "A, " $1,000; Ser. "B." JIOO. Trustee — Columbia Trust Co., New Tork. Sinking Fund — Annually, net earnings in ex- cess of interest, up to $20,000. Fund to be used for the purchase of these bonds or for their redemption at maturity. Guaranteed as to interest by the Beech Creek R. R. Co. , whicli guaranty has been assumed under terms of lease by the N. T. C. & H. R. R. R. Co.. now the N. T. C. R. R. Co. Organization and Control — See 4%s of 1932. Secured by a first mortgage on 14,000 acres of coal land owned in fee in Pennsylvania, also on mining rights on 18.000 acres. Ttie prop- erty mentioned includes 10 mines and 100 coke ovens. UnderUes— $2,500,000 4^9 of 1932. Liisted on the New York Stock Exchange. Market. New York — Abraham & Co., Baker. Car- ruthers & Pell, Fred H. Hatct & Co., H. I. Nicholas & Co. , Phelps & Neeser. Pbiladelpliia — O. B. Lansinger & Co., Chas. Fearon & Co., S. K. Phillips & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.85 '08 90 '09 76 Dec. I.,ow.70 '16 72 '13 70 Oct. CLEARFIELD BITUMINOUS COAL CORPO- RATION 21-Year ^Vzb. Due Nov. 1, 1932. Dated Nov. 1, 1911. Invereat payable May 1 and Nov. 1, at Company's office, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $5, 000, 000. Outstanding — $2,500,000. Denomination — Coupon, $1, 000. Reglsterable as to principal, or fully reglsterable. R^'is- tered, $1,000 and $5,000. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Guaranteed as to principal and interest by the New York Central & Hudson River R. R. Co. by endorsement (now New York Central R.' R. Co.). Organization — Incorporated In Pennsylvania In 1886, and owns in fee in excess of 148,000 acres of coal, with the necessary surface land, located In , Cambria, Clearfield, Indiana and Blair Counties, Pennsylvania, on subsidiary lines of the New York Central Railroad. In 1911 acquired the property of the Pennsylvania Coal & Coke Co. (foreclosed), which owned about 106,000 acres of coal, and surface of this, 59,000 acres, was leased to the Pennsyl- vania Coal & Coke Corporation, successor of last named company, at a minimum rental of $375,000 from Jan. 1, 1911, to April 1, 1913 when lease was modified and minimum rental reduced to $225,000 with the same royalties as In the original lease, viz.: 10 cents per ton on coal mined from fee premises and two cents per ton in excess of 1.500,000 tons from lease- hold premises. The lessee also gave up lease- hold rights to about 17,000 acres of coal. 2,600 acres surface and also control of the Hoover- hurat & Southwestern R. R. Co. In 1915 the Clearfield company acquired tne property of West Branch Coal Co., formerly leased. The properties of the C. B. C. not leased are oper- ated exclusively for the N. Y. C. R. R. Co. Control — The entire $825,000 stock is owned by the New York Central R. R. Co. Secured by a first mortgage on 22.000 acrea of coal ajid a general mortgage on the remain- ing property of the company, including 126,000 acres of coal, equipment, etc. Prior JAens — $ 6,299,800 bonds as follows : $2,618,000 Webster Coal & Coke Co. 1st Cons. 5s of 1942; $1,057,000 Pennsylvania Coal & Coke 1st 5s of 1932; $72,000 Chest Creek Land & Improvement 1st 4s of 1924; $1,882,000 Beech Creek Coal & Coke 1st 5s of 1944; $645,800 Clearfield Bituminous Coal Corp. 1st 4s of 1940, and $25,000 Canoe Ridge P. M. S'j^s of 1951. All closed mortgages. The amounts are being reduced by the operation of the respective sinking funds. Original Market — ^A block of these bonds were ofEered in January, 1916, by Brooks, Stokes & Co.. Philadelphia, at 97 and Interest. A block offered July, 1916, by Union Trust Co., Pittsburgh, at 97 and interest. Market. New York — Baker, Carruthers & Pell, Fred H. Hatch & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.^1 '18 98 '16 91 Oct 95 Oct. Low. 89 '16 95 '16 CI^VELAND & ELYRIA ELECTRIC RAHi- WAY 1st 6s. Due August 1. 1930.— F. Dated May 1, 1895. Originally due May 1, 1915. but extended to Aug. 1, 1920. Interest payable February 1, May 1, August 1 and No- vember 1, at Trustee's oflice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $200, 000. Denomination — Coupon. $ 5 0. Trustee — Citizens' Savings & Trust Co.. Cleveland, Ohio. Redeemable on any interest date prior to and including November 1, 1916, at 102 and Interest, in 1917 at 101% and interest, 1918 at 100% and interest and 1919 at 100^ and Interest, and on February 1, 1920, at par and interest. Organization — 'Absorbed by the Cleveland, Southwestern & Columbus Ry. Co. Secured by a first mortgage on 18 miles of single track Interurban railway, between the outskirts of Cleveland and Elyrla. Ohio. A part of the line Is on private right-of-way. Underlies — $3,545,000 C. S. W. & C. bonds. Earnings — See Cleve., S. W. & Col. Ry. Original Market — Extended bonds offered in April, 1915, by Hayden. Miller & Co., Cleve- land, Ohio, at par and Interest. Market. Cleveland — Borton & -Borton, W. S. Snyder & Co. CLEVELAND & ERIE RAILWAY CO. 1st Ss. Due July 1, 1929. — F. Dated July 1, 1909. Interest payable Jan- and July 1. at Trustee's office. Payment of Interest — As of May 7, 1919, In- terest had been paid regularly to that date with the exception of the four semi-annual coupons covering the period of 1915 and 1916. These were to be deposited with the First Na- 290 tional Bank of Erie, Pa., for extension under a certain agreement. Tax Status — -% Federal Income Tax paid by company withoui deduction. Tax free in Pennsylvania. Authorized — $800,000. Outstanding — $ 500,000. Denomination — Coupon, $250 and $500. Trustee — Fidelity Trust Co., Philadelphia Pa. Redeemable at 105 and Interest. Organization — Incorporated in Pennsylvania in 1909 as successor to Conneaut & Erie Trac- tion Co., foreclosed. Secured by first mortgage on 31 miles of electric railway between Erie, Pa., and Con- neaut. Ohio. Population served, excluding Erie (100,000), about 30,000. Franchises are for 999 years. Underlies — $500,000 Income 5s of 1929. Year ended June 30 and Dec. 31 Gross Net •Charges 71918 • $164,509 $24,710 $38,379 tl917 145.606 32.864 38,752 1916 121,837 46.516 39.597 1915 117,533 - 45,308 38,810 •Includes taxes, rentals and interest. tYear ended Dec. 31. Market. Philadelphia — Barnes & Lofland. Price Range — 1918. Bid Ask High.20f. Dec. 25 f. June Low.lSf. Jan. 21%f. Apr. CLEVELAND & ERIE RAILWAY Inc. 5s. Due July 1, 1929. — P. Dated July 1, 19 09. Interest payable July 1. if earned (none paid as yet). Tax Status — 2%. Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $500,000. Denomination — Coupon, $250 and $500. Trustee — Fidelity Trust Co., Philadelphia. Organization — See 1st ba. Secured by second mortgage on 31 miles of electric railway from. Erie, Pa., ix) Conneaut, Ohio, Population served, exclusive of Erie (100,000), about 30,000. Franchises for 999 years. Prior Liens — $500,000 1st 5s. Earnings — See 1st 5s. CLEVELAND & MAHONING VALLEY RAIL- WAY CO. Cons. 5s. Due Jan. 1, 1938. Dated January 1. 1888, Interest payable: Coupon bonds, Jan. and July 1, at Winslow, Lanier & Co.. New York; registered bonds, quarterly, January, etc. T&x Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Outstanding — $2, 936. 000. Denomination — Coupon. $1, 000. Exchange- able for registered bonds. Registered. $1,000 and $10,000. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Ohio in 1872. ^Practically all of the stock is owned in England, and is held by the Atlantic First Leased Lines Rental Trust, Ltd. Prop- erty is leased to Oct., 1982, to the Nypano R. R., all of the stock of this latter company being owned by the Erie R. R. Co., which leases and operates its line. Annual rental of Cleveland & Mahoning Valley Ry.. $525,967. Secured by a first lien on 122.60 miles — Miles Cleveland, O., to Pennsylvania-Ohio State Line at Hazelton, 80 . 83 Girard to Crab Creek, Youngstown, O.. 6.00 Niles to 3 miles south of Lisbon, O 35.77 Refunding — Bonds are reserved under the Erie R. R. Consol. Gen. Mortgage to retire this issue. Legal for Conn, and Me. Listed on the New York Stock Exchange. Market. New York — Wm. C. Ewen. Chas. "W. Place, Baker. Carruthers & Pell, Ambrose R. Clark & Co.. F. J. Lisman &, Co.. Spencer Trask & Co.. Redmond & Co. Philadelphia — Chas. Fearon & Co." Price Range — y. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 Bid High. 121 Dec. 28, '08 86 Dec. Low, 101 Ffeb. 1, '15 80 Apr. CLEVELAND & MARIETTA RAILWAY CO, 1st S. F. 4^s. Due May 1, 1935.— F. Dated May 1, 1895. Interest payable May and Nov. 1,' at Penna. R. R. Co.. New York. Tax Status — 2% Federal Income Tax paid" by company without deduction. Tax exempt in Ohio. Authorized — $2,000,000. Outstanding— $1,191,000 (Jan. 1, '19). Retired by S. F. — $59,000. Reserved for Ext. — $750,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — ^Annually, on July 1, a sum equal to 1 %' of the bonds outstanding to b*? applied to their purchase and cancellation at not exceeding par. If bonds are not purchas- able fund reverts to the company. Assumed by the Toledo, Columbus & Ohio River R. R. Co. Guaranteed as .to principal and interest by the Pennsylvania Co. by endorsement. Control — Merged in 1911, with other roads, into the Toledo, Columbus & Ohio River R. R. Co. This company is leased to the Pennsyl- vania Ft. R. Co. . Western Lines, the rental beins the net earnings. Secured by a first mortgage on 103.68 miles of road from Marietta to Canal Dover, Ohio. Legal for Cal.. Me., Mich., Minn., Mo.. N. H.. N. J., Ore. and R. I. Listed on the New York Stock Exchange. Market. New York — ^Wolif & Stanley. Hartshorne & Battelle, Sharretts & Young, E, & C. Ran- dolph. Seasongood, Haas & Macdonald, Abra- ham & Co., Baker, Carruthers & Pell. F. J. Lisman & Co. , McKinley & Morris, Redmond & Co., Vllaa & Hickey. Philadelphia^-West & Co.. S. K. Phillips * Co., Wheeler, Elliot & Mann, H. D. Boen- ning & Co. , Chas. Fearon & Co. , Graham. Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 Bid High.lOOi,^ Jan. 17, '17 ' 92^ Mar. Low. 9614 May 29, '17 85 Aug. CLEVELAND & PITTSBURGH RAILROAD CO. General S. F. 4%s and 3^8. Due Series "A," Jan. 1, 1942; Series "B," Oct. 1, 1942; Series "C." Nov. 1. 1948: Series "D," Aug. 1, 1950. — F. D.ated Dec. 1, 1891. Interest payable; Series ' 'A. ' ' Jan. and July 1 ; Series "B. ' ' 291 April and Oct. 1; Series "C," May and Nov. 1, and Series "D," Peb. ani Aug. 1, at Wlna- low, Lanier & Co., New York.' Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Otiio and Pennsylvania. Authorized and Issued — $10,000,000. Outstanding — $8,694,000 (March 1, 1919), as follows: Series "A," 4^s $2,924,000; Series "B." 4%a, $1,561,000; Series "B," 3%s, $349,000; Series "C," 3Hs $2,580,000; Series "D," 3%s $1,280,000. Redeemed by Sinking Fund — $1,306,000 (Jan., 1919). Denomination — Coupon, $3,000. Regristerabla as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinldng Fund— Beginning Jan. 1, 1893, 1% annually of bonds outstanding to be applied to their purchase at not exceeding par. If bonds are not purchasable fund reverts to the com- pany' s treasury. Guaranteed — Principal, Interest and sinking fund by the Pennsylvania R. R, Co. by en- dorsement. Organization and Control — Incorporated In Ohio in 1836 and in Pennsylvania in 1853. Leased to the Pennsylvania R. R. Co, for 999 years from 1871, at a rental equivalent to interest, taxes, 7% on stock and $10,000 or- ganization expenses annually. Lease assigned to Pennsylvania Co, in 1873 for operation. On Jan. 1, 1918, the lease was reassigned to the Pennsylvania R. R. Co. There is outstanding $28,617,643 stock, of which $17,369,450 is known as "special guaranteed stock." Of th'a stock the Pennsylvania R. R, Co. owns $9,- 770.800. Secured by a first "mortgage on 205,32 miles of road, of which 138 miles are double-t racked, from Rochester, Pa. , to Cleveland, O. , with branches to Belaire and Rosewell. Ohio. This road affords the Pennsylvania System its only entrance into Cleveland, Ohio, Legal for Cal. , Conn. , Me. , Mass. , Mich, , Minn., Mo., N. H., N, J., N. Y., R. I.. Vt. and Wis. Listed on the New York Stock ^Exchange. Market . Boston — R L. Day & Co. Chicago — Harris Trust & Savings Bank. New York — Taylor, Smith & Hard. Miller & Co., C. H. Hensel, B. & C. Randolph, Calla- way. Fish & Co.. F. H. Hatch & Co., J. S. Farlee & Co. , Morris Bros. , Coffin & Co. , Remick, Hodges & Co., Seasongood, Haas & Macdonald, Redmond & Co., Abraham & Co.. Baker, Carruthers & Pell. Hartshorne & Bat- telle, Korn. Lehman & Co. Philadelphia — Ambrose R. Clark & Co., West & Co., Chas. Fearon & Co., Reed A. Morgan & Co., Welsh Bros., Wheeler, Elliott & Mann Frazier & Co., H. D. Boenning & Co.. Gra- ham, Parsons & Co., S. K. Phillips & Co, Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 3%s, Series High,90 May 22, '08 Low. 83% June 16, '15 83 Dec. 80 H Jan. High. 110% Jan, 19 Low. 92% Dec. 12 , '09 . '17 96% May 9 96% May 9 4%s. High. 109% July 6, Low. 109% July 6, Series '09 '09 "B." Bid 92% Jan. 90 Dec. Hieh.giyi Feb. 29,' Low.91i4 Feb. 29, Series '12 '12 "B." 86 >4 Dec.' 86^4 Dec. 3%3, High.96 AUE. 20. Loi\-.90% Oct. 26, Series '09 ■12 "C." 83 Dec. 80% Jan. CIiETEIAND & SANDUSKY BfiETPINa CO. Ifit 6s. Dne Jane 1, 1948. — N. Dated June 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized — $6,000,000. Outstanding — $3,368,000 (Dec. 31. 1917). Retired by Sinking Fund — $2,453,000. Cancelled — $179,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New Tork. Redeemable at 107^ and Interest. Sinking Fund — $50,000 per annum for pur- chase of bonds at not exceeding 107^ and in- terest. If not purchasable, bonds shall be called. Secured by a mortgage on breweries of the company located in Cleveland and Sandusky, Ohio. Prior Liens — $350,000 Schlather Brewing Co. 1st 4s, due $10,000 annually to 1932. Year ended Dec. 31 Gross Net Int. &S.F. 1917 $927,760 $643,386 $416,558 1916 1.246.536 914.936 418,615 Listed on the Celeveland Stock Exchange. Market. New York — ^Merrill, Lynch & Co., Geo. 8. Crap & Co, Cleveland — Borton & Borton. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, '(^S to Jan. 1, '19 1918 Bid Ask Bid Ask High. 84 '12 77 '14 52 Aug. 65 Oct. Low. 41 '09 4? '09 45% Jan. 48 May CLEVELAND & SOUTHWESTERN TRAC- TION CO. 1st & Cons. 5b. Due Feb. 1, 1923.— F. Dated February 1. 1903. Interest payable Feb. and Aug. 1, at Equitable Trust Co., New York, and Trustee's office, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— ~$1. 400, 000. Reserved for Prior Liens — $1,600,000. Denomination — Coupon, $1,000. ReglsterablQ as to principal. Trustee—Guardian Savings & Trust Co , Cleveland. Redeemable at 105 and interest on any inter- est date. Control — ^Absorbed in 1907 by the Cleveland, Southwestern & Columbus Ry. Co. Secured by a first mortgage on 43 miles of tnterurban street railway, and a mortgage on 93 miles additional, from. Cleveland. Ohio, to Berea, Elyria, Oberlin and Norwalk; and from Cleveland to Medina, Creston and Wooster: from Seville to Mansfield and from Oberlin to Wellington.^ Population served, exclusive of Cleveland. 100,000. Boad is built largely on private right-of-way. Oct. 1, 1915, the City ol Blyria granted a 25-year franchise. Prior Liens — $1,600,000 bonds of absorbed companies, viz.: $200,000 Cleve. & Elyria 1st 6s of 1920, $100,000 Elyria & Oberlin 1st 6s of 1922 (extended from 1917), $127,000 Cleve- land, Berea & Oberlin 1st 5s of 1920, $1,073.- 000 Cleveland Elyria & "Western 1st 5s of 1920 and $100,000 Elyria, Grafton & Southern 1st 6s of 1922. Underlies — C., S.-W. & C. Ry. Co. 1st Con- sol. 5 s. Earnings — See Cleveland, Southwestern A Columbus Ry. Co. 292 LdSted on the Clsveland Stock Exchange. Original Market — Offered in 1903 by the Iron City Trust Co., Pittsburgh. Market. Fhiladelplila — H. D. Boennlns & Co.. B. M. Stinson & Co. New York — ^Merrill, Lynch & Co., T. L. Bronson, Fred H. Hatch & Co. Cbicaeo — Merrill, Lynch & Co. Price Ranee. tian. 1, '08 to Jan. 1, '19 1918 Bid Ask Ask Hgih.90% '12 95 '16 85 Aug. Low. 70 '09 72% '17 73 Nov. CUiVEI/AND, AKRON & COIiVMBUS BAIT.- WAV CO. Gen. (now 1st) Ss. Dae March 1, 1987.— N. Dated March 1, 1887. Interest payable March and Sept. 1, at Winslow, Lanier & Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 800, 000. Ontstanding — $1, 800, 000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Henry ■William Smithers, London Eng. Assumed by the Cleveland, Akron & Cincin* nati Ry. Co. Control — Merged in 1911 into the Cleveland. Akron & Cincinnati Ry. Co., incorporated in Ohio. All of the stock is owned and road operated by the Pennsylvania R. K. Co. Secured by a first lien on 186.75 miles — Miles Hudson to Columbus, Ohio 143 . 79 Killbuck to Trinway, 33.54 Kramore, O., to mines 9.42 tlnd'rlies — $1,601,000 C, A. & C. Cons. 43 of 1940. Bonds are reserved under that mort- gage to retire this issue. Legal for Me. Market. New York — Louchheim, Minton & Co., "Wm. (~'. Ewen, Saml. Goldschmidt, Spencer Tragk &. Co., Taylor, Smith & Hard. "Wood, Struthers & Co. , Abraha m & Co. . Baker, Carruthers & Pell, Korn, Lehman & Co. Philadelphia — Louchheim, Minton & Co., H. n. Boenning & Co., Biddle & Henry, Chas. Fearon & Co., Graham. Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. .Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.109 '11 112 '09 95 Nov. 99 Jan. Low. 85 '17 95 '17 89 Sept. 98 Dec. ClEVEtAND, AKRON * COIUMBUS 8.411.- WAY CO. 1st Cons. 4b. Due Aug. 1. 1940. Dated Aug. 1, 1900. Interest payable Feb, and Aug. 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio. Authorized — $4, 000, 000. Ontstanding — $1,601,000 (guaranteed $976,- 000). Retired by Sinking Fond — $299,000 (Dec. 3). 1918). Reserved for Prior Hen — $1,800,000. Reserved for £xt. — $400,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Sinking Fund — Annually on Oct. 1. 1% of bonds outstanding to be applied to their pur- chase at par. If bonds are not purchasable fund reverts to the company. Assumed by the Cleveland, Akron & Cincm- nati Ry. Co. Guaranteed— Bonds Nos. 778 to 1800 are guaranteed principal and interest by Pennsyl- vania Co. by endorsement. Note — Jan., 1918, all the properties of the latter company were taken over by the Penn- sylvania R. B. Co, Control — See Gen. 6s above. Secured by a second mortgage on 186.75 miles of road described under the General '58. Prior lilen — $1,800,000 Gen. 6s of 1927. liBgal (Guaranteed Bonds) for Minn., N. II. and R. I. Original Market — -$932,000 guaranteed off- ered in 1914 by Wm. Salomon & Co., New Tork, at 94 and interest. Market. New York — ^McKinley & Morris, F. H. Hatch & Co., Wm. C. Ewen, Wood, Struthers & Co., Abraham & Co., Baker. Carruthers & Pell. Sam'l Goldschmidt, Korn, Lehman & Co., Taylor. Smith & Hard. Phlladelpbla — ^Harrison & Co., F. R. Welsh. S. K. Phillips & Co., Chas. Fearon & Co., H. D, Boenning & Co., Biddle & Henry, Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Guaranteed. Bid Ask Bid Ask High. 9 6 'A '09 100 '08 S3 Nov. Low. 72 '17 80 '17 76 June 82 Apr. Not Guaranteed. High.94% '15 96 '06 81 Nov. 82 Apr. Low. 72 '17 81 '18 73 June 81 May CI.EVEI.AND, BXRKA, ELYRIA & OBERMN BAII.WAY CO. Cons. Ext. .5s. Due Au- gust 1, 1920. Dated March 1. 1899. Extended March 1. 1919, at the same rate of interest. Assent- ing bondholders receiving $28.33 per $1,000 bond. Interest payable March and Septeniber 1, at Trustee's office. Tax Status — 2% Federal Income Tax raid by company without deduction. Authorized — $500,000. Outstanding — $127,000. Reserved for Prior Uens — $300,000. Reserved for Extensions — $73,000. I^enomlnation — Coupon. $1,000. Trustee — Cleveland Trust Co., Cleveland, O. Redeemable at par and interest. Assumed by Cleveland, Southwestern & Co ■ lumbus Ry. ■ Control — ^Absorbed by Cleveland, Elyria & West. Ry., now a part of the Cleveland. Southwestern & Columbus Ry, Co. Secured by a second mortgage on 41 miles of eletric railway from Cleveland to Elyria, Ober- lin and Wellington and branch to Berea, Ohio. Prior Liens — $200,000 Cleveland & Elyria 1st 6s of 1920; $100,000 Elyria & Oberlin 1st 6s of 1922. Underlies— $3,645,000 6s of C, S.-W. & C. Ry. Co. and predecessor companies. Earnings — See Cleveland, Southwestern it Columbus Ry. Co. Ijisted on the Cleveland Stock Exchange. Market. New York — Bigelow & Co. Price Range. Jan. ], '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '12 100 '09 90 Aug. 95 Jan. Low. 86 '17 95 '17 85 Jan. CI/EVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. Incorporated in Ohio in 1889. The company 203 owns 1,451.99 milea of main line and 235.88 miles of branches (total, 1,687.87) from Cleve- land to Terre Haute, Ind. , with branches to Columbus and Springfield, Ohio ; from Cincin- nati, Ohio, to Lafayette, Ind. ; from, Columbus. Ohio, through Indianapolis, Ind., to Peoria, 111.; Sandusky to Cincinnati, Ohio; Benton Har- bor, Mich., to North Vernon, Ind., with track- age i-ights to Louisville, Ky. ; Danville to Cairo, 111., with branch to Evansville, Ind.; Terre Haute, Ind., to St. Louis, Mo., and Templeton. Ind., to Seneca, 111., with trackage rights from Lafayette to Templeton, Ind., and Kankakee to Chicago, 111. The total mileage operated is 2,386.91 milea. 539.91 miles ape double- tracked, including 429.58 miles of the road directly owned by the company. The Unea operated by the C, C, C. & St. L. Ry. Co. form a very important part of the New York Central System, affording that sys- tem its only entrances into Columbus and Cin- cinnati, Ohio; Indianapolis and Evansville, Ind.; Louisville, Ky., and St. Louis, Mo., and also important entrances into all other Import- ant cities in Ohio and many in Indiana and Illinois. The C, C, C. & St. L. Ry. Co. has out- standing $10,000,000 5% non-cumulative pre- ferred stock and $47,027,200 common stock. $30,207,700 of the common stock is owned by the New York Central R. R. Co. The full dividend was paid on the preferred stock in each year from 1891 to Oct., 1913, with the exception of 1897, in which year only 2%% was paid. In Oct., 1913, the dividend was discontinued. No dividends have been paid on the common stock since 1910. The C. C. C, & St. L. Ry. Co. and con- trolled companies have outstanding about $100,- 586,224 bonds; at the rate of about $4^,800 per mile. Year ended Dec. 31 Int., Gross Net Rent, Etc. 1917. .$52,650,920 $13,411,830 $8,254,933 1916. . 46,678,240 15,061.345 7,886,438 1915. . 39,364.087 10,448,938 7,128,010 1914.. 35,365.691 5,811,928 7,785,616 1913.. 37,613.498 4,214,511 7,064,172 Philadelphia — Louchheim, Minton ,& Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.101% Dec. 4, '06 75% Dec. 81^ Sept. Low. 80 Oct. 9, '15 58^ June 74 Aug. CI^VELAND. CINCINNATI, CHICAGO & ST. liOUIS RAILWAY CO. Cairo Div. 1st 49. Due Jan. 1, 1939.— F. Dated January 1, 1890. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. Denommation — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Secured by a firat mortgage on 267.97 milea of road from Danville to Cairo, 111., and branch to Vlncennes. Ind. This mortgage wag executed by the Cairo, Vlncennes & Chicago Ry. Co., and provides that upon a payment of the principal of these bonds by the C, C, C. & St. L. Ry. Co. the property shall revert to the C, V. & C. Ry. Co. The latter company was merged In 1913. Underlies— Gen. Mtge. of 1993. Legal for Me. Listed on the New York, London and Am- sterdam Stock Exchanges. Market. New York — Louchheim, Minton & Co., J. S. Farlee & Co., "Wm. C. Ewen, Abraham & Co., Sam'l Goldschmidt. Korn, Lehman & Co., S. P. Larkln & Co.. Low, Dixon & Co., Spencer Traak & Co., Redmond & Co., Vilas & Hickey. CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. SpringBeld & Cu- lumbus Div. lat 4s. Dae Sept. 1, 1940. Dated October 30, 1890. Interest payable March and Sept. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax raid by company without deduction. Authorized — $1,250,000. Outstanding — $1,103,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Secured by a first mortgage on 44.81 miles of road from Springfield to Columbus, Ohio. This ■ mortgage was executed jointly by thn Columbus, Springfield & Cincinnati R. R. Co., which owns the road, and the C, C, C. & St. Louia Ry Co. The former company was merged Jan., 1913. Underlies — C, C. C. & St. L. Gen. 4s and 5s of 1993. Legal for Me. Listed on the New York Stock Exchange. Market. New York — J. S. Farlee & Co., "Wm. C. Ewen, Newborg & Co., Abraham & Co., Sam'l Goldschmidt. S. P. Larkin & Co., Spencer Trask & Co. Pittsburgh — R.i B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.86V^ June 15. '16 I-^Va Dec. Lbw.73'^ June 4, '17 63% Oct. 69^ Oct. CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. White Water Val- ley Div. Purchase Money 1st 48. Duo July 1, 1940.— F. Dated November 1, 1890. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax iiaid by company without deduction. Authorized and Outstanding — $650,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., l^ew York, and J. Alfred Barnard. Secured by a first mortgage on 63,13 milea of road from Harrison, Ohio, to Hageratown, Ind. Underlies — C, C. C. & St. L. Gen. Mtge. of 1993. Bonds are reserved under that mort- gage to retire this iaaue. Legal for Me. Listed on the New York Stock Exchange. Market. Pittsburgh — "R. B. Hutchinson & Co. New York — Blodget & Co., Abraham & Co., Ivom. Lehman & Co., S. P. Larkin & Co., Spencer Trask & Co., Redmond & Co., Wm. C. Ewen, Taylor, Smith & Hard. Boston — Blodget & Co. Price Ranee— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 191« Bid High.98 Sept. 19. *06 68% Dec. Low. 84 Oct. 28, 'IG 56% June 294 CliBVELAND. CINCINNATI, CHICAGO & SX. lOUIS RAILWAY CO. St. lonls Div. 1st CoU. Tr. 4s. Due Nov. I, 1990. — F. Dated November 1, 1890. Interest payable May and Nov. 1, at Grand Central Terminal. New Tork. Tax Status-'— 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Ontstitnding — $9,216,000 (Dec. 31, 1918). Held in Sinkine Fund — $784,000. Denomination — Coupon, $1,000. Exchange- able for registered bonds. Registered, $1,000, $6,000 and $10,000. Trustees — Central Union Trust Co., New York, and John T. Dye. Sinking Fund — $250,000 bonds were delivered to the Trustee upon the execution of the mort- gage. The interest on these bonds is used to acquire bonds of this issue at a price not exceeding 105 and interest, and all bonds so acquired are to be kept alive and interest added to the sinking fund. Secured by a first lien on a $10,000,000 4% Purchase Money Mortgage of the Cairo, V'n- cennes & Chicago Ry. Co. Property of com- pany acquired in 1S12. This bond covers as a first mortgage 193.27 miles of road from Terre Haute, Ind,; to East St. Louis, 111., a»d branch, Alton, 111. The road on which thoy are secured alfords the New Tork Central Sys- tem its only entrance into St. Louis, Mo. Underlies — C. C. C. & St. L. Ry. Co. Gen. Mtg. of 1993. l/isted on the New York and London Stock Exchanges. Market. New York — Wm. C. Bwen. Wolff & Stanley, J. S. Farlee & Co., McKin'ey & Morris, New- borg & Co. , Struthers & Hiscoe, Redmond & Co. , Vilas & Hickey. Abraham &, Co. , Sam' 1 Goldschmidt, Low, Dixon & Co. Philadelphia — S. K. Phillips & Co., Chas. Pearon & Co. Flttsborgh — R. B. Hutchinson & Co. Price Range — N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High. 103 Jan. 22, '06 76 Nov. 29 Low. 63 Apr. 11, '18 63 Apr. 11 Registered. High.96 Dec. 28, '06 71% June 13 Low. 67 July 2, '18 67 July 2 Jan. 1, 1906 to Jan. 1, 1919 High.lUl% Mar. 1, '06 Low. 62 May 23, '18 1918 65 May 7 62 May 23 CliE'VEI.AND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO. Cin., Wabash a Mich. Ry. Div. 1st 4s. Dne Jnly 1, 1991. Dated May 9, 1891. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $4,000,000. Denomination — Coupon, $1,000. Register- able as to principal. Tmstees — United States Trust Co., New York, and J. Alfred Barnard. Secured by a first mortgage on 204.09 miles of road from Rushville, Ind., to Benton Har- bor, Mich,, on Lake Michigan and branch. This mortgage was executed jointly by the C. .C, C. & St. L. Ry. Co. and the Cincinnati, Wabash & Michigan Ry. Co., which latter company has since been merged. Underlies — C, C, C. & St. L. Gen. Mtg- of 1993. Legal for Me. Listed on the New York Stock Exchange. Market. New York — Active on N. Y. .Stock Exchange. Pittsburgh — R. B. Hutchinson & Co. Price Ranee — N. Y. S. E. CLEVELAND, CINCINNATI, CHICAGO & ST. I.OUIS RAILWAY CO. Gen. Series "A" 4s and Series "B" 6s. Due June 1. 1993. Dated May 16, 1893. Interest payable June and Dec. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $60, 000, 000. Outstanding — $28,579,000 4s. $4,161,000 5s. $32,740,000 (Dec. 31, '18). Denomination — Coupon, $1,000. Reglsterable as to principal onlv, or fully reglsterable. TTUstees — Bankers' Trust Co., New York, and Union Trust Co., Indianapolis. Secured by a direct or collateral lien on 1.764.89 miles of road, together with 704.28 miles of leaseholds and trackage right and all other property, viz. : A first lien on 48.57 miles — Miles Dayton to Ludlow Grove, 46.23 Franklin Jet. to "Wells, 2,29 A second lien on 1,281.46 miles — Covered by the first lien of the follow- ing: Cine, Ind., St. Louis & Chic. Gen. 1st 4s 45.39 C, C, C. & St. L. — Cairo Div. Ist 4s.. 267. 97 C. C, C. & St. L. — Cln., Wabash & Mich. Ist 4s 204.09 C, C, C. & St. L. — St. Louis Div. 1st Coll. Tr. 4s 193 27 C, C, C. &. St. L.^Springfleld & Co- lumbus Div. 1st 4s 44.81 C, C, C. & St. L.— White Water Val- ley Div. 1st 4s 63.13 Cleve., Col., Cine. & Ind. Gen. Cons. 6s. 391. OS Indianapolis & St. Louis 1st 7s 71.72 A second collateral lien on 125.31 miles — Covered by the first collateral lien of the Cine, Ind., St. Louis & Chic. Gen. 1st 4s ■ 125.31 A third lien on 309.56 miles — Covered by the first lien of the follow- ing. Cine. Ind., St. Louis & Chic. 1st Cons. 6s 173. OS Ohio, Indiana & Western 1st 5s 136.49 Also secured by a second lien on the securi- ties pledged under Cine, Ind., St. Louis & Chic. Gen. 1st 4s, 1936. Also secured by pledge of the following stocks : Deposited Issued Cine, Sandusky & Cleve. R. R $3,981,500 $4,003,000 Peoria & Eastern Ry. . . 5,000.000 10.000,000 Also a lien on 164 miles of trackage and on the following 540.28 miles of leaseholds and contract rights; Cine, Sandusky & Cleve. R. R. — Dayton via Belief ontaine to Sandusky, O.... 16 9. 8 4 Peoria & Eastern Ry. — Indianapolis, Ind., to Pekin, 111 201 . 37 Indianapolis, Ind., to Springfield,' O. . .136 . 49 Evansville, Mt. Carmel & Northern Ry. , Mt. Carmel, 111., to Evansville. Ind. 32.68 Prior Liens — $38,017,500 as follows: Indianapolis & St. Louis 1st 7s, 1919. $2, 000, 000 Cine, Ind., St. Louis & Chic. 1st Cons. 6s, 1920 572,000 Cleve., Col., Cine. & Ind. Gen. Cons, 63. 1934 3,205,000 Cine. Ind.. St. Louis & Chlo. Gen. 1st 4s. 1936 6.771,000 C, C, C. & St. L.— Cairo Div. 1st. 4s, 1939 5,000,000 295 C, C, C. &. St. L.— White Water Valley Div. 1st 4s, 1910 650,000 C. C, C. & St. L.— Springfield & Columbus Div. 1st 4s, 194C 1,103,B00 C, C, C. & St. Li. — St. Ii. Div. lat CoU. Tr. 4s, 1990 9,216,000 C, C, C. & St, L. — Cine, Wabash & Mich. Div. 1st 48, 1991 4,0«0,«0I Ohio, Indiana & Western 1st Pfd. 5s, 1938 600,000 C, C, C. & St. L,. P. M. Lien..... 6,000,000 Underlies — $14,650,000 debentures. Iiisted on the New York and London Stock Exchanges. OriElnal Market — $1,150,000 offered In March, 1910, by White, Weld & Co., New York, Bos- ton, etc. Market. New York — ^Active on N. Y. Stock Exchange. Boston — Tucker, Anthony & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 4s "A." Hlgh.l05?4 Feb. 1, '06 ' 74% Nov. 16 Low. 56 Deo. 20, '17 69 Jan. 23 6s "B." High.lOl Oct. 19, '16 86% Aug. 15 Low. 80 Apr. 2, '18 80 Apr. 2 CIEVELAND, CINCINNATI, CHICAGO & ST. I,OmS RAILWAY CO. 20-Year Dob. 4%s. Due Jan. 1, 1931. — P. Dated January 1, 1911. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $5,000,000. Denomination — Coupon, $1,000. Registerahla as to principal or fully registerable. Regis- tered, $1,000, $5,000, $10,000 and multiples. C. & R. interchangeable. Trustee — -Guaranty Trust Co., New York. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants that it vrill not place any new mortgage on the railway which it ownr, without eaually securing these debentures, ex- cept that it may renew or extend existing mortgages. Listed on the New York Stock Exchange. Original Market — Offered in June, 1911, by the Guaranty Trust . Co. , New York, Robert Glendinning & Co., Philadelphia, Roy T. H. Barnes & Co., Hartford, J. Harmann Fisher & Son, Baltimore, and Darr & Moore (now Moore, Leonard & Lynch) Pittsburgh, at 97% and interest. Market. New York — Wolff & Stanley, Guaranty Trust Co., Redmond & Co., Wm. C. Ewen, Vilas & Hickey. Ftiiladelpbia — Brown Bros. & Co. Price Ranee — ^N. Y. S. £!. Jan. 1, 1911 to Jan. 1, 1919 191» High. 93% June 13, '12 83% Nov. 13 Low. 66% Apr. 3, '18 65% Apr. 3 CLEVELAND, CINCINNATI, CHICAGO & ST, LOUIS RAILWAY CO., "BIG FOUR " Equip. 6s. Due $373,000 (1-15) each June 1, from 1915 to 1929, inclusive. — ^N. Dated June 1, 1914. Interest payable June 1 and Deo. 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,600,000. Issued — ^$6,366,000. Outstandine — $3,73 0,000 (June IB, 1919). Redeemed — $1,63 5,000. Denomination — Coupon, $1,000. Registerablt as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the C, C, C. & St. L. Ry. by endorsement. Secured by an equipment trust agreement on 2,685 steel underframe box cars, 2,500 steel underframe gondola cars, 15 steel passenger cars, 6 Mikado type locomotives, 1,000 steel hopper cars and 12 steel baggage cars, 20% of the cost paid in cash by the company. Original Market — $3,800,000 offered May, 1914, by Wm. A. Read & Co., Kountz Bro]„ and Eduitable Trust Co., New York., Market. ^ New York — Freeman & Co., Coggesball & Hicks, Bull & Eldredge. Fhiladelpbia — Reilly, Brock & Co., Graham, Parsons & Co. Pittsburgh — Kean, Taylor & Co. CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY CO., "BIG POUR," Equip. 5s. Due $115,000 (1-15) each July 1, from 1915 to 1929, inclusive. — N. Dated Jan. 1, 1915. Interest payable Jan. 1 and July 1, in Ne^^ York or Commercial Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $1,995,000. Issued— $1,726,000. Outstanding — $1,265,000 (Jan. 1, 1919). Redeemed — $460,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Phila. Guaranteed principal and interest by the C, C, C. & St. L. By. Co. by endorsement. Secured by an equipment trust agreement on* 1,915 steel underframe box cars with steel en<1s and roofs, 13 switching locjmotives and 5 Pa- cific type passenger locomotives, 20% of cost paid in cash by the company. Original Market— Offered by Kean, Taylor & Co., New York: Illinois Trust & Savings Bank, Chicago, and Bioren & Co., Philadelphia, on a 6.30% basis. Market. See Equip. 5s above. CLETVELAND, COLUMBUS. CINCINNATI * INDIANAPOLIS RAILWAY CO. Gen. Cons. 6s. Doe Jan. 1. 1934. — F. Dated January 1, 1884. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income T&x paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $3,205,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — United States Trust Co., New York. Assumed by the Cleve., Cin., Chic. & St. Louis Ry. Co. Control — ^Merged with other companies Into the C C, C. & St. L. Ry. Co. in 1889. Secured by a first lien on 391.08 miles — Miles Cleveland to Columbus. Ohio 137.89 Delaware to Springfield, Ohio 60 . 02 Gallon, Ohio, to Indianapolis. Ind 203.17 Underlies — C, C, C. & St. L. Ry. Co; Gten. Mortgage and debenture bonds. Bonds are re- served under the General Mortgage to retire this issue. Legal for Me. Listed on the New York Stock Exchange. Market. New York — Louchheim, Minton & Co., Abra- ham & Co., ' S. P. Larkin & Co., Taylor, Smith & Hard. 296 Philadelphia — ^Harrison & Co., lK>uchtaelm, Minton & Co., Ohas. Fearon & Co. Price Banee — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High. 136 Jan. 29. '06 106 Nov. 26 Low. 106% July 27. '14 106 Nov. 26 1918.. 1917.. 1916.. 1915.. 1914.. 1913.. Net 'Int., Etc. $2,936,218 5905,427 2,063,626 2,126,684 2,079,987 1,993.839 1|934,610 643,898 464,102 426,192 426,084 412,832 (THE) CI^TELAND EIaECTBIC HXUMIN- ATINC CO. 1st 58. Dne April 1, 1939. Dated April 1, 1909. Interest payable April and Oct. 1, at Trustee's office. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding — $18,500,000 (March 1. '19). Reserved for Ext. — $11,600,000. Denomination — Coupon, $600 and $1,000. Registerable as to principal, or fully regis- terable. Trustees — qitlzens' Savings & Trust Co., Cleveland, Ohio, and Acosta Nichols, New Torlt. Bedeemable April 1. 1924, at 107<^ and in- terest, and thereafter on any interest date at a price diminishing % % annually to matur- ity, upon 8 weeks' notice. OrEanizatlon and Control — Incorporated in Ohio la 1892. More than 76% of the stoclv is owned by the Central States Electric Corp. Secured by a first mortgage on plants sup- plying electricity in Cleveland, Oliio. Popula- tion served, over 700,000. Franchise perpet- ual. The company has competition from mu- nicipal plant. If ear ended Dec. 31 Gross $8,443,329 6.863,886 5.109,738 4.392.679 4.255,943 4.008.776 *Includes preferred dividends, liegal for Bait. Original Market— Offered in 1909 at 103 and interest by Spencer Traslt & Co.. New York; $1,000,000 in 1911 and $500,000 in 1912 by above firm and Jackson & Curtis of Boston at 102 and interest: $2,000,000 offered Feb.. 1917. by Spencer Trask & Co. at 103 and interest. $2,600,000 offered January, 1919. by Spencer Trask & Co. and National City Co. at 94% and interest. Market. Chicago — Illinoia Trust & Savings Bank. Northern Trust Co., Taylor, Ewart & Co.. Ames, Emericb & Co., J. P. Hobbs & Co., Merrill. Lynch & Co.. Merchants' Loan & Trust Co.. Union Trust Co., Spencer Trask r& Co., Paine. Webber & Co., Babcock, Rush- ton & Co.. Curtis & Sanger. St. Paul— 'White. Grubbs & Co. New York — J. S. Baohe & Co.. Merrill. Lynch & Co.. Saml. Goldschmidt. Elarle A. Miller tc Co., National City Co., Paine, 'Web- ber & Co., 'Wm. Morris Imbrle & Co., John J. Levenson, Louchheim, Minton & Co., Miller & Co., Dunham & Co., Bonbright & Co., 'Wm. C. Ewen, Jacob Zeller. Spencer Trask & Co. , F. H. Hatch & Co., Blodget & Co.. Berdell Bros.. E. & C. Randolph, Gude. 'Winmill & Co.. Kiely & Horton, Joseph & "Wiener. Red- mond & Co.. Taylor & White, Pynchon & Co., John Davenport, T. Hall Keyes & Co.. Newhall & Co., Wm. C. Orton, W. C. Raus- cher. Philadelphia — Capelle & Co., Frazler & Co., Geo. N. Fleming, Loucbheim, Minton & Co.. H. D. Boennlng & Co., Graham, Parsons & Co., Newhall Co., Wurts, Dulles & Co. Boston — Spencer Trask & Co., J. S. Orler & Co., Parkinson & Burr. Bond & Goodwin, Cur- tis & Sanger, Paine, "Webbor A Co;, P. B. Bas- sett & Co., Old Colony Trust Co., 'Van 'Voorhis, Wilson & Co.. L. Sherman Adams, Kimball, Russell Sc Co., Arthur Perry & Co. Cleveland — Borton & Borton. Providence — Richardson & Clark, Horn- blower & Weeks. St. I/ouls — John Nickerson, Jr. Baltimore — ^Robt. Garrett & Sons.. J. 3. Wil- son. Jr., & Co. Hartford — ^Roy T. H. Barnes & Co. Milwaukee — Edgar, Rickei" &. Co., Second Ward Savings Bank. Price Range, Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.l02>4 '16 103% '16 94 Nov. 96 Nov. Low. 87 '17 88% '17 87 Sept. 89% Mar. CrSVEIiAND, EI,YBIA & 'WESTERN Ist Ss. Dne Aug. 1, 1920. — F. Dated August 1, 1900. Interest payable Feb. and Aug. 1. at Trustee's office, and National Bank of Commerce. New York. Tax Status — 2% Federal Income T.ix paid by company without deduction. Authorized— $1,600,000. Outstanding — $1, 073. 000. Reserved for Prior Laens — $427,000. Denomination — Coupon. $1,000. Trustee — Cleveland Trust Co., Cleveland. O. Redeemable at par and interest. Assumed by Cleveland. Southwestern & Co- lumbus Ry. Co. Control — Absorbed by Cleveland &. S. W. Traction Co., now Cleveland. Southwestern & Columbus Railway Co. Secured by a mortgage on 87 miles of elec- tric railway track, all in Ohio, viz : A first mortgage on 45 miles of track, com- prising lines between Elyria, Lorain and Am- herst (13 miles), from Oberlin to Wellington (9 miles), and from Oberlin to Norwalk (23 miles). A second .mortgage on 16 miles of track comprising lines from Cleveland to Berea (11 miles), Cleveland to Linndale and Furitas Springs (5 miles). A third mortgage on 26 miles of track com- prising lines from Kamrus Junction to Elyria (17 miles), and Elyria to Oberlin (9 miles). Prior Uens — $200,000 Cleveland & Elyria 1st 6s of 1920; $100,000 Elyria & Oberlin 1st 6s of 1922; $127,000 Cleveland, Berea, Elyria & Oberlin Cons. Ext. 6s of 1920. Underlies — $2,346,000 C. & S.-W. and C. S.-W. & C. Ry. Co. 63. Earnings — See Cleveland. Southwestern & Columbus Ry. Co. Usted on the Cleveland Stock Exchange. Market. Philadelphia — Montgomery & Co., H. D. Boenning & Co., Parriah & Co., R. M. Stin- son & Co. New York — ^Montgomery & Co.. B. & C. Ran- dolph. Price Bange. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '17 98% '16 91 Apr. 95 Apr. Low. 82 '18 85 '08 82 Sept 90 Sept. CI/EVELAND FURNACE CO. 1st 6s. Dne $60,000 each Jan. 1 to 1918; 00,000, 1918 to 199Si, and (90.000 Id 1»%2 ^F. Dated Jiily 1. 1907. Interest payable Jan. and July 1. at Trustee's office. 297 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $900. 000. OntstandiUE — $300,000 (Jan., 1918). Retired — $4S0.000. Denomination — Coupon, $600 and $1,000. Resisterable as to principal. Trufitee — Superior Savings & Trust Co., Cleveland, Ohio. Redeemable in the reverse of numerical order on any interest date at 103 and interest. Oreanizatlon — Incorporated In New Jersey in .1902. Secured by first mortgage on 70 acres of val- uable dock property with frontage of 1,500 feet on Cuyahoga Klver, and plant, located in Cleveland, O., consisting of two modern blast furnaces and equipment, with an annual capac- ity of 260,000 tons of pig iron. Market. Cleveland — Borton & Borton. Chicago — Peabody, Houghteling & Co. CLEVELAND, LOBAIN & WBEELTSG BAII^ WAY CO. Cons, (now 1st) 5s. Dae Octo- ber 1, 1933.— F. Dated November 24, 1893. Interest payable April and Oct. 1. at B. & O. R. R. Co. ofBce, 2 "Wall Street, New York. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — United States Mortgage & Trust Co., New York. Assumed by the B. & O. R. R. Co. Redeemable — $842,000 at option of company at 110 and Interest. Control — ^Absorbed by the Baltimore & Ohio R. R. Co. Secnred by a first mortgage on 198.48 miles of road, of which 43 miles are double-tracked, viz. : Miles Cleveland to Bellalre, 166.14 Lester to Lorain, 32.10 Branches 0.24 Underlies — $4,893,000 Gen. Ss and Consol. & Ref. 4%s, of which $3,0S0,000 Consol. & Ret. 4^3 and $3,000 Gen. 6s are held by the Trus- tee of the P., L. E. & W. Va. System 1st & Ref. Mtge. and B. & O. Ref. & Gen. 6s of 1995. Bonds are reserved under the latter issue to retire these bonds. Xegal for Bait., Cal., Conn., Me., Mass., Minn., Mich., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — J. S. Farlee & Co., Clark, Dodge £ Co., Sharretts & Young, Taylor, Smith & Hard. Coffin & Co. . Remick. Hodges & Co , Seasongood, Haas & Macdonald, Ambrose R. Clark & Co.. "Wm. Carnegie Ewen, Baker, Carruthers & Pell. Fred H. Hatch & Co., Redmond & Co. Boston — R. L. Day & Co. Philadelphia — Chas. Fearon & Co., Harrison & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Baltimore Trust Co., Jenkins, Whedbee & Poe. Price Range — N, Y. S. E. .Ian. 1, 1906 to Jan. 1, 1919 1918 High.115% Mar. 29. '06 96% June 28 Low. 93% Aug. 3. '18 93% Aug. 3 and Dec. 1, at B, & O. R. R. office, 2 Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $890,000. Deposited under Fgb., I,. E. & W. Va. Ref. Mtge,— $3,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — New York Trust Co., New York. Redeemable at 106 and interest upon 30 days' notice. Assumed by the B. & O. R. R. Co. Control — See Consol. 6s. Secured by a second mortgage on 198.48 miles of road described under the Cons. 6s above. Prior Uen — $6,000,000 Consol. 6s.' Underlies — $4,000,000 Cons. Ref. 4%s, of which $3,060,000 are deposited with the Trus- tee of the P., L. E. & W. Va. System 1st & Ref. Mtge. and B. & O. Ref. and Gen. 5 s of 1995, under both of which bonds are reserved to retire this issue. legal for Bait., Cal., Conn., Me., Mass., Minn., N. H., N. Y., R. I. and Vt. Market. New York — Remick, Hodges & Co., Wm. Carnegie Ewen. Abraham & Co., Fred H. Hatch & Co., S. P. Larkln & Co., Chas. W. Place. Taylor, Smith & Hard. Boston — R. L. Day & Co. FhUadelpbia— F. K. Welsh. Price Range. Jan, 1, 1916, to Jan. 1, 1919 1918 Bid Ask Bid Ask High.107% '16 108% '16 90 Nov. 100 Nov. Low. 76 '18 100 '18 76 Dec. CIiEVEI.AND, liORAIN & WHEEUNG BAII/- WAY CO. Gen. 58. Due June 1. 1936. — 7. Dated June 1, 1896. Interest payable June CliEVELAND, XOBAIN & WHEEUNG RAIL. WAY CO. Cons. Ret. 4%s. Due Jan. 1, 1930.— F, Dated January 1, 1900. Interest payable Jan. and July 1, at office of B. Se O. R. B., 2 Wall Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. . Authorized — (Closed mortgage). Outstanding — $950,000. Deposited nnder Fgh„ I.. E. & W. Ta. Bef. Mtge. — $3,050,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Eauitable Trust Co., New York. Bedeemable at 102% and interest upon 30 days' notice. Assumed by the B. & O. R. R. Co. Control — See Consol. 6s. Secured by a third mortgage on 198.48 miles of road described under the Cons. 53 above. Prior Ijiens — $6,893,000 Consol, 63 and Gen. 6 s, Underlies — B. & O., P. L. E. & W. Va. 4b of 1941 and Ref. and Gen. 6s of 1995 under both of which bonds are reserved to retire this issue. Legal for Bait., Cal., Conn., Mass., Minn., N. H., N. Y., R. I. and Vt. Market. Baltimore — Alex. Brown & Sons, Hambleton & Co. New York — Remick. Hodges & Co., Abraham & Co., Chas. W. Place, Redmond & Co., Tay- lor. Smith & Hard. Philadelphia — F. R. Welsh. Biddle & Henry. Price Range. ■Ian. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98% '16 100% '16 88% Dec. 95 Dec. Low. 76 '18 86 '18 76 Feb. 85 Feb. 298 CUEVELAND, PAINBSVILXE & ASHTA- BCIA BAILBOAD CO. 1st Ss. Due Jnlr 1, 1928.— F. Dated July 1, 1902. Interest payable Jan. ana July 1, at Trustee's office, or National Batik of Commerce, New York. Default — Jan. 1, 1917. Tax StatU8-^2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstandins — $1,000,000. Denomination — Coupon, $1,000. ReElsterabla as to principal. Trustee — Cleveland Trust Co., Cleveland, Ohio. Protective Committee — ^A. S. Tame, B. V. Hale, J. A. House, with Gardner Abbott, 1216 Williamson Bids., Cleveland, Secretary, and Cleveland Trust Co.. Depositary. Control — ^Majority of stock owned by Cleve- land, Falnesville & Eastern R. R. Co. Secured by a first mortgage on 30 miles of electric railway, all on private right of way except in Madison and Geneva, where fran- chises expire in 1927. Line extends from Painesville, where it connects with Cleveland, Painesville & Eastern' for Cleveland, to Ashta- bula, where connection is made with line to Conneaut. Also on power house, which is leased to the C, P. & E. R. R. Co., and on transmission and distributing lines supplying several lighting companies. Population served, about 35,000. Year ended Dec. 31 Gross Net Int., Etc. 1918 $163,101 $6,604 $69,074 1917 154.962 12,431 68.182 1916 158,868 44,397 68,762 New York— Hotchkin & Co., H. N. Whitney & Sons, Didrichsen & Co., Merrill, Lynch & Co., Fred H. Hatch & Co., Lynch & McDer- mott. Pittsburgh — Wm. P. Lemley & Co. Chicago — ^Merrill, Lynch & Co. Price Ranged .Ian. 1. '08 to Jan. 1, '19 , 1918 Bid Ask Bid Ask High. 96 '08 100 '08 30f. Jan. 36f. Jan. Low.20£.'18 25f.'18 20f. Oct. 26f. Oct. CLEVELAND, PAINESVILLE & EASTERN RAILROAD CO. Ext. 1st 7s. Due Oct. 1, 1923. Dated April 1, 1896. Extended April 1, 1916, and Oct. 1, 1918, with interest Increased from 5% to 7% on the latter date. Interest pay- able April and Oct. 1, at Trustee's office, or National Bank of Commerce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable at 100 and interest upon any interest date on 60 days' notice. Organization — Incorporated in Ohio in 1895, and controls through stock ownership the Cleve- land. Painesville & Ashtabula R. R. Co, The 1st 5s of the latter company are in default. Secured by first mortgage on 39 miles of interurban railway from Euclid to Painesville and Fairport and from Willoughby to Glenvllle, Ohio. Population served, 32, 000. Cars run through to Public Square, Cleveland, and also to Ashtabula, Ohio. Franchises expire between 1920 and 1935. t'nderlies — Ext. Cons. Ts of 1923 and Ref. & Ext. OS of 1948. Year ended Dec. 31 Gross 1918 $621,313 1917 631.107 1916 463,731 1916 404,051 1914 Net Interest $167,387 $162,648 200,062 140,038 202,237 137,414 188.520 133,252 187,840 132.273 Market. Fhiladelphia — H. D. Boenning & Co. New York — Bigelow & Co., Joseph & Wiener, P. H. Hatch & Co. CLE-VELAND, PAINESVILLE & EASTERN RAILROAD E.xt. Cons. 7s, Due Oct. 1, 1923, Dated Oct. 1, 1898. Extended Oct. 1, 1918, with interest, increased from 5 to 7 per cent. Interest payable April and Oct. 1, at Trus- tee's office. Tax Status — 2% Federal Income Tax paid by company without deduction^ Authorized — Closed Mortgage. Outstanding — $1,131,000. Denomination— Coupon, $1,000. Trustee — Citizens' Savings & Trust Co., Cleveland, Ohio, Redieemable at 100 and interest upon any interest date on 60 days' notice. Secured by a second mortgage on property described under 1st Ext. 7s above. Prior Liens — $600,000 1st Ext. 7s of 1923. ITnderlles — Ref. & Ext. 6s of 1948, which mortgage provides for the retirement of this issue. Earnings — See 1st 7s. Market. Philadelphia — Klemm & Keen. New York — F. H. Hatch & Co., Joseph & Wiener, Bigelow & Co. Price Range. Jan, 1, 1909 to .Ian. 1, 1919 1918 Bid Ask Ask High.94 '17 100 '16 96 Feb. Low. 80 '12 86 '11 (The) CLEVELAND RAILWAY CO. 1st 5g. Due March 1. 1931. — F. Dated March 1, 1911. Interest payable Ma.rch and Sept. 1, at 'Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $36,000,000. Outstanding — $6,496,000. Reserved for Ext. — $29,605,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — The Citizens' Savings & Trust Co., Cleveland, and Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date, on 90 days' notice. Secured by a first mortgage on the entire street railway system in Cleveland, Ohio, in- cluding 368 miles of track. Population served, 750,000. The agreed valuation of the com- pany's property, as of 1909, was $19,300,000. Franchise — The franchise granted to the company extends to 1934. The city has the right to buy the property at any time at par and interest of the bonds and fioating debt and 310% of the stock, or after January 1, 1918. to designate a purchaser on these terms. November, 1915, voters rejected ordinance to purchase property. Year ended Dec. 31 Gross Net Int. &Tax 1918. . .$12,338,906 $2,017,900 $1,017,900 1917... 10,176,126 2,694.176 955,613 1916... 9,521,555 2,936,873 886,179 1916... 8,468,481 2,769,599 772,866 1914... 7.692,343 1,866,002 772,584 1913... 7,149.789 1,711,109 761,845 Listed on the Cleveland Stock Exchange. Original Market — $5,000,000 offered March, 1911, by Harris, Forbes & Co., Boston and New York, and Harris Trust & Savings Bank, Chicago, at par and interest. Market. New York— Barle A. Miller & Co.. JCiely & Horton, Jacob Zeller, Merrill, Lynch & Co. , Morton Lachenbruch & Co., Barle A. Miller & Co., Berdell Bros. Baltimore — J. S. "Wilson, Jr. , & Co. , Jen- kins, Whedbee & Poe. Philadelphia — Frazier & Co., Harper & Turner. Price Range. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid Ask Hi&h.l03 '17 104 '17 94 Aug. 96 Jan. Low. 90 '18 93 '18 90 July 93 Sept. (THE) CLEVELAND SHORT MNE RAIL- ROAD CO. 1st 43^a. Due AprU 1, 1961. Dated April 1, 1911. Interest payable April and October 1, at New Tork and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed Mortgage. Outstanding — $11,800,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New Tork. Guaranteed as to principal and interest by The Lake Shore & Michigan Southern Ry. Co.-- by endorsement, which obligation was as- sumed by the New Tork Central R. R. at time of consolidation. Assumed by the N. Y. Cent. R. R. Co. Control — ^Absorbed by the N. T. Cent. R. R. Co. Secured by a first mortgage on 20.29 miles of belt line around Cleveland from a point near West Park, seven miles west of Cleve- land, Ohio, to CoUinwood, affording the only entrance to Cleveland for the Lake Erie & Pittsburgh Ry. and effecting a saving of time for the through freight service of the New York Central R. R. Co. and facilitating interchange of traffic by that road. Underlies— N. Y. C. R. R. Ref. & Imp. 4%3 of 2013. Legal for Cal., Conn. , Me. , Mass. , Mich. , Minn., Mo.. N. H., N. J., N. Y., R. L, Vt. and "Wis. Listed on the New York Stock Exchange. Original Market — Offered September, 1913, by Lee, Higginson & Co., Whitei "Weld & Co., Kissel, Kinnicutt & Co., Harris, Forbes & Co., New York, and Montgomery, Clothier & Tyler, Philadelphia, at 95% and interest. Market. Pittsburgh — Goddard, Hunter & Co. New York — Morton, Lachenbruch & Co., "Wm C. Bwen, Kiely & Horton, Colgate, Par- ker & Co.. Miller & Co., E. & C. Randolph. Hartshorne & Battelle, Ambrose R. Clark & Co. , Seasongood, Haas & MacdOnald, Reraick, Hodges & Co., "Vilas & Hickey, John Daven- port, J. S. Farlee & Co., Redmond & Co. Philadelphia — Biddle & Henry. Cassatt & Co., Wistar & Co.. Chas. Fearon & Co., Harper & Turner, Warren A. Reed, H. D. Boenning & Co. Chicago— Harris Trust & Savings Bank, Kean, Taylor & Co. Boston — White, Weld & Co. Price Range — N. Y, S. E. Jan. 1. 1911 to Jan. 1, 1919 1918 Hieh.102% Jan. 30, '17 91 Dec. 24 Low. 83% Dec. 28. '17 83^^ Sept. 19 CLEVELAND, SOUTHWESTERN & COLUM- BUS RAILWAY CO. 1st Cons. 5b. Due April 1, 1937.— F. Dated April 1, 1907. Interest payable April and Oct. 1, at Trustee's office or National Bank of Commerce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10. 000, 000. Outstanding — $945,000. Reserved for Prior Liens — $3,510,000. Reserved for Ext. — $5,545,000. Denomination — Coupon, $1, 000, Trustee — Cleveland Trust Co., Cleveland* .O. Redeemable on or after April 1, 1917, at 10i> and interest. Organization — Incorporated in Ohio In 1907. Secured by mortgage on property of the Com- pany, which operates 209 miles of road, of which 177 miles are on private right-of-way. Lines of road extend from Cleveland to Berea, Blyria, - Norwalk and Wooster, from Gallon to Bucyrus and Mansfield, and from Mansfield to Seville, all located in Ohio. Population served, exclusive of Cleveland, about 120,000. Prior Liens — Outstanding Cleveland & Elyria 1st 6s, 1920 $200,000 Elyria & Oberlin 1st 6s, 1922 100,000 Cleve.i Berea, Elyria & O. Cons. Ext. 5s, 1920 127,000 Cleve., Blyria & Western 1st 5s, 1920 1,073,000 Elyria, Grafton & Southern 1st 5s. 1922 : 100,009 Norwalk Gas & Electric 1st 6s, 1920 110,000 Cleve. & Southwestern 1st & Cons. 5s, 1923 1,400,000 Ohio Central Traction 1st 5s, 1919. 95,000 Ohio Central Traction Cons. 5s, 1923 305,000 Total $3,510,000 Bonds are reserved under this mortgage to retire the above issues. Year ended Dec, 81 Gross Net ' Int., etc. 1918 $1,531,294 $300,806 $358,375 1917 1,406.<570 276,177 340.995 1916 1,337,156 469,803 332,284 1915 1,240.832 377,056 330.370 1914 1,255.284 439,652 328,114 Original Market—First issued in exchange for bonds and in payment of accumulated divi- dends on .stock of Cleveland & Southwestern Traction Co. Market. Cleveland — "W. s. Snyder & Co. New York — ^A. B. Fitkin & Co. Price Range. Jan. 1. '13 to Jan. 1, '19 1918 Bid Ask Ask High.87 '13 90 '13 SO- Dec. Low. 70 '15 CLEVELAND TERftHNAL & VALUEY RAII^ ROAD CO. 1st 4s. Due Nov. 1, 1995.— F. Dated October 29, 1895. Interest payable May and Nov. 1, at E. & O. R. R. office. 2 Wall Street,, New York, Tax Status — 2% Federal income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $3, 301, 000. Deposited under Fgh., L. E. & W. Ya. Ref. Mtge. — $2,699,000. Denomination^Coiipon, $1,000. Registerable as to principal or fully registerable. Trustee — Bankers' Trust Co., New York. Assumed by thp B & 6. R. R. Co. Guaranteed principal and interest by the Baltimore & Ohio R. R. Co. by endorsement. 300 Organization and Control — Incorporated In Ohio in 1895. Absorbed by the B. & O. R. R. Co. Secured by a first mortgage on 83.43 milea of road. viK. : Miles Cleveland to Valley Jet., Ohio 75,47 Willow to Newburg, Ohio 2.96 Sandyvllle to MagrnoUa, Ohio 5 . 00 Underlies — B. & O. P. L. B. & W. Va. Ref. 4s and ReU & Gen. 5s of 1995. I^egal for Bait., Cal., Conui, Me.. Masa., Mich., Minn., Mo., N. H., N. J., N. T.. R. I., Vt, and Wis. Market. New York — J. S. Farlee & Co., Sam'l Gold- schmidt, Taylor, Smith & Hard, F. J. Llsman & Co., Abraham & Co., Baker, Carruthers & Pell, Wm. M. Clarke, John Davenport, Tobey & Kirk. Pittsburgh— -R. B. Huchinson & Co. Philadelphia — Chas. Fearon & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, 1908, to Jan. 1, 1»19 1918 Bid Ask Bid Ask High.97^ '09 98^^ '09 75 Dec. 78 Nov. Low. 65 '17 70 '18 65 Nov. 70 Oct. CLINTON (MASS.) GAS UGHT CO. 1st 4%s. Due Jan. 1, 1935. — F. Dated Jan. 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $110,000. Denomination — Coupon, $1. 000. Trustee— American Trust Co., Boston, Mass. Control— Majority of stock owned by Massa- chusetts Lighting companies. Secured by first mortgage on plant supply- ing gas and electricity to Clinton and Lan- caster. Population, 15, 500. Year ended June 30 Net 1918 $42,620 1917 45,594 1916 41,173 1915 31.215 1914 26.436 Interest $10,878 9,835 9,004 11,198 10,867 CMNTON - ruary 1 from 1921 to 1935 inclusive. Dated February 1. 1919. Interest payable Aug. 1 and February 1 in Chicago. Tax Statu^ — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,500,000. Purpose of Issue — To refund $427,000 out- standing: debentures, and for the addition of 35 ovens and accompanying machinery which will increase the capacity of the plant 66%. Denomination — Coupon, $1,000, $500 and $100. Registorable as to principal. Trustee — Northern Trust Co., Chicago. Redeemable at 102 and interest on any in- terest date on 30 days' notice. Sinking Fund — Annually, beginning 1921, an amount equal to % cent per 1,000 cu. ft. of all gas sold. This fund will be used in re- tiring these bonds by purclia se or call on Aug. 1 yearly. If bonds are call*»d the Trus- tee is required to call from t he longest ma- turity outstanding. Guaranteed, principal and 1rit.?r>-'?t, by pn- dorsement by the Western United Gas & Elec- ric Co. and lUinofis Commercial & Mining Co. Organization' — Incorporated in Illinois in 1911. The company's plant is located at Joliet, 111., and consists of 63 coke ovens with a daily capacity of over 5,000,000 cu. ft. of gas and 650 tons of coke. The ovens are charged and drawn by electrically operated machines. The company purchases its coal from the Illinois Commercial & Mining Co. and sells its gas for distribution to the Western United Gas & Electric Co. The latter com- pany distributes gas to 63 cities and towns within 60 miles of Chicago. It markets its coke through the Illinois Commercial & Min- ing Co. Tar and ammonium sulphate are the other principal products manufactured and sold. Authorized Outstanding Capital Stock $600,000 $600,000 Control — The stock of this company is owned by stockholders of the Western United Gas ^02 & Electric Co. in which company the Amer- ican Gas Co. has a large stock interest. Security — A d/irect obligation of the com- pany but not secured by a mortgage. The Trust Agreement contains the following provisdons: No new mortgages shall be placed on the properties of the company and no ad- ditional bonded indebtedness shall be created while these bonds are outstanding ; the prop- erty cannot be sold or consolidated with any other corporation, nor can. the company be- come a guarantor without the consent of the holders of 75% of these bonds outstanding; in guaranteeing these bonds the Western United Gas & Electric Co. agrees that it will not sell or consolidate its properties without the consent of 75% of these bond's outstand- ing. Prior Iiit?n< — Outstanding Western United Gas & Electric 1st & Ref. 5s $4,806,000 Western United Gaa & Electric Gen. 6s and 5s 1,465,500 Total $6,271,500 Year ended Jan. 31 Gross Net Interest 1918. . .$1,941,618 $202,285 $38,071 Original Market — $1,500,000 offered Febru- ary, 1919, by Emery, Peck & Rockwood, Fort Dearborn Trust & Savings Bank, Chicago ; Spencer Trask & Co., New York, Boston and Chicago and W, W. Armstrong Co. , Aurora. 111. , at prices ranging from a 7 % to 7. 20 % basis for various maturities. Market. Anrora — W. W. Armstrong Co. ChicasTO — Spencer Trask & Co. & Co.. Graham, Parsons & Co., S. K. Phillips & Co. Price Range— N. Y, S. E. Jan. 1, 1906 to Jan. 1, 1919 COAI. RITER RAII.WAY CO. l8t 48. Due June 1. 1945.— F. Dated April 1, 1905. Intereist payable June and Dec. 1, at C. ^ O. Ry. office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $2,756,000 (Jan. 1, '19). Retlrvid by S. F. — $244,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Sinking Fund — 1% of outstanding bonds, be- ginning Nov. 1, 1910, and annually thereafter, to be applied to the purchase of these bonds at not exceeding par and interest. If no bonds are purchasable, funds to be invested in other securities. All bonds of this Issue acquired are to be cancelled. Assumed by the Chesapeake & Ohio Ry. Co. Control — Absorbed by the C. & O. Ry. Co. Secured by a first mortgage on 95.10 miles of road from St, Albans to Helen, and Sproul to Seth. W. Va., and branches. Underlies — C. & O. Ry Co. Gen. Funding & Impv't, First Lien & Impv't. of which $45,- 920, 000 are deposited to secure Conv. 5s of 1946 and Conv. 4%s of 1930. liisted on the New York Stock Exchange. . Original Market — $500,000 offered in 1905 by Rudolph Kleybolte & Co., White, Weld & Co., ^ew York, and Montgomery, Clothier & Tyler, Philadelphia, at 98 and interest. $618,000 of- fered in 1914 by Brown Bros. & Co., New York and Philadelphia, at 84% and interest. Market. Pittsburgh — Wm. P. Lemley & Co. Xew York — E. & C. Randolph. Plympton, Gardiner & Co., John W. Christiansen, Abra- ham & Co.. Redmond & Co.. Wm. C. Ewen. Philadelphia — Wlstar & Co., Chas. Fearon High.90^ Feb. 5, '09 Low. 81 Oct. 19, '15 1918 Bid 68 Dec. 64 ian. COAST COUNTIES UGHT & POWER CO. 1st S, F. 5s. Due Aug. 1, 1946.— F. Dated August 1, 1906. Interest payable Feb. and Aug. 1, at'Trustee's office. Tax Status — 2% Federal Income T.ax psid by company without deduction. Tax exempt in California. Authorized — $1,000,000. Outstanding — $901,000 (Jan. 1, '19). Held in S. F.— $99,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Mercantile Trust Co. , San Fran- cisco. Redeemable at 107% and interest on any in- terest date. Sinking Fund — 1% annually of outstanding bonds to be applied to the purchase of bonds at not exceeding 107% and interest. If not purchasable, bonds shall be called. Bonds so acquired to be kept alive and interest added to sinking fund. Control — Absorbed by the Coast Counties Gas & Electric Co. Secured by a first mortgage on gas and elec- tric plants supplying Santa Cruz. Hollister. Gilroy and "Watsonville, Cal., and electric plants supplying San Juan, Gilroy and other towns in the vicinity, and a second mortgage on plants, supplying gas and electricity in Hollister, Cal., and hydro-electric plant on Big Creek, In Santa Cruz County. The com- pany also purchases current from Pacific Oas & Electric Co. Population served, 25.000. Franchises are perpetual, and large part of right of way for transmission lines is owned. These bonds are further secured by the de- posit of all of the stock of the Union Trac- tion Co. of California, owning 18 miles of street railway, subject to $631,000 bonds. Prior Liens — $291,000 Big Cr. Lgt. & P. Co. 4s of 1947 and $145,000 San Benito Lgt. & P. Co. 1st 6s of 1950. Year ended Dec. 31 Gross Net Interest 1918 $440,332 $143,957 $87,894 1917 391.158 169.214 79,415 1916 363,979 167,740 79.059 1915 338,210 163.209 84.008 1914 349,793 162.634 81.980 Original Market — Offered in 1912 by N. W. Halsey & Co., New York, Chicago, etc., at 95 and interest. Market. New York — McDonnell & Co., E. F. Hutton & Co. tos Angeles— A. H. "Woollacott. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask HIgh.93 '16 95 '16 84 Nov. 91 Jan. Low. 84 '18 90 '15 90 Oct. COAST VAIil^EYS GAS & EI^ECTRIC CO. l8t 6b. Dua March 1, 1962. — F. Dated March 1, 1912. Interest payable March and Sept. 1. at Trustee's office, or at U. S. Mortgage & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $10,000,000. Outstanding — $9 00,000. Reserved for Ext.— $9,100,000. 303 Denomination: — Coupon, $1,000. Beslsterabla as to principal. Trustee— Mercantile Trust Co., San Fran- Bedeemable at 105 and Interest, on 30 days' notice. Sinkine Fund — 1% annually of all bonds Is- sued beginnins March, 1918. Bonds redeemed to be kept alive. Orsanizatton and Control — Incorporated In California In 1912. All of the stock is owned by the California Ey. & Power, Co., which is controlled through stock ownership by the United Bys. Investment Co. Secured by a first mortgaere on plants sup- plying gas and electricity to Monterey and King City and electricity to Kins City and Salinas Valley, Salinas and Pacific urove, and water to Salinas, all in California. Popula- tion served, 12,000. Gas and water plants were installed at a time when no franchises were needed from municipalities. Franchises for electricity expires in Salinas in 1938, in Monterey in 1940 and in Pacific Grove in 1941. Tear ended Jane 30 Gross Net Int., Etc. 1918 $326,190 $112,397 $68,546 1917 270,914 93,667 59,440 1916 249,417 80,912 69,60« 1916 229,616 73,487 60,890 1914 239,984 90,871 61,361 1913 206,460 81,818 61,615 TJsted on San Francisco Stock and Bond Exchange. Original Market — $786,000 offered May, 1912, at 101 and interest, by B. H. Kollins & Sons. Boston, New York, etc. Market. Boston — B. H. Rollins & Sons. Chicago — B. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. New York — B. H. Rollins & Sons, McDon- nell & Co., Didriohsen & Co. Fliiladelptaia — E. H. Rollins & Sons. Denver — E. H. Rollins & Sons. 1,08 Angeles — ^E. H. Rollins & Sons. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.79 '18 100 '16 79 Jan. 9314 Nov. Low. 79 '18 82 '18 82 Aug. COEUB D'AIiENlS & SPOKANE RAILWAY Ist 5s. Due Jan. 1, 19S9.— F. Dated Nov. 21, 1903, Interest payable Jan. and July 1, at Trustee's office. - Tax Status — 2% Federal Income Tax raid by- company without deduction. , Authorized — $600, 000. Outstanding — $430,500. Retired — $68,000. Held in Sinking Fund — $11,600. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Title Guarantee & Trust Co., New York. Redeemable at- 105 and interest. Sinking Fnnd^^5% of net earnings per an- num. _ Assumed by Spokane & Inland Empire R. R. Co. Eecei^ferSMii— See-Spokane & Inland Empire R. R. Co. 1st & Hef. 5s. • eontrol-^-Merged with Spokane & Inland Empire R. R.' Co. The Great Northern Ry. Co. owns a 'minority interest In both common and preferred stock. ■ Secured by a first mortgage on 41 miles of interurban electric railway, from Terminal Jet., Wash., to Coeur d'Alene, Idaho, and branches. The road : IS! built In aocordanco with steamrailroad specifications on .private right-of-way. , i ■, , ^ Underlies — $3,758,000 Spokane & Inland Empire R. R. 5fl. Earnings — See S. & I. B, R. R. Co. Market. St, liouis — Bowman, Cost & Co. , New York — Hotchkin & Co., Pynchon & Co., Fred H. Hatch & Co. Chicago — ^Peabody. Houghtellng & Co. Boston — Hotchkin & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid High. 75 '17 '2 Jan. Low. 70 '16 COHOES POWER & MGHT CORPORATION 1st 6s. Due Jan. 1, 1929. Dated January 1, 1918. Interest payable Jan. 1 and July 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $10,000,000. Outstanding — $2,500,000. Reserved for Ext. — $7,600,000. Denomination — Coupon $1,000, $600 and $100. Registered $1,000 and $10,000. Coupon and registered interchangeable: Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on any m- terest date on 30 days' notice. Organization — Incorporated in New York in 1916 as a consolidation of the Cohoes Co. and the Cohoes Gas Light Co. Authorized Outstanding Capital Stock $5,000,000 $2,600,000 Secured by a first mortgage on plants sup- plying electricity for retail uses and public lighting in Cohoes and for power purposes in Albany, Cohoes, -RensseJaer, 'Waterford, N. Y., and adjoining territory; and also on plant supplying gas In Cohoes. The property cov- ered includes a hydro-electric plant on the Mohawk River about three miles from Troy, six miles from Watervliet and Green Island, twelve miles- from Albany and Rensselaer and fifteen miles from Schenectady. TMs plant is designed for five units of 10,000 h. p. each and as of January 1, 1919, the installation of three units with a total capacity of 30,- 000 h. p. had been completed. As of January 1, 1918, the New York Public Service Com- mission placed a valuation of $6,000,000 on the property for purposes of capitalization. Franchises are without time limit. Year ended Dec. 31: Gross Net Interest •1918.. $500,455 $250,664 $150,000 ♦Two months estimated. Original Market — $2,600,000 offered Jan- uary, 1919, by First National Bank and J Hemphill, Noyes &. Co., New York, at 102% and interest. Market. New York — John Davenport, McKinley & Morris. Pittsbnrgh — ^Kean, Taylor & Co. COI.OBADO & SOUTHERN RAILWAY CO. 1st 4s. Due Feb. 1, 1929.— N. Dated Dec. 31, 1898. Interest payable Feb. and Aug. 1, at company's office, 26 Liberty Street, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $20, 000, 000. Outstanding- $19,400,000 (Dec. 31, 1918). 304 Provi^ons of Issue — Additional bonds is- sued are to be deposited under the Ref. & Ext. Mtg. Denomination — Coupon, $1,000. Reelsterable as to principal. Trustee — ^Bauitable Trust Co., New York. Control — See Refunding & Extension 4 Vis. Secured by a first lien on 1,038.95 miles: Miles Wyoming District 152.72 Port Collins District 144.74 Falcon District 129 . 96 Trtnidad District 66.91 New Mexico District 160.19 Clear Creek District 66.10 Platte Canon District 98.24 Leadville District 74.19 Gunnison District 163.38 Pueblo District : 3.52 Also a first lien on the following stocks; Ft. Worth & Denver City Ry. Com.. $6,390,983 Ft. Worth b Denver City By. "stamped" 6,800 Further secured by second lien on the col- lateral property described under the Refunding & Extension 4 % s. Prior Ijen — Subject to securities covered by the first lien of Colo. & Southern Ref. & Ext. 4%a. Underlies — ^Ref. & Ext. 4%s. Bonds are re- served under that mortgage to retire this issue. Earnings — See Ref. & Ext. 4%s. Legal for Bait, and Mo. liisted on the New York Stock Exchange. Market. New York — ^Active on N. Y. Stock Exchange. Baltimore — Robt. Garrett & Sons. Omaha — City Trust Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.99% Dec. 19, '08 91 Nov. 15 IX)W.76 Nov. 21, '07 82% Jan. 26 COI,OBADO & SOUTHERN RAILWAY CO. Bet. & Ext, 4^s. Due May 1, 1935. — F. Dated May 1, 1905. Interest payable May and Nov. 1, at company's office, 26 Liberty Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $100,000,000. Outstanding — $30, 803,900. Held in Treasury — $4,790,447. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Registered, $1,000 and multiples. Coupon bonds of $1,000 and registered bonds are interchangeable. Trustee — Central Union Tr^st Co., New York. Redeemable as a whole at 101 and interest on any interest date upon three months' no- tice- Organization and Control — Incorporated in Colorado in 1898. The company owns 1,038.95 miles of road, of which 389.58 miles Is nar- row gauge. Its lines extend from Orln Jet., Wyo., to Slxela on the line between New Mex- ico and Texas, with numerous branches. The company controls roads which own '926 miles of additional road. These controlled lines ex- tend from Sixela to Fort Worth, Abilene and Houston, Texas. The company has outstand- ing $31,000,000 common, $8,600,000 4% non- cumulative first preferred and $8,500,000 4% non-cumulative second preferred stock. $23,- 667,500 of the common stock, $930,000 of the first preferred stock and $5,938,700 of the second preferred stock Is owned by the Chi- cago, Burlington & Quincy R. R. Co., which company is controlled by the Great Northern and Northern Pacific Ry. Co. The Colorado & Southern Ry. Co. paid dividends on Its 1st preferred stock from 1900, on the second pre- ferred stock from 1907 and on the common stock from 1908. Dividends on the common stock were discontinued In 1913 and on both classes of the preferred stock in 1914 and 1916; 2% \vas paid on the first preferred _ stock in 1916; 4% was paid on each preferred stock in both 1917 and 1918. Secured by a second lien on 1,038.95 miles. Covered by the first lien of the 1st 4s. Also a first lien on the following securities: Denver & Interurban R. R. stock.. $100,800 Denver & Interurban R. R. 1st Mtg Bonds 1,079,000 Colorado R. R. stock 2,233,100 Colorado R. R. 1st Mtge. Bonds... 2,233,000 Fort Worth & Denver City Ry. com 342,425 Ft. Worth & Den. C. Ry. "stamped" 2,477,796 Colo. Springs & Cripple Creek Dist. Ry. pfd 800,000 Colo. Springs & Cripple Creek Dist, Ry. com 1,199,100 Trinity & Brazos Valley Ry. stock. 303,100 Trinity & Brazos Valley By. 1st Mtge. Bonds 8,760,000 Wichita Valley Ry. stock 1,019,100 Wichita Valley Ry. 1st Mtge. Bonds 769,000 Wichita Valley R. R. stock 60,100 Wichita Valley R. R. 1st Mtge. Bonds 744,000 Wichita Falls & Oklahoma By. stock 22,100 Wichita Falls & Oklahoma Ry. 1st Mtge. Bonds 257. 000 Abilene & Northern Ry. stock 39,100 Abilene & North. By. 1st Mtge. , Bonds 516,000 Stamford & Northwestern Ry. stock 81,600 Stamford & Northwestern Ry. 1st Mtge. Bonds 1,872,880 Gilpin R. R. stock 199,950 $25,109,151 Also a second lien on the Ft. Worth & Den- ver City Ry. stock pledged under the 1st 4s. Prior Lien— $19,400,000 1st 4s, due 1929. Underlies — 1st 4s as to the securities cov- ered by the first lien of this mtg. lYear ended Dec. 31 Gross Net Int. & Rent 1917... $18, 685,811 $6,841,932 $3,521,311 1916... 16.469,279- 6,347,780 3.336,553 1915... 14,745,6'66 4,676,976 3,467,826 Listed on the New York Stock Exchange- - Original Market — $15,000,000 offered in 1905 by Hallgarten & Co.. Wm. Salomon & Co. of New York, and Jackson & Curtis of Boston. Market. New York — ^Active on N- Y. Stock Exchange. Omaha — City Trust Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1818 IHgh.100% Feb. 19, '09 825i Nov. 12 Low. 66 Jan. 19. '18 66 Jan. 19 (THE) COLORADO FUEL & IRON CO. Oen. S. F. 5s. Due Feb. 1, 1943.— N. Dated February 1, 1893. Interest payable February and August 1, at Chase National Bank, New York, Tax Status — Payment of Federal Income Tax- not assumed by company. Anthorlzod — $6,000,000. Outstanding — $5,333,000 (Dec. 31, '18). R«tired by S. F. — $582,000. 305 Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co. , New York. Redeemable at 105 and interest on each February 1st for Sinking E*und only. Sinking: Fund — 2 cents per ton on all coal mined and 5 cents per ton on all iron ore. This fund is to be applied by the company to the purchase of additional coal or ore properties, but if not so invested, shall be paid to the Trustee. A majority of the bondholders may demand that the money be invested in bonds. The Trustee shall buy bonds in the open mar- ket, hut if not purchasable at less than 105 and interest, bonds shall be called. Organization — Incorporated in Colorado in 1892, for 20 years. Charter renewed for 20 years in 1912. The company, leases the coal properties of the Atchison, Topeka & Santa Fe Ry. Co., and owns all of the stock of the Colorado Industrial Co. Also controls the Colorado & "Wyoming and the Crystal River railways, owning 80 miles of road. Secured by a first mortgage on 32,500 acres of coal land, including the only anthracite coal field west of Pennsylvania, extensive mines, coke ovens and yards In various cities in Colorado. ir ended June 30 Gross Net • Deductions tl918.. .$48,223,575 $8,101,110 $6,369,064 1917.. , . 40,004,887 9,019,602 6,040,133 1916.. . 25,626,605 4,971,077 2,769,906 1915.. . 16,678.040 2,261,101 2,695,762 1914.. . 17,803,025 1,661,247 2,557,21« * Includes interest, taxes, depreciation, sink- ing fund, etc. tYear ended Dec. 31. Listed on the New Tork Stock Exchange. Market. New York — McGeorge & Vanderhoef, Holmes, Bulkley & Wardrop, Hanson & Doyle, Finch & Tarbell, R. C. Mayer & Co., Sam'l Gold- achmidt. Baker, Carruthers & Pell. J, S. Far- lee & Co., H. I. Nicholas & Co., John Nicker- son, Jr. Denver — Bosworth, Chanute & Co., Interna- tional Trust Co. Price Banse^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918. High.105 Jan. 22, '06 86% Dec. 28 Low. 79% Feb. 17, '08 83 Feb. 25 (THE) COLORADO INDUSTRIAIi CO. Is* Guar. 5s. Due Aug. 1. 1934. — F. Dated August 1, 1904. Interest payable Feb. and Aug. 1, at New York Trust Co., New York. Tax Status — 2 % Federal Income Pax paid by cnmpany ^vithout deductdon. Authorized — $14,068,000 Series "A" — $30,- 932.000 Series "B." Outstanding — $37,630,000 ($5. 318,000 owned by C. F. & I. Co.). Retired by S. F.— $1,370,000 (Dec. 31, '18). Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Trustee — The New York Trust Co. , New York. Redeemable at 105 and interest for sinking fund. ' Convertible — The convertible privilege which applied to Series "A" bonds expired August 1, 1906. Sinking Fond^The company shall pay annually, on April 1, 2 cents per ton of coal and 5 cents per ton of iron ore mined. After Aug. 1. 1915, the trustee may require these payments to be increased to 4 cents and 1 cents, respectively. These payments to be ap- plied to the purchase and redemption of bonds.. Guaranteed principal and interest by the Colorado Fuel & Iron Co. by endorsement. Organization and Control — Incorporated in Colorado in 1903, with a 20-year charter, to acquire. certain properties of the Colorado Fuel & Iron Co. All of the stock is owned by that company, which leases the property at a rental equivalent to interest, sinking fund, taxes and all other expenses. Secured by a first mortgage on 83,000 acres of mineral and frontage lands in Colorado and Wyoming, and leasehold interest In 43,000 acres in Colorado and New Mexico, also on extensive coke oven and other equipment. Further secured by a first lien on all of the stock and bonds of the Colorado & "Wyoming Ry. Co. and the Crystal River R. R. Co. , owning 80 miles of road in Colorado, $14,065,- 000 Col. Fuel & Iron Debenture 5s, which fell due in 1911, and stock of several subsidiary companies. Earnings — -See Colo. F. & I. Gen. 5s above. Usted on the New York Stock Exchange. Market. New York — E. & C. Randolph, Baker, Car- ruthers & Pell, Holmes, Bulkley & Wardrop, McGeorge & Vanderhoef, H. I. Nicholas & Co. Price Range — N. Y. S. £. Jan. 1, 1906 to Jan. 1, 1919 1918 High.851^ Oct. 1, '12 76 Feb. 23 Low. 35 Nov. 25. '07 73 Mar. 18 (THE) COLORADO POWER CO. 1st 5b. Due May 1, 1953.— F. Dated May 1, 1913. Interest payable May 1 and November 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Unlimited. Outstanding — $4,241,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal only. Trustee — Columbia Trust Co., New York. Redeemable on any interest date at 105 and interest. Sinking Fund — Annually, beginning May 1, 1918, % of 1% of outstanding bonds from 1918 to 1925 and thereafter 1%, payable in cash. Fund to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired to be can- celled. Organization — Incorporated In Colorado in 1913 as a reorganization of the Central Colo- rado Power Co. and the Leadville Light & Power Co. In July, 1916, purchased all the stock of the United Hydro Electric Co. Secured by a first mortgage on hydro-electric plant, with present development of 40,000 horse power, located on the Grand River, near Glenwood Springs, Colo., transmission linei to Leadville, Boulder, Denver and other cities in Colorado, a total length of about 210 miles, and on plant distributing electricity In Lead- ville. Year ended Dec. 31 Gross Net Int & Dep. 1918 $1,273,212 $748,947 $351,383 1917 1,183,750 708.585 350,930 1916 1,020,309 600,288 323,323 Market. Detroit — Joel Stockard & Co. Boston — McConnell & Co., Inc., Hotchkin & Co.. Inc., F. B. Bassett & Co., Lee. Hli^in- aon & Co. New York — S. P. LarkIn & Co., John J. Levenson, A. E. Fltkln & Co., Dunham & Co., J. S. Farlee & Co., Bonbright & Co., Foster & Adams. Montgomery & Co., E. & C. Ran- dolph, Hotchkin & Co., John Muir & Co.. Mer- 306 rill, I^ynch & Co., ,S. L. Snowden. Gude. Win- mill & Co., Berdell Bros., Earle A. Miller & Co.. F. H. Hatch & Co., McGeorge & Vander- hoef, Joseph &. Wiener, Kiely & Horton, Pynchon & Co. , John Nickergon, Jr., Taylor & White. Chicaso — Merrill, Lynch & Co., Babcock, Rushton & Co. Philadelphia — Montgomery & Co., Prazier & Co., S. K. Phillips & Co. Boston — L. Sherman Adams. , Denver — Boettcher, Porter & Co. Price Ran^e. Jan. X, X915 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hish.95'4 '16 96 '17 8S% Dec. 89 Dec. Low. 781^ '18 84 '18 78% Mar. 84 Oct. COLORADO SPRINGS & CRIPPLE CRUSH DISTRICT RAILWAY CO. Ifit 5a. Due Jan. 1, 1930.— N. Dated January 1, 1900. Interest payable Jan. and July 1. at Chemical National Bank, New York, and at Colorado Springs. Default — Jan. 1. 1919, interest was not paid when due. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstandine— $1,255,000 (Dec. 31. '18). Retired by Sinking Fund— $745,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable prior to Jan. 1, 1915, at 110 and Interest, between Jan. 2, 1915, and Jan, 1, 1920, at 107% and Interest, between Jan. 2, 1920, and Jan. .1, 1925, at 105 and int., be- tween Jan. 2, 1925, and Jan. 1, 1928, at 102% and Interest, and thereafter at par. Sinkini; Fund — 5% of gross earnings, pay- able every six months, to be applied to thp purchase of these bonds at not exceeding 110 and Interest. If not purchasable bonds shall be called. Protective Committee — James Timpson, Chairman, and Robert Struthers, with Emer- son W. Judd, Secretary, 5 Nassau St. , New York, and Central Union Trust Co., New York. Depository. Organization and Control — Incorporated In Colorado in 1897. Practically the entire cap- ital stock is owned by the Colorado & South- em Ry. Co., and the property leased to the Cripple Creek & Colorado Springs R. R. Co. All of the stock of this company is owned by the Cripple Creek Central Ry. Co. , which is a holding company. Receivership — In May. 1919, George M. Tay- lor was appointed receiver. Foreclosure — The Guaranty Trust Co, has filed foreclosure bill in the U. S. District Court of Colorado, Status April 1. 1919 — The company oper- ated its own road until 1905 in which year the Colorado & Southern Ry. Co. acquired a majority of the stock. The latter company operated the road as a part of its system un- til 1911, in which year it leased the property to a connecting line, the Florence & Cripple Creek R. R. Co. This lease was assigned in 1915 to the Cripple Creek & Colorado Springs R. R. Co.. successors to the Florence & Crip- ple Creek R. R., at a minimum rental equiva- lent to the interest and sinking fund payments on all of the bonds of the lessor company. Rental payments were discontinued about May 1. 1918. In a statement of the protective committee it is alleged that the lessee during the summer of 1917 diverted substantially all of the freight traffic to a competitive route between the terminal cities, and dince the spring of 1918 operation on the greater part of this road has been suspended altogether. Also that about this time the operation of the main line was rendered impossible by the burning of a bridge, which the lessee has not rebuilt, and that unpaid taxes amounting to over $15 0, 00 have accumulated against the property. Another cause assigned for the con- dition of this company is the playing put of gold mining in the Cripple Creek District. Secured by a first lien on 74.25 miles — Miles Colorado Springs to Cripple Greek, Colo 46.62 Cameron to "Victor, Colo 5.15 Portland Mine Branch 3.03 Colorado City Branch 1.89 Victor Jet. to Victor 4.70 Hossier Pass to Portland 2.80 Other branches and spurs 10.06 Underlies — Cons. 6s of 1942. Bonds are reserved under that mortgage to retire this is- sue. Refunding — Bonds are reserved under the Colorado & Southern Ry. Co. Ref. & Ext. Mtg. to retire this issue. Year ended June 30 Net Int. & S. F. 1918 def. $9,456 $148,297 1917 10,928 179.731 1916 240,119 208,632 1915 215,888 215,127 1914 214,991 243,069 Market. New York — McKInley & Morris, B. & C. Randolph, F. J. Llsman & Co., Morgan & Finlay, Baker, Carruthers & Pell, Newhall & Co. Philadelphia — Montgomery & Co., Warren A. Reed, Newhall & Co. Omaha— City Trust Co. Baltimore — Jenkins, "Whedbee & Poe, Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hiigh,105H '09 107 '09 87 Jan, 90 Jan. Low, 70 '18 72 '18 70 Aug, 72 Dec, COLORADO SPRINGS & CRIFPI^E CRBEK DISTRICT RAILWAY CO. l8t Cons. 58. Due Oct. 1, 1943.— F. Dated October 1, 1902. Interest payable April and Oct. 1. at Chemical National Bank, New York, and at Colorado Springs. Default — Oct. 1, 1918, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $1,379,000. Denomination — Coupon. $1, 000. Registerable as to principal. Trastee — Guaranty Trust Co., New Tork. Protective Committee — Frederick J. Lisman. Chairman: Mortimer N. Buckner, Herbert H. Dean. A. H. S. Post and Richard C, Shannon. Graham Adams, Sec'y, 61 Broadway. New York. New York Trust Co,, Depository. Forecloeiire, Status, etc. — See 1st 5s. Control — See 1st 5s above. Secured by a second mortgage on 74.25 miles of road described under the 1st 5 s above, sub- ject to the prior lien of those bonds. Prior liiens — $1,255,000 1st 5s of 1930, Refunding — Bonds are reserved under the Ref. & Extension Mortgage of the Colorado & Southern Ry. Co, to retire this issue. Earnings — See 1st 5s. Market. New York — F. J. Lisman & Co., Coffin & Co.. Baker. Carruthers & Pell. Denver — Wimer & Co. 307 Price Range. Jan. 1, 190S to Jan. 1. 1!>19 1918 Bid Ask Bid Aek High.lOO '09 101% '16 60 Jan. 70 Jam Low. 29% '18 45 '18 29^ Dec. 45 Dec. COLORADO SPRINGS ELECTRIC GO. 1st 58. Bae April 20. 1920.— F. Dated April 20, 1900. Interest payable April 20 and Oct. 20. at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandine — $1,000,000. Denomination — Coupon, $1,000. Reeistera.b7e as to principal. Trustee — New Tork Trust Co., New York. Redeemable at 110 and interest on any In- terest date on 90 days' notice. Control — ^Absorbed by the Colorado Springs Light, Heat & Power Co., which is controlled through stock ownership by the United Gas ft £1. Corp. Secured by a first mortgage on plant sup- plying electricity to Colorado Springs, Colo. Population served, 46,058. Franchises extend beyond maturity of bonds. Underlies — Colorado Springs Light, Heat & Power Co. 1st & Ref. 5s of 1920. Bonds are reserved under that mortgage to retire this Issue. Xlamings — See Colo. Sprgs., L., H. & P. Ist & Ref. Original Market — OfCered in 1911 by Betron, Griscom & Jenks (now Betron, Griscom & Co.). New York and Philadelphia, at par and, interest. Market. New York — E. & C. Randolph, J. W. Chris- tiansen. F]iiladelphia — ^Wistar & Co. , H. D. Boen- ning & Co. Boston — ^H. C. Spiller & Co., Inc. Portland — ^Fidelity Trust Co. Wilmington— Geo. P. Bissell, Laird & Co. Price Range. Jan. 1, '09 to Jan. 1. '19 1918 Bid Ask Bid Ask High.99 '16 101 '12 97% Jan. 100 Jan. Low. 89 '17 94 '18 89 Feb. 94 Nov. COLORADO SPRINGS LIGHT St POWSR CO. 1st Ext. 7s. Due April 1, 1920. Dated April 1, 1899. Extended April 1. 1919, with interest increased from 5% to 7%. In-terest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Denomination — Coupon, $500 and $1,000. Trustee — -The Now York Trust Co., New York. Assumed by Colorado Springs Light, Heat & Power Co, Control — Absorbed by Colorado Springs Light, Heat & Power Co. Secured by a first mortgage on plant sup- plying gas to Colorado Springs, Colo. Popula- tion served 45,058. Franchise for gas and electricity in Colorado Springs expires In 1923. and for electricity in Manatou 1926. Underlies — Colorado Springs Light. Heat & Power Co. 1st & Ref. 5s of 1920. Bonds arc reserved under that mortgage to retire this issue. Earnings — See Co. Spgs. L., H. & P. 1st & Ref. Original Market — Offered in 1911, by Betron. Griscom & Jenks. New York and Philadelphia, at 99 and interest. Market. New York — J. \V. Christiansen, B. & C. Randolph, Bertron. Griscom & Co., Berdell Bros. Portland — Fidelity Trust Co^ Philadelphia — H. D. Boenning & Co. Wilmington — Geo. P. Bissell. Colorado Springs — Newbold & Co. Denver — Newbold & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 . 1918 Bid Ask Bid Ask High.98 '16 100 '12 97% Jan. 99 Jan. Low. 85 '17 96 '17 89 Feb. 96 Mar. COLORADO SPRINGS LIGHT, HEAT & POWER €0. 1st & Ref. 10-¥ear 5s. Doe Aug. 1, 1920.— F. Dated August 1, 1910. Interest payable Feb. 1 and Aug. 1» at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,500,000. Outstanding — $1,284,000 (Dec. 31, '18). Denomination — Coupon, $100, $500, and $1,000. Registerable as to principal. Trustees — New York Trust Company, N. Y.. and Mortimer N. Buckner. Redeemable at 105 and interest on any In- terest date on or before Feb. 1, 1917, and at 102% and interest on any interest date there- after. Organization and Control — Incorimrated in Colorado in 1910. A majority of the stock is owned by the United Gas & Electric Co., which is controlled through ownership of Us entire common capital stock by the United Gas & EI. Corp. Secured by a first mortgage on plant sup- plying electricity to Manitou, Col., and a second mortgage on plants supplying gas and elec- tricity In Colorado Springs, Col. Population served, Colorado Springs, 45.058; Manitou, 1,960. Franchises for gas and electricity In Colorado Springs expire in 1923, for electricity in Manitou In 1926. In 1916 the Colorado P. U. Commission granted an increase in gas rates from $1 net to $1.10 net per 1,000 cu. ft. for the first 5.000 CTj. ft. of monthly consumption. Prior Liens — $1,000,000 Colorado Springs Electric Co. 1st 5s due April 20, 1920. and $300,000 Colorado Springs Light & Power Co. 1st Ext. 7s due April 1, 1920, to retire which bonds ar6 reserved under this mortgage. Year ended Dec- 31 Gross Net Int., Rent 1918 $603,515 $22 2,934 ■ $149,528 1917 570.837 207.223 150,266 1916 556,416 230,468 1^0.016 1915 559,648 253,180 150,503 Original Market — $1,200,000 offered Oct.. 1910. by Bertron, Griscom & Jenks, New York and Philadelphia, at 34H and interest. Market. New York — Gillman & Clucas, J. W. Chris- tiansen. F. H. Hatch & Co.. E. & C. Ran- dolph, Bertron. Griscom & Co. Philadelphia — Wistar & Co.. IT. D. Boen- ning & Co. Boston — H. C. Gibbs & Co. Colorado Springs — ^Newbold & Co. Denver — Newbold & Co. Price Range. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.94^4 '16 97% '16 90 Jan. 95 Jan. Low. 85 'IS 85 Oct. 308 COLOBAIK). WYOMING & BASTBBN BAX1> WAY CO. 1st & Ref. 6s. Due Jnly 1. 1934.— N. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. OutBtandins — $550,000. Beserred for Prior lilen — $240,000. Reserved for Extension — $210,000. Reserved for Extension (80%>— -$1,500,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102ir& and interest on any Interest date on 30 days' notice. Orsranization — ^Incorporated in Colorado in 1914 to take over the property of the Laramie, Hahn's Peak & Pacific Ry. Co., foreclosed. Alexander J. Hemphill, Henry Sanderson and Trowbridge Callaway, as voting trustees, will hold the stock of the company until all ac- crued interest on income bonds has been paid and current interest has been paid regularly for two consecutive years, and for such fur- ther period, not exceeding one year, as they deem advisable. Secured by direct mortgage on 112 miles of road, and all other property as follows: a first mortgage on 44 miles from Coalmont, Colo. , to Wyoming State Line ; a second mortgage on 68 miles from "Wyoming State Line to Larara,ie, Wyo. Prior lieu — $240,000 Laramie, Hahn's Peak & Pacific Ry. 1st 6a, 1929. Underlies — C. W. & E. Gen, Income 6s of 1944. Year ended Dec. 31 Gross Net Int. & Rent 1918 $215,942 $40,380 $52,358 1917 186,372 67,700 58,064 Market. New York — Ivan Goldsmith & Co., Barnum, Mildon & Co., Fred H. Hatch & Co. Boston — Parkinson .&. Burr, Chas. A. Day & Co. Pittsburgh — Wm. P. Lemley & Co. Vtica — Burr L. Tibbits. Price Bangre. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid High.35 '17 60 '17 12i^ Dec. Ix)W.12% '18 60 *17 Earnings — See lat & Ref. 6s. Market. New York — ^Martin, Berwin & Coi Philadelphia — Frazler & Co. COLORADO, WYOMING & EASTERN RAIL- WAY CO. Gen. Cum. Income 6s. Due July 1, 1944.— N. Dated July 1, 1914. Interest payable May 1 and Nov. 1, when earned, at Bqultable Trust Co., New York. At maturity the company agrees to pay all accumulated Interest whether earned or not. Tax Status — Payment of Federal Income Tax hot assumed by company. Authorized — $1,600,000. Outstanding — $1,600,000. Denomination — Coupon, $100. $1,000 and multiples. Registerable ■ as to principal. Trustees — Equitable Trust Co., New York and Lyman Rhoades. Redeemable at par and Interest on any in- terest date on 30 days' notice. Organization — See 1st & Ref. 6s. Secured by a mortgage on the same prop- erty covered by the 1st & Ref. 6s and subject to the liens of that mortgage. Prior IJens — $240,000 Laramie, Hahn's Peak & Pacific Ry. 1st 6s of 1929. and $550,000 Colorado. "Wyoming & Eastern Ry. 1st & Ref. 6s of 1934. COLUMBIA & MONTOUB ELECTRIC CO. let 5s. Dae Feb. 1, 1943.— F. Dated Feb. 1, 1913. Interest payable Feb. 1 and Aug. 1, at Electric Bond & Share Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,000,000. Issued — $601,000. Outstandings $577,200 (Dec. 31, '18). Bedeemed — -$23,800. Denomination — Coupon, $100, $500 and $ 1 , - 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Bedeemable on any interest date at 106 and interest. Organization — Incorporated in Pennsylvania, to operate the electric properties in Danville, Bloomsburg, Berwick, Nescopeck and inter- mediate territory in Pennsylvania and the gas properties In Danville and Bloomsburg, Pa. Also owns 90% of the entire capital stock ($375,000) of the North Branch Transit Co., operating^ an electric railway connecting the same towns. Controlled through ownership of entire com- mon stock by the Lehigh Power Securities Corp., a subsidiary of the Electric Bond & Share Co. Secured by a mortgage, subject to $23,800 prior liens, on plants supplying electricity In Berwick, West Berwick, Nescopeck, Blooms- burg and Danville, Pa., and plants supplying gas to Bloomsburg and Danville, Pa; Property includes 3 miles of transmission lines and both steam and hydraulic electric generating stations. Population served, about 36,000. Franchises are reported as perpetual. Underlies— $567,500 2nd 5s of 1943. Original Market — Offered in 1914 by Devitt. Tremble & Co., Chicago, at a price to yield 6M%. Market. Beading, Pa. — George A. Rick. Philadelphia — Rufus "Waples & Co., H. D. Boenning & Co., E. R. Barnard, Paul & Co., S. K. Phillips & Co. New York — ^Wm. Wheatley & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask High. 93% '16 98 '17 Low. 93 '17 95% '16 (THE) COIilTMBIA & ST. tOUIS RAILROAD CO. Ist 4s. Due May 1, 1942. — F. Dated May 1, 1902. Interest payable May and Nov. 1, at Company's office. New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $200, 000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Mississippi Valley Trust Co.. St. Louis. Assumed by the Wabash Ry. Co. Guaranteed principal and interest by the Wabash R. R. Co. (foreclosed). Control— Absorbed by Wabash R. R. Co., which latter company was succeeded by the Wabash Ry. Co. through foreclosure. Secured by a first mortgage on 21.60 miles of road from Centrajia to Columbia, Mo. Underlies — ^Wabash R. R. 1st 5s of 1939 and Deb. "B" 6s of 1939. Legal for Me. Market. New York — WolfE & Stanley. Curtis & San- ger, Abraham & Co. , Baker, Carruthers & Pell. Taylor, Smith & Hard. Boston — Curtis & Sanger, St, Louis — Stix & Co. Price Ranee. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High.78 '16 85% '17 80 Nov. Low. 60 '17 75 '16 COLUMBIA GAS & ELECTRIC CO. (OF W. VA.) 1st 5s. Due Jan. 1, 1927. Dated January 1, 1907. Interest payable January and July 1, at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $26,000,000. Outstanding — $12,256,500 (Jan. 1, *19). Retired by S. F. — $7,126,000. In Treasury — $1,485,000. Re.served for Ext. — $4,132,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. ' Redeemable at lO'B and interest on any inter- est date on four weeks' notice, or at par and interest for sinking fund. Sinking Fund — Annual payments of 5% to 1916, 6% 1917-1920, 7% 1921-1924 and 8% 1925-1927 of outstanding bonds. This fund may be left with the Trustee at interest; used for the purchase or redemption of these bonds at not over par and interest, or invested in other securities approved by the Trustee. The mortgage provides that the sinking fund pay- ments will be sufficiently increased, with the issue of additional bonds after 1910, to retire all bonds by maturity. Organization — Incorporated in West Virginia, in 1906, and controls gas and electric business in Cincinnati, Ohio, and vicinity and street railways in cities in Kentucky opposite Cincin- nati, Secured by a first mortgage on about 280,000 acres of gas lands In West Virginia. Also secured by a first lien on $14,995,000 of the $15,000,000 stock, of the Union Gas & Electric Co., which supplies gas and electricity in Cin- cinnati, Ohio, and vicinity, and controls com- panies owning 200 miles of pipe line from the property of the Columbia Gas & Elec. Co. to Cincinnati. Also secured on 51% of the cap- ital stock of the United Fuel Gas Co. The Columbia Gas & Elec. Co. leases the Cincin- nati, Newport & Covington Light & Traction Co., operating 67 miles of street railway con- necting Cincinnati with Covington, Newport and other cities in Kentucky and controls com- pany supplying electricity in same communities. Franchises for gas and electricity in Cin- cinnati and for electricity in Kentucky towns are perpetual. , Underlies — Deb. 5s of 1927. Year ended Dec. 31 (Consolidated) Gross 'Net Interest lOlS $11,538,77 2 $3,912,548 $713,3 50 1917. . . 10.861,331 3.650,628 717.266 1916 9,058,252 1,852,759 695,283 1915 8,044,532 1,062,548 681,909 1914 7,810,214 1,065.992 672,954 •After subsidiary charges. Listed on the New York. Cincinnati and Pittsburgh Stock Exchanges. Market. New York — Moore, Leonard & Lynch, Mar- tin Berwin & Co., Abbott, Johnson & Co., J. J. Levenson, H. N. Whitney & Sons, Mor- ton Lachenbruch & Co., Dunham & Co.. New- burger, Henderson & Loeb, W. E. Hutton & Co., A. E. Fitkin & Co., E. & C. Randolph, A. B. Leach & Co., L. A. Norton, Holmes, Bulkley & Wardrop, Earle A. Miller & Co., Pynchon & Co., Lynch & McDermott, Taylor & White. Philadelphia — H. D. Boenning & Co,, Henry & Klrkbride, J. C. Bogan, Frazier & Co., Newburger, Henderson & Loeb, O. B. Lansin- ger & Co. Boston — J. H. Fitzpatrick & Co., McConnell & Co., Inc., F. B. Bassett & Co., A. B. Leach & Co., Hotehkin & Co. pleveland — ^M. H. Murch & Co., Borton & Borton. Cincinnati — Channer & Sawyer, A. & J. Frank, W. E. Hutton & Co. Pittsburgh — Goddard, Hunter & Co.. Wm. P. Lemley & Co., R. W. Evans & Co. Providence — Stranahan & Co. Salem — Wm. S. Felton & Co. Wilkes-Barre — Morris & Rice. Price Range — ^N. Y. S. E. Jan. 1, 1907 to Jan. 1. 1919 Unstamped. 2. '17 31. '17 Stamped. '' High.90 May 30, '17 Low. 76 Jan. 22, '18 1918 High. 91 Apr. Low. 75 Dec. 82^ Dec, 19 70 Aug. 16 82 Nov. 21 76 Jan. 22 COLUMBIA GAS & ELECTRIC CO. (OF W. TA.) Debenture 5&. Due Jan. 1, 1937. Dated July 1, 1913. Interest payable Jan. 1 and July 1, at A. B. Leach & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3. 000, 000. Outstanding^$2, 617,168. In Treasury — $233,832. Purpose of Issue — Issued on the basis of par in debentures for Union' Gas & Electric pre- ferred and dividend scrip and $100 debentures for 10 shares of the common. Denomination — Coupon, $500 and $1,00-0. Trustee — Central Union Trust Co. , New York. Redeemable at par and interest on any inter- est date on 60 daya^ notice. Organization — See Ist 5s. Security — A direct obligation of the com- pany, but not secured by a mortgage. Prior Lien — 1st 5s of Jan. 1. 1927. Earnings — See 1st 5a. Market. New York — B. & C. Randolph, Martin. Ber- win & Co.. Earle A. Miller & Co., Sutro Bros. & Co., A. E. Fitkin & Co., Hanson & Doyle. Morton Lachenbruch & Co., Wolff & Stanley, H. N. Whitney & Sons. Moore, Leonard & Lynch, Dunham & Co., Pynchon & Co., John Davenport. W. B. R. Smith & Co., Taylor & White. Philadelphia— H. D. Boenning & Co., O. B. Lansinger & Co., Frazier & Co. Providence — Stranahan & Co. Boston — F. B. Bassett & Co., McConnell & Co., Inc. Cincinnati — Channer & Sawyer, W. E. Hut- ton & Co., A. & J. Frank. Atlanta — J. H. Hilsman & Co. Price Range. Jan. It *17 to Jan. 1, Bid Ask High, 81% '17 S2 '18 Low. 65 '18 72 '18 ) 1918 Bid Ask 77 Dec. 82 Dec. 65 Jan. 72 Jan. 310 COLUMBIA, NEWBERRY & lAURENS RAIL- ROAD CO. 1st 3s. Due July 1, 1937. — N. Dated July 12, 1887. Interest payable Jan. and July 1, at Safe Deposit & Trust Co., Balti- more. Interest reduced from 6% to 3% in laOO, and holders friven 40^ in 67,, Income Ctts. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000, but limited to $12,- 000 per mile of road. Outstandlns — $899,000. $11,000 are held in the treasury, and $318,000 owned by the Atlan^ tic Coast Line Co. of Connecticut. Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully registerable. Reg- istered. $1,000. Trustee — Safe Deposit & Trust Co., Balti- more, Md. * Organization — Incorporated in South Caro- lina in 1886. Control — The Atlantic Coast Line H. R. Co. and the Seaboard Air Line Ry. Co. own an interest in this company. Secured by a Urst mortgage on 75 miles of road from Columbia to Laurens, S. C. Underlies — $359,600 notes and certificates of indebtedness. Year ended Dec. 31 Gross Net Int. & Rent 1918 $550,621 $128,460 $86,244 1917 412,030 153,963 82,628 1916 354.892 119,993 67,320 Market. New York — ^Wolff & Stanley, B. H. Whitney & Sons, F. J. Lisman & Co. COLUMBIA (S. C.) RAILWAY, GAS & ELEC- TRIC CO. 1st S. F. 5s. Due July 1, 1936. Dated July 1, 1911. Interest payable Jan. and July 1, at Redmond & Co., New Torlc. Tax Status — 2% Federal Income Tax paid by conapany without deduction. Authorized — $7, 500, 000. Outstanding — $3,125,000 (Jan. 1, '19). In Treasury — $210,000. Pledged — $60,000. Retired by S. V. — $118,000. Reserved for Columbia Canal 6s — $100,000. Reserved for Ext. — $3,887,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 106 and interest. Sinking Fund — Commencing Dec. 15, 1916, and annually thereafter, 1% of outstanding bonds to purchase bonds at not exceeding 105 and interest. If not purchasable, bonds are to be called. Organization — Incorporated in S. C. In 1891. for 60 years. Owns $200,000 capital stock and $225,000 6% bonds, due 1936, of the Columbia Gaslight Co. and operates property under lease. Also controls Parr Shoals Power Co. Secured by a first mortgage on 25 miles of street railway, including all of the lines in Columbia. S. C, hydro-electric and steam gen- erating plants and distribution system for sup- plying that city with electricity, and by a second mortgage on a canal from the Con- garee River, 3 miles long and 110 feet wide at the bottom. Also secured by a first Hen, through the deposit of all of the stocks and bonds of proprietary company on plant sup- plying gas in Columbia. Population served, 45,000. Franchises are perpetual. The company also owns all of the stock and guarantees the bonds of the Parr Shoals Power Co., which owns a hydro-electric plant on Broad River, 27 miles from Columbia. Prior Lien— $100,000 Cqlumbia Canal 6s, dut 1919. Year ended Dec. 31 Gross Net Interest 1918 $1,562,152 $261,200 $174,898 1917 1,176,668 420,653 169,026 1916 918,296 284,680 153,644 1915 841,560 244,863 154,334 1914 762,840 340,624 146,695 Legal for R, I. Listed on the Baltimore Stock Exchange. Original Market — $2,400,000 offered in 1911, at 94 and interest, by Redmond & Co., New York, and E. H. Rollins & Sons, New York, Boston, etc. Market. New York — A. B. Fitkin & Co., Hanson & Doyle, Kiely & Horton, Redmond & Co., B. H. Rollins & Sons, Joseph & Wiener, Berdell Bros.. Lynch & McDermott, Taylor & White. Baltimore — Sutton & Co., Jenkins, Whedbee & Poe. Boston — E. H. Rollins & Sons. Pliiladelphia — E. H. Rollins & Sons, S. K. Phillips & Co. Chicago — E. H. Rollins & Sons, Babcock, Rushton & Co. Los Angeles — B. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Price Ranee. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.9414 '16 96% '18 86- Dec. 90 Dec. Low. 80 '17 86% '18 80 Feb. 86% July COLUMBUS & HOCKING VALLEY BAIL- ROAD CO. 1st 4s. Due Oct. 1. 1948. — F. Dated October 1, 1867. Extended Oct. 1. 1897, interest being reduced from 7% to 6%. Again extended March 1, 1899, interest being reduced to 4%. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Ontstanding — $1, 401, 000. Cancelled — $99. 000. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Control — Absorbed by the Hocking Valley Ry. Co. Secured by a first lien on 115.40 miles — Miles Co-umbus to Athens. 75.60 Logan to New Straitsville, 13.00 Nelsonville to Monday Creek Jet 16.80 Snow Fork Jot. to Murray City, 6.80 Brush Fork Jet. to New Pittsburgh, O.. 2.60 Walbridge to Hiokox. 1.00 Underlies — Hocking Valley Ry. 1st Cons. 4%s of 1999, under which mortgage bonds are reserved to retire this issue. Legal for Cal., Conn., Me., Mo. and R. I. Listed on the New York Stock Exchange. Market. New York — Louchheim, MInton & Co., J. S. Farlee & Co.. Wm. C. Bwen, Tobey & Kirk. Abraham & Co., F. J. Lisman & Co.. Phelps & Neeser, Chas. W. Place. Taylor, Smith & Hard. Columbus, O. — Claude Meeker. Price Range — N. Y. S. E. ,Tan. 1, 1906 to Jan. 1. 1919 1918 High.101'4 Feb. 2. '06 73% Oct. 18 Low. 73% Oct. 18. 'IS 73% Oct. 18 COLUMBUS & NINTH AVENUE RAILROAD CO. 1st 5s. Due September 1, 1993. — N. Dated August 24, 1893. Interest payable March and September 1, at Treasurer's office, N. T. Rys. Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstandlne — $3,000,000. Denomination — Coupon, $1,000. ReeisterabU as to principal. Resistered, $1,000. Trustee — Guaranty Trust Co., New York. Assumed by the New York Railways Co. Receiversiiip — See New York Rys. Co. Control — Merged into tlie New York Rya. Co., which ia controlled through stock owner- ship by the Interborough Consolidated Corp. Secured by a first mortgage on 2^ miles of double-tracked street railway on Columbus Ave., from 65th St. to 110th St., and branch to 106th St, and Amsterdam Ave. Underlies — New York Railways lat Real Es- tate & Ref. 4s of 1942 and Adj. Inc. 5a of 1942. Ijisted on the New York Stock Exchange, Market. New ir«rk — ^T. L. Bronaon. Wolff A Stanley, Newborg & Co., L. A. Norton, Abbott, Johnson & Co., Wm. Carnegie Ewen, Berdell Bros., John Davenport, B. & C. Randolph, Tobey & Kirk. Chicago — ^Harris Trust & Savings Bank. Price Range — N. Y. S. E. .Ian. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.119% Jan. 12, '06 72% Mar. 96 July Low. 94 Mar. 20, '08 74 Dec. COLUMBUS & TOLEDO RAILROAD CO. 1st 4b, Duo Aug. 1, 1955. — F. Dated Aug. 1, 1876. Extended Aug. 1, 1906, Interest being reduced from 7%. Interest pay- able Feb. and Aug. 1, at J. P. Morgan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 500, 000. Outstanding — $2, 441, 000. Retired — $59,000. Denomination — ^Coupon, $1,000. ReglsterabU as to principal. Trustee — Guaranty Trust Co., New York. Control — ^Absorbed by the Hocking Valley Ry. Co. Secured by a first mortgage on 117 miles of road from Columbus to Walbrldge, Ohio, out- side of Toledo. Underlies — Hocking Valley Ry. 1st Cons. 4^8 of 1999, under which mortgage bonds are reserved to retire this issue. Legal for Cal., Conn., He., Mo. and R. I. Listed on the New York Stock Exchange. Market. New York — ^Wm. C. Ewen, Newborg & Co., Liouchheim, Minton & Co., Abraham & Co., P. J. Disman & Co., Phelps & Neeser, Chaa. W. Place. Philadelphia — Louchheim, Minton & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — ^N. Y. S. E. ,Jan. 1, 1906 to Jan. 1, 1919 1918 High.101% Oct. 10, '06 75 Feb. 28 Ixiw. 67% Jan. 2, '18 67% Jan. 2 COLUMBUS, BUCKEYE LAKE & NEWARK TRACTION CO. lat 5s. Due Nov. 1, 1921.^F. Dated Nov. 1, 1901. Interest payable March and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,600,000. Outstanding — $1,243,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Columbia Trust Co., New York. Redeemable on any interest date at 110 and interest upon 3 months' notice. Assumed by Columbua, Newark & ZanesviUe Blec. Ry. Co. Control — ^Absorbed by Columbua, Newark & Zanesvllle Electric Ry. Co. Ail the common stock of that company la owned by the Ohio Electric Ry. Co. and property leaaed to Indi- ana, Columbus & Eastern Traction Co. This lease has been assigned to the Ohio Electric Ry. Co. Secured by first mortgage on 32 miles of electric railway track from Columbus to New- ark, Ohio; city lines in Newark, and amuse- ,ment park at Buckeye Lake. Franchises ex- pire in 1925 and 1928. Population served, Columbus, 181,000; remaining territory, 36,000. Underlies — $1,211,000 Columbua, Newark & Zaneaville Elec. Ry. Gen. 5s of 1926. Listed on Columbua Stock Exchange. Market. New York — E. H. Rollins & Sons, Dunham &■ Co., B. & C. Randolph, Berdell Bros., Fred H. Hatch & Co., Newhall & Co. Philadelphia — H. D. Boenning & Co., B. H. Rollins & Sons, R. M. Stlnson & Co., Farrish & Co., Huntoon & Co., Newhall & Co. Boston — E. H. Rollins & Sons, McConnell & Co., Inc., Burgeas, Lang & Co. Portland — Fidelity Trust Co. Chicago — B. H. Rollins & Sons. Denver — E. H. Rollins & Sons. Los Angeles — B. H. Rollins & Sons. San Francisco — E. H. Rollins & Sana. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Aak Bid Ask Hlgh.98% '16 100 '12 93 Jan. 97% Dec. Low. 87 '18 92 '.18 87 July 92 July COLUMBUS CONNECTING & TERMINAL RAILROAD CO, 1st 5s. Due Jan. 1, 192%. Dated May 4, 1892. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $683,000 (Mar. 15, 1919). Held in N. & W. Ry, Treas. — $17,000. Denomination — Coupon, $500. Reglsterable as to principal. Trustee — Metropolitan Truat Co., New York. Assumed by the Norfolk & Western Ry. Co. Control — Absorbed by the Norfolk & Western Ry. Co. Secured by a first mortgage on 4.65 miles of road and 36.93 miles of sidings and yard tracks and terminals in Columbus, Ohio, including 106.94 acres originally coating $568,304. Underlies — Norfolk & Western 1st Consol. 4a, Divisional 1st Lien & Gen, 4s and Deben- turea. Bonds are reserved under the first named mortgage to retire this issue. Legal for Bait., Cal., Conn., Me., Maaa., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis. 'Listed on the New York Stock Exchange. Market. New York — ^Wm. C. Ewen, Taylor, Smith & Hard, Remiok, Hodgea & Co., Baker, Carruth- era. & Pell. Abraham & Co., John Davenport. Pittsburgh — R. B, Hutchinaon & Co. Phiiadelpliia — Graham. Parsons & Co. Price Range— N. Y. S. E. Jan. 1, 190C to Jan, 1, 1919 1918 Bid Ask High.106% Dec. 18. '09 97% Jan. 98% Jan. lMW.103 Sept. 27, '16 95% Mar. 312 (THE) COLUMBUS. DELAWARE & MAIUON ELECTRIC CO. 20-Year 1st & Ref. 5s. Due July 1. 1937, Dated July 2, 1917. Interest payable Jan- uary 1 and July 1 at Bankers' Trust Co.. New York, or Cleveland Trust Co., Cleve- land. Tftx Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $7,500,000. Outstanding — $1,332,000 (Jan. 1, 'ig). In Treasury — $45,000. Reserved for Prior Liens — $523,000. Reserved for Ext. — $5,600,000. Denomination — Coupon $1,000; registerable as to principal. Trustee — Cleveland Trust Co., Cleveland. Redeemable at 102 and interest on any in- terest date upon 30 days' written notice. Sinking: Fund — ^Annually, beginning January 1, 1920, a cash paymen-t equivalent to 1% of total amount of bonds authenticated by the Trustee up to the time of each payment, for the purchase or redemption of these bonds at not over 102 and interest. , Organization — Incorporated in Ohio June 12, 1917, to take over the properties of the Co- lumbus, Delaware & Marion Railway Co. , sold under foreclosure on June 11, 1917, sub- ject to underlying mortgages aggregating $1,- 533,000, which wer^ "not assumed. Secured by a direct mortgage on all the property formerly owned by the Columbus, Delaware & Marion Railway Co. or covered by the latter company's First Refunding mort- gage, which was acauired through foreclosure, together with all property hereafter acquired. The property covered by this mortgage in- cludes the properties formerly owned by the Columbus, Delaware & Marion Electric R. R. Co., the Marion Railway, Light & Power Co. and the Columbus Northern Railway, Power & Equipment Co. The last three companies have never been dissolved, but their properties were conveyed to Trustee of the Columbus, Delaware & Marion Railway Co. First Re- funding mortgage (foreclosed) None of the stock of these three companies is held or owned by the Columbus. Delaware & Marion Electric Co. As underlying bonds are acquired they are deposited with the Trustee of this mortgage. As of May 1, 1919, the following bonds were so deposited. Pledged Issued Columbus, Delaware & Marion Blec. R. R. 1st 5s $702,000 $1,000,000 Marion Railway, Lt. & Power Co. 1st 5s 269,000 269,000 $971,000 $1,269,000 The property covered by the mortgage in- cludes two steam power stations, one with a capacity of 2.800 k. w, at Stratford. O., and the other of 1,750 k. w. at Marion, O. ; about 56 miles, single track equivalent, street and interurban railway comprising the street rail- way systems in Marion and Delaware, O. , and interurban railway from Marion through Prospect, Delaware. "Worthington and North Columbus. O., and thence for a distance of 4.09 miles over the tracks of the Columbus Railway, Power & Light Co. into the center of Columbus, O. : electric distribution system in Marion. The company does all the electric light and power business in Marion and fur- nishes electrical energy for the villages of Prospect, Radnor and Greencamp. Franchises are reported as satisfactory; 76% of the in- terurban track is on private right of way. Population served: Railway, includfing Colum- bus, O.. 225.000; electricity, 30.000. Prior Liens — Outstanding C. D. & M. El. R. R. 5s, 1921 $298,000 C Nor. Ry.. Pow. & Equip. 5s, 1934 225,000 Total $523,000 Under the provisions of this mortgage the above mortgages are closed and bonds of this issue are reserved for their retirement, but they have not been assumed. Year ended June 30 Bond Gross Net Interest ♦1919 $675,939 $189,783 $93,265 1918 621,460 163,120 98.815 1917 566,039 194,93 5 112,20 8 1916. f. . 490,159 185,210 1915 479,583 165,165 1914 471.633 140,090 1913 441,029 161,042 *Year ended Jan. 31. Original Market — First offered in Exchange for underlying bonds. A block offered in 19 IS by Bodell & Co., Providence, New York and Boston. COLUMBUS, DELAWARE & MARION ELEC- TRIC RAILROAD Ifit 6s. Due May 1, 1921.— F. Dated May 1> 1901. Interest payable May and Nov. 1, at Trustee's ofhce and National Bank of Commerce, New Tork. Nov. 1, 1912, interest paid May 1, 1914, and subsequent in- terest payments have been made six months after due. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $298,000 (Jan. 1, '19). Pledged under C, D. & M. El. l^t & Ref. 5s —$702,000. Denomination — Coupon, $1,000. Tmstee — Cleveland Trust Co., Cleveland, O. Protective Committee — Rudolph Kleybolto (Chairman), Wm. R. Craven, Frank C. Deer- ing» Arthur B. Wells, Ed, E. Neuman and John T. Tyler. Offices. 18 E. 24th St.. Cln- cinnatl, and Room 1304, 60 Bway., New York. Depositary, Cleveland Trust Co., Cleveland. OflFer to Purchase — In Oct. , 1917, Fincke, Bangert & Co., Philadelphia, offered to pay $850 cash per $1,000 bond, conditioned on the acceptance of the offer by holders of at least $501, 000 in order to enable thera to remove the Cleveland Trust Co. as trustees. The latter made an offer to exchange bonds for 1st & Ref. 5 s of Columbus, Delaware & Marion Elec- tric Co. Organization — Incorporated in Ohio in 1901. This company has never been dissolved but its property was conveyed to the Trustee of the Columbus. Delaware & Marion Electric Rail- Way Co. First Refunding mortgage. The en- tire property of the latter company was ac- quired through foreclosure of the First and Refunding mortgage in 1917 by the Columbus. Delaware & Marion Electric Co. The latter company does not own or control the stock of this company. Litigation— In Nov. 1. 193 8. John T. Tyler brought an action to enjoin the Cleveland Trust Co. and the protective committee from exchanging these bonds for C, D. & M. El. 1st & Ref. 5s. As of April 15, '19 this action was still pending. Secured by first mortgage on 52 miles of road from Columbus to Marlon, Ohio, includ- ing 7 miles of city lines in Delaware, Ohio, and other branches. Population served exclusive of Columbus (181,000). about 40,000. Underlies — $1,332,000 C, D. & M. Electric Co, 1st & jilef. 6s of 1937 under which bonds are reserved to retire this issue. Earnings — See C. D. &. M. El. 1st & Ret. 5 s. Market. Columbus — Ralph H. Beaton. Philadelphia — Fincke, Bangert & Co. Cincinnati — A. & J. Frajik. Pittsburgh — W. P. Lemley & Co. Boston — B". W. Mason Co. Price Kange. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 70 '17 65 June 6 5 June Low. 56 '18 65 '18 COLUMBUS ue April 1. 1938— F 2%. Dated April 1, 1918. Interest payable April 1 and Oct. 1 at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $1,000,000. Outstanding — $951,500 (May 8. '19). Pledged to Secure G% Notes — $130,000. In Treasury — $5,000. Pledged to Secure 7% Notes — $600,000. Reserved for Ext, — $250,000. Denomination — Coupon $100. $500 and $1,000. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Maintenance and Sinking Eund — Annually, beginning April 1. 1920, a sum equal to 20% of net earnings to be applied for extensions and improvements or for the purchase or^ re- demption of these bonds at not over 101 'and interest. Bonds so acquired to be cancelled. Organization' — Incorporated in 1918 in Maine. Capital Stock Authorized Outstanding Preferred $250,000 $250,000 Common 500,000 500,000 Secured by a first mortgage on the follow- ing properties: On plants supplying gas to Pryor, Wagoner, Choteau, Sallisan, Vian. Okla., and Alma, Ark. ; on combined electric and ice plants serving Mena, DeQueen and Ashdown, Ark., and Vian, Okla. : on electrSc plant in Foreman. Ark. ; on ice plant in Sal- lisaw, Okla. , and on transmission lines serv- ing Alma, Dyer, Mulberry, White Oak, Ozark, Deming, Coal Hill, Altus, Hartman, Spadra and Clarksville, Ark. Franchises are reported to run beyond the life of the bonds. Popula- tion served about 40,000. Underlies — $240,000 Gen. Mtge. Notes, all pledged to secure T% notes. Original Market — $750,000 offered July, 1918, by W. G. Souders & Co., Chicago. COJIMONWEALTH PUBMC SERVICE CO. 7% Coll. Notes. Due $300,000 March 1, 1021, and .$300,000 March 1, 1923. Dated March 1, 1919. Interest payable March and September 1st, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $600,000. Denominations — Coupon $100, $500 and $1,000. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Organization — See 1st 6s. Secority — A direct obligation of the com- pany and secured by pledge with the Trustee of $600,000 1st Mortgage 6% Bonds and $240,- 00 General Mortgage Notes. For further de- tail see 1st 6s. Original Market — Offered in March. 1919, by W. G. Souders & Company, Chicago, Milwau- kee and Detroit. COMMONWEALTH WATER & UOHT GO. Iflt & Ret. S. F. 6s. Due Ane. 1. 1945.—Br. Dated Oct. 11, 1915. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company w,ithout deduction. Authorized— $2, 000, 000. 321 Outstanding— $951,500 (May 8, 1919). Pledged to Secure 6% Notes— $130,000. In Treasury — $5,000. Reserved for Ext.— $975,500. Denomination — Coupon, $500 and $1,000. HeETisterable as to principal. Trustee — ^Farmers' Loan & Trust Co., New York. Redeemable^ at 105 and interest at any time before Aug. 1*. 1936, and thereafter at par and interest. Improvement Fund — ^Annually 2% of bonds now outstanding at the close of year, to be paid to the Trustee on March 1 following, ■which may be used for not exceeding 80% of the cobI of extensions, etc., which have been approved by the N. J. Board of Public Utility Commissioners. Organization — Incorporated in April, 1904, in N. J. as a consolidation of the Essex Union "Water & Light Co., West Orange Water Co.. Clinton Water Co., Mountain Water Co., and Lakewood Water, Light & Power Co. The Commonwealth Water & Light Co. was reor- ganized in 1915, and has disposed of its inter- est in the Lakewood properties. Its water business is now entirely in the hands of the Commonwealth Water Company and covers Summit, New Providence Borough, Milburn, Springfield, South Orange Township and the towns of Irvington and West Orange. Its elec- tric properties are now entirely in the hands of the Commonwealth Electric Company, and cover Summit, New Providence Borough and New Providence Township, Passaic Township, Warren Township and parts of Chatham Town- ship and Florham Borough. The operations of these companies are therefore limited in the two operations to contiguous territory. Common- wealth Water & Light Co. owns the entire cap- -italization of the two operating companies. Franchises are perpetual. Total population supplied Is about 60,000. Secured by pledge of all the stock (except directors' shares) and all the certificates of indebtedness of the two operating companies. These certificates of Indebtedness are secured by a first mortgage on the entire properties of the operating companies. For detail of prop- erty see "Organization." Prior I/ien — $19,500 1st 5s of 1934. ex- changeable for 1st & Ref. 5s. Year ended Dec. 31 Gross Net Interest 1918 $346,642 $124,066 $61,209 1917 3 51.011 143,608 57.460 1916 338,651 159.788 50,726 1915 320,518 172.347 55,01ff Market. Boston— Geo. A. Fernald & Co., McConnell & Co., Inc. Portland, Me. — H. M. Payson & Co. New York — H. C. Spiller & Co. Price Range, 1918 — Ask 93^4. COMPTON HEIGHTS, UNION DEPOT & MERCHANTS TERMINAL RAILROAD CO. 1st Ext. 5s. Due July 1, 1923. Dated July 1, 1893. Extended July 1, 1913, and interest reduced from 6%. Interest pay- able Jan. and July 1. at the Mercantile Trust Co., St. Louis. Tax Status — Payhienfof Federal Income Tax not' assumed rby- company. ■ Authorized a'nd Outstanding — $1,000,000. Denomination— ^Coupon. $1,000. Registerable as to principal. Trustee — St. Louis Union Trust Co. Redeemable on any interest date after July 1, 1914, at 102^ and interest, on 60 days' notice. Guaranteed as to principal and interest by endorsement by the United Rys. Co. of St. Louis. Receivership — See United Railways of St. Louis. Control — The entire capital stock of this company is owned by the United Rys. Co.. of St. Louis, and deposited under its Gen. 4s. This latter company owns 458 miles of electric railway in and around St. Louis. Secured by a first mortgage on all the prop- erty of the company, including 13 miles of electric track, seven acres of real estate, car sheds, the largest power house used by the United Rys. Co. anid trackage rights on about 10 miles of road. Franchise runs until Dec, 1942. Refunding bonds are reserved under United Rys. Co. of St. Louis 1st 4s to retire this Earnings — See United Rys. of St. Louis, issue. Listed on St. Louis Stock Exchange. Original Market — $1,000,000 offered in 1913 by Francis Bro. & Co.. St. Louis, at 98 and interest. Market. St. Ijoois — Herrick J. Gray & Co., Mercan- tile Trust Co., Stifel, Nicolaus & Co., Stii & Co., Whitaker & Co., E. A. Gessler. New York — Leonard Snider & Co., Daven- port & Portsmore. Price Range, Jan. 1. '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.lOl '16 104^ '16 93 Oct. 98 Jan. Low. 93 '18 95 '17 95 Oct. COMPUTING - TABULATING - RECORDING CO. S. F. 6e. Due July 1, 1941. — P. Dated July 15, 1911. Interest payable Jan. and July 1. at New York. Tax Status — 2 % Federal Income Tax de- ducted from interest payments. Authorized — 57, 000, 000. Outstanding — $6,078,500 (Jan. 1. '19). Retired by S. F. — $759,000. Held in Treasury — $162,500. Denomination — $1,000 and $500. Registera- ble as to principal. Trustee — Guaranty Trust Co., New York. Redeemable for the sinking fund only at 105 and interest on six weeks' notice. Sinking Fund — Beginning Dec. 31. 1913, at least $100,000 annually must be applied to pur- chase and cancellation of these bonds, at not over 105 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in 1911 and con- trols through ownership of a majority of their stocks a number of companies engaged in man- ufacturing, leasing and selling time stamps, time recorders, dial recorders, key recorders, punching, sorting and tabulating machines, etc. Secured by deposit of all the stocks of sub- sidiary companies owned or hereafter acaulred. including 10,000 shares (entire issue), preferred and 10,738 shares or 9 9 % of the common stock of International Time Recording Co. of N. Y. ; entire 3.250 shares of Eundy Mfg. Co.; 9,999.14 shares or 97% of the stock of Computing Scale Co. of America; 821 shares of preferred and 5,000 shares of common, being all of the stock of the Tabulating Machine Co. No other mortgage can ,be placed upon the property of the company or any of its sub- sidiaries --n-hose stocks are deposited. Prior Liens— $272,000 Coll. Trust 6s of Com- puting Scale Co. of America. '322 Year ended Dec. 31 Net Bond Int. 1918 $2,134,337 $346,531 11117 1.915,7 46 347.389 1916 1.206,853 344,373 1915 1.042.634 351.940 1914 895,736 405.874 Usted on the New York Stock Sxchang^e. OriETinal Market — $800,000 ofEered in 1911 by J. K. Rice. Jr.. & Co., New York, and In 1912 by Flint & Co., New York and Philadelphia. Market. New York — Hodenpyl. Hardy & Co.. Hart- shorne & Batteile, B. & C. Randolph, Chas. W. Hill. J. K. Rice. Jr., & Co., Wolff & Stanley, Foster & Adams, Baker, Carrutheru &. Pell, T. Hall Keyes & Co., McClure, Jones & Reed, H. I. Nicholas & Co. . Chicago — Hodenpyl, Hardy & Co. Boston — McConnell & Co.. Inc. Price Ranee — N. y. S. E. Jan. 11, lail, to Jan. 1, 1919 1918 High. 88 Dec. ■ 4, '16 85 Nov. 14 Low. 78% Jan. 22. '18 78% Jan. 22 CONCORD & CI.AREMONT (N. H.) RAH.- ROAD. iBt 5&. Dne Jan. 1, 1944. — N. Dated Jan. 1, 1914. Interest payable July 1 and Jan. 1. at Metropolitan Trust Co.. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $500,000. iBsaed to retire a like amount of 1st 4%s, due Jan. 1, 1914. Denomination — Coupon, $1,000. Trustees — Josiah H. Benton and William J. Hobbs. Guaranteed as to principal and interest, jointly and severally, by the Boston & Lowell R. R. Corp. and Boston & Maine R. R. Organization and Control — Incorporated in New Hampshire in 1873. Practically all the stock is owned by Northern Railroad. Oper- ated since Jan. 1. 1890, by the Boston & Maine R. R. . which pays interest on these bonds. Secured by a first mortgagre on 71.57 miles of road from Concord to Claremont Jet. and Con- toocook to Hillsboro, all in New Hampshire. Legal for Me. Market. New York — ^Wm. Wheatley. (THE) CONCORD & MONTREAL RAILROAD Cons, (now 1st) 4s. Due June 1, 1930. — N. Dated June 2, 1890. Interest payable June and December 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding— $5,600,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed as to interest under terms of lease by the Boston & Maine R. R. (now in receivership). Organization and Control — Incorporated in New Hampshire in 1889. The corporate exist- ence of several of the absorbed companies has been maintained in order to comply with cer- lalh legal reauirements. Leased for 91 years from 1895 to the Boston & Maine R. R., the rental being equivalent to interest, taxes, all expenses and 7% on the stock. Should the lease by the Boston & Maine R. R. of the Boston & Lowell R. R. Corp. be terminated, then the latter company shall be entitled to the unexpired term of the lease of the Concord & Montreal R. R. Secured by a first mortgage on 297.59 miles of road from Nashua to Groveton Jet., N. H., and branches, including line to the top of Mt. Washington. These lines form an important part of the B. & M. R. R.. giving it access to many prominent summer resorts in the White Mountain district, and also forming part of a direct line between Boston and Montreal. In addition to the m,ileage described above, the company owns 60. 58 miles of road, of which 28 miles are electric railway. Underlies — $1,723,000 debentures. Legal for Conn., Me., Mass., Mich., Minn., N. H.. N. J.. R. I.. Vt. and Wis. Listed on the Boston Stock Exchange. Original Market — $500,000 oifered in Oct., 1910, at 99^4 and interest by Lee, Higginson & Co., New York. Boston, etc. Market. New York — Curtis & Sanger. Boston — Curtis & Sanger, Arthu r Ferry & Co. Price Range. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 100 '09 100 '11 96% Oct. 97^^ Dec. Low. 90 '18 95 '14 90 Jan. 95^ Jan. (THE) CONCORD & MONTREAL RAILROAD Debentures.. Dne June 1, 1920. — N. Interest payable June 1 and Dec. 1, at office of Treasurer, Concord, N. H.. or Boston Safe Deposit & Trust Co.. Boston. Mass. Tax Status — Payment of Federal Income Tax not ass.umed by company. Authorized — $2,350,000. Outstanding — $1,723,000 as follows: Dated Outstanding Rate June 1. 1897 $650,000 4% Dec. 1, 1899 400.000 3 V^ % June 1. 1901 473,000 3%% Dec. 1, 1914 200,000 5% Denomination — Coupon, $1,000. Registerabl* as to principal. Guaranteed as to interest by Boston & Maine R. R. under terms of lease. Security — These bonds are not secured by a mortgage. For details of organization and property see Consol. 4s above. Legal for Conn. Listed (4s) Boston Stock Exchange. Market. Boston — Walter S. Place. Price Range. Jan, 1, 1908 to Jan. 1, 1919 1918 4b. Bid Ask Bid Ask High.lOO"^ '09 101% '09 94 Dec. 95 Jan. Low. 83 '15 92 '15 88 Feb. 9 3 Feb. 3%s. High.93% '11 94 '11 93 Oct. Low. 82 '08 90 '13 86 Aug. 92 Feb. CONCORD BLECTRIC CO. Ist 5fi. Due Jan. 1. 1931.— N. Dated July 1. 1901. Interest payable Jan, and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $350,000. Outstanding — $315,000 (Jan. ], '19). Retired by S. F.— $35,000. Denomination — Coupon and Registered, $1,000. Trustee — ^American Trust Company, Boston, Mass. Redeemable at 107^ and interest on any in- terest date. Sinking Fund — $5,000 bonds to be retired annually after July i, I9ii. 323 Orcanization — Incorporated In New Hamp- shire in 1901 as successor to Concord Land & Water Power Co. Owns a dam on Merrimack River from which power Is transmitted to its stations at Concord. Secured by first mortgrage on hydro-electric power plant and diatributins stations supplying electricity to Concord, N. H. Population served, 22,000. Franchise perpetual. Year Bnding December Slst Gross Net Interest 1918 $179,069 $74,877 $28,340 1917 165,210 71,845 26,564 1916 150.797 73.496 20,230 1915 129,544 62,239 20,830 1914 123,868 58,756 21,280 Market. Boston — Chas. H. Tenney & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig:h.99 '16 101 '16 87% Nov. 95 July Low. 87% '18 91 '18 91 Aug. CONCORD, MAYNARD & HUDSON STREBT RAILWAY 1st 5s. Due July 1. 1932.— N. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $250,000. OutstandiuK — $230,000 (Dec. 31, 1917). Denomination — Coupon and registered, $1,000. Trustee — ^American Trust Co., Boston. Oreanization — Chartered in 1900 in Mast, and road opened in 1901. Has acQulred the Concord & Clinton St. Ry. and the Lowell. Acton & Maynard Street Railway. Control— Mass. Cons. Rys. (formerly- Mass. Nor. Ry.) owns $227,600 of the $235,000 cap- ital stock. Secured by first mortg-agre on 19 miles of electric trolley road between Concord, May- nard. Acton, Stow and Hudson, Mass. Fran- chise perpetual. Population served. 23.000. Y'ear ended Dec. 31 Gross Net Int., etc. 1918 $63,815 def. $2,196 $17,656 1917 78,596 6,389 15,729 1916 81.683 24,434 15,E«2 •1916 77,354 25,090 16,3B> •1915 76.517 26.759 17,316 *June 30. Market. Boston — McConnell & Co., Inc.. Chas. A. Day & Co., L. Sherman Adams. New York — ^Philip Lynch. Price Ranse. Jan. 1, '16 to Jan. 1. 19 Bid Ask Hi&h.9314 '17 97 '16 Low. 93 '17 95 "17 CONX»1A1TOH SMOKELESS COAL CO. 15- Year let S. F. 6s. Dae April 1. 1033.— F. Dated April 1, 1917. Interest payable April 1 and Oct. 1. at Latrobe Trust Co., Latrobe, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $300, 000. Outstanding — $300,000. Denomination — Coupon and Registered, $1,000. Trustee — Latrobe Trust Co., Latrobe, Pa. Redeemable at 101 and interest on any Inter- est date on 60 days' notice. Sinking: Fund — Semi-annually, a sum eaual to 10c per ton for each gross ton or run of mine coal mined out of and shipped from or manufactured into coke upon the mortgaged premises. The payments to this fund shall not be less than $60,000 for the fraction of the year 1917. $60,000 for 1918. $20,000 for 1919. and $15,000 for each year thereafter. Bonds are to be purchased for the Sinking Fund upon tender at the lowest price not to exceed 101. In event of there being no proposals to sell at that price bonds are to be called by lot at 101. Secured by a first mortgage on 1,723 acres of coal lands situated in Indiana County, Penn- sylvania, on the main line of Penna. R. R., nine miles west of Johnstown, with Clearfield R. R. rate east. The property has been ap- praised by Bdw. V. d'Xnvilliers, Mining Engi- neer of Philadelphia, at $490,000. Equipment consists of steel tipple, power house, electric haulage, brick store building and eighteen modern miners' dwellings, all of which have cellars, electric light and water Inside. Contracts — The company in April, 1917, closed a three-year contract with the Pennsyl- vania Railroad Company for ail the coal it can mine, entire output at $1.90 per ton; the Railroad Company to supply cars. Original Market — Offered April. 1917, by Moore, Leonard & Lynch, Pittsburgh and New York, at 100 and interest. CONESTOGA TRACTION CO. let 48. Due Jan. 1, 1950.— F. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free In Pennsylvania. Authorized — $2. 000, 000. Outstanding — $1,277,500. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Provident Life & Trust Co., Phila- delphia. Organization — Chartered In Penn. in 1899 and is an operating company, leasing 12 elec- tric railway companies (including . the Lan- caster City Street Ry.), aggregating 164 miles of city and 55 miles of suburban (total 219 miles) track in the City and County of Lan* caster. Control — Entire common stock is owned by Lancaster County Ry. & Light, all of whose stock is owned by United Gas & Electric Corp. Secured by mortgage on 50 miles of street railway in the city of Lancaster. Population served by company, 100,000. Charter per- petual. Prfor Liens — $610,000 bonds of leased com- panies. Underlies — $1,000,000 Lancaster Co. Ry. & Light Coll. Trust 5s. Due 1951,. secured in part by deposit of common stock of Conestoga Traction Co. Year -evided Dec. 31 1918 $1,243,200 $416,874 $324,359 1917 1,206,638 526,726 323,856 1916 1,096.827 478,928 326,173 1915 998.740 419.822 826.928 Market. Philadelphia— Huntoon & Co.. S. K. Phil- 1 PS & Co. Price Range. Jan. 1, 1013 to Jan. 1, 1919 1918 Bid Ask Bid Ask High, 88 '17 90 '17 85 .Tan. 87 Jan. Low. 78 '16 79% '18 79% Mar. 324 CONEY ISLAND & BROOKLYN RAILROAD CO. 1st Cons. 4s. Due July 1. 1948. Dated July 1, 1898. Interest payable Jan. and July 1, at Central Unfion Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Oatstandins — $2,000,000. $13,000 are beld in the treasuries of the B. H. T. Co. and Its subsidiaries. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Organization — Chartered In New York In 1860, Inaugurated car service over the Brook- lyn Bridge In 1898. Merged the Brooklyn City & Newtown H. R. in 1910 and owns the entire stock of the DeKalb Ave. & North Beach R. R. ReeeiTership — See Brooklyn Rapid Transit Co. Control — On Dec. 31, 1913, the Pub Serv. Commission g'ranted permission to the Coney Island & Gravesend Ry., a subsidiary of the Brooklyn Rapid Transit, to purchase $2,637,000 of the $2,983,900 stock of the Coney Island & Brooklyn R. R. Co. The lines of the company are now operated as a part of the Brooklyn jRapid Transit Co. 'a system. Secured by first mortg:ag:e on 53 miles of street railway, of which 24 miles are first track, extending from Brooklyn Brldg-e via Coney Island Ave. to Coney Island. Underlies — $2,232,000 consolld'ated 4s. due 1955. which provide for the retirement of this issue. Year ended June 30 Gross Net Int. & Rent 1918. . .$1,848,449 $477,914 $300,389 1917... 1.910,040 571,153 301,440 1916... 1,839,200 619.585 301.592 1915... 1.791.619 578.833 304,333 1914... 1,630,601 550.070 306.142 Market. New York — Theo. L. Bronson, L. A. Nor- ton, Abbott, Johnson & Co., Wm. Camegrle Ewen, Berdell Bros., John Davenport. - Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.85 '08 95 '08 65 July 76 July T^ow.50'18 65 '18 50 Nov. 65 Aug. CONNECTICUT & PASSUMPSIC RIVERS RAILROAD CO. 1st 4s. Due April 1, 1943.— N. Dated April 1, 1893. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $ 1.900,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed as to interest, under terms of lease, by Boston & Lowell R. R. and Boston & Maine R. R. (Now in receivership.) Organization and Control — Incorporated in Vermont in 1835. Leased in 1887 for 99 years to the Bostoji & Lowell R. R. Corp., and lease subsequently assigned to Boston & Maine R. R. Rental is Interest on bonds, 6% on stock and $3,000 per annum for organization expenses. Company also owns one-half of the stock and leases the property of the Massawlppi Valley Ry. Co. Secured by a first mortgage on 109.60 miles of road from White River Jet., Vt., to the Vermont-Canadian border. Further secured by a first lien on the 999-year lease a-nd $400,000 of the $800,000 capital stock of the Massa- wlppi Valley Ry. Co., owning 36 miles of road from the terminus of the Connecticut & Pas- sumpsic Rivers R. R. on the Vermont-Canadian Line to Lennoxvllle, Quebec, on which there is no bonded debt. The line covered by this mortgage forms a part of the Boston & Maine R. R.'s route from Boston and other southern New England points and New York to Mon- treal. Legal for Conn., Me., Mass., Mich-. Minn.. N. J.. Vt. and Wis. Listed on the New York and Boston Stock Exchanges. Market. New York — ^Murphy Bros. & Miles, Blodget & Co., Taylor, .Smith & Hard. Price Range. Jan. L '16 to Jan. 1, '19 1918 Bid Ask Bid High.91 '16 95 '16 86 June Low. 77 '18 92 '16 77 Dec. CONNECTICUT BRASS & MANUFACTURING CORP. 2-Year 6% Conv. Notes. Due Nov. 1. 1919.— N. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1, at Equitable Trust Co., New York. Payment of Interest — Last interest paid by corporation was that due May 1, 1918. In- terest due Nov. 1 . 1918, was advanced by protective commrittee. Tax Status — Payment of Federal Income Tax not assumed by company. Tax refunded in Pennsylvania. Authorized — $600,000. Outstanding — $600,000. Denominations — Coupon, $100, $500 and $1.- 000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable on 60 days' notice at 102 on May 1, 1918; 101% on Nov. 1. 1918. and 101 on May 1, 1919. Convertible at any time up to May 1. 1919. at par Into 8,% cumulative preferred stock. This issue of preferred stock is limited to $600,000, and can only be used for the con- version of these notes. Receivership — During 1918 Wm. H. Cover- dale was appo nted receiver for thiis com- pany. Protective Committee — Henry B. Cooper. Chairman, George F. Naphin and Arthur J. Skinner, with John Y. Robbins, Jr.. 37 Wall St., New York, Secretary, and Equitable Trust Co., New York, Depository. Organization — A consolidation of the Con- necticut Brass Corporation of West Cheshire, a suburb of Waterbury, and the Pilling Brass Co., located at Waterbury. The former plant operates brass casting shops and is equipped to roll brass and copper sheet. The latter plant is a large producer of thin sheet brass and copper for use In the construction of auto- mobile radiators. Capital Stock Authorized Outstanding Ist pref. (8% Cum.).. $600,000 2d Preferred (8%) 400.000 $400,000 Common 2,000,000 2,000,000 Security — A direct obligation of the com- pany, but not a mortgage. The company has no mortgage debt and no mortgage can be placed on the property without the consent of two-thirds of these notes. The indenture further provides that net quick assets be main- tained at 110% of this Issue or better. As of Nov., 1917, net quick assets about $800,000. 325 Original Market— ^$600, 000 oHered Nov., 1917, by Liggett & Drexel, New York, etc. at 91 Vi and interest. (THE) CONXECTICUT COMPANY Eanip. Trust 4%s, Series "B." Due $46,000 each March 15 and Sept. 15, from March 15, 1917, to Sept. 15, 1921, Inclusive. Dated Sept. IB, 1916. Interest payable March and Sept. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Connecticut when held by individuals. Authorized— $460, 000. Outstanding — $230,000 (Mar. 16, '19). Denomination — Coupon, $1,000. Trustee — Security Trust Co., Hartford, Conn. Organization and Control — Incorporated in Connecticut and on June 1, 1907, began oper- ating under contract the public utility prop- erties in Connecticut owned or controlled by the New York. New Haven & Hartford R. R. Co. through its subsidiary, the Consolidated Railway Co. The latter company was merged with the N. Y., N. H. & H. K. R. Co. in 1907. The entire stock of the Connecticut Co. is owned by the N. Y., N. H. & H. K. R. Co. and is in the -hands of a board of trus- tees, who under decree of the Federal Court, shall, use their best effort to dispose of it before July 1, 1919. Secured by an equipment agreement on 100 convertible steel prepayment passenger cars, costing over $580,000. The indenture provides that those notes will be secured equally with any bonds issued under any new mortgage on the property of the company now owned. Year ended Dec. 31 Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98 '17 lOO '17 89 Nov. 93 Jan. Low. 85 18 90 '18 85 Mar. 90 Mar. Gross 1918.. $9,935,760 1917.. 10,023.162 1916.. 9,564,434 Original Market — Offered Sept., 1916, Clark, Dodge & Co., New York. Market. New York — Freeman & Co., Evans, Stillman Co. Net Int. & Rent $1,451,540 $1,250,565 1,828,569 1,208,721 2,861,043 1,182,566 by (THE) CONNECTICUT POWER CO. 1st & Coll. Trust 5s. Due July 1, 1956.— F. Dated July 1, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $517,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Assumed by The Connecticut Power Co. (consolidated company). Organization — See 1st & Cons. 5s. Management — Stone & Webster. Secured by first mortgage on hydro-electric plant and water rights at Falls Village on the Housatonlc River, and by deposit of $294,- 000 of the $367,500 capital stock of the New London Gas & Eleo. Co., supplying gas and electricity to New London, Conn. This latter company has $726,000 bonds outstanding, all closed mortgages. Franchises, both companies, perpetual. Population served, 20,000. Underlies — $1,906,500 Conn. Power 1st & Cons. 5s, due 1963, which provide lor retire- ment of this Issue. Earnings — See Ist & Cons. S. F. 6s. Market. New York — John W. Christiansen, Lynch & McDermott. New Haven — H. C. Warren & Co., Chas. W. Scranton. CONNECTICUT POWER CO. let & Cons. S. F. 5s. Due April 1, 1963.— F. Dated April 1, 1913. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Connecticut. Authorized — In addition to present issue and for refunding prior liens, 76% of cost of additions, improvements, etc. Ontstandine — $1,906,500 (Jan. 1, '19). Retired by S. F.- $57,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Fully registered $5,000 and multiples. C. &. R. interchangeable. Trustee — Old Colony 'Trust Company, Bos- ton. Redeemable as a whole or in part for the Sinking Fund at 1(J7% and interest on any Sinking Fund — Beginning April 1, 1916,-1% annually of outstanding bonds. Organization — Incorporated in Connecticut in 1913 as a consolidation of the old company of the same name, the Middletown Elec. Light Co., New London Gas & Blec. Co., Eastern Conn. Blec. Power Co. The company oper- ates the Thomaston Electric Light Co. under a 999 year lease. Management — Stone & Webster. Secured by a mortgage on entire property of company, consisting of hydro-electric, ste.am power and gas plants, doing the entire gas, electric lighting and commercial business n New London, and entire electric lighting and commercial power business in Middletown, Middlefleld, Durham, Portland, Cromwell. North Canaan, Norfolk, Sharon and Salisbury, Conn. Company does business in the various cities and towns under special charter rights which are not limited as to time. Population served: electricity, 72,700; gas, 20,900. Prior liiens — $1,320,000 as follows: $517,000 Connecticut Power Co. 1st 6s of 1956; $726.- 000 New London Gas & Electric Co. 6s of 1927, 1929 and 1933, and $77,000 Berkshire Power Co. 63 of 1934, to retire which bonds of this issue may be sold. Underlies — $600,000 6% Notes of 1920. Year ended Dec. 31 Gross Net Int., Etc. 1918 $1,028,262 $397,660 $242,717 1917.... 870,621 397.450 207.261 1916 742,686 373,366 196,465 1915..,. 574,386 277,866 143,678 1914 446,738 193,608 88,735 Original Market — Offered in April, 1913. by Stone & Webster, New York, Boston and Chi- cago. Also by B. B. Smith & Co.. Philadel- phia .and New York, at 96 and interest. Market. New York — Stone & Webster, E. & C. Ran- dolph, Merrill, Lynch & Co.. Joseph & Wiener. Fred H. Hatch & Co., Lynch & McDermott. Boston — Richardson, Hill & Co., F. B. Bas- sett & Co., Stone & Webster. New Haven — Roy T. H. Barnes & Co., H. C. Warren & Co., Chas. W. Scranton & Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97% '16 100 '16 89 Sept. 92 Sept. Low. 80 '18 86 'IS 80 Dec. 86 Dec. 326 CONNECTICCT POWER CO. 2-Year 6% Notes. Due Jan. 1, 1920. Dated Jan. 2, 1918. Interest payable July and Jan. 1,_ at Trustee's ofRce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — % 500,000. Purpose of Issue — ^Will retire the floating debt and will tinance all 1917 additions and improvements. Denominations — Coupon, $1,000, $500 and' $100. Registerable as to principal. Trustee — Commonwealth Trust Co., Boston. Redeemable at 100 and interest on any in- terest date on 30 days' notice. Organization — See 1st & Cons. 5s. Security — A direct obligation of the com- pany, but not secured by a mortgage. Prior I/ien — $1,906,500 First & Cons. S. F, 6s of 1963. Original Market — $600,000 offered Jan., 1918, by Stone & Webster, Boston, etc., at 98 and interest. Marlcet. New Yorlc — Eerdell Bros. New Haven — Stevenson & Co. Price Range — 1918. Bid Ask High, 97 Dec. 99 Dec. Low. 90 Feb. 9 8 Feb. CONNECTICUT RAILWAY & LIGHTING CO. 1st & Ret. VAs. Due Jan. 1. 1951. — F. Dated January 1, 19 01. Interest payable January and July 1, at Equitable Trust Co., New York. Ta.v Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Connecticut. Antliorized — $15,000,000. Outstanding — $11,330,000. Held in Sinldng Ennd— $1,221,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York, Redeemable — $10,682,000 "Stamped bonds" at 105 and interest. Sinking Fund — From July 1, 1905, annually to 1950, %% and on December 31, 1950, % % of all bonds issued to be held by Trustee fc the benefit of stamped bondholders or applied , to purchase of these bonds at not exceeding 105 and interest. Guarantee — Under terms of supplemental mortgage of June 23, 1904. United Gas Im- provement Co. agreed to guarantee the payment of interest on such bonds as would be pre- sented to be "stamped," giving the company the right to redeem same at 105 and interest. Stamped bonds amount to $10,682,000. Inter- est and sinking fund are also guaranteed under the terms of the 'lease by the N. Y., N. H. & H. K. R. Organization — Incorporated in Connecticut In 1895 as Gas Supply Co.. name changed to Connecticut Lighting & Power Co. In 1899. Present name adopted in 1901. This company has acquired the properties of the Bridgeport Traction Co., Central Ry. & Electric Co., Cheshire Street Ry. Co., Derby Street Ry. Co., Greenwich (3as ft Electric Lighting Co., MUford Street Ry. Co., Naugatuck Electric Light Co., Norwalk & So. Norwalk Electric Lt. Co.. Naugatuck Valley Electric Ry. Co., Norwalk Gas Light Co., Norwalk Street Ry. Co., Norwalk Tramway Co., Shelton Street Ry. Co., Southlngton . & Plantsvllle Tramway Co. Thomaston ft Watertown Electric Ry. Co. Waterbury Traction Go. and Westport & Sau- gatuck Street Ry. Co. Control— Leased for 999 years from Dec., 1906, to the Consolidated Ry. Co., since ab- sorbed by the N. Y., N. H. & H. R. B. Co. Operated by the Connecticut Co. Rental $975,- 000 for the year 1906-1907 and increasing to $1,400,000 for year 1914-1915 and thereafter. Out of this, lessor pays fixed charges and sink- ing fund amounting to $673,300 annually. Performance of lease is guaranteed by the N. Y., N. H. & H. R. R. Co. 4% dividends have been paid on $8,142,000 cumulative ptd. stock since May 16, 1907, and 4% on common stock since Nov. 16, 1907. Secured by a mortgage on all the property at the company, including 168.8 miles of first trackand 252.2 miles of single track equiva- lent, located principally in and. connecting with Bridgeport, Norwalk, Derby, Waterbury and New Britain, Conn. Franchises are per- petual. Prior Liens — $915,000 bonds of merged com- panies, for the retirement of which bonds of this issue are reserved. Legal for Conn. Listed on the New York. Amsterdam and Philadelphia Stock Exchanges. Original Market — $8,000,000 offered in 1901, at 100 and interest by Redmond & Co, and J. & W. Seligman & Co., New York. Market. New York — Finch & Tarbell, MoGovern & Co.. Sam'l Goldschmidt, Clark, Dodge & Co., Wm. C. Bwen, F. J. Lisman & Co.. Hodenpyl. Hardy & Co., B. & C. Randolph. Fitkin & Co., Redmond & Co.. P. H. Hatch & Co., Didrich- sen & Co., ,Toseph & Wiener. Pynchon & Co.. Berdell Bros., Phelps & Neeser. Hartford — Francis R. Cooley & Co. Philadelphia — Chas. Fearon & Co., Prazier & Co., S. K. Phillips. Warren A. Reed. H. D. Boenning & Co.. Ervin & Co., Graham, Par- sons & Co., Reed A. Morgan & Co. Boston — Hotchkin & Co., Inc., L. Sherman Adams. New Haven — H. C. Warren & Co., Chas. W. Scranton & Co. Price Range — ^N. Y. S. E. .Ian. 1, 1906 to Jan. 1, 1919 1918 Hlgh.103% Nov. 16. '06 87% Nov. 13 Low. 85% Sept. 19. '18 85% Sept. 19 Stamped. High.104 Dec. 22, '06 86% Oct. 13 Low. 86 Apr. 18, '18 86 Apr. 18 CONNECTICUT RIVER CO. 1st Mtgo. 6s. Doe Jan. 15, 1934. — N. Dated Dec. 15, 1913. Interest payable Jan. 15 and July 15 at Trustee's office or In New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Connecticut. Autharized and Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Connecticut River Banking Co. of Hartford, Conn. Redeemable on any interest date at 110 and interest. Organization — Incorporated in Connecticut In 1913. Secured by a first mortgage on real estate and mill sites and canal which furnishes water power, extending along the Connecticut River from Windsor Locks to Thompsonvllie, Conn. Earnings — Not reported. Original Market — Offered in 1914 by H. C. Warren & Co., New Haven, Conn, 327 Market. New Haven — H. C. Warren & Co. Hartford — Klchter & Co. CONNECTICUT RIVER POWER CO. OF NEW HAMPSHIRE 1st S. T. 5s. Due June 1, 1937 F. Datea June 1, 1907. Interest payable June and Dec. 1, at Merchants' National Bank, Boston, or West End Trust Co., Philadelphia. Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 000, 000. Outstanding — $1,891,000 (Jan. 1, '19). Retired by S. V. — $109,000. " Denomination — Coupon. $1,000. Reslsterable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107 and interest on any In- terest date upon 43 days' notice. Sinlung: Fund — ^Annually at least 10% of net income to be applied to purchase or re- demption of these bonds at not exceeding 107 and interest, bonds thus acquired to be can- celled. Control — The entire common stock Is owned by the New England Co. Secured by first mortgage on entire property of company, including dam and power bouse eauipped with eight units of 2,500 k. w. ca- pacity located on the Connecticut River be- tween Vernon, Vt., and Hinsdale, N. H., on transmission line to Mass. State Line at North- field, where it connects with transmission line of Connecticut River Transmission Co. Earnings — See issues of New England Co. Original Market — Offered in 1911, by Baker, Ayling & Co., Boston, at 92 and interest. Market. Philadelphia — Baker, Ayling & Young, Ca- pelle & Co., H. I>. Boenning & Co., Huntoon & Co., Newha.ll & Co.. S. K. Phillips & Co. & Young. L. Sherman Adams. Boston — F. B. Bassett & Co., Baker, Ayling & Young. New York — Kiely & Horton, E. & C. Ran- dolph, Berdell Eros'., Earle A. Miller & Co.. Fred H. Hatch & Co.. Lynch & McDermott, Newhall & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hlgh.98 '17 100 '17 93 Dec. 97 Dec. Low. 89 '18 92% '17 89 Dec. 94 Jan. CONNECTICUT RITER K. R. CO. Deben- tures. — N. Outstanding — $2,269,000 as follows: Dated Due Amount Rate Sept. 1, 1893 Sept. 1, 1943 $1,000,000 4% Jan. 1, 1901 Jan. 1, 1921 290,000 3K% Jan. 1, 1903 Jan. 1, 1923 969,000 3%% Interest payable respectively; Mar. and Sept. 1; Jan. and June 1; and Jan. and June 1, at the company's office, Springfield, or Boston. Payment of Interest— Interest payments are being made under orders of the tJ. S. Dist. Court. Tax Status — Payment of Federal Income Tax not assumed by company. Denomination — Coupon and registered, $1,- 000. C. & R. Interchangeable. Guaranteed as to interest under terms of lease by the Boston .& Maine R. R. Co. Receivership — James H. Hustis appointed Aug. 31, 1916. Organization and Control — Incorporated In Massachusetts in 1890. Leased for 99 years from 1893 to the Boston & Maine R. R. at annual rental of Interest on bonds, 10% on stock and $2,000 for organization expenses. Security — Not secured by a mortgage, but under the laws of Massachusetts, no mortgage can be executed on the property of the com- pany without equally securing these bonds with any issued under such mortgage. The company owns 81 miles of road from Springfield, Mass., to Keene, N. H., and branches. This line af- fords the B. & M. R. R. Its only entrance into Springfield, and also forms part of a through route between New York and Montreal. Legal for Mass. Iiisted (4s of 1943) on the Boston Stock Exchange. Market. New York — ^Blodget & Co. Boston — Blodget & Co., Walter S. Place. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 4s— 1943. Bid Ask Bid High.lOO '09 101 '11 77 Dec. Low. 65 '17 88 '13 66 Jan. 3%s— 1923. High. 9 4^4 '09 94% '11 90 Dec. Low. 85 '17 90% '13 3«s- -1921. 85 Jan. High. 9 4 V4 '16 95 '16 94% Nov. Low. 90 '17 95 '16 90 Jan. (TH£) CONNECTICUT VAU*E¥ liUMBER CO. 1st S. F. 6b. Due Aug. 16, 1933.— F. Dated Auruat 15, 1908. Interest payable Feb. and Aug. IS; at Federal Trust Co., Bos- ton. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000, Outstanding — $1,204,500 (.Tan. 1, '19). Retired by S. F. — $1,796,500. Denomination — Coupon, $1,000 and $500. Hegristerable as to principal. Trustee — Federal Trust Co., Boston. Mass. Redeemable at 105 and interest on any in- terest date on 30 days' notice, or for sinking fund at 102 and interest on 20 days' notice. Sinldng Fond — ^An annual sum, eaual to $3 per 1,000 ft. of timber cut, but not to be less than $100,000 in any year. Organization — ^Incorporated In Conn, in 1898 and deals in lumber and pulp wood; succeeded by The Connecticut Valley Lumber Co. a voluntary association, formed June. 1913. Secured by first mortEragre on about 300.000 acres of timber lands in northern Vermont and northern New Hamphlre, estimated to contain 2.000,000,000 ft. of marketable tim- ber. « Earnings — Income from stumpage contracts Is sufficient to cover Interest and sinking fund charges. Original Market — Offered Dec, 1908, by Homblower & Weeks, New York, Boston, etc.. at par and interest and by the same firm Dec, 1915. at 102 and interest. Market. Boston — Homblower & Weeks, Stone & Web- ster. New 'YM-k — Homblower & Weeks, Baker, Carruthers & Pell. Price Bange. Jan. 1, '16 to Jan. 1. '19 1918 Bid A^ Bid Ask High.99% '16 102% '16 96 Mar, 99 Mar. Low. 92% '16 CONNECTICUT VALI^Y 8TBEBT EAttWAY CO. 1st Ss. Dub Sept. 1, 1920. — N. Dated Sept. 1, 1900. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Autborized — $120,000. These bonds were Is- sued under the Northampton & Amherst St. Ry. 1st Mtge., ori^nally drawn for $300,000, $180,000 havins previously been Issued under the name of that company. Outstanding— $120, 000. Denomination — Coupon and Regristered $1,- 000. Trustee-^ld Colony Trust Co., Boston. Mass. Kedeemable at 105 and Interest on four weeks* notice. Organization — Chartered in Massachusetts In 1900 and is a consolidation of the Greenfield, Deerfleld & NorthamDton Street By.,, the Greenfield & Turners Falls Street Ry., and Northampton & Amherst Street Ry. Co. Control — ^Practically the entire common stock owned by Massachusetts Cons. Rys. Secured equally with $180,000 Northampton & Amherst Street Ry. 1st 5s on 12 miles of electric railway connecting Amherst and North- ampton. Population served by company, 42,- 000. Charter perpetual. Years ended June 30 and Dec. 31 Gross Net Interest •1917 $269,434 $66,256 $46,410 1916 236,619 62,820 47,972 1915 242,633 77,516 61,733 •Dec. 31. Market. New York — J. S. Farlee & Co. CONNECTING RAILWAY CO (OF PHILA- DEIiPHIA) 1st 4s. Duo March IS, 19S1. Dated June 21, 1911. Interest payable March and Sept. 15, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $15,000,000. Outstanding — $7, 000, 000. Reserved for Ext. — $8,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in 1863. All of the capital stock is owned by the Pennsylvania R. R. Co., which leases the property for 999 years from Feb. 18. 1863, at a rental of 4% on the stock, all interest and taxes. Secured by a first lien on 36.49 miles — Miles Prankford Jet, to West Girard Ave., W. Philadelphia 6.24 Holmesburg Jet. to Bustleton, Pa 4.14 Tioga St., Kensington, to East Tacony. 5.65 North Pa. Jet. to Oxford Road, Phila. . 3.71 Branches 2.69 North. Phila. to Chestnut Hill 6.73 Junction near Allen Lane to Fort Hill. 6.80 Branch to Mldvale Steel Works 0.63 I,egal for Bait., Cal., Conn., Me., Mich., Minn.. N. H.. N. J.. R. I., and Wis. liisted on the Philadelphia Stock Exchange. Original Market — $3,310,000 offered in Feb- ruary, 1914, by E. B. Smith & Co. of Phila- delphia and New Torjc, and Brown Bros. & Co., of Philadelphia, New York and Boston, at 98li and interest; $3,000,000 offered Oct., 1916, by the above firms at 98 and interest. Market. Phlladelpliia — Geo. S. Fox & Sons, Chas. Pearon & C4>., Brown Bros. & Co., Reed A. Morgan & Co., Barclay, Moore & Co., Elkins, Morris & Co.. Warren A. Reed. New York — Joseph & Wiener, E. & C. Ran- dolph, Brown Bros. & Co., Baker, Carruthers & Pell,. John Davenport. Boston — ^Brown Bros. & Co. Pittsburgh — R. B. Huchinson & Co, Price Range, Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.gg^A '17 100 '16 90 Feb. 92 Jan. Low. 80 '18 85 '18 80 July 85 July CONNELSVIMiE & MONONGAHEIA RAH^ WAY 1st 4s. Due Sept. 1, 1930.— F. Dated Sept. 1, 1909. Interest pa;yable March and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1. 007, 000. Ontstandlng — $635,000 (Jan. 1, '19). Held in S. r.^$372,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh, Pa. Redeemable for the Sinking Fund at par and interest in numerical order. Sinlung Fund — $26,000 per annum to pur- chase bonds at not exceeding par. If not purchasable bonds are to be called in numerical order at par and interest. Bonds acauired to be kept alive, and interest added to sinking fund. Organization and Control — Incorporated in Pennsylvania in 1905. The company is con- trolled through stock ownership by interests allied with the United States Steel Corporation, and the property leased to 1946 to the Mo- nongahela Ry., owned jointly by the Penn- sylvania R. R. Co. and . the Pittsburgh & Lake Erie Ry. Co. The rental is equivalent to 4% of cost of road with all taxes, operating and maintenance charges. This lease has been assigned to the Union Trust Co. of Pittsburgh as Trustee and cannot be abrogated without the consent of the Trust Co. Secured by a first mortgage on 21 miles of road from Brownsville to Moser Run Jet., Pa., and branches. Market. New York — Brown Bros. & Co., Fred H. Hatch & Co. Philadelphia — ^West & Co., Brown Bros. & Co., Chas. Fearon & Co., S. K, Phillips & Co. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97>,4 '16 99 '12 90 Jan. 94 Jan. Low. 84 '18 88% '18 84 Deo. 88% Oct. CONSOLIDATED CITIES MGHT, POWER & TRACTION CO. 1st Lien 5s. Due July 1, 1962.— F. Dated July 1, 1912. Interest payable Jan. and July 1, at New York or London, at 4.86 2-3 to the £. Tax Status^2% Federal Income Tax paid by company without deduction. Maryland and Pennsylvania State Tax Hefun4ed (stamped bonds). Authorized — See Provision of Issue. Outstarnding — $10, 000, 000. Provision of Issuie — -Additional bonds may be drawn When net earnings of Company, anclud- 329 ing net earnings on the property if any, to be acquired, for the 12 months preceding are equal to one and one-half times the interest on all bonds outstanding and those to be re- quested. The aggregate principal amount of bonds authorized, together with all other in- debtedness of the company secured by lien upon its property, real or personal, shall at no time exceed five times the authorized capital stock of the company. Denominations — Coupon, $100, $500 and $1,- 000. Regiaterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any In- terest date on three months' notice. Sinking: Fnnd — Annually beginning Jan. 1, 1919, 1% of outstanding bonds to be used for the purchase or redemption of these bonds at not over 105 and interest; or for pur- chasing bonds of collateral companies; or the company may deposit bonds of this issue at 105 in lieu of cash. Bonds acquired are to be kept alive and interest added. It is esti- mated that this fund will retire $4, 000, 000 bonds before maturity. Guaranteed principal and Interest by the Cities Service Co. by endorsement. Organization and Control — Incorporated in Delaware in 1912 as a holding company. In 1913 its assets were acquired and its liabili- ties assumed by the Cities Service Co. Secured by deposut of over 99% of the com- mon stocks of the following companies: Al- liance Gas & Power Co., Bristol Gas & Elec- tric Co. , Central Ohio Gas & Electric Co. . City Light & Traction Co., City Light & Water Co., Dominion Gas Co., KnocKville Gas Co., Massillon Electric & Gas Co., Meridian Light Trumbull Public Service Co. ; and over 90% of common stock of Cumberland & Western- port Electric Ry. Co. Also by deposit of the following bonds: $2,000,000 Dominion Gas Co. Coll. Tr. 5s and $1,350,000 Southern On- tario Gas Co. , Ltd. , 1st 5s. Par value of collateral deposited about $20,000,000. Prior Xiiens — The companies whose stocks are deposited have $15,727,200 bonds outstand- ing. Kamings — See Cities Service Co. Listed on the London Stock Exchange. Original ftlarket — $4,500,000 offered June. 1912, by Sperling & Co., London, at 87% and interest and $3,000,000 Dec. 1916, by Brooke, Stokea & Co., and Klemm & Keen, Philadel- phia, at 92% and interest. Market. Boston — E. M. Parnsworth & Co. McConnell & Co., Inc., J. S. Orler & Co., P. B. Baaaett & Co. Philadelphia — O. B. Lansinger & Co., H. D. Boenning & Co., Willis O. Heard, Capelle & Co., Sailer & Stevenson, Investment Registry of America, Newhall & Co., Sam'l K. Phillips & Co. New York — Sturo Bros. & Co., Morton, Lach- enbruch & Co. , Dunham & Co. , Hanson & Doyle, Moore & Co. , H. L. Doherty & Co. . B. H. & P. W. Pelzer. A. D. Converse & Co., J. W. Christiansen, E. & C. Randolph, Martin. Berwin & Co., A. B. Pitkin & Co., Kiely & Horton, Abraham & Co., Pynchon & Co., Pred H. Hatch & Co., McGeorge & Vanderhoef, New- hall & Co., Taylor & White. Chicago — Babcock, Rushton & Co. Baltimore — Marshall, Winchester & Co. , Mackubin, Goodrich & Co. Cincinnati — The Morgan Co. Portland. Me. — Morris Bros., Inc. Rochester — W. H. Poxall & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.92 '17 93 '17 75% Dec. 78 Dee. Low. 60 '17 68*18 60 Feb. 68 Feb. CONSOLIDATED EUECTRIC LIGHT CO. OF MAINE Cons. 4%B. Due Jan. 1, 1925. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500,000. Denomination — Coupon, $500 and $1,000. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Organization — Incorporated in Maine in 1833. Absorbed July. 1912, by the Cumberland County Power & Light Co. Management — E. W. Clark & Co.. Philadel- phia. Secured by first mortgage on plant and dis- tribution lines supplying Portland, Me., and other towns in vicinity with electricity. Fran- chises perpetual. Population served, 75, 000. Underlies — $1, 279^000 Portland &lec. 1st 5a and $2,918,000 Cumb. Co. Pr. & Lt. 1st and Ref. 5s, which mortgage provides for the re- tirement of this issue. Earnings — See Cumberland County Pr. & Lt. 1st & Ref. 5s. Market. New York — Geo. H. Burr & Co., Coffin & Burr. Boston — Coffin & Burr. Portland, Me. — Union Safe Deposit & Truit Co., Beyer & Small. Price Range. Jan, 1. 1916 to Jan. 1, 1919 1918 , Bid Ask Bid Ask High.95% '16 98 '17 77 Sept. 79 Sept. Low. 77 '18 79 '18 CONSOLIDATED GAS CO. OF BALTIMORE CITY Cons. 1st Ss. Due July 1. 19S9. — N. Dated July 1, 1889. Interest payable Jan. and July 1. at Farmers' & Merchants* Natl. Bank, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $3,400,000. Denomination — Coupon. $1,000. Reglsterablp as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Assumed by the Consolidated Gas Blec- tric Light & Power Co. of Baltimore. Organization — See General Mtge. 4%s. Secured by first mortgage upon entire prop- erty formerly owned by company, including the Spring Gardens plant and distribution system. Franchise perpetual. Total popula- tion served. 725,000. Underlies — ^Cons. Gas of Bait. Gen. 4Hs, which provide for the retirement of this issue. Cons. G., B. L. & P. Gn. 4%s Cons. Mtge.; 5% Deb. Stock 1st Ref. 6s of 1949. Earnings — See C. G., B. L. & P. Co. Gen. 4%g. Legal for Bait. Listed on the Baltimore Stock Exchange. Original Market — $1,000,000 offered in 1900. at 111% and interest, by Stein Bros, and J. Harmanus Fisher & Son, Baltimore. Market. Baltimore — H. R. Taylor & Co., Robt. Gar- rett & Sons. Hambleton & Co.. Sutton & Co. New York — Hambleton & Co. 330 Price Ranee. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig-h.liai^ '09 113% '09 100 Dec. 101 Dec. Low. 96 '18 98 '18 96 Nov. 98 Sept. COXSOJLEDATED GAS CO. OF BALTIMORE CITY Gen, 4^s. Due AprU 1, 1954.— F. Dated April 1, 1904. Interest payable April and Oct. 1, at Fidelity Trust Co., Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15. 000. 000. Ontstandine — $6,100,000. Reserved for Prior Liens — $3, 400, 000. Cancelled by Court Order — $5,500,000. Denomination — Coupon, $1,000. 'Registerable as to principal. Trustee — Fidelity Trust Co., Baltimore. Assumed by the Consolidated Gaa Electric Jjisht & Power Co. of Baltimore. Organization — -Incorporated in 1888 as a con- solidation of three gas companies and in 1906 was merged into the Consolidated Gas Electric Light & Power Co. of Baltimore, controlling the entire gas, electric lighting and power business of Baltimore and vicinity. Secured by mortgage subject to $3,400,000 Cons. 5s upon entire properties of former Cons. Gas Co. of Baltimore City, Including the Spring Gardens plant and distribution sys- tem. Franchise perpetual. Total population served, 725,000. Prior Liens — $3,400,000 Cons. 5s, due 1939 to retire which bonds of this issue have been reserved. Underlies — Cons. G., B. L. & P. General 4%s which provides for retirement of this issue Cons. Bs; Deb. Stock; and 1st Ref. 6s of 1949. Earnings — See C. G., E. L. & P. Gen. 4%s. Legal for Bait. Listed on the Baltimore Stock Exchange. Original Market — Offered in 1904 by Baker. Watts & Co., and Hambleton & Co., Baltimore, at 99 and interest. $2,037,000 offered in 1913 by Leer Higginson & Co. at 95 and interest. Market. New York — L. A, Norton, Coggeshall & Hicks, Hanson & Doyle, J. S. Farlee & Co. , Hambleton tS: Co. Baltimore — Robt. Garrett & Sons, Sutton & Co., Hambleton & Co., Baltimore Trust Co., Jenkins, Whedbee & Poe, Nelson, Cook & Co.. H. R. Taylor & Co. Philadelphia — Joseph "W. Gross. Price Banse. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '12 98% '12 89 Dec, 89 ^^ Nov. Low. 81 '18 82 '18 81 Oct. 82 Oct. CONSOLIDATED GAS COMPANY OF NEW JEBSEY 1st Cons. 58. Due Jan. 1. 1936. Dated Jan. 1, 1896. Interest payable Jan. and July 1, at Emerson, McMillin & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding — $1,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee- — Columbia Trust Co.. New York. Organization — Incorporated in 1895 in New Jersey as a consolidation of the Long Branch Gas Light Co. and the Long Branch Elec. Light Co. Control — Practically entire capital stock owned by American Light & Traction Co. Secured by first mortgage on gas and electric plants supplying Long Branch, Sea Bright. Allenhurst, Asbury Park, Bradley Beach, Red Bank, and a number of other places with gas, and Long Branch. Monmouth Beach, etc., with electric light and power. Population- served with gas, 52,000; with electricity, 25,- 000. Of the 14 franchises under which the company operates a majority are perpetual. Underlies — $700,000 1st Ref. 5s. part of an authorized issue of $5,000,000. of which suffi- cient are reserved to retire these bonds. EamjUigs — Company does not report earn- ings. Market. New York— A. E. Fitkin & Co.. Kiely & Hor- ton. Geo. S. Crap & Co.. W. E. R. Smith & Co.. John W. Christiansen, Van Sant & Lpgg. Berdell Bros.. John Davenport. Wilmington — Geo. P. Bissell. Newark — J. S. Rlppel. Fhiladelphjia — H. D. Boenning & Co. Paterson — Francis K. McCully. ► Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102 '16 103 '16 92 Feb. 96 Mar. Low. 80 '08 86 '08 90 Dec. 92% Dec CONSOLIDATED GAS. CO. OF NEW JER- SEY 1st Refg. 5s. Due Aprtl 1, 1965. — ^P. Dated April 1. 1915. Interest payable April 1 and Oct. 1, at Bankers Trust Co. . New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $5,000,000. Outstanding — $700,000. Reserved for Prior Lien — $1,000,000. Reserved for Ext. — $3,300,000. Denomination — Coupon, $1,000. Registerabla as to principal only. Redeemable on any interest date at 110"^% and interest. Organization — Incorporated in New Jersey in 1895. Practically all of the stock is owned by the American Light & Traction Co. Secured by a second mortgage on plants supplying gas and electricity in Long Branch and vicinity and gas in Asbury Park. Red Bank, Seabright, Allenhurst and vicinity. Prior Lien — $1,000,000 1st Cons. 53 of 1936, to retire which bonds are reserved under this mortgage. Earnings — Company does not report earn- ings. Original Market — Offered in Oct., 1915, by Bodell & Co., Providence, Boston and Spring- field at 96%% and interest. Market. New York — B. H. & P. W. Pelzer. John Davenport, "Van Saht & Legg. Newark — J. S. RIppel & Co. Providence — Bodell & Co. Paterson — Francis K. McCully. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Bid Ask .Tan.96% '16 98 '17 90 Jan. 95 Jan. Low. 85 '18 90 '18 85 Mar. 90 Mar. CONSOLIDATED GAS CO. OF NEW YORK 6% Conv. Deb. Due Feb. 1, 1930. — N. Dated Feb. 1, 1915. Interest payable Feb. 1. May 1. Aug. 1 and Nov. 1, at the office or agency of the Company in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $25,000,000. Outstanding— $24,409,748 (Jan. 1, 'lO). 331 Denomination — Coupon, $500 and $1,000. Resisterable as to principal only. Convertible into stock of the company at par on Feb. 1, 1918, or any interest date there- after, prior to Feb. 1, 1920. Organization — Incorporated in New York In 1884. The company owns a large part of the plants supplying gas and electricity in the Borough of Manhattan, New York City, and controls through stock ownership all other corn- one electric company whose operations are on panies supplying gas and .electricity (except a very limited scale) in the same territory. The manufacture of gas is being concentrated at Astoria, Long Island, and a part of the proceeds of this issue were applied to the purchase of the securities of the Astoria Light, Heat & Power Co., to enable that company to enlarge its plant to such a size as to be able to supply all of Manhattan with gas. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The company, in its application to list these bonds on the New York Stock Elxchange, covenants with the New York Stock Exchange that it will not dispose of its stock interest in any constituent company except where any con- stituent or subsidiary company shall purchase its own stock for the purpose of retirement and concellatlon, or allow any of said com- panies to dispose of its stock interest in other companies, except on direct authorization of the company holding the constituent company. Year ending Dec. 31 Net Interest Dividends . 1918.. $7, 356. 137 $1,622, 48G $6,99 4,794 (7) 1917.. 9.234.236 1,493.159 6,987,155(7) 1916.. 10,147,620 1,493,156 6.987,155 (7) 1915. .10,222.603 1,719,746 6,737,614 (6%) 1914.. 7,946.637 826.956 5.988,990(6) Listed on New York Stock Exchange. Original Market — Offered to the stockhold- ers in Jan.. 1915. to the extent of 25% of their stockholdings, at par and interest. Market. New York — Abbott, Johnson & Co., Jenks, Gwynne & Co. , Low, Dixon & Co. , McICinley & Morris. Chicago — ^Kean, Taylor & Co. Price Range — ^N. Y. S. E. Jan. 1, 1915 to Jan. 1. 1919 1918 High.129 Jan. 2, '17 108 Nov. 9 Low. 98% Nov. 8. '17 99 June 15 CONSOLIDATED GAS ELECTRIC LIGHT St POWER CO. (BALTIMORE) Gen. 4%8. Dae Feb. 14, 1935.— P. Dated February 14, 1905. Interest payable Jan. and July 1, at Baltimore, New York or London. Tax Statns — 2% Federal Income Tax paid by company wflthout deduction. Aathorized — $15, 000. 000. Ontstanding — $13,845,000. Deposited as Collateral under Bait. Elec. Bonds — $1,155,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — ^The Continental Trust Co., Balti- more, Md. Assumed by the Consolidated Gas, Electric Light & Power Co. of Baltimore. Organization — Company Incorporated In Maryland in 1905, and. through consolidation with The Consolidated Gas Co. of Baltimore City in 1906. formed The Consolidated Gas Ejlectric Light & Power Co. of Baltimore, , which i s the only company engaged in the gas. electric light and power business in Baltimore and surrounding territory. Secured by mortgage, subject to $13,928,000 prior liens upon the entire property of the com- pany, Including plants, stations, etc., supply- ing the city and most of the County of Balti- more with gas, electric light and power. These bonds are a first lien on the Westport Power Stations and are further secured by deposit of 8.052 shares (entire issue), of the Mt. Washington El. Lt. & Power Co. and all the stock of the Roland Park Blec. & Water Co. and Maryland Securities Co. Franchises per- petual. Population served, 725,000. Prior Liens — $13,928,000. Underlies — Conv. 6 % Deb. stock, under which provision is .made to retire this Issue, and Conv. 5% notes of 1921 and 1st Ref. 6s of 1949. Year ended June 30 Gross Net Int.. Etc. 1918. . .$10,619,589 $4,203,905 $2,071,340 1917 2.498,809 4,018,645 1.672,223 1916 7,431,769 3.583,693 1,580,058 1915 6,789,402 3,212,819 1,640,361 1914 6,400,896 3,067,075 1,567.690 Listed — Baltimore and London Stock Ex- changes. Original Market — Offered in 1905 by Harvey Fisk & Sons, New York; $2,500,000 offered in 1909 by E. H. Rollins & Son, Boston, and Drexel & Co., Philadelphia, at 86% and inter- est. $2,000,000 offered in 1913 by Lee, Higgin- son & Co. at 95 and interest. $4,800,000 offered Dec, 1916, by Alex. Brown & Sons, Brown Bros. & Co., Jackson & Curtis and Lee, Higginson & Co., at 93 and interest. Market. Baltimore — ^Robt. Garrett & Sons, Hamble- ton & Co., Sutton & Co., Nelson, Cook & Co., Poe & Davies, Baltimore Trust Co.. Jenkins. WTiedbee & Poe, Howard R. Taylor & Co. New York — L. A. Norton, J. S. Farlee & Co.. P. W. Brooks & Co., Foster & Adams, F. H. Hatch & Co., E. & C. Randolph, Mac- kay & Co., Hambleton & Co., Abraham & Co.. Aldred & Co. Philadelphia — Graham, Parsons & Co., Jo- seph W. Gross. Boston — ^E. M. Parnsworth & Co., Lee, Hig- ginson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93% '17 94 '17 86% Apr. 86% Apr. I^w.65 '08 71 '08 77% Sept. 79 Sept. CONSOLIDATED GAS ELECTRIC LIGHT & POWER CO. OF BALTBIORE Conv. S% Notes. Due Nov. 15, 1931.— P. Dated Nov. 15, 1916. Interest payable May 15 and Nov. 15, at the New York Trust Co., New York, or at Alexander Brown & Sons, Baltimore. Tax Status — 2% Fedpral Income Tax paid by company without d'eduction. Authorized — $8,500,000. Outstanding — $8,500,000. ^ Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. ($100 and $500 exchangeable for larger denomina- tions.) Trustee — Fidelity Trust Co.. Baltimore. Redeemable at 101% and interest on or after May 15. 1919, on 00 days* notice. Convertible after Nov. 15, 1918, into com- mon stock at $110 per share. If called for redemption, privilege extends to 30 days prior to redemption date. 332 Organization — See Gen. 4%s. Secured ©aually with First Ref. 6s of 1949. For detail see 7% Notes of 1922. Prior I4en8 — Gen. 4%s of 1935. KarningB — See Gen. 4%s. Listed on the New York Stock Bxchangre, Original Marlset — Offered Oct. 13, 1916, to stockholders at 100 and interest. Market. Baltimore — ^Poe & Davies, Hambleton & Co., Colston, Boyce & Co., Baltimore Trust Co. New York — ^Abraham & Co., Aldred & Co., Hambleton & Co. Philadelphia — Joseph W. Gross, Paul & Co. Worceeter — W. B. Wardell & Co. Price Range — N. Y, S. E. Jan. 1, 1916 to Jan. 1, 1919 1918 High.ioSJ^ Nov. 24, '16 95% Oct. 19 Low. 91% Aug. 28, '18 91^ Aug. 28 ers & Co., Jackson & Curtis and Lee, Hig- ginaon & Co., at 100 and interest. CONSOMpAi^D GAS, ELECTRIC LIGHT & POW^jTilg 0. OF BALTIMORE, 7% Se- cured CoriV. Notes. Due August 1, 1922. Dated February 1, 1919. Interest payable Febmary 1 and August 1, at Alex. Brown & Sons, Baltimore, and Merchants National Bank, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $6,000,000. Outstanding — $S, 000,000. Purpose of Issue — The proceeds of these notes together with additional cash to be fur- nished by the company, will provide $6,000,000 which will be used for extensions, additions and improvements, and for the liquidatioh of temporary loans already contracted for such purposes. This financing will provide for the company' s needs wel I into 1920. Denomination — Coupon $500 and $1,000, reg- isterable as to principal. Trustee — Maryland Trust Co., Baltimore. Redeemable, as a whole only, at any time on 60 days' notice, at 103 and interest prior to February 1, 1920; at 102 and interest ofl February 1, 1920, and prior to February 1, 1921; and at 101 and interest on and after February 1. 1921. Convertible, par for par, at any time into 1st Ref. S. F. 6s, due Feb. 1, 1949. If called for redemption, conversion privilage may be (Exercised up to 30 days before the redemption date. Organization — See Gen. 4^s of 1954. Secured by pledge of $6,000,000 bonds, viz.: (a.) Consolidated Power Co. 1st 5s, , 1937 $2,500,000 (b) C. G. B. L. & P. Co. 1st Ref. ■6s (new issue), 1949 3,500.000 (a) Authorized, $15,000,000; outstanding, $8,500,000, of which $6,000,000 are pledged to secure _ $5,000,000 6% notes of the com- pany, due Aug. 1, 1922, and the remainder pledged- as above. The pledged bonds are guaranteed principal and interest by the Con- solidated Gas, Electric Light & Power Co., which owns the entire capital stock of the company, (b) Authorized, $100,000,000; issued, $5,000,- 000, of which $3-,500,000 are pledged as above and $1,500,000 additional reserved for con- version. The bonds are secured equally with $8,500,000 5% notes due Nov. 15, 1921, by a general mortgage on all the property of the company, subject to prior liens including Gen. 4*^s and prior liens thereto. Earnings — See Gen. 4%s of 19 54. Original Market — $5,000,000 offered March, 1919, by Alex. Brown & Sons, Brown Broth- CONSOLIDATED LIGHT. HEAT & POWER CO. (Kenova and Huntington, W. Va.) Ist 5s. Due Dec. 1, 1946. Dated Dec. 1, 1916. Interest payable June 1 and Dec. 1 at Commercial Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylva- nia State Tax refunded. Autliorized — $1,800,000. Outstanding — $1,239,000. Reserved for Ext. — $561,000. Denomination — Coupon $1,000; registerable as to principal. Registered, $1,000. Trustee — Commercial Trust Co., Philadel- phia. Redeemable on any interest date after Dec. 1, 1921, at 102*/^ and interest on four weeks' notice. Organization and Control — Incorirorated In West Virginia. The entire $530,000 capital stock is owned by the American Raiiwscys Co, Secured by a first mortgage on power plant at Kenova, W. Va., substation at Huntington, W, Va. , together with transmission and dis- tributing lines supplying electric light and power to both towns and neighboring com- munities. Principal franchise extends to 1959. Year ended Dec. 31 Gross Net Bond Interest 1918 $490,460 $136,059 $61,950 Original Market — $800,000 offered Dec. 1916, by Newburger, Henderson & Loeb, Bioren & Co., of Philadelphia, and Scott & Co.. Wilmington; a block offered March, 1919, by Newburger, Henderson & Loeb. CONSOLIDATED POWER & LIGHT CO. OF SOUTH DAKOTA 1st Cons. 5s. Due Dec. 1. 1929.~F. Dated June 1, 1910. Interest payable June 1 and Dec. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $1,549,000 (Jan. 1. '19). Retired by S. F. — $142,000. In Treasury — $61,000. Reserved for Ext. — $3,248,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and Interest on any Inter- est date on 30 days' notice. Sinking Fund — ^Annually, beginning Aug. 1, 1913. 1% of outstanding bonds. 1913 to 1915. inc.; 1^%, 1916 to 1918; 1%%. 1919 to 1921; 1%%, 1922 to 1924, and 2%. 1925 to 1928, inc., for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Maine in 19 08 as successor to company of same name incor- porated in Wyoming. Secured by a first mortgage on all the prop- erty of the company. The company supplies DeadWQOd, Lead, Trojan, Terry, Central City, Terraville, Belle Fourche, "Whitewood, Sturgii and Spearfish, S. D., with electric light and power. Year ended Dec. 31 Gross Net Interest 1918 $213,351 $88,459 $77,450 1917 233,580 108,561 77,978 1916 277,869 133,222 79,200 1915 308.682 148,047 80,489 1914 316.324 145,164 80,873 333 Market. Boston — Chas. A. Day & Co. Baltimore — Hambleton & Co. New York — Hambleton & Co. , Fred H. Hatch & Co. Price Range. Jan. 1, '17 to Jan. 1, *19 1918 Bid Bid High. 77 '17 70 Aug. Low. 70 '18 CONSOLIDATED POWER CO. OF BALTI- MORE 5- Year 6% Secured Notes. Due . Auff. 1, 1922. — N. Dated Aug. 1, 1917. Interest payable Feb, 1 and Aug, 1, at Alex. Brown & Sons, Balti- more, or Bankers Trust Co., New York. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Ontstandins:— $ 5, 000. 000. Denomination- — Coupon, $1,000 and- $500. Registerable as to principal. Trustee — Continental Trust Co., Baltimore. Redeemable as a whole only on or after Aus. 1, 1918, at 103 and interest; on and after Au?. 1, 1919, at 102 and interest, and on and after Aug. 1, 1920, at 101 and interest. Guaranteed principal and interest by the Consolidated Gas Electric Light & Power Co. of Baltimore by endorsement. Control — Property leased for 25 years from 1917 to the Consolidated Gas Electric Light & Power Co. of Baltimore. Secured by pledge of $6,000,000 entire out- standing (authorized, $15,000,000) 20-year 1st 5s of the company. The proceeds of these hotes are to be used for the acquisition of land and the erection of a power plant or plants with 53,000 or more horsepower capac- ity and transmission lines, distribution Ilnei, pipe lines and sub-stations. This property will represent an expenditure of $6, 000,000, on which the mortgage of the pledged bonds ia a first lien. Original Market — $5. 000,000 offered Aug. , 1917, by Alex. Brown & Sons, Brown Bros. & Co., Jackson & Curtis and Lee, Higginson & Co. at 97% and interest. Market. New York — J. S. Farlee & Co., Miller & Co., E. & C. Randolph. Mann. Bill & Co., Berdell Bros.. Taylor & "White. Boston — P. B. Bassett & Co. Baltimore — Robt. Garrett & Sons, Poe & Davies. Pittsburgh — Lyon, Singer & Co. Philadelphia — Brown Bros. & Co. , Graham, Parsons & Co. Price Range. Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97% '17 98'^ '17 96 June 98 Jan. Low.fi2 '18 93 '18 92 Sept. 93 Sept. CONSOLIDATED RAILWAY & POWER CO. Ist 58. Due Jnly 1. 1921.— P. Dated July 1, 1901. Interest payable Jan. and July 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $1. 440. 000. Denomination — Coupon, $1,000. Regiaterabl* as to principal. Trustee — Equitable Trust Co.. New York. Assumed by the Utah Light & Traction Co. Organization — Incorporated in 1901 as a con- solidation of a number of traction companies and a power company in Salt Lake City and vicinity. In 1904 was consolidated with the Utah Light & Power Co., forming the Utah Light & Ry. Co,, owning and operating 141 miles of street railways, together with gas and electric lighting plants in Salt Lake City and Ogden, Utah. Consolidated in 1914 with the Salt Lake Light & Traction Co. into the Utah Light & Traction Co. All of the stock is owned by the Utah Power & Light Co., which latter company leases for 9d years from Jan. 1, 1915, all the gas and electric properties. The Utah P. & L. Co. is controlled through stock ownership by the Utah Securities Corp., a subsidiary of the Electric Bond & Share Co. Secured by first mortgage on entire property formerly owned by company. Franchise ex- tends to 1944. Population served, 85,000. Underlies — Utah Light & Ry. 1st Cons. 5s of 1934 and Utah Lt. & Trac. Co. lat & Ref. 5s of 1944, under which bonds .afe^reserved to retire this issue. J'^** ."HI Earnings — See Utah Light ^'Traction Co. 1st & Ref. 5s. Original Market — $300,000 offered Feb., 1911, by Eversz & Co., Chicago, at 98% and interest. Market. Philadelphia — Parrish & Co. Chicago — A. L. Baker & Co. St. Paul — F. E. Magron. Salt Lake City — Palmer Bond & Mortgage Co., John G. Cutler. Jr. Price Range. Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 101 '16 94 Feb. 97% Feb. Low. 90 '17 95 '17 90 Dec. 95 Dec, (THE) CONSOLIDATED RAILWAY CO. 50- Year Deb. 4s. — F. Tax Status — 2% Federal Income Tax paid by company without deduction. Dated Authorized Outstanding .Feb. 1. 1905 $1,000,000 $972,000 July 1, 1904 5.000.000 4.255.000 Jan. 2, 1905 .' 4,000,000 2,309,000 Apr. 1, 1905 3.500,000 1.340,000 Jan. 1, 1906 10.000.000 2,011.000 $23,500,000 $10,887,000 Entire amounts authorized have been issued, the balance have been exchanged for stock of the N. Y., N. H. & H. R. R.. $200 of these debentures for each $100 stock. Denomination — Coupon, $1,000. Registered. $10,000. Assumed by the New Toric. New Haven & Hartford R. R. Co. Organization — Incorporated in 1901 under the laws of Conn, as the Thompson Tramway Co. and In 1904 assumed its present title. It owned or controlled a number of companies whose lines, aggregating 370 miles, formed a through electric route between New York and Boston and comprised the street railway sys- tems in New Haven, Meriden, New London, Norwich, Great Barrington, etc. On May 31. 1907, the company was merged with the New York, New Haven & Hartford Railroad Co. The property formerly of the Consolidated Ry. Co. Is now owned and operated by the Connecticut Co., all of whose $40,000,000 stock is owned by the New York, New Haven & Hartford R. R- Co. The control of this stock has been trans- ferred to a board of Ave trustees, in accord- ance with an agreement between the N. T.. N. H. & H. R. R. Co. and the Unltod States Department of Justice, and the R. R. Company is bound to sell the stock before .luly 1. 1921. Security — A direct obligation of the N. Y., 834 N. H. & H. R. R Co., but not secured by mortgrag^e. The company covenanted not to place any mortgage upon any of its property or franchises during the life of these deben- tures without equally securing same thereunder. lasted on the New York Stock Exchange. Original Market— Offered in 1905 by Lee, Higginson & Co., Boston. New York and Chi- cago. Market. New Haven — ^H. C. Warren & Co., Chas. TV. Scranton & Co.. The W. T. Fields Co. New York — Didrichsen & Co., Fred H. Hatch & Co. Price Kange. Jan. 1, *08 to Jan. 1, *19 1918 Bid Ask Bid Ask 43—^1954 High.94 '09 94% '11 55 Jan. 60 Jan. Low. 51% '18 55 '17 51% June 65 May 4g 1955 High.94% '14 95 '14 *55 Jan. 60 Jan. Low. 52 'as 55 '17 52 Feb. 55 May 4s— 1956. High.90 '09 94% '09 55 Jan. 60 Jan. Low. 51 '18 51 Dec. CONSOLIDATED RAILWAYS, LIGHT & POWER CO. (WILUHNGTON, N. C.) 1st 5s. Due July 1, 1933. — N. Dated July 1. 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumiid by company. Authorized — $600,000. Outstanding — $476,600. Retired by Sinking Fund — $123,400. Denomination — Coupon, $50, $100, $500 and $1,000. Trustee — Safe Deposit & Trust Co., Balti- more. Sinking Fund — 1% of outstanding bonds an- nually to July 1. 1914: 1%% to 1924, and 2% thereafter to be applied to purchase of bonds at not exceeding 105 and interest. Assumed by the Tide Water Power Co, Organization — Incorporated in North Caro- lina in 1902 as a consolidation of gas, electric light and street railway companies in the City of Wilmington. N. C. It owns 20.38 miles of track, of which 1% miles are leased to the Atlantic Coast Line R. R. Co. until 1936. In Oct., 1907, the property of the company was leased to the Tidewater Power Co. for 99 years for a rental amounting to interest and sinking fund charges on the bonds and 6% on the oustanding preferred alid common stocks. Control — In April, 1917, all the property was acquired by the Tidewater Power Co. Secured by a first mortgage on 20.38 miles of sti'eet railway track in Wilmington, N, C, and on plants supplying gas and electricity in that city. Population served. 35,000. Fran- chises are perpetual and street railway fran- chise is exclusive to 1937. Underlies — Tidewater Power 1st 6s of 1949, and Gen. 6s of 1920. Earnings — See Tidewater Power Co. Market. Baltimore — J. S. Wilson, Jr., & Co., John D. Howard & Co. Price Range. Jan. 1. '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 9 8 '16 92 July 94 July Low. 92 '18 94 '18 ■1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 500, 000. Outstanding — $1,725,000 (May 1, '19), Retired by 8. F.— $75,000. Additional bonds issuable only for acQuisitlon of new property on a basis of 75% of cost. Denomination — $1,000 and $5,000. Register- able as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole or in part for sinking fund at 102% and Interest. ' Sinking Fund — Annually, on or before July 1 from 1917 to 1940- the company must de- posit an aggregate principal amount of bonds which shall eaual one-half of all bonds that have been certified. The rainimuni amount to ' be deposited in any year shall be ascertained by dividing amount of bonds remaining to be deposited by the years remaining to 1940. The company may call bonds at not over 102% and' interest on any interest date to enable it to comply with the provisions of this fund. Bonds acquired are to be cancelled. Organization — Incorporated in Maine In 1899 as the Lowell Fertilizer Co. Present name adopted 1 9 03. The company is engaged in rendering, buying and selling hides, calfskins. sheep pelts and wool; wool pulling and scour- ing; manufacture of glue and fertilizer. Com- pany has plants from Syracuse, N. T., to Bangor, Me. Company's office, Boston. Secured by a first mortgage upon all the lands, buildings and machinery owned by the company, comprising 14 well-equipped plants located mostly in New Bngland, and numerous buying and collecting stations. Replacement value of property covered estimated at $2,218,- 719. X!am,ings — The company does not report earnings. Original Market — $1, 500. 000 offered July. 1916. by Wm.A. Read & Co.. New York, Bos- ton, etc., and Old Colony Trust Co., Boston at 97% and interest. Market. Boston — ^R. L. Day & Co., Paine, Webber & Co., Wm. A. Read & Co.. L. Sherman Adams. Chicago — Northern Trust Co., Steer & Co., Pajine, Webber & Co., Ames, Bmerich & Co. New York — Paine. Webber & Co., Garrison & Brown, E. & C. Randolph. CONSOLIDATED RENDERING CO. 1st S. F. 5s. Dae Jaly 1, 1941 — F. Dated July 1, 1916. Interest payable Jan. CONSOLIDATED SCHUYLKILL GAS CO. 1st 5s. Due Oct. 1, 1929. — F. Dated Oct. 1, 1899. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200, 000. Outstanding — $150,000. D^iomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Real Estate Trust Co., Phila. Redeemable at 105 and interest. Assumed by Philadelphia Suburban Gas & Electric Co. Organization — Entire capital stock acquired by the Phoenix Gas & Electric Co., incorporated in New Jersey in 1901 to acquire and operate all the gas, electric and street railway proper- ties of Phoenixville, Royersford and Spring City, Pa. Absorbed by the Philadelphia Sub- urban Gas & Electric Co.. a subsidiary of the American Gas Co. Secured by first mortgage upon entire prop- erty of the Consolidated Schuylkill Gas Co. Population served, 16,000. 335 Earnines — See Philadelphia Suburban Gas & Electric Co. Market. FMladeluhia — Reed A. Morgan & Co., H. D. Boenning & Co., S. K. Phillips & Co. Price Ito.nee. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid High.99^ '16 96 May Low. 90 '18 90 Dec. CONSOLIDATED TRACTION CO. OF NEW JERSEY 1st 6s. Due June 1, 1933.— F. Dated June 1, 1893. Interest payable June and Dec. 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandinsr — $15,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Bankers' Trust Co., New Tork. Organization — Incorporated in 1893 in New Jersey and leased the New Jersey Traction Co., which had leased the Newark Passenger Ry., operating. 83 miles of track. Company has acQUired the entire capital stock of the Newark Passenger Ry. Co., Jersey City & Bergen R. R. Co., Passaic & Newark Electric Traction Co., Jersey City, Harrison & Kearny Ry. and the Newark Plank Road Co., and operates a total of 190 miles of track owned by these com- panies. In 1898 the property was leased for 999 years to the North Jersey Street Ry., which was merged in 1907 into the Public Service Ry., owned by the Public Service Corp. of New Jersey. Control — ^Public Service Corp. of New Jer- sey. Secured by first mortgage on all property, franchises, etc., of Consolidated Traction Co., and by deposit of following securities: Entire $1,000,000 stock of Jersey City & Bergen R. R. ($258,000 bonds outstanding, due 1932), owning 41 miles: practically all the $162,000 stock of the Newark Plank Road Co. (no bonds out- standing), owning 5 miles; entire $6,000,000 stock of the Newark Passenger Ry. ($6,000,000 bonds outstanding), owning 83 miles, and prac- tically all the $100,000 stock ($18,000 paid in) of the Jersey City, Harrison & Kearny Ry, Co. (no bonds outstanding), owning 10 miles of track. These bonds are, therefore, a lien sub- ject to. $6,258,000 prior bonds, on 139 miles of track of the controlled companies. Prior mens — $6,258,000 bonds of the com- panies whose stocks are deposited under this mortgage. Listed on the Philadelphia Stock Exchange. Market. ' Fhiladelpliia — H. D. Boenning & Co., Louch- heim, Minton & Co. , Geo. S. Fox & Sons, Reilly, Brock & Ck)., Newburger,, Henderson & Loeb, Chas. Fearon & Co., Elkins. Morris & Co., Barclay, Moore & Co., Graham,, Par- sons & Co.. S. K. Phillips & Co. New York — E. & C. Randolph, Louchhelm, Minton & Co., A. B. Fitkin & Co., Morton Lachenbruoh & Co.. Sharretts & Young, New- burger. Henderson & tiOeb, "W". E. R. Smith & Co., Van Sant & Legg, John Davenport, B. H. & F. W. Pelzer. Newark— J. S. Rippel, Fidelity Trust Co., Eisele & King. Post & Flagg. PatersQn — F. A. Peters, Francis K. McCuUy, Jersey City — Outwatei* & Wells, Edwin R. Case. Price Range. Jan. 1, '08 to Jan. 1. '19 Bid Aak High.106% '09 107^ '09 Low. 85 ' '18 1918 Bid Ask ,*, lani. 96 Jan. iJ5 Sept CONSOLIDATED TRACTION CO. (PITTS- BURGH) Equip. 5s. Due $35,000 each April and October 1 to October 1, 1934. Dated April 1, 1914. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania Tax exempt. Authorized — $ 5 0, 0. Outstanding — $275,000 (Apr. 2, '19). Retired — $225,000. Trustee — ^Union Trust Co.. Pittsburgh. Organization — Incorporated in 1895 under the laws of Penn. and controls through stock own- ership the Fort Pitt Traction Co., Ardmore Street Railway Co., Pittsburgh Traction Co., Duauesne Traction Co. and Central Traction Co., and in addition leases the lines of the Citizens' Traction Co., Allegheny Traction Co., Monongahela Street Ry. and Suburban Rapid Transit Street Ry. Co. Controls in all 225 miles of track, operated by the Pittsburgh Ry. Co. under an operating agreement effective Jan. 1, 1902. Control — Leased to the Pittsburgh Railways Co., whose entire stock is owned by the Phila- delphia Co, Recelversliip — See Pittsburgh Rys. Co. Gen. 5 s. Secured by first lien on 100 double truck closed street railway motor cars, costing about $560,000. Original Market — Offered by Union Trust Co., Pittsburgh, Pa. Market. Pittsburgh— Colonial Trust Co. Baltimore — J. S. Wilson, Jr., & Co. New York — Freeman & Co. CONSOIilDATED TRACTION CO. 5% Car Trust Bonds. Due $20,000 each April 1. 1917 to 1926, inclusive. — F. Dated April 1, 1916. Interest payable April 1 and October 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania Tax exempt. Authorized — $ 200,000. Outstanding — $140,000 (Apr. 1. '19). Retired — $60,000. Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Pittsburgh. Organization — See Equip. 5s due 1924. Secured by an equipment agreement on 25 double truck steel motor cars and 25 double truck steel trailers, costing $221,000, of which amount $21,000 was paid in cash. Original Market — Sold January, 1916, by the Colonial Trust Co. of Pittsburgh at 100 and interest. Market. New York — Freeman & Co. Pittsburgh — Mellon National Bank. CONSOLIDATED TRACTION CO. 5% Car Trust Bonds. Due $40,000 semi-annually each April 1 and Oct. 1 from April 1. 1917, to Oct. 1, 1926, inclusive. — F. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania Tax exempt. Authorized — $ 800.000. Outstanding — $600,000 (Apr. 1. '19). Retired — $200,000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh. 336 Oreanization — See above. Secured by an equipment a£:reement on 125 double truck steel motor cars and 50 double truck steel trailers. CONSOLIDATED WATER CO. OF POMONA (CAL.) 1st 6s. Due Oct. 1, 1935. Dated Oct. 1, 1915. Interest payable April 1 and Oct. 1. at Trustee's office, Hanover Na- tional Bank, N. Y.» and American National Bank, Fomona. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $225, OUO. OutBtandins — ¥225.000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Los Angeles Trust & Savings Bank, Los Anireles, Cal. Redeemable on any Interest date at 102^ and interest. Organization— Incorporated in California in 1896. Secured by a first mortgage on plant supply- ing water in Pomona, Cal. The property in- cludes water bearing land and water rights, pumping stations, reservoirs and distributing pipe lines. Population served, 14,000. Fran- chises perpetual. Year ended Dec. 31 Gross Net Interest 1918 $68,168 $12,181 $13,741 1917 68,315 21,025 14.036 1916 67,797 31.233 14,036 Original Market — Offered in November, 1915, at par and interest by Blankenhom-Hunter Co., Pasadena and Los Angeles, Cal. Market. liOS Angeles — Blank enhom-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. San Francisco — Blankenhorn-Hunter-DulJn Co. CONSOLIDATED WATER CO. OF UTICA, N. Y. Ist 5s. Due Jan. 1, 1930.~P. Dated Nov. 15, 1889. Interest payable Jan. and July 1, at Mechanics & Metals Nat'l Bank. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,500,000. Denomination— Coupon, $1,000. Reglsterabls as to principal and interest. Trustee — New York Trust Co,, New York. Organization — See Deb. 5s of 1930. Secured. by first mortgage upon entire prop- erty of company, for description of which se*» Deb. 5s, due 1930. Underlies — $1,500,000 Deb. 5s, dub 1930. Earnings — See Deb. 53. Original Market — First offered by Redmond & Co.. New York. Market. New York — ^W, D. Lyon & Co., Dunham & Co.. E. & C. Randolph, Hotchklin & Co., Inc., Redmond & Co.. Foster & Adams, Fred H. Hatch & Co., Lynch & McDermott. Taylor & White. Utica — W. D. Lyon & Co.. A. James Eck- ert, Burr L. Tibbits. Boston — ^McConnell & Co., H. C. SpiUer & Co.. Hotchkin & Co. Philadelphia—- Geo. S. Fox & Sons, Barnes & Lofland, Graham. Parsons & Co. Price Range. Jan. 1, *08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102 '16 104 '16 96 Jan. 100 Jan. Low. 90 '09 95 'ttS 92 July 96 July CONSOMDATED WATER CO. OF UTICA, N. Y., Deb. 5s. Due Jan. 1. 1930.— N. Dated Jan. 1, 1906. Interest payable Jan. and July 1, at Mechanics & Metals Nat'l Bank. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. (Stamped Bonds.) Aathorized — $1, 500, 000. Outstanding — $1, 500, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Utica Trust & Deposit Co., Utica. N. Y. Redeemable at 105 and Interest on any Inter- est date on 60 days' notice. Organization — Incorporated in New York in 1899 as a consolidation of the Utica Water Works Co., West Canada Water Works Co., New Hartford Water Co, and the Whitestown Water Works Co. It owns the entire stock of the Whitesboro Water Works Co. Secured by second mortgage on entire prop- erty of company, including ten reservoirs, 205 miles of mains, etc. , furnishing the entire water supply of Utica, N. Y., and the towns of New Hartford, Whitestown, and Deerfleld, N. Y., together with several villages. Fran- chise perpetual. Population served, 110,000. Prior Uens — $2,500,000 1st 5s, due 1930. Year ended Dec. 31 Gross Net Int. &Rent 1918 $491,019 $363,079 $222,093 1917 464,416 334,111 212.325 1916 439,277 322,761 215,612 1915 404,208 290,148 211,659 1914 396,838 272.370 193.716 1913 386,793 266,647 184,796 Original Market — First offered by Redmond ic Co., New York. Market. New York — W. D. Lyon & Co., Hotchkin & Co. , Inc. , Redmond & Co. , Foster & Adams. P. H. Hatch & Co., Wm. M. Clarke. Taylor & White. Utica. N. Y. — W, D. Lyon & Co., Burr L. Tibbits. Boston — Hotchkin & Co., Inc. Philadelphia — Graham, Parsons & Co. Price Range. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 94 '16 98 'J6 93 Jan. 98 Jan. Low. 80 '15 85 '18 80 Feb. 85 July CONSOUDATED WATER SUPPLY CO. Ist 5s. Due May 1, 19:29. Dated May 1, 1899. Interest payable May and Nov. 1, at First National Bank. Scran- ton, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt \n Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Trustee — County Savings Bank & Trust Co., Scranton, Pa. Redeemable at par and interest. Guaranteed principal and interest by the Scranton Gas & Water Co. Control — Entire stock owned by Scranton Gaa & Water Co. Secured by first mortgage upon property of the company and by deposit of stocks of 11 water and water supply companies. Market. Boston — H. C. SpiUer & Co., Graham, Par- sons & Co. 337 Price Banee. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig:h.l02% '16 lOS^ '16 90 Nov. 100 Mar. Low. 90 '18 97 '18 97 Nov. ue Oct. 1. 1954 — F 2%. Dated Oct. 1, 1914. Interest payable April 1 and Oct. 1 in San Francisco. Tax Status — 2% Federal Income Tax paid by company -without deduction. Tax exempt in California. Authorized— $ 5 . 00 0. Outstanding — $159,000 (July 1. '18). Reserved for £xt. — $341,000. Denomination — $100, $500 and $1,000. Trustee — Mercantile Trust Co. , San Fran- ce soo. Redeemable at 102% and Interest on any interest date. Sinking Fund — Annually, beginning: June 30, 1919, 1% of outstanding bonds for their pur- chase oi^ redemption at not over 102% and interest. Organization — Incorporated in California in April, 1914. Commenced operations March 15, 1915. Secured by a first mortgage on plants sup- plying' gas to the following towns: Martinez, Pittsburg, Antioch. Concord' and Crockett, all in Contra CSosta County, Cal. Franchises ex- tendi beyond the maturity of these bonds. Year ended Dee.: 31: Bond Gross Net Interest 1917 566,968 $20,143 $6,540 1916 45,211 13,200 6.540 Original Market — A block offered June, 1918, by Girvin & Miller, San Francisco. COPFSR RAXGS: RAILROAD 1st 5s. Due Oct. 1, 1949.— F. Dated Oct. 1, 1899. Interest payable April and Oct. 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized — $5,000,000 (limited to $20,000 per mile of road and $15,000 per mile of siding). Outstanding — $2,280,000 ($870,000 owned by Copper Range Co.). Denomination — Coupon, $500 and $1,000. Trustee — ^American Trust Co., Boston. Organization — Incorporated in Michigan in 1899 and road opened for operation in 1899. Controlled through stock ownership by Cop- per Range Co. Secured by first mortgage on road from Cal- umet to McKeever, Mich. , and a number of branches in the State of Mich., aggregating 116 miles, together with all buildings, shops, equipment, etc. Year ended Dec. 31 Net Interest 1917 $161,482 $114,000 1916 224.407 114,000 1915 271,532 114,000 1914 137,994 114,000 1913 98.846 114,000 iLegal for Me., Mo. and R. I. Listed on the Boston Stock Exchange. Market. Boston — Hotchkin & Co. New York — Hotchkin & Co., Fred H. Hatch & Co. CORN PRODUCTS REFnONG COMPANY 35-Year Deb. S. F. 5s. Due Not. 1» 1931.— N. Dated November 1, 1906. Interest «iayable May and Nov. 1, at Title Guarantee & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $734,000 (Jan. 1, '19). Retired by Sinking Fund or Exchanged for 1st 5s of 1934r— $1,483,000. Denomination — Coupon, $1, 000. Trustee — Title Guarantee & Trust Co.. New . York, Redeemable at par and interest on any in- terest day on four weeks' notice. Sinking Fund — $114,000 annually on or be- fore Nov. 1 to be applied to redemption and cancellation of these bonds at not exceeding par and interest. Exchangeable for Corn Products Refining Co. 1st 5s of 1934 at par. Organization — See 1st 5s of 1934. Security — A direct obligation of the com- pany, but not secured by mortgage Holders may exchange same par for par for First Mortgage Sinking Fund 5s, due 1934. The company covenants that in the event of is- suing any new mortgage upon its property such mortgage will include all bonds of this issue, and holders shall have the privilege of exchanging same at par for the new bonds. Earnings — See 1st 5s. Listed on the New York Stock: Exchange. Market. New York — J-. S. Bache & Co. , McKinley & Morris, Seasongood, Haas & jMacdonald, Baker, Carruthers & Pell. Price Range — N. Y. S. E. Jan. 1, 1907 to Jani. 1. 1919 1918 High.lOlNov. 27, '18 101 Nov. 27 Low. 70 Jan. 3, '08 97>/i May 2 CORN PRODUCTS REFINING COMPANY Ist S. F. 5a. Due May 1, 1934.— F. Dated May 1, 1909. Interest payable May and Nov. 1. at Title Guarantee & Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by comi>any without deduction. Authorized — $10,000,000. Outstanding — $5,065,000 (Jan. 1. '19). Acquired by Purchase or Exchange — $1,585,- 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Title Guarantee & Trust Co., New York and C. H. Kelsey. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — 2% annually of all bonds issued, for the purchase or redemption of these bonds at not over 105 and interest, bonds to be cancelled. Organization — Incorporated in 1906 in New Jersey and is a consolidation of the Corn Products Co. of New York, the New York Glucose Co.. Warner Sugar Refining Co.. and other companies manufacturing corn syrup,, starch and by-products. Secured by first mortgage on plants located at Waukegan, Pekin, Granite City and Argo. 111., and Davenport, Iowa, and by . second mortgage on plant of New York Glucose Co. at Edgewater, N. J. Further secured by de- posit of stocks of ten constituent companies, and $2,217,000 National Starch 5s. Prior Liens — $81j7,920 New York Glucose Co. 1st 6s, due 1926. Underlies — Debenture S. F. 5s of 1931. Year ended Dec. 31 Total Income Net Interest 1918. .$25,328,954 $8,853,587 $201,187 1917.. 17,389,061 11,574,263 225,803 1916.. 7.900.188 6,339,355 255.608 1915. . 4,682,658 3,474,078 305,710 1914. . 3.652,828 2.617.627 312,453 liisted on the New York Stock Exchange. Original Market — $5,000,000 offered in May, 1909, at 98 and interest, by Speyer & Co., New York. 343 Market. New York — Miller & Co., Seasonffood, Haas & Macdoiimld, Ladd & Wood, Baker, Carruth- ers & Pell. Chicago — First Nat'l Bank. Price Ranire— N. Y. S. E, Jan. 1, 1909 to Jan. 1,, 1919 1918 High.lOl Dec. 27, '18 lOil Dec. 27 Low. 90 Mar. 13, '13 95 Jan. 21 CORNWAIili & USBANON RAILROAD 1st U. Due April 1, 1931. — F. Dated April 1, 1891. Originally 5%. but interest rate reduced in 1906. Interest payable April and -Oct. 1. at Treaaiirer's office, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $800,000. Outstanding — $613,700. In Treasury— $151,200. Denomination — Coupon and Registered, $100, $250, $500 and $1,000. Trustee — Lebanon County Trust Co. , Leb- anon, Pa. Assumed in 1918 by Pennsylvania R. R. Co. Organization and Control — Incorporated in Pennsylvania in 1882. In 1918 the Pennsyl- vania R. R. Co. acquired property of the cxjmpany. Secured by a first mortgage on 25.79 miles of road from Conewago to Lebanon and spurs. The road was built largely to serve the Penn- sylvania Steel Co., which has extensive ore deposits at Lebanon, These bonds are out- standing at the rate of $23,800 per mile. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., and Wis. Market. Philadelphia — ^West & Co., Newburger, Hen- derson & Loeb, .H. D. Boenning & Co., Hun- toon, & Co., Chas. Fearon & Co., Graham, Parsons & Co., S. K.v Phillips & Co. ■ CORPUS CHRISTI RAILWAY & MGHT CO. 1st S. F. Os. Due July 1, 1934.~F. Dated July 1, 1914. Interest payable Jan. 1 and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $822, 000. Denominations — Coupon, 100 and $1,000. Re^sterable as to principal. Trustee — ^Merchants Union Trust Co., Phila. Redeemable at 102% and interest on July 1. 1917, or any interest date thereafter. Sinking Fund — ^Annually 1% of bonds out- standing. Organization — Incorporated in Texas In 1909. Present name adopted June 1914. Secured by a first mortgage on 10 miles of street and interurban railway and plants sup- plying electric and power in Corpus Christi, Texas. Original Market — $100,000 offered May, 1917, by Newburger, Henderson & Loeb, New York and Philadelphia, at 100 and interest. Market. Philadelphia — S. K. Phillips & Co. CORTIAND COUNTY TRACTION CO. 1st 4s. Due April 1. 1931.— P. ^ Dated July 1, 1901. Interest payable April and Oct. 1, at Company's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $180,000. Denomination — Coupon, $500. Trustee — County Savings Bank & Trust Co., Scranton, Pa. Organization — Chartered in 1901 under the laws of New York as a reorganization of the Cortland & Homer Traction Co., sold at fore- closure. In 1905 absorbed the Cortland & Homer Electric Co.. which it had previously controlled. Secured by first mortgage on 16 miles of track extending from Cortland, N. T., to -near- by towns and on plant supplying electricity to Homer and Cortland. Population seryed, 18,- 000. Charter extends to 1944. Carries freight and passengers. Underlies — Mtge., 6s of 1935 and lat & Ref. 5s of 1957. Year ended June 30 and Dec. 31 Gross Net Int. &Rent • 1916 $89,145 $56,740 $28,540 1915 33,665 29,830 1914 35,779 29,232 •Dec. 31. Market. New York — Morton Lachenbruch & Co. COSDEN & CO. (OKIA.) 1st-' Convertible 6s. Due October 1> 1926. Dated October 1, 1916. - Interest, payable April and Octobeil 1 . Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 6 , 00 , 0:0 0. Outstanding — $ 869,000. Retired by Sinking Fund — $377,500. Exchanged for Conv. 6s 1932 Series A— $4,506,500. Reserved for Corporate Purposes — $247,000. Denominations — Coupon, $500, $1,000. Trustee — Eauitable Trust Co.. New York. R(^dee^lable as a whole, or in part for sinking' ,fund, on any interest date on 60 days' notice. Sinking Fund — Annually, either 1 0% of bonds issued, or 20% of net earnings, which- ever is greater, for the purchase or redemi^ tion Of these bonds at not over 105 andi In- terest. Convertible at any time prio-r to redemp- tion into common stock (par $5) at $18 per share. Provision is made for a reduction in the rate of conversion in case any additional common stock shall be issued at less than $18 per share. Organization — Incorporated in Oklahoma, Nov. 29, 1913, as a' consolidation of the J. S. Cosden Co.. Tulsa, Okla. ; Southwestern Re- fining Co.. Big Heart, Okla., and the Colonial Refiniing Co., Cushing, Okla. Owns entire cap- ital stock of the Cosden Pipe Dine Co. Merger — It was announced] Jxme 13, 1917, that thds company would be merged with the new Cosden & Co. (Incorporated in Delaware. July, 1917) and that bonds of this issue would be exchanged for 15-year Conv. g. F. Series A-6s due July 1. 1932, of the new company par for par. There are still outstanding the amount sihown above of the Oklahoma Com- pany's bonds as of May 1, 1919. Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acauired, including mod'ern refinery at Tulsa, Okla.. with capacity of 25.000 bbls. daily, producing all by-products, 790 tank cars and about 10.000' acres oil lands in Oklahoina. Underlies Cosdein- & Co. (Delaware) Conv. S. F. Series A-6s' due July 1. U932.,, Original Market — Offered to stockholders Oc- tober. 1916, at 99 and interest and subscrip- 344 tion underwritten by' .Bug-ene Meyer, Jr., & Co. and Hallgarten. So Co.. New York. Market. New York — T. Hall Keyes & Co., S, P. Lar- kin & Co. Baltimore — ^Robert Garrett & Sons, Mitten- dorf, Williams & Co., Poe & Daviea. GOSD£Xi& CO (Delaware) 15-Year Conv. S. T. Series *'A" axul "B" 6s. Due July 1, 1933.— N. Dated July 1, 1917. Interest payable Jan. 1 and July 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000,000. Otatstandine — $9,011,500 (Jan. 1, '19). Retlredt by S. F.— $1,104,000. Reserved for Ihrior Lien — $869,000. Cancelled — $8,576,500. In Treasury — $439,000. Denomination — $500 and $1,000. Register- able as to principal. Trustee — Central Union Trust Co. , New York. Redeemable at 110 and interest. Convertible into common stock as follows: Series A, one share of stock, par $5. for $13,95 bonds, and to be further reduced if additional common stock is issued. Series B, one share of stock, par $5, for $12.55, and to further be reduced if common stock is issued. Sinking Fund — ^Annually 6% of all bonds theretofore authenticated whether or not at the time outstandings and in addition a sum eaual to the amount by which 20% of the annual net earnings ascertained as provided In deed of trust shall exceed said 5%. This fund is for the purchase or redemtplon of these bonds at not over 110 and interest. The company agrees to submit duarterly state- ments of earnings and combined balance sheets to the directors and deliver copies of such statements to the trustee. Organization — Incorporated in Delaware. July, 1917. The company has acquired by exchange of securities' practically all the stocks and bonds of the old Cosden & Co. and the Cosden Oil & Gas Co. Secured by a mortgage on all property now owned or hereafter acquired. Further se- cured by deposit of practically all the capital stock ($5,752,870) and First Mortgage 6% Bonds ($5,616,900) of the old Cosden & Co. and practically all the stocks ($6,919,415 common and $3, 473, 090 preferred) and 6 % Conv. Notes* ($4,5(16,500) of the Cosden Oil & Gas Co. The property covered by the direct or col- lateral lien of this mortgage includes refin- eries, extensive pi;oducing oil and gas prop- erties in Kansas and Oklahoma and trans- porting equipment. Year ended Dec, 31 Gross Net Interest 1916 $9,107,673 $3,632,163 $365,980 1915 3.614,543 1.336,576 117,736 Original Market — Exchanged $ for $ for Cosden & Co. 1st 6s and Cosden Oil & Gas Co. 6% Conv. Notes. Market. Baltimore — ^Middendorf, Williams & Co., Poe & Davles, Hambleton & Co., Jenkins. Whedbee & Poe, W. W. Lanalian & Co. Columbus — Claude Meeker, Hambleton & Co. New York — Hornblower & Weeks, T. Hall Keyes & C5o., S. P. Larkin & Co. Grand Rapids — Howe, Snow, Corrigan & Bertless'. Price Range. Jan. 1, *17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.83% '18 91% '17 83% Nov. 88 Dec. Low. 78 '18 79' '17 78 Sept. 81 May Ser "B" High.93% '18 83 Oct. Low. 78 '17 78 Sept. COSDEN & CO. Eauip. Tr. 6s. Due $81,000 July 10, 1017; $83,000 Jan. 10, 1918; $85,000 Jnly 10, 1918; $87,000 Jan. 10. 1919; $90,000 July 10, 1919; $9^.000 Jan. 10, 19'JO.— F. Dated Jan. 10, 1917. Interest payable Jan. 10 and July 10, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deductioni. Authorized — $518,000. Outstanding — $182,000. Balance Retired. Denomination— Coupon, $1,000. Trustee — Columbia Trust Co., New York. Secured by an equipment agreement on 400 tank cars, the market value of which is re- ported in excess of $1,000,000. Original Market^-$518.000 offered May, 1917. by Bioren & Co., Philadelphia, at 4%% and 4%% for first two maturities and 5% for remaining maturities. Market. Baltimore — Middendorf, Williams & Co. Philadelpliia — Bioren & Co. COTJXCIIi BLUFFS GAS & ELEC. CO. 1st 58. Due Nov. 1, 1928.— N. Dated Nov. 1, 1898. Interest payable May and Nov. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumeidi by company. Authorized — $300,000. Outstanding— $180,000 (Jan. 1. '19). Retired by S. F.- $120,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Sinking Fund — $5,000 per annum. Assumed by Citizens' Gas & Ellec. Co. OrganLeation — Merged in 1904 into the Citi- zens' Gas & Electric Co., whose property has been acquired by the Omaha Elec. Light & Power Co, Secured by first mortgage on plants supply- ing Council Bluffs, Iowa, with gas and elec- tricity. Franchises expire in 1925. Popula- tion served, about 31,000. Underlies — Citizens' Gas & Electric Co. 5s. Earnings — See Omaha Electric Light & Power Co. Market. New York— IT. H. Hatch & Co., Burgess. Lang & Co., Kiely & Horton.i PhUadelphia^S. K. Phillips. Omaha — ^Bums, Brinker & Co. Boston — Burgess, Lang & Co, Price Range. Jan. 1, '16 to Jan. 1, '19 1»18 Bid Ask Bid High.95% '16 98 '17 ■ 82 Jan. Low. 70 '18 95 '17 70 June COUNTIES GAB & ELECTRIC CO. General 50-Year 5s. Due Oct. 1, 1963.— F. Dated October 1, 1912. Interest payable April and Oct. 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax, exempt in Pennsylvania. Authorized — $7, 500, COO. Outstanding— $2,488,000 (Jan. 1, '19). Reserved for Prior Lions — $1,797,000. Re&erved for Ext. — $3,215,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Oommercial Trust Co., Philadel- phia, Pa. Redeemable as a whole at 105 and interest on Oct. 1, 1917, or any interest date there- after on eight weeks' notice. Organiza;ion — Incorporated in 1912 in Penn., succeeding the Merion & Radnor Gaa & Elec- tric Coi , El nd is a consolidation of 14 com- panies serving the suburbs of Philadelphia with gas and electricity. ' Control — The United Gas Improvement Co. is interested in this company. Secured by mortgage on gas plants at Ard- more and Morristown, Pa., and electric plants at "Wayne and Morristown, Pa., serving a total of 16 communities in the suburbs of Philadelphia. Franchises are perpetual. Prior Jaens — $1, 317, 000 Merion & Radnor Gas & Electric 5s, due 1954, and $480,000 Gas Co. of Montgomery County 5s, due 1960. Earnings — The company does not report earnings. Original Market — Offered in 1913 at par and interest by Ervin & Co., Philadelphia. Market. Philadelphia — Henry & Kirkbrtde. H. D. Eoenning & Co. , Montgomery & Co. , C. C. Jones & Co., Newburger, Henderson & Loeb, Blkins, Jlorris & Co., Reed A. Morgam & Co., C. D. Barney & Co., Harper & Turner, Sailer & Stevenson, Biddle & Henry, Ervin & Co., Graham, Parsons & Co., S. K. Phillips & Co. New York — J. J. Levenson. Hanson & Doyle. Newburger, Henderson & Loeb, Huntoon & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Ask High.l02Vi '16 103% '16 94 Dec. Low. 88% '18 88% Oct. COVINGTON & CINCINNATI BRIDGE CO. 1st .5s. Due July 1. 1935.— P. Dated July 1, 1915. Interest payable Janu- ary 1 and July 1, at Fifth-Third National Bank, Cincinnati, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. i Authorized — $600,000. Outstanding^$521,500 (May 1, '19). Held in S. F. — $78,500. Denomination — Coupon, S500. Registerable as to principal only. Trustee — Central Trust & Safe Deposit Co., Cincinnati, Ohio. Redeemable on any interest date at 104 and interest. Sinking Fund — ^An annual payment equal to 5 % of issued bonds to be invested in these bonds or non-taxable municipal bonds. Organization — Incorporated in Kentucky in 1846 and in Ohio in 1849. SecuEed by a first mortgage on suspension bridge over the Ohio River, between Cincin- nati, Ohio, s nd Covington, Ky. The bridgp was originally opened for traffic in 1867 and was rebuilt between 1895 and 1899. Tolls arf charged for all traffic, including pedestrians The comwany has paid dividends on its pre- ferred stock in all but four years since 1867. and continii jusly since 1879. The average rate since 1867 has been 7Vi % per annum. The company has $750, 000 preferred stock now outstanding. Year ended Dec. 31 *Net 1918 $99,542 1917 96,224 1916 ; 95.666 1915 114,177 1914 98,826 •After interest. Original Market — Offered by the Fifth-Third National Bank, Cincinnati, Ohio, in June, 1915, at 102 and interest. . Market. Cincinnati — Central Trust & Safe Deposit Co., FifCh-Third National Bank. / CRAMP (WM.) & SONS SHIP & ENGINE BinXDING CO. 1st 5s. Dae March 1, 1939.-— F. Dated March 1, 1899. Interest payable March and Sept. 1, at Fidelity Trust Co., Phil- adelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,000,000 (Mar. 15, '19). Retired by S. F. — $500,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at not over 110 and interest for the sinking fund annually. , . Sinking Fund — ^At least $25,000 yearly Jan. 31. Guaranteed principal and interest by the I. P. Morris Co. Organization — See Cons. 5s. Secured by first mortgage on the property of the Cramp & Sons Ship & Engine Build- ing Company and the I. P. Morris Co., in- cluding plant and buildings covering 45 acres in Philadelphia and 57 acres of water frontagu and the Port Richmond Iron Works. Underlies — Serial 5% notes and Cona. 5s of 1923. Earnings — See 5% Notes. Market. Philadelphia — Chas. Fearon & Co., H. D. Boenning & Co. , Huntoon & Co. , Barclay. Moore & Co.. Graham, Parsons & Co., Reed A. Morgan & Co., S. , K. Phillips Co. New York — Baker, Oarruthers & Pell, Fred H. Hatch & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 J918 Bid Ask Bid Ask High.103 *06 107 '08 100 Apr. 104 Apr. Low. 96 '18 99 '18 96 Dec. 99 Dec. CRAMP (WM.) & SONS SHIP & ENGINE BUrLbiNG CO. Cons. 5s. Due July 1. 1933.— F. Dated May 1, 1903. Interest payable Jan. 1 and July 1, at Girard Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Free' of Penn- sylvanda State Tax. Authorized — $7,500,000. Outstanding — $772,000 (Dec. 31, '18), Pledged— $558,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest any Jan. 1 on 10 days' published notice. Guaranteed principal and interest by the I. P. Morris Co. and the Kensington Ship- yards Co. Organization — Incorporated in Pennsylvania in 1872. Owns the entire capital stock of the I. P. Morris Co. and the Kensington Ship- yards Co. Also owns a majority of. the 346 capital stock of the Federal Steel Foundry Co. Secured by a mortgage executed jointly by the Wm. Cramp & Sons Ship & Engine Build- ing Co., the I. P. Morris Co. and the Ken- sington Shipyards Co. and is a lien on all the properties of these companies, including 45 acres of land in Philadelphia, of which 17 acres are occupied by buildings; 57 acres of water front land on the Delaware River and 100 acres on Petty's Island, Property valued at- $14,230,933. Prior Ijiens — $555,444 irredeemable ground rents and $1,000,000', 1st 5s, due 1929 (closed mortgage). ^Earnings — See 5% notes. Original Market — A block offered Jan., 1917, by Won, MacKeekin & Co. and Wm, C. Wil- liamson, Jr., Philadelphia, at 99 and interest. Market. Philadelphia — Reed A. Morgan & Co.. Hun- toon & Co. , Graham, Parsons & Co. , S. K. Phillips & Co. New york — ^Hainson & Doyle. CBAMP (WM.) & SONS SHIP & ENGINE BliDG. CO. 5% Notes. Dae semi-annually $140»000 each January and July 1 to July 1, 1918, and $170,000 to July 1, 1923.— F. Dated May 1, 1903. Interest payable Jan. and July 1, at Drexel & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. ■ Tax exempt in Pennsylvania. Authorized — $5,000,000. Outstanding — $ 558,000. Balance Retired. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Bedeemable on any interest date at 102 Ms and interest on 30 days' notice. Organization — Incorporated in 1872 in Penn., succeeding to the shipbuilding and machinery business of Wm. Cramp, established in 1830. It owns the entire capital stock of I. P. Morris Co., with iron works at Port Richmond, and the Kensington Shipyards Co., and a majority of the capital Stock of the Federal Steel Foundry Co. Secured by deposit of an equal amount of Consolidated Mortgage 5% Bonds of the com- pany, of an authorized issue $7,500,000, which are a lien, subject to 1st mortgage bonds, on entire property of company. Prior liens — 1st 5s, due 1929. Year ended Dec. 31 Net Dep'n Int. & Rent *1918 $1,539,096 $281,726 $172,044 1917 1.507,402 196.551 192,658 tl916 1,497,256 197,879 211.672 11915 9 56,797 305,162 tl914 1.180,332 332.855 *8 months. tTear ended Apr, 30. Original Market — ^First offered by Drexel & Co. at 90 and interest with 20% bonus of stock. Market. Fhilad3lplua — 'Reed A. Morgan & Co., Gra- ham, Parsons & Co., S. K. Phillips & Co. Price Bange. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High.98 '16 101 '16 96 Au«. Low. 96 '18 CREDIT FINANCE COMPANY Deb. 78. Due Oct. 1. 1935. Dated Oct. 1, 1915. Interest payable quar- terly (Jan. 1 , etc. ) at company' s office, 2 5 Church Street. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanding— $100,000 (June 1, 1919). Denominations — Coupon $100 and $500. Registerable as to principal. Organization — Incorporated Sept. , 1915, in . Delaware, Company loans upon and deals in notes, open accounts and other collateral of manufacturers, wholesalers and jobbers. Capital Stock, Authorized and outstanding. $300,000. Original Market- -Offered from time to time by Clarence Hod-gon & Co., New York, New- ark and Philadelphia. CBEW tEVICK CO. 1st S. E. 6s. Due Aug. 1. 1931.— F. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $15,000,000. Outstanding— $3,077,400 (Jan. 1. '19). Retired by S. F. — $289,600. Reserved for Ext. — $ 1 1,624, 00 (>. Denomination — $1,000, $500 and $100. Reg- isterable as to principal or exchangeable for fully registered bonds. Trustee — Commercial Trust Co., Philaaei- phia. Bedeemable as a whole or in part for sink- ing fund at 107 and interest. Sinking ii^ind — 5% maximum amount of bonds issued. This fund operates semi-annual- ly for the purchase or redemption of these bonds at not oveir 107 and interest. Company may submit bonds to Trustee for acceptance instead of cash. Organization and Control — Business estab- lished in 1862. First incorporated in Penn- sylvania in 189 0. The present Crew Levick Company was incorporated in Petnnsylvania in September. 1916, and is the successor of the former Crew Levick Company. Combination Oil Company. Lawrenc© Company, Muir Oil Company, Pemrick Company and Muir & Sheasley Company; also Bessemer and Muir Pipe Line Companies. The Company owns the entire capital stock, except directors' qualifying shares, of the Crew Levick Com.pany of Delaware which o'wns and operates the tank stations in Kan- sas as well as operates under lease the tank stations iti Oklahoma and Texas, and the Warren Company which produces oil in Kan- sas and Oklahoma; also owns the entire stock and operates the Admiralen Steamship Com- pany. The Company operates complete refineries (three having a present capacity of 80,000 barrels per month, viz. ; Pennsylvania Paraf- flne Works. Bessemer Refining Company and Glade Oil Works) hiakijig all petroleum prod- ucts; it also has an extensdve marketing sys- tem in the' United States and foreign coun- tries. The Company has its own pipeline system, comprising 210 miles of main and gathering lines, and oil production in Pennsylvania and Ohio, where it operates about 700 wells. Com- pany also has a compounding plant, 2 export stations In Chester and Philadelphia, 164 tank stations located in Eastern Pennsylvania, along the Atlantic seaboard, Kansas. Okla- homa, Texas, and at Liverpool, England; also 190 tank cars and one ocean steamer. Com- pany has distributing agents in JapfauL In 1917. Company commenced construction of a compounding, barreling and export sta- tion on Petty's Island in ttie Delaware River. 347 oppoaite Philadelphia, and it is expected that work will be completed by April, 1919. All of the common, stock of the company is owned by thoi Cities Service Co. Secured by a first mortg'ag'c on all the prop- erty owned by the company in fee or hereafter acquired, and by pledgre of oil leases and oV all stock of subsidiaries except qualifying shares. None of the collateral companies may create any mortgage indebtedness unless pledged to secure these- bondls. For dtetail of property covered see "Organization, " Earnings — Company does not report earn- ings. Original Market — Offered Sept. , 1916, by Blkins, Morris & Co. and Montgomery, Clothi- er & Tyler. Philadelphia, and Kissel. Klnni- cutt & Co., New York, at 100 ajid interest. Market. Philadelphia — H, D. Boennlng & Co., Cap- elle & Co.,, Henry & Kirkbride, Martin & Co., Newburger, Hendearson & Loeb, Montgomery & Co., E, B. Smith & Co.. Elkins, Morrfis & Co., Ervin/ & Co., Lloyd & Palmer, Newhall & Co., B. K. Phillips & Co.. "Warren A. Reed. Huntoon & Co.. Graham, Parsons & Co., In- vestment Registry of America. New York — E. & C. Randolph, Newburger, Henderson^ & Loeb, Morton, I-iachenbrucli & Co., Baker, Ckrruthers &. Pell, T. Hall Keyes &. Co., John Nickerson, Jr., Newhall & Co., Wm. C. Orton. Boston — F. B. Bassett & Co. Chicago — ■BfeLbcock, Rushton & Co, Price Range. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99% '16 101 '17 96% Dec. 98 Nov. Low. 87% 'IS 89 '18 87% Apr. 89 Apr. CROMPTON & KNOWl-SIS liOOM WORKS 6% Debs. Due $100,000 annually to 1919 and $400,000 on Oct. 1. 1930. Dated Oct. 1, 1900. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without dteduction. Authorized — $1,500,000. Outstanding — $387,000 (Feb. 19, '19). Kalanc^ Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston, Mass. Organization — Incorporated in 1900 in Mass. and succeeded the Crompton & Knowles Loom Works of R. I. Owns plant at Worcester and branch plants at Providence and Philadelphia for the manufacture of looms and other weav- ing machinery. Secured by a first mortgage on the property of the company. Market. Boston — Curtis & Sanger. Chicago — Curtis & Sanger. CROSSTOWN (BUFFALO) STREET RAIL- WAY 1st 5s. Due May 1, 1933.— F. Dated May 2. 1892. Interest payable May and Nov, 1, at Trustee's olHce. Tax Status — 2 % Federal Income Tax paid by company .without deduction. Authorized — Closed mortgage. Outstanding — $2,974,000 ($350,000 owned by International Ry. Co.). Denomination — Coupon, $1,000. Trustee — Metropolitan Trust Co., New York. Guaranteed as to principal and interest by Buffalo Ry. Co. Control — Absorbed by the International Ry. The entire capital "stock of the latter company Is owned by the International Traction Co., which is controlled by United Gas & Electric Co. Secured by a first mortgage on 63 miles ot street railway in Buffalo, N. T. Franchises are perpetual. Underlies — International Ry. Co. Ref. & Imp. 5s. Earnings — See International Ry. Co. Market. New York — E. Sc iC. Randnlplh. Htodenpyl, Hardy & Co., Miller & Co., Joaepih & Wiener, Frpd H. Hatch & Co. Buffalo — John T. Steele, O' Brian & Potter, I^aisville — Wood, Johnston & Co. Chicago — Hodenpyl, Hardy & Co. Boston — L. Sheirman Adams. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask Hig:h.l06 '09 108 '09 97 Jan. 99 Oct. Low. 90 '18 94 '18 9U Oct. 94 Oct. CROSSTOWN STREET RAILWAY (COLUBI- BUS) 1st 5s. Due June 1, 1933.— N. Dated June 1, 1893, Interest paya.ble June and Dec. 1, at B. W. Clark & Co., Philadel- phia* or Colunibus, or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $572,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co.. New York. Control — Merged into the Columbus Ry., Lt. & Pr. Co. in 1914. Secured by first mortgage on important street railways in Columbus, Ohio, including the principal line serving the western part of the city. Franchises for most of the street railway lines in Columbus expire in 1926, but a part of the lines covered by this mortgage are operated under franchises granted in 1868 and 1878, which^ the company claim to be perpetual. Underlies — Columbus Ry. 1st Cons. 4s of 1939; C. Ry., P. & Lt. 1st Ref. & Ext. 5a of 1940, which provide for the retirement of this Issue. Bamings — See C. Ry., P. & Lt. 1st Ref. & Ext. 5s. Iiisted on the Philadelphia and Columbus Stock Exchanges. Market. Philadelphia — Buddie & Henry. Blkins. Jtor- ris & Co. . H. D. Bocnning & Co. , Reed & Huntoon. New York — Hanson & Doyle, Kiely & Hor- ton, Fred H. Hb.tch & Co. Columbus — F. W. Freeman. Buffalo — Gardiner, IVnn & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask PIigh.104 '09 106 '10 90 Jan. 91 May IjOW. 79 '18 82 '18 79 Sept. 82 Sept. CROWN OIL & REFINING ^ COMPANY 1st Conv. Serial "Js. Due a*, follows: Series "A" $250,000, due July 1, 1920; Series "B" $300,000, (hie July 1, 1921; Series "C" $600,000, due July 1, 1932. Dated May 1, 1919. Interest payable Jan. and July 1. at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,150,000. Outstanding — $1,150,000. Purpose of Issue — The proceeds of these 348 bonds will be used to complete the refinery and for current working capital. Denominations — Coupon §500. and $1,000. ■ Trustee — ^Mechanics & Metals National Bank, New York. Redeemable at any time upon 30 days' no- tice at 110 and interest. Convertible — Series "A" until maturity, Se- ries "B" and "C" until May 1, 1921, into common stock of company in the ratio of 100% bonds to 115% of stock ($28.75 per share, $26.00 par). Organization — ^Incorporated Sept., 1917, in Texas. Owns leases and interests in leases on approximately 2,000 acres oil producing lands of the Gulf Coast Oil Fields, Texas, val- ued (May, 1919) at over $4,000,000. Com- pany's net share of oil from these properties amounts to approximately 5,000 barrels per day. Has under construction on the Houston Ship Channel-, near Houston, Texas, a refinery Avith capacity of 5,000 bbls. per day. ; Security — A first direct mortgage on refin- ing plants, equipment and leases owned as of May 1, 191£f. Company covenants that while these bonds are outstanding no stock dividends in excess of cash dividends will be declared; that amounts eciual to 25% of any cash divi- dends declared shall be applied to the purchase and redemption of these bonds in addition to the fixed maturities ; and that at least 50 % of proceeds from sale of any leases now owned by the company must be used immediately for the retirement of bonds of the last maturity. Original Market — Offered May, 1919, by Mer- rill, Lynch & Co., and Hemphill, Noyes & Co., New York, etc. CROWN WlLIilAMETTE PAPER CO. 1st 6s. Dne $100,000 annually each May 1 from 1918 to 1933, inclusive; $135,000 from 1933 to 1936. inclusive, and 300,000, 1937 to 1941, inclusive. — N. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Continental & Commercial Trust & Savings Bank. Chicago, or Anglo- California Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $f>,000,000. Oatstandine — $2,800,000 (Mar 2, '19). Retired — $200,000, 'Reserved for Add. — $3,000,000. *Issuable after the expiration of five years from May 1, 1916, to an amount not exceeding in the aggregate 75% of the actual reasonable cost of additions and improvements. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Continental & Commercial Trust & Saving's Bank, Chicago, aaid Wm. P. Kopf. Redeemable on four weeks' notice as follows; 103 and interest for first 10 years, 102^ and interest for next succeeding Ave years, 102 and interest for next succeeding five years and 101 and interest thereafter. Sinking Fand — $1.50 per thousand I'eet on all pulp timber and $2.50 per thousand feet on all saw timber cut from the company's hold- ings covered by the trust deed. This fund la to be used for the Jiayment of the principal of maturing bonds. Organization — Incorporated in Maine in 1914 aa successor to the Crown Columbia Paper Co. and the Williamette Pulp & Paper Co. This company is the largest manufacturer of paper on the Pacific Coast. Secured by a first mortgage on plants lo- cated at West Linn and Oregon City, Ore. ; Camas, Wash., and Floriston, Cal., with a combined daily capacity of 320 tons of news- print, 85 tons of wrappings, 35 tons tissue and 20 tons dried sulphite pulp and coarse wra.p- plngs; pulp and sulphite mills, bag factory, having a daily capacity of 2,000.000 bags: 75,730 acres of land owned in fee, on which there is estimated to be 1,514,G27,000 feet of timber, of which 62% is .suitable for pulp wood; 82,000,000 feet of standing timber on 6,696 acres not owned; water power at Floris- ton, Cal., and leases and contracts for addi- tional water and electric power for Camas plant, which run to 1955. Property is valued at $10,000,000. learnings — Company does not report earn- ings. Original Market — Offered June, 1916. by Continental & Commercial Trust & Savings Banlc, Chicago, at prices ranging from 101 ?i, for 1918 to 100% for 1924 maturities and 100 and interest for remaining maturities. Market. Chicago — Continental & Commercial Trust & Savings Bank. CUBA RAILROAD CO. 1st 5s. Due July 1. 1952.— F. Dated Sept. 18, 1902. Interest payable Jan. and July 1, at Royal Bank of Canada, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000 per mile. Outstanding — $12,030,000. Denomination—Coupon, $1,000. Registered , $1,000 and multiples. Coupon fully register- able. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated in New Jersey in 1902, The Cuba Co. (conBtruc- tio-n company) owns the entire outstanding $10,800,000 common stock and $1,000 of the $10,000,0100 preferred ;stock. Secnred by a first mortgage on 658.1 miles of road, terminals of the Company at Santa Clara, Santiago. Sancti Spliritus, Fompo, La Maya, Holquin, Antilla and Manzanillo. equipment and all other property now owned or hereafter acquired', viz. : Miles Santa Clara to Santiago 356.1 Alto Cedro to Antilla 30.8 Zaza Jet. to Sancti Spiritus 7.3 Dos Caminos Ponupo 11.2 Jatibonico to Pelayo 11.8 Cacocum to Holguin 11 . 1 Marti to San Luis (by way of Bayamo) 141.3 Bayamo to Manzanillo 32.5 Placetas del Sur to Casilda 56.0 Underlies — Impt. & Equip. 5s of 1960. Year ended June 30 Gross Net Int., Etc. 1918. ..$11,645,098 $3,937,078 $1,311,488 1917. . . 6,452,108 1,934,532 1.140.715 1916. . . 6.816.697 3,523.659 978,244 1915... 5,206,714 2,727,540 853,856 1914,.. 5,164.671 2.470.922 954,417 liisted on the New York. London and Am- sterdam Stock Exchanges. Market. New York — Hanson & Doyle. Zimmerman & Forshay, Joseph & Wiener, Jos. "Walker & Sons. Abraham & Co., Harvey A. Willis & Co. Price Range — N. Y. S. E, Jan. 1. 190G to Jan. 1, 1919 1918 ■ _A.sk High.lOO May 7, '10 95 Dec. I^w. 91 Apr. 23. '08 ; 80 Feb. CUBA RAHJCOAD CO Improvement & Equip- ment 5s. Due May 1, 1960. Dated July 1, 1910. Interest payable May 349 1 and Nov. 1 at Royal Batak of Canada, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $12,0 010 per mile (exclusive of sidings). Outstanding — $4,000,000. Purijose of Issue — To reimbuitse the com- pany for expendlitures for terminals, rolling stock, additions and improvements. Denominations — Coupon $1,000, $500 and $100; 1,000 francs and 500 francs. Register- able as to pTincipal. Trustee — New York Trust Co., New York. Organization and Control — See 1st 5s. Secured by a second mortgage on the prop- erty covered) by the first lien of the 1st 5s of 1952. Prior Lien— $12,030,000 1st 5s of 1952. ISamings — See 1st 5s. lasted on the London Stock Exchange. Original Market — $2,500,000 offered 1912 by Robert Fleming & Co.. London, at 95 and interest. The remaindng $1,500,000 wete sold in Amsterdam by the same firm. (TIfE) CUBA RAILROAD CO. 2-Year 6% Se- cured Notes. Due Nov. 15, 1930. Dated No'V. 15, 1918. Interest payable May 15 and Nov. 15 at Trustee's office, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $2,000,000. Turpose of Issue — The proceeds of this is- sue -were used to pay in part $3,000,000 3- year 5%- notes which matured Nov. 15, 1918 Denomination — Coupon $1,000. Register- able as to principal. Trustee — Fidelity Trust Co., Phaiadelphia. Redeemable — $1,000,000 face value of notes may be redeemed on Nov. 15, 1919, at 100% and intejrest, upon four w^eeks' notice. Organization — See 1st 5s. Secured by deposit of $2,000,000 capital stock (entire issue except ciualifying shares) of the Camaguey & Nuevitas R. R. Co. The property of the latter compajiy is free of mortgage debt and the Cuba R. R. Co. cove- nants in the indenture securing these notes not to use its voting power for the creation of any Jien, security, or charge, upon the property or franchises of the collateral . com- pany. The property represented by the pledged col- lateral includes about 48 miles', of road ex- tending from, a junction with the main line of The Cuba R. R. at Camaguey, northeasterly to Nuevitas. and thence to Pastelillo. on the north coast of Cuba. The Camaguey & Nue- vitas R. R. Co. also owns a concession for the construction, under subsidy, of 61 miles of road frorn Camaguey to Santa Cruz del Sur, on the south coast. Original Market — $2,000,000 offered Nov., 1918. by Drexel & Co., Philadelphia, to hold- ers of Ui& 3-year 5 % notes which matured Nov. 15, 1918. in proportion to their holdings of the. old notes on a 7%% basis. CUBA RAILROAD CO. Eouip. 5s. Due $43,000 each Aug. 1 and Feb. 1, to Feb. 1, 1924, inclusive. — F. Dated Feb. 1, 1914. Interest payable Feb. and Aug. 1, in Montreal and New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $860, 000. Outstanding— $430. OOOi (Feb.. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Montreal Trust Co., Montreal. Secured by an equipment trust agreement on 500 freight cars, 10 passenger cars, 1 .passen- ger locomotive and 1 4 freight locomotivea, costing $955,550, of which the company paid $95,550 in cash. Original Market — Offered March, 1914, by th(! Equitable Trust Co., New York. Market. See Equip. 5s, 1917-26. CUBA RAILROAD CO. Equip. 5s. Due $28,- 000 each July 21 from 1915 to 1925. in- clusive;, $27,000 each January 31 from 1916 to 1925, inclusive. — F. Dated January 21, 1915. Interest payable January 21 and July 21, at United States Trust Company of New York, New York. Tax Status — 2% Federal Income Tax' paid by company without deduction. Authorized — $550, 000. Outstanding^$330,000 (Feb., 1919). Balance Retired. Denomination — Coupon. $1, 000. Trustee — ^United States Trust Company of New York, New York. Secured by an equipment trust agreement on 6 freight locomotives, 2 passenger loco- motives, 1 electric welder, 200 flat cars, 150 box cars, 2 sleeping cars, 4 baggage cars, 4 second-class cars, and 2 first-class cars, cost- ing $667,776, of which $117,776 was paid in cash. Market. See Equip. 5s due 1926. CUBA RAILROAD CO. Fauip. 5s. Due $40,- 000 each June 15 and December 15. to Dec. 15, 1925, inclusive. — F. Dated December 15, 1915. Interest payable Dec. 15 and June 15, at United States Trust Company of New York, in New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800,000. Outstanding — $520,000 (Jan. 16, '19). Balance Retired. Denomination — Coupon, $1, 000. Trustee — United States Trust Company of New York, N.Y. Secured by equipment trust agreement on 12 freight locomotives, 300 flat cars, 150 box cars, 294 flat cars with cane racks, costing $967,000, of which $167,000 paid in cash. Market. See Equip. 5s 1917-26. CUBA RAILROAD CO. Fquip. 5s. Due $98,- 000 each May 1st from 1917 to 1926; $97,- 000 each Nov. 1st from 1917 to 1926. Dated November 1. 1916. Interest payable May 1 and November 1, at Guaranty Trust Co., New York, Tax Status — 27o Federal Income Tax paid by company without deduction. Authorized — $1,950,000. Outstanding— $1,462,000 (May 2. *19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Company, New York. Secured by an equipment trust agreement on 35 freight locomotives, 3 switching loco- motives, 40 tank cars. 400 flat cars, 10 sec- ond-class passenger cars, 2 baggage cars, 360 box cars, 1 first-class passenger car, 1 first- class observation car, 425 fiat cars with cane rack, 9 refrigerator cars, 2 compartment sleep- ing cars, and 3 baggage .and mail cars, cost- 350 ing $2,601,469, of which $651,469 was paid in cash. Market. New York — Abraham & Co., Cogg-eshall & Hicks, Ij'reeman & Co.. Bull & Eldredge, Han- son & Doyle, Z'immerman & Forshay, Evans, Stillma-n & Co.. Sam'l CSoldachmidt. Pittsbnrffh — Colonial Trust Co. Fhiladolphia — Graham, Parsons & Co. Due 1920 Higrh.99^/4 Dec. lOOU Dec. Low. 9 7 '^ Mar. 98 Mar. Due 1921 High. 99% Dec. 100^/4 Deo. Low.96^^ Feb. 96% Mar. (THE) CTJBAN-AMERICAN SUGAR CO. First liien 6% Serial Notes. Bue each Jan. 1, as follows: $^,000,000. 1919; $2,000,000. 1920; $2,000,000. 1921.— F. Dated Jan. 1, 1918. Interest payable July 1 and Jan. 1, in New York. Tux Status — 2% Federal Income Tax paid by company without deduction. Authorized-r-$6, 000,000. Outstanding — $4,000,000 (Feb. 8. .'19). Balance Retired. Purpose of Issue — To provide a portion of funds to pay off $8,211,000 Coll. Tr. bonds, due April 1. 1918. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. . New York. Redeemable as to w^hole or in blocks of not less than $500,000 at 101 and interest on any interest date on six weeks' notice. Organization — Incorporated in New Jersey in 1906 and controls and operates throug-h its subsidiary companies six sugar plantations and one sugar refinery in Cuba and one re- finery in Louisiana. Capital Stock Authorized Outstanding Preferred (7% cum.). . $10,000,000 $7,893,800 Common 10,000,000 9,999,500 Secured by a first collateral lien through pledge of $12,100,000 First Mortgage 6% bonds upon practically the entire properties of the subsidiary companies. Under the provisions of this indenture the Company will not itself create any prior mortgage or lien ahead of these notes during their life, or permit to be created by any of its subsidiary companies any mortgage or lien which would rank ahead of the First Mortgage bonds pledged. The Company will at all times maintain net cur- rent assets eqtual to 150% of outstanding notes. The properties covered by the lien of these notes include a total of 469,000 acres, 6 modem sugar factories and plantations, 1 sugar refinery in Cuba and 1 in Louisiana, with 384 miles of railway, 5 2 locomotives, 2,695 cars, over 600 miles of telephone lines and 2,500 buildi-ngs. l^ear ended Sept. 30 Gross Net *Deductions 1918. .$40,089,316 $10,249,273 $6,022,071 1917. . 40,345,554 10.821,960 4.565,886 1916.. 27,344,128 9,625,471 1,885,280 1915.. 23,366,625 7,210,523 1.892,758 1914.. 15,560.098 4,446,711 1,879,129 •Includes interest, depreciation, sinking fund a,nd Federal Taxes. Original Market — $6,000,000 offered Dec, 1917, by the National City Co. at 99.17, 97.93, and 96,35 and interest for respective maturities. Market. New York — Abraham' & Co., Bull & El- dredge. Mann, Bill & Co., Morrison & Town- send. Chicago — Babcock, Rushton & Co. Price Range — 1918. Bid Ask Due 1919 High. 99% May 100^/i May Low. 99 Jan. 99^/4 Jan. CUBAN PORTLAND CEMENT CO. 3-Year Conv. 7% Notes. Due Jan. 1. 1921. Dated Jan. 1, 1918. Interest payable Jan. 1 and July 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 3 , OO, 0'. Outstanding — $1,000,000. Purpose of Issue — To provide funds for completion of plant and working capital. Denomination — $ 1,000. Redeemable at 101 and interest on any in* terest date on 30 days' notice. Convertible at any time prior to maturity into stock of the company at $15 per share- Note, — The company reserves the right to re-incorporate under the laws of Cuba, should it later be found to the interest of share- holders to do so. In this event these notes would be convertible into shares of the new company on an equivalent basis. Subscrip- tions to these notes are made subject to this reservation. Organization — Incorporated in Massachusetts Feb., 1916, to manufacture and sell Port- land Cement in Cuba. Owns about 1,144 acres of land, about 2 8 miles (by water) southwest of Havana, of which 746 acres, principally limestone are located on the east shore of the bay of. Mariel, near the town of Mariel, and 389 acres of clay land, 3 miles from the limestone property on the Mariel River, which empties into Mariel Bay. De- posits of raw material are estimated suffi- cient to produce 100,000,000 barrels of high grade Portland cement. The company owns a plant of 600,000 bbls. annual capacity. Capital Stock Authorized Outstanding Par $10 $2,000,000 $1,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. Original Market — Underwritten by Hayden, Stone & Co. and offered in Dec. . 1917, to shareholders at par and interest. Each share- holder being entitled to subscribe in the ratio of one $1,000 note for each 100 shares. Market. New York — Hayden. Stone & Co. Price Range 1918--Ask 102. CUBAN SUGAR MILLS CORPORATION 15- Year 1st S. F. 6s. Due Jan. 1, 1932. — F. Dated Jan. 1, 1917. Interest payable .Jan. 1 and July 1, In New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1, 500, 000. Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — The Trust Co. of Cuba. Havana. Redeemable on any interest date on 3 days' notice at 102% and interest up to and in-^ eluding Jan. 1, 1919, and thereafter at los' and interest. Sinking Fund — ^Annually beginning Augu^ 1, 1918, 5% of total bonds issued for the purchase or redemption of these bonds at not over redemption prices and interest. Special Provision — No dividends shall be paid' on the common stock until one-half of the bonds issued and outstanding have been retired, and then only 5% per annum shall be paid in dividends on the common stock until all the bonds of this issue have been 351 retired; subject to these provisions, working capital requirements, necessary additions and exteEsIons, surplus profits must be devoted to rehiring bonds. Organization — Org'anized to manufacture raw or centrifuiral sugar from cane, whether grown on itf, own or other lands. Capital Stock Authorized Outstanding Preferred 6% Cum. $600,000 $600,000 Common , . 3, 000, 000 3. 000, 000 Secured by a first mortgage on 36.000 acres sugar land in the Province of Pinar del Rio. having a four-mile frontage on the ocean with a natural harbor; also on modern steel mill with a daily capacity of 1,200 tons and on standard gauge railroad connecting at Los Palacios with railroad to Havana. Original Market — $1,500,000 offered DeA.. 1916, by Bertron, Griscom & Co. and Millet. Rot; & Hagen, New Tork. and Clarke & Co., Chicago, at 97% and interest. Market. Ueti'oit — Joel Stockard & Co. New "Sork — Hanson & Doyle. Doyle. Holyoke, Mass. — ^E. M. Dickinson. Flrice Range. Jan. 1, '17 to' Jan. 1., '19_ 1918 High.lOO '17 98% Maj- Low. 90 '18 90 Mar. (THE) CUDAHY PACKING CO. 1st S. F. 5s. Due Dec. 1, 1946. — ^F. Dated Dec. 1. 1916. Interest payable June 1 and Dec. 1, at Lee, Hlgginson & Cd.» New York, Boston, or at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $12, 000, 000. Orntstandiaig — $8,478,300 (Jan. 1. '19). Retired by S. F.— ?621.700. Reserved for Additions — $3,000,000. Denominations — Coupon, $1,000, $500 and $100, Registerable as to principal. Reg- istered $1,000, $5,000 and $10,000. C. & B. intp-rchangeable. Trustees — Illinois Trust & Savings Bank and ■William H. Henkle, Chicago. Redeemable at 102% and interest on any in- terest date on two months' notice. Stoking I^nd— Annually beginning Oct. 1, 1917. $250,000 and an additional 2%% annu- ally of all bonds issued in excess of $9,000,000, for the purchase or redemption of these bonds at not over 102 ^ and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Maine in 1915 as successor to comnany of same name organ- ized in 1887, It Is one of the largest packing house concerns in the country, having plants in South Omaha, Kansas City, Sioux City, Wichita, Salt Lake City and Los Angeles, and distributing branch houses in 92 of the principal cities of the United States. Secured by a first mortgage on all real estate plants, other fixed properties, rolling stock, trade marks, etc., now owned or here- after acQUired. As od! Oct., 1918, real estate, plants, branch houses and rolling stock valued at $17,893,293. net quick assets, $30,789,459; total net assets, $32,493,078. Underlies — 5 -year S. F. 7% NotesI of July 15. 1923. Year ending Oct. 31 Gross *Net 1918 $286,660,971 $3,376,809 1917 184.811.000 4.430,529 1916 133,960,986 3,011,415 1915 116,162,156 723,642 •After interest, sinking fund, excess profit, taxes, etc. Original Market — $9,000,000 ofCered Dec, 1916, by Lee, Higginson & Co. at 98% and interest. Market. Chicago — National City Banlc. Dodge & Ross, Curtis & ganger. Merchants' Loan & Trust Co., Noirthem Trust Co., Merrill, Lynch & Co., Illinois Trust & Savings Bank, Bab- cook, Rusttiton & Co. New York — ^Earle A. Miller & Co., McKin- ley & Morris, A. B. Benesch & Co., Garrison & Brown, Dunham & Co., "Wm. A. Read & CJo.. B. WolfC, Guaranty Trust Co., Kiely & Hor- ton, Merrill. Lynch & Co., E. & C. Randolph, Joseph & "Wiener, Curtis & Sanger. Phitadeli»hia — Graham, Parsons & Co. Boston — Curtis & Sanger. Ijos Angeles — Blank enhom-Hunter-Dulin Co. San Diego, Cal.— Stephens & Co. Pasadena — Blankenhorn-Hunter-Dulin' Co. Minneapolis — 'Wm,. "W. Eastman & Co. Milwaukee — ^Marshall & Ilsley Bank. Portland — Casco Mercantile Trust Co. San Francisco — Blankenihorn-Hunter-Dul in Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Pittsburgh — R. W. Evans & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '17 100^4 '17 93 Dec. 95 Dec. Low. 88 '18 89% '18 88 Oct. 89% Oct. (THE) CUDAHY PACKING CO. 5-Year 7% S. F. Notes. Due July 15. 1933. Dated July 15, 1918. Interest payable Jan. 15 andi July 15, at Lee, Higginson & Co., New- York, Boston, and Chicago, and at Illinois Trust & Savings Bank; Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. OutSftandinB^$10. 000,000. Purpose of Issue — To provide additional working capital by reducing current liabilS- ties. Denominations — Coupon $1,000, $500 and $100. Registerable as to principal. Trustees — Illinois Trust & Savings Bank and William H. Henkl6, Chicago. Redeemablisi as a whole on any interest date, or in part for sinking fund on any July 15, at 101 and interest, upon 20 days' notice. Sinking Fund — ^Annually, commencing on or before July 15, 1919. 15% of total notes is- sued. This win i^atire at least $1,500,000 of these noteal in each year to 1922 inclusive'. Organization — See*. 1st 5s. Security — A direct obligation , of the com- pany, but not secured by a mortgage. Un- der the provts-ians of this indenture the com- pany covenants- that while these notes are outstanding, it will not further mortgage or pledge ajiiy of its assets, except in the or- dinary course of business; it will not issue, guarantiee or endorse ajiy other bonds, de- bentures, long time notes or similar securi- ties, except for the acauistion of additional property and except purchase money obliga- tions; it will maintain net quick assets equal to at least 200 per cent, of the amount of these notes outstanding; it will maintain total quick assets equal to at least 150% of its cur- rent liabilities; and it will maintain its cap- ital stock and surplus of not lees than $23,- 50i0.000i and will pay no cash dividends on the common stock except out of profits earned after Oct. 27, 1917. 352 Prior Li«ns— $8,478,300 1st S. F. 5a' of 1946. Earnings— See 1st S. F. 5s. Oriirinal Market — $10,000,000 offered July, 1918. by Lee, Higginson & Co., Boston, etc.. National City Co., New York. Illiinois Trust & Savings Bank and Merchants Ixian & Trust Co., Chicago, and First National Bank, Mil- waukee, at 98' and interest. Market. Pittsburgh — ^Kean, Taylor & Co. Philadelphia — Graham, Parsons & Co. Chioago — Bahcook, Rushton & Co., Curtis & Sanger, Illinois Trust & Savings Banik, Pyn- chon & Co., Dodge & Rosa. Grand Rapids — Howe, Snow, Corrigan & Bertles. New York — Babcocik, Rushton & Co., Bull & Eldredlge, Homblower & Weeks, T. Hall Keyes & Co. , Morrison & Townsend, John Muir & Co., John NHckerson, Jr. Price Range — 1918. Bid Ask High.102 Dee. 102% Dec. L6w. 97 Aug. 97% Aug. CUMBERLAND 8s PENNSYI.VANIA RAIL- ROAD Ist 5s. Dee May 1, 1921.— N. Dated May 1, 1891. Interest payable May and Nov. 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $1,000,000. Held in S. F. — See "Sinking Fund." Denomination — Coupon, $1, 000. Guaranteed principal and interest by Con- solidation Coal Co. by endorsement. Sinking Fund — $25,000 per annum to retire bonds. Bonds so acquired are held alive in sinking fund, and interest added thereto. iSecurities of a par value of $1,152,000, costing $1,115,935, are held in this fund. Organization and Control — Incorporated in Maryland in 1850. Bntire capital stock ia owned by the Consolidation Coal Co. Secured by first mortgage on 51 miles of road extending from, Cumberland, Md., to Piedmont, W. Va., including branches. MaTk«t. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1. 1908 to Jan. 1, lpl9 1918 Bid Ask Bid High.103% '12 105 '15 97% Apr. Low. 85 '17 102% '14 CTTMBERLAND COUNTY (ME.) POWER & UGHT CO. Ist & Ref. 5s. Due Sept. 1, 1943,— P. Dated August 1, 1912. Interest payable March and September 1, at Trustee's office, or A. B. Leach & Co.. New York. Tax Status — 2% Federal Income Tax paid by corapajiy without deduction. Authorized— $10,000,000. Outstanding — $2.91»,000 (Jan. 1, '19). Reserved for Prior Lien&— $3,000,000. Reserved for Ext. — $4,082,000. Denomination — Coupon, $1, 000. Registerable as to princpial. Trustee — Empire Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date upon 60 days' notice. Depreciation and Sinking VnnA — Beginning July 1, 1915, and annually thereafter 1% of outstanding bonds, but not less than $20,000 per annum for the purchase of bonds at not exceeding 105 and Interest or the company may be reimbursed for the actual cash cost of re- placements, extensions, additions, etc., and for the actual cash cost of extraordinary renewals and replacements. Organization — Incorporated in Maine in 1907. Operates the Portland Railroad Co. under lease; owns practically all of the common stock of the Lewlston. Augusta & Waterville St. Ry., and all of the common stock of the ' York County Power Co. Does the entire electric light and power business of Portland, Me., and vicinity, and through subsidiary com- panies operates the street railway systems of Portland and South Portland, with lines to Yarmouth, Cape Elizabeth, Old Orchard, Gor- ham. South Windham and other towns, the Lewiston, Augusta & Waterville St. Ry. sys- tem; the gas and electric plants supplying BIddeford and Saco and plants supplying elec- tricity in Kennebunk, York, Sanford and other towns in southwestern Maine. Management— E. W. Clark & Co., Philadel- phia. Secured by a mortgage on four hydro-elec- tric plants located on the Saco and Presump- scot rivers within 25 miles of Portland, Me., and a steam plant in that city with a com- bined capacity of over 17,000 k. w. ; transmis- sion lines (108 miles) to and distribution sys- tem in Portland and adjacent territory and also on the 99-year leasehold right of the Portland Kallroad. Franchises are reported as liberal. Prior Liens — $^,000,000 bonds of constitu- ent companies for the retirement of which provision is made in this mortgage. Tear ended Dec. 31 (consolidated) Gross Net Int., Etc. 1918.. ..$3,226,900 $926,736 $869,075 1917.. . . 3,081,927 1,027,881 820,400 1916.. .. 2,866,997 1,091,510 809,342 1916.. . . 2,636,364 1,130,577 792,414 OrtKinal Market — Offered in 1912 by A. B. Leach & Co., of New York, etc., at 98 and interest. Market. Fhlladelphla — ^A. B. I^acb & Co. Boston — C. B. DenlBon & Co., Hotchkin & Co., F. B. Bassett & Co., J. S. Orler & Co., A. B. Leach & Co., L. Siherman Adams. New York — B. & C. Randolph, A. B. Leach & Co., S. L. Snowden, Geo. , Reith & Co., Jo- seph & "Wiener, Lyndh & McDermott. Bangor — L. C. Tyler & Sons Co., Inc. Portland — Casco Mercantile Trust Co., Beyer & Small, Union Safe Deposit & Trust Co. Price Rangre.' ■ ■ ■ ■ »^-^ Jan. 1, 1915 to Jan. 1, 1919 1918 Bid High.96 '17 Low. 75 '18 Ask 99 '17 85 '18 Bid 85 Jan. 75 Dec. Ask 9» Jan. '■85 Dec. CTTMBERI^ND TEIiBFHONE & TEIil;- GRAPH CO. 1st & Gen. 58. Due Jan. 1, 1937.— F. Dated January 1, 1912. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by compajiy without deduction. Authorized — $16,000,000. Ontstandine — $16,000,000. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustees — Columbia Trust Co., New York, and P. V. R. Van Wyck, Summit, N. J. Redeemable as a whole at 105 and Interest on and after July 1, 1917, upon eight weeks' notice, provided the company has first ac- quired and cancelled more than $12,000,000 of these bonds. 353 Oriranization — Incorporated in Kentucky in 1683 and operates under perpetual and ex- clusive license from the American Bell Tele- phone Co., throughout the States, Mississippi and Louisiana, the greater parts of Ken- tucky and Tennessee and a few counties in Illinois and Indiana. Controlled by the Southern Bell Telephone & Teiegraph Co. through ownership of a majority of $11,080,150 capital stock. The latter company is controlled by the Am. Tel. &. Tel. Co. Secured by a first mortgage on all the property of the company except that covered by the first lien of the 1st 5s (see above) on which this mortgage is a second lien. The company- serves a territory of 176,768 square miles with a population of more than 8,000,- 000. Dec. 31, 1918, owned 214,120 stations and 10 5.619 connecting stations. Underlies — Deb. 5s of 1920. year ended Dec. 31 Gross ♦Net Int. &Rent tiais. . $6,604,545 $1,206,772 $846,572 1917. . 9.219,954 2,379,936 1,346,041 1916. . 8,485,199 2,263,264 1,272,518 1915.. 7,880,374 2.180,667 1,300,089 1914. . 8,048,552 1,964,432 1,269,230 ♦After depreciation. tSeven months ending July 31, 1918. Listed on the New York, Boston and Louis- ville Stock Exchanges. Original Market — Offered in 1912 at par and interest by Geo. H. Burr & Co.. Parkinson & Burr, Bstabrook & Co., Lee, Higginson & Co., of New York, Boston, etc. Market. New York — Didrichsen & Co., WolfE & Stan- ley, Wm. C. Ewen, Pynchon & Co., E. & C. Randolph, Gdlman & Clucas, Paine. Webber & Co. Boston — J. "W. Bowen & Co., Paine, Webber & Cfo. I/onisville — Wood, Johnson & Co. , J. J. B. Hilliard & Sons, J. W. & D. S. Green. Nashville — Goulding, Marr & Bros. Price Range — N. X. S. E. Jan. 1, 1912 to JaJi. 1, 1919 1918 High.lOl^^ Nov. 15, '16 95 Nov. 21 Low. 85 Aug. 10, '18 85 Aug. 10 CUMBERLAND TELEPHONE & TELE- GRAPH CO. Deb. 5s. Due Feb. 1, 1920. Dated Feb. 1, 1900. Interest payable Feb. and Aug. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $250,000. Outstanding — $239,000. Denomination — Coupon, $1, 000. Redeemable at par and interest. Security-^A direct obligation of the com- pany, but not secured by a mortgage. For Earnings, Organization, etc., see 1st and Gen. 6s below. Listed on the New Orleans Stock Exchange. Earnings — See 1st & Gen. -Ss. Market. New York — Gilman & Clucas. Boston — J." W. Bowen & Co. Nashville — Caldwell .t Co., Henry S, Fra- zer. Thbs. Plater & Co. Chicago— Curtfis & Sanger. ?rice Range. Jail. 1. 1908 t« Jan. 1, ,1919 1918 ■■'■'■ Bid Ask Bid Aek High.lOO '08 102 '09 99 Dec. 99% Dec. Low. 85 '08 95 '08 93 Apr. 98 Apr. CUMBERLAND VALLEY TELEPHONE CO. OF PA. 50-Year 1st S. F. 5s. Dae Jan. 1, 1966.— F.- Dated Jan, 1, 1916, Interest payable Jan. 1 and July 1, in Harrisburg, Pa. Tax Status — 2% Federal Income Tax paid by company without deductian,. Tax free in Pennsylvania. Authorized — $750,000. Outstanding — $265,000' (Jan. 1, '19). ♦Reserved for Additions, etc. — $485,000. •Issuable for S5% of cost when net earnings for the previous year are equal to 1% times interest charges on all bonds outstanding and to be issued. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — ^Mechanics' Trust Co. , Harrisburg, Pa. Redeemable at 100 and interest on any In- terest date. Sinking Fund — ^Annually, beginning Jan., 1921, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 100 and interest. Organization — Organized under the laws of the State of Pennsylvania, as a reorganization of a company of the same name, Dec. 28, 1915. Operates the following exchanges in the State of Pennsylvania: Harrisburg, Hunmiels- town, Steelton, Marysville, Duncannon, Car- lisle, Mechanicsburg, Mt. Holly, Newville, Chambersburg, Fayetteville, Greencastle, St. Thomas, Shippensburg, Waynesboro, Hanover, Gettysburg, Biglerville, Littletown, New Ox- ford, Lewistown, Mifflintown, ReedsviUe, Mid- dleburg, Newport, Adamsburg, Selinsgrove, Blizabethville, Millersburg and Tower City; Hagerstown, Md. ; Martinsburg, W. Va. ; and Winchester, Va. The company also owns the entire capital stock of the Lykens Telephone & Telegraph Co., operating in Lykens, Pa., and the entire capital stock of the Cumber- land Valley Telephone Co. of Baltimore City, operating in the States of Maryland, Virginia and West Virginia. The territory served has a population of over 300,000. Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. For detail see "Organizations." Franchises are all perpetual. Underlies — $737,000 Gen. 4s-53, due April 1, 1966. Year ended Dec. 31 . Gross Net 1918 $227,607 $76,461 1917 213.278 63.775 1916 182,192 50,384 1915 171,325 51,982 1914 168,425 55.304 Original Market — Offered March, 1917, by Chandler & Co., Philadelphia, New York and Boston,- at 91}/^ and interest. Market. Philadelphia — H. D. Boenning & Co., Paul & Co., Cliandler & Co., J. W. Sparks & Co., S. K. Phillips & Co. New York — Chandler & Co., Bonbright & Co. Pittsburgh — Wm. P. Lemloy & Co. Harrisburg — Lescure, Suavely & Co. Price Range 1918 — AsJt 92. CURRENT RIVER RAILROAD CO. ^^t 5s. Due Oct. 1, 1927.— F. Dated October 1, 1887. Interest payable April and 0<5t. 2, at Old Colony Trust Co.. Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. 351 Aathorized — Closed Mortgage. Oatstandlng — $1,606,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New England Trust Co., Boston. Assumed by the Kansas City, Ft. Scott & Memphis Ry, Co. Control — Absorbed by the Kansas City, Fort Scott & Memphis Ry. Co. All of the stock of this company Is owned and its property leased by the St. Louis-San Francisco R. R. Co. Secured by a first mortgage on 81.95 miles of road from "Willow Springs to Grandin, Mo. These bonds are outstanding at the rate of ?20,000 per mile. UnderUes — K. C, Ft. S. & M. Ref. 4s of 1936. Bonds are reserved under that mort- gage to retire this issue. ILegal for Me. Listed on the Boston Stock Exchange. Market. JJew York — ^Wm. C. Ewen, Wolft & Stan- ley, B. & C. Randolph, Sam'l Goldschmidt, Blodget & Co., Abraham & Co., Baker, Oar- nithers & Pell, Fred H. Hatch & Co., F. J. Ljsman & Co., Spencer, Trask & Co. Philadelphia,— Canadian Bond Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.101% '12 102% '12 87 Nov. Low. 70 '17 80 '17 75 Aug. Ask 9 5 Jan. 80 Aug. THE CUYAHOGA TEJJEPHONB CO. 1st Ext. Is. I>oe Dec. 1. 1921. Dated Jan. 2, 1899, and originally due Jan. 1, 1919. but was extended for thiree years from Dec. 1, 1918. Interest increased from 5%. Interest payable June 1 ^nd Dec. 1, at Citizens' Savings & Trust Co., Cleveland, or at J. P. Morgaji & Co., New York. Authorized — (Closed mortgage). ■ Outstanding — $2,676,000 Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland, O. .Assumed by the Ohio State Telephone Co. Organization — Incorporated in 1898 in Ohio to operate a telephone system in Cleveland and vicinity. Merged with 14 other companies into the Ohio State Telephone Co. .in 1914. Secured by a first mortgage on all the prop- erty of the company, which operates about 30,000 telephones in Cleveland and vicinity. It has seven exchanges, 46 miles of subway and 150 miles aerial cable, together with a nine-story building in business centre of Cleve- land. Underlies — $5,000,000 Ohio State Tel. Consol. & Ref. Series "B" 5s of 1944. ^mings — See Ohio State Telephone Co. liisted on the Cleveland, Toledo and Colum- bus Stock Exchanges. Original Market — First ofEered by Kissel. Kinnicutt & Co.. New York. Offered 1911 by Miller & Co.. New York. ofEered December. 1918, by Otis & Co., Cleveland at 99% and interest. Market. New York — ^Hotchkin & Co.. Barle A. Mil- ler & Co.. G. W. 'Walker & Co.. Rauscher & Childress. Leonard Snider & Co., Merrill. Lynch &. Co.. Miller & Co.. Gilman ic Clucas. E. & C. Randolph. Cleveland — M. H. Murch & Co., C. E. Deni- son & Co.. Roland T. Meacham. Borton & Borton. W. S. Snyder & Co. Philadelphia — H. D. Boennlng & Co.. Fra- zier & Co. Baltimore — ^Poe & Davies. Grand Rapids — ^Howe. .Snow, Corrigan & Bertles. Boston — F. B. Bassett & Co., MoConnell & Co.. Inc., C. E. Denison & Co., Hotchkin & Co. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, -'08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99% '17 101 '18 99 Dec. 101 Dec. Low. 65% '08 67 '08 90 June 93 June 3M D DAKOTA CENTRAL TELBPHONII CO. 1st 68. Dae June 1* 1935. — F. Dated June 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid J>y company without deduction. Authorized — $2, 500, 000. Outstanding — $1,035,000 (Jan. 1, '19). Held in S. F. — $34,500. In Treasury — $95,500. Reserved for Ext. — $1,335,000. Denomination — Coupon, $500 and $1,000. Regiaterable as to principal only. Trustee — Boston Safe Deposit & Trust Co.. Boston. Redeemable on any interest date at 107^ and interest. Sinkins: Fund — Annually, beginninir June 1, 1916, 1% in casb, of amount of bonds out- standing, plus interest on bonds in sinking fund, to be applied to purchase of these bonds. Bondis so acqulired to be held alive in Sinking Fund. Organization — Incorporated in South Da- kota. Secured by a first mortgage on the tele- phone system operating- under the Bell license in South Dakota, east of the Missouri River, except in Sioux Falls and vicinity, and in adjoining parts of North Dakota and Minne- sota. The company's plant includes 3,600 miles of toll lines and 3,000 miles of rural lines, and it operates exchanges in 80 communi- ties. The population of the territory served is about 400.000. Year ended Dec. 31 Gross Net Int., Etc. 1918 $791,333 $207,313 $62,567 1917 745.867 216,520 76.948 1916 673.050 190.789 60.724 1915 592,062 141,184 53,164 1914 527,608 162,856 29,284 1913 504,297 95,820 29.000 Original Market — $1,000,000 offered in June, 1915, by Merrill, Oldham & Co., Boston, at par and interest. Market. New York — Gilman & Clucas. (THE) DAKOTA POWER CO. (RAPID CITY, S. D.) Ist 66. Due IVIarch 1, 1930. Dated Sept. 1, 1918. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income- Tax paid by Company without deduction. Authorized — $1,000,000. Outstanding — $252,750. DtenominaUon — Coupon $1,000, $500 and $250. Registerable as to principal. Trustee — Chicago Title & Trusts Co. and Wm. C. Wiblock, Chicago. Sinking Ennd — 2% per annum beginning Sept. 1, 1923, to purchase bonds at not ex- ceeding 101 and interest. Organization' — Incorporated In South Dakota in 1907, In 1911 absorbed the Rapid City Electric & Gas Light Co. Steonred by a first mortgage on 5% miles of completed waterway and other watfeir rights on the Rapid River, hydro-electric plant of 2,500 h. , p.. a hydro-electric plant of 150 h. p., and on electric distribution system soip- plylng Rapid City, S. D. , and other cities in the Black Hills, S. D., with electric light and power. FraTichlse expires in 1930. Popu- lation served. 15, 000'. Year ended Dec. 31 Gross 1918 $61,459 1917 56.720 1916 52,264 Net Interest $31,707 $32,010 30,419 38.666 28.105 36,853 DALLAS & WACO RAILWAY CO. 1st 5s. Due Nov, 1, 1940.^F. Dated Nov. 1, 1890. Interest payable May and Nov. 1, at company's office, 61 Broad- way, New York. Payment of Interest — ^May 1, '16 coupons paid Oct. 31, '16; Nov. 1, '16, paid May 1, •17; May 1. '17 paid Nov. 1, '17, Nov. 1, '17 paid Apl. 30, '18, May 1. 1918, paid Oct. 30, '18, Nov. 1. 1918. paid May 1, 1919. Tax Status — 2% Federal Income Tax paid by I company without deduction. Tax free in Texas. Authorized — $2, 000, 000. Outstanding — $1,340,000 (Closed mortgage). Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New Tork. Guaranteed principal and interest by the M., K. & T. Ry. Co. of Texas by endorse- ment. Protective Committee — Theodore H. Banks (Chairman), Henry E. Cooper, Frank S. Gan- non, W. C. Langley. with Martin S. Watts, Secretary, 115 Broadway, New York, and Equitable Trust Co., New York, Depositary. Control-7-Property conveyed to the Missouri. Kansas & Texas Ry. Co. of Texas in 1891. Now in receivership. Secured by a: first mortgage on 65.58 miles of road from Dallas to Hlllsboro, Texas. Also a first lien on 7 locomotives, 5 chair cars and 13 box cars. Listed on the New York and Amsterdam Stock Exchanges. Market. New York — ^WolfC & Stanley, Pinch & Tar- bell. Baker, Carruthers & Pell, F. J. Lisman & Co. Texarkana — ^R. S. Cheatham. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.llO Mar. 4, '09 70 Nov. 75 Oct. Dow. 69 Nov. 17, '16 60 Dec. 69% Jan. DALLAS ELECTRIC COMPANY, Terminal Mortgage S-Year 6% Notes. Due Jan. 1. 1921.— P. Dated January 1. 1916. Interest payable January 1 and July 1, at State Street Trust Co.. Boston. Tax Status — 2% Federal Income Tax paid by company without deductflon. Authorized — $1, 000, 000. Outstanding — $750,000. Denominations — Coupon $500 and $1, 000. Interchangeable and registerable as to princi- pal. Trustee — State Street Trust Co., Boston. Redeemable as a whole at 101 and Interest on 30 days' notice. Organization — Incorporated in Maine in 1913 as successor to the Dallas Electric Corpora- tion, and acaulred stock control of the com- panies doing the electric street railway, light and power business in Dallas, Tex., and vi- cinity. Also owned the entire capital stock of the Dallas Interurban Terminal Associa- tion. In 1917 the Dallas Railway Co. acaulred the railway properties and also the property 356 covered by this mortgage, and the Dallas Power & Light Co. acQuired the electric light and power properties. Successor companiea are subsidiaries of the Electric Bond & Share Co. Security — ^A direct obligation of the Dallas Electric Company. Also secured by a direct first mortgage on the terminal and office building of the Dallas Interurban Terminal Association now being constructed In the cen- tral business district of Dallas. l^e ter- minal facilities have been leased for 20 years from Dec 17, 1915, to the Texas Traction Co., Southern Traction Co. and Northern Texas Traction Co., with option to purchase or re- lease. These interurbans carry about 2,500,000 passengers annually in and out of Dallas. Kentals are based on number of passengers using terminal. A substantial part of the eight stories available for stores and offices are being leased for five years. The associa- tion is also about to acquire property op- posite the terminal upon which it will build seven storage tracks with a capacity of 14 interurban cars. Original Market — Offered January, 1916. by the Old Colony Trust Co., Boston, and Stone Sc Webster, Boston, New York and Chicago, at 99% and interest. Market. New York — Stone & Webster. Chicago — Stone & Webster. Boston — Stone & Webster. Grand Bapids — Kusterer, HilUker & Per- kins. Price Range. Jan. 1, 191G to Jan. 1, 1019 1918 Bid Ask Bid Ask High.99% '16 101 '16 95 Dec. 99 Dec. Low. 95 '18 99 '16 DALLAS ELECTRIC CORF. 1st Coll. Tr. Ss. Due April 1, 1922.— F. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Incom© Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $3,212,000 (Mar. 15, '19). Held in Sinking Fund — $788,000. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee-^ld Colony Trust Co., Boston- Redeemable as a whole only at 105 and in- terest on any interest date. Sinking Fund — 1% per annum of outstand- ing bonds, payable Oct. 1 for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acaulred to be kept alive and interest added. Organization and Control — Incorporated in 1902 in New Jersey as a holding company and succeeded in 1913 by The Dallas Electric Co.. The latter company assumed the obligations of predecessor company. In 1917 The Dallas Electric Railway Co. and the Dallas Power & Light Co. were organized to acquire, re- spectively, the railway and the electric light and power properties, covered by the lien of this mortgage. These companies are subsi- diaries of the Southern Securities Co., a sub- sidiary of the Electric Bond & Share Co. Security — Origrinally this issue was secured by a first collateral lien on the Street Railway system and the electric light and power plant in Dallas. Texas, through pledge of all the stocks (except qualifying shares), bonds and indebtedness of the following proprietary com- panies: The Dallas Consolidated Electric Street Hail-n-a«: Co. , Rapid Transit Railway Co., Metropolitan Street Railway Co. and Dal- las Electric Light & Power Co. Substitution of Collateral and Subordination of Lien — In Sept., 1917, the following securi- ties were substituted by the Old Colony Trust Co., as Trustee, viz.: $4,999,700 (par value) Capital Stock of the Southern Securities Co. and a 6 % note of the latter company, dated Sept. 29. 1917, for $3,500,000 and which is secured by the follow- ing collateral, viz. : Dallas Ry. Co. Com. Stock $2,247,900 Dallas Ry. Co. Pfd. Stock 500,000 Dallas Ry. Co. 6% Bearer Note 2,600,000 Dallas Power & Light Co. Stock.. 666,667 Dallas Power & Light Co. 6% Bearer Note 1,333,333 Also by pledge of a 6% Note of Harry M. Duming. payable April 1, 1922, for $3,213,334, and which is secured by the following col- lateral, viz, : Dallas Power & Light Co. Stock. .$1,331,233 Dallas Power & Lght Co. Bearer Note 2,666,667 The above substitution was made under the discretionary powers of the trustee for the following reasons : "Although the various franchises would ex- pire within a few years, the only renewals obtainable by the companies from the City of Dallas were upon terms which could not be accepted without loss to the company's security holders. New franchises, however, involving reorganization of the corporations themselves, could be obtained upon terms be- lieved to be fair, but it was necessary to ac- cept and to operate under them before Sep- tember 27, 1917. The proposed new street railway franchise involved the expenditure of $1,000,000 for Improvements; and the pro- posed new lighting company franchise the sum of $2,000,000 for improvements. It was represented by the company that securities other than first mortgage bonds could not be sold to raise the money called for by the fran- chise requirements. "To enable the company to acquire the fran- chises and to' raise the necessary funds, a plan of reorganization was proposed, in which plan, after investigation and advice, the Trustee joined, acting under authority given it by the mortgage ' ' Prior ilying gasi and electricity to Danbury & Bethel, Conn. PoPpulation servedi, 27,500. Market. New York — Dunham & Co. DANBURY & BETHEL STREET RAILWAY Cons, (now 1st) 5s. Due May 1. 1936. Dated May 1, 1906. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 300,000. Outstanding — $100,000. Trustee — ^American Trust Co., Boston, Maas. Organization — Incorporated In Connecticut In 1886. 353 Receiver — In Dec, 1917, J. Mosa Ives waa appointed. Secured by a first mortgage on 16 miles of electric railway, in Danbury and extending to Bethel and Lake Keosia, Conn. Population served, 30,000. Franchise is perpetual. Underlies — 6% Debentures and 1st & Ref. 5s. 1943. Year ended June 30 Net Int. & Tax 1916 $39,681 $47,118 1915 30,363 '43,864 1914 40,498 33,110 1913. 35.594 31,910 Original market — First offered by Clarence E. Thompson & Sons, New Haven, July, 1906. Market. New York — Morgan & Finlay. Price Rangy} 1918 — Bid 70. Trice Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Aak Bid Ask High.lOl '17 97 Nov. 99 Dec. Low. 70 '17 99 '18 96 Jan. DANBURY & BETHEL STREET RAILWAY 1st & Ref. 5s. Due May 1, 1913.— F. Dated May 1, 1913. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Incom© Tax paid by company without deduction. Authorized — $600,000. Outstanding — $350,000. Denomination— 'Coupon, $500 and $1,000. Trustee — American Trust Co., Boston. Organization — See Cons. 5s. Protective Committee — John McCarthy, chairman ; Charles Graham and P. Le Roy Harwood. Secured, equally with $150,000 Debentures. by a second mortgage on property described under Consol, 5s, 1936, above. Prior Lien — $100,000 Consol. 5s, 1936. above. Earnings — See Consol. Sa, above. Market. New York — Morgan & Pinlay, Merrill, Lynch & Co. Boston — McConnell & Co. , Inc. , Chaa. A. Day & Co. Chicago — ^Merrill, Lynch & Co. New Haven — H. C. Warren & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask Hig*h.62% '16' 82 '16 Low. 40 '17 DANBURY & NORWALK RAILROAD Cons. 6s and Ss. Due July 1, 1920. — N. - Dated (indenture) May 18, 1880. Interest payable Jan. 1 and July 1, at Second National Bank. New Haven, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $100,000 63 and $400,000 5a. Denomination — Coupon, $1,000. Kegiaterable as to principal. Trustee — State Treasurer of Connecticut. Assumed by the New York, New Haven & Hartford R. R. Co. Control — Merged in 1905 into the New York, New Haven & Hartford R. R. Co. Secured by a first mortgage on 36.2 miles of road, viz.: Danbury to Wilson's Point, Conn., 26.28 miles; Branchville to Kidgefield, Conn., 3.97 milea, and Bethel to Hawleyville, Conn. , 5.95 miles. Underlies— Gen. 5s, due 1925, and lat Ref. 4h, due 1955. Legal for Me. Market. Pittsburgh— R. B. Hutchin-gon & Co. New York — Baker, Carruthers & Pell, Spen- cer Traafc & Cb. DANBURY & NORWALK RAILROAD Gen. 5s. Due April 1, 1935.— N. Dated March 31, 1883. Interest payable April 1 and Oct. 1, at New Haven, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $150,000. Outstanding — $ 150,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — State Treasurer of Connecticut. Assumed by the New York, New Haven & Hartford R. R. Co. Control — See Cons. 6a and 5a. Secured by a second mortgage on 36.2 miles of road. For detail see Cona. 6a and 5a. Prior Lien — $500,000 Cona. 6a and 5a, due 1S20. Underlies — 1st Ref. 4s. due 1955. Market. See Cons. 6s and 5s. mnce Range. Jan. 1. '17 to Jan. 1, '19 1918 Bidi Bid High.101 -17 95 Jan. Low. 65 '17 95 Dec. DANBURY & NORWALK RAILROAD Ist Ref. 4s. Due June 1, 1955. — F. Dated June 1, 1905. Interest payable June 1 and Dec. 1, at New Haven, Conn. Tax Status — 2 % Federal Iticome Tax paid by company without deduction. Authorized — $25,000 per mile single main track and $25,000 per mile additional main track. Outstanding — $350, 000. Reserved for Prior Liens — $650,000. Denomination-^Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — State Treasurer of Connecticut. Assumed by the New York, New Haven & Hartford R. R. Co. Control — See Cons. 6s and 5a. Secured by a third mortgage on 36.2 milea of road:. For detail see Cona:. 6s and 5a,: Prior Liens — $500,000 Cona,: 6s and 5s, due 1920, and $150,000 Gen.: 5s, due April 1. 1925. Bonds are reserved under this mortgage to retire both issues. : Market. See Cons. 6s and 5s. Price Range. Jan. 1, *17 to Jan. 1. '19 1918 Bid Ask Bid High.84 '17 86 '17 81 Jan. Low. 55 '17 78 '18 78 Nov. DANVILLE & GRAPE CREEK RAILROAD CO. Ist 68. Due May 1, 1930. — N, Dated April 15, 1880. Interest payable May and Nov, 1, at Central Union Trust Co., New York. f Payment of Interest — By order of the Court all due and past due coupons will he paid on and after Oct. 1, '16, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $250,000. Outstandins — $97, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bciuitable Trust Co., New York. 359 Assumed by Chicairo & Eastern Illinois H. R. Co, tin receivers' hands). Control — Absorbed by the Chicago & Eastern Illinois K. R. Co. Secured by a first mortgage on 9 miles of road from Danville Junction to Westville, 111. Underlies — C. & B. I. 1st Cons. 6s of 1934; Gen. Cons, and 1st 5s of 1937 and the Ref. & Imp. 4s of 1955, which provide for the retire- ment of this Issue and $6,000,000 6% Receiv- ers' Certificates. Market. New York — Wolff & Stanley, Baker, Car- ruthers & Pell, Fred H. Hatch &. Co. Price Bauge. Jan. 1, '15 to Jan. 1, '19 1918 HiBh.95 '15 100 '17 80 Jan. 100 July Low. 76 '16 95 '16 80 July DATiTSJLLE, CHAMPAIGN & DECAItTB RAILWAY & I,IGHT CO. Cons. & Bef. Coll. Ir. Ss. Due March 1, 1938. — ^F. Dated March 1, 1913. Interest payable March 1 and Sept. 1, at Trustee's ofiSce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15, 000, 000. Outstanding — $3,841,000 (Jan. 1, '19). Held in S. F. — $93,000. . Reserved to Betire Bonds of Subsidiary Com- panies — ^$2,364,000. Reserved for Imp. — $8,702,000. Denomination — Coupon, $1,000. Reglsterable as to principal only. Registered, $1,000, $5,000, $10,000 and multiples of $1,000. C. & R. interchangeable. Trustee — Boston Safe Deposit & Trust Co., Boston, and Herbert D. Heatbfleld. Redeemable as a whole only or in part for sinking fund on any Interest date at 104 and interest. Sinking Fund — ^Annually beginning March 1, 1914, a sinking fund Is provided, which. It Is estimated, will retire 40% of these and under- lying bonds before maturity. Guaranteed as to principal and interest by the Illinois Traction Co. by endorsement. Organization and Control — Incorporated In Maine In May, 1913. A holding company, con- trolling several Important subsidiaries of the Illinois Traction system. All of the stock Is owned by the Illinois Traction Co. Secured by a first lien on the following col- lateral: Entire capital stock ($1,438,000) and all outstanding Consol. & Refg. 5s of 1938 ($1,400,000) of the Danville Street Ry. & Lt. Co., which owns gas and electric light plants supplying Danville, 111., and entire street rail- way system of 16 miles in that city, subject to $662,000 underlying bonds. Gas franchise perpetual, electricity extends 99 years from date of granting, and street railway to 1928. Population served, 30,000. Entire capital stock ($1,376,000) and all out- standing Consol. & Refg. 5s, 1938 ($1,464,000), of the Decatur Ry. & Lt. Co., which owns gas, electric and steam heating plants supply- ing Decatur, 111., and entjre street railway system of 16 miles in that city, subject to $1,061,000 underlying bonds. Population served, 30.000. Entire capital stock ($700,000) and all out- standing Consol. & Refg. 6s of 1938 ($1,074,- 000) of the Urbana & Champaign Ry., Gas & El. Co., which owns gas plants supplying Urbana and Champaign, 111., electric and steam heating plant supplying Champaign, and 13 miles of Interurban railway In and between the two cities, subject to $354,000 underlying bonds. Population served, 23,000. Entire cap- ital stock ($150,000) and all outstanding Con- sol. & Refg. 6s of 1938 ($10,000) of the Urbana Light, Heat & Power Co., which owns the electric and steam heating plants in Urbana, 111., subject to $105,500 underlying bonds. Population served, 9,000. Earnings — See Illinois Traction Co. Market. New York — Hanson & Doyle, E. & C. Ran- dolph, Kiely & Horton, Berdeli Bros., Esta- brook & Co., Fred H. Hatch & Co. Boston — Merrill, Oldham & Co., Blodget £ Co., L. Sherman Adams, Estabrook & Co. Clucago — Babcook, Rushton & Co. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co., Welsh Brothers. Price Range. Jan, 1, 'IS to Jan. 1, '19 1918 Bid Ask Ask High.91% '16 96 '17 86 Deo. Low. 85 '17 DANTUiLE STBEET BAILWAY & UGHT CO. Bet. Ss. Due $6,000 each Jan. 1 to 19Zi and Balance Jan. 1, 19S5. — ^F. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Harris Trust & Savings Bank, Chicago; Harris, Forbes & Co.. New York, and N. W. Harris & Co., Boston, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $700, 000. Outstanding — $640,000 (Jan. 2, '19). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — ^Illinois Trust & Savings Bank, Chi- cago, 111. Control — Entire stock owned by Danville, Champaign & Decatur Ry. & Light Co., a sub- sidiary of the Illinois Traction Co. Secured by a first mortgage on plants sup- plying gas, electricity and steam heat to Dan- ville, 111., and nearby places, and on all of the street railway system (16 miles) in Dan- ville. Population served by electricity, 35,- 000: served by railways and gas, nearly 30,- 000. Railway franchises granted 1898 tor 30 years, electric lighting franchises extend for 99 years, gas, perpetual. Underlies— Cons. & Ref. Deb. 6s, which are deposited under D., C. & D. Ry. & Lt. Coll. Tr. 5 s. Earnings — See Illinois Traction Co. Original Market — First offered by N. W. Harris & Co., at 102 and interest Jan,, 1900. Market. Chicago — Harris Trust & Savings Bank. Nejv York — Parrish & Co. Philadelphia — ^H. D. Boemiing 4 Co., Parrish & Co., S. K. Phillips & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '11 102 '12 90 Mar. 9414 Mar. Low. 90 '17 94% '18 DANmXB (VA.) TRACTION Si POWES CO. 1st Ss. Due July 1, 1941.— F. Dated July 1. 1911. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without -deduction. Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000, Reglsterable as to principal. Trustee — ^Maryland Trust Co., Baltimore. Redeemable at 107 and Interest any interest date on 60 days* notice. 360 OrganizaUon — Incorporated in Virginia in 1886 as Danville Street Car Co. Present name adopted in 1911. Secured by a first mortga&e on 9.15 miles of street railway track in Danville and School- field, Va. Population served, 25,000. Fran- chise expires in 1950. Company Js required to pay the city ^ of 1 % of gross receipts on first $40,000 and 1% over that amount. Year ended Dec. 31 (Railway) Gross Net Interest 1918 $156,346 $53,928 $20,248 1917 139,291 54,172 20,195 1916 132,859 58.829 20,184 1915 131.809 60,537 20,085 1914 131,282 65.403 20.078 1913 133,371 66,302 20.000 Original Market — $400,000 offered 1912 at 90 and interest by Alex. Brown & Sons and Townsend Scott & Son. Baltimore. Market. Baltimore — Jenkins, "Whedbee & Poe. DANVILLE. URBANA & CHAMPAIGN BAIL- WAY CO. 1st 5s. Due March 1, 1933. — F. Dated March 1, 1903. Interest payable March and Sept. 1, at any agency of the Bank of Montreal. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Northern Trust Co., Chicago. Redeemable at 105 and interest on any inter- eat date on 8 weeks' notice. Guaranteed as to principal and interest joint- ly and severally by endorsement by the Dan- ville St. Ry. & Lt. Co. and Urbana & Cham- paign Ry., Gas & Blec. Co. Organization and Control — ^Incorporated in Illinois in 1903. Controlled through ownership of entire capital stock by the Illinois Traction Co. Secured by a first mortgage on 70 miles Interurban railway track connecting Danville, Urbapa and Champaign and branches. Road Is built on private right of way. Underlies — 2nd 6s and Gen. 6s of 1930. Market. Philadelphia — E. V. Kane & Co., H. Boen- ning & Co., Parrish & Co., Bauer. Starr & Co.. R. M. Stinson & Co., Huntoon & Co. New York — Philip Lynch, E. & C. Randolph, K'iely & Horton, Parrish & Co., Berdell Bros., Lynch & McDermott, Bauer, Starr & Co. Chicago — Babcock, Rushton & Co. Price Ranee. Jan. 1. '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '12 100 '08 85 Dec. 90 Dec. Low. 80 '18 85 '18 80 June 85 June DANVnXE, URBANA & CHAMPAIGN RY. 2nd 6s. Due $50,000 annually. — ^P. Dated Jan. 1, 1905. Interest payable Jan. and July 1, at Merchants Bank of Canada. Montreal and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 500.000. Oiitstandtng — $42,000 (Jan. 1, *19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Montreal Trust & Deposit Co, and Thos. Fyslie. Redeemable on 30 days* notice at par. Gnaranteed principal and interest by Illinois Traction Co. Control — See 1st 5s above. Secured by a second mortgage on the prop- erty covered by the 1st 5s. Prior liien— $2,000,000 1st Ss of 1923. Underlies — Gen. 6s of 1930. Original Market— First ofCered by Julius Christensen & Co., Philadelphia, July, 1905. Market. New York — Hartshorne, Fales & Co. Boston — L. Sherman Adams. PhUadelphia — R. M. Stinson & Co. DARBY, MSDIA & CHESTER STREET RY. CO. 1st 4V2S. Due July 1, 1936.— F. Dated July 1. 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Peimsylvania. Authorized — $1, 500. 000. Outstanding — $991,000. Reserved for Ext. — $509,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Land Title & Trust Co.. Philadel- phia. Pa. Redeemable at 102% and interest any Inter- est date on 4 weeks' notice. Guaranteed principal and interest by endorse- ment by the Philadelphia Rapid Transit Co. Control — Leased for 999 years from 1906 to Philadelphia Rapid Transit Co. Rental. $42,- 500 per annum. Secored by a first mortgage on 25 miles of electric railway connecting Philadelphia with Darby, Media and Chester. Population served, exclusive of Philadelphia, over 50,000. Fran- chise perpetual. Market. Philadelphia— S. K. Phillips & Co. Price Range. -Jan. 1, '08 to Jan, 1, '19 1918 Bid Ask Bid Ask High. 98 '09 99 '10 82 Dec. 85 Jan. Low. 70 '17 82 '15 70 Jan. DAUPHIN COUNTY GAS COMPANY Cons. 5s. Due Aug. 1, 1925. — F. Dated Aug. 1, 1906. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $750, 000- Outstanding — $405,000 (Dec. 31. '18). In Treasury — $112,000. Unissued! — $73,000. Reserved for Prior Iiiens-^$160,000. Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Philadelphia, Pa. Redeemable — Bonds assenting to supplement- al mortgage, at 102% and interest; bonds not assenting at 105 and Interest, after Aug. 1, 1915. Organization and Control — Incorporated In Pennsylvania in 1905 as a consolidation of the Steelton Home Gaa Co., MIddletown Gas Light Co., Lower Allen Illuminating Gas Co. and Dauphin County Consolidated Gas Co. Prop- erty leased in 1907 to the Harisburg Gas Co. The United Gas Improvement Co. is Inter- ested in latter company. Under the provisions of the lease the Hanisburg Gas Co. covenants to pay the interest on existing bonded indebt- edness of Dauphin County Gas Co., also to do all acts or things necessary or proper to obtain extensions, renewals or refundings of the principal of any such Indebtedness falling due during the term of the lease. Secared by a first mortgage, subject to $160,000 prior liens on a part of the property, 3G1 on plant supplying gas to Middletown, Steelton and other towns in Dauphin County, Pa. Pop- ulation served, over 40,000, Prior liiens — $125,000 bonds of Steelton Home Gas Co.; $35,000 bonds of Middletown Gas Light Co., for the retirement of which bonds are reserved under this mortgage. Market. Philadelphia — Wes-t & Co., Heed A. Morgan & Co., H. Boenmng & Co., Huntoon & Co., BiddJle & Henry, Brvin & Co., S. K. Phillips & Co. New York — ^A. D. Converse & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Ask High.97 '15 101 '16 95 Aug. Low. 92% '18 92^ Dec. DAA^ENPORT (lA.) I.OCOIVIOTIVE WORKS Ist Mte. 68. Due April 1, 1943.— F. Dated April 1, 1913. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Iowa. Authorized — $1, 000, 000. Outstanding — $256,000 (Mar. 18, '19). Pledged as Collateral — $144,000. Denomination — Coupon, $500 and $1,000. Trustee— Fidelity Trust Co., Baltimore, Md. Redeemable at 105 and interest on any Inter- est date. Sinking Fund — 10% per annum of net earn- ings, with a minimum of 2% of outstanding bonds, from July 1, 1915, to be applied to retirement of bonds. Organization — Incorporated in Iowa, succeed- ing the business of "W. "W. Whitehead & Co.. begun in 1903. Secured by a first mortgage on plant and 4 6 acre site at Davenport, la. , where the company is engaged in the manufacture of moderate sized locomotives for commercial purposes. Original Market — Offered in Jan., 1914, by Julius Cbristensen, Philadelphia, to yield over 6%. Market. New York — J. W. Carroll, Fred H. Hatch & Co., Morton Lachenbruch & Co. DAVIES (WM.) COMPANY, LTD., 1st 6b. Due July 1, 1926. — N. Dated July 1, 1911. Interest payable Jan. and July 1, at Canadian Bank of Commerce, Montreal and branches. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 2,000.000. Outstanding — $1,293,700 (Dec. 31, '18). Retired by Sinking Fund — $656,300. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal or fully registerable. Trustee — National Trust Co., Ltd., Toronto. Ont. Redeemable as a whole at 105 and Interest after July 1, 1914, on 60 days' notice, or annually by lot for sinking fund. Sinking Fund — Began July 1, 1912, an an- nual amount sufficient to redeem entire Issue at maturity. Organization — Incorporated in 1911 under the Canadian Companies Act. Business estab- lished in 1854. The company does a large packing and provision business and maintains agencies In Great Britain. Secured by a first charge on all properties now owned or hereafter acquired and including plants in Toronto, Montreal and Harriston and on 75 retail stores throughout Canada. Earnings — Average annual net earnings for four years ending March 31, 1917, are reported as over $600,000 and annual interest on bonds, $117,000. original Market — $1,250,000 ofiCered July, 1911, at par and interest by the Dominion Securities Co.. Toronto, Montreal and London. Market. Montreal — Dominion Securities Corp., Ltd. Toronto — ^A. E. Ames & Co.. Goldman & Co., Dominion Securities Corp. Price Range. Jan. 1, '11 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102% '12 103% '12 98 Jan. 101 Jan. Low. 96 '18 98% '18 96 Dec. 98% June (THE) DAVIS SEWING MACHINE CO. let 68. Due $60,000 annually June 1, 1915, to June 1, 1924, inclusive. Dated Jan. 1, 1913. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 600,000 Outstanding — $360,000 (May 1, 1919). Balance Retired. Denomination — Coupon, $500 and $1,000. Trustee — Dayton Savings and Trust Co. . Dayton, O. Redeemable at 102 and interest In the re- verse order of their maturities on 60 days' notice. Organization — Incorporated in Ohio In 1895. The company has offices in New York, Chicago, Boston, San Francisco, London and Paris, and manufactures sewing machines, motor cycles, bicycles and parts. Secured by a first mortgage on plant at Day- ton, O., covering 25 acres, with* an annual capacity of 175,000 sewing machines, 126,000 bicycles, 5,000 motor cycles and a large ca- pacity for screw machinery. Original Market — $600,000 offered in 1913, at par and interest by the Dayton Savings and Trust Co.. Dayton, O.. and Breed, Elliott & Harrison, of Cincinnati. DAVISON CHEMICAL COMPANY OF BAL- TIMORE COUNTY 1-Year 6% Notes. Due March 1, 1920. Dated March 1, 1919. Interest payable March and Sept. 1 at Trustee's office. Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Redeemable on any interest date at 101 and interest. Trustee — Safe Deposit and Trust Company of Baltimore. Secured — A direct obligatnon of the company but not secured by mortgage. Company owns all the capital stock of the Davison Sulphur & Phosphate Company (which has outstand- ing $2,240,000 10-Tear Bonds, due March 1. 1927) and in addition plants, real estate, four miles of deep water harbor front, etc.. valued at $6,706,470, and current assets of about $1,650,000. As of March 1st it was stated that company had no direct liabilities except the above issue of notes and its accruing cur- rent monthly accounts amounting to about $475,000. Year ended Dec. 31 Net Dep..etc. Int., etc. 1918 $697,310 $234,268 $127,882 Original Market — Offered March, -* 1919, by the Mercantile Trust & Deposit Company, Bal-, timore. 362 DAVISON SULPHUR & PHOSPHATE CO. lO-Year let S. F, Conv. 6s. Due March 1. 1927.— P. Dated March 1, 1917. Interest payable March 1 and Sept. 1, ut office of Trustee. Tax Statute — 2% Federal Income Tax paid by company without deduction. Aathorized — $2, 500, 000. Outstanding: — $2,240,000 (Mar. 6, '19) Retired by S. F. — $260,000. Denomination — Coupon, $1,000. Reeisterable as to principal. Trastee — Mercantile Trust & Deposit Co., Baltimore. Redeemable as a whole or for sinking: fund at 103% and interest. Sinking Fund — ^Annually, beeinninr March, 1917, $125,000, and in addition $1 per ton on all ore mined from the Cuban property, based on the Davidson Chemical Co.'s production. It is estimated that annual payments will amount to $275,000. This fund Is to be ap- plied to the -purchase or redemption of bonds at not over 103% and interest. Convertible until March 1, 1922, into stock of the Davison Chemical Corporation on the basis of par for the bonds and $60 per share for the stock (voting trust certificates). In case of redemption a reasonable notice will be eriven. Guaranteed principal. Interest and sinking fund by the Davison Chemical Co. The latter company's property is free from liens and practical ly free from debts, and during the life of these bonds it agrees not to mortgage its property and maintain its current assets. i. e.. cash accounts receivable, raw materials and finished products, at an amount at least equal to all of its debt except its accruing monthly operating accounts, not to exceed at any time $400,000. Control — The entire capital stock Is owned by the Davison Chemical Co. The stock of the latter company is owned by the Davison Chem- icali Corp. The Davison Chemical Co. owns a sulphuric acid plant, a concentrated add plant and an acid phosphate plant, located at Curtis Bay, Md., with a book value as of Dec. 31, 1917, of $6,351,516. Replacement value is estimated in excess of this amount. The busi- ness of the company has been in successful operation since 1832. Secured by a first mortgage on pyrites ore properties in Cuba and phosphate properties in Florida, valued at over $7,700,000. Original Market — Offered March, 1917. by the Mercantile Trust & Deposit Co.. Strother, Brogden & Co., and other Baltimore firms, at 97% and interest. Market. Baltimore — Strother, Brogden & Co., Nelson, Cooke & Co., Foe & Davies, W. W. Lanahan & Co. Price Range 1918— Ask 97%. DAWSON RAILWAY & COAI. CO. 1st & Coll. Tr. 5s. Dae July 1, 1951.— F Dated July 1. 1901. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $2,445,000 (May 2, 1919). Held in S. F.~$555.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New Tork. ^Sinking Fund — Beginning Jan. 31, 1912, an annual amount equal to five cents per ton of coal mined, to be applied either to the purchase of these bonds at not over 105 and interest or to be invested In approved securities. Guaranteed principal and Interest by the El Paso & North Eastern Co., formerly the New Mexico Ry. & Coal Co., by endorsement. Organization — Incorporated in New Jersey In 1901 as a holding company, and owns the cap- ital stock of the Dawson Railway Co. Control — All the capital stock of the com- pany is owned by the El Paso & Northeastern Co., the entire capital stock of which is owned by the El Paso & Southwestern Co. Secured by a first lien on 132.2 miles of road from Dawson to Tucumcari,, N. M., and upon about 35,000 acres of coal fields In Colfax County, N. M. ; by deposit of all the stock ($3,000,000) and all the bonds ($3,000,000) of the Dawson Ry. Co. and also the stock ($1,- 000,000) and all the bonds ($1,000,000) of the Dawson Fuel Co. Market. New York — Coflan' & Co., E. & C. Randolph, F. J. Lisman & Co., F. H. Hatch & Co. , H. I. Nicholas & Co., Baker, Carruthers & Pell, Phelps & Neeser. Fliiladelphia — S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 101 '11 102 '11 96 Dec. 98 Jan. trfjw. 82 '08 90 '08 90 Apr. 97 Nov. DAYTON & MICHIGAN RAIUROAD CO. Cons. 41/28, extended to Jan. 1. 1931.— F. Dated January 1, 1881. Extended January 1, 1911. interest being reduced from 5%. In- terest payable January and July 1, at J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — S2, 728,000. Denomination — Coupon. $1,000. Trustee — Joseph Rawson, Cincinnati. Redeemable at 102% and interest on any interest date after January 1. 1917. Guaranteed principal and interest by the Cin- cinnati, flamilton & Dayton Ry. Co. (fore- closed) by endorsement. Assumed by the Toledo & Cincinnati R. R. Co. Control — Leased in perpetuity from 1863 to the Cincinnati, Hamilton & Dayton Ry. Co. Rental, interest on bonds. 8% on $1,211,250 preferred stock and 3%% on $2,401,950 com- mon stock and maintenance chareres. The C H. & D. Ry. Co. was succeeded through fore- closure in 1917 by the Toledo & Cincinnati R. R. Co.. which company acquired the lease- hold and stock interest of the C. H. & D The T. & C. R. R. is controlled through own- ership of entire capital stock by the Balti- more & Ohio R. R. Co. and Its property oper- ated as a division of the B. & O. system. Secured by a first lien on 141.15 miles of road from Dayton to Toledo Jet,. O., by de- posit of the issues of first mortgage bonds. Underlies — B. & O. Toledo-Cincinnati Div. 4s and 5s of 1959, under which mortgage bonda are reserved to retire this issue, and Toledo & Cincinnati R. R. Adj. & Imp. Bonds, all owned by the B. & O. R. R. Co. Listed on the New York and Cincinnati Stock Exchanges. Market. New York— Miller & Co.. Saml. Goldschmidt, J. S. Parlee & Co., F. J. Lisman & Co., W. E. Hutton & Co. , "Wm. Carnegie Ewen, Taylor, Smith & Hard, Baker. Carruthers & Pell. F. H. Hatch & Co., Spencer Trask & Co., Chas. W. Place. 363 Cincinnati— W. E. Hutton & Co.. Plfth- Third National Bank. Fhiladelphia — Chas. Pearon & Co. Price Range — N. Y. S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 Hiirh.96 Jan. 29, '17 79 Nov. 6 Low. 79 Nov. 6, '18 79 Nov. 6 Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Ask High.93% "12 96 '13 85 Oct. Low. 65 '17 ■ 67 May DAYTON BREWERIES CO. 1st 6s. Due March 1, 1929.— N. Dated March 1, 1904. Interest payable Jan. and July 1, at Dayton Savings & Trust Co. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2, 500, 000. Outstanding— $1,503,000 (Sept. 14. 1918). Retired by Sinking Fund — $997,000. Denomination — Coupon, $1,000. Trustee — Citizens' Savings & Trust Co. , Cleveland. Ohio. Redeemable on any interest date at 107^ and interest. Sinking Fund — $25,000 per annum on Sept. 1, for the purchase or redemption of bonds at not exceeding 107% and interest. Organization — Incorporated in 1904 in Ohio as a consolidation. Secured by a first mortgage on all breweries in Dayton, Ohio, except one, and second mort- gage on that one. Company operates practi- cally all the saloons in Dayton and vicinity. Prior liiens — $60,000 Thomas Brewing Co. 6s. Year ended Dec. 31 Net Int. & S. P. 1915 $186,029 $178,375 1914 197,13 7 178,875 Later earnings not available. Jiisted on the Cleveland Stock Exchange. Market. Cleveland — Borton & Borton. Price Range. Jan. 1. 1915 to Jan. 1. 1919 Bid Ask Hlgh.69% '15 73 '15 Low. 47 '16 50*16 DAYTON. COVINGTON & PIQUA TRACTION CO. 1st 58. Due April 1, 1923. — N. Dated April 1. 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $ 5 6 0, . Outstanding — $490,000. Denomination — Coupon. $1,000. Trustee — Old Colony Trust Co. . Boston, Mass. Organization — Incorporated in Ohio in 1900. Secured by a first mortgage on 38 miles of electric railway from Dayton to Piqua, Ohio. Population, Dayton, 120,000; remaining terri- tory, about 20.000. Franchises expire between 1926 and 1928. Underlies — $60,000 2nd 6s of 1919. Year ended June 30 Int. & Gross Net Taxes 1918 $169,860 *$40.199 t$29,925 1917 166,890 49,016 t30,324 1916 150,119 60,314 40.890 1915 147,512 51.531 41,025 1914 153,870 53,370 40,639 •After taxes, tinterest only. Original Market — First offered by H W. Poor & Co., New York and Boston, at 101 and Interest, Feb., 1903. Market. New York — Hotchkin & Co. Boston — Hotchkin & Co. DAYTON ELECTRIC LIGHT CO. 1st 58. Dae March 1. 1931.— F. Dated March 1, 1901, Interest payable March and September 1, at Harris Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding— $304,000 (Mar. 15, '19). Retired by S. E. — $196,000. Denomination — Coupon, $1,000. Trustee — Illinois Trust & pavings Bank, Chi- cago. 111. Redeemable at 107% and interest. Sinking Fund — Provides for retirement of $235,000 prior to maturity. Assumed by Dayton Power & Light Co. Control — ^Merged with Dayton Power & Light Co.. which does all electric light and power business in Dayton, Ohio, and vicinity. Popu- lation served, 350,000. Secured by a first mortgage on property formerly of the Dayton Electric Light Co. Underlies — Dayton Lighting Co. 1st & Ref. . 5s of 1937 and Dayton Power & Light Co. 1st & Ref. 5s of 1941. Earnings^ — See Dayton Power & Light Co. Original Market— First offered by N. W. Harris & Co., in April. 1901. New York — F. H. Hatch & Co.. G. W. Walker & Co., Miller & Co.. John Nickerson. Jr. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Chicago — Babcock. Rushton & Co. Boston — G. "W. "Walker & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Higrh.lOO '14 102 '15 95 Jan. 99 May Low. 90 'IS 97 '18 90 Sept. 97 Feb. Dae (THE) DAYTON (O.) GAS CO. 1st 5s. March 1, 1930. — F. Dated March 8, 1910. Interest payable' March and Sept. 1. at Harris. Forbes & Co.. New York. Chicago and Boston. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,421,000 (Mar. 1, '19). Retired by S. E. — $79,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — The Citizens* Savings & Trust Co., Cleveland. Ohio, and Allen B. Forbes. New York. Redeemable at 105 and interest March 1, 1915, or on any interest date thereafter. Sinking Fund — $20,000 annually, beginning March 1, 1916, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired are cancelled. Organization — ^Incorporated In Ohio in 1910 as a consolidation of the Dayton Gas Light & Coke Co. and the Dayton Gas & Fuel Co. Controlled through stock ownership by the Ohio Cities Gas Co. Secured by a first mortgage on plants supply- ing artificial and natural gas in Dayton, Ohio. The artificial gas franchise is perpetual and the natural gas franchise extends to 1930. Pop- ulation served. 125,000. The company is now distributing natural gas exclusively. 364 Year ended Dec. 31 Gross Net Int., Etc 1916 $629,014 $251,318 $74,629 Oricuial Market — Offered in 1910 by N. W. Hajris & Co.. New Tork, Boston and Chicago, at par and interest. Marlcet. New York — J. A. Clark & Co., P. H. Hatch t Co., W. B. Hutton & Co., Earle A. Miller & Co.. Morgan & Finlay, Berdell Bros., Lynch & McDermott. Philadelphia — H. D. Boenning & Co., F. E. Welsh, Reed & Huntoon, S. K. Phillips & Co. Chicago — Baboook, Kushton .& Co. Cincinnati — ^W. E. Hutton & Co. Boston — G. W. Walker & Co. Price Bange. Jan. 1, '10 to Jan, 1, '19 1918 Bid Ask Bid Ask High.99% '12 101 '12 91 Nov. 96 Oct. Low. 85 "18 89% '17 85 Sept. 92 Sept. .DAYTON UGHTING COMPANY 1st & Bef. 5s. Due March 1, 1937. — F. Dated March 1, 1907. Interest payable March and Sept. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $2,432,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New Tork. Bedeemable at 107% and interest on any interest date. Exchangeable — ^These bonds are exchangeable, par for par, for Dayton Power & Light 1st & Ret. 6a of 1941. Control — ^Absorbed by the Dayton Power & Light Co. in 1911. Secured by a mortgage on the Fourth Street Power House and the conduit system of the city. Prior I,lens — $304,000 Dayton Electric Co. 1st 5s of 1921. tJnderlies — Dayton Power & Light Co. 1st & Ref. 5s of 1941, a sufficient amount of which are reserved to retire this issue; and Gen. 7s of 1920. Earnings — See D. P. & L. 1st & Ref. 6s. Original Market — Offered in 1909 by Baker, Ayling & Co., Boston, etc., and Rudolph Kley- bolte & Co., Inc., Cincinnati and New York, at 95 and interest. Offered, April, 1914, by White & Co.. New York. Market. New York — Miller & Co., L. A. Norton, Dunham & Co., Hanson & Doyle, Martin, Ber- win & Co., C. D. Barney & Co., Geo. H. Burr & Co., B. & C. Randolph, Berdell Bros., Kiely & Horton, Abbott, Johnson & Co., John Nickerson. Jr.. Bauer, Starr & Co.. John Davenport, J. S. Farlee & Co., Lynch & ilc- Dermott. G. W. Walker & Co. Chicago — Babcock, Rushton & Co. Philadelphia — H.' D. Boenning & Co., Bauer. Starr & Co. Boston — ^Walter S. Place. St. liOnis — John Nickerson, Jr. Price Bange. Jan, 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98% '16 101 '16 89 Jan. 91 Dec. Low.;80 '10 83 '10 84 Aug. 86 Aug. DAYTON (THE) POWEB Si LIGHT CO. 1st * Bef. Ss. Dae Jane 1, 1941. — F. Dated June 1, 1911. Interest payable June and Deo. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax Refunded on bonds Numbers 822- 1669, 1671-2025. 2076-2540. Authorized — $20,000,000. Outstanding — $2,540,000. Reserved tor Prior liens — $2,720,000. Reserved for Ext. — $14,740,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York, Redeemable as a whole or for Sinking Fund only on any interest date up to and including Dec. 1, 1936, at 106 and interest, in 1937 at 104, 1938 at 103, 1939 at 102 and 1940 at 101. Sinking Eund — To be used for improvements or to purchase bonds at not exceeding above figures (bonds may be called if not purchas- able). Begins Jan. 1, 1917; from 1917 to 1924 1%; 1926-32, 1%%; 1933-40, 2% of all bond.s outstanding, including underlying bonda and bonds of companies a majority of whose stock is owned, sinking fund payments on last two to be deducted from amount to be paid in. Exchangeable — See Dayton Lighting 6s above. Organization — Incorporated in Ohio in 1911 to take over the electric light and power and steam heating properties in Dayton, O. Secured by a mortgage on 3 power plants, distributing systems, including conduits, sup- plying electric light and power and steam heat- ing in Dayton. O., and vicinity. Population served, 360,000. Franchises are perpetual. Prior Iilens — $304,000 Dayton Electric Co. 1st 6s of 1921, and $2,432,000 Dayton Light- ing Co. 1st & Ref. 5s of 1937, both closed issues. Bonds are reserved under this mort- gage to retire both issues. Unilerlies — Gen. 7s of 1920. Year ended Dec. 31 Fixed Gross Net Charges 1918 $2,430,729 $802,080 $600,163 1917 1.880,618 624,407 306,978 1916 1,613,874 620,631 235,964 1915 1,098,065 531,471 217,932 1914 943,321 427,012 207,647 Original Market — $1,250,000 offered May, 1616, by C. D. Barney & Co., New York and Philadelphia and Drexel & Co. at 96% and interest. A block offered Feb., 1918, by B. H. Rollins & Sons and Equitable Trust Co., New York, at 86% and interest. Market. New York — Dunham & Co., G. W. Walker & Co., L. A. Norton, Geo. H. Burr & Co., Martin, Berwin & Co., C. D. Barney & Co., E. & C. Randolph, Kiely & Horton, Pynchon & Co., John Davenport, H. P. McConnell & Co. Boston — Richardson, Hill £ Co., McConnell & Co.. Geo. H. Burr & Co., P. B. Bassett & Co. Philadelphia — H. D. Boenning & Co., Hun- toon & Co. Chicago — Geo. H. Burr & C6., Babcock, Rushton & Co. Price Bange. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '16 98 '16 85 Dec. 88 Dec. Low. 78 '18 82 '18 , 78 Sept. 82 Sept. DAYTON POWEB & UGHT CO. %-Year Gen. 7s. Due March 1, 1920. — P. Dated March 1, 1918. Interest payable March 1 and Sept. l,"at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1,750,000. Outstanding — $1,750,000. Trustee — Fidelity Trust Co., Philadelphia. 365 Redeemable at 101 and interest on 30 days' notice. Orsanization — See 1st & Ref. 5s. Secured by a general mortirag'e on all the property of the company. The Indenture pro- vides so long as the bonds of this issue are outFtanding no additional bonds secured by existing jnorteraees of the company shall be Issued except for the purpose of refunding this Is sue. Prior liiens — $304,000 (closed) Dayton Elec- tric Light 1st 5s of 1921; $2,432,000 (closed) Dayton Lighting Co. 1st & Ref. 5s of 1937: 52,540,000 Dayton Power & Light Co. 1st & Ref. 5s, due June 1, 1941 (closed except for refunding, see above). Earnings — See 1st & Ref. 5s. Original Market — $1,750,000 offered March, 1918, by Drexel & Co., C. D. Barney & Co.. and Townsend, Whelen & Co., Philadelphia, at 99 and interest. Market. New York — C. D. Barney & Co., McClure, Jones & Reed. Philadelphia — Biddile & Henry, Lloyd & Pal- mer. Price Range 1918 — Ask 99-99%. DAYTON. SPRINGFIEtD & URBANA RAIL- WAY 1st 5s. Due Nov. 1, 1928.— N. Dated Nov. 1, 1898. Interest payable May and Nov, 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by oom.pany. Authorized — $750,000. Outstanding — $570,000. Held in Sinking l^nd — $206,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable at 110 and interest. Sinking Fund — -5% per annum of gross earnings. Guaranteed as to interest by lease to Ohio Electric Ry. Co. Control — Merged into the Indiana Columbus & Eastern Traction, whose entire common stock is owned by and the road leased to the Ohio Electric Ry. Co. Rental 5% on $1,000,- 000 preferred stock and interest on bonds. Secured by a first mortgage on 41 miles of electric railway connecting Dayton, Springfield and Urbana, Ohio. Population served, 182,000. Built on private right of way outside of cities. Underlies — The Indiana, Columbus & East- ern Traction Co., Gen. & Ref. 5s of 1926, under which mortgage provision is made for the retirement of this issue. Original Market — First offered by Adams & Co., Boston, at 102 and interest in 1900. ^ Market. New York — Dunham & Co.. E. & C. Ran- dolph, Hotchkin & Co., H. I. Nicholas & Co. Boston — McConnell & Co., H. C, Spiller A Co., Chas. A. Day & Co., Hotchkin & Co., L. Sherman Adams, Philadelphia— S. K. Phillips & Co, Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid High. 100 '17 105 '17 95 Oct. Low, 94 '17 100 '16 94 Dec. DAYTON, SPRINGFIErD & XENIA SOUTH- ERN RAILW\Y 1st 5s. Due Oct. 1. 1933. Dated Oct. 1, 1908. Interest payable April and Oct. 1, at Trustee's oflflce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $ 500,000. Denomination — Coupon, $100 and $1,000. Trustee — ^Wisconsin Trust Co.. Milwaukee. Redeemable upon six months' notice at .105 and interest. Organization — Incorporated In 1909 as suc- cessor to the Dayton & Xenia Transit Co. sold at foreclosure. Secured by a first mortgage on 25 miles of electric railway between Dayton and Xenia, Ohio, and branch from Dayton to Roslyn. In 1917 the Company sold the road from Roslyn tp Spring Valley, about 10 miles, and said property was released from the lien of this mortgage by the Trustee on deposit of the proceeds of such sale. As of Aug. 26, 1918, the Trustee advertised for tenders of bonds to exhaust $67,888. Year ended June 30 Gross Net Interest 1916 $183,817 $37,285 $27,978 1915 178,884 33,578 28,008 1914 187,958 20,539 27,182 1913 173,333 42,093 26,867 DAYTON UNION RAILWAY 1st 48. Due July 1, 1949.— F, Dated July 1, 1899. Interest payable Jan. and July 1, at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Ohio, Authorized — $500,000. OutSitanding — $374,000 (Mar. 7. '19). Retin?d by S. F. — $126,000. Denomination— Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable for the sinking fund at 105 and Interest. Sinking Fand — Annually 1% of bonds out- standing plus interest on bonds acquired by this fund. Fund to be applied to the pur- chase or redemption of these bonds at not over 1 05 and interest. Guaranteed as to interest by agreement of proprietary companies. Control — The entire capital stock is owned by the companies mentioned below. Secured by a first mortgage on Union Depot in Dayton, Ohio, used by the Pittsburg, Cin., Chi. & St. L. (Penn. Co.); Cleve., Cin., Chi. & St. L. ; Cin.. Ham. & Dayton; Dayton & Union and Erie railroad companies. Market. Philadelphia — S, K. Phillips & Co. , Chas. Fearon & Co. New York — Baker, Carruthers & Pell. Price Range. Jan. 1. 1916 to Jan. 1. 1919 1918 Bid Ask Bid High, 85^ '16 88 '17 82 Dec. Low. 75 '17 DC BARDELEBCN COAL CO., INC., 1st 6a. Doe $30,000 eacli May 1 from 1916 to 1935.— F. Dated May 1, 1915. Interest payable May 1 and November 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded upon no- tice of payment within 60 days of payment. Authorized — $600,000. Outstanding— $480,000 (May 2, 1919). Balance Retired. Denomination — Coupon, $500 (1926 to 1935 maturities only) and $1,000. Registerable as to principal only. 366 Trustee — Pennsylvania Company for In- surance on Lives & Granting: Annuities, Phila- delphia. Redeemable at 102% and interest. Sinking Fond — 10c. per 2,000 lb. ton, on all coal mined, to be applied to the retirement of maturing bonds, any excess to be applied to the purchase of bonds of the last ten maturities at not exceeding 102"^ and inter- est. If not so purchasable bonds of the last maturities outstanding are to be drawn by lot at 103% and interest. Organization — Incorporated in Alabama in 1915. Owns 75% of the capital stock of the "W. G. Coyle & Co. which has an established sales business in New Orleans. Secured by a first mortgage on 11,422 acres of coal lands owned in fee and 2, 360 acres controlled through lease. These properties are located in the Warrior Coal Field, about 35 miles northwest of Birmingham, Ala. The company's development consists of 14 separate operations all electrically equipped and con- nected by an ^ electric railroad, together with workmen' a houses, stores and other equip- ment. Original Market — Offered in May, 1915, by Cassatt & Co. and Graham & Co., Philadel- phia. iVIarket. Philadelphia — Graham, Parsons & Co. I^egal for trust funds in Pennsylvania. Original Marke1^-$400,000 offered February. 1919, by Frazier & Co., Philadelphia, at 95 and interest. DE LONG HOOK & EYE CO. 1st 6s. Due Feb. 1, 1939. Dated Feb. 1, 1919. Interest payable Feb. 1 and Aug. 1 in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Also free of Pennsylvania State tak. Authorized — $ 400,000. Outstanding — $400,000. Purpose of Issue — To retire loans incurred in the construction of a new plant and for general corporate purposes. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co. , Philadelphia. Redeemable at 102 and interest on any in- terest date on 30 days' notice. Sinking Fund — Amounts sufficient to retire by purchase or call, a minimum of $10,000 par value of bonds quarterly. Organization — Incorporated in Pennsylvania in 1907 as successor to a "West Virginia cor- poration which was chartered in 1900. Outstand!ing Capital Stock $1,0-00.000 Secured by a first mortgage on all the prop- erty of the company, including a reinforced concrete plant of about 84,930 sq. ft. com- pleted in 1918 and located on 21st Street from Toronto Street to Clearfield Street, Philadel- phia. Under the provisions of tttie Trust Agreement no dividends can be paid on the capital stock until 50% of the bonds issued have been retired. Valuation of assets as of Jan. 30, 1919. Real estate, buildings, etc $384,840 Machinery, etc 420.995 Raw and finished matenials 313.882 Total $1,119,717 Year ended March 31: Net ♦ 1918 $97,000 1918 def. 6.645 1917 225.586 1916 107,375 1915 59.787 1914 134,933 •Approximated for 1918 calendar year. DECATUR GAS & ELECTRIC CO. 1st Ss. Due May 15, 1929.— F. Dated May 16, 1899. Interest payable May and November 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 300,000. Outstanding — $165,000 (Jan. 1, 1919). Retired — $135,000. Denomination — Coupon, $1,000. Trustee — Merchants' Loan & Trust Co., Chi- cago, III. Redeemable at 105 and Interest. Sinking Fund — Minimum of $15,000 bonds annually at 105 and interest. Bonds to be retired in numerical order. Assumed by Decatur Ry. & Light Co. Control — Merged into the Decatur Ry. *; Light Co., all of whose stock is owned by the Danville, Champaign & Decatur Ry. Co., a subsidiary of the Illinois Traction Co. Secured by a first mortgage on plant supply- ing gas and one of the plants supplying elec- tricity to Decatur. 111. Population, 40,000. Franchises extend beyond 1938. Underlies — 1 st Cons. 5s, Decatur Ry. & Lt. Co. 1st & Cons. 5s of 1933 and Con. & Ref, 5s of 1938, all of which mortgages pro- vide for the retirement of this issue. Original Market — OfEered in 1899 by Devitt, Tremble & Co., at 104 and interest. Market. Philadelphia — ^R. M. Stinson & Co.. E. V. Kane & Co.. S. K. Phillips & Co. Price Range, Jan. 1, '16 to Jan. 1, '19 Bid HSgh.95 '16 Low. 93 '17 DECATUR RY. & UGHT CO. 1st & Cons. 5s. Due Dec. 1, 1933. — F. Dated Deo. 31, 1903. Interest payable June 1 and Dec. 1, at Trustee's office or Mer- chants' Bank of Canada. Montreal. Tax Statusi — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $534,000 (Jan. 1. '19). Held in S. F. — $209,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107% and Interest on 60 days' notice. Sinking Fund — Annually on Dec. 1, 10% of the net earnings of the company for the pre- ceding twelve months. Minimum amount In any event 1% of par value of outstanding bonds for the purchase or redemption of these bonds. Guaranteed as to principal and interest by endorsement of the Illinois Traction Co. Organization and Control — ^Incorporated In 1903 in Illinois to take over the street rail- way, gas, electric lighting and steam heating properties in Decatur, 111., and vicinity. En- tire capital stock is owned by the Danville, Champaign & Decatur Ry. Co., a subsidiary of the Illinois Traction Co. Secured by a mortgage on plants supplying gas, electric light and power, and steam heat in Decatur, 111., and vicinity, and on street railway system comprising 15 miles of track. Population, Decatur 40,000. 367 Prior Liens — $482,000 bonds of constituent companies whicli this mortgage provides to retire. Underlies — Cons. & Ref. 5s of 1938 which are deposited under the Coll. Tr. 5S of the Danville, Champaign & Decatur Ry. & Lit. Co. Qrieinal Marlcet — $600,000 ofCered 1906 at par and interest by Julius Christiansen & Co., Philadelphia. . Market. Philadelphia — Harrison & Co., S. K. Phil- lips & Co., R. M. Stinson & Co., H. Boenning & Co. New York— Fred H. Hatch & Co. Price Range. Jan. 1, '15 to Jan. 1, *19 1918 Bid Ask Bid High.lOO '17 100% '17 92% Nov. Low. 90 '15 95 '15 92 Dec. DECATUR TRACTION & ELECTRIC CO. let 5s. Doe Jan. 1, 1931. — F. Dated Jan. 1, 1900, Interest payable Jan. and July 1, at Trustee's ofHce or Chase Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $212,000 (Jan. 1, '19). Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago, 111. Control — Merged into the Decatur Ry. & lit. Co., all of whose stock is owned by the Danville, Champaign & Decatur Ry. & Lt. Co., a subsidiary of the Illinois Traction Co. Secured by a first mortgage on principal part of street railways in Decatur, 111., and also on power plant supplying portion of electricity in that city. Population served, about 40,000. Underlies — Decatur Ry. & Lt. 1st & Cons. 53 and Cons. & Ref. 58, both of which mort- gages provide for the retirement of this issue. Market. New York— Fred H. Hatch & Co, Philadelphia — H. D. Boenning & Co., B. M. -Stinson & Co., B. V. Kane & Co., S. K. Phil- lips & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 191S Bid Ask Bid .'Hlgh.9'9 ■■. '17 99% '15 90 Oct. Low. 89% '18 94% '15 89% May DEFIANCE (O.) GaS & ELECTRIC CO. Ist S. F, 5s. Due Sept. 1. 1943. Dated Sept. 1, 1912. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 500, 000. Outstanding — $1,000,000 (Jan. 1, '19). Denominations — $100, $500 and $1,000. Reg- isterable as to principal. Trustee— Guaranty Trust Co.. New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — ^Annually beginning 1927 1 % of outstanding bonds. Organization and Control — Incorporated in Ohio in 1909. The entire capital stock Is owned by the United Public Utilities Go. (of Delaware). Secured by a first mortgage on all the prop- erty of the company, including 102 miles of supplying Maumee, Perry sburg, Rossford; also electrlic and gas plants in Defiance, O., also serve local plants at Holgate, Swanton, Grand Rapids, "Weston, Liberty Center, Okalona, Jewell and Florida. Population served, 25.- 000. Franchises are indeterminate and are reported liberal. Year ended Dec. 31 Gross Net Int., Etc. 1918 $277,659 $94,781 $45,498 1917 228.939 64,255 36.966 1916 174.678 41,415 24,636 1915 132,682 32,177 22,179 Original Market~$372, 000 offered July, 1916, by Liggett, Hichborn & Co.. Boston and New York. Market. New York — G. W. Walker & Co., B. & C. Randolph, A. B. Fitkin & Co., Earle A. Miller & Co. Boston— McConnell & Co., Baker, Ayllng & Young. Philadelphia — Baker, Ayling & Young. Springfield — ^Baker, Ayling & Young. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '17 94 '17 88 Jan. 90 Jan. Low. 82 '18 83 '18 82 Aug. 83 July Doe DELANO LAND COMPANY 1st 5s. Jan. 1, 1933.— F. Dated Dec. 1, 1891. Interest payable Jan. and July 1, at Lehigh Valley Coal Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding — $179,0 00 (Jan. 1, '19). Retired by S. F. — $1,021,000. Denomination — ^Registered, $1, 000. Trustee — Girard Trust Co.. Philadelphia. Sinking Fund — Ten cents per ton of coal of sizes above pea, shipped during the preceding year, which amount shall not be less than $30,000 in any one year, to be applied to the purchase of these bonds at not above par and interest; if not purchasable, to be In- vested in other approved securities. Note. — ^Funds in hands of Trustee are in excess of amount of bonds outstanding; $122,- 000 bonds were acquired in 1918. Application of S. F. discontinued by order of court. Guaranteed principal ,and interest by. the Lehigh Valley R. R. Co. by endorsement. Control — ^Merged in 19 00 with the Lehigh Valley Coal Co., whose entire capital stock is owned by the Lehigh Valley R. R. Co. Secured by a first mortgage on 5.229 acres of coal land in Schuylkill Co. , Pa. , with mines, improvements, etc. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — ^West & Co. , Graham, Par- sons &'Co., Harrison & Co., Chas, Fearon & Co.. Warren A. Reed, Henry D. Boenning & Co., Huntoon & Co.. S. K. Phillips & Co. Price Range. Jan. 1. *16 to Jan. 1, '19 1918 Bid Bid High.105 '16 99 Dec. Low, 98 '18 98 Oct. DELAWARE & BOtJND BROOK RAILROAD CO. 1st Cons. 3V2B. Due Aug. 1, 1955. Dated August 1, 1905. Interest payable Feb and Aug. 1, at Mechanics' National Bank, Trenton, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,800,000. Denomination — Coupon, $1,000< Registerable as to principal or fully registerable. TruRtee — The Pennsylvania Company for In- 368 surance on Lives and Granting Annuities, Philadelphia. Goaranieed as to interest under terms of lease by the Philadelphia & Reading Ry. Co. Control — Leased for 999 years from 1879 to the Philadelphia & Reading Ry. Co. Ren- tal interest on bonds and 8% on $1,800,000 stock. Secured by a first mortgage on 30.97 miles of road from Bound Brook, N. J., to the Delaware River and branch to Trenton, N. J., and including 27 m,iles of 2nd track and 18.97 miles of 3rd track. Bonds are outstanding at the rate of $58,600 per mile. This road forms an important part of the P. & R. Ry. between Philadelphia and New York. liegal for Gal., Conn., Me., Mich., Minn., N. J. and Wis. Original Market — Offered in 1905 by Drexel & Co., Philadelphia. Market. Phiiadelpliia — 'West & Co. . Graham, Par- sons & Co., Brown Bros. & Co., Chas. Fearon & Co., Henry D. Boenning & Co., Biddle & Henry. NewYork — Freeman & Co., Abraham & Co., Wood, Stnithers & Co. Filtebnrgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 High.93 '09 96 '09 75 Jan. Low. 75 '17 91% '12 DIXAWABi: & HUDSON CO. 1st lien Eqnip. 4%s. Due July 1, 1923.— F. Dated June 1, 1907. Interest payable Jan. and July, at company's office, 32 Nassau St., New York. Tax Status — 2% Federal Income Tax paid by company without deductdon. Authorized — $10,000,000. Ontstanding — $8,816,000 (May 1, 1919). Balance retired. Denomination — Coupon, $1,000. Registefable as to principal or fully registerable. Trustee — United States Mortgage & Trust Co., New York. Sinking Fund — ^Annually, beginning July 1, 1908, the sum of $650,000, to be applied by the Trustee under the direction of the Dela- ware & Hudson Company either to the pur- chase of these bonds for cancellation or to th'3 purchase of additional eaiiipment to be- com<3 subject to this indenture, or to the purc'base of bonds legal for New York State Lifo Insurance Companies. Bonds so pur- chased may be sold and the proceeds applied to the purchase of the bonds of this issue, or for new eaulpment to come under the lien of this indenture. On Dec. 31, 1918, receipts amounted to $7,150,000. Disbursements foi" equipment, $4,357,775; bonds retired amounted to $1,145,000; securities and cash, in hands of Trustee, $2,387,394. Secured by a first lien upon eauipment ac- quired under this indenture. liiBted on the New York Stock Exchange. Xegal for N. H. and R. I, Original Market — OfCered in 1907 by Kubn, Loeb & Co. and the First National Bank, New York, at 95 and interest. Market. ' New York— Coggesha)! & Hicks, Bull ,& El- dredge. Seasongood, Haas & Macdonald. Evans, . Stillman & Co., Freeman & Co. Philadelphia— -Graham, Parsons & Co., Brown Bros. & Co., S. K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1, 1907 to Jan. 1, 1919 1918 High.104% Nov. 6. '08 94% Nov. 29 Low. 93% Feb. 28. '18 93U Feb. 28 DELAVTABE & HUDSON CO. 1st & Eef. 4b. Dae May 1. 1943.— F, Dated May 1, 1908. Interest payable May and Nov. 1, at company's office, 32 Nassau St.. New York. Tax Status — 2% Federal Income TAx paid by company without deduction. Tax exempt In New York. Authorized — $50, 000, 000. Outstanding — $32,204,000. Pledged to Secure &% Notes, Duo 1920— $7,300,000. Reserved for Ext. — $8,996,000. Keberved for Prior Uen&r- $1,500,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Reg- istered, $1,000. $5,000 and $10,000. C. & R. interchangeable. Trustee — ^Farmers' Loan & Trust Co., New York. Redeemable as a whole only at 107% and interest on May 1, 1918, or on any interest date thereafter upon 13 weeks' notice. Sinking Fund — Beginning June 1, 1909, 1% of amount of outstanding bonds is to b.e paid annually to the Trustee to be applied at the direction of the company, either to the pur- chase and cancellation of these bonds, or to conotnictlons, additions, etc. , which are to be placed under the liens of this mortgage. Approximately $2,129,070 has been paid into the Sinking Fund and expended in this way. Secured by a direct mortgage on 341.23 miles of road, 440.22 miles of leaseholds, track- age, equipment, coal lands, etc., viz. : A direct mortgage on 341.23 miles of road, viz.: A first lien on 266.44 miles — Miles Rouses Point Jet. to Lake Station, Whitehall, N. Y 112.93 Canada Jet. to New York-Canada Line. 12.78 South Jet. to Ausable Forks 18.87 Montcalm Landing to Baldwin 4.77 Ticonderoga Jet. to Ticonderoga 0.92 Salem Jet. to Greenwich 10.20 Moreau Jet. to South Glens Falls 4.77 Watervliet Jet. to Green Island 1.08 Glenville to , Coons 9.08 Cherry Valley Jet. to Cherry Valley... 21.04 Ninevah, N. Y., to Jefferson Jet., Pa... 22.01 Carbondale to Green Ridge .* 15.32 Lookout Jet. to Honesdale Jet 27.62 Archbald to Bushwick 4.94 Carbon St. Jet. to Lackawanna Ave., Scranton 0.51 A second Hen on 73.79 miles — Covered by the first lien of the follow- ■ ing. Adirondack Ry. 1st 4%s 56.68 Schenectady & Duanesburgh 1st 6s 17.11 Also secured on 440.22 miles of lease- hold, viz. : Bulp Point to Lake Placid 79.44 Lake Station, Whitehall, to Albany.... 79.14 Whitehall, N. Y., to Rutland. Vt 23.71 Castleton, Vt.. to Eagle Bridge, N, Y.. 62.13 Fort Edward to Lake George 14. 46 Schenectady to Ballston 14.12 Waterford Jet. to Troy 5.60 Albany to Binghamton 142.69 Green Ridge to Wilkesbarre 20.07 South Wilkesbarre to Plymouth Jet 2.03 Green Ridge to Vine St., Scranton 1.47 Vine St. to Poplar St., Scranton 0.60 Plymouth Jet. to Kingston Breakers.... 2.15 Bull Run -Jet. to No. 4 mines 1.25 No. 4 to No. 3 branch connection 1 . 02 Connection at Delansoh ■. 0.44 Further secured on '57.01 miles of trackage rights, viz. : Bin^-hamton to Owego (Brie R. R.) 22.00 369 Jefferson Jet. to Carbondale (Jefferson R. R.) 35.01 Prior Lriens — $1,500,000 prior liens on mile- age directly covered as follows; Schenectady & Duanesburg-h 1st Gs, 1924 $500,000 Adirondack Ry. 1st 4%s. 1942 1,000,000 Also on 276.78 miles of mileage leased to the following: Renssela'er & Saratoga 1st 7s, 1921 $2,000,000 Albany & Susquehanna Conv. 3%s, 1946 10,000.000 Total $13,500,000 Year ended Dec, 31 Gross Net Int. & Rent ♦1918. . $7,415,149 $10,602,781 $5,887,988 tl918.. 34,789.864 3,436,079 850,654 1917.. 29,989,399 10,434,081 5,441,3 01 1916.. 26,634,426 10,177.856 6,019,484 •Corporate Income Account-Standard return under Federal control. tPederal Income Account. Ijisted on the New York 3tock Exchange, I^egal for Cal. , Conn. , Me. , Mass. , Mich. , Mlnr... N. H.. N. J., N. T., R. I., Vt. and Wis. Original Market — Underwritten in 1908 by Kuhn, Loeb & Co. , and the First National Bank, New York, and offered at 97% and in- terest. Market. New York — Active on N. Y. .Stock Exchange. Price Kange — N. Y. S. E. Jan. 1, 1908 to Jan. 1. 1919 1918 High.103 June 3, '09 88% Nov. 13 Low. 79 Sept. 17, '18 79 Sept. 17 DEIAWABi: & HUDSON CO. 2D-Year Conv. 5s. Due Oct. 1. 1935.— N. Dated Oct. 1, 1915. Interest payable April 1 and Oct. 1. Tax Status- — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $14,451,000. Denomination — Coupon, $500 and $1,000. Registerable fully, or as to principal only. Registered, $500, $1,000, $5,000 and $10,000. C. & R. interchangeable. Redeemable as a whole only (subject to right of conversion after call up to 30 days from date of redemption, at 105% and In- terest, on Oct. 1, 1922, or on any interest date thereafter on 90 days' notice. Convertible between Oct. 1, 1917, and Oct. 1. 1927, ijito stock of the company at the rate of 150% in bonds for 100% in stock. Dividends on the stock have been paid in every year since 1826, except from 1829 to 1S31, 1834 to 1838 and 1877 to 1880. The average rate for the entire period has been 7.3% per annum, since 1882 not less than 5 % per annum has been paid, and 9 % per annum has been paid since 1907. Proportionate prices are as follows: Stock Bonds Stock Bonds 150 100.00 205 136.66 15F. 103.33 210 140.00 160 106.66 215 143.33 16b 110.00 220 146.66 170 113.33 225 150.00 175 116.66 230 153.33 180 120.00 235 156.66 185 123.33 240 160.00 190 126.66 245 163.33 195 130.00 250 166.66 200 133.33 Organization — Incorporated in New York in 1823. The company owns 337 miles of steam railroad, leases 468 miles and has trackage over 104 miles of road. The steam railroad lines extend from Wilkea-Barre and Scranton, Pa,, and Binghamton, N. Y., via Albany to Montreal, Can. It also controls about 230 miles of electric street and interurban railway in and about Albany, Troy and Schenectady. The company also controls extensive anthra- cite coal lands. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See 1st & Ret. 4s. Legal for N. H. and R. I. Usted on the New York Stock Exchange. Original Market — Offered to stockholders in Septc-mber, 1915, at par and interest, In amounts ectuivalent to 34% of their stock- holdings. The offering was underwritten by Kuhn, liOeb & Co, and First National Bank, Now York. Market. New York — Guaranty Trust Co., National City Co. Chicago — Curtis & Sanger. Boston — Curtis & Sanger, Old Colony Trust Co Atlanta — J. H. Hilaman & Co. Price Range— N. Y. S. E. . Jaji. 1. 1915 to Jan. 1, 1919 1918 High.108% Nov. 20, '15 98% Nov. 12 Low. 85% Mar. 23, '18 85% Mar. 23 DELAWARE & HUDSON CO. 3-Year 5% Secured Notes. Due Au&. 1. 1920. — N. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $9,000,000. Outstanding — $9,000,000. Denomination — Coupon, $1, 000. Trustee — United States Mortgage & Trust Co.. New York. Redeemable as a whole only on any inter- est date on 60 days' notice at a premium equal to % % for each six months between the date of maturity and the date of redemp- Uon. Secured by pledge of the following securi- ties: $7,300,000 D. & H. 1st & Ref. 4s of 1943; $3,500,000 1st 3%s, duel946, and $400,- 000 guaranteed stock of the Albany & Sus- quehanna R. R. ; $500,000 guaranteed stock of Rensselaer & Saratoga R. R. Total face value, $11,700,000. Original Market — Placed privately July, 1917, by Kuhn, Loeb & Co., and First Na- tional Bank, New York. Market. New York — Kissel, Kinnicutt & Co., Wm. A. Read. & Co., Salomon Bros. & Hutzler, Mann, Bill & Co., Bull & Eldredge, C. W. Remsen, Pynchon & Co., National City Co., Morrison & Townsend. John Nickerson, Jr. Boston — Curtis & Sanger. Chicago — Kissel, Kinnicutt & Co.. Curtis & Sanger, Babcock, Rushton & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '18 99% '18 99 Dec. 99% 'Dec. Low. 95 '17 95% '17 96% Jan. DELAWARE COUNTY ELECTRIC CO. 1st 6s. Dae Aug. 1. 1939. — F. Dated Aug. 2, 1909. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without dediuction. Authorized — $750, 000. Outstanding— $259,000 (May 2, 1919). 370 Pnrchased & Held in S. F.— $41,000. Reserved for Ext. — $450,000. Denomination — Coupon, $1,000. ^ Trustee — Philadelphia Trust Co., Philadel- phia, Pa. Redeemable at 105 and interest. Sinkini: Fund — 1% per annum to 1918: 1%% per annum, 1919-28; 2% per annum, 1929 to maturity. Organization — Incorporated in Pennsylvania in 1909 and absorbed the Media EJlectric Light, Heat & Power Co., Philadelphia Sub- urban Electric Co., Faraday Heat, Power & Light Co. and Citizens' Electric Light & Power Co., of Delaware County, Pa. All of the slock is owned by the Philadelphia Elec- tric Co. Secured by a first mortgage on plants and transmission lines supplying several suburbs of Philadelphia with electricity. Franchises are perpetual. Market. Philadelphia — S. K. Phillips, Harper & Tur- ner. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 -17 89 Oct. 96 Dec. Low. 89 '18 95 '18 95 July DELAWARE RAILROAD CO. Gen. 4V2S. Due Jals- 1, 1932.— P. Dated July 1. 1892. Interest payable Jan. and July 1, at Broad Street Station, Phila- delphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outetandine— $448,000 (Sept. 15, 1918). Retired by S. F. — $52,000. Denomination — Coupon, $1,000. Reglsterable as to principal, or fully registered. Trustee — Fidelity Trust Co., Philadelphia. linking: Fund — The sinking fund resulting from the dividends on its capital stock sub- scribed for by the State of Delaware to the presidents of this company and of the P. B. & W. R. R. Co. as Commissioners to be applied to the redemption of these bonds when offered at par and Interest. If no bonds are offered, funds shall be invested In Inter- esf bearing securities approved by the Com- missioners. Guaranteed as to interest, under terms of lease, by the Philadelphia, Baltimore & Wash- ington R. R. Co. Control — The Philadelphia, Baltimore & "Washington R. R. Co. owns $2,704,600 of stock and leases the road for 99 years from 1910. Rental, 8% on stock, interest and taxes on bonds, taxes and organization expenses. The property of the P. B. & MV. R. R. is leased for 999 years from Jan. 1, 1918, to the Pennsylvania R. R. Co. Secured by a first mortgage on 117.41 miles of road from Shellpot Crossing near Wilm- ington to Delmar, Del., and branches to Masaey's Cross Roads, Md., to Smyrna, Del., and to Del. -Md. State Line. The company also owns 128 miles of road from Massey to Chestertown and Centervllle, Md., Smyrna, Del., to Oxford, Md., and Rhodesdale to Cam- bridge, Md., on which there are no liens. Legal for Bait., Cal.. Conn., Me., Mich., Minn., N. J., R. I. and Wis. Listed on the Philadelphia Stock Exchange. Market, Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co., S. K. Phillips & Co., Henry D. Boennine- & Co., Biddle & Henry, New York — Abraham & Co. DELAWARE RIVER RAILROAD & BRIDGE CO. 1st S. F. 4s. Due Aug. 1, 1936. — F. Dated Aug. 1, 1896. Interest payable Feb. and Aug. 1. at Broad Street Station, Phila- delphia, and 85 Ci',dar Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,300,000. Outstanding— $1,222,000 (May 1, 1919). Ralance retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — The Girard Trust Co. , Philadel- phia. Sinking Fund — Whenever the bonds can be purchased at par, the company shall appro- priate 1% annually of this issue outstanding, to bo applied to their purchase at said price: also an additional sum equal to the interest on bonds already purchased, to be applied in a like manner. If after 20 days' notice bonds are not purchasable at par, then the money so appropriated shall revert to the treasury of the company. Guaranteed principal and interest by the Pennsylvania R. R. Co. by 'endorsement. Control — Property is leased to Pennsylvania R. R. Co. for 999 years from April 1, 1918. Secured by a first mortgage on 9.52 miles of road from Frankfort Jet., Philadelphia, to West Haddonfield, N. J., and branches. This forms part of the all rail route between Philadelphia and Atlantic City. Legal for Bait., Cal.. Conn., Fla., Me., Mass.. Mich., Minn., N. H.^ N. J., N. T., R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — Chas. W. Place, Abraham & Co., Baker, Carruthers & Pell, Fred H. Hatch & Co., John Davenport, Redmond & Co., Tay- lor, Smith & Hard. New York — Chas. W. Place. Fhiladelphia— West & Co., Graham, Par- sons & Co., Henry D. Boenning & Co., Biddle & Henry, Chas. Fearon & Co., S. K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 191S Bid High.lOO Sept. 12, '12 84 Oct. Low. 91 Mar. 2, '14 75 Jan. 371 DEL MONTE PROPERTIES COMPANY 1st Serial 6s. Due $30,000 annually Marcli 1. 1930 to March 1, 1938, and $430,000 March 1, 1939. Dated March 1, 1919. Interest payable March and Sept. 1 at Trustee's ofl!lce, San Francisco, or Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $1,000,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — ^Anglo-California Trust Company, San Francisco. Redeemable — Bonds may be called at any time at 105 and interest. Organization — Incorporated February, 1919, in California for the purpdse of taking over from the- Pacific Improvement Company its holding's situated on the Monterey Peninsula ■ as follows: (Figures are company ' s valuation. ) Rancho Del Monte $110,000 Del Moute Forest 950,000 Pacific Grove Division 298,000 Del Monte Forest Lodge grounds and Del Monte Second Golf Course . 496,000 Del Monte Hotel grounds and Polo Field 900,000 Del Monte Pipe Line 545,000 Monterey County Water Works 859,000 $4,158,000 Capital Stock Outstanding Preferred $700,000 Common 3.000,000 Secured by a first lien on all of the above property with the exception of the Monterey County Water W^orks, and by deposit with the Trustee of all the stock of the Monterey County Water Works. This latter property and all other properties securing this mortgage are free of other liena. The Company has no floating debt and has in treasury about $100,- 000 cash, and bonds of American Foreign Se- curities and United States Go-vernment Liberty Issues amounting to $200,100 par value. Original Market — Offered in March, 1919, by B, H. Rollins & Sons, San Francisco, Los Angeles, Boston, New York. etc. , and William R, Staats Company, Los Angeles, San Fran- cisco and Boston, at 100 and interest. DELTA LAND & TniBER CO. 1st & Refg. Gs. Due semi-annnally in varying amounts on each Jan, and July 1 from Jan. 1, 1915 to July 1» 1934.— F. Dated July 1, 1913. Interest payable Jan. 1 and July 1, at Trustee's oflScea and Drexel & Co., Philadelphia. Tax Status — ?% Federal Income Tax paid by company without deduction. Authfrrized — $4,200,000. Outstanding — $1,319,000 (March 1, 1919). Redeemed — $2,092,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustees — ■Merchants' Loan & Trust Co., Chicago, and Michigan (Trust Co. , Grand Rapids, Mich. Redeemable on any interest date at 102 and intereat. Sinking Fund — $4.00 per thousand feet of lumber, before cutting, to be applied to pay- ment of bonds. Guaranteed as to principal and interest by the Central Coal & Coke Co. of Kansas City. Organization and Control — Incorporated In 1913 and controlled through stock ownership by the Central C. & C. Co. Secured by a mortgage on 140.500 acres of timber land in Louisiana and Texas, all but 9,500 of which is owned in fee, and on sa.w mills and other equipment, being a first mortgage on the saw mills and equipment and two-thlrda of the land (about 38, 000 acres) in Louisiana. Underlies — $476,500 notes. Original Market — $1, 950, 000 ottered In March, 1914, by Clarke L. Poole & Co., Chicago, at par and interest. Market. I'Mladelphia — Geo. S. Fox & Sons. Chicago — King, Hoagland & Co. New York — Morton Lachenbruch & Co., "W. C. Rauscher. Price Range. Jan. 1, *16 to Jan. 1, '19 Bid A.gk High. 99% '16 100 '17 Low.97^^ '17 100 '17 DEI.TA LIGHT & TRACTION CO. 1st 6s. Due each May 1 as follows: $8,000. 1916 to 1918, inclasive; $10,000, 1919 to 1922, inclusive; $12,000, 1923; $15,000. 1924 to 1933, inclusive, and $155,000. 1934.— F. Dated May 1, 1914. Interest May and Nov. 1, at National City Bank, Chicag'o. Tax Status — Information not available (May 1, 1919). Authorized — $ 750,000. Outstanding — $347,000 (May 5, 1919). Retired — $28,000. Douomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — First Trust & Savings Bank, and Louia Bolaot, Chicag^o. Redeemable at 102 and interest on any in- terest date on 60 days' notice in reverse of numerical order. Organization — Incorporated in Mississippi in 1914 as a consolidation. Secured by a first mortgage on all the prop- erty of the company, including plant supplying eltctric light and- power to Greenville, Miss., and Lake Villa, Ark. , and street railway system., in Greenville comprising 7 miles of tra.ck. Franchises in Greenville expire in 105O and 1951, and in Lake Villa in 1947. Original Market — $300, 000 offered May, 1015, by National City Bank, Chicago, at par and interest. Market. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask HJgh.98'^ '16 100 '16 Low. 98^ '16 100 '17 DEMERARA ELECTRIC CO. 1st 58. Dd« Nov. 1, 1929. Dated Nov. 1, 1899. Interest payable Jan. and July 1. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500, 000. Denomination — Coupon, $1,000. Tnistee — ^National Trust Co., Toronto, Can. Secured by a first mortgage on all street railv/ays and power plant supplying electric- ity to Georgetown, the principal citv (popu- lation 50,000) and capital of Demerara, Brit- ish Guiana. Electric lighting franchise per- petual, but may be terminated at any time by company. Street railway franchise ex- pires in 1930, but same may be extended 20 years. Year ended Dee. 31 Gross Net Interest 1917 $160,676 $52,402 $29,235 191G 135,978 45,270 29,031 19ir. 135,325 48,143 38,568 1914 141,237 56,706 38.751 1913 143,616 57,156 38,715 Listed on Toronto Stock Exchange. Market. Montreal — Royal Securities Corp., Lt. DENISON & SHERMAN RAILWAY 1st 5fl. Due July 1. 1927.— P. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $350,000. Outstanding — $151,000 (May 1, 1919). Held in Sinking Fimd— $118,000. Retired — $3,000. In Treasury — $52,000. Denomination — Coupon, $1, 000. Registerable as to principal. 372 Trustet^— Harris Trust & Savings Bank, Chicag-o. Redeemable on and after July 1,- 1917, at 105 and interest. Sinking: Fnnd — 2% per annum of bonds out- standing from July 1. 1905. to 1912; 3% 1913 to 1917; 4% 1918 to 1922; 5% 1923 to 1926. Assumed by Texas Traction Co. Control — Absorbed in 1911 by the Texaa Traction Co. July, 1916, the Texas Electric Ry. Co. was organized and acauired the property of the latter company and the South- ern Traction Co. Secured by first mortgage on 17.59 miles of electric railway from. Denison to Sherman, Texas, and street railway in those cities. Population served, 30,000. Franchises expire in 1956 on streets and balance of road is built on private right-of-way. Underlies — Texas Traction Co. 1st 5s of 1937 and Texas Electric Ry. Co. 1st & Ref. 53. due 1947 and Debentures. Earnings — See Texas Electric Railway. Market. Texarkana — R. S. Cheatham. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1. *ie to Jan. 1. '19 1918 Bid Bid HiErh.94 '16 90 July Low. 90 '18 (THE) DENVER & NORTHWESTERN RAHi- VVAY CO. 1st & Coll. Tr. 5s. Due May 1, 1933.— F. Dated May 1, 1902. Interest payable May and Nov. 1, at Company's office, Denver, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $6,000,000. Outstandine^S507.500 (Jan. 1. 1919). of which $900 is in company treasury. Balance exchanged for 1st & Ref. 6s of the Denver City Tramway. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — Bankers' Trust Co., New York. Redeemable at 105 and interest on any In- terest date on 90 days' notice. Assumed by the Denver Tramway Co. (new company). Organization and Control — Incorporated In Colorado in 1901 and acquired the entire $5,000,000 capital stock of the Denver City Tramway Co. March, 1914, the Denver Tram- way Co. (new company) exchanged its $9,000.- 000 capital stock for all the property. Includ- ing stock, of the Denver City Tramway Co. Secured by a first mortgage on 27 miles of electrio railway In Denver, Col., and extend- ing northwesterly through Arvada to Leyden, with branch from Clear Creek Jet. to Giolden, Col., and by deposit of $9,000,000 of $10,000,- 000 capital stock of the Denver Tramway Co. Franchises on the 27 miles are as follows: Denver, expires in 1952; Golden for 99 years;, country roads i>erpetual and the main mileage Is on private right-of-way. Franchises for the balance of the property expire in 1926. Prior Liens — $1,167,000 Denver Consolidated Tramway Cons. 5s of 1933; and $2,000,000 Denver City Tramway Co, P. M. 5s of 1919 and $10,487,725 1st & Ref. 5s of 1933. ♦ Underlies— $2,500,000 Denver Tramway Co. 6a of 1919. Befanding — The Denver City Tramway Co. lat & Ref. mortgage provides for the retire- ment of this issue. Earnings — See Denver City Tramway Co. Original Market — Offered at 95 and interest by Nathan Gregg & Co., Denver, Colo. Market. New York— ICiely & Horton, E. F. Hutton & Co. Denver — Boettcher, Porter & Co. Price Range. Jan. I, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.100% '09 102 '09 57 Apr. Low. 57 'IS ni'^k. '17 DENVER & RIO GRANDE RAILROAD CO. Incorporated in Colorado in 1886, and con- solidated under the laws of Utah and Colorado with the Rio Grande Western Ry. Co. in 1908. The company owns 2,534 miles of road, of which 820 miles are narrow gauge and 178 miles are double-tracked. The lines of the company extend from Denver to Trinidad, Col.. Pueblo, Col., to Salt Lake City. Utah, with two routes between Sallda and Grand Junction, Col., and to Santa Pe., N. M.. and Include a large part of the local roads in southwestern Colorado and practically all rail- roads in Utah, south and east of Salt Lake City. The total length of road operated by the company is 3,639 miles. The D. & R. G. Ry. Co. guaranteed interest and principal of $50,000,000 Western Pacific Ry. 1st mortgage 5s, due 1933 (exchanged for issue of reorgan- ized .company). The latter company has been reorganized by foreclosure. Action on guaran- tee resulted in a judgment in favor of the Equitable Trust Co. as Trustee for about $35,000,000. Beceivership — Bdw. L. Brown. President, and Alex. R. Baldwin. Vice-President of the Western Pacific Ry., were appointed receivers Jan. 28. 1918. On Feb. 28, 1918, the U. S. Gov't took over ma-nagement of the property and Mr. Brown retired. Mr. Baldwin remained receiver of the free assets, with no connection with opera- tUon of the road. The D. & R. G. Ry. Co. has outstanding $49,775,670 5% non-cumulative preferred stook and $38,000,000 common stock. After 5% has been paid on the common stock, both classes will share equally in any further distributions. Dividends were paid on the preferred stock in each year from 1896 to 1911. the full 5% being paid from 1901. In 1911 the dividend was passed to enable the company to protect Its equity in the Western Pacific Ry. Co. Year ended Dec. 31: Gross Net *Int. & Rent 1917.. $28. 423. 138 $8,546,743 $6,446,980 1916.. 25.464,486 10-,643,641 6.281,771 1915. . 23,138,797 9,004,718 6.322,949. ♦Includes interest on Adj. Income 7s. (THE) DENVER & RIO GRANDE RAILROAD CO. Cons, (now 1st) 4s and 4V^s. Due Jan. 1, 1936.— F. Dated July 15, 1886. Interest payable Jan. and July 1, at National Park Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $34,125.000-4s; $6, 382, 000-4% s. Held in Treasury — $1,445,000 4s. Denomination — Coupon. $500 and $1,000. Reglsterable as to principal only, or fully registerable. Trustee — ^United States Trust Co., New York. Assumed by the present Denver & Rio Grande R. R. Co. 373 * Secured by a first morteage on 1,646.83 miles of road, viz. : Miles Denver to Rifle 386.92 Grand Jet. to Crevasse 18.88 Pueblo to Alamosa 132.66 Cuchara to Trinidad 41.94 Alamosa to Silverton 245.42 Salida to Grand Jet 208.92 Mears Jet. to Alamosa 73.44 Leadville to Dillon 36.28 Glenwood to Aspen 42 . 48 Poncha Jet. to Monarch 15.66 Gunnison to Anthraeite 32.31 Crested Butte to Floresta 10.71 Sapinero to Lake City 35.84 Montrose to Ouray 36.70 Delta to Somerset 43 . ^6 Antonito to Espanola 91.82 Alamosa to Wagon Wheel Gap 60.34 Carbon Jet. to Farmington 47.66 Walsenburg to Maitland 4.85 Pert Logan Branch 2.42 Castle Reek Branch 2.87 O'Brien's Quarry Branch 1.39 Manitou Branch 5.14 Coal Creek, Freemont and Chandler Creek Branches 9.69 Howard Branch .- 5.83 Rouse Branch 4.53 Conchita Branch 5.36 Engleville Branch 6.40 Malta to Leadville 4.87 Leadville to Leadville Jet 3.26 Calumet Branch "7.13 Iron Silver Branch 3.23 Ibex Branch 7 . 05 Graham Park Branch 1.61 Orient Branch 8.20 Oakdale Spur 1.95 Reilly Canon Spurs 1.01 Underlies — D. & R. G. Impt. 5s of 1928; D. & R. G. 1st & Ref. 5s of 1955, which latter provides for the retirem.ent of this Is- sue, and D. & R. G. Adj. 7s of 1932. listed on the New York and Philadelphia Stock Exchanges. Market. New York — J. S. Farlee & Co.. Seasongood, Haas & MacdOnald, Hambleton & Co. , Wm. C. Orton. Vilas & Hickey. Philadelphia — Thoa. A. Riddle & Co. Atlanta — J. H. Hilsman & Co. Baltimore — Hambleton & Co. , Jenkins, Whedbee & Poe. Denver — Boettcher, Porter & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 4a. High.101% June 6. '06 77 Nov. 9 Low. G0% Jan. 17, '18 60^ Jan. 17 4%S. High. 108 Mar. 24, '06 80 Nov. 13 Low. 67 Nov. 28. '17 68 Jan. 10 (THE) DENVER & RIO GRANDE RAULROAD CO. Imp. 5s. Due June 1, 1928. — F. Dated June 1. 1888. Interest payable June and Dec. 1, at National Park Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $8,335,000. Denomination — Coupon, $ 5 0. Regiaterable as to principal only, er fully registerable. Trustee — United States Trust Co., New York. Assumed by the present Denver & Rio Grande R. R. Co, Secured by a' second mortgage on the 1,- 646.83 miles of road covered by the first lien of the Cons. 4s and 4%s, which aee above. Prior Liens — $40,507,000 The Denver & Rio Grande Cons. 4s and 4%a of 1936. Underlies — D. & R. G. lat and Ref. 6s of 1955, which issue provides for the retirement of these bonds, and the D. & R. G. Cum. Adj. 7a of 1932. Listed on the New York and London Stock Exchanges. Market. New York — Stnithers & Hiscoe, Sharretts & Young, Wolff & Stanley, McGeorge & Vander- hoef. Seasongood, Haas & Macdonald, J. S. Farlee & Co.. Sam'l Goldschmidt. Denver — Boettcher, Porter & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.109 Feb. 14. '09 90 Nov. 12 Low. 66 Aug. 27. '15 70 Aug. 27 (THE) DENVER & RIO GRANDE RAILROAD CO. 1st & Ref. 5s. Due Aug. 1, 1955.— F. Dated August 1 , 1908. Interest payable Feb. and Aug. 1, at Bankers' Trust Co., New York, and at Berlin, Tax . Status — 2% Federal Income Tax paid by company without deduction. Authorized — $150,000,000. Outstanding — $33, 039, 000. Held in S. F.— $905,000. In Treasury- — $332,000. Pledged — $7,005,000. Denomini^tion — Coupon, $100, $500 and $ 1. - 000. Registerable as to principal only, or fully registerable. Registered $1,000, $5,000. $10,000 and mul- tiples of $10,000. Registered bonds may be exchanged for $1,000 coupon bonds. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 110 and interest upon 90 days' notice. Sinking Fund — Began Aug. 1, 1913. $120,000 annually on Aug. 1, to be applied to the re- demption or purchase of these bonds or under- lying bonds at not exceeding 105 and interest. Bonds of this issue so acquired shall be held alive in Sinking Fund and interest thereon added to Sinking Fund. Refunding bonds so acquired may be exchanged for underlying bonds. Protective Committer- Seward Prosser (chairman), C. Ledyard Blair, B. K. Boisat, Bertram Cutler, John Henry Hammond, Andrew J. Miller, William Solo- mon, Joseph H. Seaman, Frederick Strauss. Secretary, B. W. Jones. 16 Wall St., New York. Depositaries, Bankers' Trust Co., New York, and First Trust & Savings Bank, Chi- cago. Secured by a direct mortgage on 2,540.60 miles of road, real estate securities, etc., and all other property acquired with the proceed! of these bonds, viz. : A first lien on 161.08 miles — Miles Zinc Jet. to Blende 3.36 Texas Creek to Westcliffe 25.49 Moffat to Crestone 11.44 Espanola to Santa Fe 33.97 Wagon Wheel Gap to Creede 9.59 Pagosa Jet. to Pagosa Springs 30.86 Maitland to Big Four 9 . 43 Reliance Jet. to Ojo ; 5.41 Taos Jet. to La Madera 16,43 Spring Canyon Jet. to Standard 5.13 Various Spurs 9.98 A second lien on 321.20 miles — •Covered by the first lien of the Rio Grande Wn. Cons. 4s 321.20 A third lien on 2,058.32 miles — Miles Covered by the first lien of the follow- ing: D. & R. G. Cons. 4s and 4%s 1,646.8$ Rio Grande Wn. 1st Tr. 4s 411 . 49 374 Also secured by deposit of the followine stocks of companies owning 95.08 miles of road and having: no bonded debt, viz. : Deposited Issued Rio Grande Jot. Stock. .$1,221,150 $2,000,000 Rio Grande & Southw. R. R. Stock 149,200 150.000 $1,370,350 $2,150,000 Prior liiens — $81,962,000 (Closed mortgages) prior liens, of which $2,850,000 are held by the company: D. & R. G. 1st Cons. 4s and 4%s. 1936 $41,952,000 Rio Grande "Western Ist Tr. 4 s, 1939 .; 15.200.000 Rio Grande Western Cons. 4s, 1949. 16,475,000 D. & R. G. Imp. 5s. 1928 8.335,000 Underlies — $10,000,000 Denver & Rio Grande R. R. Adj. Inc. 7s of 1932. Listed on the New York and London Stock Exchanges. Original Market — OfCered Jan., 1909, by William Salomon & Co.. Blair & Co. and William A. Read & Co.. New York, at 92 ^^ and interest. Market. New 'York — ^Active on N. T. Stock Exchange. Philadelphiar— S. K. Phillips & Co. Denver — Boettcher, Porter & Co. Price Kange — ^N. Y. S. E. Jan. 1, 1908 to Jan. 1. 1919 1918 Coupon. Hdgh.96H Aug. 9. '09 63 Nov. 12 Low. 38 Jan. 15. '15 48% Feb. 8 Ctfs. of Dep. High.56 Oct. 23. '18 56 Oct. 23 Low. 50 Sept. 11, '18 50 Sept. 11 (THE) DENVER & RIO GRANDE R. R. CO. Cnm. Adj. Inc. 7s. Due April 1, 1932. Dated May 1, 1912, Interest payable April and Oct. 1, at New York, London, Berlin, Paris and Amsterdam. Interest Provisions — ^Interest is cumulative and is payable if earned out of the available net income of the company from all the sources for six months ending Dec. 31, and June 30 Immediately, preceding the respective interest dates. Installments of interest de- clared payable shall amount to not less than 1%%. 7% Interest has been regularly paid as of May 1. 1919, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $10,000,000. Denomination — -Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co.. New York. Redeemable at 115 and all accumulated in- terest on any interest date upon 90 days' notice, in lots of not less than $500,000. Secured by a mortgage on 2,540.60 miles of road and all other property covered by the 1st & Ref, 5s. but junior in lien to that mort- gage. Also secured by pledge of $737,150 ad- ditional stock of the Rio Grande Jet. Ry. Co. Further secured on all 1st & Ref, 5s or the proceeds deposited on special account for the purchase of new equipment. As of June 30, 1916, $7,005,000 were so deposited. One of the provisions of the indenture se- curing these bonds, part of whose security consisted of second mortgage - obligations of the Western Pacific, was that if the Western Pacific went into receivership the trustee could declare these bonds due. In which event fore- closure proceedings can be instituted. This provision precludes priority of a judgment creditor. Prior L-iens — $122,338,000 prior liens, includ- ing Ist & Ref. 5s and prior liens thereto. Original Market — Offered in 1912 at par and interest by Blair & Co. and William Salomon & Co., New York. Market. New York — H. I. Nicholas & Co., Gwynne Bros..* Coffin & Co., J. S. Farlee & Co., B. & C. Randolph, McGeorge & "Vanderhoef. Moore & Co., Baker, Carruthers & Pell, F. J. Lis- man & Co. Denver — Boettcher, Porter & Co. • Price Range. Jan. 1. '15 to Jan. 1, '19 1918 High.79Mi '16 81 '16 67 Jan. 71 Jan. Low. 32 '15 35 '15 50 June 55 June DENVER & SALT LAKE RAILROAD CO. 1st Mortgage Bonds, Due May 1. 1943. Dated May 1, 1913. Interest payable May 1 and Nov. 1, at Bankers Trust Co., New York. Interest Rate — The bonds bear interest as follows: $4,353,000, 5%; $1,734,000, 1% first year and increase of 1% each year to 5% ; $4,427,000, 3% for 3 years, 4% for 1 year and 5% thereafter. Default — May 1, 1916, the May and Nov., 1915, coupons were funded, holders taking these bonds in payment at 75 and interest. Subsequent interest is in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $35,000,000. Outstanding — $10,514,000. Denomination — Coupon, $ 1 and multiples. Registerable as to principal or fully register- able. Registered, $1,000, $5,000, $10,000, $50,000 and $100,000. C. & R. interchange- able. Trustee — Bankers Trust Co.. New York. Redeemable as a whole only at 105 and Interest on any interest date on 90 days' no- tice. Organization — Incorporated in Colorado In 1912 and acqiiired through foreclosure prop- erties formerly owned by the Denver. North- western & Pacific Ry. Co. , Receivership — On Aug. 16, 1917, Judge Class In the U. S. District Court at Brighton. Col., appointed President Chas. Boettcher and W. R. Freeman receivers for the company. Protective Committee — The following com- mittee requests deposits on or before July 1, 1917: Edward R. Tinker. Chairman: George H. Burr, F. N. B. Close. L. C. Phipps, Eugene V. R. Thayer and Herman Walleck, with Charles D. Makepiece, Secretary, 115 Broadway, N. Y. Depositary. Mercantile Trust & Deposit Co., New York. Secured by second mortgage on 252.35 miles of road from Denver to Craig. Col. Also se- cured on the entire capital stock of the North- western Terminal Ry. Co. Prior Lien — $575,000 6% Receiver's Certifi- cates (total authorized, $1,500,000). all owned by U. S. R. R. Administration. Underlies — Adjustment 5a of 1943. Market. New York — J. S. Farlee & Co., F. J. Lisman & Co. Denver — Wimer & Co. Price Range — 1918. Bid Ask High.7^f. Dec. 15f. July Low. 7 f. Mar. lOf. Dec. DENVER & SALT LAKE RAILROAD Adj. 5s. Due May- 1, 1943. Dated May 1, 1913. Interest (payable if earned) May and Nov. 1, at company's office or agency in New York. 375 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $2,000,000. Denomination — Coupon $1,000. Re&isterable as to principal. Trustee — International Trust Company^ Den- ver. Redeemable on any interest date on 30 days' notice. Receivership — See 1st 5s, 19 43. Secured by a lien on entire property of com- pany, subject to 1st 5s, due 1943. Prior Liens — $10,514,000 1st 5s, due May 1, 1943, and $575,000 6% Receivers' Ctfs. D£N\rER & SAI.T lAKE BAILBOAD CO. Equip. Tr. 5s. Due $25,000 each Sept. 1 and March 1, from Sept. 1, 1913. to March 1, 1917. and $24,000 each Sept. 1 and March 1 thereafter to March 1, 1923, inclusive. — F. Dated March 1 , 1913. Interest pay abla March and Sept. 1, at Trustee's office. Default — March 1, 1919, interest and instal- ment of principal. All previous payments met. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $488, 000. Outstanding— $216,000 (March 2. 1919). Balance Retired. Denomination — Coupon, $1. 000. Reglsterable as to principal. Trustee — Empire Trust Co., New York. Secured by an etjuipment trust agreement on 100 steel gondola cars, 100 steel frame box cars, 2 5 stock cars, 6 refrigerator cars, S steel passenger cars, 1 steel combination car, 2 Mallet type locomotives, 12 caboose cars, 1 ditching machine, 1 steam shovel, 1 wrecking crane and other equipment, costing $650,282, of which the company paid $162,282 in cash. Original Market — Offered in 1913 by C. B. Mitchell & Co., New. York, on a B%% basia. Market. New York — Freeman & Co. (THE) DENVER CITY TRAMWAY CO. Pur- chase Money 5s. Due April 1, 1919. — F. Dated April 1, 1899. Interest payable April and Oct. 1, at Trustee's office. Extension — Company made offer In March, 1919. to extend above issue at 6% to April 1, 1924, subject to call as a whole at 102% on any .interest date on 30 days' notice. Bonds to retain unimpaired thedr mortgage security. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding— $2,000,000. Denomination — Coupon, $500 and '$1,000. Repisterable as to principal. Trustee — Central Union Trust Co., New Yoric. Assumed by the Denver Tramway Co, Organization — Incorporated in Colorado In 1902 and acquired all the street railway prop- erties In Denver and the entire capital stock of the Denver Tramway Power Co. and the Denver Tramway Terminals Co. Control — In March 31, 1914, the property of the Denver City Tramway Co., the Denver & Northwestern Ry. Co., the Denver Tramway Terminal Co. and Denver Tramway Power Co. was taken over by the Denver Tramway Co. (new company) and the entire capital stock ($9,000,000) of the latter company acquired by the Denver & Northwestern Ry. Co. Secured by a first mortgage on' 103 miles of street railway and second mortgage on 100 miles, including practically all of the street railways in Denver, Col. Population, Denver (1910), 213,381. Franchise affirmed by TJ. S. Circuit Court to 1926. The company claims franchise Is perpetual. Prior Lien — $1,167,000 Denver Consolidated Tramway Cons. 53 of 1933, a closed mortgage (see 1st Ref. 5s). Underlies — 1st & Ref. 5s of 1933, which - mortgage provides for the retirement of this issue ; Denver Tramway Co. Conv. 6s, due April 1, 1919; Denver Tramway Power 5s. due 1923, and Denver & Northwestern let & Coll. Tr. 5s of 1932. Earnings — See Denver Tramway Co. Market. Denver — Bosworth, Chanute & Co. New York — H. N. "Whitney & Co., Sam'l Gold'schmidt, Fred H. .Hatch & Co.. McGeorge & Vanderhoef. Providence — ^Providence Banking Co. Chicago — BabcocU. Rushton & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.100% '10 101% '10 93 Jan. 96 Jan. Low. 82 '18 88 '18 82 Dec. 88 Aug. (THE) DENVER CITY TRAMWAY CO. Ist & Ref, S. F. 25"Year 5s. Due Nov. 1, 1933.— F. Dated Nov. 1, 1908. Interest payable May and Nov. 1, at Bankers' Trust Co., New York, or company's office, Denver. Tax- Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $10,318,700 (June 1, 1918). Reserved for Prior Liens — $4,933,100. Reserved for Ext. — $8,253,700. Retired by Sinking l^nd — $656,000. In Treasury — $838,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and Interest on any in- terest date to and including Nov. 1, 1923, and as a whole only thereafter, except for sinking fund at 102% and Interest. Sinking Fund — Beginning Nov. 1, 1914, 1% of outstanding bonds annually to and includ- ing Nov. 1, 1923, and 2%- annually thereafter. The company shall advertise for proposals for three weeks prior to Aug. 24th once a week in New York and Denver papers and shall pur- chase bonds of this Issue at not exceeding re- demption price on Nov. 1, If not so purchas- able bonds are to be drawn by lot on Aug. 24 and 60 days* notice given of bonds drawn. Assumed by the Denver Tramway Co. Organization and Control — See Purchastt Money 5s above. Secured by a mortgage on 202 miles of street railway track in Denver and vicinity. For further details see Purchase Money 5f above. Prior JAens — $1,167,000 Denver Consolidated Tramways Co. Cons. 53 of 1933 and $2,000,000 P. M, 5s of 1919, both closed Issues which this mortgage provides to retire. Underlies — Denver Tramway Co. Conv. 6s, due April 1, 1919, and Denver & Northwestern Ry. 1st & Coll. Bs of 1919. Earnings — See Denver Tramway Co, Original Market— Offered in 1909 and 1911 by International Trust Co. , Denver, E. W. Clark & Co., Philadelphia, etc., and Clark. Dodge & C3o., New York, at 95 and interest. Market. New York— Miller & Co.. Hanson & Doyle. Dunham & Co., E. & C. Randolph, Newburger, Henderson & Ix>eb. Kiely & Horton, Clark, Dodge & Co., Oilman & Clucas, Fred H. Hatch & Co., McGeorge & Vanderhoef. 376 Chicaeo — Babcock, Rushton & Co. FUladelphla, — s. K. Phillips & Co.. C. C Jones & Co., Kjely & Horton, NewburBer, Hen- derson & Lioeb. Denver — Bosworth, Chanute & Co., Boett- cher. Porter & Co. Providence — ^Providence Banklns Co. Price Range. Jan. 1, '08 to Jaji. 1, '19 1918 Bid Ask Bid Ask Hiig:h.96% '10 99 '14 76 Aur. 80 Aug. Low. 54% '18 57 '18 , 64% Dec. 67 Dec. DENTEB CONSOUDATED TRAMWAY CO. Ist ConB. 58. Dae Oct. 1, 1933. — N. Dated Oct. 1. 1893. Interest payable April and Oct. 1, at Trustee's office and in Denver. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mort^agre. OntstandlnE — $1,167,000. Denomination — Coupon, $1,000. Kesisterable as to principal. Trustee — Bankers' Trust Co., New York. Assumed by Denver Tramway Co. Control — Merged into Denver Tramway Co., all of wliose stock is owned by the Denver & Northwestern By. Co, See P. M. 5 s above. Secured by a first mortgage on about 100 miles of street railway In Denver. Col., in- cluding the most important lines in the centre of the city. Population of Denver, 1910, 213.- 381. Franchise, see P. M. 6s. Underlies — $2,000,000 Denver City Tram- way P. M. Is of 1919 and $10,116,825 1st & Ref. 6s of 1933, which mortgage provides for the retirement of this issue and bonds of successor companies. learnings — See Denver Tramway Co. Listed on the New York Stock Exchange. Market. New York — Kiely & Horton, Sharretts & Young. Denver — Boettcher, Porter & Co. Chicago — BabcoGk. Rushton & Co. Baltimore — Jenkins. Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask Hlgh.101% '10 100% '10 95 Feb. Low. 75 '18 90 '15 75 Aug. 90 Apr. DENVER GAS & IXECTRIC CO. Gen. (now Ist) 5s. Due May 1, 1949.— F. Dated May 1, 1903. Interest payable May and Nov. It at Henry L. Doherty & Co., New York. Ta.Tt Status — 2% Federal Income Tax paid paid by company without deduction. Authorized — $8,000,000. Outstanding— $6,620,450 (May, 1918). Retired by Sinking Fund — 1643,550. In Treasury — $936,000. Denomination — Coupon, $1,000, $500, $250 and $100. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any inter- est date. SinJcing Fund — Began May 1, 1910. 1% of outstanding bonds annually for the purchase or redemption of bonds at not over 106 and in- terest. Control — ^Absorbed in 1909 by the Denver Gas & Electric Light Co., which is controlled through ownership of the entire capital stock by the Cities Service Co. Management — The Doherty Organization, New York. Secured by a first mortgage on part of the plant supplying gas to Denver. Col., and on plant supplying electricity to a large part of that city. Electric franchise is perpetual, gas expires in 1926. Population, 1910, 236,000. Prior Liens — $900,000 Lacombe Electric Co. 6s. Underlies — Denver Gas & Elec. Lt. Co. 1st & Ref. 6s of 1951. under which mortgaea bonds are reserved to retire this issue. Year ended Dec, 31 Bond Gross Net Interest 1918 $3,727,259 $1,461,867 $639,622 1917 3,419,966 1,427,031 642,767 1916 3,228,666 1,623,731 632,370 1915 3,273,189 1,667.944 422,116 1914 3,140,966 1,423,218 426,346 listed on the Cincinnati, Columbus and Cleveland Stock Exchanges. Original Market — Offered in 1903 by B. H. Rollins & Sons, New York, etc., at par and interest. Market. New York — Berdell Bros., Earle A. Miller & Co.. Dunham & Co., B. & C. Randolph, G. W. Walker & Co., Hanson & Doyle, John Mulr & Co., Henry L. Doherty & Co., H. F. McCon- nell & Co., Joseph & Wiener, Kiely & Hor- ton, Taylor & White, Wm. C. Bwen. Pynchon & Co.. Blodget & Co.. McClure. Jones & Co. Boston — ^McConnell & Co.. F. W. Mason & Co.. L. Sherman Adams, F. B. Bassett & Co. Philadelphia — ^H. D. Boenning & Co., Ed- ward v. Kane & Co., Investment Registry of America. Inc., Newhall & Co. Denver — ^International Trust Co., Bosworth. Chanute & Co.. Boettcher. Porter & Co. Chicago — Babcock, Rushton & Co. Baltimore — ^P. H. Goodwin & Co. Grand Rapids — Howe, Snow. Corrigan & Bertles. St. Paul — Kalman, Matteson & Wood. Price Range. Jan. 1. 'OS to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 100 '16 91 Dec. 94 Dec. Low. 76 '08 80 '08 82 May 86-Sept. (THE) DENVER GAS & ELECTRIC LIGHT CO. 1st & Ref. S. F. 5s. Dae May 1, 1951.— F. Dated May 1. 1911. Interest payable May and Nov. 1, at H. L. Doherty & Co.. New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Ontstanding- $5,190,000 (May 16, '19). Held in S. F $182,000. In Treasury — $1,212,000. Reserved to Retire Lacombe 5s — $900,000. Reserved to retire Gen. 59 — $8,000,000. To Be Issued for 85% of Improvements— $9,516,000, Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co.. New York. Redeemable on any interest date at 105 and interest. Improvement and Sinking Fnnd — Began May 1. 1912, and reauires payments of 1% annual- ly of outstanding bonds. In lieu of cash pay- ments, this fund may be satisfied by delivery of bonds secured under this mortgage or by construction or acquisition of additional prop- erty on a 2% basis of outstanding bonds. Organization and Control — Incorporated In 1909 in Colorado to take over the gas, electric and steam heating properties in Denver, Col. 99.987% capital stock is owned by the Cities Service Co. Management — The Doherty Organization, New York. Secured by a mortgage on plants supplying gas, electric light and power and steam heat in Denver, Col. Total capacity of gen. ata- 377 \ tions (3) about 36,000 h. p. Purchases elec- trical energy. Population served, 245,523. Electric power is purchased from the Colorado Power Co. Heat franchise expires in Decem- ber. 1919, gas in 1926 and electric is per- petual. Prior IJens — $900,000 Lacombe Electric Co. l8t 5s and 16,620,450 Denver Gas & Elec. Gen. .5s, provision is made in this mortgage for the retirement of both issues. Earnings — See Denver Gas & Electric Co. Gen. 5 s above. Legal for Me. and N. H. Market. New York — ^Morton Lachenbruch & Co., Blodget & Cu., Dunham & Co., E. & C. Ran- dolph, H. L. Doherty & Co., Plympton, Gar- diner &. Co. , Kiely & Horton, John Nicker- son, Jr., Wm. C. Ewen, Taylor & White, Mc- Clure, Jones & Co.. H. F. McConnell & Co., Earle A. Miller & Co., Pynchon & Co. Dtiiver — The International Trust Co., Boett- -cher. Porter & Co. Boston — Chaa. A. Day & Co. (F. W. Mason Co., A. B. Conant, F. B. Bassett & Co. Chicago — Babcock, Rushton & Co. Philadelphia — H, D. Boenning & Co., In- vestment Registry of America, Inc. Portland — Fidelity Trust Co. , Merle S. Brown. New Haven — (The) "W. T. Fields Co. St. Lonis — Mississippi Valley Trust Co. Baltimore — P. H. Goodwin & Co. Portland — Fidelity Trust Co. Indianapolis — Fletcher-American Natl. Bank. Grand Rapids — Howe. Snow, Corrigan & Ber- ties. St. Paul — Kalman, Matteson & Wood. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 91 '16 95 '16 82 Dec. 86 Dec. Low. 73 '17 77 '17 77 Sept. 19% July DENVER ROCK DRILl. MFG. CO. 7% Serial Notes. Due $100,000 each April 1, 1920 and 1921; $125,000, 1922 and 1933; $150,- 000, 1924 and 1925. Dated April 1, 1919. Interest payable April and Oct. 1st at U. S, National Bank, Denver, or Seaboard National Bank, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $750,000. Oatstandiijg — $750,000. Pun>ose of Issue — To reduce current liabil- ities. Denomination — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — United States National Bank, Den- ver. Redeemable as a whole or in series (if in series, notes must be called in order of series next maturity) on any interest date upon sixty days' notice at 102% for notes with five years or more to run, 103 with four years, 101% with three years, ,101 with two years, 100% with one year or more, and 100 for notes maturing in .less than one year. Organization — Business established in Den- ver in 1906. Incorporated in Delaware March, 1913, succeeding Denver Rock Drill & Ma- chinery Co. Manufactures rock drills for use in mining, quarrying, etc. Capital Stock Outstanding Pfd. Stock 77o Cum $245,400 Common Stock 800,000 Security — A direct obligation of the company but not secured by mortgage. Company cove- nants that no mortgage or deed of trust may be placed on its property while these, notes are outstanding, and that it will maintain current assets dn amount at least one and one-half times all current liabilities, _ including these notes. Original Market — Offered In April, 1919, ny Sweet, Causey, Foster & Co., Denver, at prices to yield from 7% to 7%% for various maturities, DENVER TRAMWAY COMPANY CoU. Tr. 7% Notes, Due April 1, 1932. Dated April 1, 1919. Interest payable April 1 and Oct. 1, at company's office, Denver, and agency in New 'fork. Tax Status-^Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $2,500,000. Denominations — Coupon $100, $500 and $1,000. Trustee — International Trust Company. Den- ver. Redeemable at 100 and interest at any time upon 3 days' notice. Organization and Control — Incorporated in 1914 and acquired the properties of the Den- ver City Tramway Co., including properties of the Denver & Northwestern Ry. Co. , Den- ver Tramway Power Co. and Denver Tram- way Terminal Co., and assumed all the in- debtedness of these companies. The Denver & Northwestern Ry. Co. owns the entire $9,- 000,000 common stock. The company owns and operates 231 miles of street and interur- ban railways in and around Denver. Fran- chises on principal portion of the system are perpetual, and company ha^ general franchise for its entire system running to 1926. Security — A direct obligation of the company and secured by pledge of $1,370,000 Denver City Tramway Co. 1st & Ref. S. F. 5s. due 1933 and $499,500 par value capital stock (be- ing all except five directors' qualifying shares) of the Consolidated Securities and Investment Company which owns all outstanding stock and bonds of the Denver . & Intermountain Railroad. Prior liiens — Denver Tramway Terminals 1st Se- rial 5s due to 1940 $1,153,000 Denver Tramway Power Imp. 5s, due 1923 980,000 Denver Consolidated Tramway 1st Cons. 5s. due 1933... 1,167.000 Denver City Tramway 1st & Ref. 5s, due 1933 10,116,825 Denver City Trannway P. M. 5^, due 1919 2,000.000 Denver & Northwestern Ry. 1st & CoU. Tr. 5s, due 1932 506,600 Yeiar ended Dec. 31 (consolidated) Gross Net Int., etc. 1917.. $3,419,468 $1,170,170 $968,617 1916.. 3,275,876 1,405,895 981,162 1915. . 3,019,210 1,243,237 993, i67 Original Market — Issued to refund $2,500,- 000 B-Tear Conv. 6s. due April 1, 1919. DKNTEB TRAMWAY POWER CO. Ist Imp. 5s. Due April 1, 1923. — F. Dated April 1, 1903. Interest payable April and October 1, at Guaranty Trust Co., New York, and at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1, 500, 000. Outstanding— $932,000 (May 15. 1919). Retired by Sinking Fund — $568,000. Denomination — Coupon. $1,000, Trustee — International Trust Co., Denver, Col. Redeemable on any interest date at 105 and interest. 378 Sinkine Fund — $50,000 per annum to redeem bonds at 105 and interest commenced April 1. 1908. Guaranteed principal, interest and sinkins fund by Denver City Tramway Co. (now Den- ver Tramway Co.) by endorsement. Control — ^Absorbed March 31, 1914, by the Denver Tramway Co, (new company). , Secnred by a first mortgage on power plants supplying power to street railways in Denver, Col. Underlies — Denver Tramway Co. Conv. 6a, due April, 1919. Earnings — See Denver Tramway Co. Original Market — First offered by Interna- tional Trust Co., Denver, and MacDonald, Mc- Coy & Co. (now McCoy & Co.), Chicago, at 103 and interest. Market. Denver — Boettcher, Porter & Co., Bosworth, Chanute & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.lOl '09 102 '09 85 June 88 Jan. Low. 83 '18 84 '18 83 Aug. 84 Aug. (THE) DENTEK TRAjVIWAY TERMINAIiS CO. 1st Serial 5s. Due $60,000 annually Sept. 1, 1916, to Sept. 1, 1940.— F. Dated September 1, 1910. Interest payable March and September 1, at Bankers' Trust Co., New York, and in Denver. Ta.\ Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 1,500,000. Outstanding — $1,153,000 (Dec, 31. 1918). In Treasury — $18,000. Retired by S. F.— $180,000. Reserved for Ext. — $149,000. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest as a whole only on any interest date on 30 days' notice. Guaranteed principal and interest by the Denver City Tramway Co. (now Denver Tram- way Co.) by endorsement. Assumed by the Denver Tramway Co. Control — ^Absorbed March 31, 1914, by the Denver Tramway Co. (new company). Secured by a first mortgage on real estate In the business district of Denver and im- provements thereon, consisting of the main car barns, office building, transfer station and loops. Franchises run to 1935. Underlies — Denver Tramway Co. Conv. 63 of 1919. Earnings — See Denver Tramway Co. Original Market — $1,315,000 offered in 1912 by Clark, Dodge & Co., New York, and Mont- gomery', Clothier & Tyler, Philadelphia, on about a 5^ basis. Market. Denver — Boettcher, Porter & Co, New York — E. & C. Randolph, Kiely & Hor- ton. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 68 '17 71 '17 58 Sept. 62 Mar. Low. 58 '18 61 '18 61 Sept. (THE) DENVER UNION STOCK YARD CO. 1st 5s. Due Jan. 1, 1926. — F. Dated July 2, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,500,000. Denomination— Coupon. $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago, 111. Secnred by a first mortgage on 140 acres of land two miles from the business center of Denver, stock yard buildings and appurtenances and three miles of railroad tracks. Capacity of yards: 25,000 cattle. 10,000 hogs, 70,000 sheep, 2,000 horses and mules. Year ended Dec. 31 Net Interest 3^18 $285,893 $75,000 ^17 227.118' 75,000 1916 208,917 75,000 1915 181,532 75,000 Original Market — 51,500,000 offered in 1908 at 96 and interest by Mason, Lewis & Co. (now Lewis Bros. & Co., Boston), Chicago and Philadelphia, and Kennett, Cowan & Co., Chi- cago. Market. Chicago — Ft. Dearborn Trust & Savings Bank, Babcock, Rushton & Co. Denver — J. N. Wright & Co., International Trust Co., Bosworth, Chanute & Co. Boston — Hotchkin & Co., H. C. Spiller & Co. , Inc. New York — Dunham & Co., G. W. Walker & Co., E. & C. Randolph, Hotchkin & Co., Baker, Carruthers & Pell, Fred H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '17 98 '17 93% Dec. 95 Dec. Low, 89 '18 95 '18 89 July DES MOINES & CENTRAI. IOWA ELECTRIC CO. Collateral Lien & Trust Mtge. 6s, Series "A." Due Sept. 1, 1937. — F. Dated Sept. 1, 1913. Interest payable March and Sept. 1, at First National Bank, New York, and at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $ 10,000.000. Outstanding — $1,528,500 (Jan. 1. 1919). Retired by S. F. — $113,500. Reserved for Prior Liens — $2,957,000. Reserved for Ext. (80%)— $5,401,000. Denomination — Coupon, $ 5 and $1,000, Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and interest on 30 days' notice. Sinking Fund — 1%% per annum of out- standing bonds, beginning Sept., 1914, for the purchase or redemption of these bonds at not over 105 and interest. Guaranteed principal, interest and sinking fund by the Illinois Traction Co. by endorse- ment. Organization and Control — The company owns the subsidiary properties of the Illinois Traction Co. In Iowa and is controlled through stock ownership by the Illinois Traction Co. Secured by a first lien on the property of the Oskaloosa & Buxton Electric Ry. Co., own- ing 2 % miles of track between Oskaloosa and Beacon, la., and on plants supplying electric light and power to Colfax, Montezuma, New Valley Junction, Prairie City and New Sharon. by deposit of the entire stocks and bonds of companies owning said properties, and a lien on the properties of the Des Moines Electric Co. and the Oskaloosa Traction & Light Co. by deposit of the entire capital stocks (except qualifying shares) of these companies and $456,000 Gen. 6s, due 1937 (total outstanding) of the Des Moines Electric Co. and $132,000 379 Gen. & Eef. 6s of 1937 (total outstanding) of the Oskaloosa Traction & Light Co. Also $16,000 Colfax Electric Light Co. 1st Mtge. Bonds, $6,000 Montezuma Electric Light, Pow- er & Heating Co. 1st Mtge. Bonds, $22,000 New Valley Jet. Water & Light Co. bonds, and $42,000 Oskaloosa & Buxton Electric Ry. Co. Ist Mtge. Bonds. Prior Iiieiiii — $2,731,000 Dea Moines Electric Co. 1st Ss of 1938 and $226,000 (closed) Osk. Trac. & Lt. Co. 1st 6s of 1923. Year ended Dec. 31: Gross Net Interest 1917 $1,171,615 $488,670 $160,197 1916 1,001,548 477,381 167,629 1915 922,662 451,012 184,954 Original Market — $1,150,000 offered 1914 by Bodell & Co.-, Providence, R. I., Boston and Springiield, Mass., at 100 and injerest. Market. New York — F. H. Hatch & Co., A. H. Bick- more & Co., Jacob Zeller. Morton Lachen- bruch & Co., Lynch & McDermott, E. & C. Randolph. Milwaukee — Wisconsin Trust Co. St. liOuis — Herrick J. Gray & Co Fhiladelphia — S. K. Phillips & Co. Providence — Bodell & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 103 '17 90 Jan. 95 Jan. Low. 74% '18 79% '18 74% Feb. 79% May DBS MOINES St FORT DODGE B. B. CO. 1st 48. Due Jan. 1, 1935. — ^F. Dated January 1. 1906. Interest payable Jan. and July 1, at Minneapolis, St. Louis and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $3,072,000. Uenomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Minneapolis & St. Louis R. R. Co. by endorse- ment. Assumed by the M. & St. L. E. R. Co. Control — Leased to the Minneapolis & St. Louis R. R. Co. In 1906. iibsorbed in 1916 by the Minneapolis & St. Louis R. R. Co. Secured by a first mortgage on 137.62 miles of road from Ruthven to Bes Moines, la., and branch. TJnderlies — ^M. & St. L. 1st & Ref. 4a and Ref. Sc Ext. 5s. Listed on the New Tork and Amsterdam Stock Exchanges. Original Market — Offered in 1906 by Red- mond & Co.. Hallgarten & Co. and the Central Trust Co., New Tork. Market. New York — ^WolfC & Stanley, Chaa. H. Jones & Co., Hanson & Doyle, E. & C. Randolph, E. Bunge & Co.. F. J. Lisman & Co., Baker, Carruthers & Pell, Fred H. Hatch & Co. Boston — McConnell & Co. New Haven — (The) W. T. Fields Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 67 '17 72 '16 60 Dec. 70 June Low. 36 '16 49 '18 46 Feb. 49 Apr. Authorized — $15, OOt), 000. Outstanding — $4,735,000 (Jan. 1, 1919). Reserved for Prior Uens — $160,000. Reserved tor Imp. — $762,000. Reserved tor. Ext. — $9,343,000. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — ^Harris Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on any Inter- est date. Betterment Fund — Annually, beginning 1920, 20% of gross earnings to be expended for maintenance, repairs and renewals of the com- pany's property, for the cash cost of extensions and additions for which no bonds may be issued; or for the purchase or retirement of outstanding bonds of the company. Organization — Incorporated in .Iowa in 1893 and is a consolidation of all the street rail- way lines in Des Moines. la. Owing to fran- chise litigation a receiver was appointed April. 1915. The company having obtained a satis- factory extension of its franchise, the receiv- ership and all litigation has been discontinued. Reeeivership — Judge Martin A. Wade in the U. S. Dist. Court at Dea Moines, la., upon application of the company, named Homer A. Miller and Emil A. Schmidt to act aa joint receivers (Dec. 27, *18). Secured by a general mortgage on all the property of the company. Including the entire street railway system, compriaing 88 miles aingle track eaulvalent serving Des Moines, la. Population 'served, about 106,000. Franchise extends to Jan. 26, 1941. Under the provisions of this franchise the city may purchase the property of the company, for which purpose the valuation of the property was established at $6,000,000, as of Aug. 1, 1915. Fare rates, six tickets for 25 cents. $2,353,000 Ref. 5s, due 1921, have been exchanged for this issue and are deposited under this mort- gage. Prior Liens — $64,000 Ret. 5s of 1921 and $87,000 Des Moinea Street R. R. Serial 6a due to Oct. 1. 1919. Underlies — $1,000,000 Deb. 6s. Year ended Dec. 31 Gnas Net Int., Etc. 1917 $1,630,000 $469,404 1916 1.396,037 459,471 $277,409 1915 1.346,229 422,476 354,830 1914 1,369,724 436,329 363,763 1913 1,306.664 396,033 275,165 Original Market — Offered Mareh, 1916, by Harris Trust & Savings Bank, Chicago, at 97% and interest. A block offered by same firm March, 1918, at 84% and interest. Market. New York — Hotchkin & Co.. Fred H. Hatch &. Co. Boston — ^Hotchkin & Co. Chicago — Babcook, Rushton & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96 '16 97% '16 85 Jan. 90 Jan. Low. 80 '18 84% '18 80 Oct. 84% Oct. DES MOINES CITY RAILWAY CO. Gen. H Ref. 20-Year 5s. Due Jan. 1, 1936. - Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at New York and Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. DES MOINES ELECTRIC CO. 1st S. F. Ss. Due Nov. 1, 1938. — F. Dated November 2, 1908. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction^ Autharized^$5, 000, 000. Outstanding — $2,731,000 (Jan. 1, 1919). Retired by S. F. — $127,000. Reserved for Ext. — $2,604,000. Denomination — Couiion 51 000 Registerable as to principal. Trustee — American Trust Co.. Boston. Bedeemable at 105 and interest Nov. 1, 1914, or on any interest date thereafter upon four weeks' notice. Sinklne Fund — 1% annually of outstanding bends from Nov. 1, 1914, to 1921; 1%% from 1922 to 1930 and 2% from 1931 to 1937, In- clusive, to be applied to the purchase or redemption of these bonds at not over 105 and Interest. Bonds so acquired to be can- celled. Oreanizatlon — Incorporated in Maine in 1908. Control — ^Entire capital stock is owned by the Des Moines &- Central Iowa Electric Co. and deposited under its 6s of 1937. The lat- ter company is controlled by the Illinois Trac- tion Co. Secured by a first mortgage on plant supply- ing electric light and power to Des Moines, la. Population, about 100,000. Franchises perpet- ual, with exception of one expiring in 1919. Market. New York — G. W. Walker & Co., P. H. Hatch & Co., Dunham & Co.. B. & C. Ran- dolph. Kiely & Horton. Berdell Bros.. Blodget & Co.. Joseph & Wiener. Babcock, Rushton & Co. . John Nickerson, Jr. Philadelphia — H. Boenning & Co.. S. K. Phillips & Co. Chicago — Merrill. Lynch & Co.. Northern " Trust Co.. Babcock, Rushton & Co. MUwankee — Wisconsin Trust Co. Boston — Blodget & Co., G. W. Walker & Co. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98 '17 99 '16 83^4 Feb. 92 Deo. Low. 82% '18 85% '18 82% Oct 85% Aug. DES MOINES STREET RAILROAD CO. Isl 68. Due $26,000 annually Oct. 1, to 1B19. Dated Oct. 1, 1889. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of .Federal Income Tax not assumed by company. Anthorized — S600, 000. Outstanding — $87,000 (May 5, 1919), Balance Retired. Denomination — Coupon, $1,000. Tmstee — Continental & Commercial Trust & Savings Bank, Chicago. Assumed by Des Moines City Ry, Co. Control — ^Absorbed by Des Moines City Ry. Co. Receivership — See Des Moines City Ry. Co. Gen. & Ref. 5a, Secured by a first mortgage on 23 miles of street railway in Des Moines. la. Total mile- age of Des Moines City Ky. Co., 88 miles. Population served, about 106,000. Franchise (see Des Moines City Ry. above). Underlies — Des Moines City Ry. Gen. & Ref. es of 1936 and Ref. 53 of 1921. Earnings— See Des Moines City Ry. Co. DES PLAINES VALLEY RATLWAY Ist 4%s. Due March 1, 1947. — F. Dated March 1, 1912. Interest payable March 1 and Sept. 1, at C. & N. W. Ry. Co.'s office. New Tork. Tax Status — 2% Federal Income Tax paid by company -without deduction. Authorized and Outstanding — $2,600,000. Denomination — Coupon. $1. ODD. Registerable as to principal. Registered. $1,000, $6,001 and $10,000. C. & R. interchangeable. Tmstee — Farmers' Loan & Trust Co., New Tork. Assumed by the Chicago & Northwestern Ry. Co. Guaranteed principal and interest by Chi- cago & N. W. Ry. Co. by endorsement. Control— Absorbed by the C. & N. W. Ry. in 1913. Secured by a first mortgage on 20.51 miles of double track from Northfleld to Blodget. 111., forming an outer belt line to the north- west of Chicago, and constituting an import- ant part of the C. & N. W. Ry. Co.'s ter- minals in Chicago. Legal for Savings Banks in Cal.. Conn.. Me,, Mich., Minn., Mo., N. H., N. J., R. I. & Wis. Listed on the New York Stock Exchange. Original Market — Underwritten in 1912 by Kuhn, Loeb & Co., N. T. Market. New York — McKinley & Morris, Wm. C. Bwen, Newborg & Co., Redmond & Co. Price Range — N. Y. S. B. Jan. 1, 191% to Jan. 1, 1919 1918 Bid High.101% Oct. 23, '16 77% June Low. 93% Sept. 10. '15 76 Jan. DETROIT & BAY CITY RAILROAD Ist Ss. Due March 1, 1931. — N. Dated March 10, 1881, Interest payable: Coupon bonds, March and Sept. 1, at Union Trust Co., New Tork: registered bonds, at Grand Central Station, New York, March, June, Sept. and Dec. 1. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $4,000,000. Denomination — Coupon. $1,000. Registerable as to principal or exchangeable for registered bonds between March 1 and May 1, or between September 1 and November 1. Registered, $1,000 and $5,000. Tmstee — Ui^on Trust Co., New Tork. Assumed by the Michigan Central R. R. Co. Organization and Control — The Detroit & Bay City R. R. was incorporated in Michigan in 1881. In Sept., 1916, merged with the Michigan Central R. R. Co. Secured by a first mortgage on 170 miles of road from Detroit to Saginaw and Bay City. Mich., and branch. These bonds are outstand- ing at the rate of $23,600 per mile. For further details and earnings of Mich. Cent. R. R. Co., see 1st 3%s above. Legal for Cal.. Conn., Fla., Me., Mass., Mich., Minn., Mo., N. H., R. I., Vt. and Wis. Market. New York — Abraham & Co., Remick, Hodges ft Co., Taylor, Smith & Hard. Boston — R. L. Day & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Ask High.105 '17 108 '16 100 Dec. Low. 90 '17 100 '18 DETROIT & IXINT RAILWAY CO. Ist Cons. 6s. Due August 1, 1921 — F. Dated Aug. 1, 1901. Interest payable Feb. and Aug. 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $1,400,000. Cancelled — $600,000. Eeserred for Prior Liens — $1,100,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co.. New Tork. Redeemable on any interest date at par and Interest. Guaranteed as to principal and interest by the Detroit United Ry. Co. by endorsement. Assumed by the Detroit United Ry. Co. Control — ^Absorbed by the Detroit United Ry. Co. 381 Secured by first mortgagre on 33 of the 85 miles of street and interurban railway covered by the lien of this ftxortgagre and comprising a small part of the street railway system in Detroit with interurban extension to Flint, Mich., and branch from Rochester to Romeo. Further secured by deposit 1st Cons. 4%s of the Detroit United Ry. Co. par for par with the bonds of this issue outstanding:. A large part of the road is built on private right-of- way. Franchises elsewhere run generally to 1929. Prior Lien — $1,100,000 Det., Rochester, Ro- meo & Lake Orion 1st 5s of 1920 for the re- tirement of which bonds are reserved under this mortgage. Underlies — Detroit United Ry. 1st Cons. 4%s of 1932, which mortgage provides for the re- tirement of this issue. Sarnings — See Detroit United Ry. Market. Baltimore — ^H. R. Taylor & Co.. P. H. Good- win & Co. , Jenkins, Whedbee & Foe. Philadelphia — H. D. Boenning & Co., Par- rish & Co., Chandler Eros. & Co., B. R. Bar- nard. Warren A. Reed. Berdell Bros. New York — Parrish & Co., Hanson & Doyle, E. & C. Randolph. Detroit — Nicol-Ford & Co., Joel Stockard & Co., Matthew Finn, "Watling, Lerchen & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97 17 99 '16 92 Mar. 96 Jan Low. 84 '14 85 '15 DETROIT & JuAKE ST. CLAIR RAILWAY 1st 5s. Due Aiiril 1, 1920.— F. Dated April 1, 1900. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstandnig — $390,000 ($100,000 in treasury of. Detroit United Ry.) Denomination — Coupon, $1,000. Trustee — Union Trust Co., Detroit. Guaranteed principal and interest by Detroit & Port Huron Shore Line Ry. Co., the Rapid Ry. Co. and Detroit, Mt. Clemens & Marine City Ry. Co. Control — ^AU stock owned by Detroit & Port Huron Shore Line Ry. Co., all of whose stock is owned by Detroit United Ry. Co. Secured by a first mortgage on 25 miles of electric railway between Detroit and Mt. Clem- ens, Mich. Population served, exclusive of Detroit, 13,000. Earnings — See D. U. Ry. Co. Market. New York — Hanson & Doyle, Dunham & Co., Fred H. Hatch & Co. Detroitr— Nicol-Ford & Co., Joel Stockard & Co. . Philadelphia — H. D. Boenning & Co. Price Ran^. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.97% '17 99% '17 86 Feb. Low. 80 '11 85 '12 DETROIT & MACKINAC RY. CO. 1st Lien 4s. Due June 1, 1995. — F. Dated May 1, 1895. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Author ized-^ $ 1 , 5 . . Outstanding — $1, 050, 000. Held in Treasury — $460,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in Michigan, 1894, as a reorganization. Secured by a first mortgage on 387.12 miles of road, viz. : Miles Bay City to Cheboygan, Mich 195.02 Omer to Au Gres. Mich 7,95 Emery Jet. to Rose City Mich 31.21 Emery Jet. to Prescott, Mich 11.85 Alabaster Jet. to Alabaster, Mich 4.35 Au Sable to Comins, Mich 50.41 Lincoln Jet. to Lincoln, Mich 14.28 Hillman Jet. to Hillman. Mich 22.40 Rogers City Jet. to Rogers City, Mich.. 13.70 Logging branches 35.85 Underlies — $1,250,000 Mortgage 4s of 1995. Year ended Dec. 31 Gross Net Int., Etc. 1917 $1,340,460 $265,869 $92,000 1916 1,254,102 403,113 99,036 •1915 1.077,317 261,356 95,443 *1914 1,210,333 315,557 113,444 *1913 1,242,327 338,522 96,298 ♦June 30. ' Legal for Me. Listed on the New York Stock Exchange. Market. New York — ^F. J. Lisinan & Co., E. & C. Randolph, Hanson & Doyle, Fred H. Hatch & Co. Philadelphia — E. V. Kane & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High.lOO Jan. 11, '06 67% Dec. 78 Dec. Low. 80 Jan. 30, '15 60 Nov. Ql% Oct. DETROIT & MACKINAC RY. CO. Mtge. 4s. Due June 1. 1995. — F. Dated May 1, 1895. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company ^vithout deduction. Authorized — $1,750,000 (reduced from $2,- 500,000). Outstanding — $1,250,000. Held in Treasury — $500,000. Denomination — Coupon, $1, 000. Registerabl* as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any inter- est date. Secured by a second mortgajre on 387.12 miles of road covered by the First Lien 4s. Prior Liens — $1, 050, 000 First Lien 4s of 1995. Earnings — See 1st L. 4s above. Listed on the New York Stock Exchange. Market. New York — F. J. Lisman & Co.. E. & C. Randolph, Hanson & Doyle, Baker, Carruthers & Pell. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.96^4 Mar. 23. '06 89 Dec. Low. 7 4 Nov. 4, '16 DETROIT & NORTHWESTERN RY. 1st 4%S^ Due May 1, 1931.— F. Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $855,000. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Union Trust Co., Detroit, Mich. Redeemable on 60 days' notice at 106 and interest. Assumed by Detroit United Ry. Co. 382 Control — Absorbed by Detroit United Ry. Co. Secured by a first mortgage on 60 miles of interurban railway known as "Orcbard Lake Division" from Detroit to Pontiac and North- ville, Mich. Population served, exclusive of Detroit, about 25,000. More than one-half of the line is on private right-of-way. Elsewhere franchises run to 1927. UnderlieB — Detroit United Ry. 1st Cons. 4%i of 1932. Bonds are reserved under 1st Cons, mortgage to retire this issue. Bamings — See Det. U. Ry. Co. Market. Baltimore — H. R. Taylor & Co., Middendorf, Williams & Co., J. S. Wilson, Jr., & Co., Jen- kins, Whedbee & Foe. Detroit — Nicol-Ford & Co., Joel Stockard & Co. , Matthew Finn. Co. New York — ^E. & C. Randolph, Hanson & Doyle. Fred H. Hatch & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask PIigh.95 '17 99 '08 90 Mar. 92 Jan. Low. 85 '08 89 '18 88 Dec. 89 July DETROIT & PONTIAC RY. 1st 58. Due Feb. 1, 1922.— F. Dated Feb. 1, 1897. Interest payable Feb; and Aug. 1, at Peoples' State Bank, Detroit. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Detroit. Gnaranteed principal and interest by Detroit United Ry. Co. by endorsement. Assumed by the Detroit United Ry. Co. Control — Absorbed by Detroit United Ry. Co. .Secured by a- first mortgage on 39.7 miles of electric railwsiy track known as * 'Detroit & Pontiac Division," from Detroit to Pontiac, Mich. Population served, exclusive of Detroit, about 20,000 Practically entire road is built on private ri?ht-of-way or has perpetual rights. The mileagf; given includes double track for practically 'mtire length of line. Underlies — 1st Cons. 4%s of 1926, Detroit United Ry. 1st Cons. i%3 of 1932. Both mortgages provide to retire this issue. Eamingfl — See Det. U. Ry. Co. Market. Detroit — Nicol-Ford & Co., Joel Stockard & Co., Matthew Finn, Watling, Lerchen & Co.. Chas. A. Parcells & Co. New York — E. & C. Randolph, J. S. Farlee & Co. Baltimore — J. S. Wilson, Jr., & Co., Jen- kins, Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 102 '11 106 '11 91 June 94 July Low. 91 '18 94 '18 DETROIT & PONTIAC RY, 1st Cons. 4»/&b. Dun June 1, 1926. — F. Dated June 1, 1901. Interest payable June and V&z. 1, at Peoples' State Bank. Detroit. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,100,000, Outstanding — $600,000. Denomination — Coupon $1,000. Trufltee — Union -Trust Co. Bed'eemable on 60 days Intercut, Assumed by the Detroit United By. Co, lEt 4%s above. and registered, Detroit, notice at 105 and CoBtrol^Absorbed by Detroit United Ry. Co. Secured by a second mortgage on 39.7 miles of ehictric railway track known as "Detroit & Pontiac Division, ' ' from Detroit to Pontiac, Mich, Population served, exclusive of Detroit, about 20,000. Mileage given Includes double trade for entire length of line. Built on private right-of-way or under perpetual rights. PHor Liens — $500,000 1st 5s of 1922 for the retirement of which bonds are reserved under this mortgage. Trnderlies — Detroit United Ry. 1st Cons. 4%a of 1932, which mortgage provides for the re- tirement of this Issue. Earnings — See Det. U. Ry, Market. New York — Hartshorne & Battelle, Merrill, Lynch & Co. Diens — $14,000,000. Denomination — Coupon, 100, $ 5 00 and $1,000. Registerable as to principal. Regia- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Bankers Trust Co., New York. Redeemable on any interest date on or befor* March 1, 1930, at 107% and Interest, from then to March 1. 1935 at 106 and interest and thereafter at 102% and interest. Organization — Incorporated in New York Ih 1903. July 1, 1915, acQuired the properties of its stock controlled subsidiaries: Edison Illuminating Co., Peninsular Electric Light Co., Eastern Michigan Edison Co.. Central Heating Co. and Murphy Power Co. (steam heating). Secured by a first mortgage on new steam generating plant of 140,000 h. p. and a general mortgage on the balance of the property of the company including plants supplying Detroit and extensive surrounding territory with elec- tric light and power. Property covered In- cludes steam heating plants and two hydro- electric plants on the Huron River. Territory served includes 75 cities and towns. Fran- chises in Detroit extend beyond the maturity Of bonds and elsewhere are perpetual or for 30 year periods. Prior Xiens— $10,000,000 Det. Bd. 1st Ss 1933 and $4,000,000 Bast. Mich. Ed. Sa 1931. for the retirement of both of which bonds of this issue have been reserved. Year ended Dec. 31 (combined) Gross Net .Interest 1918. . .$13,8 01,627 $3,74 7,991 $1,3 53,767 1917.. . 12.279.926 3,664,410 1,0 28,562 1916... 10,066.786 3,795,693 1,078,280 1915... 7,759,932 2,948,713 1,100,055 Listed on the New York Stock Exchange. Original Market — Offered in June, 1915, by Coffin & Burr, and N. W. Harris & Co., Bos- ton, Spencer Trask & Co., and Harris, Forbes & Co., New York, The Harris Trust & Savings Bank, Chicago, and The Security Trust Co. , Detroit, at 99^ and interest. Blocks offered May, 1916, by the same firms at 101 and in- tprest, Dec. 1916, at 101% and Interest, and July. 1917, at 93 and interest. A block of- fered in June, 1918, by Coffin & Burr, Harris, Forbes & Co., and Spencer Trask & Co., at 91 and interest. Market. Boston — Coffin & Burr, Paine, Webber A Co., Spencer Trask & Co.. B. C. Ulman & Co.. J. S. Orler & Co., L. Sherman Adams. F. B. Bassett & Co. New York — ^Klely & Horton, Paine, Webber & Co., Barle A. Miller & Co.. F. H. Hatch A Co.. C. H. Jones & Co.. B. & C. Randolph, Wm. C. Ewen. J. D. Curtis & Co., Morton Lachenbruch & Co. , Merrill, Lynch & Co. , Spencer Trask & Co., Jacob Zeller, Coffin & Burr, Abraham & Cq., Pynchon & Co., Sam'I Goldschmidt. Detroit — NIcol-Ford & Co., Joel Stockard A Co., Wm. A- Neer & Co.. Wm. Rose & Co., Chas. A. Parcells & Co., Matthew Finn, Wat- ling, Lerchen & Co. , Whittlesey. McLean & Co. CliicaEO — Spencer Trask & Co., Paine, Web- ber & Co., Merrill, Lynch & Co., Babcock, Rushton & Co. St. liODis — Stix & Co. Grand Rapids — Howe. Snow, Corrigan & Bertles. Price Range— N. Y. S. E. Jan. 1, 1915 to Jan. 1. 1919 1918 High.102% Oct. 26, '16 94% Dec. 27 Low. 91% Apr. 4, '18 91% Apr. 4 (THE) DETROIT EDISON COMPANY 1st & Coll. Tr. 30-Year Ss. Due Jan. 1, 1933. Dated January 28, 1903. Interest payable Jan. and July 1. at North American Co., SO Broad' Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $10,000,000. Denomination — Coupon, $1, 000. RegisterabU as to principal. Trustee — Guaranty Trust Co., New York. Organization and Control — See 1st & Ref. Ss. Secured by a first mortgage on light and power properties in Detroit and on tha properties formerly belonging to the Edison Illuminating Co., The Peninsular Electric Light Co. and The Central Heating Co. Franchises are perpetual or extend to 1946. Underlies — 1st & Ref. 5s of 1940. an equal amount of which are reserved to retire this issue. Earnings — See 1st & Ref. 5s. liisted on the New York Stock Exchange. Original Market — Offered in 1903 by Ver- mllye & Co., and Spencer Traak & Co., New York, at par and interest. Market. New York — Callaway, Fish & Co., J. A. Clark & Co.. F. H. Hatch & Co., Paine, Web- ber & Co., E. & C. Randolph, Wm. C. Ewen, Merrill, Lynoh & Co., Kdely & Horton, Han- son & Doyle, Spencer Trask & Co. , Abbott, Johnson & Co. , Morton Lachenbruch & Co. . Low, Dixon & Co.. John Davenport, Taylor & White, Earle A. Miller & Co., Berdell Bros, ber & Co., Leonard Snider & Co.. E. & C. Randolph, Wm. C. Ewen, Merrill, LjTich & Co., Kiely & Horton, Hanson & Doyle, Spencer Trask & Co., Abbott. Johnson & Co. Ctiicaffo — Illinois Trust & Savings Bank, Paine, Webber & Co., Merrill, Lynch & Co., Spencer Trask & Co.. Babcock. Rushton & Co. Detroit — Nicol-Ford &- Co., Chas. A. Par- cells & Co. . Matthew Finn, Joel Stockard & Co.. Watling, Lerchen & Co., Whittlesey, Mc- Lean & Co. Boston — =Spencer Trask & Co., J. H. Fltz- 386 Patrick & Co., Paine, Webber & Co.. Arthur Perry & Co., L. Sherman. Adams. Philadelphia — Reilly. Brock & Co.. Wurta. Dulles & Co. Providence — Hornblower & "Weeks. Lios Angeles — Blankenhorn-Hunter-DuUn Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Grand Rapids — ^Howe, Snow, Corrigran & Ber- tles. Price Banffe — N. Y. S. E. Jan, 1. *06 to Jan. 1, '19 1918 Hi&h.l05% Jan. 8, '17 98 May IB Lrf>w. 89% Sept. 23, '18 89% Sept. 88 DSTBOrr EDISON CO, 10-Year Codt. Dab. 68. Dae Janaary 16. 1925. — N. Dated January 15. 1915. Interest payable January 15 and July 15, at 30 Broad St., New York. Tax Status — Federal Income Tax not as- sumed by company. Authorized— $2,645,600. Outstanding — $132,800 (Jan. 1, 1919). Converted— $2,512,700. Denomination — Coupon, $100 and 1 1,000. $1,000 bonds registerable as to principal only. Redeemable on January 15, 1920, or any time thereafter at 105 and interest, but may be converted into stock at any time before redemption date, provided time for conversion has not expired. Convertible from Jan. 15, 1917. to Jan. 15. 1923 into stock of the Company, par for par. Holders of these bonds are entitled to the same rights to subscribe to any new stock as they would have if they held stock of the same par value. Security — A direct obligation of the Company but not secured by a mortgage. Prior Lien — $10,000,000 Ist & Coll. Tr. 58. 1933 and Ist & Kef. 5s of 1940. Earnings — See 1st & Ref. 6a. Original Market — Underwritten by a syndi- cate composed of F. S. Smithers & Co.. and Spencer, Trask & Co., of New York and Se- curity Trust Co., Detroit, and offered at par and interest in November, 1914. .Market. New York — Hanson & Doyle, Coffin & Burr. Boston — CoflSn & Burr. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.144 '16 145 '16 103% Mar. 105% Mar. Low. 100 '17 105 '18 105 Mar. DETROIT EDISON CO. 10-Year Conv. tfeb. 7s. Dae Jan. 15. 1928. Dated Jan. 15, 1918. Interest payable Jan. 15 and July 15. Tax Status — Federal Income Tax not as- sumed by company. Authorized — $ 3.800,000. Outstanding — $$,800,000. Denominations — Coupon, $100 and $1, 000. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 105 and interest on or after Jan. 15, 1923, and before Jan. 16, 1926. and thereafter before maturity at 102 and interest on 60 days' notice. Convertible between Jan. 15, 1920. and July 15, 1927, into stock of the company, par for par. Convertible at any time prior to date of redemption. Security — A direct obligation of the com- pany but not secured by a mortgage. Prior Liens — $10,000,000 1st & Coll. Tr. 5s of 1933 and $9,000,000 1st & Ref. 5s of 1940. Original Market — $8,800,000 offered to stock- holders of record Dec. 18, 1917, for subscrip- tion at par, at Bankers Trust Co., New York, on or before Jan. 15, 1918, in amount equal to 15% of their respective holdings. Market. New York — Spencer Trask & Co.. Dunham &. Co., Morton Lachenbruch & Co., Barle A. Mil- ler & Co., Pynchon, & Co., Berdell Bros,, Cof- fin & Burr. Sam' I Goldschmidt, T. Hall Keyes & Co. Chicago — Spencer Trask & Co., Paine, Web- ber & Co. Boston — Spencer Trask & Co., L. Sherman Adams, Moore & Cabot, Paine, Webber & Co. Milwaukee — Edgar, Ricker & Co. Detroit — Matthew Finh, Joel Stockard & Co., Chas. A. Parcella & Co. Grand Rapids— Howe, Snow, Corrigan & Bertles. Price Range — 1918. Bid Ask High. 109 Nov. 110 Dec. low. 103^/4 Feb. -104% Feb. DETROIT EDISON CO. 10-Year Conv. Deb. 78. Due Feb. 1. 1929. Dated Feb. 1, 1919. Interest payable Ffeb. and Aug. 1 at 30 Broad Street, New York. Tax Status— rFederal Income Tax not as- sumed by company. Authorized— $2,60 0,000. Outfitanding — $2,600,000. Denominations — Coupon $100 and $1,000. Registerable as to principal. Redeemable at 105 and interest on and after Feb. 1, 1923, and before Feb. 1, 1927, there- after and before maturity at 102 and interest. If called before expiration of conversion period' may,be converted into stock instead. Convertible — Between Feb. 1, 1921, and Aug-. 1, 1928, into stock of the company, par for par. Security — A direct obligation of the company but not secured by mortgage. Prior Liens — $10,000,000 1st & Coll. 5s of 1933, $11,676,000 1st & Ref. 5s of 1940* and $4,000,000 Eastern Michigan Edison 1st 5s 1931. Earnings — See 1st & Ref. 5s. Original Market^ — Offered to stockholders of record Dec. 31, 1918, for subscription at par at Bankers Trust Co., New York or .Security Trust Co.. Detroit, on or before Feb. 1. 1919. in amount equal to 10% of their respective holdings. DETROIT, FORT WAYNE & BELLE ISLE RAILWAY 1st 5s. Due April 1. 1927.-— F. Dated April 1, 1898. Interest payable April and Oct. 1, at Kean, Taylor & Co., New York. Tax Status — 2% Federal Inctfme Tax paid by company without deduction. Authorized and Outstanding — $1,200,000. Denomination — Coupon and registered. $1,000. Trustee — New York Trust Co., New York. Redeemable on 60 days' notice at 106 and Interest. Assumed by Detroit United Ry. Co. Control — ^Absorbed by Detroit United Ry. Co. Secured by a first mortgage on 25 miles of electric railway, largely on private right of way. Underlies — Detroit, United Ry. Co. 1st Cons. 4%s of 1932. Earnings — See Det, U. Ry. Co. Listed on the Cleveland Stock Exchange. Original Market — First offered by Kean, Van Cortland & Co. (now Keati, Taylor & Co.), New York. 387 Market. Albany — John J. Hart. Detroit — Nlcol-Ford & Co., Matthew Finn, Joel Stockard & Co. New Vork — Pynchon & Co. Price Ranee. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask Hlgh.96 '10 98^ '10 85 Feb. 89 Feb. Low. 79 '16 83 '15 S5 Dec. Price Range. Jan. 1, 'OS to Jan. 1, '19 1918 Bid Ask Bid Ask Hish.106 '10 110 '10 96 Dec. 98 Jan. Low. 87 '18 95 '18 87 Aug. 95 Aug. DKTROIT. GRAND HAVEN & MILWAUKEE RAILWAY Eauipment First Mortgage 6s. Due Nov. 14, 1920. Dated Nov. 14, 1878. Interest payable April and Oct. 1, at National Bank of Commerce. Extension — These bonds matured Nov. 14, 1918, and were extended as above to be re- paid at 101, the guarantee by Grand Trunk Ry. Co. being extended by endorsement. Tax Status — Federal Income Tax not as- sumed by company. Anthorized— S 2,000.000. Oatstandine — $2,000,000 ($39,000 owned by anand Trunk Ry. Co.). Denomination — Coupon, $1,000. Guaranteed principal and interest by Grand Trunk By. of Canada. Control — See Cons. 6a below. Secured by a first Hen on all the property and the equipment of the company, including 189 miles of road from Detroit to Grand Haven, Mich. UnderlieB — Cons. 6a. of 1918. Earnings — See Cons. 6s. Listed on the X^ondon Stock Exchange. Market. New York — Freeman & Co., McKinley A Morris, Louchheim, Minton & Co., Baker, Car- ruthers & Pell. Detroit — ^Watllng, Lerchen & Co. Fidladelpliia — Louchheim. Minton & Co. Price Range. Jau. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.llO'0« 112% '09 96 Dec. 100 Jan. I^w. 95 'IB 100 '16 96 Jan. 100 July DETROIT. GRAND HAVEN & MILWAUKEE RAILWAY Cons. 6s. Due Nov. 15, 1920. Dated Nov. 15, 1878. Interest payable April and Oct. 1, at National Bank of Commerce, New York and In London. Extension — These bonds matured Nov. 15, 1918, and were extended as above to be re- paid at 101, the guarantee by Grand Trunk Ry. Co. being extended by endorsement. Tax Status — Federal Income Tax not as- sumed by company Anthorized-^$3, 200, 000. OatBtandinp — $3,200,000 ($347,100 owned by Grand Trunk Ry. Co.). Denomination— Coupon, $200, $500 and $1,000. Gnaranteed principal and interest by Grand Trunk Ry. Co. of Canada. Control — Bntlre $1,600,000 stock is owned by Grand Trunk Ry. Co. Secured by a second lien on 189 miles of road from Detroit to Grand Haven, Michlgran. Grand Haven la on Lake Mlchig^an. directly opposite Milwaukee, "Wis. Year ended Deo. 31. Gross Net Charges 1917 £699,334 £43,852 £187,478 1916 672,930 101.409 141.647 lilsted on the London Stock Exchange. Market. New York — McKinley & Morris, Wolff & Stanley. St. Louis — Mississippi Valley Trust Co. DETROIT, JACKSON & CHICAGO RAILWAY 1st Cons. 6s. Due Feb. 1, 1937.— F. Dated Feb'. 1, 1907. Interest payable Feb. and Aug. 1, at Bankers* Trust Co., New York, and at Trustee's ofilce. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized— $4,000,000. ' Outstanding — $2,000,000. ($1,114,000 In treasury of Det. U. Ry.). Denomination — Coupon. $1, 000. Reglsterabl* as to principal. Trustee — Security Trust Co.. Detroit. Mich. Redeemable on any Interest date at 105 and interest. Guaranteed as to principal and Interest by the Detroit United Ry. Co. Organization and Control — Incorporated in Michigan, In 1907 In the Interest of the Detroit United Ry. Co. to take over the Jackson^ Ann Arbor & Detroit Ry., the Detroit, Plymouth & Northville Ry. and the Detroit, Tpailanti, Ann Arbor & Jackson Ry. Co., paying $1,230,000. The outstanding capital stock of the company ($614,000) is owned by the Detroit United Ry. Co., and the road operated by that company. Secured by a mortgage on 110 miles of elec- tric railway track of which 100 miles are main line, from Detroit to Tpsilanti, Ann Arbor and Jackson, Mich., and branches. Line from Ann Arbor to Jackson, 40 miles, on private right of way. Franchise on remaining portion ex- pires in 1927. but company is acquiring pri- vate right of way for entire line. Population served, exclusive of Detroit, 82,000. Prior Liens — $1,610,000 Det.. Tps., Ann Ar, & Jack, lat Cons. 5s of 1926, $330,000 Det., Tps. & Ann Ar. Cons. 6s of 1924 and $60,000 Yps. & Saline 1st 6s of 1919. Bonds are re- served under the Cons. 5a of 1926 to retlra these prior liens and bonds are also reserved under this issue to retire all prior issues. Earnings — See Det. U. Ry. Co. Original Market— $700,000 offered Aug., 1916, by Everaz & Co., Chicago, to net G%%. M«rket. New York — Hanson & Doyle. Detroit — Joel Stockard & Co, Boston — ^A. B. Conant & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Ask High, 84" '17 93 '18 93 Jan. Low. 77% '16 78% '18 78% July DETROIT. MONROE & TOI^DO SHORT LINE 1st 5s. Due Jan. 1, 1933.— F. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorised — $3,000,000. Outstanding — $3,000,000. Denomination — Coupon, $1. 000. Reglaterable as to principal. Trustee— Union- Trust Co., Detroit. Control — ^Entire $2,581,000 capital stock was acquired by the Detroit United Ry, Co. in Feb,, 1906 and the road operated by that com- pany. Secured by a flrat mortgage on 81 miles of electric railway between Detroit, Mich., and Toledo, Ohio, with branch froQi Monroe to Lake Brie, Population served (1917), Detroit 800.000: Toledo, 300,000; tntermedtate terri- 3SS Jiory, about 40,000. Entire line on private right of way, EarninEB — See Detroit United Ry. Co. Listed on the Detroit Stoclc Elxchanee. Orieinal Market — S4e7,000 ottered Jan,, 1914 by Bversz & Co., Chicago, and the First Na- tional Bank, Detroit, at a price to yield 5.30%, Market. Detroit — Nicol-Ford & Co,, Joel Stockard ft Co., Matthew Finn, Watllng, Lerchen & Co. New York — E, & C, Randolph. Price Bange, Jan. 1, '08 to Jan, 1, '19 1918 Bid Ask Bid Ask Hieh.100% '16 102 '16 86 Jan. 95 Jan. Low. 86 '18 91 '13 DETROIT RAILWAY CO. l8t 5a. Due $50,000 each Dec. 1, 191% to iDZS, and $1,200,000 Dec, 1, 1924. Dated Dec. 1, 1895. Interest payable June 1 and Dec. 1, at Trustee's office and Seaboard National Bank, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1, 800, 000. Outstanding — $1,460,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000, Registerable as to principal or fully registered. Bonds numbered 1-600 mature annually in order of numbers at $50,000 per annum, be- ginning Dec, 1, 1912, Bala'nce ($600,000) ma- ture Deo. 1, 1924, Trustee— Cleveland Trust Co,, Cleveland, Ohio. Assumed by the Detroit United Ry. Co. Control — ^Absorbed by the Detroit United By. Co. Secured by a first mortgage on 71 miles of street railway In Detroit. Franchise has ex- pired. For further particulars see Detroit United Ry. 1st Cons, below. Underlies — Detroit United Ry. Co. 1st Cons. 4%s 1932. Bonds are reserved under the consolidated mortgage to retire bonds of this issue as they mature. Eamings — See Detroit United Ry. 4%s below. Listed on the Cleveland and Cincinnati Stock Exchanges. Original Market — First offered by Cleveland Trust Co.. Cleveland, Ohio. Market. Clilcago — Hodenpyl, Hardy & Co. Detroit — Nicol-Ford & Co., Matthew Finn, Joel Stookard & Co. New York — Parrish & Co., B. & C. Ran- dolph, Hanson & Doyle, Hodenpyl, Hardy & Co., Fred H. Hatch & Co. Philadelphia — Reilly, Brock & Co., Parrish & Co. , Warren A. Reed. Baltimore — P. H. Goodwin & Co. Price Range, Jan, 1, '08 to Jan.l, '19 ^ Bid Ask High.97 '11 lOO '09 Low. 87 '16 89 '13 DETROIT RIVER TUNNEL COMPANY— De- troit Term. & Tunnel Ist 4^s. Due May 1, 1961.— F. Dated May 1, 1911. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30, 000, 000, Outstanding — $18,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regls- teed, $1,000, $6,000 and authorized multiples. C & R. inerchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the Michigan Central R. R. Co. by endorsement. Control — The entire $3,000,000 capital stock Is owned by the Michigan Central B. R. Co. and property ia leased to that company for 999 years. Secured by a first lien on a double tube under Detroit River, from Detroit to Windsor, Can., electrical eauipment and valuable ter- minal property, including 21% acres of land in the City of Detroit and Union passenger station and office building. The tunnel is an integral part of the main line of the Michigan Central R. R. between Buffalo and Chicago. Listed on the New York Stock Exchange. Legal for N. H. and R. I. Original Market — Underwritten — $14, 000, 000 in 1911r by J. P. Morgan & Co., First Natloal Bank, and National City Bank, New York, and offered at 102 and interest. $1,550,000 offered in 1914 by White, Weld & Co,, New York, Chicago and Boston at 96^ and interest $2,000,000 offered April, 1914, by Wm. A, Read & Co. Market. New York — Louchhelm. Minton & Co., E. A C. Randolph, F. J. Lisman & Co., Coffin & Co., Taylor, Smith & Hard, Vilas 4 Hickey, John Davenport, Redmond & Co. Philadelphia — Louchheim, Minton & Co., Huntoon & Co. Pittsburgh — Goddard, Hunter & Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Price Range— N, Y. 8, B. Jan, 1, 1911 to Jan, 1, 1919 1918 Hig-h.lOl Jan. 18. '12 83% Nov. 29 Low 73 Apr. 26, '18 73 Apr. 26 DETROIT, ROCHESTER, ROMEO & LAKE ORION RAILROAD CO. Ist 68. Due ■lune 1, 19'i0, Dated June 1, 1900, Interest payable June 1 and Dec. 1, at Trustee's office and Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $1,100,000. Cancelled — $400,000. Denominat^n — Coupon, $500 and $1,000. Registerable as to principal. Trustee— Continental & Commercial Trust & Savings Bank, Chicago. Assumed by the Detroit United Ry. Co. Control — Absorbed by Detroit United Ry. Co, Secured by a first mortgage on 95 miles of Interurban railway from Detroit via Rochester to Romeo, and from Rochester to Flint. Further secured by deposit of $1,100,000 De- troit United Ry, Deb, 4%b, 80% of road out- side' of cities Is on private right of way. Franchises elsewhere run to 1929, Underlies — Detroit & Flint Ry. Co. Cons. 6s of 1921 and Detroit United Ry. Co. lit Cons. 4%s of 1932, which provide to retire this issue. Earnings — See Det. U. Ry. Co, Legal for Me., Mich, and R. I. Original Market — $600,000 ottered in Nov., 1900, at par and interest by C. H. White ft Co., New York, Market, Philadelphia — H. Boenning & Co., Parrish & Co., Warron A. Reed. E. R. Barnard, Paul & Co.. S. K, Phillips & Co. Detroit — Nicol-Ford & Co., Joel Stockard ft 389 Co. , Matthew Finn & Co. , Watling, Lerchen & Co. New York — Parrish & Co. , E. & C. Ran- dolph. Baltimore — Howard R. Taylor & Co., J. S. Wilson, Jr., & Co., Jenkins, Whedbee & Poe. Wheeling — Geo. W. Baron. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99% '09 103 '08 94 May 96 Jan. Low. 90 '14 95 '08 UflTBOIT, TOLEDO & IRONTOX BA1I.R0AD CO. Ist 5s. Due 3Iarch 1, 1964. — N. Dated March 5, 1914. Interest payable, January 1 and July 1, at Trustees' Office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Unlimited. Outstanding — $1. 075, 000. Pledged — $50,000. Denonunation — Coupon, $1, 000. Reglsterable as to principal. Trustee — New Tork Trust Co., New Tork. Bedeemable as a whole at 105 and interest on any interest date on 60 days' notice. Organization — Incorporated in Delaware. March, 1914, as a reor&anization of the D. T. & I. Ry. Co. Secured by a first mortgage on 396.26 miles of road, viz — Miles. Tecumseh, Mich., to Jackson, 273.25 Delray to Dundee, Mich 39.60 Kingman to Sedalia, 31.00 Bloom, to Ironton, 3 0.81 Jackson to Cornelia, O ' 18.60 Lisman Jet. to Dean, 2.90 Underlies — ^Adjustment 5s of 1954. Year ended Dec. 31 Gross Net Charges 1917 $2,640,122 $182,789 $332,887 1916 2.325,278 604,874 269,034 1915 1.811,510 434,317 258,303 •1916 2.212,265 563,765 236.828 •1915 1,767,580 120.783 252,917 •1914 1,513.953 t829,900 268.039 ♦June 30. tDeficit. Market. New York-^Britton, Rollins & Co., H. N. Whitney & Sons, Freeman & Co. Price Range, 1918— Ask S2'^A. DETROIT. TOUBDO & IRONTON RAILROAD CO. Adj. 5s. Due March 1, 1954.— N. Dated March 5, 1914. Interest payable April and Oct. 1, at Trustee's. Interest to and in- cluding Dec. 31, 1918. non-cumulative; cumu- lative thereafter. As of Dec. 31, '18, no In- terest had been paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $8, 000, 000. Outstanding — $7. 628, 86^. Pledged— $369,000. Denomination — Coupon, $100 and $1,008. Reglsterable as to principal. Trustee — Central Trust Co., New Tork. Bedeemable as a whole on any interest date as follows: 70 and interest. 1915; 75. 1916; 80, 1917; 85. 1918; 90. 1919, and par and In- terest thereafter. Interest includes all unpaid cumulative interest and non-cumulative inter- est declared but unpaid. Organization — See 1st 5s. Secured by a second mortgage on property covered by the 1st 5s. Prior lien — Ist 5s of 1964. Samings — See 1st 5s. Market. New York— A. E. Fitkin & Co.. A. S. H. Jones, Dldrichsen & Co. , Hanson & Doyle, WolfE & Stanley, E. & C. Randolph. F. J. Lis- man & Co., Baker, Carruthers & Pell. Philadelphia — J. W. Sparks & Co. Price Range. Jan. 1. '17 to Jan. I, '19 1918 Bid Ask Bid Ask High. 25 '17 35 '17 15f. Aug. 2 5 f. Aug. Low. 15 '18 16 '18 16f. Dec. D£TBOIT UNITED) BAH^WAY CO. 1st Cons. 4^». Due Jan. 1, 1932.— F. Dated Jan. 1. 1902. Interest payable Jan. and iMly 1, at Bank of Montreal. New York, etc. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25. 000, 000. Outstanding— $14,555,000 (Dec. 31, '17). In Treasury — $2,765,000. Beserved for Prior Idens — $7,730,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Organization — Incorporated in Michigan, Dec, 1900, and took over the franchises and property of the Detroit "Citizens' Street Ry. Co. , Detroit Electric Ry. Co. . Detroit. Ft. "Wayne & Bell Isle Ry. Co. and the Detroit Suburban Ry . Co . , embracing practically all the street railway lines in the city of Detroit. Also acquired by purchase the properties of the Detroit & Northwestern Ry. Co. (Orchard Lake Div.). the Detroit & Pontiac Ry, Co. (Pontiac Div..) the Wyandotte & Detroit River Ry. Co. (Wyandotte Div.) and .the Detroit & Flint Ry. Co.. formerly the Detroit, Roches- ter, Romeo & Lake Orion Ry. (Flint Div.). Also owns the entire capital stocks of the De- troit & Port Huron Shore Line Ry. Co. (Rapid Ry. Div.), Sandwich Windsor & Amherstburg Ry., Detroit, Monroe, Toledo Short Line Ry. Co. and the Detroit. Jackson & Chicago Ry. Co. Since 1909, when many of its important franchises expired, the company and the City have been endeavoring to come to some agree- ment for the future operation of the company. In 1915 the city submitted a proposition to the company whereby the city would "assume" the $24,900,000 bonds, which are a direct obligation of the Detroit United Ry. Co. in payment for the 222 miles of road operated by the company within the city limits. The directors of the company have approved this plan, and it was submitted to the stockhold- ers who approved on March 31. Nov. 2, 1915, tho proposed purchase by city was rejected by voters. In March, 1918, agreement was reached be- tween company and city officials for purchase of properties within city limits for $31,500,- 000, but this was defeated at the polls April 7, 1919. Secured by a mortgage on about 474 miles of street and interurban railway track, as fellows: a first mortgage on 137 miles in De- troit; a second mortgage, subject to $2,800,000 on 97 miles in Detroit; a mortgage, subject to $4,930,000 prior liens on 240 miles of inter- urban track; also a direct mortgage on 5 power houses, num.erou3 sub-stations, 15 car houses, general shops. 1480 car bodies, 2032 car trucks and numerous parcels of real estate. Total track owned and controlled 839 miles. Population served: Detroit, over 750,- 000. and remaining territory 700,000. Some of the Important franchises (15% of total mile- age) in the City of Detroit have expired and the cbmpany is operating under an agreement 390 with the city providlns tor rates of fare and extensions of its lines. Valuation Apiiralsal — Prof. Mortimer B. Cooley, Oct., 1916, filed a report fixing the value of the property in the one-fare zone of the city of Detroit aa of Jan. I, 1916, at $29,714,079; or, less depreciation, at $23,608,- 665: value of entire system, $48,400,764, or with depreciation, $43,051,662: all franchises valued at $7,783,481. Value of complete sys- tem $56,184,165, or, less depreciation, at $60,- 815,063: value of property in actual use for railway purposes $55,938,274; or with depreci- ation, $50,677,270. Prior lilens — $7,680,000 bonds of absorbed companies. Year ended Dec, 31 (combined) Gross Net .$19,014,018 $4,705,414 1918. 1917. 1916. 1915. 4,679,886 5,172,202 4,190.662 •Charges $2,610,830 2,404,366 2,291.410 2,229,801 and 17,427,939 16,036.669 13.236,651 •Includes taxes, rentals and interest, lasted on the New York, Cincinnati Amsterdam Stock Exchanges. Original Market — Offered in 1902 by E. H. Gay & Co., Boston, and Riggs & Hopper, Bal- timore at 97% and interest Market. * New York — Active on N. T. Stock Exchange. Detroit — Nicol-Ford & Co., Joel Stockard & Co., Matthew Finn, Fhlladelphia — West & Co. Baltimore — Hambleton & Co. Montreal — Hanson Bros. Chioajjo — Merrill. Lynch & Co.. Babcock, Rushton & Co. iLouisvllle — Henning, Chambers & Co. . Grand Rapids — Howe. Snow. Corrigan Bertles. Price Range — N. Y. S. E. Jan. 1, l»oe to Jan. 1, 19] 9 1918 Hieh.96% Mar, 31, '06 80 Nov. Low. 64 Dec. 7 '14 68 Feb. & DETROIT UNITED RAII.WAY 5-Year CoU. Tr. 7% Notes. Due AprU 1, 1983.— F. Dated April 1, 1918. Interest payable April 1 and Oct 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — >$4, 500, 000. Outstanding — $4,500,000. .Approved by the Michigan R. R. Commission. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co., New York. Redeemable as a whole or in amounts of not less than $500,000 on 30 days' notice at 101 and interest to April 1, 1922; thereafter at 100% and interest. Organization — See 1st Cons. 4%s. Secured by pledge of the following securi- ties: Par Bonds Value Detroit United Ry. 1st Cons. 43, 1932 $2,626,000 Detroit. Jackson & Chicago Cons. 6s. 1937 1.114,000 Detroit & Lake St. Clair 1st 6s. 1820 110.000 Total $3,839,000 1917 Stocks Div. % Detroit, Monroe & Toledo Shore Line 10.10 $2,571,000 Detroit & Port Huron Shore Line 6.62 1,990,000 Detroit. Jackson & Chicago.. 11.24 600.000 Total $5,161,000 No additional Detroit United 1st Cons. 4%» except for refunding and under the terms of this indenture the companies whose shares are pledged cannot increase their bond issues. The stocks pledged are in each case the entire amounts outstanding except directors' shares. Orleinal Market— $4,600,000 offered April, 1918. by.Wm. A. Read & Co., at 97 and in- terest. Market. Philadelphia — Paul & Co. New York — BarlB A. Miller & Co., Bull & Bldredge, Morton Lachenbruch &, Co.. Mann. Bill & Co.. Wm. C. Orton, W. C. Rauscher.- Boston — Kimball, Russell & Co. Louisville. Kj-. — J. J. B. Hilliard & Son. Chicago — Babcock. Rushton & Co., Pynchon & Co. Detroit — Watling. Lerchen & Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Price Range — 1918. Bid Ask High. 96% Dec. 98% Nov. Low. 94% July 96% July (THE) DETROIT, YPSILANTI & ANN ARBOR RAII.WAY 1st Cons. 6s. Due Feb. 1, 1924. — F. Dated Feb. 1. 1899. Interest payable Feb. and Aug 1. at Trustee's olEce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1. 000. 000. Outstanding — $330,000. Denomination — Coupon, $600 and $1,000. Trustee — Union Trust Co., Detroit. Sinking Fund — Annually. Control — ^Absorbed by the Detroit, Jackson & Chicago Ry.. all of whose stock is owned by the Detroit United Ry. Co. Secured by a first mortgage on 48 miles of electric railway from Springwelis. just out- side of Detroit, to Ypsilanti and Ann Arbor, and a second 6-mile branch from Ypsilanti to Saline, all in Michigan and Including street railway system in Ann Arbor. Franchises. which are not perpetual, expire in 1927. but company has acauired over 40 miles private right of way. Population served, not includ- ing Detroit, about 30.000. Friar lien — $60,000 Ypsilanti & Saline 1st 6a of 1919. Underlies — D. T. A. A. Sl Jackson Ry. 1st Cons. 5s of 1926 and Detroit, Jackson & Chi- cago Ry. 1st Cons. 5a of 1937. Barnings — See Det. U. Ry. Ist Cons. 4%s. Market. Detroit — Nicol-Ford & Co., Joel Stockard & Co., Matthew Finn, Watling, Lerchen & Co.. "Whittlesey, McLean & Co., Chas. A. Parcells & Co. Price Range. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask . Bid Ask High.100% '14 102^4 '16 97 Dec. 100 Dec. Low. 88 '18 98 '18 88 Aug. 98 May DETROIT. YPSILANTI, ANN ARBOR & JACKSON RAILWAY 1st Cons. Ss. Due Feb. 1, 1926.— F. Dated Feb. 1, 1901. Interest payable Feb. and Aug. 1. at Detroit Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,600,000. Outstanding — $1,610,000 ($46,500 owned by the Detroit United Ky.) Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Union Trust Co.. Detroit. 391 Assumed by Detroit, Jackson & Chicaso Ry. Co. Control — Absorbed by Detroit, Jackson & Chicago Ry, Co., all of whose stock la owned by Detroit United Ry. Co. Secured by a first mortg^age on about 64 miles of track, on private right of way from Ann Arbor to Jackson, Mich., and a mortgage on 64 miles from Detroit to Ann Arbor, with branch. Franchises, which are not perpetual, expire in 1927, but it is reported that the company has acquired 40 miles of private right of way. Population served, exclusive of De- troit, about, 76,000. Prior Liens — $60,000 Tpsilantl & Saline lit 6s of 1919, and $330,000 D. T. & A. A. Ry. 1st Cons. 63 of 1924, for the retirement of which bonds are reserved under this issue. Underlies — $1, 400, 000 Detroit, Jackson & Chicago Ry. Co. 1st Cons. &s of 1937, guar- anteed by the Detroit United Ry. Co, and under which mortgage bonds are reserved to retire this issue. Barnings — See Det. U. Ry. 1st Cons. 4%s. Original Market — First offered by Russell, Whitcomb & Co., New York and Baltimore, at par and interest in Sept., 1902. $500,000 offered Aug., 1911, by Eversz & Co., Chicago, to net 6%. Market. New York — Morton Lachenbruch & Co., Hotchkin & Co., Kiely & Horton, Dunham & Co., E. & C. Randolph, Merrill, Lynch & Co., Hanson & Doyle, Pynchon & Co., Eerd&U Bros., Lynch & McDermott. Detroit — Nlcol-Ford & Co., Joel Stockard & Co. , Chas. A. Parcells & Co. , Matthew Finn, Watling, Lerchen & Co. . Whittlesey, McLean & Co. Chicago — ^Merrill, Lynch & Co., A. L. Baker & Co., Babcock, Rushton & Co. Philadelphia — C. R. Penington. Boston — A. B. Conant & Co., Hotchkin & Co., J. S. Orler & Co., L. Sherman Aaams. Baltimore — P. H. Goodwin & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig-h.95 '17 96 '16 86 May 90 Aug. I^w.68 '08 70 '08 82 Feb. 86 Feb. DEXTITB & PISCATAQUIS RAILROAD CO. Ist 4s. Due July 1, 1929. — N. Dated July 1, 1889. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $175,000. Denomination — Coupon, $1, 000. Registerablo as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed principal and interest by the Maine Central R. R. Co. Control — Leased for 999 years by the Maine Central R. R. Secured by a first mortgage on 16.54 miles of road from Dexter to Foxcroft, Me. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N, T., R. I. and Wis. Market. Boston — Blodget & Co. New York— Blodget & Co., F. H. Hatch & Co. Pittsburgh — R. B. Hutchinson & Co. Dated August 1, 1914. Interest payable Feb. and Aug, 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding— $1,055,000 (April 11. 1919). Retired — $345,000. Denomination- — Coupon $1,000.° Hegisterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. v Redeemable at 101% and interest. Sinking Fund — $3.00 per thousand feet of timber cut from pledged lands. Guaranteed — Principal and interest by en- dorsement of Hans and Herman Dierks of Kansas City, Mo. Organization) — Incorporated 1895 in Ne- braska. Owns and operates yards at sixteen cities and towns in Nebraska, timber mills at De Queen, Ark, and timber lands comprising 130,000 acres in Arkansas, of which 108,000 acres are owned in fee. Secured by direct mortgage on all timber lands of the company and on plant at De Queen, Arkansas. Original Marke* — $1,000,000 offered June, 1914, by Clark L. Poole & Co., Chicago, and Geo. H. Burr & Co., New Tork and Chicago, at 100 and interest. Market. Kansas City, Mo. — Strandberg, McGreevy & Co., Folsom & "Wheeler. DIERKS LUMBER & COAL CO. Ist Serial 6s. Due $75,000 each Feb. and Aug. 1, to Feb. 1, 1926. DISTILUQRS SECURITIES CORPORATION Coll. Tr. 35-Year Conv. 6s. Due Oct. 1, 1927.— F. Dated September 16. 1902. Interest payable April and Oct. 1, at Bankers* Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16,000,000. Outstanding— $5,757,855 (Jan. 1, 1919). Reserved for Prior Lien — $1,000,000. Purchased, Acquired through Conversion and Cancelled — $9,322,000.. Reserved for Prior I.iens — $920,145. Note — The company has announced Its policy to purchase these bonds in the open market when prices are attractive. Average price for such purchases to Feb. 23, 1918, was re- ported by the company as about 72 cents on the dollar. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 105 and interest on any in- terest date on four weeks' notice. Conversion privilege expired Oct. 1. 1912. Organization — Incorporated in New Jersey In 1902 and acquired practically all the stock of the Distilling Co. of America, which latter company owns the capital stock of the Ameri- can Spirits Mfg. Co., Kentucky Distilleries & 'Warehouse Co., Standard Distilling & Dis- tributing Co., Hannis Distilling Co., Henry H. Shufelt & Co., Peoria Malting Co. Also owned $6,001,000 of the $12,000,000 common stock of the United States Industrial Alcohol Co. and guarantees 7% dividend on $6,000,000 preferred stock of that company. In 1915 sold its common stock holdings of latter company. Secured by deposit of 95% of the $30,776,60* outstanding preferred stock and 98% of the $45,994,720 outstanding common stock of the Distilling Co. of America. All additional stock Is acquired and is to be deposited hereunder. 392 Year ended June 30 and Dec. 31 -Bond Net * Interest *1918 $10,514,810 $458,222 •1917 i5.497.377 706.945 1916 4.119,204 792,109 1915 2,253.794 792,922 1914 1.494.766 792,902 1913 1.152,663 793,096 •Dec. 31. Listed on the New York Stock Ejxchang^e. Market. New York — Baker, Carruthers & Pell. Price Ranee — N. Y. S. £. .Jan. 1. '06 to Jan. 1. '19 1918 High.91% Sept. 17, '06 89% Dec. 23 Low. 46 Mar. 2, '15 75 Jan. 5. DODGE MANUFACTURING CO. iBt 6s. Due $50,000 Aue. 1, 1916: $75,000 each Ads. 1> from 1917 to 1919; and $100,000 each Aae. 1, from 1920 to 1935 inclnsire. — P. Dated Aug. 1, 1911. Interest payable Feb. 1 and Aug. 1 at Trustee's. Tax Sl^tDS — 2% Federal Income Tax paid by company without deduction. AuthorizedT^Sl. 000. 000. Outstandink — $460,000 (Dec. 31. '18). Balance Retired. Denomination — Coupon, $1,000. Regi sterable as to principal. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable In whole or in part in reverse numerical order at 105 and interest on 60 days' notice. Organization— ^ueniess founded in 1878 and Incorporated in Indiana in 1880. Plant located at Mishawaka, Ind. , employs 1.200 people, covers about 20 acres in area and ofiaodern fireproof construction. Company manufacture! power transmission machinery and appliances, water softening and purifying apparatus for steam power plants; tanks and structural steel ijnd laminated waterproof wood veneer, -j Com- pany has branch warehouses In New York. Boston, Philadelphia, Pittsburgh, Cincinnati. Atlanta, Chicago, St. Louis, Minneapolis, Providence, R. L, Newark, N. J., Utica, N. T.. and Portland, Ore. Secured by a first mortgage on alt the prop- erty of the company. Year ended Dec. 31 Gross Net Interest 1918 $7,424,767 $1,093,439 $34,140 1917 5,307.049 946,264 35.397 1916 2,884.314 646.638 51.250 1915 2.128.635 340,350 67,031 Original Market — First ofCered In 1911 by First National Bank and Guardian Savings & Trust Co., Cleveland. Offered in 1915 by H. D. Bobbins, New York, on a 5% basis. Market. New York — H. D. Robbins & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid A^ Bid Ask High.991,4 '18 102 '16 99% Dec. 101 Dec. Low. 97 '16 100 '16 98 Dec. DOT.D (JACOB) PACKING CO. 7% Serfal Notes. Dated Nov. 15, 1918. Due — Series A, B. C. D $500,000 each Nov. 15, 1919-1922 inclusive. Series E $1,000,000, Nov. 15. 1923. Principal and interest payable in gold at National City Bank, New York. Interest payable May and Nov. 15. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized~$3.000,000. Outstanding — $3,000,000. Purposis of Issue—- To reduce present , out- standing bank loans and increase working capital of the company to take care of in- creased volume of business. Denomination — Coupon, $1,000. Trustee — Farmers Loan & Trust Co.. New York. Bedieemable on any interest date upon thirty days' notice as a whole or in blocks of not less than $500,000, in which event it must call for redemption notes of one or more of the series last maturing at: 103 for notes with 4 years or more to run. 102% for notes with 3 years or more but less than 4 years to run. 102 for notes with 2 years or more but less than 3 years to run. 101% for notes with 1 year or more but less than 2 years to run. 101 for notes with less than 1 year to run. The notes are also subject to redemption in part by lot at above prices in the event of the sale of any substantial or essential part of the property or sale of additional preferred or common srtocks. Organization — Business established 186i5, and incorporated as above August, 1888, in New York. Company owns packing houses in Buf- falo, N. Y., Kansas City and Wichita, Kansas, and has distributing branches in the United States and Great Britain. Owns entire cap- ital stock of the Capitol Refining Company of Washington. D. C. (Incorporated 1913 in Vir- ginia), also entire capital stock of South Washington Storage Co. Security — A direct obligation of the company and its only obligation in the hands of the public, but not a mortgage. The company covenants that: It and its constituent companies will not mortgage or pledge any fixed assets without providing for priority of payment for these notes, and will not consolidate or merge with any corporation other than a cpnstituent com- pany unless prior thereto it secures these notes by a closed first mortgage and pledge on all its properties, real and personal. It and its constituent companies will at all times maintain an excess of current assets, over all liabilities other than these notes, equal to at least 200% of the face value of these notes then outstanding, and will maintain cur- rent assets in an aggregate amount equal to at least 140% of the amount of all liabilities direct or contingent, including these notes. In the event that the company sells additional preferred or common stock, it will apply the entire proceeds of such sale to the purchase or redemption of outstanding notes of the se- ries last maturing. It will not declare or pay in any fiscal year cash dividends in excess of 6% on the common stock at present outstanding and on any ad- ditional common stock that may be issued for property or cash at par, and in no event will It declare or pay any dividends in any fiscal year except out of the net Income (i. e,, the balance remaining after providing for all in- terest charges and maturing Instalment of principal of this note issue of its preceding: fiscal year. Earnings— Average earnings. Including those of its subsidiary companies, available for in- terest and Federal taxes for the five and one- half years ending June 29, 1918, have been ap- proximately $1,100,000 per annum, or over five times the maximum annual interest charges on these notes. Original Market — Offered in New York, 1918, by the National City Company, New York, etc., and the National City Bank of Chicago, at prices from 99 to 100, to yield 7% to 1V4.%. 393 Market. New York — National City Co. DOMINION CANNERS, XTD., 1st S, F. 6s. Due April 1, 1940. — N. Dated April 1, 1910. Interest payable April 1 and Oct. 1, at Bank of Montreal, New York, Hamilton, Toronto, Montreal and Lon- don, £3ng. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2, 500, 000. Outstanding — $1,694,000 (Jan. 1. 1919). Retired by Sinking Fund — $262,000. Cancelled — $500,000. Denomination — Coupon, $100, $500, and $1,000. Reeisterable as to principal. Trustee — RoVal Trust Co., Montreal. Redeemable at 110 and interest for sinking fund only from April 1, 1913, to 1920, but after that date are callable as a whole or in part at same price. Sinking Fund — Began April 1, 1913, and annually thereafter 1%% of bonds outstand- ing, plus amount equal to interest on bonds redeemed. If bonds cannot be purchased in the open market at 110 or less, they are to be retired by lot at 110 and interest. Organization — Incorporated under the Cana- dian Companies Act in 1910. The company's output is over 90% of the canned fruits and vegetables in Canada. Secured by a first mortgage on about 60 canning plants and a lithographing factory. year ended Dec. 31 Net Interest 1918 $745,324 $103,099 1917 800,529 108.264 1916 66.8.007 *111,230 1915 *294.439 113,297 1914 330,852 115.729 •Deficit before interest. liieted on the Toronto Stock Exchange. Original. Market — $700,000 offered 1910. by C. Meredith & Co.. and Dominion Bond Co., Montreal, at par and interest. Market. Montreal — C. B. Meredith & Co., Ltd.. Mc- Cuaig Bros. & Co., Nesbitt, Thomson & Co., Hew R. "Wood Co. New York — Abraham & Co.. Baker, Car- ruthers & Pell. Price Range. Jan. 1, *17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.86 '18 89 '18 86 June 89 Feb. Low. 82 '17 87 '17 85 Jan. 88 June DOMINION COAL COMPANY, LTD., Ifit S. F. 5fi. Due May 1, 1940. Dated May 1, 1905. Interest payable May and Nov. 1^ at New England Trust Co., Boston, "or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Principal and interest payable without de- duction for taxes imposed by the Dominion of Canada or by any province or munici- pality thereof. Authorized — Closed Mortgage. Outstanding-^$5.864,500 (May 15, 1919). Retired by Sinking Fund— $1,035,500. Denomination — Coupon, $1,000 and $500. Registerable -as to principal. Trustee — The Royal Trust Co.. Montreal. Redeemable at 105 and Interest, for sinking fund, on May 1 of any year, or as a whole, or 30 days' notice. Sinking Fund — The company shall pay to the Trustee each year $460,600. From this amount the Trustee is to pay interest on the out- standings bonds, and place the balance of the amount to the credit of the sinking fund. The Trustee, prior to May 1 of each year. Is to draw for redemption at 105 and accrued interest the number of bonds which the sink- ing fund is sufficient to pay. Bonds drawn for the sinking fund are to be cancelled. Organization — Incorporated in Nova Scotia, Canada, in 1893. Coal properties are on Cape Breton Island and Docks at Sydney and Louls- burg. Controlled by the Dominion Steel Cor- poration, Ltd., through ownership of 97% of the common stock. Secured by a first mortgage on valuable coal properties estimated to contain about 1.400,- 000,000 tons of coal, together with 8 collieries (annual capacity 4,000.000 tons), 120 miles of railroad, 6 steamers and other marine equip- ment; also on dock property. The output of coal for year ending March 31, 1913, totalled 5,053,160 tons. Underlies — $3,500,000 Inc. 6s. Listed on the Boston, Toronto and Montreal Stock Exchanges. '- Samings are not available. Original Market — ^Pirst offered in 1905 by Lee. Higginson & Co., New York, Boston Bank of Montreal and Canadian Bank of Commerce, Montreal, New York, etc., at 99 and Interest. Market. New York — ^Baker, Carruthers & Pell. W. S. Macomber, Lee, Higginson & Co., S. L. Snow- den, Taylor & White, Lynch & McD.ermott, H. I. Nicholas & Co., Abraham & Co., Baker, Carruthers & Pell, Pynchon & Co. , Morton Lachenbnich & Co. ,, Montreal — ^Royal Securities Corp., Ltd., Mc- Cuaig Bros. & Co.. Dominian Securities Corp., Ltd.. Hew R. Wood Co. Boston — Lee, Higginson & Co. Ontario — J. E. Carter. Price Range. Jan. 1, 'OS to Jan. 1. '19 1918 Bid Ask Bid Ask High.99% '12 100 '14 90 Nov. 95 Nov.. Low. 75 '17 85 '17 80 June 86 Feb. DOMINION COTTON MILLS CO. Currency Debenture 6s. Due July 1. 1922. — F. Dated July 1, 1902. Interest payable Jan. and July 2. Tax Status — Information Not Available. Authorized — $3,700,000. Outstanding — $3,700,000. Denomination — Coupon, $ 5 and $1,000. Trustee — Royal Trust Co. , Montreal, Can- ada. Redeemable as a whole on any interest date at 110 and interest. Control — Entire stock owned by Dominion Textile Co. (deposited under that company's 6s). which leases company's plant. Secured by a first mortgage on mills, plants, water power rights, etc., of company. Underlies — Dominion Textile Co. Serial Coll. Tr. 6s of 1925. Earnings — See Dominion Textile Co. Listed on the Montreal Stock Exchange, Market. Montreal — ^McCuaig Bros. & Co., C. Mere- dith & Co., Hew R. Wood Co. Philadelphia — Canadian Bond Co. Price Range. Jan. 1, '16 to Jan. 1. '19 Ask High.lOO '17 Low. 95% '16 (THS) DOMINION FORGB & STAMPING CO.. Ltd.. 1st Serial 6s. Dae $30,000 eaoh Nov. 1 from 1917 to 1926. indasive. Dated Nov. 1, 1916. Interest payable May 394 1 and Nov. 1 in Chicago, or Walkerville, On- tario. Tax Status — Company refunds 2% Federal Income Tax. The company assumes payment of all present or future taxes that may be assessed agrainst Interest or principal of these bonds by the Dominion of Canada, or by the United States, including the normal Federal Income Tax. Authorized — $500,000. Outstanding — $240,000 (Nov., 1918). Retired — $60,000. Reserved for Ext. — $200,000. Additional' bonds issuable for 50% of cash cost of additions, etc. . when net earnings, for 12 months ending 60 days preceding issu- ance are twice interest charges on bonds out- standing and to be issued and the next an- nual installment on outstanding bonds and those to be issued. The additional $200,000 are to mature in approximately equal install- ments to Nov. 1, 1926. Denominatiou&-— Coupon, $1,000 and $ 5 ($500-$10,000, each due 1921 and 1926), ^eg- isterable as to principal. Trustee — National Trust Co., Ltd., Toronto. Redeemable in reverse of numerical order a* 102% and interest on any interest date on four weeks' notice. Organization — Incorporated in 1910 In On- tario. It is the largest manufacturer of drop forgings and stampings (excepting kitchen- ware) in Canada. Also it is the only manu- facturer of automobile frames in Canada. Plant is located at Walkerville, Ontario, di- rectly across the Detroit River from Detroit. Capital Stock: Authorized Outstanding Pref. (7% Cum.).. $250,000 $250,000 Common 750.000 500,000 Secured by a first mortgage on the entire property of the company appraised as of Dec. 31, 1918, net $986,546. The indenture provides as follows: (1) Net auick assets must be maintained In an amount at least eaual to all. the bonds at any time certified by Trustee, ■ provided, however, that whenever the amount of bonds outstanding shall be reduced to $200,000 or less, net quick assets shall at least be equal to 150% of the outstanding bonds:' (2) dividends on common stock are limited to an amount not to exceed one-half of the amount available for such dividends after proper charges have been made for depreciation, interest payments, ma- turing bonds, and preferred stock dividends, and in no event shall dividends on the com- mon stock exceed $60,000 per annum; (3) proper insurance of all property with policies ap- proved by and deposited with the trustee; (4) the books of the company are open to examination by bondholders at any time and annual audits furnished. 18 Months ended Dee. 31: Gross Net Interest 1918 $3,725,323 $298,831 $51,682 Year ended June 30 Gross Net Interest 1917 $1,842,600 $173,737 $26,097 1916 1,329,802 182,981 1915 698,863 106.407 Original Market — $300,000 offered Jan.. 1917, by Kean, Taylor & Co., New York, Chicago, etc., at par and interest. Market. St, I>onis — ^Whitaker & Co. Minneapolis — Harold C. Gage. rittsbargh — Kean, Taylor & Co. Montreal — Hew R. "Wood Co. 2 and Dec. 2 at Bank of Montreal. Montreal, New York or London. Fixed rate of exchange $4,862-3 per £. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in Can- ada. Authorized — $3,000,000. Outstanding — $1,715,800 (May 9, 1919), Retired by Sinking Fund — $284,200. Reserved for Ext. — $1,000,000. Denominations — Coupon $100, $500 and $1,000. Hegisterable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole on any interest date at 110 and interest or in part for sinking fund on any Dec. 2. Sinking Fund — ^Annually beginning June 2. 1914, 2%% of outstanding bonds for the pur- chase or redemption of bonds at not over 110 and Interest. Bonds so acquired to be cancelled. Organization — Incorporated in Canada in 1913. as a consolidation. Secured by a first mortgage on all the prop- erty of the company or any securities owned or acquired. Plants are located at Montreal. Quebec, Toronto, Hamilton and Wallaceburg, Ont., and Red Cliffe, Alberta. Original Market — $1,000,000 offered July. 1913, by Lee, HIgginson & Co., at 97^ and interest. Market. Boston — Lee, Higginson & Co. New York — Lee, Higginson & Co., Abraham & Co., Baker, Carruthers & Pell. Chicago — Lee, Higginson & Co., Hew R. Wood Co. Ontario — J. E. Carter. Toronto — Oxford Securities Corp., Ltd. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96% '17 99 '16 93 Dec. 97 Oct. Low. 93 '18 96 '18 96 Dec. Ltd., iBt DOMINION GLASS CO., Ltd., 1st S. F. 6s. Due June Z, 1933. — N. Dated June 2, 1913. Interest payable June DOMINION IRON & STRFL CO., 5s. Duo July 1, 1929.~N. Dated July 1, 1899. Interest payable Jan. and July 1, at Bank of Montreal, Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $8, 000, 000. Outstanding — $6,379,000 (Feb. 28, 1919), Retired by Sinking Fund — $1,621,000. Denomination — Coupon, $1,000. Trustee — ^National Trust Co., Montreal. Redeemable at 110 and interest on any 1st day of July. Sinking Fund — Annually commencing July 1, 1902, $50,000, plus interest on bonds redeemed. Control — ^Practically the entire $20, 000, 000 common stock is owned by the Dominion Steel Corp. Secured by a first mortgage on plants lo- cated at Sydney and Cape Breton, N. S., com- prising four blast furnaces, an open-hearth- plant billet mill, blooming mlir, rod mill and rail mill, with an annual capacity of 400.000 tons of finished •steel. Underlies — Cons. 5s of 1939 and Income 6s. The consolidated mortgage provides for the retirement of this Issue. Year ended March 31 (Dominion Steel Corp) Depn. Net & S. F. Interest 1918. .$11,03 0,112 $1,3 8 4,242 $1,064,210 1917.. 12.967,874 1,859,595 1.230,203 1916.. 7,004,316 1,192,823 1,590,085 1915. . 3,571,058 920,093 1,651,522 1914. . 4.442,031 903.889 1,575.994 Listed on the Toronto and Montreal Stock Exchanges. 395 Market. Montreal — C. E. Meredith & Co., Dominion Corp., Ltd., Royal Securities Corp,, Ltd., Nes- bitt, Thomson & Co., Hew R. Wood Co., Greenshields & Co. New York — Morton Lachenbruch & Co., Abraham & Co., Baker. Carruthers & Pell. Toronto — Dominion Securities Corp., Ltd. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Eiigh.96% '09 97 '09 86 Sept. 88 June Low. 70% '08 72% '08 80 Feb. 85 Feb. DOMINION IRON & STEEL CO. Cons. Gs. Dae Sept. 1, 1939.— N. Dated Sept. 1, 1909. Interest payable March and Sept. 1, at Bank of Montreal, Mon- treal, or Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000,000. Outstanding — $7,262,527. Retired by Sinking Fund — $598,960. Denomination — Coupon, £100, £200, £500 and their dollar eauivalents (exchanire $4.86 2/3 per £). Registerable as to principal. Trnstee — National Trust Co., Ltd., Mon- treal. Redeemable at 105 and interest on any in- terest date or annually for sinking fund, com- mencing Oct. 16, 1915. Sinking Fand — Annually 1 % of bonds Issued. Control — Dominion Steel Corporation, see Ist 5s below. Secured by a mortgage on the company's property most'.y located at Sydney. Cape Breton. Can., subject to $7,100,000 1st 5% bonds of 1929. A large amount of these bonds are owned by the Dominion Steel Corporation and pledged (£734,000) under the latter 6% Notes. For further details see 1st 5s above. Prior I^iens — $6,379,000 1st 5s of 1929, for the retirement of which bonds are reserved under this mortgage. Underlies — $3,600,000 Income 63. liisted on the Montreal and Toronto Stock Exchanges. £aminsB — See lat 63. Original Market — First offered July. 1909, at 93 and interest by the Dominion Securities Corp., Ltd., Montreal. Market. Montreal — Greenshields & Co., Nesbitt. Thomson & Co.. Hew R. Wood Co. New York — Abraham & Co., Morton Lach- enbruch & Co. Toronto — Dominion Securities Corp., Ltd. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask -• Bid Ask High.85% '16 90 '16 74 June 78 Jan. Low. 70 '17 76 '17 70 Feb. 77 June DOMINION POWER & TRANSMISSION CO.. I^td.. 1st 5s. Due $54,000 annually April 1, 1917, through AprU 1, 1921; $108,000 April 1, 1922, through AprU 1, 1931, and $3,910,000 April 1, 1932. Dated April 1, 1907. Interest payable April 1 and Oct. 1. at Harris Trust & Savings Bank, Chicago. Harris, Forbes & Co.. New York, and N. W. Harris & Co.. Inc., Boston. Tax Status — Company refunds the Federal Income Tax up to 2 % . Authorized — $25. 000, 000. Outstanding — $5,152,000 (Jan. 1, 1919). Retired— $199,000. Reserved for Ext. — $19,649,000. Denomination — Coupon, $1,000. Registerable na to principal. Trustees — Harris Trust & Savings Bank. Chicago, and National Trust Co., Ltd., To- ronto. Redeemable as a whole at 107% and Interest on and after April 1, 1917. Maturities — $1,000 of each $100,000 out- standing bonds are due annually from April 1,. 1&14, to 1921, inclusive. $2,000, 1922 to 1931, Inclusive, and the remainder on April 1, 1932. Organization— Incorporated in Canada in 1907, and controls through stock ownership all the electric light and power properties in Ham- ilton, Ont., St. Catharines and intermediate towns and the street railway system in Hamil- ton and Interurban lines extending from that city. Secured by a lien by deposit of stocks and bonds of subsidiary companies on hydro-elec- tric plant of 56,600 h. p., transmission lines and distributing systems supplying Hamilton, Brantford, St. Catharines and other towna with electric light and power; also on street railway system in Hamilton, embracing 33 miles of track and 83 miles of Interurban lines. Prior liiens — $3-362,000 Hamilton, Cataract, Power, Light & Traction Co. 1st & Ref, 5s or 1943. $917,000 H. E31. Lt. & Cat. Pow. 1st 63 of 1929. $420,000 Ham. St. Ry. 1st 4%s of 1928, and $150,000 Ham., Grimsby & BeamsvIUe lat 6a of 1925. Year ended Dec. 31 Gross Net Int., Etc. 1918 $3,204,645 $1,160,177 $495,905 1917 2,967.274 1,233,514 507.294 1916 2.693.212 1,233,611 523,262 1915 2,353,966 1,001,955 494,411 1914 2,395,967 1,005,120 478.130 Original Market — $1,660,000 first offered by Harris, Forbes & Co., New York, N. W. Har- ris & Co., Perry, Coffin & Burr, Boston, and Harris Trust & Savings Bank, Chicago. Market. New York — Kemerer, Matthes & Co., E. & C. Randolph, Harris, Forbes & Co. , S. L. Snowden. Coffin & Burr, Abraham & Co.. Ber- dell Bros., Fred H. Hatch & Co., Taylor & White. Boston — Coffin & Burr, Harris, Forbes & Co., Arthur Perry & Co. Ciiicago — Harris Trust & Savings Bank, Babcock, Rushton & Co. Ontario — J. E. Carter, Morgan-Dean, Harris & Co. Montreal — Dominion Securities Corp., Ltd., Nesbitt, Thomson & Co.. Hew R. "Wood Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.94'15 99% '18 83 Aug. 99% Nov. Low. 80 '18 87 '18 80 Oct. 87 Aug. DOMINION TEXTIUE CO., I.TD., Serial CoU. Tr. 6s. Due March 1, 1925. Dated March 1, 1905. Interest payable March and Sept. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized— $3,237,800. Outstanding — Series "A" $743,775, Series "B" $1,162,000, Series "C" $1,000,000, and Series *'D" $347,000. Denomination — Coupon, $250, $500 and $1,000. Trustee — Royal Trust Co., Montreal. Redeemable at any time, Series "A" at 110 and Interest, Series "B" at par and Interest, Series "C" and "D" at 106 and interest. Organization — Incorporated in Canada in 1905 to acquire the securities of the companies mentioned below for, which these bonds and preferred stock were exchanged. 396 Secured, Series "A" by deposit of $3,033,- COO (entire Issue) capital etoclt of tlie Dominion Cctton Mills Co.; Series "B" by deposit of Jl, 6 00, 000 (entire) capital stock of the Mer- cbants' Cotton Co.: Series "C" by deposit of JI.OOO.OOO capital stoclc of the Montmorency Cotton Mills Co., and Series "D" by deposit of $300,000 capital stock of the Colonial Bleaching & Frintine Co. Prior Uens — Series "A" $3,700,000 Do- minion Cotton Mills, Deb. 6s of 1922; Series "C" $422,500 1st 6s of 1821. Year ended March 31 Interest Gross Net & Rent 1918. ..$16,860,279 $1,873,371 $639,413 1917... 13,375,760 1,657,083 743,844 1916... 10k438,089 1,666,572 785,200 listed on the Montreal Stock Exchange. Market. •^ Montreal — C. E. Meredith & Co., Burnet & Co.. Hew H. Wood Co. New York — Abraham & Co. WOMINION TRACTION & MGHTING CO. 1,TD. (TORONTO), 1st 3(»-Year Ss. Due May 1, 1943. Dated May 1, 1913. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Anthorlzed — $ 6,000,000. Ontstandine — $733,600 (May 3, '19). Retired by S. F. — $36,000. Reserved for Prior liiens — $200,000. Cancelled— $1,078,000. Denomination — Coupon, $1,000. Beeisterable as to principal. Trustee — Union Trust Co., Ltd., Toronto. Redeemable at 105 and interest on any in- terest date on 3 months' notice. Sinldne Fund — ^Annual payments, beginning May 1. ■ 1917, for. the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Canada, Jan- uary, 1913. Secured by a first lien on securities as fol- lows: $1,000,000 1st & Ret. bonds and $1,600,- 000 capital stock (entire issue) of the Windsor Gas Co., subject to $200,000 let es of 1934, which company owns gas plant serving Wind- sor, Walkerville and Sandwich, Ont. Fran- chises perpetual; $1,500,000 capital stock and $750,000 first mortgage bonds (entire issues) 0^ the Windsor, Essex & Lake Shore Rapid Ry. Co., which company owns 38 miles of electric railway connecting Windsor with Es- sex, Kingsville, Leamington and other towns on shores of Lake Erie. Famines — Not reported. Original Market — ^About $1,000,000 of these bonds were sold In Europe. $100,000 offered 1913 by Kennett, Cowan & Co., Chicago, etc., at 92% and Interest. Market. Montreal — iiew R. Wood Co. DONNEB STEEL CO. (INC.) 20-Year First and Furcliase Money 5b. Due Dec. 1, 1935.— N. Bated Dec. 15, 1916. Interest payable June 1 and Dec. 1 at Bankers' Trust Co., Buffalo. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $5, 000, 000. Outstanding — $2,729,000 (Dec. 31, 1918). In Treasury — $2,271,000. Denomination— Coupon $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., Buffalo, N. T. Redeemable at 102% and Interest on any In- terest date on 60 days' notice. Organization — Incorporated in 1916 In New Yoik, and purchased the properties of the New York State Steel Co. from the bondhold- ers' committee. Owns the entire capital stock ($100,000) of the Donner Mining Co., which operates the Alexandria Mine, located in St. Louis County. Minn., under a long-term lease. Also owns a majority of the stock of the Donner Steamship Co., which owns the steamship "Herbert F. Black." Capital Stock Authorized Outstanding Pref. (7% Cum.).. $6,000,000 $6,000,000 Common 6,000,000 4,521,600 Secured by a first mortgage on substantially all the property of the company, including 6'/. 38 acres of land at ButCalo, N. T., on which are located two blast furnaces, open- hearth furnaces, blooming mill, power' plant, etc., together with modern ore docks and fin- ishing mills. The company leases the two blast furnaces ard property of the Tonawanda Iron & Steel Co. at Tonawanda, N. Y.. for onn year, with renewal privilege of one or two years and also option to purchase. Year ended Dec. 31 Net Dep'n Interest 1918 $2,239,680 $987,528 $128,871 1917 2,631.706 716,027 125,000 1916 1,166,068 360,242 119.127 Market. Pittsburgh — ^Moore, Leonard & Lynch, Ood- dard. Hunter & Co., R. W. Evans & Co., Ward-Darley-Lupold Co. Philadelphia — C. R. Fenlngton & Co. New York — J. S. Bache & Co., Hanson & Doyle, C. H. Jones & Co., Morton Lachen- bruch & Co., B. & C. Randolph, C. H. Hensel. Moore, Leonard & Lynch. Buffalo — O'Brlan, Potter & Co., A. L. Cham- bers & Co., Baker. Mandeville & Co. I*rioe Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask HiBh.95 '17 96% '17 87% May 93 Aug. Low. 83 '17 88 '18 88 Feb. DOVER (N. H.) GAS LIGHT CO. Cons. 6s. Due Sent. 1. 1985. — F. Dated August 1, 1905. Interest payable March and September 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $95,000 (May 3, 1919). Retired by Sinking Fund — $80,000. Trustee — Union Safe Deposit & Trust Co.. Portland. Me. Redeemable at 105 and interest. Sinking Fund — $5,000 annually on Sept. 1 to 1917; $10,000 annually thereafter. Control — Operated as a division of Twin State Gas & Electric Co., which is controlled by Middle West Utilities Co. Secured by a mortgage on plants supplying to Dover, Rochester, Somersworth and other towns in New Hampshire. Population served (1910), 38,445. Franchises perpetual. Market. Boston — Hayden, Stone & Co. DOYLESTOWN & WILLOW GROVE RAIL- WAY 1st Is. Due June 1, 1930. — F. Dated June 1, 1900. Interest payable June and Deo. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstanding — $600,000. Denomination — Coupon, $1,000. Trustee— Land Title & Trust 'Co., Philadel- phia. 307 Guaranteed as to interest by Philadelphia Rapid Transit^ Co. Control — ^All stock owned by Philadelphia Rapid Transit Co., which leases the road for 999 years from July 1, 1902. ■ Secured by a first mortgage on 14 miles of electric railway extending from Doylestown to Willow Grove, ■ Pa. Population served, about 12,500. Franchises are perpetual. Original Market — First offered by Edward B. Smith & Co., Philadelphia. Market. Philadelphia — H. Boenning & Co. , Chaa. Fearon & Co., S. K. Phillips & Co. Price Range. Bid High. 87 '16 Low.. 82 '16 DRY DOCK, EAST BROADWAY & BATTERY RAILROAD Gen. 5s. Due Dec. 1. 1932. Dated Dec. 1, 1892. Interest payable June and Dec. 1. at Guaranty Trus.t Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 000, 000. Outstanding — $950,000. Denomination — Coupon. $1,000. Trustee — Farmers' Loan & Trust Co., New York. Organization — Incorporated 1863. Receivers appointed Feb. 1, 1908, and discharged Nov., 1917. Control — $1,196,900 of the $1,200,000 stock owned by Third Ave. Ry. Co. Secured by a first mortgage on 19 miles 6f street railway in New York Ci ty, among which are the following : line Debrosses St. Ferry to Grand St. Ferry, line Desbrosses St. Ferry to Williamsburgh Bridge, line 34th St. Ferry to East River, etc. The company has changed its horse car to storage battery cars. Underlies — New Ref. Mtge. of 1960. Under reorganization plan of July. 1917, bonds were issued under this latter mortgage in exchange for certificates of indebtedness. Market. New York— Tobey & Kirk, E. & C. Ran- 'dolph, Abbott, Johnson & Co., WolfE & Stan- ley, Theo. L. Bronson, Wm. Carnegie Ewen, Berdell Bros.. John Davenport, Fted H. Hatch & Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High. 100^ '13 105 '13 65 Feb. 85 Nov. Low. 50 '18 65 '18 50 Sept. 65 Aug. DTT BOIS (PA.) ELECTRIC & TRACTION CO. Coll. Trust 5s. Due May 1, 1932.— N. Dated May 1, 1902. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Aothorized — $300,000. Outstanding — $297, 000. Denomination — Coupon, $ 5 00. Registerable as to principal. Trustee — Columbia Trust Co.. New York. Redeemable at 105 and interest. Organization — Incorporated In New Jersey, November, 1901. Owns the entire capital stocks of the Du Bois Electric Co. and the Du Bois Traction Co. Controlled through stock ownership by the Keystone Utilities Co., a subsidiary of the United Service Co. of Scranton. Pa. Secured by what Is in effect a first mortgage through deposit of all the stocks of the Du (both properties unmortgaged) on five miles of street railway in Du Bois, Pa., and plant supplying electricity to that city. The fran- chises are perpetual. Population served, 13,- 000. The 14 miles owned by the United Traction St. Ry. Co. from Du Bois to Sykesville and Big Run, where connection is made with the JefEerson Traction Co., Is operated in conjunction with, the above prop- erty and is controlled by th^ same interests that control the Du Bois E. & T. Co. Underlies — ^Keystone Utilities Co. 1st & Cons. 5s of 1941, which is secured by stocks of sub- sidiaries, including this company. Year ended Dec. 31 Gross Net Int., etc. 1917 $149,345 $37,705 $41,025 T916 137,298 53,113 24.126 1915 109,681 35,070 15.798 Original Markets—Offered in 1903 by Pair- man & Co., Phila., at 102% and interest. Market. Philadelphia — H. Boenning & Co. , S. K. Phillips &. Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.75 '17 84 '16 75 June 82 Aug. Low. 74 '16 82 '18 DU PONT SECURITIES CO. 5% Notes. Dae $3,000,000 Nov. 15. 1916; $1,000,000 each Not. 15th from 1917 to 1919, and $5,000.- 000 Nov. 15, 1930.— F. Dated Nov. 15, 1915. Interest payable May and Nov. 15 at New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $6,000,000 (May 5, 1919). Retired — $4,000,000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable — Notes due 1919 and 1920 at 101% and interest May 15, 1916, and at %% less on every interest date thereafter. Guaranteed jointly and severally by Pierre S. du Pont, Irenee du Pont, A. Felix du Pont, R. R. M. Carpenter and John J. Raa- knb. Guarantors agree to maintain the market vplue of the collateral securing these notes equal to at least twice the par value of the notes outstanding. Organization — Incorporated in Delaware In 1915 as a holding company to take over the stock of the B. I. du Pont de Nemours Pow- der Co., sold by T. Coleman du Pont to the obove guarantors. Secured by deposit of common stock of E. I. du Pont de Nemours & Co. (successors to the E. I. du Pont de Nemours Powder Co.) See "Guarantee" for provisions for mainte- nance of collateral. Market. Philadelphia — Cassatt & Co., S. K. Phillips & Co. New York — Morton Lachenbruch & Co. DUBUQUE ELECTRIC CO. 1st 5s. Dne June 1. 1925.— F. Dated June 1, 1916. Interest payable June 1 and Dec. 1, in Chicago or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refund in Pennsylvania. Authorized — $6,000,000. Outstanding— $2,433,000 (Feb. 21. 1919). Reserved for E.vtension — $3,567,000." Additional bonds issuable for 80% of cost of improvements, etc.. when net earnings are one and one-half times interest charges. Denomination — Coupon. 1100, $500 and $1.- 000. Registerable as to principal. ■nrnstee— Central Trust Co., of lUinoia, Chi- cago. Redeemable at 101 and interest at any time on 30 days. Depreciation and Sinking Fund — ^Annually, beginning June 1, 1917, 10% of gross earn- ings for the purchase or redemption of these bonds at not over 101 -and interest or to be applied to Improvements, etc. Organization — Incorporated in Delaware, June, 1916, and acquired the properties of the Union Electric Go. of Dubuque, la. Secured by a first mortgage on all the prop- erties of the company, including 20 miles of street railway track in DubuQue, la., and sub- urbs and plants supplying that city with elec- tric light and power. The company's electric system comprises, generating plant of 9,500 K. W. capacity and 220 miles of transmission and distributing lines. The company whole- sales electricity to lead and zinc mines in Northwestern Illinois and Southern Wisconsin and sells electric power to the Eastern Iowa fjlectric Co. Population served, about 55,000. Principal franchises expire in 1927, two ether franchises in 1937 and 1938, respectively. Year ended Dec. 31 Gross Net 1918 $682,651 $188,372 1917 636,206 206.829 1916 602,459 240,877 1916 516,906 208.811 1914 503.076 202.884 1913 471.261 191.620 Original Market — Offered July. 1916. by Baker. Ayling & Young, Boston, Chicago, etc., Blston & Co.. Chicago and Philadelphia, and Townsend, Whelen & Co., Philadelphia, at 97 and interest. Market. Boston — H. L. Nason & Co.. Baker. Ayling & Young. Chicago — F. A. Brewer & Co., Babcoclk, Rusbton & Co., Elston & Co., Merrill, Lynch & Co., People's Trust & Savings Bank. Philadelphia — Baker, Ayling & Young, H. D. Boenning & Co., Harper & Turner. S. K. Phillips & Co. New York — Kiely & Horton, B. & C. Ran- dolph, Berdell Bros.. Fred H. Hatch & Co. Springfleld — Baker. Ayling & Young. Price Range. Jan. 1. 1916 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.97 '17 99 '17 78 Dec. 90 Nov. Low. 78 '18 88 '18 88 Aug. (THE) DTJIiCTH & IKON RANGE RAFLROAD iBt 6s. Due Oct. 1, 1937.— N. Dated October 1. 1887." Interest payable April and Oct. 1. at company's office. 71 Broad- way. N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Antborized — $26,000 per mile construction and 17.000 equipment. Outstanding — $8,151,000. Denomination — Coupon. $1,000. Exchange- able for registered bonds. Registered $1,000 and $6,000. „„..,, Trustee — ^Metropolitan Trust Co., New York. Organization and Control — The company was Incorporated in Minnesota, in 1874 and con- trolled through ownership of $6,500,000 (en- tire outstanding) capital stock by the Federal *£*teel Company, which company Is a subsi- diary of the United States Steel Corporation. Secured by a first mortgage on 268.70 miles of road in Minnesota, including yard tracks and sidings, viz. : Miles Duluth to Wlnton 120.12 Tower Jot. to Tower 1.40 Allen Jet. to Virginia 24, 48 Siiur to Gilbert 0.48 MrKinley to Bveleth 9.06 Waldo to Mile 49 on main line to Winton 16 . 00 Robinson to Burntslde Lake 3.16 Mcsabe to Dtmka River 17.21 Ridge to Station 186 3.60 Scott Jet. to Station 108 2 . 06 Branches and Spurs 72.26 Total Mileage Owned 268 . 70 Second Track 71 . 08 Yard Track and Sidings 179 . 44 Track Rights 0.80 Total Operated 520.02 Also a first lien on 110 locomotives. 27 pas- senger oars. 7.016 freight cars and 93 mis- cellaneous cars; also on ore docks on Lake Superior. Year ended Dec. 31: Gross Net Interest 1917 $7,182,616 $2,498,971 $755,862 1916 7,170,865 3,384,381 741,670 1915 5.966.931 2.992.274 723,355 1914 4,634.003 1.570.146 727.697 Legal for Cal., Conn., Me., Mich., Minn.. Mo.. N. J., R. I. and Wis. IdSted on the New York Stock Exchange. Market. New York — Pynchon & Co., F. J. Lisman & Co., McKinley & Morris, Clark, Dodge & Co.. Louchheim, Minton & Co., Baker, Carnithers & Pell, Equitable Trust Co. of N. Y., Korn, Lehman & Co., Mc^eorge & Vanderhoef, Chaa. W. Place, Redmond & Co., Taylor. Smith & Hard. Philadelphia — Louchheim. Minton & Co. Pittsburgh — K. B. Hutchinson &. Co. Minneapolis — Wm. W. Eastman & Co. Price Range — N. Y. S. B. Jan. 1. 1906 to Jan. 1, 1919 1918 High.116 Jan. 27. '09 100% Nov. 8 Low. 90 Nov. 16. '17 94% Dec. 14 DULUTH (IvnNN.) EDISON ELECTRIC CO. Ist 5s. Due March 1, 1931. — F. Dated March 1. 1906. Interest payable March 1 and Sept. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2. 000. 000. Outstanding — $1,211,000 (May 6. 1919). Held in S. T. — $433,000. Reserved tor Ext. — $356,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any interest date as a whole only upon six weeks* notice or for sinking fund upon three weeks* notice. Sinking Fund — ^Annually on Jan. 1, $25,000 for purchase or redemption of bonds at not ever 106 and interest. Bonds so acquired to be held alive and interest added. Organization — Incorporated in Minnesota, 1906, succeeding the Duluth General El. Co. Secured by a first mortgage on plant supply- ing Duluth, Minn,, with electric light and power. Purchases power under 10-year con- tract expiring Sept., 1927, from the Great Northern Power Co. Franchises unlimited as to time. Population, 66,000. 399 Year ended Dec. 31 Gross 1918 $682,551 1917 642,278 1916 583,470 1916 494,561 Net Interest $188,372 $80,481 188,607 77,428 196,347 72,694 157,664 68,614 Original Market — $1,000,000 offered March, 1906, at 101 and Interest by N. W. Harris & Co. and Perry, Coffin & Burr, Boston. Market. Boston — McConnell & Co., L. 3herman Adams. G. W. Walker & Co. New York — Berdell Bros., B. & C. Randolph, Fred H. Hatch & Co., John Nlckerson, Jr. FhlladelpUa— S. K. Phillips & Co. PrOTMencc — Hornblower & Weeks. Price Banee. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.lOO '10 102 '09 90 Dec. Low. 86% '18 92 '17 86% Nov. legal (or Me., Mich.. Minn., N. H., N. J., R,-I. and Wis. Listed on the New York Stock Exchange, Original Market — Offered by Redmond & Co., New Tork, and in June, 1914, by Harris, Winthrop & Co.. Kean, Taylor & Co., New Tork and Chicago. • Market. New Tork — Herbert M. Salomon & Bro., Clark, Dodge & Co., E. & C. Randolph, H. I. Nicholas & Co.. Coffin & Co., Taylor, Smith & Hard, Korn, Lehman & Co., Redmond & Co., Abraham & Co., Equitable Trust Co. of N. T. Pittsburgh — R. B. Hutchinson & Co.. Kean, Taylor & Co. AllnneapoUs — ^Wm. W. Eastman & Co. Chicago — Babcock, Rushton & Co. Philadelphia — S. K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1. 190« to Jan. 1, 1919 1918 High.loeM, June 17, '11 97% May 22 Low. 96% June 7, "18 ie%, June 7 DIJLTJTH. MISSABE & NOBTHEBN RAIL- ''^^JE™' ^F®,®^^^ *„ *'"?'^°?®?„»f ^^ WAY CO. Gen. 6s. Due Jan. 1, 1941.— F. WAY CO. 1st 6s. Duo Jan. 1, 1928.— N. Dated Jan. 1. 1906. Interest payable Jan. Dated January 1, 1892. Interest payable and July 1, at 71 Broadway, New Tork. Jan. and July 1, at 71 Broadway. New Tork. Tax Status— 2% Federal Income Tax paid Tax Status— Payment of Federal Income Tax by company without deduction. "ct assumed by company. Authorized- $30,000 per mile additional sin- ^"*''°"^?""~*^1°^J* *f?I*^^^^- Ble main track, $60,000 per mile additional Outstanding- $1,174,000. double main track and $20,000 per mile addi- Denommation— Coupon, $1,000. Registerable tlonal second, third, etc., main track. Also ^"^ principal. „ ' ^ 76% of cost of eauipment. Trustee— Metropolitan Trust Co.. New Tork. Outstanding— $10,332,000. Guaranteed as to interest by the Mountain Held in Sinking Fund- $2,476,000. ^^"J? Co. by endorsement. Reserved for Prior Men— $1,174,000. ^ •^/!?*'??~?°J'/®, ^J^°°'' "'I?^'' *"'' <:»°"-0"«> Denomination— Coupon, $1,000. Registerable by the U S. Steel Corporation, as to principal. Secured by a first mortgage on 63. 6« miles Trustee— New Tork Trust Co., New Tork. ?' road— , . „ , , ^ ,„ Ml'«" Sinking Fund— Began April 1, 1907. Annu- Stoney Brook to Mountain Iron Mines, ally $20 for each bond outstanding, inolud- - Minn ............. 48. JJ Ing those held in sinking fund, for the pur- "°Jf J"';.'" Biwabik, Minn ....... . 16.17 chase or redemption of bonds at not over . Underbes— Gen. 6s of 1941, under which lat- 105 and Interest. Bonds so acuulred to be '«"■ Issue bonds are reserved for the retire- held alive and interest added to this fund. "™t °' *hi3 issue, and Cons. 68 due 1928 (all Control— Entire $4,112,600 capital stock held in sinking fund), controlled by the United States Steel Corp. ,,^"^-?, I?"" S V iS"'V' !"t.^ " ™'"'' Secured by a direct mortgage on 224.29 miles '^%- '^i "•• ?•■ ""i; ^- ^- ^^"^ "'"■ of road owned, 24.96 miles of leaseholds, track- J!.amings— face Gen. 6s. age rights, docks, equipment, etc., viz.: „ « , „ . „*^**\ , ._ « . « .^ A direct mortgage on 224.29 miles of road, ^'"T^ *""*""?• ' f^'^^^'i?"'''''' Samuel Gold- yj2 . Schmidt, Abraham & Co., Baker, Carruthers & A first lien on 160.60 miles— Miles F.^"'.^«""^^le Trust Co. of N. T., S. P. Lar- Misaabe Jot. to Columbia Jet., Minn.. 29.34 ''"^^.m ^°;' ^f ''^'5? t Neeser. Wolf to Kibbling, Minn 17. 2« Philadelphia — Graham, Parsons & Co., Chas. Wolf to Virginia, Minn 6.30 ^^^ron & Co. „ ,, . „ Albom to Coleraine, Minn 53.00 Chicago— Babcock. Hushton & Co. Hull Jet. to Hull Rust Tard, Minn 18. IB ='• Paul— Merchants Trust & Savings Bank. Main Line Branches 36.56 , , ,„„„ ^ ^"'"^ "A"?®' A second lien on 63.09 miles— J*"- l'„"»* *» "'""; 1' l"!* „ l'^* , Covered by the first lien of the 1st 6s: „. ^ ,?'°., . „™'' .,,^'? •*'* ^ Stoney Brook to Mountain Iron Mines, ?"^^-^2y.}I ^o^}^ 100% Feb. 103 Feb. Minn 48.32 Low. 83 '18 85 '18 83 Dec. 85 Dec. Iron Jot. 'to' Biwabik, Miiin !.'!!!!.'!!!! 16]37 Also secured on 24.96 miles of lease- DULUTH, RAINY L.AKB & WINNIPEG BAH,- hold Interests, viz. : WAY CO. Ist Ext. 5s. Due Jan. 1, 1921. Adolf, Minn., to St. Louis River 12.73 Extended Jan. 1, 1916. Steelton, Minn., to Conn, with Duluth Dated January 1, 1906. Interest payable Transfer Ry 1.95 Jan. and July 1, at Chase National Bank. St. Louis River to So. Itasca, Wis.... 10.28 New Tork, or Illinois Trust & Savings Bank, Prior lilens — $1,174,000 1st 6s of 1922 for Chicago, the retirement of which bonds are reserved Tax Status — 2% Federal Income Tax paid under this mortgage and $2,326,000 Cons. 6s by company without deduction, (all held in sinking fund). Authorized — K, 000, 000. Year ended Dec. 31. Outstanding — $2,000,000. Gross Net Interest Denomination — Coupon, $1,000. Registerable 1917... $15,306, 600 $6,026,067 $822,164 as to principal. 1916... 14.389,278 8,033,284 609.218 Trustee — Illinois Trust & Savings Bank, 1915... 9,909,649 6,711,647 633,056 Chicago. 1914... 4,999,184 1,483,781 647,789 Redeemable at 100 and Interest on any In- 1913... 8,787,953 4,397,394 643,010 terestdate. 400 Guaranteed as to principal and Interest by the Canadian Northern By. Co. and by the Duluth, Winnlpee & Paolfio Ry. Co. Control — The Duluth, "Winnipeg & Faciflo Ry. Co. owns entire capital stock and pledged under Its Deb. 43 of 1939. The latter com- pany is controlled through ownership of ma- jority of stock by the Canadian Northern Ry. Co. Secured by a first mortgage on 92 miles of road from Virginia, Minn., to Fort Fran- cis, Ont., forming part of a through line be- tween Duluth and Winnipeg. The property covered includes 24 miles of spurs, equip- ment valued at $225,000 and the steel inter- national bridge over Rainy River. Original Marltet — Originally offered in 190< by Sversz & Co., Chicago, at 97% and inter- est. Extended Bonds offered Jan., 1916, by F. S. Iiisman & Co., New York, and TiUot- son & Wolcott Co., Cleveland, at 9B% and interest. Market. New York — Louchheim, Minton & Co., Mil- ler & Co., K. & C. Randolph, F. J. Lisman & Co., Abraham & Co., J. S. Farlee & Co., Bauer, Starr & Co.. Fred H. Hatch & Co. Fhiladelpliia — Wm. M. Canby, Plncke, Ban- gert & Co., J. W. Sparks & Co., Louchheim, Minton & Co. Chicago — Babcock, Hushton & Co. Boston — McConnell & Co., L. Sherman Adams. Price Range. Jan, 1, '08 to Jan. 1, '19 1018 Bid Ask Bid Ask Higlr.99% '09 102 '09 93 Dec. 96 Deo. Low. 85 '17 91 '17 86 Feb. 92 Jan. DCLUTH, SOUTH SHORE & ATLANTIC BALLWAT CO. 1st 5s. Due Jan. 1, 1937. Dated April 15, 1887. Interest "payable Jan. and July 1, at Company's office, 55 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4, 000, 000. Ontstandlng — {3,816,000. Exchanged for 1st Cons, 4s — tl84.000. Denomination — Coupon, $1,000. Registerabls as to principal. Registered $1,000. Trustee — Central Trust Co., New York. Organization and Control — Incorporated in Michigan in 1887, as a consolidation of several short lines. Also owns a majority of stock of the Mineral Range R. R. Co. Controlle|J through stock ownership by the Canadian Pa- cific By. Co. Secured by a direct mortgage on 687.49 miles of road, viz.; A first lien on 476.06 miles — Miles Sault Ste. Marie to Marauette, Mich., and Nestoria, Mich., to Superior, Mich 363. 6 « Son Jot. to St. Ignace, Mich 42.97 Ne&aunee to Volunteer Mine, Mich 6.00 Humboldt to Republic, Mich 8.7« Bessemer Jet. to Bessemer, Mich 2.03 Branches to Mines and Industries 53.82 A second Hen on 111.43 miles — Covered by the Marauette, Houghton b Ontonagon B. B. 6s: ,, -. Marauette to Nestoria, Mich 46.90 Nestoria to Houghton, Mich 48.20 Marauette to Winthrop Jet., Mich 17.33 Prior Uen — $1,077,000 Marauette, Houghton & Ontonagon E. R. Gen. 6a of 1925. Underlies — 1st Cons. 4b of 1990, all owned by the Canadian Pacific Ry. Co. Year ended June 30 Gross Net Int.&Rent 1917 $4,074,693 $890,197 $1, 069.672 1916 3,606,792 831,292 971,612 1916 2,938,697 380,109 937.192 1914 3,496,646 432,610 983.699 Usted on the New York Stock Exchange. liegal for Me. and Mo. Market. New York— J. S. Farlee & Co., F. J. Lis- man & Co., Taylor, Smith & Hard, Freeman & Co.. Redmond & Co., Abraham & Co., Baker, Carruthers & Pell, Simon Borg & Co. Chicago — Babcock, Hushton & Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Hlgh.113% Apr. 12, '06 87 Mar. 6 Low. 82 Jan. 18. '18 82 Jan. IS Due DUrUTH STREET RAILWAY Ist 59. May 1, 1930. Dated May 1, 1900. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,500,000. Denomination — Coupon, $1,000. Begisterablo as to principal. Trnstee — Central Trust Co., New York. Controls-See Gen. 5s below. Secured by a first mortgage on entire prop- erty. See description D. St. Ry. Gen. 5s of 1930. TTnderlies — Gen. 5s of 1930 which mortgage provides to retire this issue. Earnings — See Gen. 53. Original Market — Offered in 1901 by W. J. Hayes & Sons at 105 and interest. Market. New York— F. H. Hatch & Co., S. P. Lar- kin & Co., Sharretts & Young, Wm. C. Ewen, B. & C. Randolph, Hanson & Doyle, Merrill, Lynch & Co., Kiely & Horton, H. N. Whitney & Sons, Abraham & Co,, Lynch & McDermott. Boston — Old Colony Trust Co. St. Paul— Kalman, Mattison & Wood. Minneapolis — Bankers' Trust & Savings Bank, Wm. W. Eastman & Co.. Minnesota Loan & Trast Co. Chicago — Babcock, Rushton & Co. Baltimore — Jenkins, Whedbee & Co. Philadelphia — H. Boenning & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask High. 101 '12 102% '09 Low. 75 '18 84% '18 Bid Ask 85 Jan. 90 Jan. 75 Oct. 84% Dec. DULUTH STREET RAILWAY CO. Gen. S. F. 5s. Due .May 1, 1930. • Dated May 1. 1910." Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax assumed by company, w Authorized — $2, 500, 000. Outstanding — $1,000,000 (Jan. 1. 1919). Retired by Sinking Fund — $147,000. In Treasury — $158,000. Reserved for Ext. — $1,196,000. Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — Central Trust Co., New York. Redeemable at 106 and interest on any in- terest date as a whole only on 30 days' notice, or in part for sinking fund on 60 days' notice. Sinking Fund — ^May, 1913, and annually thereafter, not less than 2%% of outstanding bonds, to be applied to the purchase or re- demption of these bonds at not over 106 and Interest. Guaranteed as to principal and interest by the Duluth-Superlor Traction Co. by endorse- ment. Organization and Control — Incorporated in Minnesota in 1881. Reorganized in 1900 and the entire $1,800,000 capital stock acquired by the Duluth-Superior Traction Co., a Con- necticut corporation. The latter company has no funded debt. Secured by a mortgage 104.01 miles of street railway track in Duluth, Minn., and Superior, Wis., and has trackage rights, over briaga between the two cities. Power is purchased from the Great Northern Power Co. Popula- tion (1910), Duluth. 78,446; Superior. 40,384. Franchises are exclusive and run until 1931. In 1915 the Supreme Court of Minnesota con- firmed the franchise of the company in Du- luth. In December, 1918, company gave up its franchise in Superior, and elected to operate in that city under a Wisconsin indeterminate permit. Prior Lien — $2,500,000 Ist 5s of 1930 for the retirement of which bonds are reserved under this mortgage. Year ended Dec. 31 (D.-S. Traction) Gross Net Int. Etc. 1918 $1,665,910 $297,407 $178.-350 1917 1.621.952 462,409 176.611 1916 1.407.511 440,342 172.341 Original Market — Offered in 1911 by A. E. Ames & Co., Toronto, Canada, at 97 and in- terest. A block offered March, 1917, by The Bankers' Trust & Savings Bank, Minneapolis, at 95^ and interest. Market. New York — Sam'l Goldachmidt, Dunham & Co.. B. & C. Randolph, Kiely & Horton, Jo- seph & Wiener, Abraham & Co., Berdell Bros., John Niokerson. Jr. Baltimore — J. S. Wilson, Jr., & Co. Minneapolis — ^Wm. W. Eastman & Co., Min- nesota Loan & Trust Co. Chicago — Babcook. Rushton & Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95% '15 99% '15 86 Jan. 90 Jan. Low, 80 '18 83 '18 80 June 83 Aug. GOODS COM- Due March 1, DUNLOP TIRE & RUBBBR PANY, Ltd., 1st S. F. 6s. 1927. Dated March 1. 1912. Interest payable March and Sept. 1, at Canadian Bank of Commerce. Toronto, Montreal and London, Bn^. Tax Status — ^Payment of Federal Income Tax not assumed by company. Aathorized — $1,000,000. Outstanding — $ 449.653. Retired by S. F.— $150,347. Reserve* for Ext. — $400,000. Denominations — Coupon $100. $500 and $1,000, reglsterable as to principal. Also in sterling equivalents. Trustee — National Trust Company, Ltd.. To- ronto. Redleemable as a whole at 105 and interest on any interest date on six weeks' notice. Sinking Fund — Beginning March 1. 1913, annual payments sufficient to redeem entire outstanding by maturity. Bonds to be pur- cha.ssed in the open market up to 105 and Interest, failing which must be called at 105. Organization — Incorporated March 1 , 1899, In Canada and name subsequently changed to above. Manufactures . rubber mechanical goods, belting, hose, packing, rubber tires, etc. Secured — A first lien nn certain properties of the company and a floating charge on all other property and assets. Original Market — $500,000 offered July. 1912, at 100 and Interest. Market. Montreal — Hew R. Wood Company. DUQIIESNE LIGHT CO. 3-year 6% Secured Notes. Dae July 1, 1921. Dated July 1, 1918. Interest payable Jan. 1 and July 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. .\uthoriz,ed— $12,000,000. Outstanding — $10,000,000. Reserved for Ext. — $2,000,000. Denomination — Coupon $1, OOO and $500. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable on any interest date at 101 % and interest on or prior to July 1, 1919; 101 and interest on or prior to July 1, 1920; and at 100% and interest thereafter. Organization — Incorporated in Pennsylvania in 1903. Leases until Jan, 1, 1952, the prop- erty of the Allegheny County Light Co.. under which lease it also operates for a like period, as sublessee, the properties of the Southern Heat. Light & Power Co. and of the Monon- gabela Light & Power Co. The company pur- chased as of Dec. 31. 1912, $1,000,000 out- standing bonds and all the capital stock of the Allegheny County Light Co., subject to the delivery to it of these securities from un- der the liens of the respective indentures se- curing the First Mortgage and Collateral Trust 5s, due 1949, and the Consolidated and Col- lateral Trust 5s, due 1951. of the Philadel- phia Company. The Duquesne Light Co. owns all the capital stocks (excepting director's shares) of the Southern Heat. Light & Power Co. and the Pittsburgh-Beaver Light - Co., which latter company it operates under a tem- porary lease. The following companies are controlled through ownership of practically the entire capital stock, but are operated in- dependently: Beaver County Light Co., Mid- land Electric Light & Power Co.. Pennsylvania Light & Power Co. and Diamond Light Go. Capital Stock Authorized Outstanding Preferred (T% cum.). .$10,000,000 $5,941,000 Common 25,000,000 18,226,000 Controllied by the Philadelphia Company through ownership of the entire common stock. Secured by pledge of $15,000,000 (entire out- standing) Mtge. 5s due July 1, 1943. which bonds are secured by a first mortgage on all the property of the company owned in fee and by a first lien on its leasehold interests; cer- tain bonds ($478,500), and virtually all the .stock of its subsidiaries, , The property owned in fee includes an elec- tric pow-er plant of 120,000 k. w. capacity located on Brunot Island in Pittsburgh and transmission and distribution lines. The com- pany and its subsidiaries form a single inter- connecting system supplying electric light and power to a total population of over 1,100,000 located in the Pittsburgh district, and includ- ing the city of Pittsburgh. Also supplies un- der a contract extending until 1963 all power required for transportation purposes by « the Pittsburgh Railways Co. and affiliated street railway properties in and around Pittsburgh. Franchises, with minor exceptions, are in the opinion of counsel unlimited in time or for 999-year periods. Prior Liens — $3,007,500 bonds of leased and subsidiary companies outstanding with the pub- lic. $1,592,500 additional bonds of leased and subsidiary companies are outstanding, of which $479,500 are pledged under the mortgage 5s of 19 43; $111,000 under a subsidiary company mortgage and $1,000,000 under the .Philadel- phia Co. 1st & Coll. Tr. 5s of 1949 and Cons. A Coll. Tr. 5s of 1951. 402 Year ended March 31: Gross Net Cha,rsea 1918 *S. 842. 394 $2,812,162 $1,167,863 1917.... 7.310,704 3,102,506 934,179 Olielnal Market — $10,000,000 offered August, 1918, by Harris Forbes & Co., the First Na- tional Bank and Ladenburg, Thalmann & Co., New York, at 9 6 and interest. Market. ^ Ijouisville — J. J. B. Hiliiard & Sons. Boston — L. Sherman Adams, F. B. Bassett & Co., Paine, Webber & Co., Arthur Perry & Co., Richardson. Hill & Co. Philadelphia — Brown Bros. & Co., Paine, "Webber & Co. New York — Paine, Webber & Co., Phelps & Neeser, Bertrand A. Unirer Co., Barle A. Mil- ler & Co., Berdell Bros., Bull & Bldredge, T. Hall Keycs & Co.. McKinley & Morris, Mann, Bill & Co. Pittsburgh — Glover & MacGregor, Kean, Taylor & Co., Lyon, Singer & Co. Chicagro — Babcock. Rushton & Co., Curtis & Sanger. Paine. Webber & Co.. First Trust & Savings Bank. Merrill, Lynch & Co. Price Range — 1918. Bid Ask High.98 Dec. 99 Dec. Low. 94 Oct. !>4\i Oct. DtTQTrESNE TRACTION CO. 1st Ss. Due July 1, 1930.— P. Dated July 1, 1890. Interest payable Jan. and July 1, at Trustee's office. Default — Jan. 1, 1919, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $1,500,0 00. Ontstandlne — $1,470,000. Denomination — Coupon, $1,000. Trustee — Fidelity Title & Trust Co., Pitta- burgh. Control — The Consolidated Traction Co.. which owns 52.635 out of 60,000 shares ot the stock and leases the property for 960 years from 1896 is one of the subsidiaries of the Philadelphia Company. Receivership — See Pittsburgh Railways Co. Secured by a ^rst lien on the stock of Du- quesne Street Railway Co. owning important street railways in Pittsburgh, Pa,, including the line from the center of the city to North Liberty Street via Forbes Street. There is no provision in the mortgage which prohibits the company whose stock is deposited from directly mortgaging its property. liisted on the Pittsburgh Stock Exchange. Market. Philadelphia — F. B. W^elsh, Chas. Pearon & Co., H. Boenning & Co., Harper & Turner. S. K. Phillips & Co. Pittsburgh — Goddard, Hunter & Co., Ward- Darley-Lupold Co. New York — E. & C. Randolph. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.106 '09 110 '09 78 Mar. 85 Mar. Low. 66 '18 78% '18 65 Jan. 78% July DTTRHAM & NOKTHERN RY. CO. 1st 6b. Due Nov. 1. 1928.— N. Dated Nov. 8, 1888, Interest payable May and Nov. 1. at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $100,000. Fledged Under S. A. li. 1st 4s — $50,0(i». Denomination — Coupon, $1,000. Principal may be registered. Trustee — The Mercantile Trust & Deposit Co. of Baltimore. Assumed by the Seaboard Air Line Railway. Control — Absorbed in 1901 by the Seaboard Air Line Ry. Co. Secured by a first mortgage on 41.40 miles of road 'from Durham to Henderson, N. C. Underlies — S, A. L. 1st 4s of 1950, and Ref. 4s of 1959, Ist & Cons. 6s of 1946, under which bonds are reserved to retire this issue, and Admjt. 5s of 1949. Legal for Bait. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Abraham & Co. Baltimore — Jenkins. Whedbee & Poe. DURHAM TRACTION CO. 1st 58. Dae March 1, 1941.— F. Dated March 1, 1901. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400, 000. Outstanding — $400, 000. D^momination — Coupon, $1,000. Principal may be registered. Trustee — ^Maryland Trust Co., Baltlmor*. Md. Control — Controlled by Cities Service Co. through stock ownership. Secnred by first mortgage on street railway and electric plant in Durham, N, C, System includes 11.68 miles of track. Franchise ex- pires in 1951. Population served, 25,000. Market. New York — E, & C. Randolph, Dunham A Co. Wilmington — G. P. Blssell. Philadelphia — ^H. Boenning ft Co.. Capells & Co. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Bid High.95% '17 80 Deo. ' Low. 90 '18 91 '17 DUTCHESS COUNTY RAILROAD 1st 4%B. Due June 1, 1940. — P. Dated June 1, 1890. Interest payable June and Dec. 1, at Fidelity Trust Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $287, 000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Guaranteed principal and interest by Cen- tral New England Ry. Co. In consideration for which guaranty, interest was reduced from 6% to 4%%. Control — ^Absorbed by Central New England R. R., practically all of the latter company's stock is owned by the N. Y., N. H. ft H. R. B. Co. Secured by a first mortgage at about $24,- 000 per mile on 12 miles of road extending from . Poughkeepsie to Hopewell Jet.. N. Y. Underlies — Central New England Ry. 4s of 1961. Listed on the Philadelphia Stock Exchange. Market. New York — Sam'l Goldschmldt, E. ft C. Ran- dolph, F. H. Hatch ft Co., F. J. Lisman & Co. Philadelphia — Chas, Pearon & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 105 '09 108 '09 75 Jan. 90 May Low. 70 '18 85 '18 70 May 86 July 403 E EAST BA'K WATER CO. 1st 0V&8. Dne Jan. 1, 1946. Dated Jan. 1. 1916. Interest payable Jan. and July 1, at Trustee's office. Tax Status— Payment of Federal Income Tax not assumed; by company. Authorized — $15,000,000. Outstanding — $9,876,900 (Jan. 1, '19). Pledeed to secure 6% note«, dne 19)83 — $1,662,500. Reserved for Ext. — $3,660,600. Denomination^Coupon $1,000. Reglsterablo as to principal. Trustee — Union Trust Co.. San Francisco. Redeemable at 100 and interest prior to Jan. 1, 1921, and at 105 thereafter. Sinlcing Fund — ^Annually 1% of outstanding bonds from Jan. 1. 1921 to 1926. inclusive, and thereafter 1 Vi % annually. Organization — Incorporated in California In 1916 as successors through reorganization to the properties of the People's Water Co. Capital Stock Authorized Outstanding Pfdi. A (6% cum.) $6,000,000 $4,480,800 Pfd. B (6% non-oum.). 3,000.000 2,987,200 Common 600,000 100,000 Secured by a first mortgage on all the prop- erty of the company. The property covered as of July 1. 1918, comprised 45,000 acres of land, a storage reservoir at San Leandro with a capacity of 6,048,000,000 gallons of water, 12 distributing reservoirs with a combined ca- pacity of 270,000,000 gallons, 18 pumping plants with a total daily capacity of 66,000.- 000 gallons and 989.7 miles of main with 64,675 meters and 68,805 service connections. The territory served by the company Includes the cities of Oakland, Berkeley, Alameda. Piedmont, Emeryville, Albany and San Lean- dro in Alameda County, and Pinole and Rich- mond in Contra Costa County, California. The •combined population is estimated at 340.000. The average daily consumption of the terri- tory served is about 21,000.000 gallons. Franchises — The company owns constitu- tional franchises in all the municipalities in which it operates and run in perpetuity. Year ended l>e«. 31: Gross Net Interest 1918. ..$1,792,509 $877,414 $536,283 1917... 1,763,074 826,287 546,471 Original Market — Offered in exchange for se- curities of the People's Water Co. Market. San Francisco — Cyrus Pedrce & Co.. Sutro & Co. EAST BAX WATER CO. 5-Y6ar 6% Coll. Tr. Notes. Due Aug. 1, 1»2S. Dated Aug. 1. 1918. Interest payable Feb. 1 and Aug. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In California. Authorized — $1,260,000. Outstanding— $1,260,000. Denomination — $1,000. Trustee — 'Union Trust Co., San Francisco, Redeemable on any interest date within three years after date at 101, and on any interest date thereafter at 100%. Organization — See 1st 6%a. Secured by deposit of a sufficient amount of First Mortgage 30-Tear 6%% Bonds to make these notes at all times a legal invest- ment for Savings Banks in California. The Company further agrees, however, that at no time shall the amount ol bonds deposited be less than $125 face value of bonds for each $100 face value of notes. The bonds deposited as collateral are part of an issue of which $16,000,000 are , authorized and $9,876,900 outstanding as of Jan.. 1919. They are secured by a first mortgage on the entire property of the Company and consti- tute its only mortgage indebtedness. For •detail of property see 1st 5^^a. Earnings — See 1st 5Hs. Original Market — $1,260,000 offered Aug., 1918, by The National City Co.. New York, etc., BIyth, Witter & Co. and Union Trust Co., San Francisco, at 98 and interest. Market. I/os Angeles — Blyth, Witter & Co. San Francisco — Cyrus Peirce & Co.. Blyth, Witter & Co. EAST CHICAGO & INDIANA HARBOR WATER CO. iBt 6s. Due Oct. 1. I»27. Dated October 15, 1907. Interest payable April and Oct. 1, at Central Trust Co., Chi- cago, First National Bank, New York, and Market Street National Bank, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Antborized — $1,200,000. Outstanding — $670,600. Retired by S. F. — $9,000. • Reserved for Ext. — $620,500. Denomination — Coupon, $500. Registerable as to principal. Trustees — Central Trust Co. of Illinois, Chi- cago, and Wm. T. Abbott, Chicago. Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Sinking Fund — Beginning Aug. 15, 1917, and annually thereafter 1% of outstanamg douuh to be applied to purchase redemption of these bonds at not exceeding 105 and interest, bonds so acquired to be cancelled. Organization — Incorporated in Indiana, 1907. Secured by a first mortgage on plant sup- plying water to the City of Bast Chicago, Ind. Population served, 30,000. Operates under an indeterminate permit from the State of In- diana. Earnings not reported. Original Market — Offered in 1907 at 91 and interest by The C. H. Geist Co., Philadelphia, and the Milwaukee Trust Co., Milwaukee. Offered In 1912 by H. F. Bachman & Co., Philadelphia, at 97 and interest. Market. Philadelphia — Newburger. Henderson A Loeb, H. F. Bachman & Co., S. K. Phillips, H. Boenning & Co. Boston — Chas. A. Day & Co.. H. L. Nftson & Co.. H. C. Spiller & Co., Inc. New York — Barle A. Miller 4 Co.. Oilman A Cluoas, Dunham & Co., Newburger, Hender- son & Loeb, Taylor & White, Babcock, Rush- ton & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92% '17 96% '17 80 Mar. 90 Mar. Low. 72 '18 76% '18 72 June 76% May BIAST JERSEY COAST WATER CO. lit 4H». Due November 1, 1924. — F. Dated November 1, 1899. Interest payable May I and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and tax refunded in Pennsyl- vania. 404 Authorized — Closed Mortgage. Outstanding — $250, 000. Denominations — Coupon. $1,000, $500 anfl $100. Regieterable as to principal. Trnstee — Columbia Avenue Trust Co., Phila- delphia. Control — Merged in 1911 into the Monmouth County "Water Co., supplying water to dis- tricts adjacent to Asbuty Park and Ocean _ Grove, N. J. The latter company is controlled through stock ownership by American Pipe & Con- struction Co, Secured by a first mortgage on all the prop- erty formerly belonging to the company, in- cluding all the pumping stations and the sole water supply of the Monmouth County "Water Co., together with a large part of the dis- tributing systems in Neptune and Ocean town- ships and the Boroughs of Neptune and Brad- ley Beach and also West Asbury Park, N. J, The property covered Includes 40 miles of water mains, two pumping stations, sedimenta- tion basins, filters, 39 acres of land, build- ings, meters, connections, etc. "Water supply is mainly from artesian wells and. from a natural watershed. Replacement value esti- mated at $473,378. Underlies — Monmouth County Water Co. 1st and Ref. 5s of 1944, which provide for the retirement of this Issue and $202,974 notes of the same company. Earnings— Company does not report earn- ings. ^ Original Market — $250,000 offered July, 1916, by Prazier & Co., Philadelphia, New York and Baltimore, at 94 and interest. Market. Philadelphia — Bioren & Co. EAST JERSEY STREET RAILWAY 1st 5s. Due May 1, 1944.— F. Dated April 22, 1904. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination- — Coupon, $1, 000. Trustee — Perth Amboy Trust Co. , Perth Amboy, N. J. Guaranteed principal and interest by the Public Service Corp. of New Jersey. Control — Absorbed by the Public Service Ry. Co., which is controlled through ownership of Its entire capital stock by the Public Ser- vice Corp. of New Jersey. Secured by a first mortgage on all the prop- erty formerly belonging to the company. Underlies — Elizabeth & Rarltan River 53 of 1954, an equal amount of which are reserved tu retire this issue. Market, Newark — Fidelity Trust Co., J. S. Rlppel. Jersey City — Edwin R. Case. Philadelphia — Chas. Fearon & Co. Paterson, N. J, — Francis K. McCully. New York — W. E. R. Smith & Co. *Frice Range. Jan. 1, 1016 to Jan. 1, 1919 1918 Bid Ask Bid High.93 '16 95 '17 90 Mar. Low. 90 '17 95 '16 EAST McREESPORT STREET RAILWAY Ist fis. Due Dec. 1, 1929.— F. Dated Dec. 1. 1899. Interest payable June and Dec. 1, at Trustee's office. Default — As of March 1, 1919, Dec. 1. 1918. interest had not been paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding— $250,000. Denomination — Coupon, $1,000 with privi- lege of registration. Trustee— Fidelity Title & Trust Co., Pitta- burgh, Pa. Receivership — See Pittsburgh Railways Co., Gen. 53. Control — All of the stock owned by the Pitts- burgh Ry. Co. and road leased to ' United Traction Co. of Pittsburgh, and operated by the Pittsburgh Rys. Co.; the latter company is controlled through stock ownership by the Philadelphia Company. Secured by a first mortgage on S miles of street railway in McKeesport, Pa., and vi- cinity. Market. Philadelphia — Merchants' Union Trust Co. Price Range. Jan. 1, 1916 to Jan. 1. 1919 Bid Ask HIgh.90 '16 95% '17 Low. 89 '16 90 '16 EAST MIDDLESEX STREET RAIIiWAY Plain 4s. Due Jan. 1. 192Z. — N. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Trustee's ofiice. Tax Status—Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $100,000. Denomination — Coupon, $1,000, with privi- lege of registration. Trustee — Old Colony Trust Co., Boston. Guaranteed as to interest by the Eastern Massachusetts State Street Railway Co. under the terms of the lease. Control — Leased for 99 years from 1893 to Bay State Street Ry. In March, 1919, the latter company was succeeded through fore- closure by the Eastern Massachusetts Street Railway Co. Security— A direct obligation of the com- pany but not secured by a mortgage. The company owns 16 miles of track. EAST PENNSYLVANIA GAS & ELEC. CO. 1st 5s. Due June 1, 1943. — F. Dated June 1. 1912. Interest payable June and Dec. 1, at A. B. Leach & Co. , New York, and In Philadelphia. Tax Status — 2 % Normal Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $500,000. Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Fidelity Trust Co., Phila. Redeemable at 105 and interest on any in- terest date. Sinking Fund — 1% of outstanding bonds an- nually from 1915 to 1918 and 2% thereafter. Organization— Incorporated In Pennsylvania 1912, as a consolidation of a number of small companies. Control — Entire common stock owned by United Service Co. Secured by first mortgage on gas plant and electric light plant supplying Bristol, Pa., and two adjoining towns. Franchises in Bristol are unlimited as to time. Population served, 10,000. Year ended Dec. 31 Gross Net Bond Int. 1917 $40,345 $15,000 1916 $98,276 37.941 15.000 1915 29,080 15.000 1913 25.345 15,000 405 Market. New York — S. L. Snowden. Philadelphia — S. K. Phillips. Price Range. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High. 90 '15 92 '15 Low. 80 '17 83 '16 EAST PENNSYI.VANIA RAILROAD CO. 1st 4b. Dne March 1, 1958. — F. Dated March 1, 1888. Interest payable March and Sept. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $495,000. Denomination — Coupon, $1, 000. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by the Philadelphia & Reading R. R. Co. by en- dorsement, which guaranty was assumed by the Philadelphia & Reading Ry. Co. through lease. Organization and Control — Incorporated In Pennsylvania 1857. Leased for 999 years to the Philadelphia & Reading Ry. Co. Rental interest on bonds, taxes and . 6 % on stock, now $2,126,900. Secured by a first mortgage on 35.77 miles of road extending from Reading to AUentown. Pa. liCgal for Savings Banks in Cal., Conn., Me., Mich., Minn.. N. H.. N. J., R. I. and Wis. Market. Philadelphia — ^West & Co., Graham. Par- sons & Co. . Reed A. Morgan & Co. , Welsh Brothers, Chas. Fearon & Co. , Warren A. Reed, Henry D. Boenning & Co. , Huntoon & Co. Pittsbnrgli — R. B. Hutchinson & Co. New York — Taylor, Smith & Hard. BAST ST. tOUIS & INTERURBAN WATER CO. 1st and Ref. Searies "A" 5s and "B" 6s. Due July 1, 1942. Dated — "A" and "B" dated July 1, 1916. Interest payable January and July 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — See ' 'Provisions of Issue' ' be- low. Outstanding — $3,480,500 "A." Reserved for Bonds of Predecessor Com- panies — $456,500. Pledged to Secure 6% Notes — $242,400 "B." Provisions of Issue — The Mortgage provides that in addition to the bonds reserved to retire the present outstanding undeposited bonds and Junior Lien Notes additional First Mortgage and Refunding bonds may be issued there- under at par for not exceeding 80% of the cash cost of permanent improvements, exten- sions and additions, provided net earnings are at least 1.6 times the interest on all bonds' outstanding and those proposed to be issued. This requirement as to earnings applies also to the issuance of First Mortgage and Re- funding bonds for the retiremen]t of Junior Lien Notes, and furthermore, no bonds may be issued for this purpose prior to July 1, 1918. Denominations — Coupon, $1,000, $500 and $100, interchangeable and registerable as to principal. Trustee — The Farmers' Loan & Trust Co., New York. Redeemable at 105 and interest on any in- terest date on or before July 1, 1937, or on any interest date thereafter at 100 and in- terest. Maintenance and Improvement Fund — ^An- nually 9 % of annual gross earnings of the company of which at least 4% shall be charged to operating expenses. This fund may be ex- pended for additions,- etc., against which no bonds o^ this issue m.ay be issued or for the purchase or redemption of these bonds. Bonds so acquired to be cancelled. Organization — Ihicorporated in Illinois in August. 1916. Controlled by the American Water Work« & lilectric Co.. Inc., through stock ownership. Secured — By a direct first mortgage on the water works system in Belleville, III., and by a mortgage on all other property of the Com- pany. The company supplies water, principally taken from the Mississippi River, to East St. Louis, Belleville, Granite City, Madison and Venice, 111. Under the terms of the Mortgage in the event of sale of any of the plants of property the entire proceeds must be applied to the pur- chase and redemption of bonds of this issue or to reimburse the Company for an expendi- ture by it of a'n equal amount of cash in the construction or acquisition of permanent im- provements to the remaining mortgaged prop- erty. Franchises^— The Fast St. Louis franchise, the principal one under which the Company operates, extends to July 6 , 1944. as con- firmed by the Supreme Court of the State of Illinois. Other franchises extend as fol- lows: Belleville, June 4, 1932; Granite City, April. 1947; Venice, April, 1947; and Madison, April. 1947. The Fast St. Louis and Belleville fran- chises provide that at the end of each ten- year period from the granting date the cities upon due notice have the option of purchasing-. the respective properties at a fair valuation; this valuation to be determined by three ap- praisers, one to be appointed by the City, one by the Company, and one by the two ap- praisers so appointed. Prior IJens — $80,000 Granite City, Madiion & Venice Water Co. Bonds and $134,000 City Water Co. of East St. Louis & Granite City Bonds. Closed mortgages. Underlies — $456,500 (closed) Junior Lien &% Notes, due July 1, 1942 (all owned by the American Water Works & Electric Co.). Bonds of this issue are reserved to retire these notes. Year ended April 30 Gross Net Interest 1918 $615,251 $332,294 $237,985 1917 585,940 342.773 231.763 1916 521,583 309.946 229,406 Original Market — $1,600,000 offered January, 1916. by Halsey> Stuart & Co., Chicago, Chi- cago, etc., at 91% and interest. Market. f Chicago — Taylor, Dodge & Ross, The Stan- wood Co., National City Bank of Chicago, An- derson. Hyney & Co., J. P. Hobbs & Co., Halsey, Stuart & Co. Pittsburgh — Wm. P. Lemley & Co., Glover & MacGregor. New York — Hotchkin & Co.. E. A. Miller & Co., E. '& C. Randolph, John Nickerson, Jr., Otto Billio. Grand Rapids — Howe, Snow, Corrigan & Bertles. Indianapolis — Fletcher American Nat'l Bank. St. Louis — Mississippi Valley Trust Co. 406 Philadelplila — Frederick Peirce & Co. Price Range. Jan. 1, '17 to Jan. 1, *19 1918 Bid Aak Bid Ask High. 89% *17 91% '17 76 Apr. 85 Dec. Low. 65 '18 72 '18 65 June 72 June EAST ST. LOUIS & INTERURBAN WATER CO. 2-Year 6% Collateral Notes. Due Auc 1, 1919.— F. Dated. Au&. 1. 1917. Interest payable Feb. 1 and Augr. 1 in New York. Tax Status — 2%- Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $400,000. Denominations — Coupon, $1,000, $500 and $ 1 0. Registerable as to principal . Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 100% and interest up to and Includini: Feb. 1, 1919, and thereafter at 100 and interest on 60 days' notice. Secured by pledge of $242,400 1st & Ref. 6s. Series B, due July 1, 1942, or in the ratio of $100 in bonds for $88 of notes issued or cash. Additional notes issuable on the same basis. Original Market — $400,000 offered Sept., 1917. by Halsey, Stuart & Co., Chicago, New York, etc., on a 7% basis. Market. New York — National City Bank, Babcock, Rushton & Co. St. Ijouis — Mississippi Valley Trust Co. Chicago — 'Halsey, Stuart & Co., Babcock, Rushton & Co. Price Range 1918 — Ask 86-98. EAST ST. I-OUIS & SUBURBAN CO. Coll. Tr. 5b. Due April 1, 1932. — F. Dated May 1, 1902. Interest payable April and Oct. 1, at St. Louis Union Trust Co., or office of E. W. Clark & Co,, Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $8, 000, 000. Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Redeemable at 105 and interest on four weeks' notice. Assumed by The Bast St. Louia & Suburban Co. (Delaware Corporation). Organization and Control — Incorporated In N. J. in 1901 as a holding company. Rein- corporated in 1913 in Delaware as The East St. Louis & Suburban Co. See also Conv. 6s of latter company. Secured by deposit with the Trustee of the following securities: $1,799,000 of $1,889,000 bonds and $1,805,500 stock of $1,889,700 of the Bast St, Louis Ry. Co.. $500,000 bonds (total issue) and $499,500 of $500 000 stock of the St. Louis & East St. Louis Electric Ry. Co., $3,834,000 of $4,000,000 bonds and $3,824,300 of $3,850,000 stock of the East St. Louis & Suburban Ry. Co., $750,000 bonds (total issue) of the St. Louis & Belleville Elec- tric Ry. Co. and $733,000 of $1,100,000 stock of the St. St. . Louis Light & Power Co. The Bast St. Louis Ry. Co. owns the street railway system in East St. Louis, 111.. Prin- cipal franchises expire in 1947. Tho East St. Louis & Suburban Ry. Co. operates electric railways in Belleville and the interurban lines from East St. Louis to Belle- ville; interurban lines connecting EdwardsvlUe, Collinsville, Caseyvllle, Lebanon and O'Fallon with E. St. Louis. Franchises in Edwardsville, Collinsville and Belleville expire in 1948; Leb- anon and OFallon in 1922 and Caseyvllle in 1919. St. Louis & East St. Louis Electric Ry. Co. operates electric railway lletween St. Lcuis, Mo., and East St. Louis, 111., via Eada Bridge. The company has exclusive right to operate cars over Eads Bridge until 1952. St. Louis & Belleville Electric Ry. Co. oper- ates an electric railway line between East St. Louis & Belleville, handling freight, pi-in- clpally coal. The track is mostly on private right-of-way. East St. Louis Light & Power Co. does the entire electric light , and power business in East St. Louis. Franchise expires in 2007. Underlies — $2,116,000 Conv. 7s due Jan. 1, 1921. 12 months ending Dec. 31 Gross Net Int., Etc. 1918 $4,215,887 $912,570 $813,289 1917 3, 692. 471' 1,210,952 785.382 1916 3,027,699 1,206.925 755.033 1915 2,466,969 993,377 756,315 1914 2,623,827 1,007,613 701.949 Listed on the Philadelphia, Louisville. St. Louis and Columbus Stock Exchanges. Original Market^ — OfEered in 19 02 by E. W. Clark & Co. , Philadelphia, Francis Bro. & Co. . St. Louis, and "Whitaker & Co. . St. Louis. Market. St. Ixiuis — Herrick J. Gray & Co., Mark C. Steinberg & Co., Mercantile Trust Co., "W. B. Orthwein & Co., Wm. R. Compton Co.. Whita- ker & Co., Stix & Co., E. A. Gessler, I. M. Simon & Co. Philadelphia — Henry & Kirkbridge, West & Co.. Chas. Pearon & Co., Huntoon & Co. Ne^v York — E. & C. Randolph. Newborg & Co., Bauer. Starr & Co. Chicago—Andrews & Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask Hieh.99% '09 lOOU '09 80 Jan. Low. 60 '18 65 '18 60 Dec. 65 Dec. (THE) EAST ST. LOUIS & SUBURBAN CO. Ext. Conv. 7s. Due Jan. 1, 1921. Dated Jan. 1. 1914. Extended Jan. 1, 1919; interest increased from 6 % to 7 % ; assenting bondiholders receiving a 1% cash discount. In- terest payable Jan. and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $3. 000. 000. Outstanding — $2,116,000 (Jan. 1. '19). Issuable — $884,000. Denomination — Coupon. $1,000. $500 and $100. Registerable as to principal. Trustee — Pennsylvania Company for the Insurances on Lives and Granting Annuities, Philadelphia. Convertible at any time into an equal amount in par value of 6 % cumulative pre- ferred stock and in addition a 33 1-3% bonus of common stock. This preferred stock will take precedence as to both dividends and as- sets over the 5% cumulative preferred stock and common stock. Organization — Incorporated in Delaware in 1913 to take over the assets and assume the liabilities of the original East St. Louis & Suburban Co. (New Jersey corporation). The company owns practically all the stocks and bonds of the street railway companl'^s of East St. Louis.- 111., and of interurban lines doing a freight and passenger business extending from East St. Louis to Belleville, Caseyvllle. Collinsville. Edwardsville, Lebanon and O'Fal- lon. Also owns the entire capital stock of 407 the Alton. Granite & St. Louis Traction Co., the entire capital stock of the Alton Gas & Slectric Co. and the entire capital stock of the Sast St. Louis Llg:ht & Power Co. Owns directly or Indirectly and operates 190 milen of electric railway track (leases 4 miles), 2 power stations, 8 sub-stations and 95 miles of transmission lines. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The company covenants in the indenture that It will not mortgage any of its property without equally securing these debentures. Earnings — See Coll. Tr. 5s. , ^ Original Market — First ofCered in Jan., 1914, by E. W. Clark & Co., Philadelphia, at 95 and interest. Market. Philadelphia— £3. W. Clark & Co., J. W. Sparks & Co., Newburger, Henderson & Loeb, West & Co., F. Pierce & Co., H. Boenning & Co., Clothier, Jones & Co, New York — E. & C, Randolph, Newburger, Henderson & Loeb. New Haven, Conn. — Tbe Chas. W. Scranton Co. St. Louis — Whitaker & Co., A. G. Edwards & Sons. BAST ST. LOUIS GAS LIGHT CO. 1st 58, Due Sept. 1, 1922.— F. Dated Sept. 1, 1902. Interest payable March and Sept. 1, , al office of Trustee, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $406,100 (May 6, '19). Retired by S. F.— $121,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Illinois State Trust Co.. East St. Louis, 111. Redeemable at 105 and interest. Sinking Fund — 2% annually of outstanding bonds. Control — ^Merged In 1907 Into the St. Clair County Gas & Electric Co., all of whose stock l3 owned by American Gas Co. Secured by first mortgage on coal, gas and water-gas plant supplying the city of Bast St. Louis, 111. Franchise perpetual. Population. East St. Louis, 1910, 58.000. Underlies — $1,810,000 St. Claire County Gas & Electric Co. 1st Cons. Ss, which provide for retirement of this iosue. Famings not reported. Market. St. Louis — ^Herrick J. Gray & Co,, "Whita- ker & Co., A. G. Edwards & Sons. E. A. Gessler, Strix & Co. Philadelphia— H. D. Boenning & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Hlgh.99 '17 100 '16 89 Feb. Low. 89 '17 89% '17 EAST ST. LOUIS LIGHT & POWER CO. Ist 58. Due June 1, 1940. — F. Dated June 1, 1910. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorisced — Unlimited. Bonds may be Is- sued up to 80% of cost of additions and im- provements when net earnings are equivalent to one and one-half times all charges on out- standing bonds, and those to be Issued. Outstanding— $1,172,000 (Jan. 1, '19).- Denomination — Coupon. $1,000. Kegisterable as to principal. Trustee — Mercantile Trust Co., St. Louis. Redeemable at 106 and interest. Guaranteed principal and interest by East St. Louis & Suburban Co., by endorsement. Control — All of the stock is owned by the East St. Louis & Suburban Co. Management — E. W. Clark & Co.. Phila. Secured by a first mortgage gn plant eup- plying electricity to East St. Louis, III. Pop- ulation served, about 65,000. Francliise ex- pires 2007. The East St. Louis and Sub- urban Co. purchases power from the Missis- sippi Kiver Power Co. Original Market — First offered by A. G. Ed- wards & Sons, New York and St, Louis, at 97%, April. 1911. Market. St. Louis — Whitaker & Co., A. G. Edwards & Sons. Providence — Bodell &. Co. New York — Clias. H. Jones & Co., Klely & Horton, Finch & Tarbell, Lynch & McDermott, John Nickerson, Jr. Price Range. Jan, 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98 '16 99 *17 89 Mar. 92 Jan. Low. 82 '18 89 '18 82 Sept. 89 Sept. EAST SHORE & SUBURBAN RAILWAY CO. 1st 5s. Due July 1. 1940. — N. Dated Feb. 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Default — Interest and sinking fund payments are in default. Deferred Interest — July 1 , 1917, coupons paid April 1, '18; Jan. 1, 1918, coupons paid Jan. 1, '19. Coupon payments have been advanced by 13 banks and subsequently paid by company pend- ing reorganization. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $750,000. Outstanding — $653,000 (June 30, 1917). Retired by Sinking Ftind — $97,000. Denomination — Coupon, $1,000. Trustee — ^Mercantile Trust Co., San Francis- co, Cal. Redeemable on any Interest date at 110 and interest. Sinking Fund — 1 % % of bonds outstanding, payable annually, which should retire bonds before maturity. Assumed by San Francisco-Oakland Terminal Rys. Co. Control — Absorbed In 1912 by the San Fran- cisco-Oaklani Terminal Rys. Co., now being reorganized. Secured by a first mortgage on 20 miles of street railway between Oakland and RIbhmond, Cal. Population served, Oakland. 150,174; remaining territory, 47,236. Franchises expire between 1953 and 1960. Underlies — $3,600,000 notes. EAST SIDE TRACTION CO. (SYRACUSE) Ist 5s. Due June 1, 1929. — N. Dated June 1, 1899. Interest payable June and Dec. 1, at Trustee's office and First Na- tional Bank, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $260,000. Denomination — Coupon. $1,000. Trustee — Citizens' Savings & Trust Co., Cleveland. Ohio. i08 Redeemable on any interest date after June 1, 1924. Gnaranteed as to Interest under terms of the lease. Control — ^Leased for 99 years to the Syracusa Rapid Transit Railway Co., at an annual rent- al of $12,600. This lease has been assumed by the New Tork State Railways, Into which the Syracuse Rapid Transit Railway Co. was merged In 1912. On Feb.. 1919, the New York State Rys. Co. applied to the New Tork P. S. Commission for authority to merge this company whose stock it has owned since 1912. Secured by a first mortgragre on six miles of street railway In Syracuse. New Tork. Earnings — See N. T. State Rys. Orlgliial Market — Offered by the Guardian Trust Co., Cleveland Trust Co. and Citizens' Savings & Trust Co. of Cleveland, at 101 and Interest, April, 1900. Market. Philadelphia — ^H. D. Boennlng & Co. New Tork — Didrichsen & Co. EAST TENNESSEE & WESTERN NO. CAKO- UNA RAXLBOAD 1st 6s. Due Nov. 1, 1935.— N. Dated Aug. 15, 190B. Interest payable May and Nov. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Tmstee — Guarantee Trust & Safe Deposit Co., Phila. Control — Cranberry Iron & Coal Co. Secured by a first mortgage on 34 miles of road from Johnson City, Tenn.. to Cranberry, N. C. Years ended June 30 and Dec, 31 Bond Gross Net Interest 1918 $322,171 $111,478 $25,000 1917 288.404 90,353 25,000 •1916 271.162 137,448 25,000 1916 110,811 25,000 1915 77,894 25,000 1914 92,416 25,000 •Deo. 31. Ijisted on Philadelphia Stock Exchange. EAST TENNESSEE, VIRGINIA & GEORGIA BADLROAD CO. 1st 5s. Dne Jnly 1, 1930.— N. Dated July 1, 1880. Interest payable Jan. and July 1, at J. P. Morgan & Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Ontstanding — $3, 106, 000. Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — Union Trust Co., New Tork. Assnmed by the Southern Railway Co. Control — ^Property purchased at foreclosure sale in 1894 by the Southern Railway. Secured by a first mortgage on 648.75 miles of road, viz. : Miles Bristol to Chattanooga, Tenn 241.55 Cleveland, Tenn., to Selma, Ala 264.30 Morristown, Tenn., to Paint Rock, N. C. 42.90 Underlies — Cons. 6a of 1956; Southern Ry. B. Tenn. Heorg. 6a of 1938; Southern Ry. Cons, of 1994, and Dev. & Gen. 4s of 1966. Provision for the retirement of this issue la made in the Southern Ry. Cons. Bs. Legal for Bait, and Cal. I/isted on the New Tork Stock Exchange. Market. New Tork — Sharretts & Toung, Gude, Win- mill & Co., Clark, Dodge & Co., E. & C. Randolph, Wolff & Stanley, Seasongood, Haaa & Macdonald, Redmond & Co., Wm. C. Bwen, Taylor. Smith & Hard, Simon Borg & Co., Low, Dixon & Co., S. P. Larkin & Co.. M. C. George & Vanderhoef. Spencer Trask & Co. Philadelphia — F. R. Welsh, Graham, Par- sons & Co., S. K. Phillips, Thos. A. Biddle & Co. Atlanta — J. H. Hilsman & Co. Baltimore — Jenkins, Whedbee & Poe, H. B. Taylor & Co.. Baltimore Trust Co. Price Range— N. T. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.116 May 24, '06 96 Mar. 19 Low. 95 Nov. 27. '17 96 Mar. 19 BAST TENNESSEE, VIRGINIA & GEORGIA RAILWAY CO. Cons. Ist 6s. Dne Nov. 1, 1956.— F. Dated July 5, 1886. Interest payable May and Nov. 1, at J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 20,000,000. Outstanding — $12,770,000 (closed mortgage). Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Central Trust Co., New Trrk. Control — See 1st 6a. Secured by a direct mortgage on 990.12 miles of road, viz. : A first lien on 364.87 miles — Miles Rome to Brunswick, Ga., and branches. 364. 87 A second Hen on 625.25 miles — ■ Covered by the first lien of the follow- ing: Alabama Central 1st 6a 76.50 B. T., V. & G. 1st 5s 548.76 Prior liens — $1,000,000 Alabama Cent. 1st 68 of 1918 and $3,106,000 East Tennessee, Vir- ginia & Georgia lat 5s of 1930. Underlies — Southern Ry. B. Tenn. Reorg. 5a of 1938; Southern Ry. Cona. 5s of 1994, and Dev. & Gen. 4a of 1956. The Cona. es pro- vide for the retirement of this issue. Legal for Bait, and Cal. Listed on the New Tork Stock Exchange. Market. New Tork — Saml. Goldschmidt, Finch A Tarbell, Miller & Co.. Sharretts & Toung, Wm. C. Bwen, B. & C. Randolph, Clark, Dodge & Co., Oilman & Clucas, Spencer Trask & Co., John Nickerson, Jr., Taylor, Smith & Hard, Baker. Carruthers & Pell, Simon Borg & Co. Philadelphia — C. R. Penington & Co., Gra- ham, Parsons & Co., F. R. Welsh, Wheeler, Elliott & Mann. S. P. Larkin & Co. Atlanta — J. H. Hilsman & Co. Baltimore — Jenkins, Whedbee & Poe. H. R. Taylor & Co., Baltimore Trust Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 High.119% Mar. 29, '06 97% Mar. 5 Low. 91% July 10, '18 91'/i July 10 EASTERN CAB CO., LTD., 1st 6s. Due July 1, 1952. Dated July 1, 1912. Interest payable Jan. 1 and July 1, in Toronto, Montreal, Halifax, New Tork and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 1,000,000. Outstanding — $955,400 (Jan. 1, 1919). Held in S. F.— $44,600. Denomination — Coupon, $100, $500 and $1,000. or their sterling eauivalents. Regis- terable as to principal or fully registerable. C. & R. interchangeable. 409 Trustee — Eastern Trust Co., Halifax, N. S. Kedeemable at 105 and interest on and after July 1, 1915. Sinking Fund — ^Annually 1% of outstanding bonds, beginning July 1, 1915, plus interest on redeemed bonds. This fund, it is figured, will retire the entire Issue by maturity. Guaranteed unconditionally as to principal, interest and sinking fund by endorsement by the Nova Scotia Steel & Coal Co. Control — Entire common stock owned by Nova, Scotia Steel & Coal Co. Secured by a first mortgage on all the prop- erty of the company. The company owns a plant covering 77 acres, for the manufacture of railway cars. This plant has a daily output of from 20 to 25 cars. Original Market— $1,000, 000 offered June, 1912, at par and interest by A. E. Ames & Co., Toronto. Market. Toronto — Goldman & Co., Oxford Securities Corporation, Limited. .Montreal — ^Manning & Co., Ltd.. Hew R. Wood Co. Prioa Range. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '16 96 '16 90 June 94 June Low. 90 '18 94 '18 EASTERN COKE CO. 14-Year 1st S. F. 5s. Due Feb. 1, 1931.— F. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $7,000,000. Outstanding— $5,982,000 (April 15, 1919). Retired by S. F. — $1,018,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Union Trust Co., Pittsburgh. Redeemable on any interest date at 101 and Interest on or before Feb. 1, 1918, and there- after at 1 02 % and interest on three weeks' notice. Sinking Fund — $250,000 semi-annually, be- ginning July 1, 1917, for the purchase or re- demption of these bonds as above. Bonds ac- quired to be cancelled. Guaranteed principal and interest by the Bethlehem Steel Corporation and Bethlehem Steel Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in 1917 and acquired the prop- erty of the Lehigh Coke Co. Entire capital stock owned by the Bethlehem Steel Co. ^ Secured by a first mortgage on the real estate, plant and equipment of the company. The property of the company is located at South Bethlehem, Pa., contiguous to the works of the Bethlehem Steel Co., and comprises 114 - acres of land, having erected thereon 424 thir- teen and one-quarter ton Koppers by-product coke ovens and 150 fifteen ton D-dier by- product coke ovens and a benzol plant and other equipment used in the manufacture of coke and the by-products thereof. Replace- ment value estimated March, 1917, at $11,200,- 000. Original Market — OfEered April, 1917, by the Union Trust Co. and Mellon National Bank, Pittsburgh, at 98^ and interest. Market. Pittsburgh — Glover & MecGregor. Tax Status — 2% Federal Income Tax paid by company without deduction. ~" Authorized— $500, 000. Outstanding — $175,000 (April 1, '19). Retired— $325,000. Denomination — Coupon, $1,000. Trustee — Boston Safe Deposit & Trust Co., Boston. Organization — Incorpoi-ated In Maine, 1906, to acquire the stock of Winslow & Co., wool merchants, and "Winslow Bros, and Smith Co., tanners and manufacturers of sheepskins. The latter company leases the property covered by this mortgage. Succeeded by Mass. corpora- tion of same name, 1914. Secured by a first mortgage on land and tanneries located at Norwood, Mass. Market. Worcester — ^Kinsley & Adams. Boston — L. Sherman Adams; EASTERN IJBATHER CO. 1st 5s $35,000 due annually to Jan. 1, 1926. — F. Dated Jan. 1, 1906. Interest payable Jan. and July 1, at Trustee's office. EASTERN MANUFACTURING CO. 1st Serial 5s. Due $60,000 each Feb. 1 to 1918, inc.; $75,000 to 1933, inc.; $90,000 to 1928. inc.; $100,000 to 1936, lnc.» and $75,000 in Feb. 1, 1937.— F. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding— $1,617,000 (Feb., 1919). . Balance retired. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 102 and interest on any Interest date. Sinking Fund — $4 for each 1,000 ft. of tim- ber cut to be applied to the payment ol these bonds as they mature or to their redemption, or to improvements and betterments at not exceeding 75% of cost. Bonds acquired to be cancelled. Organization — Incorporated in Maine in 1899 and owns timber lands of 115,000 acres, esti- mated to bear 400,000.000 ft. of standing tim- ber, together with sulphite, pulp and paper mills. Company controls Katahdin Pulp & Paper Co. and owns capital stock of Lincoln Pulpwood Co. Secured by first mortgage on entire property of company as above, which has been ap- praised at $2,600,000. The indenture provides that no dividends shall be paid on the common stock until $250;000 of these bonds have been redeemed and then only when net quick assets exceed $500,000. Underlies — 3-year 6% notes, due 1920. Year ended Dec. 31 Net Interest Dividends 1918 $1,248,839 $250,389 $203,783 1917 855,425 181,169 425.347 1916 864,908 115,859 252.871 liCgal for Maine. Original Market — Offered in January, 1913, by E. H. Rollins & Sons, New York, -Boston, Phila., etc.^ to yield about 5.38%. New York— E. H. Rollins &■ Sons, J. W. Howell & Co., Philip Lynch, Hornblower & Weeks. Boston — E. H. Rollins & Sons, Kichardson, Hill & Co.; Hornblower & Weeks. Philadelphia — E. H. Rollins & Sons. Chicago — E. H. Rollins & Sons, Hornblower & Weeks, Denver — B. H. Rollins & Sons. Lios Angeles — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Portland, Me. — Beyer" & Small. EASTERN MANUFACTURING CO. 3-Year 6% Notes. Due Sept. 1 ,1920. — P Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, at Trustee's ofPce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstandinff — $600,000 (March, 1919). In Treasury — $1,400,000. Benomination — Coupon, $1,000. Trustee — Old Colony Trust Co., Boston. Redeemable at 101 and interest on 4 weeks' notice. Organization — See 1st Serial 5s. Security — A direct obligation of the company but not secured by a mortgage. During the life of these notes no further mortgage can be placed on the property of company without securing these notes. Prior liien — 1st Serial 5s, due 1937. Original Market — $500,000 offered Aug., 1917 by Chas. H. Oilman & Co., Portland, Me., and Merrill Trust Co., Bangor, Me., at 98 and interest. 3Iarket. Boston — Richardson, Hill & Go. Price Range 1918 — Ask 98. EASTERN" aiASSACHlSETTS STREET RAILWAY COMPANY Rpf. Serial 6s. Due $50,000 each Jan. 1, 1920 and 1931, and $300,000 eacli Jan. 1. 1923 to 1929, inclu- sive. Dated January 1, 1919. Interest payable January and July 1, at Trustee's office, Eos- ton, Tax Status — Information not available. Authorized — $2,50 0,000. Outstanding — $2,5 00,000. I>enominations — Coupon $1,000. Registera- ble as to principal. Trustee — Old Colony Trust Company, Bos- ton. Redeemable at 105 on any interest date on 60 days' notice. Organization — Incorporated in Massachusetts pursuant to the terms of a special act of the Legislature (Chapter 188, Special Acts of 1918) to acquire substantially all the assets of the Bay State Street Railway Company. rrhe Special Act, among other things, fur- ther provides; (1) That the new Company shall be man- aged for ten years by five Trustees to be appointed by the Governor of Massachusetts. The Governor has appointed as such Trustees for the first five years: Homer Loring, Chairman, Arthur G. Wadleigh. Fred J. Crowley, Isaac Sprague, Barle P. Charlton. (2) That the Trustees shall have absolute power to fix rates and fares (free from the jurisdiction of the Public Service Commission or any other authority) so as to produce in- come sufficient to pay all costs of operation (including taxes, maintenance and deprecia- tion) and a return on the investment sufficient to cover all interest requirements, the stated dividend? nn the preferred stocks and 6% per annum on the common stock of the new Com- pany. Based upon the Public Service Commission's appraisal of $40,282,340 in its decision of Au- eust 31, 1916, plus subsequent additions, the property valuation will be about $46,000,000, 6% on which, or $2,760,000, is the approx- imate amount of the permitted initial annual return on the investment, as agaiinst about $1,464,535 initial annual requirements for in- terest charges of the new Company and for rentals of all leased lines in Massachusetts- "With no increase in rates of fare now in force, the receiver has estimated that the Company should earn in the year beginning July 1, 1919. $682,000 applicable to fixed charges; that with 10 cent fares this amount should be increased to not less than $1,782,000 (both of these estimates are after deducting an annual charge of $1,104,000 for depreciation, based upon devision of Public Service Commis- sion); and has stated that these estimates make no allowance for savings to result from further decreases in the cost of coal below $7.00, from the use of additional one man cars, and from operating economies resulting from the expenditure on the property of money to be raised an connection with the reorganiza- tion. Secured — By a lien on substantially all the property of the company and guaranteed in effect, by the Commonwealth of Massachusetts by endorsement of each bond as follows: "We, Homer Loring. Arthur G. Wadleigh, Fred J. Crowley, Isaac Sprague and Barle P. Charlton, trustees as provided in chapter one hundred eighty-eight of the special acts of nineteen eighteen of the Commonwealth of Massachusetts, do hereby as such trustees and not in our indfividual capacity, pursuant to the authority conferred upon us by section nine of the said act, agree with the holder of the within bond that if the earnings of Eastern Massachusetts Street Railway Company, other- wise applicable to dividends, are not sufficient to pay the within bond as it matures, we will make up the deficiency out of funds made available for the purpose under the provisions of section ten of the said chapter." The Special Act pledges the credit of the State for the payment of principal of not exceeding $4,000,000 of the Serial Bonds, of which the $2,500,000 now offered will be the initial issue specifically required to be sold under the terms of the Act so as to produce $2,500,000 cash., of which $2,000,000 must be used for future additions and improvements and $500,000 set aside as a reserve fund. Under the Special Act $1,000,000 cash addi- tional must be realized from sale of other se- curities of the new company and applied to the rehabilitation of the properties or other corporate purposes. This makes a total of $3,500,000 new cash which must be obtained, as- a prerequisite to the acquisition of the property by the new company under the Act. Prior liiens — $8,053,700 underlying bonds and securities. Interest on these serial bond.s is a charge ahead of $18,799,000 Refunding mortgage bonds issued under the same mort- gage. Original Market — $2,500,000 offered in March, 1919, by L,ee, Higginson & Company. Boston, New Tork and Chicago, at 100 and interest. EAST1]RN MICHIGAN EDISON CO. lat 58. Due Nov. 1. 1931.— F. Dated Nov, 1, 1906. Interest payable May and Nov. 1, at Detroit Edison Co., 30 Broad Street, New Tork, or at Security Trust Co., Detroit, Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized — $10,000,000. Outstanding — $4,000,000 (closed mortgage >. Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable at 110 and interest on any in- 411 terest date upon 60 days' notice. Bonds ac- quired to be cancelled. . Assnmed by the Detroit Edison Co. Guaranteed as to principal and interest by endorsement by the Detroit Edison Co. Orsanization — Incorporated in New York In 1906 and subsequently acquired the properties of the St. Clair Edison Co. and the Wash- tenaw Llerht and Power Co. Control — ^All the properties of this company were sold to the Detroit Edison Co. in 1915 and merged with that company in 1916. Secured by a direct first mortgage on 4 hydraulic plants on the Huron River and on transmission and distribution systems serving 76 cities, villages and townships around De- troit. Franchises are either not limited in term,3 or (with a few exceptions) extend be- yond the life of these bonds. Underlies — Detroit Edison Co. lat & Ref. Ss, which provide for the retirement of these bonds. Earnings are included in the reports of "the Detroit Edison Co, liisted on the Detroit Stock Exchange. Original Market — $250,000 offered in 1910 by the Security Trust Co., Detroit, at 98% and interest; $500,000 ofCered in 1912 by same com- pany at par and interest. Market. Detroit — Nicol-Ford & Co., Joel Stockard & Co., Matthew Finn, Watling, Lerchen & Co. New York — E. & C. Randolph, Spencer Trask & Co., Babcock, Rushton & Co., Ber- deil Bros. Chicago — ^Merrill, Lynch & Co., Babcock, Rushton & Co. Boston — Paine, Webber & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '16 101% '16 91 Jan, 95 Dec. Low. 91 '18 94 '18 94 Feb, EASTERN MONTANA MGHT & POWER CO, Ist S. F. 6s. Due July 1, 1932.— F. Dated July 1, 1917. Interest payable Jan. 1 and July 1, in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $ 300,000. Additional bonds issuable for 85% of cash cost of improvements, extensions, etc., or ad- ditions, when net earnings for preceding twelve months equal at least 1% times Interest charges on bonds outstanding and to be issued. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustees — Continental & Commercial Trust & Savings Bank and Frank H. Jones, Chicago. Redeemable at 101 and Interest on any inter- est date. Improvement and Sinking Fund — ^Annually, beginning July 1, 1921, 1% of outstanding bonds to be applied for extensions and addi- tions, against which additional bonds shall not be issued or for the purchase or redemption of these bonds. Organization — Incorporated in Delaware. Capital Stock Authorized Outstanding Preferred $125,000 $125,000 Common - 600,000 600,000 Secured by a first mortgage on all the prop- erty of the company. The company owns elec- tric light, power and steam heating plants in Glendlve, Mont. ; electric light and power dis- tributing plant in Sidney, Mont, (power pur- chased from Jennison Light & Power Co.); electric light and power plant in Beach, N. D. (The latter plant also supplies electric light and povjrer to Sentinel Butte, N. D., over- an eight mile high tension transmission line.) Population served, about 11,000. In Montana the company operates under a perpetual right subject to the supervision of the Montana Pub- lic Service Commission. Franchises elsewhere are reported as for long terms. Year ended March 31 Gross Net 1917 $95,478 $38,657 Original Market — $300,000 ofCered June, 1917, by Taylor, Dodge & Ross, Chicago, at 100 and interest. Market. Chicago — Dodge & Ross, Babcock, Rushton & Co. ,.,, New York — Babcock, Rushton & Co. ' Price Range 1918 — ^Ask 95. EASTERN OREGON LIGHT & POWER CO. 1st & Ref. 6s. Due Oct. 1, 1939.— F. Dated October 1, 1909. Interest payable April and Oct. 1, at First Trust Co., Mil- waukee, Wis, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 2,760,000. Outstanding — $1,200,000. Reserved for Ext. — $1,550,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — First Trust Co., Milwaukee. Wis. Redeemable at 105 and interest on any inter- est date on six weeks' notice. Organization — Incorporated in Oregon, 1909, as a consolidation of the Fremont Power Co., the Baker Light & Power Co. and the Grand* Ronde Electric Co. Secured by a first mortgage on all property, rights and franchises, now owned or hereafter acquired. The company owns all of the avail- able water power in the vicinity of Baker and La Grande, and furnishes electric light and power to those cities and the neighboring towni of Haines, North Powder, Union, Hot Lake, Island City, Telocaset, Rock Creek Cove, Elgin, Imbler, Allcal, Bourne and Summerville. The company also owns four water power plant* having a present maximum development of 3,440 h. p. and a steam power reserve plant of 600 h. p. at Baker City; also 180 miles of transmission lines. Franchise in Baker City expires July, 1932; La Grande, A-pril, 1935; Union, Aug., 1925, and Elgin. April. 1957. Population served, 20,000. Year ended June 30 Gross Net Interest 1918 $217,522 $110,090 $95,944 1917 224,278 115,080 90,511 1916 199.477 105,447 81,178 1915 198,171 125.253 79,739 1914 211,138 90,816 80,430 1913 188,934 125,283 78.600 Original Market — OfCered in 1909 by The Marshall & Ilsley Bank, Fidelity Trust Co. (now First Trust Co.). and Tweedy, Under- wood & Edgar (now Edgar, Ricker & Co.), all of Milwaukee, at par and interest. Market. New York— E. & C. Randolph, A. B. Fit- kin & Co.. Michaelis & Co.. Joseph & Wiener. Babcock, Rushton & Co., Pynchon & Co, Chicago — Nationa'. City Bank of Chicago, Babcock, Rushton & Co. Fhiladeiphia — Thos. A. Biddle & Co., Geo. N. Fleming. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.91^ '16 95 '16 85 Feb. 90 Feb. Low. 85 '18 86f^ '18 86^ Reut 412 EASTERN PENNSYLVANIA RAILWAYS CO. 1st 5b. Due July 1. 1936. — F. Dated July 1, 1906. Interest payable Jan. 1 and July 1 at Central Union Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by comnany without deduction. Tax exempt in Pennsylvania. Anfhorized — $6. 000, 000. OntxtaiuKne — $4,446,600 (Jan. 1. '19). In Treasury — $303,000. Cancelled — $333,500. Resened to Retire Prior Liens — $445,000. Reserved for Ext. — $472,000. Denomination — Coupon, $500 and $1,000. Resisterable as to principal or fully reeister- able. Registered, $1,000 and $10,000. C. & H. interchangeable. Trustee — Central Union Trust Co., New York. Redeemable at 110 and Interest on four weeks' notice. Organization — Incorporated In Pennsylvania in 1891 as the Tamaqua & Lansford Street Ry. Co. Present name adopted in 1906. The com- pany o-wns practically the entire capital stock of companies ownini: the traction and electric lighting properties In Schuylkill County, Pa., and vicinity. Management — J. G. White Management Corp. Secured oy a first lien subject to $394,000 outstanding bonds on the capital stock of sub- sidiary companies owning 70 miles of electric railway track connecting Pottsvilie with York- ville. Minersville, Palo Alto, Belmont, Mount Carbon, Port Carbon, Saint Clair, New Phila- delphia, Middleport, Schuylkill Haven, Adams- dale, Orwigsburgr, Coal Castle, Glen Carbon. Tumbling Run, Brocton, Tuscarora, Tamaqua, Lansford. Summit Hill, Nesauehoning and Mauch Chunk, Pa. Also on plants supplying electric lighting to these towns and gas to Tamaqua. Any stocks and bonds of subsidiary companies hereafter acquired are to be de- posited under this mortgage. Total popula- tion served, over 100,000. Franchises are largely perpetual. Prior Liens — $394,000 bonds of absorbed companies. Year ended Dec. 31 Gross Net Int. &Rent 1918.... .51.192,996 S278.29"2 $276,306 1917 996,181! 314.690 269.836 1916 923,831 332,365 240,638 1916 846,227 351,210 229,399 1914 823,696 321,733 225.745 Original Market — First offered by Julius Christensen & Co., Philadelphia. Market. New York — S. P. Larkin & Co., B. & C. Randolph, Engineering Securities Corp.. A. E. Fitkin & Co.. S. L. Snowden. Joseph & Wiener. J. G. W^hite & Co.. Sam'i Qoldschmidt, F. H. Hatch & Co.. Lynch & McDermott, Berdeil Bros. Boston — A. E. Fitkin & Co. Flliladelphia — Elkins. Morris & Co.. Geo. N. Fleming. H. Boenning & Co. Price Range, Jan. 1, 1908 to Jan. 1, 1919 1918 High. 96 '08 99 '08 62 Jan. 68 Jan. Low. 65 '18 60 '18 66 Nov.. 60 Dec. EASTERN POWER & LIGHT COBPOBATION 1% Coll. Tr. Notes. Doe Sept. 1, 1918. Dated March 1. 1918. Principal and inter- est payable Sept. 1, 1918, at Equitable Trust Co., New York. Default — Interest due Sept. 1, 1918, was paid, but principal was not paid. Tax Status — 2% Federal Income Tax paid by company without deduciilon. Pennsylvania State Tax refunded. Autliorlzed — $2, 327, 600. Outstanding — $2,327,500. Purpose of Issue — Inasued In exchange for 5% Convertible Bonds which mature March 1. 1918. Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at par and interest at any time on 30 days' notice. Organization — The Eastern Power & Light Corporation was organized 1913 under the laws of the State of Virginia. It owns and operates the Reading Transit & Light Company, which does all the electric lighting and power busi- ness and furnishes the street and interurban railway service In and about Reading and Lebanon, Pa. : West Virginia Traction & Elec- tric Company, a consolidation of a number of properties, including an important part of the electric railway lines in the City of Wheeling, W. Va. : Colonial , Power & Light Company. Claremont Power Co.. which own and operate hydro-electric and steam gener- ating stations in and! about Cavendish, Man- chester and Springfield. Vt., and Claremont. N. H. Capital Stock Authorized Outstanding Preferred (7% cum.) $10,000,000 $2,360,000 Common 10,000,000 6,600,000 Protective Committee — ^H. E. Cooper. Vice- Pres. Equitable Trust Co. of N. Y. ; O. B. Wiilcox, Vice-Pres., Bonbrlght & Co., and H. C. Rorick, gpitzer, Rorick & Co.. with George E. Barrett, Secretary, 25 Nassau St.. New Yorit, and Equitable Trust Co., New York, depository. Secured by pledge of $2,327,600 (entire issue) Convertible 5s, due March 1, 1918, which are secured by pledge of the following securities; Stocks Par Reading Transit & Light Pfd $1,700,000 Reading Transit & Light Com 3,650.000 West Virginia Trac. & Blec. Co... 1,300,000 Colonial Power & . Lt. Com 260.600 Claremont Power Co. Pfd 100,000 Claremont Power Co. Com 600, 000 Claremont Ry. & Ltg. Com 144,300 Clarendon Power Co. Com 280.100 Total $7,890,600 Bonds Colonial Power & Lt. 1st 5s $533,000 Claremont Power Co. 1st 6s 400.000 Total $933,000 The company covenants to keep these notes a first lien or charge upon ail the security heretofore described and at any time deposited with the Trustee, and that it will not create or suffer to be created or to accrue or to exist any lien or charges having priority to or preference over the liens of this indenture upon said security or any part thereof. 12 months ended Dec. 31 (after subsidiary) Gross Net Interest 1918 $129,626 $106,439 $248,891 1917 393,795 360.466 212,893 1916 472,194 428,637 187,337 1916 320,260 293,508 157,145 Original Market — Offered March. 1918, in ex- change for Conv. 63, due March 1, 1918, Market, New York — Pynchon & Co. 41 a EASTERN RAILWAY CO. OF MINNESOTA Northern Div. Ist 4s. Due April 1, 1948. Dated April 1, 1898. Interest payable April and Oct. 1, at Great Northern' office, 32 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $9,695,00 0. Owned by Gt. Northern Ry. — $5,000. Denomination — Coupon, $1,000. Hegisterable as to principal only, or fully registerable. Reg- istered, $5,000. Trustee — Bankers* Trust Co., New York. Redeemable at 105 and interest at any time after April 1, 1928, on three months' notice. Assumed by the Great Northern Ry. Co. Organization — Incorporated in 1887 in Minn, and in 1902 was leased to the Great Northern Railway, which mei^ed the company and ac- quired the property in 1907. Secured by a first mortgage on 284.21 miles of road, viz. : Miles Boylston, Wis., to Fosston, Minn 212.30 Hinckley to Superior, "Wis 69.25 Spur to Quarries at Sandstone, Minn... 2.61 At Sanders, "Wis 0.05 Also secured on terminals and dockage prop- erty in Duluth and West Superior. Underlies — Great Northern 1st & Ref. 4^s of 1961, which provide for the retirement of this issue. Listed on the New York Stock Exchange. I^egal for Bait. , Cal. , Conn., Me. , Mass. , Mich., Minn., Mo., N. H., N. J.. N. Y., R. I., Vt. and Wis. Original Market — Offered in May, 1909, by Clark, Dodge & Co.. Moffat & White (now White, Weld & Co.), and Lee, Higginson & Co., at 101% and interest. Market. Boston — R. L. Day & Co. New York — Sam'l Goldschmidt, S. P. Lar- kin & Co., Redmond & Co., P. H. Hatch & Co. , iSpencer Trask & Co. , Remick. Hodges & Co.. "Vilas & Hickey, Abraham & Co., Low, Dixon & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 101% May 2 0, '09 80 Nov. 4 Low. 80 Nov. 4. '18 80 Nov. 4 EASTERN SHORE GAS & ELECTRIC CO. 1st & Coll. Tr. 6s. Due June 1, 1955. — F. Dated June 1, 1915. Interest (Payable June 1 and December 1. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,250,000. Outstanding — $759,000 (April. 1919). Reserved for Ext. — $491,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Philadelphia Trust Co. Redeemable at 105 and interest. Sinking Fund — Beginning June 1, 1920, 1% per annum of outstanding bonds will be ap- plied to purchase of bonds at not exceeding 105 and interest. If not so purchasable, bonds are to be called. All bonds so acquired are to be cancelled. Organization — Incorporated in Delaware In 1915 as a consolidation of several companies. Management — Day & Zimmerman, Philadel- phia. Secureci by a first mortgage on generating plant at Laurel, Del. , and transmission lines to and distribution systems in Seaford, Bridge- ville, Delmar and Bethel. Del. ; Georgetown and Milton, Del.; a first lien on all of the se- curities of the Cambridge Electric Light, Heat & Power Co., which owns the plant supplying gas and electricity in Cambridge, Md., and a first lien on all of the securities (except, $45,500 first mortgage bonds) of the Salisbury Light, Heat & Power Co., supplying electricity in Salisbury, Md. : Idlewild Elec. Light, Heat & Power Co., serving Federalsburg, Preston, Bast New Market, and the Peninsular Light & Power Co., serving Denton, Md. Franchises are reported as perpetual or ex- tending many years beyond the maturity of the bonds. Population served by properties now owned, 35,000. Year ended De*. 31 Gross Net Int. & S. P. 1918 $364,007 $83,271 $53,159 1917 294.859 68,244 47,181 1916 193,213 51,516 37.789 Original Market — Offered in July, 1915, by Brown Bros. & Co. and Frazier & Co., Phila- delphia, at 98^ and interest. Market. Philadelphia — Reilly, Brock & Co.. Frazier & Co., S. K. Phillips & Co. Price Range. Jan. 1, 1916 to JaJi. 1, 1919 1918 Bid Ask Ask High.96% -16 100 '17 88 July Low. 88 '18 EASTERN SHORE GAS & ELECTRIC CO. 2- Year Debenture 7s. Due February 1, 1921. Dated February 1, 1919. Interest payable February 1 and August 1 in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $300,000. Outstanding — $300,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 100 and interest upon 60 days' notice. Organization — See 1st & Coll. Tr. 6s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of the trust agreement First Mortgage and Collateral Trust bonds certi- fied from time to time in excess of $759,000 are to be pledged with the trustee to secure these Debentures. Prior Lien — Outstanding First Mtge. & Coll. Tr. 6s, 1955 $759,000 Earnings — See 1st & Coll. Tr. 6s. Original Market — $300,000 offered March, 1919, by Frazier & Co., Philadelphia. EASTERN STATES PUBLIC SERVICE CO. First Lien S. F. 5s and 6s. Due Feb. 1. . Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1. in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $3,000,000. ♦Outstanding — $220,000 6s: $180,000 5s, •6s are reserved to retire about $50,000 New Jersey Gas & Electric Co. bonds at the rate of $1,100 par value 6s for each $1,000 bond of latter company. Also $1,300 6s are re- served to retire $1,300 5s of the Lambertville Public Service Co. Denominations — Coupon. $100. , $500 and $1,000. Registerable as to principal. TruBtee— The Logan Trust Co., Philadelphia. Redeemable — 6s on any interest date at 107 and interest and 5s at 103 and interest. Improvement and Sinking Fund — ^Annually from Feb. 1, 1922, to Feb. 1, 1931, inclusive, 1% of outstanding bonds, thereafter 1%%. Fund applicable to the purchase or redemption of these bonds or for extensions and improve- ments. Organization — Owns practically all the stocks and bonds of Newton EJlectric & Gas Co., New Jersey Gas & Electric Co. (Dover, N. J.) and Lambertville Public Service Co. Management — National Utilities Co.. Boston. Secured by deposit of practically all the stocks and bonds of subsidiaries supplying gaa to Dover, Wharton and Newton, N. J, , and electricity to Lambertville and Newton, N. J., and New Hope, Pa. Population served, 26,000. Franchises are reported perpetual in Dover and Lambertville; in Newton gas franchise expires In 1940 ^nd electric in 1944. Year ended Dec. 31 Gross Net 191S $114,448 1917 87,338 57.920 1916 86,355 51,478 Original Market — Offered May. 1917, by P. W. Brooks & Co., New York and Philadelphia. EASTERN STEAMSHIP CO. 1st S. F. 5b. Dae May 1, 1927. Dated May 1. 1902. Interest payable May and Nov. 1. at Old Colony Trust Co., Boston. Tax Status — Information not available. Authorized — $3,000,000. Outstanding— $1,132,000 (April 15, 1919). Retired by Sinking Fund and Purchase — $1,868,000. Denomination — Coupon, $1,000. Registerabla as to principal or fully registerable. Trustee — Old Colony Trust Co.. Boston. Redeemable at 110 and interest on any inter- est date on 4 weeks' notice in numerical order. Sinking Fund — $170,000 annually Jan. 1. 1914, to Jan. 1, 1924, and $86,000 annually thereafter. Organization and Control — Incorporated In Maine in 1901 as a consolidation. In 1912 the Eastern Steamship Corp. acquired all the prop- erty. The latter company was reorganized in 1915 as the Eastern Steamship Line, Inc. Management— Hayden, Stone & Co.* Secured by a first mortgage on 23 steam- ships running from Boston to Rockland, Ban- gor. Bar Harbor and a number of other points in Maine and St. John, N. B. Underlies — Eastern Steamship Corp. Income 6s. Original Market — Offered in 1902 by E. H. Gay & Co., Boston, at 105 and interest. Market. Boston. .R. L. Day & Co., Chas. A, Day & Co., Geo. A. Fernald & Co., Burgess, Lang & Co., L. Sherman Adams. Richardson. Hill & Co., G W. "Walker &'Co. New York — G. W. "Walker & Co., Morton' Lachenbruch & Co.. J- S. Farlee & Co., Bur- gess, Lang & Co.. F. H. Hatch & Co., Hayden. Stone & Co., Baker. Carruthers & Pell. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO^/^ '13 1021/^ '12 94 Feb. 100 Jan. Low. 75 '08 85 """ "" "^^ "" "^"^ 8 5 Dec. 90 Dec, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3, 000, 000. Outstanding— $2,285,000 (April 15, 1919). Retired by Sinking Fund— $715,000. Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and interest after Aug. 1, 1916, upon six weeks' notice. Sinking Fund — $60, 000 annually, beginning Aug. 1. 1909, to be used for the purchase or redemption of these bonds at not exceeding 110 and interest. Organization — Incorporated in Pennsylvania as successor to the Eastern Steel Co., which in turn was successor to the Pottsville Iron & Steel Co. Leases the Warwick Iron & Steel Co. for 99 years with privilege of purchase. Rental 7% on $1,500,000 stock. Secured by first mortgage on company' s plant at Pottsville, Pa., covering 50 acres and consisting of 6 open-hearth furnaces and struc- tural steel rolling mill with a finished product capacity of 20.000 tons a month. The com- pany owns and leases over 20,000 acres of or« land in Cuba. Year ended Dec. 31 Bond Gross Net Interest 1917. ..$13,966,159 $2,101,198 $104,675 Original Market — OfEered in 1911 by William Morris Imbrie & Co., New York, at 94 and interest. Market. New York — B. & C. Randolph. Pynchon & Co., Holmes, Bulkley & Wardrop, Baker, Car- ruthers & Pell, Kiely & Horton, Morton Lach- enbruch & Co.. H. C. Spiller & Co. Philadelphia — Montgomery & Co.. Chas. Fearon & Co., S- K. Phillips. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1. '12 to Jan. 1, *19 1918 Bid Ask Bid Ask High.93% '16 97 '18 92 Aug. 97 Aug. Low. 70 '14 75 '15 87 July 91 July (THE) EASTERN STEEL CO. 1st S. F. 5s. Due Aug. 1, 1931.- F. Dated August 1, 1906. Interest payable Feb. and Aug. 1, at Columbia Trust Co.. New York. EASTERN TEXAS EI^ECTRIC CO. 1st 5s. Due Nov. 1. 1942. Dated November 1, 1918. Interest payable May. and Nov. 1, at State Street Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Additional bonds may be issued up to 75% of the cost of permanent improve- ments, etc. Outstanding — $1,410,500 (Jan. 1, 1919). Retired by S. F.— $15,000. Issuable — $360,000. Reserved for Prior Lien^$270,000. Purpose of Issue — Issued in exchange (Nov. i, 1918) for an equal amount of Eastern Texas Electric Co. (of Maine) 1st & Coll. Tr. 5s, due Nov. 1, 1942. Denomination — Coupon $1,000 and $500. Registerable as to principal and exchange- able. Registered. $5,0 00 and multiples thereof. Trustee — State Street Trust Co.. Boston. Redeemable as a whole or in part for sink- ing fund at 105 and interest on any interest date. Sinking Fund — 1% of all outstanding bonds, payable annually on November 1. This fund to be applied to the purchase or redemption of these bonds at not exceeding 105 and in- terest. Organization — Incorporated in Texas as the Jefferson County Traction Co. Present name adopted in 1918. In July. 1918, purchased and 41u conaol Mated with the properties of the Beau- mont Electric Light & Power Co., Port Ar- thur Light & Power Co. and Beaumont Trac- tion Co., all of whose stocks had been owned by the Eastern Texas Electric Co. (of Maine). Secured by a direct mortgage on all the property of the company including the fol- lowing: Plants doing the entire electric light and power business in Beaumopt and Port Arthur. Entire street railway system in Beaumont, comprising 9.8 miles of track. Interurban railway between Beaumont and Port Arthur comprising 20 miles of track. Population served, railway 63,900; light and power, 64.200. Francliises — Important franchises In Beau- mont expire in 1961 and 1963 and in Port Arthur in 1943. Interurban line on private right-of-way. Prior Lien — $270,000 Beaumont Traction Co. 1st 5s of 1943. Underlies — $500,000 7% Notes due Aug. 1, 1921. Year ended Dec. 31 Gross Net Int. & S. F. 1918. . .$1,131,753 $469,593 $163,699 1917. . , 938.074 421,082 137,120 1916. . . 826,314 381.892 107,698 1915. .. 723.091 336,644 105,561 1914... 673,095 271.163 101,639 Original Market — Offered in 1912 at 94 and interest by Stone & Webster, New York and Boston. Market. Boston — Tucker, Anthony & Co. , Stone & Webster. New York — Tucker, Anthony & Co., F. H. Hatch & Co. , Wm. C. Ewen, McGeorge & Vanderhoef, .Stone & Webster. Benver — J, N. Wright & Co. Grand Rapids — Howe, Snow, Corrigan & Berties. Price Range Jan. 1,1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.92 '17 95 '17 82 Dec. 88 Dec. Low. 82 '18 85% '18 85% Dec. EASTERN TEXAS ELECTRIC CO. 7% Gold Notes. Due Augnst 1, 1931. Dated August 1. 1918. Interest payable Feb. and Aug. 1, at Trustee's office, Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $750,000. Purpose of Issue — The proceeds from the sale of these notes will be used to retire the present issue of $500,000 6 per cent, coupon notes, due December 1. 1918, and will be ap- plied to the retirement of the company's float- ing indebtedness now amounting to $300,000 which has been Incurred for additions and ex- tensions to the company's plant. Denomination — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — State Street Trust Company, Bos- ton. Redeemable aa a whole, prior to Aug. 1, 1920, at 101 and Interest, and thereafter at 100 and interest upon 30 days* notice. Organization — See 1st 5s. Secured — A direct obligation of the com- pany, but not secured by mortgage. Inden- ture provides that no further bonds will be sold by the company unless proceeds are ap- plied to the retirement of these notes. Prior Liens — $1,410,500 1st 5s, due 1942: $270,000 Beaumont Traction Company 1st 5s of 1943. Earnings — See 1st 5s. Original Market — Offered in August, 1918. by Stone & Webster, Boston, at 98 and inter- est. Market. Boston — Stone & Webster. Chicago — Stone & Webster. New ^York — Stone & Webster. Price Range — 1918. Bid Ask High. 97% Dec. 100 Dec. Low. 99 Dec. EASTERN UTILITIES COAL CO. 1st Sinking Fund 6s. Dae May 1, 1932. — F. Dated May 1, 1917. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $450,000. Issued — $450,000. Outstandin— $350,000 (May 9. '19). Retired by S. F. — None. Denomination — Coupon, $1,000. Regi sterabla as to principal. Trustee — ^Fidelity Trust Co., Philadelphia. Redeemable at 101 and interest on any inter- est date on 30 days' notice. Sinkiiig Fund — 1 5 cents per ton of coal mined. Minimum Annual Amounts — $18,000 from 1918 to 1922; $22,000 from 1923 to 1927: $25,000 from 1928 to 1932. It is estimated that this fund will retire this issue before maturity. Guaranteed principal', interest and sinking fund by endorsement by the Eastern Power & Light Corporation. Control — The entire $500,000 capital stock is owned by the Eastern Power & Light Corp. Secored by a first mortgage on 1,076 coal acres and 63 acres of surface lands, mining equipment, miners' houses, etc., and all prop- erty hereafter acquired. The property is lo- cated at Lost Creek, Harrison County, W. Va.. about 12 miles, from Clarksburg, and contains two veins of bituminous coal. Estimated re- coverable coal, 8.316,000 tons. As of May, 1917, production capacity 100,000 tons an- nually to be increased to 200,000 tons by application of the proceeds of this issue. The subsidiary operating companies of the Eastern Power & Light Corp. and General Gas & Elec- tric Co. .iiave contracted to take 235,000 tons in 1918' at $2 per ton f. o. b. cars mine. Original Market — $325,000 offered June, 1917, by ,Steel. Jones & Co., Philadelphia, at 100 and Interest. Price Range 1918 — ^Ask 96. EASTERN WISCONSIN ELECTRIC CO. 1st & Kef, 6s. Due Mar. 1. 1947. — ^P. Dated Mar. 1, 1917. Interest payable Mar. 1 and Sept. 1, in Milwaukee or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $1,396,500 (Jan. 1, '19). Reserved for Prior Liens — $2,997,500. Issued with approval of R. R. Commission of Wisconsin. Additional bonds Issuable for 76% of cost when net earnings for preceding 12 months are 1% times interest charges on all bonds outstanding and to be issued. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — ^Wisconsin Trust Co., Milwaukee. Redeemable at 105 and interest on Mar. 1, 1922, or any interest date thereafter. Improvement and Sinking Fund — Semi-annual payments March 1 and Sept. 1, aa follows: 1% annually of outstanding bonds 1922 to 1931. inc.: 1%% to 1932 to 1941. Inc., and 2%% 1942 to 1946. Inc., for the purchase or redemption of these bonds at not over 105 and Interest or for extensions, etc., a&ainst which bonds may not be issued. Organization — Incorporated in Feb., 1917, in Wisconsin to take over the properties of the Sheboygan Electric Co., EJaatern Wisconsin Railway & Light Co. and Wisconsin Electric Ry. Co. Management — ^Kelsey, Brewer & Co., Grand Rapids, Mich. Secured by a mortgage on all the properties of the company. The company owns and oper- ates electric lighting, power and street rail- way systems in Sheboygan and Fond du Lac, the street railway system in Oshkosh, the gas plant in Fond du Lac, and interurban lines connecting Sheboygan and Blkhart Lake, Fond du Lac, Oshkosh, Oshkosh and Neenah, and Oshkosh and Omro. Power la sold in Ply- mouth, Elkhart Lake and Sheboygan Falls. Population served, 100,000, The property In- cludes gas plant and 42 miles of distributing mains in Fond du Lac, electric generating plants ' located in Sheboygan, Pond du Lac and Oshkosh. with an aggregate capacity of 6,500 h. p.; over 100 miles of street and interurban railroad track, hydro-electric sites on the Wis- consin and Wolf Rivers, with an estimated de- velopment of 20,000 h. p. The company con- templates the installation of an additional 5,000 k. w. steam turbine plant and high tension transmission lines connecting the prop- erties. The company operates under an inde- terminate permit from the State of Wisconsin. With the exception of a portion of line from Oshkosh to Neenah, interurban lines are lo- cated on private right-of-way. Prior I^iens — $133,500 Pond du Lac St. Ry, 6s of 1924, $1,182,000 E. W. Ry. & Lt. 1st 5s of 1923, $1,580,500 Sheboygan Electric Ref. & Imp. 5s of 1946 and $101,500 Sheboygan Ry. & El. 53 of 1926. Year ended Jan. 31 (combined) Gross Net 1917 $958,633 $411,222 1916 860.809 346.488 Original Market — Offered April. 1917. by Paine, Webber & Co., Boston, New York and Chicago. Market. New York — Paine. Webber & Co.. Kiely & Horton, Babcock, Rushton & Co. Chicago — Paine, Webber & Co. , Babcock, Rushton & Co. '^ Boston — Paine, Webber & Co. EASTERN WISCONSIN RAILWAY & LIGHT CO. 1st 5b. Doe Oct. 1, 1933. — F. Dated Oct. 1, 1903. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deductfion. Authorized — $1,500,000. Outstanding — $1,182,000 (March, 1919). Reserved for Prior Liens — $133,500. Reserved for Imp. — $184,500. Denomination — Coupon. $1,000. Trustee — First Trust Co., Milwaukee. Wis. Redeemable on any interest date at 103 and interest on six months' notice. Assumed by the Eastern Wisconsin Electric Co. Organization — Incorporated In Wisconsin In 1903 as a consolidation of the Pond du Lac St. Ry. & Lt. Co. and the Pond du Lac & Oshkosh Blec. Ry. Co. Control — Absorbed In 1917 by the Eastern Wisconsin Electric Co. Management — Kelsey, Brewer & Co., Grand Rapids, Mien. Secured by a first mortgage on 20 miles of Interurban railway between Pond du Lac and Oshkosh. Wis., and a second mortgage on 7 miles of street railway In Fond du Lac and on plants supplying that city with gas and electricity. Population served: Pond du Lac. 25,000; Oshkosh, 35,000. Franchises expire in 1947 and 1951. Prior Liens — $133,500 Fond du Lac St. Ry. tc Lt. 5s of 1924. Underlies — Eastern Wisconsin Electric Co. lat & Ref. 6s of 1947, under which mortgage bonds are reserved to retire this issue. Earnings — See Eastern Wis. Electric Co. Market. New York— Paine, Webber & Co., Joseph & Wiener. Kiely & Horton, E. & C. Randolph. Cliicaeo — Paine, Webber & Co. Boston— Hotchkin & Co., Inc., Paine, Web- ber & Co. Milwaukee — Edgar Ricker & Co. Price Range. Jan. 1, *08 to Jan. 1, '19 Bid Ask High.95% '16 98 '16 Low. 89% '17 9i% '17 lilASTON & AMBOY RAILROAD CO. 1st 5s. Due May 1, 1920.— F. Dated April 13, 1880. Interest payable May and Nov. 1, at Philadelphia office, 228 S. 3d Street. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $6,000,000. Denomination — Registered, $1,000. Trustee — The Provident Life & Trust Co., Philadelphia. Pa. Guaranteed principal and interest by Lehigh Valley R. R. Co. by endorsement. Control — Merged in 1902 Into the Lehigh Valley R, R. Co. of New Jersey. $12,506,000 of the capital stock of the latter company is owned by the Lehigh Valley R. R. Co. and deposited under its Gen. Cons. Mtg. of 2003. Secured by first mortgage on 69 miles of road extending with branches from Philllps- burg, N. J., to Staten Island Sound at Perth Amboy, N. J. Refunding — Lehigh Valley R. R. Co. Gen. Cons. Mtg. of 2003 provide for the retirement of this issue, which may be extended two years. Legal for Cal., Conn., Me.. Mich., Minn., N. H., N. J. and R. I. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — ^West & Co., Graham, Parsons & Co., Biddle & Henry. Chas. Fearon & Co., Henry D. Boenning & Co., 3ftuntoon & Co., S. K. Phillips, Warren A. Reed. New York — Wm. Carnegie Bwen', Abraham & Co. , Sam'l Goldschmidt, Wood, Struthers & Co. Pittsburgh — ^R. B. Hutchinson & Co. Newark — J. S. Rippel. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 102% '15 lOS'^ '15 98% Jan. 100 Jan. Low. 94% '18 98% '18 94% Dec. 98% June EASTON & SOUTH BETHLEHEM TRANSIT Co. Ist 58. Due July 1, 1936. Dated July 2, 1906. Interest payable Jan. and July 1, at E. B. Smith & Co.. Philadel- phia. Tax Status — Federal Income Tax informa- tion not available. Tax exempt fin Pennsyl- vania. Authorized — $ 500,000. Outstanding — $422,000 (Dec. 31, '18). 417 Retired by Sinking Fund — $54,000. DenomiDation — Coupon. (1,000, with privi- lege of registration of principal. Trastee — Girard Trust Co., Philadelphia, Pa. Redeemable on any interest date at 105 and Interest. Sinking Fnnd — {5,000 per annum from June 1. 1908. Guaranteed principal and interest by Easton Consolidated Blec. Co. by endorsement. Control — Absorbed by Easton Tranisit Co. , all of whose stock is owned by the Easton Consol. Electric Co. and deposited under its Coll. Tr. 5s of 1949. The latter company la controlled through stock ownership by the lie- high Valley Transit Co. Secured by a first mortgage on 12 miles of electric railway between Easton and South Bethlehem, Pa. Population served, 50,000. Earnings — See Easton Consolidated Electric Co. Original Market — First offered by Edward B. Smith & Co., Philadelphia and New York. Market. Philadelphia — H. D. Boenning & Co., Bioren & Co., S. K. Phillips. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask HIgh.102 '10 104% '09 90 Dec. 94 Dec. Low. 85 '17 90 '17 85 Feb. 90 Feb. Price Range. Jan. 1, -le to Jan. 1, '19 1918 Bid Bid Hig:h.99 '16 90 Feb. Low. 90 '18 EASTON (PA.) CONSOIilDATED EI^CTRIC CO. Coll. Tr. 5s. Due May 1, 1949.— F. Dated May 1, 1899. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. " Tax exempt in Pennsylvania. Authorized— $1,300,000. Outstanding — $1,237,000 (Jan. 1. '19). In Treasury — $ 3,000. Denomination — Coupon, $1,000. Reglaterablo as to principal. Trustee — Girard Life Insurance, Annuities & Trust Co.. Philadelphia. Organization and Control — Incorporated in New Jersey. All of the stock, except 24 shares, is owned by the Lehigh "Valley Transit Co. Secured by deposit with trustee of the fol- lowing stocks: $2,150,000 (entire issue) Eas- ton Transit Co.; $307,925 of total of $308,055, Edison Illuminating Co.; $110,000 (entire issue) Pennsylvania Motor Co. These companies do most of the street railway and part of the electric business in Easton, Pa., and vicinity. Population served, 75,000. Prior Liens — $200,000 1st 5s of Easton, Palmer & Bethlehem Elec. Co.; $60,000 Penn^- sylvania Motor Co. 1st 6s, and $422,000 Eas- ton & South Bethlehem Transit 1st 5s. tlnderlies — $ 925,000 Lehigh Valley Transit Coll. Tr. 5s, secured by deposit of all of the stock of this company. Year ended Dec, 31 Int., Gross Net Tax, Etc. 1916 $653,262 $225,733 $68,315 1915 534,644 152.966 67.911 1914 476,777 150,867 67.480 Later earnings not reported. Original Market — Offered March, 1910. at 98 and interest by Edward B. Smith & Co., New Tork and Philadelphia. Market. Philadelphia — Montgomery & Co. , E. B. Smith & Co.. Harper & Turner, Huntoon & Co. EATONTOX BRANCH RAILROAD CO. let 68. Dn« June 1, 1926. — F. Dated June 1, 1896. Interest payable June and Dec. 1, at Citizens & Southern Bank, Sav- annah, Ga., or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $168,000. Denomination — Coupon, $ 6 0. Registerable as to principal Trustee — Savannah Bank & Trust Co., Sa- vannah, Ga. Redeemable at par at any time on four weeks' published notice. Assumed by the Central of Georgia By. Co. Control — ^Merged into the Central of Georgia Ry. Co., which is controlled by the Illinois Central R. R. Co. through ownership of entire capital stock. Secured by a first mortgage on 21 miles of road from Eatonton to Milledgeville, Ga. ITnderlleB — Cent, of Ga., M. G. & Atl. Dlv. 6s of 1947. Gen. & Ref. Mtge. bonds of 1962 and Cons. 5s of 1946. Retirement of isBue la provided for under Middle Georgia & Atlantic Dlv. 1st Mtge. and Cent, of Ga. General & Refunding Mortgaff*. Legal for Cal. and R. I. Market. Baltimore — Jenkins, Whedbee & Poe. New York — Abraham & Co. Price Range. Jan. 1. *17 to Jan. 1, '19 1918 Bid Bid High. 9 9 '17 92 Dec. Low. 80 '18 80 Mar. EBENSBURG COAL CO. Purchase Money 68. Due $20,000 each April 1 and Oct. 1 from April 1. 1916, to Oct. 1, 1925, inclunve. Dated Oct, 1, 1915. Interest payable April' 1 and Oct. 1. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $400,000. Outstanding — $260,000 (May 6, '19). Balance Redeemed. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila- delphia. Redeemable at 101 and Interest on and after Oct. 1, 1920. Sinking Fund — Annually on and after Oct. 1. 1916. 3 cents per ton of all coal mined from company's properties in excess of 1,500,000 tons per annum for the purchase or redemption of these bonds at not over 101 and interest. Organization — See 1st 6s. Secured by a purchase money mortgage on about 1,550 acres of town site, farms ana Im- provements thereon at Colver, Cambria County, Pa. ; also' secured by a m,ortgage subject to prior liens on the company's mineral rights on about 6,243 acres of rich bituminous coal landi In Cambria County. Pa. Further secijred by deposit of the capital stock of the Colver Water Co., which supplies water to the town of Colver. Upon the town site and farms are 380 dwell- ing houses, a hotel and a number of commer- , cial buildings. The rents from these proper- ties, independent of the earnings of the coal properties, are reported well in excess of the interest charges on these bonds. 418 Prior Liens — $25,000 P. M. 5s and $480,000 1st 6a, due Jan. 1, 1931. Original Market — First offered by Brown Bros. & Co. Market. Philadelphia — Brown Bros. & Co, , S. K. Phillips. Due '19). Regjsterable £B£NSBURG COAt CO. 20-Year Xst 6s. Jan. 1, 1931. — F. Dated Jan. 2. 1911. Interest payable Jan. 1 and July 1, In Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $760,000. * Outstanding — $480,000 (May 1, Retired by S. F. — $242,000. Denomination — Coupon, $1,000. aa to principal. Trustee — Commercial Trust Co. , Philadel- phia. Redeemable at 102% and interest on any interest date. Sinking Fund — Annually 5 centa per ton (2,240 lbs.) on all coal mined and shipped from mortgaged properties with a minimum of $30,- 000 for calendar year 1914, inureaaing to $40,- 000 for 1915 and annually thereafter for the purchase or redemption of these bonds at not over 102% and interest. It is estimated that this fund will retire this entire issue before maturity, at which time about one-half of the coal will remain unmined. Organization — Incorporated in Pennsylvania. Secured by a mortgage on mineral rights on about 6,243 acres of bituminous coal lands and coal mines in Cambria County, Pa., together with surface lands and rights and mining equipment. Mr. E. V. d'Invilliers has esti- mated that there is at least one seam of com- mercial coal underlying this property, with an average thickness of about three feet, eight inches, of which 85% is recoverable, and that at this figure there are 31,355,000 tons of recoverable coal in this ore seam. In addition to which he has stated that two-thirds of the area contains an upper seam which should yield at least 12,000,000 tons, giving a total yield of upward of 43,000,000 tons of recover- able coal. Since this estimate was made 4,304,791 gross tons of coal have been mined and shipped from thejiropertles up to Dec. 31, 1917. Prior Lien — $25, 000 purchase money mort- gage 5s (redeemable) on about 343 acres. Original Market— First offered by Brown Bros. & Co. Market. New York— Baker, Carruthers & Pell, H. I. Nicholas & Co. Philadelphia — Brown Bros. Fearon & Co., S. K. Phillips. Price Kange. Jan. 1, '17 to Jan. 1, '19 Bid High.lOO '17 t.ow. 96 '17 & Co., Chas. 1918 Bid 99 Dec. 9 8 Dec. ECONOMY IJGHT & POWER CO. (JOLIET, rLL.) 1st S. F. 5s. Due Dec. 1. 1956. Dated December 1, 1906. Interest payable June and Dec. 1, at Redmond & Co., New York, or Central Trust Co, of Illinois, Cbi(?ago. Tax Statufr — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $1,407,000 (Dec. 31, 1918). Retired by S. F. — $54,000. Pledged under P. S. of No. 111. Ist & Ref. Mtge.— $428,000. Denomination — Coupon, $1,000. Reglaterable as to principal. Trustee — Cfentral Trust Co. of Illinois, Chi- cago. . . Sinking Fund — Commencing December 1, 1916, and annually 1% of outstanding bonds, to purchase these bonds at not over 110 and interest, or if not so obtainable to be invested In securities legal for investment for Now York State Savings Bank. Bonds cannot be called. Control — Absorbed by the Public Service Co. of Northern Illinoia, which has aseunied these bonds. Secured by a first mortgage on all property, rights and franchises of the Economy Light & Power Co., which formerly did the entire electric lighting of Joliet, Lament, Rockdale, Plainfield and New Lenox, 111., and owned a transmission line to Chicago. The property included a hydro-electric plant at Joliet, 111., and on two other hydro-electric plants on the Des Plaines River. Franchise in Joliet is perpetual, in Rockdale and Lamont expire in 1947 and In Plainfield and New Lenox, 1956. TTnderlies — The Public Service Co. of North- ern Illinois 1st & Ref. 5s of 1956, a auffl- cient amount of which bonda has been re- •erved to retire this issue, Famlngs — See Public S. Co. N. 111. Original Market — Offered in 1909 at 98 and mterest by Redmond & Co., and In 1910 by N. W, Halsey & Co., New York, etc. Market. New York— F. H, Hatch & Co,, Halsey. Stu- art & Co., A. E. Fitkin & Co., Hanson & Doyle, Dunham & Co. , B. & C. Randolph. Michaelis & Co., Pynchon & Co., Berdell Bros., Redmond & Co. , Babcock, Rushton & Co. , Lynch & McDermott, Spencer Trask & Co. Chicago — Halsey, Stuart & Co., Russell, Brewster & Co.. H. T. Holtz & Co., Babcock, Rushton & Co. New Orleans — Edwin D. Cohn. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '16 102 '16 93 Dec. 98 Dec. Low. 83% '18 88 '18 83% July 88 July EDISON ELECTRIC CO. (LANCASTER, PA.) 1st & Ref. 5s. Due Feb. 1, 1943.— P. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1 at office of Trustee. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $5,000,000. Outstanding — $1,740,100 (Dec. 31. 1918). Reserved for Prior Liens — $415,800. Reserved for Ext. — $2,844,100. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — Lancaster Trust Co., Lancaster, Pa. Redeemable as a whole at 105 and interest on any interest date on six weeks' notice. Organization — Incorporated in Penn. in 1911 as a consolidation of a number of light and power companies of Lancaster County. Control — Entire stock owned by I^ancaster County Ry . & Light Co. , all of whose stock is owned by United Gas & Electric Corp. Secured by mortgage upon the entire prop- erty of company which does the entire electric light and power business in the city and county of Lancaster, Pa., with the exception of a few small villages served by local plants. Franchise reported as perpetual. Population served, 148,892. Prior Liens — $290,800 Electric Illuminating Co. 1st 5s of 1925 and $125,000 Columbia Electric Lt., Ht. & Pow. 1st 58 of 1935. Years ended Dec. 31 Gross Net Int., Etc. 1918 $803,442 $359,111 $117,639 1917 729,524 333.728 108,037 1916 597,477 298,272 93,621 1915 508,728 257,553 ■ 79,374 Original Market — Offered 1913 by Messrs. Bertron, Griscom & Co., New York and Phlla., and Montgomery, Clothier & Tyler, Phila., at 99 and interest. Market. New York — Newburger, Henderson & Xoeb, H. & C. Randolph, Betron, Griscom & Co. Philadelphia — Wm. M. Canby, Elkins, Mor- ris & Co., Martin & Co., Newburger, Hender- son & Loeb, Bertron, Griscom & .Co., Wurtz, Dulles & Co., H. Boenning & Co., Reilly. Brock & Co., Lloyd & Palmer. Paul & Co., S. K. Phillips. Huntoon & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid ■ Ask High.lOl '17 102^^ '17 91% Dec. 93^^ Dec. Low. 88 '18 90 '18 88 Mar. 90 Mar. (THE) EDISON ELECTRIC CO. OF LOS AN- GELES. CAL.» 1st & Ref. 6s. Due Sept. 1» 1923.— N. Dated Sept. 1, 4902. Interest payable March 1 and Sept. 1, at Harris, Forbes & Co., New York, or at Los Angeles Trust Co. Tax Statusi — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — 52,743,000 (Feb. 15, 1919). Retired by S, E. — $2,095,000. Denomination — Coupon, $1. 000. Reglsterable as to principal. Trustee — Los Angeles Trust Co., Los An- geles, Gal. , and United States Mortgage & Trust Co., New York. Redeemable at 110 and interest on any in- terest date. Sinking Fund — Annually 1%% of outstand- ing bonds on and after Sept. 1, 1909. From Sept. 1, 1907 to 1909, the anaount was 10% of net earnings. Organization and Control — The Bdison Elec- tric Co. was a consolidation of the Pasadena Electric Light & Power Co., Santa Ana Gas & Electric Co., Redlands Electric Light & Power Co., United Electric Gas & Power Co., Mountain Power Co., Los Angeles, Southern California Power Co., California Power Co., Edison Power Co., Los Angeles, Pomona & Ontario Light & Fuel Co., Whittier Light & Fuel Co., Colton Gas Co. and Peoples' Gaa Co. of Monrovia and the Riverside Light & Fuel Co. In 1909 the gas and electric prop- erties were taken over by the Southern Cali- fornia Edison Co., and gas properties subae- quently sold. Secured by a mortgage on all the property formerly belonging to the Edison Electric Co. of Los Angeles. Franchises are without time linUt. Prior Liens— $390,000 1st 5s of 1929; $30.- 000 United Electric Gas & Power Co. 1st 5s of 1920, and $48,000 6% bonds of other sub- sidiaries. Underlies — Southern California Edison Gen. 5s of 1939 which provides for the retirement of this issue and all prior liens. Earnings — See Southern Cal. Edison Co. Listed on the Safi Francisco Stock & Bond Exchange. Original Market — First offered in 1902 by E. H. Rollins & Sons, N. W. Harris & Co.. Perry, Coffln & Burr, Boston. Harris, Forbes & Co., New York, and Harris Trust & Sav- ings Bank. Chicago, at 102 and interest. Market. New York — McDonnell & Co., G. W. Walk- er & Co., J. M. Byrne & Co., E. & C. Ran- dolph, Kiely & Horton, E. F. Hutton & Co., Babcock, Rushton & Co., Berdell Bros., F. H. Hatch & Co., John Nickerson, Jr., Sutro Bros. & Co. Los Angeles — Torrance, Marshall & Co., Wm, R. Staats Co. , Blankenhorn-Hunter- " Dulin Co., Perrin. Drake & Riley, A. H. Wool- lacott, Babcock. Rushton & Co. Chicago — Harris Trust & Savings Bank. San Francisco — ^Torrance. Marshall & Co.. Byone-Blankenhom-Hunter Co., Sutro & Co. Pasadena, Cal. — ^Blankenhom-Hunter-Dulin Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, *10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '10 103 '12 95 Jan. 97% Jan. Low. 93 '18 95% '18 93 Dec. 96% Dec. EDISON ELECTRIC CO. OF NEW ORLEANS 1st 5s. Due Jan. 3, 1929. — F. Dated July 1, 1899. Interest payable Jan. and July 1, at Trustee's office or Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized-^$2, 500, 000. Outstanding — $2,220,000 (Dec. 31, 1918). Retired by S. F. — $280,000. Denomination — Coupon, $1, 000. Trustee — ^American Trust Co., Boston. Sinking Fund — 1% per annum of outstand- ing bonds. Assumed by New Orleans Ry. & Lt. Co. Control — Absorbed by New Orleans Ry. & Lt. Co.. which is controlled by American Cities Company, a subsidiary of the United Gas & Electric Corp. Secured by a first mortgage on plants sup- plying electricity to a part of New Orleans, La. This mortgage covers all of the plant acauired up to 1905. Franchise is perpetual. Underlies — New Orleans Ry. & Lt. Co. Ref. & Gen. 5s of 1949 and Gen. 4%3 of 1935, both of which provide for the retirement of this issue and Debenture 6s. Earnings — See N. O. Ry. & Lt. Co. Listed on the New Orleans Stock Exchange. Original Market — First offered by N. W. Harris & Co.. Boston, and Harris, Forbes « Co., New York, at 106 and interest. Market. New York— F. H. Hatch & Co.. G. W. Walk- er & Co., A. B. Pitkin & Co., J. D. Curtis & Co., E. & C. Randolph. W. J. WoUman, E. F. Hutton & Co., Spencer Trask & Co. Philadelphia — Chas. Fearon & Co. New Orleans— B. D. Cohn, Claude M. Smith & Co. IjOS Angeles — A. H. WooUacott. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOB '11 107% '09 90% June 100 Feb. Low. 77'^ '18 92 '08 77M. Aug. 93 Aug (THE) EDISON ELECTRIC ILLUMINATING CO. OF BOSTON 5-Year 5% Notes. Du« Feb. 1, 1922.— N. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Old Colony Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $10,000,000. Denomination — Coupon, $1,000 and $5,000. Trustee — Old Colony Trust Co., Boston. 420 Redeemable on a 4% basis -on any Interest date on 30 days' notice. Organization — Incorporated in Massachusetts In 1886. Furnishes Boston and 40 other nSar- by cities and towns with electric light and power. Authorized Outstanding Capital stock.... $22,518,200 (22,618,200 Security — ^A direct obligation of the company ■ but not secured by a mortgage. During the life of these notes, no mortgage In addition to the $3,065,000 secured debt now outstanding will be put upon existing property of the company unless this note issue is retired or equally secured under such' new mortgages. Earnings — See 7% Notes due 1922. Original Market— $10,000,000 ottered Jan., 1917, by Parkinson & Burr, F. S. Moseley & Co. and Old Colony Trust Co.. at 102.22 and interest. Marlcet. See 7% Notes, 1922. Price Range. .Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '18 102 '17 94 July 10014 Aug. Ixiw.94'18 96% '18 96% Feb. (THE) EDISON EL,ECTRIC ILI.TJMINATrNG CO. OF BOSTON 8-Year 6% Notes. Due Dec. 1, 1919.^N. Dated Dec. 1, 1917. Interest payable June 1 and Dec. 1 in Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Antiiorized — $3,000,000. Outstanding — $3, 000, 000. Denominations — Coupon, $1,000 and $5,000. Security — A direct obligation of the com- pany but not secured by a mortgage. The Company agrees that no additional mortgages will be placed on the company's properties without retiring or ecxually securing these notes and the $10,000,000 5-year 6% notes, due 1922. As of Dec. 1918, mortgage debt comprised $1,250,000 bonds and $1,816,000 real estate mortgages. Earnings — See 7% Notes, due 1922. Original Market — $3,000,000 offered Dec, 1917, by Lee, Higginson & Co., Old Colony Trust Co., F. S. Moseley & Co.. Kidder, Pea- body & Co. and Parkinson & Burr at 98% and interest. Market. See 7% Notes, 1922. Price Range — 1918. Bid Ask High. 99% Dec 100 li Dec. Low. 97% Jan. 98% Jan. (THE) EDISON EI.ECTBIC ILLUMINATING CO. OP BOSTON 4-Year 7% Notes. Due Aug. 1, 1922— N. Dated Aug. 1. 1918. Interest payable Feb. 1 and Aug. 1 at Old Colony Trust Co.. Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $3,000,000. Purpose of Issue — To increase the capacity of the company's generating and distribution systems. Denominationi — Coupon $1,000. Organization — See 6% notes due Feb. 1, 1922. Security — A direct obligation of the com- pany, but not secured by a mortgage. Under the provisions of thlls indenture no additional mortgage can be placed on the company's prop- erties without retiring or eaually securing these notes. The company's mortgage debt comprises $1,250,000 6% bonds and $1,816,- 000 real estate mortgages. Year ended June 30; Gross Net Int. & Tax. 1918 $9,623,606 $4,88i;941 $1,643,843 1917 9,235,778 6.049.434 1.429,624 1916 8,302,816 4,801,448 1,230,995 Original Market — $3,000,000 offered July, 1918, by Old Colony Trust Co., Lee, Higgin- son & Co., F, S. Moseley & Co., Kidder. Pea- body & Co. and Parkinson & Burr at 99% and interest. Market. New York — Paine, "Webber & Co., Klely & Horton, Potter, Choate & Prentice, BerdelL Bros., Hstabrook & Co.. F. H. Hatch & Co.. Parkinson & Burr, Babcock, Rushton & Co. Boston — Parkinson & Burr. Paine. Webber & Co., F. S. Moseley & Co., Curtis & Sanger,. Richardson, Hill & Co., Estabrook & Co. ClLicago — Paine, Webber & Co., Northerr* Trust Co., Babcock, Rushton & Co., Curtis fc Sanger. Price Range— 1918. Bid Ask . High.102 Dec. 103 Dec. Low. S»% July 100 July EDISON EUBCTRIC ILLUMINATI^JG CO. OF BROCKTON, MASS., 1st 5s. Due Dec. 1, 1930.— F. Dated Dec. 1. 1900. Interest payable June and Dec 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid . by cnmpnnv without deduction. Autborized and Outstanding — $200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co. Redeemable on any interest date at 110 and Interest. Organization — Incorporated in 1884. in Mas- sachusetts and has absorbed several electric lighting properties. Management — Stone & Webster Management Association. Secured by a mortgage on plants supplying electricity to Brockton. Bridgewater, Stough- ton, Mass., and vicinity. Population served, about 103,700. Company has four power stations. Franchises are perpetual. Prior I/iens — $15,000 5% bonds of constitu- ent companies which this company has as- sumed. Underlies — $750,000 6% Notes, due 1919. Year ended Dec, 31 Gross Net Int.&S.F. 1918 $831,538 $264,423 $79,132 1917 729,448 276.629 42,184 1916 636,697 235,126 17,100 1915 652,235 204,321 29,263 1914 476,366 164,166 '37,467 •Includes taxes. Original Market — First offered by Perry, Coffin & Burr, Boston, Mass. Market. Boston — Stone & Webster. New York — H. N. Whitney & Sons. F. H. Hatch & Co., Stone & Webster. Providence — Hornblower & Weeks. Chicago — Stone & Webster. EDISON ELECTRIC ILUJMINATING CO. OF BROCKTON, MASS., 2-Year 6% Notes. Due Deo. 1, 1919. Dated Dec. 11, 1917. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $760,000. Outstanding — $760,000. 421 Purpose of Issue — The proceeds are to be applied to the retirement of floating debt of $740. QOO which has been Incurred in exten- siona to the power station. Denominations — Coupon, $1,000 and $500, Hesisterable as to principal. Registered $1,000 and $500. C. & R. interchangeable. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable as a whole only at 100 and in- terest on 30 days' notice. Organization — See 1st 6s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture should the company place any further lien or encum- brance on its property It will secure these notes equally with the other obligation secured thereby. Funded Debt — $200,000 1st Ss of 1930; 115,- 000 Bridgewatef Electric Co. 1st 6s of 1920; $15,000 5% notes, due 1921. Earnings — See 1st 5 s. Original Market — $750,000 offered Dec, 1917. by Estabrook & Co. , Boston, etc. , to yield 6.90%. Market. Chicago — Northern Trust Co., Illinois Trust ■ & iSavings Bank, Stone & Webster. New York — Mann, Bill & Co.. Estabrook & Co., Stofte & Webster. Berdell Bros, Chicago — Stone & Webster. Price Range 1918 — Bid 95, Ask 98. EDISON EliECTRIC BLIitJMINATING CO. OF BROOKLYN, N. Y., 1st Cons. 48. - Due Jan. X. 1939. — F. Dated Oct. 1, 1898. Interest payable Jan. and July 1, at Guaranty Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $4, 275. 000. Reserved for Ext. — $5,725,000. Denomination — Coupon, $1,000. Registerabi* as to principal. Trustee — Guaranty Trust Co., New Tork. Assumed — By Brooklyn Edison Co., Inc. Control — In 1898 control of the company was acquired by the Kings County Electric Lt^ & Power Co. In Jan., 1919, the Company was merged into the Brooklyn Edison Co., Inc. Secured by a first mortgage on the entire property of the company which supplies the Borough of Brooklyn in New Tork City with electricity, owning a generating plant and 20 sub-stations. Franchises are perpetual. Underlies — $5,500,0 00 Brooklyn Edison Co., Inc.. Gen. 5s of 1939. Bonds are reserved under above mortgage to retire this issue. Earnings — See Brooklyn Edison Co., Inc., Gen. 5s. Listed on the New Tork Stock Exchange. Market. New York — Sam'l Goldschmidt, Wolff & Stanley, B. & C. Randolph, Newborg & Co., Theo. Tj. Bronson, L. A. Norton, Abbott. John- son & Co.. Wm. Carnegie Ewen, John Daven- port, F. H. Hatch & Co.. Spencer Trask & Co., BerdeU Bros., Low, Dixon & Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.93% Mar. 13, '06 78 Nov. 7 Low. 73 Sept. 10, '18 73 Sept. 10 Tax Status — 2% Federal Income Tax paid by comps ny wfthout deduction. Authorized — $1, 000, 000. Outstanding— $ 5 0, 0. , Denomination — Coupon, $600. Registerablo as to principal. Trustee — Safe Deposit and Trust Co.. Bal- timore. Redeemable on any interest date at 102 and interest. Sinking Fnnd— Beginning April 1, 1916, and annually thereafter an amount equal to 1% of outstanding bonds for their purchase at not exceeding 102 and interest. If not so purchasable to be -drawn at that price. Bonds so acauired to be cancelled. Organization — Incorporated (in Maryland) In 1884. Secured by a direct first mortgage on plant supplying electric light and power to Cumber- land, Md., and vicinity, serving a population' of about 35,000. Company sells power to local street railway. Franchises are re- ported satisfactory. Years ended June 30 Gross Net Interest 1916 $165,323 $73,725 $24,937 1915 141,978 63,760 9,625 1914 134,909 57.259 4,500 Original Market — First offered December, 1915, by Jackson & Curtis, New York and Boston, at 96 and interest. EDISON ELECTRIC ILLUMINATING CO. OF NEW YORK 1st Cons. 5s. Due July 1, 1995.— F. Dated May 1, 1895. Interest payable Jan. and July 1 , at Guaranty Trust Co. , New Tork. Tax Status — 2% Federal Income Tax paid by company wtithout deduction. Authorized — $15,000,000 but now limited to $6,500,000. Outstanding — $2,188,000. Denomination — Coupon, $1,000. Registerable as to -principal. Trustee — Guaranty Trust Co., New Tork. Assumed by the New Tork Edison Co. Control — The New Tork Edison Co. ab- sorbed this company in 19 01. The entire $50,153,400 capital stock of the latter com- pany Is owned by the Consolidated Gas Co. Secured by first mortgage on fourteen power stations located in the Borough of Manhat- tan, New Tork City, and by pledge of all the bonds and stock of the Manhattan Electric Light Co. and the Harlem Lighting Co. Fran- chises are reported as perpetual. Underlies — New Tork Gas & Electric Lt. & Pow. 1st 5s of 1948 and Purchase Money 43 of 1949. Listed on the New Tork Stock Exchange. Market. New York — Blodget & Co., B. & C. Ran- dolph, Sam'l Goldschmidt, Theo. L. Bronson, L. A. Norton, Kiely & Horton, Abbott, John- son & Co.. Wm. Carnegie Ewen, H. N. Whit- ney & Sons, Berdell Bros., Low, Dixon & Co., McClure. Jones & Reed. John Davenport, Spen- cer Trask & Co., Redmond & Co. Boston — Blodget & Co. Price Range — N. Y. S. E. 'Ian. 1, 190G to Jan. 1, 1919 1918 High.118 Apr. 2. '06 94% Sept. 20 Low. 94% Sept. 20, '18 94% Sept. 20 EDISON ELECTRIC ITLLUMINATING CO. OF CUMBERLAND (MD.), 1st 5s. Due April 1, 1934.— F. Dated April 1, 1914. Interest payable April 1 and October 1 at Citizens' Bank, Cumber- land, Md., or State Street Trust Co., Boston. EDISON ELECTRIC ILLUMINATING - CO. OF PATERSON (N. J.) 1st 5s. Due July 1. 1925.— N. Dated June 20, 1895. Interest, payable Jan. and July 1, at First. National Bank, Pater- aon, New Jersey. Tax Status — ^Payment of Federal Income Tax not assumed by company. AnthorLzed — $600,000. Outstanding — $585,000. Denomination — Coupon. $1, 000. Trustee — Paterson Safe Deposit & Trust Co.. Paterson, N. J. Gnaranteed as to Interest by lease to Pub- lic Service Electric Co. and- by Paterson ft Passaic Gas & Blec. Co. Control — Absorbed by Patterson & Passaic Gas & Elec. jCo. and leased for 900 years from June 1, 1903, to Public Service Electric Co., a subsidiary of the Public Service Corp. of New Jersey, Secured by a first mortgra&e on plant sup- plying electricity to Paterson, N. J. Popu- lation served (1910), 125,600. XJnderlies — Paterson & Passaic Gas & Elec. Co. Cons. 5s, which provide for the retire- ment of this issue. Market. New York — Moore & Co., "W. C. R. Smith & Co., Starbuck, Van Sant & Legg:. Paterson — F. A. Peters, Francis K. McCully. , Newark— J. S. Rippel & Co, Post & Flagg. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.101% '16 98 Mar. Low. 96 '17 101 '17 EDMONTON, DUNVEGAN & BRITISH CO- liUMBIA RAILWAY GO. 1st 4s. Due Oct. 32, 1944. Dated Aug. 11, 1916. Interest payable Feb. 22 and Aug. 22 in gold in New York or any branch of the Union Bank in Canada or Eng- land, without deduction or abatement. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000 per mile. Outstanding— $2,420,000 (closed mortgage). Denomination — Coupon, $1, 000. Guaranteed principal and interest by the Province of Alberta, Canada. Secured by a first mortgage on 120 milea of road. The mileage covered comprises an extension of 60 miles to the British Columbia boundary from the 350 miles of completed road running in a northwesterly direction from Edmonton, Alta., and a 60-mile south- erly branch from Edmonton Into the Grand Prairie District of Alberta. Original Market — Offered Sept., 1916, by Breed, Elliott & Harrison, Cincinnati, Indi- anapolis and Chicago at 84.56 and interest. Market. New York — "W. S. Macomber, Lynch & Mc- Dermott. Cincinnati — Provident Savings Bank & Trust Co. Montreal — Hew R. Wood. Price Range 1917-18— Bid 70, Ask 80. ELDORADO REFINING CO. 5-Year 7% Notes. Due Jan. 15. 1934. Dated Jan. 15, 1919. Interest payable Jan- uary and July 15 at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,500,000. Outstanding — $1,000,000. Reserved for Ext. — (80%) $500,000. Denominations — Coupon $1,000, registerable as to principal. Trustee — Northern Trust Company, Chicago. Redeemable at 105 and interest on any in- terest date on sixty days' notice. Sinking Fund — Annually $100,000, plus a sum equal to 50% of the net earnings for preceding calendar year after deduction of fixed charges and preferred stock, dividend. Also a further amount eaual to dividends ex- ceeding 6% paid on the Common Stock in any year. Company may deliver bonds to sinking fund linstead of cash. Company covenants that dividends shall not be pd,id on either preferred or common stock unless payments have been made to sinking fund at the rate of $200,000 per year for all prior years. Organization — Incorporated In Delaware. Owns an oil refinery at Eldorado, Kas., having capacity of about 5,000 bbls. per day. Security — A direct obligation of the company but not secured by mortgage. Company cove- nants not to mortgage or pledge any of its property so long as any of these notes are outstanding, purchase money mortgages and car trust liens excepted. Original Market — Offered February, 1919, by Imbrie & Company, New York, Chicago, etc.; at 9S and interest. ELECTRIC AND PEOPLES TRACTION 4% Stock Tr. Ctfs. Due at the option of the Union Traction Co. on or after Oct. 1. 1945.— F. Dated Oct. 1, 1895. Interest payable April 1 and Oct. 1. at Trustei^'s office. Tax Sta.tus — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $29,735,940. Ontstandlnff— $29,730,114 (Dec. 31. 1918). Denomination — Registered $100, $200, $300. $500 and $1,000. Trustee — ^Pennsylvania Co., for Insurances on Lives and Granting Annuities, Philadel- phia. Redeemable at par and interest on any in- terest date after Oct. 1. 1945. Gnaranteed as to principal and interest by the Union Traction Co. of Philadelphia. Control — All of the stock of the Electric Traction Co. and Peoples Traction Co. is owned by the Union Traction Co., which leases the properties for 998 years. The Union Trac- tion Co. is leased for 999 years to the Phila- delphia Kapid Transit Co. Secured by deposit of practically the entire capital stock of the Electric Traction Co. ($8,750,000) and the Peoples' Traction Co. ($6,000,000). These companies control some 212.20 milea of street railway in Philadelphia. Listed on Philadelphia Stock Exchange. Market, Philadelphia — ^West & Co., Geo. S. Fox & Sons, Newburger, Henderson & Loeb, Harper & Turner, Chas. Fearon & Co. , Huntoon & Co. New York— F. H. Hatch & Co. Price Range. Jan. 1, 1915 to Jan. 1, 19J9 1918 High.86 '16 86% '16 73 Nov. 74 Jan. Low. 67 '18 67 Sept. ELECTRIC AUTO-LITE CORPORATION . 6% Secured Notes. Due, $2,000,000 Series A, Aug. 15, 1918, and $3,000,000 Series B. Aug. 15. 1919. Dated Aug. 15, 1917. Interest payable Aug. 16 and Feb. 15 at National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,00o. Outstanding — $3,000,000 (April, 1919). Ttalance Retired. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. 423 Redeemable on any interest date on 30 days* notice; Series A at 101^ and interest and Series B at 102% and Interest. Oreanization — Incorporated July, 1917, in Delaware to acquire the business and assets of an Ohio corporation of the same name organized in 1911. Owns stock interest In the Bridgeport Crucible Co., Klaxon Co., American Enameled Magnet Wire Co. , The "Willys-Overland Co., Fisk Rubber Co. and Federal Rubber Co. The company manufac- tures electric starting and lighting systems for automobiles. Plant capacity about 2,500 com- plete systems daily. Secured by pledge of the following collateral: The Willys-Overland Co., Common Stock (J25 par) $12,500,000 The FIsk Rubber Co., 7% Second Preferred Stock ($100 par) 1.000,000 Federal Rubber Co. . 7 % Second Preferred Stock ($100 par) 1.000,000 In addition to the pledged collateral, the Corporation will, upon completion of the pres- ent financing, own unpledged securities worth well in excess of $3,500,000; unmortgaged plant, machinery, eauipment and buildings rep- resenting a cash expenditure to June 30. 1917, of $1,356,671; and net quick assets amounting as of that date to $3, 216, 913;. a total value of $8,072,484 of unpledged securities, unmort- gaged plant and net quick assets. Among other things the indenture securing these notes provides that: No dividends shall be paid on the Common Stock so long as any of the notes remain out- standing and unpaid: No part of the Preferred Stock shall be redeemed if such redemption would reduce the net quick assets below the total of the notes outstanding ; The Corporation covenants not to mortgage or pledge any of its property during the life of these notes, except purchase money mort- gages on real property subsequently acquired, not to exceed $5,000,000 in the aggregate and not to exceed, in any case, 50% of the appraised value of the property mortgaged; All proceeds from the sale of any of the collateral to be pledged shall be applied to the retirement and cancellation of these notes. EamingB — The company does not report earnings. Original Market — $5, 000. 000 offered Aug.. 1917, by the National City Co. at 99% and interest for Series A and 98 and Interest Series B. Market. New York — Jos. Walker & Sons. Chaa. W. Hill , Babcock, Rushton & Co. Philadelphia — ^Montgomery & Co. Kansas City — H. P, Wright Investment Co. Chicago — Babcock. Rushton & Co. Price Range — Ser. "B.** Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '17 9&% '18 96 July 98^^ Sept. Low. 95 '18 95^ '18 95 Mar. 95% Apr. ELECTRIC STORAGE BATTERY CO. 6% Notes. Dae $1,000,000 Oct. 1, 1918, and $1,000,000 Oct. 1, 1919. Dated Oct. 1. 1917. Interest payable April 1 and Oct. 1 at Fidelity Trust Co.. Philadel- phia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2. 000, 000. Outstanding— $1,000,000 (Dec. 31, 1919). Balance Retired. Denomination — Coupon. $1,000. Redeemable (two year notes) Oct. 1, 1918. or April 1, 1919, on 30 days* notice. Organization — Incorporated in New Jersey In 1888. The company controls patents for storage batteries in this country and Canada, as well as exclusive right to manufacture in the TJ. S. and Canada under certain for- eign patents. The business consists or manu- facturing, selling and installing electric stor- age batteries and accessories, in addition to which the company contracts for the installa- tion of complete electric plants. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The company has no bonded debt and no current indebtedness other than current liabilities, and BO long as these notes are outstanding no Hen can be created on mortgageable assets, nor will current assets be set apart or in any way pledged to secure any other indebtedness of the company. Purpose of Issue — The company has con- tracts from the Government and additional working capital was temporarily desirable. Year ended Dec. 31 Gross *Net 1918 54,825.757 $3,949,374 1917 3.140.560 2,477,882 1916 2.069.978 1,582,053 ♦After interest. Original Market — $2,000,000 offered Sept.. 1917, by Brown Bros. & Co., and Cassatt & Co., Philadelphia, at 98% and interest. Market. Philadelphia — Brown Bros. & Co., Montgom- ery & Co., S. K. PhiTlips, Biddle & Henry. Price Range 1918 — Bid 99%. ELECTRIC TRANSMISSION CO. OF VIR- GINIA 1st 6s. Due Dec. 15, 1920. — F. Dated Dec. 15, 1915. Interest payable June 15 and December 15 at trustees" office. Tax Status — 2% Federal Income Tax paid> by company without deduction. Authorized — $1,250,000. Outstnndinjc — $689,500 (Jan. 1, 1919). Denominations — Coupon, $100, $600 and $1,- 000. Interchangeable and reglsterable as to principal. Trustee — Chicago Title & Trust Co. and William C. Niblack, Chicago. Redeemable as a whole or In part at 100 and interest at any time on 60 days' notice. Redemption and- ImproTement Fund— Begin- ning Dec. 15, 1917, the company covenants to expend annually not less than 5% of gross earnings for the acquisition of new prop- erties, extensions, betterments or improve- ments, or for the redemption of these bonds. Organization— Incorporated In Virginia and hag acquired the properties of the Electric Transmission Co., Powell Valley Light & Power Co. and Pennington Light Co., Inc. Control — The entire capital stock Is owned by companies affiliated with the Middle West Utilities Co. Secured by a first mortgage on all the prop- erty of the company located in Lee and Wise Counties In southwestern part of Virlginia, and Includes steam generating plant, 200 acres of coal land, 22 miles high voltage transmission lines on private rights-of-way. The_ company sells power under long-term contracts to the Kentucky Utilities Co. and also to local coal mining companies. Also serves under fran- chises, expiring from 1938 to 1946, the towns of Big Stone Gap, Appalachla, Pennington Gap and St. Charles, Va. Population about 7,500. Under a 50-year contract the company obtains coal by a conveyor from mines at 60 cents per ton. Underiles — $156,000 Gen. 6s of 1938. 421 Year ended Dec. 31 Gros3 Net Interest 1918 $196,766 $87,721 $51,200 1917 111,078 63.406 37,167 Orierinal Market — Offered by McCoy & Co., Chicago. January, 1915, at 96.86 and Inter- est. A block offered by the same Arm, March, 1918, at 94.96 and interest. Marlcet. New York — A. H. Muller & Sons, Leonard Snider & Co.. A. H. Bidtmore, & Co Chicago — H. L. Barber & Co., McCoy & Co. Price Banee. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 98 '16 100 '17 92 Dec. 98 Dec. Low. 92 '18 94% '18 9VA Web. Providence — Bodell & Co. Portland, Me. — Merle S. Brown. Price Range. .Ian. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High, 91 'IC 96% '17 86 Dec. 92 Deo. Low. 81 '17 82% '17 83 Feb. 86 Feb. BUECTKICAL, DEVELOPBIBNT CO. OF ON- TARIO 1st 5s. Due March 1, 1933.— N. Dated March 1, 1903. Interest payable Mar. and Sept. 1. at Canadian Bank of Com- merce, Toronto, New York and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1 0, 000, 000. OutstancUng — $4,533,000 (Dec. 31, 1918). Retired by Sinking Fund — $763,000. Fledged Under Toronto Power Co. Cons. Deb. Stock — $6,014,000. Pledged as Collateral — Over 50% of thio Issue is deposited under Toronto Power Co. Cons. Guar. Deb. stock. Denomination — Coupon, $600 and £102 14s lOd, with privilege of registration of princi- pal. Trustee — National Trust Co.. Ltd., Toronto, Can. Sinking Fund — $1.00 for each electrical H. P. sold and paid for during preceding calendar year, to be applied to purchase bonds at not exceeding 110 and interest. Began March, 1911. Control — Practically all of the stock Is owned by the Toronto Power Co., which is con- trolled by Toronto Ey. Co. The Toronto Power Co, leases the property and the interest on these bonds has first call on net earnings. Secured by first mortgage on hydro-electric plant at Niagara Falls, Ontario, with trans- mission lines to Toronto. Franchise, which Is renewable, expires in 2013. Underlies — £261,812 Deb. stock and £3,111,- 066 Cons. Guar. Deb. stock of the Toronto Power Co., which are secured In part by de- posit of about four-fifths of the stock of this company and over 50% of these bonds. Earnings — See Toronto Power Co. Usted on the Toronto Stock Exchange. Original Market — First offered by Geo. A. Stimson & Co., Toronto, Can., at prices rang- ing from 92% to par with 60% stock bonus, Dec, 1904. Market. New York — Paine, Webber & Co., W. S. Macomber, Earle A. Miller & Co., Blodget & Co., M. S. Brown, B. & C. Randolph, Bab- cock. Kushton & Co., Pynchon & Co., Abra- ham & Co., Baker, Carruthers & Pell, F. H. Hatch &. Co., Morton Lachenbruch & Co., Lynch & McDermott. Chicago-w-Paine, Webber & Co., Babcook, Ruahton & Co.. Pynchon & Co. Chicago — Paine, Webber & Co. Boston — Blodget & Co.. Paine, Webber & Co. Montreal — ^Royai Securities Corp., Ltd. Toronto^Domlnion Securities Co.. Ltd., Goldman & Co., Oxford Securities Corp., Ltd. lUUIwankee — Secoind Ward Savings Bank, Pynchon & Co. • BLECTRICAl SECURITIES CORP. Coll. Tr. 5s, "5th" Series. Dne Dec. 1, 1937. — F. Dated Dec. 1, 1907. Interest payable June and Dec. 1, at Guaranty Trust Co., New' York. Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding— $163,000 (Jan. 1. 1919). Retired by Sinking Fund — $837,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 103 and Interest. Sinking Fund — The company may retire bonds at its option, and withdraw deposited securities up to 116% of bonds retired. Control — All common stock owned by Gen- eral Electric Co. Secured by deposit of $150,000 Cleveland, Painesviile & Eastern R. R. Co. 5s; $32,600 Hudson & Manhattan R. R. Co. 4%s; $100,000 Ottumwa Ry. & Lt. Co. 5s, and $60,000 Wash.. Bait. & Annapolis El. Ry. Co. 6s. Total par value $342,600. Earnings — See "14th" Series. Market. New York— Coffin & Co., Blodget & Co., F. H. Hatch & Co. Boston — Blodget & Co. ELECTRICAL SECURITIES CORP. Coll. Tr. 68 "9th" Series. Due Feb. 1, 1940. — F. Dated Feb. 1, 1910. Interest payable Feb. and Aug. 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by oo-mpany without deduction. Authorized — $500, 000. Outstanding — $280,000 (Jan. 1. 1919). Balance retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 103 and interest upon 21 days* notice. Sinking Fund — See "14th" Series. Control — See "14th" Series. Secured by deposit of mortgage bonds, ag- gregating $375,000, of various electric rail- way, light and power companies as follows: $125,000 Choctaw Railway & Lighting Co. 6s; $126,000 Consolidated Power & Light Co. of S. D. 6s; $125,000 Northern Idaho & Montana Power Co. 6s. Also $68,000 Omaha Electric Light & Power Co. common stock. Earnings — See "14th" Series. Original Market — First offered by Jackson & Curtis, New York and Boston, at par, April. 1911. Market. See "6th" Series. EUECTBICAI, SECURITIES CORP. CoU. Tr. 6s "10th" Series. Due Feb. 1. 1941. — F. Dated Feb. 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. * Outstanding — $427,000 (Jan. 1, 1919). Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Redeemable on any Interest date at 103 and Interest upon 21 days* notice. Sinking Fund — See "14th" Series. Control — See "14th" Series. 425 ■ Secured by pledge of first mortgage bonds of other companies to the aggregate par value of $544,500, also $60,000 Buffalo Gen, Blec. Co. capital stock. Earnings — See "14th" Series, Original Market — First offered by Jackson & Curtis at par and interest Dec, 1911. Market.. See "5th," Series. EUECTRICAXi SECURITIXIS CORPORATION Coll. Trust 5fi, •'11th" Series. Due Feb. 1, 1943.— F. Dated Feb. 1, 1912. Interest payable Feb. and Aug. 1. at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $479,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New Tork. Redeemable at 103 and interest on any in- terest date upon 21 days' notice. Sinking Fund — Corporation is obliged to pur- chase or redeem, bonds aa follows* $10,000 annually Feb., 1917 to 1921, inc., $15,000 an- nually, 1922 to 1926, inc.; $20,000 annually. 1927 to 1931, inc.; $25,000, 1932 to 1942. Inc., retiring $475,000 bonds Joef ore maturity. Control — See "14th" Series. Secured by deposit of first mortgage bonds of various electric, railway, light and power companies, aggregating $625,000. Earnings — See "14th" Series. Original Market — OfCered Aug., 1912, by Jackson & Curtis, New Tork and Boston, at 100 and interest. Market. See "5th" Series. E1X:CTRICAL SECTTRITIES CORPORATION Coll. Trust 6s. "13tb'' Series. Due Feb. 1, 1943.— F. Dated Feb. 1, 1913, Interest payable Feb and Aug. 1, at Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500, 000. Outstanding — $402,000 (Jan. 1, -1919). Balance Retired. Retired — $98,000. Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any in- terest date upon 21 days' notice. Sinking Fund — $10,000 annually Feb., 1918 to 1922; $15,000. 1923 to 1927; $20,000, 1928 to 1932; $25,000, 1933 to 1943. Control — See "14th" Series. Secured by deposit of first mortgage bonds of various electric railway, light and power companies, aggregating $525,000. Earnings — See "14th" Series. Original Market — Offered in April, 1913, by Jackson & Curtis, New York and, Boston, at 100 and interest. Market. See "5th" Series. ELECTRICAL SECURITIES CORPORATION Coll. Trust 5s. "13th" Series. Dae Feb. 1. 1943.— F. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by compel ny without deduction. Authorized — $500,000. Outstanding — $490,000 (Jan. 1, 1919). Balance Retired, Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any in- terest date upon 21 days' notice. Sinking Fund — $10,000 annually Feb., 1918 to 1922; $15,000, 1923 to 1927; $20,000, 1928 to 1932; $26,000, 1933 to 1943. Control — See "14th" Series. Secured by deposit of first - mortgage bonds of various electric railway, light and power companies, aggregating $626,000. Earnings — See "14th" Series. Original Market — OfCered in April, 1913, by Jackson & Curtis, New York and Boston, at 100 and interest. Market. See "5th" Series. ELECTRICAL SECURITIES CORPORATION Coll. Tr. S. F. 5s. "14th" Series. Dn« Feb. 1. 1946.— F. Dated Feb. 1, 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1. 000, 000. Outstanding — $1,000,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 103 and interest on any in- terest date on 21 days' notice. Sinking Fund — $20,000 annually on Feb. 1, from 1921 to 1925, inc.; $30,000. 1926 to 1930; $40,000, 1931 to 1935, and $50,000, 1938 to 1940, inc., for the purchase or redemption of these bonds at not exceeding 103 and in- terest. This fund will retire $950,000 bonds before maturity. Organization — ^Incorporated in New York, 1904. The company purchases bonds princi- pally of electric railway, electric light and electric power companies, and pledges such bonds as collateral for its own issues. Secured by pledge of the following collateral: 125 1st Mtge. 5% S. F. Gold Bonds of Appalachian Pr. Co. of Rich- mond, Virginia, due 1941 $125,000 250 1st Mtsre. 5% S. F. Gold Bonds of the Colo. Pr. Co. of Denv., Colo., due 1953 250,009 115 1st Cons. Mtge. 5% S. F. Gold Bonds of Cons. Pr. & Dgt. Co. of Deadwood, S. D.. due 1929 115,000 250 lat Mtge. 5% S. F. Gold Bonds of Ft. Wayne & Northw. Ry. Co of Kendallville, Ind., due 1943 250,000 100 1st Mtge. 5% S. F. Gold Bonds of Mesaba Ry. Co. of Virginia, Minn., due 1932 100,000 200 1st Mtge. 5% S. F. Gold Bonds of Miss. River Pr. Co. of Keokuk, la., due 1951 200,000 75 1st Mtge. 5% Gold Bonds of "Wash., Bait. & Annap. Elec. R. R. Co. of Bait., Md., due 1941 75,000 135 1st Mtge. 5% Gold Bonds of Yadkin River Pr. Co. of Raleigh, N. C, due 1941 135.000 $1,250,000 The aggregate par value of the bonds pledged represents a margin of 25% over and above the par value of the corporation's outstanding bonds. If by reason of default in any of the pledged securities the principal of the unde- faulted bonds at the time held by the trustee becomes less than 125% of the principal of the collateral trust bonds then outstanding, the corporation is reauired to substitute for the bonds in default other ifiortgage bonds of electric light, electric railway, or electric power companies satisfactory to the trustee. BO that at all times the aggregate principal sum of undefaulted and interest-paying pledged Becurities held by the trustee shall equal at least 125% of the principal of collateral trust bonds outstanding. Capitalization Dec. 31, 1918: Capital Stock — Preferred 5% cum $1,000,000 Common 2.500,000 $3,500,000 Funded Debt: Collateral trust Ss, Issued. $10,000,000 Collateral trust 5s, retired. 5,813,000 Outstanding $4,187,000 Years ended Dec. 31 *Net Interest 1918 $503,146 $210,785 1917 497.640 213.068 1916 492,807 214.670 1915 456,835 188.047 •Not including profit from sale of securities. Original Market — Offered Feb., 1916, by Jackson & Curtis, Bankers* Trust Co. and Kissel, Kinnicutt & Co., at 99 and interest. Market. See "5th" Series. ELGIN, AURORA & SOUTHERN TRACTION Co. Ext. 1st Cons. S. F. 5s. Due Sept. 1. 1921. Dated June 1, 1901. Extended June 1. 1916, to June 1, 1919, and again extended in April, 1919. in each instance at same rate of inter- est. 5 % . Interest payable June and Dec. 1, at New York or Chicago. Default — Dec. 1, 1918. interest was not paid when due. Period of grace expired June 1, '19. Sinking fund payments are in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding— $1,546,000 (April 30, 191-9). Held in SlnklniT Fund— $454,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust £ Savings Bank, Chicago. Sinldng Fund — $17,000 annually for first five years from date of Issue, and $25,000 there- after. Assumed by the Aurora, Elgin & Chicago R. R. Co, Control — Absorbed by the Aurora, Elgin & Chicago R. R. Co. Secured by a first mortgage on the street railways in the cities of Elgin and Aurora, 111., and on an Interurban railway connecting the towns of Carpenterville, Dundee, Elgin, South Elgin, Geneva, St. Charles, Batavia, Montgomery, Aurora, Oswego, Yorkvllle and Bristol, making a total of 72 miles of track. Underlies — Aurora, Elgin & Chicago R. R. lat & Ref. 5s of 1946, which mortgage pro- vides for the retirement of this Issue. Earnings — See A. E. & C. R. R. Ijisted on the Cleveland Stock Exchange. Original Marke^rr-Offered in 1901 by W, E. Hutton & Co., New York, at 101 and Interest. Market. Philadelphia — S. K. Phillips & Co. H. Boen- nlng & Co., Warren A. Reed. ELGIN, JOItET & EASTERN RAILWAY CO. 1st 5s. Due May 1, 1941. — F Dated May 1, 1891. Interest payable May an& Nov. 1, at 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $10,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustets — Central Union Trust Co., New York, and Augustus L. Mason. Indianapolis Ind. Control — $6,000,000 of the $10,000,000 cap- ital stock Is owned by the U. S. Steel Corp. Secured by a first mortgage on 194.89 miles of road, viz. : Miles Waukegan. 111., to Porter Ind 129.95 Normantown to Aurora, 111 9.63 Walker to So. Wilmington, 111 32.72 Rockdale Jet. to Rockdale. Ill 6.54 Griffith to C. L. S. & E. Connections. Ind 7.02 Shearson to Whiting. Ind 5.35 Cavanaugh to Hammond, Tnd 3.64 Years ended June 30 Net * Deductions 1916 $5,917,853 $4,981,459 1915 3.374.351 2,652,591 1914 3.622,924 3.881.496 •Includes $400,000 dividends. Legal for Conn., Me., Mich.. Minn., Mo., N. H. N. J.. R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — E. & C. Randolph, Clark. Dodge & Co.. Wm. C. Ewen. J. S. Farlee & Co., Struthers & Hiscoe, McGeorge & Vanderhoef, Redmond & Co.. Taylor, Smith & Hard. Baker, Carruthers & Pell, Spencer Trask & Co., John Nickerson, Jr., Chas. W. Place, Vilas & Hickey, Abraham & Co., Babcock, Rushton & Co. riii^ago — Babcock, Rushton & Co.. Pittsburgh — R. B, Hutchinson. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.119% Feb. 21, '06 99 Nov. 18 Low. 90 June 21. '18 90 June 21 ELIZABETH & TRENTON RAILROAD 1st 5b. Due April 1. 1962.— F. Dated April 1. 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by companv without deduction. Authorized — $1,200,000. Outstanding — $990,000. Reserved for Evt, — $210,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Logan Trust Co., Philadelphia. Assumed by the Public Service R. R. Co. under terms of lease, which is guaranteed by Public Sel-vice Ry. Co. and Public Service Corporation of New Jersey. Organization — Incorporated in New Jersey In 1910. Leased for 999 years to the Public Service R. R. at a rental equivalent to inter- est, taxes, organization expenses, dividends of 5% on the preferred stock ($300,000 outstand- ing) and dividends increasing 1% annually to 4% in 1917 and thereafter on common stock ($900,000). All of the stock of the Public Service R. R. Co. is owned by the Public Service Corporation of New Jersey. ' Secured by a first mcrrtgage on 26 miles of road from Trenton to MlUtown Jet., N. J., located on private right-of-way. This road is the only one connecting the railway lines of the Corporation In Northern New Jersey with those in Southern New Jersey. Franchises are perpetual. Original Market — $200,000 offered Nov., 1912, by Conant, Young & Co., Boston, at 98 and interest. Market. Newark — J. S. Rlppel, Fidelity Trust Co., Post & Flagg. New York— E. &. C. Randolph, W. E, R. Smith & Co., Van Sant & Legg:. F. H. Hatch & Co., B. H. & P. W. Pelzer. Paterson — P. K. McCuUy, F. A. Peters. Portland, Me. — Beyer & Small. Fhiladelpliia — H. D. Boenning & Co. Price Range. Jan. 1, 19X5 to .Ian. 1, 1919 1918 Bid Ask Bid Ask Hlgh.93 'IS 95 '16 90 Mar. Low. 75 '18 SO '18 75 July 80 Dec. ELIZABETH, PLAINFTBLD & CENTRAt, JERSEY RAILWAY CO. 1st 5s. Due Dec. 1, 1950.— N. Dated December 1, 1900. Interest payable June and December 1, at Fidelity Trust Co., Newark, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in New Jerspv Authorized — $2,500,000. ■OulBtanding — $2, 400, 000. Reser^'ed for Prior Lien — $100,000. Denomination — Coupon, 51,000. Reeisterable as to principal. Trustee — Fidelity Trust Co., Newark, N. J. Control — Absorbed by the United Street Ry. Co. of Central Jersey which was merged in 1907 into the Public Service Ry. Co., the entire capital stock of which is owned by the Public Service Corp. of New Jersey. Secured by mortgage on 59 miles of trolley tracks in Elizabeth, Plainfield and North Plain- field and vicinity. Franchises reported as perpetual. Prior Liens — $100,000 Plainfield St. Ry. Co. 53 of 1922, which this mortgage provides to retire. Original Market — Offered $1,400,000 in 1901 by Redmond, Kerr & Co. (now Redmond & Co.). New York, and the Fidelity Trust Co., Newark, at 102% and interest. Market, New York — B. & C. Randolph, W. E. R. Smith & Co.. Van Sant & Legg. Philadelphia — West & Co., Reilly, Brook & Co. Paterson — F. A. Peters, F. K. McCuUy. Newark, N. J. — Fidelity Trust Co., J. S. Rinpel, Post & Flagg, Eisele & King. Jersey City — Edwin R. Case. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98 '14 100 '09 9 Mar. Low. 75 '18 82 '18 7B July 82 Dec. ELIZABETH RIVER RAILROAD 1st 4s. Due Oct. 1, 1935.— P. Dated October 1, 1905. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by cnmDa,ny without deduction. Authorized — $200,000. Outstanding — $167,600 (Jan. 1, 1919). Retired by S. F.— $42,600. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Phila. Redeemable after July 1, 1915, at 105 and Interest. Sinking Fund of at least $6,000 per annum to purchase or redeem these bonds at not exceeding 106 and Interest. Assumed by the Norfolk & Portsmouth Belt Line R. R. Control — Consolidated in 1910 Into the Nor- folk & Portsmouth Belt Line R. R. Co., whose stock is owned jointly by the Norfolk A West., N. T., Phila. & Norfolk, Norfolk Southern, Seaboard Air Line, Atl. Coast Line, Southern Ry., Ches. & Ohio Ry. Cos., and Virginia Ry. Co. Secured by a first mortgage on five miles of terminal railroad in South Norfolk, Va., and all other property of company, includ- ing equipment, etc. Underlies— $260,000 N. & P. B, L. Bs. Market. Philadelphia — West & Co., S. K. Phillips. Price Range. Jan. 1, 1915 to Jan. 1, 1S19 1918 Bid Ask Bid High.94% '16 gsVs '16 75 Dec. Low. 75 '18 90 '16 ELK HORN COAL CORPORATION 10-Year S. F. Mortgage Conv. 6%, Notes. Due Dec. 1. 1925.— F. Dated Dec.-l, 1915. Interest payable June 1 and Deo. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Maryland State tax refunded. , Authorized — $9, 600, 000. Outstanding — $6,502,000 (April, 16, 1919). Retired by S. F. — $64,000. Cancelled — $2,93 4,000. Denomination — Coupon, $1,000. Rf.gisterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date on 30 days' notice at 105 and interest. Sinking Fund — ^Annually an amount equal to two cents per ton of all coal mined from April 1, 1916, to April 1, 1919, inclusive, and three cents per ton thereafter for the purchase and retirement of these notes at not exceeding 105 and interest. Convertible into common stock of the com- pany par for par. Organization — Incorporated in West Virginia November 18, 1915, as a consolidation of the Elk Horn Minin.E? Corporation (an operating company). Elk Horn Fuel Co. and Mineral Fuel Co. Also owns $787,900 of $2,757,600 capital stock of the Beaver Creek Consolidated Coal Co. and an option at $60 per acre on the entire property of the latter company, about 50,000 acres, fee, surface or mineral rights not subject to royalty in the "Elk Horn Di.o- triot," Kentucky. This option expires April 30, 1918. Also owns 3,055.64 shares of com- mon stock and 3.055.64 shares of preferred stock of the Kentucky River Coal Corp.; $50.- 000 of $100,000 capital stock York Coal & Coke Co., owning about 3,026 acres of coal lands; $3,973,300 capital stock of the Consoli- dation Coal Co., which is deposited as security for the Elk Horn Fuel Co. 6% notes. The company owns about 200,000 acres, of which 45,000 acres are owned in fee and the balance surface or mineral rights not subject to roy- alty located in the Counties of Pike, Floyd. Knott, Magoffin, Johnson and Fletcher in Ken- tucky, and in the Counties of Upahu and Ran- dolph, West Va. The company - operates 18 mines with a combined capacity estimated at 3,000.000 tons in 1917. Secured by a direct general mortgage on all the property and by pledge on all the securi- ties above described. Additional securities acquired must be deposited hereunder. Prior Liens — $434,000 Mineral Fuel Co. 5a of 1943 (closed). Year ended Dec. 31 Gross 1918 $4,961,921 1917 4.497.121 1916 2,457,453 Net Int. &S. P. $1,611,348 $360,703 2.137,829 414.631 1,108,320 468,712 Listofl nn New York Stock Exchange. Original Market — $4,000,000 offered Novem- 428 ber, 1915, at 9T^ and interest by the Fidelity Trust Co., and Mercantile Trust & Deposit Co., Baltimore; $710,000 offered February, 1919, by above firms and Robert Garrett & Sons and Hambleton & Co., Baltimore. Market. New York — Baker, Carruthers & Pell, Chas. H. Jones & Co., Hambleton & Co., Abraham & Co.. T. Hall Keyes & Co. Baltimore — Poe & Davies, Mercantile Trust & Deposit Co., Mackubin, Goodrich & Co... Hambleton & Co., Nelson Cook & Co., R. Gar-" rett & Sons, Jenkins, Whedbee & Poe. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO^ '17 101% '17 97% Dec. 98% Dec. Low. 90 '17 96 '17 94% May 96 Apr. ELKHORN PINEY COAL MINING CO. 1st 6s. I>ue $166,500 each Feb. 1 from 1919 to 1930, inclusive. — F. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, New York and Cleve- land. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 3, 0, 0. Outstanding— $1,831,500 (Feb. 15, 1919). Reserved for Ext. — $1,002,000. Retired — $166,500. Provisions of Issue — Prior to Feb. 1, 1918, $500,000 issuable for 60% at par of the cost of additional coal lands or coal It-ases, and thereafter for 60% at par of the cost of ad- ditions and betterments when net earnings for the preceding 12 months have been equal to 120% of the amount required during the succeeding 12 months for payment of interest and maturing principal of all bond.*? outstand- ing and then to be issued. Reserved bonds when issued will mature annually up to and Including Feb. 1, 1930, Interest not exceeding 6% per annum. Denomination — Coupon, $1,000 and $600. Reglsterable as to principal. Trtlstee — First Trust & Savings Co., Cleve- land. Redeemable as a whole or by serial maturi- ties (latest maturities first) at 103 and interest on any Interest date. Guaranteed principal and interest by the Milwaukee Coke & Gas Co. by endorsement. Control — Of $1,800,000 outstanding capital stock paid for at par in cash, 75% is owned by the Milwaukee Coke & Gas Co. and 25% by the Northwestern Iron Co, Secured by a first mortgage on the entire property of the company, representing a cash investment of about $3,255,000 and comprising 2,760 acres of coal lands owned in fee and the mineral rights In about 1,680 additional acres, all located in Raleigh County, W, Va. ; on a leasehold interest for 25 years from 1913 with right of renewal for a further 25 years In about 4,825 acres of coal land in one tract, located in Floyd and Pike Counties, Ky., to- gether with equipment. Properties owned in fee are estimated to contain over 64,900,000 tons, and leased properties 80,000,000 tons, or an aggregate of 146,000,000 tons of high- grade bituminous coal, most of which Is adapted for use In by-product coke production. Further secured by deposit with the trustee of 15-year contracts from 1917 with the Mil- waukee Coke & Gas Co. for 75% of com- pany's entire output and with the Northwest- ern Iron Co. for remaining 25%, with the following minimum annual tonnage and profits to the company over cost of production and available for payment of principal and Interest. If the minimum production is not rea'.ized in any year, these companies agree to make the necessary payments, against fu- ture production, to assure the minimum profit named under the contracts. Minimum Profit Total Annual Per Minimum Year Tonnage Ton Annual Profit 1917 400,000 $1.00 $400,000 1918 1,000,000 .35 350,000 1919-1931.. 1,600,000 .35 560.000 CA-iginal Market— $1,500,000 ofEered March. 1917, by.Wm. A. Read & Co.. at 100 and interest. Market. New York — Louchheim, Minton & Co., Wm. A. Read & Co. , Baker, Carruthers & Pell. Babcock, Rushton & Co. Philadelphia — Douchheim, Minton & Co. Milwaukee — The First National Bank of Milwaukee, Edgar Ricker & Co. Minneapolis — Minnesota Loan & Trust Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Chicago — Babcock, Rushton & Co. EliLWOOD SHORT I.INE RAILROAD Ist 58. Due Jan. 1, 1933. — F. Dated Jan, 1. 1892. Interest payable Jan. and July 1, at office of Bait. & Ohio R. R., New York. Tax Status — 2 % Federal Income Tax paid by company without deductIoi?^ Authorized and Outstanding — $300,000. Denomination — Coupon, $1, 000. Trustee— Guaranty Trust Co., New York. Guaranteed principal and Interest by en- dorsement by the Pittsburgh & Western Ry. Co. Control — Merged with the Pittsburgh & Western R. R. Co., all of whose stock is owned by the Bait & Ohio R. R. Co. Secured by first mortgage on 3.20 miles of road from North Sewickley to Rock Point, Pa., on the line of the Pittsburgh & Western R. R. Refunding — The Bait. & Ohio, P., L. E. & W. Va. Ref. 4% Mortgage and Ref. & Gen. Mtge. provide for the retirement of this Is- sue. liegal for Maine. Market. Philadelphia — S. K. Phillips. Pittsburgh — R. B. Hutchinson & Co. EIMIRA & WHiUAMSPORT RAILROAD CO. 1st 4b. Due Jan. 1, 1950. — F. Dated May 11, 1860. Extended, Jan. 1 , 1880, and Jan. 1, 1910, with Interest reduced from 7%. Interest payable Jan. and July 1, at Broad Street Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,000,000. Outstanding — $963,000. Denomination — Registered, $1,000. Trustees — W. D. Neilson. Guaranteed as to principal and Interest by the Northern Central Ry. Co. under terms of lease. Lease assigned to Penna. R. R. Co.. July 29, 1914. Control — Property leased for 999 years from May 1, 1863, to the Northern Central Railway Company, which is controlled by the Pennsyl- vania Railroad Co. through ownership of a majority of capital stock. Secured by a first mortgage on 73.49 miles < of road extending from Wllllamsport, Pa., to Elmira. N. Y. liCgal for Cal., Conn., Me., Mich., Minn., N. H.. N. J., R. I. and Wis. liSsted on the Philadelphia Stock Exchange. 429 Market. Philadelphia — Graham, Parsons & Co., West & Co., Henry D. Boenning & Co., Huntoon & Co., Biddle & Henry, Chas. Fearon & Co., S, K. Phillipa, "Warren A. Reed. New York— F. H. Hatch & Co. , Taylor. Smith & Hard, Abraham & Co., Baker, Car- ruthers & Pell. Price Range. Jan. 1, IDIO to Jan. 1, 1919 1918 Bid Ask Bid Ask High.102 '10 102% '10 90 May 92 Nov. Low. 77% '18 85 '18 77% Oct. 85 Sept. EI^MIRA & WILLIAMSPORT RAILROAD CO. Income 5s. Doe Oct. 1, 2863. — N. Dated May 1, 1863. Interest payable April and Oct. 1, at Broad Street Station, Phila- delphia. ' Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $ 570,000. Denomination — Coupon, $500 . Trustee — None. Guaranteed as to interest by the Pennsyl- vania R. R. Co. Secured by a Urst lien on the lease of the Hlmira & "Williamsport R. R. Co. to the Northern Central Ry. Co. for 999 years from 1863 under the terms of which the lessee agreed to pay the interest on th^se bonds. liisted on the' Philadelphia Stock Exchange. Market. l*hiladelphia — Chas. Fearon & Co., Huntoon & Co., Graham. Parsons & Co., S. K. Phillips. Warren A. Reed. New York— F. H. Hatch & Co., Chas. W. Place, Taylor, Smith & Hard. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hi&h.ll2 '12 113 '14 95 Nov. 100 Nov. Low. 90 '18 93 '18 90 July 03 July EliMIRA WATER, MGHT Si RAttROAD CO. 1st Cons. 6s. Due Sept. 1, 1956. — F. Dated Sept. 1, 1906. Interest payable March and Sept. 1, at Trustee's ofBce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $5,000,000. Outstanding: — $4,107,000 (Jan. 1, '19). Reserved for Ext. — $889,000. In Treasury — $4,00 0. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Organization — Incorporated in New York in 1900 as a consolidation of all the street rail- way, electric, water and gas properties In Elmira. N. Y. The water works property was sold to the City of BImira in 1915 for $1,500,000. In 1916 acquired the property of the Elmira & Seneca Lake Traction Co. iind merged the Elmira Transmission Corp. Controlled through stock ownership by the United Gas & Electric Co.. a subsidiary of the United Gas & Electric Corporation. Secured by a first mortgage on 47 miles of electric railway track in and around Elmira, N. Y., and plants supplying natural gas and electricity to Elmira and outlying territory. ' Population served, gas, 50,000; electricity. 77,087; railyi'ays, 70.000. Franchises are either perpetual or for 72 years from 1917. with the exception of a few short extension.s having 25 years to run. Years ended Dec. 31 Gross Net Int.&Rent 1918 $1,399,559 $457,951 $247,060 1517 1,261,302 489,867 234,592 1916 1.199.873 512,155 234.224 1915 1,016,376 409.806 200.940 Original Market — Offered In 1911 by Bertron, Griscom & Co., New York and Philadelphia. at 103 and interest. Market. New York — ^P. H. Hatch & Co., Paine, Web- •ber & Co., Earle A. Miller & Co., J. A. Clark & Co., A. B. Fitkin & Co., J. J. Levenaon, Kiely & Horton, Dunham & Co., Hanson & Doyle, E. & C. Randolph, Bertron, Griscom & Co., Poster & Adams, Sam'l Goldschmidt. Tay- lor & .White, Berdell Bros. Boston — H. C. Spiller & Co.. Inc.. F. W. Mason & Co., Paine, Webber & Co.. L. Sher- man Adams, Chas. A. Day & Co. Providence — Bodell & Co. Philadelphia — H. F. Bachman & Co.. H. Boenning & Co., Huntoon & Co. Buffalo — Teller & Evers. Chicago — Paine, Webber & Co. Wilmington — Geo. P. Bissell. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.gS^j^ '16 99 '16 85 Dec. 89 Apr. Low. 80 '17 85 '17 80 May 85 Aug. ETi PASO & ROCK ISIiAND RAILWAY CO. 1st 5s. Due Jan, 1. 1951.— F. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2. 500. 000. Denomination — Coupon, $1-000. Registerable as to principal. Trustee — New York Trust Company, New York. Guaranteed principal and interest by en- dorsement by the El Paso & Northeastern Company (formerly the New Mexico Ry. & Coal Co.). Control — Entire capital stock is owned by El Paso & Northeastern Company, all of whos« stock is owned by the El Paso & Southwestern Co. Property leased" to the latter company. Rental $168,000 per annum. A 999 year traffic agreement with the C. , R. I. & P. Ry. Co. gives this company through connections to California. Secured by a first mortgage on 127.51 miles of road extending from Carrizoza to Santa Rosa, New Mexico, and forming a connection between the Chicago. Rock Island & Pacific Railway and the El Paso & -Northeastern Railway. Original Market — Offered in 1905 by Kinni- cutt & Potter (now Kissel, Kinnicutt & Co., and Potter, Choate & Prentice). New York. Market. New York— F. H. Hatch & Co.. Sam'l Gold- schmidt, Chas. W. Place, F. J. Lisman & Co., Baker, Carruthers & Pell. Price Range. Jan. 1, 19(»8 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.103 '09 107 '10 80 Jan. 95 Jan. Low. 80 '17 85 '18 80 Dec. 85 May. EI. PASO (TEX.) ELECTRIC CO. 1st Coll. Tr. 5s. Due Jan. 1. 1932. Dated January 1, 1903. Interest payable Jan. and July 1, at Boston. Ta\- Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. 430 Denomination — Coupon $1,000. Regigterable as to principal. Trustee — State Street Trust Co.. Boston. Organization — The company was organized in New Jersey in 1901. and owns the securi- ties of the EI Paso Electric Ry. Co., the El Paso & Juarez Traction Co. , and the Rio Grande Valley Traction Co. IManagement — Stone & Webster, Boston. Secured by deposit of substantially all the securities of controlled companies which do the entire electric railway, electric ligrhtini: and power business in El Paso, Tex, and Juarez. Mexico, and operate an electric railway 'be- tween Bl Paso and Tsleta. Railway prop- erty includes 50.5 miles of equivalent single track. Franchises in El Paso extend to 1951 and 1952, in Juarez to 1988- Interurban lines almost entirely on private right of way. Pop- ulation served: railway and electricity, 102,- 200; Juarez, Mexico, 11,000. Underlies — $300,000 6% Notes, due 1920. Years ended Dec. 31 (Combined) Gross Net Interest 1918 $1,257,633 $387,322 $81,082 1917 1,283,625 481.574 67,008 1916 1.110,718 452,154 59,128 1915 981.889 460.829 50.368 Original Market — Offered in 1902 by Jack- son & Curtis, Boston and New York, at 97 and interest. Offered in 1913 by Perry, Cof- fin & Burr, Boston and New Tork. Market. Boston — Arthur Perry & Co., Stone & "Web- ster. New York — G. W. "Walked & Co., P. H. Hatch & Co., "Wm. C. Ewen, Stone & Web- ster, Lynch & McDermott. Chicago — Stone & Webster. Wilmington — Laird & Co. Price Ran'ge. Jan. 1. "08 to Jan. 1, '19 1918 Bid Ask Bid -Ask High.98% '16 100 '16 92 Apr. 95 Dec. Low. 80 '18 85 '18 80 July 85 Apr. EL PASO (TEX.) ELECTRIC CO. S-Year 6% Notes. Due .Aug. 1, 1920. — P. Dated Aug. 1, 1917, Interest payable Feb. 1 and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Ontstanding — $300,000 (Dec. 31, 1917). Denominations — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — State Street Trust Co., Boston. Redeemable as a whole only at 100 and in- terest on any interest date. Organization — See Coll. Tr. 5s. Security — A direct obligation of the Com- pany but not secured by a mortgage. Prior I/ien — $1,000,000 Coll. Tr. 5s of 1932. Original Market — $300, 000 offered Aug., 1917, by Stone & Webster, Boston and New Tork, at 97% and interest. Market. Boston — Stone & Webster. Chicago — Stone & Webstpr. New York — Stone & Webster, Berdell Bros. Price Range 1918 — Bid 94, Ask 98. EL PASO UNION PASSENGER DEPOT Ist 59. Due Jan. 1, 1934. — F. Dated Jan. 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $240,000. Outstanding — $192,000 (Jan. 1, '19). Retired by S. F. — $48,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Equitable Trust Co., New Tork. Redeemable at par and interejst on and after Jan. 1. 1916. Sinking Fund— $1 2,000 of the bonds are to be retired annually by lot at par and interest beginning Jan. 1, 1916. Gnarp,nteed — ^Aa to interest and principal by proprietary companies. Control — Leased in perpetuity to the follow- ing roads, each of which owns one-sixth of the stock: El P. & N. E. ; El P. & S. W. ; Gal., Har. & S. A. (South Pac); Rio Grande & EI P. (Atchison); Tex. & Pac. and Mex. Cent, Secured by first mortgage on Union Passen- ger Depot and five miles of yard tracks in El Paso, Tex. Population, 80.000. Original Market — First offered by Bversz & Co., Chicago, Sept., 1905. Mariiet. New York — Baker, Carruthers & Pell, F. J. Liaman & Co. Philadelphia — S. K. Phillips. EMPIRE COKE CO. CoU. Tr. 6a. Due March 1» 1941.— N. Dated March 1, 1916. Interest payable March 1 and Sept. 1, at the Metropolitan Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Tork. Authorized — $ 339,700. Outstanding — $339,700. Denomination ~ Coupon, $100. $500 and $1,000. Trustee — ^Metropolitan Trust Co., New Tork. Redeemable on any interest date on 30 days* notice as follows: On or before March 1, 1921, 107%: March 1, 1921, to March 1. 1926, Inc.. 105. and thereafter at 102% and Interest. Organization — Incorporated in New Tork In 1903. Owns all the common stock of the Empire Gas & Electric Co. Security — ^A direct obligation of the company and secured by deposit of $243,700 capital stock of the Seneca Power Corp. and $896,000 common stock of the Empire Gas & Electric Co. Original Market — $150,000 offered Feb., 1917, by Hughes, Strong & Co., Rochester, N. T., at 100 and interest. Price Range 1918 — Ask 94%. (THE) EMPIRE DISTRICT ELECTRIC CO. Ist S. F. 5s. Dae Nov. 1, 1949. Dated November 1, *1909. Interest payable May and Nov. 1, at office or agency of the Company, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding^$3.530,000 (Jan. 1. 1919). Retired by S. F. — None. Reserved to Retire Certain Underlying Bonds — $123,000. Reserved for Imp. — $2,347,000. Denomination — Coupon $1,000. Registerable as to principal. Trustees — Central Union Trust Company, New Tork, and Conqueror Trust Co., Joplin, Mo. Redeemable at 105 and interest on any In- terest date on four weeks' notice. Sinking Fund — Annually 1% of outstanding bonds, beginning Oct. 1, 1915, for the pur- chase or redemption of these bonds at not ex- ceeding 105 and interest, or for the purchase of certain underlying bonds. In lieu of cash 431 payments bonds of this issue, with all unma- tured coupons attached will be eauivalent to a cash payment of 105 and accrued interest. Instead of retiiting bonds company may appro- priate an amount equal to 2% of outstanding bonds for improvements of the property ; or part in cash and part in property in the above proportion. Organization' — Incorporated in. Kansas in 1909, as a consolidation of the Consolidated Light, Power & Ice Co. (which had acquired the Missouri Ice & Cold Storage Co. and Southwest MSssouri Light Co.), Joplin Light, Power & Water Co., and Galena, Light, Heat & Power Co. Subsequently acquired the fol- lowing properties : Columbus Electric Co. . "Weir City Light & Water Co., Spring River Power Co., Neosha Electric Co., Empire Elec- tric Power & Supply Co. Also owns the en- tire capital stocks, except directors' shares, of the Webb Cdty & Carterville Gas Co., Car- thage Gas Co. and the Empire District Elec- tric Co. of Oklahoma. Control — Cities Service Co., through stock ownership. Management — The Doherty Organization. Secured by a mortgage on all the property of the company now owned or hereafter ac- quired, and covers by first mortgage approx- imately three-fourths of the company's com- bined property and by a general mortgage on the remainder. Further secured by deposit of $120,000 (entire issue) first mortgage bonds of the Empire District Elec. Co. of Okla., and also by deposit of the stocks, except di- rectors* shares, of Webb City & Carterville Gas Co., Carthage Gas Co., and Empire Dis- trict Electric Co. of Okla. The property covered includes 6 generating stations of a total capacity of 46,500 k. w., together with electric transmission and dis- tributing lines, and gas and water mains. The company's plants supply electric light and power to the following cities and towns: Electric Franchise Population Expires tJoplln. Mo 40.000 Unlimited *Webb City, Mo 17,300 Jan., 1926 •Carterville, Mo 5,500 June. 1926 *Carthage, Mo 12,500 Unlimited Galena, Kan 10,000 Oct., 1925 Empire City. Kan '. . . Dec. 1924 Oronogo. Mo 2.700 Apr.. 1930 tWeir City. Kan 2.300 Aug., 1931 Scammon. Kan 2.300 July. 1932 Columbus, Kan 5,000 Apr., 1930 Mineral. Kan Aug., 1937 Baxter Springs, Kan...'. 4,200 Mar., 1937 •Neosho, Mo 4,300 Sept., 1932 Carl Junction. Mo Mar., 1924 Other Dlstrficts 43,000 Total 149,100 •The company also supplies these communi- ties with natural gas. tThe company also supplies these communi- ties with water. Gas and Water Franchises — Natural Gas franchises of the company expire: Webb City. Mo.. May, 1925; Carterville, Mo.. June, 1925; Carthago, Mo., Nov.. 1922; Neosho. Mo.. July, 1927. Water franchises of the company expire: Joplin, Mo., June, 1924; Weir City. Kan.. Dec. 1934. In addition to the above franchises the com- pany holds grants from Jasper and Newton Counties. Mo., and Cherokee County. Kansas, for the transmission and sale of electrical energy for power purposes. Prior Liens — Subject to $1,131,500 prior liens as follows: . •■Southwest Missouri Lgt. Co. 6s of 1921 $39,000 •Southwest Missouri Lgt. Co, 5s of 1926 58,000 •Missouri Ice & Cold Storage Co. 5s of 1923 , 26,000 Empire Electric Power & Supply Co. 6s of 1922 13,500 Spring River Power Co. Ss of 1930 685.000 W. C. & C. G. Co. 1st Mtg. 6s of 1926 45,000 W. C. & C. G. Co. Gen. Lien 6s of 19 40 ; 145,000 Carthage Gas Co. 1st Mtg. 6s of 1926 45,000 Carthage Gas Co. Gen. Lien 6s of 1940 75,000 *To retire these issues, bonds are reserved under this mortgage. Listed on London Stock Exchange. Original Market — Offered in 1912 by Parr's Bank. Ltd., London, at 92%, and by Henry L. Doherty & Co., New York, $500,000 offered June, 1917. by Arthur Perry & Co.. Boston, at 92% and interest. Market. New York — Berdell Bros., Morton Lachen- bruch & Co., Dunham & Co., Henry L. Do- herty & Co. , E. & C. Randolph, Ifflely & Horton, Abraham & Co., F. H. Hatch & Co., Lynch & McDermott, McClure, Jones & Reed, H, F. McConnell & Co.. McGeorge & Vander- hoef. Boston — B. C. UUman & Co., McConnell & Co., J. S. Orler & Co., Arthur Perry & Co.. F. B. Bassett & Co. Philadelphia — Geo. S. Pox & Sons, Capelle & Co. Chicago — Merrill, Lynch & Co. Portland — M. S. Brown. Indianapolis — Fletcher-American National Bank. , Price Range. Jan. 1, 1911 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.90 '17 95 '17 75 Dec. 82% Dec. Low. 63 '15 67*18 66 Apr. 67 May EMFIRB GAS & ELECTRIC'CO. and EMPIRE COKE CO. Joint 1st & Bef. 5s. Due March 1, 1941.— P. Dated March 1, 1911. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Tork State. Authorized — $5,000, 000. Outstanding — $2,072,000 (Jan. 1. '19). Reserved for Ext. — $1,958,000 Reserved for Prior Liens — $989,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — The Pennsylvania Company for In- surance on Lives and Granting Annuities, Philadelphia, Pa. Redeemable at 102 and interest on any Inter- est dECte on and after March 1, 1914. Improvement Fund — An amount equal to 2% of outstanding bonds must be set aside annual- ly for improvements and betterments. Organization and Control — ^Incorporated in New York In 1911 as a consolidation of the companies supplying electric light and power In Auburn. Phelp, Palmyra, Newark, Lyons, Clyde. Weedsport, Geneva, Seneca Palls. Waterloo, N. T. ; gas in Auburn, Seneca Palls, Waterloo. Geneva, Phelp, Palmyra, Newark and Lyons, and steam heating In Auburn, Geneva and Newark. Controlled through stock ownership by the Empire Coke Co., which company owns a by-product coke plant at Geijeva, N. Y. 432 Secured by mort&ag-e executed jointly and sev- erally by the Empire Gas & Electric Co. and the Empire Coke Co. and a direct first morl- SB.se on all the properties formerly owned by the Auburn, Light, Heat & Power Co. and the Auburn Subway & Electric Co. ; a first collat- eral lien on all the property ol the Geneva Gaa Improvement Co., and a direct mortgage subject to prior liens on the properties former- ly owned by the Interurban Gas Co., Seneca Palls & Waterloo Gas Light Co. and Auburn Gas Co. and the Central New York Gas & Electric Co. Franchises are perpetual except In Seneca Palls where it extends to 1950. Prior Liens — $ 433,000 Interurban Gas Co. and Empire Coke Co. Joint Xst 5a of 1928; $209,000 Auburn Gas Co. 1st S. P. Bs of 1927; $276,000 Cons. 5s of 1930, and $52,000 Seneca Falls & "Waterloo Gas Light Co. 1st 53 of 1930. and $1,307,000 Central New York Gas & Electric Co. 1st 5s of 1941, for the retire- ment of which bonds of this issue are re- served. Year ended Dee. 31 (Consolidated) Gross Net Interest 1918 $2,687,770 $557,158 $235,436 1917 1.348,563 377,118 228,118 1916 1,136,265 407,132 203,785 1915 1.047.324 399,141 192,098 1914 972,984 366,689 177,078 Original Market— Offered in 1911 by Francis R. Welsh of Philadelphia at 97% and interest. Market. Philadelphia — H. D. Boenning & Co., P. R. Welsh, Huntoon & Co. New York — J. A. Clark & Co.. P. H. Hatch & Co., Earle A. Miller & Co. Price Range. Jan. 1, '12 to Jan.. 1, '19 1918 Bid Ask Bid Ask High. 99 '16 100 '16 88 Dec. 92^^ Feb. Low. 83 '17 89 '17 85 Oct. 90 July EMPIRE GAS & FUEL CO. 1st & CoU. Tr. S. F. 6s. Dne May 1, 1926.— P. Dated Hay 1, 1916. Interest payable May 1 and Nov. 1. at office or agency of the com- pany. Tax Statu&-^2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized— $ 1 4, 0, 00 0. Ontstanding — $10,984,500 (May 1, '19). Retired by S. F.--$3.015,500. Denominiation — Coupon, $1,000 and $500. Reffisterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole or in part by lot at any time on due notice at following prices; To May 1, 1920, at 102 and interest; there- after to May 1, 1923, at 103 and Interest, and thereafter to maturity at 104 and Interest. Sinking Fund — Semi-annual sinking fund payinents sufficient to retire the entire issue of bonds at or before maturity, the minimum amounts of bonds to be retired each six months being respectively as follows: Date Amount Nov. 1, 1916 $350,000 May 1, 1917 400,000 Nov. 1, 1917 450.000 May 1, 1918 500,000 Nov. 1, 1918 550,000 May 1, 1919 600,000 Nov, 1. 1919 650,000 May 1, 1920 700.000 Nov. 1, 1920 750,000 May 1, 1921. 800,000 Nov. 1, 1921 850,000 May 1, 1922 850,000 Nov. 1, 1922 850,000 May 1, 1923 860,000 Nov. 1, 1923 850.000 May 1, 1924 850.000 Nov. 1, 1924 850.000 May 1, 192r. 850.000 Nov. 1. 1925 850,000 All bonds bought or called by the Sinking Fund will be cancelled. Improvement Fund — 60% of net earnings an- nually after interest and sinking fund pay- ments for additions and improvements or to be paid into sinking fund for retirement of bonds. Guaranteed as to principal, interest and sinking fund by the Cities Service Co. by en- dorsement. Organization — Incorporated In Delaware in 1912 to acquire and own either directly through leases or ownershit) of practically all the out- standing securities of subsidiary companies oil and natural gas fields, gathering lines, pipe lines and gas distributing plants in Kansas, Oklahoma and Missouri. As of April, 1919, this company acquired 63.8% of the $3,307,- 766 capital stock of tho Indian Territory Illuminating Oil Co. and over 99% of the following 9 oil companies owning producing wells in Oklahoma with the entire capital ■tock indicated: Midland Oil Co. ($50,000), Midland Oil & Gas Co. ($24,000), Penn Oil Co. ($100,000), Pilgrim Oil Co. ($100,000), Ply- mouth Oil Co. ($100,000), Puritan Oil Co. ($50,000), Steyner Oil Co. ($178,000), Lewis Oil Co. ($150,000) and 59 Osage Oil Co. ($25.- 000); also 99% of outstanding capital stock of the Quapaw Gas Co. ($3,000,000), "Wichita Natural Gas Co. ($3,000,000) and "Wichita Pipe Line Co. ($2,000,000). Controlled through stock ownership by the Cities Service Co. Management — Doherty Organization. Secured by a first lien either directly or by deposit hereunder of substantially all the se- curities of subsidiary companies now owned or acquired. None of the subsidiaries will have any mortgage debt on the completion of financ- ing through the proceeds of this issue and no mortgage debt shall be created unless the en- tire Issue of bonds created thereby is pledged under this mortgage as additional security. The property covered by the lien of this mortgage includes oil and gas leases on about 24,000 acres of land in the Augusta and El Dorado fields near Wichita. Kans. , with 2 9 wells and a production of about 1,500,000 bar- rels of oil per month; leases on 500.000 acres of oil and gas fields not yet drilled; 80 miles of pipe line from Neodesha refinery of the Standard Oil Co. of Kansas into the Augusta and El Dorado fields, together with tankage, pumping station, etc., with a capacity of 35,- 000 barrels per day and costing $750,000; 760,000 acres of gas lands, either owned or leased, with 1.200 miles of pipe lines supply- ing natural gas to "Wichita, Hutchinson, lola and some 25 other cities and towns In Kansas and also In Carthage, "Webb City and other communities in the vicinity of Joplin, Mo'. Population served, about 460,000. The com- pany also sells large quantities of gas to In- dustrial establishments. Dally sales as of April, 1919, reported to be 100,000,000 cubic feet per day. Earnings — Company does not report earn- ings. Original Market — Offered April, 1916, by Montgomery, Clothier & Tyler, J. & "W. Selig- man & Co., Kissel, Kinnlcutt & Co. and "White, "Weld & Co. at par and interest. Market. Philadelphia — J. "W. Sparks & Co. , Mont- gomery & Co., H. D. Boenning &" Co., Sailer & 3tevenson, Lloyd & Palmer, "West & Co., Welsh Brothers, Capelle & Co., Elklns, Mor- 433 ris & Co., Warren. A. Reed, Investment Regis- try of America, Inc. New York — Berdell Bros., Saml. Gold- ■chmidt, McKinley & Morris, Earle A. Miller tt Co,, J. J. Levenson, Miller & Co., Dunham & Co., Curtis & Sanger, Moore & Co., A. H. Biokmore & Co.. H. L. Doherty & Co., Did- richsen & Co., B. & C. Randolph, Mann, Bfill & Co. , Morton Lachenbruch & Co. , Kiely & Horton, Pynchon & Co., T. Hall Keyea & Co., McClure, Jonea & Reed, H. F. McConnell & Co.,' McGeorg-e & Vanderhoef, John Nickerson, Jr., Newhall & Co., Babcock, Rushton & Co. Chicaeo — J. P. Hobba & Co., State Bank of Chicago, Merrill, Lynch & Co., Babcock, Rush- ton & Co., Pynchon & Co., Curtis & Sanger. Buffalo— J. T. Steel. Boston — E. M. Farnsworth & Co., "White, Weld & Co. Minneapolis — H. C, Gage. Louisville — J. J. B. Hilliard & Son. Milwaukee — Pynchon & Co. Portland, Me, — M. S. Brown. Price Ranee. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.99^ '17 100"^ '17 97^ Dec. 98=^ Dec. Low:90 '17 91% '17 90 Jan. 92 Jan. BMPIBSl PASSENGER RAILWAY 1st ZVzS. Due March 1, 1930. — P. Dated March 1. 1900. Interest payable Jan. and July 1; at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exem.pt in Fenn. Authorized and Outstanding — $200,000. Denomination — Coupon, $1,000. Trustee — Land Title & Trust Co., Philadel- phia. Control — Leased to XTnlon Traction Co. for 999' years. This company is leased to Phila- delphia Rapid Transit Co. Secured by a first mortgage on 10 miles of street railway forming e,n important part of the street railway system in Philadelphia, Pa. Market. Philadelphia — Lloyd & Palmer. EMPIRE REFINING CO. 1st Mtge. & CoU. Trust S. E. 6s. Due Feb. 1, 1927.— F. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid- by company without deduction. Pennsylvania State Tax refunded. Authorized — 110,000,000. Outstanding — $7,789,500 (April 15, 1919). Retired by S. F. — $2,210,500. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 104 and interest until and including Peb. 1. 1921; 106 and interest there- after until and including Feb. 1, 1924, and 108 and interest thereafter. Sinking Fund — - Semi-annually, beginning Aug. 1, 1917, amounts sufficient to retire an- nually 10% of the largest amount of bonds at any time issued and outstanding, less the amount of any bonds which may be retired through the release of property mortgaged, for the purchase or redemption of these bonds at not over redemption prices (see above). Bonds acquired to be cancelled. Improvement Funds — At least 60% of net earnings, after interest and sinking fund pay- ments for improvements, etc., to properties covered by this mortgage or the properties of collateral companies, or for acquisitions, or, if not so applied, to be paid into sinking fund for the retirement of additional bonds. Guaranteed principal, interest and sinking fund by the Empire Gas & Fuel Co, of Dela- ware by endorsement. The guarantor company gontrois practically all oil and natural gas pro- ducing properties of the Cities Service Co. Organization and Control — Incorporated in Deleware in January, 1917, as a holding com- pany, to acquire the foll&wing Oklahoma prop- erties : American Refining Co. , Okmulgee ; Ponca Reflnfing Co., Ponca City, Cushing Re- fining Co., Peerless Refining Co., Gushing, and Dhe Oklahoma Refining Co., Oklahoma City. The company owns substantially all the Se- curities of the foUowirtg companies: Standard Asphalt & Refining Co. , Independence, Kan. ; Producers' Refining Co., Gainesville, Tex.; Empire Pipe Line Co., operating pipe line Sn Oklahoma, and the Empire Refineries, Inc. , which operates under lease the refineries in Oklahoma. Authorized Outstanding •Capital stock $10,000,000 $10,000,000 ♦AH but qualifying shares owned by the Cities Service Co. Secured by a direct first mortgage or through collateral lien on all the securities of subsidiaries on oil refineries, with a daily ca- pacity of 31,250 barrels, with tankage capac- ity of 4.930,000 barrels; also on 772 miles of pipe line. The collateral companies have no mortgage indebtedness, and under the provi- sions of this indenture cannot create any mort- gage unless the entire issue of bonds is pledged as additional security for this issue, and no other indebtedness shall be incurred other than current expenses. All but not any part of the securities of the Empire Pipe Line Co. or the Producers Refining Co. may he released upon the substitution of property of a value of at least one-third greater than the value of the stock released. Original Market — $7, 000, 000 offered Jan., 1917, by Montgomery, Clothier & Tyler, Phila- delphia; Kissel, Kinnicutt & Co., Henry L. Doherty & Co., New York; Robert Glendenning & Co., Philadelphia, and Kinsley & Adams, "Worcester, Mass., at 100 and interest. Market. New York — Earle A. Miller & Co., McKin- ley & Morris. C. H. Hensel, J. A. Clark & Co., Newhall & Co., Saml. Goldschmidt, Kem- erer, Matthes & Co., Curtis & Sanger, R. C. Mayer & Co., H. L. Doherty & Co., A. H. Bickmore & Co. , B. & C. Randolph. "Wolff & Stanley, Kiely & Horton, Plympton, Gardi- ner & Co., Berdell Bros., Newhall & Co., Wil- liam C. Orton, Babcock, Rushton & Co., T. Hall Keyes & Co., Morton Lachenbruch & Co.. McClure. Jones & Reed, H. F. McConnell & Co., McGeorge & "Vanderhoef, John Nickerson, Jr. Providence — R. S. Moore & Co. C'hioaBo — Curtis & Sanger, Dodge & Ross, State Bank of Chicago, The Stanwood Co., Merrill, Lynch & Co., Babcock, Rushton & Co. Philadelphia — Capelle & Co., Lloyd & Palm- er, Newhall & Co., "Welsh Bros., H. D. Boen- ning & Co., Elkins, Morris & Co., Investment Registry of America, Montgomery & Co., S. Kt Phillips. Cleveland — Otis & Co, Boston — E. M. Farnsworth & Co., Curtis & Sanger, A. B. Conant & Co.. J. S. prler & Co., Moore & Cabot. Columbus — F. "W. Freeman. Indianapolis — Fletcher-American National Bank. Pittsburgh — Goddard. Hunter & Co. Portland — M. S. Brown. Price Range. Jan. 1, '17 to Jan. 1. *19 1918 Bid Ask Bid Ask High.98 '18 100 '18 98 Dec. lOO Dec. Low. 83 '17 86 '18 83 Jan. 86 Jan. 434 EMPIRE STATE RAItROAD CORPORATION S-Year 6% Mortffage Notes. Due Nov. 1, 1920.— F. Dated Oct. 31. 1917. Interest payable May 1 and Nov. 1. at Truatee'e office. Tax Status — 2% Federal Income Tax paid by company wdthout deduction. Pennsylvania State Tax refunded. Authorized — $500, 000. Outstanding — $200,000. Issuable — $150, 000, Reserved for Ext. — $160,000. laaue approved by Public Service Commia- aion of New York. Denomination-^Coupon, $1, 000. Registerable aa to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole only at 100 and intereat on any interest date. Organization — Incorporated in New York, Oct., 1917, aa successor through foreclosure of the Empire United Railways, Inc. Secured by a second lien on all the property of the company, including 57.59 miles of street and interurban first track and 21.25 miles of second track; total trackage, 83.92 miles, viz.: Milea. 1st Track Syracuse to Oswego, N. Y 37.8 City lines in Pulton. N. Y 0.6 City lines in Oswego, N. Y 10.15 Auburn to Port Byron, N. Y 7.62 City lines in Auburn . . r. 1.43 Also a lien on terminals, equipment, etc. Reproduction value as determined by the Public Service Conmiission of New York, about $7,587,875. Population served. Including terminal cities, Is 226,455. Interurban lines are constructed entirely on private right-of-way owned in fee or under easement, except within corporate limits, where franchises are without time limit. Prior I^iens — $250, 000 Auburn & Northern Electric R. R. 1st 5s, due May 1, 1945; $2,500,000 Syracuse, Lake Shore & Northern K. R. 1st 5s, due May 1, 1947. Year ended Dec. 31 Gross Net Int,, etc. 1918 $749,858 $230,423 $157,616 Original Market — $200,000 offered Dec, 1917, by Bioren & Co., Phijadelphia, at 97% and Interest. EMPORIA (KAN.) TEIiEPHONE CO. 1st 6s. Due each May 15. $3,000, from 1916 to 19^1; $4,000 from 1932 to 1924; $5,000 in 1925 and 1926; $6,000 from 1937 to 1930; $7,000 in 1931 and 1932; $8,000 in 1933 and 1934. and $6,000 in 1935. Dated May 15, 1915. Interest payable May 15 and November 15, at Trustee's office. Tax Status — 2% Federal Income Tax de- ducted from interest payments. Authorized — $100,000. Outstanding — $73,000 (Jan. 1. 1919). Balance Redeemed. Denomination — Coupon. $100, $500 and $1,000. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. Organization — Incorporated In Kansas In 1901. Secured by a first mortgage on independent telephone system in Emporia, Kan., and other towns in the vicinity, including six exchanges and 150 miles of toll line. The company Is the only one operating in this territory, and under the Kansas Public Necessity Law, no competition will be permitted, provided the service rendered is adequate. Under its agree- ment with the Bell Telephone Co. of Missouri, the company does the entire toll business In its territory and participates In profits on long distance business. Population of counties In which company's lines are located, 58,000. Original Market — Offered in June, 1915, by Altheimer & Rawlings Investment Co.. St. Louis, at par and interest for 1916 to 1919 maturities and 98 Vi and interest for all others. Market. St, liouis — Stifel, Nlcolaus Investment Co. ENID (OKIzA.) EI.ECTRIC & GAS CO. 1st 6s. Due May 1, 1930.— F. Dated May 1^ 1910. Interest payable May and Nov. 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $633,000 (April 30, '19). Retired by Sinking Fund — None. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 102^ and Interest on any interest date. Sinking Fund — 3% of all bonds outstanding November 1st each year. Upon request of the company payments shall be applied to the retirement of these bonds, but until so used the company may withdraw the amount of any cash expenditures made for renewals or replacements or for perma- nent extensions or additions. Bonds so ac- qulired to be cancelled. Control — ^Absorbed in 1917 by the Oklahoma Gas & Electric Co. Secured by a first mortgage on entire prop- erty of company, including a modern oil gaa plant and electric plant. This company does the entire gas and electric business of the city. Natural gas is now purchased and distributed. Population served, 14,000. Franchises — Gaa expires 1941. electric light, 1923. Earnings — See Oklahoma Gas & Electric Co. 1st 5s. Underlies — $2,250,000 Oklahoma Gas & Elec- tric Co. 6% notes of 1919. Original Market — Offered In 1911 by H. F. Bachman & Co., Philadelphia, and George Koehler & Co., Cincinnati. Ohio, at 97% and interest. Market. Philadelphia — H. P. Bachman & Co., S. K. Phillips. New York — Dunham & Co.. P. H. Hatch & Co.. H. M. Byllesby- & Co., Inc. Chicago — H. M. Byllesby & Co. Price Range, Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High,98 '16 .101 '16 94 Feb. 100 Feb Low. 90^ '16 95 '15 EQUITABI.E GAS & ELECTRIC CO. OF UTICA 1st 5s. Due April 1, 1942.— P. Dated April 1, 19 02. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income T^x paid by comoany without deduction. Authorized and Outstanding — $1,000,000. Denoniination — Coupon, $1,000. Trustee — Central Trust Co., New York. Assumed, by Utica Gas & Elec. Co. Control — ^Absorbed by Utica Gas & Elec. Co. Secured by a first mortgage on plants for- m,erly beyonging to Equitable Gas & Elec. Co. and second mortgage on remaining plants sup- plying gas and electricity to Utica, N. Y., and vicinity. Population sei-ved by company, 130.- 000. Franchises are perpetual. 435 Prior Hen — $908,000 The Utica Blsotric Ligrht & Power Co. 1st 5s of 1960 as to part of the property covered by this mortgage. Underlies — TJtioa Gas & Bleo. Co. Ref. & Bxt'n Bs of 1967. Earnings — See Utica Gas & Eleo. Co. Marliet. New Yorlc — W. D. Lyon & Co., Abbott, Johnson & Co., Foster & Adams, Wm. Car- negie Ewen, Spencer Trask & Co., Taylor & White. Utica — W. D. Lyon & Co., A. James Bokert & Co., William D. Lyon. Burr L. Tibbits. Chicago — Harris Trust & Savings Bank. Fhiladelpliia — F. R. Welsh. ' Price Range, Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Htgh.103 '12 106 '09 93 Jan. 98% Apr. Low. 88, '18 96 '18 98 Dec. 96 Nov. EQUITABLE GAS LIGHT CO. (MEMPHIS) 1st 5s. Dne May 1, 1929. Dated April 12, 1899. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,260,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by Memphis Consolidated Gas & Electric Co. Control — ^Absorbed by Memphis Consolidated Gas & Electric Co. Secured by a first mortgage on plants of former Equitable Gas Light Co., which supply practically all of the gas to Memphis, Tenn., and vicinity. Population served, 165,000. Underlies — Memphis Consolidated Gas & Eleo. Co. Cons. 6s of 1943, which provide for the retirement of this issue. Market. New York — ^R. F. Westerfield. Mempllls — ^John L. Norton. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.102 '10 103 '10 88 Jan. 93 Jan. Low. 76 '16 80 '15 EQUITABLE GAS LIGHT CO. OF NEW . YORK Cons, (now First) 68. Dne March 1, 19S8.— N. Dated March 1, 1892. Interest payable March and Sept. 1, at Central Union Trust Co.. New York. Tax Status — 2% Federal Income Tax de- ducted from interest payments. Authorlzed-»-Closed mortgage. Outstanding — $3,600,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Trustee — Central Union Trust Co.. New York. Assumed by the New Amsterdam Gas Co. Control — Merged in 1898 Into the New Am- sterdam Gas Co., almost 9S% the entire capital stock of which company if! owned by the Con- solidated Gas Co. of New York. Secured by a first mortgage on gas holders on about 14 acres in New York City, being three blocks between First Ave. and East River, 39th and 42d Sts., 32 lots between 68th and 69th Sts. and 10th and 11th Aves., and four lots at the southeast corner of 69th St, and 11th Ave.; also about 136 miles of mains. Underlies — New Amsterdam Gas Co. 1st Cons. 6s of 1948, which provide for the retire- ment of this issue. Listed on the New York Stock Exchange. Market. New York — H. N. Whitney & Sons, Theo. L. Bronson, B. & C. Randolph, Paterson & Co., Clark, Dodge & Co.. Tobey & Kirk, L. A. Norton, Abbott, Johnson & Co.. Wm. Carne- gie Ewen, Spencer Trask & Co., Pynchon & Co., Berdell Bros., Low, Dixon. & Co. Philadelphia — F. R. Welsh, John Davenport. Chicago — Pynchon & Co. Milwaukee — Pynchon & Co. Price Range. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Hieh.106% May 9. 'U 94 Feb. 19 Low. 92 Dec. 13, '07 94 Feb. 19 EQUITABLE ILLUMINATING GAS LIGHT CO. OF PHILADELPHIA Ist Ss. Due Jan. 1, 1928.— F. Dated February 1, 1898. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $7, 500, 000. Outstanding — $3,366,000 (Jan. 1, 1919). Retired by Sinking Fuid — $4,144,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest for sinking fund only. Sinking Fund — $124,000 annually, together with accumulated interest, to be applied to purchase or redemption of these bonds at not exceeding 106 and interest. It Is figured that this fund will retire all bonds by maturity. Organization and Control — Incorporated In Pennsylvania in 1898 and acquired lease of the gas plants supplying Philadelphia from the City of Philadelphia. The United Gas Im- provement Co. owns a majority of the common stock. Secured by a lease on gas plant owned by the city supplying all gas in Philadelphia, serving a population of over 1,700,000. Lease expires in 1928 and property reverts to city. listed on the Unlisted Department of the Philadelphia Stock Exchange. Original Market — Offered in 1898 by J. 4 W. Seligman & Co., New York, and First Na- tional Bank, Philadelphia, at 102% and Inter- eat. Market. Philadelphia — S. K. Phillips & Co., Graham, Parsons & Co., West & Co., Brown Bros. & Co., Newhall & Co., Seeler & Co., Wurts, Dulles & Co., Newburger, Henderson & Loeb, Reed A. Morgan & Co., Elkins, Morris & Co., Harper & Turner, Brvln & Co., Chas. Fearon & Co.. S. K. Phillips, Warren A. Reed, Biddle & Henry. New York — Newhall & Co., Newburger, Hen- derson & Loeb, H. I. Nicholas & Co., Berdell Bros, Price Range. Jan. 1, '08 to Jan. t, '19 1918 Bid Ask Bid Ask High.107% '08 110 '08 103 Nov. 106 Nov. Low. 100 '18 102 '18 100 June 102 June ERIE & JERSEY RAILROAD Ist Mtge. 6b. Due July 1, 1955.— N. Dated July 1, 1905. Interest payable Jan- uary 1 and July 1, at 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. .Tax exempt in New York. Authorized — $7, 400, 000. Outstanding— $7,327,000 (April 16, 1919). ^ 436 Retired by S. F. — S;73,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $6,000 and $10,000. C. & B. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 110% and interest prior to July 1, 1920, and at 115% and interest thereafter. Sinking Fund — $26,000 per annum plus 6% on bonds redeemed, beginning April 1, 1916, to be applied to the purchase of bonds, after ad- vertisement for tenders, at not exceeding 110% and Interest prior to July 1, 1920, and 115% and interest thereafter. If not obtainable at those prices bonds before July 1 are to be called by lot. Bonds acquired to be can- celli^d. Assumed by the Brie R. R. Organization — Incorporated in New York in 1905. Absorbed by the Erie R. R. Co. in 1915. Secured by a first mortgage on 38.60 miles of double track road from Graham to High- land Mills, N. Y. This road forms a part of the low grade througn freight line between Chicago and New York. The road includes a tunnel about one mile long and costly bridges and is built without grade crossings. Underlies — Erie R. H. Cons, and Gen. Lien 4s of 1996 and Conv. 4s of 1963. Listed on the New York Stock Exchange. Original Market — Offered in Feb., 1915, by Drexel & Co., Philadelphia, and the Guaranty Trust Co., New York; 111. Tr. & Sav. Bank and Kean, Taylor & Co., Chicago, at 104% and interest. Market. FhiladelphlEi — Graham, Parsons & Co., R. W. Daniel & Co., Thos. A. Biddle & Co., Fincke, Bangert & Co., ReiUy, Brook & Co., J. W. Sparks & Co., C. D. Barney & Co., Harper & Turner. Sailer & Stevenson, S. K. Phillips, Wheeler, Billot & Mann, Henry D. Boenning & Co., Huntoon & Co., Biddle & Henry. New York — E. & C. Randolph, Chas. W. Hill. Guaranty Trust Co., Sam'l Goldschmidt, Redmond & Co., Vilas & Hickey, Baker, Car- ruthers & Pell, Babcock, Rushton & Co., Korn. I^ehmon & Co. Pittsburgh — Colonial Trust Co. Detroit — Wendell, Mulkey & Co. Chicago — Babcock. Rushton & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to .Jan. 1, 1919 1918 Hlgh.109 Mar. 2, '17 103 Dec. 4 Low. 98 Oct. 23. '18 98 Oct. 23 ERIE & PITTSBURGH RAILROAD CO. Gen. 3%s. Due July 1, 1940. — P. Dated July 1, 1890. Interest payable Jan. and July 1, by Pennsylvania R. R. Co., Agent, 85 Cedar St., New York. Tax Status — 2% ii"ederal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized— $4, 500, 000. Outstanding— $3,853,000 (Apr. 23, 1919). Retired by S. F. — $647,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Central Union Trust Co., New York. Sinking Fund — Annually July 1, 1% of bonds outstanding, for purchase of bonds at not ex- ceeding par. If not so purchasable, the fund for that year shall lapse. Guaranteed as to principal and Interest by the Pennsylvania R. R. Co. by endorsement and as to sinking fund payments under the terms of the lease. •Control — This road was leased for 999 years from 1870 to the Penn. R. R. at a rental to cover expenses, interest on bonds and 7% on stock. Lease transferred to Pennsylvania Company and in 1917 reassigned to the P. R. R. Co. Secured by a first mortgage on 82.97 miles of road from New Castle to Girard Junction, Pa., with branch to Erie docks. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y.. K. L and Wis. Listed on the New York Stock Exchange. Market. New York — E. & C. Randolph, Wood, Struthers &. Co., Remick, Hodges & Co., Baker, Carruthers & Pell. Korn, Lehman & Co., Hartshorne & Battelle, Redmond & Co., Abraham & Co. Philadelphia— S. K. Phillips & Co., West & Co., Graham, Parsons & Co., Welsh Bros.. Chas. Pearon & Co., Henry D. Boenning & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Series "B." Bid High.96,\i Jan. 2, '06 83^ Aug. Low. 86% May 12, '14 71% Jan. Series *'C." Hrigh.90% July 26, '12 8314 Aug. Low. 90% July 26. '12 71% Jan. ERIE ELECTRIC MOTOR CO. 1st Ref. 5s. Due April 1, 1941. — P. Dated April 1. 1901. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1, 260, 000. Outstanding — $1,067,000 (May 10, '19). Held in S. F. — $183,000. Denomination — Coupon or registered bonds, $1,000. Trustee — New York Trust Co., New York. Sinking Fund — April 1. 1906, to 1916, 1% of bonds outstanding; April 1, 1916, to matur- ity 1%% per annum to be invested in bonds of this issue If they can be purchased on a 3%% basis, or in approved securities. Bonds of this issue acquired are held alive and interest added to fund. Control — All of the stock is owned by the Buffalo & Lake Erie Trac. Co., which leased Brie Elec. Motor Co. for 999 years. The B. Sc L. E. Trac. Co. has been In receiver's hands since July 7, 1915. Secured by mortgage, subject to prior liens, on the entire street railway system in the City of Erie, including 30 miles of track, and by pledge of all the stock of the Brie City Pas- senger Ry. and Brie, Reed Park & Lakeside Street Ry. Franchises perpetual. Population of Erie, 100,000. Original Market — Thompson, Crawford & Tenney, Chicago, Boston and New York, April, 1901. Market. New York — E. & C. Randolph, H. I. Nich- olas & Co.. Taylor & White. Philadelphia^ — H. D. Boenning & Co., Gra- ham, Parsons &. Co., West & Co., Chas. D. Barney & Co. Erie, Pa. — Charles Messenkopf. Fittsbnrgh — Goddard, Hunter & Co. Price Range. Jan. 1, '08 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.104 '09 106% '09 97 Jan. 100 Apr. Low. 93 '15 96 '17 94 Apr. 99 Jan. 437 ERIB LIGHTING GO. let S. F. 5s. Dae Due Apr. 1, 1967.~F. Dated Apr. 1, 1917. Interest payable Apr. 1 and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free In Pennsylvania. Authorized — $6, 000. 000. Outstanding — $2,982,000 (April 30, 1919). Retired by S. F. — $18,000. Reserved for Ext. — $3,000,000. ProTislons of Issue — $250,000 issuable for 85% of cost of additions, etc.. and the bal-' ance for 85% when net earnings are equal to at least \% times interest on bonds outstand- ing and to be issued. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at 105 and interest on any interest date on four weeks' notice. Sinking Fund — Annually, beginning Dec. 31, 1918, 1% of outstanding bonds for their pur- chase or redemption at not over 106 and interest. Urganlzatlon — Incorporated in Pennsylvania in 1911 as a consolidation of electric prop- erties. Capital Stock Outstanding Preferred (7% cum.) $600,000 Common 1,650,000 Secured by a first mortgage on the entire property of the company, including a new generating station which will have an initial capacity of 6,000 k. w. and an ultimate ca- pacity of 16,000 k. w. ; the present generating station with a capacity of 8,500 k. w. ; a complete distributing system; about 46% miles of high tension transmission lines, sub-stations and all other equipment. Further secured by deposit of the entire outstanding capital stock and all of the bonds of the Home Heating Co. of Brie and the entire outstanding capi- tal stock of the Erie Electric Contracting Co. The company supplies electric light and power in Erie, Pa.. In the Borough of Northeast and intervening territory. Also supplies a large number of industrial plants, and also local lighting companies in Corry and Union City. Pa. Franchises are reported perpetual. Year ended Dec. 31 Gross Net Interest 1918 $956,629 $331,254 $172,690 1917 493.359 85.899 67,729 1916 3 55.873 139,018 63,703 1915 213,418 91,000 48,093 Original Market — $1,650,000 offered March, 1917, by Brown Bros. & Co. , Philadelphia, New York and Boston, and Robt. Glendin- ning & Co., Philadelphia, at 98 and interest. Market. Philadelphia — H. D. Boennlng & Co., Prazier & Co., Brown Bros. & Co., Harper & Turner, E. B. Smith & Co., Townsend Whelan & Co., Robt. Glendinning & Co. , Graham & Parsons Sons, Huntoon & Co. New York — Lynch & -McDermott. Boston — Paine, Webber & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 96 '17 98 '17 90 Mar. 96^ Jan. Dow. 81% '18 85 '18 81% Aug. 85 Aug. company owns in fee, or controls through en- tire stock ownership, 1,673.40 miles of road; controls through majority stock ownership 160.31 miles; leases 277 miles and has track- age rights on 147 miles. Total mileage oper- ated, 2,265, of which 1,226 Is double tracked. The Erie R. R. Co. owns a majority of the capital stock of the New York. Susquehanna & Western Ry. Co., which owns and operates 240 miles of road from Jersey City to Wllkes- barre. Pa. The Erie R. R. Co. has outstanding $48,- 000,000 4% non-cumulative first preferred stock, $16,000,000 4% non-cumulative pre- ferred stock and $112,400,000 common stock. Dividends were paid on the 1st pfd. stock from 1901 to 1907 and on the 2d pfd. stock from 1905 to 1907. No dividends have been paid on the common stock. The Brie R. R. Co. has outstanding about $245,.000, 000 bonds and notes, not including $14,000,000 equipment certificates. These se- curities are outstanding at the rate of about $100,000 per mile of the road operated. Year ended Dec. 31 Gross Net Int. & Rent 1917.. $79, 776.368 $18,280,653 $17,740,545 1916.. 74,311.262 22,382,830 17,237,085 1915. . 66,436,720 23.230,187 15,830,214 BREB RAILROAD CO. Buffalo & Southwestern Div. Second Fxt. 5&. Due July 1, 1928. Dated November 19, 1895. Extended July 1, 1908. with interest reduced from 6% to 5%. Re-extended July 1, 1918. with interest at 5%. Interest payable Jan, and July 1, at company's office, 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable at 105 and interest on any Interest date on 30 days' notice. Assumed by the Erie R. R. Co. Control — The Buffalo & Southwestern R. R. Co. was merged Into the Erie R. R. Co. in 1895. Secured by second mortgage on 66.36 miles extending from Buffalo Creek R. R. Junction. Buffalo, to Jamestown. N. Y. Prior Lien^$l,500.000 1st Ext. 6s of 1928. Underllea— Erie R. R. Cons. 4s of 1996; P., L. & G. L. 4s of 1996; Gen. Conv. 43 and 5s of 1953, and the Ref. & Imp. Mtg. Legal for Cal. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hieh.100% '16 101% '16 99 Mar. 101% Nov. Low. 95 '15 99% '18 99% Apr. ERIE RAILROAD COMPANY Incorporated in New York in 1895 as suc- cessor to the New York, Lake Erie & Western R. R, Co., which was sold at foreclosure. The KRIE RAILROAD CO. 1st Cons. Prior Lien if. Due Jan. 1, 1996. — P. Dated December 10, 1895. Interest payable Jan. and July 1, at company's oSice, 50 Church St., N. Y., and at London. Tax Status — 2% Federal Income Tax paid by company without dpduction. Authorized and Outstanding — $35,000,000. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Regis- tered. $500.. $1,000. $5,000 and $10.0J}0. Trustee — Farmers' Loan & Trust Co., New York. Voting Power — Each $1,000 bond Is entitled to 10 votes. Secured by a direct or collateral lien on 1,645.49 miles of road (about 938 miles double- tracked), 69.16 miles o£ leaseholds; lands, buildings, equipment, etc. , viz. : A first lien on 180.89 miles — Miles Hast Buffalo to Suspension Bridge, N.T. 24.01 International Junction to International Bridge, N. T 4.50 Tonowanda to Lockport, N. T 12.37 Buffalo via Avon to Painted Post, N. T. 140. 01 A first collateral lien on 81.09 miles — New York & Greenwood Lake Jet. to Newark, N. J '3.99 Newark to Patterson, N. J '11.3! Garfield to Passaic, N. J •2.46 Conesus Lake Jet. to Lakeville, N. Y. , . *1.61 State Line Jet., N. Y., to Penn. State Line t6.61 Tioga Jet., Pa., to Penn.-N. Y. State Line •12.23 Carrollton, N. Y., to Gillesville. Pa t26.17 Bradford to Nusbaum, Pa t5.24 Arnot Jet. to Hoytville, Pa •ll.se •Entire issues of outstanding securities. tBntlre issues of bonds and a majority of stock. A second lien on 83.84 miles^ Miles Covered by the first lien of the follow- ing; Newburgh & New York 1st Extds. 6s... 12. «4 Erie & Jersey 1st 6s 38.60 Genessee River R. K. 1st 6s 32.60 A second collateral lien on 706.64 miles — Covered by the first lien of the follow- ing: New York, Penn. & Ohio 4%s 422.96 Chicago & Erie 1st 5s 249.67 Tioga R. K. 1st Bxtd. 5s 34.11 A third lien on 127.52 miles — Covered by the first lien of the follow- ing; Buff. & S. W. 1st Bxtd. 5s 66.36 Erie Ry. Buffi. Branch 1st Extd. 43 61.16 A fourth lien on 18.73 miles — Covered by the first lien of the N. Y. Brie 4th Extd. 6s 18.73 A seventh lien on 446.78 miles — Covered by the first lien of the N. Y. '& Erie 1st Extd. 4s, 1947 , ... .446.78 Also secured on 69.15 miles of lease- holds, viz. : Jersey City (Bridge Creek), N. J., to Suffem, N. Y 28.68 Avon to Rochester, N. Y 18.40 Goshen to Montgomery, N. Y 10 . 43 Goshen to Pine Island, N. Y 11.64 Further secured by deposit of the Deposited Jefferson R. R. stk $2,095,460 Bergen County R. R. stk 200,000 Middletown & Crawford R. R. stk Middletown & Crawford K. R. 1st 4%s Long Dock Co. stk N. Y., Lake Erie & Wn. Docks & Imp. Co. stk. N. Y., Lake Brie & Wn. Docks & Imp. Co. 1st Bs, 1943 Buffalo Creek R. R. stk. Pavonia Ferry stk ■ Hillside Coal & Iron Co. stk 1.000,000 Northw. Mining & Ex- change Co. stk Blossburg Coal Co. stk. N. Y., Lake Erie & "Wn. Coal & R. R. 1st 6 s, 1922 1,900,000 120,650 67,200 800,000 604,000 604,000 126.000 100,000 600,000 1,000,000 following; Issued $2,096,450 200,000 122,200 67,000 800,000 4,000,000 260,000 100,000 1,000,000 500,000 1,000,000 Prior Liens— Subject to $69,993,900 prio- liens as follows: Buffalo & Southwestern 1st 6s. 1928 $1,600,000 Brie R. R. Buffalo & S. "W. Dlv. 2d 5s, 1928 1.000,000 New York & Erie 2d 6s, 1919 2,149,000 New York & Brie 4th 6s, 1920 2,926,000 Brie Ry. Ccns. 7s, 1920 16,891,000 New York, Lake Erie & Western Funded Cou. 7s, 1920 3,699,600 New York & Erie 3d 4%s, 1923 4,617,000 New York & Brie 6th 4s, 1928 709,500 Newburgh & New York 1st 5s, 1929 250,000 Brie Ry. Buffalo Branch 4s, 1931.. 182.400 New York, Penna. & Ohio 4%s, 1936 8,000,000 Tioga R. R. 1st Bxtd, 6s, 1935 227,500 New York & Erie 1st 4s, 1947 2,482,000 Brie & Jersey 1st 6s, 1955 7,378,000 Genessee River R, R. 1st 6s, 1957.. 6.982,000 Chicago & Erie 1st 63, 1983 12,000,000 Total $69,993,900 Underlies — Cons. Gen. Lien 4s of 1996, Con- vertible 4s of 1953 and Ref. & Imp. Mtg. Listed on the New York and London Stock Exchanges. Market. New York — Active on N. Y. Stock Exchange St. Lonls — Mercantile Trust Co. Newark — J. S. Rippel. Chicago — ^Kean, Taylor Sc Co. Philadelnhia — Thos. A. Biddle & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan, 1, 1919 1918 High.102 Jan. 2, '06 79 Nov. 12 Low. 65 Mar. 25, '18 65 Mar. 26 3,000,000 ERIE RAILROAD CO. Cons. Gen. Lien 4s. Due Jan. 1, 1996. — F. Dated December 10. 1895. Interest payable Jan. and July 1. at company's office, 50 Church St., N. Y. Interest was payable at rate of 3% for first two years. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $140, 000, 000. Outstanding — $35,885,000. Deposited as Collateral — $19,217,000. In Treasury — $2,000. Reserved for Prior Liens and Ext. — $84,896.- 000. Denomination — Coupon, $1,000. Regiaterable as to principal. Registered, $600, $1,000. $6,000, $10,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co.. New York. Voting Power — Bach $1,000 bond is entitled to 10 votes. Secnred by the same mortgage as the Cons. P. L. 4s of 1996 (see above) and cover the same property, but junior in lien thereto. Prior Liens — $104,993,900 (closed mort- gages) prior liens as follows: Buffalo & Southwestern R. R. 1st «s 1928 $1,600,000 Erie R. R. Buff. & S. W. piv. 2d 5s 1928 1,000.000 New York &. Brie 2d 6s. 1919 2,149,000 New York & Brie 4th 6s, 1920 2,926,000 Erie Ry. Cons. 7s, 1920 16,891,000 New York, Lake Erie & Western Funded Coup, 7s, 1920 3,699,600 New York & Erie 3d 4% s, 1923 4,617,000 New York & Erie 6th 4s, 1928 709,600 Newburgh & New York 1st 5s, 1928 250.000 Brie Ry. Buffalo Branch 4s, 1931.. 182,400 New York, Penn. & Ohio 4%s, 1935 8,000,000 439 Tioga R. B. lat Extd. 6a, 1935 227,600 New York & Erie 1st 4a, 1947 2,482,000 Erie & Jersey Ist 6a, 1966 7,378,000 Genessee River R. R. lat 6a, 1957. 6,982,000 Chicago & Erie 1st 6a, 1983 12,000,000 Brie R. R. Cona, P. L. 4s, 1996... 35,000,000 Thie following are outstanding bonds of com- panies whose entire stocks are pledged or whose properties are leased and for the re- tirement of which bonds are reaerved under this mortgage: Chicago & Atlantic Ry. Term. 1st 6s. 1928 $300,000 Jefferson R. R, 1st 6s, 1919 2,800,000 Sharon Hy. 1st 4%s, 1919 164,000 Bergen County R. R. 1st 6s, 1921.. 200,000 New York, Lake Erie & Wn. Coal & R. R. 1st 6s, 1922 1,100,000' Montgomery & Erie 1st 6s, 1926... 130,000 Jefferson R. R. Honesdale Branch 1st 4%3, 1927 204,000 Montgomery & Erie 2d Ba, 1927.... 40,600 Goahen & Deckertown 1st 6s, 1928. 186,500 foshen & Deckertown 2d 6s, 1929. 60,000 efferson R. R. Honesdale Branch 2d 6s, 1929 96,000 Long Dock Co. Cons. 6s, 1936 7,600,000 New Castle & Shenango Valley R. R. 1st Extd. 4%a, 1937 250,000 Cleveland & Mahoning Valley Ry. Cons, is, 1938 3,000,000 N. T., L. B. & Wn. Docks & imut. Co. 1st 6s, 1943 3,396,000 Total $19,427,000 Underlies — Brie R., R. Gen. Conv. 4s of 1953 and Ref, & Imp! Mtg. Xiisted on the New York and London Stock Exchanges. Market. New York — Active on N. Y. Stock Exchange. Newark — J. S." Rippel. Chicago — Kean, Taylor & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hdgh.93% Jan. 16, '06 64% Nov. 12 Low. 47% Deo. 20, '17 49% Jan. 18 ERIE RAILROAD CO. Pennsylvania Coll. Tr. 4s. Due Feb. 1, 1951.— F. Dated February 1, 1901. Interest payable Feb. and Aug. 1, at company's office, BO Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $36,000,000. OutstandinK — $23,149,000 (Dec. 31, '18). Held in Sinking Fund — $10,861,000. Reserved for Ext. — $2,00,0,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Bankers' Trust Co., New York. Sinking Fund Trustee — J. P. Morgan & Co. Redeemable for sinking fund at 106 and interest. Sinking Fund — Annual Payments of 10c. per ton of coal sold from mines of Pennsylvania Coal Co., for the purchase or redemption of these bonds at not exceeding lOB and interest, bonds thus acquired to be held alive in the sinking fund and Interest added to said fund. Secured by a first Hen on the following de- posited stocks: $4,910,000 of $6,000,000 cap- ital stock of the Pennsylvania Coal Co.; $1,- 600,000 (entire issue) capital stock of the Brie & Wyoming Valley R. R., and $250,000 (entire issue) capital stock of the Delaware Valley &, Kingston K. R. Co.; $6,630,000 preferred and $6,630,000 common stock of the New York, Susquehanna & Western R.^R., being 51% of the total outstanding capital stock of same. The Delaware Valley & Kingston R. R. Co. owns no property; the Brie & Wyoming Valley R. R. owns 6 4 miles of road from Hawley Co. to Scranton, Pa., and branches, free from mort- gage debt, which road affords the Erie R. R. its entrance into Scranton; the Pennsylvania Coal Co. owns 16 miles of road from Lacka- waxen on the main line of the Brie R. R. to Hawley, also forming a part of the line to Scranton, free from debt, and the New York, Susquehanna & Western R. R. Co. owns 140 miles of road from Jersey City via Patterson to Wllkea-barre, Pa., subject to bonded debt of $12,600,000. Underlies — Gen. Conv. 4s, 5s of 1953, and Ref. & Imp. Mtg. , which are a second lien on securities pledged above. Bonds are reserved under the latter mortgage' to retire this issue. Listed on the New York Stock Exchange. Market. New York — Geo. H. Burr & Co. Newark — J. S. Rippel. Boston — Geo. H. Burr & Co. Philadelphia — Huntoon & Co. Price Ranee— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 98 Jan. 29. '06 86 Dec. 12 Low. 67% Apr. 7. '08 7514 Feb. 6. ERIE RAILROAD CO. Gen. Series "A," "B" and "D" Conv. 4s. Due April 1, 1953. Dated, Series "A," April 1, 1903; Series "B," Oct. 1, 1905; Serlea "D," Oct. .1, 1915. Interest payable April and Oct. 1, at 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $60,000,000. Outstanding — $10,000,000: Series "A"; $11,- 016,000 Series "B" ; $19,627,130 Series "D." Pledged to Secure Notes — $8,372,000. Reserved for Ext. — $9&6.870. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $600, $1,000 and multiples. C. & R. Interchangeable. Trustee — Guaranty Trust Co., New York. Convertible — Series "B" bonds are convert- ible into the common stock of the company at any time prior to Oct. 1, 1917, at $60 per share. Series "D" bonds are convertible Into the common stock of the company at any time between April 1, 1918, and Oct. 1, 1927. at $50 per share. Secured by direct mortgage or collateral lien on the property covered by prior liens men- tioned below. Also a first lien on the entire $6,000 capital stock (no bonds) of the Pen- horn Creek R. R. Co., which owns S.76 miles of four track through Bergen Hill, just west of Jersey City and which, together with the original tunnel, affords the company six main tracks to the waterfront at tidewater. For details aa to mileage see Penna. Coll. Tr. 4i and 1st Cons. P. L. 4s. Prior liens — $183,791,900 prior liens as fol- lows: Brie R. R. Penn. Coll. Tr. 4s. 1951. $24,696, 000 Brie R. R. Cons. Gen. Lien 4s, 1996 54,102,000 Brie R. R. Cons. P. L 35,000,000 Prior Liens thereto and Ref. & Imp. Mtg 69,993,900 440 I-isted on the New York and London ("A") Stock Bxchangres. Original Market — Underwritten, Series "A" bonds "by J. P. Morgan & Co., N. T., in 1903, and offered for subscription to the stockhold- ers at 87% and interest. Series "B" bonds underwritten by J. P. Morgan & Co., N. T., in 1905, and o£Cered for subscription to stock- holders at par and interest. Series "D" bonds underwritten by J. P. Morgan & Co., N. Y., in 1916. and offered for subscription to stock holders at 85 and interest. Market. New York — ^Active on N. Y. Stock Exchange. Philadelphia — ^Reilly, Brock & Co., Town- send Whelen & Co., Harper & Turner, Biddle & Henry. Newark — ^J. S. Rippel. Fhiladelpbla — ^W. H. Newbold's Son & Co. rittsburs;b — R. "W. iflvans & Co. Price Banee — ^N. Y. S. B. Jan. 1. 1906 to Jan. 1, 1919 1918 High.109% Jan. 20, '08 68 Nov. 13 Low. 37 Deo. 20, '17 42 Jan. 24 Series "B. " High. 87 Feb. 8, '07 59 Nov. 12 Low. 3-7% Dec. 20. '17 42% Jan. 24 Series "D." H.igh.88% Oct. 6. 'IG 62 Nov. 12 Low. 41% Dec. 20, '17 48% Feb. 9 ERIE RAILROAD CO. 3-Year Secured 6% Notes. Due April 1, 1928. Dated April 1, 1919. Interest payable April and Oct. 1st at company's office. New York. Tax Status — Federal Income Tax not as- sumed by company. Authorized — $15,000,000. Outstanding — $15,000,000. Purpose of Issue — To re-finance a like amount of 2-Year 5% notes, due April 1, 1919. Denominations — Coupon $1,000. $5,000 and $10,000. Registered as to principal. Trustee — Bankers Trust Company, New York. Redeemable at 101 and interest on any in- terest date upon sixty days' notice. Secured by pledge of the following: Erie K. R. 1st Cons. Gen. Lien 4s.. $18,217,000 Brie R. R. Gen. Conv. 4s, Series D 8,372,000 Erie R. R. Ref. & Imp. ffs. Series B 5.400,000 Columbus & Erie R. R. 1st 5s 600,000 Collateral may be withdrawn on substitu- tion of cash in the following percentages of face value: Erie R. R. 1st Cons. Gen. Lien 4s... 60% Erie R. R. Gen. Conv. 4s, Series D... 60% Erie R. R. Ref. & Imp. 6s, Series B... 86% Columbus & Erie R. R. 1st 5s....' 95% Such cash to be applied to the redemption of these notes by call. Original Market — Offered March, 1919, to holders of 2-Year 6% Notes, due April 1, 1919, by J. P. Morgan & Co., New .York, at 98. ERIE RAILROAD CO. 4%% Equip. Tr. Ctfs., Series "Q." Due $830,000 each Feb. and Aug. 1, to Aug. 1, 1981, inclusive. — F. Dated August 2, 1911. Interest payable Feb. and Aug. 1. at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4, 600, 000. Outstandinit— $1,150,000 (Feb. 15, '19). Balance Retired. Denomination — Coupon, Jl.OOO. Eeglaterable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed principal and interest by Brie R. R. Co. Security — Certificates issued by Trustee and guaranteed principal and interest by Bri^ Rail- road Co., covering 1,000 steel box oars, 1,000 gondola cars, 1,000 composite gondola cars, 600 flat cars, 300 automobile cars, 200 refrig- erator cars, 25 suburban passenger 'coaches, B passenger and baggage cars, 35 freight loco- motives and 20 switching locomotives, costing $6,426,134, for which the company paid $826,- 134, -or 15%, in cash. Original Market — First offered in 1911 by Drexel & Co., Philadelphia. Market. See Series "AA" below. ERIE RAILROAD CO. 4Vi% Bfluip. Tr. Ctfs., Series "R." Due $108,000 each Feb. and Aug. 1 to Aug, 1, 1988, Inclusive. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Trustee's office, . Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized! — $2,160,000. Outstanding — $756,000 (Feb. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and Interest by Erie R. R. Co. Secured by an eauipment agreement on 25 open vestibule suburban coaches. 11 combined passenger and baggage cars, 500 coke racks, 300 automobile cars and 50 Mikado type lo- comotives, costing about $2,632,870, for which the company paid $472,870 in cash. Original Market — Offered in 1912 on a 4.70% basis, by Drexel & Co., Philadelphia. ERIE RAII.ROAD CO. Equip. 4%s, Series "S." Due $100,000 each June and Dec. 1, to Dec. 1, 1988, inclusive. — F. Dated Dec. 1, 1912. Interest payable June and Dec. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding — $800,000 (June, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by the Brie R. R. Co. Secured by an equipment lease covering 36 locomotives and 1,500 box cars, costing $2.- 511,219, of which the company paid $511,219, or 20%, in cash. Original Market — Offered in 1912 by Drexel & Co., Philadelphia. Market. See Series 'iAA" below. ERIE RAILROAD CO. Equip. Ss, Series "T." Due $66,000 each June 15 and Dec. 15, to June 16, 1983, Inclusive. — P. Dated June 14, 1913. Interest payable June and Dec. 15, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,320,000. Outstanding — $594,000 (April 25, 1919). Balance B-etired. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Guaranteed principal and interest by the Erie R. R. Co. Secured by an equipment lease on 1,500 box cars, costingr $1,613,960, of which the com- pany paid S293.950. or 18% in cash. Original Market — $1,320,000 offered in 1913 by Brown Bros. & Co., Drexel & Co., Harris, Forbes & Co. and White, "Weld & Co., at a price to yield 5.50%. Market. See Series "AA" below. EBnS BAIXROAD CO. Eaoip. 6s, Series "IT." Due $117,000 each Jan. 1 and $118,000 each July 1 to July 1, 1923, inclusive. — F. Dated July 2, 1913. Interest payable 'Jan. and July 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,350,000. Outstanding — $940,000 (July 15, '19). Balance Betired. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Bankers' Trust Co., New York. Guaranteed principal and interest by the Erie R. R. Co. Security — Certiftcates issued by Trustee and guaranteed principal and interest by Brie Rail- road Co., covering 1,500 forty-ton steel frame box cars, 500 fifty-ton steel hopper cars and 500 fifty-ton composite gondola cars, costing $2,829,376. .of which $470,376, or 17%, was paid in cash by the Railroad Co. Original Market — $2,350,000 offered in 1913 by Brown Bros. & Co., Drexel & Co., White. Weld & Co., and Harris Trust & Savings Bank, at a price to yield 5.30%. Market. See Series "AA" below. ERIE BAILROAD CO. Equip. 58. Series "V." Due $100,000 each June 15 to 1933, in- clusive. — F. Dated June 16. 1913. Interest payable June 15 and Dec. 15, at Trustee's office, in New York. Tax Status — ?% Federal Income Tax paid by company with-^ut deduction. Authorized — $1. 000, 000. Ontst^ndiTig— $100,000 (July, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co. Guaranteed principal and interest by the Erie R. R. Co. Secured by lien on 1,000 all steel flfty-ton hopper cars, costing 1,186,437, of which $186,- 437, or 15%, was paid in cash by the Railroad Company. Original Market — Offered in 1913 by Harris, Forbes & Co. , Brown Bros. & Co. , Drexel & Co.. and White, Weld & Co.. at prices to yield 5.50%. Market. See Series *'AA" below. EBIE BAIIiROAD CO. Equip. 5s. Series "AA". Due $56,000 each March and Sept. 1 to Sept. 1, 1923, inc. — F. Dated Sept. 1, 1913. Interest payable March and Sept. 1, in Philadelphia. Tnx Status — ?% Federal Income Tax paid by company without deduction. Authorized — $1,120,000. OntBtandiniir — SR04,000 (March 15. 1919). Balance Betired. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Guaranteed as to principal and interest by the Erie R. R. Co. Secured by an equipment lease covering 60 standard freight locomotives, costing $1,330,- 890, of which $210,890, or 18%, was paid in cash by the Railroad Company. Original Market — First offered Sept., 1918, by White, Weld & Co.. Brown Bros. & Co.. Harris, Forbes & Co., of New York, Drexel & Co., Philadelphia, to yield 5.50%. Market. (All Erie Equipment Issues.) New York — Harvey Fisk & Sons, Brown Bros. & Co., Bull & Eldredge, Freeman & Co., Coggeshall & Hick's, Evans, Stlllman & Co. Philadelphia — Geo. S. Fox & Sons, West & Co.. Graham. Parsons & Co., Biddle & Henry. Brown Bros. & Co. . Reed A. Morgan & Co. Boston — Brown Bros. & Co. Chicago — Harris Trust & Savings Bank. Baltimore — J. S. Wilson, Jr., & Co. EBIE RAIIiROAD CO. Equip. 5s, Series "BB.*' Due $45,0(M> each Feb. 1 and Aug. 1 from Feb. 1, 1915, to Aug, 1, 19^4, inclusive. — N. Dated Aug. 1, 1914. Interest payable Feb. 1 and Aug. 1 at Trustee's office. Tax Status — Payment of Federal Income Tax no't assumed by company. Authorized — $900,000. Outstandine — $495,000 (Feb. 15. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to iJrincipal. Trustee — Commercial Trust Co. , Phila- delphia. ■ Guaranteed principal and interest by the Erie R. R. Co. Secured by an equipment agreement on 6 locomotives, 7 all-steel passenger cars. 1 all- steel passenger and baggage car, 4 steel under- frame club cars and 800 gondola cars. The company made a cash payment of $203,312. Original Market — Offered by Drexel & Co., Philadelphia. Market. See Series "AA" above. ERIE RAILROAD Equip. Tr. 4i/&s. Series "C.C." Due semi-annually $213,000 each June and Dec. 1, from June 1, 1916, to June 1, 1918, and $214,000 from Dec. 1, 1918, to Dec. 1, 1925. inclusive. — N. Dated Dec. 1. 1915. Interest payable Dec. 1, and June 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,276,000. OntstandiuB: — $?.773.000 (June 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Guaranteed principal and interest by the Erie R. R. Co. Secured by an equipment trust agreement on 1,000 gondola cars, 1,000 hopper cars, 16 steel coaches, 2 steel combined passenger and bapTgage cars, 1 steel baggage car, 65 locomo- tives costing ;E5,080,183, of -which $805,182. or 1 fi ■% . the company paid in cash. Original Market — Offered Jan. 1, 1916, by Drexel & Co., Philadelphia. Market. See Series **AA*' above. ERIE RAILROAD Equip. Tr. 4^8. Series "D.D." Due $63,000 each Dec. 1. and $62,000 each June 1, from Dec. 1, 1916. to June 1, 1926, inclusive. — N. Dated June 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office. 442 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,250,000. Outstanding: — $875,000 (June 15, 1919). Balance Retired, Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Guaranteed principal and> Interest by the Erie R. R. Co. Secured by an equipment airreement on 1,000 Belf-clearine: hopper cars and three "2-10-2 type" locomotives, costing $1,532,585 , of which $282,585, or 18%, was pa^d by the com- pany in cash. Orieinal Market — Offered June, 1916, by Drexel & Co., Philadelphia. Market. See Series "AA" above. ERIE RAILROAD Eanip. Tr. 4%%. Series "X!.i:." Due $181,000 each Oct. 1, and AprU 1 from .Oct. 1, 1917, to AprU 1, 19!i7, Inclusive. Dated March 31, 1917. Interest payable April 1, and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3, 680, 000. OutstanflinB — $2,944,000 (April 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Phila- delphia. Guaranteed principal and interest by Brie R. R. Co. Secured by an equipment agreement on 15 Santa Fe type freight locomotives, 10 Pacific- type passenger locomotives, 2.000 'steel under- frame 40-ton box cars, 2 gasoline .shifting loco- motives. 2 steel lining cars, costing $4,464,- 531, of vi-hich $784,531 was paiid by the com- panv in cash. Original Market — $3,680,000 offered April, 1917, by Drexel & Co., Philadelphia. Market. See Series "AA" above. ERIE RAILWAY COMPANY Cons. 7s. Due Sept. 1, 1920.— N. Dated September 1, 1870. Interest payable March and Sept. 1, at J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $16,891,000. Denomination — Coupon, $1,000 and £200. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by, the Erie R. R. Co. Control — Incorporated in New York In 1861, as successor to the N. Y. & E. R. R. Co. In 1878 property acquired by the N. Y., L. B. & W. R. R. through foreclosure. The latter was reorganized in 1895 as the present Erie R. R. Co. '^ Secured by a direct mortgage on 526.67 miles of road, viz: Miles. A second lien on 61.16 miles — (Covered by the first lien of the Erie Ry. Buffalo Branch 4s.) Hornell to Attica, N. Y 61. H A third lien on 18.73 miles — (Covered by the first lien of the N. Y. & B. 4th Bxtn. 6s,) Greycourt to Newburgh, N. Y 18 . 71 A sixth lien on 446.78 miles — (Covered by the first lien of the N. Y. & B. 1st Extn. 4a.) Plermont to Dunkirk, N. Y 446.71 Also secured upon 47.08 miles of leasehold Interests, viz: Jersey City (Buffalo Creek), N. J. to Suftern, N. Y 28.68 Avon to Rochester, N. Y 18.40 Prior lilens — $13,065,900 prior Hens aa fol- lows: New York & Erie 2nd Bxtd. 6a 1919. $2,149, 000 New York & Brie 4th Extd. 5s 1920. 2,926,001 New York & Brie 3rd Extd. 4% a 1923 4,617,000 New York & Erie 6th Bxtd. 4s 1928. 709,500 Brie Ry. -Buffalo Branch 1st Bxtd. 4s 1931 182,400 New York & Brie 1st Extd. 4s 1947. 2,482,000 Underlies — Erie R. R. Cons. P. L. & G. L. 4s of 1996 Gen. Conv. 4s of 1953 and Ref. & Imp. Mtg. Bonds are reserved under the Gen. Lien Mortgage of 1996 to retire this issue. Legal for Cal. Listed on the New York and London Stock Exchanges. Market. New York — Samuel Goldschmidt, Wm. C. Bwen, Finch & Tarbell, Geo. B. Gibbons 4 Co., Gude, Winmill & Co.. J. S. Farlee & Co., E. & C. Randolph, Clark, Dodge & Co., Struth- ers & Hiscoe, Bernhard, SchoUe & Co., Sea- Bongood, Haas &. Macdonald, Vilas & Hiokey, Korn. Lehman & Co., S. P. Larkin & Co., Redmond & Co., Taylor. Smith & Hard. Philadelphia — Biddle & Henry, Graham, -Par- sons & Co., Chas. Fearon & Co., S. K. Phil- lips, Thos. A. Biddle & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range— N. Y. S. E. ,Ian. 1. '06 to Jan. 1, '19 1918 High.134% Feb, 19, '06 101% Nov. 29 Low. 99% Dec. 18, '17 100 Apr. 4 ERIE RAILWAY CO. Buffalo Branch 1st Ext. ♦ 4s. Due July 1, 19S1. — N. Dated July 1, 1861. Extended July 1, 1891, and interest reduced from 7%. Interest pay- able Jan. and July 1, at 60 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $182,400. Denomination — Coupon, $1", 000 and $200. Registerable as to principal. Trustees — Charles Steele and J. C. Bancroft Davis. " Assumed by the Brie R. R, Co. Secured by a first mortgage on 61.16 mile* of rond from Hornell to Attica. N. Y. Underlies — Cons. 7s of 1920; Cons. P. L. and G, L. 4s of 1996, Gen. Conv. 43 of 1963, and the Ref. & Imp. Mtg. Bonds are reserved un- der General Lien Mortgage of 1996 to retire this issue. Legal for Cal. and Maine. Market. Pittsburgh — R. B. Hutchinson & Co. ESCANABA (MICH.) TRACTION CO. 1st ft Ref. 5s. Due $10,000 annually Jan. 1. to 1918; $5,000 Jan. 1, 1919-33, balance Jan. 1, 1934.— F. Dated Aug. 12, 1909. Interest payable Jan. and July 1, at First Trust Bank, Milwaukee, Wis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600, 000. Outstanding— $660,000 (Fpb. 1, '19). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. 443 Trustee — Michigan Trust Co., Grand Rapids, Mich. Redeemable on any Interest date at 103 and Interest. Organization — Incorporated in Michigan in 1909 as a consolidation of the Elscanaha Elec- tric St. Ry. Co. and the Escanaba Power Co. Also controls through stock ownership the Escanaba Pulp & Paper Co. Secured by a flrst mortgage on all the prop- erty of the company, Including three hydro- electric plants on the Escanaba River, with a combined capacity of 7,700 h. p., near Esca- naba, Mich.; plants supplying electricity to Escanaba, Gladstone and Wells, Mich., five miles of gtreet railway track in Escanaba and 1 3 miles of interurban railway extending to Gladstone with branch to Groos, Mich. Fran- chises In Escanaba and Gladstone expire in 1933; balance of road on private right of way. Population served: Escanaba, 15,000; Glad- stone, 4,500. Underlies — $200,000 2nd 5a of 1934. Year ended Dec. 31: Gross Net Interest 1918 $183,969 $58,356 $36,789 1917 194.455 79,498 37,6*70 1916 160,681 90.064 38,857 1915 124,684 67,092 39,053 Original Market — Offered In 1911 by Tweedy, Underwood & Edgar (now Edgar, Ricker & Co.),* Milwaukee. $115,000 ofEered by Edgar, Ricker & Co., Jan., 1914. Market. Milwaukee — Edgar Ricker & Co. , Wisconsin Trust Co. ESCANABA TRACTION CO. 2nd 5s. Due Aug. 1» 1934,— F. Dated Aug. 1, 1909. Interest payable April and Oct. 1, at First Trust Co., Milwaukee.^ Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $200,000. Denomination — Coupon, $1,000 and $100. Trustee — Michigan Trust Co., Grand Rapids. Secured by a second mortgage on property described under 1st & Ref. 5s. Prior Liens — $550,000 1st & Ref, 5s. Earnings — See' 1st & Ref. 5 s above. EVANSVTLI^ & INDIANAPOMS RAILROAD CO. 1st 6s. Due July 1, 1934. Dated July 1, 1884. Interest payable Jan. and July 1, at Bankers* Trust Co., New York. Default—July 1, 1914, and subsequent In- terest. Tax Status — Information not available. Anthorized — $1,000,000. Outstanding — $647,000. Exchanged for Evans. & Ind. Ist Cons. 6s— $353,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Farmers Loan & Trust Co. . New Tork. Guaranteed principal and Interest by tha Bvansville & Terre Haute R. R. Co., by en- dorsement, which guarantee was assumed by the Chicago & Eastern Illinois R. R. Co. at consolidation, now in the hands of receivers. Organization — Incorporated In 1884 under the laws of Indiana as a consolidation of the Terre Haute & Southeastern R. R. and Evans- ville, Washington & Brazil. Receiver — Wm. P. Kappes, appointed Feb. B. 1P16. Road is operated independently. Foreclosure — Suit Instituted by trustee. ProtectlTe Committee — Frederick H. Ship- man, William B. Cardozo, Ellis W. Gladwin. Edward H. Ladd, Jr., and Raymond M. Smith, Secretary, Edwin Gibbs, 22 William St., New York. Depositary, Farmers' Loan & Trust Co., New Tork. Control — The entire capital stock is owned by the EvansviUe & Terre Haute R. R. Co and deposited under Its let Gen. 5s. The lat- ter company was merged Into the Chicago £ Eastern Illinois R. R. Co. in 1911.'- Secured by a mortgage (subject to receiver's certificates) on 54.50 miles of road from 'Straight Line Jet. near EvansviUe to Wash- ington, Ind. Prior Lien — $675,000 ReceivA-'s Ctfs.t due Jan. 1, 1920. Underlies — Evans. & Indianapolis 1st Cons. 63 of 1926, which provide for the retirement of this Issue. Market. New York — ^Wolft & Stanley, Louchheim, Minton & Co. , Williiam C. Orton, W. C. Rauscher, Taylor, Smith & Hard. Price Range. Jan. 1, 'OS to Jan. 1, '19 1918 Bid Ask Bid Ask High.113 '09 114 '08 16V^f. Nov. 25f. Nov. Low. 5f. '17 15f. '17 5 f. Jan. 15f. Jan. EVANSVILLE & INDIANAPOLIS RAILROAD CO. 1st Cons. 6s. Due Jan. 1, 1926. Dated January 1, 1886. Interest payable January and July 1, at Bankers' Trust Co., New York. Default— July 1, 1914, and subseauent in- terest. Tax Status — Information not available. Authorized — $2,500,000. Outstanding — $1,853,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed principal and interest by the EvansviUe & Terre Haute R. R. Co. by en- dorsement, which guarantee was assumed by the Chicago & Eastern Illinois R. R. Co. at consolidation. Now In the hands of receivers. Organization, Control and Protective Com- mittee — See 1st 6s above. Foreclosure — Suit instituted by trustee under this miortgage. Receiver — Wm. P. Kappes appointed Feb. 5, 1916. Secured by a direct mortgage on 134.15 miles of road, viz: Miles. A second lien on 79.65 miles — (Subject to the 6% Receiver's Ctfs. 1920.) Washington to Terre Haute, Ind 79.65 A third lien on 54.50 miles — (Subject to 6% Receiver's Ctfs. 1920 and to the E. and I. 1st 6s 1924.) Straight Line Jet. near EvansviUe to Washington, Ind 54. 50 Prior Lien — $647,000 1st 6s of 1924, which this Issue provides to retire, $675,000 Receivers Certificates, due*Jan. 1, 1920. Listed on the New York Stock Exchange. Market. New York — Wolff & Stanley, Louchheim, Minton & Co.. William C. Orton, W. C. Rauscher, Taylor, Smith & Hard, Baker, Car- ruthers & PeU. Chicago — ^Andrews & Co. Price Range — N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 Bid Ask High.118 Jan. 22, '06 17f. Dec. 25f. Mar. Low. 28^ Jan. 27, '17 5f. Dec. 15f. Dec. EVANSVILI^E & INDIANAPOLIS RAILROAD CO. €% Receiver's Certiflcates. Due Jan. 1, 1920.— N. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, at Mechanics & Metais National Bank. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $675. 000. OutstandincT — $675,000. Denomination — Coupon, $500 and $1,000. Redeemable at 101 and interest on 30 days' notice. Secured by a first lien on all the property of the company. See 1st Cons. 6s. Underlies — 1st 6a of 1924 and 1st Cons. 68 of 1926. Orisinal Market — Offered March, 1917, by Wm. C. "Wilson & Co., New York, at 100 and interest. Market. New York — Taylor, Smith & Hard. EVANSVILLE & OHIO VALLEY RAILWAY CO. 30-Year 1st 6s. Due Jan. 1. 1949. Dated Jan. 1, 1919. Interest payable Jan. 1 and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — None (Mar. 27, 1919). Purpose of Issuei — The bonds are to be sold to provide funds , to rehabilitate the property and interest. Trustee — Continental & Commercial Trust &, Savings Bank, Chicago. Redeemable during f rs t ten years at 103, during the second ten years at 102, during third ten years at 101 and interest. Sinking Fund — Beginning 1929. $2,500 an- nually for ten years, thereafter $5,000 per annum. Organization — See 1st & Ref. 5s. Secured by a direct mortgage on all the property now owned or hereafter acquired. The property covered by this mortgage does not include the property formerly owned by the Evansville, Henderson & Owensboro Ry. Co. Underlies — 1st & Ref. 5s of 1941 and Gen. Income 5s of 1949. EVANSVILLE & OHIO VALI.EY RAILWAY CO. SO^Year 1st & Ref. 5b. Due Jan. 1, 1941. Dated Jan. 1, 1919. Interest payable Jan. and July 1, at Trustee's office, Evansville. Tax Status — 2% Federal Income Tax paid by company without, deduction. Authorized — $1,200,000. Outstanding — $750,000 (Mar. 27. 1919). Reserved to Retire Preferred Stock — $352,- 200. Additional bonds may be issued for 80% of actual cost of improvements, betterments, or additional property, provided net earnings for preceding twelve months are sufficient to cover Interest on all bonds outstanding and to be Issued. Trustee — American Trust & Savings Bank, Evansville, Ind. Sinking Fund — Same as for 1st 30-Year 6s if none of those bonds are issued. If they are issued sinking fund applies only to the First Mortgage bonds. Organization — Incorporated In Indiana, De- cember. 1918, and on February 20, 1919, ac- quired the properties of the Evansville Rail- ways Co. through foreclosure; also acquired the capital stocks of the Henderson Traction Co. and the Owensboro City R, R. Co. Capital . Stock Outstanding Pref. (6% non-cum.) $200,000 Common 300. 000 Secured by a mortgage on all the property of the company now owned or hereafter ac- quired and including 56 miles of electric rail- way track owned in fee, 7.22 miles, leased; 7.46 miles, trackage nights; total mileage operated including 4.32 miles of sidings, 75 miles of equivalent single track. Mileage owned — Miles Newburgh to Grandview, Ind 31 . 00 Grandview to Richland. Ind 4.00 Evansville to Mt. Vernon. Ind ... 20.00 Street railways in Evansville and "else- where 1.00 56.00 Mileage leased — •Evansviille to Henderson 7.22 Total mileage operated 63 . 22 •Leased for 22 years from 1911 from the Illinois Central R. R. Co. The company has trackage rights into Evansville, Ind. Franchises in municipalities expiry in 1955 and 1957 and interurban lines are largely on private right of way or operate under per- petual rights. Prior Liens — $200,000 (authorized) 1st 6s of 1949. Underlies — Gen. Income 5s of 1949. Year ended Dec. 31 Gross Net 1918 $330,743 $67,955 1917 291,212 80,378 Original Market — $750,000 issued, in ex- change, on the basis of 50% for principal amount and 50% for defaulted Interest of the following issues; $295,000 Evansville Termi- nal Ry. 1st 5s; $350,000 Evansville & Mt. Vernon Electric Ry. Ist 5s and $684,00 Evansville & Eastern Electric Ry. 1st 5s. See also Gen. Income 5s. EVANSVILLE & OHIO VALLEY RAILWAY CO. 30-Year Gen. Income Bonds. Due Jan. 1, 1949. Dated Jan, 1, 1919. Interest payable Jan. 1 and July 1 when earned, and not to ex- ceed 5 % non-cumulative. Tax Status — 2 % Federal Income Tax paid by company without deductiion. Interest Provision — Net earnings after inter- est on First Mortgage Bonds, First and Re- funding Bonds and Pive-Year Notes sold and outstanding to the amount of $52,800 shall be applied one-half to the payment of interest on the General Income Bonds and the remaining one-half to the payment of interest and prin- cipal of the Bills Payable secured by Pive- Year Collateral Notes.' The adjustment is to be made semA-annually and the fund ap- plicable to interest Is to be deposited with the Trustee and distributed by it, as the Board of Directors of the Company, direct, but in any event interest shall be paid when the amount so deposited is equivalent to 1 % of the par value of the outstanding General Income Bonds. Authorized — $750, 000. Outstanding — $750,000 (Mar. 27, *19). Denomination — Registered $100. $500 and $1,000. Trustee — ■ Mercantile-Commercial Bank, Evansville, Ind. Organization' — )See Ist & Ref. 5s. Secured by the same property as the 1st and Ref. 5s, being subject to the lien of that mort- gage and other liens prior thereto. Earnings — See 1st & Ref. 5s. 445 Original Market — $750,000 issued in ex- change on the basis of 50% for principal amount and 50% for defaulted interest for the following secunities: $295,000 Bvansville Ter- minal Ry. 1st 5s; $350,000 Evansville & Mt. Vernon Electric Ry. 1st 5s, and $684, 000 Evansville & Eastern Electric Ry. 1st 55. See also 1st & Ref. 5s. EVANSVILTvE & OHIO VAXUEY RAII/WAY CO. 10-Ye^r Coll. Tr. 6% Notes. Due Dec. 1, 1928. Dated Dec. 1, 1918. Interest payable June and Dec. 1, at Trustee's office, Evansville, Tax Status — 2% Federal Income Tax paid by company without deduction. . Authorizeid — $ 300.000. Issued — $150,000. Outstanding — $52,900 (Mar. 27. *19). In Treasury — $97,100. Bedeemabl« at any time at par. Trustee — Mercantile-Commercial Bank, Evansville, Ind. Organization — See 1st & Ref. 5s. Secured by pledge of $288,000 Mtge. 6s (suMect Jo $203,600 preferred stock) and $103.- 00 common stock of Henderson Traction Co. and 373,750 common stock of Owensboro Clity Railroad Co. EVANSVILILE & PRINCETON TRACTION CO. 1st S. F. 6s. Due April 1, 1933.— P. Dated April 1, 1903. Interest payable April and Oct. 1, at Citizens' Savings & Trust Co., Cleveland. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $480,000 (May 1, '19). Retired by Sinking Fund — $120,000. Denomination — Coupon, $1. 000. Register- able as to principal and fully registered. Trustee — Citizens' Savings & Trust Co. and L. "W. Prior, Cleveland, Ohio. Redeemable tor the sinking fund in numeri- cal order and as a whole at 105 and interest. Sinking Fund — $10,000 bonds to be retired annually, in numerical order, at 105 and in- terest. Assumed by Public Utilities Co. Control — Merged in 1906 with Evansville & So, Ind. Traction Co., whose property was acquired in 1912 by Public Utilities Co. of Evansville, all of whose stock is owned by the Union Ry. , Gas & Elee. Co. . all of whose stock is owned by Commonwealth Power Ry. & Lt. Co. Secured by a first mortgage on about 3 2 miles of electric railway between Evansville and Princeton, Ind. Franchise runs to 1951. Underlies — Public Utilities Co. 1st & Ref. 6s of 1929, under which bonds are reserved to retire this issue. Earnings — See Public Utilities' Co. of Evans- ville. Market. Philadelphia — H. D. Boenning & Co.. Par- rish & Co., S. K. Phillip.s, E. R. Barnard. Cleveland — C. B. Denison & Co. Wheeling, W. Va. — Geo. "W. Baron. Boston — C. E. Denison & Co. Chicago — Hodenpyl, Hardy & Co., Inc. New York — Parrish & Co., Hodenpyl, Hardy & Co., Inc. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97'^ '16 102 '14 94 Dec. 98 Jan. Low. 90 '18 92 '18 90 Feb. 92 Feb. Dated July 30, 1881. Interest payable Jan. anQ July 1, at Bankers' Trust Co., New York. Payment of Interest^ — By order of court all due and past due coupons will be paid on and after Oct. 1, 1916, at Bankers Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,000, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Eastern Illinois R. R. Co. at consolidation, which company is now in the hands of receivers. Organization — See Evansville & Terre Haute 1st Gen. 5s. Protective Committee — John W. Platten (Bres. U. S. Mtge. & Trust Co., N. Y.); J. W. A.lling (Pres. Sou. New England Tel. Co.); James C. Brady, Lyman B. Brainert (Pres. Hartford Steam Boiler Inspection Insurance Co.); Franklin Q. Brown; Frederick H. Ecker (Treaa. Metropolitan Life Ins. Co.); Robert Fleming: Donald D. Geddes; Wilbur S. John- son (2nd Vice Prea. Prudential Ins, Co.); Otto H. Kahn, "Wm. C. Poillon (Vice-Pres. Bankers' Trust Co., N. Y.) (Treas. N. Y. Life Ins. Co.). Secretary, Calvert Brewer, 55 Cedar St., New York. Depositary, U. S. Mortgage & Trust Co., New York. Secured by a first mortgage on 146.47 miles of road, viz: Miles. Evansville to Rockvijle, Ind 131.56 Ft. Branch to Cynthiana, Ind 12.00 Self ert, Ind. Southeast 2.91 Underlies — Evansville & Terre Haute 1st Gen. 53 of 1942, which provide for the retire- ment of this issue, and $1,284,000 Ref. 53 of 1941. listed on the New York Stock Exchange. Market. New York — ^Coflin & Co., J. S. Farlee & Co.. F. J. LIsman & Co., Sam'l Goldschmldt, Wolff & Stanley. Baltimore — Jenkins, Whedbee & Poe, Tay- lor, Smith & Hard, Baker. Carruthers & Pell. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Hligh.118 Aug. 24, '06 97 Nov. S Low. 81 Aug. 9, '15 97 Nov. 8 EVANSVILLE & TERRE HAUTE RAILROAD CO. 1st Cons. 6s. Due July 1, 1921, — F. EVANSVILLE & TERRE HAUTE RAILROAD CO. Mt. Vernon Branch 1st 6s. Due April 1, 1923.— F. Dated April 1, 1883. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Default— April 1, 1915. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $375,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustees — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Eastern Illinois R. R. Co. at consolidatipn, which company is in the hands of receivers. Protective Committee — See 1st Consol. 6o above. Secured by a first mortgage on 24.79 mllea of road from. Cynthiana to Mt. Vernon, Ind. Underlies — Evansville & Terre Haute 1st Gen. 5s of 1942, which provide for the retire- ment of this issue, and the Ref. 5s of 1941. Listed on the New York Stock Exchange. 446 Market. New Tork — Korn. Lehman & Co, Price Ranee 1918 — Ask 75-85. EYANSTTIXE & TSRRE HAUTE RAILROAD CO. — Sullivan Countr Coal Branch — Ist 5s. Dae April 1, 1930.— F. Dated April 1. 1890. Interest payable April and Oct. 1, at Bankers' Trust Co., New York. Default— April 1. 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortg-age. OutstandinsT — $450,000. Denomination — Coupon. $1. 000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co.. New York, Assumed by the Chicago & Eastern Illinois R. R. Co. at consolidation, which company is in hands of receivers. Protective Committee — See 1st Cons. 6s above. Secured by first isorteraare on 12 miles of first track and 18 of sidings extending in southeasterly direction from FarmersburBT, Ind. Underlies — Bvansville & Terre Haute 1st Gen, 5s of 1942, which provide for the retire- ment of this issue, and the Kef. 5s of 1941. Legal for Maine. Listed on the New Tork Stock Exchange. Market. New York — ^Korn, Lehman & Co., WolfC A Stanley, Louchheim, Minton & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Ask Ask High. 9 2 '16 75 Jan. Low. 70 '17 7.0 Mar. EVANSVILLE & TERRE HAUTE RAILROAD CO. 1st Gen. 5s. Dqe April 1, 1943. — F. Dated April 1, 1892. Interest payable April and Oct. 1. at Bankers' Trust Co., New York. Default — ^April 1. 1915. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstanding — $3,175,000. Denomination — Coupon. $1,000. Begiaterable as to principal. Trustees — Farmers Loan & Trust Co., New Ynrit. Assumed by the Chicago & Eastern Illinois R, R. Co. at cosolidation. This company is now in the hands of receivers. Organization — Incorporated in 1877. succeed- ing the Evansville & Crawfordsville R. R. Co. and in 1911 was merged with the Chicago & Eastern Illinois R. R. Co. Receivers ap- pointed in 1913. Protective Committee — See 1 st Consol. 6 a above. Foreclosure — Proceedings have been Insti- tuted by Trustee under this mortgage. Secured by a second mortgage on 200 miles of road from ^vansville to Rockville, Ind., with branches and on the extension from Cynthiana to Mt. Vernon, Ind., subject to prior liens at the rate of $20,000 per mile, as fol- lows: Prior Liens — $3,825,000, as follows: $3,000,- 000 1st Cons. 6s of 1921; $376,000 E. & T. H. Mt. V. Br. 6s of 1923 and $450,000 E. & T. H. Sullivan Co. Coal Br. 5s of 1930. Underlies — $1,284,000 Evansville & Terre Haute Ref. 5s of 1941. Listed on the New York Stock Exchange, Market. New York — Korn, Lehman & Co., Robinson & Co., "Wm. C. Wilson & Co., E. & C. Ran- dolph, Hanson & Doyle, WolfC & Stanley, Tay- lor, Smith & Hard, Wm. C. Orton, F. J. Lis- man & Co., Coffin & Co., J. S. Farlee & Co., Baker, Carruthers & Pell. Price Raneo— N. Y, S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High.108% Apr. 17, '06 65^^ Dec. 73 Dec. Low. 63 May 26. '16 50. Mar. 70 Dec. EVANSVILLE & TERRE HAUTE RAILROAD CO. Ref, 5s. Due July 1. 1941.— F. Dated July 1, 1911. Interest payable Jan. and July 1 at New York. Default — July 1, 1915. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 1,284,000. Outstanding — $1,278,150. Purpose of Issue — These bonds were issued for the purpose of retiring the Preferred Stock of the company and are exchangeable therefor par for par. Denomination — Coupon, $50 and $1,000. Registerable as to principal. Twenty $50 bonds are exchangeable for $1,000 bond. Trustee — New York Trust Co., New York. Redeemable as a whole at par and interest on 60 days' notice. Assumed by the Chicago & Eastern Illinois R. R. Co., now in hands of receivers. Protective Committee — See 1st Consol. 6s above. Secured by a third mortgage on 200 miles of road from Bvansville to Rockville, Ind.. with branches and on the extension from Cynthiana to Mt. Vernon, Ind., subject to prior liens at the rate of $30,000 per mile. These bonds are outstanding at the rate of $6,300 per m.ile. Prior Liens — $7,000,000 prior lien including 1st Gen. 5s and prior liens thereto. Market. New York — J. S. Bache & Co., Kom, Leh- man & Co.. Kiely & Horton, Wolff & Stanley, Hanson & Doyle, Taylor, Smith & Hard, F. J. Lisman & Co., Wm. C. Orton, Coffin & Co., Wm. C. Wilson & Co., Sam' I Goldschmidt. Price Range. Jan. 1, '15 to Jan. 1, *19 1918 Bid Ask Bid Ask High.28f. '17 50 f. '15 22f. July 30f. Jan. Low.lOf. '15 10%f. '15 18f. Feb. 25f. Dec. EVANSVILLE ELECTRIC RAILWAY Ist 4s. Due May 1, 1921.— F. Dated April 16, 1901. Interest payabU May and Nov. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by companj'' without deduction. Authorized and Outstanding — $1,200,000. Denomination — Coupon, $1,000. RegisterabU as to pringipal. Trustee— Farmers' Loan & Trust Co., New York. Assumed by Public Utilities Co. of Evans- ville. Control — Merged in 1906 into the E3van8vilU & Southern Indiana Traction Co. The prop- erty of the latter company was acquired In 1912 by the Public Utilities Co. of Bvanavilla whose stock is owned by the Union Ry.. Gas £ Elec. Co. which is controlled through stock ownership by the Commonwealth Power. Ry. & Light Co Secured by a first mortgage on practically entire street railway system of Evansville comprising 34 miles. Franchises expire In 1951 and 1952. Population of EvanivilU (1910) 69,647. Unidierlies — $3,000,000 Public Utdlitles Co. of Evansville First & Ref. 6s of 1929 which pro- vide for retirement of this issue. Earnlnes— See P. U. Co. of Evanaville. Market. PhiladelphiBr-^Newhall & Co., Graham, Par- sons & Co., K. M. Stinson & Co., H. D. Boen- ning & Co,, Parrish & Co., Edward V. Kane & Co., Warren A. Reed. E. R. Barnard. New York — Newhall & Co., Parrish & Co., E. & C. Randolph, F. H. Hatch & Co., Lynch & McDermott, Berdell Bros., Hodenpyl, Hardy & Co.. Inc. Boston' — G. E. Denlsoa & Co., H. C. Spiller & Co. Chicago — Hodenpyl, Hardy & Co., Inc. Cleveland— C. E. Deniaon & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask Hish.93% '16 96 '16 88 Feb. 92 Feb. Low. 82 '18 88 '18 82 Dec. 88 Dec. EVANSVILUE GAS & ELECTRIC LIGHT CO. l8t & Ref. (Now 1st) 5s. Due June 1. 1938.— F. Dated June 1, 1902. Interest payable Jun« and Dec. 1, at Trustee' a office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortg-age. Outstanding: — $1,180,000 (June 1, '19). Retired by S. F, — $70,000. Denomination — Coupon, $1,000. Regrlsterable as lo principal. Trustee — Continental & Commercial Trust £ Savings Bank, Chtcag'o. Redeemable on any interest date at 105 and Interest upon 60 days' notice. Sinking Fund — $10,000 bonds are to be re- deemed annually at 105 and interest from June 1, 1913 to 1922. and $15,000 from 192J to maturity. Bonds are to be drawn. Organization and Control — Incorporated In Indiana in 1883 and in 1906 and merged in 1912 with the Public Utilities Co. Entire stock of this company owned by Union Ry., Gas & Elec. Co. In May. 1913. all the Pfd. & Com- mon Stocks of the latter Company were ac- Quired by Commonwealth Power, Ry. & Light Co., in exchange for its own stock. Secured by a first mortgage on plants sup- plying gas and electricity in Evansville. Ind Population served, 75,000. Franchise for gas perpetual. Underlies — $3,000,000 Public Utilities Co. 1st & Ref. 6s of 1929, under which bonds are reserved to retire this issue. Earnings — See Public Utilities Co. of Evans- ville. Original Market — First offered by Mason, Lewis & Co.. Devitt, Tremble & Co., Farson, Leach & Co., (now Farson, Son & Co., and A. B. Leach & Co.,) New York and Chicago, at 101 and interest, 1902. Market. > Chicago — Plotz & Co., Hodenpyl, Hardy & Co. , Inc. , Babcock, Rushton & Co. New York— Klely & Horton, Wolff & Stan- ley, Newhall & Co., A. E. Fitkin & Co., Gude, Winmill & Co., B. & C. Randolph, F. J. Johnson, Hodenpyl, Hardy & Co., Inc., Bab- cock, Rushton & Co., Berdell Bros. PhUadelphIa — Newhall & Co., R. M. Stin- son, H. D. Boenning & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '10 100 '06 85 Dec. 88 May Low. 80 '18 82% '18 80 May 82% June and July 1, at Trustee's office, and National Bank of Commerce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. OutStand^g — $480,000 (May 1, '19). Retired by Sinking Fund — $20,000. Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Evansville Trust & Savings Co. Redeemable for the Sinking Fund at lOS and interest, and as a whole after Jan. 1, 1920, at 105 and interest. Sinking Fund — $2,500 bonds to be retired annually at 105 and interest. Began 1910. Organization — Incorporated in Indiana in 1888 and road opened for operation in 1889. Secured by a first mortgage on 10.33 miles of main track from Evansville to Newburgh and a 14.34 mile branch to Boonville, Ind. Passenger traffic handled by electricity, freight by steam. Population served, Evans- ville, 70.000; remaining territory, 7.000. Road built on private right of way. Bond Gross Net Interest 1918 $240,217 $56,248 $23,938 1917 194.290 65.265 24,062 Price Range, 1918 — Ask 73. EVANSVILLE, TERRE HAUTE & CHICAGO RAILWAY CO. Inc. 6s. Due May 1, 19S0. Dated August 9, 1881. Interest payable May and Nov. 1, at Farmers* Loan & Trust Co., N. T. Payment of Interest — By order of court coupons due and past due will be paid on and after Oct. 1, 1916, at Farmers Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $150,000. Denomination — -Couppn, $1, 000. Trustee — Equitable Trust Co., New York. Guaranteed principal and Interest by the Chi- cago and Eastern Illinois R. R. now in hands of receivers. Organization — Incorporated in 1869 and prop- erty acquired by Chicago & Eastern Illinois R. R. Co. in 1900. Protective Committee — See Evansville & Terre Haute R. R. 1st Consol. 6s above. Secured by a first mortgage on 48.58 miles from Danville Jet. to Otter Creek Jet., Ind. Market. New York — Chas. H. Jones & Co., Wolff & Stanley. Ftiiladelpbia — Canadian Bond Corp. Price Range. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 115 '09 80 Jan. 99 Oct. Low. 70 '16 85 '16 EVANSVILLE, SUBURBAN & NEWBURGH RAILWAY iBt 5s. Due Jan. 1, 1934.— F. Dated Jan. 1, 1904. Interest payable Jan. EVERETT RAILWAY & EU^CTRIC CO. Ist 5s. Due April 1, 1931.— F. Dated April 1, 1901. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed 'mortgage. Outstanding — $825,000. Unissued — $175,000. Denomination — <;oup(5n, $1,000. Trustee — Bankers' Trust Co., New York, Assumed by Puget Sound International Rail- way & Power Co. Organization — Merged in 1905 into the Ever- ett By., Light & "Water Co., controlling the 44H electric railway system, electric liirhtlng busi- ness and water supply of Everett and the ad- JoininiT town of Lowell, and owns a seven- mile interurban line to Snohomish. Leased to Puget Sound International Ry. & Power Co., all of whose stock is owned by a sub- sidiary of Puget Sound Traction Light & Power. Management — Stone & Webster. Secnred by a first mortgage on practically all of the street railways in Everett, Wash., comprising 16 m,iles of track, and on plant supplying electricity to that city. Population served by railways, 30,000; by lighting plant, 28,000. Railway franchises expire in 1944 and 1950, lighting in 1950. Uoderlies — Everett Ry., Light & Water Co. 1st Cons. 5s, which provide for retirement of this issue and Cons. &s of 1941. Earnings — See Puget Sound Traction Light & Power Co. Market. New York— F. H. Hatch & Co. Jan. Price Range. 1, 1916 to Jan. 1. 1919 Bid Ask High.77 '17 77% '16 Low. 75 '16 75 '16 EVERETT RAILWAY, LIGHT & WATER CO. 1st Cons. 5s. Due April 1, 1925. — F. Dated April 1, 1905. Interest payable April and Oct. 1, at office of Trustee. . Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized — Closed mortgage. Outstanding — $171,000 (Dec. 31, 1918). Reserved to Retire Prior Lien — $825,000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable on any interest date at 107% and interest as a whole. Assumed by Puget Sound International Rail- way & Power Co. Organization and Control — Incorporated in Delaware in 1905 asa consolidation of Everett Ry. Blec. Co. and Everett Water Co. Leased to Puget Sound Int'l Ry. & Power Co., all of the stock of which is owned by a subsidiary of Puget Sound Traction Light & Power Co. Management — Stone & Webster. Secared by mortgage on the electric railway system, of Everett comprising 19 miles of track, on plants supplying electricity to the city -and adjoining towns and the water supply system throughout Everett and Lowell. Popu- lation served, by railways. 30,000; by light, 28,000; and by water, 27,000. Railway fran- chises expire in 1944 and 1950; lighting fran- chise in 1950, and water franchise in 1945. Prior Lien — $825,000 1st Ss of 1921. Underlies — Cons. 5s of 1941 which provide for retirement of this issue. Earnings — ^Interest charges and taxes paid by lessee direct. Market, New York — F. H. Hatch St Co., Morton Lachenbruch & Co. (THE) EXCELSIOR SPRINGS (MO.) WATER. GAS & ELECTRIC CO. Ist 6s. Due Jans 1, 1932.— F. Dated June 1, 1912. Interest payable Juna and Dec. 1. at Wm. P. Bonbright & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $368,600 (Jan. 31, 1918). Held in Treasury — $10,600. Retired by Sinking Fund— $6,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — New York Trust Co., New York, and St. Louis Union Trust Co., St. Louis. Redeemable on any Interest date at 103 and Interest. Improvement and Sinking Fund — Annually on Aug. 1, from 1913 to 1916. 2% of outstand- ing bonds; 1917 to 1921. 3%; 1922 to 1931, 4%. This fund may be used for the reconstruction and replacement of Its permanent properties or for the purchase or redemption of thes* bonds at not exceeding 103 and Interest. Organization — Incorporated in 1912 in Mis- souri to take over the water, gas, electric and steam heating properties operating in Ex- celsior Springs, Mo. Secured by a first mortgage on all the prop- erty of the company. Population served, 6,000. Franchises: water expires in Oct., 1926; gas and electricity in March, 1932, and steam heating in March, 1942. Year ended Dec. 31 GroEfS 1918 5141,437 1917 134.411 1916 124.306 1915 108.711 •Includes depreciation reserve. Original Market — $280,000 offered in 1913 by Wm. P. Bonbright & Co., New York. Market. New York-;— Bonbright & Co., S. L. Snow- den. Boston — Bonbright & Co. CMcago — Bonbright & Co. Philadelphia — Bonbright & Co. Utica— A. James Eckert. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '16 100 '17 95 Jan. 100 Jan. Low. 85 '18 93 *18 85 Sept. 93 Sept. Net •Int., etc. $51,730 $37,304 60.868 41.271 63.471 35.902 66.065 27,189 449 F FAIRMONT & CliARKSBUBG TRACTION CO. 1st 5s. Due Oct. 1, 1938.— N. Dated, October 1, 1903. Interest payable April and Oct. 1, at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,500,000. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Trustee — Guaranty Trust Co.', New York. Redeemable at 105 and interest on any in- terest date. Assumed by the Monongahela Valley Trac- tion Co. Control — Consolidated into the Monongahela Valley Traction Co. in 1912. Secured oy a first mortgage on street rail- ways in Fairmont and Clarksburg, "W. Va. : Interurban line 25 miles long between these cities, and several branch lines, a total of 56 miles of track, also on plant and distribu- tion system supplying electricity in Fairmont. Population served, 60,*000. Franchises in Fairmont are perpetual. Elsewhere shortest f ranciiises extend to 1952. Interurban lines are on private right-of-way. Underlies — Monongahela Valley Tract. 1st & Ref. 5s of 1942 and Gen. 7s of 1923. Bonds are reserved under 1st & Ref. mortgage to retire this issue. Earnings — See Monongahela Valley Traction Co. Listed on Philadelphia, Boston and Balti- more Stock Bxchang"es. Original ' Market — Offered in 1908 by Chandler Bros. & Co., Philadelphia, and Mid- dendorf, Williams & Co., Baltimore, at 93 and interest. Market. Baltimore — Hambleton & Co., Sutton & Co., Poe & Davies, Fidelity Trust Co., J. S. "Wil- son, Jr., & Co., H. R. Taylor & Co., Robt. Garrett & Sons. Philadelphia — C. R. Penington & Co.. H. D. Boenning & Co. Pittsburgh — Wm. P. Lemley & Co. New York — Hambleton & Co. , Hornblower & Weeks, Spencer Trask & Co. Chicago— Hornblower & Weeks. Boston — Hornblower & Weeks. Price Range. Jan. 1, '08 to -Jan. l, 'iQ 1918 .Bid Ask Bid Ask High.lOl '12 102 '14 95 Dec, 96 Dec. Low. 88 '17 89 '18 89 Sept. FAIRMONT COAIi COMPANY 1st S. F. 5s. Due July 1, 1931.— N. Dated July 1. 1901. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,000,000. Outstanding — $4,584,000 (Jan. 1, '19). Retired by Sinking Fund— $1,227,000. Deposited under Consol. Coal Ist & Befg. Mtge.— $189,000. Denomination — Coupon, $1, 000. Registerable afl to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 110 and interest for sinking fund only. Sinking Fond — Two cents per ton of all coal mined. One-half of proceeds of this fund may be used lor acquisition of additional coal- bearing lands. Assumed by the Consolidation Coal Co. Control — Merged in 1911 with the Consolida- tion Coal Co. Secured by a first mortgage on 36,000 acres of coal land and 3,300 acres of surface land, owned in fee, and on perpetual leasehold in- terest on 23,000 acres of coal land, located in and around Fairmont, W. Va. Underlies — Consolidation Coal Co. 1st St Ref. 6s of 1950. Bonds are reserved under the let & Refd. mdrtgage to retire this issue. Earnings — See Consolidation Coal Co. Original Market — Offered in 1902 by Harvey Fisk & Song, New York, at 98 and interest. Market. New York — Baker, Carruthers & Pell, H. I. Nicholas & Co., Kemerer, Mathes & Co., A. H. Bickmore & Co., Chas. H. Jones & Co., Wolff & Stanley, Geo. S. Crap & Co.. Shar- ettd & Young, Hartshorne & Battelle, E. & C. Randolph, Hambleton & Co., Miller & Co.. ypencer Trask & Co. , F. H. Hatch & Co. . McGeorge & Vanderhoef, Newhall & Co., Abra- ham & Co., J. S. Farlee & Co. Baltimore — Mackubin, Goodrich & Co., Mer- cantile Trust & Deposit Co., Fidelity Trust Co., Sutton & Co., Hambleton & Co., H. R. Taylor & Co., Robt. Garrett & Sons. Philadelphia— H. D. Boenning & Co. , New- hall & Co., S. K. Phillips & Co., Chas. Fearon & Co. Price Range. Jan, 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '16 101 '16 92i^ Mar. 95 Mar. Low. 80 '08 87 '08 90 May 92 Apr. FAIRMOUNT PARK TRANSPORTATION CO. 1st S. F. 4s-5s. Due April 1. 1937.— N. Dated April 1, 1912. Interest payable April 1 and Oct. 1, at Trustee's office. Oct. 1, J915, coupons were paid by E. W. Clark & Co. Reduction of Interest^ — Interest reduced tb 4 % for 5 years commencing with April 1, 1916 — 5% to be resumed thereafter. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $7B0,000. Outstanding — $750,000. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest on 60 days* notice. Sinking Fund — $ 1 3-, annually on and after Oct. 1, -1918, plus interest on bonds re- tired. Note — Originally provided first sinking fund payment to be made Oct. 1, 1915. Organization — Incorporated in New Jersey in 1894. In September, 1916, the Fairmont Park Transit Co. was incorporated in Delaware and purchased the property of this company. The property had previously been foreclosured and purchased for $58,000, subject to the mortgage, by the reorganization committee. Secured by a first mortgage on all the prop- erty of the company, including 8% miles of railway in Fairmount Park, Phila., and "Wood- side Park, an amusement' park of 26 acres. This line is the only transportation line operat- ing in the park. Franchise from Park Com- missioners expires in 1939. Year ended Dee. 31 Gross Net Int., etc. 1918 $128,980 $27,011 $il,410' 1917 107,516 23.660 41,847 Original Market — Offered in 1912, at 96 and Interest by B. "W. Clark & Co.. Philadelphia. 450 Jan. Price Banse. 1, 'IS to Jan. 1, 'IS) Bid Ask High. 90 '14 96 '14 Low.aOf '16 50f '16 FALL RIVER ELECTRIC IIGHT CO. 2- Year 7% Notes. Due Jan. IS, 1920. Dated Jan. 15, 1918. Interest payable Jan. 15 and July 15 in Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $1,000,000. Outstandingr — {1,000,000. Purpose of Issue — To provide for the retire- ment of substantially all of the present float- ing debt of the company which was incurred for extenaions, etc. Denominations — Coupon $1,000 and $500. Re&isterable as to principal. Trustee — Commonwealth Trust Co., Boston. Redeemable at 101 and interest on January 15, 1919, or July 15. 1919. on 60 days' notice. Organization — Incorporated in Massachusetts In 1883. It does the entire commercial electric lighting and power business in Fall River. Mass., and vicinity. Population served about 122,000. Company's property comprises elec- tric power plant of 20.000 h. p., and trans- mission system of 166 miles of pole lines and 19 miles of underground lines. Capital Slock — Outstanding, $1,400,000. Premiums received from the sale of capital stock amount to $445,000. Security — A direct obligation of the com- pany but not secured by a mortgage. The company has no mortgage debt and no mort- gage may be placed on the property of the company vjhile any of these notes are out- standing. The indenture also provides that the total indebtedness of the company includ- ing these notes shall not at any time exceed the amount of capital stock and premium, viz: $1,845,000. Year ended June 30 Gross Net 1917* $618,734 $209,584 1917 566,219 211.774 1916 489,337 208,24! 1915 442,783 190,910 1914 422,201 171,691 •12 months ending Nov. 30. Original Market — $1,000,000 offered Jan., 1918, by Merrill, Oldham & Co., Lee, Higgin- son & Co., and Guaranty Trust Co. of New York at 99 54tand interest. Market. Koston — L. Sherman Adams. New York — Spencer Trask & Co. Price Range 1918— Ask 10 0. FARGO & SOUTHERN RAILWAY CO. 1st 6s. Due Jan. 1, 1924. — N. Dated October 10, 1883. Interest payable Jan. and July 1. at office of C, M. & St. P., 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not a.ssumed by company. Authorized — Closed mortgage. Outstanding — $1,248,000. In Insurance Reserve — $2,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co.. New York. . Assumed by the Chicago. Milwaukee & St. Paul By. Co Contrel — Absorbed by Chicago. Milwaukee k St. Paul Hy. Co. Secured by a first mortgage on 116.92 miles of road fi'om Fargo, N. D., to Ortonville, Minn. Underlies — Chicago, Milwaukee & St. Paul Gen. ; Gen. & Kef. and Gen,. Mtg. bonds. Legal for Cal., Conn., Mass., Mich., Minn., Mo.. N. H., N. J., N. Y., B. 1, Vt. and Wis. Listed on the New York Stock Exchange. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Redmond & Co.. Taylor. Smith & Hard. Ambrose B. Clark & Co. Price Range— N. Y. S. B. .Jan. 1. lOOfi to Jan. 1, 1919 1918 Bid Ask High.117% Aug. 16. '11 98% May 108 Jan. [^ow.104% Sept. 13. '17 93>A Oct. 104 Deo. FAYETTE & MeMINNVILLE BRANCHES 1st 6s, 1917. See Nashville. Chattanooga & St. Louis Railroad. FAYETTE HOME TELEPHONE CO. 1st 6s. Due April 1. 1921. Dated April 1, 1901. Interest payable April and Oct. 1. at Trustee's office or Guaranty Trust Co.. New York. Ta.x Status — Payment of Federal Income Tax not assumed by cnmpany. Authorized — $300, 000. Outstanding — $197,300 (Dec. 31, 1917). Retired — $100,400. In Treasury — $1,300. Trustee — Cleveland Trust Co.. Cleveland, O. Organization — Incorporated In West Vir- ginia in 1901. Secured by a first mortgage on 3 exchanges and 500 miles of pole wire in Fayette and Woodford Counties, ■ Ky. Population served. 75.000. including that of Lexington. Versailles and Midway. Franchise in Lexington expires in 1929, in Versailles in 1937. Years ended Dec. 31 Net Interest 1918 $67,289 $9,719 1917 61.430 9.910 1916 61,612 9,980 Listed on the Louisville Stock Exchange. Market. Louisville — Henning, Chambers & Co. New York — Gilman & Clucas. FEDERAL FURNACE CO. 1st 5s Series "A." Due S33,000 each Nov. Ist from 1916 to 1920. inclusive! $34,000 from 1921 to 1926, inclusive. — F. Dated Nov. 1. 1906. Interest payable May .and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $270,000 (May 8. 1919). Balance redeemed. Denomination — Coupon, $1,000. Trustee — Superior Savings & Trust Co., Cleveland, Ohio. Redeemable at 105 and interest. Assumed by the By-Products Coke Corpora- tion. Organization and Control — Incorporated in Illinois in 1905. Merged in 1915 with the By- products Coke Corporation. Secured by a first mortgage on all the prop- erty of the company, including 23 acres with a 1,500-foot frontage on the Calumet Biver in South Chicago, 111., and blast furnaces. Underlies — $246,000 1st Series "B" 6s. Due to 1927 and $608,000 1st & Bef. 6s. Due to 1935. Earnings — See By-Products Coke Corpora- tion. FEDERAL FURNACE CO. 1st 5s. Series "B." Due $22,000 each Aug. 1 from 1916 to 1923, inclusive; and $23,000 from 1924 to 1927, inclusive. — F. Dated Aug. 1, 1906. Interest payable Feb. and Aug. 1, at Trustee's office. 4S1 Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $400, 000. Outstanding — $202,000 (May 8, 1919). Balance redeemed. Denomination — Coupon, $1,000. Trustee — Superior Savings and Trust Co., Cleveland. Redeemable at 105 and interest. Organization — Control — Security — See Series "A.'* Prior JAen — Ist 5s, Series "A." Due to 1926. Underlies — $608,000 1st & Ref. 6s.. Due to 1935. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask Hig:h.95% '16 100 '17 Low. 95% '16 96% '16 FEDERAL FURNACE CO. 1st & Ref. 68. Due $150,000 each Jane 1 from 1931 to 1934, inclusive; and $8,000 June 1. 1935. — F. Dated June 1, 1915. Interest payable June and Dec. 1, at Trustee's Office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. OutBtanding — $608,000. Denomination — Coupon. $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Organization — Control — 'Security — See Series "A." Prior liiens — 1 st 5 s, Series " A. * ' Due to 1926, and 1st 5s, Series "B." Due to 1927. Market. ' New York — Baker, Carruthers & Pell. Syracuse — Syracuse Trust Co. Price Range. Jan. 1, '17 to Jan. 1. '19 1918 Ask Ask High.103 '17 101 Nov. Low. 101 '18 I FEDERAL LIGHT & TRACTION CO. 1st Lien S. F. 5s. Due March 1, 194%. — N. Dated March 1, 1912. Interest payable March and Sept. 1, at New Tork or London. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State tax refunded. Authorized — $50,000,000. Outstanding— $3,982,000 (Jan. 1. 1919). Retired by Sinking Fund — $412,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Registered, $1,000 and multiples. Trustee — Columbia Trust Co.. of New York. Redeemable as a whole at 102 and interest, on any interest date upon 12 weeks' notice. Sinking Fund — 1%% of bonds outstanding annually to March 1, 1923: 2% of bonds out- standing March 1, 1923 to March 1, 1933; 2%% of borids outstanding March 1. 1933. to maturity for the purchase and cancellation of bonds of this issue if obtainable at or below 102 and interest. If bonds cannot be pur- chased at this price the sinking fund monies shall be invested in new property which shall become directly subject to the lien of the mortgage. Three years prior to the expira- tion of the franchise of any subsidiary com- pany whose franchise expires prior to the ma- turity of these bonds, a sum eciual to the physical replacement value of the property shall be paid to the sinking fund, to be used in the same manner as regular annual pay- ments. Organization — Incorporated In New York in 1910. In addition to the companies enumerated below, this company ■ also controls the Central Arkansas Ry. & Lt. Corp. operating all of the public utilities in Hot Springs, Ark. Secured by a first lien on all of the first mortgage bonds and practically all of the stocks of the following companies: Albuquer- que Gaa & Electric Co., supplying gas and electricity in Albuquerque, N. M. Population served, 22,000. Electricity franchise expires in 1927, gas in 1929. Gray's Harbor Ry. & Lt. Co., supplying electricity in Aberdeen, Ho- quiam and Cosmopolis, Wash., and operating 10 miles of electric railway in and between those towns. Franchises expire in 1953 and 1959. Population served, 30,300. Hobart Electric Co., supplying electricity in Hobart, Okla. Population, 3.800. Las "Vegas Light & Power Co., supplying electric light and owning entire capital stock of Las Vegas Tran- sit Co., which owns the street railways in Las Vegas, N. M. Population served, 7,000. Rawlins Electric Lt. & Fuel Co., supplying electricity in Rawlins, Wyo. Population, 3,- 000. Sheridan County Electric Co., supply- ing electricity to Sheridan, Wyo., and coal mines in vicinity. Population served, 15,200. Trinidad Elec. Trans. Ry. & Gas Co., supply ing gas and electricity in Trinidad, Col., and operating 1 9 miles of street and interurban electric railway. Population served, 38,000. Principal electric franchise perpetual, street railway expires in 1953 and gas in 1930. Tucson Gas, El. Lt. & Pr. Co., supplying gas and electricity in Tucson, Ariz. Tucson Rapid Transit Co., owning 4 miles of street railway m Tucson, Ariz, Population served, 17,000. Franchise expires in 1930. Further secured by a second lien on $1,100,000 com- mon stock of the Springfield Ry. & Lt. Co., owning all of the stocks of companies supply- ing gas, electricity and heat in Springfield; Mo., and operating 23 miles of street railway. Population served, 45,000. Gas franchise ex- pires in 1929, steam heating, 1936, street railway in 19^4, and electricity franchise is perpetual. Underlies — $2,940,000 debentures. IS mos. ended Dec. 31 Gross Net *Charges 1918 $3,497,231 $1,052,309 $724,179 1917 2.867,310 856,846 717,744 1916 2,502,142 864,249 705,0&6 1915 2,852.015 806,299 697,232 ♦Interest and subsidiary dividends. Original Market — Offered in 1912 and 1913 by White, Weld & Co., New York, etc.. at 93 % and interest. Market. New York — J. J. Levenson, A. E. Fitkin & Co., Martin, Berwin & Co., S. P. Larkin & Co., Earle A. Miller & Co., McKinley & Mor- ris. F. H. Hatch & Co., White. Weld & Co., Coffin & Co., E. & C. Randolph, Geo. S. Crap & Co., McDonnell & Co., Morton Lachenbruch & Co., McGeorge & Vanderhoef, Kiely & Hor- ton, Berdell Bros., Wm. M. Clarke, Lynch & McDermott, Newhall & Co., Phelps & Neeser, Taylor & White. Philadelphia — S. K. Phillips & Co., Newhall & Co.. Warren A. Reed & Co., Huntoon & Co. Chicago — White. Weld & Co., Babcock. Rushton & Co. , Boston — White, Weld & Co. , Ernest E. Smith, Inc. Providence — Bodell & Co. Price Range. Jan. 1, 1912 to Jan. 1. 1919 191S Bid Ask Bid Ask High.921/^ -12 93 J^ '12 75 Nov. 80 Nov. Low. 61 '18 71 '18 61 Jan. 71 Jan. 452 FEDSRAIi LIGHT & TRACTION CO. 10-year 6% Deb. Due March 1. 1923. — N. Dated. March 1, 1912, Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding: — $1,500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Brooklyn Trust Co., Brooklyn. Redeemable as a whole at par and interest on any interest date on six weeks' notice. Convertible into Ist 5s of 1942, at $1,000 face value of debentures for $1,111.11 face value of 1st 5s provided net earnings for pre- vious year of controlled companies exceed 2% times total interest charges on 1st 5s issued. The company, however, reserves the right to purchase at 101 'and interest any debentures presented for conversion. Secured by a lien on the property described under the 1st 5s above. Prior lAens — $1,959,500 Springfield Ry. & Light Co. 1st 5s of 1926 and $3,982,000 Fed- eral Light & Traction Co. 1st 5s of 1942. Underlies — lO-year notes at 1923. A suffi- cient amount of which have been reserved to retire these debentures. Earnings — See 1st 5 s above. Original Market — OfEercd Jan., 1913, at 98 and interest by White, Weld & Co.. New York, Boston and Chicago. Market. New York — ^F. H. Hatch & Co., Earle A. Miller & Co., Hanson & Doyle, J. J. Levenson, Miller & Co., Plympton, Gardiner & Co., E. & C. Randolph. McDonnell & Co., White, Weld & Co.. McGeorge & Vanderhoef, Kiely & Hor- ton, Newhall & Co., Phelps & Neeser. Babcook, Rushton & Co.. Berdell Bros., Morton, Lach- enbruch & Co. Chicago — Babcock. Rushton & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91 '17 97 '15 82 Nov. 90 Dec. Low. 70 '17 72 '18 72 Mar. FEDERAI. LIGHT & TRACTION CO. Ift-Year 6% & 7% Notes. Due Dec. 1. 1933.— N. Dated Dec. 1, 1913. Interest payable June and Dec. 1, at Trustee's office. New York. Tax Status — Payment -■£ Federal Income Tax not assumed bv comoany. Authorized — $10,000,000. Outstanding — $715,000 6s: $725,000 7s. Denomination — Coupon. $500 and $1, 000. Registerable as to principal or fully register- abl e. Registered $ 1 and $ 5 and ex- changeable. Trustee — Columbia Trust Co., New York, Redeemable at 105 and interest to and In- cluding June 1 , 1921, and thereafter at par and interest on any interest date on 30 days' notice. Common StocI^ Optional Warrants — The 7% notes carry option warrants registerable and transferable and giving owner privilege of pur- chasing an equal amount of common stock at par prior to Dec. 1, 1923, or these notes may be exchanged for such stock at par provided they were issued two years prior to date of surrender. All notes so exchanged to be can- celled. Organziation — See 1st Lien S. F. 5s. Security — A direct obligation of the company but not secured by mortgage or collateral. ■ Prior Liens — $3,982,000 1st Lien 5s of 1942 and $1,500,000 Deb. of 1922. Original Market — $725,000 7s offered 1914 by Colgate, Parker & Co., New York, and Bodell & Co., Providence, etc.. at par and . interest. Market. New York — L. A. Norton, McDonnell & Co., Kiely & Horton. S. P. Larkin & Co., Mc- George & Vanderhoef. Philadelphia — H. D. Boenning & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High.80 '17 90 '17 75 Dec. 85 Dec, Low. 72 '18 78 '17 72 Aug. 80 Aug. FEDERAL PUBLISHING CO. Coil. Trust 6«^ Due Feb. 15, 1920. — F. Dated Feb. 12, 1900. Interest payable Feb. and Aug. 15, at Equitable Trust Co, New York. Tax Status — 2% Federal Income Tax paid, by company without deduction. Authorized — $1,200,000. Outstanding— $154,000 (May 10, '19). Balance Retired by S. F. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable — $120,000 per annum at par and interest, or 110 and interest at any time. Control — All stock owned by The Butterick Co. Secured by a first lien on entire stocks of The Butterick Publishing Co. and Standard Fashion Co. , Year ended Dec. 31 (Butterick Co.) *Net 1918 $441,896 1917 261,014 1916 304.854 1915 458,139 1914 499,104 •After interest. Market. Boston — McConnell & Co., Inc. New York — Fred H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Ask High.96 '16 Low.951^ '17 FEDERAIi STREET & PLEASANT VALLEY PASSENGER RAILWAY CO. Gen. 5b. Due July 1. 1919.— F. Dated July 1, 1889. Interest payable Janu- ary 1 and July -1, at Trustee's office. Default — Jan. 1, '19. interest had not been paid as of March 1,-'19. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $300, 000. Outstanding — $92,000. Exchanged for Consol. 5s, $208,000. Denomination — Coupon, $1, 000. Trustee — Fidelity Title & Trust Co.. Pitts- burgh, Pa. Receivership — See Pittsburgh Rys. Co. Gen. 5s. iprotective Committee — See United Traction Co. of Pittsburgh. Control — See Consol. 5s below. Secured by a first mortgage on lines de- scribed under Consol. 6s, as subject to the lien of these bonds. Market. New York — Hornblower & Weeks. Chicago — Hornblower & "Weeks. Boston — ^Hornblower & Weeks. 453 FEDERAL STREET & PLEASANT VALLEY PASSENGER RAILWAY CO. Cons. 6s. Due May 1. 1942. — F. Dated May 1, 1892. Interest payable Jan. and July 1, at Trustees office. Payment of Interest— Jan. 1, 1919. interest had not been paid as of March 1, '19. Tax Status — ^2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,250,000. Outstanding — $1. 073, 000. Denomination — Coupon. $1, 000. Registerable aa to principal. Trustee — Fidelity Title & Trust Co., Pitts- burg-h. Pa. Organization and Control — Incorporated in Pennsylvania In 1868. Leased to the United Traction Co. of Pittsburgh, which owns $760,- 000 of the $1,400,000 stock, for 950 years at annual rental of interest, taxes and 5% on the stock. All of the common stock and $2,949,950 of the preferred stock of the United Traction Co, are owned by the Pittsburgh Rya. Co., a subsidiary of the Philadelphia Co. and its properties are operated under an agreement by th« Pittsburgh Rys. Co. Protective Committee — See United Traction Co. of Pittsburgh. Receivership — Sec Pittsburgh Rys. Co. Gen. Secured by a second mortgage on street rail- ways on Federal St.. from North Ave. to Perrysville Ave. to Bast St., on Arch St., from North Ave. to Jarvella St. to Monterey St. and on Columbus St. from New Brighton Road to California Ave. to Superior Ave., formerly owned by the Observatory Hill Pas- senger Ry. Co.; on Canal St. from Anderson St. to Sandusky St. to North Ave. to Ptederal St., on North Ave. from Sandusky St. to East St. to former city line, now boundary between 25th and 26th Wards, at Blmira St., and on Madison Ave. from East St. to North Ave., formerly the property of the Peoples' Park Passenger Ry. Co.; both of which com- panies were merged into the Federal St. & Pleasant "Valley Pass. Ry. Co., these prop- erties being subject to $92,000 Gen. 5s of that company; a second mortgage on line from Liberty Ave. to Anderson Ave. over bridge to Canal St. to Union Ave. to Ohio St. to Federal St. to North Ave. to Monterey St. to Jarvella St. to New Brighton Road to Col- umbus St. lo Taggart St. to Perrysville Ave., and on Strauss St. from Taggart St. to Irwin Ave., which was the property of the Federal St. & Pleasant Valley Passenger Ry., prior to its consolidation with other roads, and which is subject to $92,000 Gen. 5s of 1919; on California Ave. from Superior Ave. to the City Line, formerly the property of the Alle- gheny St. Ry. and subject to $27,000 of its 1st 5s of 1920; on California Ave. in Bellevue to Lincoln Ave. to California Ave. In Avalon formerly the property of the Allegheny & Bellevue St. Ry. Co.. and subject to $18,000 of its 1st 5a of 1920; on North Ave. from East St. to Madison Ave. to Peralta St. to Troy Hill Road to Gardner St., formerly the prop- erty of the Perry St. Ry. Co,, and subject to $3,000 of its 1st 5s, 1920, and on Troy Hill Road to Lawry St. to City Line, for- merly the property of the Troy Hill St. Ry. Co. and subject to $37,000 of Its 1st Bs of 1920. Also secured on trackage rights on 7th Ave., from Smithfield St. to Grant St., 6th Ave. from Smithfield St. to Liberty Ave., and on Sandusky St. from Liberty Ave. to Duquesne "W^y. The total length of track is about 34 miles, practically all located in the North Side (formery Allegheny) of Pittsburgh. All franchises are perpetual. A large number of the earlier franchises under which the above lines were built give the city the right to acauire the property at any time, and many Impose taxes on cars, and on gross and net earnings. Listed on the Pittsburgh Stock Exchange. Market, Pliiladelphia— F. R. Welsh. S. K. Phillips & Co. , Huntoon & Co. Pittsburgh — Goddard, Hunter & Co. , Wm. P. Lemley & Co. Price Range. Jan. 1, 'OS to Jan. 1. 'lit 1918 Bid Ask Bid Ask* High.107% -08 110 '09 80 Jan. 91 Jan. Low. 70 '18 91 '18 70 Dec. FEDERAL SUGAR REFINING CO. 3-Year 5% Notes. Due Jan. 1. 1920. — N. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, In New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanrling — $2,000,000. Denomination — Coupon, $1,000. Registerablf) as to principal. Trustee — Bankers' Trust Co., New York. Redeemable 101 and Interest on any interest date on 60 days' notice. Organization — Incorporated in New York In 1907 as successor to the Federal Sugar Co. ol. New Jersey and Federal Sugar Co. of Yonkers. Security — ^A direct obligation of the com- pany, but not a mortgage. The Indenture provides that the company will not mortgage its plant or property or allow any lien to be created thereon, and that no additional notes (except for current loans) shall be issued un- less provision Is m.ade simultaneously for the redemption of this issue. Also current assets shall at all times exceed current liabilities by at least the face amount of outstanding notes. The company's plant at Yonkers, N. Y.. Is valued in excess of $8,000,000. Company's property is free from mortgage debt. Year ended May 25: Net Interest Taxes 1918 $2,172,945 $225,427 $1.00S.002 1917 3,227,464 363,629 40.331 Original Market — $2,000,000 offered Jan., 1917, by A. B. Leach & Co. at 98% and Interest. Market. New York— Mann, Bill & Co., Bull & El- dredge, Wolff & Stanley, G. B. de Chadenedea & Co., Equitable Trust Co. of N. Y., T. Hall Iveyes & Co. Portland, Me. — Casco Mercantile Trust Co. Price Range. Jan. 1, '17 to Jan. 1. '10 1918 Bid Ask Bid Ask High.99% '17 100 '17 97% Dec. 98% Dec. Low. 93 '18 94 '18 93 Jan. 94 Apr. FITCHBURG RAILROAD CO. 30-Year Dfr- bentares. — N. Interest payable semi-annually from date of bonds, at Company's office, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. 454 OntstanOine — $14,294,000 as follows: Dated Outstanding Interest Rate October 1, 1900 $500,000 3Mi% October 1, 1901 1,775,000 3^% May 1, 1905 3,660,000 4% April 1, 1907 2,000,000' 4% May 1, 1908 2,400,000 4%% January 1, 1912 1,200,000 4%% January 1, 1913 400,000 4%% January 1, 1914 1,872,000 5% Feb'y 1. 1887 'S. 000, 000 4% *Due February 1, 1937. Held by common- wealth of Mass. Denominations — All issues coupon $1,000, registerable as to principal. Bonds due 1920, 1925, 1927. 1928 and 1932, registered $5,000, $10,000 and $50,000. Coupon bonds exchange- able for registered bonds. Organization and Control — Incorporated in Massachusetts in 1842 and leased for 99 years from 1900 to the Boston & Maine R. R. Co., at an annual rental of interest, taxes and all other expenses, including $7,000 per annum organization expenses, and 5% on the pre- ferred stoclc and 1% on the common stoclc. All of the outstanding stoclc Is owned by the Boston & Maine R. R. and Fitchburg R. R. Co. Secnrity — These bonds are not secured by a mortgage. Under the laws of Massachusetts the company cannot place any mortgage on its property, without equally securing these bonds with any issued under such mortgage. The Fitchburg B. B. Co. owns 394 miles of road, of which 140 miles are double-tracked. The line extends from Boston to Fitchburg, Mass., Worcester, Mass., to Bellows Falls. Vt., Greenfield. Mass.. to Saratoga Springs and Rotterdam Jet.. N. T.. Pownal, Vt., to Troy. N. T.. and numerous branches. The company leases the "Vermont & Massachusetts R. B. for 999 years. This line extends from Fitchburg to Greenfield, Mass., 56 miles, all double-tracked, and connects the two parts of the Fitchburg R. R. Co. Of the mileage owned. 35 miles from Pow- nal. Vt.. to Troy. N. T., are subject to $673.- 000 mortgage bonds, issued before the road was acquired by the Fitchburg R. R, Co., due 1924. There are also $9,700,000 debenture bonds outstanding in addition to those enumer- ated above; $5,000,000 of those bonds are owned by the State of Massachusetts, Legal for Conn, and Mass. Market. New York — Curtis & Sanger, Estabrook & Co., Harris, Forbes & Co., Remick, Hodges & Co.. Hornblower & Weeks. Boston — Curtis & Sanger, Hornblower & Weeks, Harris. Forbes & Co.. Estabrook & Co. Chicago — Curtis & Sanger. Estabrook & Co.. Hornblower & Weeks. Harris Trust & Savings Bank. Philadelphia — Harris. Forbes & Co. Hartford — Hincks Bros. & Co. New Haven — Hincks Bros. & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask 3%s 1920 High. 95 '18 96% '16 95 Nov. Low. 89% '16 94% '16 92 Jan. 3(4s 1921 High. 93 '16 95% '16 93 Nov. Low. 88 '16 93V2 '16 90 Jan. 4s 1925 High. 93 'Ifi 93'% '16 89 Nov. Low. 86 '17 93 '16 85 Jan. 4s 1927 High. 91% '16 92'a '16 861^ Nov. Low. 82'/! '18 91% '16 82yi Juno 4%s 1928 High. 95% '16 96% '16 89 Nov ' Low. 84 '18 88% '17 84 Aug. 88% Jan, • 4%s 1933 High. 94% '16 96 '16 85% Nov. Low. 80 '18 94% '16 80 June 5s 1934 High.lOO '16 101% '16 90 Nov, Low. 80 '18 90 '17 80 Aug. 90 Jan. FITCHBURG RAILROAD CO. SO-Year Deb. 48. Interest payable semi-annually from date of bonds, at company's office. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Dated Outstanding June 1, 1890 $500,000 March 1. 1897 2,760,000 January 1, 1898 1,450,000 Denominations — All issues coupon, $1,000. registerable as to principal. Bonds due 1920 and 1928, registered, $5,000, $10,000 and $50,- 000. Coupon bonds exchangeable for regis- tered bonds. For all other details see 20-year Debs, above. Legal for Conn, and Mass. Listed on the Boston Stock Exchange. Market. See 20-year Debs, above. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Due 1927 High.92 '16 93 '16 86% Nov. Low. 82% '18 92% '16 8214 June Due 1928 High.91 '16 92'54 '16 86 Nov. Low. 81 '18 91 '16 81 Aug: FLINT GAS CO. 1st 5s. Due Nov. 1. 1984. Dated Nov. 1. 1904. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $493,500. Retired — $6,600. Denomination — Coupon. $600 and $1,000. Registerable as to principal. Trustee — Michigan Trust Co.. Grand Rapids. Redeemable at 106 and interest. Control — Absorbed in 1914 by Michigan Light Co., a subsidiary of the Commonwealth Power. Ky. & Light Co. Secured by a first mortgage on plant supplying gas to Flint, Mloh. Popula- tion served, 76,000. Franclilse expires la 1930. Underlies — Mich. Lt. Co. 1st & Ret. 5s of 1946 which provide for retirement of this issue. Earnings — See Michigan Light Co. Market. Detroit — Watling. Lerchen & Co., Whittle- sey, McLean & Co. Philadelpliia — S. K. Phillips & Co.. B. B. Barnard. Providence — Hornblower & Weeks. Price Range. Jan. 1, '15 to Jan. 1, '10 1918 Bid Ask Ask High.99 '16 100 '17 96 July Low. 95 '18 FLORIDA CENTRAL & PENINSULAR RAIL- ROAD CO. l9t Ext. 6». Due .luly 1. 1983. Dated July 12, 1888. Extended July, 1918, with interest increased from 5% to 6%. Tax Status — Payment of B^ederal Income Tax not assumed by company. 455 Authorized and Outstanding: — $3,000,000. Denomination— Coupon, $1,000. Resisterable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Seaboard Air Line Rail- way Co. Control — Merged into the Seaboard Air Line Railway Co. Secured by a first mortgage on 574.18 miles of road, viz; Miles. Fernandina to Cedar Keyes, Pla 155.70 Jacksonville to River Jet., Fla 209.08 Tulee to Jacksonville, Pla 25 . SO Wado to Plant City, Pla 132.94 Drifton to Monticello, Fla 4.38 Tallahassee to St. Marks, Fla 20.3 5 Wildwood to Tavares. Pla 22 . 00 Sumterville Jet. to Sumterville, Pla... 2.23 Silver Springs Jet. to Silver Springs, Pla 1.90 Underlies — Florida Central & Peninsular R. R. 1st Ext. 6s of 1930, 1st Cons. 5s of 1943, and Seaboard Air Line Ry. 1st 4s of 1950, Ref. 4s of 1969, Adjust 5s of 1949, 1st and Cons. 6s of 1945. Bonds are reserved under the S. A. L. 1st and Cons, mortgage to retire this issue. J.effal for Bait. Listed on the New York and Amsterdam Stock Exchanges. - Market. New York — Chas. W. Place, Taylor, Smith & Hard, S. P. Larkln & Co., P. J. Lisman & Co. Baltimore — Poe & Davies, Jenkins, Whed- bee & Poe. Price Ran«e— N. Y. S. B. (Old 5s) .Ian. 1, '06 to Jan. 1, '19 1918 Bid Ask High.109% Apr. 26, '06 97% Mar. 100 July Low. SBVi June 13, '17 95% Dec. 99% Jan. FLORrDA CENTRAL & PENINSUIjAB RAIL- ROAD CO. 1st Ext. & Land Grant 5s. Due Jan. 1, 1930. — N. Dated Jan. 2, 1890. Interest payable Jan. and July 1, at office of Blair & Co.. 24 Broad Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $346,000 (May 8, 1919). Retired by S. F. — $122,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co.. New York. Sinking Fund — The proceeds from sales of land are applicable to ,the purchase of these bonds at their market price. Bonds purchased to be cancelled. Assumed by the Seaboard Air Line Railway Co. Control — Merged into Seaboard Air Line Railway Co. Secured by a direct mortgage on 669.58 miles of road, viz; A first lien on 95.40 miles — Miles. Plant City to Tampa, Fla 22.60 Archer to Early Bird. Pla 28.75 Tavares to Orlando. Pla 32.00 Turkey Creek to Durant, Pla 4.33 Branches 7.82 A second lien on 574.18 miles — Covered by 1st Ext. 6s of 1923. Further secured by a first mortgage on all land remaining unsold from the grant of 67,000 acres received for constructing the extension to Tampa, and 123,000 acres to which the company is entitled on account of the building of the branch to Orlando, of which grant only 5,000 acres h^ve .been re- ceived. These bonds are outstanding at the rate of $6,000 per mile. Prior Lien — $3,000,000 Pla. Cent. & Pen. 1st Ext. 6s of 1923. Underlies — Florida Central & Peninsular R. R. 1st Cons. 6* of 1943 and Seaboard Air Line Ry. 1st 4s of 1950, Ref. 4s of 1969, Adjust 5s of 1949 and 1st and Cons. 6s of 1946. Bonds are reserved under the S. A. L. 1st and Cons, mortgage to retire this issue. Legal for Bait. Listed on the New York and Amsterdam Stock Exchanges. Market. New York — J. S. Parlee & Co., Chas. W. Place, Taylor, Smith & Hard, Abraham & Co., Baker, Carruthers & Pell. Baltimore — Poe & Davies, Baltimore Trust Co.. Jenkins. Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid High. 104 May 2, '12 93 Deo. Low. 101 Dec. 28, '15 90 Jan. FLORIDA CENTRAL & PENINSULAR RAIL- ROAD CO. 1st Cons. 5s. Due Jan. 1, 1943. Dated Jan. 2, 1893. Interest payable Jan. and July 1, at office of Blair & Co.. 24 Broad Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $4,372,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the Seaboard Air Line Railway Co. Control — Seaboard Air Line Ry. Co. Secured by a direct mortgage on 811.14 miles of road, viz: A first lien on 141.56 miles — Miles. Savannah, Ga., to Yulee, Fla 113.36 Orlando to Lake Charm, Pla 16.35 Summerfleld to Lake Weir, Fla 7.65 Amelia Beach Branch 2.25 Quincy Owl Mills Spur 1.96 A second lien on 95.40 miles — Covered by the first lien of the 1st Ext. 5s, 1930 96.40 A third lien on 574.18 miles — Covered by the first lien of the 1st Ext. 6s. 1923 674.18 Prior Liens — $3,000,000 1st Ext. 6s of 1923 and $346.00'0 1st Ext. & L. G. 6s of 1930. Underlies — Seaboard Air Line Ry. Co. 1st 4s, Refg. 4s, Adjustment 5s and 1st & Cons. 6s of 1945. Bonds are reserved- under the 1st and Cons, mortgage to retire this issue. Legal for Bait. Listed on the New York, Baltimore and Amsterdam Stock Exchanges. Market. New York — Sam'l Goldschmidt, Sharretts & Young, Miller & Co., Hambleton & Co., Abra- ham & Co., S. P. Larkin & Co., P. J. Lisman & Co., Spencer Trask & Co. Baltimore — Poe & Davies, Robt. Garrett & Sons, Hambleton & Co., Baltimore Trust Co., Jenkins, Whedbee & Poe. Price Range — N. Y. S. B. Jan. 1, '06 to Jan. 1, '19 . 1918 High. 107 May 20, '12 95 Nov. 13 Low. 92% Sept. 27, '18 92% Sept. 27 FLORIDA EAST COAST RAILWAY CO. 1st 4%s. Due June 1. 1959. — F. Dated June 1, 1909. Interest payable June and Dec. 1, at Trustee, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. 456 Authorized and Outstanding— $12,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully reeisterable. Regis- tered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Organization — Incorporated in Florida in 1892 aa the Florida Coast & Gulf Ry. Co. Present name adopted in 1895. Secured by a first mortgage on 616.90 miles of road, viz: Jacksonville to Key "West, Fla 522,22 Mayport to South Jacksonville, Fla.... 24.13 Titusville to Enterprise, Fla 35.25 New Amyrna to Orange City Jet., Fla. 27.43 Branches 7.87 Also secured by pledge of the following se- curities, viz: $12,500 of $25,000 stock of the Atlantic & Bast Coast Terminal Ry. Co. , which owns a freight terminal at Jackson- ville, arid $49,800 of $200,000 stock of the Jacksonville Terminal Co., which owns the passenger terminal at Jacksonville. From Florida City to Key West, 125 miles, the road is built on a concrete viaduct, ex- tending over the open ocean from one to an- other of the Florida Keys. The line reaches within 9 miles of Havana, Cuba, and car ferries are operated between Key West and Havana. The actual cost of the entire prop- erty has been in excess of $35,000,000. Underlies — $25,000,000 Gen. Inc. 5s of 1959. Year ended Dec, 31 Gross Net *Int. & Rent 1917. . .$8,140,167 $3,145,481 $1,956,110 1916... 7,094,927 4,106.242 2.730.044 •Includes interest in Gen. Income 5s. Year ended June 30 Gross Net Int. & Rent 1916. . .$7,204,482 $2,881,418 $1,998,529 1915. . . 5,513,477 1,857,999 1,644,680 1914. . . 5,334,653 1,681,432 1.565,217 1913.. . 5,021.795 1,467,192 1,426.760 Xiisted on the New York Stock Exchange. Original Market — Underwritten in 1909.- by J. P. Morgan & Co.. the First National Bank and the National City Bank, New York, and offered at 102 "^ and interest. Also offered in 1911, by Lee, Higginson & Co., Boston, at 95^ and interest. Market. New York — National City Bank, Seasongood, Haas & Macdonald, Struthers & Hlscoe, Red- mond & Co., Taylor, Smith & Hard, "Vilas & Hickey, Abraham & Co., John Davenport. Baltimore — Mercantile Trust & Deposit Co.. Jenkins, Whedbee & Poe. Philadelphia — ^West & Co. , Chas. Fearon & Co. Price Range— N. Y. S. E. Jan. 1, '09 to Jan. 1, '19 1918 High.98V2 Nov. 6, '11 83 Dec. 26 Low. 81 May 4, 18 81 May 4 Market. New York — Evans, StiUman & Co. FLORIDA EAST COAST RAILWAY CO. Equip. Tr. 5b. Series 'A" Due $50,000 each May 1 to May 1, 1923, inclusive, — N. Dated April 27, 1914. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized — $450, 000. Outstanding— $150,000 (May 15, 1919). Ralanee Retired. Unissued — $50,000 due 1923. Denomination-— Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Guaranteed principal and Interest by the Florida Bast Coast Ry. Co. by endorsement. Secured by an equipment trust agreement on 600 box cars. FLORIDA SOUTHERN RAILROAD CO. 1st 4s. Due January 1, 1945. — N. Dated January 1, 1895. Interest payable Jan. and July 1, at United States Trust Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $2, 418, 000. Exchanged for A. C. L. Consol. 4s, and de- posited under that mortgage — $1,823,000. Denomination — Coupon. $1. 000. Registerable as to principal. Trustee — ^American Trust Co., Boston, Mass. Assumed by the Atlantic Coast Line R. R. Co. Control — ^Absorbed by the Atlantic - Coast Line R. R. Co. Secured by a first mortgage on 243.72 miles of road. viz. Miles. Palatka to Brooksville, Fla 145.33 Bartow to Punta Gorda, Fla 73.18 Mioanopy Jet. to Tacoma, Fla 8.48 Leesburg Jet. to Leesburg, Fla 1.33 Proctor to Citra, Fla 6.04 Rochelle to Gainesville. Fla 9.36 Underlies — Atlantic Coast Line Cons. 4s of 1952, Unified 4s of 1959, Gen. Unified 4%s. Bonds are reserved under the General Unified Mortgage to retire this issue. Legal for Bait.. Cal.. Conn., Mich.. Minn.. N. H., N. J., R. I., Ore. and Wis. Listed on the Richmond Stock Exchange. Market. Baltimore — Hambleton & Co., Poe & Daviea. P. H. Goodwin & Co-. . Jenkins, "Whedbee & Poe. New York — ^Wolff & Stanley, F. J. Lisman & Co.. J. S. Farlee & Co.. Hambleton & Co.. Sam'l Goldschmidt. Taylor, Smith & Hard. Gilman & Clucas, Abraham & Co., Simon Borg & Co., Spencer Trask & Co. Price Range. Jan. 1. '08 tfl Jan. 1, '19 1918 Bid Ask Bid Ask High.95^ '09 95% '09 83 Dec. 86 Dec. Low. 68 '17 72 '18 69 Jan. 72 Jan. FLORIDA WEST SHORE RAILWAY CO. 1st 58. Due Jan. 1, 1934. — F. Dated Jan. 1. 1904. Interest payable Jan. and July 1. at oflSce of Blair & Co., 24 Broad Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $755,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Continental Trust Co. of Baltimore. Rede>?niable at 105 and interest any interest date. Assumed by the Seaboard Air Line Ry. Co. Guaranteed principal and interest by the Seaboard Air Line Railway by endorsement. Control — Merged Into the Seaboard Air Line Railway in 1909 and the latter company was succeeded in 1915 by the Seaboard Air Line Railway Co. Secured by a first mortgage on 66.02 miles of road, viz : Miles. Durant to Sarasota. Fla 53.34 Sarasota to Fruitville, Fla 3.65 Terra Ceia Jet, to Terra Ceia, Fla 4.47 Ellenton, Fla. to Atlantic Refining Co. 1.65 Palmetto Jet. to Palmetto, Fla 1.50 Manatee to Bradentown. Fla 1 . 31 457 Underlies — Seaboard Air Line Refunding 4s of 1959, Adjmt. 5s of 1949 and 1st & Cons. 6s of 1945. 1st & Cons, mortgage bonds are reserved to retire this issue. Market. New York — Wolff & Stanley, Wm. C. Bwen, Abraham & Co., Sam'l Goldschmidt. F. J. Lisman & Co. Philadelphia — West & Co. Baltimore — rjenkina, Whedbee & Poe. Price Range. Jan. 1. *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98% '12 100% '12 75 Jan. 90 Jan. Low. 70 '08 78 '18 70 Mar. 78 July FLOWER VALVE MANUFACTURING COM- PANY 1st SeHal 7s. Ihie $45,(M)0 each Jan. 1, 19;i0 to 1939, inclasive. Dated Jan. 1, 1919. Interest payable Jan. and July 1, at Trustee's office, Detroit. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized — $500,000. Outstanding — $450,000. Purpose of Issue — To refund $120,000 1st 6s and provide additional working capital. Denomiiiations — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — Union Trust Company, Detroit. Redeemable on any interest date at 102^/^ and interest upon sixty days' notice. Sinking Fund — Annually 60% of net earn- ings after payment of taxes, depreciation and maintenance charges, and bond interest and annual maturities, such sum to be applied to redemption of outstanding bonds by call. Com- pany may surrender to Trustee for cancella- tion bonds of this issue at par in place of cash. OireaniiEation' — Incorporated in Michigan. Business established in 1805. Manufactures water works supplies, valves, hydrants, etc. Secured by a first mortgage on entire prop- erty of company now owned or hereafter ac- quired, including six acres of land in Detroit owned in fee simple, with plants and equip- ment. Appraised value, Sept. 15. 1918 — $805,- 185. Company covenants that no dividend shall be paid on the common stock during the life of these bonds unless net quick assets after payment of such dividends are equal to at least 150% of bonds outstanding. Year ended Dec. 31 Net 1918 $184,809 1917 100,924 Original Market — Offered in Dec. 1918, by Kay & Company, Inc., Detroit, at prices to yield from 7% to 7.32% for various maturi- ties. FONDA, JOHNSTOWN & GLOVER SVILLE RAILROAD Cons. 6s. Due April 1. 1931. Dated April 1, 1881, Interest payable April and Oct. 1, at New York Trust Co., New Tork. Tax 'Status — ^Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $200,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — New Tork Trust Co., New Tork. Organization — See 1st Cons. Gen. Ref. 4%s. Secured by a first mortgage on 25 miles of road from, Fonda to Northville, N. T. These bonds are outstanding at the rate of $8,000 per mile., Company operates 86 miles of road. This line Is operated -by steam, the remaining mileage by electricity. Underlies — $6, 450, 000 bonds. Earnings — See 1st Cons. Gen. Ref. 4^ a. Legal for Me. and N. T. Market. New York— Britton, Rollins & Co.. H. T, Carey & Co., F. J. Lisman & Co. Pittsburgh — ^R. B. Hutchinson & Co. FONDA, JOHNSTOWN & GLOVERSVILLE RAILROAD 1st Cons. Ref. 4%s. Due July 1, 1947.— F. Dated July 1, 1897. Intejest payable Jan. and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $500,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee — New Tork Trust Co., N. T. Organization — See 1st Cons. Gen. Ref. 4%h. Secured by a second mortgage on 26 miles of railroad. (See Cons. 6s above.) These bonds are outstanding at the rate of $20,000 per mile. Prior Liens — $200,000 6s. Underlies — $5,950,000 4s' and 4%s. Earnings — See 1st Cons. Gen. Ref. 4%3. Legal for Me. and N. T. Market. New York — Britton, Rollins & Co., Wolff & Stanley, Baker, Carruthers & Pell. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '11 100 '12 71% Jan. 80 Jan. Low. 60 17 75 '17 68 Mar. FONDA, JOHNSTOWN & GLO(VERSVILLE RAILROAD Gen. Ref. 4s. Due July 1, 1950.— F. Dated July 1, 1900. Interest payable Jan. , and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $800,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — New Tork Trust Co., New Tork. Organization — See 1st Cons. Gen. Ref. 4*/4s. Secured by a third mortgage on 25 miles of road subject to prior liens at the rate of $28,000 per mile. Bonds of this issue are outstanding at the rate of $32,000 per mile. (See Cons. 6s above. ) Prior Liens — $700,000 6s and 4%s. . Underlies — $5,150,000 1st Cons. Gen. 4%s, Earnings — See 1st Cons. Gen. Ref. 4V^s. Legal for Me. and N. Y. Original Market — First offered by Rhoades & Richmond, N. T.. July. 1900. Market. New York — McKinley & Morris. Martin, Ber- win & Co., Wolff & Stanley. Price Range. Jan. 1. *08 to Jan, 1, *19 1918 Bid Ask Bid Ask High.95 '08 100 'OS 57 Mar. 61 Mar. Low. 55 '17 60 '17 55 Jan. 60 Jan. FONDA, JOHNSTOWN & GLOVERSVILLE RAILROAD CO. 1st Cons. Gen. Ref. 4V4s. Due Nov. 1, 1952.— F. Dated November 1. 1902. Mortgage dated January 1, 19 03. Interest payable May and Nov. 1, at New Tork Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstanding — $5,150,000. , Reserved for Prior Liens — $1,850,000. 4D8 Denomination— Coupon, $1,000. Re&isterable as to principal. Regristered $1,000. Trustee — New York Trust Co., New York. Bedeemable at 120 and Interest on any in- terest date on 15 days' notice. Organization — Incorporated in New York in 1867 and in 1903 was consolidated with tiie Cayadutta Electric R. R. Co. and the Amster- dam Street R. R. Co. Operates the John- town, Gloversyille & Kingsboro Horse R. R. Co. (EJlectrlc) under lease for 999 years from 1894 and GloversviUe & Broadalbain R. R. for 999 years from 1895. Owns entire $105,- 000 common stock of the Coal Co. of Fulton County and 66 2-3% of the stock and bonds of the Adirondack Lakes Traction Co. Secured by a first mortgage on 40 miles of electric railway from Schenectady to Glovers- vllle. N. Y., and on local street railway lines in Amsterdam, N. Y. ; a second mortgage on 13 miles of electric railway from Ponda to GloversviUe, and a fourth mortgage on 25 miles of steam railroad from Fonda to North- ville, N, Y. Prior liiens — $200,000 Cons. 6s of 1921. $500,000 1st Cons. Ref. 4%s of 1947. $800,- 000. Gen. Ref. 4s of 1950, and $350,000 Caya- dutta Electric R. R. 1st 6s of 1922. Year ended Dec. 31 Gross Net Interest 1918 $1,123,137 $408,637 $319,722 1917 1,064.318 445,466 319,650 1916.... 999,967 470,216 319.650 *1916 954,011 443,900 319,250 •1915.... 874,762 393,812 319.250 •1914.... 986.877 473,040 380,333 •June 30. liOeal for New York and Maine. Original Market — OfEered in 1911, by Laden- burg, Thalmann & Co., New York, and A. B. Leach & Co,, New York. Chicago and Bos- ton, at 91 Vt and interest, in 1903' by E. C. Jones & Co., and in 1904 by Lawrence Barnum & Co., New York. Market, New York — Sam'l Goldschmidt, Coggeshall & Hicks. J. S. Fariee & Co., B. & C. Ran- dolph. "Wm. C. Orton, Wolff & Stanley, F. J. Lisman & Co.. Newhall & Co.. P. H. Hatch & Co. Philadelphia — Newhall & Co., Klemm & Keen. Price Range. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 90 '12 91% '11 55 Jan. 62 Jan. Low. 50 '17 57 '18 53 Mar. 57 Dec. FONTANA POWER CO. 1st 6s. Due each Feb. 1, in amounts from $5,000, 192S, to $50,000, 1947.— F. Dated February 1, 1917. Interest payable August 1 and February 1, at office of Trustee or Bankers Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In California. Authorized — $350,000. Outstanding — $350,000. Denomination^Coupon, $1, 000. Reglsterable as to principal. Trastee — Los Angeles Trust & Savings Bank, Los Angeles, Redeemable at 104 and interest on any in- terest date. Organization and Control — Incorporated in California in 1916 to construct and operate hydro-electric works at the mouth of Lytle Creek in San Bernadino County, near the citrus growing communi ties of Fontana and Rialto, to furnish power for irrigation and to sell electric current. The Southern California Edison Co. has leased the power plant for a term expiring July 1, 1947. Under terms of lease the latter company is to operate continuously at its maximum output; pay all operating and main- tenance costs. The Fontana Power Co. to pay taxes and renewals. - The entire output is purchased by lessee at a fixed rate. Lessee is required to distribute electricity over its own lines to customers of the Fontana Power Co. at a fixed rate, utilizing surplus energy for its own purposes. Secured by a first mortgage on all the prop- erty now owned or hereafter acquired. Power rights have been adjudicated. The company operates under the certificate of conven- ience and necessity of the Railroad Com- mission of California. The plant of modern concrete-steel construction was completed Jan., 1918. Original Market — Offered Feb. , 1917, by Torrance, Marshall & Co.. Los Angeles. Market. Los Angeles — Torrance, Marshall & Co. San Francisco — Torrance. Marshall & Co. New York — Spencer Trask & Co. FONTANA UNION WATER CO. 30-Year Ist S. F. 6s. Due July 1, 1942. — F. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Los Angeles Trust & Sav- ings Bank. Los Angeles or Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $900. 000. Outstanding — $372,000 (Jan. 1, 1919). Held in Treasury — $3,000. Held in Sinking Fund — $22,000. Reserved for 75% Improvement — $525,000. Denomination — Coupon. $1,000. Reglsterable as to principal. Tmstee — Los Angeles Trust & Savings Bank, Los Angeles. Redeemable at 105 and interest on July 1, 1917. or any subsequent interest period. Sinking Fund — Annually on July 1. from 1913 to 1S17, 1% of maximum amount of outstanding bonds during the preceding year 1918 to 1922, 1%%: 1923 to 1932, 2%; 1933 to 1942, 4%. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired are to be kept alive and interest added to this fund. Organization — Incorporated in California as a mutual water company. Capital stock authorized and issued, $1,000,000. Secured by a first mortgage on the water supply and distributing system on about 10,000 acres of (he Fontana citrus properties located in and around Fontana and Rialto in San Bernardino County. The water rishta of Lytle Crsek have been adjudicated as to 4,000 inches of water of which this company owns 2,902 in2hea. This company's title is also guaranteed by the Consolidated Abstract & Title Guaranty Co. of San Bernardino. The company owns 1, 879 acres of land bordering on the stream bed; a large underground reser- voir of sand and gravel from which water is drawn during the summer months by the Grapeland Tunnel, which has been extended to bedrock at the Miller Narrows ; an addi- tional reservoir site in Myer' s Canyon ; an 818-foot well, having a concrete caisson eight feet in diameter and 147 feet deep at the junc- tion of Cajon Creek; distributing system com- prises 13,200 feet of main cement canal, 31,980 feet of rock rubble ditch and 28,880 feet of " reinforced concrete pipe and lateral 459 distributing system of 224,150 feet of concrete pipe. Elamings — Company does not report earn- ings. Grieinal Market — Offered Oct. , 1916, by Torrance, Marshall & Co.. Los Angeles. Market. Los Ani^eles — Torrance, Marshall & Co. San Francisco — Torrance, Marshall & Co. FOOTER'S DYE WORKS, INC. 2-Year 1st Gs. Due Auff. 15, 1919. Dated Aug. 15, 1917. Interest payable Feb. 15 and Aug. 15. Tax Status — Information not available. Authorized — S400, 000. Outstanding — $400, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Baltimore. Redeemable at 102 and interest on any in- terest date on 60 days' notice. Organization — Incorporated in Maryland in 1917. Business established in 1872. Secured by a first mortgage on about 6 acres o% land in Cumberland, Md., appraised at $175,000, buildings thereon at $344,250, and machinery and equipment at $275,400; total appraised value, $794,650. Dividends in excess of 6% per annum cannot be paid on the $500,000 common stock, nor can any of the preferred or common stock be retired while those notes are outstanding. Net quick assets as of Aug. 10, 1917, $202,926. Year ended Nov. 30 'Net 1916 $82,770 1915 54,450 ♦Prior to deduction for rent and interest, now eliminated. T_,ater earnings not available. Originl Market — $400,000 ofCered Aug., 1917, by Robert Garrett & Sons, The Citizens Co., Inc., and the Fidelity Trust Co., Baltimore, at 99 and interest. FORE RIVER SHIPBUILDING CORP. 1st 5s. Due $40,000 each July 1, 1915 to 1918. 1921, 1934. 1937. 1930 and 1933 and $39,000 eaoh July 1, 1919. 1930, 1933, 1933. 1935, 1936, 1928, 1929. 1931 and 1933.— F. Dated July 1, 1913. Interest payable Jan. 1 and July 1, at Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Massachusetts, ^ Authorized — $750,000. Outstanding — $569,000 (Dec. 31, 1918). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable on any interest date at 103 and interest. Guaranteed principal and Interest by the Bethlehem Steel Corporation by endorsement. Organization and Control — Incorporated in Massachusetts, All of the stock Is owned by the Bethlehepi Steel Corporation. The prop- erty is leased to and operated by the Bethle- hem Shipbuilding Corp. Secured by a first mortgap-e on extensive shipbuilding plant located on 74 acres of land at Quincy, Mass. OriEinal Market — Offered In Jan., 1914, by A. B. Leach & Co. , New York, etc. , and Adams & Co., Boston, at prices ranging from 99.29 to 94.06 to yield 5%%. Market. Boston — Paine, Webber & Co., L. Sherman Adams, G. W. Walker & Co, New York — Paine, Webber & Co. Philadelphia — Graham, Parsons & Co. Worcester — L. Sherman Adams. Chicago — Paine, Webber & Co. Price Range. . Bid Ask High.lOO '16 103 '16 Low.. 99^ '16 101 '16 FORT DODGE, DES MOINES & SOUTHERN RAILROAD 1st 5s. Due $50,000 each December 1 from 1916 to 1937, inclusive, and $4,600,000, 1938. Dated December 1, 1913. Interest payable June 1 and December 1, at Bankers Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Additional bonds may be issued up to 80% of the replacement value or cash, cost of additions, betterments and extensions. Outstanding — $5,550,000 (May 7,. '19). Retired— $150,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Coupon bonds of $1,000 are exchangeable for registered bonds. Registered $1,000 and mul- tiples; C. & R. interchangeable. Trnstee — Old Colony Trust Co., Boston. Redeemable on any interest date at 105 and interest. Organization — Incorporated in Maine, Nov., 1913. Control — The entire common stock is owned by the Central Iowa Companies, a voluntary trust established in 1914. Secured by a first mortgage on 149.81 miles of standard gauge electrified railroad, extend- ing from Des Moines to Fort Dodge. la., and branches. The company does a large freight business, and its equipment, on which these bonds are also secured includes 11 electric locomotives, 33 passenger cars, 2,462 freight cars and 17 miscellaneous cars. Further secured on plants supplying elec- tricity in seven cities and towns, where fran- chises expire between 1934 and 1939. Over 99% of the road is built on private right-of-way. Year ended Dec. 31 Gross 1917 $1,521,710 •1916 1.337,569 •June 30. Note — As of May 8 . 1919. the Standard contract for compensation to be paid by the Government had not been signed. Bond inter- est paid in 1918 amounted to $279,792. Original Market — $5,500,000 offered in Oc- tober, 1915, by N. W. Halsey & Co., New York. Philadelphia, Chicago, etc., at prices to yield from 4.50% to 5.50%. A block ofCered Jan., 1918, by the National City Go. at 88 and Interest. Market. Milwaukee — Marshall & Ilsley Bank. Philadelphia — H. D. Boenning & Co., Fred Pierce & Co., Newhall & Co., S. K. Phillips & Co. ■ New York — Karle A.' Miller & Co.. Hanson & Doyle, MiU»r & Co., A. H. Bickmore & Co.. Halsev, Stuart &. Co., Morton Lachenbruch &. Co., E. & C. Randolph, Kiely & Horton. The National City Co., Newhall & Co., McGeorge & Vanderhoef. Chicago — Halsey, Stuart & Co., Babcock, Rushton & Co., Halsey, Stuart & Co. Buffalo — A. L. Chambers & Co., Dyer, Batt- Bon & Co. Portland — Beyer & Small, Chester H. Pease. Net Bond Int. $404,370 $280,000 683,837 282,185 460 Boston — L. Sherman Adams, Kimball, Mc- Kinney & Co. Price Raugre. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask Frigh.95 '16 96 '16 85 Jan. 88 Jan. Low. 75 '18 80 '18 75 Aug. 80 Aug. FORT PITT TRACTION CO. 5s. Due Dec. 8, 1935.— F. Dated Dec. 2, 1895. Interest payable June and Dec. 2, at Trustee's office. Default — Dec. 2. 1918. interest had not been paid aa of March 1, 1919. Tax Status — 2% Federal Thcome Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon. $1,000. Resisterable ' as to principal. Trustee — Pittsburgh Trtist Co., Pittsburgh. Pa. Organization and Control — Incorporated in Pennsylvania in 1895 and leases the Allegheny Traction Co., Citizens* Traction Co., Ft. Pitt Street Passenger Ry., Gross St. Ry., High- land Park Passenger Ry. and the Negley St. Ry. All of these leases are for 950 years. All of the stock of the Ft. ''Pitt Traction Co. is owned by the Consolidated Traction Co., and practically all of the stock of that com- pany is owned by the Philadelphia Co. Lines are operated by the Pittsburgh Railways Co. Receivership — See Pittsburgh Rys. Co. Gen. 5s. Secured by a first lien on all of the stocks of the Fort Pitt Street Passenger Ry. Co.. Highland Park Passenger Ry. Co., Gross St. Ry. Co., and Negley St. Ry. Co. These com- panies owfi street, railways in Pittsburgh, Pa., as follows: On Liberty Ave. from 23d St. to Main St., and on N. Negley Ave. from Center Ave. to Bryant St. to Highland Ave., owned by the Ft. Pitt Street Passenger Ry. Co. on Main St. from Midvale Ave. to Center Ave., owned by the Gross St. Ry. Co., and on Cen- ter Ave. from Negley Ave. to S. Highland Ave., owned by -the Negley St. Ry, Co. Fur- ther secured by a first lien on the leases of the above roads, and of the Citizens' Co. There is no provision in the mortgage pre- venting the various companies from directly mortgaging their properties, liisted on the Pittsburgh Stock Exchange. Market. PhOadelphia — H. D. Boenning & Co,, S. K. Phillips & Co., Huntoon & Co., Chas. Fearon & Co. New York — Moore, Leonard & Lynch, Horn- blower & Weeks. Pittsburgh — Moore, Leonard & Lynch, Jas. Carothers & Co. Boston — ^Hornblower & Weeks. Chicago — ^Hornblower & Weeks. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Ask High.105 '10 108 '10 93 Jan. Low. 90 '18 90 Feb. FORT SMITH (ARK.) tlGHT & TRACTION CO. 1st 5s. Due March 1, 1936. — F. Dated March 1, 1911. Interest payable March and Sept, 1. at Chicago or Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding— $2,483,500 (May 1, 1919). Retired by S, F.— $216,500. Reserved for Additions, etc.— $3,300,000. Denomination — Coupon. $500, $1,000. Reg- Isterable as to principal. Trustee — Illinois Trust & Savings Bank, Chi- cago. 111. Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Sinking Fund — Beginning July 1, 1914, of ^ one per cent, in 1914 and 1915, one and one- * half per cent, from 1916 to 1918, inclusive, two per cent, from 1919 to 1923, inclusive, and such rs'.table amounts from 1924 to 1935, inclusive, that at the date of the last sinking fund payment, July 1, 1935, the aggregate pay- ments to the sinking fund will have amounted to forty per cent, of the entire amount of bonds certified up to that date. Payments to be applied annually to the purchase of bonds at not exceeding 105 and interest, and if not so purchasable bonds shall be drawn. All bonds acquired shall be cancelled. Organization and Control — Incorporated In Arkansas in 1903. The Standard Gas & Elec- tric Co. owns $949,9 00 of $950,000 of the common and $798,700 of $1,410,000 preferred stocks. Management — H. M. Byllesby & Co., Chi- cago. Secured by a first mortgage on plants sup- plying gas and electricity in Fort Smith and Van Buren, Ark. , and on 31 miles of street railway track on 12 mi'.es of streets in those cities, comprising the entire system of local street railways. Population served, about 40, 000. Natural gas is now purchased and distributed. Franchises expire as follows: Street railway and electricity in Fort Smith in 1955, in Van Buren in 1962 and 1957. re- spectively, and gas in Fort Smith in 1955 and Van Buren in 1957. Underlies — $400,000 2d 5s of 1921. Years ended Dec. 31 Gross Net Interest 1918 $693,981 $230,930 $206,296 1917 508,669 154.266 181,912 1916 486,705 154,180 167,788 1915 454.664 122,896 161,479 1914 492.397 170,967 154,180 Listed on the New York Stock Exchange. Original Market — Offered in *1911 'by Lep. Higginson & Co., Boston and New Tork, at 94% and interest. Market. Chicago — Babcock, Rushton & Co. New York — Hanson & Doyle, E. & C. Ran- dolph, Kiely & Horton, S. L. Snowden, Joseph & Wiener, Taylor & White, H. M. Byllesby & Co., Inc., F, H. Hatch & Co., Lynch & Mc- Dermott. Philadelphia — H. D. Boenning & Co. Providence — R. S. Moore & Co. Price Range — N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 Bid Ask High.95Mar. 14. '12 70^^ Dec. 80 Nov. Low. 84 Jan. 3. '14 60 June 64 Feb. (THE) FORT STRFET (DETROIT) UNION DEPOT CO. 1st 4.^a. Due Jan. 1, 1941. Dated Jan. 1, 1891. Interest payable Jan. and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon. $1, 000. Trustee — Central Union Trust Co., New York. Secured by a first mortgage on Union Sta- tion in Detroit, Mich, (for details see 6% notes). Underlies — $329,000 6% notes of 1918. Listed on the New York Stock Exchange. 461 Market. New York — Saml. Goldschmidt, Baker, Car- ruthers & Pell. Sharretta & Young, Wolff & Stanley, Hanson & Doyle, F. J. Liaman & ^Co. , Wm, Carnegie Ewen. Fiice Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Aak Bid Ask High.95 '09 100 '08 77 May 85 May Low. 70 '18 80 '18 70 Nov. 80 Mar. (THE) FOIRT STREET (DETROIT) UNION DEPOT CO. 6% Notes. Due July 1, 1918. Dated July 1, 1895. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by CDmpany without deduction. Authorized — $329,000. Outstanding — $329,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — W. "W. Crapo, New Bedford, Mass., B. v. R. Thayer, Lancaster, Mass. , Oliver Frescott, Dartmouth, Mass. Control — The Pere Marauette owns majority of stock. Secured by a second mortgage on Union Station in Detroit, Mich, , used by Canadian Pacific, Fere Marauette and Wabash Railroads, to which companies this property ia leased for 990 years from 1889. Prior Liens — $1,000,000 1st 4%3. Market. New York — Wolff & Stanley, Wm. A. C. Ewen, John Davenport. FORT WAYNE & NORTHERN INDIANA TRACTION CO. Ist & Ref. Ss. Due March 1, 1931.— F. Dated March 1, 1911. Interest payable Mar. and Sept. 1, at Trustee's office. Default — Sept. 1, 1917. Tax Status — 2% Federal Income Tax pai-a by company without deduction. Authorized — $15,000,000. Outstanding — $3,000,000. Held in Treasury — $3,193,000, Reserved for Prior Liens — $8,807,000, Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New York, Redeemable as a whole on March 1, 1916. or any interest date thereafter at 105 and interest. Organization — Incorporated in Indiana in 1911. Protective Committee — Wm. A, Tucker, Thos. E. Murray, J. Levering Jones, Jay Cooke, Randall Morgan. Henry Sanderson. Depository, Central Union Trust Co., New York. Reorganization — In a circular dated Aug. 29, 1917, signed by Secretary H. B. Vorder- mark, co-operation of all security holders is reauested for a prompt reorganization of the company without receivership. A reduction of bonded debt of the company and some of its constituent companies, particularly the Fort Wayne & Wabash Valley Traction Co. and Lafayette & Logansport Traction Co. is re- ported necessary. The total bonded debt of the company is $11,273,932 and annual interest charges $576.- 052, The floating obligations, Including inter- est and contracts for which provision must be promptly made, are about $600,000. Within the next two years there should be expended in new capital at least $1,400,000. Receivership — President Robert W. Fenstel was appointed receiver on Feb. 10, 1919. Foreclosure Suit^Inatituted by Trustee un- der this mortgage Dec. 5, 1917. Secured by a mortgage on 220 miles of electric railway connecting Fort Wayne, La- fayette, Logansport, Peru, Bluffton and other important cities In Indiana, also on street railways in several cities, and plants supply- ing electric light and power in Fort Wayne and other cities. Three-fourths of interurban lines are on private right-of-way. Franchises on rema.Inder expire in 1950 and 1951. Prac- tically all of the street railway franchises in Fort Wayne and Logansport are perpetual. Other franchises expire between 1935 and 1998. Population served by railways, 150,000; by light and power, 93,000. Prior Liens — $8, 801, 700 prior liens, viz. : $6,966,000 Ft. Wayne & Wabash Valley Trac- tion Co. 1st Cons. 5s of 1934; $275,000 Wa- bash River Traction Co. 1st 5b of 1931; $29,000 Ft. Wayne Traction 1st 4s of ' 1929: $225,000 Lafayette Street Ry. 1st 5%s of 1923; $849,000 Lafayette & Logansport Trac- tion Co. 1st 5s of 1936: $400,000 Ft. Wayne, Bluffton & Marion Traction Co. 1st 5s of 1935; $57,700 Ft. Wayne Power Co. 1st 5s of 1937. Year ended Dec. 31 Fixed Gross Net Charges 1917 $2,020,349 $539,362 $583,019 1916 1.777.686 615.900 584.274 1915 1,654,605 583,912 582,565 1913 1,831,040 704,973 529. 3S0 1911 1,605,782 616,805 500,964 1909 1,414,526 592.803 521.350 Listed on the Indianapolis Stock Exchange. Market. New York — Didrichsen & Co., Morton Lach- enbruch & Co., Dunham & Co., C. D. Barney & Co, Boston — J. S. Orler & Co., McConnell & Co, Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High. 54f. '16 Low.SOf, '17 40f. '17 FORT WAYNE & WABASH VALLEY TRAC- TION CO. iBt Cons. 5b. Due March 1. 1934.— F. Dated March 1, 1904. Interest payable Mar. and Sept. 1, at Trustee's office. Default — Sept. 1, 1917. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,500,000. Outstanding — $6,966,000 (closed mortgage). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Control — Absorbed by Ft. Wayne & Nor. Indiana Traction Co. Protective Committee — The following com- mittee requests deposits: P. M. Chandler (Chairman). B. W. Clark, Cyrus S. Gray, A. A. Jackson, John H. Mason, C. S, W. Packard, R, Lancaster Williams, with J. K. Trimble, Secretary, Franklin Bank Bldg., Philadelphia. Depositaries — Commercial Trust Co.. Phila- delphia, and Fidelity Title & Trust Co., Pitts- burgh, Pa. Reorganization — See Fort Wayne & North- ern Indiana Traction Co. Secured by a mortgage on 220 miles of street and interurban railway track, including 49 miles (29 miles of road) in Fort Wayne. 4 miles In Wabash, 3 miles (2 miles of road) in Peru, 12 miles (10 miles of road) In Logans- port and 13 miles (11 miles of road) in La- fayette, and lines between Fort Wayne and Lafayette and Fort Wayne and Bluffton, all in Indiana. Further secured by a second mort- 462 era^e on plants supplying electricity in Fort Wayne and other cities. • Population served, In cities where local street railways are owned, as above, 100,000; remaining territory, 150,000. Three-auarters of the interurban roads are on private right-of-way. Franchise on the remainder extend to 1950 and 1951. In Fort "Wayne franchises for 90% the mileage are perpetual, for the remainder extend to 1937. Sllsewhere the shortest franchise ex- pires in 1935. Prior lAeaa — $275,100 Wabash Biver Trac- tion 1st 63 of 1931; $29,000 Ft. Wayne Trac- tion 1st 4s of 1929: $225,000 Lafayette Street Ry. 1st 5%s of 1923. Underlies — Ft. W. & No. Ind. Trac. Co. 1st & Ref. 6s. Earnings- See Ft. W. t No. Ind. T. 1st & Ref. 6 s. lasted on the Philadelphia and Indianapolis Stock Exchanges. Original Market — OfCered at par and interest in 1905 by Chandler Bros. & Co., Philadelphia. Market, Philadelphia — ^West & Co., Wm. G. Hopper & Co., Newburger, Henderson & Loeb, H. D* Boenning & Co., Newhall & Co., S. K. Phil- lips & Co., Warren A. Reed, Huntoon & Co., Ervin & Co. Boston — McConnell & Co. Chicago — ^Plotz & Co. New York — Berdell Bros., Hanson & Doyle, B. & C. Randolph, Morton Lachenbruch & Co., Newburger, Henderson & Loeb, Newhall & Co., F. H. Hatch & Co., Lynch & McDer- mott. Pittsburgh — ^Wm. P. Lemley & Co.. Ward- Darley-Lupold Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.88% '12 90 'OS 36%f. Dec. 40f. Dec. Low. 30 f. '18 36f. '18 30 f. Sept. 36f. Sept. PORT WAYNE, BttJFFTON & MARION TRACTION CO. 1st 58. Due July 1. 1935.— F. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Guaranteed principal and interest by the Fort Wayne & Wabash Valley (now Fort Wayne & Northern Indiana) Traction Co., and assumed by Fort Wayne & Northern Indiana Traction Co. Reorganization, etc. — See Fort . Wayne & Northern Indiana Traction Co. Control — ^Absorbed by Fort Wayne & North- ern Indiana Traction Co. Secured by a first mortgage on 26 miles of electric railway between- Fort Wayne and Bluftton. Ind. Population served, 75,000. Underlies — Ft. Wayne & Nor. Ind. Tract. Co. 1st & Ref. 53. Earnings — See Ft. W. & Nor. Ind. Trac- tion Co. 1st & Ref. 5s. Market. Boston — F. B. Bassett & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 Bid Ask High.92% '11 100 '10 Low.. 90 '13 88 '16 Dated April 1, 1905. Interest payable Jan. and July 1, at Philadelphia. • Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding— $1,470,000. Reserved for Ext. — $530,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Fidelity Trust Co., Philadelphia. Guaranteed as to interest by the Ohio Blec. trie Ry. Co. under terms of lease. Organization and Control — Incorporated in Ohio and Indiana in 1905. All of the com- mon stock is owned by the Ohio Electric Ry. Co. On March 1, 1906, property was leased until expiration of franchises and renewals thereof to the Lima & Toledo Traction Co., which company guaranteed interest on these bonds. This lease was assigned to the Ohio Electric Ry. Co. in 1907. On Dec. 11, 1916, a new lease was entered into between this com- pany and the Ohio Electric Ry. Co. cancelling the previous lease. This lease provides rental payments as follows: (1) Interest on mort- gage indebtedness: (2) $500 per annum for organization expenses; C3) $12,500 to be set aside annually, if earned, for additions and betterments. Such earnings shall be arrived at on the following basis: Gross revenue less operating expenses as classified by the Inter- state Commerce Commission, bond interest and $600 per annum for organization expenses. Secured by a first mortgage on 60 miles of interurban railway between Fort Wayne, Ind., and Lima, Ohio. The entire line is on private right-of-way, except in towns where franchises are for 25 or 50 years. Earnings — See Ohio Electric Ry. Co. Original Market — Offered in 1905 by E. H. Rollins & Sons, Boston, etc., at par and interest. Market. Philadelphia — Paul & Co., S. K. Phillips & Co., Chas. D. Barney & Co., Ervin & Co. New York — Dunham & Co., Kiely & Horton, Berdell Bros., Fred H. Hatch & Co., Lynch & McDermott Boston — McConnell' & Co., F. B. Bassett & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93 '09 95 '09 40 Feb. 60 Feb. Low. 30 '18 50 '18 30 Nov. 50 Nov. FORT WAYNE, VAN WERT Si LIMA TRAC- TION CO. Ist Guar. Ss. Due Jub- 1, 19S0.— P. FORT WORTH & DENVER CITY RAILWAY CO. Ist 6s. Dae Dec. 1, 1981. — ^N. Dated December 29. 1881. "Interest payable June and Deo. 1, at 26 Liberty St., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $18,000 per mile. Outstanding — $8,176,000. By the terms of the Colorado & Southern Ref. & Ext. Mtge., additional bonds, if issued, must be deposited thereunder. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Organization and Control — ^Incorporated in Texas in 1873. AH o^ the stock is owned by the Colorado & Southern Ry. Co., which is controlled through. stock ownership by the Chi- cago, Burlington & Qulncy R. B. Co. This latter company is controlled through stock ownership by the Northern Pacific R. R. and Great Northern Ry. companies. Secured by a first mortgage on 454.14 miles of road from Fort Worth, Texas, to Slx^la, on the New Mexico-Texas State Line. This road gives the Chicago, Burlington & Quincy 463 R, R. and the Great Northern Pacifiq R. R. and Colorado & Southern Ry. companies accesa to the Gulf of Mexico. Refunding — The Colorado & Southern Ref. & Bxt. Mtge, provides for the retirement of this issue. Ijegal for Mo. and Tex. liisted on the New York Stock Exchange. Market. New York — J. S. Farlee & Co., Redmond & Co. , Abraham & Co. , Baker, Carruthers & Pell. Cliieago — Babcock, Rushton & Co. Philadelphia — Chas. Fearon & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — N, Y. S. E. Jan. 1, '06 to Jan. 1, '19 19X8 High.llTV* Feb. 1, '09 99% Dec. 2 Low. 95 Dec. 5, '17 96 Jan. 9 FORT WORTH & DENVER CITY RAILWAY CO. Equip. Tr. 4%s, Series C. Due $56,000 each May 1 and Not. 1 to May 1, 1925, inclusive. — N. Dated May 1, 1915. Interest payable Nov. 1 and May 1, at First National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,120,000. Outstanding — $672,000 (May 15, 1919). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal.* Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole oh May 1, 1920. or on any interest date thereafter at 102% and Interest on 90 days' notice. Guaranteed principal and interest by the Fort Worth & Denver City Ry. Co. by en- dorsement. Secured by an equipment agreement on 10 Mikado locomotives, 1,200 box cars, 300 stock cars, 200 steel gondola cars, costing $1,407,819, of which the company paid $312,570 in cash. Market. New York — Freeman & Co., Bull & Eldredge. Evans, Stillman & Co. FORT WORTH & DENVER TERMINAL RAILWAY 1st 6s. Due Dec. 1, 1937, Dated Dec. 1, 1907. Interest payable June and Dec. 1, at Colorado & Southern office, 26 Liberty St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500, 000. Outstanding — $728,000 ($428,000 are owned by Fort Worth & Denver City Ry.) Reserved for Ext. — $1,772,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any inter- est date on three months' notice. Guaranteed as to interest under terms of 49-year lease from 1907 to ^ the Fort Worth & Denver City Ry. Co. Control — All of the stock owned by the Fort Worth & Denver City Ry., which is controlled through stock ownership by the Colorado & Southern Ry., which latter company ia like- wise controlled by the Chicago, Burlington & Quincy R. R. Co. Secured by a first mortgage on terminals and real estate in Fort Worth, Texas, and vicinity. Market. New York — John Davenport. Price Range. Jan. 1, '16 to Jan. 1, '19 Ask High. 106 '16 Low. 105 '17 FORT WORTH & RIO GRANDE RAILWAY CO. Ist 4s. Due July 1, 1928. Dated July 1. 1888. Interest payable Jan. 1 and July 1 at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paia by company without deduction. Authorized — $20,000 per mile. Outstanding — $1,398,000 (Jan. 1, '19). Pledgi?d under St. L.,-S. F. Ry. P. li. Mtge. —$3,069,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Central Union Trust Co.. New York. Exchange Basis — Under the reorganization plan of the St. L. & S. F. R. R. Co. holders ,of each $1,000 bond of this issue were offered $1,000 in Prior Lien A4s of the St. L.- S. F. Ry. Co.. the new company. Bonds may still be exchanged on this basis, without pen- alty. Organization and Control — Incorporated In Texas in 1885. Its entire capital stock is owned by the St. Louis-San Francisco Ry. Co. and deposited under its Prior Lien Mortgage. Secured by a mortgage on all the property of the company now owned or hereafter ac- w.85'18 90 '18 85 Aug. 90 Aug. FORT WORTH STOCKYARDS let 6b. Due March 1, 1922.— F. Dated March 1, 1902. Interest payable Mar. 1 and Sept. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Issued — $1,200,000. Outstanding — $927,000. Balance Retired. Redeemed — $258. 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New Tork. Redeemable at 105 and interest on any March 1. Secured by a first mortgage on extensive stockyards at Fort "Worth, Texas. Original Market — $65,000 offered June, 1915, by Stanwood, Taylor & Co., Chicago, at 98 and interest. Market. Chicago — Plotz & Co.. First Trust & Savings Bank. New York — Davenport & Portsmore. FOSTORIA & FREMONT RAILWAY CO. 1st 5s. Due Oct. 1, 1930.— F. Dated Oct. 31, 1910. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $250, 000. Outstanding— S200, 000. Denomination — Coupon. $1,000, Reglsterable as to principal. Trustee — Cleveland Trust Co., Cleveland. Organization — Incorporated in Ohio in 1909, Secured by a first mortgage on 21.38 miles of electric interurban railway from Fostoria to Fremont, O. Population served, Fostoria and Fremont each about 12.000; remaining territory, fiO.OOO; total, about 85,000. The line is built on private right-of-way outside of municipalities. Franchises in cities, counties and towns extend not less than five years be- yond the maturity of these bonds. Year ended Dec. 31 Gross Net Interest 1918 $79,937 $28,500 $8.05.^ 1917 72,246 29.964 8.669 Original Market—Offered in 1915 by Luce & Co., Boston. Market. Boston — Ernest Luce & Co. FOX RTVER VAI^IiEY GAS & ELECTRIC CO. 1st 5s. Due April 1, 1921. Dated April 1, 1901. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $350,000. Denomination — Coupon, $1, 000. Trustee — Merchants' Loan & Trust Co., Chi- cago. Redeemable at 105 and interest. Guaranteed principal and interest by Wis- consin Traction. Light, Heat & Power Co. Organization and Control — Incorporated in Wisconsin and acciuired by purchase the prop- erties of the Appleton Gas Light & Fuel Co. and Neenah & Menasha Gas & Electric Co. The entire $400,000 capital stock of this com- pany is owned by the Wisconsin Traction, Light. Heat & Power Co. Secured by a first mortgage on plants sup- plying gas and electricity to Neenah. Menasha and electricity to Appleton, Wis., and on plant supplying gas to Appleton. Population served. 30.000. Gas and electric franchises in Neenah and Menasha are perpetual, gas franchise in Appleton expires In about 2 5 years. Earnings — See Wisconsin Traction, Light, Heat & Power Co. Market. Chicago — Eabcock, Rushton & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Hlgh.97>^ '16 100 '17 95 Apr. Low. 94 '15 96 '15 FRANKFORD, TACONY & HOUUESBURG STREET RAILWAY CO. 1st 5s. Due July 1, 1940.— F. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $500,000. Outstanding — $500,000. Denomination — Coupon, $500 and $1,000. Begisterable as to principal. Trustee — Tacony Trust Co., Tacony, Phila. Organization — Incorporated in Pennsylvania in 1910. as successor company under fore- closure of the Holmesburg, Tacony & Frank- ford Electric Ry. Co. Secured by a first mortgage on all the prop- erty, franchises owned or acquired, including about 17 miles of track, including double track and sidings, from Frankford to City Line, Philadelphia. This forms part of an electric railway route from Philadelphia to Trenton and New Tork. 465 r ended Dec. 31 Bond Gross Net Interest 1918.. . $127,3-94 $1,536 $20,000 1917... 169.720 24,033 20,000 1916... 162,819 41,306 20,000 1916... 147,606 46,666 20,000 1914... 139,680 46,617 20,000 ^Listed on the Philadelphia Stock Exchange. Orieinal Market — A block offered in Feb., 1914, by "Woelpper. Crawford & Co., Phila- delphia, at 98 and interest. Market. Philadelphia — H. D. Boenning: & Co., S. K. Phillips & Co. ' . Price RanETe, Jan. 1, '11 to Jan. 1. '19 Bid Ask Hii:h.97 '12 99 '13 Low. 70 '15 78 '15 FRANKFORT WATER CO. Ist 6b. Due Jan. 1, 1936. Dated Jan. 1, 1911. Interest payable Jan. and July 1 ,at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $150,000. Outstanding— $148,000 (May 15, 1919). Retired by S. F.— $2,000. Trustee — Fidelity & Columbia Trust Co. , Louisville, Ky. Redeemable after Jan. 1, 1916. for sinking fund. Sinking Fund — All rentals from fire hydrants and 5% of all other gross Income, beginning Jan. 1, 1916, for redemption of bonds. Pres- ent yearly rental from fire hydrants, $7,800. Secured by a first mortgage on plant sup- plying water to Frankfort, Ky. Population, 1910, 10,465. Franchise perpetual. Has 25- year contract with the city, dating from Jan. 1, 1911, to supply water for fire hydrants. Origiual Market — Offered by Almstedt Bros., Louisville, June, 1912, on about 6% basis. FRASER COMPANIES, LIMITED, 1st Serial 6s. Due $;200,000 each April 1, 19!31, to 1929, inclusive. Dated April 1, 1919. Principal and interest payable at Royal Bank of Canada, Montreal and Toronto, In Canadian gold coin; at Agency of Royal Bank of Canada, New York, in U. S, gold coin, at par of exchange; at Royal Bank of Canada, London, England, in English gold coin at $4.96 2-3 to the £1 sterling. Tax Status — Payme^nt of Federal Income Tax not assumed by company. < Authorized — $2,500,000. i ' Outstanding — $2,000,000. Reserved for Ext. — (75%) $500,000. Purpose of Issue — Not stated. Denominations — $500 and $1,000, register- able as to principal. Trustee — Montreal Trust Company, Montreal. Organization — Incorporated in Canada in 1917 as successor to Donald Fraser & Sons, Ltd., F. & M. Lumber Co., Ltd., Fraser Lum- ber Co.. Ltd., and Fraser, Ltd. The original business was founded in 1877. The company manufactures spruce lumber and cedar shin- gles. Authorized Outstanding Capital Stock $10,000,000 $10,000,000 Secured by a first rnortgage upon freehold and leasehold lands, water powers, on timber licenses and leases, and all buildings, plant and machinery now owned or hereafter ac- quired. Further secured by a floating charge upon all the other assets present and future, including undertakings, good-will, franchises, concessions and rights. The property covered includes the follow- ing; 210 square miles freehold timber iands mostly in eastern Quebec and New Bruns- wick, and leases of 1.451 square miles timber lands and in addition leasehold cutting rights on 900 square miles of privately owned lands; pulp mill at Edmonston, N. B., with capacity of 36,000 tons per annum; water power on Madawaska River at Edmonston; 10 saw mills in Quebec and New Brunswick (4 of the ' saw mills have planing mills and 6 of the mills operate a total of 50 shingle machines). Year ended Dec. 31 Net 1918 $740,374 1917 706.355 1916 432,003 1915 393,321 1914 410.268 Original Market — Offered in April. 1919, by Royal Securities Corp., Montreal and Toronto, at prices to yield 6% for 1920 and 1921 ma- turities, and 6.40% for other maturities. FREEFORT (ILIi.) GAS CO. 1st 6s. Dot Sept. 1» 1932.— F. Dated September 1, 1912. Interest payable March and September 1, at Chicago, Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State taxes refunded. Authorized — $1, 000. 000. Outstanding — $562,000. Reserved for Ext. — $450,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Trust Co. of Illinola, Chi- cago, 111. Redeemable as a whole only at 105 and in- terest on Sept. 1, 1922, or on any interest date thereafter upon four weeks' notice. Organization — Incorporated in Illinoia In 1912 as successor to Freeport Gas Light & Coke Co. Operated by the C. H. Gelst Co. Secured by a first mortgage on plant sup- plying gas to Freeport, III. Population served, 20,000. Franchise expires in 1939. Earnings — Company does not report earn- ings. Original Market — Offered In 1912 by the C. H. Geist Co., Philadelphia, at 96 and Interest. Market. Philadelphia — Reed A. Morgan -& Co.. H. D. Boenning & Co., S. K. Phillips & Co., Huntoon & Co. New York — E. & C. Randolph. Pittsburgh — Wm. P. Lemley & Co. Providence — Hornblower & Weeks. !trice Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Aisk Ask High.88% '15 96 '15 75 Sept. Low. 75 '18 FREEPORT RAILWAY, LIGHT & POWER Co. 1st 5s. Due $5,000 annually May 1, to 1921» and Balance. 1922. — F. Dated May 1. 1903. Interest payable May and Nov. 1, at Trustee's ofilce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3 50,000. Outstanding — $286,000 (Jan. 1. 1919). Retired by Sinking I\ind — $64,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable by lot after May 1. 1913, at 105 and interest. 466 Sinking Fund — $2,000 per annum for first ten years. $6,000 per annum thereafter. Assumed by Freeport Railway & Light Co. Control — ^Absorbed by Freeport Railway & Light Co.. which was merged in 1916 into the Illinois Northern Utilities Co.. a subsidiary of the Middle West Utilities Co. Secured by first mortgage on nine miles of street railway in Freeport. 111., and plant sup- plying electricity to that city. Population served. 20,000. Franchises expire March 1. 1923. Underlies — $140,000 Freeport Railway & Light 1st & Cons. 5s and Illinois Northern Utilities Co. 1st & Ref. 5s of 1967, under which bonds are reserved to retire this issue. Market. Chicago — Wm. S. Gilmore. New York— Hotohkin &. Co.. F. H. Hatch & Co. Boston — Hotchkin & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid High.93% '16 90 Mar. Low. 90 '18 FREEPORT RAILWAY Si UGHT CO. 1st Si Cons. 5s. Due Nov. 1. 1935. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at Trustee's offlce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding— $140,000 (March. 1919). Denomination — Coupon. $100. $600 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank. Chicago. Redeemable after 1916 at 102^ and interest. Sinking Fund — Annually, beginning July 1, 1915. 1% of outstanding bonds from 1915 to 1919 and 2% thereafter, payable in cash. Fund applicable upon order of the company for renewals, improvements, etc., or for the purchase or redemption of these bonds at not over 102% and interest. Bonds acquired are cancelled. Control—Merged In 1916 with other com- panies into the Illinois Northern TJtillties Co., which is a subsidiary of the Middle West Utilities Co. Secured by a second mortgage on the prop- erty described under F. Ry. Light & P. 1st 6s. Prior liiens — $286,000 Freeport Railway. Light & Power 63. Underlies — Illinois Northern Utilities Co. 1st & Ret. 5s of 1957 under which mortgage bonds are reserved to retire this issue. Earnings— See Illinois Northern Utilities Co. 1st & Ref. 5s. Market. New York — Blodget &. Co.. E. & C. Ran- dolph. H. C. Spiller & Co.. Inc.. Fred H. Hatch & Co. Boston — Blodget & Co., H. C. Spiller & Co., Chicago — Wm. S. Gilmore. Price Range. Jan. 1, '15 to Jan. 1, '19 Bid Ask High.75 '16 84 '16 Low. 61 '17 78 '17 FREEPORT W.i^TER CO. 1st 5s. Due each July 1 as follows: $10,000, 1918 to 1937, and $15,000 from 1938 to 1932, inclusive. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding— $318,000 (April. 1919). Redeemed — $35,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Harris Trust & Savings Bank, Chi- cago. Redeemable at 102 and interest on any in- terest date. Organization — Inco^orated in Illinois in 1882. Secured by a first mortgage on plant sup- plying water in Freeport, 111, Population served, 20,000. Franchise expires in 1942. Year ended Dec. 31 Gross Net Interest 1918 $30,929 $18,260 1917 $68,836 32,154 18,621 1916 66.267 33,835 18,375 Market, New York — S. L. Snowden, H. C. Spiller & Co. Chicago — Harris Tr, & Sav. Bank. Philadelphia — H. F. Bachman & Co. Boston — H. C. Spiller & Co. FREMONT, ELKHORN Si MISSOURI VAL,- liEY RAILROAD CO. Cons, (now first) 6b. Due Oct. 1, 1933.- N. Dated October 1, 1883. Interest payable April and Oct. 1, at C. & N. W. Ry. office. Ill Broadway, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $25,000 per mile of road. Outstanding In Hands ot Public — $7,725,000. (Closed mortgage.) Owned by C. & N. W. By. Co. and Fledged under its Extn. 4s of 1936 — $10,676,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustees — De Witt C. Blair and David P. Kimball. Assumed by the C. & N. W. Ry. Co. Guaranteed principal and interest by the C. & N. W. Ry. Co. by endorsement. Control — Absorbed by the Chicago & North- western Ry. Co. Secured by a first mortgage on 1.171.55 miles of road. viz. : Miles Fremont to Neb. via Norfolk Jet. to Nebraska-Wyoming State Line 468 . 00 Dakota Jet.. Neb., to Deadwood, S. D.. 144. 88 Branches to Belle Fourche, S. D 21.19 Branches to Crown Hill and Lead, S. D. 20.78 Branches to Hot Springs. S. D ■ 14.12 Fremont to Hastings, Neb 127 .28 Linwood to State Line near Superior, Neb 124.14 Platte River Jet. to Lincoln, Neb 45.11 Scribner to Oakdale, Neb 113.91 Norfolk Jet. to Verdigre. Neb 64.04 Arlington to Elkhorn Jet. (Omaha) and So. Omaha. Neb 38.14 Underlies — C. Si N. W. Ry. Extension 4s of 1926. the deposited bonds of this issue "forming the principal security for that issue of bonds. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. L, Vt. and Wis. Listed on the New York and Boston Stock Exchanges. Market. New York — Bernard. Scholle & Co.. Shar- retts & Young. Wolff & Stanley, fi. & C. Ran- dolph. Taylor. Smith & Hard, P. J, Lisman & Co., Blodget & Co., Remlok. Hodges & Co.. Hornblower & Weeks, Redmond & Co., Vilas & Hiokey, White, Weld & Co.. Wood. Struthers & Co.. Abraham & Co., Baker, Carruthers & Pell. John Nlckerson, Jr. Boston — ^Blodget & Co., Old Colony Trust Co., R. L. Day & Co., Arthur Perry & Co. 467 Price Range — N. Y. S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 High.l28»^ July 11. '11 110 Dec. 4 Low. 101 Jan. 14. '18 101 Jan. 14 FRESNO CANAL & LAND CORP. 10-Year Ist 5s. Due Feb. 1, 1937. — F. Dated Feb. 1. 1917. Interest payable Aug. 1 and Feb. 1, at First Federal Trust Co., San Francisco; Los Angeles Trust & Savings Bank, Los Angeles, and Illinois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $1, 000, 000. Outstanding — $574,500 (Jan. 1, '19). Retired by S. F.— $25,500. ProTisions of Issue — No further indebted- neBs in the form of a bond issue or debenture, nor can bonds be drawn down from the re- maining authorized issue of bonds, unless the earnings of the company for the year prior to the Issuance of additional bonds shall be in excess of one and three-fourths times the in- terest charges on all bonds then outstanding and those proposed to be issued. Additional bonds thus issued shall not be in excess of 60% of the physical valuation of the com- pany's property, as may be determined by the Railroad Commission of California. Denomination — Coupon, $500 and $1,000. Trustee — First Federal Trust Co., San Fran- cisco. Redeemable at 102 and interest on any inter- est date. Sinking: Fund — Annually 2% of outstanding bonds, with a minimum of $12. 000 per an- num for the first five years and for the fol- lowing five years 3 1-3%, with a minim.um of $20,000 per annum. It is estimated that this fund will retire in excess of all bonds out- standing prior to maturity. Organization — Incorporated in California as successors to the Fresno Canal & Irrigation Co., organized in 1870. Authorized Outstanding Capital Stock. . . $1,000,000 $1,000,000 Secured by a first mortgage on 336 miles of main canals, together with real estate, dis- tributing systems, rights of way, diverting dams, weirs, headgates and other irrigation works, valued at $1,458,900. The territory served is in excess of 200,000 acres of land surrounding and adjacent to Fresno, Cal.. which land is dependent upon this jsystem for Irrigation water. The company's water rights consist of first filings on 1,460 second feet of the waters of Kings River. Water rates, $0. 62 % per acre per annum. Original Market — $600,000 offered Feb., 1917, by Blankenhorn-Hunter Co., Los Angeles, at 96 and interest. Market. liOS Ang«les — Blankenhorn-Hunter-Dulin Co. FRESNO CITY (CAIi.) WATER CO. Ist 5s. Dae Jan. 1, 1946. Dated Jan. 1, 1906. Interest payable Jan. and July 1, at U. S. Mortgage & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $350, 000. Outstanding — $261, 000. Retired by Sinking Fund — $32,000. Held in Treasury — $5,000. Denomination — Coupon, $600 and $1,000. Trustee — Mercantile Trust Co., San Ftan- cisco, Cal. Secured by a first mortgage on plant sup- plying water to Fresno, Cal. Population served, 26,000, In 1911, when city was ne- gotiating for purchase of plant, estimate by city engineer and one selected by company placed value of plant at $371,735 and replace- ment value at $447,066. No franchises .are required for water com- panies in California. I^egal for California. Market. Boston — Hotchkin & Co. . H. C. Spiller & Co. , Inc. Lios Angeles — A. H. Woollacott. New York— Hotchkin & Co.. H. C. Spiller & Co., Inc. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask High.90 '16 95 '17 Lgw.88»^ '17 95 '17 (H. C.) FRICK COKE CO. Pittsburgh-Monon- gahela First ILien Purchase Money 5s. ,Due $600,000 annually, July 1, 1915, to July 1, 1944, inclusive. — F. Dated July 1, 1911. Interest payable Jan. and July 1, at Pittsburgh, Pa. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in the State of Pennsylvania. Authorized — $ 18,000,000. OntstandinE^$15.317,000 (May 8, 1919). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — The Union Trust Co. of Pitts- burgh, Pittsburgh, Pa. Sulking Fund — Certain amounts from coal mined if in excess of amounts required for maturities. Guaranteed principal and interest, uncondi- tionally, by the United States Steel Corpora- tion by endorsement. Control — United States Steel Corporation, through ownership of entire capital stock. Secured by a first mortgage on 16.000 acres of coal land and 1,400 acres of surface land in Fayette. Greene and "Washington Counties, Pa., including coking plant, workmen's houses and other equipment. Original Market — Offered in 1911 by the Union Trust Co. of Pittsburgh, Pittsburgh, Pa., on a 4.70% basis. Market. Pittsburgh — Moore, Leonard & Lynch, Ward- Darley-Lupold & Co. , Duquesne Bond Corp. , R. W. Evans & Co., Kean, Taylor & Co.. Lyon. Singer & Co. Philadelphia — Graham, Parsons & Co., S. K. Phillips & Co. New York — Moore, Leonard & Lynch, Morton Lachenbruch & Co., B. & C. Randolph, Baker. Carruthers & Pell, Homblower & Weeks, Holmes. Bulkley & Wardrop. Chicago — Homblower & Week*. Boston— Hornblower & Weeks. Portland— M. S. Brown. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid High.102 '17 99% Jan. Low. 98 '18 100 '17 98 Feb. FRISCO CONSTRUCTION CO. 5% Equip. Notes. Series "B." Due $113,000 each March 15, and $113,000 each Sept. 16, to Sept. 16, 1932, InclnsiTe.— F. Dated September 16, 1912. Interest payable March and September 15, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,250,000. Outstanding— $787,000 (April 1. 1919). 468 Balance Retired. Denomination — Coupon, $1,000, Trustee — New York Trust Co., New York. Guaranteed as to principal and interest by the St. Louis & San Francisco R. R. Co. by endorsement. The latter company has been foreclosed. Controlled through stock ownership by the St. Louis & San Francisco Ry. Co. Secured under and by an equipment trust agreement, 40 locomotives, 500 steel-frame box cars, 300 steel -frame automobile cars, 500 steel-frame stock dump cars, 250 steel tank cars, 10 steel baggage cars and 2 one-hundred ton steam derrick cars, costing $2,716,440. of which $466,440 was paid in cash. Original Market — GfEered in 1912 by Speyer & Co., New York, at 99 and interest. Market. New York — Bull & Eldredge, Seasongood, Haas & Macdonald, Freeman & Co., Evans, Stillman & Co. ■ St. Louis — Stix & Co. Philadelphia — Graham, Parsons & Co. Due FULLER-LEHIGH CO. 1st S. F. 6s. April 1, 1938— F. Dated April 1, 1918. Interest payable ApriJ 1 and Oct. 1 in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $600,000. Outstanding— $578,000 (May 8, 1919). Retired by S. F. — $22,000. Denomination! — Coupon, $1,000. Registerable as to principal. Trustee — Northern Trust Co., Philadelphia. Redeemable at 102% and interest on any interest date on 30 days' notice. Improvement and Sinking Fund — Annually, beginning April 1, 1919, not less than $20,500 for the purchase or redemption of these bonds at not over 102% and interest. The mort- gage also provides that all net earnings in excess of $48,000 per annum shall be applied for the extension or betterment of the plants and property of the company, or may be ap- plied for the redemption of additional bonds. Organization — Incorporated in Pennsylvania in 1918 and acquired the properties and assets of the Lehigh Car Wheel & Axle "Works (busi- ness established in 1867) and of the Lehigh Foundry Co. (business established in 1898). The Lehigh Car "Wheel & Axle "Works, in ad- dition to car wheels and other chilled cast- ings, manufactured a general line of pulveriz- ing machinery, having the trade name "The Fuller-Lehigh Pulverizer." The Lehigh Foun- dry Co. specialized in castings for the sugar, chemical and explosives trades and also man- ufactured the "Lehigh Stoker. ' ' The corpo- rate title for the new company was selected because a large part of the product of the Lehigh Car Wheel & Axle Works has carried the name "Fuller-Lehigh" for many years. Authorized Outstanding Capital Stock $600,000 $600,000 Secured by a first mortgage on all the prop- erty of the company. The property covered comprises the two plants of the constituent companies, which are adjacent and located at Fullerton, Pa. As of March, 1918, the re- placement value of plants and equipment was estimated at $1.200.000., and, net quick assets, reported in excess of $500,000. Original Market — $600,000 offered April, 1918, by Frazier & Co. and Cassatt & Co., Philadelphia, at 92 and interest. Price Range 1918 — Ask 89-92. FULTON FUEL & LIGHt CO. 1st 58. Due Oct. 1. 1927.^N. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $125,000. Outstanding— $125,000 (May 9', 1919). Retired by S. F. — None. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — Annually, beginning Oct. 1, 1907, $2,100 for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are cancelled. Organization — Incorporated in New York in 1898. Secured by a first mortgage on plant sup- plying gas to Fulton. N. Y. Population served, 10.000. Franchise perpetua"-. Vear ended Dec. 31 Net Interest 1915 $9,346 $7,r.f)8 1914 10,843 5.950 1913 11,071 7.827 FULTON LIGHT, HEAT & POWER CO. 1st 5s. Due April 1, 1932.— F. Dated April 1, 1902. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Statufi — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $500,000. Outstanding — $122,000 (Jan. 1, '19). Retired by Sinking Fund — $24,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Sinking Fund — $3,000 per annum from April 1, 1912. Secured by a first mortgage on plant sup- plying electricity to Fulton, N. Y. Population, 12.000. In 1911 the company was awarded judgment, amounting, with interest, to $387,- 806, against State of New York on account of damage done the plant through construction of a barge canal, which deprived the company of' part of its water power. Year ended Dec. 31 Gross Net Interest 1918 $136,045 $34,127 $12,149 1917 91,230 22,245 11.017 1916 82,179 28.274 10,419 1915 28,279 10,824 1914 30.866 6,488 1913 22,915 leg's} Market. New York — H. 1. Nicholas & Co. Boston — H. C. Spiller & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid High.95 '17 102 '17 90 Jan. Low. 87 '17 102 '17 469 G GAGE COUNTY GAS JAGUT & POWER CO. 1st 6s. Due June 1, 1929.— F. Dated June 1. 1909. Interest payable June and Dec. 1, at office of P. W. Brooks & Co.. N. Y. T^x Status — 2% Federal Income Tax paid by company without deduction. Authorized — $150,000. Outstanding: — $106,500. Denomination — Coupon, $500 and $1,000. Trustee — Bankers' Trust Co., New York. Redeemable after June 1, 1914, at 107^ and Interest for the sinking fund. Sinking Fund — 2% of outstanding bonds an- nually from 1912 to 1915, and 3% thereafter. Organization — Incorporated in Nebraska in 1909, succeeding the Beatrice Gas & Power Company. Majority of stock acquired in 1912 by the Continental Gas & Electric Corporation. Secured by first mortgage on plant supply- ing gas to Beatrice, Neb., and vicinity. Popu- lation of Beatrice, 1910, 9,356. Franchises expire in 1934. Refunding — Bonds reserved under Continental Gas & Electric Corporation 1st Coll. Tr. Mort- gage for acauisition of this issue. Earnings — See Continental Gas & Electric Corp. Original Market — First ofCered by P. W. Brooks & Co., New York and Boston, In Oct., 1909. Market. New York — P. W. Brooks & Co. Philadelphia — P. W. Brooks & Co. Portland — Fidelity Trust Co., E. L. Wen- gren & Co. GAINESVELLE (TEX.) GAS & ELECTRIC CO. Ist 6b. Due Sept. 1, 1931. — ^F. Dated Sept. 1, 1906. Interest payable March and September 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $184,000. Denomination — Coupon, $500. Trustee — Central Trust Co.', New York. Organization — Incorporated in Texas, Aug- ust, 1906, as successor to the Gainesville Light & Fuel Co. Secured on plant supplying Gainesville, Tex- as with gas. Population served, 10,000. GAIiESBURG (ILIi.) GAS & ELECTRIC LIGHT CO. 1st 5s. Due April 1. 1919. Dated April 1, 1899. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $350,000. Denomination — Coupon, $1,000. Trustee — Portland Trust Co., Portland. Me. Assumed by Galesburg Ry. , Ltg. & Power Co Control — Consolidated Into Galesburg Ry. & Dt. Co., which was merged In 1913 with the G. Ry., Ltg. & P. Co., a subsidiary of the Westprn Rys. & Lt. Co.. which is controlled by the Illinois Traction Co. Secured by first mortgage on plants supply- in:? gas and electricity to Galesburg, 111., and vicinity. Population served. 25,000. Gas franchise has been extended to 1940; electric franchise expires in 1920. Underlies — Galesburg Ry. & Lt. Co. 5s of 1934 and G. Ry.. Ltg. & P. Cons. & Ref. 5a of 1934, which provide for the retirement of this issue. Earnings — See "Western Rys. & Lt. Co. Market. New York— F. H. Hatch & Co. GALESBURG RAILWAY & LIGHT CO. Ist Cons. 5s. Due July 1. 1934. — ^F. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500, 000. Outstanding: — $781,000. Reserved for Prior Lien — $350,000. Pledged under Cons. & Ret. Mtge. — $369,000. Denomination — Coupon, $1. 000. Trustee — Portland Trust Co., Portland, Me. Redeemable on any interest date at 105 and interest. Assumed by the G. Ry., Ltg. & P. Co. Organization — Incorporated in Maine, May, 1904, as a consolidation of the Galesburg Electric Motor & Power Co. and the Galesburg G.as & Electric Light Co. Merged. Sept., 1913, with the Galesburg Ry,. Ltg. & P. Co. Control — The entire stock owned by Western Rys, & Light Co., which in turn Is controlled by the Illinois Traction Co. Secured by first mortgage on 18 miles of electric railway in Galesburg, 111., and vicin- ity, and second mortgage on plants supplying gas and electricity In the same territory. Pop- ulation served, 25,000. Railway and electric franchises expire in 1920; gas in 1940. Prior Liens — $350,000 Galesburg G. & E. L. 1st Bs. Underlies — G. Ry., Ltg. & P. Co. Cons. & Ref. 5s of 1934, which provide to retire thia Issue. Earnings — See "Western Rys. & Lt. Co. Market. Portland — Fidelity Trust Co. Boston — ^Merrill. Oldham & Co. , McConnell & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Ask High.86 '16 98% '16 88 May Low. 84 '16 ■ 88 '18 GALESBURG RAILWAY, LIGHTING & POWER CO. Cons. & Bef. 5s. Due Oct. 1, 1934.— F. Dated April 1, 1916. Interest payafcle April 1 ■ and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding— $840,000 (Jan. 1, 1919). Retired by S. F.^$70,000. Denomination — Coupon. $1,000. Reglsterable to principal. . Trustee — Old Colony Tru^t Co., Boston. Redeemable at 105 and interest. Guaranteed principal and interest by the Western Railways & Light Co. Organization and Control — Incorporated in Illinois in 1913 as successor to the Galesburg Railways & Light Co. and acquired the prop- erties of the Galesburg Gas & Electric Light Co.. Knoxvllle Electric Light & Power Co., A.bh)gdon Light & Power Co. and Galesburg Electric & Motor Power Co. The entire capital stock is owned by the Western Railways & Light Co., a subsidiary of the Illinois Trac- tion Co. Secured by a mortgage on all the property of the company, including plants supplying gas and electricity In Galesburg and vicinity and 19.76 miles of electric railway in and around Galesburg, 111. Further secured by pledge of $369,000 1st Cons. 5s of 1934. Population 470 served, 26,000. Railway and electric fran- chises eXBlre In 1920; gas in 1940. Prior Uens — $781,000 G. Ry. & Lt. l^t Cons. Bs of 1934: J350,000 G. Gas & Electric Lt. 1st 58 of 1919. Bonds are reserved under this mortgage to retire both issues. .Earnings — See Western Rys. & Lt. Co. Market. Chicago^-Natlonal City Bank of Chicago. Boston — Merrill, Oldham & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.7B '18 93% '17 76 Sept. 80 Sept. Low. 75 '18 80 '18 GALVESTON ELECTRIC CO. 1st 6s. Hue May 1, 1940. — F. Dated May 1, 1905. Interest payable .May and Nov. 1, at New York or Trustee's office. Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding— $1,297,000 (Jan. 1, 1919). Retired by Sinldng Fund — $177,000. Reserved for Ext. — $1,026,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and interest as a whole (or in part for sinking fund), on any interest date on 30 days' notice. Sinking Fnnd — On and after July 1, 1911, 1 % % annually of bonds certified payable July 1st. Organization and Control — Incorporated in Texas, May 1, 1905, as successor to the Galr veston City R, R. Co. The entire capital stock was acquired in Sept., 1907, by the Galveston- Houston Electric Co. Management — Stone & Webster, Boston. Secured by first mortgage on the entire elec- tric railway and a portion of the electric lighting and power plants in Galveston. Length of track. 37.8 miles. Franchise expires 1950. Underlies — Gen. 7s of 1922, all deposited to secure Galveston-Houston Electric Co. 3-Year 7% Notes due 1922. Sear ended Dec. 31 (G.-H. El. Co.) Gross Net Int.&S.F. 1918 $2,691,332 $841,082 $472,635 1917 2,088,122 703,250 450,880 1916 1,944,840 708,732 438,993 1916 1,936,228 ' 729,771 433,309 1914 2,424,119 1,113,261 441,126 Original Market — Offered in 1906 by William Salomon & Co., New York, and Jackson & Curtis, Boston, at 97% and interest. Market. New York — Stone & Webster, F. H. Hatch & Co., A. E. Fltkin & Co., E. & C. Randolph. McGeorge & Vanderhoet, Taylor & White, Estabrook & Co., John Nickerson, Jr., Ber- dell Bros. Boston — Stone & "Webster, Berdell Bros. Philadelphia — H. Boenning & Co., S. K. Phillips & Co. Chicago — Stone & Webster, Baltimore — Jenkins. Whedbe6 & Poe. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 96 '12 98 '10 80 Jan. 86 Jan. Low. 75 '18 80 '18 76 Nov. 80 Nov. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000 per mile. Outstanding — $13,418,000. ($1,024,000 pledged under Central Pacific 3%s of 1929.) Denomination — Coupon, $1,000, Registerable as to principal. Trustees — Thomas T. Buckley and Isaac E. Gates. , Sinking Fund — Beginning 1886 and annually thereafter, the company agrees to set aside one per cent, of bonds issued and outstanding to be applied to the redemption of these bonds until they are fully paid. Control — Southern Pacific Co. owns a ma- jority of the capital stock. Secured by a first mortgage on 659.25 miles of road, viz. : Miles San Antonio to East Bank of the Rio Grande River at El Paso, Tex 624.61 SpotEord to Eagle Pass; Tex. . . : 34.64 Underlies— G., H. & S. A. Ry.— M. & P. Extn. 2d 5s of 1931. Year ended Dec. 31 Gross Net Int. &Rent 1917. .$19,737,997 $7,215,886 $3,584,772 Year ended June 30 Gross Net Int.&Rent 1916. .$12,831,389 $3,723,492 $4,136,336 1916.. 11,212,141 2,338,608 3,863,439 1914.. 11,972,399 1,817,212 3,003,818 1913.. 12,232,630 2,388,968 3,095,861 Listed on the New York Stock Exchange. Original Market-— Offered in 1911 by Esta- brook & Co., New York and Boston, at 108% and interest. Market. New York — ^Miller & Co.. Wolff & Stanley. B. & C. Randolph, Wm. Carnegie Ewen, Tay- lor, Smith & Hard, S. P. Larkin & Co., Spen- cer Trask & Co.. Abraham & Co., Simon Borg & Co. Philadelphia — Harrison & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High.112 Apr. 12, '09 SIM Dec. 101 Dec. Low. 100 Oct. 3, '17 90H Apr. 100 Feb. GAI-VESTON, HARBISBUKG & SAN ANTO- NIO RAILWAY CO. — ^Mexican & Faciflc Ext. 1st 58. Doe May 1, 1931. — F. Dated May 1, 1881. Interest payable May a'la Nov. 1, at. Southern Pacific Co. ofllce, New York. GALTESTON, HARBISBURG & SAN AN- TONIO RAILWAY CO. Mexican ll Faciflc Ext. Snd 6s. Due July 1, 1931. — P. Dated July 1, 1881. Interest payable July 1 and Jan. 1, at Company's office, 165 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000 per mile. Outstanding — $2,639,000. Cancelled — $4,170,000. Dem^mination — Coupon, $1,000. Registerable aa to principal. Trustees — Prank StorrS and William P. Hill- abuse. Guaranteed as to principal and interest by the Southern Pacific Co. by endorsement. Sinking Fund — Annually 1 % of outstanding bonds beefnning Jan. 1, 1916. Control — Southern Pacific Co. (See 1st 5s above. ) Secured by a second mortgage on the 659.25 miles covered by the 1st 6s, which see above. Prior Liens— $13,418,000 Gal., Har. & S. A.-M. & P. Extn. 1st 5s of 1931. Earnings — See 1st 5s. Listed on the New York Stock Exchange. Market. New York — ^Wm, , C. Ewen, Sam'l Gold- Bchmidt, S. P. Larkin & Co., Spencer Trask & Co., Abraham & Co., Baker, Carruthers & Pell. •471 Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Hligh.1001,6 Oct.'19, '15 96% Jan. 18 Low. 95 Aug. 20. '17 96% Jan. 18 GAIiVESTON, HOUSTON & HENDERSON RAIIjROAD 1st 5s. Due April 1. 1933. Dated 'April 1, 1913. Interest payable April and October 1, at Trustees. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $2,122, 000. Reserved for Ext. — $2,878,000. Denomination — Coupon and registered, 51,000. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date. Organization and Control — Originally char- tered in 1848, reorganized in 1871 and again in 1882 under the same name. Capital stock $1,000,000, owned one-half by the Missouri, Kansas & Texas Ry. Co. and one-half by the Estate of Jay Gould. The M., K. & T. Ry. Co. and International & Great Northern have trackage rights Tor which they pay $130,100 per annum. Secured by a first mortgage on 5,0 miles of road including 2.67 miles trackage rights from Houston to Galveston, and on extensive terminals in both cities, including company's rights in the Galveston Causeway. Vear ended Dec. 31 Gross Net Deductions 1917 $434,740 $23 6,603 $188,227 1916 350.715 188,441 188,378 Xiisted on the Niew York Stock Exchange. Market. New York — Stone & Webster, White, Weld & Co., P. J. Lisman & Co., Seasongood, Haas & Macdonald. John Davenport, Baker, Car- ruthers & Pell. Boston — Stone & Webster. Cliicago — Stone & Webster. Price Range — N. Y. S. E, ■Jan. 1, *13 to Jan. 1, '19 1918 Hieh.85% June 15, '16 80 Dec. 12 Low. 80 Dec 12, '18 80 Dec. 12 GALVESTON-HOUSTON EUECTRIC RAIL- WAY CO. 1st S. F. 5b. Due Oct. 1, 1954. Dated October 1, 19 09. Interest payable A.pril and Oct. 1, at Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding— $2,817,500 (April 1, 'ig). Held in Trust for Company — $26,000. Retired by S. F. — $156,500. Reserved for Ext. — $2,000,000. Denomination — Coupon, $500 and $1,000. Hegisterable as to principal. Registered, $5,000, $1,000 or multiples of $1,000. C. & R interchangeable. Tmstee — Old Colony Trust Co., Boston. Redeemable as a whole, or in part for Sink- ing Fund at 105 and interest on any interest date. Sinking Fund — Annually, Feb. 1. to and in- cluding 1944, 1% of outstanding bonds and thereafter 1%% for the purchase or redemp- tio?i of these bonds at not exceeding 105 and Interest. Bonds redeemed to be cancelled. Guaranteed principal, interest and sinking fund by Galveston-Houston Electric Co. by endc rsement. Organization and Control — Incorporated in Texas. Apitl, 1907. Controlled by the Gal- veston-Houston Electric Co., a Maine corpora- tion incorporated May, 1907, holds all the stock of the Galveston Electric. Co., Houston Electric Co. and the Galveston-Houston Electric Ry. Co. Charter is for 50 years from 1907. Management — Stone & Webster, Boston. Secured by a first mortgage on 50 miles of interurban electric railway with private right of way between Galveston and Houston, Texas. Underlies — Gen. 7s of 1922, all deposited to secure Galveston-Houston Electric Co. 3-Year 7% Notes due 1922. Earnings — See Galveston Electric Co. 1st 5s. Original Market — Offered in 1910 by Lee, Higginson & Co. , Boston and New York, at 95 and interest. Market. New York — Stone & Webster, White, Weld & Co.. Miller & Co., J. S...Fariee & Co.. B. & C. Randolph, F.' J. Lisman & Co., Han- son & Doyle. Taylor & White, Estabrook & Co., Frederic H. Hatch & Co., John Nicker- son', Jr. , Berdell Bros. New Haven — The Chas. W. Scranton Co. Boston — Stone tfe Webster, L. Sherman Adams, Berdell Bros. Chicago — Stone & Webster. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Houston — Sherwood & King. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 .14 98 '14 82 Feb. 85 Feb. Low. 77 '18 82 '18 77 Nov. 82 June GALVESTON-HOUSTON ELECTRIC COM- PANY 3-Year 7% Secured Notes. Dae Mar. 1, 1922. Dated March 1 , 1919. Interest payable March and September 1 , at Trustee' s office, Boston, and at Lee, Higginson & Company, New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000-, 000. Outstanding — $1,500,000. Reserved for Ext. — $1,500,000. Purpose qf Issue — To provide for the Com- pany's financial requirements through 1919, and also for retirement of the Company's en- tire floating debt, amount to $1,265,000, in- curred for necessary additions and improve- ments to plant. Denominations — $500 and $1,000. Reglister- able as to principal. Trustee — Commonwealth Trust Company, Boston. Redeemable as a whole, at any time on 30 days' notice, at 102 and accrued interest prior to March 1, 1920; at 101 and interest on March 1, 1920, and prior to March 1, 1921; and at 100'% and interest on March 1, 1921, and thereafter. Organ iza^tion — Incorporated in Maine, 1907. Company owns entire capital stock of the Gal- veston Electric Company, the Houston Electric Company and the Galveston-Houston Electric Railway Company, all Texas cnrnovations, which companies do the entire electric railway and a portion of the electric lighting and power business in Galveston, Texas, the elec- tric railway business In Houston. Texas, and operate an interurban electric railway between the cities of Galveston and Houston, a dis- tance of 50 miles. Management — Stone & Webster. Secured by deposit with the Trustee of $1.- 800,000 aggregate amount of General Mort-^ gage' 7% Bonds of the three operating com- panies (entire amount outstanding); any ad- ditional General Mortgage Bonds, if issued, must be pledged under the Indenture securing these Notes. The General Mortgage Bonds will be dated March 1. 1919. mature- March 1, 472 1922, and will be secured by mortgages upon the entire properties of the operatine com- panies, now owned or hereafter acquired (ex- cept the Galveston Causeway). Franchises — The franchises in Galveston and Houston extend to 1950 and 1935. respectively, and are satisfactory in terms. The Interur- ban line between Galveston and Houston ia chiefly on private right-of-way. Prior Lien&~ Outstanding Gal. Elec. 1st 5s, 1940 $1,297,000 G.-H. Elec. Jly. 1st 59, 1940 <.. 2,817.500 Houston Elec. 1st 5s, 1925 1.791.000 85.905,500 No additional bonds may be issued under the above mortgage while these notes are out- standing. Year ended Dec. 31 Gross Net Int. & S. P. 1918. ..$2,691,332 $841,082 $472,63 5 1917... 2^088.122 703,250 450,880 1916... 1,944.840 708.732 438.993 1915... 1,936.228 729,771 433,309 1914... 2,424,119 1,113,261 441.125 Original Market — Offered in March, 1919, by Lee, Higginson & Company, Boston, Chicago and New York, at 98% and in,terest. IVIarket. New York — Stone & Webster. Chicago — Stone & Webster. Boston— rStone & Webster. GALVESTON TEBMINAL RAILWAY 1st 6s. Due March 1, 1938. — E. Dated ' March 1, 1908. Interest payable March & September 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. Outstanding — $1,106,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date. Guaranteed jointly by the Chicago, Bock Island & Pacific Railway Co. and the Colorado & Southern Railway Co. Organization and Control — Incorporated In Texas in 1905. Controlled by the Trinity & Brazos Valley, the Colorado & Southern and thi*- Chicago, Rock Island & Pacific Ry. Com- panies. Secured by first . mortgage lien on all com- pany's property including large freight depot, warehouse, about 14 blocks along Galveston's water front and about 24 miles of main line and sidings. Market. New York — Baker, Carruthers & Pell, F. H. Hatch & Co.. F. J. Lisman & Co.. Wolff & Stanley, Wm. C. Ewen, John Davenport, Abraham & Co. Philadelphia — Biddle & Henry. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.95 '16 100 '16 Low. 65 '17 75 '17 GARDINER, WESTMINSTER & FITCHBURG ST. RAILWAY 1st 58. Due Feb. 1, 1920. Dated Feb. 1, 1900. Interest payable Feb. and Aug. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $185,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust Co., Boston. Organization and Control — Incorporated in Mass., April 13, 1899, absorbed the Gardner Electric Street Ry. Co., Dec. 18, 1899. Ab- sorbed by the Northern Mass. Street Ry. Co.. March 1, 1913, now controlled by the Massa- chusetts Consolidated Railways. Secured by a first mortgage on 16 miles of electric railway from Gardner to Fitcliburg. Mass., with a branch line to Wachusett Lake. Population served, about 45,000. tInderUes— Nor. Mass. St. Ry. 1st & Ref. 5a of 1943. Earnings — See Northern Massachusetts Street Ry. GAS & ELECTRIC CO. OF BERGEN COUNTY Cons. .5s. Due June 1, 1949. Dated June 1, 1899. Interest payable June and Dec. 1, at Fidelity Trust Co., Newark. N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized — $1,500,000. Outstanding — $1,443,000. Reserved to retire prior liens — $57,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Newark. N. J. Organization and Control — See 5s 1964. Secured by a mortgage on gas plants at Hackensack, Rutherford and EnglewooS and electric plant at Hackensack, N. J., subject to $57,000 prior liens. Underlies — Gen. 6s of 1954, which mort- gage provides for the retirement of this issue. Listed on the New York Stock Exchange. Original Market — $200,000 offered at 103»/*j and interest in 1911, by W. B. R. Smith & Co., New York, and the Fidelity Trust Co.. ' Newark, N. J. Market. Philadelphia — Graham, Parsons & Co. New York — ^Abbott, Johnson & Co., F, J. Lisman & Co., Kemerer, Matthes & Co., Van Sant & Legg. B. H. & F. W. Pelzer. W. E. R. Smith & Co. Newark — J. S. Rippel, Fidelity Trust Co.. Eisele & King, Post & Flagg. Jersey City — Cutwater & Wells. Paterson — P. A. Peters, F. K. McCully. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Jan.102 '16 103^^ '17 93 Mar, 94 Apr. Low. 85 '18 90 '18 85 Nov. 9 Nov. GAS & ELECTRIC CO. OF BERGEN COUNTY Gen. 5s. Due Nov. 1, 1954.~F. Dated November 1, 1904. Interest payable May and Nov. 1, at Fidelity Trust Co.. Newark, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — $5, 000, 000. Outstanding— $3,271,000 (April, 1919). ($1.- 655,000 owned by the Public Service Corp. of N. J.). Reserved for Ext. — $191,000. Reserved for Prior Liens — $1,538,000. Denomination — Coupon, $1, 000. Trustee — Fidelity Trust Co., Newark, N. J. Organization and Control — Incorporated in New Jersey. May 31, 1899, as a consolidation of several small gas and electric light com- panies, leased from January 1, 1905, to the Public Service Corporation of New Jersey for 999 years. In October, 1909, lease of gas properties was assigned to the Public Service Gas Co. and in July, 1910, the electric prop- 473 erlies were assigned to the Public Service Elec- tric Co, Secured by a mortgage on gas plants at Hackensack, Rutherford and Englewood, and an electric plant at Hackensack. Prior liien — $1,500,000 bonds including Jl.- 443.000 Cons. 5s of 1949, which this issue provides to retire. Market. New York — Van Sant & Legg. W. E. R. Smith & Co. Newark — J. S. Rippel, Post & Flasg, Eisele & King. Jersey City — Edwin R. Case, Cutwater & Wells. Faterson — F. K. McGully, P. A. Peters. Price Range. Jail. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '16 101 '14 90 Mar. 95 Mar. Low. 80 '18 87 '08 80 Nov. 90 Sept. GAS & ELECTRIC SECURITIES CO. 2-Year Coll. Tr. 6s, Series "A," Notes. Due Sept. 1, 1919.— F. Dated Sept. 1. 1917. Interest payable March 1 and Sept. 1, In New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $846,000 (Janu 1, 1919). Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Bankers Trust Co.. New York. Redeemable at 101 and interest at any time on 30 days' notice. Organization — Incorporated In Delaware in 1910 as an underwriting company to deal in Public utility properties and their securities. The company is operated in the interest of the Cities Service Co. Secured by deposit of the following bonds In the par ratio of 125% of collateral: $200,000 Brush Electric Co. (Galveston, Tex.) S. P. 5s, due 1952; $200,000 City Lt. & Traction Co. (Sedalia, Mo.) 1st S. F. 5s, due 1952; $450.- 000 Southern Ontario Gas Co., Ltd., 1st 5s, due 1953; $30,000 Brantford (Ont.) Gas Co. 1st 5s,' due 1929: $40,000 Shawnee (Okla.) Lighting Co. 1st 5s, due 1926; $150,000 Sum- mit County Power Co. (Colo.) 1st S. F. 6s, due 1927; $180,000 Deep Well "Water Co., New York, 1st 5s, due 1950. The indenture provides! (1) that substitution of any of the deposited collateral may only be permitted in case of reorganization of the companies involved; (2) if any of the collat- eral is sold the proceeds must be applied to the purchase or redemption of these notes. Original' Market — $ 1,000,000 offered Sept. , 1917, by H. L. Doherty & Co., New York, at 98U and interest. Market, New York — Henry L. Doherty & Co. Price Range 1918 — ^Ask 98. GAS LIGHT CO OF AUGUSTA, GA.. 1st Ss. Dae April 1 as follows: $15.000 1919- 1923: $20,000. 1923-1931 and $25,000 1932-1936 inc.— P. Dated April 2, 1906. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding— $707,000 (May 15, '19). Matured and Cancelled — $75,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable on any interest date at 105 and Interest. Organization — Incorporated In Georgia, Jan- uary 21, 1852. Controlled by the Southern Gas & Electric Corporation through ownership of entire cap- ital stock. Secured by a first mortgage on plant sup- plying gas to Augusta, Ga. , and vicinity. Populaton served, 60,000. Franchise per- petual. Original Market — First offered by Devitt, Ti-emble & Co., Chicago, at 98% and interest, April, 1906. Market. New York — Hanson & Doyle. GENERAL AMERICAN TANK CAR CORPOR- ATION Equipment Trust 5s, Series 1. Due $150,000 November 1, 1917; $170,000 No- vember 1. 191S; $180,000, November 1, 1919; $200,000 November 1. 1920; $240,000 November 1, 1921, and $260,000 November 1, 1922.— F. Dated November 1, 1916. Dividends pay- able May 1 and November 1, at Trustee's nffice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding— $880,000 (Nov., 1918). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Philadelphia Trust Co. , Phila- delphia. Redeemable at 101% on any dividend date. Guaranteed principal and dividends by the General American Tank Car Corporation of West Virginia. Organization — Incorporated in New York, July, 1916, and acquired all the capital stock of the General Tank Car Corporation of West Virginia, incorporated in 1902; the latter com- pany is engaged In the manufacture and rental of railroad tank cars. Plants located at War- ren, O., Calumet, Ind. and Sand Springs, Okla. Combined daily capacity, twenty-five cars. Security — These certificates are issued by the Philadelphia Trust Co. as trustee and les- sor and are secured by a first lien on 1.000 Bte^il tank cars, costing $1,800,000 of whicii $600,000 was paid In cash. Original Market — Offered December, 1916, by Drexel |& Co., P'-n-'i'-iphia. ' Market. New York — Freeman ot Co., Chas. D. Bar- ney & Co. Philadelphia — Graham, Parsons & Co., S. K. Phillips & Co.. Huntoon & Co., Biddle & Henry. GENERAL AMERICAN TANK CAR CORPO- RATION Equip. Tr. 68, Series 7. Due $98,000 each April 1. from 1921 to 1925. inclusive. Dated April 1, 1919. Interest payable April 1 and Oct. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized — $490,000. Outsta nding — $ 490.000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Philladelphia Trust Co.. Philadel- phia. Redeemable at 101 and interest on any in- terest date. Guaranteed principal and interest by the General American Tank Car Corporation of West Virginia. 474 Organization — See "Series 1." Secured by an equipment agreement on 350 steel tank cars, costinir about $637,000. Ori^nal Marlcet — $490,000 offered April, 1919, by C. D. Barney & Co., New York and PhlladelpMa, on a 6.20% basis. GENERAL A3IERICAN TANK CAIt CORPO- RATION (OF W. VA.) Car Equipment 6s, Series "FF." Due $130,000 each Feb. 1 from 1921 to 1933, inclusive, and $135,000 Feb. 1. 1924. Dated February 1, 1919. Interest payable February 1 and August 1 at the Cleveland Trust Co.. Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5 25,000. Outstanding — $ 526,000. Denomination — Coupon, $1,000. Trustee — Cleveland Trust Co,, Cleveland. Redeemable at 101% and interest on any In- terest date upon 60 days' notice. Organization — Incorporated in "West Virginia in 1902 and is engaged in manufacturing and renting railroad tank cars. Plants are located at "Warren, O. , Calumet, Ind. , and Sand Springs, Okla., and have a combined capacity of about 20 cars daily. As of March 1, 1919, the company was operating about 7,000 cars. Secured by an equipment agreement on new steel underframe tank cars of 8.000 and 10,- 000 gallon capacity. A depreciation of 5% is charged off annually on this class of cars, giving them a nominal life of 20 years. Original Market — $525,000 offered February, 1919, by the Central Bond & Mortgage Co., ■ Chicago, and the Cleveland Trust Co., Cleve- land, on a 6%% baslis. Market. Philadelphia — Graham, Parsons & Co.. Brown Bros. & Co. New York — Chas. P. Barney & Co, GENERAL ASPHALT CO. 10-Year S. F. Deb. 68. Due April 1, 1925. — N. Dated April 1, 1915. Interest payable April 1 and Oct, 1, 1 at company's office, Phiadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. Authorized — $2, 000, 000. Outstanding — $1,690,000 (Jan. 1, 1919). Retired by S. F. — $310,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 100 and interest. Sinking Fund — ^Annually, beginning Oct. 1. 1916, 10% of net earnings of the company for year ending, April 30 for the purchase or redemption of these bonds at not over 100 and interest. Organization — Incorporated in New Jersey in 19 03. as successor to National Asphalt Co. , and is a consolidation of several companies en- gaged in the production and sale of asphalt and also street paving and similar contracting. Security — These bonds are a direct obliga- tion of the company, but are not secured by a nortgage. Should the company place any mortgage upon Its property or that of any of Ita subsidiaries, these bonds will become due and payable immediately. The New Trinidad Lake Asphalt Co., Ltd., has $986,005 6% First Mortgage Debentures outstanding. This is the only funded debt. The company con- trols very . extensive asphalt deposits in the Island of Trinidad, W. I., and In Venezuela, and also In Colorado and Utah. Through its subsidiaries it also owns a railroad to its deposits in Colorado, 64 miles long, and a very large plant for refining asphalt, located at Maurer, N. J., and smaller plants located at Brighton, Trinidad, Guanoco, Venezuela, Madison, III., and various other plants. The company has been actively developing oil wells, located on the property at Trinidad. Year ended Dec. 31 Gross Net Int., etc. 1918.. $13,287,492 $1,673,563 $312,547 *1917.. 12,559.314 1.295,879 276,528 tl917.. 11,677.309 1,158,262 236,297 * 11 months ended Dec. 31. tTear ended Jan. 31. Listed on the Phiadelphia Stock Exchange. Market. Philadelphia — Newburger, Henderson & Loeb, Blkins, Morris & Co., S. K. Phillipar & Co., Thomas A. Biddle & Co. New York— r-Hanson & Doyle, Newburger, Henderson &, Loeb, McClure, Jones & Reed, Baker, Carruthers & Pell. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.100% '17 101 '16 93% Aug. 95 Jan. Low. 92% '18 95 '18 GENERAL BAKING CO., N. Y., 1st 68. Due June 1, 1936. — F. Dated June 1, 1911. Interest payable June and Dec. 1, at Harvey Pisk & Sons, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New York State to the extent of 35% of the face value of these bonds, representing the proportion as to value of the company's property in New York State. The recording tax was pafid by the company on the New York State property mortgaged. , Authorized — $5, 000. 000 Outstanding— $2,979,000 (Jan. 1. '19). Retired by Sinking Fund — $721,000. Reserved for Ext. — ■$1,300,000. Denomination — Coui>on, $1,000, $500. Reg- isterable as to principal. Trustees — Guaranty Trust Co. , New York, and C. W. S. Cobb. St. Louis. Redeemable at 105 and interest on any in- terest date upon two weeks' notice. Sinking Fund — At least $125,000 annually, commencing April 1, 1914, for the purnhasp r>T redemption of these bonds at not over 105 and interest. Bonds so acquired shall cease to draw interest. Organization — Incorporated In June, 1911. under laws of New York as a consolidation of twenty concerns located in 15 principal cities. Owns control of and operates the Kolb Bak- ing Co. of Philadelphia. Secured by a first mortgage on all the prop- erty and assets owned and acquired except merchandise and raw material. No dividends on common stock may be paid unless there is an earned surplus of at least $1,000,000 over and above such dividends. Year ended Dec. 31 Dep'n Net Interest Reserve 1918. ..,$1,004,9 55 $238,420 $307,323 1917 964.019 213,199 215,712 1916 919.053 206,156 213,113 1915 741,014 205,432 209,012 1914 891.717 215.927 213.730 Listed on the New York Stock Exchange. Orierinal Market — Offered in 1911 by Harvey Fisk & Sons, New York and Chicago, at 99^ and interest. $250,000 offered in 1913 at 99 and interest, by the same firm. Market. New York — Morton Lachenbruch & Co., Kemerer. Matthes & Co., Geo. S. Crap & Co., Harris, "Winthrop & Co., B. & C. Randolph, Hotchkin & Co., Douglas Fenwick & Co., J. S. 473 Eache & Co., Harvey Pisk & Sons, Wolff & Stanley, Chas. H. Jones & Co., Didrichsen & Co., John Niokerson & Co., Baker, Car- ruthers & Pell, Vilas & Hickey, Sam'l Gold- schmidt, Callaway, Fish & Co. . Wm. H. Clarke. St. JLouis — Herrick J. Gray & Co., Mark L. Steinberg & Co., A. G. Edwards & Sons, Philadelphia — Harper & Turner. Boston — Hotchkin & Co., E. M. Hamlin & Co., J. H. Fitzpatrick & Co. Price Rang:e — N. Y. S. E. Jan. 1, '12 to Jan. 1, '19 1918 High.95% Mar. 3 '13 83 Dec. 24 Low. 75 May 16, '18 75 May 16 GENEJ^AL EI^CTRIC CO. 4(^-Year Deb. 3^8. V Due August 1, 1942. — F. Dated August 1. 1902. Interest payable Feb. and Aug-. 1, at U. S. Mortgage & Trust Co., New York, and at Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $2,047,400. Denomination — Coupon, Series "A," $1,000; Series "B," $500; Series "C," $100. Redeemable at 105 and interest on any in- terest day. Organization — Incorporated in New York, April 15, 1882, to take over the Thomson- Houston Electric Co. and the Edison General Electric Co. Since 1892 has acquired other plants and own entire common stock of Electric Bond & Share Co.. United Electric Securities Co, and the Electrical Securities Corporation. Principal plants located at Schenectady, N. Y., Lynn, Everett and Pittsfield, Mass., Harrison and Newark, N. J. , Erie, Pa. , Fort Wayne, Ind.. and Cleveland, Ohio. Security — A direct obligation of the company but not a mortgage. Issued in part payment for the capital stock of the Sprague Electric Company. Year ended Dec. 31 : Debenture Gross Net Interest 1918. .$216,815,278 $19,482,071 $571,645 1917. . 196.926.318 28,016,830 571,646 1916. . 134,242.290 19,160.973 571,445 1915. . 85.522,070 12,307,995 570,086 1914. 90,467,692 11,855.383 567,556 liisted on the New York and Boston Stock - Exchanges. Market. New York — McKinley & Morris, John Muir & Co., E. & C. Randolph. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 . . 1918 High.90 Mar. 16, '06 74 Dec. 4 Low. 66^4 Oct. 18, '18 GGM Oct. 18 GENERAL EUECTRIC CO. Deb. 58. Due Sept. 1, 1952.— F. Dated Sept. 2, 1912. Interest payable March and Sept. 1, at New York, Boston or at London, at $4.86%. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — $60,000,000. Outstanding — $10, 000. 000. Reserved for Ext. — $50,000,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal and interest. Reg- iBtered, $10,000, $5,000 and $1,000. C. & R. Interchangeable. Trustee — Bankers' Trust Co., New York. Redeemable at 107% and interest on any Interest date upon six weeks' notice. Organization — See Deb. 3% a. Security — A direct obligation of the com- pany, but not secured by mortgage. The company covenants that with the exception of purchase money mortgages and of pledges as security for temporary loans or as indemnity. it will not at any time mortgage or pledge any of its property or franchises, without thereby equally and ratably securing the principal and the Interest on these bonds. The company has no mortgage debt. Earnings—See Deb. 3%s of 1942. Listed on the New York and Boston Stock Exchanges. Original Market — Offered in 1912 by J. P. Morgan & Co., New York, and Lee, Higgin- son & Co., Boston, at 99% and interest. Market. New York — ^Wm. C. Bwen, Jenks, Gwynne & Co., J. S. Bache & Co., Geo. S. Crap & Co., E. & C. Randolph, Dunham & Co., Hotch- kin & Co., Hornblower & Weeks, Callaway, Fish & Co., Baker. Carruthers & Pell. Boston — Hotchkin & Co., Hornblower & Weeks. Chicago — Hornblower & Weeks. Price Range — N. Y. S. E. Jan. 1, '12 to Jan. 1, '19 1918 High.108% Nov. 11, '16 101% Nov. 26 Low. 94% Jan. 4, '18 94% Jan. 4 GENERAI. EUECTRIC COMPANY 3-Year 6% Notes. Due July 1, 1920.~N. Dated July 2, 1917. Interest payable Jan. 1 and July 1 in New York and Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $15,000,000. Outstanding — $15,000,000. Denominations — Coupon, $1,000, $5,000 and $10,000. Registerable as to principal. Security — A direct obligation of the com- pany, but not secured by a mortgage. Earnings — See Deb. S^s of 1942. Original Market — $15,000,000 offered July. 1917, by J. P. Morgan & Co., and Lee, His- ginson & Co., at 99% and interest. Market. New York — Louchheim, Minton & Co., Curtis & Sanger. Sharretts & Young, Kissel, Kinnl- cutt & Co., B. & C. Randolph, J. L. Morgen- thau & Co., Joseph & Wiener, Guaranty Trust Co., E. Wolff, Bull & Eldredge, Chas. W. Hill. Mann, Bill & Co., Salomon Bros. & Hutzler, Newburger, Henderson & Loeb, Babcock, Rush- ton & Co.. Bertram A. linger Co.. Hornblower & Weeks, T. Hall Keyes & Co.. Morrison & Townsend. ,Tohn Nickerson. Jr. Philadelphia — Louchhpim, Minton & Co.. Montgomery & Co., J. W. Sparks & Co., New- burger, Henderson & Loeb, S. K. Philllips & Co., Graham & Parsons & Co., Babcock, Rush- ton & Co- Boston — Brooke C. Ulman & Co., Curtis & Sanger. Chicago — Kissel, Kinnicutt & Co., Curtis & Sanger. • Grand Rapids — Howe, Snow, Corrigan & Bcrtles. San Diego — Stephens & Co. IjOB Angeles — Stephens & Co. Pittsburgh — R. W. Evans & Co. Chicago — Curtis & Sanger. Price Range — 1918. Bid Ask High.100% Dec. 101% Dec. Low. 99% Jan. GENERAI. ElECTRIC CO. 2-Year 6% Notes. Due Dec. 1, 1919. Dated Nov. 30. 1917. Interest payable June 1 and Dec. 1 in New York & Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. 476 OlttBtanding — $10,000,000. Denominations — Coupon. $1,000, $5,000 and $10,000. Registerable as to principal. Security — A direct obligation of tlie com- pany, but not secured by a mortgage. Earnings — See Deb. 3%s of 1942. Original Marlcet — $10,000,000 offered Dec, 1917, by J. P. Morgan & Co.. and Lee, Hig- ginson & Co. at 98% and interest. Market. New York — Ware & Leland, B. Wolff, A. H. Biclvmore & Co., Guaranty Trust Co., Mann, Bill, & Co.. Bull & Bldredge, Clias. W. Hill, Newburger, Henderson & Loeb, C. W. Remsen, Curtis & Sanger. John Niclcerson, Jr.. Bertram A. Unger Co.. Hornblower & Weelts, Kean. Taylor & Co., T. Hall Keyes & Co.. Morrison & Townsend, Babcock, Rushton & Co. Philadelphia — J. W. Sparks & Co.. Montgom- ery & Co.. Newburger, Henderson & Loeb, Elkins, Morris & Co., Graham, Parsons & Co. Boston — Curtis & Sanger. Chicago — Curtis & Sanajer, Nortliern Trust Co., -Kean. Taylor & Co., Babcock, Rushton & Co. Pittsburgh — R. W. Evans & Co., Kean, Tay- lor & Co. GraJid Rapids — ^Howe, Snow, Corrigan & Bertles. Price Range — 1918. Bid Ask High.100% Dec. 101 Dec. Low. 99% Oct. 99% Jan. (TirE) GENERAL GAS & ELECTRIC CO. 1st liien Conv. 5s. Due July 1, 1932. — F. Dated July 1, 1912. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $20,000,000. Outstanding — $1,693,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 or multiples o£ $1,000. C. & R. Interchangeable. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any inter- est date on 30 days' notice. Convertible at par, at the option of the holder, at any time on or after July 1, 1915, into 7% cumulative preferred stock. Sinking Fund — The mortgages of the North- western Ohio Ry. & Power Co. and The West- ern Vermont Power & Light Co. provide for a sinking fund beginning July 1, 1917, of 1% of the bonds outstanding for five years, 1 % % f-jr the next Ave years and 2% thereafter. The funds so received will be used for the retire- ment of The General Gas & Electric Co. bonds. Organization — The General Gas & Electric Co. was incorporated in Maine in 1912 as a holding company. The following companies are the controlled or affiliated companies: the Northwestern Ohio Ry. & Power Co., The Western Vermont, Power & Light Co., The Rutland Ry., Light & Power Co.. The Port Clinton Electric Light & Power Co., and the Sandusky Gas & Electric Co.. Interurban Gas Co.. Jersey Corporation, Binghamton Light, Heat & Power Co., Sayre Electric Co., Pitts- ford Power Co., and The New Jersey Power & Light Co. Management — The W. S. Barstow Manage- ment Association. Inc., New York. Secured by a deposit of the following secu- rities $1,293,000 First 6s of Northwestern Ohio Ry. & Power Co., $400,000 First 5s of Western Vermont Power & Light Co., and $1,679,100 common stock of Rutland Ry. Light & Power Co. Prior Lien — $1,973,000 Rutland Ry., Lt. St 'Power 1st 5s of 1946. Year ended Dec. 31 Gross Net Int., Bto. 1918 $221,467 $211,645 $185,651, 1917 272,976 264,761 173,648 1916 369,705 341,546 180.315 1915 301,096 286,901 172,829 1914 230,303 221.013 138,265 Original Market — Offered in 1912, at 94 and interest by the Equitable Trust Co. and Red- mond & Co., New York. Market. New York — A. E. Fitkin & Co.. Martin, Berwin & Co.. E. & C. Randolph, Hanson & Doyle, Kiely & Horton, Wolit & Stanley, Red- mond & Co. . Joseph & Wiener, Newhall & Co. , Redmond & Co.. Frederic H. Hatch & Co., Earle A. Miller & Co., Berdell Bros. Philadelphia — H. D. Boenning & Co., Bar- clay, Moore & Co. Boston — Berdell Bros. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.82 '16 85 '16 60 Feb. 76 Jan. Low. 37% '18 49 '18 37% Sept. 49 Dec. (THE) GENERAL GAS & ELECTRIC CO. 10- Year 5s. Due Jan. 1, 1925. Dated Jan. 1. 1915. Interest payable Jan. 1 and July 1 fin New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,411,000. Outstanding — $872, 000. Balance Redeemed. Denominations — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable at 100 and interest on any in- terest date upon 40 days' notice. Organization — See 1st Conv. 5s. Secured by pledge of the following securi- ties: Pledged Issued Binghamton L. . H. & P. Co. com $500,000 $600,000 New Jersey P. & L. Co. pref 161,000 161,000 Sayre Electric pref 100,000 100,000 Sayre Electrtc com 150,000 150,000 Penn. Utilities pref 729.100 738.600 Penn. Utilities Notes 184,600 Total face value pledged $1,824,600 Earnings — See 1st Conv. 5s. New York— A. B. Fitkin & Co.. Chas. H. Jones & Co.. Miller & Co., Hotchkin & Co., Dunham & Co., Hanson & Doyle, B. & C. Randolph, Kiely & Horton, Frederic H. Hatch & Co., Berdell Bros. Philadelphia — ^H. D. Boenning & Co.. Reilly. Brock & Co.. Paul & Co.. S. K. Phillips & Co. Boston — Hotchkin & Co.. Berdell Bros. Price Range, Jan. 1, 1917 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.86 '17 88 '17 35 Oct. 60 July Low. 36 '18 60 '18 50 Oct. (THE) GENERAL GAS & ELECTRIC CO. 2- year 7% Secured Notes. Due Nov. 1, 1920. Dated Nov., 1. 1916. Extended Nov. 1. 1918, interest being increased from 5% to 7%. In- terest payable May and Nov, 1, at Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $675, 000. Outstanding- — $525,000 (Jan. 1, 1919). Denomination — Coupon, 11,000. Trustee — Philadelphia Trust Co., Phila-~ delphia. Redeemable at 100 ^/^ and interest on 30 days' notice. Organization — See 1st Lien Conv. 5s. Secured by deposit of securities of subsidiary companies. Market. Fhiladelphia — Montgomery & Co. Original Market — OfCered in April, 1919, by Tillotson & Wolcott Company, Cleveland, at price to yield 7%. GENERAL NECESSITIES CORP. let 68. Due quarterly from 1917 to 1931, inclusive. Dated July 1, 1916. Interest payable Jan. 1, April 1, July 1, and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Autborized — $2, 000, 000. Outstanding — $859,000 (May 1, '19). Retired^$141.000. Pledged to Secure 6% Notes — $300,000. Reserved for Ext. — $700,000. Denomination — Coupon, $1,000, $500 and $100. Trustee — The Guardian Savings &, Trust Co., Cleveland, and Security Trust Co., Detroit. Redeemable at 102 and interest. Organization — Incorporated in Michigan in 1916 as a consolidation of a number of com- panies. Secured by a first mol-tgage on all the prop- erty of the company. The property covered in- cludes real estate in Detroit, Highland Park, Waterford. Fairhaven, Otter Lake and Clyde Mich, ; ice factories and storage houses and refrigerating machinery in Detroit; natural ice plants outside the city; and complete miodern etiuipment necessary for the manufacture and delivery of ice, coal, distilled water and other products. As of Aug. 1, 1916, the fixed assets of the company were appraised at $2,141,089, and expenditures of about $400, 000 for addi- tions, etc. , were being made. The company supplies about 60% of all the ice consumed in Detroit and suburbs, and carries on an ex- tensive business in coaj, distilled water, etc. Original Markets— $1,000,000 offered by Til- lotson & Wolcott Co.,; Cleveland, New York and Cincinnati, at 100 and interest. Market. Cleveland — Tillotson & Wolcott Co. New York — Tillotson & Wolcott Co. Price Range 1918 — Ask 100. GENERAL NECESSITIES CORP. Coll. Tr. 6% Notes. Due .^50.000 each May 1, 1921. 1922, 1923 and $90,000 May 1, 1924. Dated May 1, 1919. Interest payable May and Nov. 1st, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $240,000. Outstanding — $240,000. Purpose of Issue — To retire an issue of notes maturing May 1, 1919, and pay various bank loans. Denominations — Coupon $ 50 and $1,00 0. The $500 notes mature in 1924. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable at 101. Organization — See description of 1st 6s. Security — A direct obligation of the com- pany and secured by pledge of $300,000 face value 1st 6s. GENERAL PETROLEUM CORPORATION OF CALIFORNIA 6% Secured Notes. Due $330,000 each June 1, from 1918 to 1922. inclusive. — N. Dated June 1, 1917. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Cal- ifornia. Authorized — $1,650,000. Outstanding — $1,320,000 (July 1, 1918). Balance Retired. Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco. Redeemable, 1921 and 1922 maturities only, at 102 ^^ and interest. Secured by a lien on 720 acres of oil pro- ducing property in Kern County, Cal., on which there are 41 producing wells, which properties were purchased from the Lost Hills Devclopmei^t Co. The properties are served by the General Pipe Line Co. Year ended June 30 Gross Net Int.&Depn. 1918.. .$8,183,106 $7,330,989 $2,470,979 1917. . . 4,884,889 4,372.185 2,028,518 Original Market — $1. 650, 000 offered June, 1917, by Blythe, Witter & Co., San Francisco and Los Angeles, at prices to yie'.d from 5% to 6% according to maturities. Market. New York — McDonnell & Co. Los Anigeles — Blythe, Witter & Co. GENERAL PIPE LINE OF CALIFORNIA 1st S. F. 6s, Series A. Due Jan, 1. 1925. Dated Jan. 1, 1912. Interest payable Jan. 1 and July 1, in San Francisco or New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — (Closed mortgage). Outstanding — $3,802,000 (Jan. 1, '19). Held in S. F. — $698,000. Di-nomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Mercantile Trust Co. , San Fran- cisco. Redeemable at 105 and Interest. Sinking Fund — Beginning 1917, an annual amount sufficient to retire $337,500 bonds. Call price 102^^6 and interest. Bonds acquired are to be kept alive and interest added to this fund. It is estimated that this fund will rc-tiro $3,294,000 bonds before maturity. Control — Merged in 1916 into the General Petroleum Corporation, successor company of the General Petroleum Co., reorganized. Secured by a first mortgage on all the prop- erty of this company now owned or hereafter acquired, and by (supplemental mortgage) a second mortgage on all the pnoperty of the General Petroleum Corp. now owned or here- after acquired. The General Pipe Line Co. owns and oper- ates an 8-inch line from San Joaquin Valley fields to San Pedro Bay, a distance of 189.09 miles. Also a branch 8-lnch line to Mojave, the Santa Fe and Southern Pacific Ry. Jet. point, a, di&tance of 51.82 miles. It has right of way over the Government breakwater at San Pedro. Storage capacity 3.150,000 barrels in steel tanks and a 500,000 barrels concrete reservoir. This la the only pipe line from the above fields tb San Pedro Bay. Properties ap- praised in 1916 at $6,000,000. The General Petroleum Corp. owns in fee 8,946 acres In the several oil fields of California. It holds leasee, on 2,189 additional acres of patented 478 land and has leases and locators' rights to 12,518 acres additional. Also it leases in Mexico 24,070 acres in the oil fields and owns 317 acres of water frontage for terminal site. On the California lands there are 258 pro- ducinp wells, as of Sept., 1916. The latter company produces 4,000,000 barrels annually, and in addition to this is handlinir 8,000,000 barrels either purchased or exchanged. Prop- erties appraised in 1916 at $13,600,000. flarningrs — See General Petroleum Corp. Origrinal Market — Offered Sept., 1916. by Blyth, Witter & Co., San Francisco and Los Angeles, at 100 and interest. Market. San Diego, Cal. — Stephens & Co. ILos Angeles — Stephens & Co., A. H. WooUa- cott, Blyth, Witter & Co. , Blankenhom-Hun- ter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. New York — McDonnell & Co., L. A. Norton. San Franicisco — Sutro & Co., Blyth, Witter & Co., Cyrus, Peirce & Co. Price Range. Jan. 1. '16 to Jan, 1, '19 1918 Bid Ask Bid Ask High. 951^ '18 100 '16 95% Mar. 100 Mar. Low. 95% '18 98% '18 98% Mar. GENERAIi RAnAVAY SIGNAL CO. 1st 6s. Due July 1. 1927.— F. Dated July 1, 1907. Interest payable Jan. and July 1, at Bankers' Trust Co., New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $ 1,000,000. Outstandint;: — 8450,000 (March 1, '19). ■Redeemed — $70,000. Denomination — Coupon, $1,000. Trustee — Rochester Trust & Safe Deposit Co., Rochester, N. Y. Redeenlable on six months' notice at par."" Organization — Incorporated in New York Juno 13, 1904. Acquired business of Pneu- matic Signal Co., Rochester, N. Y., and Tay- lor Signal Co., Rochester, N. Y. Secured by a first mortgage on plant cover- ing about 25 acres at Rochester, N- "S"., where company is engaged in manufacture of block signal systems, interlocking devices and rail- road safety appliances. Year ended Dec. 31 Net Interest Dep'n 1918 ¥815.949 $39,296 $169,507 1917 1,006,904 28,200 246,927 1916 354.960 28,200 78,776 1915 23,9 52 28.200 99.264 1914 514,182 29,73 4 129,878 Market. Rochester — Hibbard, Kalbflelsch & Palmer, Sage, Wolcott & Steele. New York — Hotchkin & Co. , Frederic H. Hatch & Co. Boston — Hotchkin & Co. Price Range. Jan. 1, '15 to Jan. 1, *19 1918 Bid Ask Bid High.lOO '16 101% '15 92 Mar. Low. 92 '18 101% '15 Authorized — $1,000,000. Outstanding — $875,000 (Jan. 1, 1919). Balance redeemed. Denomination — Coupon. $1,000. Reglater^ble 3.3 to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable as a whole or in part at 102% an! interest on any interest date on 30 days' notice. If redeemed in part they shall he the last maturity or maturities ' outstand- ing. Improvement Fund — In addition to the usual chn rgea for maintenance, repairs, etc. , the company covenants to set aside or expend $40,000 per annum for renewals, betterments, replacements, etc., before dividends are de- clared or paid. Organization — Incorporated in West Virginia. Secured by a first mortgage on all the prop- erty of the company, including 7, 000 acres of coal, clay and ganister lands, and plants located at Mt. Union, Claysburg, Sandy Ridge, WeGt Decatur, and Karthaus in Pennsylvnia, and Olive Hill and HitcMns, Kentucky. Com- bined capacity of plants 120,000,000 fire bricks PBV annum. Total value of property mortgaged in excess of $3,500,000 as of Dec. 31, 1916. The company covenants to maintain net quick assets of not less than $300,000 so long as $600,000 or more bonds are outstanding, and thereafter to the amount of fifty per cent, of bonds outstanding. Year ended Dec, 31 Net Interest 1918 $2,273,323 $87,391 1917 2,285,475 103,760 1916 870,764 103.135 Original Market — $1,000,000 ofCered April, 1916, by Cassatt & Co.. Philadelphia, at 10« and interest. Market. Philadelphia — Montgomery & Co. GENERAIi REFRACTORIES COMPANY 1st 68. Due $25,000 semi-annually each Oct. 1 and April 1 from Oct. 1, 1916, to April 1, 1936, inclusive. — F. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. GENESEE & WYOMING RAILROAD 1st 5s. Due April 1, 1929. — N. Dated April 1, 1899. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company- Tax exempt in New York. Authorized and Outstanding — $500,008. Denomination — Coupon, ?1, 000. Trustee — Columbia Trust Co., New York. Organization — Chartered in New York March 25, 1899, as successor to the Genessee & Wyo- ming Valley Ry. Co. (1891). Secured by a first mortgage on 20 miles of railroad from Retsof to Pittsburgh and Lehigh Jet., N. Y., with branches. Year ended Dec. 31 Gross Net Int.', etc. 1918... . $428,079 $261,419 $142,673 1917 328,612 176,646 114,669 •1916... 167,034 101,493 51,663 *6 months. I^egal for Cal., Conn.. Me., Mich., Minn., N. H.. N. J., N. T.. R. I. and Wis. Market. New York — Britten, Rollins & Co., Didrich- sen & Co., Hanson &. Doyle, Chas. H. Jones & Co., Moore & Co., Geo. S. Crap & Co.. Wolff & Stanley, Frederic H. Hatch & Co., F. J. IJsman & Co., Abraham & Co., Baker, Carruthers & Pell. Price 'Ranse, Jan. 1. '15 to Jan. I, '19 1918 Bid Ask Bid Ask HlBh.89 '17 91 '17 80 Feb. 85 Feb. Low. 70 '17 76% '17 70 July 76 July 479 GENESEE MGHT AND POWER COMPANY 1st S. F. 68. Due Jane 1. 1944. Dated June 2, 1919. Interest payable June and Dec. 1, at Trustee's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in New York. Massachusetts and Pennsylvania State Taxes refunded. Authorized — $150,000. Additional bonds may be issued at not more than 80% of cost of improvements! and exten- sions when net earnings for twelve consecutive months within fourteen months preceding their issuance shall have been twice interest charge on bonds outstanding and proposed to be issued. Outstanding:— $150,000. Denominations— Coupon $100, $500 and $1,000. Trustee — State Street Trust Company. Boston. Redeemable as a. whole or in part on any in- terest date at 107. Sinking Fund— Beginning June, 1921, an- nua'.Iy a sum equal to 10 % of net earnings for the preceding calendar year, but not ex- ceeding 2% of bonds outstanding. Organization' — Incorporated in New York. Supplies light and power in city of Batavia, N. Y., and other towns in the vicinity. Popu- lation served. 35,000. Franchises are perpetual except one which expires in 1956. Secured by a direct 1st lien on distribut- ing plant and system in Batavia and vicinity. Appraised value of property $425,000, Xear ended Dec. 33 : Gross Net Interest . $169,817 $38,885 $9,000 143,267 36,887 126,517 24.984 Market — Offered May. 1919, by Boston, Philadelphia, 1918. 1917. 1916. Original Baker. Ayling & Young, etc., at 98 and interest. GENESEE RIVER RATLROAD Ist 68. Dae July 1, 1957.— N. Dated July 1, 1907. Interest payable Jan. 1 and July 1. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $6,000,000. Outstanding — $5,918,000 (May 8. 1919). Retired by S. F. — $82,000. Denomination — Coupon, $1, 000. Registerable as'ttr principal only. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date prior to July 1, 1920, at 110 and interest, and there- after at 115 and interest. Sinking Fund — $20,000 per annum, payable April 1, to be applied to the purchase of bonds at not exceeding 110 and interest prior to July 1, 1920, and 115 and interest thereafter. If not so purchasable, bonds shall be called by lot. AsNumed by the Erie R. R. Co. Organization — Incorporated In New York in 1905. The company was merged with the Erie R. R. Co. Secured by a first mortgage on 32.66 miles of road from Cuba Jot. to Hunts, N. Y. This line lengthens the through route of the Brie R. R. from east to west by about seven miles, but owing to the lower grade, the company re- ports that It is not ■ necessary, as on the old route, to use helper engines for its heavy freight trains and that the time taken by such trains in running from Hornell to Cuba Jet. is reduced nearly two hours. Because of this practically all through freight passes over this line. Underlies — Erie R. R. Cona. P. L. & G. L. 4s of 1996 and Gen. Conv. 4s of 1953. lilsted on the New York Stock Exchange. Original Market — Offered in March, 1915, by the National City Bank and Guaranty Trust Co. , New York. Drexel & Co. , Philadelphia, and 111. Trust & Savings Bank and Kean, Taylor & Co.. Chicago, at 103% and interest. Market. New York — Shuman & SeMgman, P. H. Hatch & Co., J. S. Parlee & Co., Finch & Tarbell, Guaranty Trust Co., Sharretts & Young, B. & C. Randolph, Ladd & Wood. Chas. W. Hill. Vilas & Hickey. Baker. Car- ruthers & Pell. Pliiladelphia— Graham, Parsons & Co., Sailer & Stevenson, Reilly, Brock & Co., Harper & Turner, S. K. Phillips & Co.. Lloyd & Pal- mer. Henry D. Boertning & Co. , Huntoon & Co., Biddle & Henry. Pittsburgh — R. B. Hutchinson & Co. Detroit — Wendell, Mulkey & Co. Price Range — N. Y. S. E. Jan. 1, '08 to Jan. 1, '19 1918 High. 108% Mar. 2, '17 98 Oct. 24 T.OW. 96 Aug. 14, '18 96 Aug. 14 GEORGETOWN & I^XINGTON TRACTION CO. 1st 5s. Due Nov. 15, 19J81.— F. Dated Nov. 15, 1901. Interest payable May 15 and Nov. 15, at Guaranty Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $198,000 (June 30, 1918). Denomination — Coupon and registered, $100, $500 and $1,000. Trustee — Cincinnati Trust Co., Cincinnati. Ohio. Guaranteed as to principal and interest b; the Kentucky Securities Corp. Assumed by Kentucky Traction & Terminal Co. Control — Absorbed by Kentucky Tract. & Terminal Co., all of whose stock is owned by Kentucky Securities Corp. Secured by first mortgage on 15 miles of electric railway, between Georgetown and Lex- ington. Population served, 45,000. Underlies — Kentucky Traction & Terminal Co. 1st & Ref. 5s of 1951. Earnings — See Kentucky Traction & Ter- minal Co. Original Market — First offered by Dunlap, Morgan & Co., Louisville, Ky., at par and interest Feb., 1903. Market. Baltimore— P. H. Goodwin & Co. Philadelphia — Lloyd & Palmer. GEORGIA & ALABAMA RAILWAY Cons, (now 1st) 5s. Due Oct. 1, 1945. — P. Dated Oct. 1, 1895. Interest payable Jan. and July 1, at 24 Broad Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $6,086,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — The Baltimore Trust Co. , Balti- more. , Assumed by the Seaboard Air Line Railway Co. Organization and Control — Organized July 26, 1895, as successor to Savannah, Americua & Mbntgomery Ry. Co. In 1901 merged into the, Seaboard Air Line Ry. In 1915 the latter company was merged into the Seaboard Air Line Ry. Co. 480 Secured by a first mortgage on 398.78 milea of road, viz: Miles. Lyons, Ga., to Montgomery, Ala 262.99 Meldrim to Savannah, Ga 16.99 Columbus to Albany, Ga 88.00 Abbeville to Ocilla, Ga 30.80 'Also secured upon the perpetual lease ot 57.65 miles — Central of Georgia, Ry. — Meldrim to Lyons, Ga 57 . 65 Underlies — Seaboard Air Line 1st 4s, due 1950, Refunding 4s, due 1959, Adjustment 5s, due 1949. and 1st & Cons. 6s due 1945. which provide for the retirement of these bonds. Legal for Bait. Listed on the New Tork, Baltimore and Richmond .Stock £jxchanges. Market. Baltimore — Sutton & Co., Hambleton & Co., Poe & Davis. Howard R. Taylor & Co., Jen- kins. "V^hedbee & Poe, Baltimore Trust Co. New York — Sam'l Goldschmidt, Hambleton & Co.. S. P. Larkin & Co., J. S. Farlee & Co., B. & C. Randolph. Wm. C. Bwen, Ham- bleton & Co., Abraham & Co., Baker. Car- ruthers & Pell. Philadelphia — Graham, Parsons & Co. Price Range — N. Y. S. E. Jan. 1, *06 to Jan. 1. '19 1918 High.111% Mar. 7 '06 90% June 28 Low. 90% June 28, '18 90% June 28 GEORGIA & ALABAMA TERMINAL CO. Ist 58. Due Dec. 1. 1948. — P. Doted Dec. 1. 1898. Interest payable June and Dec. 1, at office of Blair & Co., 24 Broad Street. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Richmond Trust & Safe Deposit Co. , Richmond, Va. Redeemable at 110 and interest on any in- terest date upon 90 days' notice. Assumed by the Seaboard Air Line Ry. Co. Guaranteed principal and interest by the Georgia & Alabama Ry. Co. , which was merged into the S. A, L. Ry. in 19 01. Organization and Control — Incorporated In Georgia, Nov. , 1898. Entire capital stock owned by Seaboard Air Line Ry. and pledged under its First Mtg. 4s of 1950. Secured by a first mortgage on 2 milea of main line on Hutchinson's Island, opposite Savannah, connecting with the Georgia & Ala- bama Ry. ; and on about 1,200 acres on said Island, Including more than three miles of waterfront, with wharves, piers, warehouses, ilnderlies — S. A. L. lat 4s of 1950; Ref. 4s nf 1959; Adj. Bs of 1949 and 1st Cons. 6a of 1945, which latter provides for the retirement of this issue. Original Market — OfCered In 1904 by B. H. Rollins & Sons, Boston and New Tork, etc. , at 109% and interest. Market. New York — Baker, Carruthers & Pell, Wm, C. Bwen. John Davenport, Sam'l Goldschmidt, F. J. Lisman & Co., Abraham & Co. Baltimore — ^Howard R. Taylor & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.1051/4 *11 106 '13 90 Aug. Low. 80 '08 85 '08 82 Oct. 90 July GEORGLi & FLORIDA RAILWAY Ist 5s. Due Nov. 1. 1956.— P. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at New Tork and Baltimore. Funding — Coupons from Nov., 1913, to May, 1916. funded into 5% Notes, due on or before Nov. 1, 1918, and to be returned in event of default or receivership. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $12,000,000. Outstanding — $5,595,000. Held in Treasury — $630,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Baltimore Trust Co., Baltimore. Receivership — Placed in the hands of re- ceivers March, 1916. Present receivers W. R. Sullivan and H. R. Warfleld of New Tork, and John L. "Williams of Richmond, Va. Protective Committee — F, Q. Brown, Eppa Hunton, Jr., H. C. Huffer, Jr., Dudley Olcott, B. B. Lewis, R. Lancaster Williams and Langbourn^ Williams, with W. R. Sullivan, 31 P-ine St.. New Tork City, Secretary. Organization — Incorporated in Georgia, July, 1906, as a consolidation of several short lines. Receiver appointed for the company in April, 1915. In March, 1917, the Court authorized the issuance of Receivers Certificates, $250,- 000, of which to acquire $296,000 of $400,000 common stock and $296,000 of $350,000 pre- ferred stock of the Augusta Southern R. R. running 83 miles from Augusta to Tenniville, Ga. Secured by -a. mortgage on 318.50 miles of road, viz. : A second mortgage on 265.50 miles — Miles Keyesville, Ga. , to Madison. Fla 214.30 Douglas to Dickey's Farm. Ga 17.10 Nashville to Kingwood, G£(, 31.90 Sparks to Adel, Ga 2.20 A third mortgage on 53 miles — (Covered by the Millen & Southwestern 1st 5s.) ' Millen to Vidalia. Ga 53.00 Prior Liens — $500,000 -l-year 6% Receivers Ctfs., due in 1918, and $212,000 Millen & Southwestern 1st 5s, due 1955, to secure which bonds of this Issue have been reserved. Underlies — $2,000,000 General 6s, due 1932. Y«ar ended Dec. 31: Gross *Net Bond Int. 1918. .$1,021,743 def. $97,427 t$620,115 1917.. 904,883 83,286 t46,-920 *After taxes and rentals. tPald. JNot paid. Year ended Jane 30 . Gross Net Int.&Rent 1916 $739,142 $14,710 $56,365t 1915 682,046 65,561* 570,996 1914 851,131 76,970 638,167 1913 832,000 59.335 462,569 •Deficit. tPald. Original Market — Oifered in 1907, by Mid- dendorf, Williams & Co., Baltimore, and John L. Williams & Co., Richmond, Va. Offered. 1912, by Robert Daniel & Co., Philadelphia, at 86 and interest. Market. Boston — Hotchkin & Co. Baltimore — P. H. Goodwin & Co., Norman J. Polack. New York — Sam'l Goldschmidt, F. H;..IJjitch & Co., Hotchkin & Co., A. B. Fitkiji. & Co., B. & C. Randolph, F. P. Ward, F. J, Ltsm^-n & Co., McGeorge & Vanderhoef, . ' , Atlanta, Ga. — J. H. HlUsman & Co. 481 Frice Ban ire. Jan, 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.28f '15 50f '15 19f Apr. ' %^f. Apr. Low.lOf '17 16f '18 ■ 15f Dec. 16f Dec. GEORGIA & FLORIDA RAILWAY CO. Gen. 6s. Due Feb. 1, 1932.— F. Dated February 1, 1912. Interest payable Feb. and Aug. 1, at New York. Prior to Feb. 1. 1922, interest is payable in cash or 5% Inttrest bearing scrip, which scrip is conver- tible, into bonds in amounts of $300 or mul- tiples. _ Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Fidelity Trust Co., Baltimore, Md. Redeemable as a whole at par and interest Including scrip obligations and interest, on any interest date on 60 days' notice. Receivership — See 1st 5 s. isecured by a mortgage on the property cov- ered by the 1st 5s and subject to the liens of that mortgage. Prior liens — $500,000 6% Receivers Certifi- cates due 1918; $212,000 Millen & Southwest- ern 1st 5s, and $5,610,000 1st 5s, due 1956. Plarnings — See Ist 5s, due 1956. Original Market — Offered in 1912, by Mid- dendorf- Williams & Co., Baltimore. Market. New York— ^-Austin Thompson & Co. GFORGIA & FLORIDA TERMINAL CO. 1st 68. Due July 1, 1930. — P. Dated July 1, 1910. Interest payable Janu- ary and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,0(T0. Outstanding — $175,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Baltimore. Redeemable at 103 and interest on any in- terest date on 30 days' notice. Guaranteed as to principal and interest by Georgia & Florida Ry. Co. by endorsement on each bond. Organization and Control — Chartered in Georgia June 27, 1910. Controlled by Georgia & Florida Ry. Co., which owns entire stock and leases the property at a fixed rental of $12,000 per year. In April, 1915. the Georgia & Florida Ry. was placed in the hands of a receiver. See G. & F. 1st 5s. Secured by first mortgage lien on property owned in Augusta and Valdosta, Ga., land and freight and commercial warehouses furnishing terminals for the Georgia & Florida Ry. Co. GEORGIA-ALABAMA POWER CO. 2-Year Collateral Trust 7s. Due Feb. 1, 1921. Dated February 1, 1919. Interest payable Feb. 1 and Aug. 1 at Townsend Scott & Son, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $525,000. Outstandinig — $525, 000. Purpose of Issue — To partly provide funds for the acquisition of the below mentioned properties, to complete construction at Colum- bia, for repairs and improvements at Albany, and to furnish additional working capital. Denomination— Coupon $1,000. Trustee — Mercantile Trust & Deposit Co., Baltimore. Organization — Incorpora led in Korth Caro- lina. Secured by pledge of $600,000 Georgia-Ala- bama Power Co. First Mortgage Twenty-five Year 6% Sinking Fund Gold Bonds. This collateral is secured by an absolute first mortgage on two hydro-electric plants, now in operation, together with steam auxil- iary plant, transmission lines, etc., furnish- ing electric power under long term contracts to various miunicipalities in Georgia and Ala- bama. Original Market — $ 525,000 offered January, 1919, by Howard R. Taylor & Co., Baltimore, at 99% and interest. Market. Baltimore — H. R. Tayloy & Co. GEORGIA, CAROLINA & NORTHERN RAIL- WAY CO. 1st 5s. Due July 1, 1929.~N, Dated May 24, 1889. Interest payable Jan. and July 1, at office of Blair & Co., 24 Broad Street, New York, and at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $5,360,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Mercantile Trust & Deposit Co., of Baltimore. Assumed by Seaboard Air Line Railway Co. Organization — Incorporated in Georgia, North Carolina and South Carolina, 1886-87. Con- solidated with the Seaboard Air Line Ry. , Nov., 1901. The latter company was .merged with the Seaboard Air Line Ry. Co. in 1915. Secured by first mortgage on 266.10 miles of road from Monroe, N. C, to Belt Junction, rear Atlanta, Ga., with a branch to Inman Park, Ga. Underlies — Seaboard Air Line 1st 4s, due 1950, Refunding 4s, due 1959, Adjustment 5s, due 1949, and 1st & Cons. 6s of 1945, which latter mortgage provides for the retirement of this issue. Legal for Bait. Listed on the New York, Baltimore and Rich- mond Stock Exchanges. Original Market — First offered by Brown Bros. & Co. , J. Kennedy Tod & Co. , New York, and Alex. Brown & Sons, Baltimore. Market. Baltimore — Robt Garrett & Sons, Colston, Boyce & Co., Sutton & Co., Poe & Davies, Hambleton & Co., Howard R. Taylor & Co.. Jenkins, Whedbee & Poe, Baltimore Trust Co. Philadelphia — Biddle & Henry, Graham, Par- sons & Co., Chas. Fearon & Co. New York — J. S. Farlee & Co., E. & C. Ran- dolph, Wm. C. Ewen, Hornblower & Weeks, S. L. Snowden, Hambleton & Co., Redmond & Co., Taylor, Smith & Hard, S. P. Larkin & Co. , Abraham. & Co. , Baker, Carruthers & Pell. Simon Borg & Co. Chicago — Hornblower & Weeks. Boston— Hornblower & Weeks. Price Range— N, Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High. 106 Feb. 25. '09 94 June 19 Low. 94 June 19, '18 94 June 19 GEORGIA-CAROLINA POWER CO. Ist 5s. Due July 1, 1952.— F. Dated July 1, 1912. Interest payable Jan- uary and July 1, at Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $2,711,000 (Jan. 1. '19). Held in S. F. — $20,000. In Treasury — $39,000. Reserved for Ext. — $2,230,000. 482 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole or in part, for sink- ing fund at 105 and interest. Sinking Fund — Semi-annually, April 1 and Oct. 1, as follows: From 1918 to 1942,' a sum equal to % of 1% of outstanding bonds. Including bonds held in sinking fund, and thereafter 1^%, payable in cash or in these bonds taken at par. Fund is applicable to the purchase or redemption of bonds at not over 105 and interest. Bonds so acquired to be kept alive and interest added to this fund. Guaranteed principal, interest and sinking fund by the Augusta-Aiken Ry. & Electrical Corporation. Organization and Control — Incorporated un- der South Carolina laws. Controlled by Au- gufits -Aiken Ry. & Electrical Corp. through ov/nership of entire capital stock and oper- ated by the latter company. Secured by first lien on hydro-electric plant of 14,000 h. p. and system on Savannah River. Franchise for distributing light, heat and power in Augusta, Ga., runs until 1959. ifiarnings — See Augusta-Aiken Ry. & Elec- trical Corp. Original Market — Offered in 1912, by th« British and General Debenture Trust Co., Ltd., London, at 90 and interest with stock bonus. Market. New York — Moore & Co., Redmond & Co., J. G. White & Co. Philadelpliia — S. K. Phillips & Co. Price Range. .Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hlgh.65 '18 87 '16 65 Oct 80 Dec. Low. 50 '17 60 '17 77 July GEORGIA COAST & PIEDMONT RAILROAD Gen. 5s. Due April 1, 1962, Dated April 1, V1912. Interest payable April and Oct. 1, at F. J. Lisman & Co., 30 Broad St., New York. Default — Oct. 1, 1914. Tax Status — Information not available. Authorized — $3, 5 00, 000. Outstanding — $1, 655. 000. Held in Treasury — $50^000. Denomination— Coupon, $100 and $1. 000. Registerable as to principal. Trustee — Colupibia Trust Co., New York. Redeemable on any interest date at 105 and Interest. Sinking Fund — Beginning January 1, 1917,, % of 1% of bonds issued for purchase or re- demption of bonds at 105 and interest by lot. Receivers — Henry L, Cohen, New York; Frank D. Aiken and C. H. Leavy, Brunswick, Ga. Protective Committee — Henry L. Cohen, Chairman; P. J. Goodhart and Howell H. Barnes, with Graham Adams, Secretary, 3 Broad St., New York, and Columbia Trust Co.. New York, Depositaries. Deposit Agreement — Under an agreement of March 7, 1916, the following classes of bonds were deposited: (a) Bonds bearing Oct. 1, 1914, and subsequent coupons; (b) Bonds from which Oct. 1. 1914, and April 1, 1915, coupons have beei detached and deposited with the Colum- bia Trust Co., as trustee under an agreement dated Oct. 1, 1914, in exchange for 10-Year Registered Funded Interest Notes. Said bonds bear Oct. 1. 1915, and subsequent coupons; (c) Bonds from which Oct. 1, 1914, April 1, 1915, and Oct. 1, 1915, coupons have been surrendered and cancelled and which bonds bear April 1, 1916, and subsequent coupons. Certain of the bondholders have made a vol- untary contribution of 5% of the face amount of their holdings to meet pressing obligations. Lfnder the agreement the committee is given full authority to fix and adjust the respective rights of the various classes of bonds; also to contract for the sale or exchange of de- posited bonds with the assent in writing by depositors representing two-thirds of deposited bonds ; also to adopt any plan for the reor- ganization of the company, and any depositor may, within 3 days from the first publi- cation of the notice, announcing such plan, withdraw from this agreeemnt but only upon the payment of his proportionate share of such amount as may be fixed by the committee aa Its compensation and expenses. Organization — Incorporated in Georgia, Aug. 2, 1905, as successor to the Darien & Western R. R. (1894) through change of nanxe. Secured by a second mortgage on 100 miles of road, including line from Collins via Darien to Brunswick, Ga. Prior Lien— $32,000 1st 5s of 1946, which this mortgage provides to retire. Vear ended Dec, 31 Net Charges 1918 Def $21,193 $23,506 1917 Def 7,083 19,268 Original Market — First offered by F. J. Lis- man & Co., New York. GEORGIA COAST & PIEDMONT RAILROAD Deb. Income 68. Due Sept, 1, 1932. Dated Sept, 1, 1912. Interest payable Sept. 1, if earned. No interest paid to Dec, 31. 1918. Tax Status — Information not available. Authorized — $ 2 5 0, 0. Outstanding^$69,800 (April, 1919). Secured — (For description of property of Company see under 5s of 1962.) GEORGIA ELECTRIC LIGHT CO. 1st 5s. Due July 1, 1930, — F. Dated July 2, 1900. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized-:— Closed mortgage. Outstanding — $1,350,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any in- terest date. Organization and Control — Incorporated Aug. 22, 1891. Merged into the Georgia Ry . & Electric Co. in January, 1902, Now leased to the Georgia Ry. & Power Co. Secured by a first mortgage on the entire property of the former Georgia Electric Light Co., which controlled a large part of the electric lighting business of Atlanta, Ga., and ovmed power plants and distributing systems. Underlies — Georgia Ry. & Electric Co. 1st Cons. 5s of 1932, and Ref. & Imp. 5s of 1949, which provide for the retirement of this Issue. Earnings — See Georgia Ry. & Power Co. Original Market — Offered in 1901, by Lee, Higginson & Co., and Curtis & Sanger, Bos-' ton and New York, at 98% and interest. Market. New York — Kiely & Horton, Blodget & Cp., Robt. Glendinning & Co. , Spencer Trask & Co. Boston — Old Colony Trust Co., Blodget & Co. , Curtis & Sanger. Philadelphia — 'Harrison & Co., Biddle St Henry, H. Boenning & Co.. S. K. Phillips Sa Co., Robt. Glendinning & Co. 483 Pittsburgh — Rabt. Glendinnirtgr & Co. Atlanta, Ga. — J. H. Hillsman & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig:h.l01^ '11 102% '12 91 Dec. 95 Dec. Low. 88 '18 91 '18 88 Apr. 91 Apr. GSOBGIA LIGHT, POWER & RAILWAYS 1st Lien S. F. 5s. Due Sept. 1, 1941. — ^F. Dated September 1, 1911. Interest payable March and September 1, at A. B. Leach & Co., New York, or Bank of Scotland, London. Tax Status — 2% Federal Income Tax p£(,id by company without deduction. Aathorized — $6, 500„ 000. Outstanding — $3,582,000 (May 1, 1919). In Treasury — $128,000. Retired by S. F. — $207,000. Reserved for Ext. — $2,583,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — The New York Trust Co . , New York. Redeemable at 105 and interest on any interest date on 30 days' notice. Sinking Fund — $50,000 annually 1916 to 1920, $75,000 annually 1921 to 1925, and $100,- 000 annually 1926 to 1940, for the purchase or redemption of these bonds at not over 105 and interest. Organization — ^A voluntary Association form- ed under Massachusetts laws in September, 1911, to acquire securities of public utility concerns in the State of Georgia. Through Its subsidiaries operates the entire electric railway and gas business in Macon and elec- tric business in Macon, Monticello, Forsyth, Barnesville, Griffin, Bibb and Hampton, Ga., and sells a large amount of electricity in At- lanta. Also operates hydro-electric plant near Jackson, 16,000 h. p. and 126 miles of trans- mission lines. Secured by a first lien on $887,700 common stock of the Macon Railway & Light Company; $474,500 common stock and $13,800 preferred stock of the Macon Gas Company; $3,660,000 common stock of the Central Georgia Power Company; $288,800 (entire issue) capital stock and $354,000 (entire issue) First Mortgage Bonds of the Central Georgia Transmission Co. ; and further secured by pledge of $2,003,194 of 6% notes of above subsidiaries, representing amounts advanced on certified statements for construction purposes. Prior Liens — $959,000 1st Cons. 53 of 1953 and $300,000 preferred stock of the Macon Ry. & Lt. Co.; $42,000 Macon Electric Light & Ry. 1st 5s of 1929 and $2,820,400 Central Georgia Power Co. 5a of 1938. Year ended Dec. 31 (combined) Gross Net *Chargea 1918 $1,226,130 $443,374 $551,454 1917 1.093.412 544,515 496,078 1916 950,855 487.361 462,494 •Includes interest, subsidiary dividends and sinking fund. Listed on the London, Pittsburgh and Chi- cago Stock Exchanges. Original Market — Offered in Dec, 1911, by A. B. Leach & Co., New York, at 92% and interest. Market. New York — Hornblower & Weeks, Berdell Bros., A. B. Fitktn &/ Co., Morton Lachen- bruch & Co., "Wolff & Stanley, E. & C. Ran- dolph, Hanson & Doyle, Dunham & Co., Hotchkln & Co., Ktely & Horton, Stephen L. Snowden, McGeorge & Vanderhoef, John Nick- erson. Jr., Abraham & Co., Pynchon & Co., Berdell Bros. St. Louis — Bowman, Cost & Co, Philadelphia— S. K. Phillips & Co. Boston — McConnell & Co., Hotchkin & Co., F. B. Bassett & Co., L. Sherman Adams, Berdell Bros. Chicago — J. P. Hobba & Co., Hornblower & Weeks, Curtis & Sanger. Price Range. Jan. 1, 1913 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 90 '12 93*12 68 Nov. 78 Nov. Low. 61 '16 65 '16 65 May 70 May GEORGIA MIDLAND RAILWAY CO. Ist 3s. Due April 1, 1946.— F. Dated April 1, 1896. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Tax Status) — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,650,000. Denomination — Coupon, $1, 000. Beglsterablo as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Chartered in May, 1884, as the Georgia Midland & Gulf R. R. Co. Controlled by Southern Ry. Co. through ownprship of entire capital stock, and leased to that company from July 1, 1896, to Oct. 2, 1995. at an annual rental of $49,500 and $2,500 for terminal property in Columbus. Secured by a first mortgage on 97.88 miles of road from Columbus to McDonough, Ga. Refunding — ^An equal amount of Southern Ry. Dev. & Gen. 4s is reserved to retire this issue. Legal for California. Listed on the New York Stock Exchange. Market. New York — Wxtuc C. Ewen. Sam'l Gold- Bchmldt, A. B. Fitkin & Co., E. & C, Ran- dolph, Geo. S. Crap & Co., Wm. A. C. Ewen, Tobey & Kirk, Wolff & Stanley, Redmond & ' Co.. Taylor, Smith & Hard, P. J. Lisman & Co., Spencer Trask & Co.. Abraham & Co., Baker, Carruthers & Pell. Atlanta— J. H, Hilaman & Co. Philadelphia — Chas. Fearon & Co. Baltimore — John D. Howard & Co., Jenkins, Whedbee & Poe. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High. 8 2 Nov. 6, -^08 63 Jan. 4 Low. 51 Mar. 11, '18 51 Mar. 11 GEORGIA PACIFIC RAILWAY CO. 1st 6i. Due Jan. 1, 1922. — N. Dated May 6, 1882. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding— $5, 660, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Assumed by Southern Ry. Co. '- Organization — Incorporated In Alabama, and Mississippi in 1882 and in 1894 was sold under foreclosure to the Southern Ry. Co. Secured by a first mortgage on 551.25 miles of road. Miles Atlanta to Austell, Ga 18.19 Austell, Ga., to (3-reenville, Mias 440.45 Itta Bena to Webb, Mias 34, 60 Stonevllle to Percy, Mias 23 . 20 Woodlawn to Bessemer, Ala 20.50 North Birmingham to Coalburg, Ala... 6.40 And Branches 0.71 4S4 rnderlies — Southern Railway 1st Cons. 5s, duo 1994, which provide for the retirement of this issue: Dev. & Gen. Mtge. and notes. I/egal for Bait and Cal. Listed on the New Torlc, Baltimore and Richmond Stock £ixchang:es. Market. Sev York — B. & C. Randolph, Wood, Struth- er.? & Co., J. S. Farlee & Co., Pell & White, Taylor, Smith & Hard, Hornblower & Weeks, Seasongood, Haas & Maodonald, Simon Borg & Co., Baker, Carruthers & Pell, Low, Dlxtfn & Co., Abraham & Co., Vilas & Hickey. Ham- bleton & Co., Redmond & Co., Wm. C. ffiwen, S. P. Larkin & Co. Baltimore — Colston, Boyce & Co., Poe & Davies, Sutton & Co.. Hambieton & Co., Jen- kins, Whedhee & Poe. Baltimore Trust Co. Philadelpiiia — Graham, Parsons & Co., Wheeler, Elliot & JMann, Chas. Pearon & Co. Atlanta — J. H. Hilsman & Co. Chicago — Hornblower & Weeks. Boston — ^Hornblower & Weeks, Price Range — N. T. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.123 Jan. 17, '06 101 Deo. 11 Low. 100 Sept. 11, "18 100 Sept. 1] GEORGIA BAII/ROAD & BANKING CO. Deb. 6s. Dae Jan. 1, 1928. — N. Dated January 1, 1882. Interest payable Jan. and July 1, at American Exchange National Bank, New York, and at company's office, Augusta, Ga. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $300,000. Denomination — Coupon, $1,000. Registerabie as to principal. Registered, $1,000.. For description of Security, etc., see Deb. 4s of 1947. Market. New Xoric — Morton Lachenbriich & Co., J. S. Parlee & Co., S. L. Snowden, Abraham & Co. Augusta — J. W. Dickey, Pittsburgh — R. B. Hutchinson & Co. Atlanta — -J. H. HiUsman &- Co. Baltimore — Jenkins, Whedbee & Poe. Price Range. .Ian. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.114 '09 110 '12 100 Jan. 101 Sept. Low. 98 '18 101 '18 98 Sept. GEORGIA RAILROAD & BANKING CO. Deb. 6s. Due Jan. 1, 192*.— N. Dated January 1; 1887. Interest payable Jan.. and July 1, at American Exchange Na- tional Bank, New York, and at company's office, Augusta, Ga. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $200, 000. Denomination — Coupon, $1, 000. Registerabie as to principal. Registered, $1,000. For description of Security, etc., see Deb. 4s of 1947. Market. Baltimore — Jenkins, Whedbee & Poe. New York — F. !r. Lisman & Co., Abraham. & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.106 '10 Low. 95 '17 100 '17 95 Dec. and July 1, at American Exchange Na- tional Bank, New York, and at company's oifice, Augusta, Ga. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $1, 000, 000. Denomination — Coupon, $1,000. Begiaterable as to principal. For description of Security, etc., see Deb. 13 of 1947. GEORGIA RAILROAD & BANKING CO. Ref. Deb. 4s. Due Jan. 1, 1947.— N. Dated January 1, 1907. Interest payable Jan. and July 1, at American Exchange Na- tional Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — ^$l,000,0t)0. Denomination — Coupon, $1,000. Register^blv as to principal. Control — Incorporated in Georgia, December 21. 1833. Present name adopted December, 1835. Controlled through stock ownership by L. & N. R. R. Co. and Atlantic Coast Line Co., and leased to these companies for 9» years from 1881. Rental, $600,000 per annum. Security — -A. direct obligation of the com- pany but not secured by a mortgage. The company covenants that it will not mortgage the property without equally securing these debenture issues. The company owns in fee 229 miles of road, including line from Au- gusta to Atlanta, Ga., 171 miles, and branches to Washington and Athens, 58 miles, and through ownership in the securities of the Macon & Augusta R. B. Co., an additional 74 miles from Macon to Camak, Ga. Also owns bO% of the capital stock of the Western Ry. of Ala. - Market. Atlanta — The Robinson- Humphrey Co., J. H. Hilsman & Co. New York — Stephen L. Snowden, J. S. Far- lee & Co., Hartshorne & Battelle, Frederic H. Hatch & Co., F. J. Liaman & Co., Abraham & Co., Baker, Carruthers & Pell. Augusta, Ga.— J. W. Dickey. Baltimore^Riggs & McLane. Jenkins, Whed- bee & Poe. Price Range, .lau. 1, 1908 to Jan. f, 1919 1918 Bid Ask Bid Ask High.95 '09 97 '10 91%, Dec. Low. 75 '17 80 '17 79 May 86 May GEORGIA RAILROAD Si BANKING CO. Ref. Deb. Ss. Due Jan. 1, 1922. — N. Dated July 1, 1897. Interest payable Jan. GEORGIA RAILWAY & ELECTRIC CO. Ist Cons. 5s. Due Jan. 1, 1932.— F. Dated April 1, 1902. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorlzed — Closed mortgage. Outstanding — $6,710,000 (Jan. 1, 1919). Retired by Sinking Fund — $275,000. Denomination — Coupon, $1,000. Registerabie as to principal. Trustee — Old Colony' Trust Co., Boston Mass, Redeemable at 110 and interest on any in- terest date on four weeks' notice. Sinking Fund — $10,000 annually from 1907 to 1911, $25,000 annually from 1912 to 1916, and $50,000 annually there.after, for the pur- chase of these bonds at not over 110 and in- terest. Guaranteed interest and sinking fund under terms of lease by the Georgia Railway & Power Co. Organization and Control — Incorporated in Georgia, January 28, 1902, as a consolidation 48.5 of various street railways and electric and eaa lighting properties. Leased January 1, 1912, to the Georgia Ry. & Power Co. for 999 years. Rental fixed charges 5% on J2,- 400,000 preferred stock and 8% on $8,514,600 ' common stock. Secured by a first mortgage on about 7 J miles of street railway track, a power house, steam heating plant and a part of the elec- tric lighting system in Atlanta, Ga,, and except $225,000 underlying bonds, a second mortgage on the balance of the property sub- ject to prior liens. Additionally secured by deposit of $600,000 preferred and $1,014,625 common stock (entire capital stock) of the Atlanta Gas Light Co. (outstanding $919,000 bonds). Franchises are in large part per- petual, others for 50 years from Aug., 1899, Trjor I^iens — $1,350,000 Georgia Electric Light Co. Ist 5s of 1930, $225,000 Atlanta Street Ry. 6s of 1920. $1,875,000 Atlanta Consolidated Street Ry. 1st Cons. 5s of 1939. Underlies — Ref. & Imp. 53 of 1949, which provide for the retirem,ent of this issue and also the prior liens. Earnings — See Georgia Ry. & Power Co. Legal for Bait. Original Market — Offered in 1902, by H. W. Poor & Co., New York, and Curtis & Sanger, Boston, at 98 and interest; offered in 1911 by Blodget & Co., and Spencer Trask & Co., New Tork, at 102% and interest. Market. New Vork — A. E. Fitkin & Co., Stephen L. Snowden, E. & C. Randolph, Newhall & Co., Robt. Glendinning & Co., Frederic H. Hatch & Co., Spencer Trask & Co. Philadelphia — "West & Co.. Biddle & Henry, S. K. Phillips & Co. , Harrison & Co. , H. Boenning & Co. . Robt. Glendinning & Co. , "Warren A. Reed, Huntoon & Co. Pittsburgh — Robt. Glendinning & Co. Atlanta — J, H, Hillsman & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid ■ Ask Bid Ask High.l02»A '12 103% '12 93% Feb. 96 Dec. Low. 89 '08 92 '18 90 Apr. 92 Apr. GISORGIA RAII.WAY & BLiECTRIC CO. Ref. & Imp. 5s. Due Jan. 1, 1949. — F. Dated January 1, 19 09. Interest payable Jan. and July 1, at Boston, Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded on bonds numbered 2848 to S924. inc.. and 4005 to 4194. inc. Authorized — $20,000,000. Outstanding — $4,795,000 (Jan. 1, 1919). Retired by Sinking Fund-^$287.000. Reserved for Prior Liens — $11,230,000. Reserved for Ext. — $3,688,000. denomination — Coupon, $1,000. Registerabla as to principal. Trustee — American Trust Co., Boston. Redeemable at 105 and interest on any in- terest date on 50 days' notice. Sinking Fund — 1%- of outstanding bonds on October 1st each year, for the purchase or redemption of these bonds at not over 105 and interest. Guaranteed as to interest and sinking fund under terms of lease by the Georgia Railway & Power Co. Organization — See 1st Cons. 5s. Secured by a direct mortgage on the entire property of the company, including about 212,673 miles of street railway in and atound Atlanta, Ga.. and on plants supplying that city and surrounding territory with electricity and steam heat. Also secured by a first collateral lien on $100,000 (entire issued capi- tal stock of the Atlanta Northern Ry. Co.; and a second collateral lien on the securities pledged under the 1st Cons. 53. Prior Liens — $5,710,000 1st Cons. 5s and prior liens thereto. Earnings — See Ga. Ry. & Power Co. Legal for Bait. Original Market — Offered in 1909, by Spen- cer Trask & Co., Blodget, Merritt & Co. (now Blcdget & Co. ), and Curtis & Sanger, New -York, at 96 and interest, and $519,000 of- fered in 1911, by Chas. G. Harrison, Jr., & Co.. Philadelphia, at 99 and interest. $250,000 ofiered Oct., 1912, by same firm at same price. Market. Philadelphia — H. Boenning & Co., Biddle & Henry, Henry & Kirkbride, S. K. Phillips & Co.. Robt. Glendinning & Co. New York — Stephen L. Snowden, Kiely & Horton, E. & C. Randolph. Gude, "Winmill & Co.. Joseph & Wiener, Curtis & Sanger, F. H. Hatch & Co., Newhall & Co., Robt. Glen- dinning & Co., John Nickerson, Jr. Boston — Curtis & Sanger. Chicago — Curtis & Sanger. Pittsburgh — Robt. Glendinning. Atlanta — J. H. Hillsman & Co. Price Range. Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99% '16 99% '16 91 Apr. 92% Feb. Low. 80 '18 84 '18 80 Aug. 84 Sept. GEORGIA RAILWAY & POWER CO. 1st & Ref. 5s. Due April 1, 1954, — F. Dated April 1, 1914. Interest payable April 1 and Oct. 1. Tax Statu» — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $30,000,000. Outstanding— $13,896,500 (Jan. 1. '1919). Issuable in Exchange for Blue Ridge Elec. 1st 5s — $10,000. Reserved for Prior Liens — $1,334,000. Pledged to Secure G% Notes — $3,334,000. Reserved for Ext. — $11,425,500. Denomination — Coupon, $500 and $1,000, and sterling eauivalents. Registerable as to prin- cipal only. Trustee — Fidelity Trust Co.. Philadelphia. Redeemable on any interest date from April 1. 1919 to 1923. at 102% and interest, and thereafter at 105 and interest. Sinking Fund — Annually, on February 1, $75,000 from 1919 to 1924. $100,000 from 1925 to 1928 and $125,000 from 1929 to 1953, plus interest on bonds held in sinking fund, to be applied to the purchase o& these bonds at not exceeding 102% and interest, prior to April 1. 1923 and 105 and interest thereafter. If not so purchasable bonds are to be drawn by lot. All bonds acquired art to be kept alive in the sinking fund. Organization — Incorporated in Georgia in 1911. Leases for 999 years the Georgia Ry. & El. Co., which operates the street rail- ways and gas and electric plants in Atlanta, Ga. and vicinity. Serving 32 municipalities. The Georgia Ry. & Power Co. operates 247.70^ miles of electric railway, track and 676.85' miles of transmission and distribution lines. Serured by a first mortgage on hydro-electric plant at Tallulah Falls, and extensive water riphts, sub-stations and transmission and dis- tribution lines, and a second mortgage on several additional hydro-electric plants in va- rious parts of Georgia. The present capacity of all plants is about 160,800 h. p. Further secured by a first lien on lease of Georgia Ry. & El. Co. and 65 year contract for furnishing that company with power. 486 Prior liiens— $1,334,000 Atlanta Water & Electric Power Co. 1st 5s of 1943. Year ended Dec. 31 (Combined). Gross • Net *Chargea 1918. .$8,836,53 5 53.145.340 $2,527,792 1917.. 7,807,039 3,104,868 2,485.242 1916.. 6,985,709 3,197,288 2,383,681 1915.. 6,507,657 2,870,916 2,378,742 1914.. 6,341,184 2.749.576 2,209,206 1913.. 5,350,995 2,330.854 1.735,988 •Interest rentals and sinking funds. Original Market — $6,860,000 offered in May. 1914, at 92% and interest by Drexel & Co., Philadelphia. Market. New York — Hanson & Doyle, E. & C. Ran- dolph, Louchheim, Jlinton & Co., E. H. Rol- lins & Sons, F. H. Hatch & Co., J. S. Bache & Co., A. E. Pitkin & Co., Bstabrook & Co.. Curtds & Sanger, Hotchkin & Co., Dunham & Co., Morton' Lachenbruch & Co., Newburger, Henderson & Loeb, Kiely & Horton. S. L. Snowden, Newball & Co.. Edward B. Smith & Co. . Estabrook & Co. , Robt. Glendinning & Co., John Nickerson, Jr., Berdell Bros. Philadelphia — Brvin & Co., Harper & Tur- ner, Elkins, Morris & Co., H. Boenning & Co.. Sailer & Stevenson, Edward B. Smith & Co.. J. C. Bogan, Wheeler. Elliot & Mann. Wurts, Dulles & Co., Reilly, Brock & Co., Graham, Parsons, & Co. , Harrison & Co. , Biddle & Henry. B. H. Rollins & ,Sons, Townsend. Whelen & Co., Thos. A, Biddle & Co., New- burger. Henderson & Loeb, Warren A. Reed, Huntoon & Co.. S. K. Phillips & Co., Robt. Glendinning & Co. Atlanta — Trust Co. of Georgia, J. H. Hills- man & Co, Chicago — E. H. Rollins & Sons, Estabrook & Co., Curtis & Sanger. Boston — E. H. Rollins & Sons, Estabrook & Co., Curtis & Sanger, Hotchkin & Co., Berdell Bros. Pittsburgh — Colonial Trust Co., Robt. Glen- dinning & Co. Denver — ^E. H. Rollins & Sons. r«& Angeles — E. H. Rollins & Sons. San Francisco — B. H. Rollins & Sons. Price Range. Jan. 1, 1915 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.92H '16 93 MG 82^4 Nov. 85 Dec. Low. 74 '17 76 '17 77 Oct. 79% May GlilORGIA SOUTHERN & FLORIDA RAIL- WAY CO. 1st 58. Due July 1, 1945.— F. Dated July 1. 1895. Interest payable Jan. and July 1. at Trustee's office, and at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $4,000,000. Denomina-t'ion — Coupon, $1,000. Registerable a.>5 to principal. Trustee — Mercantile Trust & Deposit Co.. Baltimore. Organization and Control — Successor throueh reoi-ganization in May, 1895. to Ga. So. & Pla R. R. Go. Chartered in 1885. Controlled bv Southern Ry. Co. through stock ownership. Secured by a mortgage on 391.61 miles of road, viz. . A first mortgage on 285 miles — Miles Macon, Ga., to Palatka. Fla 285.00 A second mortgage on 101.61 miles — Valdosta. Ga. , to Grand Crossing near Jacksonville, Fla 101.61 Prior Lieu — $2,000,000 1st Cons. 4s (see be- low). Underlies — $2,000,000 1st Cons. 4s (on road from Macon to Palatka), all of which ara owned by the Southern Ry. and deposited un- der its Dev. & Gen. Mortgage 4s. Year ended Dec. 31: Net Int. & Rent $746,929 $388,589 755.794 360,202 Gross 1917 $2,983,428 1916 2,669.809 Legal for Bait. Listed on the Baltimore and Richmond Stock Exchanges. Market. Baltimore — Poe & Daviea, Hambleton & Co., Sutton & Co., Jenkins Whedbee & Poe, Balti- more Trust Co. New York — Sam'l Goldschmidt, Hambleton & Co., Hornblower & Weeks.. Wolff & Stan- ley, Wm, C. Ewen, Abraham & Co., Baker, Carruthers & Pell, Simon Borg & Co. Pittsburgh — R. B. Hutchinson & Co. Chicago^ — ^Hornblower & Weeks. Boston — Hornblower & Weeks. Atlanta — J. H. Hillsman & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 Bid Ask Bid High.109 '10 112 '09 95 Dec. Low. 88 '18 92 '18 - 88 July 92 Sept. 1918 Ask GEORGIA RAILWAY AND POWER COM- PANY G% Secured Notes. Due Feb. 1, 1920. Dated August ]. 1917. Interest payable Feb, and Aug. 1. at Phiv'adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,00 0. Outstanding — $2,500,000. , Purpose of Issue — To pay part of the cost of additional hydro-electric developments, in- cluding the Burton Reservoir on the Tallulah River. . which has capacity of 5,500,000,000 cubic feet of water. Denomination — Coupon $1,000. Trustee — Drexel & Company, Philadelphia. Redeemable at par and interest in amounts not less than $500,000: Organization — See 1st & Ref. 5s. Secured by pledge of $3, §34,000 1st and Ref. 5s, due 1954, in the proportion of $1,000 in bonds for each $750 of notes- Earnings — .See 1st & Ref. 5s. Original Marlcet — First offered in April, 1919, by Edward B. Smith & Company, Phila- delphia and New York at 99 ^^ and interest. GEORGIA SOUTHERN & FLORIDA BAIL- WAY CO. Eauip. 4V&S, Series *'C." Due $35,000 each March and Sept. 15th to Mar. 15, 1920, inclusive. — F. Dated March 15, 1910. Interest payable March and Sept. 15, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $50,000 (March. 1919). Balance Retired. Denomination — Coupon. $1.0T)0. Trustee — Equitable Trust Co., New York. Secured by first lien on 4 Pacific type pas- senger engines, 9 Consolidation freight engines, 2 Switch engines, 205 steel underframe venti- lated box cars, 100 steel flat cars, costing $575,000, of which $75,000 was paid in cash by the Railway company. O^ginal Market — First ofEered by Potter. Choate & Prentice, New York. Market. New York — Freeman & Co., Evans, Stillm'an & Oo. Philadelphia — Graham, Parsons & Co. 487 GEORGIA SOUTHERN & FLORIDA RAII^ WAY CO. Eauip. 4^8, Series *'D." Due $%1,000 each Feb. 1st and $32,000 each Aug, 1st to Aug. If 1917, inclusive; there- after $31,000 on each interest date to Aug. 1, 1933, inclusive. — F. Dated August 1, 1912. Interest payable Feb. and Aug. 1, at New York. Tax Stains' — 2% Federal Income Tax paid by company without deduction. Authorized — $425,000. Outstanding — $147,000 (Feb.. 1919). Balance Retired, Denomination — Coupon, $1, 000. Trustee — Bankers' Trust Co., New York. Secured by first lien on 6 Consolidation type locomotives. 4 switching locomotives, . 5 step^ frame passenger coaches, 2 all steel combina- tion mail and baggage cars, 4 all steel bag- gage express cars, 60 steel flat cars and 208 steel underframe ventilated box cars, costing $504,150, of which $79,150 was paid in cash by the railway company. Original Market — Offered 1912, by Potter, Choate & Prentice, New York. Market. New York — Freeman & Co., Evans, Still- man & Co. GEORGIA SOUTHERN & FLORIDA RAII^ WAY CO. Eauip. 4V3S, Series "E." Due $22,000 each May 15 and $33,000 each Nov. 15, from May 15, 1916, to Nov. 15, 1935, inclusive. — N. Dated Nov, 15, 1915. Interest payable May 15 and Nov. 15. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $450,000. Outstanding — $315,000 (Nov., 1918). Balance Retired. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Old Dominion Trust Co., Richmond, Va Control — ^A majority of the stock is owned by the Southern Ry. Co. The company owns 391% miles of road from Macon, Ga., to Palatka, Fla., and from Valdosta, Ga.. to Jacksonville, Fla. Secured by an equipment agreement on two 1 0-wheeI passenger engines and tenders ; two steel passenger baggage cars; 130 40-ton double drop bottom gondola' coal cars; 375 30-ton steel underframe ventilated box cars costing $535,000, of which the company paid $85,000 In cash. Original Market—Offered January, 1915, at prices ranging from a 3.50% to 4.62%% basis by John D. Howard & Co., Mercantile Trust & Deposit Co. and Strother, Brogden & Co., Baltimore. Market, New York — Freeman & Co., Evans, Still- man & Co. Philadelphia — Graham, Parsons & Co. GERA IvntLS (PASSAIC, N. J.) 5-Year 1st S. F. 6s. Due February 1, 1924. Dated February 1, 1919. Interest payable February 1 and August 1 at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — $1,000,000. Outstanding — $1,000,000. Purpose of Issue — To finance a portion of the purchase price of the property in connec- tion with its acquisition by the present cor- poration. Denomination — Coupon, $1,000, $500 and $100. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101 and interest on any in- terest date up to February 1, 1921, and at 100% and interest thereafter. Sinking Fund — Annually, beginning Febru- ary 1, 1920, $50,000 for the purchase or re- demption of these bonds. Bonds so acquired are to be cancelled. Organization — Incorporated in January, 1919, in New Jersey to take over a business established under the same name in 1900. The acquisition of the business by the present corporation is occasioned by the sale of a con- trolling interest of the stock of the predecessor corporation under former alien enemy owner- ship by the U. S. Alien Property Custodian, the change in ownership did not involve a change in the active management. The com- pany manufactures hugh-grade woolen textiles. About 80 % of the output is made up of worsted and woolen dress goods, and the re- mainder of the output is largely serges for men's wear. The entire output of the mills has always been sold under a selling arrangement with C. Balmsen & Co. Capital Stock Outstanding Pfd. (8% cum.) $1,000,000 Common 2,000,000 Secured by first mortage upon all present and future acquired plants and fixed assets of the company. The plant comprises 14% acres of land owned in fee at Passaic, New Jersey, upon which are located 53 buildings with a floor space of 453,769 square feet, fully eciuipped wtith the most modern and efli- cient machinery for the manufacture of woolen textiles. An appraisal of the fixed assets, upon which the bonds are a first mortgage, was made in 3eptember, 1918, by Ford, Bacon & Davis, engineers : such ap- praisal showing a reproduction value based upon 1914 prices of $2,081,723; and based upon 1918 prices, of $2,857,896, after allowance for depreciation of $599,194. Since the appraisal (and as of March 3, '19) fixed assets have been increased by improvements costing ap- proximately $50,000. The equipment includes 1,146 looms, 850 Hattersley and 296 Crompton and Knowles looms, with a daily capacity of 30.000 yards of worsted products. The company's dye de- partment has a capacity of 30,000 yards per day. Approximately 150,000 pounds of yarns are used weekly in the manufacture of the company ' s products. About 1,500 employees are required for operation at capacity. The provisions of the Trust Agreement in- clude the following covenant by the company, viz. : To maintain at all times a surplus of cur- rent assets above current liabilities of at least $500,000. To maintain adequate insurance upon its plants, the policies" being deposited with the Trustee, the proceeds in casa of loss to be used for replacements or additions to fixed assets or purchase or redemption of out- standing bonds. As of Dec. 31, 1918. net current assets, $1,035,657. Year ended Dec. 31: Gross Net Bond Int. 1918 $9,788,914 $968,190 *$60,000 •On thfis issue. Reserved for Federal Taxes — $570,664. Original Market — $1,000,000 offered March, 1919. by the Central Trust Co. of Illinois. Chicago, and Powell, Garard & Co., Chicago, New York, Philadelphia and Dallas, at 97% Unflerlies — Arizona Eastern R. R. Co. lat and interest. & Het. 6b of 1960, which mortgage provlaea for the retirement of this issue. (THE) GETTVSBCBG St HARRISBURG RAIL- Listed on the New York Stock Exchange. WAY CO. Cons, (now Ist) 5s. Due Oct. Original Market — Offered in 1899, by F, J. 1. 1926. — P. Liaman & Co., New York, at 103% and in- Dated October 1, 1891. Interest payable terest. April and Oct. 1, at Reading Terminal, Market. Philadelphia. New York — Sam'l Goldschmldt, McDonnell Tax Status — 2% Federal Income Tax paid & Co., Louchheim, Minton & Co., Chas. W. by company without deduction. Tax exempt in Place, Wm. Carnegie Bwen, F. J. Lisman & Pennsylvania. Co.. Abraham & Co.. Baker. Carruthers & Authorized — $565,000. Pell, Wm. H. Clarke. Oatstandins — $665,000. ($275,000 owned by Philadelphia — Graham. Parsons & Co., Chas. the Reading Co.) Pearon & Co. Denomination — Coupon, $1, 000. Registerable Price Range — N. Y. S. E. as to principal. .Jan. 1. 1906 to Jan. 1. 1919 1918 Trustee — Guarantee Trust & Safe Deposit High. 108% July 12, '06 95 Nov. 14 Co., Philadelphia, Pa. Low. 95 Nov. 14, '18 96 Nov. 14 Guarantee — The endorsed guarantee of the Philadelphia & Heading R. R. Co., has not been assumed by the P. & R. Ry. Co. GIIXETTE SAFETY RAZOR CO. 5-Year 6% Control — Incorporated in Pennsylvania Aug., Conv. Notes. Dae Sept. 1, 1922. — N. 1890. Controlled by Reading Co. through Dated Sept. 1, 1917. Interest payable ownership of practically the entire caSital March 1 and Sept. 1, at Bankers' Trust Co., stock ($674,160) of which $536,000 is deposited New York or Old Colony Trust Co.. Boston, under its General Mortgage. Tax Status — ^Payment of Federal Income Tax Secured by a first mortgage on 41.60 miles of not assumed by company, road, including line from Carlisle to Gettys- Authorized — $6,000,000. burg. Pa., with branch to Round Top 34.14 Outstanding — $1,462,000 (April, 1919). miles and from Pine Grove Furnace to Hun- Converted' and Redeemed — $4,648,000. ter's Run, Pa., 7.46 miles. Denominations — $500. $1000 and $10,000. Year ended Dec. 31 Registerable as to principal. Gross Net Int. & Rent Trustee — Old Colony Trust Co., Boston, 1917 $354,041 $100,671 $62,635 Redeemable ait 105 and interest on 60 days' 1916 267,890 77,107 50,488 notice. Listed on the Philadelphia Stock Exchange. Convertible into stock at any time ■ up to Market. 30 days before maturity or redemption date, Philadelphia — Graham, Parsons & Co., Brvin at the rate of 10 shares of stock (no par value) & Co.. "West & Co.. Reed A. Morgan & Co., for each $1,000 par value of notes. S'. K. Phillips & Co., Chas. Fearon & Co., - Organization — Incorporated In Delaware In~ Warren A. Reed, Huntoon & Co.. Biddle & 1917 as successor to Massachusetts Company Henry. of the same name. The company manufactures New York — Abraham & Co. Gillette safety razors .and blades. The main Price Range. office of the company is in Boston. Branch Jan. 1, *D8 to Jan. 1, '19 1918 ofllces or distributing agencies are located in Bid Ask Bid Ask practically every large distribution center of High.106 '12 106 '11 96 Jan. 100 Jan. the world. Company's factories are in Bos- TjOw. 94 '18 96 '18 94 July 95 July ton and Montreal. The company owns all the stock of subsidiaries in England, Canada Git A VALLEY, GLOBE & NORTHERN RAIL- ^^^ France. ^ ^ , . .,. WAY CO. 1st 5s. Due Nov. 1, 1924.— N. Authorized OUtstandmg Dated Nov. 1, 1?94. Interest payable May ^ .. , . , , , ,^f:'^nL frfn^i'.: and Nov. 1, at Southern Pacific office. New Capital stock (no par). .250,000 211,015 Yqi.jj • Security — A direct obligation of the com- Tak Status— Payment of Federal income Tax "^"y' '>"' "<" secured by a mortgage. While not assumed by company. '•"^^^ ""'^^ ^""8 outstanding the company cove- Authorized— Closed mortgage. "ants not to create any mortgage on its Oatstanding— $1,492,000 (May 8, 1919). property and not to declare any dividend, In Retired by S F $22 000 thereby the proportion of net assets (exclusive DenominatioA- Coupon. $1,000. Registerable °' "=■*«"'= ^"'' f°<"l r,"!^^?^" ""^ 'i^'^nnf as to principal, or fully registerable. 5«'°^ ^" aggregate of $1,160 for each $1,000, Trustee— Metropolitan Trust Co., New York 1?"° amount of notes outstanding. Sinking Fund— Annually 1% of net receipts ^^' ™"*°,'?fS- '^ t^ilvi^i: before paying dividends to be applied to the "J? ico^'JaS redemption of these bonds, loaned out at in- J°" q'iqo'JIb terest upon good securities, or to be other- J°J° oiItiti wise invested under order and direction of Vni^ I'^^J'irlo the Board of Directors of the Company. "?J i',,;',,. Guaranteed principal and interest by the J"° i'V^'iH Southern Pacific Co. by endorsement, „., , '^Si^V V -V „i'„ „^'a „ .. o ^ Assumed by the Arizona Eastern R. R. Co. Original Market— $6,000 000 oftered Sept Control— Merged in 1910 with several other "!'• 'S,^™?"' ^L"^- & Co.. Alex Brown & roads, into the Arizona Eastern R. R. Co.. Sons. Old Colony Trust (3o . Jackson & Cur- whioh company is a consolidation of the lines "» ^"^ Curtis & Sanger at 96 and Interest, in Arizona controlled by the Southern Pacific Market. Co. Its entire stock is owned by the latter New York — Morton Lachenbruch & CNd,, New- •ompany. hall & Co., Wm. C. Orton, Phelps & Neeser, Secured by a first mortgage on 130.15 miles Pynchon & Co., T. Hall Keyes & Co.. Mc- of road, viz.; Miles Kinley & Morris, Abraham & Co., Baker, Car- Bowie to Globe, Ariz 126.27 ruthers «r Pell, Babcock. Rushton & Co. Amster Jot. to Amster, Ariz 4.88 Denver — Boettcher. Porter & Co. 4S9 Philadelphia — Paul & Co., Joseph "W. Gross, Brown Bros. & Co. Boston — L, Sherman Adams. Chicaso — Babcock, Rushton & Co., Curtis & Sanger. Price Rangre — 1918, Bid Ask High.108 Dec. 110% Dec. Low. 90% Jan. 94 Apr. Jan. Price Range. 1, 1915 to Jan, 1, 1919 Bid Ask High.97 '17 98% '16 Low. 91 '15 97 '15 1918 Bid 95 Jan. OIRARD POINT STORAGE CO. 1st ZVsB. Due April 1, 1940.— N. Dated April 1, 1890. Interest payable April and Oct. 1, at Treasurer's office. Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $2,500,000. Outstanding — $981,000 (Dec. 31, 1918). Retired by S. F. — $112,000. Held in P. R, R. Co. Funds — $907,000. Denomination — ^Registered, $1, 000. Trustee — Fidelity Trust Co. , Philadelphia. Sinking Fund — $20,000 per annum, to be applied to purchase and cancellation of these bonds at not over par. It not purchasable at this price, the fund for that year reverts to the company. Guaranteed principal and interest by the Pennsylvania R. R. Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in February 21, 1881. Property of the company was sold in 1917 to the Penn- sylvania R. R. Co. Secured by a first mortgage on about 75 acres of land at Girard Point, Pa., and on about 30 acres at Point Breeze and on grain elevators erected thereon. , Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Graham, Parsons & Co., S. K. Phlillips & Co., Chas. Fearon & Co.. War- ren A. Reed. New York — John Davenport. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hieh.90 '09 92 '09 77 Oct. 82 Oct. Low. 75 '18 80 '18 75 June 80 June GI.ENS FAIXS GAS & ELECTRIC CO. 1st 58. Due Aug. 1, 1919.— F. Dated Aug. 1, 1899. Interest payable Feb." and Oct. 1, at New York Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $500 and $1,000. Trustee — New York Trust Co., New York. Organization and Control — Incorporated in New York, July 20, 1899, as a consolidation of Glens Falls Gas Light Co. and Glens Falls Electric Light & Power Co. All of the stock is owned by the Utica Gas & Bectric Co. Secured by a first mortgage- on plants sup- plying gas and electricity to Glens Falls, N. Y. Population served, 15,000. Franchises perpetual. Original Market — OfCered in 1899 by Mills &■ Blanchard, Boston, at 103 and interest. Market. New York — Dunham & Co., Hanson & Doyle, Hotchkln & Co., H. C. Spiller & Co., Fred H. Hatch & Co. Boston — H. C. Spiller & Co. Albany — John J. Hart. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co. GIX>11E OIL' COMPANY 1st Lien 7% Notes. Due as follows: $210,000 due Aug. 15. 1919; »225,0O0 due Feb. 15. 1920; $235.- 000 due Aug. 15, 1920; $245,000 due Feb. 15, 1921; $245,000 due Aug. 15, 1921; $240,000 due Feb. 15, 1922. Dated Feb. 15, 1919. Interest payable Feb. and Aug. 15th. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $ 1.400,000. Purpose of Issue — To finance th.e purchase of Oil producing properties in Louisiana and ■ to refund' company's floating obligations. Denominations — Coupon $500 and $1,000. Registerable as to principal. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable on any interest date upon thirty days'' notice at 100 and interest for Aug. 15, 1919, maturity and one-half of 1% additional for each subsequent maturity. Sinking Fond — $45,000 each month during the life of the notes. Or^ai^ation — Incorporated in 1917 in Dela- ■ ware. Leases oil properties in Oklahoma, Louisiana and Texas. Outstanding Capital Stock $1,468,000 Security — A first mortgage on all property, leaseholds and equipment of the company now owned or hereafter acquired, including lease- holds of 3,834 acres in Oklahoma, 1,200 acres in Louisiana, 100.000 acres in Texas. Com- pany has 112 producing wells with approxi- mate dally production of 2,000 barrels. Original Market — Offered Feb.. 1919r by Babcock, Rushton & Co., Chicago and New York, and Farson, Son & Company, New York. GOODYEAR REDWOOD CO. 1st 68. Due Semi-annually May 1 and Nov. 1 as fol- lows: $25,000 May 1. 1918, to Nov. 1. 1919, inclusive; $40,000 May 1, 1920. to May 1, 1922, inclusive, and $50,000 from Nov. 1, 1922, to. May 1, 1931, inclusive. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at the Corn Exchange National Bank, Chicago, and the Michigan Trust Co., Grand Rapids, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding — $1,150,000 (Jan. 1, 1919). Balance retired. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustees — The Michigan Trust Co., Grand Rapids, and "Wood Beal, Chicago. Redeemable on any interest date on 30 days' notice at 102 and Interest. Sinking Fund — $2 per 1,000 feet of timber cut or removed, such payments to he made from time to time, prior to cutting. It Is estimated that this fund will retire this entire Issue w^hen one-half of the standing timber has been cut. Guaranteed principal and interest, uncondi- tionally, by the C. A. Goodyear Lumber Co., James D. Lacey and J. A. Mackenzie. Organization — Incorporated in Maine 111 1916 for the purpose of taking over the prop- erty rormerly owhed by the L. B. "White Lum- ber Co. 490 Secured by a first mortgage on about 30,000 acres of timber lands estimated by James D. Lacey & Co., to carry virgin timber in amount of 1,180,000.000 B. M. feet, of which 70% Is Redwood, 4% Sugar Pine, and 26% Doug- laa Fir; a double band sawmill: planing mill; dwellings and townsite located at Greenwood ani loading facilities at Greenwood and Point Arena. Property located in California; Red- wood and Sugar Pine timber valued at $2.75 per 1,000 feet, and Douglas Fir at $1.50 per 1.000 feet. Total fixed assets valued at $4,- 004,008. Net auick assets as of April 14. 1016. $349,059. Original Market — $1,200,000 offered June, 1916. by -J. D. Lacey Timber Co., Chicago, at 100 and interest for all maturities. Market. Grand Rapids — Howe, Snow, Corrigan & Bertles. GORDON, IRONSIDE & FARES CO., I.td., 1st S. F. 6s. Due July 1, 1937. Dated July 1, 1912. Interest payable Jan. 1 and July 1, at Dominion Bank, Toronto. Tax Status — Payment of Federal Income Tax ' not assumed by company. Authorized — $2,000,000. Outstanding — $1,220,000. Retired — $30,000. Denomination — Coupon, $100, $500 and $1, 000. Registerable as to principal or fully registerable. C. & R. interchangeable. Trustee — Standard Trust Co. , "Winnipeg. Canada. Redeemable as a whole at 105 and interest on any interest date on six weeks' notice. Sinking Fund — ^Annual payments, from July 1, 1913, sufficient to redeem all outstanding bonds by maturity, the fund to be used either (1) for the purchase or redemption of bonds at not over 105 and interest, or (2) invested in securities authorized for trustees in the Provinces of Manitoba, Alberta and Saskatch- ewan. Organization — Incorporated in Canada in 1902 as successor to business established in 188S. The company conducts a wholesale packing house and produce business. Secured by a first fixed charge on the com- pany's properties at Winnipeg, Kenora, Port William, Port Arthur, Saskatoon, Regina and Moose Jaw; also on Crane Lake and other ranch lands aggregating 27,398 acres, and on company's half interest in 31,719 acres ad- ditional ranch lands in Canadian Northwest, and a floating charge on all other property, prtiient and future. Original Market — Offered in 1912, at par and interest by Dominion Securities Corp., Montreal. Market. Toronto — Dominion Securities Corp. Montreal — Dominion Securities Corp.. Ltd., Eastern Securities Co., Ltd., Canadian In- dustrial Bond Corp. Price Range. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99 '16 100 '14 96 Feb. 98 Feb. Low. 94 '18 95 '18 94 Nov. 95 Nov. GORHAM MANUFACTURING CO . 1 s t 5s . Due $250,000 each Feb. 1 and Aug. 1 from Feb. 1, 1919, to Aug. 1, 1932. in- clusive; $300,000 Feb. 1, 1923; $350,000 Aug. 1, 1923, and $350,000 Feb. 1, 1924. Dated Feb. 1, 1918. Interest payable Feb. 1 and Aug. 1 In Providence, Boston, or New York. Tax Status— 2 7o Federal Income Tax paid by company without deduction. Tax exempt in Rhode Island. Authorized — $3,000,000. Outstanding— $2,750,000 (March 1, 1919). Balance Retired. Denomination — Coupon, $1,000 and $500 (maturing Feb. 1, 1924, only). Trustee — Rhode Island Hospital Trust Co., Providence. Redeemable at 102 and interest on any in- terest date on 30 days' notice. If called in, part bonds must be retired in maturity sequence. Organization — EJstablished in 1831 and in- corporated in Rhode Island in 1865. The com- pany is a large manufacturer of sterling silver- v/are. As of March. 1918, and for two pre- vious years, the Company has also manu- factured munitions. Capital Stock Authorized Outstanding Preferred (6%) $3,000,000 $2,000,000 Common 3, 000, 000 3, 000. 000 Secured by a first lien on all real estate, machinery and eguipment of the Company, in- cluding the large plant in Providence, R. I., the branch plant in Bast Providence and the leaseholds in New York City. The Conipany covenants to maintain at all times during the life of these bonds net quick assets equal to at least 150% of these bonds outstanding. As of Dec. 31, 1918, net quick assets were in excess of $5,000,000. In addition the property covered by this mortgage is valued at about $4, 000, 000 after deducting depreciation. The Company agrees to keep all its property cov- ered by insurance, and further agrees that cash dividends on the common stock shall not exceed $450,000 in any one year during the Ufe of these bonds. Original Market — $3,000,000 offered March, 1918, by Bodell & Co., E. H. Rollins & Sons and Lee, Higginson & Co.. at 100 and interest. Market. New York — B. & C. Randolph. Hornblower & Weeks. Providence — Bodell & Co. Price Range — 1918. Bid Ask High.lOO July- 102 July Low. 100 Feb. GOSHEN & DECKERTOWN RAILROAD CO. 1st Ext. 6s. Due July 1, 1938.— N. Dated July 1. 1868. Extended July 1, 1888. Interest payable Jan. and July 1. at National Bank of Orange County, Goshen. N. T. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $186,500. Denomination — Coupon, $1,000 and $500. Trustees — Ambrose S. Murray, Robert H. Berdell and John Steward. Control — Leased in perpetuity to the Erie R. R. Co. at a rental of $19,035 per annum. Secured by a first mortgage on the 11.64 miles of road from Goshen to Pine Island, N. Y. Underlies — G. & D. R. R. 2d Extd. 6s of 1929. Refunding — Erie R. R. Cons. Gen. Lien 4s of 1996 provide for the retirement of this issue. Legal for Conn., Me., Mich., Minn., N. J. and Wis. Market. New York— J. S. Farlee & Co., Chas W. Place. rittsburgh — R. B. Hutchinson & Co. 491 GOllVERNBUB & OSWBGATCHIB RAIL- ROAD CO. 1st Ss. Due June 1, 194S. Dated June 1, 1892. Interest payable June and Dec. 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding: — $300,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Assumed by the New York Central R. R. Co. Guaranteed principal and interest by the New York Central & Hudson R. R. R. Co. (now N. Y. Cent, R. R.) by endorsement. Organization — Incorporated liri' New York in 1892. Merged into the N. T. C. & H. R. R R. Co. in 1913. The latter company was merged into the New York Central R. R. Co. In December, 1914. Secured by a first mortgage on 13.07 miles of road from Gouverneur to Edwards, N. Y. Underlies — N. Y. C. & H. R. R. R. Mtge. JWs of 1997; Cons. 4s of 1998, Lake Shore Collaterals, Michigan Central Collaterals, and Debpnlures secured by Cons. 4s; and the Ref. & Imp. Mtge. of 2013. The latter mortgage provides to retire this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis . Listed on the New York Stock Exchange, Market. New York — Remick Hodges & Co., Murphy Bros. & Miles, Redmond & Co.. S. P. Larkin & Co., P, J. Lisman & Co., Low, Dixon & Co. rittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid High.108 '17 109 '16 97 Deo. Low. 88 '17 100 '17 Secured by flrSt lien on all the company's real properties and improvements thereon (ex- cept town lots in Grand Forks, B. C, and water-power site in State of Washington). Mortgage covers property formerly of Hidden Creek Copper Co.i in British Columbia. Year ended June 30 Gross Net Interest 1918,. .$11,644,311 $4,124,819 $131,325 1917 .. 12,259,184 6,256,100 211,631 1916... 11,370,500 4,107,621 213,821 1915... 5,063,886 1,340,667 270,420 1914... 4,604,766 622,071 182,620 Listed on the New York Stock Exchange. Original Market — Underwritten by Speyer & " "lo.. New York, Jan., 1913, and offered to itockholders at par and interest; $2,000,000 (Series "A" stamped) offered June, 1915, by White, Weld & Co., New York. Market. New York — Seasongood, Haas & Macdonald, Ladd & Wood, Baker, Carruthers & Pell. Price Range — N. Y. S. JS. Jan. 1. 191S to Jan. 1. 1919 1918 High.117 Nov. 20, '16 100 Nov. 23 Low. 91 Jan. 17, '18 91 Jan. 17 Stamped. High.115 Nov. 20, "16 97 Sept. 13 Low. 91 Jan. 17, '18 91 Jan. 17 GKANBY CONSOLIDATED MINING, SMELT- ING & POWER CO., LTD.. Convertible 1st 6s, Series "A" and Series "A" stamped. Due May 1, 1928.— F. Dated May 1, 1913. Interest payable May Eind November 1, at Title Guarantee & Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $6, 000, 000. Outstanding — $1,013,600 "A" 1,026,200 "A" stamped. $2,039,800 (Dec. 23, 1918). Cancelled — $2,310,200. Reserved for Ext. — $660,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole on any interest date after May 1, 1923, at 105 and interest upon 00 days* notice. Convertible until May 1, 1923, into com- pany's stock at par. Sinking Fund — Annually before May 1st. beginning 1914, 4% of all bonds previously issued to be retired by purchase or redemption at not over 110. By supplementary mortgage an additional sinking fund is provided for stamped bonds, viz.: 10% of net earnings or 12% cents per unit of copper per ton of cop- per ore mined, whichever amount is the larger. $474,600 retired during year ended June 30. '18. Organization — Incorporated in British Colum- bia in 1901 as a consolidation. GRAND RAPIDS & INDIANA RAILROAD CO. 1st 4:^48 and 3%s. Due July 1, 1941.— F. Dated Oct. 1, 1869. Extended the 3%a Oct. 1, 1899, and the 4%s July 1, 1891. In- terest payable Jan. and July 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,376,000. Outstanding— $4,465,000, 4%s; $918,000, 3%s. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Wm. H. Barnes, Philadelphia. Guarantee — Under the extension agreement of March 1, 1891, the Pennsylvania R. B. Co, agreed, in case of default, to purchase the 4%s coupons and the bonds at maturity at par upon 60 days' notice, such bonds and coupons to continue in full force and remain a debt secured by such mortgage. Organization — Organized under laws of Michigan and Indiana in 1854. Reorganized In 1896 as G. R. & Ind. Ry. Co. Owns practically the entire stock and income bonds of the Traverse City R. R. and Muskegon, Grand Rapids & Indiana R. R. Co., and a one-third interest in the Mackinac Transporta- tion Co. Controlled through stock ownership by the Pennsylvania R. R. Co. Secured by first mortgage on 332.04 miles of road from Port Wayne, Ind., to Bayview, Mich. Underlies — G. R. & I. Ry. 2d Mortgage 43 of 1936. Year ended Dec. 31 Gross Net Int., Etc. •1918 $802,194 $501,724 1917 6,491,368 1,152,675 899,093 1916 6,897,565 1,264,405 866,402 ♦Corporate Income Account-Standard return under Federal control. Leeal for Cal,, Me., Mich., M^nn., Mo., N. H.. N. J. and R. I. Listed, 4%s, on the New York and London Stock Exchanges. Market. New York — Wm. C, Ewen, McKinley & Mor- ris, S. P, Larkin & Co., Moore & Co., Louoh- heim, Minton & Co., E. & C. Randolph, Mor- ton Lachenbruch & Co., J. S. Farlee & Co., Seasongood, Haas & McDonald, Newbureer, Henderson & Loeb. Kiely & Horton, F. J. Xjisman & Co., Chas, "W. Place, Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey, Korn, Lehman & Co.. Spencer, Trask & Co., Abraham & Co., Baker, Carruthers & Pell, Simon Borg & Co. Fhiladelphia — 'Wheeler, Elliot & Mann, Chas. Fearon & Co., Newburger, Henderson & Loeb, Harper & Turner, S. K. Phillips & Co., War- ren A. Reed, Thomas A. Biddle & Co. Pittsburgh — R. B. Hutchinson & Co. Baitimore — Jenkins, Whedbee & Poe. Price Banee— X. Y. S. M. Jan. 1, 1906 to Jan. 1, 19X9 1918 4% a. High.108% Feb. 6, '06 84% Deo. 30 Low. 81 Aug. 21, '18 81 Aug. 21 GRAND RAPIDS & INDIANA RAILWAY CO. 2a 4s. Due Oct. 1, 1936.— F. Dated Aug. 1, 1896. Interest payable April and Oct. 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — 15,000,000. Outstanding: — $6,000,000 ($4,376,000 owned by the Penna. Co.). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commonwealth Title, Insurance ^ Trust Co., Philadelphia.' Guaranteed — ($1,038,000 bonds) as to princi- pal and interest by the Pennsylvania Company by endorsement. Organization and Controi — See 1st 4%s ani 3%s. Secured by a direct mortgage on 393.99 miles of road, viz. : A first lien on 61.95 miles— Miles Bay View to Mackinaw City, Mich.... 34.49 Harbor Springs Branch, Mich 5.79 Missaukee to Michelson, Mich 21.67 A second lien on 332.04 miles — Covered by the first lien of the Grand Rapids & Ind. R. B. Co. 1st i'Aa and 3%a 332.04 Prior laens — $5,373,000 1st 4%3 and 3^4s of 1941. GRAND RAPIDS GAS LIGHT 1st 5s. Due Aug. 1, 1939.— F. Dated Feb. 1, 1915. Interest payable Feb. 1 and Aug. 1. at Trustee's ofiice or office of company's agent in New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Indiana and Michigan. Authorized — $7,600,000. - Outstanding — $1,675,000, Reserved for Ext. — $5,925,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to prinoipai only. Trustee — Michigan Trust Co., Grand Rapids, Mich. Redeemable on any interest date at 105 and Interest. Organization — Incorporated in Michigan in 1895, All of the stock Is owned by the American Light & Traction Co. Secured by a first mortgage on plant sup- plying gas to Grand Rapids, Mich. Popula- tion served, 126,000. Franchise expires In 1920. Earnings — Not available. Original Market — $750,000 offered in Dec. 1914, by Howe, Snow, Corrlgan & Bertlea and Michigan Trust Co,, Grand Rapids, Mich., at par and interest. Market. Philadelphia — Capelle & Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. New York — Taylor & White, Morton Laohen- bruch & Co., Spencer Trask & Co., Baboock, Rushton & Co., Berdell Bros,, Theodore L. Bronson. CWcaso — Merrill, Lynch & Co,, Babcock, Rushton & Co. Boston — Berdell Bros. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '16 103% '16 99 .Jan. 101 Jan. Jmw. 84 '18 88% '18 84 Sept. 88% July GRAND RAPIDS, GRAND HAVEN & MUS- EEGON RAILWAY 1st 6s. Due July 1, 1926.— P. Dated July 1, 1901. Interest payable Jan. and July 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,600, 000. Outstanding — $1, 600, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated in Michigan, in 1899, and does a passenger freight, express and mail business. In Jan.. 1912, the entire capital stock of the company was acquired by the United Light & Rys. Co. Secured by a first mortgage on 48 miles of electric third-rail track, extending from Grand Rapids to Muskegon, with a branch to Spring Lake and Grand Haven, all in Michigan and built on private right of way, except in towns where franchises expire in 1929. Connects at Grand Haven with the Goodrich and Crosby linos of steamers for Chicago and Milwaukee. Refunding — The United Light & Rys. 1st & Ref 5s of 1932 provide for the retirement of this issue. Earnings — See United Lt. & Rys. Co. Legal for R, I. Original Market — Offered in 1901 by the Se- curity Investment Co., Pittsburgh, Pa., at 102% and interest. $500,000 offered in March, 1916, by B. H. Rollins & Sons, Boston, New York, Fhiladelphia, etc., at 94 and interest. Market. New York— E. H. Rollins & Sons, E. b C. Randolph, Farson, Son & Co. , ' Kiely & Hor- ton, Frederic H. Hatch & Co. Pbiladeiphla — ^B. H. Rollins & Sons, H. D. Boenning & Co., S. K. Phillips & Co. Pittsburgh — Jas. Carothers & Co. Chicago — E. H. Rpllins & Sons, Plotz & Co. Denver— E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Los Angeles — E. H. Rollins &. Sons. Boston — E. H. Rollins & Sons. Grand Rapids — Howe. Snow, Corrigan & Bertles. Price Range. Jan. 1, 1910 to Jan. 1. 1919 1918 Bid Ask Bid Ask Hlgh.96 '17 '97% '16 89 Jan. 93 Jan. Low. 82 '14 86 '14 86 July 89 July GRAND RAPIDS, HOLLAND & LAKE MICH- IGAN RAILWAY Ist 5s. Due Aug. 1. 1920.— N. Dated Aug. 1, 1900. Interest payable Feb. and Aug. 1, at Cont'l & Com'i Tr. & Savings Bank, Chicago, or Guaranty Trust Co., New York Tax Status — Payment of Federal Income Tax not assumed by company. 493 Authorized — $1,500,000. Outstanding — $1,500,000 (March, 1918). Held in S. F. — None. Denomination — Coupon, $500, and $1,000. Reeisterable as to principal. Trustee — Continental & Commercial Truat & Savingrs Bank, Chicago. Sinking: Fund — $5,000 per annum for first five years, $10,000 for next five, $15,000 for next five years, and $25,000 for last five years, payable out of net earningrs. This fund, by direction of the company, may be applied aa follows: Deposited or loaned to Savings or National Banks or to purchase of these bondi at not over the market price. Organization and Control — In December, 1901, purchased the lines and franchises of the Holland & Lake Michigan Ky. and the Sauga- tuck, Doug-las & Lake Shore Ry. In 1904 reorgani2ed as the Grand Rapids, Holland & Chicago Ry. Co. and above bonds assumed. Leased for 999 years from Jan. 1, 1916, to the Michigan Ry. Co., which company is con- trolled through ownership of practically the entire capital stock by the Commonwealth Power, Ry. & Light Co. Secured by a first mortgage on 76 miles of electric railway track from Grand Rapida via Holland to Macatawa and Saugatuck, all in Michigan. Franchises in Holland and towns expire in 1927 and 1930, balance of the road built on private right of way. Connects at Holland with steamers for Chicago. Original Market — Ofeered in 1903 by War- ren, Andrews & Co., at par and interest. Market. New York — Hodenpyl, Hardy & Co. Philadelphia — H. D. Boenning & Co., S. K. PhilMps & Co. Chicago — Hodenpyl, Hardy & Co., Inc. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1919 Bid Ask Ask High.94 '17 95 '17 90^ Nov. Low. 85 '18 85 Mar. GUAND RAPIDS-MUSKFGON POWXIR CO. lat S. F. 5s. Due March 1, 1931.— F. Dated March 1, 1906. Interest payable Mar. and Sept. 1, at First Trust & Savings Bank, Chicago, and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company ' without deduction. Authorized — Closed mortgage. Outstanding — $587,000 (Jan. 1, 1919). Retired by Sinking Fund — $339,000. Pledged— $1,289,000. Denomination — Coupon, $1,000. Registerabla as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Sinking Fond — Annually 2% on outstanding bonds. Bonds to be purchased at a price not exceeding a 4% basis, or otherwise to be in- vested in other first mortgage bonds. Assumed by the Consumers' Power Co. Organization — Incorporated in Michigan in 1904. Absorbed in 1915 by Consumers' Power Co., a subsidiary of the Commonwealth Power Ry. & Lt. Co. Secured by a first mortgage on hydro-electrlo plant of 16,000 h. p. on the Muskegon River 60 miles from Grand Ra'pids. Underlies — The Consumers' Power Co. 1st Ref. 5s of 1936, which provides for the retire- ment of this issue. Earnings — See Consumers' Power Co. Original Market — Offered in 1906 by Perry, Coffin & Burr, Boston; Harris, Forbes & Co., New York, at 99 and interest. Market. New York— Klely & Horton, F. H. Hatch & Co.. Coffin & Burr, Hodenpyl, Hardy & Co.. Berdell Bros. Boston — Coffin & Burr, Arthur Perry & Co., Berdell Bros. Chicago — Harris Trust & Savings Bank, Hodenpyl, Hardy & Co.. Inc. Price Range. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High.lOO '17 102 '15 Low. 96 '15 100 '15 GRAND RAPIDS RAILWAY COMPANY Ist 5-Year Bs. Due June 1. 1934. Dated June 1, 1919. Interest payable June and Dec. 1, at New York and at Grand Rapida, Mich. Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt in Michigan. Authorized — $4,500,0 00. Outstanding — $2,500,000. Reserved for Corporate Purposes — $1,200,000. Reserved for Ext. (75%) — $800,000. Purpose of Issue — To provide in .part for the payment at maturity of $3,700,000 1st 5s, due June 1, 1919. Denomination — Coupon, $500 and $1,000, registerable as to principal. Trustees — Michigan Trust Company, Grand Rapids, and Bankers' Trust Company, New York. Redeemable as a whole at 101 and interest on four weeks' notice. Organization and Control — Incorporated in Michigan in 1900. Entire $2,000,000 common and $500,000 of the $2,000,000 preferred stock are owned by the Commonwealth Power, Rail- way & Light Company. Management— -Hodenpyl, Hardy & Company, New York, and E. W. Clark & Company, Phila- delphia. Secured by a first mortgage on entire prop- erty of the company, including 67.45 miles s-ingle track equivalent street railway in Grand Rapids, Mich. Population served. 138,000. Franchises extend to April 24, 1921. Year ended Dec. 31 Gross Net Int., Etc. 1918 $1,278,348 $257,861 $233,087 1917 1,303,860 393,684 518,415 1916 1.297,586 469.561 186.919 Original Market — Offered May. 1919. by Har- ris. Forbes & Company, New York and Boston, and Harris Trust & Savings Bank, Chicago. GRAND RIVER VALLFY RAILROAD Ist 4l. Due Sept. 1. 1959. — F. Dated September 1, 1909. Interest payable March and Sept. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,500,000. Outstanding — $1,600, 000. Denomination — Coupon, $1, 000. Registerabla as to principal or fully registerable. Regis- tered. $1,000, $5,000 and multiples not exceed- ing $100,000. C. & R. interchangeable. Triist'ee — Guaranty Trust Co.. N6w York. AsHumed by the Michigan Central R. R. Co. Organization and Control — Incorporated in Michigan May 4, 1846. Leased In 1870 for 999 years by the Michigan Central R. R. Co. and merged with latter company, Sept., 1916. Secured — A direct obligation of the Michigan Central R. R. and secured by the first mort- gage executed jointly by It and the Grand River Valley R, R., on 84 miles of road from Grand Rapids to River Junction, Mich. 494 I^eeal for Cal., Me.. Mich., Minn.. Mo., N. J. and Wis. Orieinal Market— OfEered In 1910 by WhlU, Weld & Co., New York. Market. Plttfibarsrh — R. B. Hutchinson & Co. New York — Abraham & Co., Baker, Car- ruthers & Pell. Price Range. Jan. 1, '10 to Jan. 1, *19 1918 Bid Ask Bid Ask HiKh.87 '16 88% '16 70 Jan. 75 Jan. Low. 60 '17 70 '17 70 Jan. 75 Jan. GRAND TRUNK RAILWAY OF CANADA 3- Year 6% Secured Notes. Due Oct. 1, 1921. Dated Oct. 1, 1918. Interest payable April 1 and Oct. 1. Tax StatiiN — Payment of Federal Income Tax not assumed by company. Authorized — £ 3,000.000. Outstandine — £3,000,000. Purpose of Issue — Issued for the purpose of redeeming- £2,000,000 of 5% secured notes due Oct. 1, 1918, and to provide additional funds for general purposes. Denomination — Coupon £500, £200 and £100. Registerable as to principal. Trustee — National Provincial & Union Bank of England. Ltd. Secured by pledge of £5,000,000 Perpetual 4% Consolidated Debenture Stock. Original IVIarket — £3,000,00 ofiEered Sept., 1918, in London at 99 and interest. Market. New York — Freeman & Co, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 360, 000. Out8tanding~n.176.000 (May 15. '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable at 102^ and Interest on any interest date on 40 days' notice. Secured by an equipment trust agreement on 100 locomotives, 2,000 box cars and 50 tank cars, costing $3,820,730. of which the company paid $460,730 in cash. Original Market — Offered in 1912 by Blair & Co., New York, on a 4.70% basis. Market. See Series "A" above. GRAND TRUNK RAILWAY CO. OF CANADA Equip. 4^8, Seties "A." Due $197,000 each May and Not. 1st to and including May 1, 1932.— F. Dated May 1, 1912. Interest payable May and Nov. 1, at New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Aathorized~$3.940.000. Outstanding — $1,182,000 (May 15, '19). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable on any interest date at 102 H and interest on 40 days' notice. Organization — Chartered as Grand Trunk Ry. In 1851. In August, 1882. consolidated with the Great "Western Ry. Co. under present name. Secured by an eauipment trust agreement on 3.000 steel underframe cars, 500 refrigerator cars. 500 automobile cars and 1,000 ateel hop- per bottom cars, costing $4,483,675, of which $543,675 was paid in cash by the company. Original Market — Offered by Blair & Co., New York, in 1912, on a 4.60% basSs. Market. New York — Coggeshall & Hicks, Bull & Eldredge, "Wolff & Stanley, Wm. M. Imbrla & Co., Evans, Stillman & Co.. Freeman & Co. Philadelphia — Graham. Parsons & Co., Can- adian Bond Co.. S. B. I>ewis & Co. CUcago — First Trust & Savings Bank, H. A. Kahler & Co. Detroit — "Watling, Lerchen & Co. Montreal — Ilew R. Wood Co. GRAND TRUNK RAILWAY CO. OF CANADA Sauip. WzB. Series "B." Due $168,000 each May and Nov. 1 to Nov. 1, 1923, inclusive. — F, Dated November 1, 1912. Interest payable May and Nov. 1. at New York. GRAND TRUNK RAILWAY CO. OF CANADA 4:V2% Equipment Notes, Series "C.** Due $113,000 each May and November 1, to November 1, 1918, and $112,000 each May and November 1, to November 1, 1923. inclusive. — F. Dated November 1, 1913. Interest payable May and Nov. 1, at office of Blair & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,250,000. Outstanding— $1,120,000 (May 16, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Redeemable at 102^ and interest on any Interest date on 40 days' notice. Secured by an equipment trust agreement on 112 steel passenger cars, 500 stock cars and 500 flat cars, costing approximately $2,625,185, of which $375,185 was paid in cash by the company. Original Market — Offered in November, 1913, by 'Blair & Co., on a 5^% basis. Market. See Series "A*' above. (THE) GRAND TRUNK RAILWAY CO. OF CANADA Equip. Tr. 5s, Series "D." Due $125,000 each Feb. 1 and Aug, 1 to Aug. 1, 1927.— N. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $2,125,000 (March 1, 1919). glance Retired. Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Redeemable at 102% and interest on any interest date. Secured by an equipment trust agreement on 15 locomotives and 1.000 box cars, valued at about $3,491,860. Original Market — $ 2.500,000 offered Aug. , 1917, by "Wm, Morris Imbrie & Co., New York, on a. 6% basis for average maturities. Market. See >Serle3 "A" above. GRAND TRUNK WESTERN RAILWAY CO. 1st 4s. Due July 1, 1950.— F. Dated July 1, 1900. Interest payable Jan. and July 1, at Bank of Montreal, New York or London. Tax Statas — 2 % Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $15,000,000 ($5,000.000 — sterl- ing. £1,083,058). Denomination — Coupon, $ 5 and $1,000 and £100 and £1,000. Registerable aa to prin- 495 cipal or fully registerable. Trustee — Farmers Loan & Trust Co., New York, and Daniel Wood, "Valparaiso, Ind. Guaranteed as to interest by the Grand Trunk Ry. Co., which company will, each half year, devote not less than 30% of the errosa traffic receipts on business interchanged with the Grand Trunk Western Ry. Co., to meet Interest not earned by the latter company during each half year. Orgranization and Control — Incorporated (n 1900 in Michigan, Indiana and Illinois as a reorganization. Owns jointly with the Toledo, St. Louis & Western Ry. Co. the entire capital stock of the Detroit & Toledo Shore Line R. R. and guarantee principal and interest on its bonds. Controlled through ownership of entire capital stock by the Grand Trunk Western Ry. Co. Secured by a first mortgage on 327 miles of road from. Port Huron, Mich., to Eldsdon, 111. Underlies — $7,662,000 Gen. 4s of 1962 (all owned by the Grand Trunk Ry.), which provide for the retirement of this Issue. Year ended Dec, 31 Gross Net Int. & Rent 1917.. $10,165. 881 $3,231,111 $3,209,117 1916. . 9,229,592 3,570.713 4,094,429 Market. Detroit — Watling, Lerchen & Co,, Matthew Finn. New York — Wolff & Stanley, Philip Lynch. Price Range. Jan. 1^ '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.72 '16 75% '16 60 Oct. 65 Jan. Low. 55 '18 56 '18 55 Mar. 56 Mar. GBANITS CITY (ILIi.) GAS LIGHT & FUEL CO. 1st 6s. Due Jan. 16. 1925. Dated Jan. 16, 1905. Interest payable Jan, and July 16, at Trustee's office. Tax Status — Information not available. Authorized— $200,000. Outstanding — $175,000. Denomination — Coupon. $250, $500 and $1,000. Trustee — Citizens' Savings & Trust Co., E. St. Louis. III. Redeemable at any time at 105 and interest. Secured by a first mortgage on plants sup- plying gas to Granite City and Madison, 111. Population served, 15,000. Franchise in Gran- ite City expires In 2002, in Madison In 1954. Market. St. Louis — Mercantile Trust Co. (THE) GRATON & KNIGHT MANUFACTUR- ING CO. 7% Serial Notes. Due each Aug. 1 as follows: Series *'A" $1,000,000, 1919; Series "B" $1,000,000, 19S0. and Series "C" $1,000,000, 1921— N. Dated Aug. 1, 1918. Interest payable Feb. 1 and Aug. 1 , at National City Bank. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $3,000,000. Purpose of Issue — To fund bank loans which have been incurred to provide the increased working capital necessary to take care of Government orders and increased volume of business. Denomination — Coupon $1,000. Trustee — Farmers Loan & Trust Co.. New York. Redeemable (Seraes "B" and "C" only) on any interest date upon 60 days' notice as a Registerable as to principal. Trustee — Fidelity Trust Co.. Portland, Me. Redeemable at 103 and interest. Sinking Fund — Annually, beginning May 1, 1919, a minimum of $50,000. plus $2 per 1,001 feet for any cut of lumber in excess of 20^,- 497 000.000 feet per annum, for the purchase or redemption of these honda at not over 103 and interest. Bonds acquired to be cancelled. Oreauization — Incorporated in Quebec In 1917. Capital Stock Authorized Outstanding Common $600,000 $600,000 Preferred 200,000 62,500 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. The property covered includes 1,400 acres owned in fee, together with ownership of the river bed and a right to control the entire waters of the Madeleine River and 300,000 acres of perpetual limits located in Quebec. The timber on the property is valued at $9,700,800 on a pre-war basis. Water powers on the property are capable of an ulti- mate development of 27.000 h. p. The com- pany Is to construct a wharf and breakwater on Madeleine Bay: a six-mile railroad, a ground-wood pulp mill with an annual capacity of 20.000 tons, a saw mill with an annual capacity of 5, 000, 000 feet; also dams, pen- stocks, etc. Earnings — Company does not report earn- ings. Original IVIarket — $600,000 ofCered, Sept., 1917, by Beyer & Small. Portland, Me. Market. Portland — Beyer & Small. New York — H. N. Whitney & Sons. Price Range 1918— Ask 9 5. Original Market — $200,000 ofCered March, 1918. by Beyer & Small, Portland, Me., at dS^A and interest. GREAT EASTERN PAPER COMPANY 30- Year S. F. 6s. Due March 1, 1949. Dated March 1 , 1919. Interest payable March 1 and Sept. 1 at Canal National Bank, Portland, Me. Tax Status — 2% Federal Income Tax paid by the company without deduction. Also free of any Canadlian Income Tax not in excess of 6% deductible at the source. Authorized — $5,00 0,000. Outstanding — $2,000,0000 In Treasury — $150,000. Reserved for Add. — $3,760,000. Reserved for Prior liens — $900,000. Fui^ose of Issue — To reimburse the com- pany for expenditures which have been made in the development of its properties and to provide for its further development. Denomination — Coupon $1,000, $500 and $100. Trustee — Canal National Bank, Portland, Me. Redeemable at 105 and interest on any in- terest date. 8inking Fund — Annually, beg'inning Aug. 1, 1925. an amount equal to 1% of outstanding bonds, plus 6% of the amount of all bonds which have been previously retired by this fund, and in case the annual cut of timber shall exceed an amount the Sinking Fund pay- ment for which, at one dollar per one thousand feet of timber would amount to more than the sum for which provision is made as al)ove. the company will pay to the Sinking I^'und an additional amount which, toGr'3ih;r with the payments above provided, will e-iual one dollar per thousand feet of timber cut within the previous twelve months. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest. Organization! — See 1st S. P. 6s. Secured by a general mortgage on all the property of the company. For description of property, see 1st S. F, 6s. Prior liien — $600,000 1st S. F. 6s, due May 1, 1927, for the retirement of which bonds are reserved under this mortgage. GREAT FAtLS (MONT.) GAS CO. Ist S. T. 6s. Due May 1. 1936. Dated May 1. 1916. Interest payable May 1 and Nov. 1, at Central Trust Co. of Illinola, Chicago, Tax Status — Information not available. Authorized — $ 750,000. Outstanding — $261,500. Reserved for Ext. — $488,500. Denominations — Coupon, $500 and $1,000. Registerable as to principal. ' Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 103 and Interest on any In- terest date. Sinking Fund — Annually, beginning Sept. 1, 1920, 3% of gross earnings for the purchase or redemption of these bonds at not over 101 and interest. Organization — Incorporated in Montana In 1909. Capital Stuck Outstanding Preferred $150,000 Common 860,000 Secured by a first mortgage on all the prop- erty of the company. The company owns a gas plant supplying Great Falls. Mont. Popu- lation served, about 33,000. Franchise expireg 1941. Year ended June 30 Gross Net Interest 1918 $72,057 $29,413 $18,304 Original Market — $200,000 offered July, 1916. by Sweet. Causey. Foster & Co.., Denver, at 101 and interest. GREAT EALXS POWER CO. (MONT.) Itt S. F. 5s. Due May 1, 1940.— F. Dated May 1, 1911. Interest payable May and Nov. 1, at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding~$4.272,000 (March 15, 1919). Pledged under Montana Power 1st & Ref. 5t —$5,782,000. Held in Sinking Fund — $728,000. Reserved for Ext. — $4,218,000. Provisions of Issue — Additional bonds if is- sued must be pledged under Montana Power Co. 1st & net. 5s. Denomination — Coupon, $1,000. Reglsterabl« as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 107% and interest on any Interest date on six weeks' notice. Sinking Fund — Annually, beginning In 1912, 1% of all bonds certified, for the purchase or redemption of bonds at not over 107% and interest. Bonds so acquired to be kept aliv« and interest added to sinking fund. Organization, and Control — Incorporated In Montana in 1910. Entire capital stock (except directors' shares) owned by Montana Power Co. and (except one-half of the common stock, which is pledged under the Butte Electric & Power Co. 1st S. F. 5s) pledged under its First and Refunding Mortgage, dated July, 1913. Secured by first Hen on property, including hydro-electric plants and practically all the land, all water rights and all available power sites on both sides of the Missouri River from a point just below the city of Great Falls. Montana, for eight miles down the river. Thi remaining authorized bonds will be issued for additions, etc., and will be pledged under thi 498 First and Refunding Mortgage of the Montana Power Co. Year ended Dec. 31 Gross Net Intereaf 1918 $3,676,961 $2,220,799 $527,404 1917 3.197.132 2.146,614 510,777 1916 3,048,990 2,337,774 428,601 1915 1,675,031 1,266,501 246,152 1914 1,417,266 978,295 188.364 lasted on the New York Stock Exchange. Original Market — $5,000,000 offered in 1911 and 1912 by the Guaranty Trust Co., New York, at 96% and interest. Market. Boston — Hornblower & Weeks. Paine Webber & .Co., BerdeU Bros. New York — Miller & Co., Hanson & Doyle, Wm. C. Bwen, A. E. Fitkin & Co., Bull & Kldredge, Kiely & Horton, Newburger. Hen- derson & lioeb, J. A. Clark & Co., Earle A. Miller & Co., Callaway, Fish & Co., Horn- blower & Weeks. B. & C. Randolph, Earle A. Miller & Co., Pynchon & Co., Taylor & White, McGeorge & Vanderhoef. JIcKni^'ht & Morris. Spencer Trask & Co. , John Nlckerson, Jr. , BerdeU Bros. Philadelphia — Harrison & Co., Newburger, Henderson & Loeb. S. K. Phillips & Co. Wilmington — Laird & Co. Price Range — ^N. Y. S. E. Jan. 1. 1912 to Jan. 1, 1919 1918 High.102% Jan. 30. '17 94 Jan, 29 Lrf)w. 90% Mar. 19. '18 90% Mar. 19 (THE) GREAT liAKES COAL MINING CO. (COI.UMBUS, O.) 1st 68. Doe $100,000 March 1, from 1918 to 1928, inclusive, and $150,000 March 1, 1939.— P. Dated March 1, 1917. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,250,000. Outstanding — $1,150,000 (May 15, 1919). Balance Retired. Denomination — Coupon. $1,000. Trustee — First Trust & Savings Co., Cleve- land. Redeemable at 102 and interest on any in- terest date in reverse order of their issue. Guaranty — A contract has been entered into between the Great Lakes Coal Mining Com- pany and The C. Reiss Coal Company and The Milwaukee Western Fuel Company, by the terms of which the two latter named companies have agreed to purchase the entire output of The Great Lakes Coal Mining- Company for a period of twelve years, beginning March 1, 1917; and one of the provisions of that con- tract is that The C, Reiss Coal Company and The Milwaukee Western Fuel Company have agreed to pay direct to the First Trust and Savings Company, Trustee, each month, be- ginning April 25, 1917, $15,000 per month for the first five years and $15,000 additional on February 25, 1918, and $12,000 per month for the balance of the term, which payments are more than sufficient to meet the maturing in- terest and principal, and are to be made even though the seller, for any reason whatever, has been unable to make any deliveries to the purchaser. Organization and Control — Incorporated in Ohio. All the $1,250,000 capital stock Is owned by interests identified with The C. Reiss Coal Co., of Sheboygan, Wis., and The Mil- waukee Western Fuel Co., of Milwaukee. Wis. Secured by a first mortgage on 5,000 acres of coal owned in fee, together with buildings. equipment, surface land and mining rights per- taining to mined-over areas (the original acre- age being 6,600 acres, of which 1,600 acres have been mined). Two mines have been oper- ated for about 15 years. The property is lo- cated in Harrison and Jefferson Counties. Ohio. The property is estimated to contain a mini- mum of 25.000.000 of recoverable coal. Ca- pacity, 4,000 tons per day. The coal is known to the trade as Pittsburgh or No. 8. Original Marketr— Offered May, 1917, hy First National Bank and Borton & Borton, Cleveland. (THE) GREAT XAKES POWER CO.. LTD. (SAULT STE. MARIE, ONT.) 1st 6b. Due annually May 1 as follows: $50,000. 1919; $55,000, 19^0; [$60.0U0, 19ZU $65,000, 1932; $70,000, 1923; $75,000, 1924; $80,000 1925; $85,000, 1926; $90,000. 1927; $100.- 000, 1928. 1929, 1930; $110,000. 1931 and 1932; $120,000, 1933; $130,000, 1934; $140,000. 1935; $130,000. 1936; $80,000. 1937, and $75,000, 1938.— F. Dated May 1, 1916. Interest payable May and Nov. 1, in Boston. Tax Status — 2% Federal Income Tax paid by company without deduction/- Authorized — $3,000,000. Outstanding — $2,200,000 (April, 1919). Benominations — Coupon. $500 and $1,000. Registerable as to principal. Registered. $1,000 or any multiple. Coupon ($1,000) in- terchangeable with registered. Trustees — State Street Trust Co., Boston, and Frederick Stone, Sault Ste. Marie, Ont. Redeemable as a whole on any interest date before May 1, 1935, on a 5% basis and there- after on a 4'^% basis. Organization — Incorporated in Ontario, Mar., 1916. and acquired and owns in fee the water power properties at Sault Ste. Marie, Ont.. formerly owned by the Algoma Steel Corpora- tion, Ltd. Also owns the $150,000 capital stock of the International Transit Co. Management — Middle West Utilities Co. Secured by a first mortgage on all property of the company, consisting of an intake canal, power house and tail race, together with com- pensating works, situated on the St. Mary's River. The company sells 11,000 water h, p. under a 99-year contract to the Lake Superior Paper Co. and 3,000 h. p. is generated and sold In the form of electrical energy to the Algoma Steel Corp. , the city of Sault Ste. Marie, Ont., and local Industrial plants and street railway system. Further secured by deposit of the entire capital stock of the Inter- national Transit Co., which company owns the local street railway system and ferry service to Sault Ste. Marie, Michigan. The latter company has outstanding $160,000 Ist 5s, due serially to 1925. Year ended I>ec. 31 Gross Net Interest 1918 $334,517 $317,078 $103,071 Original Market — Ofeered May 1, 1916, by Estabrook & Co., Boston and New York, at par and interest. Market. New York — Estabrook & Co. Boston — Estabrook & Co. Chicago — Estabrook & Co. Prloe Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '17 101 '17 95 Dec. 100 Dec. Low. 94 *18 97 '18 94 Apr. 97 Apr. GREAT NORTHERN LUMBER CO. 1st 6b. Due $50,000 Dec. 15, 1919, and $25,000 each June 15 and Dec. 15, from June 15, 1920, to Dec. 15, 1925, inclusive, — F. Dated Dec. 15, 1916. Interest payable June 15 and Dec. 15, at Trustee's office. 499 Tax Statue — 2% Federal Income Tax paid by company without deduction. Authorized — $350,000. Outstanding— $349,000 (May 14, 1919). Italanfee Retired. Denomination — Coupon, $1, 000, except Dec. 15. 1922. maturity, which is $500 and $100. Registerable as to principal. Trustees — Continental & Commercial Trust & Saving-s Banlc and Calvin Fentress, Chicago. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Slnlcing Fund — The mortgage provides that 28,000,000 feet of pine may be released from its lien without payment. For all other re- leases (pine timber only) $2 per thousand feet, log scale. This fund is to retire principal only. Organization — Incorporated in Delaware, Dec. , 1916. Acquired the properties of the Lamb-Davis Lumber Co., Leavenworth, "Wash. Capital Stock Authorized Outstanding Preferred $400,000 $400,000 Common. -. 450,00.0 450.000 Secured by~ a first mortgage on all the prop- erty of the company. Valuation Dec, 1916 Manufacturing plant $250,000.00 Tftnber (fee lands and timber only) 281,661.000 ft. of pine at $1.50. 422,941.50 95,836.000 ft. of fir at $0.25.. 23.959.00 Railroad and eauipment 265,126.00 Total $961,576.50 Underlies — $450,000 notes owned by stock- holders. Original lUarket — Offered Jan., 1917, by Lyon, Gary & Co., Chicago, at 100 and inter- est. Market. Chicago — Lyon, Gary & Co. Price Range 1918 — Ask 96%. GREAT XORTHERX PAPER CO. 1st 5s. Due July 1, 1937.— F. Dated July 1, 1902. Interest payable Jan. and July 1, at the Chase National Bank. New York. tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $1,102,000 (Jan. 1, 1919). Balance Retired by S. F. Denomination — Coupon, $1,000. Tmstee — Columbia Trust Co., New York. Sinking Fund — $2,50 per 1,000 feet of lum- ber cut, to purchase bonds at not exceeding 105 and interest. Organization — Incorporated in Maine in 1899. Owns large holdings of timber land. Secured by a first mortgage on paper mills at Millinocket and Madison, Me., with a dally capacity of 450 tons of paper, and on 634.000 acres of timber lands. Underlies — 2d 6a of 1930. IMvidends of 10% were paid on $6,000,000 stock in 1913. 1914, 1915. 1916; in 1917. 16%; in 1918, 13%. Original Market — Offered in 1902 by H. W. Poor & Co., New York and Boston, at par and Interest. Market. New York— F. H. Hatch & Co. Boston — L. Sherman Adams. Price Range. Jan. 1. 1908 to Jan. 1. 1919 Bid Ask Htgh.lOO '12 102 '12 Low.. 99 '13 110 '09 GREAT NORTHERN PAPER CO. 2d 5b. Due Jan. 1, 1930.— P. Dated Jan. 1, 1910. Interest payable Jan. and July 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Outstanding — $2,475,000 (Jan. 1, 1919). Denomination — Coupon, $1, 000. Registered, $1,000 and multiples. Trustee — United States Trust Co., New York. Redeemable at 105 and interest. Orgaiiiization — See 1st 5s. Secured by a first mortgage on paper mill at East Millinocket, Me., and second mortgage on property described under 1st 5s (see above). Prior Liens — $1,102,000 1st 5s. GREAT NORTHERN POWER CO. (DULUTH) 1st 5s. Due Feb. 1, 1935. — F. Dated February 1. 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstandine — $8,001,000 (April, 1919). IJeld in S. F. — $487,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date. Sinking Fund — A cumulative sinking fund beginning in 1912 provides for the purchase of bonds in open market at not exceeding lOB and interest. If bonds cannot be purchased at such price the fund shall be applied to the purchase of bonds legal for savings banks in New York. It is estimated that this fund will retire 50 per cent, of present outstanding bonds before maturity. Organization and Control — Incorporated in 1903 in Minnesota. Owns the entire ($25,000) capital stock of the Northern Power Co. of "Wisconsin. The $11,000,000 capital stock out- standing is all owned by the Northwestern Power Co. Company has been in full opera- tion since 1910. Secured by a first mortgage on a hydro- electric plant of 80,000 h. p. at Thomson. Minn., and on substations and transmission lines to Duluth. Minn., and Superior, Wis. The company lias contracts with electric com- panies supplying these cities which provide for interest charges on these bonds. Popula- tion served, over 135,000. Year ended Dec. 31 Gross Net Int. & Tax 1918 $1,266,303 $807,914 $549,128 1917 1,135.488 711.121 517,829 1916 898.120 698.448 455,026 Original Market — Offered in 1911 by Klaael. Kinnlcutt & Co., New York; $1,469,000 offered Nov. , 1916, by Coffin & Burr and Tucker, Anthony & Co., Boston, at 91 and interest. Market. New York — Sam'l Goldschmidt, S. P. Larkln & Co., Tucker, Anthony & Co., Gwynne Bros., Dunham & Co. , Wm. C. Bwen, Hanson & Doyle, E. & C. Randolph. J. Nlckerson. Jr., Morton Lachenbruch & Co., A. E. Pitkin & Co., Barle A. Miller & Co., Kiely & Horton, Coffin & Burr, Pynchon & Co.,' Chas. D. Bar- ney & Co.. Fred H. Hatch & Co.. Earle A. Miller & Co.. Babcock, Rnshton & Co. Boston — Tucker, Anthony & Co. , Coffin & Burr. F. B. Bassett & Co., Richardson, Hill & Co., L. Sherman Adams. Berdell Bros. Philadelphia — H. D. Boenning & Co.. Ber- dell Bros., S. K. Phillips & Co., Warren A. Reed, Huntoon & Co. New Haven — The Chas. W. Scranton & Co. 500 Portland — M. S. Brown. II. M. Payson & Co. Chicago — Babcock. Rushton & Go. ITlce Kange. Jan.. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Aak High.96% '16 97^ '16 84% Dec. 87% Dec. Low. 78 '15 81 '18 79 Jan. 81 Aug. GREAT NORTHERN RAILWAY COMPANY. Incorporated in Minnesota in 1856 as the Minneapolis & St. Cloud R. R. Co. and name changed to present title in 1889. The company owns 7,131 mi'.es of road, of which 316 milea are double tracked, extending from Minneap- olis. St. Paul and Duluth, Minn., to Spokane and Seattle, Wash. , and Portland, Oregon, with branches to Sioux City, la. ; Yankton, S. D. : Billings, Helena and Butte, Mont., and numerous other branches, and controls through ownership of the entire capital stocks of com- panies owning: the road, 708 miles, of which 586 miles are in Canada, and including lines connecting with other lines of^the Great North- ern Ry. Co. at the International Boundary and entering Winnipeg, Nelson, Vancouver and other important towns in Canada and British Columbia. The total mileage operated is 8.256 miles. The company owns, equally with the ton & Quincy R. R. Co., which operates 9.369 the $110,839,100 stock of the Chicago, Burllng- Northern Pacific Railway Co., $107,613,500 of miles of road and furnishes an important east- ern outlet for both roads, and the entire $40,- 000,000 capital .stock and $73,710,000 1st mortgage bonds of the Spokane, Portland & Seattle Ry. Co., which owns several steam and electric railways in Oregon and Washington, The Great Northern Ry. Co. formerly con- trolled, through the Lake Superior Company, some 65, 000 acres of land in the Mesaba Range in Minnesota. Some 25,000 acres of this land was iron ore land. All of the land was placed In trust for the railroad in 1906. and $150,000,000 of "ore certificates," repre- senting the ownership of this land, were issued to Great Northern Ry. Co. stockholders. The .Great Northern Ry. Co. has outstanding $249,478,250 of stock. This is generally known as ' 'preferred' ' stock, but there is only this one class of stock. Dividends have been paid continuously on this stock since 1891, 3%% being paid In that year, 5% from, 1892 to 1896, 5%% in 1897, 6%% in 1898 and 7% in each year since that date. The total bonded debt secured on the rail- way of the company is $163,051,515, or at the rate of $20,073 per mile. Since 1907, when the roads formerly leased were absorbed, an- nual net earnings, available for interest, have been about four times the interest charges on the entire funded debt. Year ended Dec. 31: Gross Net Int.&Rent 1917. .$88,598,735 $31,044,767 $7,915,706 Year ended Jane 30 Gross Net Int. &Rent 1916. .$81,262,478 $35,061,822 $7,461,207 1915.. 67.162,858 28,015,114 7,396,844 GREAT NORTHERN RAILWAY CO. 1st and Ref. 43^8, Series A. Due July 1. 1961. Dated May 1, 1911. Interest payable Jan. 1 and July 1 at company's office, 32 Nassau Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000,000. Outstanding— $35,668,000 (Dec. 31. 1918). Pledged to Secure 5% Notes — $25,000,000. Held in Treasury— $17,711,000. Held in Pension Fund — $500,000. Reserved for Refunding— $332,062,000. Reserved for Ext. — $100,000,000. Reserved fo>r AcaulSLtions (Stocks and Bonds) — $89,059,000. Denomination — Coupon $1,000. Registerab!e as to principal. Registered $1,000 and author- ized multiples. C & R. interchangeabi.e. Trustee — Bankers Trust Co.. New York. Redeemable as a whole only at any time on or subsequent Jan. 1, 1941, at 105 and interei^t upon 90 days' notice. Sinking Fundi — The company has set aside and is carrying on its books $28,808,219.93 to cover depreciation and replacement of its equipment. The railway company has cove- nanted to mark distinctively that portion cov- ered by first lien so that it may be readily dis- tinguished from that upon which it is a gen- eral lien; to keep in repair and renew ttie same from time to time, so that the equity con- veyed shall not be impaired. Secured by direct or collateral lien on 7,- 75 5.91 miles of main line track, including 7.480.32 miles of first track and 275.59 miles of other main line track; also a lien of equip- ment, trackage rights, leaseholds, terminals, etc., viz., a first lien on 2,113.74 miles first track and 43.71 miles other main line track — Miles Coon Creek to Brook Park. Minn 56.51 Saunders to Allouez, Wis 6.20 Brookston. to Ellis, Minn 46.51 Kelly Lake to Chis'holm. Minn 7.23 Kelly Lake to Gunn, Minn 31.34 Virginia to Chisholm, Minn 16.98 Park Rapids to Cass Lake, Minn 49.04 Thief Riv. Falls to Warroad, Minn 84.24 Watertown to Huron, S. D 69.61 Fargo to Surrey. N. D 2?6.92 Aneta to Devils Lake, N. D 57.72 Armington to G. N. Jet., Mont 194.53 Shelby Jet. to Great Falls, Mont 97.31 Rexford to Int'l Bdy-Gateway, Mont... 8.58 Northport, Wash, to Int'l Bdy-Paterson. 7.49 Marcus, Wash., to Int'l Bdy-Laurier. . 27.66 Int'l Bdy-Danville to Int'l Bdy-Ferry. . 25.13 Int'l Bdy-Molson to Int'l Bdy-Chopaka 48.46 Seattle, Wash., to Int'l Bdy-BIaine. . . . 122.70 Anacortes to Rockport, Was'h 57.31 Tr. at Sioux City, la 1.2 8 Monroe to Tolt, Wash 12 Bonners Ferry to Int'l Bdy-Fort Hill. Idaho 25.95 Power to Bynum. Mont 42.97 Mississippi to Hibbing, Minn 34.18 Emmert to Chisholm, Minn 3.69 Kelly Lake to Fermoy. Minn 23.29 Kelly Lake to Flanders. Minn 9.69 Sundry Mine Spurs on Messabe Range. . 17.07 Bllendale to Forbes. N. D 13.36 Walhalla, N. D. to Int'l Bdy-Haskett Man 5.34 Lakota to Sarles, N. D 73.13 St. Johns to Int'l Bdy.-St. Johnis. N. D 3.77 York to Dunseith, Nt D 42.27 Bottineau to Antler, N. D 41.89 Towner to Maxbass. N. D 46.10 Granville to Sherwood. N. D 61.82 Berthold to Crosby, N. D 89.16 Stanley to Wildrose, N. D 50.75 Bainville to Plentywood, Mont . 53.19 Virden, Mont., to Int'l Bdy-Sweet Grass 36.54 Kalispell to Marlon, Mont 25.57 Kalispell to Somers, Mont 10.45 Fidelity Lumber Spur at Albany Falls, Idaho 1.99 Curlew to Republic, Wash 21.28 Republic to Eureka Gulch, Wash 5.97 Croville to Pateros, Wash 78.10 Columbia River to Ma"''«'5ld. Wash 60.58 501 A first coltateral lien on 584.81 miles first track (and 7.12 miles other main line track) by pledge of entire issues of capital stock (except aualifyini: shares) of proprietary com- panies, viz. : Miles Far Minneapolis Western Ry Co.. 1.69 $749,500 Man. Great Northern Ry. Co. 91.77 2,053,500 The Brandon, Saskat. & Hud- son's Bay Ry. Co 69.46 2,136,000 Crows Nest Sou. Ry. Co 74.18 4,269,800 The Nelson & Ft, Sheppard By. Co 65.42 2.836,800 Red Mountain Ry. Co 9.59 402,600 Vancouver. Victoria & East. Ry. & Nav. Co 276.78 23,466,000 Brandon, Devils Lake & Sou. Ry. Co 13.05 650,000 Totals 591.93 $36,563,200 A second lien on 4,112.92 miles first track (and 171.14 miles of other main line track) — Covered by the first lien of the follow- inir: St. Paul. Minn., and Man. — Pac. E3xt. 1st 4s 432.55 Eastern Ry. of Minn. — Northern Div. 1st 4s 284.21 Willmar &. Sioux Palls 1st 53 304.09 Spokane Fa.'.ls & Northern 1st 6s 130.04 St. Paul. Minn., & Man. Cons. 6s, 4%s and 4s 2.542.16 St. Paul, Minn., & Man. — Mont. Ext. 1st 4s 419.85 A third lien on 668.85 miles first track (and 53.62 miles of other main line track) — ■ Covered by the first lien of the follow- in?; Minneapolis Union Ry. 1st 5s and 6s.. 2.47 Montana Central 1st 5s and 6s 249.98 St. Paul, Minn., & Man. — Mont. Ext. 1st 4s 416.40 Also a lien on eciuipment at the time of the mortsaee costing $59,073,180 upon $46,200,068 is a first lien. (See "Sinking Fund.") Also a lien on 182.63 miles of trackage rights. Including terminals, viz. : Nor. Pac. — Seattle to Vancouver, Wash. 172.63 Nor. Pac. and Spokane, Portland & Seattle Rys. — Vancouver, Wash., to and in Portland, Ore 9.90 Also secured by pledge of the following se- curities: Stocks Deposited Issued •St. Paul Union Depot Co. $103,600 $932,400 •Minnesota Transfer Ry. 7,000 70,000 Lake Superior Terminal & Transfer Ry 167,800 496,000 Total $278,400 $497,400 •Subject to lien of St. P., M. & M. Cons. Mtge. Bonds St. Paul, M. & M.^ . Mont. Ext. 1st 4s $ir602.000 $21,687,000 St. Paul, M. & M. — Pac. Ext. 1st 4s 707,394 29,090,909 Spokane Falls & North- ern 1st 6s 2,583,000 2.812,000 Willmar & Sioux Falls Ist 5s 21,000 3,646,000 Total .$14,813,394 $57,435,909 Prior I/iens — Subject to $107,625,615 prior liens as follows: Eastern. Ry. of Minnesota — North- ern Div. 1st 4s, 1948 $9,695,000 Minneapolis Union Ry. 1st 5s and 6s, 1922 2,800,000 Mont. Central 1st 6s and 6s, 1937. 10.000,000 St. Pau:, Minn,, & Man. Cons. Os. 4%s and 4s, 1933 42,608,000 St. Paul, Miifh.. & Man. — ^Mont. Ext. 1st 4s, 1937 10,185.000 St. Paul, Minn., & Man. — Pac. Ext. 1st 4s. 1940 28,383,615 Spokane Falls & Northern 1st 6s, 1939 229,000 Willmar & Sioux Falls 1st 6s, 1938 3,625,000 All closed mortgages. Bonds are reserved under this mortgage to retire the prior- liens. Legal for Bait., Cal,, Conn., Me., Mass., Mich., Minn.. N. H., N. Y., N. J., B. L, Vt., Ore. and Wis. Listed on the New York Stock Exchange. Original Market — Underwritten, $20,000,000, in 1911, by First National Bank, National City Bank and J. P. Morgan & Co., New York, and offered at 102 and interest; $1,300,000 offered June, 1919, by First National Bank and Clark, Dodge & Co., New York at 86% and interest. Market. New York — ^Active on N. Y. Stock Exchange. Pittsburgh — R. B. Hutchinson & Co., Moore, Leonard & Lynch. Providence — Hornb'ower & Weeks. Price Range — ^N. Tl. S. B. Jan. 1, 1911 to Jan. 1, 1919 1918 High. 101% Jan. 4, '17 92% Nov. 27 Low. 85 Sept. 25, '18 85 Sept. 26 GRB^T NORTHERN RAILWAY CO. S-Year Coll. Tr. 5% Notes. Due Sept. 1, 1920. Dated Sept. 1, 1917. Interest payable Mar. 1 and Sept. 1 at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20, 000, 000. Outstanding — $20,000,000. Denomination — Coupon, $1,000, $5,000 and $10,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at any time before Sept. 1, 1918, at 101 and interest and there- after at 100% and interest. Secured by pledge of $25,000,000 1st and Ref. 4Hs, due 1961. Original Market — $20,000,000 offered Aug.. 1917, by the First National Bank, New York, at 98 and interest. Market. New York — McDonnell & Co., Sharretts & Young, Kissel, Klnnicutt & Co., Joseph & Wiener, Salomon Bros. & Hutzler, Guaranty Trust Co., Bull & Eldredge, Chas. W. Hill, Mann. Bill & Co.. Curtis & Sanger, Newburger, Henderson & Loeb, Equitable Trust Co. of N. Y., Kean. Taylor & Co., Morrison & Town- send. John Nickerson, Jr. Philadelphia — ^Montgomery & Co., J. W. Sparks & Co., Bioren & Co., Newburger, Hen- derson & Loeb. Boston — Curtis & Sanger. Chicago — Northern Trust Co.. Kissel. Klnni- cutt & Co., Curtis & Sanger. Kean, Taylor & Co. Montreal — Hew R. W^ood Co. Pittsburgh — B. W. Evans & Co., Kean, Tay- lor & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 98% '18 99 '18 98% Dec. 99 Dec. Low. 96% '17 97 '17 96% Feb. 97 Feb. 502 GREAT NORTHERN RAILWAY CO. OF CAN- ABA Cons. 4s. Dae Oct. 1, 1934. — N. Dated April 1, 1905. Interest payable April 1 and Oct. 1, at Canadian Bank of Com- merce, New York and Toronto. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,962,000 and $20,000 per mile. Ootstandin? — $3,605,000. IGxchanETed for Canadian Nortliern Quebec Ry. Co. 4% Perpetnal Debenture Stock — $1,- 719.750. Denomination — Coupon, $100, $500 and $1,000. Tmstee — Central Trust Co., New York. Redeemable at par and interest any Interest date prior to April 1. 1916. Guaranteed as to principal and Interest by endorsement by tbe Canadian Northern Ry. Co. Organization and Control — Absorbed by the Canadian Northern Quebec Ry. Co., which is controlled by tbe same interests as the Canad- ian Northern Ry. Co. Secured by a first mortg'age on 20S miles of road from Hawkesbury, Ont., to Riviere-a- Pierre, Quebec. ; Montf ord to Huberdeau and branches. This line forms part of what will eventually be a line from the Atlantic Ocean to the Pacific Ocean, of which a large part is already completed. Underlies — $5,200,000 Can. Nor. Queb. Per- petual Deb. Stock. Listed on the Toronto Stock Exchange. Market. New York — ^W. S. Macomber, Britton. Rol- lins & Co., Hotchkin & Co., F. J. Lisman & Co., A. Hicks Lawrence, F. H. Hatch & Co., Philip Lynch. Roeton — Hotchkin & Co. Montreal — Dominion Securities Corp. , Ltd. , Hew R. Wood Co. Price Range. Jan. 1, '08 to Jan. I, '19 1918 Bid Ask Bid Vsk High.86 '16 88 '16 70 Nov. 75 Nov. Low. 45 '18 57 '16 45 Feb. 65 Feb. Price Range, Jan.l, '16 to Jan. 1. *19 1918 Bid Ask Bid Ask High. 81 '17 73 Mar. 80 Apr. Low. 67 '18 80 '18 67 Nov. GREAT SOUTH BAY WATER CO. Ist Si Ref. 5s. Due Nov. 1, 1938.— F. Dated Nov. 1, 1908. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $400,000, Outstanding — $386. 000. Reserved for Prior Liens — $14,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Peoples' Trust Co., Brooklyn, N. Y. Organization — Incorporated in New York in 1889 and absorbed the SufColk County "Water Co. Secured by practically a first mortgage on plants supplying water to Bay Shore and Patchogue, Long Island. N. Y., and vicinity. Population served, 25,000. Has contract with village of Patchogue, running to 1928, and Bay Shore to 1921. ■ Prior Lien — $14,000 bonds, due 1929. Year ended Dec. 31 Gross 1918 $89,511 1917 87.811 1916 80,726 1915 78.206 1914 73,254 Market. New York — P. H. Hatch & Co., Sam'l Gold- Echmidt, Hotchkin & Co. Philadelphia — R. W. Daniel & Co. Boston — Chas. A. Day & Co. GRKAT SOUTHERN LUMBER CO. Deben-- ture 5s. Due Jb'ebruary 1, 1928. Dated February 1, 1917. Interest payable Feb. 1 and Aug. 1, at Bankers Trust Co., Buffalo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $900,000 (March 1, '19). Retired by S. F. — $100,000. Denomination — Coupon $1,000. Trustee — Bankers Trust Co., Buffalo. Redeemable as a whole or in part by lot at 100 and interest on any interest date after three weeks' notice. Sinking Fund — Annually, beginning Jan. 1, 1919, $100,000, to be applied by the Trustee to the redemption of these bonds by lot at not over 100 and interest on the following inter- est date, viz. : February 1. Bonds so ac- quired to be cancelled. Organization — Incorporated in Pennsylvania in 1902. The company owns in fee over 200,- 000 acres of timber land in Louisiana together with timber rights In Louisiana and Missis- sippi, which contain over 2,000,000,000 feet of ' long leaf yellow pine lumber. The company owns and operates a timber manufacturing plant at Bogalusa. La., having a daily capac- ity of about 1.000,000 feet. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants not to create any mortgage (except purchase money mortgages) or in- cumbrance, of any nature, upon any of its properties unless provision is made for the re- tirement of these debentures then outstand- ing, or unless these debentures are equally or ■ ratably with the other obligations of the com- pany issued pursuant to the provisions of such mortgage or incumbrance. The company also covenants to maintain its plant, machinery and equipment at full and complete efficiency during the life of the debentures and whenever required by the Trustee furnish a full and complete statement of its plant, machinery and equipment. The company has no mortgage indebtedness. Karnings — Not reported. Market. Buffalo — John -T. Steele. GREAT WESTERN POWER CO. 1st S. F. 5s. Due July 1, Iftlfi.— F. Dated July 1, 1906. Interest .payable Jan. and July 1, at New York, Boston. San Fran- cisco or London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $20,760,000. Pledged under Ist & Ref. 68 — $2,700,000. Retired by S. F.— $670,000. Denomination — Coupon. $1,000. RegisterabU as to principal. Reeristered, $1,000. Trustees — Bankers' Trust Co.. New York. Redeemable at 106 and interest on any in- terest date. Sinking Fund — 1% annually of outstanding bonds, commencing July 1, 1916. for the pur- cha se or redemption of these bonds at not over 106 and interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated in California in 1906 and controls through stock ownership The California Electric Generating 503 Co., the City Electric Co. of San Francisco and the Consolidated Electric Co. In 1919 the Great Western Power Co. of California acquired the properties oi the company, the City Electric Co. and the Consolidated Elec- tric Co. The latter company is controlled through stock ownership by the Western Fovrer Corp. Secured by a mortgage on all the property of the company now owned or acquired. Also secured by deposit of the entire S5, 000, 000 common stock of the California Electric Gen- erating Co. and the entire $5,000,000 capital stock of the City Electric Co. of San Fran- cisco. The property covered by the direct lien of this mortgage includes the following: Big Meadow Reservoir located in Plumas County in Northern Central California covering about 20,000 acres and with a storage capacity of about 300,000 acre feet; additional acreage in Butte "Valley adjacent to Big Meadows; hydro- electric plant of 87,000 h. p. at Big Ben Sta- tion on the Feather River; two 3-phas6 circuits operating at 100,000 volts extending on steel towers with concrete foundations from Big Bend plant 154 miles to Oakland; substations at Sacramento, Oakland, Napa, Santa Rosa, Petaluma and other points; 1,600 miles of un- derground and overhead circuits serving cus- tomers ; 3 submarine cables, each 4 miles in length, operated at 11,000 volts, extending un- der San Francisco Bay between Oakland and San Francisco; also lands and water rights necessary to m,ake an ultimate development of 500,000 additional h. p. Prior Liens — $992,000 1st 5s of 1948 and $2,500,000 6% preferred stock of the Cali- fornia Electric Generating Co.; $1,630,000 1st 5s of 1937 of City Electric Co. of San Fran- cisco. The dividends on the stock and the principal and interest on the bonds are guaran- teed by the Great Western Power Co. Underlies — G. W. P. Co. of Cal. Conv. Deb. 6s of 1925 and 1st & Ref. 6s of 1949. Bonds are reserved under the latter mortgage to retire this issue. Year ended Dee. 31 (W. P. Co. System) Gross Net * Charges 1918.,. .$4,644,407 $2,653,152 $1,806,428 1917 4,008,553 2,490,855 1,828,158 1916 3,743,346 2,513,257 1,834,969 1915 3,038,204 2,290,957 1,522.265 1914 2,681,099 2,053,571 1,430,849 •Includes interest on funded debt and $150,- 000 annually Cal. El. Gen. Co. pref. div. but not including sinking funds. liisted on San Francisco Bond & Stock Ex- change. Original Market — Offered in 1909, by E. H. Rollins & Sons. Boston, etc., at 96 and in- terest. Market. New York — McDonnell & Co.. Hanson & Doyle, Sam'l Goldschmidt, S. P. Larkin & Co.. Sutro Bros. & Co.. Earle A. Miller & Co., McDonnell & Co., J. J. Levenson, Martin, Ber- win & Co., Miller & Co.. W. J. Wollman & Co.. J. M. Byrne & Co., Kemerer. Matthes & Co., J. S. Farlee & Co., Dunham & Co., E. & C. Randolph, Hotchkin & Co., Geo. H. Burr & Co., Berdell Bros., Kiely & Horton. Pynchon & Co., McGeorge & Vanderhoef, Abra- ham & Co., H. F. McConnell & Co.. McClure, Jones & Reed, Fred H. Hatch & Co., T. Hall Keyes & Co.. Newhall & Co., Phelps & Neeser, W. C. Rauscher, Taylor & White. Morton Lachenbruch & Co., John Nlckerson, Jr., Bab- cock. Rushton & Co., Berdell Bros. Boston — Hotchkin & Co., Lee, Higginson & Co., Berdell Bros., L. Sherman Adams. Philadelphia — Ervin & Co., H. D. Boenning & Co., S. K. Phillips & Co., Investment Reg- istry of America, Inc. , Los Angwles — Blankenhorn-Hunter-Dulin Co., L. A, Crisler & Co. Chicago — Babcock, Rushton & Co. Price Range. Jaji. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 9 3 '10 96 '10 84 1^ Dec. 87 Dec. LOW.70H '17 71% '18 70 Feb. 71% Jan. GEEAT MTESTERN POWER COMPAJVY OF CALFFORNLi 1st & Ref. S. F, 6s, Series "A." Due March 1. 1949. Dated March 1, 1919. Interest payable March and Sept. 1 in New York, Boston, Chicago and San Francisco. Tax Status — 2% Federal Income Tax paid by company without dfeduction. Authorized — $6,000,000 Series "A." Additional bonds may be issued under this mortgage for not exceeding 80% cash cost of extensions, etc., provided net earnings for twelve consecutive months within the preced- ing fifteen months are not less than 1% tiihes the annual interest on all mortgage bonds of the company outstanding, including additional bonds and bonds to be issued. Otherwise the authorized issue is not limited to amount. Outstanding — $3,000,000. Purpose of Issue — To finance in part the construction of new hydro -electric generating plant of an initial capacity of 53,000 h. p. "and a new 100,000 volt steel tower transmis- sion line from said t)lant to Velona, Cal. , which is distributing center for the San Ftan- cisco bay district. Denomination — Coupon SI. 000, $500, and $100. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable on the Jst of any month upon 60 days' notice at the following prices: 103 and interest to Feb. 28. 1939, 102 and interest thereafter to Feb. 28, 1948. and 100 and in- terest thereafter. Sinkinig; Fund — Beginning 1923 annual pay- ments on Jan. 1 of an amount in cash equal to 1 % % par value of all bonds outstanding under this mortgage. Of this sum not 'ess than 1/3 to be applied to the acquisition of bonds by purchase or by call; bonds so acquired! to be kept alive and interest added to the fund. Remainder of sinking fund payments to be expended for improvements, extensions, better- ments or acquisitions which shall not be made the basis for the certification of additional bonds. Organization and Conitrol — Incorporated In California in 1915 for the purpose of unifying the Great Western Power System and has ac- quired in fee the properties of tflie Great West- ern Power Co., City Electric Co, and the- Con- solidated Electric Co. The Western Power Corporation (New York corporation) owns all of the common stock of this company. Secsured by mortgage covering entire property of the company now owned or hereafter to be acquired, and is secured by a first mortgage on the new hydro-electric generating station, initial capacity of 53,000 h. p. and an ultimate capacity of 160,000 h. p.: also secured by a. general mortgage on all properties, rights and franchises formerly owned by Great West- em Power Company, City Electric Company, Consolidated Electric Company, and on the common stock of the California Electric Gen- erating Company and of the Western Canal Company. AddltionaKy secured bv pledge of $2,700,000 Great W^estern Power Company 1st 5s. due July 1, 1946. See detailed description of these properties under 1st 5s. due July 1, 1946. Prior Uens — G. W. Power Company lat 5s 1946 $20,760,000 City Blectric Company 1st 5s 1937 1,618,000 ConsoHdatea Electric Co. Gen. 6s. 1956 and underlyine Bonds 1,765,200 The pledged stock is subject to the lien of the G. "W. Power Co. 1st 5s, due 1946. Uuderlies — Con v. Deb. 6 s, due 1926. liB^al for New Hampshire and Vermont. Orleinal Market — Offered May, 1919, by E. H. Rollins & Sons, Bonbright & Company, and Lee, Higginson & Company, New York, etc., at 95 and interest. GREAT WESTERN POWER CO. (OF CAU- FOBNIA) Conv. Deb. 6s. Dae Nov. 1. 1926.— F. Dated Nov. 1, IMS. Interest payable May 1 and Nov. 1 in New Tork or San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6, 000, 000. Outstanding— $4,836,000 (Jan. 1, 1919). Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustee — Equitable Trust Co.. New York. Redeemable at any time at 101 and interest on four weeks' notice. Convertible at par from Nov. 1, 1917, to Oct. 31. 1920. both Inclusive, into 7% cumu- lative preferred stock of the company at $95 a share and accrued dividends with adjust- ment as to interest and dividends. Organization. Etc. — See let 6a. Security — These debentures are a direct ob- ligation of the Great Western Power Co. of California, but are not secured by a mortgage Prior lAeas — $21,444,000 1st 5s of 1946: $992,000 California Blectric Generating Co. 1st 5s of 1948; $1,630,000 City Electric Co. 1st 5s of 1937; $1,602,200 Consolidated Electric Co. Gen. 6s of 1955. Earnings — See 1st 6s. Original Market — Offered to stockholders of Western Power Co., pro rata at 96% and in- terest in November, 1915. Subscription under- written by B. H. Rollins & Sons, Boston, New York, Chicago, etc.. and William P. Bonbright & Co.. New York, and $4,600,000 offered by these firms Dec. 1915 at same price. Market. New York — E. & C. Randolph, McGeorge & Vanderhoef, Berdell Bros., McDonnell & Co., A. E. Fitkin & Co., Miller & Co., Bonbright & Co., John Muir & Co., Philip Lynch. Kiely & Horton. Morton Lachenbruch & Co., John Nickerson, Jr.. Babcock, Rushton & Co., New- hall & Co., Wm. C. Orton. Taylor & White. Fred H. Hatch &. Co., H. F. McConnell & Co., MoClure, Jones & Reed. Pl^iladelphia — H. D. Boenning & Co. . . Bon- bright & Co. Boston — Bonbright & Co.. Prancia Henshaw & Co., F. B. Basseft & Co., Hotchkin & Co., Berdell Bros. Portland — Beyer & Small. San Francisco — Sutro & Co. Chicae:o — Babcock. Rushton & Co. I.08 Angeles — L. A. Crisler & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.9914 '17 100 '16 89 Dec. 92 Dec. Low. 78 '17 80 '18 78 Feb. 80 Feb. GREEI.EY-HCDSON SECURITIES CORP. 6% Secnred Sinking Fund Notes. Due May 1, 1931.- F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 at Harvey Fisk & Sons. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,920,000 (Jan. 1, 1919). Held in S. F. — $80,000. Denominations — Coupon. $100 and multiples. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable as a whole or in part for sink- ing fund at 105 and interest on any interest date on 30 days' notice. Sinking Fund — Semi-annual payments, viz: Dates Amounts Feb. 1, 1918 $40,000 Aug. 1, 1918 40,000 Feb. 1, 1919 40,000 Aug, 1, 1919 40, 000 Feb. 1, 1920 45,000 Aug. 1. 1920 46,000 Feb. 1, 1921 60,000 Aug. 1. 1921 60.000 Feb. 1, 1922 66, 000 Aug. 1, 1922 66,000 Feb. 1, 1923 66.000 Aug. 1, 1923 65.000 Feb. 1. 1924 70, 000 Aug. 1, 1924 70. 000 Feb. 1. 1926 76.000 Aug. 1. 1925 76,000 Feb, 1, 1926 80,000 Aug. 1, 1926 80,000 Feb. 1, 1927 85,000 Aug. 1. 1927 85,000 Feb. 1, 1928 '. 95,000 Aug. 1, 1928 95,000 Feb. 1, 1929 100,000 Aug. 1, 1929 100,000 Feb. 1, 1930..: ■. . 100,000 Aug. 1, 1930 100,000 Feb. 1, 1931 100,000 May 1, 1931 100,000 The company may deliver to the trustee these notes in lieu of cash. Fund is to be applied to the purchase or redemption of these notes at not over 106 and interest. Notes so acquired to be held alive and interest added. Organization and Control — Incorporated In May. 1917, under a readjustment plan where- by ail the $2,000,000 capital stock of this company and $2,000,000 notes (this issu'?) was transferred to thB Hudson Companies for the stocks and bonds of the Greeley Square Realty Co., mentioned below. Secured by pledge of the following securities: $3,627,000 ($4,250,000 issued) Ist Ref. 5s, due Oct. 1, 1930, together with the entire $1,000,000 common stock and $1,000,000 pre- ferred stock of the Greeley Square Realty Co.. which company owns a plot of land on tb*» westerly side of Broadway (formerly - .Sixth Avenue), New York City, bounded by 32d and 33d Streets, having a frontage of 197 ft. 6 in. on Broadway, with a depth of 400 ft. on both 82d and 33d Streets improved by a building (department store) covering the property which is rented by Gimbel Bros, under a lease for 21 years, from Aug. 1, 1910, at annual net rental increasing from $605,000 for the first three years to $665,000 for the last three years, and continuing the privilege for four renewals: also a subordinate interest in $250.- 000 ($6,600,000 held by the Mutual Life In- surance Co.) 1st Mtge. R. B. due 1924. The latter mortgage is a prior lien on the property above described. Under the provisions of the mortgage the time of payment of any or all the bonds or Interest in bonds included In above collateral may be extended by the company provided such bonds are not in default. 505 Prior liiens — Of the above collateral the foUowing is subject to prior pledges: $2,450,000 1st Ref. 5s, $1,000,000 preferred and $1,000.- 000 common stocks of the Greeley Square Realty Co. pledged with the Guaranty Trust Co. to secure $1,500,000 notes of the Hudson Companies, payable Aug. 1, 1918. Original Market — Holders 'of the Hudson Companies' $16,000,000 preferred stock had the right to subscribe to these notes at par and interest with a 50*^ bonus in stock. GREEN BAY & WESTERN RAIIROAD CO. Income Deb. "A" and "B." — N. Dated Feb. 1, 1896. Interest payable when earned, at company' s office, 4 Wall Street, New York. Class "A" are entitled to 2%% if earned, then 2%% for $2,500,000 common stock, then ratably up to 5 % ; when this amount is paid class "B" are entitled to all surplus earnings. Class "B" have received l^ % in 1908, %% In 1009, %% in 1910. %% in 1911-1912. 1^% In 1913 and %% in 1914. %% in 1915 and %% in 916, 1%, 1917; %%, 1918. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $600,000 "A"s; $7,000,000 "B":. Denomination — Coupon, $1,000. Registerable as to principal. Registrar — Farmers' Loan & Trust Co.. New Tork. Organization — The company owns 222 miles of road, includiog line from Green Bay to Marshland, Wis., 209 miles and branches. Security — A direct obligation of the com- pany, but are not secured by mortgage. There are no fixed charges on the property except taxes. Property can be mortgaged only with the consent of 75% of the stock. Vear ended De«. 31 Gross .$1,019,056 838,537 850.071 780,423 •Includes 5% each on Deb. "A" bonds and on capital stock, and %%, 1% and % % respectively on Deb. "B." ■ tFederal Income Account. Listed on the New York Stock Exchange. Market. New York — Wolff & Stanley. Price Range — N. Y. S. E, Jan. 1, '06 to .Ian. 1, '19 1918 "A" High.92% Jan. 22. '06 Low.. 71 Mar. 19, '08 "B" High.231^ Jan. 19. '06 9% May 24 Low.- 5% Oct. 30, '07 7 May 2 tl918.. 1917.. 1916.. lSl5.. Net *Dividends $127,890 None 242,140 163.750 225,000. 198,750 290.973 288,933 GREEN BAY GAS & EUECTRIC CO. 1st & Ref. 5s. Due May 1, 1935.— F. Dated May 1, 1905. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $437,000 (Jan. 1. 1919). -Retired by S. E. — $57,000. Denomination — Coupon, $1,000. Registeiable as to principal. Trustee — Wisconsin Trust Co., Milwaukee, Wis. Redeemable on any interest date, up to Nov. 1. 1924, at 105 and interest; thereafter at par and interest. Sinking Fund — Annual amount on May 1 sufficient to call in and pay $5,000 bonds from 1910 to 1914; $8,000, 1915 to 1919: $10,000, 1920 to 1924; $15,000; 1925 to 1929 and $22,- 000 thereafter. Company may deposit either cash or bonds. If cash is deposited it is to be applied to the purchase or redemption of bonds at -not over 105 and interest prior to May 1, 1925, and at not over 100 and Interest on May 1, 1925, or thereafter. Bonds ac- Quired are to be cancelled. Assumed by the Wisconsin Public Service Co. Control — ^Absorbed by the Wisconsin Pub. Service Co., which is controlled by Wisconsin Securities Co. Secured by a mortgage on plants supplying gas and electricity to Green Bay, Wis. , and vicinity, serving population of 60,000. Electric franchise is perpetual; gas franchise expires in 1945. The property of the company in- cludes a hydro-electric plant and a 65 mile transmission line. Underlies — $2,438,000 W. P. S. 5s, 1942. Earnings — See Wis. Public Service Co. Original Market — Offered in 1905 by Mac- Donald, McCoy & Co., Chicago, at 101 and interest. Market. Milwaukee — Edgar, Ricker & Co., First Sav- ings Bank & Trust Co., Wisconsin Trust Co., Marshall & Ilsley Bank. Wilmington, Del. — George P. Bissel. Pbiladelphla^S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask High. 981^ '16 100 '16 Low. 95^ '17 GREEN BAY (WIS.) WATER CO. 1st 6s. Due $5,000 annnally Sept. 1. 1916 to 1939, in- elusive* and $380,000 on Sept. 1, 1940.— F. Dated Sept. 1, 1910, Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $545,000 (May 8, '19). Retired — $15,000. Denomination — Coupon, $500 and $1,000. Registered as to principal. Trustee — ^Wisconsin Trust Co., Milwaukee, Wis. Redeemable at 102% and interest on and after Sept. 1, 1916, on any .interest date. Secured by a first mortgage on plant sup- plying water to Green Bay, Wis. Population served, 25,000; water-supply is obtained from 10 artesian wells. Operates under the Wis- consin indeterminate franchise law. Year ended June 30 Gross Net Int. & S. F. 1917 $101,821 $49,365 $38,697 Original Market — OfCered in 1910. at 101 and Interest, by E. H. Rollins & Sons, Boston, etc.. Market. tos Angeles — Stephens & Co. San Diego — Stephens & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 Bid Ask High.99% '17 101 '15 Low. 99 '16 GREENBRIER RAILWAY CO. Ist 4s. Due Nov. 1. 1940.— F. Dated November 1, 1900. Interest payable May and Nov. 1, at J. P. Morgan & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstandin,g^$l,722,000 (Jan. 1, 1919). 506 Retired by Sinking Fond — $278,000. Unissued — $1,000,000. Denomination — Coupon, $1, 000. Regristerable ag to principal. Trustee — Equitable Trust Co., New Torlc. Sinking Fund — One per cent, of bonds out- standing: to be applied annually beginning Nov. 1, 1905, to the purchase of these bonds at not exceeding 105 and interest; if not so purchas- able, to be invested in approved securities. Assumed by the Chesapeake & Ohio Ry. Co. Control — Merged with C. & O. Ry. Co. In 1903. Secured by a first mortgage on 100.80 miles of road from Whitcomb to Winterburn, "W. Va. Underlies — C. & O. Gen. Fund & Impt, 5s of 1929; Conv. 4^s of 1930, And FirsL Lien & Impt. 5s, all of which are deposited under Conv. 5s of 1946. liisted on the New York Stock Exchange. Now York— Sam'l Goldschmidt, P. J. LIs- man & Co. , John W. Christiansen, Wm. C. Ewen, Abraham & Co. Philadelphia — Graham, Parsons & Co.. West & Co. , S. K. Phillips & Co. , Chas. Fearon & Co. Pittsburgh — R. B. Hutchinson. Price Range — N. Y. S. E. Jan. 1. '06 to Jan, 1, '19 191H Bid High. 99 34 Feb. 2, '06 73 Vg Dec. Low. 85 Sept.*14, '08 65 Aug. GREENFIELD (MASS.) ELECTRIC LIGHT & POWER 1st 58. Due Oct. 1, 1923.— N. Dated Oct. 1, 1903. Interest payable April and Oct, 1, at First Natl. Bank, Greenfield, Mass. ' Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized and Outstanding — $100,000. Denomination — Coupon and registered. $500 and $1,000. Trustee — Springfield Safe Deposit & Trust Co., Springfield, Mass. Organization — Incorporated in Massachusetts In 1886. Secured by a first mortgage on steam and water power plants and distributing systems supplying Greenfield, Nortbfield, Bernardston, Ashfield, Colrain, Shelburne, Buckland, Deer- field and Conway, Mass., with electricity. Population served .over 26,000. Franchises perpetual- Underlies — 7% notes of 1921. Year ended Dec. 31 Gross Net Interest 1918 $327,602' $113,280 $28,926 1917 307.022 105,482 13.227 1916 285,257 86,097 9.196 1915 242,561 103,153 1914^ 213.558 88,069 14,331 Market. New York — F. H. Hatch & Co,, Didrlchsen & Co. Boston — L. Sherman Adams. GREENFIELD ELECTRIC LIGHT & POWER CO. 7% Notes. Due Feb. 1. 1931. Dated Feb. 1, 1918. Interest payable Aug. 1 and Feb." 1 In Boston. Tux Status— -Payment of Federal Income Tax not assumed by company. Authorized — $300,000. Outstanding— $300,000. Purpose of Issue — To provide for substan- tially all of the floating debt of the company which was Incurred for, extensions and Addi- tions. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Commonwealth Trust Co., Boston. Redeemable at 101 and interest on Feb. 1, 1919. or Aug. 1, 1919. and at 100% and in- terest on Feb. 1, 1920, or Aug. 1. 1920. Organization — See 1st 5s, Security — A direct obligation of the com- pany, but not secured by a mortgage. While these notes are outstanding no new mortgage can be placed on the company's property, and the total amount of indebtedness, including these notes, shall not at any time exceed the amount of capital stock and premiums. Prior Lien — $100,000 (closed mortgage) lat 53 of 1923, Earnings — See 1st 5s, . Original Market^$300.000 offered Feb., 1918, by Merrill, Oldham & Co., Boston, at 99 ^^ and interest. GREENVILLE CAROLINA POWER CO. 1st 5s. Due May 1. 1935. Dated May 1, 1905. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $300,000, Outstanding — $265,000 (Jan. 1, '19). Held im S. F.- $35,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105. and Interest. Sinking Fund — ^Annually, beginning May 1, 1910, 1% (in cash) of the entire, amount of bonds certified. Fund to be applied to the purchase of these bonds at not over 105 and interest. If bonds are not so purchasable fund shall be invested in securities legal for Massachusetts savings banks. Control — January 1, 1917. the property of this company was conveyed in fee to the South- ern Public Utilities Co. Secured by a first mortgage on a hydro- electric plant on the Saluda River, near Green- ville, S. Car. The company supplies electricity in Greenville, S. Car., and vicinity, serving a population of 10,000. It also supplies power under a 30-year contract to the Greenville Traction Co. Underlies — Southern Public Utilities Co.. lat & Ref. 5s of 1943. Earnings — See Southern Public Utilities Co. New York — F. H. Hatch & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid, Bid High.90 '17 86 Dec. Low. 85 '18 85 May GREENWICH & JOHNSONVILLE RAILWAY ' CO. Ist 4s. Due Jan. 1, 1924.— N. Dated January 1 , 19 04, Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $400,000. Reserved for Imp. — $100,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control — All of the stock is owned by Dela- ware & Hudson Co. Secured by a first mortgage on 21.15 miles of road from Schuylerville to Johnsonville, N. Y, Legal for Cal.. Me., Mich., Minn., N. H., N. J., N. Y. and Wis. 507 New York— Wolff & Stanley, Sam'l Gold- schmidt, Abraham & Co. , Baker, Carruthers & Pell. Price Rangre. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Hi8h.96% '16 99 'IG 91% Feb. Low. 70 '17 85 '17 GREENWICH BIJEACHERY 10-Year 1st 6s. Due annually $10,000 June 1, 1918; $15,000 June 1, 1919, to June 1, 19S2, inclusive* and $20,000 June 1, 19S3, to June 1. 1926. ^ Dated June 1, 1916. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $150,000. Outstanding— $140,000 (May 1, 1919). Balance Retired. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Federal Trust Co.. Boston. ■ Redeemable at 101% and interest on 30 days' notice. Organization — Incorporated in 1904 in Rhode Island, and took over the property of a Massa- chusetts corporation of the same name. Cap- ital stock, $100,000. Secured by a first mortgage on all the prop- erty of the company, comprising a plant for bleaching and finishing of white goods located at East Greenwich, R. I., together with land, water privilege and reservoir. Fixed assets valued at $476,526. Origlnar Market — $150, 000 offered June. 1916, by Hodgdon, Caghman & Co., Boston, Philadelphia and Rochester, on a 5.9% basis. Market. Boston — McConnell & Co. GREENWICH TRAMWAY CO. 1st 5s. Due July 1, 1931.— N. Dated July 1, 1901. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — Payment of JFederal Income Tax not assumed by company. Authorized— $400, 000. Outstanding — $320, 000. Denomination— Coupon, $1,000. Trustee — Treasurer of State of Connecticut. Assumed by the New York, New Haven & Hartford R. R. Co. Control — ^Absorbed by the Consolidated Ry. Co. and subsequently taken over by the Con- necticut Co. The capital stock of this latter company is owned by the N. Y., N. H. & H. Ry. Co., but is to be sold. Secured by a first mortgage on 9 miles of electric railway from East Portchester to Sound Beach, Conn. Underlies — Connecticut Ry. Co. Debentures. Earnings — See Connecticut Ry. Co. Original Market — Offered in 1902 by B. H. Gay & Co., Boston, at 111%. Market, New Haven — ^H. C. Warren & Co., The Chas. W. Scranton & Co. New York — PhlHp Lynch. Price Range. Jan. I. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106 '12 105 '08 92 Jan. 100 Jan. Low. 85 '18 92% '18 85 May 92% May Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $475,000. Denomination — Coupon, $1,000. Trustee — Treasurer of State of Connecticut. Redeemable at 120 and interest at any time. Assumed by the Shore Line Electric Ry. Co. Control — On June 28,' 1916, this property was purchased by The Shore Line Electric Ry. Co. Secured by a first mortgage on 24 miles of track from. Groton, Conn., to "Westerly, R. I., and branches. Connects at Groton with ferry for New London, Conn. Population served, exclusive of New London, 8,000; New London, 20,000. Built on private right of way except In villages. Market. New Haven — The Chas. W. Scranton Co. (D.) GRTJEN, SONS & CO. 7% Notes. Due $100,000 each June 1, from 1920 to 1923 inclusive — F. Dated June 1, 1918. Interest payable Dec. 1 and June 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $400,000. Outstanding — $400,000. Purpose- of Iss-ue — To retire bank loans, to provide funds to carry the increased cost of merchandise, and to supply the urgent de- mand for military watches. Denomination — Coupon $1,000. Redeemable at any time on or after June 1, 1919, at 101 and interest; on or after June 1, 1920, at 100% and interest and on or after June 1, 1921, at 100 and iinterest. Company — The Gruen family have been en- gaged in the manufacture of watches for 44 years. The company has over 1200 agencies. Plant is located in, Cincinnati. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The company has no funded debt, and covenants not to mortgage any of its property while any of these notes are outstanding and to main- tain net quick assets at all times equal to 1% times total liabilities. Original Market — $400,000 offered May. 1918. by "Westheimer & Co., Cincinnati, at from 99% to 97 and Interest according to maturities. Price Range — 1918. Bid Ask High.98% July 99% July Low. 97% July 98 July. GROTON & STONINGTON ST. RAILWAY 1st 59. Due July 1, 1924. — F. Dated July 1. 1904. Interest payable Jan. and July 1. International Trust Co., Boston. (THE) GUANAJUATO POWER & ELECTRIC CO. 1st 6s. Due Oct. 1. 1932.— F. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Trustee's office or Bonbright & Co., London. Payment of Interest — Oct. 1. 1916, coupons were paid Jan. 1, 1919, with interest at 6% on such coupons to that date. Further pay- ments will depend on conditions^ in Mexico. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1, 380, 000. Retired by Sinking Fund — $120,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and interest when drawn by lot. Sinkinr Fund — 1% annually of bonds issued from 1907 to 1916, 2% from 1917 to 1926 and 4% from 1927 to 1931. Payments to be applied to the purchase or redemption of these bonds at not over 105 and interest. 508 Organization — Incorporated in Colorado in 1902. Owns the entire capital stock of the Michoachan Power Co. and guarantees ita bonds (J2, 000, 000); also owns the entire com- mon stock of the Central Mexico Light & Power Co. The first mentioned company owns power properties and is operated by the G. P. & B. Co. The latter company owns and oper- ates distribution system, in a number of cities and towns. Secured by a first mortgage on hydro -electric plant of 7,000 H. P. and on transmission lines and distributing systems extending from Octo- ian on the "West to Guanajuato, Leon and Celaya on the east, 160 miles and from Guana- juato to San Luis Potosi, 88 miles located in the state of Michoachan and state of Guana- juato. The company supplies power to the mining districts as well as to operating com- panies in municipalities in the territory served. Year ended Dec. 31 (consolidated). Gross Net Interest 1917 $743,295 $227,260 $335,095 Original Market — First offered by B. H. Rollins & Sons, Boston, New York, etc., and Wm. P. Bonbrieht & Co., New York. Market. New York — Hotchkin & Co.. Fred H. Hatch & Co. Boston — P. W. Mason & Co., Hotchkin & Co., Chas. A. Day & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.99 '09 101 '09 33f. Dec. Low.25f. '18 54 '16 25f. Nov. GUTLFORD-CHESTER WATER CO. Cons. 5s. Dae Jan. 1. 1939. — F. Dated Jan. 1. 1909. Interest payable Jan. and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. • Outstanding — $330,000 (Jan. 1, '18). Held in Treasury — $30,000. Reserved for Prior Liens — $140,000. Denomination — Coupon, $500. Keglsterable as to principal. Trustee — Union & New Haven Trust Co., New Haven, Conn, Organization — Incorporated in Connecticut in 1908 as a consolidation of the Guilford Water Co. and the Chester Water Co. Secured by a mortgage on plants supplying water to Guilford, Madison, Clinton. West- brook, Old Saybrook, Essex, Deep River, and Chester, Conn. Population served, 20,000. Franchises perpetual. Prior liiens — $59,000 Guilford Water Co.'a 5s. and $81,000 Chester Water Co. 5s, for the retirement of which provision is made in this mortgage. Year ended Dec. 31 Net Interest 1917 $43,180 $23,855 Market. New Haven — H. C. Warren & Co. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable on any interest date upon 30 days' notice at 103 and interest. Organization — Incorporated In Illinois in 1906. The company manufactures and sells the Gulbransen Player Piano. Secured by a first mortgage on the com- pany's manufacturing plant located in Chi- cago, III., with total floor space of 230,000 square feet, valued at $401,119. Original Market — $200,000 offered January, 1916. by Fort Dearborn Trust & Savings Bank, Chicago, at par and interest. Market. Chicago — Fort Dearborn Trust & Savings Bank. GULBRANSEN-DICKINSON CO. let Real Estate 6s. Due $10>000 annually from Jane 10, 1920, to June 10. 1929, inclusive; $15,000 June 10, 1930, to June 10, 1933. inclusive; and $30,000 each June 10, 1934 and June 10, 1935. Dated June 10. 1915. Interest June 10 and Dec. 10, at Trustee's office. Tax Status — 2% Federal Income Tax paid by the company without deduction. Authorized— $200, 000. Outstanding — $200, 000. Denomination — Coupon, $100, $500 and. $1,000. GULF & SHIP ISLAND RAILROAD CO. Ist Ref. & Terminal 5s. Due Feb. 1, 1953. Dated Feb. 1, 1902. Interest payable Jan. and July 1, at Metropolitan Trust Co., New York. Tax Status — 2% Federal Income Tax pam by company without deduction. Authorized — $5, 000, 000. Outstanding— $3,781,000 (April 1, 1919). Held in S. F.— $1,203,000. Reserved for Prior lien — $16,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1, 000, $5, 000 and $10,000. C. & R. interchangeable. Trustee — New Tork Trust Co., New York. Sinking Fund — 1% of outstanding bonds an- nually for the purchase of bonds at not more than 110 and interest; bonds purchased to be cancelled, but interest continued thereon and is added to sinking fund. Organization — Incorporated in Mississippi In 1882. Secured by practically a first mortgage on 307.56 miles of road from Gulfport to Jack- son, Miss., and branches, and extensive ter- minals In Gulfport, which are reported, to have cost in excess of $2,000,000. Prior liiens — *16,00a 1st 5a of 1926. Underlies — Debenture 6a, due to 1924. Year ended June 30 Gross Net Int. & Rent 1917 $1,974,078 $634,275 $226,074 1916 1,964,177 755.459 250.926 1915 1,633.006 461,072 254,596 1914 1,996,934 637,983 268,304 1913 2,114,620 683,872 283.481 Listed on the New York Stock Exchange. Original Market — Offered by Fisk & Robin- son, New York, in 1902. at 104% and interest. Market, New York — Sam'l Goldschmidt, McKinley & Morris, C. H. Hensel, Chas. W. Place, E. & C. Randolph, Newburger, Henderson & Loeb, Robinson & Co.. Wolff & Stanley. John Daven- port, F. J. Lisman & Co., McKinley & Mor- ris, H. I.' Nicholas & Co., Baker, Carruthers & Pell. Philadelphia — Newburger, Henderson St Loeb. Buffalo — John T. Steele. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.105% June 6. '06 83 Jan. 11 Low. 72% Dec. 4, '17 75 June 13 GULF & SHIP ISLAND RAILROAD CO. deb- enture 6s. Due $50,000 each May 1 from 1918 to 1934 Inclusive. — N. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $350,000. Outstanding — $350,000. 509 Denomination — Coupon, $1,000. Trustee — Bankers Trust Co., Buffalo, N. Y., and Joseph T. Jones. Redeemable at 105 and interest on any in- terest date on 3 months' notice. Organization — See Ref. & Term. 5s of 1952. Security — A direct obligation of the com- pany, but not secured by a mortgage. Prior IJens — $16,000 1st 5s of 1926 and $3,- 998,000 Ref. & Term. 5s of 1952. Earnings — See Ref. & Term. 6s. GULF TKBMINAI. CO. (MOBILE) let 4b. Due Jan. 1, 1957.— F. Dated Jan. 1, 1907. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $700,000. Gotstanding — $600,000. Denomination — Coupon and registered, $1,000 C. & R. interchangeable. Coupon registerable as to principal. Trustee — Franklin Trust Co., New York. Guaranteed jointly and severally by endorse- ment as to principal and interest by Southern Ry. and Mobile & Ohio R. R. Control — All of the stock is owned by the guarantor companies, and the property is leased to them. Secured by a first mortgage on passenger terminals covering over six acres and extending through seven city blocks in Mobile", Ala. Original Market — Oftered in 1907 by Potter, Choate & Prentice and Spencer Trask & Co., New York, at 94 and interest. * Market. New York — Baker, Carruthers' & Pell, "Wm. C. Ewen, John Davenport, F. ,T. Lisman & Co., Abraham & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 191S Bid Ask Bid Ask High. 89 -10 91 '10 67 Nov. 75 Nov. Low. 60 '17 70 '18 60 Jan. 70 Aug. GXJI.FPORT & MISSISSIPPI COAST TRAC- TION CO. 1st 6s. Due Sept. 30. 1935. Dated Sept. 30, 1905. Interest payable April and Oct. 1, at Trustee's oflflce. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorfzed — $1,000,000. Outstanding — $1,000,000. Denomination — Coupon, $1,000. Trustee — Hibernia Bank & Trust Co., New Orleans. La. Redeemable at 105 and interest on Oct. 1 in any year. Organization — Incorporated in Mississippi In 1905 and purchased the property of the Bil- bxi Electric Ry. Co. and the Gulfport Develop- ment Co. Secured by a first mortgage on 24 miles of electric railway from Pass Christian through Gulfport to Biloxi, Miss., and a second mort- gage on six miles of street railway in Biloxi. Population served, 25,000. Prior I.iens — $149,400 Biloxi EL Ry. & Pow- er 6s of 1924. Underlies— $692,000 2nd 6s of 1932. Year ended June 30 Gross Net Int. & Tax 1918. . . . $283,361 $59,493 $114,120 1917... . 269,736 104,267 1916. .. . 226,905 63,316 1915... . 246,173 110,650 1914.. . . 266,004 103,096 Taxes in 1918. $15,207. Listed on the Cincinnati Stock Exchange. Market. New York — ^A. B. Morley & Co. r»iu H HACKENSACK WATER CO. let 4e. Due July 1. 1952.— F. Dated July 1, 1902. Interest payable Jan. and July 1, at Hoboken. N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6, 000, 000. Outstanding — $ 4,750,000. Held in Treasury — $1,250,000. Denomination — Coupon, $1,000. Regiatered, $1,000. Trustee — Hudson Trust Co., Hoboken, N. J. Redeemable at 105 and interest on or after July 1, 1912, upon six months' notice. Organization — Incorporated in New Jersey In 1869. In 1902 reorganized and present title adopted. Secured by a first mortgage on all property, now owned or hereafter acquired. The com- pany owns about 530 miles of mains, and sup- plies water to 47 comniunities in Hudson ,and Bergen counties. New Jersey. Population served, 300,000. . Earnings — Company does not report earn- ings. Listed on the New York Stock Exchange. Market. , New York — A. B. Fitkin & Co., E. & C. Randolph, W. E. R. Smith & Co., Van Sant & Legg, B. H. & P. W. Pelzer, Wm. C. Ewen, John Davenport, F. H. Hatch & Co. ' Boston — H. C. Spiller & Co., Chas. A. Day & Co. Jersey City — Cutwater & "Wells, Edwin R. Case. Newark — J. S. Rippel. Paterson — F. A. Peters, P. K. McCully. Philadelphia — Graham, Parsons & Co., Brown Bros. & Co. Price Range. Jan. 1, *15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 85 17 75 Mar. 80 Mar. Low. 67 '18 73 '18 67 Dec. 73 Apr. HAGERSTOWN & FREDERICK (ELECTRIC) RAILWAY 1st & Ref. 6s. Due April 1, 1944. — F. Dated April 1, 1914. Interest payable April 1 and Oct. 1, in Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $10,000,000. Outetandine — $1,324,000 (Jan. 1. '19). Reserred for Prior Liens — $815,000. Reserved for Ext. — $7,861,000. Denomination — Coupon, $100, $500 and 11,000. Registerable as to principal. Trustee — Fidelity Trust Co.. Baltimore, Md. Redeemable at 105 and interest on any In- Sinking Fund — ^Annually from Oct. 1, 1919, to Oct. 1, 1926, 1% of these' and prior bonds outstanding, to Oct. 1, 1934, 2% and there- after 3% per annum, payable semi-annually. Fund applficable to the purchase or redemp- tion of these bonds at not over 105 and inter- Depreciation and Maintenance Fund^A sum equivalent to at least 12^% of monthly gross earnings received from all sources, and pay- able monthly to the Trustee. Organisttion — Incorporated in Maryland In 1913 as a consolidation. In. 1916 acquired a large majority of the capital stock of the Poto- mac Light & Power Co. In 1917 acquired control of the Chambersburg, Greencastle & Waynesboro Street Ry. Co. and Waynesboro Electric Co. Management — Sanderson & Porter, N. T. Secured by a first mortgage on street rail- ways in Frederick, Md., and vicinity, including 33 miles of road, and the plants formerly of the Frederick & Hagerstown Power Co. and a mortgage on 55 miles of railway in Hagers- town and vicinity, including part of the inter- urban line between Frederick and Hagerstown, and on plants supplying electricity to towns in the territory served by the railwaylines and plant supplying gas to Frederick. Md. The railway lines extend from Frederick to Hagers- town with branches to Thurmont, Boonsboro and Jefferson, Md. . and Shady Grove, Pa. Population served, 65,000. Franchises are either perpetual or extend at least 15 years beyond maturity of bonds. Prior Liens — Subject to $815,000 prior liens, viz: $120,000 Hagerstown & Myersville Ry. 1st 5a of 1924; $110,000 Hagertown & Boons- boro Ry. 1st 5a of 1922; $200,000 Hagerstown & Northern R. R. 1st 5s of 1927; $179,000 Frederick Gas & Electric Co. 1st -5s of 1929: $126,000 Frederick & Middletown Ry. 1st 5s of 1935; $30,000 Monocacy Valley R. R. 1st 5s of 1925; $50,000 Frostburg 111. & Mfg. 1st 53 of 1929. All closed mortgages. Bonds of this issue are reserved to retire all of the above issues. Year ended Dec. 31 Grosa Net ♦Charges 1918 $718,632 1229.244 $190,943 1917 604.611 225.979 164,066 1916 630.604 204,266 146.480 ♦Includes interest, taxes I. etc. Original Market — $800, 000 offered by the Fidelity Trust Co., of Baltimore. Md., at 98% and interest in May, 1914. Market. Baltimore — Fidelity Trust Co., Poe & Davies, Nelson, Cook & Co., J. S. Wilson, Jr.. & Co., Jenkins. Whedbee & Poe, BEiltimore Trust Co. Price Range 1918 — Ask 98%. HAGERSTOWN LIGHT & HEAT CO. OF WASHINGTON COUNTY l^t 5s. Due Aug. 1, 1962. — F. Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1 at Electric Bond & Share Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $291, 000. In Treasury — $34,000. Denomination — Coupon, $1,000. Trustee — Girard Trust Co.. Philadelphia. Redeemable at 103 and interest on 30 days' notice. Organization and Control — Incorporated in Maryland in r891. All of the stock Is owned by the Lehigh Power Securities Corp., a sub- sidiary of the Electric Bond & Share Co. Secured by a first mortgage on plant supply- plying gas to Hagerstown, Md. Population served, 22,000. Franchises are reported as unlimited as to time. Earnings — Se.e Lehigh Power Securities Corp 6% Notes. HALE & KILBtTRN CORPORATION 1st S. F. 6s. Due June L 1939. Dated June 1, 1919. Interest payable June and Dec. 1. at Philadelphia. Tax Status — 2% Federal .Income Tax paid by company without deduction. Tax free in Pennsylvania. 5.11 Authorized — $2,000,000. Oiitstanding^-$l, 500,000. Reserved for Ext., etc. — $500,000. Provisions of Issue — Additional bonda may be issued for 75% of cost of additional prop- erty, betterments, extensions, or permanent im- provements when earnings applicable to bond interest are not less than three times interest on bonds outstanding and to be issued. Purpose of Issue — To retire floating indebt- edness and furnish additional working capital necessary to handle a largely increased busi- ness. Denomination — Coupon, $1,000, registerable as to principad. Trustee — Fidelity Trust Company, Phila- delphia. Redeemable as a whole or in part or for sinking fund at 102% and Interest. Sinking Fund — $40,000 per annum to be paid to the Trustee in cash or bonds at par In equal semi-annual instalments. Bonds to be called by lot uni'ess purchaseable in the open market at not to exceed call price. Bonds so acquired or called to be kept alive and interest adid'ed to the fund. If bonds in addition to the original issue of $1,500,000 are issued, pay- ments to this fund are to be increased accord- ingly. Organization' — Incorporated in Delawarej Feb. 18, 1918; succeeded to a business which had been carried on for over 70 years. Manu- factures automobi'le bodies and pressed metal automobile parts and units, car seats for steam and ^electric railways and other pressed metal , products. Secured by a first mortgage on the corpora- tion's plant at 18th street and Lehigh Avenue, Philadelphia. Plant covers about four acres and comprises five modern buildings of fire- proof and slow-burning metal construction. Appraised value Dec. 31. 1918. $2,246,819. Further secured by pledge of 10,000 shares (en- tire issue) capital stock of the Central Realty Corporation, Philadelphia, par value $50.00 each. This company owns the building at 6th and Filbert Streets. Philadelphia. Indenture provides that corporation shall not pay dividends on capital stock that will reduce its nat quick assets below 100% of bonds at any time outstanding, exclusive oT bonds in the sinking fund, and that total physical assets shall be at all times at least 150% of same. Prior XAen — Pledged stock is subject to $400,000 mortgage on building at 6th and Fil- bert Streets, Philadelphia. Original Market — Offered May. 1919, by Frazier & Company and Montgomery & Com- pany, Phr.adelphia, at 96 and interest. HAIiL SIGNAI. COMPANY 1st Extended 68. Due $50,000 each Oct. 1 to 1920. Extended from Oct. 1, 1915, the original date of m.aturity. Interest payable April 1 and Oct. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt dn New Jersey. Authorized — $250,000. Outstanding— $100,000 (May 8. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Empire Trust Co., New Tork. Redeemable on any interest date at 102^ and Interest. Assumed by the Hall Switch & Signal Co. Organization and Control — Incorporated in 1889, and property acquired In 1912 by Hall Switch & Signal Co., incorporated in Maine. as the result of a financial reorganization. Secured by a first mortgage on plant, equip- ment and patents of the company, which is engaged in manufacture of automatic block signals and other railway appliances. The plant of the company is located at Garwood, N. J. It is reported that the extension of the bonds was arranged to facilitate the company in handling "war" orders. No further mortgage may be placed upon the property of the company unless these bonda are paid off. Underlies — $1,000,000 6% Convertible Deba. Due 1932. Original Market — Offered in Oct., 1916, by H. L. Crawford & Co., New Tork, at prices to yield about 6%%. Market. New York — L. A. Norton, H. L. Crawford & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96 '17 99% '16 92 Dec. 99 Aug. Low. 85 '18 88 '18 85 Mar. 88 Mar. HAMBURG RAILWAY COMPANY 1st 4b. Due Nov. 1, 1926.— P. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Trustee' s office, New York. Interest is regularly paid on these bonds. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $750,000. Outstanding — $745, 000. In Treajsury — $5,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Control — Absorbed by the Buffalo & Lake Brie Traction Co., now In hands of receiver. Secured by a first mortgage on 12 miles of road. 17 miles of track, from Buffalo to Ham- burg, and Including street railway system In the last named town. Underlies — Buffalo & Lake Erie Traction Co. 1st & Ref. 5b of 1936, a sufficient amount of which bonds have been reserved to retire this issue. Original Market — Offered by Bertron, Grls- com & Jenks (now Bertron,- Griscom & Co.), New York, at 85 and interest. Market, New York — Wolff & Stanley, P. H. Hatch & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.84 '11 86 '12 75 Dec. 80 Dec. Low.. 60 '16 80 '16 EtAMILTON Ss tlNDENWALD ELECTRIC TRANSIT CO. 1st 5s ext, to July 1, 1923. Dated Dec. 1, 1901. Interest payable June and Dec. 1, at Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding-~$195.a00 (May 8, 1919). Held in Sinking Fund — $55,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Cleveland Trust Co. , Cleveland, Ohio. Sinking Fund — Annually 10% of outstanding bonds. Control — Absorbed by Cin., Day. & Toledo Trac. Co. The property of the latter company was sold under foreclosure subject to under- lying .mortgages. Including this' mortgage. New company, Cincinnati & Dayton Tractlbn Co. 512 Secured by a first mortgage on nine mllea of electric railway in and around Hamilton, Ohio, and to Lindenwald, forming a part of the through line of the Ohio Electric Ry. Co. between Cincinnati and Dayton, Toledo and other cities in Ohio. Population served by these lines, 40,000. Franchise expires in 1930. listed on the Cincinnati Stock Exchange. Market. Cincinnati — ^W. E. Hutton & Co. New York— W. B. Hutton & Co. Pliiladelpliia — E. R. Barnard. HAMrLTCKN (ONT.) CATARACT POWER, LIGHT & TRACTION CO. 1st & Ref, 5s. Due April 1, 1943. — N. Dated April 1, 1903. Interest payable April 1 and Oct. 1 at Canadian Bank of Commerce. Hamilton, Ont., and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding— $1,911,000 (Jan. 1, 1919). Retired by Sinkii^ Fund — $228,000. Reserved for Prior Liens — $1,545,000. Reserved for Ext. — $1,316,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — National Trust Co., Toronto, Can. Redeemable at 110 and interest on and after April 1, 1923. Sinking Fund is to be invested to retire underlying bonds on not leas than a 4% basis, otherwise for purchase of bonds of this Issue. Organization and Control — Incorporated in Ontario in 1903, Practically all of the stock is owned by the Dominion Power & Transmis- sion Co. Secured by a mortgage on 116 miles of street railway in and around Hamilton. Ont., and on distribution system supplying electricity to the same territory. Power la obtained from the Dominion Power & Transnliasion Co. Population served, 200,000. Prior Liens — $1,221,000 prior liens, viz.: $380,000 Hamiilton Street Ry. 1st 4%s of 1928 and $841,000 H. E. Lt. & Cat. Power 1st Sa of 1929. Closed mortgages. Refunding — Bonds are reserved under the Dom. Pow. & Trans. Co.'a mortgage to retire this issue. Year ended Dec. 31 * Gross Net Interest 1918 $2,352,756 $680,421 $239,664 1917 2,257,121 790.532 237,298 1916 2,136,027 890,619 269.294 1915 1,856,919 812,250 261,297 Original Market — $300,000 offered in June, 1903, by Harris, Forbes & Co., New Tork, etc., at par and Interest. Market. Toronto — A, E. Ames & Co., Ltd. New York — F. H. Hatch & Co.. S. L. Snow- den, Taylor & White, Barle A. Miller & Co. Chicago — ^Harris Trust & Sav. Bank, Bab- cock, Rushton & Co. Boston — Arthur Perry & Co. Montreal — Hew R. Wood Co., Nesbitt, Thom- son & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '16 98 '16 80 Dec. 85 Dec. Low. 80 '18 85 '18 HAMILTON (ONT.) EL ECTRIC LIGHT & CATARACT POWER CO. lat Bs. Due October 1, 1929. Dated October 1, 1899. Interest payable April 1 and October 1, at Bank of Commerce, Hamilton, and in New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding— $871,000 (Jan. 1, 1919). Retired by S. F.— $201,000. Held in H. C. P., L. & T. Co. S. F.— $58,000. Denomination — Coupon, $1,000. Trustee — National Trust Co., Ltd., Toronto. Control — ^Absorbed by the Hamilton Cata- ract, Power, Light & Traction Co. , all of whose sfbck is owned by the Dominion Power & Transmission Co. Secured by a first mortgage on plant dla- tributing electricity in Hamilton, Ont., and vicinity. Underlies — $1,911,000 H. C Pr., Lt. & Tr. Co. 1st & Ref'g 5s. Bonds are reserved under that mortgage to retire this issue. Earnings — See H. C, P.. L. & T. 1st & Ref. 5 s. Market. Toronto — ^A. E. Ames & Co. New York — Kiely & Horton, Taylor & White, Fred H. Hatch & Co. Boston — ^Arthur Perry & Co. Chicago — Harris Tr. & Sav. Bk. Montreal — Hew R. Wood Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.97 '16 100 '16 Low. 80 '17 88 '17 HAMMAR BROTHERS WHITE LEAD CO. 1st 6s. Due $SO,(HIO each Nov. 1 from 1916 to 1925.— F. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1, In St. Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — $140,000 (March. 1919). Balance Retired. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Mercantile Trust Co., St. Louis, Mo. Redeemable on any interest date at 102%% and interest. Organization — Incorporated in Miaaourl In 1908 as successor to a company which had been in business since 1872. Secured by a first mortgage on a new fire- proof plant for the production of white lead, located at East St. Louis. 111. The former plant of the company was destroyed by fire in Feb., 1914, but prior to the construction of the present plant the business was carried on without interruption. The new plant is of reinforced concrete with steel frame and wire glass windows, automatic fire doors and a complete sprinkler system, and la insured for $500,000. Original Market — Offered in November, 1916, by Smith, Moore & Co., St. Loula, Mo. Market. St. Louis — Smith, Moore & Co. HAMMOND STEEL CO., INC., 1st 68. Dae $20,000 each July 1 from 1920 to 1920, . inc. — P. Dated July 1. 1917. Interest payable Jan. 1 and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax padd by company without deduction. Tax exempt In New Tork. Authorized — $200,000. Outstanding — $200. 000. Denomination — Coupon, $500 and $1,000. Reglsterable aa to principal. 513 Trustee — Syracuse Trust Co., Syracuse, N. T. Redeemable at 103 and interest on any In- terest date. Organization — Incorporated in New York In 1912 as the Hammond Steel & Forging Co., Inc. , and absorbed the Solvay Steel & Forg- ing Co., organized in 1911. Present name adopted Dec. 1, 1916. The company manufac- tures high grade hammered tool and alloy steels, made by the crucible and electric pro- esses. • Secured by a first mortgage on the entire property now owned or hereafter acquired, in- cluding 14 acres of land in the manufactur- ing district of Syracuse, N. Y., and plants located thereon. As of July 1, 1917, property appraised at $448,168. Year ended Dec, 31 Gross Net *1917 $292,715 $163,063 1916 436,178 129,008 1915 13 5,978 45.031 *6 mos. to June 30. Original Market — $200,000 offered Sept., 1917, by the Syracuse Trust Co., Syracuse, on a 6% basis. Market. Syracuse — The Syracuse Trust Co. HAMPTON (N. H.) WATER WORKS CO. 1st 5s. Due July 1. 1944. Dated July 1, 1914. Interest payable Jan. 1 and July 1, 1914, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $150,000. Outstanding— $130,000 (May 14, 1919). Retired by Sinking Fund — None. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — American Trust Co., Boston, Mass. Redeemable for sinking fund on July 1, 1919. or any interest date thereafter at 105 and interest. Sinking or Improvement Fund — A sum equivalent to 1% of bonds outstanding to be applied to the purchase of bonds at not ex- ceeding 105 and interest, or for improvements. Organization — Incorporated in New Hamp- shire in 1889. Secured by a first mortgage on plants sup- plying water in Hampton, North Hampton and Rye, N. H. Population served, 32,000. Original Market — OfEered in July, 1914, by Burgess, Lang & Co., at par and interest. HARDIN- WYANDOT LIGHTING CO. 1st 5s. Due October 1, 1930.— F. Dated October 1, 1910. Interest payable April and October 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding— $412,000 (May 12. '19). In Treasury — $13,000. Retired by S. F.— $10,000. Denomination — Coupon, , $1, 000. Registerable as to principal. Trustee — Citizens' Savings & Trugt Co., Cleveland, Ohio. Redeemable on April 1, 1915, or any interest date thereafter at 105 and interest. Sinking Fund — 1% per annum of outstand- ing bonds, from Jan. 1, 1916. Trustee may redeem any bonds which may be offered to it at not exceeding 105 and in- terest. If on any Aug. 1 there shall remain in the sinking fund as much as $3,000, Trus- tee shall draw bonds by lot for payment on Oct;M. at 105 and interest. Bonds acquired are to be cancelled. Organization — Incorporated in Ohio in 1910 as a consolidation. Controlled through stock ownership by the Middle West Gas & Electric Co. Secured by a first mortgage on plants sup- plying electricity in Kenton, Dunkirk, Forest and Upper Sandusky, Kirby, Patterson, Mt. Victory and immediate territory, all in Ohio. Population served, 20,000. Year ended Dec. 31 Gross Net Int., etc. 1918 $144,103 $46,822 $23,739 1917 125,990 44,349 29,478 Market.. New York — Hotchkin & Co., Livingston & Co. Boston — Hotchkin & Co., McConnell & Co. HARUEIGH BROOKWOOD COAL CO. 1st S. F. 6s. Due July 1, 1928.— F. Dated July 1, 1911. Interest payable Janu- ary 1 and July 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,500,000. Outstanding — $743,000 (Feb. 8, '19). Retired by Sinking Fund — $257,000. Reserved for Fxtension^ — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable on July 1, 1915, or any inter- est date thereafter at 105 and interest, or for the sinking fund at 102% and interest. Sinking Fund — Twenty cents per ton of coal mined and shipped, with a minimum sufficient to pay interest and retire all bonds at ma- turity. First payment for retirement of bonds to be made May 24, 1915, and to be at least $50,000. Gnarantee — Madeira Hill & Co. (Inc.), Phila- delphia, guarantee any defficiency in payments to sinking fund as above. Secured by a first mortgage on leasehold estate and property in fee operated by the company in the anthracite coal district of Pennsylvania. Approximately 11,000,000 tons of coal are availabe. Original Market — Offered in 1914 by Brown Bros. & Co., Philadelphia, at par and interest. Market* Philadelphia — Biddle & Henry, Brown Bros. & Co., Sam'l K. Phillips & Co. New York — H. I. Nicholas & Co. Price Range. Jan. 1, 1916 to Jan,. 1, 1919 1918 Bid Ask Bid High.100% '16 103 '17 99^ Dee. tow. 95 '17 101 '17 97^ Dec. HARRIS ABATTOIR CO., Ltd., 1st S. F. 6s. Due February 1, 1928. — N. Dated February 1, 1913. Interest payable February 1 and August 1. at Canadian Bank of Commerce, Toronto, Montreal and London. Tax Status — Payment of Federal Income Tax not assumed by conipany. Authorized — $1,750,000. Outstanding — $948,500 (March, 1919). Retired by S. F. — $331,300. Reserved for Ext. — $470,200. Denomination — Coupon and Registered $100, $500 and $1,000 and Sterling equivalents. C & R. interchangeable. Trustee — National Trust Co., Ltd., Toronto. R6deemal>le as a whole at 105 and interest on February 1, 1916, or any interest date thereafter, or for the Sinking Fund. Sinking Fund — Annual payments sufficient to retire entire issue at maturity. These funds are to be applied to the purchase of 514 bonds at not exceeding 105 and interest, and if bonds are not purchasable they shall be called. Organization — Incorporated' in Ontario in 1901 as successor to an established business. Secnred by a first mortgage on new abattoir, located in the Union Stock Yards of Toronto, on old abattoir now used as a public cold storage warehouse, on 4,040 shares of stock of the Union Stock Yards of Toronto and all other property of the company. The company operates distributing branciies in Toronto, Hamilton, Sudbury, and Ottawa, Ont. , Mon- treal and Quebec, Que., St. John, N. B., and " Sydney, New Glasgow and Halifax, Nova Sco- tia, and Charlottetown, P. B. I. Original Marlcet — Offered in March, 1913, by The Dominion Securities Corp. , Ltd, , Mon- treal, at par and interest. Market. Toronto — Dom. Sec. Corp., Ltd., A. E3. Ames & Co. Montreal — Hew R. Wood Co., Dominion Se- curities Corp. , Ltd. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '16 98 '18 94 June 98 June Low. 94 '18 97 '16 HARRISBURG (PA.) GAS CO. 1st 5s. Due Feb. 1, 1928.— F. Dated Feb. 2, 1903. Interest payable Feb. 1 and Aug. 1, at Harrisburg Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,750,000. Outstanding — $1,536,000. Reserved for Ext. — $264,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Harrisburg Trust Co., Harrisburg, Pa. Organization — Incorporated in Pennsylvania In 1903 as a consolidation of three gas prop- erties. Also leases the Dauphin Gas Co. supplying Steelton and vicinity. United Gas Improvement Co. is interested in this company. Secured by a first mortgage on plant sup- plying gas to Harrisburg, Pa., and vicfnity. Population served, 125,177. Earnings — Company does not report earn- ings. Original Market — Offered in 1912, by Ervin & Co., Philadelphia, at 103% and interest. Market. Philadelphia — Brown Bros. & Co., "West & Co., Graham Parsisns & Co., Heed A. Morgan & Co., Elkins, Morris & Co., H. Boenning & Co.. Ervin & Co., Newhall & Co., Sam'l K. Phillips & Co., Robt. Glendinning & Co., Hun- toon & Co. Xew York — Newhall & Co., J. J. Levenson, E. & C. Randolph, Kiiely & Horton. Wilmington — Geo. P. Bissell. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.l02»/i '16 104 '16 98 Nov. Low. 91 '18 93 '18 91 Dec. 93 Sept. HARRISBURG (PA.) LIGHT & POWER CO. 1st & Ref. 5s. Due Aug. 1, 1952. — F. Dated Aug. 1, 1912. Interest payable- Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding— $2,406,000 (Jan. 1, 1919). Reserved for Prior Liens— $1,000,000. Reserved tor Ext.— $6,594,000. Denomination— Coupon, $100 and $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., P^ladelphia. Redeemable at 105 and interest on eight weeks' notice. Organization and Control — Incorporated in Pennsylvania in 1912. All of the common stock is owned by the United Gas & Electric Corp. Secured by a mortgage on plants supplying electricity without competion to Harrisburg, Paxtang, Rutherford Heights, Penbrook, Prog- ress, Linglestown, Riverside, Lucknow, Fort Hunter and Dauphin, Pa., and a portion of Steelton, Pa., also steamheating plant in Har- risburg. Population served, 107, 445. Fran- chises are perpetual. Prior Lien — $1,000,000 Harrisburg, Light, Heat & Power Co. 1st 5s of 1924. (Closed mortgage). If ear einded Dec. 31: Int., Gross Net Rent, etc. 1918 $993,904 $372,117 $190,502 1917 898,920 459.926 168,363 1916 795,488 447.886 161,902 1915 673,527 379,557 158,455 Original Market — Offered in 1912, at 95 and interest, by Betron, Griscom & Co., New York and Philadelphia. A block offered Dec, 1917, by the same firm at 93^^ and interest. Market. Philadelphia — Wm. M. Canby, Hughes & Dier, Newburger, Henderson & Loeb, Reilly, Brock & Co., Harper & Turner, Wurts, Dulles & Co., H. Boenning & Co., Huntoon & Co., Newhall & Co., Sam"l K. Phillips & Co., Gra- ham, Parson & Co., Warren A. Reed. New York- F. H. Hatch & Co. , Berdell Bros. , Newburger, Henderson & Loeb. NeW^Iaven — The "W. T. Fields Co. Price Range. Jan. 1, '15 to Jan. 1, *19 1918 Bid Ask Bid Ask High. 101 '17 101^^ '17 92 Dec. 93^ Nov. Low. 83 '18 86 '18 83 Oct. 86 Oct. HARRISBURG (PA.) LIGHT & POWER CO. 5-Year 6% Notes. Due December 1. 1923. Dated Dec. 2, 1918. Interest payable June 1 and Dec. 1, at Commonwealth Trust Co., Harrisburg, Pa. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $215,000. Outstanding — $ 215.000. Purpose of Issue — To retire floating indebt- edness. Denominalion — Coupon $1,000 and $500. Registerable as to principal. Trustee — Commonwealth Trust Co.. Harris- burg, Pa. Redeemable at 100 and interest on 30 days' notice. Organization — See 1st & Ref. 5s. Security — A direct obligation of the com- pany but not secured by a mortgage. Under the provisions of this indenture no new mort- gage or lien (other than purchase money obli- gations) may be created wathout equally se- curing these notes. Earnings — See 1st & Ref. 5s, Original Market — $215,000 offered December, 1918, by Bonbright & Co., Inc., New York, etc., at 97^;^ and interest. Market. Raltimore — J. S. Wilson, Jr., & Co. 515 HARRISBUKO UGHT, HEAT & POWEB CO. 1st 6s. Due July 1, 1924.— F. Dated July 1, 1899. , Intereat payable Jan. and July 1, at Commonwealth Truat Co., Kar- ri sburg, Pa* Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — %1, 000.000, Denomination — Coupon, $1, 000. Trustee — Commonwealth Trust Co.. Harria- burg. Pa. Secured by a first mortgage on plant sup- plying electricity to Harrisburg. Pa. Popula- tion served, about 107,445. Franchise per- petual. UnderUes— H. Lt. & Pr. 1st & Ref. 5b of 1952. Earnings — See 1st & Ref. 6s. liisted — ^Philadelphia Stock Exchange. Market. Philadelphia — ^West & Co., Reed A. Morgan & Co.. H. Boenning & Co., Wurts, Dulles & Co.. Elkins, Morris & Co., Newhall & Co., Sam'l K. Phillips & Co., Reilly, Brock & Co., Graham, Parsons & Co., Edw. V. Kane & Co.. Huntoon & Co. New York — -Newhall & Co. Wilmington, Del. — George P. Bissell. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.101% '16 103 '16 91 Dec. 93% Dec. Low. 91 '18 93^^ '18 HARRISBITRO, I^OBTSMOUTH. MT. JOY & IiANCASTER R. R. CO. 1st 4s. Due July 1, 1943.— F. Dated July 1, 1853, and extended in 1883 and 1913. Interest payable Jan. 1 and July 1 at Broad Street Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $700,000. Denomination — Registered, $500 and $1,000. Trustee — Glrard Trust Co., Philadelphia. Assumed by Pennsylvania R. R. Co. Dec. 31, 1917. Organization and Control — Incorporated In Pennsylvania in 1832. Property conveyed to the Pennsylvania R. R. Co. in 1916. Secured by a first mortgage on 52.57 miles of road between Harrisburg and Dillerville and Middletown and Columbia. Pa. From Harrisburg to Dillerville the road forms part of the main line of the Pennsylvania R. R. Underlies — Penn. R. R, Co. Cons. Mtg. and Gen. Mtg. Bonds are reserved under the Gen. Mtg. to retire this IsSue. Legal for Bait.. Cal., Me,, Mich., Minn., Mo.. N. H., N. J., R. I. and Wis. Original Market— Offered In Feb., 1914, by E. B. Smith & Co., and Brown Bros, & Co., both of Philadelphia and New Tork, at 99% and interest. Market. Philadelphia — Graham, Parsons & Co. , Brown Bros. & Co., Sam'l K. Phillips & Co., Chas. Fearon & Co., H, D. Boenning & Co., Huntoon & Co. Pittsburgh — R. B. Hutchinson & Co. New York — Taylor, Smith & Hard. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Hlgh.96% '16 102 '16 80 Oct. Low. 78 '17 102 '16 Dated April 12, 1899. Interest payable May and Nov. 1, at Fidelity Trust Co., Philadel- phia. _ Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,300,000. Outstanding— $255,000 (March 26. '19). CanceUed and Retired by S. F.— $1,045,000. Denomination — Coupon, $1, 000. Trustee — Fidelity Trust Co.. Philadelphia, Sinking Fund — $25,000 annually from net earnings after payment of interest and 7% on preferred stock. Assumed by the B. I. du Pont de Nemours & Co. Organization — Incorporated in Pennsylvania In 1898 as successor to Harrison Bros. & Co., manufacturers of white lead, varnishes, paints. colors and chemicals. On March 20. 1917, the entire property was sold to B. I. du Pont de Nemours & Co. Secured by a first miortgage on plants in Philadelphia. liisted on the Philadelphia Stock Exchange. Original Market — Offered in 1899 by Lee. Higginson & Co.. Boston. Fidelity Ins., S. D. & Trust Co., Philadelphia, Dick Bros. & Co.. Philadelphia and New Tork, Dean & Shibley, Providence, R. I. Market. Philadelphia — West & Co., S. K. Phfillips & Co., Chas. Fearon & Co., Huntoon & Co. New York — E. & C. Randolph. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid High.99% '17 100% '17 99 Apr. Low. 94% '16 98 '17 97 Aug. HARTFORD & NEW YORK TRANSPORTA- TION CO. 1st 4^s. Due May 1, 1934.— N. Dated May 1, 1904. Interest payable May and Nov., at State Bank, Hartford, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $200,000. DenominatlDn — Coupon, $1, 000. Controlled by New Tork, New Haven & Hart- ford R. R. Co." through New England Navi- gation Co. Secured by a first mortgage on six steam- boats, seven towboats. 31 barges and terminals in various towns between New Tork and Hart- ford, Conn. Original Market — Offered In 1904 by Fran- cis R. Cooley & Co., Hartford, at 103% and Interest. Market.' Hartford, Conn. — Francis R. Cooley & Co.. Richter & Co. HARRISON BROS. & CO. Ist 5s. Due May 1. 1934.— F. HARTFORD & SPRINGFTEIiD STREET RAHiWAY 1st 58. Due July 1, 1921.— F. Dated July 1. 1901. Interest payable Jan. and July 1, at American Trust Co.. Boston, Default — July 1, 1918, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $600,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Treasurer of State of Connecticut. Redeemable on any Interest date at 105 and Interest. Organization — Incorporated In Connecticut In 1895 as the Enfield & Longmeadow Electric Ry. Co. and present name adopted in 1901. The company has acquired the properties of the East Windsor Street Ry. Co., Sommers & Enfleld Electric Ry. Co., Windsor Locks Traction Co. and the Roclcviile Broad Brook & Bast Windsor Street Ry. Co. BecelvershiD— On Sept. 30. 1918. Harrison B. Freeman was appointed receiver by Judse W. S. Case in the Superior Court, Hartford. Conn. Secnred by a mortease on about 48 miles of electric railway from Mass.-Conn. State Line to Bast Windsor Hill, 16 miles and from Thompsonville to Somers, 8 miles; from Suf- fleld to a connection with the Hartford St. Ry., 9 miles, and from Warehouse Point to Rockville, IB miles, all in Connecticut. The company has trackage rights into Hartford. Conn., and Springfield, Mass. Population served, over 15,000. Franchises are perpetual. Prior I/iens — $161,000 Windsor Locks 1st 5s of 1924 and $200,000 Rockville Broad Brook & East Windsor Street Ry. 1st 5s of 1926. IZ mos. ended Jane 30 Gross Net Interest 1918 $229,199 $13,206 $69,696 1917 241,825 49,482 48,471 1916 228,438 56,630 48,601 1916 229.786 64,461 49,673 Original Market — Offered in 1902 by Francis R. Cooley, Hartford, Phelps & Co.. Boston, at 108% and interest. Market, New York — Hotchkin & Co., F. H. Hatch & Co. Hartford — Francis R. Cooley & Co. Boston — Hotchkin & Co., McConnell & Co. Price Range. Jfan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.99 '08 103 '08 75 Jan. 80 Mar. Low. 70 '17 77 '18 77 Jan. HABTFORD CITY GAS UGHT CO. 1st 4s. Dne July 1, 1935. Dated July 1. 1906. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1. 000, 000. Outstanding — $750,000. Denomination — Coupon, $1,000. Registerable as. to principal. Trustee— Connecticut Trust & Safe Deposit Co., Hartford. Conn. Organization — Incorporated in Connecticut in 1848. Stock Is owned locally. Secured by a first mortgage on all of the property of company, which under perpetual franchises distributes gas, without competi- tion, in the City of Hartford, West and East Hartford, Wethersfleld and to the North- ern Connecticut Light, Heat & Power Co., which in turn supplies Windsor, Windsor Locks, Thompsonville and Enfield, all of Con- necticut — serving a population of 151,000. Vear ended Dec. 31 Gross Net Int.. etc. 1918 $1,016,677 $207,692 $62,877 1917 792,677 225,884 41,676 1916 276,133 36,376 1915 295,671 33,244 1914 274,281 24,840 Original Market — $260,000 offered Aug., 1914, by Merrill, Oldham & Co., Boston, at 88% and Interest. Market. Hartford — F. B. Cooley & Co., Frisbie & Co. Price Range 1918 — Ask 91. HARTFORD STREET EAIIWAY CO. Ist 4g. Due Sept. 1, 1930.— N. Dated September 1, 1900. Interest payable March and Sept. 1, at New York and Hartford. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $2. 500, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Treasurer of the State of Connecti- cut. Assumed by the New York, New Haven & Hartford B. R. Co. Control— Absorbed by the N. Y., N. H. & H. R. R. Co. and property sold in 1910 to the Connecticut Co., whose entire $40,000,000 stock, formerly owned by the N. Y., N. H. & H. R. R. Co., has been transferred to a board of five trustees and is to be sold by them, prior to July 1, 1919, if possible, in accord- ance with the agreement with the Department of Justice. Secnred by a first mortgage on 76 miles of street railway. Including the lines in Hart- ford, Conn., and between Hartford, Wethers- fleld, Newington, West Hartford, Bloomfield, Windsor, East Hartford and South Windsor.. Conn. Population served, 110,000. Underlies — Series "M" Deb. 4a of 1939. Earnings — See Connecticut Co. Usted on the New York Stock Exchange Market. New York — Hotchkin & Co. Hartford — F. R. Cooley, Frisbie & Co. Boston — Hotchkin & Co. New Haven — H. C. Warren & Co. Price Range. Jan. 1. 1015 to Jan. 1, 1919 1918 Bid Ask Ask High.lOO '16 101% '16 97% Dec. Low. 90 '17 94 '17 94 Jan. HARTJE PAPER MANUFACTURING COM- PANY 1st Serial 6b. Due $25,000 May 1. 1920: $30,000 May 1. 1981; $35,000 May 1, 1922; $40,000 May 1. 1923, and $45,000 each May 1. 1924 to 1929, inclusive. Dated May 1, 1919. Interest payable May and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Massachu- setts Income Tax refunded, Pennsylvania property tax refunded. Authorized — $400. 000. Outstanding — $400,000. Purpose of Issue — To retire floating indebted- ness and provide additional working capital. Denominations — Coupon, $600 and $1,000. registerable a.s to principal. Also $100 bonds in 1924 and 1929 maturities only. Trustee — Equitable Trust Company of New York. Redeemable as a who]!e or in part upon 60 days' notice at 102 up to and including May 1, 1923. thereafter at 105. Organization — Incorporated Dec. 27, 1900. in West Va. Owns and operates plant at Steubenville, Ohio, for manufacture of pulp and wrapping paper. Company does both a manufacturing and jobbing business. Secured by a flrst mortgage on real estate, plant and equipment at Steubenville, Ohio, appraised June. 1918. at $1,063,318 (replace- ment vatue) and $727,665 (sound value). Com- pany covenants that it will at all times during the life of this mortgage maintain gross quick assets equal to at least 150% and net quick assets of 75% of bonds outstanding. Net quick assets March 1, 1-919. $674,607. Year ended Dec. 31: Bond Gross Net Interest 1918 $2,082,687 $114,272 $24,000 1917 1,803,400 101.963 Original Market — Offered May, 1919. by P. 517 W. Brooks & Co., Inc.. New York, Boston and Philadelphia, at prices from 99.30 to 94.61 for various maturities. HARWOOD ELECTEIC CO. 1st S. F. Ss. Due July 1, 1939.— F. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% "Federal Income Tax paid by company without deduction. Tax exempt in the State of Pennsylvania. Authorized — Closed mortgage. Outstandinff— $751,700 (Jan. 13, 1919). Held in Sinking: Fund — $41,300. Exchanged for 1st & Ref. 6s and Cancelled — 5207.000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 107% and interest on July 1. 1914, or on any interest date thereafter on 60 days' notice. Sinking Fund — Annually on July 1 to 1918 1% of outstanding bonds, 1919 to 1928. 1%% and 1929 to maturity, 2%. Proceeds to be applied to purchase of bonds at not exceeding 107 V^ and interest. If not purchasable bonds are to be called. Bonds so a cquired are to be kept .alive, and interest added to sinking fund. Control — ^Absorbed by company of same name, which was controlled by the Lehigh Navigation Electric Co. In 1917 the stocks of the latter company and its subsidiaries were acquired by the Lehigh Power Securities Corp., a subsidiary of the Electric Bond & Share Co. Secured by a first mortgage on plants sup- plying electricity in Hazleton, Pa., and vicin- ity, supplying 27 townships, in all but one of which its franchises are perpetual. Popula- tion served, 300,000. Company owns exten- sive banks of coal dust, which It utilizes for fuel. These bonds are further secured by a first lien on the stocks of a coal company, a general store, and two water companies. Underlies — $2,221,000 1st & Ref. 6s. Earnings — See 1st & Ref. 6s. Original Market — Offered in 1910 by Red- mond & Co., New York, and "Warner, Tucker & Co., Boston, at 99 and interest. Market. Philadelphia — Lloyd & Palmer. "West & Co., Reed A. Morgan & Co., H. Boenning & Co., Chas. Fearon & Co. , Bauer, Starr & Co. , Sam'l K. Phillips & Co., Robt. Glendinning & Co., Huntoon & Co. New York — F. H. Hatch & Co., B. & C. Randolph, Kiely & Horton, Redmond & Co. , Bauer, Starr & Co. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hiigh.103 '16 105 '16 95% Oct. 101 Nov. Low. 93 '18 97 '12 93 May 98 May (THE) HARWOOD ELECTRIC CO. let & Ref. 8. F. 6s. Due March 1, 1942.— F. Dated March 1. 1912. Interest payable March and Sept. 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000, Outstanding— $2,178,000 (May 15, 1919). Retired by S. F. — $169,000. Reserved for Ext. — $6,860,000. Reserved for Prior Lien — $793,000. Denomination — Coi' oon, $1,000. Regi sterable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 107% and interest on any in* terest date on two weeks' notice. Sinking Fund — Beginning March 1. 1916, and annually thereafter, an amount such that if equal sums were paid annually, 50% of the bonds would be retired by maturity. These payments to be applied to the purchase of bonds at not exceeding 107% and interest. Bonds acquired are to be cancelled. Organization and Control — Incorporated In Pennsylvania in 1912, and controlled by ownership of a majority of the common stock, by the Lehigh Navigation Electric Co., a sub- sidiary of the Lehigh Coal & Navigation Co. In 1917 the Lehigh Power Securities Corp., a subsidiary of the Electric Bond & Share Co., acquired stock control of this company and the Lehigh Navigation Electric Co. Secured by a second mortgage on the prop- erty described under the 1st 5s above. Fur- ther secured by a first lien on a large majority of the stocks of subsidiary lighting and steam- heating companies. Prior Lien— $751,700 1st 5s of 1939. year ended Dec. 31 Gross 'Net Int., Etc. 1916 $569,516 $381,277 $376,064t 1915 498,929 263»734 219,586 1914 429,903 248,711 210.655 ♦After depreciation, tincludes amortiza- tion of purchase price of securities owned — $146,000. Later earnings included in Lehigh Power Securities Corp. statement. Listed on the Philadelphia Stock Exchange. Original Market — Offered in 1912 by Henry & "West, Philadelphia, at 100 and interest. Market. Philadelphia — "West & Co., Graham. Par- sons & Co., S. K, Phillips & Co., H. D. Boen- ning & Co., Lloyd & Palmer, J. W. Sparks & Co., Newburger, Henderson & Loeb, Barclay, Moore & Co., Elkiins. Morris & Co., Harper & Turner, Huntoon & Co., Bauer, Starr & Co., Paul & Co.. Robt. Glendinning & Co. New York— F. H. Hatch & Co.. E. & C. Randolph, Newburger, Henderson & Loeb, Berdell Bros., Bauer. Starr & Co. Price Range. Jan. 1. '12 to Jan. 1. '19 1918 Bid Ask Bid Ask High.103% '17 104 '16 97 Nov. 100 Nov. Low. 93 '18 95% '18 93 July 95% Sept. HATTIESBURG TRACTION CO. 1st 68. Due Jan. 1. 1928. , Dated March 14, 1908. Interest payable Jan. and July 1. at Guaranty Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — (Closed Mortgage). Outstanding — $250,000 (Jan. 1, 1919). Retired by S. F. — $50,000. Denomination — Coupon $1,000. Registerable as to principal and interest. Tnistee — Guaranty Trust Co.. New York. Sinking Fimd — Annually, beginning January 1. 1909, $5,000 for the retirement of bonds by purchase in open market at a price to yield not less than 5 % if bonds were held till maturity; or if not so purchaseable, other securities designated by Company and ap- proved by Trustee must be acquired. Bonds of this issue acquired are cancelled. Organization and Control — Incorporated in Mississippi In June, 1905, as the Hattiesburg Traction, Light & Fuel Co. Name changed in November, 1906, to Hattiesburg Traction Co. On Sept. 2, 1907, purchased property of the Hattiesburg Gas Co. and Hattiesburg Lt. & Power Co. All of the stock owned by 518 Meridian Lt. & Ry. Co., a subsidiary of ths Cities Service Co. Management — The Doherty Organization. Secured by first mortgage on 8.67 miles of street railway at Hattiesburg, Miss., and on gas and electric plants in that city. Popula- tion, 1910, 11.733; 1917 (est.) 14,000. Electric and street railway franchises expire in 1931; gas franchise in 1930. Underlies — Gen. Lien 63 of 19B2. ^Earnings — Company does not report earn- ings. Original Market — Offered in 1908 by G. W. Walker & Co., New York, at par and interest. Market. New York — J. J. Levenson, E. & C. Ran- dolph, H. L. Doherty & Co., Martin, Berwin & Co., P. H. Hatch & Co., Taylor & White. Fhiladelptaia — S. K. Phillips & Co. HATTIESBURG TRACTION CO. Gen. Lien Ge. Buc July 1, 1962. Dated July 1, 1912. Interest payable Jan- uary 1 and July 1 at First National Bank, Mobile, Ala., or at office or agency of Com- pany, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized' — $2,600,000. Outstanding — 1767,000 (May 16, 1919). Held in S. F. — $9,000. Reserved for Prior Lien — $260,000. Reserved tor Ext. — $1,474,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — First National Bank, Mobile, Ala. Redeemable in whole or in part by lot, upon four "weeks' published notice on any interest date at 105 and interest. Sinking Fund — A.nnually, beginning July 1, 1916, a sum equal to 1% of bonds outstand- ing, as of precedUng August 1st, must be set aside yearly, for purchase or redemption of bonds at not more than 105 and interest; or for purchase of underlying bonds at not more than 10 5 and interest. In lieu of cash pay- ments, bonds of this issue, with all unma- tured coupons attached, will be eauivalent to a cash payment of 105 and interest; or com- mencing July 1, 1915. sinking fund may be satisfied by investing in property or construc- tion, a sum per annum equal to 1% of all bonds outstanding on previous July 1st, or part in cash and part in property. Bonds ac- quired to be kept alive in Sinking Fund, Secured by a second mortgage on the prop- erty described under the 1st 6s, which see above. Prior Lien — $260,000 1st 6s of 1928. Market, Philadelphia — Capelle & Co. New York — H. L. Doherty & Co. HAVANA ELECTRIC RAILWAY CO. Cons, (now 1st) 5s. Due Feb. 1, 1958.— F. Dated May 10, 1902. Interest payable Feb. 1 and Aug. 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $8,604,570 (Jan. 1, '19). Held in Treasury — $478,541. Retired by Sinking Fund — $1,007,000. Retired by Sale of Land — $9,000. Denomination^Coupon, $1,000. ■ Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 106 and interest on any In- terest date on six months' notice. Sinking Fund — Beginning Jan. 1, 1906, and annually thereafter, $48,000 for the first $7, 600,000 issued, with a proportionate increase for any new bonds Issued, plus an amount equal to the interest on bonds retired. Bonds redeemed are to be cancelled. Organization and Control — Incorporated In New Jersey in 1899 and in June, 1913, merged into Havana Electric Ry., Light & Power Co., a New Jersey corporation. Secured by a ftrst mortgage on the street railways system in and around Havana, Cuba, comprising about 86 miles of track. Popula- tion served, 300,000. Franchise expires in 1968 and permits of freight traffic over part of the lines. Underlies — Havana El. Ry. Lt. & Pr. Co. Gen. Bs of 1954. Earnings — See Havana Electric Ry., Lt. & Power Co. Listed on the New York, Montreal, London, Amsterdam and Havana Stock Exchanges. Original Market — Offered in June, 19 02, at 98 and interest by Edward Sweet & Co., New York, Hanson Bros., Montreal, and Glyn, . Mills, Currie & Co.. Ltd., London, Bng. Market. New York — Dunham & Co., Zimmerman &' Forshay, J. S. Farlee & Co., Jos. Walker & Sons, T. L. Bronson, Wolff & Stanley, Sutro Bros. & Co., E. & C. Randolph, Miller & Co., Abraham & Co. Price Range — N. Y. S. E. Jan. 1, 190G to Jan. 1, 1919 1918 Bid Ask High.99% Oct. 2, '11 9 Aug. 90% Dec. Low. 80% June 26, '07 80 Dec. 90 July HAVANA ELECTRIC RAILWAY, LIGHT Si POWER CO. Gen. 5s, Series "A." Due Sept. 1. 1954.— N. Dated Sept. 1, 1914. Interest payable March 1 and Sept. 1, at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2-5, 000, 000. Outstanding — $6,845,000 (Jan. 1, 1919). Reserved for Prior Liens — $10,460,000. Reserved for Ext. — $7,890,000. In Treasury — $763,000. Deposited With Gov. of Cuba — $52,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest at any time on 30 days' notice. Sinking Fund — Annually, beginning June 1, 1920, 1%% of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and Interest. In lieu of cash the Company may make payments in whole or part by delivering to the Trustee these bonds at 105. Bonds so acquired to be kept alive and interest added. Organization — Incorporated in New Jersey in 1912 and acquired the properties and fran- chises of the Havana Electric Railway Co. and the Compania de Gas y Blectrioidad de la Habana (Havana Gas & Electric Co.). Also owns the entire capital stock of the Insular Railway Co. Secured by a mortgage on all property now owned or hereafter acquired. The property covered includes plants supplying gas and electricity in Havana, Cuba, and on street railway system comprising 86 miles, single track equivalent. Street railway franchises expire In 1958; one electric franchise expires 2001 and the other is perpetual; gas fran- chise is perpetual. Prior Liens — $8,504,570 Havana Electric Ry. Cons. 6s of 1952; $3,998,000 50-year Mtge. 6s of 1964, and £123,500 "English" S. F. 5s 519 of 1943 of the Compania de Gas y Blectricidad de la Habana. Year ended Dec. 31 Gross Net Interest 1918 $8,176,545 $3,940,784 $989,138 1917 6,989,599 3,753.884 1,138,623 1916 6,017,708 3,718,384 1.297,098 liisted on the New Tork Stock Exchange. Market. New York — Sutro Bros. & Co., Abraham & Co. HAVANA TOBACCO CO. 1st 5s. Dae Jane 1. 1923.— F. Dated May 27, 1902. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10. 000, 000. Outstanding: — $7, 500, 000. Denomination — Coupon, $1,000. Registered $1,000 and multiples. Coupon registerable as to principal. C. & R. interchangreable. Trustee — Guaranty Trust Co., New Tork. Oriranization — Incorporated in New Jersey in 1902 as a holding company. Control — ^A majority of the common stock ia owned by the American Cigar Co., formerly a subsidiary of the American Tobacco Co. Secured by pledge of the capital stocks of the following companies: Henry Clay and Bock & Co., Ltd., Havana Cigar & Tobacco Factories, Ltd., Havana Commercial Co., and H. de Cabanas y Carbajal. Year ended Dec. 31 Dividends Operating Bona Received •Expenses, etc. Interest 1918... $224,316 $398,785 $375,000 1917. . . 299.278 371,33 8 375,000 1916. . . 479,245 347,302 375,000 1916. . . 277,362 341,616 375,000 1914. . . 204,748 299.728 875,000 •Includes operating expenses and Interest on Bills Payable. New York — J. S. Bache' & Co., H. S. Pol- hemus & Co., Didrichsen & Co., E. & C. Randolph, Dunham & Co., Geo. S. Crap & Co., Tobey & Kirk, F. H. Hatch & Co. ' Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.69 '10 72 '09 45 Jan. 54 Mar. Low. 35" '18 43 '18 35 Sept. 43 Sept. HAWKINSVILLE & FLORIDA SOUTHERN RAILWAY 1st 5s, Series "A** and Series "B." Due AprU 1, 1952.— F. Dated, Series ' 'A, ' * April 1, 1902; Series "B," Aug. 1, 1913. Interest payable April and Oct. 1, at Union Savings Bank & Trust Co., Cincinnati, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $661,000. $400,000 Series "A"; $261,000 Series "B." Outstanding — $621,000. In Treasury — $40,000. Denomination — Coupon, $1,000. Trustee — Union Savings Bank & Trust Co., Cincinnati, Ohio. Guaranteed ($606,000) principal and Interest by Georgia Southern & Florida Ry. Co. Control — ^All of the stock is owned by the Georgia Southern & Florida Ry. Co., which Is controlled by the Southern Ry. Co. Secured by a first mortgage on 93 miles of road from Hawkinsville to Worth, Ga.. and from Asbburn to Camilla, Ga. Earnings — See Georgia Southern & Florida Ry. Co. Market. New York — Burgess, Lang & Co., John Mulr & Co. Price Ranf e. Jan. 1, '16 to Jan. 1. '19 1918 Ask Ask mgh.96 '16 90 Jan. Low. 65 '18 65 Dec. HAYffiS MOTOR TRUCK WHEEL CO. Serial 7% Notes. Maturities: 813,500 Oct. 1, 1919 $25,000 Apr. 1, 1923 12,500 Apr. 1. 1920 32,500 Oct. 1. 1922 17,500 Oct. 1. 1920 32.500 J^r. 1, 1923 17,500 Apr. 1, 1921 37,500 Oct. 1, 1923 25,000 Oct. 1, 1921 37,500 Apr. 1, 1924 Dated April 1, 1919. Interest payable Apr. and Oct. 1st at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 250,000. Outstanding — $260,000. Purpose of Issue — To reduce current liabil- ities and increase working capital. Denominations — Coupon $500 and $1,000. Tmstee — Citizens Saving & Trust Co., Cleve- land. Redeemable as a whole or in part on any interest date at 102 and interest. Organization — Incorporated in Michigan Sept.. 1915. Affiliated with the Hayes Wheel Co. of Jackson, Mich. Owns factory at St. Johns, Mich. , producing wheels for motor trucks. Estimated value Dec. 31st, 1918— plant. $304,232, inventories $505,475. cash and accounts receivable, $141,519. Capital Stock — Outstanding — $349,100. Security — A direct obligation of the com- pany, but not secured by mortgage. Company covenants that so long as any of these notes are outstanding no mortgage or other prior lien may be placed upon the assets of com- pany and no obligations running longer than one year may be issued. Net current assets must always be maintained at an amount equal to the amount of outstanding notes. Dividends are restricted to 6 % per annum unless the payment of additional dividends does not reduce net current assets below an amount equal to one and one-half times amount of outstanding notes. Earnings — Sales 1919 $1,750,000.00 (estimated) 1918 1.203,274.86 1917 717,923.77 1916 245.528.21 1915 9,934.80 Original Market — Offered in March, 1919, by Stanley & Bissell, Cleveland, Ohio, at par and Interest. ' HAYES WHEEL CO. let S. F. 78. Due Feb- ruary 1. 1939. Dated February 1, 1919. Interest payable February 1, and August 1, at the offices of Lee, Higginson & Co., Boston, New Tork and Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,00 0. Outstanding— $1,000,000 (Feb. 28. '19). Reserved for Imp. (60%)^$1, 000,000. Purpose of Issue — To reduce current liabili- ties and increase working capital. Denomination — Coupon $1,000, $500 and $100. Registerable as to principal. Trustees — Illinois Trust & Savings Bank and Francis A. Bonner, Chicago. Redeemable as a whole on any interest date, or for sinking fund on any February 1, at 104 and interest, on or before February 1, 520 1921; thereafter at 103 and linterest until and Including February 1, 1923; thereafter at 102% and interest until and including February 1, 1926; thereafter at 102 and interest until and including February 1, 1927, and thereafter at 101 and interest. Sinking Fund — ^Annually on Dec. 1. begin- ning 1919, $75,000 in cash for the purchase or redemption of these bonds at not over the contemporary call price. Bonds so acquired are to be cancelled. If bonds are issued Jn addition to the present amount. $1,000,000, an- nual cash payments are to be increased by 7%% of the amount of additional issue, be- ginning on thfe December 1st next succeeding the date of issue. Organization — Incorporated ■ in Michigan in 1908 and acquired the assets of the National Wheel Co. Authorized Outstanding Capital stock (par $10) $2,000,000 $1,500,000 Secured by a first mortgage on the entire real estate, plant and equipment now owned or hereafter acquired. The property covered Includes two plants at Jackson, Mich., one at Albion, Mich. (20 milea from Jackson), and one at Annierson, Ind. The principal plant at Jackson manufactures wooden automobile wheels. The second plant at Jackson, which is leased, is equipped for the production of wfire wheels used on the Dodge, Marmon, Nash, Peerless, Chandler, Hupp. Studebaker and other well-known auto- mobiles. The plant at Albion manufactures metal hubs and the plant at Anderson manu- factures wooden wheels for the Ford Motor Company. The company is one of the largest producers of automobile wheels in the world. As of Dec. 31, 1918. the plants owned were valued at $2,178,955 and were carried on the company's books at $1,409,800. The company has about 2,500 employees. Wheel produc- tion as follows: 1916, 2,598.928; 1917, 3,571.- 681; 1918, 2,006,405.. The Trust agreement contains the following covenants: The company will at all tinles maintain net current assets, as defined, at an amount equal to at least the amount of these bonds out- standing; and will not pay any cash dividends except from surplus earned after Dee. 31, 1918, nor pay cash dividends In excess of 6% when payment of such dividends will reduce net current assets below 125% of the amount of outstanding bonds. Year end«d Dee. 31: Gross Net Int., etc. 1918 $7,655,249 $314,502 $63,062 1917 8,674,370 518,012 37.327 1916 4,846.615 531,628 60,338 Original Market: — $ 1,000,000 offered Febru- ary, 1919, by Lee, Higginson & Co. at 99 and interest. HAYNES AUTOMOBILE CO. Conv. 7% Serial Notes. Due $160,000 each May 1, 1920. to 1929. inclusive. Dated March 1, 1919. Interest payable May and Nov. 1, at Squitable Trust Company, New York, or at Trustee's office. Chicago, Tax Status — 2% Federal Income Tax padd by company without deduction. Authorized — $3,000,000. Outstanding — $1,600,000. Keserved for Corporate Purpose — $1,400,000. Denominations — Coupon $500 and $1,000. Registerable a3 to principal. Trustee — Merchants Loan & Trust Co., Chicago. Redeemable on any interest date at 102 ^^ and interest upon 30 days' notice. Convertible at any time prior to maturity or redemption date, par for par. into 7 % cumu- lative preferred stock of the company. Organization — Incorporated May, 1898, in Indiana. Company manufactures automobiles and has plant at Kokomo, Ind., and branches in New York, Chicago and San Francisco, Security — A direct obligation of the compafty but not secured by mortgage. Company cove- nants that no mortgage shall be created on any of its property without the consent of the holders of 75% of notes outstanding, and that it will maintain net assets equal to 250% and net quick assets equal to 200% of notes out- standing. As of March 1, 1919, company had total net assets of $5,634,208 and net quick assets of $3,223,660. Original Market — Offered May. 1919, by Counselman & Co.. Chicago and Milwaukee, at prices to yield from 7% to 7.30% for various maturities. HECKER-JONES-JEWELL MILLING CO. 1st 6s. Due Sept. 1» 1922. — F. Dated March 1. 1892. Interest payable March 1 and September 1, at Metropolitan Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $2,316,000. ($868,000 owned by the Standard Milling Co.) Retired — $184,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Franklin Trust Co., New York. Organization and Control — Incorporated in New York in 1907. All of the stock Is owned by the Standard Milling Co. Secured by a first mortgage on one ware- house on.Staten Island, N. Y.. and one mill in New York City proper, having a combined daily output of 8,500 barrels of flour. Refunding — Bonds are reserved under Stand- ard Milling Co. 1st 5s of 1930 to retire this issue. Earnings — See Standard Milling Co. Market. New York — ^J. S. Farlee & Co., E. & C. Randolph. Morton. Lachenbruch & Co., Moore & Co.. Tobey & Kirk. F. H. Hatch & Co. Jan. 1, 1906 to Jan. 1. 1919 * 1918 Bid Ask Bid Ask High.108 '09 111 '09 98 Jan. 104 *Sept. Low. 95 '08 99 '18 96 Dec. 99 Aug. HEIKE SAFETY BOILER CO. 1st 6s. Due $20,000 each Oct. 1, from 1917 to 1926. and $50>000, 1927.— F. Dated Oct. 1, 1916. Interest payable April 1 and Oct, 1, in St. Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250. 000. Outstanding — $210,000 (May 10, '19). Balance Retired. Denomination — Coupon. $1,000, Registerable as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Redeemable at 102% and Interest on any Interest date on 30 days' notice. Organization — Incorporated in Missouri in 1884. Manufactures a patented type of boiler. Company has recently obtained substantial orders for marine boilers. Secured by real estate buildings and equip- ment, Including plants at St. Louis. Mo., and Phoenlxvllle, Pa., appraised at over $875,000. The indenture provides that net quick assets 521 shall at all times be maintained at a sum equal to at least 125 per cent, of the face amount of bonds outstanding*, and that no dividends shall be paid on the capital stock until net quick assets shall equal or exceed 200 per cent, of the face amount of bonds oufstanding' and no dividends are to be paid thereafter which will impair this ratio. Original Marketr— Offered March, 1917. by Smith, Moore & Co.. St. Louis, Mo. HELENA GAS & EUBCTBIC CO. Ist 6s. Dae ApriT 1, 1&31.— P. Dated April 1, 1911. Interest payable April 1 and October 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $480,000 (March, 1919). Retired by S. F. — $12,000. In Treasury — $66,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Logan Trust Co., Philadelphia. Redeemable at 1 02 % and interest on any Interest date. Sinking Fund — 1% per annum of bonds is- sued, beginning April 1, 1917. Organization — Incorporated in 1911 In Ar- kansas. On March 1, 1911, acquired the prop- erty of the Helena Gas Co. Secured by a first mortgage on plants sup- plying gas and electricity in Helena, Ark. Population served, 11,000. Franchises ex- pire in 1961. year ended Feb. 38 Gross Net Interest 1918 $146,843 $32,601 $24,120 1917 128.095 59.070 20.807 Market. Philadelphia — ^Newburger, Henderson & Loeb, Sam'l K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 95 '16 100 *18 95 May 100 Jan. Low. 95 '17 86 '18 86 May HEI^NA MGHT & RAILWAY CO. Ifit S. F. 5s. Due Sept. 1, 1935.— F. Dated Sept. 30, 1905. Interest payable Mar. and 'Sept. 1, at Trustee's office. New York. " Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,043,000 (March 6, 1919). Retired by S. F. — $221,000. Held in Treasury — $17,000. Reserved for Extension — $219,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date. _ Sinking ^Fnnd — 1% % of outstanding bonds annually from, June 1, 1908, to June 1, 1918, and 2^% annually thereafter, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Connecticut In 1905 as a consolidation. Management — J, G. White Management Corp., New York. Secured by a first mortgage on the entire street railway system, in Helena, Mont., and on plants supplying electricity and gas in that city. The company purchases its current. Population served, 20,000. Franchises expire in 1926. Year ended Dec. 31 Gross Net Int. & S.F. 1918.... $315,144 $49,072 $52,150 1917 346,835 124.697 78,212 1916 329,194 111.339 70,627 1915 321,198 nOO.977 70.069 1914 315.862 100.367 69,827 liisted on the Amsterdam Stock Exchange. Original Market— Offered in 1905 by A. B. Fitkin & Co., New York, at 91%. Market, New York — Kiely & Horton. E. & C. Ran- dolph, A. B. Fitkin & Co.. Stephen L. Snow- den. Pynchon & Co. Philadelphia — A. B. Fitkin & Co. Boston — Marshall & Co.. A. E. Fitkin & Co., H. C. Spiller & Co. Price Range. Jan. 1. 1&08 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.92 '09 97^^ '09 79 Aug. 85 Jan. Low. 77 '18 80 '18 77 Mar. 80 Oct. HENDERSON BRIDGE CO. 1st 6s. Due Sept. 1. 1931.— F. Dated Sept. 1, 1881. Interest payable Mar. and Sept. 1. at Louisville & Nashville R. R. Company's office, 71 Broadway, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $726,000 (Jan. 1. '19). Held in S. F.— $1,274,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable for Sinking Fund at 105 and Interest. Sinking Fund — $8,000 in bonds or $8,400 cash to be paid annually to Trustee, and ap- plied first to extraordinary repairs, if any, then to redemption of bonds at 105 by lot. Bonds so redeemed to be kept alive in Sinking Fund and if extraordinary damage requires, to be reissued. Control — Absorbed by the Louisville & Nash- ville R. R. Co. Secured by a first mortgage on 10.04 miles of railroad and bridge across the Ohio River, from Henderson, Ky., to Evansville, Ind. Note — ^A yearly income of $200, 000 from traffic is guaranteed for 99 years from 1884. by the L. & N. R. R. Co.. the S. E. & St. Louis Ry. Co.. the Evansville & Terre Haute R. R. Co. , the Louisville, Evansville & St. Louis Ry. Co. and the Peoria, Decatur & Evansville Ry Co. XJnderlieB— L. & N. Unified 4s of 1940. Liisted on the New York Stock Exchange. Market. New York — J. S. Farlee & Co., F. J. Lis- raan & Co.. Taylor. Smith & Hard, Redmond & Co. , John Davenport. Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. Ijouisville — ^J. J. B. Hilliard & Sons. Philadelphia — Chas. Fearon & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High. 110 Jan. 5, '09 103% Sept. 6 Low. 102 Aug. 26. '18 102 Aug. 26 (THE) HENKED COMPANY (FREEMONT, O.) 7% Notes. Due $75,000 each Jan. 1. from 1931 t« 1934. inclusive. Dated January 1, 1919. Interest payable January 1 and July 1 at GuardiEin Savings & Trust Co. . Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $ 300,000. 522 Purpose of Issue — Largely to refund bank loans and to unify the company' s indebted- ness. Benomination — Coupon $1,000 and $500. Trustee — Guardian Savings & Trust Co. , Cleveland. Redeemable at 102 and interest in inverse numerical order on any interest date. OrgaJ[iization — Incorporateji in Ohio in 1906. The company's products consist of shears, scis- sors, surgical scissors, razors, forceps, mani- cure files and kindred instruments. The com- pany's plant is located at Fremont, O. Capital Stock Authorized Outstanding Preferred $100,000 $84,000 Comnxon 200,000 175,000 Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants in the indenture that it will at all times m,aintain net current assets equal to one and one-half times the amount of notes outstanding; that no mort- gage shall be placed upon any of the com- pany's property during the life of these notes; and that no dividends in excess of 6% will be paid upon its common stock, nor in excess of 7% on its preferred stock without the con^ sent of the Trustee. The indenture also con- tains restrictive provisions in respect to the increase of the company's capital stock. As of November 30, 1918, net quick assets amounted to $557,000. Original Market — $300,000 offered January, 1919, by the Guardian Savings & Trust Co., and the Tillotson & Wolcott Co., Cleveland, at 99, 98.70 98.30 and 98 and interest for respective maturities. HEREFORD RATLWAY CO. Ist 4s. Dae May 1, 1930.— N. Dated May 1, 1890. Interest payable May and Nov. 1, at First National Bank and office of Maine Central R. R. Co., Portland, Me., Second National Bank, Boston, and National Park Bank, New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $800,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustees — TVilllam Farwell and "Wm. B. Ives, Guaranteed principal and Interest by the Maine Central R. R. Co. by endorsement. OrganiEation and Control — Incorporated In Canada in 1887 and leased for 999 years to the Maine Central R. R, Co. , at a rental equivaleht to interest on bonds, 4% on stock and $500 for organization expenses. Secured by a first mortgage on 53 miles of road from International Boundary Line (Beecher Falls) to Lime Ridge, Canada. This line forms part of through route between Portland. Me., and Montreal, Can. Legal for Cal., Me., Mich., N. H., N. J., N. Y., R. I. and "Wis. Market. New York — F. H. Hatch & Co., Louchheim, Manton & Co., Burgess, Lang & Co., Baker, Carruthers & Pell. Boston — Burgess, Lang & Co. FhUadelphia — Louchheim, Minton & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 '08 96 '08 80 Feb. 85 Feb. Low. 65 '18 75 '18 65 June 75 June and July 1, at New Tork Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Oatstanding^$390,000. Denomination — Coupon, $1,000. Trustee — New Tork Trust Co., New York. Redeemable on any interest date at 110 and interest Control— Absorbed by Utica Gas & Elec. Co. Secured by a first mortgage on electric plants supplying numerous cities and towns in the vicinity of Utica, N. T. Population served, 50,000. Franchises are perpetual. Underlies — Utica Gas & Elec. Co, Ref. & Ext. 5s of 1957. Earnings — See Utica Gas & Electric Co. Original Market — First offered by Betron, Griscom & Co., New Tork and Philadelphia. Market. Utica, N. Y.^A. James Eckert, W. D. Lyon, Burr L. Tibbits. Wilmington — Geo. P. Bissell. New York — ^W. D. Lyon & Co., Foster & &.dams. F. H. Hatch & Co., Burgess, Lang & Co. Price Range. Jan. 1, '16 to Jan.. 1, '19 1918 Bid Ask Bid Ask High.97 '16 101 *16 86 Feb. 90 Feb. Low. 86 '18 90 '18 HERKIMER COUNTY MGHT & POWER CO. 1st 6s. Dae July 1,1930.— F. Dated July 1, 1900. Interest payable Jan. (THE) HESS STEEU CORPORATION 5-Year 1st S. F. 6s. Due February 15, 1934. Dated February 15, 1919. Interest payable February 15 and August 15 at Baltimore Trust Co., Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. State of Mary- land, Baltimore City and County taxes of Maryland will be refunded to holders. Authorized — $400,000. Outstanding — $400,000. Purpose of Issue — For additions to plant and additional working capital. Denomination — Coupon $1,000 and $500 and interchangeable. Trustee — Baltimore Trust Co., Baltimore, Redeemable at 101 and interest on any in- terest date upon 30 dayp* notice. Sinking Fund — Bonds are to be purchased semi-annually or called at not over 101 and interest so as to retire the following amounts annually, each February 15. $25,000, 1920; $25,0-00, 1921; $50,000, 1922; $50,000. 1923; $50,000, 1924. Organization' — Incorporated in Maryland in November, 1915. The company manufactures high grade electric alloy steel, billets and bars. Plant is located In Baltimore, Capital Stock Authorized Outstanding 1st Pfd. (8% cum.) $300,000 $300,000 2nd Pfd. (7% non-cum.) 500,000 500,000 Common 1,000,000 900.000 Secured by a first mortgage on the property, plant and equipment of the company, now owned or hereafter acctuired. The company covenants to maintain, at all times during the Ufe of this mortgage, net quick assets equal to at least 100% of the bonds outstanding. As of February 10, 1919, property, plant and equipment were appraised at about $419,000 and net quick assets amounted to $659,659. Year ended Dee. 31: Gross *Net 1918 $382,509 $199,48 4 1917 237,347 123.358 •Before deducting excess profits tax and cer- tain depreciation charges. 523 Original Market — $400,000 offered February, 1919, by Robert Garrett & Sons, Baltimore Trust Co. and W. W. Lanahan & Co., Balti- more, at 94 and interest. HESTONVILLE. MANTUA & FAIRMOUNT PASSENGER RAILWAY Con. 3%s and 5s. Due May 1» 1924. — P. Dated May 1, 1894. Interest payable May and Nov. 1, at Girard Trust Co., Philadel- phia. Tax Status — Information not available. Tax exempt in Pennsylvania. Authorized — $1,260,000. Outstanding — $199,600 3%a. $1,050,500 5a. Denomination — Coupon, $600 and $1,000. Trustee — Girard Trust Co., Phila., Pa. Assumed by Union Traction Co. Control — Leased to Union Traction Co., for 999 years from 1908, and operated by Phila- delphia Rapid Transit Co. Rental, principal and interest of bonds and 6% on the $633,9 00 preferred and 4% on the 1,966,000 common stocks. The Union Traction Co. owns 4,780 shares ($50) preferred and 35,294 shares ($50) common stocks. Secured by a first mortgage on 18 miles of street railway in Philadelphia, including line on Arch Street, one of the most important streets. Franchise perpetual. listed on the Philadelphia Stock Exchange. Market. Philadelphia — ^H. D. Boenning & Co., Biddle & Henry, Chas. Fearon & Co., Sam'l K. Phil- lips & Co. New York — Philip Lynch. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.107% '09 108 '08 95 Jan. 97% Jan. Low. 90 '18 94 '18 90 Dec. 94 Dec. HEWITT HOM>ING CORPORATION 6% Se- cured Notes. Due $50,000 each July 1 and January 1 from July 1* 1919* to Jan- uary 1, 1934. Dated January 1, 1919. Interest payable July 1 and January 1, at Bankers Trust Co., Buffalo. Tax Status — Information not available. Authorized — $500,000. Outstanding — $500,000. Denomination — Coupon $1,000. Trustee — Bankers Trust Co., Buffalo. Redeemable as a whole, or one or more series (in which event the last maturities must be the first called) at 102% and inter- est on any interest date upon 30 days' notice. Guaranteed principal and interest by H. H. Hewitt, president of the corporation. Mr. Hewitt is president of the Hewitt Rub- ber Co. of Buffalo, Magnus Co., Inc.,, of New York, and .other companies; director of Mechanics & Metals National Bank of New York and Marine National Bank of Buffalo. Secured by pledges of the following collat- eral: 5,100 shares Hewitt Rubber Co., 8% cumu- lative preferred. 5,100 shares Hewitt Rubber Co. . common and other security of a market value In excess of $150,000.00. Under the terms of the indenture covering this issue, this additional collateral remains with the Trustee unrtil all the Notes are paid. The common and preferred stock of the Hewitt Rubber Company is to be surrendered on each semi-annual or other retirements of the Notes in an amount of common and preferred stock each equal to the amount of Notes so retired. The Hewitt Rubber Company in a statement as of September 30, 1918, shows gross assets of over $3,824,000.00 (of which only $1,262,- 431.17 represents actual cost of buildings, real estate and eauipment or fixed assets), total liabilities of $1,289,000.00, leaving a net of $2,535,000.00 for the one million preferred and one million common stock outstanding. The Hewitt Rubber Company's plant is lo- cated in Buffalo, N. Y. Original Market — $500,000 offered Febru- ary, 1919, by the Erie Finance Corporation at prices ranging from 9d%. to 96 for re- spective maturities. HOBOKEN FSRRT CO. 1st Cons. 5s. Due May 1, 1946.— N. Dated May 1, 1896. Interest payable May and Nov. 1, at D. L. & W. office, 90 West St., New York City. Tax Status — Payment of "Federal Income Tax not assumed by company. Authorized — $4,500,000. Outstanding — $4,100,000. Denomination — Coupon, $1,000. Kegiuterable as to principal. Trustee— United States Mortgage & Trust Co., New York. Redeemable on any interest date at 110 and Interest. Control — Absorbed by New York & Hoboken Perry Co., which is controlled by Delaware, Lackawanna & Western R. R. Co. Secured by first lien on all of the property of the former Hoboken Ferry Co.. including leases of Christopher and Barclay Sts., ferriea and all wharfage at 142 to 147 West St., New rork, and property in Hoboken. Underlies — New York & Hoboken Ferry Gen. 5s of 1946. Market. New York— F. H. Hatch & Co., Wm. C. Bwen, W. H. R. Smith & Co., L. A. Norton, Van Sant & Legg, B. H. & F. W. Pelzer, Wm. C. Ewen, John Davenport. Philadelphia — Graham, Parsons & Co., Geo. S. Fox & Sons. Paterson — F. A. Peters, F. K. McCuUy. Price Range. Jan. 1, 1908 to Jan. 1> 1919 1918 Bid Ask Bid Ask High.107 '11 110 '11 95 Mar. Low. 82 '18 87% '18 82 Dec. 87% Aug. HOBOKEN I.AND & JMVnOTEMEST CO. 1st 5s. Due Nov. 1, 1930. — F. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at First National Bank, Ho- boken, N. J., or American Exchange National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $908,500. Denomination — Coupon, $500 and $1,000. Registerabie as to principal. Trustee — Hudson Trust Co., Hoboken, N. J. Redeemable at 105 and interest. Organization — Incorporated in New Jersey in 1838. Secured by a first mortgage on valuable wharf property and apartment houses In Ho- boken, N. J. Wharves are used by Holland- American and other Important steamship lines. Also owns valuable manufacturing sites on which are built important plants. Total assessed valuation, as of Dec. 31, '17, $6,529,- 700. Original Market — Issued in exchange for maturing bonds, on a basis of par for this Issue and 102 for maturing issue. 524 Market. New York — W. B. R. Smith & Co., Van Sant & Legg. P. H. Hatch & Co. Newark — J. S. Rippel. Price Ranee. Jan. 1, '11 to Jan. 1» *19 1918 Bid Ask Bid Hig:h.l05 "11 lOS'^ '11 95 Jan. Low. 90 '18 102 '13 90 Dec. HOCKING COAX CO. (IOWA) 1st S. F. Guar. 68. Due July 1, 1933. — F. Dated July 1, 1912. Interest payable Jan. and July 1, at M. & St. L. R. R. office. 26 Broad Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600, 000. Outstanding — $165,000 (May 15. 1919). Held in S. F. — $51,000. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Empire Trust Co., New York. Redeemable at 105 and interest as a whole or for Sinking Fund. SinkinsT Fund — Semi-annually 2% cents per ton of coal mined and removed during past six months. If bonds are issued in excess of $300,000 five cents per ton of coal removed, minimum amount P3.id into sinking fund each year must be sufficient to redeem $10,000 par value of bonds, as long as any of the original $200,000 bonds are outstanding, and this amount is to be Increased proportionately with Increase of outstanding bonds. Guaranteed as to principal, interest and sinking fund by the Minneapolis & St. Louis R. R. Co. Control — All of the stock is owned by the Minneapolis & St. Louis R. R. Co. Secur'ed by a first mortgage on 4,500 acres of coal land, mine developments, dwellings, etc. , in Monroe County, la. Original Market — $200,000 offered in 1913, at par and interest by C. E. Mitchell & Co.. New York. Market. New Vork — F. H. Hatch & Co. Pfa|iladelphia — Sam'l K. Phillips & Co. Price Range. Jan. 1» 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99% '18 99% '18 99% Mar. 99% Mar. Low. 81% '18 81% Dec. HOCKING VAI.I.EY PRODUCTS CO. 1st 6a. Due Jan. 1. 1961. — F. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Bankers' Trust Co.. New York. Interest Payments — ^Bondholders in June, 1915, agreed to waive one-half (2%%) of In- terest, beginning Jan. 1, 1915, for a period not exceeding five years. Deferred interest to be paid before dividends, $85,750, as of Jan. 1, 1918. Paymeat of Deferred Interest — ^In order to provide for the full payment of interest upon the bonds and also to redeem and pay the certificates for relinauished bond interest amounting, on July 1. 1918, to 10 per cent, of the face thereof, the following plan was declared operative April 4, 1919 : First — That the sinking fund provisions, con- tained in Article II, Section' 8, of the mort- gage securing the bonds of the company, shall be modified and changed by reducing the tax or royalty on coal mined or taken from prop- erty subject to the lien of the mortgage to l%c per ton, and the tax or royalty on ail taken from the company's property to 10c per barrel. All other taxes or royalties and provisiona of said sinking fund to remain un- changed, and such change to be effective from and after January 1, 1918. Second — That the company shall take up, redeem and pay ofC the certificates for reHn- quiahed bond interest annexed to each bond, the relinquished interest amounting on July 1, 1918, to 10% of the face of the bonds, by the delivery in exchange therefor of United States Liberty 4^% Bonds, now in the com- pany' s treasury, at par, and such amounts that cannot be paid in bonds will be paid in cash. Third — That the company shall pay in full the interest coupon of 2 % % , maturing Jan- uary 1, 1919, and shall pay full interest there- after, notwithstanding the agreement to re- linquish interest entered into by the bondhold- ers in 1915, which agreement shall be can- celled. Tax Status — 2% Federal Income Tax patd by company without deduction. Authorized — $2,000,000. Outstanding— $908,000 (Jan. 10, 1919). Retired by Sinking Fund — $1,092,000. Owned by Company — $124,910. Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — 1% cents per ton of coal mined, 10 cents per barrel of oil, and 25 cents per 1,000 bricks, plus a sum equal to any dividends paid above 6%. Modified Sinking Fund — See "Payment of Deferred Interest. " Organization — Incorporated In West "Virginia In 1911 as successor through foreclosure of the Columbus & Hocking Coal & Iron Co. and the Columbus & Hocking Clay Brick Manu- facturing Co. During the receivership of pred- ecessor companies in 1911 the right to drill for oil on the Company's property was leased to The Chartiers Oil Co. of Pittsburgh. Under the terms of the lease the lessee was to pay a cash bonus of $185,000 and one-eighth of all oil recovered. During 1917 127,648 barrels of oil were produced, of which this Company recaived 15,956 barrels, which was sold for $54,700. Of this amount $19,147 was applied to sinking fund. The Company's coal prop- erties are mostly operated under lease by about 30 coal companies at an average royalty of about 12 cents a ton and the right In many cases to sell the coal upon a commission of 10% of the selling price. Secured by a mortgage on all the property of the Company. The property covered com- prises about 12,000 acres of land scattered through four counties in Ohio, viz.: Athens, Hocking, Perry and Vinton and contain coal, clay and oil and other minerals. In 1917 the property was estimated to contain some 10,- 000.000 tons of coal, which was being mined at the rate of 500,000 tons per year. The property covered also includes a great number of miners' houses and brick plant with daily capacity of 50,000 bricks. See "Organization" for details on operations. Year ended Dec. 31 Gross - Net •Deductions 1917 $889,769 $178,951 $102,957 1916 483,617 88,599 83,868 1915 465,530 52,234 88,894 •Includes interest <2%%) and sinking fund and depreciation reserved. Market. New York — 'McGeorge & Vanderhoef, J. W. Howell & Co., A. B. Fitkin & Co., Dunham & Co., Morton Lachenbruch & Co., Geo, S. Crap & Co., Sharretts & Young, B. & C. Randolph, Hallowell & Henry, Tobey & Kirk, 525 Wm. C. Orton, F. H. Hatch & Co., H. I. Nicholas & Co. Philadelphia — Barclay, Moore & Co. Pittsburgh — ^Wm. P. Lemley & Co. Price Ransre. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask HJigh.57 '18 58 *18 57 Dec. 58 July Low. 19 '15 23 '15 48 Jan. 52 Jan. HOCKING VAtLEY RAILWAY CO. 1st Cons. 4^s. Due July 1, 1999. — F. Dated July 1, 189 9. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $16,022,000 (Jan. 1, '19). Retired by Sinking Fund — $136,000, Reserved for Prior Liens — $3,842,000. -Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. Coupon bonds are exchangeable for fully registered bonds. Trustee — Central Union Trust Co. , New Tork. i 1 Redeemable at not exceeding 105 and interest for sinking fund. Sinking Fund — Annually an amount equal to two cents a ton on all coal mined on the property of the Buckeye Coal & Ry. Co., a joint maker of the mortgage securing these bonds, for the purchase of bonds at not more than 105 and interest. Bonds so purchased to be cancelled. If bonds are not purchasable, money shall revert to Coal Co. Organization and Control — Incorporated in Ohio in 1899? A substantial majority of the stock is owned by the Chesapeake & Ohio Ry. Co. Secured by a direct mortgage on 321.20 miles of road, viz. : A first lien on 88.80 miles — Miles Oldtown to Pomeroy, 80.60 Rockwell to Wallbridge, O ' 2.60 Hocking, to Poston, 5.60 A second lien on 232.40 miles — (Covered by the Columbus & Hocking Valley 4s) Columbus to Athens, O., and Branches. 115. 40 (Covered by the CJolumbus & Toledo 4s} Columbus to Wallbridge. 117.00 Also secured by deposit of the following: Wellston to Jackson Belt Ry. 1st 6s.. $300,000 "Welston & Jackson Belt. Ry. stock,.. 255,000 Boston Coal Dock & Wharf Co 200,000 Prior JAens — Subject to $3, 842, 000 prior liens, viz.: Columbus & Hocking Valley 43, 1948. $1,401,000 Columbus & Toledo R. R. 4s, 1955.. 2,441,000 Underlies^-$9.783,000 Gen. 6s of 1949 ($9.- 600,000 pledged to secure 6% Notes due 1924). Bonds are reserved under this mortgage to re- tire this issue and prior liens. Year ended Dec. 31 Gross Net Interest 1917. . .$10,696,434 $3,141,108 $1,207,195 1916... 8,200.420 2,588,415 1,212.288 1915... 6.441,445 2,102,806 1,350,432 liegal for Bait., Cal., Conn, and Me. liisted on the New York Stock Exchange. Underwritten by J. P. Morgan & Co., New Tork. in 1899. Market. New York — McKinley & Morris, Foster & Adams, J. S. Farlee & Co., Sharretts & Toung, Miller & Co., W. J. Wollman & Co., E. & C. Randolph, Newborg & Co., Seasongood, Haas & Macdonald, Struthers & Hiscoe, Wm. C. Bwen, Taylor, Smith & Hard, Vilas & Hickey, Wm. M. Clarke. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Philadelphia — Biddle & Henry. Price Range — ^N. Y. S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High.llO Apr. 2, '06 86 Nov. 14 Low. 74 Oct. 2, '18 74 Oct. 2 I^e^istered High.103 Nov. 20, '06 ' 76% June 25 Low. 73% June 12, 'XS 73% June 12 HOICKING VAtLBY RAILWAY CO. 6-Year 6% Notes. Due March 1, 1934. Dated March 1, 1919. Interest payable March 1 and Sept. 1, in New Tork. lax Status — 2% Federal Income Tax paid by company without deduction. Authorized — 17,600,000. Outstanding — $7,500,000. Purpose of Issue — To provide funds to pay the $6,000,000 6% notes maturing March 1, 1919; for additions and betterments during Federal control, and for other corporate pur- poses. Denominatibn — Coupon $1,000. Eegtsterable as to principal. Trustee — Equitable .Trust Co., New Tork. Reideemable^as a whole on 60 days' notice at 101 and interest on any interest date after March 1, 1921. Organizatian — See 1st Cons. 4%sr- Secnred by pledge of $9,600,000 (total is- sued, $9,783,000) General 6s, Series A, due Jan. 1, 1949 (new issue). ■* Provisions of General Mortgage — The total amount of bonds to be outstanding at any one time is to be limited to an amount which, in- cluding prior lien bonds, shall not exceed three times the then outstanding capital stock of the company and is to be further limited to $60,000,000. In addition to the $9,783,000 now issuable. Bonds may be issued hereafter at par for refunding purposes, and for additions, betterments and other capital expenditures as defined in the mortgage; also issuable to the extent of 80% of the cost of equipment. The General Mortgage provides for a sinking fund of 6% per annum for 20 years in each case upon the amounts of bonds issued for equip- ment. Earnings — See 1st Cons. 4%s. Prior I/iens — The General 63 which are pledged are subject to $19,864,000 prior liens, via. : Outstanding H. v. Ry. 1st Cons. 4%s 1999 $16,022,000 Columbus & H. V. 4s. 1948 1,401,000 Columbus & Toledo 4s, 1966 2.441,000 Provision is made in the General Mortgage to retire the above*j issues. Listed' — ^Applicatli^.wili be made to list this issue on the NeWTKu-k Stock Exchange. Original M:arket-^f;600,000 offered Febru- ary, 1919, by Kulin, Loeb & Co., and the National City Co., at 98% and interest. Marie et, Iiouisville — G. T. Wood & Son. HOCKING VALLEY RAILWAY CO. Equip. Tr. 68. Dae $100,000 each August 1st to 1923.— F. Dated August 1, 1913. Interest payable Feb. 1 and Aug, 1, at company's office, 71 Broadway, N. T., or The Commercial Trust Co., Phlla. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $600,000 (Jan. 1, 1919). Ilalanco Retired. Denomination — Coupon, $1,000. 526 Trustee— Commercial Trust Co., Philadel- phia. Redeemable at par and interest on any in- terest date on 60 days' pubUsiied notice. Secured by an equipment trust agreement on eight locomotives and 1, 000 steel coal cars, costing $1,246,078, of which 5246,078 was paid in cash. Original Market — $1,000,000 ofeered in July, 1913, by Kissel, Kinnicutt & Co.. New York. and Elkina, Morris & Co., Philadelphia, to yield 5%%. Market. New York — Coggeshall & Hicks, Freeman & Co., Bull & Bldredge, Evans, Stillman & Co. Philadelphia — Harper & Turner, Montgomery & Co., Cassatt & Co., Graham, Parsons & Co., Blkins, Morris & Co. HOCKING VALLEY RAILWAY CO. Equip. Tr. 41/^8. Due $80,000 each February 1st to 1934.— F. Dated February 2, 1914. Interest payable Aug. 1 and Feb. 1, at Company's office. 71 Broadway, N. Y., or The Commercial Trust Co. , Philadelphia. Authorized — $800, 000. Outstanding — $400,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1, 000. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 101 and interest on any in- terest date on 60 days' published notice. Secured by an equipment trust agreement on 1,000 steel coal cars, costing $924,983, of which $124,983 was paid in cash. Market. See Equip. Tr. 5 s. HOLLIDAYSBURG. BEDFORD & CUMBER- LAND RAILROAD 1st 4s. Due July 1, 1951.— F. Bated July 1, 1911. Interest payable Janu- ary 1 and July 1 at Broad Street Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $1,073,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Assumed by the Pennsylvania R. R. Co. Dec. 31, 1915. Organization — Incorporated in Pennsylvania in 1911, as a consolidation of two subsidiaries of the Pennsylvania R. R. Co., and absorbed by that company in 1914. Secured by a first mortgage on 71.71 miles of road, Brooks Creek to Pennsylvania-Mary- land state line and branches. Underlies — Penna. B. R. Co. Gen. O^s of 1965, under which bonds are reserved to retire this issue. Legal for Bait., Cal., Conn., Me., Mass., Minn., Mo.. N. H., N, J., N. Y.. R. I.. Vt. and "Wis. Listed on the Philadelphia Stock Exchange. Market, Philadelphia — Elkins, Morris & Co., Graham, Parsons & Co., Sam'l K. PhilWps & Co., Chas. Fearon & Co., H. D. Boenning & Co., Biddle A Henry. New York — Baker, Carruthers & Pell. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 96 '16 98 *16 85 Jan. 88 Jan. Low. 82 '18 86 '18 82 Sept. 86 Sept. HOLYOKE & WESTFIELD RAILROAD 1st 4%s. Due April 1, 1951.— N. Dated April 1. 1911. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $200,000, Outstanding — $200,000. « Denomination — Coupon, $1,000. Trustee — ^Springfield Safe Deposit & Trust Co. , Springfield, Mass. Control — Leased in perpetuity to New York, New Haven & Hartford R. R. Co., for $46,000 per year and taxes. Secured by a first mortgage on 10 miles of railroad between Holyoke, Mass. ; population (1910), 57,730, and "Westfield, Mass.; popula- tion (1910), 16,044. Legal for Conn, and Mass. Original Market — Offered in 1911 by Harris, Forbes & Co., New York, N. "W. Harris & Co., Boston, Harris Trust & Savings Banks, Chicago, at 105 and interest. Market. New York — F. H. Hatch & Co., Baker, Car- ruthers & Pell. Price Range. Jan. 1, *16 to Jan. 1, '19 Bid High.95% '16 Low. 78 '17 HOLYOKE STREET RAILWAY 20-yr. 5% Debentures. Due 1920 and 1923. — N. Interest payable April 1 and October 1, at Holyoke National Bank, Holyoke, Mass. Tax Status — Payment of Federal Income Tax not assumed by, company. Outstanding — $85,000, due October 1, 1920; 3265,000, due April 1, 1923. Denomination — 1920 — Coupon, $500 and $1,. 000. 1923 — Coupon, $100, $500 and $1,000. Organization — Incorporated in Massachusetts In 1884. Secured equally with $850,000 1st 5s of 1935, on 69 miles of road, including street railways in Holyoke, and interurban lines be- tween that city and Chicopee, South Hadley and other towns in the vicinity. Population served, about 100,000. Franchises are per- petual. Year ended Dec. 31 Gross Net t Charges 1918 $702,169 $120,528 $117,755 1917 717,538 159,720 119,001 *1916 623.755 194,626 107.520 *1915 708,586 193,240 97,107 *Tear ended June 30. tTaxes, rentals and interest. Market. New York — F. H. Hatch & Co. Boston — Merrill, Oldham & Co. HOLYOKE STREET RAILWAY 1st 5s. Due April 1, 1935. — N. Dated April 1, 1915. Interest payable A,pvil 1 and October 1, at Trustee's ofHce,' ' f'Irst Nat'l Bank, Boston. ' . ' Tax Status — Payment of Federal Income Tax not assumed by company. "^ ' " Authorized — $2,500,000. Outstanding — $850,000. ^' *. ' ' - Denomlnatidn — Coupon, $1,0.00. Reglsterable as to principal. Trustee — Springfield Safe Deposit & Trust Co., Springfield, Mass. Redeemable on April 1, 1920, or thereafter, at 107 and interest. Organization, Security and Earnings — See 5 % Debs, above. Original Market — Offered by Lee, Higginsoh 527 & Co., Boston, New York, etc, at 105' and interest. Market. Boeton — Lee, Higgrinson & Co. New York — Lee, Higginson & Co. , P. H. Hatch & Co. Chicago — Lee, Higginson & Co. Holyoke — ^B. M. Dickinson. H0M£3 I.ONG DISTANCE TEL. CO. Ist 58. Due Jan. 2, 1932. — F, Dated March 15, 1912. Interest payable Jan. 2 and July 2 at Anglo-California Trust Co., San Francisco and National City Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,080,000. OutstamdiinE^— $6,923,000 (May 15. 1919). Held in S. F. — $157,000. Denomination — Coupon and regi stered, $1,000. Principal of coupon bonds m,ay be registered. Trustee — ^Anglo -California Trust Co. , San Francisco. Assumed by the Pacific Telephone & Tele- graph Co. Guaranteed principal and interest by the Pacific Telephone & Telegraph Co. Redeemable as a whole at 105 and Interest on any interest date. Sinking Fund — ^Annually, beginning Dec. 31, 1916. the following amounts are to be applied to the purchase of bonds at not exceeding 105 and interest: 1916-18, $50,000; 1919, $75,000; 1920 and 1921, $100,000; 1922 and 1923, $125,- 000, and 1924 to 1931, $150,00. Bonds so acquired are to be held alive and interest added to sinking fund. Control — ^Absorbed by the Pacific Tel. & Tel. Co., which is controlled through ownership of a majority of the stock by the American Tele- phone & Telegraph Co. Secured by a first mortgage on plants for- merly constituting the independent telephone system in San Francisco, Berkeley and Oak- land, which were purchased by the Pacific T. & T. Co. in 1912. Earnings — See Pac. Tel. & Tel. Co. Original Market — Offered in 1914 by Harris. Forbes & Co.. New York and Boston, and Harris Trust & Savings Bank, Chicago. Market. New York — McDonnell & Co. , Gilman & Clucas. HOME TELEPHONE & TELEGRAPH CO. (LOS ANGELES) 1st 6s. Due Jan. 1, 1933.— N. Dated Dec. 31, 1902. Interest payable Jan. and July 1, at National Bank of California, Los Angeles, and National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding: — $1,254,000 (Jan. 2, 1919). Retired! by Sinking Fund — $1,246,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Title Insurance & Trust Co., Los Angeles, Cal. Sinking Fund — 2% per annum of outstand- ing bonds to redeem bonds at a price not ex- ceeding 105 and Interest. Organizafjlon and Control — Incorporated in California in 1902 as successor to the Home Telephone Co. Merged in 1917 Into the Southern California Telephone Co., a subsid- iary of the Pacific Telephone & Telegraph Co. Secured by a first mortgage on property of the company, which supplies Independent tele< phone service in and around Los Angeles. Population served, 400,000. Number of sta- tions, 62,000, Franchise expires In 1952. Underlies — 1st & Ref. 5s of 1945, and South- ern California Telephone Co. 1st & Ref. 5s of 1947. Bonds are reserved under the latter mortgage to retire this issue. Earnings — See Southern California Tele- phone Co. 1st & Ref. 5s. Legal for California. Original Market — Offered by the Merchants' Trust Co., Los Angeles, CaK, at 96 in July 1906. Market. New York — B. F. Hutton & Co., McDonnell & Co., Sutro Bros. & Co., Gilman, & Clucas. Los Angeles — Page, Sterling & Co., A. H. Woollacott, Perrin Drake & Riley. Chicago — Babcock, Bushton & Co. Price Range. Jan. 1, 19(^8 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97 '17 98 '18 92% Dec. 98 Dec. Low. 78 '13 81 '08 83 Aug. 85 Mar. HOME TELEPHONE & TELEGRAPH CO. (LOS ANGELES) 1st & Ref. 6s, Due July 1, 1945.— N, Dated Sept. 1, 1905. Interest payable Jan. 1 and July 1, at National Bank of Cali- fornia, Los Angeles, or at National City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in California. Authorized — Closed mortgage. Outstanding — $735,000 (May 20, 1919). Retired by S. F. — $823,000. Cancelled — $942,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Title Insurance & Trust Co., Los Angeles. Redeemable at 105 and Interest on and after July 1, 1920. Sinking Fiind — ^Annually on and after Oct. 1, 1907, 2% of outstanding bonds for pur- chase between Oct. and Jan. 1 , at not to exceed 105 and interest. Control — See 1st 5s. Secured by a second mortgage on property described under 1st 5s above. Prior Liens — $1,254,000 (closed) 1st 5s of 1933. Underlies — $6,565,000 Southern California Telephone Co. 1st & Ref. 5s of 1947. Bonds are reserved under latter mortgage to retire this issue. Earnings — See Southern Californfia Tele- phone Co. 1st & Ref. 5s. Legal for California. Listed on Los Angeles Stock Fxchange. Original Market — Offered in 1912 at 82% and interest by Adams & Co., Los Angeles. Market. Los Angeles — Page, Sterling & Co.. A. H, Woollacott, Stevens. Page & Sterling. " New York — B. P. Hutton & Co.. McDon- nell & Co., Sutro Bros. & Co. , Gilman & Clucas. Chicago — Babcock. Rushton & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95^ '17 98% '18 92% Dec. 98% Dec. Low. 65 '14 73 '10 83 Jan. 87 Jan. HOME TELEPHONE & TELEGRAPH CO. OF PASADENA, CAL., Ist 5b. Due Oct. 1, 1933.— N. Dated Oct. 1, 1903. Interest payable April and Oct. 1, at Chase National Bank. New 628 Tork, or First Nat'l Bank, Pasadena. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding: — $500,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Tit'.e Insurance & Trust Co., Los Angeles. Redeemable at 105 and interest. Sinking Fnnd — ^Annually, beginning Sept. 1, 1913. as follows: From 1913 to 1932, a sum not less than 10% of the net earnings of the company, and thereafter an annual amount from net earnings suflEicient to pay at maturity all bonds outstanding. Organization — Incorporated in Caliifornia in 1903. The company is operated independent of the Bell System. Secured by a first lien on telephone system In Pasadena, Cal., serving about 35, 000 per- sons. Year ended I>ec. 31 Gross Net Interest 1917 $321,527 $72,718 $77,955 1916 303,547 58,740 77,929 1915 293,128 33,292 77,930 1914 272,886 def. 12.577 75,852 Market. Pasadena — Blankenhorn-Hunter-Dulin Co. IjOS Angeles — Blankenhorn-Hunter-Dulin, Co. New York — Oilman & Clucas, B. F. Hutton & Co. Chicago — Babcock, Rushton & Co.. HOOPESTON GAS & ELECTRIC CO. 1st Ss. Bae January 1, 1936. — F. Dated January 1, 1906. Interest payable January 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — $ 199,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Bedeemable at 105 and Interest on any in- terest date. Organization — Incorporated In Illinois In 1905. Controlled by the Middle "West Utilities Co. through ownership of a majority of the cap- ital stock. Secured by a first mortgage on plants sup- plying: gas and electricity in Hoopeston, 111., and electricity In Rossville, 111. Franchise extends to 1955. Population, Hoopeston, 6,500, Rossville, 1,500. Earnings — Not available. Original Market — First offered by Sholto D. Rogers & Co., Milwaukee, Wis. Market. Chicago — S. T. Konsberg & Co, Price Range. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99 '16 100 '16 75 Dec. 80 Dec. Low. 75 '18 80 '18 HOOSAC TUNNEI. & WHiMINGTON BAII/- BOAD 1st 5s. Due Sept. 1, 19^3.— N. Dated Sept. 1, 1892. Interest payable March and Sept. 1, at Old Colony Trust Co., Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $250,000. Outstanding — $228, 000. Denomination — Coupon and registered, $1,000. Trustee — Old Colony Trust Co. , Boston. Mass. Organization — Incorporated In Masaacbusetti in 1886. Secured by a first mortgage on 24 mllea of railroad from. Hoosao Tunnel, Mass., to "Wil- mington, Vt. Year ended June 30 Net Interest 1918 $23,341 $11,066 1917 25,996 11.528 1916 26,650 13,726 1915 19.123 14.433 Market. New York~F. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.98 '08 103 '08 70 Jan. Low. 70 '17 95*12 80 Dec. HOOSAC VALLEY STREET RAILWAY Ref. 4s. Due Sept. 1, 1924.— N. Dated Sept. 1. 1904. Interest payable March and Sept. 1, at Berkshire Loan & Trust Co., Pittsfield, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $400,000. Outstanding — $300,000. Denomination — Coupon, $1,000. Trustee — Berkshire Loan & Trust Co., Pitts- field, Mass. Control — ^Absorbed by the Berkshire St. Ry. Co., which is controlled by the N. T., N. H. & H. R. R. Co. through ownership of prac- tically all its stock. Secured by a first mortgage on all the prop- erty formerly owned by this company. Underlies — $200,000 Berkshire St. Ry. de- bentures, guaranteed as to principal and in- terest by the N. Y.. N. H. & H. R. R. Co.. and $2,040,000 notes, both Issues being owned by the N. Y., N. H. & H. R. R. Co. HOQUIAM (WASH.) WATER CO. 1st 6s. Due July 1, 1928. Dated July 1. 1913. Interest payable Jan. 1 and July 1, at Chemung Canal Trust Co.. Blmira. N. Y. Tax Status— Information not available. Tax exempt in Washington (State). Authorized — $300, 000. Outstanding— $109,000 (Jan., 1918). Denomination — Coupon, $1,000. Trustee — Josiah O. Steams, Hoauiam, Wash. Bedeemable at par and interest July 1, 1918 and 1923. Secured by a first mortgage on all the prop- erty of the company. The company supplies Hoquiam, Wash., with water. Its property Includes 12 miles of cast iron main pipe line. 10 miles wood stave main pipe line. 10 miles galvanized pipe lines , together with two reser- voirs, one with a capacity of 7,600,000 gallons and the other 3,000,000 gallons. Property val- ued at $375,000. Population served, 13,000. Franchise expires in 1948. Original Market — OfCered July, 1916, by M. G. Henry, Tacoma, Wash. , at price to net about 6%%. HOBTONIA POWER CO. 1st 5s. Due Feb. 1, 1945.— F. Dated Feb. 1, 1915. Interest payable Feb. and Aug. 1, at New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Vermont. Authorized — $2,026,000. Outstanding — $2,011,000 (May 15, *19). Retired by S. F. — ^None. 529 Denomination — Coupon, $1, 000. Reglsterable as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Franklin Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — ^Annually 1% of outstanding bonds, beginning 1918, for the purchase and redemption of these bonds, at not over 105 and interest. Bonds so acquired to be can- celled. Organization — Incorporated in Vermont in 1914 as a consolidation. Secured by a mortgage on the property of the company, including 7 hydro-electric and 3 steam plants with total capacity of 8,900 h. p., and undeveloped water rights." Company has municipal lighting contracts in Brandon, Beth- el, Bristol and other towns in Vermont. Also contracts power to industries. Franchises ara perpetual. Prior liiens — $32,000 divisional bonds. learnings — Company does not report earn- ings. Original Market — Offered in April, 1916, by F. M. Dyer & Co., New York, at 92% and interest. Market. New York — J. A. Clark & Co., F. M. Dyer & Co. ■- HOSTEB-COrUMBUS CO.. INC.. 1st 6s. Due Oct. 1. 1940.— F. Dated Sept. 1, 1915. Interest payable April and Oct. 1, at Citizens* Savings & Trust Co., Cleveland, and at its agency in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $ 1,826,400 (Jan. 1 , 1919). Denominations — Coupon, $1,000, $500 and $1 0. Reglsterable as to principal. Trastee — Citizens* Savings & Trust Co.» Cleveland, Ohio. Redeemable at par and interest on any inter- est date on 30 days' notice. Sinking Fund — ^Annually, $20,000 if earned". Organization — Incorporated in New York in 1915 as successor to Hoster-Columbus Asso- ciated Breweries Co., foreclosed. Secured by a first mortgage on breweries and other properties in Franklin, Licking, Stark and Athens Counties, Ohio. Year ended Dec. 31 Net Bond Interest 1917 $128,542 $109,584 1916 171,643 109,584 Xisted on the Cleveland and Columbus Stock Exchanges. Market. Cleveland — W. S. Snyder & Co. Price Range. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.66% '16 70- '16 50 Dec. 67 Dec. Low. 35 '17 40*17 40 July 44 July HOTELS STATLER COMPANY, INC., Serial 6s. Due as follows: $150,000 Jan. 1, 1921 $210,000 Jan. 1, 1926 150,000 Jan. 1. 1922 225,000 Jan. 1, 1927 175,000 Jan. 1, 1923 250,000 Jan. 1, 1928 185,000 Jan. 1, 1924 1,455,000 Jan. 1, 1929 200,000 Jan. 1. 1925 Dated Jan. 15, 1918. Interest payable Jan- uary and July 1, at any oflBce of S. W. Straus & Co., Inc. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000, 000-. Outstanding — $3,000,000. Denomination — Coupon $100, $500, $1,000 and $5,000. Reglsterable as to principal. Trustee — S. J. T. Straus, vice-president of S. W. Straus & Co., New York and Chicago, Redeemable at 102 and interest on any in- terest date. Sinking Fund — ^Monthly deposits of one- twelfth of amount of principal and interest coming due each year. Guaranteed principal and interest by en- dorsement by B. M. (Statler, who is president of company. Organization — Company has construeted, equipped and operates the Statler Hotels in Buffalo, Cleveland, Detroit and St. Louis, and operates the Hotel Pennsylvania in New York City, erected by the Pennsylvania Railroad Company. Secured — A direct obligation of the Hotels Statler Company, Inc., and secured by a first mortgage on the following: Hotel Statler, Buffalo — Land, building and equipment. Hotel Statler, Cleveland — Equipment. Hotel Statler Annex. Cleveland — Leasehold, building and equipment. Also secured by mortgagee subject to prior liens) on equity in the leaseholds, buildings and equipment of Hotel Statler, Cleveland; Ho- tel Statler and Annex, Detroit, and Hotel Statler, St. Louis. Estimated value of above Is $6,500,000. Further secured by deposit with the Trus- tee of $2,000,000 (entire) preferred stock and 29,000 shares (total issue $40,000) common stock of Hotel Statler Company, Inc., which is the operating company of Hotel Pennsyl- vania, New York City. Company covenants to maintain cash sur- plus of $1,750,000, and that after 1919 no dividends will be paid on either preferred or common stock until it has redeemed $25,000 of the bonds of the last maturity at 102 and interest. Original Market — Offered by S. "W. Straus & Co. , Inc. , Chicago, New York, etc. , June, 1918, at par and interest. Price Range 1918 — ^Ask 102. HOUGHTON COUNTY EUECTRIC LIGHT CO, 1st 5s. Due July 1, 1927. — F. Dated July 1, 1902. Interest payable Jan. and July 1, at Boston Safe Deposit & Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000,000. Outstanding— $639,000 (Jan. 1, 1919). Held in Treasury — $103,000. Purchased and Held — $53,000. Reserved for Ext. — $205,000. Trustee — Boston Safe Deposit & Trust Co., Boston, Mass. Redeemable as a whole on any interest date at 107% and interest. Improvement Fund — An improvement fund ol $7,500 per annum is provided. Organization — Incorporated in Michigan In 1902 and took over the property of the Penin- sula Electric Light & Power Co. Management — Stone & Webster, Boston. Secured by a first mortgage on plant supply- ing electricity in Houghton and Keweenaw Counties, Michigan. These counties contain the most Important copper mines in the Lake regions. Franchise perpetual, except in cities of Houghton and Hancock, where they expire in 1930. Population served, 73,400. Year ended Dec. 31 Gross Net •Interest 1918 $423,703 $141,676 $49,595 1917 420,553 178,315 43,001 1916.... 390,402 194,656 40,540 1915 338,913 168,843 41,393 1914 311,668 150,017 41,460 •Includes Improvement fund. 530 Original Market — Offered in 1902 by H. W. Poor & Co.. New York, at par. Marlcet. Boston — Stone & Webster. Chicaeo — Stone & Webster. New Xork — stone & Webster. Price Range. Jan. 1, '68 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '10 100 '10 90 Jan. 94 Jan. Lo\v.S4'18 89 '18 84 Dec. 89 Deo. Fliiladelpliia — H. D. Boennlng & Co. Boston — Stone & Webster. Chicago — iStone & Webster. Price Range. Jan. 1, '08 to Jan. 1, 19 1918 Bid Ask Bid Ask High.lOl '16 101 '16 94 Jan. 98 Jan. Low. 87 '18 90 '08 87 Feb. HOUGHTON COUNTY GAS & COKE CO. lit 58. Due annually Feb. 1,, as follows: $4,000, 1919; $5,000, 1920-24; $6,000, 192S-29; $10,000, 1930, and remainder in 1931. Tax Status — Payment of Federal Income Tay not assumed by company. Autliorized — Closed mortgage. Outstanding — $81,000 (Jan. 1, 1919). Redeemed — $161,000. Denomination — Coupon. $1,000. Registerabls as to principal. Trustee — Metropolitan Trust & Savings Bank. Chicago. Organization — Incorporated in Maine in 1908. Jan. 1. 1917, acquired the properties of the Constantino Hydraulic Co.. Three Rivers Light & Power Co.. Three Elvers Gas Co., Milling & Power Co., and gas and electric properties of the Marauette County Gas & Electric Co. Name changed to Michigan Gas & Electric Co.. Feb., 1917. Controlled through stock ownership by the Middle West Utilities .Co. Secured by a first mortgage on plant and mains supplying gas to Houghton, Hancock and Ripley. Mich. These cities are situated in the copper region of Michigan. Population served. 18.000. Franchises expire in 1934 and 1935. Underlies — ^Michigan Gas & Electric 1st & Ret. 6s of 1932. Original Market — Offered in 1906 by Mao- Donald, McCoy & Co., Chicago, at par and interest. HOUGHTON COUNTY STREET RAILWAY Ist 5s. Due July 1, 1920.— F. Dated July 1, 1900. Interest payable Jan. and July 1, at Boston S., D. & T. Co., Boston, Mass. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $266,000 (Jan. 1, 1919). Cancelled — $484,000. Denomination — Coupon, $1,000. Trustee — Boston S. D. & Tr. Co.. Boston, HOUGHTON COUNTY TRACTION CO. 1st Cons, S. F. 5s. Due Jan. 1, 1937.— F. Dated October 1, 1908. Interest payable Jan. and July 1, at Boston, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,600,000. Outstanding — $719,600 (Jan. 1, '19). Held in Treasury — $24,600. Retired by Sinking Fund — $90,000. Purchased and Held — $83,000. Reserved to Retire Prior Lien^ — $266,000. Reserved tor Ext $417,000. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trnstee — Old Colony Trust Co., Boston. Redeemable at 105 and interest any time as a whole or for sinking fund. Sinldng Fund — 1 % % annually of outstanding bonds, payable March 1, for purchase or re- demption of these bonds at not over 106 and Interest. Bonds acauired to be cancelled. Organization — Incorporated in Michigan in 1908. Under the management and control of Stone & Webster. Secured by a first mortgage on seven miles of track between Wolverine and Mohawk, and a second mortgage on property described under Houghton County Street Ry. 6s (see above). Interurban lines are largely on private right-of- way. Franchises expire in 1929, 1930. 1932, 1933 and 1938. Prior Lien — $266,000 Houghton Co. St. Ry. 6s of 1920. Year ended Dec. 31 Gross $320,067 343,134 326,398 276,661 276,633 Redeemable at 106 and interest. Assumed by the Houghton County Traction Co. Control — ^Absorbed by the Houghton County Traction Co. Management — Stone & Webster, Boston. Secured by a first mortgage on 22 miles of street and interurban railway in Houghton, Hancock and Red Jacket, Mich., and connect- ing those towns. Population served, 70,000. Large part of line on private right-of-way. Franchises in cities expire between 1929 and 1938 Underlies — Houghton County Trao. Co. 1st Consol. 6s. . Bonds are reserved under that mortgage to retire this issue. Earnings — See Houghton County Traction Co. 1st Cons. 6s. Market. New York — Stone & Webster. 1918.. 1917.. 1916.. 1916.. 1914. Net Int. & S. F. $104,579 $60,270 126,682 61.300 139,939 63,916 119,124 66,617 97,776 67,063 Original Market — Offered in 1909 by Stone & Webster, Boston, at 95 and interest. Market. Philadelphia — ^H. D. Boenning & Co., Sam'l K. Phillipa & Co. New York — ^Kiely & Horton, Estabrook & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94% '12 98 '12 82 Jan. 87 Jan. Low. 75 '18 80 '18 75 Dec. 80 Dec. HOUSATONIC RAILROAD Cons. 58. Due Nov. 1, 1937.— N. Dated Nov. 1, 1887. Interest payable May and Nov. 1, at Farmers' Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $2,839,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Treasurer of State of Connecticut. Assumed by N. T., N. H. & H. R. R. Co. Control — Absorbed by N. Y., N. H. & H. R. R. Co. Secured by a first mortgage on 87.37 miles of railroad from Bridgeport, Conn., to Massa- chusetts State Line, with branch to Danbury. This line forms part of the route between New 531 York and the Berkshire Hills region of Massa- chusetts. IJesal for Me. Listed on the New York and Boston Stock Exchanges. Market. New York — Sam'l Goldschmidt, F. J. Lis- man & Co. , Coffin & Co. , Baker, Carruthers & Pell, Spencer Trask & Co., Ahraham & Co., Vilas & Hickey, F. H. Hatch & Co., Wm. C. Ewen, Taylor, Smith & Hard. ■ Hartford — Clark, Dodge & Co. New Haven — Chas. W. Scranton Co., (The) W. T. Fields Co., Stevenson & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Bid High.125 Feb. 6, '06 90^ Dec. Low. 105 Feb. 9. '15 89 Oct. HOUSTON & TEXAS CENTRAL RAltROAD CO. Ist S. E. 5s. Due July 1, 1937.~N. Dated April 1, 1890. Interest payable Jan. and July 1, at Southern Pacific office, 165 Broadway, New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $8,634,000. Outstanding — $1,389,000 (Jan. 1, '19). Retired by S. F.— $6,711,000. Denomination — Coupon, $1, 000. Registerable as to principal only, or fully registerable. . Trustee — Central Union Trust Co. , New York. Redeemable for sinking fund at 110 and in- terest. Sinking Fund — The net proceeds from the sale of lands subseauent to Sept. 8, 1888, to be applied to the purchase and cancellation of these bonds at not exceeding 110 and interest. If bonds are not purchasable they are to be called. Lands all sold June 30, 1915. Guaranteed as to interest by the Southern Pacific Co. by endorsement. Organization and Control — Incorporated In Texas in 1889. Practically the entire capital stock is owned by the Southern Pacific Co. The H. & T. C. R. R. Co. owns a total of 856 miles of road. Secured by a first mortgage on 452.98 miles of road, viz. : Miles Houston to Dennison, Tex 337.98 Hempstead to Austin, Tex 116.00 Underlies— $4,161,000 Gen. 4s of 1921. Year ended Dec. 31 Gross Net Int. & Rent 1917 $8,223,425 $3,061,783 $934,037 liegal for Texas. liisted on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt. McKinley & Morris, Miller & Co.. J. S. Farlee & Co., Wood, Struthers & Co., Redmond & Co., Vilas & Hickey, McGeorge & Vanderhoef, Ahraham & Co.. Baker, Carruthers & Pell, Ambrose R. Clark & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1* 1919 1918 High.112% Dec. 24. '06 96 Dec. 21 Low. 96 Dec. 21, '18 96 Dec. 21 HOUSTON & TEXAS CENTRAL RAILROAD CO. Gen. 4s. Due AprU 1, 1931. — N. Dated April 1, 1890. Interest payable April and Oct. 1, at Southern Pacific office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,305,000. Outstanding — $4,161,000 ($70,000 owned by Southern Pacifle Co.). Cancelled by Sale of Lands — $144,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Guaranteed as to interest by the Southern Pac. Co. by endorsement. Organization and Control — See 1st 5s above. Secured by a second mortgage on 452.98 miles of road described under 1st 53 above, and subject to those bonds. $1,149. 000( total outstanding^ Cons. 6s (no interest) are depos- ited with the Trustee of this mortgage. Prior Liens — $1,389,000 H. & T. C. 1st 5s of 1937. Earnings — See 1st 5s. Listed on the New York Stock Exchange. Market. . New York — Sam'l Goldschmidt, S. P. Larkin & Co., McKinley & Morris, Miller & Co., J. S. Bache & Co., J. S. Farlee & Co., Seasongood, Haas & Macdonald, "Wood, Struthers & Co., Abraham & Co., Baker, Carruhters & Pell. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.99^A Jan. 18. '06 93 Nov. 12 Low. 83% Dec. 24, 07 87 Jan. 24 HOUSTON & TEXAS CENTRAL RAILROAD CO. Waco & Northwestern Div. let 6s. Due May 1, 1930.— N. Dated May 1, 1900. Interest payable May and Nov. 1. at Southern Pacific office, 165 Broadway, New York. Tax Status> — Payment of Federal Income Tax not assumed by company. Authorized — $25,000 per mile. Outstanding — $1,105,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co.. New York. Organization and Control — See let 6s above. Secured by a first mortgage on 55.30 miles of road from Bremond to Ross, Tex. This line affords the Southern Pacific System its only entrance into Waco, Tex. Earnings — See 1st 5s. Legal for Texas. Listed on the New York Stock Exchange. Market. New York — ^Wolff & Stanley, F. J. Llsman & Co., Coffin & Co.. Taylor, Smith & Hard. J. S. Farlee & Co., John N5ckerson, Jr., Abra- ham & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, 19 1918 Ask High.lig^A Mar. 11. '10 101 Dec. Dow. 108 Mar. 20, '14 89 Sept. HOUSTON BELT & TERMINAL RAILWAY CO. 1st S. F. 58. Due July 1, 1937.— F. Dated July 1, 1907. Interest payable Jan. and July 1, at Central Union Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by compahy without deduction. Authorized — $5, 000, 000. Outstanding — $4,563,000 (Jan. 1, '19). Retired by S. F. — $437,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Redeemable as a whole on July 1, 1917, or any interest date thereafter at 105 and inter- est. Sinldng Fund — Annually, on June 1, 1% of bonds issued to be applied to the purchase of bonds at not exceeding 106 and interest. Guaranteed proportionately under lease for 532 99 years, as to interest and annual amount of sinking fund, by the proprietary companies. Control — The $25,000 capital stock is owned equally by the New Orleans, Texas & Mexico, Trinity & Brazos Valley (Col. Sou.), St. Louis, Brownsville & Mexico and the Gulf, Colorado & Santa Fe (A. T. S» Fe) companies, and under an agreement executed in 1907 they agree to pay under pro rata wheelage basis operating expenses, and on a one-fourth basis interest on bonds and sinking fund. The H. B. & T. Ky. Co. leases all the property in Houston owned by the G. C. & S. Fe Ry. Co. for 99 years from July 1, 1907. Secured by a Urst mortgage on 20 miles of belt line railway In and around Houston, Tex., which furnishes terminal facilities for the pro- prietary company. Listed on the New York Stock Exchange. Original Market — OfCered in 1909 at 101 and interest by Wm. Salomon & Co., New York, and G. H. Walker & Co, , St. Louis, Mo. $2,000,000 offered by same firms in 1911 at 101 and interest. Market. New York — Baker. Carruthers & Pell, Sam'l Goldschmidt, F. H. Hatch & Co.. F. J. Lis- man & Co., Hartshorne & Battelle, Wm. Solo- mon & Co. , Taylor, Smith & Hard. John Da- venport, McKinley & Morris. Abraham & Co. St. Lonis — Bowman, Cost & Co., Wm. R. Compton Co., G. H. Walker & Co., A. G. Edwards & Sons, Stix & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.101% Feb. 6, '11 85 Dec. 3 Low. 90 Jan. 17. '17 85 Dec. 3 HOUSTON, EAST & WEST TEXAS RAILWAY CO. iBt 5s. Due May 1, 1933.— N. Dated May 1. 1893. Interest payable May and Nov. 1. at Southern Pacific office, 165 Broadway. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $2,536,000 stamped; $464,000 unstamped. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Trustee — Central Union Trust Co. , New York. Redeemable — Stamped bonds are redeemable at 105 and interest on any interest date upon six months' notice. Guarantee — The $2, 536, 000 Stamped Bonds are guaranteed principal and interest by the Southern Pacific Co. by endorsement. Organization and Control — Incorporated In Texas In 1897. A majority of the stock is owned by the Southern Pacific Co. Secured by a first mortgage on 190.94 miles of road from Houston, Tex., to Logansport, La. This line forms the largest portion of the only line operated by the Southern Pacific System into Shreveport, La., the second largest city In that state. Year ended Dec. 31 Gross Net Int.& Rent 1917 $1,862,980 $646,142 $218,602 Year ended June 30 Gross Net Int.& Rent 1916 $1,486,314 $449,335 $231,598 1915 1.361,858 311.219 277,138 liisted on the New York Stock Exchange. Market. New York — Miller & Co., Chas. H. Jones A Co., Hartshorne & Battelle. B. & C. Randolph. Louchheim, Minton & Co. , Chas. W. Place, Baker, Carruthers & Pell. Simon Borg & Co.. Redmond & Co., Wm. C. Ewen, Taylor, Smith & Hard. J. S. Farlee & Co.. Abraham & Co. Boston~G. W. Walker & Co. Philadelphia — Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Unstamped. High.l05»^ May 25, '09 85% July 2 Low. 85% July 2. '18 85% July 2 Stamped. High.105% Jan. 20, '06 Low. 100 Oct. 17. '16 HOUSTON ELECTRIC CO. 1st S. F. 5s. Dae Aug. 1, 1935.— F. Dated August 1, 1900. Interest payable Feb.' and Aug. 1, at Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed m.ortgage. Outstanding— $1,799,000 (Mar. 20. 1919). ■ Held in Sinking Fund— $709,000. Denomination — Coupon, $1;000. Reglsterable as to principal. Trustee — International Trust Co., Boston. Redeemable as a whole at 107% and interest on any interest date. Sinking Fund— 1%% annually of outstanding bonds, payable each August 1st, to be applied to the purchase of these bonds at not over 107% and interest. If bonds are not purchas- able, funds are to be Invested in approved first mortgage bonds. Organization and Control — ^Incorporated in Texas in 1901. All capital stock is owned by the Galveston-Houston Electric Co. Management — Stone & Webster. Boston. Secured by a first mortgage on the entire street railway system in Houston, Texas, em- bracing 61 miles of track. Population served, 100.000. Franchise expires in 1935. Year ended Dec. 31 (G.-H. Elec. Co.) Gross Net Int. & S. F. 1918... $2,691,332 $841,082 $472,635 1917. .. 2.088.122 703.250 450.880 1916. . . 1.944,840 708,732 438,993 1915. . . 1,936,228 729.771 433.309 1914... 2,424,119 1.113.261 441,125 Listed on the Boston and Louisville Stock Exchanges. Original Market — OfCered in 1902 by Lee, Higginson & Co., Boston, at 97% and interest. Market. Baltimore — Sutton & Co.. Strother, Brogden & Co., H. R. Taylor & Co., Jenkins, Whed- bee & Poe. Boston — ^Hornblower & Weeks, Stone, Web- ster & Co., Lee, Higginson & Co., F. B. Baa- sett & Co.,^ Bstabrook & Co., F. W. Mason & Co. . L. Sherman Adams. New York — Hanson & Doyle, E. & C. Ran- dolph. Hornblower & Weeks, A. E. Fitkin & Co.. Lee, Higginson & Co., Stone & Webster, Wolff & Stanley. Estabrook & Co., Geo. H. Burr & Co., Kirkpatrick & Lewis, Joseph & Wiener. John Nickerson, Jr.. Pynchon & Co., Taylor & White, F. H. Hatch & Co., Berdell Bros. Philadelphia — H. D. Boenrting & Co., Sam'l K. Phillips & Co. Louisville — ^Hennlng, Chambers & Co. Wilmington—Lafrd & Co. St. Louis — Stix & Co. Chicago — Hornblower & Weeks, Stone & Wet^ter, Lee, Higginson & Co., Babcock, Rushton & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 100 '14 92 Dec. 96 Dec. Low. 88 '18 93% '18 88 Feb. 93% May 533 HOUSTON GAS & FtJEt CO. Ref. & Imp. 5s. Dne Sept. 1, 1932. — F. Dated Sept. 1. 1912. Interest payable March and Sept. 1, at Fidelity Trust Co.. Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $6,000,000. Outstanding— $580,000 (Dec. 31, 1918). Denomination — Coupon, $1,000. Registerablo as to principal. Trustee — ^Fidelity Trust Co., Philadelphia. Redeemable on any interest date at 105 and interest. Organization and Control — Incorporated In Texas in 1912. The entire common capital stock is owned by the United Gas & Electric Corp. Secured by a second mortgage on plant supplying gas in Houston, Texas. Population served. 125.914. Franchise expires in 1940. Prior Uen — $961,000 Houston Gas Co. 1st 59 of 1920. Year ended Dec, 31 Int., Gross Net Rent. Etc. 1918 $671,682 $167,055 $82,832 3917 582,666 230,184 82.264 1916 528,203 217,991 80.656 1915 491,483 196.819 68,941 Afarket. New York— F. H Hatch & Co. Texarkana — R. S. Cheatham. Price Range. Jan. 1, *16 to Jan. 1, *19 1918 Bid Ask Ask High.91% '16 95 '16 82 June Low. 82 '18 HOUSTON GAS CO. 1st 5s. Due March 1. 1920.— F. Dated March 1. 1905. Interest payabl* March and Sept. 1, at Harris, Forbes & Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $961,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Bankers' Trust Co., New York. Control — ^Absorbed by Houston Gaa & Fuel Co., controlled by United Gas & Electric Corp. Secured by a first mortgage on property described under Houston G. & F. Ref. & Imp. 5s. Underlies — Houston G. & F. Ref. & Imp. 5a of 1932. Earnings — See Houston Gas & Fuel Co. Ref. & Imp. 5s. Market. New York— F. H. Hatch & Co.. Parrlsh & Co., E. H. Rollins & Sops, "W. J. "Wollman & Co., Morton Lachenbruch & Co., B. & C. Ran- dolph, J. W. Christiansen. Boston — E. H. Rollins & Sons. Chicago — Harris Trust & Savings Bank, B. H. Rollins & Sons. Philadelphia — H. D. Boenning & Co., E. H, Rollins & Sons, Parrish & Co. Denver — E. H. Rollins & Sons. I-os Angeles — E. H. Rollins & Sons. San Francisco — B. H. Rollins & Sons. Texarkana — R. S. Cheatham. • Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98^/4 'IE 100 '15 91 Feb. 97 Jan Low. 91 '18 93 '18 93 May HOUSTON (TEX.) HOME TELEPHONE CO. 1st 68. Due March 1, 1935. — N. Dated March 1, 1910. Interest payable March 1 and Sept. 1, at Bankers' Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by compahy. Authorized — $1,000,000. Outstanding — $950,000 (May 12, 1919). Retired by S. F. — $50,000. Denomination — Coupon, $1.00.0. $500 and $100. Registerable as to principal. Trustee — Bankers' Trust Co.. New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — -Annually, beginning March 1, 1915, an amount equal to not less than 1% or more than 4% from net earnings for the pur- chase or redemption of these bonds at not over 105 and interest. Guaranteed principal and interest by the Southwestern Telegraph and Telephone Co. of New York by endorsement. Control — ^Merged into the Southwestern Tele- graph & Telephone Co. of Missouri. All the $10,000,000 stock of the latter company Is owned by the Southwestern Telegraph & Tele- phone Co. of New York, a subsidiary of the American Telegraph & Telephone Co. Secured by a first mortgage on all the prop- erty of the company now owned or acquired. The property covered includes the Bell system in Houston, Tex. Original Market — $500,000 offered Jan.. 1917. by Hornblower & Weeks, Boston, New York, etc., at 100 and interest. Market. New York — Gilman & Clucas. Hornblower & "Weeks. Providence — Hornblower & "Weeks. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Milwaukee — Second Ward Savings Bank. Price Range. Jan. 1, *17 to Jan. 1, '19 1918 Bid Ask Ask High.98 '17 100 '17 95 June Low. 88 '18 88 June HOUSTON lilGHTING & POWER CO. 1st S. F. 5s. Dae April 1, 1931.— F. Dated April 1, 1911. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $1. 90S. 000 (Jan. 1, 1919). Retired by Sinking Fund — $69,000. Reserved for Ext. — $3,028,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Whitney- Central Trust & Savings Bank. New Orleans. Redeemable at 105 and interest on any inter- est date. Sinking Fund — 1 % of outstanding bonds, be- ginning July 1, 1915, and annually thereafter, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Organization and Control — Incorporated in Texas in 19 06. All of the stock is owned by the American Cities Co. Secured by a first mortgage on plant supply- ing electricity in Houston, Texas. Population served, 165,000. Franchise unlimited in time. Year ended Dec. 31 Gross Net Int.. Etc. 1918 $1,024,866 $347,684 $103,815 1917 878.803 402,817 142.500 1916 788.769 358.706 135,467 1915 720.999 287.834 97,156 Listed on the New Orleans Stock Exchange. 534 Original Market — Offered In 1911 by Hay- cten. Stone & Co., Boston and New York, at 98% and interest. A block offered Dec, 1918, by Halsey, Stuart & Co, at 95 and interest. Market. Boston — Paine, Webber & Co. New York — Sam'l Qoldsohmidt, A. B. Fitkin & Co., W. J. Wollman & Co., J. Nickeraon, Jr., H. N. Whitney & Sons, E. & C. Ran- dolph, J. D. Curtis & Co., Kiely & Horton, Paine, Webber & Co., Pynchon & Co., Ber- dell Bros., Taylor & White, P. H. Hatch & Co. New Orleans — E. D. Cohn; Claude M. Smith & Co. Chicago — Paine, Webber & Co., Halsey, Stuart & Co. Houston — Sherwood & Kine. FhiladelDhia — S. K. Phillips & Co., Paine, Webber & Co. St. liouis — Stix & Co., J. Nickerson, Jr. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '16 101 '17 90 Jan. 99 Feb. Low. 86 '18 90 '18 86 Sept. 90 July New York— Hambleton & Co., E. & C. Ran- dolph. Price Range. Jan. 1, '16 to Jam. 1, '19 1918 Bid Ask Bid Ask Higrh.98 '16 100 '16 97 June 99% Apr. Low. 96 '17 97% IS 97 Oct. 97% Oct. HOUSTON OIL CO., Kirby Lumber Co. First Lien 6% Timber Certificates. Due Aug. 1. 1983. Commencing: Aug. 1, 1913, these bonds are to be retired by lot at par and interest on semi-annual dates as follows; Aug. 1, 1918, $246,000: Feb. 1. 1^19, $265,000; Aug. 1, 1919, $255,000; Feb. 1, 1920, $270,000; Aug. 1, 1920, $275,000; Feb. 1, 1921, $356,000; Aug. 1, 1921, $680,000; Feb. 1, 1922. $725,000; Aug. 1, 1922, $695,000: Feb. 1, 1923, $670,000, and Aug. 1, 1923, $490,000. Dated August 1, 1911. Interest payable Feb. and Aug. 1, at Baltimore. Tax Status-*-Information not available. Authorized — $6,250,000. Outstanding — $4,028,597 (March 1. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Maryland Trust Co., Baltimore, Md. Guaranteed by the Houston Oil Co. of Texas. Secured by a mortgage on more than 800,000 acres of timber land in the eastern counties of Texas, and oil lands in the Corsicana and Saratoga oil districts of Texas. The company has entered into a contract with the Kirby Lumber Co., which contract has been confirmed by the U. S. District Court, in accordance with which the Kirby Lumber Co. must pay for enough timber at $5 per 1,000 feet, wlieth- er cut or not, to pay the interest and principal on these bonds. Should the Kirby Lumber Co. fail to comply with these terms its equipment on the property of the Houston Oil Co., valued at more than $4,000,000, shall be forfeited to that company. Year ended Sept. 30 Net Interest 1918 $1,628,008 $273,480 1917" 1,466,767 306,711 1916 1,372,766 368.272 1915; I ; 1,283,640 373,826 Original Market — Offered in 1911 by William Salomon & Co. and Ladenburg, Thalman ,& Co New Tork: Whitaker & Co., St. Louis, and the Mercantile Trust & Deposit Co., Balti- more at 98% and interest. $1,752,000 offered by Ladenburg, Thalman & Co. and Whitaker & Co., May. 1916, at 95 and interest. Market. Baltimore — Mercantile Trust & Deposit Co., Nelson Cook & Co., Hambleton & Co., Jen- kins, Whedbee & Poe, Mackubin, Goodrich & Co, ' HUDSON Si MANHATTA>f RAILROAD CO. Ist 4V2S. Due Feb. 1, 1957. Dated Feb. 1, 1907. Interest payable Feb. 1 and Aug. 1 at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $944,000. Fledged under 1st Lien & Ref. 5s — $66,204,- 000. • Denomination — Coupon $1,000. Registerable as to principal. Registered $1,000 and mul- tiples. £200 and multiples and 600 francs and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Convertible at par into common stock of the* company at $110 a share on any interest date, or when stock in addition to the total au- thorized amount is issued, conversion may be made at a reduced rate for such stock, but in no event to exceed $110 per share. Organization — See 1st Lien & Ref. 5s: Secured by a first mortgage on all the ter- minal property, real estate, rights and fran- chises, and on that section of the tunnel prop- erty extending from Cortlandt, Dey and Ful- ton Sts., Manhattan, to the Brie R. R. Sta- tion at Jersey City; a second mortgage on the section of the tunnel from 33rd St., New York, via Sixth Ave. and Christopher St. to the Erie R. R. Station, Jersey City, N. J. Prior Lien — $5,000,000 New York & Jersey R. R. 1st 6s of 1932. Underlies — 1st Lien & Ref. 53 of 1957 and Adjustment Income 5a of 1957. Earnings — See 1st Lien & Ref. 6a. HUDSON & MANHATTAN RAILROAD CO. 1st Lien & Ref. 5s, Series "A." Due Teh. 1, 1957.— F. Dated Feb. 1, 1913. Interest payable Feb. 1 and August 1, at Chase Nat'l Bank. New York. Payable at company's London agency at the fixed rate of 4.86% to the £. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $66,000,000. Outstanding — $37,621,233. Reserved for Prior Liens, Etc. — $8,903,900. Reserved for Additions, Etc. — $18,674,867. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Regis- tered, $500 and multiples thereof, C. & R. interchangeable in denominations of $600 and $1,000. Trustee — Central Union Trust Co.. New York. Redeemable at 105 and interest on any Inter- eat date on 90 days' notice. Organization — Incorporated in 1906. In 1913 a financial reorganization was effected, by which fixed charges were materially reduced. Federal Control — The property of this com- pany became subject to Government control Jan., 1918. Secured by a first mortgage on the tunnels from 16th Street, in Jersey City, to the Penn- sylvania Station in Jersey City and under the Hudson River to the Hudson Terminal Build- ing at Cortlandt, Dey and Fulton Streets, and second mortgage on the tunnel from 15th St., Jersey City, to the Hoboken Terminala, and under the Hudson River to ChriatoDber Street and to 33d Street, New York. From the Penn- sylvania Station in Jersey City to Park Place, Newark, the company operates over the Penn- sylvania R. R. A second lien also on the Hudson Terminal Buildin&a. 30 and 50 Church St., New Tork City. Further secured by pledge of $66,204,000 of $67,148,000 1st 4%B of 1957. Prior lilens — $5,000,000 (closed mortgage) New Tork & New Jersey R. R. Ist 5a and $902,000 real estate mortgages and $944,000 1st 4%B, which did not assent to the plan of reorganization. Underlies — $33,102,000 Adj. Inc. 5s of 1957, Year ended Dec, 31 Grosa Net •Iriterest 1917 $4,427,005 $2,854,381 $2,167,534 1916.... 4,084,848 2,877,637 2,166,402 1915 3.725,989 2.779.130 2,137.998 •Not Including interest on Adj. Inc. 6h. listed on the New York Stock Exchange. ' Original Market — $33,102,000 were issued in part exchange for old bonds, in accordance with a plan of reorganization, $500 of these bonds and $500 adjustment bonds being issued for each $1,000 old 4%% bond. Market. New York— S. P. Larkin & Co., Sam'l Gold- Schmidt, Wolff & Stanley. A. B. Leach & Co. Price Range— N. Y. S. £. Jan. 1. 1913 to Jan. 1, 1919 1918 High. 91^ Jan. 29, '14 69% Nov. 12 Low. 47% Dec. 11. '17 48% Jan, 2 HUDSON & MANHATTAN BATLROAD AdJ, Inc. 5s. Due Feb, 1, 1957. — P. Dated Feb, 1. 1913. Interest payable If earned April 1 and October 1, at office of com- pany or agency in New York. Interest on these bonds was paid at the rate of 2% in 1913, 1914, 1915 and 1916. Payment of 2% interest Involves $662,040 per annum. Interest ProTision — Interest to Jan. 1, 1920. is non-cumulative, thereafter cumulative. Payment of Interest — April 1, 1917, interest for six months ended Dec. 31, '16, was not paid. The company has indicated that interest will not be paid for an indefinite period, pend- ing the establishment of $1,000,000 reserve for contingencies. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $33,574,000. Outstanding — $33,102,000. Beserred for Kxchange of Hudson A Mao- battan 4%s — $472,000. Denomination — Coupon. $500 and $1,000. Regiaterable as to principal. Registered, $500 and multiples thereof. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. BedeemablQ, on any interest date at par. and If called after Jan. 1. 1920, cumulative in- terest. Secured by a mortgage. Junior to that of the let & Ref. 6s, on the property described under that mortgage. Prior IjleniB— Outstanding Real Estate Mortgages $902,000 H. & M. 1st 4%s. 1957 944,000 H. & M. 1st L. & Ref. 6s. 1967... 37.521. 23S N. Y. & N. J. R. R. 1st 68 1932.. 5.000.000 Total $44,367,233 Earninss — See lat L. &. Ref. 6s. Ijisted on the New York Stock Exchange. Original Market — Issued in exchange for 1st 4%s. Market. New York — ^Active on N. Y. Stock Exchange. Price Range — N, Y, S. E, Jan. 1, 1913 to Jan, 1, 1919 191S High.39 Feb. 6, '14 26 May 20 Low. 11 Dec. 13. '17 14% Jan. 11 HUDSON & MANHATTAN RAILROAD CO. 5% Car Trust Certificates, Series "B." Due $25,000 each April 1 and Oct. 1 to Oct, 1» 1920» inclusive. — N. Dated October 1. 1910. Interest payable April and Oct. 1, at Guaranty Trust Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding— $75,000 (April 1. 1919). Balance Redeemed. Denomination — Coupon, $1,000. Registcrable as to principal. Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement on 60 all-steel passenger cars equipped with 360 h. p. motor and full multiple control, costing $662,600, of which $162,500 was paid In cash. Original Market — Offered in 1910 by the Guaranty Trust Co., New York. HUDSON & MANHATTAN RAILROAD CO. 6% Car Trust Certificates. Series "C," Due $31,000 each Feb. 1 and Auc. 1 to Aug, 1, 1921. inclusive. — N. Dated August 1, 1911. Interest payable Feb. and Aug. 1. at Guaranty Trust Co.. New York. Tax Status — Payment of Feder^ Income Tax not assumed by company. Authorized — $420,000. Outstanding— $105,000 (April 1. 1919). Balance Redeemed. Denomination — Coupon. $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement on 36 all-steel passenger cars equipped with 460 h. p. motor and full multiple control, costing $510,000, of which $90,000 was paid In cash. HUDSON COUNTY GAS CO, 1st 6s. Due Nov. 1, 1949.— N, Dated November 1. 1899. Interest payable May and Nov, 1, at New York or Jersey City, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized and Outstanding — $10,600,000. Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal. Trustee — The New Jersey Title Guarantee A Trust Co.. Jersey City, N. J. Guaranteed as to interest under term of lease by the Public Service Gas Co. Organization and Control — Incorporated In New Jersey in 1899. Leased to the Public Service Gas Co.. all of whose stock is owned by the Public Service Corporation of N. J., for 900 years at a rental equivalent to interest on bonded debt and 8% on capital stock, of which $10,500,000 is now outstanding. Secured by a firat mortgage on plants sup- plying gas to Jersey City, Hoboken, Bayonna and Greenville. N. J. Population served, 560,- 000. Franchises perpetual. Listed on the New York and Philadelphia Stock Exchanges. 536 Orlelnal Market — Offered In 1899 by Edward C. Jones & Co.. New Tork, at 105 and interest. Market. New York — ^A. E. Pitkin & Co.. Dunham & Co.. Plympton. Gardiner & Co., J. S. Stubbs 4 Co.. E. & c. Randolph, Kiely & Horton. W. B. R. Smith & Co., Van Sant & Legs, Abbott, Johnson & Co., B. H. & F. W. Pelzer. Sam'l Goldschmidt. Philadelphia — ^H. D. Boenning & Co.. West & Co., Graham. Parsons & Co., Sam'l K. Phillips & Co.. Brvln & Co., Chas. Fearon & Co.. Huntoon & Co., Biddle & Henry. Newark — J. S. Rippel. Fidelity Trust Co., Post & Flags. Elsele & King. Faterson — P. A. Peters. Jersey City — Outwater & Wells. Providence — ^Hornblower & Weeks. Price Ranee— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1910 IQlg Bid- Ask High.108% Apr. 24. '06 93 Dec. 100 Apr. Low. 96% Dec. 6, '17 94% July HUDSON NAVIGATION CO. S. F. 6s. Due Feb. 1, 1938. Dated Feb. 1. 1908. Interest payable Feb. 1 and Aug. 1. at Union Trust Co.. Albany. N. T. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Tork. Aathorlzed— $4. 000, 000. Ootstanding — $2,400,000. Held in S. F. — $100,000. Denomination — Coupon. $1,000. Reglsterable as to principal. Tmstee — Union Trust Co.. Albany. N. T. Redeemable at 106 and interest any Interest date for sinking fund at par and interest on any Feb. 1. Sinking Fund — ^Annually, on or before Jan. 6, $50,000 plus interest on bonds in sinking fund. The company may deposit cash or bonds of this issue at par to satisfy this fund. The interest on bonds in fund may be used by the company for the purchase of bonds in the open market at not over 106 and interest, or at private sale at not over par and interest, or for the purchase of vessels or other im- provements. Any cash payments to the fund shall be applied to the redemption of $50,000 bonds at their face value. Interest on bonds in fund may also be so used. Organization — Incorporated in New Jersey in 1902 and absorbed the New Jersey Steamboat Co. and acquired control of the Citizens Steam- boat Co. of Troy and in 1908 absorbed the Murray Line. Secnred by a mortgage subject to prior liens on all the real estate of the company, which includes Pier 32 and buildings. North Klver. New Tork City, terminals In Albany and Troy and six steamboats, also tugs and barges. Prior lien — $1,392,900 N. J. Steamboat Co. 1st es of 1921. Market. New York — ^Hayden. Stone & Co.. J. S, Stubbs & Co.. Britton. Rollins & Co., Hanson & Doyle, Geo. S. Crap & Co., E. D. Mur- phy, Tobey & Kirk, WoIfC & Stanley, F. H. Hatch & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.gs '12 100 '12 60 Feb. 65 Feb. Low. 50 '16 60 '17 67 May 62 June Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $250,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guaranty Trust Co., New Tork. Control — Absorbed by "Westchester Lighting Co., which is controlled through ownership of its entire capital stock by the Consolidated Gas Co. of New Tork. Secured by a first mortgage on plants for- merly belonging to Hudson River Gas & Blec. Co^ supplying gas and electricity to Tarry- town, Irvington, Ardsley, Hastings and vicin- ity, all in New Tork and located on the Hudson River, north of Tonkers. Underlies — $18,510,000. N. T. Westchester Ltg. Co. and Westchester Ltg. Co. bonds, which are guaranteed as to principal and in- terest by the Consolidated Gas Co. of New Tork. Original Market — Offered in 1899 by Wilson & Stephens, N. T.. at 103% and Interest. Market. New York — Theo. L. Bronson. Wolff & Stan- ley. Abbott. Johnson & Co.. Wm. Carnegie Ewen. Philadelphia — Sam'l K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.lOO '08 102 '16 82 Aug. 90 July Low. 80 '18 86 '18 80 Nov. 86 July HUDSON RIVEB TRACTION CO. 1st 58. Due March 1, 1960. — F. Dated March 1. 1900. Interest payable March and Sept. 1. at U. S. Mortgage & Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^$1,000,000. Outstanding — $631,000 ($67,000 are owned by the N. J. & H. R. Ry. & Ferry Co.) Denomination— Coupon, $1,000. Reglsterable as to principal. Trustee — U. S. Mortgage & Trust Co.. New York. Redeemable on any interest date at 110 and interest. Guaranteed as to interest by 999-year lease to Public Service Ry. Co. Control — Absorbed in 1910 by N. J. &. H. R. Ry. & Perry Co.. which is leased to the Public Service Ry. Co. for 999 years. Latter com- pany is controlled by Public Service Corp. of N. J. Secured by a first mortgage on 17 miles of electric railway from Hackensack to Has- brouck Heights and Arlington. N. J., and to Lodl. N. J. Most of the road is on private right-of-way: franchises elsewhere perpetual. Population served. 30.000. Underlies — N. J. & H. R. Ry. & Ferry 1st 4s. Market. New York— W. B. R. Smith & Co.. A. B. Pitkin & Co. Newark — Post & Plagg. Paterson — P. K, McCully. Price Range. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.98 '17 100 '16 90 Feb. 95 Feb. Low. 90 '18 94% '18 94»4 Jan. HUDSON RIVEB GAS & EIECTBIC CO. 1st 58. Due May 1, 1929. — N. Dated May 1, 1899. Interest payable May and Nov. 1. at Guaranty Trust Co.. New Tork. HUDSON TALUEY BAH/WAY CO. Cons. 68. Due July 1, 1951.— P. Dated July 1, 1901, Interest payable Jan. 1 and July 1, at Manufacturers' National Bank, Troy, N. T. 537 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4, 000, 000. Outstanding — $2, 222,000. Reserved for Prior Liens — $482,000. Pledged to Secure Notes — $1,290,000. In Treasury — $6,000, Denomination — Coupon $1,000. Begisterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 110 and interest an" interest date on three weeks' notice. Organization and Control — Incorporated In New Tork in 1901. A majority of the stock is owned by the United Traction Co. of Albany. All of the stock of this latter company is owned by the Delaware & Hudson Co. Secured by a mortgage on practically all of the road owned by the company. This includes 116 miles of first track and about 21 miles sec- ond track. From Troy to Warrensburg, New York, including two lines between Mechanics- ville and Glens Falls, 79 miles, the road is on private right-of-way: franchises elsewhere are perpetual. Population served, Troy, 80,- 000: remaining territory, 130,000. Prior tiens — $100,000 1st 6s (past due), $60,000 2d 6s (past due), and $82,000 3d 6s, due 1921, of tjie Glen Falls, Sandy Hill & Ft. Edward Ry. Co.: and $47,600 1st 6s (past due) and $202,500 2d 6s (past due) of the Stillwater & Mechanicsville St. Ry. Co. Bonds are reserved under this mortgage to retire the above issue. Underlies — $474,000 Deb. Income 5s of 1961 and $2,600,000 Deb. Income 2s of 1951. Year ended Dec. 31 Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Aalc High.73% '12 74% '12 40 Feb. 45 Feb. Low. 30 '17 35 '18 30 Nov. 36 Nov. Net ''Charges $240,596 $358,959 328,497 341.737 ,757 840,446 Gross 1918.. $1,126,064 1917.. 1,025,715 1916.. 888.346 Original Market — First offered in May, 1906 by E. Clarence Jones & Co., New York. Market. New York — F. H. Hatch & Co. Price Range 1916-17-18 — Bid 86. HUEBNER-TOLEDO BREWERIES CO. 1st 6s. Due .July 1, 19.S0. Dated April 1, 1906. Interest payable Jan, and July 1, at Ohio Sav. Bank & Trust Co., Toledo. Tax Status — Information not available. Authorized — $3,000,000. Outstanding — $1,400,000 (May 10. 1919). Held in Sinking Fnnd — $1,096,000. Cancelled — $61,000, Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Ohio Sav. Bank & Trust Co., To- ledo, Ohio. Redeemable on any interest date at 107% and interest. Sinking Fund — $26,000 per annum to pur- chase bonds. Bonds so acquired are kept alive and interest added to sinking fund. Secured by a first mortgage on several breweries in Toledo, Ohio. This company also leases and operates numerous saloons in To- ledo. Listed — Cleveland, Cincinnati and Columbus Stock Exchanges. Market. Toledo — Secor & Bell. Cleveland — Borton & Borton. New York — Hornblower &Weeks. Boston — Hornblower & "Weeks. Chicago — Hornblower & Weeks. HUNTINGTON Si BIG SANDY BAILBOAD CO. 1st 6s. Due July 1, 1982.— P. Dated July 1, 1892. Interest payable Jan. and July 1, at Company's office, 2 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $303,000. Deposited under P. L. B. & W. Va. System Refg. Mtge., $97,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Provident Life & Trust Co., Phila- delphia. Guaranteed principal and interest by the Ohio River R. R. Go. by endorsement. Assumed by the Baltimore & Ohio R. R. Co. Organization and Control — Incorporated in West Virginia. Absorbed by the B. & O. R. H. Co. Secured by a first mortgage on 10.91 miles of road from the west bank of the "Wyandotte River, near Huntington, to Kenova, "W. "Va. Underlies — B. & O., P., L. B. & "W. "V"a. Eef. 4s and B. & O. Ref. & Gen. 63 0^1996. Bonds are reserved under both mortgages to retire this issue. Legal for Bait., Cal., Conn., Mass,, Mich., Minn., N. H., N. J., N. Y., B. I., Vt. and Wis. Market. Philadelphia — Graham, Parsons & Co., Sam'l K. Phillips & Co., Chas. Fearon & Co. New York — S. P. Larkin & Co., Sam'l Gold- schmidt, Abraham & Co., Baker, Carruthers & Pell. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins. "Whedbee & Poe. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.104 '16 108% '16 98 Jan. 100% July Low. 73 '18 78 '18 73 Dec. 78 Dec. HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAL CO. 1st Ext'd 4s. Due Sept. 30, 1920.— F. Dated Aug. 18, 1864, and extended in 1870 and again in 1890. Interest payable April.and Oct. 1, at company's ofllce, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $500,000. Outstanding — $416,000. Denomination — Coupon, $500. Trustee — Oirard Trust Co., Philadelphia. Stftck Trusteeship — Over % of the stock is deposited with Ave Trustees under an agree- ment for the sale of at least a majority on or before April 1, 1918, at not less than $60 per share for the prefeired and $26 per share for the common. Depositary, Drexel & Co., Phil- adelphia. Control — The Pennsylvania R. R. Co. is operating this company's road under Federal management. Secured by a first mortgage on about 44 miles of road from Mt. Dallas. Pa., to Hunt- ingdon, Pa., with 28 miles of branches. Underlies — 2d Ext'd 4s of 1926 and Cons. 63 of 1926. 538 Year ended Dec. 31 Gross Net Interest 1917 $842,238 $273,145 $147,531 1916 679,419 253,773 147,727 Listed on the Philadelphia Stock Exchange. Market. New York— J. S. Parlee & Co., F. H. Hatch & Co. Philadelphia — Sam* 1 K. Phillips & Co., Robt. Glendinning: & Co., Huntoon & Co. Price Ransre. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hiffh.95 '09 97 '09 80 Aug. 90 Aug. Low. 65 '16 75 '15 70 Jan, HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAL CO. 2d Ext'd 4s. Dne Feb. 1, 1925.— P. Dated Jan. 30, 1857, as 7s. Extended in 1875 and again in 1895, with the interest re- duced. Interest payable Feb. 1 and Aug. 1. at company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $ 500,000. Outstanding: — $367,500. Denomination — Coupon, $500. Trustee — Girard Trust Co.. Philadelphia. Secured by a second mortgage on the prop- erty covered by the 1st 4s of 1920. Prior Lien — $416,000 1st Bxt'd 4s of 1920. Underlies — Cons. 5s of 1925. Earnings — 1st 4s, 1920, above. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Chas. Fearon & Co. , Robt. Glendinning & Co., Sam'l K. Phillips & Co., Huntoon & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid A^k High. 95 '09 97 '09 70 Nov. 80 July Low. 40 '16 60 '16 50 Jan. HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAL CO. 3rd Cons. Ext'd 58. Due March 31, 1925. — F. Dated March 1, 1865, and extended in 1895. Interest payable April 1 and Oct. 1 at Com- pany's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by cornpany without deduction. Tax exempt in Pennsylvania. Authorized — $1,500,000. Outstanding — $1,497,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Secured by a third mortgage on property described under 1st 4a above. Prior Liens — $416,000 1st Ext'd 4s of 1920 and $367,500 2d ext'd 4s of 1925. Earnings — See lat 43, 1920, above. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Charles Fearon & Co. , Sam'l K. Phillips & Co., Robt. Glendinning & Co., Huntoon & Co. New York — Didrichsen & Co., J. S. Farlea & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 101')^ '08 103 '09 60 July 65 July Low. 40 '16 55 '16 40 Oct. 60 Jan. HUNTINGTON DEVELOPMENT & GAS GO. 20-Year 1st S. F. 6s. Due June 1, 1936. Dated June 3, 1916. Interest payable June and Dec. 1, at E. W. Clark & Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $ 20,000,000. Outstanding — $2,978,500 (Jan. 1. 1919). Retired by S. F. — $149,000. Reserved for Ext.— $16,587,000. Additional bonds are issuable for 8 % of cash cost of additional lands, improvements and extensions, when net earnings are one and three-quarters times the interest on all bonds outstanding under this mortgage. Includ- ing those to be issued. Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 1 2 H and interest on any interest date, on 60 days' notice. Sinking Fund — The mortgage provides for semi-annual payments March 1 and Sept. 1 , from gas, oil and coal produced, mined and sold as follows : one-half cent for each one thousand feet of natural gas, ten cents a bar- rel for. oil, and three cents a ton for coal; and in addition, 10% of all royalties received for coal, oil or gas produced by the lessees of the company, and all moneys received from the sale of any land or interests in land covered by the mortgage, and 50% of all m,oneys re- ceived from the sales of timber and stumpage, with the provision that the minimum sinking fund payments shall be eauivalent to at least 2% of the bonds outstanding in each of the years 1917 to 1921, inclusive; 3% in each of the years 1922 to 1926, inclusive: 4% In each of the years 1927 to 1931, inclusive, and 5% in each of the years 1932 to 1936, inclusive, and should any bonds in excess of the present issue of $3,000,000 be hereafter Issued, 5% of any such additional bonds outstanding in each year to maturity. These minimum sink- ing fund payments should retire 50% of the bonds before maturity. Bonds are to be pur- chased or redeemed at not exceeding 102^ and Interest and cancelled. Organization — Incorporated in Delaware in May, 1916, to mine and sell coal, produce and sell natural gas and petroleum oils and trans- port gas and oil by pipe lines and has acquired the properties of several companies. Management — E. W. Clark & Co., Phila- delphia. Secured by a first mortgage on coal, ell and natural gas and timber lands in Lincoln, "Wayne, Cabell, Putnam, Logan and Mingo counties. West Virginia, and aggregating 330,- 000 acres, chiefly without franchise restric- tion, and a complete system for producing and conveying natural gas and distributing in Huntington and Kenova, W. Va., and Ashland, Ky., and intervening territory. The lands are owned about one-half in fee simple and one- half in mineral fee with full mining rights. The property covered also includes oil and gas leases on about 6,000 acres. Of the 330,- 000 acres, 189,500 acres have been leased for oil and gas purposes -to other companies on a royalty basis and 219 wells have been drilled by the lessees, of which 174 produce gas and 45 oil. The Columbia Gas & Electric Co., one of the lessees, transports gas from the Company's lands to Cincinnati. The coal and other minerals and timber are not included in these leases. On the remaining d^creage which has not been leased the Company owns 162 wells of which 143 produce gas and 19 oil. In addition the c.mpany has the exclusive output from 48 gas wells, drilled by other companies on land not owned by this company. A gaso- line extraction plant was put into operation 539 in 1917. This plant has a capacity of 40,000 000 cubic feet of gas per day. The company's aystem includes a pumping and compressor station with a capacity of 40,000,000 cubic feet of natural gas per day. Distributing sys. tem and field lines comprise 175 miles of pipe line. Including 12 Inch trunk line 65 miles long. Franchise in Huntington expires In 1962; Ashland, 1933; Kenova. 1963; Catletts- burg, 1933, and Ceredo. 1963. Year ended Dec. 31 Gross Net Interest 1918 $992,238 $285,226 $193,152 1917 644,289 282,913 190,816 Original Market — Offered May. 1916, by E. W. Clark & Co., Philadelphia. Market. Chicago — Baboock, Rushton & Co. . Philadelphia — Barclay, Moore & Co., Robt. Cherry & Co.. H. D. Boenning & Co., New- hall & Co., Paul & Co., Huntoon & Co. New York — B. & C. Randolph, Newhall & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid , Ask High. 87 ',4 '17 92 '17 81 Nov. 83 June Low. 80 '18 82 '17 80 Apr. HUNTINGTON I/AKD & IMPROVEMENT CO. Coll. Trust 6s. Due $1,000,000 each Dec. 1, to 1927.— N. Dated December 1, 1913, Interest payable June 1 and December 1, at Security Trust &' Savings Bank, Los Angeles or United States Mortgage & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $14,000,000. Outstanding — $7,500,000 (Jan. 26. 1919). Unissued — $2,061,000. Retired — $4,439,000. Denomination — Coupon $1,000 in all matu- rities, $500 In 1919 to 1926 and $100 In 1911 to 1927. Reglsterable as to principal. Trustee — Security Trust & Savings Bank, Los Angeles. Redeemable — Bonds due 1914 to 1917 are callable at 101 and Interest. For other ma- turities the premium increase % % for each year to 103%% In 1927. Guaranteed as to principal and interest by H. B. Huntington, by endorsement. Secured by a first mortgage on $5,600,000 bonds of the Los Angeles Ry. Corp. and City Ry. of Los Angeles, which own 408 miles of street railway in Los .^.ngeles: $5,100,000 bonds of the Pacific El. Ry. and absorbed companies, which cover 986 miles of inter- urban railway In and around Los Angeles, Cal.; $3,600,000 bonds of the Pacific Light- & Power Corp. and absorbed company, which own plant supplying electricity in Los Angeles: $3,424,000 bonds of the Newport News Ship- building and Dry Dock Co. and $276,000 bonds of the Chesapeake Dry Dock & Construction Co.; and on $20,000,000 stock (entire Issues) of the Los Angeles Ry. Corp. and $5,000,000 stock (entire issue) of the City Ry. of Los Angeles. These bonds are also a second lien on $4,000,000 bonds of the Los Angeles Ry. Corp. 1st and Ref'g 5s and $1,600,000 the Pacific Electric Ry. Co. Ref'g 5s. Provision Is made for the substitution of some of the above collateral at the option of the company. The Huntin&ton Land & Improvement Com- pany owns property, in addition to the securi- ties pledged under this Issue, valued at more than $20,000,000, of which about 76% Is un- encumbered land located In Los Angeles, Cal., and vicinity. Legal for Cal. Original Market — Offered by E. H. Rollins & Sons, Boston, New York, etc.. In 1914 at par for 1914 maturity, 99% for 1916. 99% for 1916, 99% for 1917 and 99 for all other maturities. $939,000 offered by E. H. Rolllni & Sons, Boston, etc., and Torrance, Marshall & Co., Los Angeles, at 98% for 1915 maturity, 98 for 1916 maturity, and 96% for 1918 ma- turity. Market. Boston — B. H. Rollins & Sons, L. Sherman Adams. Philadelphia — E. H. Rollins & Sons. San Francisco — B. H. Rollins & Sons. St. Louis — Herrick J. Gray & Co. Chicago — E. H. Rollins & Sons, Hodenpyl, Hardy & Co., Babcock, Rushton & Co, New York— Earle A. Miller & Co., B. H. Rollins & Sons, Hodenpyl, Hardy & Co., J. M. Byrne & Co., McDonnell & Co., Chas. H. Jones & Co., Kiely & Horton. Sutro Bros. & Co., Taylor &■ White, Bauitable Trust Co. of N. Y.. John Nickerson, Jr., Pynchon & Co. X,08 Angeles— E. H. Rollins & Sons, A. H. WooUacott, Blankenhorn-Hunter-Dulln Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Denver — E. H. Rollins & Sons. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.101% '16 103 '16 97% Jan. 101 Feb. Low. 95 '18 99 '17 95 Dec. 99 Dec. HUNTINGDON VALLEY LIGHT & POWER CO. 1st 5s. Due June 1, 1947.— F. Interest payable June and Dec~. 1, at Phila- delphia Tr., S. D. & Ins. Co., Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $267,000 (May 12, '19). Held in S. F. — $8,000. Denomination — Coupon, $500 and $1,000. Trustee — Philadelphia Trust, Safe Deposit & Ins. Co.. Philadelphia, Pa. Redeemable at 102% and interest. Sinldne Fund — Annually, on or before March 31 as follows; from 1915 to 1924, $2,050 and thereafter $3,075, plus interest on bonds held in sinking fund. Fund to be applied to the purchase or redemption of these bonds at not over 102% and interest. Control — Absorbed by Philadelphia Subur- ban G. & B. Co., which is controlled by Ameri- can Gas Co., through ownership of all stock. Secured by a first mortgage on plants sup- plying Cheltenham. Abington, Springfield and Moreland townships. Pa. This territory is adjacent to Philadelphia. Franchises per- petual. Underlies — ^Philadelphia Suburban G. & E. 1st & Ref. 5s of 1960. Bonds are reserved under that mortgage to retire this issue. Earnings — See Philadelphia Suburban Gas & Electric Co. Market. Philadelphia — ^H. Boenning & Co., West 4 Co., Huntoon & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 95 May 99 May Low. 92 '18 99 '18 92 Nov. HUNTINGTON WATER CO. 1st 6s. Due Not. 1, 1940. — N. Dated Nov. 1, 1900. Interest payable May and Nov. 1, at Farmers' Loan & Trust Co., N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. 540 Authorized — $500,000. Outstanding: — $ 500,000. Denomination — Coupon. $1,000. Regiaterable aa to principal. Trustee — Farmers' Loan & Trust Co.. N. T. Redeemable at par. Control — ^AU stock owned by American Water Works & Electric Co. Secured by a first mortgage on plant supply- ing water to Huntington. W. Va. Population served, 34,000. Also a mortgage on 6% acres of land owned by the company. Underlie&— $246,500 1st & Ref. 6s of 1947. which provide for the retirement of this issue. Year ended April 30 Gross Net Interest 1918 $146,264 $76,994 $39,353 1917..: 138.546 81,915 37,645 1916 131,038 71,008 35,872 1915 132.337 84.660 34,896 Market. Boston — Hotchkin & Co.. Chas. A. Day & Co.. H. C. Spiller & Co. New York — Hotchkin & Co.. H. C. Spiller & Co., Otto Billo. Pittsburgh — Glover & MacQregor. Wm. P. Lemley & Co. Price Ranee. Jan. 1. '16 to Jan. 1. '19 1918 Bid Ask Bid High.86 *16 88 '16 71 Dec. Low. 71 '18 87% '17 pany, but not secured by a mortgage. The company covenants that it will not mortgage any of its property or create any funded debt unless these notes are equally secured. Original Market — $50a,000 ofCered Feb.. 1918. by Locke, Hodges & Co.. New York, at 95 and Interest, with a bonus of 5 shares, no par value, common stock per $1,000 note. Market, Baltimore — Sutton & Co. New York — T. Hall Keyes & Co. HCTRLBURT MOTOR TRUCK CO. 3-Year 7% S. F, Notes. Due Feb. 1, 1921.— F. Dated Feb. 1, 1918. Interest payable Aug. 1 and Feb. 1. Default — Feb. 1. 1919, Interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $460,000. Retired by S. F. — $40,000. Purpose of Issue — To provide additional working capital. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co.. New York. Redemable on 30 days' notice at 102 and Interest at any time to and including- Sept. 1. 1918, and at 101 and Interest at any time thereafter. Sinking Fund— $ 1 per chassis manufac- tured and sold to be paid to the trustee and to be applied to the retirement of these notes, through purchase quarterly, beginning May 1. 1918, at not over 102 and interest up to and Including' Sept. 1, 1918, or not over 101 and interest thereafter. Organization — Incorporated In New York in 1912. The company manufactures and sells the Hulburt worm drive motor trucks and pro- duces 6 standard models of 1%, 2, 3%. 5 and 7 tons capacity. Plant ia situated at 133rd Street and the Harlem River, New York City. Capital Stock Authorized Outstanding •Preferred (7%) $300,000 $288,000 Common (no. par)... 50,000 sh. 60,000 8b. •Participating. Receiver Appointed — On Jan. 22, '19, Judse Mayer in the United States District Court ap- pointed William B. Hurlburt receiver for this company. Protective Committee — Holders of these notes are requested to deposit them with all unpaid coupons with the following committee : Mor- timer N. Buckner, Chairman; Lanier McKee, Carrol Dunham, with W. M. Evarts, Secre- tary. 62 Cedar Street, New York, and the New York Trust Co., New York Depository, Security — A direct obligation of the com- HVRI^EY MACHINE CO. 1st 6s. Due $S5,000 each June 1 from 1918 to 1927, inclusive. Dated June 1. 1917. Interest payable June 1 and Dec. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Ontstandins — $250,000. Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable in reverse of numerical order on any interest date at 102 and interest,' Organization — Established in 1906. The company manufactures three household spe- cialties, viz: Thor Electric Washing Machine, Thor Electric Vacuum Cleaner and Thor Elec- tric Ironing Machine. Secured by a first mortgage on all the prop- erty now owned or hereafter acquired, and in- cluding plant at 2 2d Street and 54th Avenue, Chicago. The mortgage provides that during ^ the life of these bonds net quick assets shall be maintained at not less than the amount of the outstanding bonds, and In no event at less than $250,000. Aa of Dec. 31, 1916, land, buildings, etc., valued at $432,000; net quick assets, $307,845. Total, $739,845. Year ended Dec. 31 Gross Net Int. . etc. 1918 $2,823,708 $393,441 $75,099 1917 1,682.977 277,542 31.338 Original Market — $25 0,000 offered Aug, , 1917, by Peabody, Houghteling & Co., Chi- cago, at 100 and Interest except first three ma- turities which were offered on a 5 % , 5 % % and 5 % % basis respectively. Market. Chicago — Peabody, Houghteling & Co. Price Range 1918 — ^Ask 92. HURON (S. D.) LIGHT & POWER CO. 1st 6s. Due May 1. 1933. Dated May 31, 1912. Interest payable May and Nov. 1, at Trustee's office and National Park Bank, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $300,000. Oatstanding^$273,000 (Dec. 31, '17). Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee— Minneapolis Trust Co., Minneapolis. Sinking Fund — Annually, beginning May 1, 1916. a sum equal to 105% of 1% of bonds outstanding from 1916 to 1919: 1%% from 1920 to 1924; 2% from 1925 to 1929 and 2%% thereafter, payable in cash or in these bonds at par. The company shall purchase these bonds at par. The company shall purchase these bonds in the open market at not exceed- ing 105 and interest within one month of the deposit of payment, and shall deliver bonds to the Trustee, who shall pay company the amount expended in acquiring the bonds. If bonds are not so purchasable the company shall in like manner buy and deliver bonds that are a legal investment for savings banks In New York State, which the Trustee shall sell at the direction of the company and apply the proceeds to this fund. Bonds acquired are cancelled. Orsanization — Incorporated in South Dakota In 1907. Secured by a first mortgage on plants sup- plying gas and electricity to Huron, S. D. Population, 1910, 5,791. Franchise expires, 1939. Year ended Dec. 31 Net Interest 1917 $41,286 $15,880 1916 39,977 13,680 1915 39.481 12.900 Market. Minneapolis — Minneapolis Trust Co. HUTCHINSON & SOUTHERN RAILWAY CO. 1st 5s. Due Jan. 1, 1928.~N. Dated January 1, 1898. Interest payable Jan. and July 1, at Company's office, 5 Nas- sau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000 per mile. Owned by A. T. & S. F.'Ry. — $527,000. outstanding: — $ 192,000. Denomination — Coupon, $1,000. Principal may be registered. Trustee — Old Colony Trust Co.. Boston. Redemable on any interest day at 105 and interest. Control — Absorbed by the Atchison, Topeka & Santa Fe Ry. Co. Secured by a first mortgage on 141.36 miles of road from Hutchinson, Kans. , to Ponca City, Okla. Underlies — A. T. & S. F. Gen. 4s, and* Adjmt. 4s of 1995. Legal for Bait., Cal., Conn., Mass., Me., Mich., Minn., Mc, N. H., N. J.. R. I., Vt. and Wis. Market. New York — ^Wm. C. Bwen, Chas. "W. Place, Taylor, Smith & Hard, Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.104 '12 107 '09 95 Dec. Liow. 90 '08 93% '15 HUTCHINSON (KAN.) WATER, LIGHT & POWER 1st 4s. Due Jan. 1. 1938.— N. Dated Jan. 14, 1898. Interest payable Jan. and July 1 , at Fidelity Insurance, Trust & gaf e Deposit Co. , Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $212,500. Redeemable at par and Interest. Control — Absorbed by United Water, Gas & Electric Co., which is controlled through stock ownership by the Cities Service Co. Manage- ment of The Doherty Organization. Secured by a first mortgage on principal part of plant supplying water, artificial gas and electricity to Hutchison, Kan., and vicin- ity. Underlies — United Water Gas & Electric 1st & Ref. 5s of 1941, under which bonds are reserved to retire this issue. Earnings — See United Water, Gas & Elec- tric Co. Original Market — Issued in exchange for se- curities of old company reorganized without foreclosure. Market. New York — Hotchkin & Co., G. W. Walker & Co.. H. C. Spiller & Co., P. H. Hatch & Co. Boston — Hotchkin & Co., Chas. A. Day & Co., H. C. Spiller & Co., J. S. Orler & Co., G. W. Walker & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.81 '17 90 '17 73 Dec. Dow. 71 '18 83 '17 71 Dec. HYDRAUMC POWER CO. OF NIAGARA FADLS 1st & Ref. 5s. Due July 1, 1950. Dated July 1, 1910. Interest payable Jan. and July 1, at New York or Buffalo. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — $ 3,500,000. Outstanding — $3, 500, 000. Denomination — Coupon, $1,000. ^egisterable as to principal or fully registerable. Trustee — City Trust Co., of Buffalo. Redeemable at 110 and interest on any in- terest date after July 1, 1920, on six months' notice. Organization — See Ref. & Imp. 5s. Secured by a first mortgage on the main hydro-electric development of the company, which has an extensive power plant at Niagara Falls. Also a first lien on $1,150,000 ClifC Electrical Distributing Co. 1st 5s of 1940. Underlies — Ref. & Imp. 5 s of 1951 which provides for the retirement of this issue. Original Market — Offered in 1910, at par and interest by Spencer Trask & Co., New York, and $400,000 offered In 1912 by Kean, Taylor & Co., New York, at 102% and interest. Market. New York — Spencer Trask & Co., Hodenpyl, Hardy & Co. , B. & C. Randolph, Kiely & Horton, Berdell Eros.. Taylor & White. John Nickerson, Jr., Pynchon & Co. Boston — Spencer Trask & Co. Buffalo — Commonwealth Trust Co., John T. Steele. A. L. Chambers, O' Brian, Potter & Co., Gardner, Penn & Co., Baker, Mandeville & Co. Providence, R. I. — ^W. W. White & Co. Chicago — Hodenpyl, Hardy & Co. Pittsburgh — Kean. Taylor & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '16 103% '17 97% Dec. 99 Dec. Low. 90 '18 96 '18 90 Aug. 96 Feb. HYDRAULIC PO(WER CO. OF NIAGARA FALDS Refunding and ImproTement 5s. Due October 1, 1951. Dated October 1, 1916. Interest payable April and October 1 in New York or Buffalo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $6,500,000 (Jan. 1, 1919). Reserved to Retire Prior Liens — $3,500,000. Denomination — Coupon $ 5 and $1,000. Registerable as to principal and fully regis- terable. Trustee — Bankers' Trust Co., Buffalo. Redeemable at 105 and interest on any in- erest date after October 1, 1921, on two months' notice. Assumed by The Niagara Falls Power Co. Organization and Control — Incorporated in New York in 1910. The company's water rights were granted by legislative acts of the State of New York and Federal Government. On October, 1918, this Company, the Niagara Falls Power Co. and Cliff Electrical Distrib- uting Co. were consolidated with The Niagara Falls Power Co., a new corporation. Secured by a mortgage on the power canal, power plants, buildings, penstocks, turbines. 542 equipment, real estate and other specified property of the company; also a second lien on $1,150,000 (entire outstanding) of total au- thorized $1,500,000 Cliff Electrical Distributing Co. 1st 5s and remaining bonds are to be acquired and deposited when issued. The col- lateral company buys mechanical power from this company for distribution. Prior Lien — $3,500,000 (closed) 1st and re- funding 5s. due July 1, 1950, for the retire- ment of which bonds are renewed under this mortgage. Year ended Dec. 31 Gross Net 1917 $1,457,610 $975,218 1916 1.207,367 930.761 1915 1.054.212 885.333 1914 1.054.597 864,230 1913 1,043,992 855.368 For later earnings see Niagara Falls Power Co. Ref. & Gen. 6s. Original Marlcet — $3,000,000 offered Nov., 1916, by Spencer Trask & Co., New York, etc., at QQ'h^ and interest. $2,000,000 offered by the same firm December. 1918, on a 5.40% basis. $1,500,000 offered June, 1918. by Bon- bright & Co., New York, etc., and Merrill, Oldham & Co., Boston, at 89 and interest. Market. New York — Spencer Trask & Co., Earle A. Miller & Co., Gude, Winmill & Co.. Blodget & Co., Hodenpyl, Hardy & Co., E. & C. Ran- dolph. Kiely & Horton. Taylor & White, John Nickerson, Jr. Buifalo. N. Y. — J. T. Steel. A. L. Chambers & Co., O'Brian, Potter & Co., Gardner, Penn & Co.. Baker, Mandeville & Co. Providence, R. I. — W. "W. White & Co. Boston — Blodget & Co. , Spencer Trask & Co., Arthur Perry & Co., White. Weld & Co.. Kimball. Russell & Co. Chicago — Hodenpyl, Hardy & Co. Milwaukee — Edgar. Ricker & Co. Price Ran^re. Jan. 1, '17 to Jan. 1. *19 1918 Bid Ask Bid Ask High.99 '17 100 '17 90 Dec. 93 Dec. Low. 86% '18 88^^ '18 86»4 Aug. 88% Aug. Market. St. Louis— Mercantile Trust Co., Wm. R. Compton Co., Whitaker & Co, HYDRAULIC-PRESS BRICK CO. 1st 58. Due Serially, Aug. 1 to 1930. — P. As follows: 1919 — $50,000 1924 — $63,500 1529 — $81,500 1920 — 52,500 1925 — 67.000 1930 — 36.500 1921 — 55,000 1926— 70,500 1931 — 89,500 1922 — 58,000 1927 — 74,000 1932 — 349,500 1923 — 60,500 1928 — 77,500 Dated Aug. 1, 1912. Interest payable Feb. and Aug. 1, at Trustee's office. St. Louis, Mo. Autliorized — $1,500,000. Outstanding — $1,110,500 (Jan. 1, 1919). Balance Retired. Denomination^Coupon, $5 00. Trustee — Mercantile Trust Co., St. Louis, Mo. Redeemable at 102 and interest Aug. 1, 1913, on any interest date thereafter on 30 days' notice. Organization — Incorporated in Missouri in 1890 and in 1907 absorbed 14 companies. Secured by a first mortgage on all property located in the City of St. LouJs and St. Louis County, which includes eight plants. It also owns plants in New York City. Baltimore, Washington, Philadelphia, Cleveland, Indian- apolis, Kansas City, Omaha, Minneapolis and Chicago. As of Dec. 31, '17, th.e property covered by the lien of this mortgage had a book value of $1,801,945. Original Market — $1,000,000 offered in 1912 by Mercantile Trust Co., &t, Louis. Mo., at par and interest. (THE) HYDRAULIC PRESSED STEEL CO. First Mortgage and Coll. Tr. 7% Notes. Due July 1. 1931. Dated July 1, 1918. Interest payable Jan. 1, and July 1, in New York and Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction, Pennsylvania State tax refunded. Authorized — $3,500,000. Outstanding — $3,500,000. Purpose of Issue — To retire $1,800,000 one- year 7% notes, due Oct. 15, 1918, for plant expansion, and additional working capital. Denominations — Coupon $1,000 and $500. Registerable as to principal. Trustee — Guardian Savings & Trust Co., Cleveland. Redeemable at any time upon 30 days' no- tice at 101 during the first year and 1001^ thereafter. IVIaintenance and Sinking Fund — Annually 25 % of net earnings after providing for in- terest, taxes and preferred dividend require- ments, such net income to be computed upon the basis of the returns from time to time required to be made by the company for the ascertainment of Federal Taxes under then existing legislation. It is provided, that of said 25%. two-fifths may be represented by investment in permanent improvements to the property owned and controlled by the com- pany: the balance (three-fifths) to be used for the purchase or redemption of these notes at the then prevailing redemption price. Organization — Incorporated in Ohio in 1907, and in March, 1917, acquired all the capital stock of The Cleveland Welding & Manufac- turing Co. and in Oct., 1917, acquired the entire common stock of The Canton Sheet Steel Co. Capital Stock Outstanding Preferred $949,700 Common 5,388,000 Secured by a first mortgage on all the property of The Hydraulic Pressed Steel Co. and The Cleveland Welding & Manufacturing Co. , now owned or hereafter to be acquired ; also by pledge of all of the outstanding com- mon stock (10,000 shares) and part (50 shares) of the preferred stock of the Canton Sheet Steel Co. ; also 7% promissory notes of the same company, totaling $1,000,000, maturing before July 1, 1921. It is agreed that no mortgage shall be placed on the property of The Canton Sheet Steel Co. during the life of these notes. The plant of the Hydraulic Pressed Steel Co. is located at Cleveland, covers 15 acres, and produces heavy steel stampings, automo- bile frames and parts, steel forms for con- crete, steel- oil barrels and shell forgings. The plant of The Cleveland AVelding & Man- ufacturing Co. is located at Cleveland, covers 20 acres, and produces truck tire bases, auto- mobile rims and parts, and steel tubing. The plant of The Canton Sheet Steel Co. is located at Canton. O., covers 84 acres and produces corrugated metal, roofing material, black sheets, blue annealed sheets, and gal- vanized sheets. Original Market — $ 3,500,000 offered July, 1918, by A. B. Leach & Co., New York, etc., and Guardian Savings & Trust Co., Cleveland, at 97% and interest. Price Range — 1917. Bid Ask High.97^ Dec. 99 Dec. Low. 97% Aug. IDAHO POWER CO. 30-Year 1st 58. Due Jan. 1, 1947.— N. Dated Jan. 2, 1917. Interest payable Jan. 1 and July 1 at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $100,000,000. Outstanding — $6,700,000 (June 15, 1919). Provisions of Issue — $1,300,000 issuable against property existing- Nov. 1, 1916, when net earnings for 12 consecutive months within 1 4 preceding months have been equal to at least twice interest charges on bonds out- standing and to be issued. The remaining $92,000,000 for 80% of the cost of extensions with the same provision as to earnings. Denomination — Coupon, $1, 000. Registerable as to principal, or exchangeable for fully registered bonds. Trustees — Bankers' Trust Co. and F. I. Kent, New York. Redeemable at 105 and interest on any in- terest date on or after Jan. 1, 1922. Sinking and Improvement Fund — ^Annually % % of outstanding bonds Jan. 1, 1921, to 1926 inclusive; 1% 1927 to 1932; 1%% 1933 to 1946 inclusive. This fund may be used for additions or permanent improvements which might otherwise have been a basis for the issuance of bonds ; or for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be can- celled. Organization and Control — Incorporated in Maine May 6, 1915, and owns and operates the properties formerly owned by the Idaho- Oregon Light & Power Co. , Idaho Railway, Light & Power Co., Idaho Power & Light Co., Southern Idaho "Water Power Co., Great Shoshone & Twin Falls Water Power Co. and the Blectric Investment Co. Also owns all the capital stocks, except qualifying shares, of the Boise Valley Traction Co. , and Jerome Water Works Co. , Ltd. Also controls the Nevada Power Co., which was organized to supply electric light and power in the Lar- bidee mining section in northern Nevada. The Boise Railroad' Co., which was a part of the old Idaho Railway, Light & Power Co., was not merged, but is independently owned and operated. All of the common stock, except directors' shares, is owned by the National Securities Corporation. The affairs of the latter com- pany are undergoing readjustment as of April 1, 1919. Secured by a first mortgage on all the prop- erty of the company. The property of the company includes 5 hydro-electric developments at various points on the Snake River, in south- eastern Idaho and eastern Oregon, of which four are interconnected by transmission lines and two hydro-electric plants on the Malad and Payette Rivers (tributaries of the Snake River) with a combined generating capacity of 32,000 h. p. The company also leases two other hydro-electric plants — one the property of the Boise Irrigation Project which was installed by the Federal Reclamation Service in connection with the Arrow Rock Dam. The leased plants haye a combined capacity of 3,700 h. p. The company also purchases the output of a plant with a capacity of 3, 300 h. p., on which It has an option to buy. The cbmpany's transmission lines aggregate 1,106 miles and connect with 57 sub-stations. The company without competition serves with elec- tric light and power the Snake River plains extending across southern Idaho and eastern Oregon and embracing a population estimated at 150,000. The territory served includes the cities of Boise, Focatello and Twin Falls and practically every other important community in southern Idaho. The company owns municipal franchises entitling It to operate in twenty-nine munici- palities in the States of Idaho and Oregon. Of these, In the opinion of counsel, three (In- cluding a Boise franchise) are without time limit. The franchises under which the com- pany is operating in seven of these munici- palities expire at various dates prior to Jan- uary 1, 1947, but all the remainder of its franchises are for terms extending beyond that date. The company' s franchises in general are satisfactory from a business standpoint and are free from burdensome restrictions. Year ended Dec. 31 Gross Net Interest 1918. . .$1,500,999 $746,236 $456,909 1917... 1.308.416 597.925 347,531 •1916. .. 1.006,382 445,614 ♦Year ended April 30. Original Market — $4,600,000 offered March, 1917, by Harris, Forbes & Co., New York, Harris, Forbes &' Co., Inc., Boston, Harris Trust & Savings Bank, Chicago, Coffin & Burr, Boston and New York, and Ames, Emerich & Co., Chicago, at 93% and interest. $1,000,000 offered June. 1919, by the same firms at 89 and interest. Market. New York — Coffin & Burr, Berdell Bros. , Tucker, Anthony & Co., H. N. Whitney & Sons, Ej. & C. Randolph, Harris, Forbes- & Co., Kiely & Horton, Pynchon & Co., T. L. Bronaon, Earle A. Miller & Co., Babcock. Rushton & Co., Spencer Trask & Co., John Nickerson, Jr., F. H. Hatch & Co., Taylor & White. Chicago — Babcock, Rushton & Co. Boston — Tucker, Anthony & Co., CofBn & Burr, Merrill, Oldham & Co., Richardson, Hill & Co.. Kimball. Russell & Co., Berdell Bros., Curtis & Sanger. Portland — Beyer & Small, M. S. Brown. Milwaukee — F. A. Bartlett Co. Price Range. Jan. 1, '17 to Jan, 1, '19 1918 Bid Ask Bid Ask High.91 '17 93% '17 87 Dec. 89 Dec. Low. 78 '18 83 '18 78 Feb. 83 Feb. HililNOIS CENTRAL RAILROAD COMPANY. Incorporated In Illinois in 1851. The com- pany owns 2,270 miles of road from Chicago to Cairo and from Centralia to East Dubuque, all in Illinois, which lines, opened in 1866, constituted the original Illinois Central R. R.; from Chicago via Freeport to Madison and Dodgevllle, Wis.; Pekin, 111., to Evansville, Ind. ; Gilman to East St. Louis. III. ; Effingham, 111., to Indianapolis, Ind. ; and numerous other branches, including the entire system north df the Ohio River and east of the Mississippi River. The company also owns all or prac- tically the entire issues of stock of numerous companies owning 2,280 miles of road, some of which is leased to the Illinois Central K. R. Co. These lines extend from East Du- buque. 111., to Councir Bluffs, Iowa; Sioux City and Cedar Rapids, la., Sioux Falls, S. D., and Albert Lea, Minn., at which latter point connection 'is made for Minneapolis and St. Paul; from B. Cairo, Ky., to New Orleans, La. ; Louisville to Fulton, Ky. ; Evansville, Ind., to Hopklnsville, Ky. ; Fulton, Ky. ; via Jackson, Tenn., to Grenada, Miss.; Jackson. 544 Tenn., to Birmingham, Ala., and numerous branches. The company has trackage rights over 200 miles of road, in all a total ol 4,770 miles of road operated. The Mississippi Valley Company, which is controlled by the Illinois Central R. R. Co., owns a majority of the stock of the Yazoo & Mississippi "Valley B. R. Co., which company owns 1,280 miles of road from Memphis, Tenn., parallel to the Mississippi River to New Orleans, La., and branches entering all of the important cities of Mississippi. The Illinois Central R. R. Co. owns 99% -of the stock of the Central of Georgia Ry. Co., operating 1,925 miles of road, of which 1,476 are owned, 4VV are leased and the balance la trackage, extending from Savannah via Macon to Atlanta, Ga. ; Chattanooga, Tenn., Birming- ham and Montgomery, Ala., and numerous other important cities in Georgia and Alabama. The Illinois Central R. R. Co. -has out- standing about $110,000,000 stock, of which more than $31,000,000 is owned by the Union Pacific R. R. Co., and a subsidiary company. The company has paid dividends in each year since 1863, the lowest rate paid in any year having been 4% in 1863 and 1877. From 1905 to 1912 7% was paid, and in 1§13 6% was paid, and in 1914, 1915 and 1916 5%, which is the present rate. There are outstanding on the road operated by the Illinois Central Railroad Co. about $260,000,000 bonds, at the rate of about $62,- 000 per mile. Tear ended Dec, 31 Gross Net Deductions •1918.. $17, 047, 326 $22,036,193 $11,078,491 1917.. 87,144,786 26,622,931 11,331,605 1916.. 73,740.266 29,664,056 12,036,863 1916.. 63.804,079 19,093,891 11,800,674 •Corporate Income Account-Standard return under Federal control. Year ended June 30 Gross Net Int.& Rent 1916. .$69, 077,343 $23,684,026 $11,867,787 1915.. 62,111,552 18,537,901 11,678,739 1914.. 65,873,700 19.060,076 10.921,261 1913.. 64,280,903 17,250,200 10,676,087 ILLINOIS CENTRAL BAXLBOAD CO. 1st Mortgage Bonds. Tax Status — 2% Federal Income Tax paid by company without deduction, only for 3 % s due Dec. 1, 1950. and 3%s due April 1, 1961. Outstanding — $12,999,000 (closed mortgage) as follows: Dated •Apr. 1, 1875 •Feb. 16, 1876 Jan. 1, 1886 Jan. 1, 1886 •Aug. 31, 1896 Mar. 30, 1903 Due Outsde. Rate Pay. Apr. 1, 1961 $2,600t 4% A&O Dec. 1,1960 l.OOOt 3%%J&D 1.500t 4% J&J 2,499t 3%.%J&J 2,500t 3% M&S 3,000t 3%%A&0 Jan. 1, 1951 Jan. 1, 1951 Mar. 1. 1951 Apr. 1, 1951 •Sterling Bonds. tThree ciphers omitted, Interest on "dollar'* bonds payable at com- pany's office. New Tork, on "sterling" bonds, in London. Denomination — Coupon, $1,000 and £200. Bonds of all issues except those of 1876 and 1876' are reglsterable as to principal only, or fully reglsterable. Trustee — United States Trust Co., New Tork. Secured by a first mortgage on 705.60 miles of road from Chicago to Cairo, III., and from E. Dubuque to Centralia, 111., of which 363 miles are double tracked. The line from Chi- cago to Cairo constitutes a part of the main line from Chicago to New Orleans. tJnderlles-^Coll. Tr. 3%% of 1960 and Ref. 4s of 1965. Bonds are reserved under the latter mortgage to retire these issues. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., B. I., Vt. and Wis. Listed — Issues of 1886, 1895 and 1903 on New Tork Stock Exchange. Issues of 1875, 1886 (3%%s only) and 1896 on London Stock Exchange. ' Market. New York — S. P. Larkin & Co., Theo. L. Bronson, Wolff &. Stanley, J. S. Farlee & Co., Remick, Hodges & Co., Shuman & Seligman, Taylor, Smith & Hard. Chicago — Harris Trust & Savings Bank. Plliladelphia — R. W. Daniel & -C(f, Price Range — N. Y. S. E. Jan. 1. ie06 to Jan. 1, 1919 1918 4's 1886 Coupon High.109% Sept. 4, '06 96 Jan. 14 Low. 87 Mar. 6, '18 87 Mar. 6 Registered. High.t07% Apr. 26, '07 Low. 92 Sept. 17, '17 3%s 1886 Coupon High.lOHi May 4, '06 77 July 16 Low. 76% Oct. 22. '18 75% Oct. 22 Registered. High. 95% July 12, '06 Low.. 83 Nov. 12, '16 3s 1896 Coupon. High. 80 July 16, '09 No sales Low. 80 July 15, '09 3%s 1903 Coupon. Bid High.100% Jan. 19, '06 73 Dec. Low. 78% Deo. 22. '14 68% Jan. Registered. High. 82 Nov. 1, '15 Low.. 82 Nov. 1, '15 ILLINOIS CENTRAL BAILBOAD CO. Sterling Tr. 3%s. Due July 1. 1950.— N. Dated July 1, 1886. Interest payable Jan. and July 1, at office of Baring Bros., London, or Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed rhortgage. Outstanding — $ 5. 266, 000. Denomination — Coupon, £200. Reglsterable as to principal. Trustee — United States Trust Co., New Tork. Secured by a second direct mortgage on 1,269.74 miles of road, viz.: (Covered by the Illinois Cent. 1st Mtge.) Chicago via Mattoon to Cairo, 111 364.73 Central Jet. to East Dubuque, 111 340.77 (Covered by the Chicago, St. L. & N. O. Cons. 3%s and 5s.) East Cairo, Ky., to New Orleans, La.. 646, 08 Aberdeen Jet. to Kosciusko, Miss 18.16 Also secured by pledge of $5,266,000 C, St. L. & N. O. Cons. 6s of 1951. Prior Liens — Subject to $25,728,000' prior liens as follows: Chicago, St. Louis & New Orleans Cons. 3%s and 6s, 1951 (the re- mainder of this issue is pledged hereunder) $12,728,000 Illinois Central 1st 4s, 3%s and 3s, 1950 and 1961 13,000,000 The prior liens are closed mortgages. Underlies — Ref. 4s of 1956 (as to 705. BO miles) and 111. Cent.-C, N. & St. L. Joint 1st & Ref. 6s, 1963 (as to 664.24 miles). Bonds are reserved under these mortgages to retire this Issue. Legal for Conn., Mass., N. H., N. T,, E. I. and Vt. Liisted on the London Stock Exchange. Market. New York — J. S. Farlee & Co., S, P. Lar- kin & Co., Remick, Hodges & Co., Korn, Leh- man & Co. 545 Jan. Price Range 1, '17 to Jan. 1, '19 Bid Ask High.84 '17 90 '18 Low. 71 '18 1918 Ask 90 Deo. 71 Oct IliUNOIS CENTRA!, RAILROAD 00. Coll. Tr. 4s. Due April 1, 1952.— N. Dated March 31, 1888. Interest payable April and Oct. 1, at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $15,000,000. Denomination — Coupon, $1,000 and $600. Registerable as to principal only, or fully registerable. Trustee — United States Trust Co., New Tork. Secured by a first lien, through the deposit of seven entire first mortgage 5 % bonds issues of a par value of $16,350,000 on 863.66 miles of road as follows: Miles Aberdeen to Kosciusko, Miss 87. 8*9 Parsons to Jackson, Miss 115.41 Tchula Jet. to Durant, Miss 24.95 Champaign to Havana, 111 99.67 White Heath to Decatur, 111 30.84 Leroy, 111., to "West Lebanon, Ind 74,69 Cedar Rapids to Manchester, la 41.83 Onawa, la., to Sioux Falls, S. D 166.99 Chicago to Freeport, 111 112.16 Freeport, 111., to Madison, Wis 61.77 Bed Oak, 111., to Dodgeville, Wis 57.36 These lines include the main line extending westward from Chicago, a:nd numerous impor- tant branches. The interest on the bonds, de- posited hereunder, which amounts to $817,500 is figured in the income of the Illinois Cen- tral R. R. Co. Underlies — Purchased Lines 3%s of 1952 and Ref. 4s of 1956. Bonds are reserved under the latter mortgage to retire some of the issues deposited hereunder. Legal for Mass., N. H. and R. I. Listed on the New Tork Stock Exchange. Market. New York — Sam'l Goldschmldt, S. P. Larkin & Co., J. S. Fa'rlee & Co., Btodget & Co., Wolff & Stanley, B. & C. Randolph, Jenks, Gwynne & Co., Wood, Struthers & Co., Shar- retts & Young, Seasongood, Haas & Macdon- ald, Hartshorne & Battelle, Taylor, Smith & Hard. Vilas & Hickey, John Nickerson, Jr. Boston — Arthur Perry & Co., Blodget & Co. Chicago — Harris Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.l07>4 Feb. 26, '06 80 Deo. 11 Low. 7214 Apr. 3, '18 72% Apr. 3 Co. to 2282 at an annual rental of $180,000 per annum. From this ' rental interest on these bonds is paid and $20,000 per annum was applied to 1901 to maintain a fund of $500,000 to. keep the bridge in repair. Since then the $30,000 above interest is applied to a sinking fund to pay bonds at maturity. Underiies — Ref. 4s of 1955. Bonds are re- served under that mortgage to retire this issue. Legal for Cal., Conn., Mass., N. H., N. T., R. I. and Vt. Listed on the New York, London and Am- sterdam Stock Exchanges. Market. New York — S. P. Larkin & Co., Remick, Hodges & Co., Newborg & Co., Callaway, Fish & Co., Struthers & Hisooe, J. S. Farlee & Co., Redmond & Co., Taylor, Smith & Hard, Korn. Lehman & Co., Spencer Trask & Co., Abraham & Co., Baker, Carruthers & Pell. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.106 Aug. 28, '06 78 Nov. 20 Low. 78 Nov. 20, '18 78 Nov. 20 ILLINOIS CENTRAL RAILROAD CO. Cairo Bridge 4s. Due Dec. 1, 1950'". — N. Dated June 1, 1892. Interest payable June and Dec. 1, at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $3,000,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — United States Trust Co., New York. Secured by a first Hen on $3,000,000 Chi- cago, St. Louis & New Orleans Bridge 53 which cover as a first lien the bridge over the Ohio River at Cairo, and the Kentucky ap- proaches to the bridge, and by a direct lien on the Illinois approaches of the bridge. This bridge is leased to the Illinois Central R. R. ILLINOIS CENTRAL RAILROAD CO. Lonis- Tille, New Orleans & Texas Ry. Coll. Tr. 4s. Due Nov. 1, 1953. — N. Dated Sept. 1, 1892. Interest payable May and Nov. 1, at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $25,000,000. Outstanding — $24,929,000. In Treasury — $71,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal, or fully register- able. Registered. $500 and $1,000. Trustee — United States Trust Co., New York. Secured by a first lien, by deposit of the entire issues of Louisville, New Orleans & Texas Ry. Co. 1st mortgage 4s, 1934 ($16,832,- 000) and income 5s ($9,104,000) and $4,481,- 000 of the $5,000,000 stock on 802.28 miles, viz. : Miles Memphis, Tenn., to New Orleans, La.. 456. 12 Jackson to Natchez, Miss 98.32 Coahoma to Lament, Miss 75.36 Moors to Leland, Miss 19 . 00 Greenville Jot. to Riverside Jet., Miss. 42.17 Trotter's Point to Eagle's Nest, Miss.. 19.89 Clarksdale to Minter City, Miss 39.43 Slaughter, La., to Woodville, Miss.... 41.65 Hampton to Glen Allen, Miss 2.00 Clinton to Ethel, La 8.34 All of the lines covered by this mortgage are now owned by the Yazoo & Mississippi Valley R. R. Co., and include the principal mileage of that road. These lines practically parallel the eastern shore of the Mississippi River from Memphis to New Oreans. Addi- tionally secured by deposit of $6,653,277 (total outstanding) L., N. O. & T. Land Grant In- come 6s. Legal for N. H. and R. I. Listed on the New York Stock Exchange. Market; New York — Active on N. Y. Stock Exchange. Boston — Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank. Philadelphia — Harris, Forbes & Co. LouisvUle — J. J. B. Hiiliard & Son. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon, Hlgh.106% Feb. 13, '06 82 Nov. 9 Low. 71% July 9, '18 71% Jiuly 9 Registered. High.lOO May 8, '16 72 Feb. 26 Low. 72 Feb. 26. '18 72 Feb. 26 646 rLLINOIS CENTBAIi KAILROAD CO. West- ern lilnes 1st 4g. Due Ang. 1, 19S1. — N. Dated Feb. 1, 1895. Interest payable Feb. and Aus. 1, at company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Autborlzed — $10, 000. 000. Outstanding — $5,425,000. In Treasury — $26,000. Fledged as Part Security for 5%s of 1934 — $4,650,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — United States Trust Co., New York. Sinking Fund — The Trustee held as a sink- ing fund for this issue Deo. 31, 1917, $1,668,- 862. Secured by a first mortgage on 217.91 miles of road from Dubuque to Iowa Falls, la., and Cedar Falls, la., to Minnesota State Line at Lyle. This road forms part of the line afford- ing the Illinois Central R. R. Co. its en- trances into Omaha, Minneapolis and Sioux Falls. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., R; I. and Wis. lasted on the New Tork Stock Exchange. Market. New York — Blodget & Co., S. P. Darkin & Co., Callaway, Pish & Co., Chas. W. Place, Redmond & Co., Taylor, Smith & Hard, Korn, Lehman & Co.. Abraham & Co., Baker. Car- ruthers &. Pell. Boston — ^R. L. Day & Co. Chicago — Harris Trust & Savings Bank. Philadelphia — Graham, Parsons & Co., Bid- die & Henry. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.107% Jan. 26. '06 80"4 £)ec. 3 Low. 75 Oct. 28, '18 75 Oct. 28 lltlNOIS CENTBAl RAILROAD CO. St. liOuis Division & Terminal Ist 3s & 3%s, Due July 1, 1951. — F. Dated July 1, 1897. Interest payable Jan. and July 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000-3s; $10, 000, 000-3 % s. Outstanding— $4,998,000-3s: $8,377, 000-3%s. Reserved for Prior Liens — $1,547,000. Exchanged for HI. Cent. Ref. 4s and Can- celled— $78,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal, or fully regis- terable. Trustee — United States Trust Co., New York. Secured by a direct mortgage on 223.77 miles of road, viz. : A first lien on 173.29 miles — Miles East St. Louis to Eldorado, 111 120.00 Marlon to Brookport, III 63.29 A second Hen on 27.56 miles — ■ (Covered by the Carbondale & Shaw- neetown R. R. 4s) Carbondale to Marlon, 111 10.72 (Covered by the Belleville & Carondelet R. R. 6s) Belleville to Carondelet, 111 16.83 A third lien on 22.93 miles — (Covered by the St. Louis Southern R. R. 1st 4s and Income 5s) Pickneyville to Murphysboro, III....... 22.93 Prior Liens — Subject to $1,255,000 prior liens as follows: Belleville & Carondelet 6s, 1923 $470,000 St. Louis Southern R. R. 1st 4s, 1931. 538,000 St. Louis Southern Income 6s, 1931... 6,000 Carbondale & Shawneetown 4s, 1932,. 241,000 All closed mortgages. Underlies— Bef. 4s of 1956. Bonds are re- served under that mortgage to retire this issue. Legal for Cal., Conn., Mass., Me., Mich., Minn., N. H., N. J., N. Y., B. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — J. S. Parlee & Co., Chas. W. Place, Callaway, Pish & Co.. Blodget & Co., Baker, Carruthers & Pell, Redmond & Co., Remick. Hodges & Co., John Davenport, Sam'l Goldschmidt, Taylor, Smith & Hard, Vilas &• Hickey, Wood. Struthers & Co.. S. P. Lar- kin & C^., Korn, Lehman & Co., Abraham & Co. Boston — Blodget & Co., Remick, Hodges & Co. Chicago — Harris Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.82^4 Feb. 7, '06 Low. 62 Feb. 26, '18 3Hs High. 93% June 23, "06 Low. 63 Feb. 7, '18 62 Feb. 25 62 Feb. 26 65% Aug. 1 63 Feb. 7 ILLINOIS CENTRAL RAILROAD CO. Louis- ville Division and Terminal let SVie. Due July 1, 1953. — P. Dated Sept. 16, 1897. Interest payable Jan. and July 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $26,000,000. Outstanding — $23, 888, 000. Denomination — Coupon, $500 and $1,000. Registerable as to ' principal, or fully regis- terable. Trustee — ^United States Trust Co., New York. Secured under Joint mortgage executed by C, St. L. & N. O. R. R. and the III. Cent. R. R. by a first mortgage on 680.64 miles, of which 120 miles are double tracked, viz.; Miles Memphis, Tenn., to Cecelia, Ky 343.42 In Louisville, Ky. (Preston St. to 14th St. and Main St. to Ohio River).... 1.85 Cecelia to Hodgenville, Ky 17.08 Horse Branch to Owensboro, Ky 41.70 EvansviUe, Ind., to Princeton, Ky 88.57 Blackford to Dixon, Ky 18 . 02 Morganfield to Uniontown, Ky 6.60 East Cairo to Faduoah, Ky 33.73 Gracey to Hopkinsvllle,' Ky 10.00 Dyersburg to Tygertail, 'Tenn 16.22 Stevens Jet. to Menglewood, Tenn 3.75 Paducah incline 80 Also secured on the leasehold interest, viz.: Princeton to Gracey, Ky 20.71 The line from Cecelia to Louisville, Ky. (46 miles), is subject to bonds of the Louis- ville & Nashville R. R. Co., maturing in 1930. This branch has been purchased by the Il- linois Central R. R. Co., but the lien of this mortgage has not as yet been extended to it. $1,112,000 bonds were reserved for this pur- pose. Underlies — 111. Cent.-C, St. L. & N. O. joint mtge. of 1963, under which bonds are reserved to retire this issue. Legal for Cal., Conn,, Me., Mass., Mich., Minn., Mo., N. H., N. J., R. I. and Wis. Listed on the New York Stock Exchange. 547 Market. New York — S. P. Larkin & Co., J. S. Par- lee & Co, , W. J. WoUman & Co, , Clark. Dodge & Co.. Wolff & Stanley, Sharretts & Young. Calla^^ay, Fish & Co., Blodget & Co., Redmond & Co., Taylor, Smith & Hard, Wood. Struthers & Co., Korn, Lehman & Co., Abra- ham & Co., Baker, Carruthers & Pell. Boston^ — Blodget & Co. Chicago — Harris Trust & Savings Bank. Foughkeepsie — I. W. Sherrill & Co. Price Bange — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.93iA Nov. 17. '06 73V2 Nov. Price Range — N. Y, S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid High. 79% June 2, '09, 60% Dec. Low. 73^ June 24, '12 55 June Low. 64% Apr. 25, '18 64% Apr. 25 HXINOIS CENTRAIi RAFLBOAD CO. Spring- field Division 1st 3^s. Due Jan. 1, 1951.— P. Dated Jan. 1. 1898. Interest payable Jan. and July 1. at company's ofRce. New York.* Tax Status — 2% Federal Income Tax paid by company without deduction. Authoi'ized — $2, 000, 000. Outstanding — $2,000,000. Denomination — Coupon. $1, 000. Registerable as to principal, or fully registerable. Trustee — United States Trust Co., New York. Secured by a first mortgage, executed jointly by the Illinois Central R. H. Co. and the Chi- cago & Springfield R. R. Co. on 111.30 miles of road from Gilman to Springfield, 111. Underlies — Ref. 4s of 1955. Bonds are rer served under that mortgage to retire this issue., Legal for Cal., Conn., Me., Mass., Mich., Minn.. Mo.. N. H., .N. J., N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Redmond & Co. , Remick. Hodges & Co., Taylor. Smith & Hard, S. P. Larkin & Co. , John Nickerson, .Tr. , Abraham & Co., Baker, Carruthers & Pell. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.80% Nov. 20, '16 65 Nov. 79% Nov. Low. 78 Nov. 5, '13 ILLINOIS CENTRAL RAILROAD CO. Litcli- fleld Division 1st 3s. Due Jan. 1, 1951. Dated Oct. 1, 19 00. Interest payable Jan. and July 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $3,235,000. Denomination — Coupon, $1, 000, Registerable as to principal, or fully registerable.' Regis- tered, $1,000 and multiples. Trustee — Farmers' Loan & Trust Co. New York. Secured by a first mortgage on 96.90 miles of road from Bast St. Louis to Springfield, lU., and a lien on trackage rights over the road of the Terminal Ry. Association of St. Louis. Underlies — 1st Lien Equip. 4s of 1923, all owned by the 111. Cent. R .R. Co. liCgal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H.. N. J., N. Y.. R. L and Wis. Listed on the New York Stock Exchange. Market. New York — Newborg & Co., Callaway, Fish & Co. . Chas, W. Place, Redmond & Co. , Remick, Hodges & Co., S. P. Larkin & Co.. Abraham & Co.. Baker, Carruthers & Pell. Chicago — Harris Trust & Savings Bank. ILLINOIS CENTRAL RAILROAD CO. Omaha Division Ist 3s. Due Aug. 1, 1951. — F. Dated July 20, 1900. Interest payable Feb. and Aug. 1, at company's office. New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5, 000, 000. Denomination — Coupon, $1,000. Regi sterable as to principal, or fully registerable. Regis- tered, $1,000 and multiples. Trustee — United States Trust Co., New York. Sinking Fund — On June 30, 1916, the Trustee held $210,869 as a sinking fund for this is- sue. Secured by a first mortgage, executed by the Dubuque & Sioux City R. R. Co.. on 133.05 miles of road from Tara to Council Bluffs, la. These bonds are a direct obligation of the Illinois Central R. R. Co. Legal for Conn., Cal., Me., Mass., Mich., Mo., Minn., N. H., N. J.. R. I. and Wis. Listed on the New York Stock Exchange. Original Market — $1,000,000 offered in Dec, 1904, by N. W. Harris & Co., New York. Boston and Chicago. Market. New York — S'. P. Larkin & Co., Herbert M, Solomon & Bro.. Harris, Forbes & Co., New- borg & Co., Sam'l Goldschmidt, Taylor, Smith & Hard. Abraham & Co. , Baker, Carruthers & Pell. Boston — Harris, Forbes & Co, Chicago — Harris Trust & Savings Bank. Omaha — City Trust Co. Philadelphia — Harris, Forbes & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S, E. , Jan. 1, 1906 to Jan. 1, 1919 1918 High. 79 Apr. 15, '09 58% Apr. 12 Low. 58% Apr. 12, '18 58% Apr. 12 ILLINOIS CENTRAL R. R. CO., KANKAKEE & SOUTHWESTERN RAILROAD 1st Ss. Due Aug. 1, 1^31. — N. Dated Aug. 1, 1881. Interest payable Feb. and Aug. 1, at office of Illinois Central R. R. Co., New York. Tax Status — Payment of' Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $968,000. Denomination — Registered, $1,000. Trustees — L. V. F. Randolph and Stuyve- sant Fish. Secured by a first mortgage, executed jointly by the Kankakee & Southwestern Railroad Co. and the Illinois Central R. R. Co. on 130.48 miles of road, viz.: Miles Otto to Normal Jet., Ill 79.15 Buckingham to Tracey. Ill 9.51 Saxony to Minonk, 111 41 . 82 Underlies — Illinois Central Purchase Lines 3%s, due 1952. and Refunding 4s, due 1955, sufficient of which are reserved to retire this Issue. Legal for Cal., Conn. , Me. , Mass. , Mich. , Minn.. Mo.. N. H., N. J., N. Y.. R. L. Vt. and Wis. Market. New York — Chas W Place, Remick, Hodges & Co., Abraham & Co., Baker, Carruthers & Pell. Pittsburgh — R, B. Hutchinson & Co. Price Ranee. Jaa. 1, "08 to Jan. 1, '19 1 Bid Ask Bid HiEh.110% '09 111 '09 92 June Low. 90 '16 , 97 '18 Ask 97 June rH^INOIS CENTRAL. RAILROAD CO. Pur- chased Lines Ist S%s. Due July 1, 1958. Dated June 30, 1904. Interest payable Jan. and July 1, at company's office. New York. Tax Status — 2% Federal Income 'Tax paid by company without deduction. Authorized — $20, 000. 000. Oatstandin? — $12,000,000. Exchaneed for ni. Cent. Ref. 4s and Can- celled — $2,662,000. Reserved for Prior Liens — $5,338,000. Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Reg- istered. $1,000 and multiples. Trustee — United States Trust Co., New York, Secured by a direct mortgage on 741.04 miles of road. viz. : A first lien on 379.27 miles — Miles Johnston City to Thebes, 111 73 . 01 Murphysboro to Texas Jet., Ill 1.00 McClure to Bast Cape Girardeau, 111... 4.04 Wilson Jet. to Brush Jet., Ill 2.67 Pekin. 111., to Bvansvllle, Ind 227.59 New Harmony to Stewartsville, Ind... 6.33 Reevesville to Golconda, 111 17.22 Mounds to Olive Branch, 111... 10.67 Mounds to Mounds City, 111 3.20 Groves to Sand Ridge, 111 17.26 Christopher to Herrin, 111 12.09 South Addison to Addison, 111 2.12 Parkway to Forest Park, 111 2.17 A second lien on 361.77 miles — Covered by the Kankakee & Southwest- ern 1st 5s 130.48 Covered by the Chicago, Madison & Nor. 1st 6s 231.29 Prior l.iens — Subject to $5,338,000 prior liens as follows: Kankakee & Southwestern 1st 6s, 1921 $968,000 Chicago, Madison & Northern 1st 5s *4, 370,000 •Deposited under Coll. Tr. 4s of 1952. Underlies — Refg. 4s of 1955. Bonds are re- served under that mortgage to retire this Issue. Legal for Cal.^ Conn., Me., Mass., Mich., Minn., N. H., N. J.. N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered in 1904 by Speyer & Co. and Kuhn, Loeb & Co., New York. Market. New York — Sam'l Goldschmidt, McKinley & Morris, Moore & Co., B. & C. Randolph, B. H. Rollins & Sons. Blodget & Co.. Remick, Hodges & Co.. Vilas & Hickey. S. P. Larkin & Co. Boston — B. H. Rollins & Sons. Blodget & Co.. Remick, Hodges & Co. Chicago — E. H. Rollins & Sons, Harris Trust & Sav. Bank. Omaba — City Trust Co. Philadelphia — B. H. Rollins & Sons. Denver — E. H. Rollins & Sons. San Francisco — B. H., Rollins & Sons. Los Angeles — E. H. Rollins & Sons. Price Range — N. Y. S. E. .Tan. 1, 1906 to Jan. 1. 1919 1918 High.S7 Mar. 23, '10 71 May 13 Low. 70 Mar. 14. '18 70 Mar. 14 ILLINOIS CENTBAI/ RAILROAD CO. Ref. 48. Due Not. 1, 1955.— F. Dated Nov. 1, 1908. Interest payabe May and Nov. 1. at company's office. New York. Tax Status-^2% Federal Income Tax paid by company without deduction. Authorized — $120, 000, 000. Outstanding — $40,740,000. Reserved for Prior Ueiis — $59,026,000. Reserved for Ext. — $20,234,000. Denomination— Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered. $1,000 and $10,000. C. & R. in- terchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 107^ and inter- est on any interest date beginning Nov. 1, 1918. Secured by a direct mortgage on 2,166.29 miles of road, viz. : A first lien on 176.94 miles — Miles Indianapolis, Ind., to Efllngham, 111... 17 6. 9 4 A second lien on 870.60 miles — (Covered by the 111. Cent.-Springfleid Div. 3%s) Gilman via Laurette to Springfield, 111.111.30 (Covered by the III. Cent. -St. Louis Div. & Term. 3 s and 3%s) East St. Louis to Eldorado, 111 120.00 Marion to Brookport, 111 63.29 (Covered by the 111. Cent. Purchase Lines 3 % s) Johnson City to Thebes, 111 73 . 01 Murphysboro to Texas Jet.. Ill 1.00 Wilson Jet. to Brush Jet., Ill 2.57 McClure to E. Cape Girardeau, III 4.04 Pekin, 111., to Bvansvllle, Ind 227.59 Reevesvile to Golconda, 111 17.22 Mounds to Give Branch, 111 10.67 Mounds to Mounds City, 111 3.20 New Harmony to Stewartsville, Ind.... 6.33 Groves to Sand Ridge, 111 17.26 Christopher to Herrin, III 12 . 09 South Addison to Addison, 111 2.12 Parkway to Forest Park, 111 2.17 (Covered by the Chicago, Havana & Western 1st 5s, all of which are de- posited under the 111. Cent. Coll. 4s, 1962) Champaign to Havana, 111 99.67 White Heath to Decatur. Ill 30.84 (Covered by the Rantoul R. R. 6s, all of which are deposited under the 111. Cent. Coll. 4s, 1952) Leroy, 111., to West Lebanon, Ind.... 74.69 (Covered by the 111. Cent. -Cairo Bridge 4s) Illinois Approach to Bridge Across Ohio River at Cairo 1.64 A third lien on 1,094.82 miles — (Covered by the first lien of the follow- ing): Illinois Central 1st 4s. 3%s and 3s 1950 and 1961 706.50 Carbondale & Shawneetown 4s 10.72 Belleville & Carondelet 63 16.83 Chicago, Madison & Northern 6s 231.29 111. Cent. -Kankakee S. W. 6s 130.48 A fourth lien on 22.93 miles- Covered by the first lien of the St. Louis Southern 4s 22.93 Prior Liens — Subject to $68,734,000 prior liens as follows: Illinois Cent. Kankakee & S. W. 5s, 1921 $968,000 Belleville & Carondelet 6s, 1923... 470,000 Chicago, Havana & Western 5s, 1926 2,500,000 St. Louis, Southern 4s, 1931 638,000 St. Louis, Southern Income 6s, 1931 6,000 Carbondale & Shawneetown 4s, 1932 241,000 Illinois Cent. Sterling Tr. 3%s, 1960 6,266,000 Illinois Cent. Cairo Bridge 4s, 1950 3,000,000 Illinois Cent. 1st 4s, 3%s and 3s, I960 and W51 13,000,000 .'549 Illinois Cent. Springfield Div. 3% a, 1951 2,000,000 Illinois Cent. St.- Louis Div. & Term. 3s and 3%s, 1951 •13,375,000 Illinois Cent. Purchase Lines 3%s, 1952 •12,000,000 Chicago, Madison & Northern 1st 6s. 1962 4,370,000 Rantoul R. R. Bs, 1952 1,000,000 •About $7,000,000 (total) additional bonds may be issued under these mortgages. All other mortgages are closed. liesal for Cal., Conn., Me., Mass.. Mich., Minn., N. H., N. J., N. T., R. L. Vt. and Wis. liisted on the New Tork and London Stock Exchanges. Original Market — $20,000,000 offered in 1908 by Kuhn, Loeb & Co., New Tork, and $10,- 000,000 offered in 1911 at 96% and interest. Market. New York— Active on N. T. Stock Exchange. Chicago — Harris Trust & Sav. Bank, Il- linois Trust & Sav. Bank. Pittsburgh — ^Kean, Taylor &' Co. Boston — ^Kidder, Peabody & Co., Tucker, Anthony & Co., Lee, Higginson &Co. Omaha — City Trust Co. San Francisco — Ryone-Blankenhorn-Hunter Co. liOS Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Price Range— N. Y. S. E. Jan. 1, 1909 to Jan. 1, 1919 1918 Hieh.100% May 10, '09 87 Nov. IB Low. 77% Aug. 30, '18 77% Aug. 30 II.I.INOIS CENTBAI/ RAILROAD CO. AND CHICAGO, ST. LOUIS & NEW ORLEANS RAILROAD CO. Joint 1st Ret. 58, Series "A" and "B." Due December 1, 1963. Dated December 1, 1913. Interest payable June 1 and December 1. Interest on Dollar Bonds payable at company's office. New York, and on Sterling Bonds at Baring Bros. & Co., London. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorizefl — $120,000,000. Outstanding — $29,216,500 Series "A," £156,900 Series "B." Fledged Under SVas of 1934 — $17,360,000. Reserved for Prior Liens — $50,132,000. Reserved for Ext. — $22,518,000. Denomination — Series "A,''' Coupon $500 and $1,000. Registerable as to principal or fully registered. Registered bonds exchangeable for coupon bonds. Series "B" — Coupon £100 and £200. Note. — Sterling bonds are exchangeable for Dollar Bonds at the fixed rate of $4.85 per £. Trustee — The Farmers' Loan & Trust Co., New Tork, Redeemable — Each series redeemable as a whole on any interest date after December 1, 1918, at 110 and interest. Scured by a mortgage executed jointly and severally by the Illinois Central R. R. Co., Chicago, St. Louis & New Orleans R. R. Co. and the Canton, Aberdeen & Nashville R. R. Co. and secured by a direct lien on 1,462,59 miles of road, viz. : A first lien on 129.69 miles — Miles Wheatoroft to Providence, Ky 9 .37 Frof moor to Perry, Tenn 3.06 Lakeview, Miss., to West Jet 6.76 West Jet. to Aulon, Tenn 8 .75 Leewood to Woodstock, Tenn 7.35 Ruslor, Miss., to Haleyville, Ala 80.16 East Thomas Jet. to North Birmingham, Ala. 3.00 Winfleld to Brilliant, Ala 7.84 Moffatt to Troy, Tenn 4 . 41 A second lien on 768.66 miles — (Covered' by the C, St. L. & N. O.- Cairo Bridge 5s, all of which are de- posited under the 111. Cent. -Cairo Bridge 5s) Bridge across Ohio River at Cairo and Kentucky approach 2.27 (Covered by the 111. Cent.-Louisville Div. & Term. 3%s) Memphis, Tenn., to Cecelia. Ky 343 . 42 In Louisville, Ky. (Preston St. to 14th St. & Main St. to Ohio River) 1.86 Cecelia, to Hodgenville, Ky .' 17.08 Horse Branch to Owensboro, Ky 41.70 Evansville, Ind,, to Princeton, Ky.... 88.67 Blackford to Dixon, Ky 18.02 Morganfield to Uniontown, Ky 6.50 Bast Cairo to Paducah, Ky 33.73 Gracey to Hopkinsville, Ky 10.00 Dyersburg to Tygertail, Tenn 15 70 Stevens Jet. to Mengelwood, Tenn 3.75 (Covered by the C, St. L. & N. O. Memphis Div. 4s) Memphis, Tenn., to Jet., near Grenada, Miss , 98.18 (Covered by the Canton, Aberdeen & Nashville 6s, all of which are de- posited under the 111. Cent. Collateral 4s, 1962) Kosciusko to Aberdeen, Miss 87.89 A third lien on 664.24 miles — (Covered by the first lien of the C, St. L. & N. O. Cons. 3%s and 6s) East Cairo, Ky., to New Orleans, La.. 646. 08 Aberdeen Jet. to Kosciusko, Miss 18.16 Also a second lien on 20.71 miles of leasehold interest, viz. : (Covered by the 111. Cent.-Louisville Div. & Term. 3%s) Princeton to Gracey. Ky 20.71 Also secured on 140.12 miles of track- age rights and on valuable terminals in several cities. Prior Liens — Subject to $50,132,000 prior liens as follows: C, St. L. & N. O. Cairo Blrdge 6s (all of which are deposited under the 111. Cent.-Cairo Bridge 5s. 1950) $3,000,000 C, St. L. & N. O. Memphis Div. 4s. 1961 3,600,000 C, St. L. & N. O. Cons. 6s and 3l4s, 1951 ' •I?, 994,000 Canton, Aberdeen & Nashville 5s, 1952 (all of which are deposited under the 111. Cent. Coll. 4s, 1962 1,750,000 111. Cent. Louisville Div. & Term. 3%s, 1953 23,888,000 111. Cent. Sterling Trus. & 3%s, 1950 6,266,000 •$6,266,000 pledged under 111. Cent. Sterling Tr. 5 s. The above prior lien mortgages are all closed. Legal for Cal.. Me., Mich., Minn., N. H.. N. J. and R. I. Listed on the New Tork Stock Exchange and Series "B" on London Stock Exchange. - Original Market — Offered by Kuhn, Loeb & Co., New Tork, in 1914, at par and interest. $10,000,000 offered in Feb.. 1916, at 99 and interest, by Harris, Forbes & Co., Clark, Dodge & Co. and William A. Read & Co., New Tork. Market. New York — Evans, Stillman & Co,, Jos. Walker & Sons. E. & C. Randolph, Wm. C. Ewen, J. S. Farlee & Co., Kean, Taylor & Co., Struthers & Hiscoe, Seasongood, Haas & Macdonald, Vilas & Hickey. PhUadelptala— E. W. Clark & Co. Harper & Turner. 550 Boston — Kidder, Peabody & Co. Chicago — Harris Trust & Savinea Bank, Kean Taylor & Co. Price Bang&— X. Y. S. E. Jan. 1. 1914 to Jan. 1, 1919 1918 Higrh.103^ Nov. 18, '15 96 Nov. 15 Low. 85% Jan. 21, '18 85% Jan. 21 Co., Wurts, Dulles & Co., Barclay, Moore & Co., Biddle & Henry, Brown Bros. & Co. ILLINOIS CENTRAL RAILROAD CO. 15- Year Secured 6V^s. Due Jan. 1, 1934. Dated January 1, 1919. Interest payable January 1 and July 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16,000,000. Outstanding — $16,000,000. Purpose oi Issue — To discharge obligations incurred on account of expenditures for addi- tions and betterments to its railroads, termi- nals, equipment and other facilities. Denomination — Coupon $1,000. Registerable as to principal and exchangeable for fully registered bonds which latter will be re-ex- changeable for coupon bonds. Trustee — Farmers' Loan & Trust Co., New York, Redeemable at 101 and interest on any in- terest date on or after January 1, 1924, upon 60 days' notice. Secured by pledged of the following bonds: Amount Illinois Central R. R. and Chicago, St. Louis & New Orleans R. R. Co. joint 1st Ref. 5s, Series A due 1963 ; $17,350,000 Illinois Central R. R. Co. ' West- ern Lines 1st 4 s due Aug. 1, 1951 4,550,000 Total face value $21,900,000 Listed — Application will be made to list these bonds on the New York Stock Exchange. Original Market — $16,000,000 offered Febru- ary. 1919, by Kuhn, Loeb & Co.. New York, at 97% and interest. Market. New York — Equitable Trust Co. of N. Y. Pittsburgh- — Kean, Taylor & Co. ILLINOIS CENTRAL RAILROAD CO. Equip. 4%s. Series "A." Due $400,000 each Feb. and Aug. 1st to Feb. 1, 1923, in- clusive. — F. Dated February 1 , 1913. Interest payable Feb. and Aug. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^$8. 000, 000. Outstanding — $3,200,000 (May, 1919). Balance Redeemed. Denomination— Coupon, $1, 000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia, Pa, Redeemable at 102% and interest on any Interest date on 90 days* notice. Secured by an equipment trust agreement on 135 locomotives, 53 passenger cars, 52 bag- gage and mail cars. 5,000 gondola cars, 500 flat cars and 30 cabooses, costings $9,413,080 of which $1,413,080 was paid in cash. Original Market — OfCered In 1913, by Kuhn, Loeb & Co., New York. Market. New York — Seasongood, Haas & Macdonald, Guaranty Trust Co., Evana, Stillman & Co., Bull & Bldredge, Freeman & Co. Philadelphia — Elkins, Morris & Co., Gra- ham, Parsons & Co., West & Co., Cassatt & Co., S. K. Phillips & Co., Reilly, Brock & ILLINOIS CENTRAL RAILROAD Equip. 5a. Series "B." Due $175,000 each February 1 and August 1 to August 1, 1933.— F. Dated August 1. 1913. Interest payable February 1 and August 1, at company's office. New York or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 3,500,000. Outstanding — $1,575,000 (May, 1919). Balance Redeemed. Denomination — Coupon and registered, $1.- 000. Coupon bonds registerable as to princi- pal only. Trustee — Union Trust Co., Pittsburgh, Pa. Secured by an equipment trust agreement on 30 passenger, baggage, mail and dining cars, 500 fruit cars, 1,000 gondola cars, BOO Btock cars, 800 furniture cars and 500 re- frigerator cars, costing $4,375,000, of which $850,000 was paid in cash. Market. See Equip. 4%s, Series "A." ILLINOIS CENTRAL RAILROAD CO. 4^^% Equips., Series "C." Due $99,000 each April and October 1 to April 1, 1935. — N. Dated April 1, 1915. Interest payable April 1 and October 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,980,000. Outstanding — $1,183,000 (May, 1919). Balance redeemed. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Commercial Trust Co., Philadel- phia. Redeemable on April 1, 1920, or any inter- est date thereafter at 102% and interest. Secured by an equipment trust agreement on 50 Mikado locomotives, 25 switching loco- motives, and 1.000 steel underframe refrig- erator cars. Market. See Equip. 4%s, Series "A." ILLINOIS CENTRAL RAILROAD CO. Equip. Tr. 41^8, Series "D.*' Due $95,000 semi- annually July 1 and Jan. 1 from July I, 1916 to Jan. 1, 1926, inclusive. — N. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,900,000. Outstanding — $1,330,000 (May, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment trust agreement on 50 locomotives and 1,000 refrigerator cars, costing $2,409,000, of which 20% was paid in cash by the company. Original Market — OfCered Feb. 1. 1916, by Graham & Co,, Philadelphia. Market. See Equip. 4% a. Series "A." ILLINOIS CENTRAL RAILROAD CO. Equip. Tr. 5s, Scries "E." Due $275,000 each May 1 and Nov. 1 to Nov. 1, 1927. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1 in New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,500,000. 551 Outstanding — $4,675,000 (May IB, '19). Balance Retired. Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Commercial Trust Co. , Philadel- phia. R«deemable as a Whole at 102% and inter- est on Nov, 1, 1922, or any interest date thereafter upon 90 days' notice. Guaranteed principal and interest by the Illinois Central R. R. Co. by endorsement. Secured by an equipment agreement on 20 switching locomotives, 500 auto-furniture steel underframe cars, 500 steel underframe refrig- erator cars, 1,000 steel underframe gondola cars, 10 chair cars, 50 passenger coaches, 8 composite coaches, 8 passenger and baggage cars, 1 postal storage cars, 5 baggage and mail cars, and 25 baggage cars, all standard eauipment, costing approximately $7,500,000, of which the company paid $2,000,000 in cash. Original Market — A block offered May, 1918, by The National City Co., New York, at prices to yield 5%.%. Market. Philadelphia — Barclay, Moore & Co., Brown Bros. & Co. Boston — Berdell Bros., Bodell & Co- Providence — Bodell & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 '13 100 '08 81 Nov. 90 Nov. j:iOW.75 '18 85 '18 75 Dec. 85 May ILMNOIS CENTRAL TRACTION CO. 1st 5s. Due Dec. 1, 1933. — F. Dated December 1, 1903. Interest payable June and Dec. 1, at Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,274,000 (Jan. 1, '19). Held in S. F. — $195,000. Reserved for Ext. — $531,000. Denomination — Coupon,. $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107 % and interest on any interest date on 60 days' notice. Sinking Fund — A sinking fund of 10% of net earnings with a minimum of 1% of bonds outstanding became operative Dec. 1 , 1908. Fund is applicable for the purchase or re- demption of these bonds at not. over 107% and interest. Bonds acquired are held alive and interest added to fund., Guaranteed principal and interest, uncondi- tionally, by the Illinois Traction Co. Organization and Control — Incorporated in Illinois in 1903. All of the stock is owned by the Illinois Traction Co. Secured by a first mortgage on 40 miles of interurban road between Decatur and Spring- field, 111. Population served, 100,000. Road is built on private right-of-way. This road connects the lines of the Illinois Traction Company's system east of Decatur with those into St. Louis. Current is sold to local com- panies supplying three towns with a popula- tion of 4,000. Underlies — $746,000 Gen. 5s and 6s. ¥ears ended Dec. 31 Gross Net Interest 1918 $357,801 $26,476 $132,552 mr 368,665 86,541 126,528 1916 3 69,730 136,500 124,353 1915 323,714 119,843 104,657 1914 330,319 91,517 109,462 1913 275,835 103,108 99,991 Original Market — Offered in 1906 by Julius Christiansen & Co., Philadelphia. Market. Philadelphia—Henry \&. Kirkbride, S. K. Phillips, H. Boenning & Co., Huntoon & Co., Berdell Bros, New York — E. & C. Randolph. F. H. Hatch & Co., Taylor & "White, Lynch & McDermott. HiLINOIS GAS CO. 1st 6s. Due $10,000 eacli July 1, 1919 and 1920; $19,000 1921; $13,000 1932; $15,000 1923 and 1924; $20,000 1925 to 1928, inc.; $22,000 1939; $23,000 1930 and $25,00 1931 to 1936, inc. — F. Dated Oct. 1, 1916. Interest payable Jan. 1 and July 1. at Guaranty Trust Co., New Tork or Trustees' office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $350,000. Outstanding — $350,000. Denominations — Coupon,, $1,000, $500 and $100. Registerable as to principal and in- terest. Trustee — Guardian Trust & Savings Bank, Toledo. Redeemable at 105 and interest on any in- terest date on sixty days' notice in inverse numerical order. Sinking Fund — The company is required to deposit, on or before the 10th of each month with the trustee, out of current receipts, prior to the payment of any other items, an amount equivalent to 1/12 each of interest and an- nual installment requirements. Organization — Incorporated in Illinois in 1916 as a consolidation. Secured by first mortgage on all property of cora-pany now owned or hereafter acquired. The company supplies natural gas to Law- renceville, Bridgeport, Summer andOlney, 111., ail of which are joined in one system by six and eight-inch mains which extend from 01-. ney. 111., to Vincennes,, Ind. The company, purchases natural gas from the Central States Gas Co. of Vincennes under contract extend- ing beyond the maturity of these bonds. Popu- lation in territory served about 20,000. Fran- chises extend from five to fifteen years beyond the last maturity of these bonds. Rates 45 cents net per m. cu. ft. natural gas; 75 cents net fCir mixed gas and $1.10 net "for artificial gas plus a readiness-to-serve charge of 25 cents per month for each meter. Sarnings — Company does not report earn- ings. Original Market— $350,000, offered Decem- ber, 1916, by Sidney Spitzer & Co., Toledo, etc., on a 6% basis for average maturities. Market. New York— J. A. Clark & Go. ILMNOIS NORTHERN UTILITIES CO.' 1st & Ref. 5s. Due April 1. 1957. — F. bated- April 1, 1912. Interest payable April and Oct. 1, at Chicago^ 111, Tax Status-^2% "Federal Income Tax paid by company without deduction.- Autliorized— Unlimited. Outstanding — $4.767.00'0' (Jan.- 17 '1,9). Reserved for Prior Liehs-^$l,2fi8,000. Denomination— Coupon, $l,0O0.' Registerable as to principal. ■ x\k . - Trustee— Illinois Trust & Savings Bank, Chicago. - . . Redeemable at 105 and interest pn any Interest date upon 60 days' notice. Depreciation Fund — Annually, beginning Dec. 81, 1917, 2% of outstanding bonds. This amount to be In addition to expenditures properly chargeable to repairs and renewals, but no expenditures credited to this account 552 shall be used as a basis for the issue of ad- ditional bonds. Organization and Control— Incorporated in -Illinois in 1912 and is a subsidiary, of the Middle "West Utilities Company. Successor company of the same name incorporated in Illinois July 31, 1916, and absorbed the Tri- County Lirht & Power do. and Freeport By. &• Light Co. Secured by a first mortgage on gas plants' located in Belvidere, Dixon, Morrison and Mendota, Illinois; a second mortgage on gas plant's located in De Kalb and Sterling, 111., and a first mortgage on electric plants, sup- plying sixty-six cities and towns, including, those abbve-meniioned. Also a mortgage on. the properties of companies .consolidated July" 31, 1916 (see i^bove). .TJjese plants, supply gas to communities tbpated in ijortliwestern' Illinois. Populatidn served, by ^^.s, ,.46,000; by electricity, 107,400.^ Further Secured by the deposit of entire ,capjtail stock and first.. mort-. gage bonds, $3,00,;6,lio"and $43,2,.0:00 respectively,.' ol The. Sterling. -Dixoi;i, it Kasterji.El. 'Ky. Co., owning 5.6^ mi^les .of street railway in Ster- ling and Dixon, ,111. .- .and jnterurban line 12. 851 miles long l^etween Ihose cities. Some' fran- chises are perpetual,, and others without tipie,. limit. No iranchi'ses expire prior to 1921, and none in larger towns prior . to 1930 exiiept franchises in! Freeport which expire March J,, 1923. Prior JAene — $249,500 Sterling Gas. & Blep- tric 1st 63. of- 1927; $199,600 De Kalb County Gas 1st 5s of 1927; $3,000 Amboy Lighting & Power 6s; $286,000 Freeport Ry., Lt. & Power, Co. 1st 5s, due annually, $140,000 Freeport By. & Lt. 1st Cons. 6s of 1936: $40,000 Pecatonica River Power 1st 6s and $40,000 Tri-County Lt. -& Power 1st & Bef. 6s of 1952. Original MarlcAt — Offered in 1912, by N. W. Halsey & Co., and Russell, Brewster & Co., New York, etc., at 96 and interest. Market. Cliicago — Peoples' Trust & Savings Bank, Ft. Dearborn Trust & Savings Bank, North- ern Trust Co., Chicago Sa-vdngs Bank & Trust Co., Russell, Brewster & Co., Child & Lever- ing, Halsey, Stuart & Co., Babcock, Rushton & Co. ' New York— Halsey, Stuart & Co., Russell, Brewster & Co., Lynch & McDermott, Babcock,, Rushton & Co. ' Detroit — Joel Stockard & Co. Price Range. Jan. 1. 1912 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.96 '12 96 '12 75 Jan. 83 Jan. Low. 70 '18 .75 '18 70 Nov. 75 Nov. lUMNOIS SOUTHERN RAILWAY 1st 5s. Doe June 1, 1951. — F. Dated June 1, 1911. Interest payable June 1 and December 1, at First Trust & Savings Bank, Chicago. Default — June 1, 1918, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Antlibrized — $3, 000, 000. Outstanding — $2,018,000. In Treasury — $82,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — ^Fjrst Trust & Savings Bank, Chi- cago, and Festus J. "Wade, St. Louis, Mo. Redeemable on any interest- date at 106 and Interest. . - Organization — Incorporated in Illinois in 1900 A financial reorganization was effected In 1911'. In 1913 holders of $1,628,000 bonds cancelled the Dec. 1, 1913, June 1 and Pec. i, 1914v coupons, an(J holders of the remain- ing bohSs cancelled the June 1 and Dec. 1, 1914, coupons. Receivership— "Wm^.-'W. Whcelock appointed receiver Sept. 18, I9"l8. Secured by a first mortgage on 137 miles of road from Salem to Kellogg, 111,, and Little. Rook Landing to Bismarck,' Mo., with transfer steamer for Mississippi River crossing ■ -and branches. Also a first lien on all eauipment. These bonds are outstanding at rate of $12,700 per mile. ' , Underlies — $l,380'r000 Income is. Year ended Dec. ,31 Int. .Gross Net & Rent 1017 $663,680 $48,469 $134,6.12 1916. 676,548 134,487 114,"^na Year ended June 30 - Tax, Int. Gross Net & Rent 1916.' $69'8,981 $19,2,072 $146,766 1915 532,460 107,7.44 102,470 1914 556,911 133,225 149,293 1913 643,000 133,722 , 128,022 , ' ' " " Market. ^ ,. j Chicago— Hulburd, Warren & Chandler, - New ,,York^-'Van Sant & Legg, Baker, Car- ruthers & Pell, Price Rang^. Jan. 1, '16 to Jan. 1, '19 ^ Bid Hlgh,-80 '16 Low. 70 '17 ILIalNOIS STEBIi COMPANY Deb. 4%s. Due April 1, 1940.— F. Dated April 1, 1910. Interest payable April and Oct. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding — $18,600,000. Reserved for Ext. — $1,668,000. Reserved to Retire 5% Notes Held by the U. S. Steel Corp., Maturing 1916-1919 — $4.- 239,000. In Treasury U. S. Steel Corp.— $6,703,000, Denoibination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $6,000, $10,000, $60,000, $100,000, $1,000,000. C. & R. interchangeable. Trustee — New York Trust Co., New York. Redeemable at 105 and interest on any in- terest date upoii two months' notice. Guaranteed " principal and interest, uncondi- tionally, by the United States Steel Corpora- tion by endorsement. Control — ^All of the stock is owned by the file United States Steel Corporation. Secnrity — A direct obligation of the com- pany but not a mortgage. The company has no mortgage or floating debt, and covenants that it will not place any mortgage on its property without equally securing these de- bentures. The iron and steel plants of the Illinois Steel Co. are located at South Chicago and Jollet, 111., and Milwaukee, "Wis., and extensive blast furnaces, coke plants, bloom- ing and rolling mills, rail mills, plate mills and other plants. The company also owns extensive cement plants, operated by another company, and all of the stock of the Chicago, Lake Shore & Eastern Ry. Co., which owns 480 miles of track connecting the various prop- erties of the Illinois Steel Co., and equipped with 171 locomotives and 9,692 freight cars. The company also operates under lease the Gary plants of the Indiana Steel Company. The output of the company forms about 20% of the total output of the U. S. Steel Corpora- tion. 553 liisted on the New York Stock Exchange. Earnings Included in those of U. S. Steel Corp. Orieinal Market — OfCered In 1911, by J. P. Morgan & Co., Lee, Higginson & Co., and Kissel, Kinnicutt & Co., New York, at 95% and interest and in 1912 by the same firms at 92% and interest. Market. New York — Hanson & Doyle, McKinley & Morris, Moore, Leonard & Lynch, Hornblower & Weeks, C. H. Hensel, Callaway, Fish & Co., Colgate, Parker & Co., Bernhard, SchoUe & Co. , Sam' 1 Goldschmidt, Holmes, Bulkley & "Wardrop. T. Hall Keyes, Vilas & Hickey. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks, Union Trust Co. Pittsburgh — Duquesne Bond Corp., R. B. Hutchinson & Co., Moore, Leonard & Lynch, R. W. Evans & Co. Philadelphia — Graham, Parsons & Co. St. Xonis — Bowman, Cost & Co. Price Range — N, Y. S. E. Jan. 1, 1910 to Jan. 1, 1919 1918 High.94% Nov. 8, '16 861^ Nov. 13 Low. 81 Dec. 29, '17 81 Jan. 2 ILLINOIS VALLEY RAILWAY CO. 1st S. F. 5s. Due Sept. 1, 1935. — F. Dated Sept. 1, 1905. Interest payable Mar. and Sept. 1, at New York. Tax Status — 2% Federal Income Tax paid by company -without deduction. Authorized — Closed mortgage. Outstanding — $1,070,000 (Jan. 1, '19). Held in S. F. — $430,000. Cancelled — $500,000. Denomination — Coupon, $600 and $1,000. Trustees — Portland Trust Co. and Theo. Gould, Portland, Me. Redeemable at 105 and Interest on any in- terest date. Sinking Fund — An amount ectual to 1%% ■ annually of outstanding bonds, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so ac- quired to be kept alive and interest ^.dded to sinking fund. Assumed by the Chicago, Ottawa & Peoria Ky. Co. Guaranteed principal and interest by the Western Rys. & Light Co. by endorsement. Organization and Control — ^Absorbed by the Chicago, Ottawa & Peoria Ry. Co., which is controlled through ownership of all the capi- tal stock by the Illinois Traction Co. Secured by a first mortgage on 61 miles of interurban electric railway between Princeton and Seneca, 111. Population served, 61,000. Built on private right-of-way except in towns where franchise runs to 1951. Underlies — C, O. & P. Ry. 1st Cons. & Ref. 5s of 1937, under which bonds are reserved to retire this issue. Earnings — See Western Rys. & Light Co. Legal for R. I. Market. Providence— Bodell & Co. Boston— Bodell & Co., Berdell Bros. PhUadelphia— S. K. Phillips & Co. New York — Lynch & McDermott, Berdell Bros. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hlgh.97 '16 100 '16 90 Jan. 95 Jan. Low. 78 '18 89 '18 78 Nov. 89 Dec. L>IPERIAIi ELECTRIC CO. 7% Serial Notes. Due $30,000 each six months from Octo- ber 1» 1920, to October 1, 1922, inclu- sive. Dated October 1 , 1918. Interest payable April and October 1 at Citizen's Savings & Trust Co., Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $100,000. Outstanding — $100,000. Denomination — Coupon 5600 and $1,000. Trustee — Citizen Savings & Trust Co. Redeemable in whole or in. part at 101 and interest on any interest date upon thirty days' notice. organization — Incorporated In Ohio, Jan- uary, 1908. Manufactures electric motors, generators, etc. Plant at Akron, Ohio, has appraisal value exclusive of inventory $539,- 168. Outstanding capital is. $100,000 7% ciim. pr.ef. stock and $80,000 common stock, piore than 95% of which is owned and controlled by executive and department heads. Company is paying dividends of 12% on its common stock and 7% on the preferred stock. Security — A direct obligation of the com- pany, but not secured by mortgage. The com- pany covenants that as long as any notes are out^anding no mortgage shall be placed on its property; also that it will maintain net quick assets of at least $100,000 in excess of current liabilities. Original Market — Offered October, 1918, by Stanley & Bissell, Cleveland, at par and in- terest. INDEPENDENT BREWING CO. OF PITTS- BURGH 1st 6s. Due July 1, 1955.— F. Dated Feb. 9, 1905. Interest payable Jan, and July 1, at Colonial Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $4,5 00,000. Outstanding — $3,885,000 (Jan. 1, 1919). Retired by S. F. — $495,000. Own«d by Company — $120,000. Denomination — Coupon, $1,000. Sinking Fund — Began D6c. 1, 1911. Pay- ments are applied to the purchase of bonds at not exceeding 105 and interest. Organization — Incorporated in Pennsylvania in 1905. Secured by a mortgage on 16 breweries lo- cated in the vicinity of Pittsburgh, Pa. An- nual capacity, 1,000,000 barrels of beer. Prior Liens — $23,000 bonds of constituent companies. Years ended Oct. 20 and Oct. 14 Int. & Gross Net Dep'n 1918 $6,488,735 $1,297,262 $786,012 1917 5.212,603 1.073,644 691.144 1916 4,733,858 1.318,286 706,045 Listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — ^Moore, Leonard & Lynch. Wm. P. Lemley & Co., Duquesne Bond Corp., R. W. Evans & Co., Lyon, , Singer & Co. St. Ijonis — Stix & Co., E. A. Gessler. New York — Moore, Leonard & Lynch. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.91>^ '11 96 '08 36 Apr. 40 Apr. Low. 32 '18 36 '18 32 Sept. 36 Dec. INDIAHOMA REFINING CO. 1st & Coll. Tr, 10-Year S. F. 6s. Due Feb.. 1927. Dated Feb. 1, 1917. Interest Feb. 1 and Aug. 1 at Trustee's ofiice. 554 Tax Status — Information not available. Authorized — $1, 000, 000. Outstanding — $740,000 (March, 1919). Retired by S. F. — $260,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Equitable Trust Co., Baltimore. Redeemable at 105 and interest on any in- terest date on 30 days' notice. SinkiDs: Fund — Monthly payment of 20% of net earnings with a monthly minimum at the rate of $100,000 a year for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Oklahoma. ^ Capital Stock: Authorized Outstanding Preferred $300,000 $288,000 Common 1,000,000 1,000,000 Secured by a first mortgage on all the tan- gible real and personal property, leases, etc., now owned or hereafter acquired, comprising a 3,000 barrel a day refinery at Okmulgee, Okla., a 1,000 barrel a day (being increased to 3,000 barrels) refinery at Bast St. Louis. 130 miles of pipe lines, 2 trunk lines, storage tanks and 142 tank cars, 60 of which are subject to final payments of $5,500. Bonds are further secured by practically the controlling interest in the following com- panies and leases held by the Trustee, under agreement not to mortgage or encumber such property while any of said bonds are out- standing. The total present production of said properties is about 3,100 barrels a day, or about 75% of the present refining, capacity. Of this production, the Company' s propor- tionate interest therein is about 1,500 barrels a day. One-half interest Cortez, Oil Co., Cushing Field. One-third interest Alvarado Oil Co., unde- veloped lease. Gushing Field. Three-fourths interest Schmidt Estate lease. Stone Bluff Section, Oklahoma. Four-sevenths interest Freed Oil and Gas Co., Augusta, Kansas. Field. One-half interest Export Oil Corporation, Avondale, La., owners of a complete export plant, docks, tanks, etc. Several undeveloped leases in various lo- calities. Original Market — $1,000,000 offered Feb., 1917, by Robert Garrett & Sons, Baltimore, at 98 and interest. Market. Baltimore — Baker, Watts & Co., Midden- dorff, "Williams & Co., Robt. Garrett & Sons, INDIANA & MICHIGAN ELECTRIC CO. 1st 5s. Due Aug. 1, 1957.— F. Dated August 1, 1907. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstanding — $5,659,000. Reserved for Ext. — $1,041,000, Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — New Tork Trust Co., New York. Redeemable at 108 and Interest on Aug. 1, 1922. or any interest datte thereafter. Organization — Incorporated May 1, 1907, In Indiana, and took over the property of the former Indiana and Michigan Electric Com- pany, the St. Joseph and Elkhart Power Com- pany, the Elkhart Electric Company, the South Bend Electric Company, the Buchanan Company, the Berrien Springs Power and Elec- tric Company and the Berrien Springs Water Power Company. Controls the following companies through stock ownership : Elkhart Power Company, Elkhart Hydraulic Company and St. Joseph Hydraulic Company. Secured by a first mortgage on all the prop- erties of the company. The company sup- plies electricity in South Bend, Elkhart, Mishawaka, Rolling Prairie, Osceola and Lake- ville, Ind., and Berrien Springs, Buchanan, Niles, Galien, Three Oaks and New Buffalo, Mich. Generates its electricity by water power of St. Joseph River at four points, developing about 21,000 H. P., operates an auxiliary steam plant at South Bend, having 10,000 K. W. in steam, turbines. Has about 130 miles of transm.ission lines, for the most part built on private right-of-way. Population served, 250,000. The company operates under indeterminate permits In accordance with the Shi vely- Spender Utility Commission Act of Indiana in South Bend, Elkhart and Mishawaka. In the other towns where the company operates it has long time franchises. Year ended Dec. 31 Gross Net Interest 1917 $1,291,923 $687,143 $292,046 1916 1,105,190 671,682 265,294 •1915 1.062,255 555,714 264,019 •June 30. Original Market — Offered in 1912, by H. 1j. Crawford & Co., New York, at 99 and in- terest. Market. New York— J. S. Bache & Co., E. & C. Ran- dolph, S. L. Snowden, Harris, Forbes & Co., Frederic H. Hatch & Co., Lynch & McDer- mott. Chicago—Alfred L. Baker & Co., Union Trust Co., Harris Trust & Savings Bank. Milwaukee — First National Bank, Marshall & Ilsley Bank, F. A. Bartlett & Co. Detroit — Nlcol, Ford & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.gS'^ '16 100 '16 85 Jan. 91 Jan. Low. 80 '18 86*18 80 Sept. 86 Sept. INDIANA, BliOOMINGTON & WESTERN RAILWAY CO. 1st Preference 4s. Due April 1, 1940.— N. Dated April 15, 1879. Extended Jan. 1,' 1900, interest being reduced from 7 % . In- terest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 000, 000. Outstanding — $964,500 (Jan. 1. '19). Retired by S. F. — $35,500. Denomination' — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Sinking Fund — $15,000 per annum as a sink- ing fund for the purchase of these bonds at not exceeding 105, or at such additional price as the company shall direct, but In the ab- sence of such Instructions the Trustee shall invest said funds In first class securities. Assumed by the Peoria & Eastern Ry. Co. Guaranteed as to interest by the C, C, C. & St. L. Ry. Go. under terms of lease. Organization — Absorbed by the Peoria & Eastern Ry. Co. The Cleveland, Cincinnati. Chicago & St. Lous Ry. Co. owns 50.001 of 99,950 shares of the capital stock of the lat- ter company and leases the property to April 1. 1940. Secured by a first mortgage on 201.37 miles of road from Indianapolis. Ind., to Pekin, 111. 555 rrnderlies — Ohio-, Ind. & "Wn. 5s of 1938, P. & E. Cons. 4s of 1940, a.T\A P. & E. Income 4s of 1990. Bonds are reserved under the P. & E. Cons. Mortgage to retire this issue. liCgal for Me. . Usted on the New York Stock Exchange. Market. New York — Chas. W. Place, Louchheim, Minton & Co., Wolff & Stanley, B. & C. Ran- dolph, Wm. C. Bwen, Taylor, Smith & Hard, McKinley & Morris, Abraham. & Co. , Baker. Carruthers & Pell. Fh,ilad'clphia — Louchheim, Minton & Co. , Chas. Fearon & Co., P. J. Lisman & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, 1915 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.86 '16 91 '16 72 Dec. 80 Jan. L,ow.59'^ '17 77 '17 59^ Jan. INDIANA COKE & GAS CO. 30-Year 1st S. F. 6s. Doe April 1, 1946.— N. Dated April, 1916, Interest payable April 1 and October 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. ■ Authorized — $1, 000, 000. Outstanding — $657,000 (Jan. 1, 1919). Held in S. F. — $18,000. In Treasury^$32 5,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Guaranty Trust Co., New York and Henry W. Moore. Redeemable at 102 % and interest on any interest date on 30 days' notice. Sinking Fund — ^Annually, beginning July 1, 1918, 2% of bonds issued for their purchase or redemption at not over 102% and interest. The company may deposit (at purchase price) bonds purchased in lieu of cash. Bonds so acquired are to be kept alive and interest added to fund. Organization — Incorporated in Indiana in 1915. Owns the entire capital stock of the Monon Coal Co. and "Vigo Mining Co. The company manufactures and sell s gas. coke, tar, benzol, toluol, ammonia and allied prod> acts. Plant located at Terre Haute. Ind. Capital Stock Outstanding First Preferred (7% cum.) $567,400 Second Preferred (6% non-cum). . 500,000 Common 1,000,000 Secured by a first mortgage on the by- products coke plant at Terre Haute, Ind. ; on 30 years contract for sale of gas to the Citi- zens' Gas & Fuel Co. of Terre Haute from which the company expects to realize $70,000 annually, and on lease (expiring in 1937) of the properties of the Monon Coal Co., operat- ing 6 mines in Indiana. Company' s coal products plant consists of sixty by-product ovens of a maximum capacity of 410,000 tons of coal per annum, together with all neces- sary equipment and by-products apparatus. Year ended Dee. 31 Gross Net Interest 1918.... $4, 455. 154 $382,361 $79,395 1917 3.760.509 506,925 57.963 Federal taxes not included in above state- ment. Original Market — Offered November. 1916, by The Fletcher American National Bank and Breed, Elliott & Harrison, Indianapolis, at 100 and interest. Market. Indianapolis — Fletcher American Nat'l Bank, Otto F. Haneisen & Co. INDIANA, COLUMBUS & EASTERN TRAC- TION CO. Gen. & Ret. 5s. Due May 1, 1926.— F. Dated May .1. 1906. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania state tax refunded. Authorized — $10,000,000. Outstanding — $6, 400, 000. Escrow Bonds Available When Net Earn- ings Are 1^/^ Times Interest — $400,000. Reserved for Prior Liens — $1,250,000. Reserved for Ext.— $2,200,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee— The Pennsylvania Company for In- surances on Lives & Granting Annuities, Phila- delphia. Redeemable as a whole at 105 and interest on any interest date after May 1. 1911. Guaranteed as to interest under terms of lease by the Ohio Electric Ry. Co. Organization and Control — Incorporated in Ohio in 1906, and has absorbed a number of interurban properties. All of th^ common stock is owned by the Ohio Electric Ry. Co., which leases the property at a rental equiva- lent to interest, taxes and 5% on the $1,000,- 000 preferred stock. Secured by a first mortgage on 162 miles of road from Dayton to Union City. Ohio, Ur- bana to Defiance, Ohio, and Columbus to Orient, Ohio, and a second mortgage on 91 miles of road from Dayton to Columbus, Ohio, and Springfield to Urbana, Ohio. These lines are a very important part of the lines com- prising the Ohio Electric Ry. Co. ' s system, which extends from Cincinnati to Indianapolis and -Fort. Wayne, Indiana, - and Toledo and ^^■^nesvrile, Ohio. Further secured by pl-^de'e of $1,525,000 (entire) common stock of the Co- lumbus, Newark & Zanesville Electric Ry. Co. The population served by the lines di- rectly covered by this mortgage is 465.000. Practically all of the road, outside of cities, is on private right-of-way. Prior Liens — $750,000 Dayton. Springfield & Urbana Ry. 1st 5s of 1928 and $500,000 Co- lumbus, London & Springfield Ry. 1st 5s of 1929. Bonds are reserved under this mortgage to retire both issues. Listed on the Philadelphia Stock Exchange. Year ended Dec. 31 Income Bond Other (Lease) Interest Deductions 1918 $397,642 $382,500 $15,185 Original Market — Offered in 1906 by Drexel & Co.. Philadelphia, and B. H. Rollins & Sons. Boston, at 97 and interest. Market. Boston — Hotchkin & Co., F. B. Bassett & Co. New York — Henry & Kirkbride, Leonard SnidRr &■ Co.. H-itchkin & Co.. F. H. Hatch & Co. , B. & C. Randolph, Dewing & Co.. Newhall & Co., Lvnch & McDermott. Philadelphia — Elkins, Morris & Co., "West & ro .■ Geo. S. Fox & Sons, H. Bnenning & Co., Sailer & Stevenson, Ervin & Co.. Chas. Fearon & Co.. Newhall & Co., S. K. Phillips & Co.. ^V-.T-rpn A. Repd. Huntoon & Co. Pittsburgh — ^Wm. P. Lemley & Co. Price Range. Jan. 1, ^908 to J'>n. 1, 1919 1918 B''d Ask Bid Ask Hi?h.92% '1?- 9*> 'OS 65 .Tan. 72 Jan. Low. 55 '18 64*18 55 Mar. 64 Dec. INDIANA COUNTY (PA.) ST. RAILWAYS 1st 5s. Due 1938.— F. Dated, 1908. Interest payable semi-annuklly 55fi I at Farmers* Bank, Indiana, Pa. Tax Status — 2% Federal Income Tax paid by company witliout deduction. Authorized — $1, 000, 000. Outstanding — $766,500. In Treasury — $34,500. Denomination — Coupon $500 and $1,000,. Trustee — Commercial Trust Co., Philadel- phia. Organization — Incorporated In Pennsylvania as a consolidation of the Indiana. Clymer & Creek Side Street Ry. Co., the Indiana County Rys. Co. and the Indiana, Punxsutawney & Sagamore Street Ry. Co. Secured by a first mortgage on 36 miles of electric railway in Indiana^ Clymer, Creek- side, Homer City, Josephine, Blairsville, Pa. , and connecting these towns. Population served, 25,000. Year ended Dec. 31 Gross Net Interest 1917 $162,726 $39,618 $39,430 1916 133,120 54,866 39.956 *1915 120.806 45.690 39,923 •1914 121.187 46,433 39,703 •1913 106,198 42,113 39,237 ♦Year ended June 30. Market. New York — Hanson & Doyle. INDIANA GAS lilGHT CO. 1st 5s. Due Nov. 1, 1933.— F. Dated Nov. 22, 1912. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by com.pany without deduction. Authorized — $1,000,000. Outstanding — $356,100 (June 1, 1919). Cancelled — $31,900. Denomination — Coupon, $luo, $500 and $ I, - 000. Reglsterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable on any interest date at 102 and interest. Organization — Incorporated in Indiana in 1912 as a consolidation. Secured by a first mortgage oh plants sup- plying Tipton, Cicero, Atlanta and Nobles- ville, Ind., with gas. Population, 1910, Nobles- ville, 5,073; Tipton, 4.075. Franchise in Nob- leeville expires in 1936; in Tipton in 1941. Year ended Dec. 31 Net Interest *1917 $21,408 $19,400 1916 27,966 17,640 1915 30,445 13,58S 1914 25,027 12.000 1913 24,006 11.075 ♦Nov. 30. Original Market — Offered by Blston & Co.. Chicago, at 90 and interest,, Aug., 1915. ' Market. Chicago — Elaton & Co., J. P. Hobbs & Co. Milwaukee— Elston & Co., J. E. De Wolffi Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid -Ask High.80 '17 90 '16 Low. 80 '17 85 '17 INDIANA HARBOR & EAST CHICAGO Et^CTRIC CO. 1st 5s. Due Oct. 1. 1927. Dated Oct. 1, 1907. Interest payable April 1 and Oct. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500. 000. Outstanding — $126,000 (Jan. 1, '19). Retired by S. F. — $3,500. Cancelled — $371,500. Denomination — Coupon, $5 00. Reglsterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and interest on any in- terest date. Sinking Fund — ^Annually beginning Aug. 15, 1917, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not exceeding 105 and interest. Organization — Absorbed by the Northern In- diana Gas &' Electric Co., in which the United Gas Improvement Co. is interested. Secured by a first mortgage on an electric lighting plant serving East Chicago and In- diana Harbor, Indiana, Population, 25,000. Underlies — Nor. Ind. G. & B. Co. 1st Kef. 5s of 1929 and Gen. 6s of 1926. Original Market — $100,000 olfered in March, 1908, by C. H. Geist & Co., Phlladephia. and Kennett, Cowan & Co.. Chicago. Market. Philadephia — Reed A. Morgan & Co., S. K. Phillips, H. Boenning & Co. New York — Evans. Stillman & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid High. 97 '^ '17 Low. 96 '16 INDIANA HARBOR BELT RAILROAD CO. Gen. 4s. Due July 1, 1957. — F. "Dated Nov.- 1, 1907. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal ■ Income Tax paid by company without deduction. Authorized — $25, 000. 000. Outstanding — $1,725,000 4s; $2,500,000 2s- 4s. The "2s-4s" bore 2% for first five years, will pay 3% to Nov. 1. 1917, and 4% there- after, and are all owned by the Chicago Junc- tion & -Union Stock Yards Co. ' Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerablp^. Registered, $1,000, $5,000 and multiples of $5,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest jointly and severally by the Lake Shore & Michigan Southern Ry. Co. and the Michigan Central R. R. Co. The Chicago & Northwestern Ry. Co. and the Chicago, Milwaukee & St. Paul Ry. Co. agree to protect these guarantors to the' extent of 20% each of their guarantee. Organization — Of the capital stock 30 %. ^s owned by the New York Central R. R. and the Michigan Central R. R. each, and 20% is owned by each of the Chicago & Northwestern Ry . and the Chicago, Milwaukee & St. Pa ul ■Ry. Secured by a direct mortgage on 45.47 mile? of road, viz, : 'A first lien on 20.89 miles — Miles Argo to Union Stock Yards. Chicago, 111 10.62 Grasselli, Ind., to Illinois State Line.. 5.52 Woif Lake to Shedd-Pield, Ind 2.14 Franklin Park to Mannheim, Ind..:... 1.04 Grasselli to Cudahy, Ind ■. 1.57 A second lien on 24.58 miles — Covered by the first lien of the Chicago, Hammond & Western 1st 6s. Franklin Park to McCook, 111 10.52 Blue Island, 111., to "Whiting, Ind 14.06 The company operates some 170 miles of terminal track in the vicinity of Chicago. These lines connect virtually all the railroads entering Chicago. 557 Prior Lien— $2,500,000 Chi., Hammond & West 6a of 1927. Iiegal for Cal., Minn., N. H. and R. I. Listed on the Boston Stock Exchange. Tear ended Dec. 31 Gross Net Int. & Rent 1917 $5,121,878 $990,325 $2,020,106 1916 4.653,960 1,518.378 1,368,233 1915 3.458,052 1,227,018 1,296.099 1914 3,329.172 934,186 1,282,076 1913 3,303,809 817.373 1,049,994 Alarket. New Yorls — Baker, Carruthers & Pell, John Davenport, Abraham & Co. Philadelphia — S. K. Phillips & Co.. Biddle & Henry. Price Range. Price Range. Jan. 1, *16 to Jan. 1, *19 1918 Bid Ask Bid Ask High.82^ '16 72 Oct. 76 Oct. Low. 68 '18 75 '18 68 Oct. 75 Sept. Price Range — N. Y. S. 'E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.lOO Jan. 17. *06 81% Dec. 98 Dec. Low. 82 Sept. 24, '15 71% Jan. INDIANA. IXililNOIS & IOWA RAILROAD CO. 1st 4s. Due July 1. 1950. — F. Dated July 1, 1900. Interest payable Jan, and July 1, at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $4,850,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustees — Illinois Trust & Savings Bank, Chicago, and Jas. D. Oliver. Assumed by the New Tork Central R. R. Co. Control — Merged in 1906 into the Chicago, Indiana & Southern R. R. Co. The" latter company was merged into the New Tork Cen- tral R. R. Co. in 1914. Secured by a first mortgage on 202.91 miles of road, viz. : Miles South Bend, Ind.. to SeatonvlUe Jet.. , 111 ....191.59 Michigati Central Connection at So. Bend, Ind 1.93 Kankakee to Bradley. Ill 1.35 Reddick to Cardiff, 111 3.49 DePue Jet. to DePue, 111 1.27 Ladd to Churchill, 111 2.79 Ladd Jet. to New Tork Central Jot.. 111. 0.49 Also a first lien on 1.97 miles of track- age rights over the line of the Chicago & Northwestern Ry. Co.. viz.: Seatonville Jet. to Ladd. Ill 1.97 Underlies — Chicago, Ind. & Southern 4s. 1956, and N. T. C. R. R. Ref. & Imp. mort- gage which provides to retire this issue. Listed on the New Tork and Boston Stock Exchanges. Legal for Cal. , Conn. , Me. , Mass., Mich. , Minn., Mo., N. H., N. J., N. T., R. I.. Vt. and "Wis, Original Market — $4,500,000 offered in Jan.. 1901, by Redmond & Co. and Lee, Higginson & Co., of New Tork at 97% and interest. Market. New York — Sam'l Goldschmidt, S. P. Lar- kin & Co., Henry & Kirkbride, Callaway, Fish & Co., B. & C. Randolph, Baker, Carruthers & Pell, Chas. W. Place, Remick, Hodges & Co., Taylor, Smith & Hard, Vilas & Hickey, Low. Dixon & Co.. John Nickerson, Jr., Abra- ham & Co. Philadelpliia — Graham, Parsons & Co., Bid- die & Henry, Chaa. Fearon & Co. , E. W. Clark & Co., Reed A. Morgan & Co.. S. K. Phillips & Co., "Wheeler, Elliot & Mann, Henry D. Boenning & Co., Biddle & Henry. Pittsburgh — ^R. B. Hutchinson & Co. INDIANA LIGHTING CO. 1st 4s. Due Aug. 1. 1958.— F. Dated Aug. 1, 1908. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5. 000, 000. - Outstanding — $3,093,000 (Jan. 1, '19). Retired by SJ F. — $58,000. Reserved for Ext. — $1,849,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New Tork. Redeemable as a whole at 102 and interest on and after Feb. 1, 1914, or for Sinking Fund on any interest date on four weeks' notice. Sinldng Fund — Beginning Aug, 1, 19 09, 2% of net earnings per annum for purchase or re- demption of bonds at not to exceed 102 and interest. Bonds acquired are to be cancelled. Organization — Incorporated in Indiana in 1908. The property of this company was ac- quired during 1915 by the Northern Indiana G^s & Electric Co. of Hammond, Ind. Secured by a first mortgage on plants sup- plying gas to Fort "Wayne, Decatur, BlufCton, Lafayette, Logansport. Peru, Wabash, Frank- ford, Crawfordsville, Ind., Lima, Ohio, and other towns, and on plant distributing elec- tricity in Lafayette. Ind. Underlies — Northern Indiana Gas & Electric Od. Gen. 6s of 1926. Original Market — Offered in 1908 by Wood & Havemeyer and Lamarche & Coady, New Tork. Market. New York — Hanson & Doyle, Dunham & Co., B. & C. Randolph, Geo. S. Crap & Co., Kiely & Horton, A. E. Fitkin & Co., McGeorge & Vanderhoef. Joseph & Wiener, T, L. Bron- son, Lynch & McDermott, John Nickerson, Jr., F. H. Hatch & Co., Newhall & Co. Philadelphia — H. D. Boenning & Co. , Er- vin & Co., Reed A. Morgan & Co.. W. W, White & Co,, S. K. Phillips & Co. Providence — Hornblower & Weeks, Bodell. & Co. Boston — L. Sherman Adams. Bodell & Co. Price Range. Jan. 1, 1909 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.80'^ '17 83 '16 70 Jan. 77% Jan. Low. 53 '18 60 '18 53 May 60 June INDIANA NATURAL GAS & OIL CO. Ref. Guar. 5s. Due May 1, 1936. — F. Dated May 1, 1906, Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $6,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New Tork, Guaranteed principal and interest by the Peoples' Gas Light & Coke Co., by endorse- ment. Organization and Gonfx'ol — Incorporated in Indiana in 1889. All of the stock is owned by the Peoples' Gas Light & Coke Co. of Chicago. Secured by a first mortgage on leasehold interest in about 12,000 acres of gas and oil 558 lands In Indiana, and on three pipe lines each about 100 miles long from these sas wells to the mains of the Peoples' Gaa Light & Coke Co., In the outskirts of Chicago. Further secured by the deposit of all of the stock of the Kokomo Natural Gas & Oil Co. Refunding — Bonds are reserved under the Peoples' Gas Light & Coke Co. Gen. & Ref. Mtge. to retire this issue. liisted on the New York and Chicago Stock Exchanges. Earnings — See Peoples' Gas Light & Coke Co. Original Market — $1,000,000 offered in 1909. by Hartshome, Bogert & Battelle, New York and WoUenberger & Co., Chicago, at 95 and and interest. Offered in 1916 by E. C. Bene- dict & Co., New York, at 92% and interest. Market. Chicago — ^Hornblower & "Weeks, WoUenber- ger & Co., Peoples' Trust & Savings Bank, Francis Jewett Johnson, Merrill, Lynch & Co. BoBton — ^Hornblower & Weeks. Albany — John J. Hart. New York — ^Hartshome & Battelle. Finch & Tarbell, Chas. H. Jones & Co., Merrill, Lynch & Co., Didrichsen & Co., Babcock & Rushton, Hornbiower & Weeks, John W. Christiansen, F. H. Hatch & Co., Taylor & White. Price Range — ^N. Y. S. E, Jan. 1, 1906 to Jan. 1. 1919 1918 Ask High.94% May 26, '09 89 Jan. Low. 86 Oct. 6, '16 INDIANA NORTHERN TRACTION CO. let 58. Due Oct. 1, 1933.— F. Dated Oct. 1. 1903. Interest payable Apr. and Oct. 1, Trenton Tr. & S. D. Co., Trenton, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $100, $500 and $1,- 000. Trustee — ^Trenton Tr. & S. D. Co., Trenton. N. J. Redeemable at 105 and interest. Assumed by the Union Traction Co. of In- diana. Guaranteed principal and interest by Indi- ana Union Traction Co. Control — ^Absorbed by Ind. Union Tract. Co., which company was merged Into the Union Traction Co. of Indiana in 1912. Secured by a first mortgage on 20 miles of electric railway between Wabash and Marion, Ind. Population served, 38,000. Earnings — See Union Traction Co. of Indi- ana. JAsteA on the Philadelphia Stock Exchange. Market. Philadelphia — ^H. D. Boenning & Co., West & Co., Chas. Fearon & Co., Newburger, Hen- derson & Loeb, Chandler Bros. & Co., Ervin & Co., Huntoon & Co., Berdell Bros. New York — B. & C. Randolph, Newburger, Henderson & Loeb, Berdell Bros. Indianapolis — J. F. Wild & Co., Meyer Kiser Bank. Boston — ^Berdell Bros, New Haven — ^W. T. Fields Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask HIgh.94 '08 96 '09 60 Dec. 70 Dec, Low. 40 '18 50 '18 40 Jan. 60 Jan. 1 and Sept. 1, at Continental & Commercial Trust & Savings Bank, Chicago, and Ameri- can Trust Co., Boston.. Tax Status — 2% Federal Income Tax" paid by company without deduction. Authorized — $3, 500, 000. Outstamling— $1,971,000 (June 1. 1919). Pledged to Secure 7% Notes— $949,300. Balance reserved for extensions, etc., at 85% of cost when net earnings are at least twice Interest charges. This issue approved by the Indiana Public Service Commission. Denomination — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and Frank H. Jones. Redeemable at 103 and interest on any in- terest date on 30 days' notice. Sinking Fund — Annually beginning Sept. 1, 1920, contain sums ranging from 2% to 3% of the total amount of bonds outstanding for the purchase or redemption at not over 103 and interest. It is estimated that this fund will retire 35% of the bonds before maturity. Organization — Incorporated in Indiana 1b 1916 as a consolidation. Capital Stock Authorized Outstanding Common $500,000 $500,, 000 Preferred 500,000 30.000 Management^Utllities Development Cor- poration, Chicago. Secured by a first mortgage on plants sup- plying electric light and power to Worthing- ton, Bloomfield. Elnora, Odon. Bicknell, Vin- cennes, Petersburg and Dugger, Ind. . and water to Worthington and Bloomfield. Power plant is located at Edwardsport. The com- pany serves a territory some 40 miles south of Worthington and is about thirty-five miles in width, with a population of about 70,000 people. The company owns a coal mine adja- cent to its plant. The , company operates under an indeterminate permit, granted by the Indiana Public Service Commission. Underlies — $150,000 Deb, 6s of 1920. Year ended Dec. 31 Gross Net Interest 1918 $437,969 $219,832 $102,623 1917 391,935 173.358 77,490 1916 89,668 29,918 12,000 Original Market — $200,000 offered Nov., 1916, by Marshall & Co., Inc., Boston, and King. Hoagland & Co., Chicago, at lOO and interest; $950,000 offered May, 1919, by the same firm at 96 and interest. Market. Boston — Marshall & Co. Chicago — Taylor, Ewart & Co., Union Trust Co., King, Hoagland & Co. Detroit — Joel Stockard & Co. , Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93 '18 100 '17 93 Nov. 100 Jan. Low. 93 '18 97 '18 97 Nov. INDIANA POWER & WATER CO. 1st S. F. 6s. Due Sept. 1» 1936.— F, Dated Sept. 1, 1916. Interest payable Mar. INDIANA POWER & WATER CO. 3-Year Deb. 6s. Due June 1. 1920. — N. Dated June 1, 1917. Interest payable Juno 1 and Dec. 1, at Trustee's office. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $150,000. Outstanding — $150, 000. Denominations-^Coupon. $100. $500 and $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 101 and interest on any In- terest date. 559 Guaranteed princiiial and interest by the Utilities Development Corp. (Chicago) by en- dorsement. Organization, Property, etc. — See 1st 6s. Security — ^A direct obligation of the com- pany but not secured by a mortgage. Prior tien — $1,971,000 1st 6s, 1936. Earnings — See 1st 6s. Original Market — Offered July, 1917, by King, . Hoagland & Co., Chicago, at 98% and interest. Market. Detroit — ^Joel Stockard & Co. Price Range 1918 — Bid 94, Ask 98. INDIANA POWER & WATER CO. 2%-Year 7% Coll, Tr. Notes. Due July 1. 1920. Dated Jan. 1, 1918. Interest payable July 1 and Jan. 1 in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,000,000 (Jan. 1, 1919). Outstanding— $781,000. Denomination — Coupon, $1,000. $500 and $100. Trustee — Union Trust Co., Chicago. Redeemable at 100 g,nd interest at any time on 30 days' notice. '. Convertible at par into First Mtge. 6a at ■97%.,uhtil July 1, 1918, aiid at ' a ■ price (or _thei bonds -increasing % of 1% each six mouths thereafter. -• Guairanteed principal, and interest by the -Utilities. . Deveiopment Corporation (holding company) Xyy endorsement. Organization, etc.— ^See l^t 6s. -, Secured by pledge of $949,300 of $1,971,000 .QVitstanding 1st 6a due 1936. : .-Earnings— ^See 1st 6s. Original Market — $275, 000 ofCered Feb.. ,l,9i8, by the Union Trust Co., King, Uoag- .land & Co. and Taylor, Ewart & Co.. all of -Cihicago, at 98%^ and interest. ,•,-:; , Market. Chicago — Taylor. Ewart & Co. Price Range — 1918. Bid Ask Higli.96 Nov. 99% Nov. Low. 98 Nov. INDIANA RAILWAY CO. 1st 5s. Due Jan. 1. 1930.— F. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding— $789,000 (May 15, ,1919). Held in Sinking Fund-^$211.000. Denomination — Coupon, $1, 000. Trustee — Girard Trust Co., Philadelphia. Pa. . Sinking Fund-^-$10,000 .per annun;i,, beginning Jan. 1, 1905. for the purchase of these bonds at not over 107% and interest. Bonds ac- quired to be kept alive and interest added to fund.-. ■ Assumed by the Chicago South Bend & Northern Indiana Ry Co. Control — Absorbed by Chicago, South Bend & Nor. Indiana Ry. Co. ReceJTershin — See Chicago, South Bend & Northern Indiana Ry. Co, 1st 5s. Secured by a iirst mortgage on 50 miles of , electric railway, for^ning part of the .Chicago, South Bend *& Nor.' Indiana Ry., which com- pany owns 117 miles of track in South Bend, MIshawaka, Elkhart, Goshen. La Porte and Michigan City, Indiana. .Franchise in Elk- hart expires in 1957, and elsewhere ^^re per- petual. Population served, 125,000. Underlies — C. S. B. & N. I. Ry. Co. 5s of 1937. Earnings — See Chi., S. B. & N. L Ry. Market. Philadelphia — H. D. Boennlng & Co., Samuel K. Phillips. New York — F. H. Hatch & Co., Taylor & White, Berdell Bros. Chicago — ^Harris Trust & Savings Bank. Boston — Berdell Bros. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hi&h.99% '17 81% Nov. 98% June Low. 81% '18 98% '18 INDIANA RAILWAYS & UGHT CO. 1st & Ref. S. E. 5s. Due Jan. 1. 1943.— F. Dated Dec. 10^ 1912. Interest payable Jan. and July 1, at Spencer Trask & Co., New York. • Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized-^$5, 0'OO, 000. Outstanding — $1,^254,000 (Jan. 1, '19). Retired by S.' F. — None. In Treasury — $76,000. Reserved for Prior Lien — ^$650,000. Reserved for lElxt. — $3,020,000. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Union Trust Co.. Indianapolis. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually beginning Jan. 1, 1917, 1% of outstanding bonds to be applied to purchase of bonds at not exceeding 105 and interest. If not purchasable bonds may be drawn. The company has the option of retiring bonds" or" setting aside 1%% "of bonds outstanding for betterments and additions. Bonds acquired are cancelled. Organization — Incorporated in Indiana In .1912 as a consolidation. Secured by a first mortgage on 24 miles oi interurban railway between Kokomo and Frankfort and electric lighting system in West Middleton, Russlaville. Forest, New Londbii, Michigantown, Kirklin. Burlington, Hillisburg, Kempton, Amboy, Scitcleville and Converse, all in Indiana, and on plant supplying steam heat in Kokomo, and a second mortgage on nine miles of street railway in Kokomo, 28 miles of interurban railway between Kokomo and Marion, and plants supplying electricity in Ko- 'komo, Swayzee and Greentown, Ind. Popu- lation served, Kokomo, 30,000 remaining ter- ritory 50,000. Interurban lines are on private right-of-way. The company operates under indeterminate permits of the Public Service Commission of Indiana. Prior Lien — $ 650,000 Kokomo, Marion & 'Western Trac. 5s. of 1933. Year ended Dec. 31 Bond Gross Net Interest 1918 $673, 94^ $223,179" $95,200 1917 611,315 261.923 93.54-7 1916 544,468 284,418 90.200 1915 463.099 231.029 91,500 Original Market — First offered in Jan.. 1913, by Shapker, Waller &. Co., Chicago, and Spen- cer Trask & Co., New York, Boston, Chicago, etc. Bfarket. Chicago — Spencer Trask & Co. New York^Sam'l Qoldachmidt, P. H. Hatch & Co., E. ' & C. Randolph, Kiely & Horton, Spencer Trask & Co. ; " f Boston — Spencer Trask & Co. . Milwaukee — Edgar, ]fticker & Co., Taylor & White. 560 Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.SS '17 101% '17 Low. 83 '17 92 '17 INDIANA STXTBL COMPANY 1st 6s. Due May 1, 1952.— F. Dated May 1. 1912. Interest payable May and Nov. 1, at U. S. Steel Corp., 71 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $40,000,000. Outstanding — $17,452,000 (Jan. 1, '19). Held in S. F. — $583,000. Reserved for Ilxt. — $21,965,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Reg:istered. $1,000, $5,000, $10,000 and $100,000. C. & R. interchange- able. TruBtee — Bankers* Trust Co., New York. Redeemable at 105 and interest Nov. 1, 1916, or on any interest date thereafter, upon six weeks' notice. Sinking Fund — 1% of all bonds outstanding annually on May 1 from 1916 to 1922 and 1 U % thereafter to be applied- to the purchase or redemption of bonds at not exceeding 105 and interest. Sonda acquired by the sinking fund will continue to draw interest which shall be added to the annual payments on the sink- ing fund. Guaranteed principal and interest uncondi- tionally by the United States Steel Corpora- tion by endorsement. OrganiaKition and Control — Incorporated In Indiana in 1906. Entire $20,000,000 stock is owned by the United States Steel Corp. The plant of the Indiana Steel Co. is leased to the Illinois Steel Co., which is also controlled by the U. S. Steel Corp. Secured by a first mortgage on the' Gary plant of the Indiana Steel Coi, located at Gary, Indiana. The plant covers 1, 160 acres of ground, with extensive furnaces, coke ovens, mills and power plant. liisted on the New York Stock Exchange. Famings included in those of U. S. Steel Corp. Original Market — OfEered in 1912 by J. P. Morgan & Co., First National Bank and Na- tional City Bank, New York, at 101^ and Interest. Market. Chicago— iiee, Higginson &'Co,., Hornblower & "Weeks, Ft, De.arborn Trust & Savings Bank, First Trust & Savings Bank, Holmes, Bulk- ley & Wardrop. New York — ^Active on N. Y. Stock Exchange. Boston — ^Hornblower & Weeks, Lee, Higgin- son & Co. Pit;tBbnrgh — Moore, Leonard & Lynch, R. B. Hutchinson & Co. Philadelphia — Biddle & Henry. . Price Range — N, Y. S, B. Jan. 1,' laia to Jan. 1, 1919 1918 High. 105 Oct. 19, '16 9& Dec. 4 Low. 92 Oct. 4, '18 92 Oct. 4 Denomination — Coupon, $1,D00. Reglsterable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest on any in- terest date upon four weeks' notice. Sinking Fund — Beginning July 1. 1904, an annual amount equal to 1^% of outstanding bonds on July 1st of each year, including bonds held in sinking fund, for the purchase or redemption of these bonds at not over 105 and Interest. Bonds so acquired to be kept alive and interest added to this fund. Assumed by the Union Traction Co. of In- diana. Organization — Incorporated in Indiana in 1903 and absorbed the Muncie & Union City Traction Co. and Indiana Northern Traction Co. Control — Absorbed by Union Traction Co. of Indiana in 1912. Secured by a mortgage on 62 miles of Inter- urban railway, viz. : MIle;p Anderson to Middletown 9.00 Muncie to Union City 33 . 00 Wabash to Marion 20.00 These lines form part of the system of the Union Traction Co. of Indiana, owning 272 miles of interurban lines and 44 % miles of city lines, and leasing 1 3 6 % miles of inter- ^urb^n lines. Prior IjieniS — $925,000 Muncie & Union City Traction 5s of 1936, and $500,000 Md. Nor. Traction 5s of 19-33. Earnings — See Union Traction Co. of Indiana. Market. Philadelphia— West & Co., S. K. Phillips, H. Bopnning & Co., Ervin & Co., Warren A. Reed. Huntoon & Co. New York — Lynch & McDermott. Indianapolis — Meyer Kiser Bank, Breed, El- liott & Harrison. '■ Cincinnati' — Breed, Elliott & Harrison. Chicago — Breed, Elliott & Harrison. Price Range. Jan. 1. 'OS to Jan. 1. '19 1918 Bid Ask Bid Ask High.83 '12 85 '13 70 Nov. 75 Dec. Low. 55 '18 65 '18 55 June 65 June INDIANA UNION TRACTION CO. 1st 5s. Due July 1. 1933.— F. Dated July 1. 1903. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — Closed mortgage. Outstanding — 311,126.000' (May 15, 1919). Held in S.' F.— $494,000. INDIANAPOLIS & CINCINNATI TRACTION CO. 1st 6s. Due July 1, 1940. Dated July 1, 1910. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Interest Payments in Scrip — Jan, 1, 1919, interest was paid in 6% certificates of indebt- edness due Jan. 1 , 1921. These certificates hold the same security as the coupons, for which they were exchanged. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,300,000 Class "A"; $200,000 jClass "B": $3,350,000 Class "C." Outstanding — $1,300,000 Class "A"; $100,000 : Class "C." Provisions of Issue — All bonds are equal with /respect tb paynient-of p'rinclpii, but if avail- able funds are not sufficient to pay all interest. Class "A" bonds shall receive payment In fun, before any payment Is made in Classes "B" and "C." which are on a parity. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New ^ York. Redeemable on any interest date at 105 and Interest. Organization — Incorporated in Indiana in 1910 as successor to a company of same name which was foreclosed. In 1911 acquired the properties of the Indiana & South Eastern Traction Co., formerly operated under .lease. 561 The dividends on the $600,000 5% preferred stock of the latter company waa made a charge against one-half of the gross receipts of the property acquired. Secured by a first mortgrage on 58 miles of road from Indianapolis to Connersville. Com- pany also owns 49 miles of road from Indian- apolis to Greensburg, all in Indiana. Exten- sion from Greensburg to Harrison, O., is pro- posed. Connection would be made there for Cincinnati. Most of the line is on private right-of-way. County franchises are perpetual. City franchises for 60 years, oldest being dated 1904, except Indianapolis, where franchise and trackage contract expire in 1934. Population served by road covered by this mortgage, ex- clusive of Indianapolis, 10,000. Year ended Dec. 31 Gross Net tCharges 1918 $532,143 $146,356 {$160,397 1917 496.284 137,017 160.000 , '1916 440,946 124,505 149,963 *June 30. tinterest and subsidiary divi- dends, tincludes taxes, interest and $15,000 6% certificates of indebtedness due two years after the close of the war issued Oct. 1, 1918, in payment of $15,000 dividends due on In- diana & Southeastern Traction Co. preferred stock, and $60,000 6% certificates due Jan. 1. 1921. issued in payment of Jan. 1. 1919. in- terest. Market. Indianapolis— J. F. Wild & Co. tSBIASAPOUtS & EASTERN BAII.WAT 1st Cons. Ss. Due July 1, 1921. — F. Dated July 1. 1902. Interest payable Jan. and July 1. at Bankers' Trust Co.. New York, and Central Trust Co.. Indianapolis. Ind. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000 Class "B" : $3,360.- 000 Class "C." Outstanding — $620,000 ($565,000 are owned by the T. H., Ind. & East Trao. Co.) Retired by S. V. — $80,000 (Jan. 1, '19). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co., Indianapolis. Sinking Fund — 1% of bonds outstanding an- nually to 1917 and 2% thereafter to purchase these bonds at not exceeding 105 and Interest. Control — ^Absorbed by Terre Haute, Indian- apolis & East Traction Co.. which operates 183 miles of street railwsLy in Indianapolis. Terre Haute and Richmond. Ind., and 368 miles of Interurban lines. Secured by a first mortgage on 13 miles of interurban railway from Greenfield to Knights- town, Ind., and a second mortgage on 17 miles from Indianapolis to Greenfield. Population served, exclusive of Indianapolis, 11.000. Prior Men — $48,000 Ind. & Green. 63 of 1929. Underlies — T. H., Ind. & E. Tr. 1st & Kef. 6s of 1946. Earnings — See T. H.. Ind. & E. Tr. Co. Original Market — Offered by Baker. Ayllng A Co.. at 101 and interest. Aug.. 1902. and Central Trust Co. of Indianapolis at par and Interest, Nov., 1903. Market. Flilladelphla — S. K. Phillips & Co.. Ervin & Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 Bid Ask Hlgh.l06 -12 103 -13 Low. 86% '08 90 '08 ENDIANAFOUS & GBEENFIEI.D RAPID TRANSIT CO. 1st Ss. Due Jan. 1, 19S». Dated Oct. 1. 1899. Interest payable Jan. and July 1, at Citizens' Savings & Trust Co., Cleveland, or First National Bank, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $48,000 (Jan. 1, '19). Held in S. F.— $262,000. Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Citizens' Savings & Trust Co., Cleveland, O. Redeemable for the sinking fund at 106 and Interest. Sinking Fund — $12,600 per annum from 1904 to purchase bonds in numerical order. Control — See Ind. & East. 6s above. Secured by a first mortgage on 17 miles of road from Indianapolis to Greenfield, Ind. Underlies — T. H., Ind. & East. 58 of 1946 and Ind. & East. 5s of 1927. Famings — See T. H.. Ind. & B. Tr. Co. Original Market — Offered by Denison. Prior & Co., Boston and Cleveland. Dec, 1900. Market. Boston — C. E. Denison & Co. Cleveland — C. E. Denison & Co., Otis & Co. Pliiladelphia — Ervin & Co., ^. K. Phillips & Ck). New York — F. H. Hatch & Co., Lynch & Mc- Dermott. Indianapolis — Meyer Kiser Bank. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask Pigh.102% '12 105 '12 95 Jan. 100 Jan. Low. 90 '18 99 '09 90 Nov. INDIANAPOLIS & LOUISVILLB RAILWAY CO. Ist 4s. Due Jan. 1, 1956. — F. Dated January 1, 1906. Interest payable Jan. and July 1, at Guaranty Trust Co.. Now York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $1,172,000. Pledged under C. I. 8i L. Ist & Gen. Mtge. — $478,000: Denomination — Coupon. $1,000. Registerable as to principal. Trustees — Guaranty Trust Co.. New York, and Edw. W. F. Miller. Assumed by the Chicago, Indianapolis & Louisville Ry. Co. Organization and Control — Incorporated in Indiana in 1899. Dec. 31. 1916. the property of this company was conveyed to the C. 1. & L. Ry. Co. Secured by a first mortgage on 64.17 miles of road. viz. ; Miles Wallace Jet. to Shirley Hill, Ind 64.70 Vicksburg to Cass, Ind 6.00 Midland to Lattas Creek, Ind 4 . 47 Underlies — C. , I. & L. Ry. , Ref . Mtge. of 1947 and 1st & Gen. 6s of 1966. Under the latter mortgage bonds are reserved to retire this lsS116 Farnings — See Chi., Ind. & L. Ry. 1st & Gen. 5 s. Legal for Cal., Me. and Mo. Listed on the New York Stock Exchange. Original Market— $1,500,000 offered in 1906 at 96% and Interest by American Trust & Sav- ings Bank, Chicago; B. H. Rollins & Sons and F. S. Moseley & Co., Boston. In 1909 Ameri- can Trust & Savings Bank and B. H. Rollins & Sons offered $500,000. 562 Market. New York — Berdell Bros., Oilman & Clucaa. Baker, Carruthers & Pell, F. J. Llaman & Co., Abraham & Co. rrloe Range— N. Y. S. E. Jan. 1. '06 to Jan. 1. '19 1918 Bid Ask High.97 June 2, '10 70 Nov. 75 Dec. Low. 55 Dec. 15. '15 72 Jan. INDIANAPOUS & LOCISVIU/E TRACTION RAILWAY 1st 5s. Due April 1, 1942.— F. Dated April 1, 1912. Interest payable April and Oct. 1, at Colonial Trust Co., Flttsbursh. Xax Status — 2% Federal Income Tax paid by company without deduction. AntiioTized — $1,600,000. Outstandine — $896,500 (May 15, '19). Retired by S. F. — $3,500. Reserved for Ext; — $600,000. Denomination — Coupon, $100, $500 and $1,000. Registerable . as to principal. Trustee — Colonial Trust Co., Pittsburgh. Redeemable on any interest date at 105 and interest. Sinking Fund — Semi-annually, beginning Oct. 30, 1917, 1% of the gross receipts during the next preceding six months derived from pas- senger, freight and express traffic in Oct., 1917, and April, 1918; 1%%. Oct., 1918 and April, 1919: 2% Oct. 1, 1919, and Apr., 1920; 2%% thereafter. Fund applicable for the purchase and redemption of these bonds at not over 105 and interest. Bonds acquired are cancelled. Organization — Incorporated in 1912 in Indi- ana as successor to the Ind. & L. Traction Co., foreclosed. Secured by & first mortgage on 41 miles of electric railway from Sellersburg to Seymour. Ind., forming part of a through route over which cars are run between XiOiusville, Ky., and Indianapolis, Ind. Population served, 15,000. Franchises in cities and towns expire in 1955; elsewhere road is built on private right-of-way. Year ended Dec. 31 Bond Gross Net Interest 1918 $235,546 $98,432 $42,490 1917 185,964 .85,651 42.490 1916 148,411 56,538 42,490 Original Market— -Issued in exchange for bonds of old company, which was sold at fore- closure in 1912. Market. New York — ^Hotchkin & Co., H. N. 'Whitney & Sons. Boston — ^Hotchkin & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Asjc ' High.59 '17 68 '17 55 Aug. 65 Aug. Low. 65 '18 65 '18 Control — All of the stock is owned by the Terre Haute, Ind. & Bast. Trac. Co., which leases the property for 999 years from 1907 at a rental equivalent to interest on bonds and $500 per year organization expenses. Secured by a first mortgage on 27 miles of electric railway between Indianapolis and Mar- tinsville, Ind. Population served, exclusive of Indianapolis, 10,000. Year ended Dec. 31 Bond Gross Net Interest 1918 $192,615 $51,865 $37,600 1917 172,903 34,510 37,500 Market. Boston — C. E. Denison & Co. Cleveland — C. E. Denison & Co. Indianapolis — Union Trust Co.. Fletcher- Amer. National Bank, Meyer Kiaer Bank, Breed, Elliott & Harrison. Philadelphia — Brvin & Co. New York — Taylor & White, Lynch & Mc- Dermott. Chicago — Breed, Elliott & Harrison. Cincimiati — Breed, Elliott & Harrison. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid AsK High.92 '16 97 '12 90 Nov. 96 Nov. Low. 79 '18 90 '16 79 Deo. INDIANAPOMS & MARTINSVILIiE RAPID TRANSIT CO. Ist 5s. Due Jan. 1, 193S, Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Security Trust Co., Indianap- olis. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $750,000. Denomination — Coupon and registered, $1,000. Coupon bonds registerable as to prin- cipal. Trustees — Union Trust Co. and Security Trust Co., Indianapolis. Redeemable at 106 and interest. Gnaranteed as to interest by Terre Haute, Indianapolis & East. Trac. Co. by terms of lease. INDIANAPOMS & NORTHWESTERN TRAC- TION CO. 1st Ss. Due March 1 1983. Dated March 1, 1903. Interest payable March and Sept. 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Outstanding — $2,470,000. Reserved for Imp. — $530,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co.. New York. Redeemable on any interest date at 110 and interest. Guaranteed as to interest by Terre Haute; Ind. & East, under terms of a 999-year lease. Control — ^AU of the common stock is owned by Terre Haute, Ind. & East. Trac. Co., which leases the property for 999 years from 1907 at an annual rental equivalent of interest on bonds and 6% on preferred stock and $500 per year organization expenses. Secured by a first mortgage on 84 miles of high-speed electric railway between Indianap- olis and Lafayette, Ind., with branch to Craw- fordsville. Built on private right-of-way out- side of cities. City franchises expire between 1938 and 1957. Franchises permit company to carry freight, express and mail. Population served, exclusive of Indianapolis, 57,000, Year ended Dec. 31 Bond Gross Net Interest 1918 $617,447 $99,181 $123,500 1917 462,774 119,143 123,600 Original Market — Offered by B. H. Rollins & Sons, Boston, at 98 and interest in June, 1905, Market. Boston — C. E. Denison & Co. Philadelphia — Brvln & Co., H. Boennlng & Co., S. K. Phillips & Co. Indianapolis — Fletcher Amer. National ' Bank, J. F. Wild & Co., Breed, Elliott & Harrison. New York — ^Morgan & Finlay. Finch & Tar- bell, F. H. Hatch & Co., Lynch & McDer- mott. Cleveland — C. E. Denison & Co. Chicago — Breed, Elliott & Harrison. Cinoinnati — Breed, Elliott & Harrison. 5(53 1918 Price Range. Jan. 1, *08 to Jan. 1, '19 Bid Ask Bid Ask High.94 *12 97 '11 86 Dec. 92 Dec. Lo-W.70 '17 76 '17 80 July 85 July INDLANAPOMS & ST. LOUIS RAILROAD CO. 1st 7s. Due July 1, 1919.— N. Dated July 1, 1869. Interest payable. Series "A," Jan. and July 1; Series "B," March and Sept. 1,; Series "C," May and Nov. 1; at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,000,000. Se- ries "A," $667,000: Series "B," $667,000, and Series "C," $666,000. Denomination — Coupon, $1,000. Trustee — United States Trust Co., New York. Assumed by the Cleveland, Cin., Chic. & St. Louis Ry. Co. Control — Absorbed by the' Cleveland, Cincin-, hati, Chicago & St. Louis Ry. Co., which ia controlled through stock ownership by the New York Central R. R. Co. Secured by a first mortgage on 71.72 miles of road from Indianapolis to Terre Haute, Ind. Underlies—C, C, C. & St. L. Ry. Gen. 4s, a sufficient amount of which are reserved to retire this issue Legal for Me. Market. Philadelphia — Graham, Parsons & Co. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid High.123 '09 125 '09 99^ Dec. Low. 99 '18 103 *15 99 Oct. INDIANAPOLIS & SOUTHEASTERN TRAC- TION CO. 1st 5s. Due July 1, 1935. — F Dated July 1, 19 05. Interest payable Jan and July 1, at Farmers' Loan & Trust Co., New York. Interest Payment in Scrip — Jan. 1, 1919, in- terest was paid in 6 % certificates of indebt-- edness due Jan. 1, 192i, issued by the In- dianapolis & Cincinnati "Traction Co. These certificates hold the same security under this mortgage as the coupons for which they were exchanged. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 1,000,000. Outstanding — $58 6,000. Reserved for Prior Liens — $414,000. Denomination — Coupon, $1,00,0- Trustee — Farmers' Loan & Trust Co., New, York. ' _ , . Redeemable on any interest date at 105 ana interest. Control — In 1911 the property of this com- pany was acquired by Indianapolis & Cin- cinnati Trac. Co., which company operates 55 miles additional. The dividends on the $600,- 000 5% preferred stock of the Ind. & S. E Traction Co. are a charge against one-half of the gross receipts of the property formerly owned by that company. J^ote — On ('yet. 1, 1918, $15,000 unpaid pre- ferred dividends were paid in 6% certificates Of indebtedness due two years after the close of the war. Secured by first mortgage on 23 miles of electric railway fT-um Shelbyville to Greensburs and second mortgage on 26 miles from Indian- apolis to Shelbyville. Extension to Harrison, Ohio, where connection will be made for Cin- cinnati, is proposed. Franchises in cities ex- pire in 1955, except Indianapolis, where track- age contract expires in 1934. Outside of cities most of the line is on private right-of-way. Population served, exclusive of Indianapolis, 20,000. Prior Lien — $414,000 Ind., Shelbyville & S. B. 1st 5s of 1932. Equity — These bonds are prior in lien tn $600,000 5% preferred stock, which was made a charge on one-half of the gross receipts of the property formerly belonging to this com- pany. Earnings — See Indianapolis & Cincinnati Traction 1st 5s. Market. Indianapolis — J. F. Wild & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 191» Bid Ask Ask High. 83 '12 88 '14 85 Dec. Low. 70 '17 75 Jan. INDIANAPOLIS, COLUMBUS & SOUTHERN TRACTION CO. 1st 5s. Due Feb. 1, 1923. Dated Feb. 2, 1903, Interest payable Feb.- and Aug. 1, at Commercial Tru^t Co., Phila-' delpbia. Tax Status — 2% Federal Income Tax paid by company without deduction. • • Authorized — $1, 000, 000. Outstanding — $932,000. Reserved for Ext. — $68,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed as to interest under terms ot lease by the Interstate Public Service Co. Control — rl^corporated in Indiana in 1895 as Indianapolis, Greenwood & Franklin E. R. Name changed to present title in 1903. Leased for 999 years to Interstate Public Service Co., a subsidiary of the Middle West Utilities Co., at a rental equivalent to taxes and interest and 5% on $1,840,000 stock. Secured by -a first mortgage on 58 miles of electric railway from Indianapolis to Seypiour, Ind. Road is built mostly on private right-of- way. Franchises in cities expire' between 1949 and 1952. Enters Indianapolis over tracks of Indianapolis T. & T. Co. Through cars be- tween Indianapolis and Louisville, Ky., are operated over this line in connection with other companies. Population served (1910), Indian- apolis, 233,650; remaining territory, 3S,Q0O. Original Market — Offered by Chandler Bros. & Co., Philadelphia, at 102% and interest in March, 1903. Market. Indianapolis — Fletcher Amer. National Bank, Meyer Kiser Bank. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 101% '12 103 '12 94 Jan. 99 Jan. Low. 90 *18 94 '18 90 Dec. 94 Dec. INDIANAPOLIS. CRAWFORD SVILLE & DANVILLE ELEC. RY. 1st 5s. Due May 1, 1952.— F. Dated May 1, 1912, Interest payable May and Nov. 1, at Glrard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500, 000. Outstanding — $934,000 (Jan. 1, '19). Held in S. F.— $66,000. Denomination — Coupon, $1,000. Trustee — Glrard Trust Co.. Philadelphia. Redeemable as a whole on any interest date at 102% and interest. Sinking Fund — $9,000 per annum, plus amount sufficient to retire by maturity two- thirds of any additional bonds issued above the original issue of $1,000,000. Bonds ac- 564 quired by sinking fund to be held alive and interest added to sinking fund payments. Guaranteed principal and interest by Terre Haute. Indianapolis & East. Trac. Co. Control — Inco rporated in Indiana in 1912. Leased for 999 years from May 1. 1912, to Terre Haute, Indianapolis & Bast. Trac. Co. at an annual rental of taxes, interest on bonds, 5% on preferred stock and dividends on the common stock increasing to 2% per annum in 1918 and thereafter and $500 per year organ- ization expenses. Secured by a first mortgage on 45 miles of electric railway between Indianapolis and Crawfordsville, Ind., built on private right-of- way. Franchises in cities run for 50 years. Population, exclusive of Indianapolis, 23,000. Year ended Dec. 31 Gross Net Int.& S.F. 1918 $314,438 $75,054 $6 2,172 1917 260,432 55,028 61,853 Market. Philadelphia — Sailer & Stevenson, S. K. Phillips & Co., Harper & Turner, Elkins, Mor- ris & Co., H. Boenning & Co. Price Range. Jan, 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.90 '16 93 '16 80 Oct. Low. 80 '18 89 '17 INDIANAPOLIS GAS CO. 1st 5s. Dae Oct. 1. 1953.— N. Dated Oct, 1, 1902. Interest payable April 1 arid Oct. 1, at Equitable Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,500,000. Outstanding — -$5,073,000. Reser\'ed for Ext. — $2,427,000. Denomination — Coupon, $1, 000. Hegisterable as to principal. Trustee — Equitable Trust Co., New York. Guaranteed by the Citizens Gas Co. under terms of lease, which provides for interest and refunding of these bonds at maturity. Organization — Incorporated in Indiana in 1890. Leased for 99 years from October, 1913. to the Citizens Gas Co. of Indianapolis at a rental equivalent to interest on bonds and 6% per annum on $2,000,000 stock. If price of gas is reduced to 50 cents per 1,000 cubic feet, 6%% per annum shall be paid, and Jf to 46 cents per 1.000 cubic feet, 6%% per annum shall be paid. This lease has been approved by the Indiana Public Service Commission. Secured by a first mortgage on plant supply- ing artificial gas in Indianapolis, Ind. Popu- lation served, 275,000. Franchise is perpet- ual. Price of gas, 55c. per 1,000 cu. ft. Earnings — See Citizens Gas Co. 1st 5s of 1942. Ijisted on the Indianapolis Stock Exchange. Market. New York — Sam'l Goldschmidt, L. A. Nor- ton, A. E. Pitkin & Co., J. J. Levenson. "Wm. C. Bwen, Dunham & Co., C. H. Jones & Co., Philip Lynch, E. & C. Randolph, G. B. de Chadenedes & Co. , Miller & Co, , Earle A. Miller & Co.. Kiely & Horton, Blodget & Co., Lynch & McDermott, Berdell Bros. , F. H. Hatch & Co., Pynchon & Co. Philadelphia — Ervin & Co. Indianapolis — Union Trust Co.,. Fletcher American National Bank, G. L. Payne & Co., J. P. Wild & Co., Otto F. Haueisen & Co., Meyer Kiser Bank. Breed, Elliott & Harrison. Boston — C. B. Denlson & Co., J. S. Orler ik Co.. Blodget & Co., White. Weld & Co., Moors & Cabot, L. Sherman Adams, Berdell Bros. Cleveland— C. E. Deniaon & Co., Breed, El- liott & Harrison. Cincinnati — Breed, Elliott & Harrison. Portland — M. S. Brown. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Aslc High.98 '08 101^ '13 87 Nov. 92 Nov. Low. 70 '12 80 '12 80 Apr. 82 May INDIANAPOLIS LIGHT & HEAT CO. Cons. 5s. Due April 1. 1940. Dated April 1, 1905. Interest payable April 1 and October 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $3,782,000 (Jan. 1, '19). Held in Treasury — $584. 000. Reserved for Prior Liens — $226,000. Reserved for Ext. — $408,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — American Trust Co., Boston, Mass., and Arthur V. Brown, Indianapolis. Redeemable at 102 and interest on and after April 1, 1925. Organization — Incorporated in Indiana in 1904 as a consolidation of the Ind. Lt. & Pr. Co. and Marlon County Hot Water Heating Co. Secured by a mortgage on plants supplying steam heat and electricity in Indianapolis. The company has competition in both elec- tricity^and heating. The company surrendered its franchises June 30, 1917, and now operates under an indeterminate permit from the Pub- lic Service Commission of Indiana. Popula- tion served, 300,000. Prior Lien — $226,000 Ind. Light & Pr. 1st 6s of 1922. Year ended Dec. 31 Gross Net Interest 1918 $1,925,074 $568,205 $225,314 1917 1.612,313 573,890 211. 7S8 1916 1,367,724 519,380 190,579 1915 1,261,519 459,062 181,997 1914 1,409,140 592.999 177.511 Loss of municipal lighting contract April 1, 1915. caused a decrease of $170,000 in revenue. Original Market — Fletcher Amer. National Bank, Otto P. Haueisen & Co. Market. New York — G. W. Walker & Co., A. E. Fit- kin & Co., F. H. Hatch & Co., Lynch & Mc- Dermott. Indianapolis — Fletcher American National Bank, Union Trust Co. . Otto F. Haueisen & Co. , Meyer Kiser Bank. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Aak High. 97% '17 99% '15 8-5 Dec. 91 Dec. TiOW.80 '18 84 '18 80 June 84 Feb. INDIANAPOLIS LIGHT & POWER CO. 1st 6b. Duo July 1, 1922. — F. Dated June 1. 1892. Interest payable Jan- uary 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400. 000. Outstanding — $226,000 (Jan. 1, 1919). Retired by S. F. — $174,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Mass, Redeemable for the sinking fund at 102 and interest prior to July 1, 1916, and par ana interest thereafter. Sinking Fund — $10,000 per annum to be a»' plied to the redemption of bonds. 565 Assumed by the Indianapolis Light & Heat Co. Control — Absorbed by the Indianapolis Light & Heat Co. Secured by a first mortgage on portion of plant supplying electricity in Indianapolis, Ind.. and suburbs. For further details see Ind. L. & H. Bs above. Underlies — Ind. L. & H. Cons. 6s of 1940. Earnings — See Indianapolis Lt. & Ht. Co. Cons. 6s. Market. New York — Hornblower & Weeks, Blgelow & Co.. Dewing & Co., P. H. Hatch & Co. Philadelphia — Brvin & Co. Chicago — Hornblower & Weeks. Boston — Hornblower & Weeks. Indianapolis — Union Trust Co. Price Range. Jan. 1, 'IG to Jan. 1, '19 Bid Ask High.98% '17 101 '17 Low. 96 '16 99 '16 INDIANAPOIJIS, NEWCASTI/E & EASTERN TRACTION CO. 1st 6s. Due June 1, 1919. Dated June 1, 1912. Interest payable June and Deo. 1, at Philadelphia. Extension — As of June 16, 1919, the exten- sion of these bonds for three years at the same rate of interest, was pending the assent of bond ho'ders. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1,500, 000. Outstanding — $1,200,000. Reserved for Ext. — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole at 101% and interest on any interest date upon eight weeks* notice. Guaranteed as to interest by the Union Traction Co. of Indiana under terms of lease. Organization — The company was incorporated in Indiana in 1912 as successor to the Indian- apolis, New Castle & Toledo Ry. (foreclosed). Its property was leased for 999 years from Oct. 25, 1912, to the Union Traction Co. of Indiana at a rental equivalent to interest on bonds, dividends at 5% on $500,000 preferred stock and dividends of 1% on the $500,000 common stock, gradually increasing to 4% after 1920. In 1914 this lease was amended so that dividends in excess of $1,050 on com- mon stock are payable only If the net income for year ended June 30, beginning June 30, 1917, of the U. T. Co. of Ind.,', after taxes, interest and all rentals except these dividends, amount to more than $180,900, which excess, up to $10,420, shall be applied to payment of these dividends, excepting that in any year in which a dividend of $50,000 shall have been declared on the 1st preferred stock of the U. T. Co. of Ind., then the additional $10,420 shall be paid, notwithstanding the fact that the net earnings as above do not exceed $180,900, but total dividends paid under this lease shall in no event exceed $36,470. Secured by a first mortgage, 62% miles high- speed Interurban electric railway from Indian- apolis to Newcastle and Muncle, Ind. Under contract with the Indianapolis Traction & Ter- minal Co., extending to 1933, the company operates Its interurban cars in the streets of Indianapolis, entering the Indianapolis inter- urban terminal. The road is constructed en- tirely on private right-of-way, except within city limits. The shortest franchise extends to April 7, 1933, fourteen years beyond the ma- turity of these bonds. Earnings — See Union Traction Co. of Ind. ana. Original Market — $800,000 offered in June, 1912, by B. H. Rollins & Sons, New York, etc., at 101 and interest. Market. Fliiladelpllia — H. B. Boenning ft Co., Brvin & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask • Hieh.92H '16 98 '17 Low. 90 '16 97 '16 INDIANAPOtIS NORTHERN TRACTION CO. 1st 5s. Due July 1, 1932.— F. Dated July 1, 1902. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. 'Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bauitable Trust Co., New. York. Assumed by the Union Traction Co. of Indiana. Guaranteed principal and interest by the Union Traction Co. of Indiana by endorse- ment. Control — ^Absorbed by Union Traction Co. of lindiana. Secured by a first mortgage on 104 miles of first track and about 10 miles of other track extending from Indianapolis through Broad, Ripple, NoblesviUe and Tipton to Kokomo, and from Kokomo to Logansport and Peru, and from Tipton to Blwood. Earnings — See Union Traction Co. of Indi- ana. Original Market — $4,500,000 offered in 1904 at 96 and interest by Brvin & Co. and Chandler Bros. & Co., Philadelphia. Market. Philadelphia — H. D. Boenning & Co., Sparks & Co., Robt. Cherry, Jr., & Co., Geo. S. Fox & Sons, Brvin & Co., S. K. Phillips & Co., Warren A. Reed, P. H. Hatch & Co., Newhall & Co., Huntoon & Co. Baltimore — Poe & Davies, Jenkins, Whedbee & Poe. New York— Kiely & Horton, Dunham ft Co., B. & C. Randolph, Morgan & Finlay, New- hall & Co. Indianapolis — J. F. Wild & Co., Union Trust Co., Fletcher Amer. National Bank, Meyer Kiser Bank. Price Range. Jan. 1, '08 to Jan. 1, 'IS 1918 Bid Ask Bid Ask HiEh.92 '09 93% '09 60 Dec. 70 Deo. Low. 40 '17 60 '17 40 Jan. 50 Jan. INDIAN APOUS. SHEIBYVTLIJB « SOUTH EASTERN TRACTION CO. 1st 5s. Due Jan. 1, 1932. Dated Jan. 1, 1902. Interest payable Jan. and July 1, at Continental ft Commercial Trust & Savings Bank, Chicago. Interest Payment in Scrip — Jan. 1, '19, in- terest was paid in 6% certificates of indebted- ness due Jan. 1, 1921 issued by the Indianap- olis & Cincinnati Traction Co. These certifi- cates hold the same security under this mort- gage as the coupons for which they were ex- changed. Tax Status — Information not available. Authorized — $500, 000. Outstanding — $414,000 (May 17, '19). Retired by Sinking Fund — $86,000. Denomination — Coupon, $1,000. Trustee — Continental ft Commercial Trust & Savings Bank, Chicago, 111. Redeemable as a whole at HO and Interest, °^o °^ /'^® sinking fund at 105 and interest. Sinkinff Fund — $10,000 per annum from Jan. 1, 1908, to redeem bonds at 105 and interest in numerical order. Control — Absorbed by the Indianapolis & South Eastern Traction Co., whose property was acquired In 1911 by the Ind. & Cincinnati Trac. Co. , which operates more than 100 miles of road. Secured by a first mortgage on 26 miles of electric railway between Indianapolis and ShelbyviUe. Ind. This line extends to Greens- burg and an extension to Harrison, Ohio, is contemplated. Built on private right-of-way except in cities. Franchises in cities do not expire before 1954 except in Indianapolis, where trackage contract expires in 1934. Population served, 1910, Indianapolis, 233,650; remaining territory, 12,000. Underlies — $586,000 Ind. & So. East. 5s of 1935. Earnings — See Indianapolis & Cincinnati Traction Co. Original Market — OfCered by Denlson, Prior & Co., Cleveland and Boston, at l02 and in- terest in Feb., 1903. Market. Cleveland — C. B. Denlson & Co. Boston — C. B. Denlson & Co. Indianapolis — Fletcher American National Bank, J. F. Wild & Co. New York — F. H. Hatch & Co., T. L. Bron- son. Wheeling — Geo. W. Baron. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1, 'OS to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '14 101 '13 90 Jan. 95 Jan. Low. 88 '18 93 '18 88 Mar. 93 Mar. INDIANAPOUS STREET RAILWAY CO. Gen. 48. Doe Jan. 1, 1933. — N. Dated May 3, 1899. Interest payable Jan. 1 and July 1, at Trustee's office. Deferred Interest — Jan. 1, 1919, interest had not been paid April 25, 1919. Period of grace, six months. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,000,000. Oatstanding — $4,987,000 (Jan. 1, '19). Held in S. F. — $1,013,000. Cancelled — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Sinking Fund — The company agrees to pay annually to the Indiana Trust Co. a sum suffi- cient to redeem the greater part of this issue at maturity. This provision is guaranteed by the Indianapolis Traction & Terminal Co. Control — Incorporated In Indiana in 1899, In Dec, 1902, the property of the company was leased to the Indianapolis Traction & Terminal Co. for 31 years at a rental equivalent to taxes. Interest and 6% on stock. Secured by a first mortgage on a portion of the street railway lines In Indianapolis, Ind., and a second mortgage on the remainder. Total length of track, 117 miles. Population served, 291,000. Franchise expires in 1933. Franchise provides for an annual payment to the city of $30,000 to 1925 and $50,000 there- after. The franchise gives to the city the right to purchase the property of the company duriijg 1932 at a price which shall not in- clude any valuation for the franchise. Prior liien — $4,000,000 Citizens St. Ry. Co. 5s, 1933. Earnings — See Indianapolis Traction & Ter- minal Co. Usted on the Philadelphia Stock Exchange. Market. New York — A. E. Fitkin & Co., Klely & Horton, Dunham & Co., Henry & Kirkbride, E. & C. Randolph, Berdell Bros. Indianapolis — Fletcher American National Bank, J. F. Wild & Co., Union Trust Co., G. Li. Payne & Co., Meyer Kiser Bank, Breed, Elliott & Harrison. Philadelphia — West & Co. , Graham, Par- sons & Co., Ervin & Co., H. Boennlng & Co., S. K. Phillips & Co.. Huntoon & Co. Pittsburgh — Wm. P. Lemley & Co. Boston — Berdell Bros. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.86% '09 87Mi '09 72 Feb. 80 Feb. Low. 65 '18 70 '18 65 Nov. 70 Dec. INDIANAPOIilS TEUSPIHONE CO. 5-Year 6% Notes. Due Aug. 1, 1922.— N. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $600,000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Indianapolis. Redeemable on any interest date on 60 days' notice upon payment of 1% premium per an- num for the unexpired time called notes have to run, such premium not to exceed 2 % % . Organization — Incorporated in Indiana in 1916 as a merger of three of the largest in- dependent telephone companies in Indiana. The company' s property comprises a local system In Indianapolis of more than 18,000 stations; a long-distance toll system through 36 coun- ties, embracing over 9,000 miles of wire and over 800 miles of poles, besides connections; ownership control of local systems at Leba- non, Columbus, Martinsville, Danville, Plaln- fleld. North Salem, Cicero and other exchanges. An automatic system In Indianapolis was put into service on March 17, 1917. Security — ^A direct obligation of the company, but not secured by a mortgage. No additional lien can be placed on the present properties of the company during the life of these notes, and all existing mortgages are closed. Prior liiens — $1, 527, 000 bonds of constitu- ent companies. 12 mos. ended May 31 Gross Net Interest 1917 $554,987 $213,303 $71,850 Original Market — $600,000 offered Sept., 1917, by the Huntington National Bank, Co- lumbus, 0., at 98Vi and Interest. INDIANAPOMS TRACTION & TERMINAL CO. 1st S. F. 5s. Due Jan. 1, 1933.— P. Dated Jan, 1, 19 03. Interest payable April 1 and Oct. 1, at Trustee's office. Deferred Interest — ^April 1. 1919, interest had not been paid as of April 25, 1919. Pe- riod of grace, six months. Sinking Fund Deferred — $60,000 due fund Jan. 1, 1919, had not been paid as of April 25. 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $5,000,000. Outstanding — $3,833,000 (Jan. 1, '19). Held in S. F.— $1,167,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. 567 Redeemable at 102% and interest on any interest date. Sinking: ITund — Annually beginning Jan. 1, 1904. 1 1-5% of outstanding bonds for the pur- chase or redemption of these bonds at hot to exceed 102% and interest. Bonds held alive and interest added to sinking fund. Organization and Control — Incorporated in Indiana in 1902 and leases the property of the Indianapolis Street Ry. Co. All of the stock is owned by the Terre Haute. Indianap- olis & Eastern Trac. Co., except directors' shares. Secured by a first lien on a nine-story termi- nal station and office building in Indianapolis, costing about $1,000,000; on about 24 miles of single track in Indianapolis, and also a first lien on the 31-year lease of the Indianapdlia Street Ry. Co: Year ended Dec. 31 Gross Net Int. &Rent 1918. . $3,573,499 $1,156,092 $1,498,940 1917.. 3,654,634 1,442,621 1,467,838 1916. . 3,638,908 1.573.779 1,451,228 1915. . 3.362,392 1,429,429 1.426,230 1914. . 3,378,757 1.383,080 1,409,591 Market. Philadelphia — ^West & Co., Graham. Parsons & Co., Elkins, Morris & Co., Battles & Co., Newburger, Henderson & Loeb. Chas. Pearon & Co., S. K. Phillips, E. B. Smith & Co.. Brvin & Co., H. Boenning & Co.. Huntoon & Co. Indianapolis — J. F. Wild & Co., Meyer Kiser -Bank. New York — Dunham & Co., E. & C. Ran- dolph. Newburger, Henderson & Loeb, John Davenport, F. H. Hatch & Co, Price Range. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.99% *12 101 '09 92 June 95 June Low. 82 '18 88*18 82 Oct. 88 Oct. INDIANAPOLIS TBACTION & TERMINAI. CO. Equip. Tr. 58, Series "A." Due $10,000 each May 1 and Nov. 1, until paid. — F. Dated May 1, 1909. . Interest payable May 1 and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding— $10,000 (Dec. 31. '18). Balance Redeemed. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by an equipment agreement on 10 double truck closed motor cars. Market. Philadelphia — Graham. Parsons & Co., Geo. S. Fox & Sons. INDIANAPOLIS TBACTION & TERMINAL CO. Equip. Tr. 6s, Series "B.** Due $5,000 each Jan. 1 and July 1, until paid.— F. Dated Jan. 2, 1911. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $100,000. Outstanding— $20,000 (Jan. 1, '19). Balance Redeemed. Denomination— Coupon. $1,000. Trustee — Fidelity Trust Co.. Philadelphia. Secured by an equipment agreement on 25 double truck closed motor cars. f Market. See Equip. Series "A." INDIANAPOLIS TRACTION & TERMINAL CO. Equip. Tr. 5s, Series *'C." Dae $5,000 each March I and Sept. 1, until paid. — F. Dated March 1, 1913. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. ' Authorized-^$100.000. Outstanding — $40,000 (Mar. 1, '19). Balance Kedeemed. Denomination — Coupon. $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by an equipment agreement on 25 double truck closed motor cars. Market. See Equip. Series "A." INDIANAPOLIS TRACTION & TERMINAL CO. Equip. Tr. 6s, Series "D." Due $5,000 each June 1 and Dec. 1* until paid. — F. Dated Dec, 1, 1913. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 100,000. Outstanding — $50,000 (Jan. 1, '19). Balance Redeemed. Denomination — Coupon. $1,000. Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment trust agreement on 25 double truck closed motor, cars. Market. See Equip. Series "A." INDIANAPOLIS TRACTION & TERMINAL CO. Equip. Tr. 5s, Series * 'E." Due $6,000 each June 1 and Dec. 1 from June 1, 1917. to Dec. 1. 1936. except that $7,000 is due Dec. 1 in 1918, 1930, 1922, 1924 and 1926. Dated Dec. 1. 1916. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $125,000. Outstanding — $100,000 (Jan. 1, *19). Balance Retired. Denomination — Coupon. $1,000. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Philadelphia. Secured by an equipment trust agreement on 25 double truck closed motor cars. Market. See Equip. Series "A." INDIANAPOLIS UNION RAILWAY 1st ^^s. Due May 1, 1926.— P. Dated May 1, 1886. Interest payable May and Nov. 1, at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Indiana. Authorized — $1,000,000. Out9tand3ng~$765.000 (Jan. 1, 1919). Balance Retired through Sinking Fund. Denomination — Coupon. $1,000. Trustee — Fidelity Trust Co.. Philadelphia. Sinking Fund — 1% per annum of outstand- ing bonds and 4%% of bonds that have been retired to be applied to the purchase of bonds at not exceeding par and interest. Guarantee — The junior bonds are guaranteed jointly and severally as to principal and in- terest by the P., C, C. & St. L. Ry. Co.. the Vandalia R. R. Co. and the C. C, C. & St. L. Ry. Organization and Control — Incorporated In Indiana in 1850 The company is controlled by 568 the below-mentioned roads, "which pay a fixed rental to cover interest, taxes, etc.. as well as an additional rental on train and mileage basis. The P., C, C. & St. L. and C, C. C. & St. L. companies virtually own the property, having invested in it as of Dec. 31, 1918. $1,065,472. Secured by a first mortgage on terminal railway property, including the Union Station in Indianapolis used by all^ of the railroads entering- that city, as follows: Chi., Ind. & Louisv. ; Cin.. Ind. & "West'n R. R. ; C, C, C. & St. L. : Lake B. & West.: P.. C, C. & St. L. R. R. and 111. Cent. The company also leases 14 miles of road belonging to the Belt R. R. & Stockyards Co. of Indianapolis, which constitutes a belt line connecting all of the railroads entering Indianapolis. Underlies — $4,000,000 Gen. Ref. 5s, 1965. Market. New York — J. S. Farlee & Co., Baker, Car- ruthers & Pell, John Davenport, Chas. W. Place, Taylor, Smith & Hard, F. J. Lisman & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100 "15 85 Jan. 95 Jan. Low. 80 '18 88 '18 80 May 88 May INBIANAPOLIS UNION BAHLWAY Gen. & Ref. 5s, Series "A." Due January 1, 1965.— F. Dated January 1 , 1915. Interest payable •January 1 and July 1, at Farmers' Loan & Trust Co.. New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Indiana. Authorized — $10,000,000. Outstanding — $4,000,000. Beserred for Prior liens — $765,000, Reserved for Ext. — $5,235,000. Denomination — Coupon, -$1, 000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustees — Farmers' Loan & Trust Co., New York, and Union Trust Co., Indianapolis, Ind. Redeemable as a whole or in series fifteen years from date, or on any interest date there- after, at 103 and interest. Sinking Fund — ^Beginning in 1926, 1% per annum of outstanding bonds, to be applied to retirement of these bonds. Guaranteed as' to principal and interest jointly and severally by the Pittsburgh, Cin- cinnati, Chicago & St. Louis Ry. Co. and the Vandalia R. R. Co. of the Pennsylvania Sys- tem, and the Cleveland, Cincinnati, Chicago & St. Louis' Ry. Co. of the New York Central System. Organization — See 1st 4%s, above. Secured by a second mortgage on the prop- erty described under the 1st 4^/^s above. Prior tien — $765,000 1st 4%s. Listed on the New York Stock Exchange. Original Market — Offered in April, 3 915, by William A. Read & Co., New York, Boston, Philadelphia, etc.; Harris, Forbes & Co.. New York, and The Union Trust Co., Pittsburgh, at 99% and interest. Market. liOuisviUe, Ky. — J. J. B. Hillard & Son. New York — Baker, Carruthers & Pell, Pred H. Hatch & Co., Taylor, Smith & Hard, John Nickerson, Jr. Indianapolis — G. L. Payne & Co. Price Range. Jan. 1, '15 to JaJD. 1. '19 1918 Bid Ask Bid Ask High.103% '16 104% '16 95 Feb. 100 Feb. Low. 80 '18 90 '18 80 July 90 July INDIANAFOUS WATER CO. Gen. 5s. Due July 1, 1936.— N. Dated July 1, 1896. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $2,379,000 (Jan. 1, 1919). Retired by S. F. — $52,000. Deposited under 1st & Ref. Mtge. — $469,000. Denomination — Coupon, $1,000. Trustees — New York Trust Co., New York, and Albert Baker, Indianapolis. Redeemable at par and interest on any inter- est date on three months' notice. Sinking rund-^$10,000 to be applied annual- ly, commencing Jan. 1, 1912, to purchase these bonds at not over par. Organization and Control — Incorporated in Indiana in 1881. Charter expires in 1958. Practically the entire capital stock Is owned by The Indianapolis Water Works Securities Co. Secured by a first mortgage on plant supply- ing filtered water in Indianapolis, Ind. Popu- lation served. 300,000. Franchise has no time limit, but has provision for purchase by city. Underlies — Indianapolis Water Co. 1st & Ref. 4'/fes of 1940. Bonds are reserved under the latter mortgage to retire this issue. Market. Boston — Chas. A. Day & Co., Lee, Hlggin- son & Co., Hotchkin & Co., H. C. Spiller & Co. Chicago — Lee. Higginson & Co., Breed. El- liott & Harrison. Indianapolis — G. L. Payne & Co. , Meyer- Kiser Bank, Fletcher Amer. National Bank, J. F. Wild & Co., Otto F. Haueisen & Co., Breed, Elliott & Harrison. New York— ^Lee, Higginson & Co., Hotchkin & Co., H. C. Spiller & Co., Lynch & McDer- mott. Philadelphia — Graham, Parsons & Co. Portland — H. M. Payson & Co. Cincinnati — Breed, Elliott & Harrison. Price Range. Jan. 1. *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '11 103 '11 93 Jan. 96 Feb. Low. 88 '18 92 '17 88 Dec. 93 Nov. INDIANAPOLIS WATER CO. 1st & Ref. 4%s. Due Jan. 1, 1940.^F. Dated January 1, 1910. Interest payable Jan. and July 1, at Bankers Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding— $3,633,000 (Jan. 1, 1919). Rf^served for Prior I/iens — $2,379,000. Reserved for Refunding Expenses — $150,000. Reserved for Ext. — $3,838,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Bankers* Trust Co., New York, and Albert Baker, Indianapolis. Redeemable at 104 and interest on any in- terest date. Depreciation Fund — Three-quarters of 1 % annually of outstanding bonds. No expendi- tures may be made from this fund except for replacements and renewals of the property and then only with the consent and authority of the Trustee. Organization — See Gen. 6s above. Secured by a second mortgage on property described under G^n. 5s above. Prior Liens — $2,379,000 General 5s of 1926, for the retirement of which bonds of this Issue have been reserved. Original Market — Offered in 1911 by White, Weld & Co.. New York, etc.. and Indiana Nantional Bank, Indianapolis, Ind. Market. Indianapolis — Union Trust Co., Fletcher Amer. National Bank, Meyer Kiser Bank. Breed. Elliott & Harrison. PhUaaelphia — Graham, Parsons & Co., Bid- die & Henry, Brown Bros. & Co. Chicago — Breed, Elliott & Harrison. Boston — H. C. Spiller & Co., Fred H. Hatch & Co. New York — Lynch & MoDermott. Portland — H. M. Payson & Co, Cincinnati — Breed, Elliott & Harrison. Price Range. Jan. 1. '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '13 95 '18 85 Jan. 95 Jan. Low. 66 '18 70 '18 65 Sept. 70 Sept. INDIANAPOUS WATER WORKS SECURI- TIES CO. Coll. Tr. 6s. Due Jan. 1, 1948. Dated January 1, 1913. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — -$2, 500, 000. Outstanding — $2,439,000 (April, 1919). Held in S. E. — $61,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable on and after April 1, 1916, at 102% and interest on any interest date. Sinking Eund — Annual amounts, plus inter- est on bonds acquired, beginning March 1. 1916, as follows: $10,250, 1916; $12,- 000, 1917, each March 1 until March 1, 1929, inclusive, $2,000 added to the amount paid the preceding March 1, and $36,000 each March 1 thereafter. Fund applicable to the purchase or redemption of these bonds at not over 102% and interest. Bonds so aciiuired are held alive and interest added to this fund. Organization — The Indianapolis Water Works Securities Co. was incorporated in Delaware in 1912. and owns the entire capital stock of the Indianapolis Water Co. Secured by a deposit with the Trustee of $4,999,300 out of $5,000,000 capital stock of the Indianapolis Water Co. For description of property, see Ind. W. Co. 1st & Ref. 5s. Prior I/lens — $2,379,000 Gen. 5s of 1926 and $3,633,000 1st & Ref. 4%s of 1940 of the Indianapolis Water Co. Original Market — $2,600,000 offered Jan., 1913, by Drexel & Co. and Brown Bros. &'Co., Philadelphia, at 100 and interest. Philadelphia— S. K. Phillips & Co., H. D. Boenning & Co., Graham, Parsons & Co., Brown Bros. & Co., Huntoon & Co., Biddle & Henry. New York — ^Morton Lachenbruch & Co. Indianapolis — J. F. Wild & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '17 101% '16 89 June 100 Jan. Low. 89 '18 90% '18 90% May Outstanding — $1,000,000. Retired— $1,000,000. Reserved for Add. — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. C. & R. interchangeable. Reg- istered, $100, $600, reconvertible into coupon bonds of 51,000. Trustees — New York Trust Co., New York, and Joseph P. Grace. Redeemable at 106 and interest on any in- terest date. Secured by a first mortgage on plants located at Phillipsburg, N. J., covering 200 acres of ground, and Easton, Pa., covering 22 acres of ground. These plants comprise 34 buildings, fully eauipped for the manufacture of air com- pressors, hydraulic drills and other mining equipment. Further secured by the deposit of the entire capital stock, $100,000, of the Band Drill Co., owning plant covering 8 acres at Painted Post, N. Y., and of the Imperial Engine Co.. $20,- 000, owning plant covering 8 acres at Painted Post, N. Y., both of which plants are free from mortgage debt. Year ended Dec. SI Net Interest 1918 $3,817,598 $50,000 1917 6,362,784 60.000 1916 7,305,616 60,000 1916 4,812,077 76.000 1914 1,253,104 100,000 Xisted on the New York and London Stock Exchanges. Market. New York — ^Klely & Horton, D. T. Moore & Co., P. H. Hatch & Co.. Baker, Carruthers & Pell. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hieh.103% '16 105 '16 96 Dec. 100 Jan. Low. 80 '18 90 '08 80 Feb. 90 Feb. INGERSOI.I/-RAND COMPANY 1st 5s. Due Dec. 31, 1936.— F. Dated January 1, 1906. Interest payable Jan. and July 1, at office of the company, 11 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction.' Authorized — $3,000,000. INI/AND STEEIi OO. 1st Serial 6s. Due $160,000 April 1st each year to 1928, in- clusive. — F. Dated April 1, 1908. Interest payable April and Oct. 1, at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 3,000,000. Outstanding — $1,360,000 (April. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Assumed by the Inland Steel Co. (Delaware). Organization^ — Incorporated in Delaware in 1917 as successor to Illinois corporation of same name incorporated in 1903. Secured by a first mortgage on Iron and steel plants located at Indiana Harbor, Ind., and Chicago Heights, 111., and a first lien on leases to three producing ore mines in the Mesaba and Cuyuna Ranges in Minnesota. Underlies — Ext. & Ref. 6s of 1942. Bonds are reserved under that mortgage to retire this Year ended Dec. 31 Bond Net Dep'n Interest 1918 $7,473,612 $1,963,713 $353,260 .1917 12,740,783 1.769,166 436,649 1916 11,365,477 539,241 375,450 1916 4,493,024 366,090 381,690 Original Market — $3,000,000 offered in Nov., 1908, by Eversz & Co., Chicago. Market. Chicago — Babcock, Rushton & Co., Curtis & Sanger. New York — Morton Lachenbruch & Co., T. Hall Keyes & Co., Babcock, Rushton & Co. 570 1918 Price Range. Jan. 1, '15 to Jan. 1, '19 Bid Aak Bid Ask High.6^4%'16 67o '16 6% Jan. 6%% Jan. Low. 6% '18 5%%'17 INLAND STEEI, COMPANY Extension & Ref. Ob, Series "A." Due July 1, 1943. — F. Dated July 1, 1912. Interest payable Jan and July 1. at New York or Chicago. Tax Statas — 2%- Federal Income Tax paid by c mpany without deduction. Autliorlzed — {10,000,000. Outstanding — $6,420,000 (June 1, 1919). Retired by S. F. — JISO.OOO. Reserved for Prior liens — $1,000,000. Reserved for Ext. — $2,400,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $5,000 and $1,000. C. & R. interchangeable. Trustees — First Trust & Savings Bank and \ Bmile K. Bolsot, Chicago. Redeemable at 103 and interest July 1, 1915, or on any interest date thereafter upon 60 days' notice. Sinking Fund — On the first $2,600,000 bonds issued (Series "A") an annual sinking fund of 4% of outstanding bonds commences July 1. 1928. On bonds Issued In excess of the first $2,500,000 the annual sinking fund of 4% out- standing bonds becomes operative at once. Amounts so received to be applied to the pur- chase or redemption of these bonds at not exceeding 103 and interest. In addition to tiie above the company agrees to pay the Trustee $150,000 annually, commencing July 1, 1913, and ending with 1928, either in cash, in the 1st Refunding 6s (prior lien) or in bonds of this issue. Bonds so acquired shall be cancelled and cash received shall be applied to the pur- chase or redemption of these bonds at not exceeding 103 and Interest. Assumed by the Inland Steel Co. (Delaware). Organization — Incorporated in Delaware in 1917 as successor to Illinois corporation . of same name, incorporated in 1903. Secured by a second mortgage on all prop- erty described under 1st 6s above. The mort- gage provides that the net .quick assets of the company shall always be at least 50% of the amount of outstanding bonds of this issue, and shall never be less than $2,500,000 during the life of these bonds. Prior lAena — $1,500,000 1st Serial 6s. pay- able $150,000 annually, April 1, to 1928. Earnings — See 1st Serial 6s. Original Market — $1,500,000 offered In July. 1912, by the First National Bank, Chicago, and Potter, Choate & Prentice, New York, at par and interest; also $1,000,000 offered in December, 1912, by the First National Bank, Chicago, at 102 and Interest. $1,000,000 off- ered in February, 1915, by the First Trust & Savings Bank, Chicago, at 101 and interest. Market. ClilcaEO — First Trust & Savings Bank, J. P. Hobbs & Co., Hornblower & Weeks, First Na- tional Bank, Pynchon & Co., Babcock, Rush- ton & Co., Curtis & Sanger. New York — Hornblower & Weeks, ■ C. H. Jones & Co., Morton Lachenbruch & Co., Pyn- chon & Co.. Babcock, Rushton & Co, JSoston — Hornblower & Weeks. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104% '17 105 '16 101% Mar. 102% Sept. Low. 98 '15 101 '15 100 July 101% Feb. S. F. Guar. 4%s. Due Nov. 1, 1943. — N. Dated November 1, 1908. Interest payable May and Nov. 1, at Speyer & Co., New York, and at Mexico City, London, etc.. May 1, 1914, and subsequent interest in default. Tax Statue — Payment of Federal Income Tax not assumed by company. Autliorized and Outstanding — $25,000,000. Denomination — Coupon, $100, $BOu ana $1,000. These bonds are payable In foreign countries at the following equivalents: $1,000 bonds at £206/15/2; Marks, 4,200; Francs, 5,180; Guilders, 2,480. $500 bonds at £102/17/ 7; Marks, 2,100; Francs, 2,590; Guilders, 1,240. $100 bonds at £20/11/6; Marks, 420; Francs, 518; Guilders, 248. Trustee — The New York Trust Co., New York. Redeemable as a whole only at 101 and In- terest any interest date after Nov. 1, 1918, on three months' notice, or, any part for sinking fund at 100 and Interest on two weeks' notice. Sinking Fund — After Nov. 1, 1918, a cumu- lative sinking fund of not less than 1%% annually of total amount of bonds Issued, the bonds to be drawn for redemption at par and Interest, bonds so drawn to be kept alive for benefit of sinking fund and Interest accruing thereon to be added to sinking fund. Guaranteed principal, interest and sinking fund by the Mexican Government by endorse- ment on each bond. Security — The institution was organized to make loans for the encouragement of irriga- tion and agricultural works and stock raising, and, in exceptional cases, mining. Loans are to be secured by mortgage and pledge of prop- erty, or guaranteed by companies authorized by the Mexican Government to finance enterprises falling within the sphere of this concession. Loans shall not exceed 60% of the value of the property. Iiisted on the New York Stock Exchange. Original Market — Underwritten in 1908 by Speyer &' Co., New York: Speyer Bros., Lon- don; Lazard Speyer-Blllssen, Frankfort-on- Main; Deutsche Bank, Berlin, and Telxelra de Mattos Bros., Amsterdam, Market. New York — Speyer & Co. Price Range— N. Y. S. E. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask High,97% Mar. 9, '10 15 Oct. 30 Oct. Low. 92 June 21, '11 INSTITUTION FOR ENCOURAGEMENT OF IRRIGATION WORKS AND DEVELOP- MENT or AGRICULTURE, S. A. 3S-Year INTERBOROUGH-MBTROPOLITAN CO. Coll. Tr. 4%s. Doe April 1, 1956. — F. Dated April 1. 1906. Interest payable April and Oct. 1. at Company's oifice. New York. Default — ^Aprll 1, '19, Interest was not paid when due. Tax Status — 2% Federal Income Tax pal(5 by company without deduction. Authorized — $70, 000, 000. Outstanding — $64,674,000 (Jan. 1, '19). Held In S, F.— $3,261,000. Reserved to Acquire I. R. T. Stock — $2,175,- 000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $6,000, $10,000. C. & R. Inter- changeable. Trustee — Empire Trust Co., New York. Sinking Fund — On June 2, 1910, a resolution was passed by the directors of the company appropriating $300,000 annually out of any surplus income In the hands of the company after the payment of interest and taxes upon Its obligations for the acquisition of its 4%% collateral trust bonds. These bonds are to be 571 acquired In the open market at not exceeding par and interest, and are to be held alive by the Trustees and Interest thereon added to the fund. It is estimated that the fund will amount to over $40,000,000 at maturity. Organization — Incorporated in New York in 1906 as a holding company and acquired practically all the capital stock of the Inter- borough Rapid Transit Co., the Metropolitan Street Ry. Co. and the Metropolitan Securities Co.' The Interborough Rapid Transit Co. con- trols the subway and elevated lines, through lease with the city and Manhattan Elevated Company, and the Metropolitan interests own the surface '.ines. In June, 1915, this company was succeeded by the Interborough Consoli- dated Corporation. Protective Committee — Grayson M. P. Mur- phy, Chairman: S. McHugh, C. A. Peabody, C. S. Sargent, Sr. , J. A. Stillman, F. Strauss with J. A. Griswold, Secy. , and Guaranty Tru.=?t Co. , N. T. , depository. Control — Merged June, 1915, into the Inter- borough Consolidated Corporation. Receivership — J. R. Shefield appointed re- ceiver of Interborough Consolidated Corp. Mar. 21, '19. Secured by a first lien on $33,912,800 out of $35,000,000 stock of the Interborough Rapid Transit Co. at the rate of $100 in stock for each $200 in bonds. The company covenants that until all these bonds are paid, the Inter- borough .Rapid Transit Co. will not increase its capital stock unless all such additional stock be deposited with the Trustees. Year ended Dec. 31 (Int. Cons. Corp.) Total ■ Preferred Income *Charge3 Dividends 1918. .$4,402,176 $3,677,262 $686,108 1917.. 6,965,866 3.691,957 2,744,430 1916.. 6,931.357 3,796,139 2,744,430 ♦Taxes, expenses, interest and sinking fund. IListed on the New York Stock Exchange. Market. New York — Active on N. Y. Stock Exchange. Price Bange — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.90li May 11, '06 68% Nov. 12 I.,ow.38 Dec. 26, '18 38 Dec. 26 INXEBBOBOCGH BAPID TBANSIT CO. 1st & Bef. 5s. Due January 1, 1966. — N. Dated January 1, 1913. Interest payable January 1 and July 1, at office, of Treasurer of Company. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $ 300,000,000. Outstanding — $160,586,000 (Jan. 1, '19). Fledged under 7% Conv. Notes of 1931 — $52,187,000. Beserved for Ext. — $86,866,000. Denomination — Coupon, $1,000, Registerable as to principal. Registered, $1,000, $6,000, $10,000 and multiples thereof, C. & R. in- terchangeable. Trustee — Guaranty Trust Co., New York. Bedeemable on any interest date as a whole or in amounts of not less than $500,000 or in any amounts for the sinking fund, at 110 and interest. Sinking Fund — On July 1, 1918, and semi- annually thereafter, an amount equal to % of 1% of bonds issued, payable in cash or bonds, to be applied, if cash, to the purchase of these bonds at not exceeding 110 and interest. If not purchasable bonds shall be called. All bonds so acquired are to be kept alive and interest added to sinking fund. This fund will retire $156,000,000 of these bonds before ma- turity, and provision is made for the retire- ment through increase of sinking fund payments of additional bonds which may be issued. Control — $33,912,800 of the $35,000,000 capi- tal stock owned by the Interborough Consoli- dated Corporation and deposited under Inter- borough-Metropolitan Co. Coll. Tr. 4%s of 1956. Beceivership — See Interborough-Metropolitan Co. Coll. Tr. 4V4s. Secured by a first lien on leasehold interest of the company in the Broadway and Lenox Ave. subways and the Brooklyn subway, which leases extend, with renewals, beyond 1979 and 1960 respectively, and in the 999-year lease of the Manhattan (Elevated) Ry., which operates all of the elevated railroad in the boroughs of Manhattan and the Bronx. These lines mclude 26 miles of subway (86 miles of track) and 38 miles of elevated road (118 miles of track). Further secured by a first lien on contracts with the city providing for the operation of 147 miles additional of subway track and 21 miles of elevated track. Further secured by a first lien on all power houses and equipment used in connection with the operation of the subway, but subject to the lien of the city to assure performance of the terms of the lease. Earnings — Under the contract with the city the company is entitled to receive a sum esti- mated at $14,700,000, after which the city will receive 8.76% on the money (about $66,- 000,000) which it will invest in the subways. Above this the city and company will share equally in earnings. Year ended June 30 Gross Net 1918. .$40,497,728 $21,977,992 1917.. 39,866,146 23,841,930 1916,. 36,891,628 22,464,193 1916,. 83,433,743 21,116,060 1914,. 33,615,396 21,226,196 I/isted on the New York and London Stock Exchanges. Market. New York — Active on N. Y. Stock Exchange. Pasadena — Blankenhorn-Hunter-Dulin Co. Philadelphia — Harper & Turner., West & Co. Boston — Paine, Webber & Co. Detroit — Nicol-Ford & Co., Joel Stockard & Co. St. Tjouis — Bowman. Cost & Co. Cincinnati — Fifth-Third National Bank. Baltimore — ^Robt. Garrett & Sons, Jenkins, Whedbee & Poe. Chicago — Northern Trust Co., Paine, Web- ber & Co., Harris Trust & Savings Bank, McCoy & Co., Central Trust Co. of Illinois, Pynchnn & Co.. Babcock, Rushton & Co. Portland, Me. — Fidelity Trust Co. Wilkes-Barre — Morris & Rice. New Haven — The Chas. W. Scranton Co. San Diego — Stephens & Co. Los Angeles — Blankenhorn-Hunter-Dulin Co. San Francisco — Blankenhorn-Hunter-Dulin Co. Minneapolis — Minnesota Loan & Trust Co. Pittsburgh— R. B. Hutchinson & Co., R. W. Evans & Co., Moore, Leonard & Lynch. Grand Bapids — Howe, Snow. Corrigan & Bertles. Milwaukee — Second Ward Savings Bank. Price Bange — N. Y. S. E. 1918 86 Feb. 69 Dec. Fixed Charges $17,316,233 14,956,571 13,750,866 13,047,675 13,201,615 Jan. 1, 191S to . Jan. 1, 1911 High. 99% Dec. Low. 69 Dec. Coupon. 31, '16 30, '18 High. 9 9 ',4 Jan. Low. 79 Dec. Registered. 21, '16 18, '18 79 Deo. 79 Dec. 18 18 572 INTKKB1>'!KUUGH RAPID TRANSIT CO. 3- Year Secured Convertible 7% Notes. Due Sept. 1, 1931. Dated Sept. 1, 1918. Interest payable March 1 and Sept. 1, at J. P. Morgan & Co.. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $39,416.00. Outstanding — $39,416,000. Purpose ot Issue — The proceeds are to be applied to the purchase of rolling stock and electrical equipment. Denomination — Coupon $1,000. $500 and $100. Re&isterable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 103 and interest if prior to Sept. 1. 1919; at 102 if thereafter and prior to Sept. 1. 1920; and at 101 if thereafter and prior to maturity. Convertible into Interborough Rapid Transit Co. 1st & Ref. 5s at 87^ with adjustment of interest at any time prior to maturity, provided notice of any election to convert after A.ugr. 1, 1921', be given on or prior to that date. Organization — See 1st & Ref. 5s. Secured by pledge of $61,587,000 Interbor- ough Rapid Transit Co. 1st & Ref. 5s, due Jan. 1, 1966, equivalent to pledge of the bonds at a price of 64. Earnings — See 1st & Ref. 5s. Original Market — $33,400,000 offered Sept., 1918, by a syndicate head by J. P. Morgan & Co., First National Bank, National City Co.. Harris, Forbes & Co., Lee, Higginson & Co., Kissel, Kinnicutt & Cb., and Halsey, Stuart & Co., at 98^ and interest. Market. New York — Curtis & Sanger, Bull & Bl- dredge, Babcock, Rushton & Co., John Muir & Co., Morrison & Townsend, Pynchon & Co., Mann, Bill & Co., Sam'l Goldschmidt, Ham- bleton & Co., T. Hall Keyes & Co. Grand Rapids — Howe, Snow. Corrigan & Bertles. Baltimore — Hambleton & Co. Chicago — Pynchon & Co., Babcock, Rushton & Co. Louisville — J. J. B. Hilliard & Son. Philadelphia — Lloyd & Palmer. St. I/Ouis — Bowman. Cost & Co. Price Range — 1918. Bid Ask High. 96% Dec. 100 Dec. Low. 91 '/i Dec. 92 Dec. INTBRMOUNTAIN RAILWAY, LIGHT & POWER CO. (Colorado-Wyoming-Nebraska System) 1st 6s. Due Aug. 1, 1943. Dated August 1, 1912. Interest payable February 1 and August 1. at Guaranty Trust Co., New York, and at Trustee's, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding — $971,000 (April, 1918). Retired by S. F. — $11,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — ^Colorado Title & Trust Co., Colo- rado Springs, ■^ Col. Redeemable at 105 and interest on any in- terest date from August 1, 1917, to August 1. 1532. and at 102% thereafter. Sinking Fund — $3,000 bonds shall be pur- chased and cancelled annually to 1917, and from 1917 to 1921, 2% annually of outstand- ing bonds, 1922 to 1926, 3%; 1927 to 1931. 4%; 1932 to 1936, 5%, and thereafter to maturity 6%. Organziation — Incorporated in Colorado in 1912. Secured by a mortgage on plants supplying electricity in Laramie. Wyo,, Lamar and Las Animas, Col., and, Chadron, Holdrege, Scotts Bluff, Gering, and Crawford, Neb., and steam heat in Lamar, Chadron. Laramie. Scotts Bluff and Crawford and ice in Las Animas, Chadron and Holdredge. Note — Additional property owned by this company is covered by lien of the First and Prior Lien Mortgage which see for detail. Prior liens — $56,200 (closed mortgage) Lara- mie Lt. & Pr. and Laramie El. Co. bonds. Earnings — See 1st & P. L. 6s. Original Market— Offered in January, 1915, by Liggett, Hichborn & Co.. New York, Bos- ton, and Augusta, Me., at par and interest. Market. New York — Liggett, Drexel & Co., Babcock. Rushton & Co. Colorado Springs — Newbold & Co. Boston — Brooke C. Ullman, Liggett, Drexel & Co. Denver — Newbold & Co., J. N. Wright & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.99 '16 102 '16 Low.96V^ '17 99 '18 1918 Bid Ask 98% May 100 Jan. 96% Dec. 99 July INTERMOUNTAIN RAILWAY, LIGHT & POWER COMPANY (Missouri-Texas Sys- tem) 1st and Prior Lien 6s. Due Jan. 1, 1937. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, at Eauitable Trust Co. . New York, and Colorado Title & Trust Co., Colo- rado Springs. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $505,000. Reserved for Prior Lien — $50,000. Reserved for Ext. — (85%) $445,000. Additional bonds may be issued only when net earnings for twelve consecutive months within the period of fourteen months next preceding the time of proposed issue is equal to twice the interest charges on all outstand- ing bonds, including those to be issued. Purpose of Issue — To acquire property cov- ered by the lien of this mortgage. Denominations — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — Colorado Title & Trust Company and William I. Howbert, Colorado Springs, Col. Redleemable — Prom 1921 to 1926 inclusive at 103. from 1927 to 1931 at 102, thereafter at 101. Sinking Fund — Beginning Jan. 1, 1921. to 1925 inclusive 1% annually, on bonds out- standing, from 1926 to 1930 inclusive, 2%, and from 1931 to maturity 3%. Organization — See 1st 6s. Secured by a mortgage on plants supplying electric light and power in Tarkio, Mount City. Stanberry, Mo., Auburn, Neb., and Sour Lake, Texas, and also on ice plant at La Junta, Col. Note — Additional property owned by the company is covered by the lien of 1st 6s of 1942, which see for detail. Prior laen — $50,000 (Closed Mortgage) 5% bonds on the Tarkio, -Mo., property, to retire which bonds of this issue are reserved.. 573 Year ended Dec. 31: Gross 1917 $468,095 1916 248,799 1915 164,662 1914 124,184 Net Bond Int. $149,611 $65,312 103,514 32,987 62,274 24,590 45.977 15,950 Original Market — Offered Jan. , 1919, by Dodge & Ross, Chicago, at 97 and interest. INTERNATIONAL & GREAT NORTHERN RACLBOAD CO. let 6s. Dae Not. 1, 1919.— N. Dated November 1, 1879. Interest payable May and Nov. 1, at Trustee's office. Payment of Interest — Interest is being paid by order of court. Tax Status — Payment of Federal Income Tax hot assumed by company. Authorized — Closed mortgage. Outstanding — $11,290,600. Denomlnnation — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co.. New Tork. Control — Absorbed by the International & Great Northern Ry. Co. This company is now in the hands of a receiver. In the pre- vious receivership, which was dissolved in 1911, these bonds were not disturbed. Secured by a first mortgage on 1,106 miles of road, viz: Longview Jet. to Houston 232.0 Overton to Henderson 16.0 Troup to Mineola 44,4 Phelpa to Huntsville 7.0 Magnolia Park Terminal 10.2 Houston to East Columbia 50.0 Palistine to Taylor 144.8 Taylor to Laredo 267 . 8 bround Rock to Georgetown 9.7 Spring to Fort "Worth T. & P. Connection. 271. 8 Navaaoda to Madisonville 44.7 Calvert Jet, to Calvert 5.3 "Waco Jet. to East Waco, Cotton Belt Connection 1-7 Colorado Bridge to Austin Spur 0.6 The company has trackage rights from Hous- ton to Galveston. This is the only through line entering Laredo from the North. . At Lar- edo, which is more than 400 miles nearer Mexico City than El Paso, connection is madw with the National Rys. of Mexico. In 1910 the Texas Railroad Commission valued the entire property at $30,365,047. Underlies — International & Great Northern Ry. Co. 'a $1,400,000 6% Receivers Certificatea due Nov. 1, 1919, sold to the Director-General of Railroads and also 1st & Ref. 5s of 1941. Bonds are reserved under the 1st & Ref'g mortgage to retire this issue. This latter is- sue in default since Aug. 1, 1914. Year ended Dec. 31 Gross Net 'Int.. Etc. 1917. .$12,588,224 $4,636,181 $2,939,042 1916.. 10,766,945 3,206.067 2.642.027 *Includes unpaid interest amounting to $701,019 as of Dec. 31, 1917. Listed on the New Tork Stock Exchange. Market. Active on New Tork Stock Exchange Price Range—N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 High.120 Jan. 17, '06 96 Dec. 10 Low. 90 Jan. 24, '18 90 Jan. 24 INTERNATIONAL & GREAT NORTHERN RAILROAD Eduipment Tr. 58. Due $50,- 000 each Feb. 1 and Aug. 1 to Aug. 1, 1933.— F. Dated August 1, 1913. Interest payable Febrary 1 and August 1. at Blair & Co., New Tork. Maturities and interest being paid by order of court. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,000,000. Outstanding^$450,000 (May, 1919). Balance Retired. Denomination— Coupon, $1,000. Trustee — Equitable Trust Co,, New Tork. Status of Company — See 1st Ref. 5s. Secured by an equipment trust agreement od 13 locomotives, 200 steel underframe box car« 200 steel underframe ventilated box cars, 400 steel underframe stock cars and 200 steal coal cars, costing $1,245,580 of which $245,580 was paid in cash. Market. New York — "Wolff & Stanley, Freeman & Co., Bull & Eldredge. INTERNATIONAL & GREAT NORTHERN RAILWAY CO. 1st Ref. Mtge. 5s. Dae August 1, 194:1. — F. Dated August 1, 1911. Interest payable February and August 1, at Trustee's office. Default — Aug' 1, 1914, and subsequent cou- pons. (See R. R. 1st 6s.) Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 50,000,000. Outstanding — $2,708,000. Deposited as Collateral for Notes — $12 150,- 000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Tru Steele en tral Union- Trust Co., New Tork. Redeemable on any interest date at 110 and Interest. Receivership — Receivers appointed Aug. 11, 1914. Foreclosure — Foreclosure sale has been post- poned from time to time. 'Organization — See 1st 6s above. Secured by a third mortgage on 1,106 miles of road described under 1st 6a above. Prior Liens — $11,290,500 1st 6a and $198,000 Colorado Bridge 7s and alao $1,400,000 6% Receivers Certificates due Nov. 1, 1919, aold to the Director General of Railroads. Earnings-^— See lat 6a. INTERNATIONAL & GREAT NORTHERN RAILWAY CO. 3-Year 5% Notes. Due Aug. 1, 1914. Dated August 1 , 1911. Interest payable Feb. and Aug. 1 at New Tork. Default — ^Aug. 1, 1914, and subsequent In- terest, and principal. Tax Status — Information not available. Authorized and Outstanding — $11,000,000. Denomination — Coupon, $1, 000. Registerable aa to principal. Trustee — Central Union Trust Co., New Tork. Redeemable at 101 and interest at any time on 30 days' notice. Status of Company — See 1st Ref. 5s. Protective Committee — ^Alexander Hemphill, Franklin Q. Brown, Willard V. King, Alvin W. Krech, Edwin G. Merrill, Frederick Strauss, Benjam.in Strong, Jr., S. H. Voor- hees and R. Lancaster Wililams. Secretary, Wm. C. Cox, 140 Broadway, New Tork. De- positary, Guaranty Trust Co., New Tork. Secured by pledge of $13,750,000 I. & GU N. Ry. Co.'s 1st & Ref. 5s, which bonds form a direct lien on the entire property of the com- pany, subject to underlying liens of the Inter- national & Great Northern R. R. Earnings — See 1st 6a above. Original Market — Offered in 1911 by Red- 574 mond & Co., and J. "W. Seligman & Co.. New York, and Middendorf, "Williams & Co., Balti- more, at 99% and interest. Market. New York — Guaranty Trust Co.. Didrlchsen & Co., Hendrlckson & Co., J. W. Carroll & Co., Kirkpatrick & Lewis, Hanson & Doyle, WolfC & Stanley. F. J. Lisman & Co., McKin- ley & Morris, Baker, Carruthers & Pell. Price Range. Jan. 1. '11 to Jan. 1, *19 1918 Bid Ask Bid Ask High.98% '13 991/4 '13 45f. Nov. 50f. Nov. Low.38f. '18 43f. '18 38f. Jan, 43f. Jan. Price Range— N. Y. S. E. Jan. 1, *13 to Jan. 1, *19 1918 Hish.81% Nov. 2, *16 77% Oct. 14 Low. 66% Dec. 12, '17 66% Jan. 2 INTERNATIONAL AGRICULTURAL CORPO- RATION 1st & CoU. Tr, 20-Year S. F. 58. Due May 1, 1932. — F. Dated May 1, 1912. Interest payable May and Nov. 1, at New Tork.- Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — $30,000,000. Outstanding:— $9,881,400 (May 19, 1919). Retired by S. F. — $3,118,600. Reserved for Ext. — $17,000,000. Denomination — Coupon, $100, $500 and $1,000. $500 and $1,000 registerable as to principal. Kegistered, $1,000, $5,000, $25,000 and $50,000. C. & R. $1,000 bonds inter- changeable. Trustees — Bankers Trust Co., New York, and Fra,nk N, B. Close. Redeemable at 103 and interest on any in- terest date. Sinking Fund — ^Annually, beginning: May 1, 1914. 2%% of the total par value of all bonds issued, and in addition if in the calendar year preceding the date of payment to the sinking fund there is mined in the aggregate from lands owned by the Corporation or any of its subsidiaries in excess of 1,000,000 tons of phosphate rock the Corporation shall pay into the sinking fund at least 2Q cents a ton on such excess tonnage. The sinking fund is to be applied to the purchase or redemp- tion of these bonds at not over 103 and in- terest. Bonds so redeemed to be cancelled. Organization — Incorporated in New York In 1909. Secured by a first mortgage on all property owned or hereafter acquired, including entire capital stocks of each subsidiary company. The properties of the Corporation and its subsidiaries include fertilizer plants at the fol- lowing points: Buffalo, N. Y. ; Houlton, Me.; Cincinnati, O. ; Tifton, Ga. ; St. Stephens, N. B, ; Florence, Ala. ; Montgomery, Ala. : East Point, Ga. ; Americus, Ga. ; Nashville, Tenn. ;> Augusta, Ga.; Spartanburg, S. C. Directly, or through subsidiaries, the Corporation owns or leases extensive phosphate rock properties. Year ended June 30 Gross *Net Interest 1918 $4,504,583 $2,726,678 $533,237/ 1917 2,851,408 1,975.173 556,629 1916 2,793.898 2,107,778 581.900 1915 1,844,799 663.984 616,900 1914 1,934,494 1,039,175 646,520 1913 1,718,832 664.391 650,000 •Before depreciation. Listed on the New York Stock Exchange. Original Market — $9,000,000 offered In June. 1912, by "White, Weld & Co., New York, at 95 and interest. Market. New York — Active on N. Y. Stock Exchange, Philadelphia— West & Co. INTERNATIONAL COTTON MILLS 2-Year 7% Notes. Due Feb. 1. 1920— F, Dated Feb. 1, 1918. Interest payable Feb. 1 and Aug. 1 at Lee, Higginson & Co., Bos- ton, New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4, 000, 000. Outstanding — $3,000,000 (May 15, '19). Reserved for Corporate Purposes — $1,000,000. Purpose of Issue — The proceeds of this issue, together with other cash resources, will be used to retire $4,000,000 5-year 6% notes m.a- turing June 1, 1918. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at any time at 101 and interest up to and including Aug. 1, 1919, and there- after at 100% and interest on 30 days' notice. Organization — Incorporated in Massachusetts in 1913 and acquired substantially all the properties and securities 'formerly owned by the International Cotton Mills Corp. of New York. Owns in fee plants at Manchester, N. H. (107,496 spindles); La Grange, Ga. (9.984 spin- dles); Hogansville. Ga. (10,368 spindles). Owns $712,100 of $1,212,100 stock (no bonds) of Bay State Cotton Corp.; $357,500 of $600,000 stock of Imperial Cotton Co., Hamilton, Ont. ; $470,- 000 of $600,000 stock( funded debt $282,000) of Cosmos Cotton Co., Ltd., Yarmouth, N. S. Also owns $2,000,000 of $4,511,900 common stock of Mt. Vernon-Woodberry Mills, Inc., Baltimore; all the capital stock ($100,000) of Boston Yam Co., selling agent for Bay State Cotton Corp.; all the common stock ($175,000) and $197,700 of $990,800 preferred stock of the L. Spencer Turner Co. of New York. The latter company has outstanding $346,000 deben- tures guaranteed by International Cotton Mills. Capital Stock Authorized Outstanding Preferred (7% cum.). $10,000,000 $3,735,400 Common 6,000,000 4.834,300 Security — A direct obligation but not se- cured by a mortgage. The company has no mortgage debt and covenants not to mortgage any of its properties, nor issue, guarantee or indorse any bonds or similar securities (ex- cept for the acquisition of additional property or for the retirement of an equal amount of these notes) while any of these notes are out- standing. Year ended Dec. 31 Gross *Net Interest 1918 $5,859,681 $4,087,914 $262,206 1917 4,408,618 2,595,779 240,000 1916 1.857.890 1.376,121 240,000 •International Cotton Mills share. Reserved for U. S. and Canadian taxes, $1,242,661. Original Market — $3,000,000 offered Feb., 1918. by Lee, Higginson & Co., at 98% and interest. Market. New York — ^McGeorge & Vanderhoef, Bab- cock, Rushton & Co. ' Boston — Curtis & Sanger. Chicago — Babcock, Rushton & Co., Curtis & Sanger. Price Range — 1918. Bid Ask High. 98% Oct. 100% Dec. Low. 98% Jan. INTERNATIONAIi MIIRGANTlXf: MARINE CO. 1st and Collateral Trust 68. Due Oc- tober 1, 1941. — F. Dated October 1, 1916. Interest payable April 1, and October 1, at company's office. New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding— $38,655,000 (Jan. 1, 1919). In Treasury — $500,000. Retired by S. F. — $845,000. Reserved for Additions, etc. — $10,000,000. Denomination — Coupon $1,000 and $500. Registerable as to principal. Registered. $10,- 000, $5,000 and $1,000 and multiples. C. ($1,000) & R. interchangeable. Trustee — New York Trust Co., New York. Redeemable at 110 and interest on any in- terest date on four weeks' notice. Sinking Fund — ^Annually, beginning October 1, 1917, 1% of bonds issued, from net income, for their purchase or redemption at not over 110 and interest. Depreciation Fund is provided for in the mortga'ge. Organization — Incorporated in New Jersey in 1893 as International Navigation Co. and pres- ent name adopted in 1902. On April 3, 1915, company placed in hands of reeciver. Reor- ganization accomplished in 1916 by readjust- ment of capitalization. Owns all or a large majority of Vie capital stock of the following companies: International Navigation Co., Ltd.; The So- ciete Annoyme de Navigation Belge-Americaine (Red Star Line); Atlantic Transport Co., Ltd.; Atlantic Transport Co. of "West Virginia ; Oceanic Steam Navigation Co. , , Ltd. (White Star Line); British & North Atlantic Steam Navigation Co. (Dominion Line), and Fred- erick Leyland & Co., Ltd. (Leyland Line). Secured by a first mortgage on all its prop- erty now owned or hereafter acauired by the proceeds of these bonds, and including the following ships: "New York," "Philadelphia," "St. Louis," "St. Paul," "Finland" and "Kroonland" ; also secured by deposit of the owned capital stock and securities of com- panies mentioned under ' 'Organization. ' ' Listed on the New York Stock Exchange. Year ended Dec, 31 Fixed •Gross tNet Charges 1918.. $38,042,093 $17,534,704 $2,336,308 1917.. 60,027,267 18,838,888 2,362,840 1916.. 70,116,114 29,644,673 3.698,023 1915.. 55,364,167 21,146,937 3,805,910 ♦After British excess profits duty. tBefore depreciation. Original Market — Issued in exchange for 57% of the Internatioal Navigation Co. 1st 6s and International Mercantile Marine Mortgage and Collateral 4%s and a cash adjustment for the remainder of principal and for accrued and unpaid interest. Market. New York — Active on N. Y. Stock Exchange. Price Range— N. Y. S. E. Jan. 1. '16 to Jan. 1. '19 , 1918 High. 104% Oct. 22, '18 104% Oct. 22 Low. 84 Oct. 9, '17 90 Apr. 18 INTERNATIONAL MILLING CO. 1st 68. Due July 1, 1930.— F. Dated July 1, 1910. Interest payable Jan. and July 1, at Bank of Montreal, Toronto, Montreal, New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. . Authorized — $1,500,000. Outstanding — $648,500 (Jan. 1, 1919). Held in Treasury— $681,000. Retired by Sinking Fund — $170,500. Denomination — Coupon $500 and $1,000 and Sterling equivalent. Registerable as to prin- cipal. Trustee — National Trust Co., Ltd., Toronto, and Minnesota Loan & Trust Co., Minneapolis, Minn. Redeemable on July 1, 1915, or any interest date, thereafter at 105 and interest. Sinking Fund — Sum sfflcient to retire 3% of bonds outstanding annually for first 10 years; 4% for next five years and 5% for last five , years. Organization — Incorporated . in Minnesota in 1910, as a consolidation. Secured by a first mortgage on three flour mills located in New Prague and vicinity in Minnesota, one at Davenport, la., and one at Calgary, Alberta, and on one mill located in Moose Jaw, Sask., Can. Year ended Aug. 31 Net Interest 1918 •$517,163 $40,004 1917 *613.662 41.'»-i'i 1916 661,915 42,5X5 1915 411,198 44.000 1914 519,115 45,130 •After Canadian and U. S. war taxes. Original Market — Offered by A. E. Ames & Co., Toronto, at par and interest April, 1911. Market, Montreal — Nesbit, Thomson & Co., Ltd. In- vestment Trust Co., Ltd. Toronto — ^A. B. Ames & Co., Goldman & Co., Oxford Securities Corp., Ltd. . New York — Baker, Carruthers & Pell. Guelph, Ont. — J. B. Carter. INTERNATIONAL PAPER COMPANY Cons. Conv. 58. Due Jan. 1, 1935. — F. Dated January 3 , 1906. Interest payable Jan. and July 1 at Metropolitan Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $597,000 (May 15. '19). Retired by S. F.— $2,167,000. ■Exchanged for 1st & Ref. 5s — $1,722,000. Readjustment Plan — Under plan of Jan., 1917, these bonds were exchangeable par for par with a 1%% cash bonus for (new) 1st & Ref. S. F. 5s. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Eauitaljle Trust Co., New York. Convertible into preferred stock of the Com- pany at par on any interest day before 1917. Sinking Fund — Annually, on or before Jan.. 1, a sum equal to 2% of all bonds ever issued, to be applied to the purchase or redemption of bonds at not over 105 and interest. Organization — See 1st & Ref. 5s. Secured by a first collateral lien on all of the capital stock (except Directors' qualifying shares) of the following companies: Pierce- fleld Paper Co., Olcott Falls Co., St. Maurice Lumber Co. , Champlain Realty Co. , Umba- gog Paper Co. , American Realty Co. , Ram Island Power Co.. also on 2,392 (out of 6,500) shares Champion-International Co., and 4,434 (out of 7,000) shares Miramichi Lumber Co. Piercefield Paper Co. owns plant at Piercefield, New York, 38,000 acres of woodlands in the State of New York; $204,000 first mortgage 5s outstanding, due 1919. Olcott Falls Co. owns plant at Wilder, Vermont, $389,000 first mortgage 5s outstanding, due 1919. St. Maur- ice Lumber Co. owns undeveloped water powers, 51,000 acres In fee, and timber rights from 3,205 square m,iles of Crown lands ;in 576 the Province of Quebec, with saw mills and wood preparing plants at Three Rivera, Batls- can, Pentecost and Gaspe, with tenements, etc.; $112,000 5s outstanding, due 1927. upon the property at Pentecost. Champlain Realty Co. owns 74,000 acres of "Woodlands in New York, Vermont and New. Hampshire; no mort- gage debt. Umbagog Paper Company owns 95,000 acres of timber lands in Maine and New Hampshire, pulp mills at Solon and Llv- ermore Falls, , Maine, also water powers and lands, and also all the capital stock of Dal- housle Lumber Co., Ltd., which owns saw mill and rossing mill at Dalhousie, N. B., and timber rights from 549 square miles of Quebec and New Brunswick Crown lands. American Realty Co. owns in fee 328.000 acres of woodlands in Maine and New Hampshire, and 42,00 acres fee and 2.800 acres leased land in the Province of Nova Scotia, Canada; $85,000 first mortgage 5s outstanding, due 1941. Ram, Island Power Co. owns undevel- oped water powers, lands, and flowage rights on the Androscoggin River in the Towns of Turner, Leeds, Greene and Livermore, Maine ; no mortgage debt. Winnipiseogee, Lake Cotton & "Woolen Manufacturing Co. owns water power and real estate at and near Lakeport, New Hampshire; no mortgage debt. Champion- International Co. owns paper mills at Lawr- ence and East Pepperell, Massachusetts. Mira- mlchl Lumber Co. owns 193,000 acres of wood- lands in fee and timber rights from 610 square miles of Crown lands in the Province of New Brunswick, Canada, with rossing mills at Chatham and Morrisons, and saw mill at Douglastown, N. B., with tenements, etc. Prior Liens — See "Secured." j^ Underlies — 1st & Ref. 5s of 1947. Earnings — See 1st & Ref. 5s. lAHted on the New Tork Stock Exchange Original Market — Underwritten In 1905 by Flower & Co., New York. Market. New York — ^Active on New York Stock Ex- change. Price Range— N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 High.lOO^ May 15. '17 99 Jan. 16 Low. 75 June 26, '14 93% Oct. 4 INTERNATIONAL PAPER COMPANY 1st & Ret. 6s, Series "A" and "B." Due Jan. 1, 194*7.— F. Dated Jan. 1, 1917. Interest payable July 1 and Jan. 1, at Bankers Trust Co. , New York. Tax Status — 2 % Federal Income Tax paid by oiTnrt"ny without dpduction. Authorized — $20,000,000. Outstanding — $6,420,000 "A" (Jan. 1, 1919). Rpsprvod for Refunding — $862,000 "A.'* $727,000 "B." Retired by S. F, — $218,000. Reserved for Ext. — $8,373,000 "B." In Treasury — $3,400,000 "B.*' Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Bankers Trust Co., New York, Redeemable at 102% and interest on any interest date on 15 days' notice. Sinking Fund — Semi-annually Nov. 1. and May 1, beginning Nov. 1, 1917, a sum equal to % of 1% of alL-bonds issued for the pur- chase or redemption of these bonds at not over 102%- and interest. Bonds so acquired to be cancelled. Convertible — Series A bonds convertible par for par Into •% cumulative preferred stock (par $100) from July 1, 1919, to and including July 1, 1922. Organization — Incorporated in New York In 1898. Owns a majority of the $5,000,000 capi- tal stock of the Continental Paper Bag Co. Secured by a mortgage on all property now owned or hereafter acquired. The property covered by the lien of this mortgage includes manufacturing plants, water powers, water rights, railroads, equipment, timber lands, etc. , owned in fee and leased, located New York, Vermont, New Hampshire. Massachu- setts, Maine; a collateral lien on all the capi- tal stock, except director's shares, of the fol- lowing companies: Piercefield Paper Co., Olcott Falls Co., St. Maurice Lumber Co. , Champlain Realty Co. , Umbagog Paper Co,, American Realty Co., Ram Island Power Co., Winnipiseogee Lake Cotton & Woolen Manufacturing Co.; also 2,392 of 6,500 shares of stock of the Champion- International Co. The property covered by the direct or col- lateral lien of this mortgage includes mills with a daily capacity of 1,800 tons of paper; also 4,000,000 acres of timber land (owned in fee 1,200,000 acres, leased 2,800,000 acres) located in the United States and Canada. Prior Liens — $597,000 Cons. 5s of 1935. Note — The collateral companies have small bond issues outstanding, which are being rap- idly retired, including: $204,000 Piercefield Paper Co, 6s, due -1919 and $389,000 Olcott Falls Co. 1st 5s due 1919, for the retirement of both of which bonds are reserved under this mortgage. Year ended Dec. 31 Net $8,194,885 12,932,173 7.465,828 3.121.681 3,088,897 Reserved for Federal taxes, $2,500,000. Original Market— Under financial plan which became operative May, 1917, $7,500,000 Series A bonds were ofEered in exchange pro rata to the holders of the following issues who also received a 1% % cash bonus, viz: 1st Cons. 6s; Cons. 6s; Hudson River Pulp & Paper Co. 63 and Rumford Falls Sulphite 6s. Market, New York — Moore & Co., Dldrichsen & Co., Geo. S. Crap & Co., F. H. Hatch & Co. Price Ranee. Jan. 1, '17 to Jan. 1, '19 1918 Ask Ask High.lOO '17 99% Feb. Low. 99 '17 1918. 1917. 1916. 1915. 1914. Bond Dep'n Interest $1,566,786 $335,621 1,624,682 726,704 1.618.117 826,983 1.064,332 847,834 1.083,639 867,649 INTERNATIONAL RAILWAY CO. Ref. & Imp. 5s. Due Nov. 1, 1962.^F. Dated November 1, 1912. Interest payable May and Nov, 1. at New York. Payment of Intearest — Coupons due Nov. 1, 1918, were paid Jan, 28. 1919, with interest thereon to that date. Coupons due May 1, 1919. had not been paid as of June 1, 1919. The company has 90 days of grace. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $60, 000, 000. Outstanding— $16,432,600 (May 7, '19). Held ini S. F.— $705,400. In Treasury — $4,000. Reserved for Prior Liens — $11,001,500. Reserved for Ext. — $31,856,500. Denomination — Coupon, $1,000 and $100. Registered, $1,000 and multiples thereof. Tmstcie — Bankers' Trust Co., New York. Redeemable at 110 and interest on any in- terest date. 577 Sinking Fund — Commencing with the year 1912 annually, such sums of money as In the aggregate (with interest thereon compounded) will be Buflicient by the first day of July, 1949, to provide funds for the payment of existing mortgage bonds of the International Railway Company and its subsidiary com- panies, amounting in the aggregate to $12,651,- 500 par value, and for the payment of such of the new 5% mortgage bonds of the Railway Company as shall have been issued to pay the said existing mortgage 'bonds of the Railway Company and of its said subsidiary companies. Protective Committee — C. "W. Beall, Chair- man: F. B, Frothingham, A. Perry, R. B. Young with Raymond Spellman, Secty. , 61 Broadway, N. Y., and Bankers Trust Co., N. Y. , depository. Organization — Incorporated in New Yorl? In 1902-. All of the stock is owned by the In- ternational Traction Co., which is controlled through ownership of more than 50 % of its capital stock by the United Gas & Electric Corp. Secured by a mortgage on 394 miles of track, including 222 miles in Buffalo, and 162 miles of interurban lines between that city, North Tonawanda, Niagara Palls, Lockport ajid Depew, and local street railway lines in those cities. Population served. Buffalo, 450,- 000, remaining territory, 100,000. Pour-flftha of the mileage in Buffalo is operated under perpetual franchises, and of the remaining mileage all except 47 miles is operated under franf'hises which are either perpetual or ex- tend for more than 25 years. Prior liiens — ?11,652,500 bonds (closed mort- gages). A sufficient amount of these bonds are reserved to retire the various underlying issues at maturity. Underlies— International Traction Col. Tr.5s. Year ended Dec. 31 (system). Gross Net *Int.,etc. 1918 $7,502,776 $943,297 $2,213,163 1917 8.255,279 2,558.800 1,901.700 1916 7,818,677 2,730,531 1,862.709 1915 6.839,974 2.537,364 1.866.960 1914 6,760,580 2,375,904 1,823.381 •Includes interest, rentals and sinking funds. Original Market — Offered in 1912, at 97% and interest by Bertron, Griscom & Co., New York, and Perry, Coffin & Burr, Boston. $600,000 offered in February, 1915, by Harris, Forbes & Co., New York, Harris Trust & Savings Bank, Chicago, and N. W. Harris & Co., and Perry, Coffin & Burr, Boston, at 92% and interest, $600,000 offered by Harris, Forbes & Co., Sept., 1916, at 95 and Interest. Market. New York— H. N. Whitney & Sons, E. & C. Randolph. Berdell Bros.. Harris, Forbes & Co., P. H. Hatch & Co.. Coffin & Burr. "W. C. Rauscher, Taylor ' & White, Tobey ' & Kirk, Barle A. Miller & Co., Babcock,.-Rushton & Co., Pynchon & Co. Boston^ — Coffin & ■ Burr, Harris, Forbes & Co., Arthur Perry & Co, Ixraisville — J. J. B. Hilliard & Son. J. W. & D. S. Green. Buflfalo — Teller & Evera. CliicafTO — Harris Trust & Sav. Bk. , Bab- cock, Rushton & Co. Portland — Beyer & Small, M. S. Brown. Milwaukee — Marshall & Ilsley Bank. Price Range, Jan. 1, *15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '16 101% '16 78 Jan. 85 Jan. Low.53f.'18 57f. '18 B3f. Dec. 57f. Dec. INTERNATIONAI. SALT CO. let and Cons. Coll. Tr. 5s. Due Oct. 1, 1951. Dated Oct. 1, 1901. Interest payable April 1 and Oct. 1 at Empire Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — $12,000,000. Outstanding — $4,120,400 (Feb. 28, '19). Retired by S. r.—$2. 377.500. Retired for Sale of Lands — $2,420,000. Reserved for Corporate Purposes — $3,082,- 100. Denonilnatioii^— Coupon, $500 and $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and interest upon six months* notice. Sinking Fund — Annually an amount suffi- cient to retire 1-60 of total bonds issued. Organization — Incorporated in New Jersey In 1901. Owns the entire ($2,501,000) capital' stock, and ($1,702,000) out of ($2,500,000) bonds of the Retsof Mining Co., which has ex- tensive salt mines in Livingston County, N. Y., and owns the entire ($400,000) capital stock of the Avery Rock Salt Mining Co., owning properties at Avery Island, La. Also owns the entire ($750,000) capital stock of the International Salt Co.. of N. Y., which owns evaporated salt plants at Watkins, Ludlow- ville, and Ithaca, N. Y., the latter company owns ($1,159,200 of ($1,500,000) common stock of the Detroit Rock Salt Co., which has large mineral rights in Wayne County, Michigan. Secured by pledge of the entire capital stocks of the Retsof Mining Co. , and the International ^alt Co., of N. Y. Prior Liens — $2,500,000 Retsof Mining Co.. 1st 5s of 1925. Year ended February 28 Net Interest Dividends 1919.. $6 51,451 $208,790 $364,628 1918.. 1.0 52,914 210,645 622,906 1917. . 715,390 215,980 364,628 Market. New York — L. N. Rosenbaum, Kemerer, Matthes & Co. , Pyne, Kendall & Hollister. Wm. Wheatley & Co., Martin, Berwin & Co.,. E. & C. Randolph. Dunham & Co. . H. A. Willis & Co., Hallowell & Henry, Tobey & Kirk, Coffin & Co., L. A. Norton, Baker, Car- ruthers & Pell, Morton Lachenbruch & Co., P. H. Hatch & Co., T. Hall Keyes & Co. Scranton — W. D. Runyon, Chas. E. Robert- son. Philadelphia — Geo. S. Pox & Sons. Wilmington — Geo. P. Bissell. Pittsburgh — Wm. P. Lemley. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 80 '16 82 '16 71 Oct. 73 Oct. Low. 35 '09 45 '10 66 Sept. 68 July INTERNATIONAX SILVER CO. 1st 6a. Due Dec. 1, 1948. — F. Dated Npvember 22, 1898. Interest payable June and Dec. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,500,000. Outstanding — $2,932,000 (Jan. 1, 1919). Retired by S. F. — $1,093,000. Reserved for Extensions, etc. — $475,000. Benomination — Coupon, $1. 000^. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 110 and interest for sinking fund iipon 10 days' notice. 578 Sinking Fund — ^Annually, beginning Dec. 1, 1901, $60,000 for the purchase or redemption of these bonds at not exceeding 110 and In- terest. Bonds so redeemed to be cancelled. Organization — Incorporated in New Jersey in 1898 as a combination of the leading manu- facturers of silver and silver-plate ware in the United States and Canada, Secured by a first mortgage on the numerous plants of the company and all of Its other property. The plants are located as follows: Meriden, Conn., four plants; "WaUingford, Conn., three plants: Waterbury, Conn., one plant; Bridgeport, Conn,, Derby, Conn., Nor- wich, Conn. Underlies— $1,867,000 Deb. 6s. Year ended Dec. 31 Bond Net Dep' n Interest 1918.. $353,714 $307,298 $290,506 1917. . 1,287,120 300,540 293,278 1916. . 1.290,454 282,856 296.529 1915.. 766,214 278,279 300,918 1914.. 1,041,813 276,559 305.362 Original Marlcet — Offered in 1898 at 100 and interest. Market. New York — Dunham & Co.. A. Hicks Law- rence, Gwynne Bros,, B. & C. Randolph, Webb & Co.. F. H. Hatch & Co., Phelps & Neeser, Baker, Carruthers & Pell. New Haven — H. C. Warren & Co., The Chas. W. Scranton Co.. Stevenson & Co. Boston — G. W. Walker & Co. Hartford — F. B. Cooley & Co. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask High.lll '12 122% '10 97 Dec. 100 Dec. Low. 90 '18 94 '18 90 May 94 Apr. INTERNATIONAL SILVER CO. Deb. 6s. Due Jan, 1. 1933. — F. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at American Exchange National Bank, New York. Tax Statue — 2% Federal* Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,867,000. Retired — $133,000. Denomination — Coupon, $1,000. Redeemable at par and interest. Security — A direct obligation of the company but not secured by a mortgage. Prior Liens~$2,932,000 6s of 1948. Earnings — See 1st 6s. Market. New York — E. F. Hutton & Co., E. & C. Randolph, F. H, Hatch & Co.. Baker, Car- ruthers & Pell. New Haven — Chas. W. Scranton Co. , Steven- son & Co.* Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '16 102 '16 85 Dec. 90 Dec. Low. 80 '18 83 '18 80 May 83 July INTERNATIONAL TRACTION CO. Serial Deb. 6s. Due $50,000 each Feb. 1, to 1923. Dated Feb. 1, 1913. Interest payable Feb. 1 and Aug. 1 at Fidelity Trust Co., Buffalo, N. T., and Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorizefl— $500,000. Outstanding— $250,000 (Feb., 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Buffalo, N. Y. Redeemable at 100 and interest. Organiiziatiovi — See Coll. Tr. 4s. Secured^-A direct obligation of the com- pany but not secured by a mortgage or col- lateral. The indenture provides that the com- pany m^y not execute any new mortgage upon any of its properties, now owned or hereafter acquired, except for additional security for bonds issued under indenture of the company dated Nov. 1, 1912, unless such new mortgage shall provide that all notes issued hereunder shall be included in the debt secured by said new mortgage and shall have the benefit of the security thereof as fully as any bonds or obligations issued thereunder. Original Market — $500,000 offered in 1913 by Teller & Evers, Buffalo, at prices to yield from 6% to 6^% according to maturity. Market. New York — Parkinson & Burr, Kiely & Hor- ton, B. & C. Randolph, Newburger, Hender- 6(0 n & Loeb. Boston — Parkinson & Burr. Philadelpliia — Newburger, Henderson & Loeb. INTERNATIONAL TRACTION CO. 3-Year Coll. Tr. 6s. Due Aug. 1, 1920.— F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 in New York. Tax Status — 2% Federal Income Tax paid by company without deductipn. Authorized — $5,000,000. Outstanding — $2,000,000 (Jan. 1. '19). Reserved — $3,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 101 and interest on Feb. 1, 1918, and Aug. 1. 1918, and at 100^^ and in- terest on any interest date thereafter. Secured by pledge of $2,667,0 00 Interna- tional Railway Co. Ref. & Imp. 5s, due 1962. Original Market — $ 2,000.000 offered Aug. , 1917, by E. H. Rollins & Sons and Parkinson & Burr at 98^ and interest. Market. New York — A. B. Leach & Co.. E. & C. Randolph. Newburger, Henderson & Loeb. Boston — A. B. Leach & Co. Philadelphia — A. B. Leach & Co. , Newbur- ger, Henderson & Loeb. Chicago — A. B. Leach & Co. Price Range 1918 — Ask 80-97. INTERNATIONAL TRANSIT CO. Ist 58. Due $20,000 annually to July 1, 1925. — N. Dated July 1, 1910. Interest payable Jan. and July 1, at National Trust Co., Ltd., To- ronto, Can. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $300,000. OutstandAnfet— $ 1 4;o. 0. Balance Retired. Denomination — Coupon, $500. Trustee — National Trust Co., Toronto, Can. Assumed by the Great Lakes Power Co., Ltd. Guaranteed as to principal by the Lake Su- perior Power Co. (now Algoma Steel Corp.), by endorsement. Control — Incorporated in Canada in 1901, All of the stock is owned by Th3 Great Lakes Power Co., Ltd. Secared by a first mortgage on four miles of street railway in and around Sault Ste. Marie, Ont., and also on ferry which is operated be- tween that city and Sault Ste. Marie, Mich. Franchise expires in 1926. Obtains power from Great Lakes Power Co., Ltd. Earnings — See Great Lakes Power Co. 579 Original Market — Offered by A. E. Ames & Co., Toronto, to yield 5%% in Jan., 1911. Market. « Toronto— A. E. Ames & Co. INTERSTATE EI^CTRIC CORP. let Lien Coll. Tr. S. F. 6s. Due March 1, 1933. Dated March 1, 1913. Interest payable March and September 1, at Equitable Trust Co., New York, and First Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,251,500 (Apr. 1, '19). Retired by S. F.— $25,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable as a whole at 102 and interest on any interest date. Sinking Fund — 1% of the bonds are to be retired annually from March 1, 1917 to 1920, 1%% 1921 to 1925, 2% 1926 to 1929 and 3% thereafter to maturity. Organization — Incorporated in Virginia in 1913 and controls, through ownership of their entire capital sotck issues, the Trenton, Mo., Gas & Electric Co., Corry City, Pa.; Electric Light Co., Ballinger, Tex.; Electric Light & Power Co., Consumers Ice & Fuel Co., Lar- edo, Tex.; Hoisington, Kans., Bectric & Ice Co.: Great Bend, Kan., "Water & Eectric Co.; Laredo, Tex., Water Co.; Peoples Gas & Elec- tric Co.. Chillicothe, Mo.; San Angelo, Tex.. Water, Light & Power Co. and Union City, Pa., Electric Light Co. Secured by a first lien on the stocks of the above companies. These companies serve a population of about 110,000 and have a bonded debt of about $852,110. Franchises are un- limited or run from 1934 to 1957. Year ended Dec. 31 (Combined) Gross Net Interest 1917 $655,649 $261,815 $122,588 1916 $649,497 $261,822 $114,749 1915 529,560 216,150 102.063 Original Market — Offered by A. E. Fitkin & Co.. April, 1913, $2,000,000. Market. Boston — A. E. Fitkin & Co. St. Louis — Herrick J. Gray & Co. New York — Gwynne Bros., Kiely & Horton, Lynch & McDermott. Detroit — "Whittlesey, McLean & Co. Price Range. Jan. 1, '16 to Jan, I, '19 1918 Bid Ask Bid Ask High.95 '16 100 '16 90 July 96 Jan. Low. 80 '18 85 '18 80 Nov. 85 Apr. INTERSTATE ELECTRIC CORPORATION 2- Year 6% Notes. Due Sept. 1, 1919. — F. Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — S258.000 (Apr. 1. '19). Held in Treasury — $3,500. Denominations — $1,000, $500 and $100. Trustee — New Tork Trust Co., New York. Redeemable on or before Sept. 1, 1918, at 101, and thereafter at 100%. Organization — See 1st Lien Coll. Tr. 5s. Security — A direct obligation of the com- pany 'but not secured by a mortgage. Earnings — See 1st Lien Coll. 6s. Original Market — $200,000 offered Oct.. 1917. by A. E. Pitkin & Co., New York, at 98 H and interest. Price Range 1918— Ask 97. INTER-STATE INDEPENDENT TELEPHONE & TELEGRAPH CO. 1st 58. Due Jan. 2, 1927. — N. Dated Jan. 2, 1902. Interest payable April 1 and Oct. 1, at Cont'l & Com'l Tr. & Sav. Bank, Chicago, or First National Bank, New York. Defaults— April 1. 1912. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $50,000,000. Outstanding — $2,515,000. Denomination=-Coupon, $1,000. Reglsterable as to principal. Trustee — Cont'l & Com'l Trust & Savings Bank, Chicago. Redeemable at 105 and interest. Sinking Fund — 12%% of net income per an- num commencing, 1906. Organization — Incorporated in 1901 in New Jersey. Placed in the hands of receivers in 1910, but operation by the company recom- menced in 1912. Secured by a first mortgage on about 1,500 miles of independent telephone trunk lines in Northern Central Illinois, including exchanges 'in Aurora, Elgin, Joliet and Springfield. The company has access into St. Louis, over those of the Kinloch Long Distance Telephone Co. The company has had no Chicago connection since Oct., 1917, when the Illinois Tel. & Tel. Co. abandoned their lines in that city. Underlies — $175,000 Notes, due June 1, 1914. Year ended Dec. 31 Gross *Net Int., etc. 1917 $244,996 $200,112 $251,295 1916 266,084 194,568 251,280 •Loss for year. Market. Chicago — J. B. Sardy & Co., Investment Trust Co. New York — Gilman & Clucas. INTERSTATE IRON & STEEL CO. 1st Serial S. F. 68. Due each Dec. 1 as follows: $125,000* 1917 to 1930, inclusive, and 8750,000, 1931.— F. Dated Dec. 1, 1916. Interest payable Jun« 1 and Dec. 1, af Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. OutstandSng— $2,017,800 (Jan. 1. '19). Retired — $360,200. Purchased and Held in Treasury — $122,000. Additional bonds Issuable for 60% of cost of improvements, etc., when net earnings for preceding twelve months are at least three times interest charges and total assets are equal to not less than twice and net quick assets not less than 50% of the par value of outstanding bonds and those to be Issued. Additional bonds are to mature not earlier than 1932. Denomination — Coupon, $5,000, $1,000, $500 and $100. Reglsterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 from 1917 to 1921; 104, 1922 to 1927: 103. 1928 to 1930, except that last maturity is callable throughout at 105. Sinking Fund — Whenever in any year 15^ of net earnings exceeds $125,000 (annual ma- turity), such excess amount is to be used to purchase or redeem the $750,000 bonds matur- ing in 1931 at not over 105 and interest. On retirement of this maturity this fund ceases. It is further provided that an amount equal to any cash dividends In excess of 7% shall be applied as above. Organization — Incorporated in Illinois in 1906. The plant at East Chicago, Ind., has an 680 annual capacity of 130,000 tons, of merchant bar iron and ateel; hard steel rolling mill at Marlon, O,, has a capacity of 48,000 tons per annum. In 1916 acquired plants In Chicago for the production of open hearth steel, ingota and billets, wire rods, wire and wii-e prod- ucts, wire nails, rivets, tacks, etc., with total capacity of 60,000 tons per annum. Capital Stock Authorized Outstanding Preferred (7% cum.). $3,000,000 $900,000 Common 4,000,000 4,000.000 Secured by a first mortgage on all fixed property of the company now owned or here- after acquired. The mortgage provides that net quick assets be maintained at 50 % of bonds outstanding, but in no event less than $1, 000, 000, and that no cash dividends shall be paid on common stock w'hich will reduce net quick assets below $1,500,000. Year ended Dec. 31 *Net 1918 $600,929 1917 1,050,687 •After charges. Original Market — $2,500,000 offered Jan., 1917, by Counselman & Co., Shapker, Waller & Co., A. G. Becker & Co., Chicago. Market. Chicago — Curtis & Sanger, State Bank, Babcock, Rushton & Co.. Counselman & Co. Detroit — -Joel Stockard & Co. New York — Curtis & Sanger, E. & C. Ran- dolph. Babcock, Rushton & Co. Boston — Curtis & Sanger. Indianapolis — Fletcher American National Bank. St. !Lonis — Francis Bros. & Co. INT*ERSTATE PUBLIC SERVICE CORP. rirst liien Coll. Tr. 5s. Due July 1. 1945. — F. Dated July 1, 1915. Interest payable Jan. 1 and July 1, at Trustee's or Astor Trust Co^, New Tork. ^ Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 500, 000. Outstanding — $650,000. Denomination — Coupon. $1. 000. Reglsterable as to principal. Trustee — Union Trust Co., Rochester, N. T. Redeemable as a whole only at 105 and interest after July 1, 1925, Organization — Incorporated in 1914 in Dela- ware as a holding company. Secured by deposit of the entire capital stock and bonds of the Ridgway (Pa.) Electric Light Co.: Johnsonburg (Pa.) Electric Light & Power Co.; St. Marys (Pa.) Electric Light Co. and Kane (Pa.) Electric Light & Power Co. Gen- erating stations are located in BIdgway and Kane, Pa. Total length of transmission lines, 33 miles. Population served, 35,000, All franchises are unlimited as to time except the Kane franchise, which expires April 4. 19a2. The Ridgway plant is advantageously located for cheap fuel. Original Market — Offered 1915 by Baker. Ayling & Co., Boston, at 93% and interest. Market. Boston — Baker, Ayling & Young. Philadelphia — Baker, Ayling & Young. Rochester — Wm. H. Foxall & Co. Price Range. .Jan. 1. 1916 to Jan 1, 1919 1918 Bid Ask Ask High.95 '16 42 June Low. 42 '18 Tax Status—Payment of Federal Income Tax not assamed by company. Authorized — $750,000. , OutHtanding— $675,000 (Mar. 15, '19). Balance Retired. Denomination — Coupon. $1,000. Reglsterable as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable at 101 and interest on any In- terest date. Guaranteed principal and interest by the Vir- ginia Coal & Iron Co. Organization and Control — Incorporated In Virginia in 1986. Operates about 54 miles of track in southwestern part of Virginia. The Company's lines have direct connection with the Sotithern Ry., Louisville & Nashville R. R. Norfolk & Western Ry. and Carolina, Clinch- field, & Ohio Ry. The company has no funded aebt^ other tnan enuipment trust certificates. The Virginia Coal & Iron Co. owns 99% of the capital stock. Secured by an equipment agreement on 50 steel hopper cars, costing $930,000. of which 20%. $180,000, was paid in cash by the com- pany. Year ended June 30 Int., Gross Net Rent, etc. 1918 $525,678 $238,790 $148,658 1917. 413.806 206.737 100,369 1916 308,422 170,330 66,353 Original Market — Offered March. 1917, by Brown Bros. & Co., at 100% and interest for 1918 and 1919 maturities and 100 and interest for remaining maturities. Market. Pliiladelphia — Brown Bros. & Co. INTERSTATE RAILROAD CO. Equip. Tr. 58. Series "B." Due $75,000 each April 1. from 1918 to 1927, Inclusive. — N. Dated April 1, 1917. Interest payable Oct. 1 and April 1. INTERSTATE RAILWAYS CO. Coll. Tr. 4s. Due Feb. 1, 1943.~F. Dated Feb. 1, 1903. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,781,250. Outstanding — $10,776,600. Reserved to exchange United Power and Tra nsportatinn Co. st-" ck — $ 4,650. Denomination — Coupon, $100, $500 and $1,000. Reglsterable as to principal. Trustee — Real Estate Title, Insurance & Trust Co., Philadelphia. Pa. Redeemable at 105 and interest on any In- terest date on 30 days' notice. Organization — Incorporated in New Jersey, 1902, to purchase; acquire, develop and con- struct street railway, electric light and power, water and gas companies. Secured by deposit with the Trustee of 143,- 688 shares ($25 par) out of 143,750 shares of the capital stock of the United Power & Transportation Co. at the rate of $75 in bonds for each $25 share of stock. That company owns practically the entire capital stock of 17 street railway and allied companies. These properties have been consolidated into four groups, and each group is leased to an operat- ing company for periods ranging from 800 to 999 years from 1910, as follows: "Wilkes- Barre & "Wyoming Valley Traction Co.. leased to the "Wilkes-Barre By. Co., owns and oper- ates 100 miles of street railway in and around Wilkes-Barre. Pa.; Trenton Street Ry. Co., leased to the Trenton & Mercer County Trac. Corp., owns 72 miles of track in and around Trenton, N. J.; "Wilmington & Chester Trac- tion Co., and Delaware County & Philadelphia El. Ry., leased to the Wilmington & Philadel- phia Traction Co.. own and operate 110 miles of road in Chester. Pa., and Wilmington, Del., and line from Philadelphia to Wilmington: and the Schuylkill Valley Trac. Co. and I« owned by the company. A Mexican operatinir company being in effect a tnira Plant in the United States on the Gulf first lien on that property and eauipment, and coast, erected and owned by the company It- two-thlrda of the stock of the Cuban operat- «■ „„si„ , ,. ^ , Ing company together with all Its note obliga- secari^— A direct obligation of the Com- tlona an Indirect lien on the plant In Cuba. J^r , ^1 , ^^?^^^?-, ^Y f ^^' '^'"^"^ mortgage on Original. Markets— Offered April, 1919. by the Plant In the United States. Also by pledge A. B. I.eaoh & Company, Inc., New York, etc.. of all the stock and note obligations of the at market. 587 JACKSON Si BATTLE CBEEK TRACTION CO. 1st 5s. Due Jan. 1, 1923.— P. Dated Jan. 1, 1903. Interest payable Jan. and July 1. at Columbia Trust' Co., New York, or at Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding: — $1,200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland, O. Redeemable at 103 and interest on any in- terest date. Guaranteed as to interest by lease to Michi- gan Railway Co. Control — Absorbed by Michigan United Rys. Co., which is leased for 999 years to the .Michigan Railway Co. The Michigan United Railways Co. siystem comprise 260 miles of street and interurban railways. The entire capital stock of the Michigan Railway Co. is owned by the Commonwealth Power Railway & Light Co. Secured by a first mortgage on 46 miles of electric railway between Jackson and Battle Creek, Mich. Population served, 75,000. Road is operated by third rail. TJndegrlies — Mich. U. Rys. 1st & Ref. 5s, a sufficient amount of which has been reserved to retire this issue. Market. Philadelphia — Chandler Bros. & Co., Par- rish & Co.. Huntoon & Co.. Biddle & Henry. New York — Burgess, Lang & Co., F. J. Lis- man & Co., E. & C. Randolph, Spitzer, Rorick & Co., Hodenpyl, Hardy & Co., Hanson & Doyle, Philip Lynch, Leonard Snider & Co., Parrish & Co., Fred H. Hatch & Co. Portland, Me. — Fidelity Trust Co., Union Safe Dep. & Trust Co. Boston — Burgess, Lang & Co. Chicago — Hodenpyl," Hardy & Co. Price Range. Jan. 1, '08 to Jam. 1, '19 1918 Bid Ask Bid Ask High.98V4 '17 100 '17 92 May 95 May Low. 85 '18 90 '18 85 Aug. 90 Aug. JACKSON CONSOLIDATED TRACTION CO. 1st 5s. Due May 1, 1934. — F. Dated May 1, 1904. Interest payable May and Nov. 1, at Columbia Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $790,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Guardian Trust Co., New York. Redeemable on any interest date at 105 and Interest. Guaranteed as to interest by lease to Michi- gan Railway Co. Control — See Jackson & Battle Creek 53 above. Secured by a first mortgage on street rail- ways in Jackson, Mich., with lines to sub- urban towns, total mileage, 30. Franchises in Jackson expire in 1960, but city has right to purchase property at an appraised value in 1930 or at any five-year period thereafter. Population served, 35,000. Underlies — Michigan United Rys. 1st & Ref. 5s. Original Market — Offered by W. N. Color & Co., New York, at par, Oct.. 1904. Market. Philadelphia — Wm. G. Hopper & Co., H. P. Bachman & Co., H. Boenning & Co., S. K, Phillips & Co. Chicago — Hodenpyl, Hardy & Co. New York — Berdell Bros., Gllman & Clucas, A. B. Fitkin & Co,, Dunham & Co., Martin, Berwin & Co., E. & C. Randolph, Foster & Adams, Hodenpyl, Hardy & Co., Barle A. Mil- ler & Co. Baltimore — P. H. Goodwin & Co. Boston — Berdell Bros. Price Range. Jan. 1, 1908 to Jan.. 1, 1919 1918 Bid Ask Bid Ask High. 99 '09 100 '14 90 Jan. 95 Jan. Low. 80 '17 90 '17 80 June 90 June JACKSON COUNTY (MO.) LIGHT, HEAT & POWER CO. 1st 5s. Due June 1, 1927. Interest payable June and Dec. 1, at Mer- chants' Loan & Trust Co., Chicago. Tax Status — Information not available. Authorized — $350,000. Outstanding — $196,000 (June 1, 1919). In Treasury — $100,000. Retired by S. V. — $4,000, Denomination — Coupon, $1,000. Trustee — Merchants' Loan & Trust Co., Chi- cago, 111. Redeemable at 105 and interest on and after June 1, 1917. Sinking Fund — $2,000 annually from 1917 to 1921 and $3,000 thereafter. Organization — Incorporated in Missouri in 1905. Secured by a first mortgage on plant sup- plying gas to Independence, Mo., and other towns in the vicinity of Kansas City. Popu- lation served, 18.000. Franchise expires Aug. 16, 1926. Original Market — Offered by Howard, Sim- mons & Co., Chicago, at 97% in 1912, Market. Chicago — E. T. Konsberg & Co. • New York — B, & C. Randolph. Price Range, 1918 — Bid 9 6. JACKSON, LANSING & SAGINAW RAIL- ROAD 1st SVas. Due Sept. 1, 1951.— P. Dated September 1, 1901. Interest payable Mar. and Sept. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,707,000. Retired by Purchase by Land Grant Trustee — $293,000. Denomination — Coiipon, $1,000. Reglsterable as to principal, or fully reglsterable. Reg- istered, $1,000. Trustee — Guaranty Trust Co., New York. Assumed by the Michigan Central R. R. Co, Control — Merged Sept. 27, 1916, with Mich- igan Central R. R. Co. Secured by a first mortgage on 370.04 miles of road, viz. : Miles Jackson to Mackinaw City, Mich 296.41 Pinconning to Gladwin, Mich 27.90 Mt. Forest to Bentley, Mich 4.69 Grayling to Lewiston, Mich 27.26 Sailing to Johannesburg, Mich 13.78 Legal for Cal.. Conn., Me., Mass., Mich., Minn., Mo., N. J., Vt. and Wis. Listed on the New York Stock Exchange. Original Market — Underwritten in 1901 by J. P. Morgan & Co., New York. 588 Market. New York — Newborn & Co., Harris. Forbea & Co.. F. J. L.isman & Co., J. S. Farlee & Co. Boston — Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank. Fittsbureh — R. B. Hutchinson & Co. Price Ranse — N. Y. S. E. Jan. 1. '06 to Jan. 1. '19 1018 Bid High.94^ Dec. 26, '06 72% Dec. Low. 90 June 8, '08 66 Mar. Grand Rapids — Howe, Snow, Corrig-an & Bertles. Price Range. Jan. 1, 1913 to Jan. 1, 1019 1018 Bid Ask Bid Ask High.94 '16 98 '17 85 Jan. 94 Feb. Low. 73 '17 85 '17 82 Nov. 88 Sept. JACKSON. (MISS.) LIGHT & TRACTION CO. Ist S. F. 5s. Due AprU 1, 1922.— F. Dated June 10, 1912. Interest payable April and October 1, at P. W. Brooks & Co., New York, or Trustee's office. Default — April 1, 1919, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 2,500,000. Outstanding — $930,000 (May 15, 1919). Retired by S. F, — $78,000. Reserved for Ext. — $1,492,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Chicago Savings Bank & Trust Co., Chicago. Redeemable at 105 and interest on any in- • terest date upon four weeks' notice. Sinking Fund — 2 % annually of outstanding bonds, beginning Feb. 1, 1914, for the pur- chase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be cancelled. Receivershit} — E. E3. Hinman was appointed receiver in April, 1919. Forfeiture Suit — The city government of Jackson brought suit in March, 1919. for the revocation of the company's charter for fail- ure to give good service. Protective Committee — Wm. T. Bacon, Chairman, L. M. Symmes, Arthur- C. Allyn, Crawford Livingston, with Roy K. Thomas, Secretary, and Chicago Savings Bank & Trust Co., Chicago. Depository. Organization and Control — Incorporated in Mississippi in 1912 as a consolidation of the gas, electric and street railway properties in Jackson, Miss. Controlled through stock ownership by the American Public Utilities Co. Management — Kelsey, Brewer & Co., Grand Rapids, Mich. Secured by a first mortgage on 14 miles of street railway track and plants supplying gas and electricity in Jackson, Miss. Fran- chises extend beyond 1922. Population served (1910), 21.262. Year ended June 30 Gross Net Interest 1917 $314,281 $118,502 $46,500 1916 288,043 100.805 44,490 Original Market — Offered in 1912 by the Chicago Savings Bank & Trust Co., Chicago, P. "W. Brooks & Co. and J. A. Clark & Co., New York, at 97 and interest. A block offered June, 1916, by Chicago Savings Bank & Trust Co., Chicago, at 95 and Interest. New York— Barle A. Miller & Co., A. B. Fitkin & Co., Miller & Co.. B. & C. Ran- dolph, Hanson & Doyle, Kiely & Horton, Hotchkin & Co.. J. A. Clark & Co., P. W. Brooks & Co. Chicago — Chicago Sav. Bank & Tr. Co. New Orleans — Interstate Tr. & Sav. Bank. Boston — Hotchkin & Co., McConnell & Co. Philadelphia — H. Boenning & Co.. P. "W. Brooks & Co., Cassatt & Co., S. K. Phillips & Co. JACKSON MOTOR SHAFT CO. 7% Serial Deb. Notes. Due $7S,000 each March 1. 1920 and 1921. and $100,000 March 1, 1922. Dated March 1, 1919. Interest payable March and Sept. 1st. at Trustee's office, Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 250,000. Outstanding — $250,0 00. Denominations — Coupon $100, $500 and $1,000. Trustee — Port Dearborn Trust & Savings Bank. Chicago. * Redeemable as a whole or in part on any interest date at a premium of one-half of one per cent, for each six months of unexpired maturity. Organization — Incorporated in Michigan. 1910. Owns plant at Jackson, Mich., valued - at $438,495. Capital Stock Outstanding — $102,750. Security — A direct obligation of the com- pany, but not secured by mortgage. Company covenants that while any of these notes are outstanding it will not mortgage any of its property, and that it will maintain Quick Assets in excess of all liabilities other than these notes in an amount not less than $312,- 500. Prior laen — $25,000 Real Estate Mortgage. Year ended Dec. 31st: Sales Expenses Net Profits 1918. $9 54,085.82 $820,880.47 $133,205.35 1917. G26.5 56.50 514,553.74 112,002.76 Original Market — Offered April. 1919. by Fort Dearborn Trust & Savings Bank, Chi- cago, at prices to yield 7% to 7%% for vari- ous maturities. JACKSONVILLE ELECTRIC CO. Ist 58. Due May 1, 1927.— N. Dated July 14, 1902. Interest payable May and Nov. l," at American Trust Co., Boston, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $1,245,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable as a whole on any interest date at 105 and interest. Improvement Fund — 1% per annum of out- standing bonds to be used for extensions and improvements or to purchase bonds. Assumed by the Jacksonville Traction Co. Control — Absorbed by the Jacksonville Trac- tion Co. Management — Stone & Webster, Boston. Secured by a first mortgage on 47 miles of street railway and part of the power plant in Jacksonville. Pla. Population served. 60,000. Franchise expires in 1932. Underlies — Jacksonville Traction Co. 1st Cons. 5s of 1931, which provide for the re- tirement of this issue. Earnings — See Jacksonville Traction Co. Original Market — Offered by John Dearborn at 97% July, 1905. * Market. New York — Klely & Horton, H. S. Polhemus & Co., J. J. Levenson, G. W. Walker & Co., 589 E. & C. Randolph, Eatabrook & Co., Lynch & McDermott, Fred H. Hatch & Co., Stons & Webster. Boston — Estabrook & Co., Stone & Webster. Chicago — Estabrook & Co., Stone & Webster. Atlanta — J. H. Hilsman & Co. Baltimore — Jenkins, Whedbee & Poe. Price Banse. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hii:h.99 '12 101 '14 85 Dec. 90 Dec. Low. 80 '18 84 '18 80 Aug. 84 Nov. JACKSONVItI.E (FLA.) GAS CO. 1st S. F. 5s. Due June 1, 1943.— P. Dated June 1, 1912. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6, 000, 000. Outstanding— $2,285,000 (May 15, 1919). Ketired by S. F. — $10,000. Reserved to Retire Deb. 6s — $600,000. Reserved for Ext. — $3,105,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Trust Co. of Illinois. Chi- cago. Redeemable at 105 and interest on any in- terest date on three weeks' notice. Sinking Fund — ^Annually on Oct. 1. 1917, to 1921, $5,000: 1922 to 1926, $10,000; 1927 to 1931, $30,000; 1932 to 1936. $35,000; and 1937 to 1942, $40,000, for the purchase or redemp- tion of these bonds at not over 105 and in- terest. Bonds so redeemed to be cancelled. Payment may be made in cash or in bonds of this issue at par and interest. Organization — Incorporated in Florida in 1874. Secured by a first mortgage on plant sup- plying gas to Jacksonville, Pla. Population served about 60,000. Franchise is perpetual. Underlies — Deb. 6s of 1922i Year ended Dec. 31 1918.. . 1917. .. 1916. ., 1915. . 1914... 1913.. Bona Net Interest $231,261 $166,791 204.294 166,000 176,070 160,404 187,248 147,019 169,917 133,693 149,402 118,149 Gross $475,077 379,141 327,591 319.461 332,474 306,920 Original Market — $1,300,000 offered in June, 1912, by H. T. Holtz & Co., Chicago, at 95 and interest. Market. Chicago — Peoples' Trust & Sav. Bank, Cen- tral Trust Co. of Illinois, Plotz & Co., Bab- cock, Rushton & Co. Baltimore — Sutton & Co. , Mercantile Trust & Deposit Co., P. H. Goodwin & Co., Jenkins, Whedbee & Poe. New York — Didrlchsen & Co., E. & C. Ran- dolph, Kiely & Horton, S. L. Snowden, John Nickerson & Co., Earle A. Miller & Co., Bab- cock, Rushton & Co., Berdell Bros., Fred H. Hatch & Co., Bauer, Starr & Co. Philadelphia — Cassatt & Co., West & Co., H. Boenning & Co., R. M. Stinson & Co.. Hun- toon & Co., S. K. Phillips & Co., Bauer, Starr & Co. / Boston — Berdell Bros. Price Range. Jan. 1, 191S to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 95 '16 97% '12 82 Dec. 87 Feb. Low. 75 '18 81 '18 75 Feb. 81 Jan. terly, March, June, Sept. and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1, 200. 000. Outstanding — $1,200,000 (April. 1919). Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101 and interest on any in- terest date on three weeks' notice. Security — ^A direct obligation of the Com- pany, but not secured by a mortgage. Prior tiens— $1,880,000 1st 5s of 1942. No more bonds can be issued except for an amount not exceeding 80% of cost of addi- tional property, etc., until these debenture notes are paid. $600,000 1st 5s are reserved to retire these Debentures at' the rate of $100,000 per year beginning Jan. 1, 1914. Earnings — See 1st 5s. Original Market — $450,000 offered in 1912 by H. T. Holtz & Co., Chicago, at par and in- terest. Market. New Orleans — Interstate Tr. & Sav. Bank. Chicago — H. T. Holtz & Co., Babcock, Rush- ton & Co. Erie — Joseph L. Pel ton. Boston — Hotchkin & Co. New York — J. J. Levenson, Hotchkin & Co.. Babcock, Rushton & Co. Philadelphia — Huntoon & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.931^ '16 97 '18 90 Dec. 97 Jan. Low. 76 '18 90 '18 76 July 90 Jan. JACKSONVIIjUE (FliA.) tSAS CO. 10-Tear Deb. 6s. Due June 1, 1923. — F. Dated June 1, 1912. Interest payable quar- JACKSONVrLXE (ELIi.) RAILWAY & LIGHT CO. let Cons. 5s. Due Jan. 1. 1931.— P. Dated Jan. 1, 1906. Interest payable Jan. 1 and July 1, at Merchants' Bank of Canada. Tax St-atus — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $573,000 (Jan. 1, '19). Retired by S. E. — None. Reserved to Retire Prior Xlens — $118,000. Reserved for Ext, — $309,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois. Chi- cago. Redeemable at 105 and interest on any in- terest date. Sinking Fund — ^Annually, on Jan, 1, 2% of outstanding bonds. Fund to be used to pur- chase these bonds or for extensions or better- ments. Guaranteed as to principal and Interest by endorsement by the Illinois Traction Co. Organization and Control — Incorporated in Maine, Dec, 1905. as a consolidation of the JacksonviUe Ry. Co. and Jacksonville Gas Light & Coke Co. The entire capital stock is owned by the Illinois Traction Co. Secured by a first mortgage on seven miles of street railway in Jacksonville. 111., and a second mortgage on plants supplying that city with gas and electricity. Population served (1910). 15,326. Franchises are perpetual. Prior Liens — $118,000 Jacksonville Gas Light & Coke Co. 1st 5s of 1931. Provision is made in this mortgage for their retirement. Original Market — First offered by Baker, Ayling & Co., Boston and Philadelphia. Market. New Tork — Wolff & Stanley. St. Louis — Bowman, Cost & Co. 590 Jan. Price Range. 1, 1916 to Jan. 1, 1919 Bid Ask Higrh.S? '16 94 '16 Low. 86 '17 88 '17 JACKSONVrLI^E (IXA.) TERMINAL CO. Iflt 5s. Bae July 1. 1939. Dated July 1, 1894. Interest payable Jan. and July 1, at Guaranty Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500, 00.0. Outstanding — $ 400,000. Retired— $100,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Metropolitan Trust Co., New York. Guaranteed as to principal and interest by tlie Atlantic Coast Line R, R. Co., Seaboard Air Line Ry. Co. and Florida East ''Coast Ry. Co. by endorsement. Organization and Control — Incorporated in Florida in 1894. Of tlie $3?6,200 capital stock outstancUng the Atlantic Coast Line R. R. Co., the Seaboard Air Line Ry. Co. and the Florida East Coast Ry. Co. own one-fourth each and the Southern Ry. Co. and the Georgia Southern Sc Florida Ry. Co. own one-eighth each, and the property is operated under an agreement whereby the operating expenses are paid by the proprietary companies in propor- tion to the cars handled. Secured by a first mortgage on uiiion pas- senger depot and terminal property in Jack- sonville, Fla., and including 31 miles of ter- minal track and equipment. Underlies — 1st & Gen. 5s of 1967, a suffi- cient amount of which are reserved to retire this issue. Market. New York — Chas. W. Place, F. J. Lisman & Co., Spencer Trask & Co., Baker, Carruth- ers & Pell, Simon Borg & Co., John Daven- port, Wm. C. Ewen, Pittsburgh — ^B. B. Hutchinson & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.102 '16 105 '16 92 Dec, 95 Apr. Low. 80 '18 90% '17 80 Mar. 91 Jan. 56 miles of street railway track in Jackson- ville, Fla. Population served, 76,300. Fran- chise expires in 1932. Prior Lien— $1,345,000 Jacksonville Electric Co. 1st 5s of 1927, for the retirement of which bonds of "this issue are reserved. Underlies — $750,00.0 6% notes due 1919. Year ended Dec. 31' Gross Net Int. & S. F. 1918 $945,569 $235,902 $199,067 1917 698,123 228,411 188.895 1916 627,194 203,487 183.907 1915 611,568 182,730 177,898 1914 715,255 247.200 152,642 Original Market — Offered in 1911, by Stone & Webster, Boston, and Estabrook & Co.. Bos- ton, etc., at 96V^ and interest. Market. New York — F. H. Hatch & Co., Estabrook & Co., S. L. Snowden, Stone & Webster. New Haven — Chas. W. Scranton Co. Baltimore — Mercantile Tr. & Deposit Co. Boston] — Estabrook «& Co., Stone & Webster. Chicago — Estabrook & Co., Stone & Webster. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95% *12 97% '12 78 Jan. 83 Jan. Low. 77 '18 80 '18 77 Dec. 80 May JACKSONVILLE (FLA.) TRACTION CO. Ist Cons. S. F. 6s. Due March 1. 1931.- F. Dated March 1, 1911. Interest payable March and Sept. 1. at Trustee's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $1,053,500 (May 15, 1919). Retired by S. F.— $34,600. Reserved for Prior Liens — $1,245,000. Reserved for Ext. — $2,780,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — State Street Trust Co., Boston. R^eemable at 105 and Interest on any in- terest date as a whole only, or in part for sinking fund. Sinking Fund — 1% annually of bonds certi- fied, commencing March 1, 1917, for the pur- chase or redemption of these bonds at not over 105 and Interest. Organization — The Company was incorpo- rated in Massachusetts In 1911 as a consoli- dation of the street railway properties of Jacksonville, Fla. Management — Stone & Webster. Secured by a first mortgage on new power station and 4 miles of railway track extend- ing to Ortega and a second mortgage on all the other property of the company Including JACKSONVILUE (FLA.) TRACTION CO. 3- Year 6% Notes. Due Mar. 1, 1919.— F. Dated March 1, 1917. Interest payable Mar. 1 and Sept. 1, at office of Trustee. Default — These notes were not paid or re- financed at maturity. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $750,000. The proceeds have been used to retire issue maturing March 1, 1917. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Registered $500 and $1,000. C. & R. inter changeablfe. Trustee — State Street Trust Co., Boston. Redeemable as a whole at 100 and interest. Protective Committee — Allan Forbes, Sted- man Butterick, O. G. Wood and Edwin S. Webster, all of Boston. ,State Street Trust Co., Boston, depositary. Security — ^A direct obligation of the com- pany, but not secured by mortgage or col- lateral. Earnings — See 1st Cons. 5s. Earnings— See Brooklyn. Queens Co. & Su- burban R. R. Co. 6s. Earnings — See Brooklyn, Queens Co. & Su- burban R. R. Co. 5s. Original Market — Offered March, 1917» by Stone & Webster. Boston, etc., at 98 and interest. Market. New York — Berdeil Bros. Boston — Berdeil Bros. JAMAICA & BROOKLYN RAILROAD CO. Ist 5s. Duo Jan. 1. 1930. — F. Dated' Sept. 4, 1889. Interest payable Janl and July 1, at Brooklyn Trust Co^ Brooklyn. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $240, 000. Denomination — Coupon, $1,000. Trustee — Central Trust Co., New York. Control — Absorbed by Brooklyn, Queens County & Suburban R. R., which is controlled by Brooklyn Rapid Transit Co. through own- ership of entire capital stock. Receivership — See Brooklyn Rapid Transit Co. Secured by first mortgagre on 13 miles of street railway between Brooklyn and Jamaica, N. Y. Underlies — Brooklyn, Queens Co. & Sub- urban R. R. Co. 5s, Original Market — Offered by BrooHlyn Trust Co. at 99 in April, 1891. Market. New York — T. L. Bronson, Abbott, John- son & Co., Wm. Carnegie Bwen, Low, Dixon & Co., Berdell Bros., John Davenport, Fred H. Hatch & Co. Philadelphia — ^Wurts, Dulles & Co. Price Range. Jan. 1. 1916 to Jan. 1, 191!) 1918 Bid Ask Bid Ask High. 99 '16 75 Aug. 85 Aug. Low. 70 '17 85 '17 JAMAICA WATER SUPPLY CO. Cons. 5b. Due Feb. 1, 1928. — F. Dated Feb. 1, 1898. Interest payable Feb. and Aug. 1, at Peoples' Trust Co., Brooklyn, N. T. Tax StatuH — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $70,000. Cancelled — $34,000. Denomination — Coupon, $1,000. Trustee — Peoples' Trust Co., Brooklyn. Organization — Incorporated 1887, in N. Y. Secured by a first mortgage on plants sup- plying water to Jamaica, Richmond Hill, Mor- ris Park, HoUis, Queens, Springfield and in- tervening territory and including three stand- pipes, 43 acres of land, 172 miles of mains and 2 pumping stations with a daily capacity of 16,500,000 gallons. Population served, 65,- 000. Company derives an income of $26,000 per annum from a contract with the city of New York for hydrants. Underlies — Unified 1st 5s of 1954 and 1st Cons. 5s of 1946, under which mortgage provision is made for the retirement of this Issue. Market. New York — Morton Lachenbruch & Co . , Dunham & Co., J. W. Carroll Co., E. &. C. Randolph. Boston — H. C. Spiller & Co., Chas. A. Day & Co Price Range. Jan. 1. 1916 to Jan. 1. 1919 Bid Ask High. 99 '16 Low. 93 '17 98% *17 JAMAICA WATER SUPPLY CO. Unified 1st 5s. Due July 1, 1954.— F. Dated July 1, 1904. Interest payable Jan and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In New York (stamped bonds). Authorized — $1,000,000. Outstanding — $29,000. Deposited under 1st Cons. 5s of 1946, $855.- 000. Reserved for Prior Liens — $116,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Peoples' Trust Co., Brooklyn. Secured by a mortgage on all the property covered by the first lien of the 1st 5s Cons.. which see for detail. Prior Liens — $70,000 Jamaica Water Supply Co. Cons. 5s of 1928, for the retirement of which provision is made In this mortgage. Underlies — 1st Cons. 5s of 1946. iEarnings — See Cons. 5s. Original Market — Offered in 1912 by Law- rence Barnum & Co. Market. New York — J. "W. Carroll Co., Hotchkin & Co., E. & C. Randolph, Wm. C. Ewen, Earle A. Miller & Co., Tobey & Kirk, H. C. Spiller & Co. Boston — ^Hotchkin & Co., H. C. Spiller & Co., Chas. A. Day & Co. Philadelphia's. K. Phillips. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Ask High.97% '17 Low. 83 '17 88 '16 90 Dec. JAMAICA WATER SUPPLY CO. 1st Cons. 5s. Dae July 1. 1946.— F. Dated July 1, 1916. Interest payable Jan, 1 and July 1 at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsylvania tax refunded. Authorized — $2,500,000. Outstanding — $1,267,900 (May 15, '19). Retired by S. F. — $55,700. Reserved for Ext. — $1,080,400. Reserved for Prior Liens — $96,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — Annually, beginning Jan. 1, 1918, 2% of bonds issued for their purchase or redemption at not over 105 and interest. Organization — Incorporated in New York in 1887. Secured by a mortgage on all the property of the company. The company serves a popula- tion of about 65,000 without competition, in- cluding a portion of the Fourth Ward of the Borough of Queens of New York City, Hemp- stead, North Hempstead and adjacent terri- tory. The company derives its water supply from wells, from which water is distributed through 172 miles of mains. Franchises are perpetual. Prior Liens — $116,000 Cons. 5s of 1928 and $29,000 1st Unified 5s of 1954, both closed mortgages. Year ended April 30 and July 31 Gross Net Interest *1918.^.. $257,704 $105,678 $68,033 *1917 254,616 130,565 70,000 1916 223.838 118,558 67,500 1915 208,776 98,371 ♦July 31. Original Market — Offered Jan. , 1917, by Montgomery & Tyler, Philadelphia, etc., at 97% and interest. Market. New York — Dunham & Co., Wm. C. Ewen, Welsh Bros. Philadelphia — Montgomery & Co., Invest- ment Registery of America, Inc., S. K. Phil- lips & Co. Indianapolis — Fletcher-American National Bank. Boston — Chas. A. Day & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Ask High.96% '17 98 '17 91 Feb. Low. 91 '18 JAMESTOWN, FRANKLIN & CLEARFIELD RAILROAD CO. 1st 4s. Due June 1, 1959.— F. Dated June 1, 1909. Interest payable June and December 1, at Grand Central Terminal, New York. 592 Tax Status — 2% Federal Income Tax paid by uuinpany without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstandine — $11,000,000. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Reg Istered, $1,000 and multiples. C. & R. inter- . changeable. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by Lake Shore & Mich. So. Ry. Co. (now merged Into the New York Central R. R. Co.) by endorse- ment. Assumed by the New York Central R. R. Co. Control — Merged into the New York Central R. R. Co. Secured by a first mortgage on 122.05 miles of road, viz. : Miles O.-Pa. State Line to Rose Siding, Pa. 103. 56 Franklin to Oil City, Pa 7.78 Polk Jet. to Belmar, Pa 10.71 Also secured on 54 miles of trackage rights ■from Brookville via Falls Creek to Clearfield, Pa. This line aifords a western outlet for coal from the lines controlled by the New York Central R. R. Co. Underlies — N. Y, Cent. & H. R. R. R. Ref. & Imp. of 2013, which provide to retire this issue. Legal for Cal., Conn., Me., Mass.. Mich., Minn., Mo., N. H., N. J,, N. Y., R. I., Vt. and Wis. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $11,000,000 offered in 1910, by J. P. Morgan & Co., First National Bank, National City Bank, New York, and Drexel Si Co., Philadelphia, at 95 and interest. Market. Philadelphia — Read A. Morgan & Co., "Wheel- er, Elliot & Mann, Graham, Parsons & Co. , West & Co., . Louchheim, Minton & Co., Har- per & Turner, Brown Bros. & Co., Sailer & - Stevenson, Warren A. Reed. Henry D. Boen- ning & Co., Huntoon & Co., Chas. Fearon & Co.. Edward V. Kane & Co., S. K. Phillips & Co., Biddle & Henry. New York — Sam'l Goldschmidt, Morton Lach- enbruch & Co., Louchheim, Minton & Co., E. & C. Randolph, F. J. Lisman & Co., Struth- ers & Hiscoe, Hartshorne & Battelle, S. P. Larkin & Co., Abraham & Co., Newhall & Co., Redmond & Co., Remick. Hodges & Co. Pittsburgh — Goddard, Hunter & Co., R. B. Hutchinson & Co., Colonial Trust Co. Price Range — 'S, Y. S. £. Jan. 1, 1906 to Jan. 1, 1919 I91S Bid Ask High.95^ May 11, '11 80% Dec. 90 Dec. Low. 80 Nov. 8, '15 72 Jan. 78 Jan. JAMESTOWN (N. Y.) STREET RAILWAY 1st 68. Due Jan. 1, 1923. — F. Dated Jan. 23, 1893. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Organization — Incorporated In New York In 1883. Secured by a first mortgage on 27 miles of street railway track In Jamestown, N. Y., and vicinity. Franchise expires, 1982. Population served, 38,000. Company sells power to James- town Lighting & Power Co. Year ended Dec. 31 and June 30 Int. & Gross Net Taxes 1918 $444,912 $54,728 $124,745 1917 442,435 93,405 121,322 1916 387,690 108.627 102,69« •1916 366,678 82,434 103,013 •June 30. Marlcet. Boston — C. E. Denison & Co. New York— Fred H. Hatch & Co. Cleveland — C. E. Denison & Co. Portland — H. M. Payson & Co. JAMISON COAL & COKE CO. Barrackville Fur. Mon. & Imp. 1st 5s. Due $80,000 each July 1. to 1918. and $100,000 1919 to. 1929. — N. Dated July 1. 1909. Interest payable Jan. and July 1 . Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $1, 500, 000. Outstanding — $1,095,000 (Jan. 1, 1919). Balance retired. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh. Redeemable at 105 and interest. Organization — Incorporated in Pennsylvania in 1892 as the Jamison Coal Co. and present name adopted in 1900. The company is one of the largest mining companies operating in "Western Pennsylvania and "West Va.. owning extensive mines, coke plants, miners' homes, etc. Secured by a first mortgage on 5,400 acres of unmlned coal, 400 acres of surface lands near Fairmont, W. Va, Original Market — Offered by Darr & Moore (now Moore, Leonard & Lynch), Pittsburgh and New York, at par and interest. Market. New York — R. C. Megargel & Co., Moore, Leonard & Lynch, Baker, Carruthers & Pell. Pittsburgh — Moore, Leonard & Lynch, Wm. M. Bell & Co., R. B. Hutchinson & Co., R. W. Evans & Co. Philadelphia — Graham, Parsons & Co., Lyon, Singer & Co. Price Range. High.94 -17 IOOVa '17 Low. 90 '17 JAMISON COAL & COKE CO. George's Creek — Farmington Ist 5s. Due Feb. 1, 1930. Dated Feb. 1, 1910. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania and West "Virginia. Authorized — $2,700,000. Outstanding— $2,10 6,500 (Jan. 1, 1919). Held in S. F.— $593,500. Denomination — Coupon, $ 5 and $1,000, Trustee — Safe Deposit & Trust Co., Balti- more. Redeemable at 102% and interest on any Interest date on or after Feb. 1, 1915. Sinking Fund — Five cents for each ton of coal mined with minimum annual amounts as follows: $30,000 per annum to Feb. 1, 1915; $75,000, Feb. 1, 1915 to Feb. 1, 1920; $100,000, Feb. 1, 1920 to Feb. 1. 1925; $150,000, Feb. 1. 1925 to Feb. 1, 1930, to be applied to the purchase or redemption of bonds at not ex- ceeding 102% and interest. Bonds so ac- quired to be held alive and interest added to this fund. Note — The minimum amounts due this fund are payable April 1, and app'.ied the early part of April each year. The interest on bonds 593 held in fund is applicable Feb. and Aug-, each year. Oriranizatlon — See (Barrackville) lat 5s above. Secured by a first mortgage on 7,358 acres of Pittsburgh Vein Coal, 800 acres surface land, 60 coke ovens, mining plants, equip- m,ent, etc., formerly the property of George's Creek Coal & Iron Co., and located in "West Virginia. Original Market — Offered in March, 1911, by Darr & Moore (now Moore, Leonard & Lynch), Pittsburgh, Market. Pittsburgh — ^Wm. M. Bell & Co. , R. "W. Evans & Co., Duauesne Bond Corp., Moore, Leonard & Lynch. Baltimore — Sutton & Co., Jenkins, Whed- bee & Poe. New York — Ji.. C. Megargel & Co., Moore, Leonard & Lynch, C. H. Jones & Co., H. I. Nicholas & Co., Baker, Carruthers &. Pell. Philadelphia — Graham, Parsons & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95 '17 99 '17 95 May Low. 85 '18 90 ■18 85 Nov. 90 May JAIVUSON COAIi & COKE GO. 1st S. F. 5s. Due May 1, 1931.— P. Dated April 1, 1912. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $5, 000, 000. Outstanding^$3,511.000 (Jan. 1. 1919). Retired by S. F. — $1,489,000. Denomination— Coupon, $1, 000. Registerable as to principal. Trustee — The Union Trust Co. of Pittsburgh, Pittsburgh, Pa. Redeemable at 105 and interest on any date. Sinking Fund— April 1. 1914, $160,000 semi- annually on April 1 and Oct. 1, and addi- tional payment^ at the rate of $1,200 an acre for all coal m.ined in excess of 220 acres per annum, for purchase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired to be cancelled. Orsani^tion — See (Barrackville) 1st 5s above. Secured by a first mortgage on 6,400 acres of unmined coal, 2,000 acres of surface lands, 1,400 coke ovens, six mining plants, eaulp- ment, miners' houses, etc., located in Greens- burg Basin, Westmoreland County, Pa. Original Market — $5,000,000 offered In 1912. by The Union Trust Co. of Pittsburgh, Pitts- burgh, Pa., at 100 and interest. Market. Pittsburgh — ^Hunzeker & Marshall, George, Allen & WhItehouse, Wm. M. Bell & Co.. Mellon National Bank, Union Trust Co., Du- quesne Bond Corp., Moore, Leonard & Lynch, R. "W. Evans & Co., R. B. Hutchinson & Co.. Lyon, Singer & Co., Kean, Taylor & Co. New York — R. C. Megargel & Co., E. & C. Randolph, Louchheim, Minton & Co. , Moore, Leonard & Lynch, H. I. Nicholas & Co.. Baker, Carruthers ,& Pell. Philadelphia — Graham, Parsons & Co. . S. K. Phillips & Co., Louchheim, Minton & Co. Price Range. Jan. 1. 1916 to Jan. 1. 1919 1918. Bid Ask Bid High.l02H '17 105 '17 95 May Low. 91 '16 95% '16 93 Nov. JAMISON COAL AND COKE COMPANY Serial 6% Notes. Due $50,000 March 1, 1920, and on the first of each altera nate month thereafter until May 1, 1923. Dated March 1, 1919. Interest payable March and Sept., also on the several maturity dates of notes at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $ 1,000,000. Purpose of Issue — Not stated. Denomination — Coupon $5,000. Trustee — Union Trust Company, Pitts- burgh. Organization — See Barrackville Pur. Mon. & Imp. 1st 5 s. Security — A direct obligation of the com- pany and a direct lien on two leaseholds, 1.600 contiguous acres in Westmoreland County, Pennsylvania, together with ail im- provements thereon. Original Market — Offered March. 1919, by the Union Trust Company of Pittsburgh and Moore, Leonard & Lynch, Pittsburgh and New York from 99% to 100 and interest for various maturities. JAMISON COAL & COKE CO, 5% Car Trust Certfs. Doe $40,000 1916 and 1917; $45r 000, 191S and 1919. and $50,000 in 1920 and 1921. — ^P. Dated May 1. 1911. Interest payable May and Nov. 1. at Girard Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400, 000. Oustanding — $145,000. Balance Retired. Denomination — Coupon, $1, 000. Trustee — Girard Trust Co., Philadelphia. Redeemable on any interest date at 102% and interest. Assumed by the Baltimore & Ohio R. R. Co. Secured by the first lien on 400 steel coal cars, costing $468,000. Original Market — Offered by Henry & West, Philadelphia, at par and Interest, Dec, 1911. Market. Philadelphia — ^West & Co. Pittsburgh— Mellen National Bank, Duquesne Bond Corp. New York — Freeman & Co., Bull & El- dredge. JAMISON COAL & COKE CO. Car Trust 4^s. (Issue 1916).. Due $100,000 each May 1> from 1917 to 1921, inclusive. — ^F. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $600, 000. Outstanding — $300,000. Balance Retired. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh. Assumed by the Baltimore & Ohio R. R. Co. Secured by an equipment trust agreement on 1,100 steel coal cars which the Baltimore & Ohio R. R. Co. purchased in 1916 from the Jamison Coal & Coke Co. Original Market — Offered' July, 1916, by Moore, Leonard & Lynch, Pittsburgh and New York, at prices to yield 4.26%, 4.30%. 4.35% and 4 % % for respective maturities. Market. See Car Trust 53 above. 594 JANNEY & BORBOVGH Ist S. F. 6s. Due Nov. 1. 1936.— F. Dated Nov. 1, 1916. Interest payable Nov. 1. and May 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of Pennsylvania State Tax. Authorized — $450,000. OutstandiniET — $406,000 (May 21, 1919). Retired by S. F. — $44,000. Denomination — Coupon, $1,000. RegriBterable as to principal. Trustee — Northern Trust Co., Philadelphia. Redeemable at 105 and Interest on any in- terest date on four weeks' notice. Sinking: Fund — Annually an amount sufficient to purchase and cancel $22,000 bonds at not over 105 and interest. It is estimated that this fund will retire entire issue by maturity. Organization — Incorporated In Pennsylvania in 1916, and acquired the business of Thomas Janney & Co., Tanners, and Janney & Bur- rough, Commission Merchants. The business consists of the tanning of hides Into sole leath- er and the merchandising of same. The principal product being the "Wissinoming" stamp of sole leather. About 80% of the company' s entire output is sold to jobbers for use in the shoe repair business. Secured by a first mortgage on all the prop- erty of the company. The property covered consists of the "Wissinoming Tannery property, comprising about 15 acres, including- about 12 acres of available land for buildings, with frontage on the Delaware River, located at Brldesburg, Philadelphia. The plant on this land is of modern construction, and covers about four acres 'of land and has about five acres of floor space with a tanning capacity of 400 heavy hides per day. In addition to this, the property Includes an office building, a hide storage warehouse, finishing department, ma- chine shop, a modern power house and dwell- ing and garage of superintendent on the prem- ises. Additional property covered by the mort- gage includes the five-story warehouse, cutting rooms and office at 315 North Third St., Philadelphia. The cost of the property covered Is reported In excess of $885,000. The property is con- stantly covered by fire insurance in excess of $1,000,000, also by use and occupancy insur- ance in the amount of $330,000 and tornado Insurance in the amount of $350,000. The purpose of this issue is to retire real estate mortgages and bank loans. Original Market — $450,000 o^ered by Frazier & Co., Philadelphia, Baltimore and New York, at 100 and Interest. Market. Philadelphia — Barclay, Moore & Co., Lloyd & Palmer, Brown Bros. & Co. Price Range. Jan. 1, 1917 to Jan. 1. 1919 1918 Bid Ask Bid Ask High. 9 5 '17 88 July 92 Aug. Low. 88 '18 92 '18 JBFFERSOX & ClilE^ARFEELD COAI< & IRON CO. :$nd 5s. Dae June 1, 1926.— N. Dated June 15. 1896. Interest payable June and Dec. 1, at A. Iselin & Co.. 36 Wall St., New York. Tax Status — Payment of Federal Income Tax not assumed by company Authorized — $1,000,000. Outstanding^$350,000 (Jan. 1. 1919). Retired — $650,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — United States Mortgage & Trust Co., New York. Sinking Fund — Beginning Feb. 15, 1897, three cents for each ton of coal mined, but payments to be not less than $50,000 per an- num, to be applied to the purchase or redemp- tion of these bonds at not exceeding 105 and interest. Bonds so acquired to be held alive and interest added to this fund. It is esti- mated that this issue will be retired In 23 years and the 2nd 5s in 28 years and months. Note — The 1st 5s referred to above were called for payment at the Guaranty Trust Co., New York, June 1, 1918. Organization and Control — Incorporated In Pennsylvania in 1896. The entire $1,500,000 common stock and $300,000 of the $1,500,000 preferred stock are owned by the Rochester & Pittsburgh Coal & Iron Co. and the common stock Is deposited under that company's 4%3 of 1932. The latter company is controlled through ownership of entire capital stock by the Mahoning Investment Co., which Is like- wise controlled by the Buffalo, Rochester & Pittsburgh Ry, Co. Secured by a first mortgage on about 4,400 acres of coal lands in Jefferson County, Pa.; also 3,400 acres of coal, and coal rights in over 2,600 acres, together with mining plants, etc., and further secured by $192,500 of $200,- 000 capital stock and all the bonds of the Reynoldsville and Fall Creek R. R. Co. Listed on the New York Stock Exchange. Market. New York — H. I. Nicholas & Co., Baker, Carruthers & Pell. Philadelphia — Chas. Fearon & Co. , S. K. Phillips & Co. Price Range — N. Y, S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.95 June 6, '17 Bid Low. 90 Dec. 29. '14 95 Dec. JBFFERSON & CLEARFIELD COAL & IRON CO. Indiana County 1st & Ref. 5s. Due July 1, 1950.— F. Dated July 1, 1910. . Interest payable Jan. and July 1, at A. Iselin & Co., 36 Wall St., New York, « Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding— $1,900,000 (July 31, 1918). Reserved for Add. — $600,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date after six weeks' notice and for sinking fund not over par and interest on each Jan. 1, beginning Jan. 1, 1920, Sinking Fund — Four cents per ton of coal mined from the property^ covered by this mort- gage. Annual payment to be not less than 3 % of the amount of bonds issued. Bonds are to be purchased or redeemed at not ex- ceeding par and interest, beginning Jan. 1, 1920, and bonds so acquired are to be can- celled. Organization and Cjontrol — See 2d 5s above. Secured by a first mortgage on about 16,000 acres of coal lands, coal and surface rights, together with mining plants and equipment, coke ovens, and all Improvements, located in Indiana County, Pa. Market. See 2d 5s above. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Bid High.98 '12 95 Jan. Low, 85 '18 85 Oct. JEFFERSON CITY (MO.) LIGHT, HFAT & POWER CO. 1st 58. Due May 1, 19a5. Dated May 1, 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200,000. Outstanding — $200,000 (Jan. 1, 1919). Denomination — Coupon, $ 5 0. Trustee — Mercantile Trust Co., St. Louis, Mo. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Organization and Control — Incorporated in 1887 in Missouri. In Nov., 1913, acauired the majority of capital stock of the Jefferson Bridge & Transit Co. The entire capital stock is owned by the "Western Ry. & Light Co., a subsidiary of the Illinois Traction Co. Secured by a first mortgage on plants sup- plying gas and electricity to Jefferson City, Mo. Population served, 12,000. Franchise ex- pires Nov. 1. 1925. Earnings — See "Western Ry. & Lt. Co. Original Market — Offered in 1906, at 98 and Interest, by the Mercantile Trust Co., St. Louis, Mo. Market. St. Louis — Mercantile Trust Co. JEFFERSON RAILROAD CO. 1st Ext. 5V2S Due April 1, 1929. Dated Jan. 1, 1889. Extended Jan. 1, 1909. Re-extended April 1, 1919, interest being increased from 5% to 5^%. Interest payable April and Oct. 1, at Erie R. R. of- fice. 50 Church St., N. T, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $2,800,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadephia, Pa, Redeemable at 105 and interest on any in- terest date. Guaranteed principal and interest by the New York, Lake Erie & "Western R. R Co., which guarantee was assumed by the Erie R. R. Co. Control — The entire capital stock is owned by the Erie R. R. Co. and deposited under its Prior and Gen. Lien mortgage. Secured by a first mortgage on 36.63 miles t35.80 double track) of road from Carbondale to a connection with the Erie R. R. near Lanesboro, Pa. Refunding — Brie R. R. General Lien bonds are reserved to retire this issue. Original Market — Holders of 1st 5s due April 1, 1919, assenting to the above extension received a $20 cash bonus. Bonds not ex- tended by previous holders were sold by Drexel & Co. and a syndicate at 98 and interest. Market. Philadelphia — West & Co. , Graham, Par- sons & Co., Harrison & Co., Warren A. Reed. Henry D. Boenning & Co.. Chas. Fearon & Co.. S. K. Phillipa & Co.. Biddle & Henry. New York — B. & C. Randolph. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid. Ask High.105% '09 106 '09 99 Nov. 100 Nov. Low. 90 '16 99 '18 97 Aug. 99 Aug. Interest being reduced from 7%. Interest pay- able Jan. and July 1, at Fidelity Trust Co., Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed naortgage. Outstanding — $204,000. Denomination — Coupon, $100, $250, $500 and $1,000. Trustees — John Torrey, Z. H, Russel and Coe F. Young. Control — See 6%s. Secured by a first mortgage on 8.18 miles of road from West Hawley to Honesdale, Pa. Underlies — Jefferson R. R., Honesdale Br. 2nd 6s of 1929. Refunding — Erie R. R. General Lien bonds are reserved to retire this issue. Market. Philadelphia — Biddle & Henry, Chas. Fearon & Co. Pittsburgh — R. B. Hutchinson & Co. JEFFERSON RAILROAD CO. Honesdale Branch 2nd 6% Certificates. Due Jan. 1, 1939.— F. Dated January 1, 1869. Extended January 1, 1889, interest being reduced from 7%. In- terest payable Jan. and July 1, at Fidelity Trust Co., Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $96,000. Denomination — Coupon, $1,000, $500, $250 and $100. Trustee — Fidelity Trust Co., Philadelphia. Control — See 5% 8. Guaranteed by the New York, Lake Erie & Western R. R, Co. as to principal and interest which was assumed by the Erie R. B Co, Secured by deposit with Trustee of the Jef- ferson R. R., Honesdale Br. 2d Mtge. 6s, which cover by second lien eight miles from Hawley to Honesdale, Pa. These bonds are outstanding at the rate of $12, 000 per mile. Prior Lien — $204,000 Jefferson R. R., Hones- dale Br. 1st Extd. 4^s of 1927. Refunding — ^Brie R. R. General Lien bonds are reserved to retire this Issue. JEFFERSON RAILROAD CO. Honesdale Branch 1st Ext. 4:^M. Due July 1, 1937. Dated July 1. 1867. Extended July 1, 1887, JEFFERSON TRACTION CO. 1st 6s. Due Jan. Z, 1925. D,ated Jan. 2, 1905. Interest payable Jan. and July 1, at First National Bank, Way- land, N. Y. Tax Status — Information not available. Authorized — $500,000. Outstanding — $441,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — W. W. Clark, Wayland, N. Y. Organization — Incorporated in Pennsylvania in 1902 as a consolidation of the Jefferson Street Ry. and the Punxsutawney Passenger Street Ry. Also controls and operates the Mahoning "Valley Street Ry., comprising about seven miles of track. Secured by a first mortgage on 29 miles of electric railway in Jefferson, Pa., and extend- ing to Punxsutawney and Reynoldsville, Pa. Population served, about 14,000. Year ended Dec. 31 Bond Gross Net Interest 1918 $146,051 $34,858 $26,460 1917 128,757 40.670 26,460 1916 44.030 26.460 1915 39,024 26.460 1914 40,489 26,460 JENKINTOWN & CHELTENHAM GAS CO. 1st Ref. 5b. Due Oct. 1, 1933. — F. Dated Oct. 1, 1903. Interest payable April and Oct. 1, at Real Estate Trust Co., Phila- delphia. Tax Stains — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized — Closed mortgage. Outstanding: — $375, 000. Denomination— Coupon, $1, 000. Trustee — Real Estate Trust Co., Philadel- phia. Control — ^Absorbed by the Philadelphia Sub- urban Gas & El. Co., which is controlled by American Gas Co., through ownership of en- tire capital stock. Secured by a first mortgage on plant sup- plying gas to populous suburban district of Philadelphia, Pa. Franchises are perpetual and exclusive. Underlies — Philadelphia Sub. Gas & El. 5s. Earnings — See Philadelphia Sub. Gas & El. Co. Market. Philadelphia — Graham, Parsons & Co., Wes* & Co., Chas. Fearon & Co., C. D. Barney & Co., Reed A. Morgan & Co., H. Boennlng & Co. , Elkins Morris & Co. , Huntoon & Co. . Ervin & Co., Robt. Glendinning & Co., S. K. Phillips & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1D18 Bid Ask Ask High.99% '16 101 '15 98% Dec. Low. 97 '18 97' Aug. JERGENS (ANDREW) COMPANY 7% Serial Notes. Due $225,000 November 15, 1921, $225,000 November 15, 1932, and $200,000 November 15, 1923. Dated November 15, 1918. Interest payable May and November 15th at Trustee's office, Cincinnati, or at the office of the Company, Cincinnati, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $ 650.000. Outstanding — $ 650,000. Purpose of Issue — To reduce bank loans and other current liabilities and to provide for a large increase in volume of business and the increased price of raw materials. Denomination — Coupon $500 and $1,000, registerable as to principal. Trustee — Central T.rust Co. of Cincinnati, Ohio. Redeemable on any interest date before maturity upon 3 days' notice as a whole, or in part, as follows: 1919 1920 1921 . 1922 1923 Series A (1921) 101% 101 100% Series B (1922) 102 101% 101 100% Series C (1923) 102% 102 101% "101 100% Organization — Organized in 1882. In 1897 absorbed Eastman & Bros. Company of Phila- delphia and in 1901 purchased trade marks, manufacturing rights and selling rights of the Woodbury Toilet Preparations. Manufactures complete line of toilet soaps and other toilet preparations; also a large amount of glycerine. Company owns two plants at Cincinnati and one at Perth. Ont. Capital stock Outstanding Preferred 6% $450,000 Common 800,000 Security — A direct obligation of the Com- pany, but not secured by a mortgage. The Company covenants that during the life of these notes it will not mortgage or pledge any of its plants or eauipment. It will not issue any bonds or debentures during the life of these notes. It will maintain at all times net current assets equal to at least 1% times the amount of notes outstanding. Earnings — Company does not report earn- ings. Original Market — Offered in November, 1918, by Channer & Sawyer, Cincinnati, at prices to yield about 7%%. JERSEY CITY & BERGEN RAIUSOAD Ist 4V&8. Due Jan. 1, 1923. — N. Dated Jan. 1, 1873. Extended from Jan. 1, 1903, and interest reduced from 7% to 4%%. Interest payable Jan. and July 1, at First Na- tional Bank, Jersey City, and Bankers* Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company Authorized — $1,000,000. Oiitstanding — $258,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Edmund Smith. Guaranteed as to principal and interest by lease of Consolidated Trac. Co. to Public Service Ry. Control — The entire $1,000,000 capital stock is owned by the Consolidated Traction Co. and deposited under Its 1st 5s of 1933. The prop- erty of the latter company is leased for 999 years to the Public Service Ry,, a subsidiary of the Public Service Corp. of N. J. Rental, interest on bonds and an amount equivalent to 4% on the $15,000,000 capital stock. Secured by a first mortgage on 41 miles of electric railway track, including line from Jersey City to Bergen Point, N. J. Market, Philadelphia — F. R. Welsh, Chas. Fearon & Co. Newark— J. S. Rippel. Pat«rsoD, N. J. — Francis K. McCully. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Bid High. 97 '16 90 Mar. l/ow.90 '17 JERSEY CITY, HOBOKEN & PATERSON STREET RAII.WAY Ist 4s. Due Nov. 1, 1949.— N. Dated November 1, 1899. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized — $20,000,000. Outstanding — $12,563,000. Deposited under Public Service Corp. Gen. 5s -=-$1,498,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — New Jersey Title Guarantee & Trust Co., Jersey City, N. J. Control— -Merged in 1907 into the Public Service Ry. Co. , the railway operating com- pany of the Public Service Corp. of N. J. Secured by a mortgage on about 146 miles of electric railway track, including about 70 miles of street railway lines in Hoboken, N. J., and surrounding towns and about 40 miles street railway lines in and around Paterson, N. J., also on line connecting these cities and various extensions and branches. Prior Liens — $300,000 Paterson Ry. 2d Gen. 53, due Oct. 1, 1944, and $1,250,000 Cons, (now 1st) 6s of 1931; $100,000 Weehawken Ext. 5s of 1945; $2,998,000 North Hudson County Cons, (now 1st) 5s of 1928, and $1,291,000 Impt. 5s of 1924. Provision is made under 597 this mortgage to retire or refund all of these issues. Market. Philadelphia — H. D. Boenning & Co., West & Co. , Huntoon & Co. , Chas. Fearon & Co. Paterson — F. A. Peters, Francis K. Mc- Cully. New York — A. B. Fitkin & Co., Plympton, Gardiner & Co., Philip Lynch, Leonard Snider & Co., B. & C. Randolph, W. B. R. Smith & Co., L. A. Norton, Starbuck, Van Sant & Lege, John Davenport, B. H. & F. W. Pelzer. Newark, N. J. — J. S. Rippel, Fidelity Trust Co.. Post & Flags, Eisele & King. Jersey City — Outwater & Wells. Edwin R, Case. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.82% '12 83 '12 67 Dec. 70 Feb. Low. 56 '08 68 '08 60 Dec. 63 Dec. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Antborized — $200,000. Outstanding — $200,000. $160,000 owned by the Pennsylvania R. R. Co. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust and Safe Deposit Co., Philadelphia. Control — Operated by the Pennsylvania R. R. Co. as agent. Rental, net earnings. Secured by a first mortgage on the 19.62 miles of road from Johnsonbure to Clermont, Pa. Year ended Dec. 31 Net Charges 1917 $437 $13,153 1916 676 13.194 JEWEL TEA COMPANY, INC., Serial 6% Notes. Due $500,000 May 1 and Nov. 1. 1920: $750,000 May 1 and Nov. 1, 1981. and $1,000,000 May 1. 1983. Dated May 1, 1919. Interest payable May and Nov. 1, at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Althorized — $3,600,000. Outstanding — $3,500,000. Puriwse of Issue — To retire floating indebt- edness and provide additional funds to cover a period of abnormally high price of green coffee. Denomination — Coupon $1,000. Registerable as to principal . Trustee — -Central Union Trust Company. New York. Bedeermable as a whole or as to any one maturity (but not less than all the notes of any one maturity) upon any interest date at 101 upon 30 days' notice. Oncanization — Incorporated 1904 as Jewel Tea Company and in 1916 as Jewel Tea Co., Inc. Company ig engaged in the business of selling coffee, tea and certain like articles direct to consumer from wagons covering 20.000 different routes and doing business in all the principal cities of the United States. Maintains over 530 branches from wliich these wagons operate. Capital Stock Outstanding Preferred (7% cum.) $3,760,000 Common 12,000,000 Security — A direct obligation of the com- pany, but not secured by mortgage. The com- pany covenants that no mortgage shall be created upon any part of the real or personal property of the company or any of its sub- sidiaries except purchase money mortgages on property hereafter acquired. Company fur- ther covenants that it will at all times main- tain its cash and quick assets in amount equal to 150% of all liabilities and indebted- ness (including notes outstanding), and that it will not declare any dividends on Its common stock unless cash and quick assets are equal to at least twice the sum of all liabilities and indebtedness, and unless the payment of such dividends does not reduce the cash and quick assets below said amount. Original Market — Offered May, 1919, by Goldman, Sachs & Co., and Lehman Brothers, New York, at prices to yield from 6 % % to 6 % % for various maturities. JOHNSTOWN (PA.) PASSENGER RAILWAY Gen. Cons, (now let) 4s. Due Dec. 1, 1939.— F. Dated Dec. 1, 1899. Interest payable June and Deo. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $399,000. Denomination — Coupon, $1,000. Register- as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date on six weeks' notice. Assumed by the Johnstown Traction Co. Control — ^Merged January, 1914, into the Johnstown Traction Co. Secured by a first mortgage on 39 miles of electric railway track, embracing the entire street railway system of Johnstown, Pa., and vicinity, and an 11-mile extension to Windber, Pa. Population (1910), Johnstown, 6&,482; Windber, 8,013. Franchises are reported as perpetual. Underlies — Ref. 4s of 1931 and Johnstown Traction Co. 1st & Ref. 5s of 1943. The latter mortgage provides for the retirement of this issue. Earnings — See Johnstown Traction Co. Market. Fhiladelnliia — Wurts, Dulles & Co., New- burger, Henderson & Ixieb. H. Boenning & Co., Huntoon & Co., E. R. Bernard, S. K. Phillips & Co. New York — B. & C. Randolph, Newburger, Henderson & Loeb, Fred'H. Hatch & Co., Wm. C. Bwen. Pittsburgh — George. Allen & Whltehouse. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Bid Ask HIgh.89^4 '16 71 July 73 Nov. Low. 71 '18 73 '18 JOHNSONBURG RAILROAD CO. 1st 6s. Due March 1. 1929 F. Dated Jan. 16, 1889. Interest payable March and Sept. 1, at Trustee's office. JOHNSTOWN (PA.) PASSENGER RAILWAY CO. Ref. 4s. Due Dee. 1, 1931.— N. Dated December 1, 1901. Interest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In the State of Pennsylvania. Authorized — Closed mortgage. Outstanding — $1,601, 000. Reserved for Prior Liens — $399,000. Denomination— Coupon. $1,000. Registerable as to principal. Trustee — Johnstown Trust Co., Johnstown, Pa. Redeemable as a whole at 105 and interest on any interest date on six weeks' notice. Assumed by the Johnstown Traction Co. Control — Gen. Cons. 4s aboVe. 588 Secured by a second mortgage on the prop- erty covered by the first lien of the Gen. Cona. 43, which see above. Prior Uen — $399,000 Cons. 4s of 1929. Underlies— Johnstown Traction Co. 1st & Ref. 6g of 1943, which mortgage provides for the retirement of this Issue. £aminee — See Johnstown Traction Co. Original Market — Ottered in 1909 by Spencer Trask & Co., New Tork, and George B. Atlee & Co., Philadelphia, at 8614 and interest. Market. PhiladclDhia — ^Huntoon & Co., E. R. Bern- ard. Wurts, Dulles & Co.. H. Boennine & Co.. Elkins, Morris & Co., S. K. Phillips & Co. New York — ^Newburger, Henderson & Loeb, B. & C. Randolph, Lynch & McDermott, Wm. C. Bwen. Fittsbnrgli — George, Allen & Whitehouse. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.87 '12 89 '16 80 Jan. Low. 66 '18 80 '18 66 Aug. 80 Nov. (THE) JOHNSTOWN STEAMSHIP CO. 1st 5B. Due $130,000 annually Dec. 1 from 1918 to Dec. 1, 19S7, inclusive. Dated June 1, 1916. Interest payable Jan. 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Autllorized — $1,300,000. Outstanding — $1,170,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102 and interest on any in- terest date on 30 days* notice. Control — ^The Cambria Steel Co. owns 60% and the nominees of M. A. Hanna & Co. 40% of the $1,300,000 capital stock of the com- pany. Secured by a first mortgage on 6 steel steam- ships operating on the Great Lakes. The com- pany covenants to maintain insurance on ships for an amount at least 25% in excess of the par value of bonds outstanding. The Cambria Steel Co. has entered into a contract with The Johnstown Steamship Co. whereby the former company agrees to furnish ore for capacity transportation for 12 consecutive seasons at the rate of 46 cents per ton from the head of Lake Superior, free to vessels. Original Market — Offered June, 1916, by Drexel & Co., Philadelphia. Market. New York — Newburger. Henderson & Loeb. Philadelphia — Newburger. Henderson & Loeb, S, K. Phillips & Co. JOHNSTOWN TRACTION CO. 1st & Ref. Ss. Due July 1, 1943.— N. Dated Dec. 31, 1913. Interest payable Jan. and July 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Autllorized — $5, 000, 000. Outstanding— $1,968,000 (May 1, 1919). Held in S. F — $42,000. Reserved for Prior Lien — $2,000,000. Reserved for Ext. — $1,000,000. Denomination — Coupon. $500 and $1,000. Reglsterable as to principal. Trustee — Logan Trust Co., Philadelphia. Redeemable on any interest date at 102 and interest. Sinldne Fund — Beginning Oct. 1, 1917, to Oct. 1, 1942, inclusive. An annual amount eaual to 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 102 and interest. Bonds so acquired to be held alive and interest added to this fund. Organization — Incorporated in Pennsylvania, Feb., 1910. to lease the Johnstown Passenger Ry. In Jan., 1914, absorbed the latter com- pany. Secured by a third mortgage on about 39 miles of electric railway track in and around Johnstown, Pa., embracing the street railway system of Johnstown and an 11-mile extension to Windber, Pa. Franchises perpetual. Pop- ulation served, over 100. 000. Prior Lien — $399,000 Gen. Cons, (now 1st) 4b of 1929, and $1,601,000 Ref. 4s of 1931, of the Johnstown Passenger Ry. For the re- tirement of which provision is made in this mortgage. Year ended Dec. 31 Bond Gross Net Interest 1917 $802,287 $303,657 $180,971 1916 772,219 360,424 180,000 1915.* 314.796 180,000 1914 296.325 180,000 Original Market — Offered in 1913 by New- burger, Henderson & Loeb and Geo. S. Fox & Sons, Philadelphia, at 95 and Interest. Market. Fliiladelplila — S. K. Phillips & Co., H. D. Boenning & Co., Newburger. Henderson & Loeb, Edward V. Kane & Co. New York — Dunham & Co., E. & C. Ran- dolph, Newburger, Henderson & Loeb. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.92 '15 96 '16 70 Dec. 80% Feb. Low. 60 '18 70 '18 60 June 70 June JOIJET RAILROAD Gen. Ext'd 5s. Due April 30, 1923. — F. Dated May 1, 1898. Extended April 80. 1918. Interest payable May and Nov. 1, at Fidelity Trust Co., Portland. Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $400,000. Denomination — Coupon. $1,000. Reglsterable as to principal. Trustee — Fidelity Trust Co., Portland. Me. Control — Merged in 1901 into the Chicago & JoUet Electric Ry. Co., which Is controlled by the American Bys. Co. through ownership of its entire $2,300,000 capital stock and $1,600.- 000 (entire outstanding) Gen. 6s of 1931. Pow- er is purchased from the Economy Light & Power Co. of Chicago. The C. & J. B. Ry. Co. owns $1,000,000 of the $1,100,000 capital stock and $1,000,000 (entire issue) of bonds of the Chicago & Desplaines Valley Electric Ry. Co. (deposited under its Gen. 5s of 1931), own- ing 41 miles of track from a connection with the C. & J. B. Ry. Co. at the Will County Line to City of Chicago Line on Archer Ave. The C. & J. E. Ry. Co. owns about 44 miles of track, including the street railway system of Joliet and line extending from that city to the Will County Line and runs through trains from Joliet to Chicago. Franchises are for 60 years. Secured by a first mortgage on the prop- erty formerly belonging to the Joliet R. R. Co. UnderUes — $1,600,000 C. & J. B. Ry. Co. Gen. 6s of 1931. For particulars see above. Original Market — Offered by Portland Trust Co., Portland, Me., at par and interest, July, 1898. Market. Portland, Me. — Fidelity Trust Co. 599 JONBS & liAUGHLIN STKEL CO. Ist 30-Year S. F. 5s. Due May 1, 1939. — F. Dated May 1, 1909. Interest payable May and Nov. 1, at Trustee's office, and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsvlvania. Authorized — $30,000,000. Outstandinir — $20,258,000 (April 1. 1919). Retired by S. F.— $4,742,000. Reserved for Ext. — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— First Trust & Savines Bank and Emile K. Boisot, Chicago. Redeemable at 105 and interest on any in- terest date after May 1. 1914. Sinking; Fund — ^Annually one-fifteenth of the amount of bonds outatandine" (payable in cash or bonds, which are to be taken at their par value), for the payment of interest on the out- standing bonds and to the retiremewt of prin- cipal. Organization — Incorporated in Pennsylvania In 1902, succeeding the partnership Jones & Laughlins, Ltd. The company controls through stock ownership the Blair Limestone Co., East- ern R R. Co.. Inter-State Iron Cn., Jones & Laughlin Ore Co., Leetonia Mining Co.. Monon- gahela Connecting R. R. Co., Vesta Coal Co., Aliquippa & Southern R. R. Co., Interstate S. S. Co., Harbor Land Co.. Ross Land Co., Woodlawn & Southern Street Ry. Co., Wood- lawn "Water Co. and Woodlawn Land Co. Its business was founded in 1853. Secured by a first mortgage on extensive steel plants located largely In Pittsburgh and tha new plant at Woodlawn, Pa., 22 miles from Pittsburgh, and aaditionally secured by the de- posit of practically all outstanding stocks of the subsidiary companies mentioned above. Under the provisions of the mortgage the company is required to keep net quick assets of at least $8,000,000 as long aa an equal amount of bonds remain outstanding. Original Market — First offered in 19 09 by Blair &,Co., New Tork. and First Trust & Savings Bank. Chicago. $10,000,000 offered by the same firms at 102% and interest, June, 1911. Market. New York — McKinley & Morris. Moore. Leon- ard & Lynch, Kemerer, Matthes & Co., Henry Zuckerman & Co. , Moore & Co. , A. Hicks Lawrence, Barnum, Mildon & Co., Newburger, Henderson & Loeb, Morton Lachenbruch & Co., Kiely & Horton, C. H. Hensel. R. C. Megargel & Co., B. & C. Randolph, Lee, Higginson & Co., Tobey & Kirk, Holmes. Bulkley & War- drop. McGeorge & Vanderhoef, D. T. Moore & Co. , Baker, Carruthers & Pell. Babcock, Rushton & Co.. Sam'l Goldschmidt, Holmes, Bulkley & Wardrop. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co. . West & Co. . Henry & Klrkbride. Sailer & Stevenson, Klemm & Keen. Newburger, Henderson & Loeb. Brown Bros. & Co., Harper & Turner. C. R. Penington & Co.. Huntoon & Co. Chicago — First Trust & Savings Bank, Bab- cock. Rushton & Co. Pittsburgh^ Jas. Ca- rothers & Co., R. W. Evans & Co., Holmes, Bulkley & Wardrop. Ward-Darley-Lupold Co., Goddard, Hunter & Co.. Mellon National Bank. The Safe Deposit & Trust Co., The Colonial Trust Co. , Moore, Leonard & Lynch, Lyon, Singer & Co., R. B. Hutchinson & Co.. Kean, Taylor & Co.. Speer Bros. Price Bangre. Jan. 1. '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.105 '16 106 '16 99 Feb. 99% Dec. Low. 97 '17 98% '17 97 Aug. 98% Aug. JOPLIN & PITTSBURGH RAH^WAY 1st 6s. Due March 1, 1930. — ^P. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2%. Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. OntBtanding — $1,750,000. Reserved for Ext. — $3,250,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — ^Harris Trust & Savings Bank, Chicago, and St. Louis Union Trust Co., St. Louis. Redeemable at 103 and interest on any in- terest date on 20 days' notice. Organization — The company was Incorporated in Missouri in 1907 as a consolidation of the Pittsburgh Ry. & Light Co. and the Joplln & Pittsburgh Street Ry. Co. In 1910 absorbed the Pittsburgh & Kansas City Ry., which com- pany had previously absorbed the Girard Coal Belt Electric Ry. Secured by a first mortgage on about 105 miles of electric railway track, of which 96 miles are main track and including six miles of street railway in Joplin, Mo., and all the atreet railway lines in Pittsburgh, Kan., and 25 miles of Interurban railway connecting these cities; also lines connecting Pittsburgh with Fronte- nac, Dunkirk, Radley, Franklin Anna. Crowe- burg, Mulberry and Girard, Kan., and Chero- kee, Mineral, Weir City, Scammon and Colum- bus, Mo. Population served, about 150,000. Franchise in Pittsburgh expires in 1939. in Joplin in 1967, in Girard in 1957, in Weir City in 1955 and in Columbus is unlimited. Outside of municipalities road is built on private right-of-way. Underlies — $1,050,000 Gen. 6s of 1920. Year ended June 30 Bond Gross Net Interest *1918 $672,366 $140,970 $160,500 1918 637,520 167,737 150,50C 1917 644.682 168.778 150,500 1916 631,259 218,353 150,500 1916 436.336 126,669 150.500 ♦Tear ended Dec. 31. Original Market — Offered in 1910 by N. W. Harris & Co. and E. H. Rollins & Sons, New Tork, Boston, etc., at 97 and interest. Market. Chicago — Harris Trust & Savings Bank, B. H. Rollins & Co. Boston — Harris, Forbes & Co., E. H. Rollins & Sons. Kansas City — H. P. Wright Investment Co. New York — Frank P. Ward. J. S. Farlee & Co., Fred H. Hatch & Co.. E. & C. Ran- dolph. Harris. Forbes & Co. , E, H. Rollins & Sons, S. L. Snowden. Kiely & Horton. Milwankee — ^First National Bank, Marshall & Ilsley Bank. PliiladelpMa — Harris. Forbes & Co., E. H. Rollins & Co. St. Louis — Stix & Co., Herrlck J. Gray & Co., A. G. Edwards & Sons, E. A. Gesaler. Denver — E. H. Rollins & Sons. IiOB Angeles — E. H. Rollins & Sons. San Francisco— E. H. Rollins & Sons. Price Range. Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.95% '12 98 '12 85 Dec. 89 Jan. Low. 80 '17 86 '18 83 July 86 July 600 JOPI.IN & PITTSBURGH RAILWAY CO. Gen. 6s. Due April 1, 1920.— P. Bated April 1, 1913. Interest payable April and Oct, 1, at Trustee's offlce, or First Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $1,050,000. Outstanding — $1, 050, 000. Denomination — Coupon, S500 and $1,000. Reeisterable as to principal. Trustee — Central Trust Co. ol 111., ChioaBo. Redeemable at par and interest on any in- terest date. OrEanlzation — See let 5s. Secured by a second lie;i on all tlie property of the company. Prior IJen — $1,750,000 1st 6s of 1930. EamlnES — See Ist 6s. Listed on the St. Louis Stock Bxchanee. Market. Boston — E. H. Rollins & Sons. Chicago — B. H. Rollins & Sons, H. T. Holtz & Co. New York — S. L. Snowden, E. H. Rollins 4 Sons, Didirchsen & Co., Kiely & Horton, E. & C. Randolph. Philadelphia — E. H. Rollins & Sons. Denver — E. H. Rollins & Sons. LoB Angeles — E. H. Rollins & Sons. San Francisco — ^E. H, Rollins & Sons. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Ask High.96 '16 99 '17 97% Nov. Low. 86 '17 91 '17 96% Nov. JOPLIN (MO.) GAS CO. 1st 6b. Due June 1, 1930.— F. Dated June 1, 1900. Interest payable June and Dec. 1, at Union Trust Co., Detroit, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Detroit. Organization and Control — Incorporated in Missouri in 1900 as successor to Joplin Illum- inating Co. Its entire capital stock, $300,- 000, is owned by the National Gas, Electric Light & Power Co, and deposited under its Coll. Tr. 5s. Secured by a first mortgage on plant supply- ing natural gas to Joplin, Mo. Gas purchased from Kansas Natural Gas Co. Franchise per- petual. Population, 1910, 32,073. Market. New York — Frederic H. Hatch & Co. Philadelphia — Bloren & Co. Chicago — A. B. Butler & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid High.88 '16 92 '16 76 Jan. Low. 75 '18 82 '17 Guaranteed as to interest and principal joint- ly and severally by the A.. T. & S. Fe Ry. Co., Kan. C. So. Ky. Co., Mo. & N. Ark. R. R. Co. and M., K., T. Ry. Co. Controlled by guarantors through ownership of entire outstanding capital stock ($40,000). Secured by a first mortgage on Union freight and passenger station on 26 acres at Joplin, Mo. ' Market. Boston — Old Colony Trust Co. New York — J. S. Farlee & Co., Sam'l Goldschmidt, Abraham & Co., Baker, Car- ruthers & Pell, John Davenport, Fred H. Hatch & Co. Birmingham — Caldwell & Garber. Price Range. Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hlgh.101% '10 102% '11 82 Nov. 87%Dec. Low. 74% '18 86 '17 74% Jan. 85 Nov. JOPLIN UNION DEPOT CO. Ist 4%s. Due May 1, 1940.— F. Dated May 2, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750, 000. OntBtanding— $660, 000. Denomination — Coupon, $1,000. Registerable as to principal. >[,QSl;ee — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia,. Redeemable at 106 and interest on and after May 1. 1916. JOPLIN WATER WORKS CO. 5s. Due AnrU 8, 1940.— N. Dated April 1. 1900. Interest payable April and Oct. 1. at Trustee's offlce. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $800,000. OntBtanding — $460,000. Reserved for Prior Lien — $360,000. Denomination — Coupon. $1,000. Trustee — Eauitable Trust Co., New York. Redeemable at par on any interest date. Control — Incorporated in Missouri in 1893 for 50 years. All of the capital stock is owned by the American Water Works & Elec- tric Co. Secured by a first mortgage on plant supply- ing water to Joplin, Mo. Population served, 35,000. Prior Lien — $360,000 6s of 1919. Underlies — $252,300 6s of 1948. Year ended April 30 Gross Net Int.. Etc. 1918 $136,406 $68,304 $64,669 1917 132,606 73,457 63,717 1916 118,780 71,222 61.653 1916 103.769 63.616 69,096 1914 106,917 63,061 67,264 Market. Pittsburgh — Moore, Leonard & Lynch, George Allen & Whltehouse, Glover & MacGregor. New York — Hotchkin & Co., Moore, Leonard & Lynch, B. &. C. Randolph, H. C. Spiller & Co. Boston — Hotchkin & Co., H. C. Spiller & Co., Chas. A. Day & Co. Portland — Beyer & Small. Philadelphia — R. W. Daniel & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid HiBh.75 '17 76% '17 65 Sept. Low. 66 '18 75 '17 JOPLIN WATER WORKS CO. 6s. Due Oct. 1, 1948.— N. Dated Oct. 1, 1908. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,260,000. Outstanding — $262,300. Reserved for Prior Liens — $800,000. Reserved for Ext. — $197,700 Denomination — Coupon, $100, $600 and $1,000. Trustee— -Equitable Trust Co., New York. 601 Redeemable prior to Oct. 1, 1918, at 103 and 000 6s of 1940, both of which thU issue pro- Interest, thereafter at any time at par. Also vides to retire, redeemable at any time at par and interest in Earnings — See 6a above, event of sale of the plant to the city. Market, Control — See 6s above. Pittsburgh — Moore, Leonard & Lynch, Glover Secured by a mortgage on plant supplying & MacGregor. ■water to Joplin, Mo., and suburbs. Population New York — Hanson & Doyle, Hotchkin & Co., served, 35,000. E. & C. Randolph, Moore, Leonard & Lynch. Prior Liens — $350,000 6s of 1919 and $460i,- Boston — ^Hotchkin & Co. 602 K KALAMAZOO & WHITE PIGEON RAILROAD CO., 1st 5s. Due Jan. 1, 1940— P. Dated January 1, 1890. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal In'come Tax paid by company without deduction. Tax exempt in Michigan. Authorized and Outstanding — $400,000. Denomination — Coupon. $1,000. Registered, $1,000 and $5,000. Trustee — Central Union Trust Co. , New York. Assumed by the New York Central R. R. Co. Guaranteed principal and interest by en- dorsement by the Lake Shore & Michigan Southern Ry. Co., whit* company was merged into the New York Central R. R. Co. Control — Absorbed by the New York Central R. R. Co. Secured by first mortgage on 36.54 miles of road from White Pigeon to Kalamazoo, Mich. Underlies — L. S. & M. S. R. R. lat 3^y^s of 1997 and Debentures of 1928 and 1931; N. Y. C. R. R. Ref. & Imp. 4%a and Debenture 6s and all unexchanged N. Y. C. , Lake Shore Coll. Tr. bonds. I^egal for Cal., Conn.. Mc. , Mass., Mich., Minn., Mo.. N. H., N. J., N. Y., R. I.. Vt. and Wis. Market. New York — Remick, Hodges & Co., Abraham & Co., Baker, Carruthers & Pell, P. J. Lis- man & Co.. Chas. W. Place, Taylor, Smith & Hard, J. S. Farlee & Co. Pittsbursli — R. B. Hutchinson & Co. Price Range Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.117% '09 115% '12 99 Nov. Low. 93 '18 106 '17 93 Apr. KAl^MAZOO. AliLEGAN & GRAND RAPIDS RAILROAD CO. 1st 5s. Due July 1, 1938. Dated July 2, 1888. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $840,000. Denomination — Coupon, $1, 000. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest under terms of lease by the New York Central R, R. Co. Organization and Control — Incorporated in 1868 and road opened for operation in 1869, in which year it was leased to the Lake Shore & Michigan Southern for 999 years at an annual rental equal to interest on bonds and 6% on the $610,000 stock. The latter company has been merged with the N. Y. C. R. R. Co. Secured by first mortgage on 58.45 miles of . road from Kalamazoo to Grand Rapids, Mich. Legal for Cal. , Me. , Mass. , Mich. , Minn. , Mo.. N. H., N. J.. R. L, and Wis. Llerted on the New York Stock Exchange, Market. New York — ^Remick Hodges & Co., E. & C. Randolph, Abraham & Co., Baker, Carruthers & Pell, F. J. LIsman & Co., Redmond & Co., Taylor, |Smith & Hard. Pittsburgh — R. B, Hutchinson & Co. Boston — R. L. Day & Co. Baltimore — Jenkins, Whedbee & Poe. ' Price Range Jan, 1, '08 to Jan. 1, '19 Bid Ask Bid High.113 '10 92 Dec. Low. 90 '17 97 '18 1918 Ask 97 Oct. KALAMAZOO GAS CO 1st 5s. Due Jan, 1. 1920— N. Dated Jan. 1, 1900. Interest payable Jan. and July 1. at Michigan 'Trust Co., Grand Rapids, Mich. Tax Status — ^Payment of Federal Income Tax not assumed by companv. Authorized — $450,000. Outstanding — $388,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Michigan Trust Co., Grand Rapids, Mich. Redeemable at 105 and interest. Assumed by the Michigan Light Co. Organization and Control — Incorporated in 1899 in Michigan and absorbed in 1914 by the Michigan Light Co., which is controlled by the Commonwealth Power Railway & Light Co. Secured by first mortgage on plant supply- ing Kalamazoo, Mich., with gas without com- petition. Franchise is unlimited as to time. Population served, 48,000. Underlies — ^Mich. Lt. Co. 1st and Ref. 5s of 1946, which provide for retirement of this issue. Earnings — See Michigan Light Co. Market. Chicago — Hodenpyl, Hardy & Co. New York — Hodenpyl. Hardy & Co.. Inc., Kiely & Horton. Detroit — ^Whittlesey, McLean & Co. Price Range Jan. 1. '15 to Jan. 1, '19 Bid Ask High.99 '17 100 '15 Low. 92 '15 99 '15 KAMINISTIQUIA POWER CO., LTD., 1st 5s. Due Jan. 1, 1937.— N. Dated Jan. 2, 1907. Interest payable Jan. 1 and July 1 , at company' s office or at the Royal Trust Co., Montreal, and Bank of Mon- treal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,0 00. Outstanding— $1,902,500 (May 15, 1919). Retired by S. F. — $60,000. In Treasury — $37,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at 10'5 and interest on any in- terest date on 90 days' notice. Sinking Fund — 1% annually, beginning Jan. 1, 1917, of outstanding bonds to be applied to purchase or redemption of these bonds at not exceeding 105 and interest. , Organization — Incorporated in 1905 under the Companies Act of Canada for the purpose of generating and supplying light, heat and power, and owns extensive water power rights on the Kaminlstiquia River, Ontario, granted in perpetuity by Government. Secured by first mortgage on power house, sub-station, transmission lines and other prop- erty of company supplying Fort William and Port Arthur. Ont. Population served, 40,000. Franchise perpetual. 603 Year ended Oct. 31 ! Fixed Gross Net Charges 1918 $424,870 $318,710 $96,126 1917 380,388 290,676 96,125 1916 368,801 318,423 96,126 1915 341,316 306,660 96,125 1914 319,619 269,613 88,281 Ijisted on the London Stock Exchange. Original Market — Offered, 1911, by Koyal Se- curities Corp., Montreal. Market. Montreal — Royal Sec. Corp., Ltd. New York — Gude, Winmill & Co.. Morton Laohenbruoh & Co., Abraham & Co., Aldred & Co.. Lynch & McDermott. Boston — Chase & Co. Philadelphia — J. W. Gross. Price Range Jan. 1, '15 to Jan. 1, '19 1918 Bid Aak Bid Ask HiBh.86 '18 95 '16 86 June 88 June Low. 85 '16 88 '18 Price Ranee — N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 High. 99% Jan. 22. '06 69 Aug. 9 l,ow.67% Sept. 23, '18 67% Sept. 23 KANAWHA & MICHIGAN RAILWAY CO. 1st 4s. Due April 1, 1990 — F. Dated June 3, 1890. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16,000 per mile. Outstanding — $2,469,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by en- dorsement by the Toledo & Ohio Central Rail- way Co. Organization and Control— Incorporated in 1890 In Ohio and West Virginia, succeeding the Kanawha & Ohio Ry. Co. Formerly con- trolled jointly by the Chesapeake & Ohio Rail- way Co. and the Lake Shore & Michigan Southern Ry., which owned 90% of the capital stock in equal proportions. In 1914 the U. S. District Court held that the control exercised by the C. & O. Ry. Co. was illegal, and ordered that company to sell its holdings, which it has since disposed of to the Toledo & Ohio Central Ry. Co., which company is con- trolled through stock ownership by the New York Central R. R, Co. Secured by a first mortgage on 167.10 miles of road. viz. : Miles Corning to Hobson. 66.80 Point Pleasant to Gauiey Bridge, W. Va. 94.70 Smithers to Martin, W. Va 4.40 Glouster to Carrington, 11.20 Also a first lien, through deposit of the en- tire $1,000,000 First Mortgage Bonds and $998,- 000 of the $1,000,000 stock of the Mt. Pleasant Bridge Co. on a two mile bridge across the Ohio River. Underlies — 2d Bs of 1927. Year ended Dec. 31 Gross Net Int.&Rent 1917... $3,606,991 $1,484,480 $326,703 1916... 3,614,037 1,632,909 335,543 1915... 3,139,104 1,164,426 349,349 Ijegal for Me., Mich., Minn., Mo., N. H. , N. J., R. I. and Wis. Ijisted on the New York Stock Exchange. Market. New York — A. E. Fitkin & Co., Sam'l Gold- schmidt, Abraham & Co., Baker, Carruthers & Pell, F. J, Lisman & Co., Spencer, Trask, & Co., Wm. C. Bwen. Taylor. Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Boston — G. W. Walker & Co. KANAWAHA & MICHIGAN BATLWAY CO. 2nd 5s. Due July 1, 1927.— P. Dated July 1, 1907. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding— $2,500,000. Denomination^Coupon. $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any in- terest day upon three months' notice. Organization and Control — See 1st 4s, due 1990. Secured by second mortgage on 167.10 miles of road, and all other property covered by the lien of the 1st 4s which see for detail. Prior Liens— $2,469,000 1st 4s of 1990. Earnings See 1st 4s above. Listed on the New York Stock Exchange. Legal lor N. H. and R. I. Original Market — Offered in 1909 by White Weld & Co., New York and Chicago, and Lee, Higglnson & Co., New York, Boston and Chi- cago, at 96% and interest. Market. New York — J. A. Joseph, Jr., & Co., Robin- son & Co., S. P. Larkin & Co., J. S. Farlee & Co., Hanson & Doyle, Lee, Higginson & Co., Abraham & Co., Baker, Carruthers & Pell, F. J. Lisman & Co., Spencer, Trask & Co., White, Weld & Co. Philadelphia — Chandler Bros. &" Co., Hun- tonn & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, '07 to Jan. 1, '19 1918 High.99% July 17 '12 90 Nov: 22 Low. 89 Dec. 13 '18 89 Dec. 13 KANAWHA Si MICHIGAN RAILWAY CO. Equip. Tr. iMss. Due $60,000 each, Jan. and July 1st, to July 1, 1922.— F. Dated July 1, 1912. Interest payable Jan. and July 1, at New York,- Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding — $420,000 (April 1, 1919). Balance Retired, Denominations-Coupon, $1,000. Trustee — Central Union Trust Co., New York. Redeemable at par and interest on any in- terest date on 30 days' notice. Organization and Control — See 1st 4s. Secured by first lien on 1,000 fifty-ton steel drop bottom coal cars, 100 Hart convertible steel underframe coal and ballast cars, 3 steel underframe passenger cars, 10 consolidation freight locomotives and 2 heavy switching loco- motives, costing $1,333,400, of which $133,400 was paid In cash by the railway company. Original Market — Offered in 1912 by White, Weld & Co., New York, at 100 and interest for maturities from 1916 to 1922, inclusive. Market. New York — Coggeshall & Hicks. Bull & El- dredge, Freeman & Co., Evans, Stillman & Co. Philadelphia — Graham, Parsons & Co. KANAWHA & MICHIGAN RAILWAY CO. Equip. Trust VAs. Due $60,000 each Jan, 1 and July 1, to July 1, 1924.— N. Dated July 1, 1914, Interest payable Jan. 1 and July 1. 604 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,200,000. Outstanding — St)60,000 (April 1, 1919). Balance Retired. Trustee — Central Union Trust Co., New York. Redeemable on any interest date at par and Interest. Organization — See 1st 4s. Secured by an equipment trust agreement on seven consolidation locomotives, 5 steel pas- senger coaches, 2 steel baggage and mail cars and 1,160 drop-bottom steel gondola cars, cost- ing $1,335,000, of which $135,000 was paid in cash. The company operates 170 miles of road, from a connection with the Toledo & Ohio Central Ry. in southern Ohio to Charles- ton and other points in "West Virginia, serving the coal fields of those states. Original Market — Offered Aug. , 1914. by White. Weld & Co., New York, at 100 and interest. Market. See EQulp. Tr. 4^3 above. KANAWHA & WEST VIRGINIA RAILROAD CO. 1st 5s. Due July 1, 1955.— F. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Ojtstanding— $1,477,000. Denomination — Coupon. $1,000. Registerabla as to principal. Trustee — Scranton Trust Co., Scranton, Pa. Redeemable at 105 and Interest on 60 days' notice. Assumed by the Kanawha & Michigan By. Co. Guaranteed as to principal and Interest the first $1,000,000 by endorsement by the Blue Creek Coal & Land Co. Organization — Chartered In 1905 in "West Virginia, succeeding the Imboden & Odell R. R, Entire line finished and opened for operation In 1907. Control — The Kanawha & Michigan Ry. Co. owns the entire capital stock. The latter com- pany is controlled through stock ownership by the Toledo & Ohio Central Ry. Co., a sub- sidiary of the New York Central R. B. Co. Secured by first mortgage on 37.4 miles of road, from Charleston to Blakeley, "W. Va., 33.4 miles, and from Belva to Swiss. "W. Va.. on the Gauley River, 4 miles. Original Market — First offered in 1907 at par and interest by Brooks & Co.. Scranton, Pa. Market. Scranton — Chas. E. Robertson. New York — Hornblower & Weeks, F. J. Lisman & Co. Boston — ^Hornblower & "Weeks. Fhiladelphia — Montgomery & Co. Cliicago — ^Hornblower & Weeks. Pittsburgh — Wm. P. Lemley & Co. Price Range. .Ian. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 85 '16 90 '16 70 Nov. 80 Nov. Low. 70 '18 80 *17 Retired by S. F. — $24,000. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on and after April 1, 1916, at 105 and Interest. sinking Fund — $3,000 per year from 1913 to 1917, $5,000 to 1927, $7,500 to 1937 and $10,000 thereafter. Organization and Control — ^Incorporated in 1907 in West Virginia. Entire stock owned by the Chesapeake & Ohio Railway Co. Secured by first mortgage on a bridge 4,800 feet long across the Kanawha River at Charleston, W, Va,, and on certain terminal properties. This bridge connects the lines of the Ches. & Ohio and the Kanawha & Michi- gan, and is also used for steel railway and general trafilc. Original Market — Offered by Montgomery, Clothier & Tyler, Philadelphia. Market. New York — Abraham & Co. , Baker, Car- ruthers & Pell, F. J. Lisman & Co., John Davenport. Philadelphia — S. K. Phillips & Co. KANAWHA BRIDGE & TERMINAIi CO. Iflt 58. Due AprU 1, 1948.— F. Dated April 1, 1908. Interest payable April and Oct. 1, at Fidelity Trust Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding— $476,000 (May 21, '19). KANAWHA VAXLEY TRACTION CO. 1st 58» Due Jan. 1, 1946. — F. Dated Jan. 1, 1906. Interest payable Jan. and July 1. at Fidelity Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $2. 000, 000. Outstanding — $1,000,000. Pledged to Secure C. I. R. R. Notes — $600,000. Reserved for Ext. — $400,000. Denomination — Coupon, $1. 000. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Charleston Interurban R. R. Co. Organization and Control — Incorporated In 1905 in West Virginia, and Jan. 1, 1910. prop- erty was leased to the Charleston Interurban R. R. for 99 years; rental $20,000 per annum. The entire $500,000 stock is owned by the Ohio Valley Electric Co.. a subsidiary of the Ameri- can Rys. Co. Secured by first mortgage on 14 miles of electric railway track In Charleston, W. Va. Population, 23.000. Franchise extends to 1955. Earnings — See Charleston Interurban R. R, 6% notes. Market. Charleston, W. Va. — Robert L. Ruddell. Price Ranee. Jan. 1, '16 to Jan. 1, '19 Bid Ask High. 85 '17 90% '16 Low. 75 '17 80 '17 KANAWHA WATER & LIGHT CO. 1st Cons. 5s. Due April 1, 1933. Dated April 1, 1903. Interest payable April and Oct. 1, at' Trustee's office. Tax Status — Information not available. Authorized — $800,000. Outstanding — $590,000. Denomination — Coupon. $1, 000. Trustee — Continental Trust Co., Baltimore. Redeemable on any interest date at 105 and Interest. Organization and Control — Incorporated In 1903 In West Virginia and absorbed the Charleston Water Works and Charleston Gas & Electric Co. Secured by first mortgage on plants supply- ing water, gas. electric light and power to Charleston and South Charleston, W. Va. Population served, 20,000. Market. New York — Hotchkin & Co. Boston — H. C. Spiller & Co., P. W. Mason & Co., Hotchkin & Co., Chas. A. Day & Co. Price Banse. Jan. 1, '16 to Jan. 1, ^9 Bid Ask High.86^ '17 89% '16 Low. 83 *16 89% '16 KANES FAIitS EliEGTBIC CO. let 58. Due June 27, 1955.— N. Dated June 27, 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $178,000. Denomination — Coupon, $1, 000. Registejg-ble as to principal. Trustee — Columbia Trust Co., New York. Redeemable at the option of the company at 105 and interest on any interest date on 60 days' notice and at the option of the holder at par and interest on or after Aug. 1, 1923, on six months' notice. Organization — Incorporated in New York In 1898. Secured by a first mortgage on a, hydro-elec- tric plant located near Fort Ann, "Washington County, N. Y., with an ultimate capacity of 3,000,000 k. w. h. per annum ; on undevel- oped water power &.t "West Fort Ann on 13 miles of transmission lines to Glen Falls, N. Y. The company is extending its trans- mission lines to the slate quarries in the lo- cality of its plant. Also sells power to the Granville Electric & Gas Co. under a contract with a minimum annual payment of $8, 760. It is also selling power to the Adirondack Electric Power Corp. under a long term con- tract. Original Market — Offered in 1913 by Ashley & Co., New York and Boston at 92% and in- terest. Market. New York— F. H. Hatch & Co. Boston — J. S. Orler & Co. KANKAKEE (ILt.) GAS & ELECTRIC CO. 1st & Ref. S. F. 5s. Due Sept. 1. 1930. Dated Sept. 1, 1910. Interest payable Mar. 1 and Sept. 1, at office of P. "W. Brooks & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding— $231,500 (Feb. 1, 1919). Retired by S. F.— $60,500. Fledged Under Pub. Serv. Co. of No. HI. Ist & Ref. 5s of 1956— $408,000. Denomination — ' Coupon, $100, $500, and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 1 7 % and interest on and after Sept. 1, 1913, for the sinking fund, on three weeks' notice. Sinking Fund — 1%% of outstanding bonds beginning 1913 and annually for seven years thereafter, and 2% annually thereafter to the maturity of the bonds. Organization — Incorporated .in Illinois In 1910 as a consolidation of the Kankakee Ellec- trlc Light Co. and Citizens' Gas Co. In 1911 company was merged into the Public Service Co. of Northern Illinois. Secured by a mortgage upon entire prop- erty formely owned by company, including plants supplying gas without competition to Kankakee, 111., and three adjacent towns. Population served, 25,000. Franchises extend beyond the life of these bonds. Prior Liens — $128,500 Citizens' Gas Co. 1st 5s, due 1932. Underlies — Public Service Co. of No. Illinola 1st & Ref. 5s, due 1956, which provide for the retirement of this issue and its prior lien. Earnings See P. S. Co. of Northern 111. Original Market — Offered Sept. , 1910, by P. "W. Brooks & Co., New York and Boston, at 95 and interest. Market. New York — Kiely & Horton, Lynch & Mc- Dermbtt. Chicago — ^Plotz & Co.. "Union Trust Co. Philadelphia— S. K. Phillips & Co. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 98 '12 99 '12 85 Jan. 92 Jan. Low. 75 '18 85 '18 75 Nov. 85 Dec. KANSAS & MISSOURI RAILROAD CO. 1st 5s. Due Aug. 1, 1933.— F. Dated August 1, 1882, Interest payable February and August 1, at Old Colony Trust Co,, Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Outstanding — $390,000 (closed mortgage). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New England Trust Co., Boston. Control — Merged into the Kansas City, Fort Scott & Memphis Ry. Co. , which is leased until 2,000 to the St. Louis-San Francisco Ry. Co. (reorganized company), which owns the entire capital stock. Secured by a first mortgage on 26.18 miles of road from Coalvale to "Wier City Jet. , Kan. Underlies — ^Kansas City, Fort Scott & Mem- phis R. R. Cons. 6s, due 1928, and Refund- ing 4s, due 1936, which provides for the re- tirement of this Issue. Legal for Me. Market. New York — W. C. Wilson & Co.. Abraham & Co., Baker, Carruthers & Pell, F. H. Hatch & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.98 '12 100 '11 92% Mar. Low. 85 '08 98 '13 KANSAS CITY & MEMPHIS RAILWAY & BRIDGE CO. 1st 5s. Due Oct. 1, 1929. Dated Oct. 1, 1889. Interest payable April and Oct. 1, at Old Colony Trust Co., Boston, and Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by ompany without deduction. Authorized — $3,000,000. Outstanding— $2,429,000 (Dec. 31, 1918). Held in Sinking Fund — $571,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Sinking Fund — $10,000 per annum to be applied to purchase or redemption of these bonds at not exceeding 110 and interest, all bonds thus acquired to be held alive In the Sinking Fund. Bonds held in this fund may be sold to the extent that their proceeds are necessary for extraordinary repairs or renewals to the bridge. Guaranteed principal and interest by en- dorsement by the Kansas City,* Fort Scott & Memphis R. R. Co. 606 Control — Entire capital stock of this com- pany is owned by the Kansas City, F. S. & M. Ky. and deposited under Its Refunding mortgage. The latter road is leased to the St. Louis-San Francisco Ry. Co., which owns its entire capital stock. Secured by a first mortgage on bridge 2.85 miles in length across the Mississippi River at Memphis, Tenn. liisted on the New York and Boston Stock Exchanges. Market. New York — -Sam'l Goldschmidt, lioucbhelm, Mlnton & Co., F. J. Llsman & Co., Wm. Car- negie Ewen, Abraham & Co.. Spencer, Trask & Co., H. I. Nicholas & Co., John Daven- port. Philadelphia — ^Louchhelm, Mlnton & Co., S. K. Phillips & Co. Boston — Francis Henshaw & Co. Price Bange — N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 High.103% July 31, '12 8B% July 24 Low. 85% July 24, '18 86% July 24 KANSAS CITY & MEMPHIS BAH-WAY CO. 1st 68. Series "A." Due May 1, 1961. Dated May 1, 1911. Interest payable May and Nov. 1, at Company's office, 61 Broad- way, New York. Default — Nov. 1, 1914, and subsequent In- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $496,000. Reserved for Prior laen — $300,000. Reserved for Ext. — $6,204,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Mississippi Valley Trust Co., St. Louis, Mo. Redeemable at 107% and Interest. Sinking Fund — Beginning Jan. 1, 1916, %% annually of outstanding bonds to be applied to purchase or redemption of bonds at not exceeding 107% and interest. Bonds acquired to be kept alive. Organization — The company was chartered in Arkansas in December, 1910, and absorbed the Arkansas, Oklahoma & Western R. R. and the Monte Ne Ry., and has affiliated in- terests with the Kansas City Southern Ry. Co. The company Is now in hands of receivers. Protective Committee — F. J. Llsman & Co.. New York. Secured by a first mortgage on 28 miles of road from Freeman to Monte Ne, Ark., and from Cave Springs to Fayetteville, Ark. These bonds are further secured by a traffic agree- ment with the Kansas City Southern Ry. Co. and by which the latter company agrees to pay 20% of the gross revenue received from the interchange of traffic. Note — The 30 miles from Rogers to Silvan Springs covered by 2d lien of this mortgage was foreclosed in Oct.. 1918. Original Market — Offered In 1911. by F. J. Llsman & Co., New York. KANSAS CITY & PACIFIC BATLROAD CO. 1st 48. Due August 1, 1990. — F. Dated August 1. 1890. Interest payable Feb. and Aug. 1, at company's office, 61 Broadway, New York. Payment of Interest — ^Interest is being paid about sir months after It Is due. Aug. 1. 1918, coupons were paid on and after Jan. 31, 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,600,000. Denomination — Coupon, $1,000. Regiaterabla as to principal. Trustee — Franklin Trust Co., New York. Guaranteed as to interest by endorsdfaient by the Missouri, Kansas & Texas Ry. Co., which later assumed the issue. Assumed by Missouri, Kansas & Texai Ry. Co. Organization and Control — Incorporated in Kansas in 1886 and in 1899 was absorbed by the Missouri, Kansas & Texas Ry. Co. Receiver was appointed for M., K. & T. Ry., Sept., 1916. Protective Committee — Edward C. Delafleld, Chairman; L. E. Zacker, L. M. Chllds, T. C. Temple, S. S. Furman with Edw. S. Blagden, Secretary, and Franklin Trust Co.. New York. Depository. Secured by first mortgage on 128 miles of road from South Cofteyville, Okla., to Paola, Kan., 6 locomotives, 3 coaches, 3 mail cars and 63 freight cars. trnderlies— M., K. & T. Gen. 4%s of 19S6, and notes secured by Cons. 6s, due 1940, which provide for the retirement of this Issue. Listed on the New York Stock Exchange. Market, New York — Hartshorne & Battelle, F. J. Llsman & Co., Sam'l Goldschmidt, Baker, Carruthers & Pell. Cleveland — Borton & Borton. Price Bance— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 191S High. 96^4 Apr. 16, '06 60 Oct. 14 Low. 50 Oct. 10, '18 50 Oct. 10 KANSAS CITY, CIAY COUNTY & ST. JOSEPH BAILWAY CO. 1st 68. Due Sep- tember 1,* 1941.— F. Dated September 1. 1911. Interest payable Mar. 1 and Sept. 1. at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $3,079,000 (Jan. 1, 1919). Retired by S. F. — $66,000. Reserved for Extensions — $6,866,000. Denomination — Coupon, $1,000. Registerable as to principal. • Trustees — Equitable Trust Co., New York, and J. P. Downing, Kansas City. Bedeemable on any interest date at 105 and interest. Sinking Fund — Annually, beginning Sept. 1, 1917, 1%% of all bonds certified. Including bonds purchased through this fund. Fund to be applied at the option of the company (1) for additional property (not Including securi- ties of other corporations) acquired by the company, provided the acquisition has not been made the basis for the issuance of bonds; (2) or for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are to be cancelled. Organizations-Incorporated In Missouri in 1911. In 191B receivers were appointed pending the settlement of a $1,500,000 judgment ob- tained by the Interstate Ry. Co. Receivers were discharged Nov., 1916. Judgment was settled Nov. 14, 1917. Secured by a first mortgage en 73 milea of high speed, modern interurban railway from Kansas City to St. Joseph and Excelsior Springs, Mo. Road la built on private right- of-way and cars enter Kansas City and St. Joseph over tracks of local lines. Popula- tion served, 426,000. 607 Year ended Dee. .31 Groas Net Interest J 918 $838,060 $320,176 $158,014 1917, ... 799.378 427.814 158.466 1916 715,257 352,352 154,082 1915 642.835 289.214 153,547 Original Market — Offered in March, 1914, by E. H. Rollins & Sons, Boston. New York, etc., Harris, Forbes & Co.. New York, and Perry, Coffin & Burr, Boston, at 94^ and interest. Market. New York — F. H. Hatch & Co., Hanson & Boyle, Earle A. Miller & Co.. McKinley & Morris. Taylor & White, B. & C. Randolph, Wm. C. Bwen, S. L. Snowden. Chlcaffo — Harris Trust & Savings Bank. Price Range. Jan. 1. '16 to Jan. 1. '19 .1918 Bid Ask Bid Ask Hi&h.80 '17 90 '18 75 Dec. flO Oct. Low. 58 '17 71 '17 65% May 85 May KANSAS CITY, CLINTON & SPRINGFIELD RAILWAY CO, 1st 58. Due Oct. 1, 1925. Dated Oct. 1, 1885. Interest payable April 1 and Ort. 1, at Old Colony Trust Co., Boston.. Tax Status — 2% Federal Income Tax paid by compa ny without deduction. Authorized — $20,000 per mile. Outstanding — $3,274,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New England Trust Co., Boston. Guaranteed as to principal and interest by endorsement by the Kansas City, Ft. Scott & Guif R. R. Co. The latter company was con- solidated with others into the Kansas City, Ft. Scott & Memphis R. R. Co., which latter com- pany assumed this guaranty. The guaranty was not assumed by the Kansas City, Ft. & Memphis Ry. Co., successor company. Organization — Incorporated in 1885 in Mis- souri and Kansas as a consolidation of the Railroad Co. of the same name and the Pleasant Hill & De Soto R. R. Co. Secured by a first mortgage on 162.63 miles of road, viz. : Miles Raymore Jet. to Ash Grove, Mo 129.16 Pleasant Hill, Mo., to Olathe, Kan 33.47 Note. — ^8. 41 miles from Raymore Jet. to Pleasant Hill, Mo. .•not operated. Legal to Me. Listed on the Boston Stock Exchange. Original Market — First offered by Lee, Hig- ginson & Co., Boston, New York, etc. Market. New York — Blodget & Co., Hotchkin & Co., F. J. Lisman & Co., A. E. Fitkin & Co., Wm. Carnegie Ewen, Abrahtim & Co., Baker, Car- ruthers & Pell, F. H. Hatch & Co. Boston — Blodget & Co.. Hotchkin & Co.. L. Sherman Adams. Price Range Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.97 '12 99 '12 80 Dec. 85 Dec. Lrf)w.40 '15 69 '15 64 Aug. 66 Aug. KANSAS CITY, EXCELSIOR SPRINGS & NORTHERN RAILWAY CO., 1st 48. Due Jan. 1, 1928. Dated Jan. 1, 1901. Interest payable Jan. and July 1. at Wabash Ry. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $100,000. Denomination — Coupon, $500. Registerable as to principal. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. Guaranteed principal and interest by the Wabash R. R. Co. (foreclosed). Organization — Incorporated in Missouri in 1897 and property purchased by the Wabash Railroad Co. in 1901, which company was suc- ceeded in Oct., 1915. by the Wabash Ry. Co. by foreclosure. Secured by a first mortgage on 9.10 miles of road from Excelsior Springs Junction to Ex- celsior Springs, Mo. Legal for Me. Market. New York — ^F. J. Lisman & Co. KANSAS CITY, FT. SCOTT & MEMPHIS RAILWAY CO. Ref. 49. Due Oct. 1, 1936. Dated October 1, 1901. Interest payable April and October 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $60,000,000. Outstanding — $25,941,000. Reserved for Prior Liens — $36,324,270. Reserved for Ext.-^$7.734,730. Denominationi — Coiupo^i, $1,000. Register- able as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers' Trust Co.. New York. Guaranteed principal and interest by en- dorsement by the St. Louis & San Francisco R. R. Co. (foreclosed). This guaranty has not been assumed by the St. Louis-San Francisco Ry. Co. Organization and Control — Incorporated in 1901 in Kansas, .succeeding the Kansas City, Ft. Scott & Memphis R. R. Co., which was formed in 1888, as a consolidation of the Kan- sas City, Fort Scott & Springfield and the Kansas City, Springfield & Memphis R. R. Companies. Entire capital stock is owned by the St. Louis-San Francisco Ry. Co., to which the property is leased until the year 2000.. Secured by a direct mortgage on 921.32 miles of road, viz. : A first mortgage on 124.32 miles — Miles Bonnerville to Algoa, Ark 35.75 Deckerville to Luxora, Ark 36.30 Miami to Afton, Okla 13. 09 Bvandale to Turrell, Ark 16.50 Tyronza Branch, Ark 13. 63 Marion to Hulbert, Ark 5.49 Coal Spur at New Home Jet., Mo 3.56 A second mortgage on 770.83 miles — Covered by the follo'wing: Kansas City, Ft. Scott & Memphis Cons. 6s 688.88 Current River R. R. 1st 5s 81.95 A third mortgage on 26.18 miles — Covered by the first lien of the Kansas & Missouri 1st 5s 26.18 Further secured by deposit of the following securities: Deposited Issued Kansas City, Mem. & Birm. Stock $5,974,800 $5,976,000 Kansas City, Mem. & Birm.. Inc.. 5s 399,500 6,322,780 Kansas City & Mem. Ry. & Bridge Co. Stock... 2,999.500 3,000,000 Tyronza Cent. R. R. Stock 228.000 228.000 Bonnerville & S. W. R. R. Stock 715.000 715.000 Prior Liens — Subject to $15,732,000 prior liens as follows: Current River R. R. 1st 5s. 1927.. $1,606,000 Kansas City. Ft. Scott & Mem- Cons. 6s, 1928 13.736.000 Kansas & Missouri R, R. 1st 5s 1922 390,000 lasted on the New York and Boston Stock Exchanges. 608 Original Market — $2,G88,000 offered in 1910, by Wm. Salomon & Co., New York, Market. New York — Sam'l Goldschmidt, Kean, Tay- lor & Co.. Blodg-et & Co.. C. W, Remsen, Sea- songood, Haas ■& Macdonald, John Nickerson, Jr.. Vilas & Hickey. Toledo — Secor & Bell. Boston — Blodget & Co. St. Louis — Bowman, Cost & Co. riiiladelphia — AVest & Co. Chicago — Kean. Taylor & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hieh.87% Mar. 2 '06 77 Nov. 15 Low. 60 Nov. 20 '17 62 Mar. 18 KANSAS CITY. IT. SCOTT & MEMPHIS RAILROAD CO Cons. 6s. Due May 1, 1928— P. Dated May 1, 1888. Interest payable May and Nov. 1, at Old Colony Trust Co., Boston, and at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed ' mortgage. Outstanding — .'513,736,000. Denomination — Coujion, $1,000. Registerable as to principal. Trustee — New England Trust Co.. Boston. Organization and Control — See K. C, F. S. & M. Ry. Refunding 4s above. Secured by a direct mortgage on 715.06 miles of road, viz. : A first lien on 688.88 miles — Miles Kansas City, Mo., to Baxter, Kan 159.92 Edward, Kan., to Springfield, Mo 100.01 Springfield. Mo., to West Memphis, Tenn 282.93 Linton, Kan., to Rich. Hill, Mo 20.78 Baxter, Kan., to Joplin & Webb City, Mo 21.90 Greenfield to Aurora, Mo 37.67 Baxter, Kan., to Miam.i, Okla 13.07 Weir to Mackie, Kan 3.40 Cherryvale to Weir, Kan 49.20 A second lien on 26.18 miles — Covered by the first lien of the Kansas & Missouri R. R. 1st 5s) Coalvale to Weir Jet., Kan 26.18 Prior Lien — $390,000 Kansas & Missouri Ist 6s of 1922. Underlies — K. C, Ft. S. & M. Ry. Ref. 4s of 1936. which provide for the retirement of this issue. liisted on the New York and Boston Stock Exchanges. Market. New York — Active on N. Y. Stock Exchange, Chicago — Kean. Taylor & Co. Baltimore — Jenkins, Whedbee & Poe, Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 , High,121 June 20, '06 103'/4 Dec. 31 Low. 99% Sept. 10, '18 99% Sept. 10 08 to Jan. 1, li>19 1918 Bid Ask Bid Ask High.95y4, -17 96 '17 87 Feb. 90 Feb. Low. 80 '08 80 '08 84 Oct. 85 Aug. KANSAS CITY, KAW VALLEY & WESTERN (ELECTRIC) RAILAVAY CO. 1st 6s. Due Aug. 1, 1934.— F. Dated Aug. 1, 1914. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding— $780,000 (May 15, 1919). Issuable at the rate of $20,000 per mile. Denomination — Coupon. $1,000, $500 and $ 1 0. Registerable as to principal . Trustee — First Trust & Savings Bank. Chi- cago. Redeemable at iOl and interest on any in- terest date In 60 days' notice. Secured by a first mortgage on 42.3 miles of electric railway from the Western line of Kan- sas City, Kan. , to Lawrence, Kan. Road Is projected from Lawrence to Topeka, Kan., 26 miles. Road connects with street and steam railways in Kansas City. Underlies— $487,500 Gen. 63 of 1924. Years ended June 30 Gross ♦1918. . . . $247,138 1918 232,109 1917 208,864 1916 74,019 1915 50,269 *Year ended Dec. ^1. Original Market — Offered by Otia * C Cleveland, April, 1916. at 101 and Interest, Market. Boston — C. E. Denison & Co. Cleveland— C. E. Denison & Co New York — B. & C. Randolph. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask Bid High. 99 '17 101 '16 97 Jan. Low. 94^ '18 Bond Net Interest $72,937 $76,050 71,217 76.050 79.512 71.313 33.750 19.200 26,282 8.000 Otis & Co. 1918 Ask 100 Jan. 94% May 609 KANSAS CITY L.IGHT & FOWEB CO. 1st 5s. Due July 1, 1944. — N. Dated July 1. 1915. Interest payable Jan. . 1 and July 1. at Chicago. New York and Kansas City, Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Unlimited. Ontstandins — $3,060,000. $2,000,000 additional bonds issuable at car for cost of construction and $9,940,000 at not over 85% of cost. Denominatiiin — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Registered, $1,000, $5,000, $10,000 and multiples of $10,- 000. C. & R. interchangeable. Tmstee— Continental & Commercial Trust & Savings Bank, Chicago, and Kdward F. Swinney. Bedeemable at 103 and interest on any in- terest date upon 60 days' notice. Organization — Incorporated in Missouri Jan. 3, 1916, to take over the various lighting and heating properties of the Kansas City Railway & Light Co. under the reorganization plan. Secured by a first mortgage on all the prop- erty of the company. Further secured by de- posit of the entire outstanding capital stock of the following companies. The Electrical Wire Subway Co., Standard Electric Light Co., Consolidated Electric Light & Power Co.. Edison Electric Light & Power Co., Kansas City Heating Co., and the Electric Truck Co. of Kansas City. Franchises are perpetual. Underlies — 2d 6s of 1944. Year ended Dec. 31 Gross. Net Interest 1917 $3,429,806 $709,471 $281,876 1916 3,020.511 822.105 270,716 Market. New York — ^Halsey, Stuart & Co., Berdell Bros., A. B. Fitkin & Co., A. S. H. Jones, Morton Lachenbruch & Co., Chas. H. Jones & Co., Dunham & Co., J. S. Bache & Co., Blodget & Co., John Muir, B. & C. Randolph, Joseph & "Wiener, Kiely & Horton. Babcock, Rushton & Co.. Wm. M. Clarke, Spencer, Trask & Co., John Niokerson, Jr., F. H. Hatch & Co., Newhall & Co. St. liouis — Bowman, Cost & Co. Boston — Blodget & Co., J. W. McGaragle & Co. Philadelphia — ^H. D. Boenning & Co. Chicago — Halsey, Stuart & Co., J. P. Hobba & Co.. Northern Trust Co., Babcock, Rushton & Co.. Curtis & Sanger. Kansas City — H. P. Wright Investment Co., J. G. Strean Investment Co. Price Range. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99% '16 100 '16 86 Mar. 87 Apr, Low. 76 '18 82 '17 76 Nov. 82 Nov. KANSAS CITY MGHT & POWER CO. 2nd 6s. Due July 7. 1944.— N. Dated July 1, 1915. Interest payable Jan. 1 and July 1, at New Tork or Kansas City, Mo. Ta% Status — Payment of Federal Income Tax not assumed by company. Anthorlzea-^$l, 917, 300. OntstanfliBg — $1,781,800 (Dec. 31. 1918). Held in S. P.— $135,600. Denominations — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Registered, $1,000. $5,000, $10,000 and multiples of $10,- 000. C. & R. interchangeable. Trustees — Central Union Trust Co., New York, and John F. Downing. Reijeemable at 100 and interest on any in- terest date on 60 days' notice. Sinking Fand — Semi-annually $19,173, be- ginning June 30, 1916, for the purchase or redemption of these bonds at not over 100 and Interest. Bonds so acauired to be kept alive and interest added to this fund. Organization — See 1st 5s. Secured by a second mortgage on all the property. For detail see 1st Bs. Prior lilen— $3,060,000 1st 6s of 1944. Earnings — See 1st 5s. Market. New York — ^Morton Lachenbruch & Co.. J. S. Bache & Co., Halsey, Stuart & Co., Blod- get & Co., A. S. H. Jones, John Muir & Co., B. & C. Randolph, Berdell Bros., Joseph & Wiener, Kiely & Horton, Babcock, Rushton & Co., Pynohon & Co., Wm. M. Clark, P. H. Hatch & Co., Newhall & Co. Philadelphia — Halsey. Stuart & Co. Boston — Blodget & Co. Kansas City — Commerce Trust Co., H. P. Wright Investment Co. Cliicago — Halsey, Stuart & Co., Babcock, Rushton & Co., Curtis & Sanger, Wm. S. Gilmore. Price Range. Jan. 1, 1916 to Jan. 1, ].»19 1918 Bid Ask Bid Ask HIgh.97% '16 99 '16 83 Jan. 88 Dec. Low. 72 '18 80 '18 72 Apr. 80 Apr. KANSAS CITY lONG DISTANCE TEXJEi- PHONE CO. 1st Ss. Due Jan. 1. 19^5. Dated January 18, 1905. Interest payable Jan. and July 1, at St. Louis Union Trust Co., St. Louis, or Trustees' Office, Kansas City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $1,376,500 (June 2, '19). Held in S. F. — $50,000. Reserved for Ext. — $73,600. Denomination — Coupon, $1,000 and $500 Registerable as to principal or fully register- able. Tmstee — Commerce Trust Co., Kansas City, Mo. Redeemable at 105 and interest on any in- terest date upon three weeks' notice. Slilldng Fund — % % of outstanding bonds payable semi-annually to 1916. and %% semi- annually thereafter, to be applied to purchase or redemption of these bonds at not exceeding 105 and interest. Bonds thus acquired are to be held alive or fund may be Invested in securities approved by the trustee and com- pany. Guaranteed principal and interest by the Kansas City Home Telephone Co. by endorse- ment. Organization — Incorporated in 1903 as the Western Independent Telephone Co.. and changed to present title in 1905. Control — Entire stock is owned by Kansas City Home Telephone Co. Secured by first mortgage on entire property of Company owning 10 exchanges in Rich- mond, Excelsior Springs and Norborno. Mo.. and Independence, Overland Park and Lenexa, Kan., together with 1,800 miles of toll lines and 7,000 telephones. Earnings — See Kansas City Home Telephone Co. Iilsted on the St. Louis Stock Exchange. Original Market — Offered in June. 1905, at 97 and interest by the H. P. Wright Inv. Co.. Kansas City. Market. Kansas City — Qrthwein-Machette Co., Theo. Gary Investment Co., H. P. Wright Invest- ment Co, 610 St. liouis — Bowman, Cost & Co., Whitaker & Co., Mark C. Steinberg & Co., Little & Hays Inv. Co., A. G. Edwards & Sons, B. A. Gessler. New York — E. & C. Randolph, Babcock, Rushton & Co., Oilman & Clucas. Chi^uro — Babcock, Rushton & Co. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hig:h.92 '17 93 '17 88 Apr. 91 Apr. Low. 82 '18 83 '18 82 Dec. 83 Dec. KANSAS CITT, MEMPHIS & BIRMINGHAM RAIIiROAD CO. Gen. 4s. Due March 1. 1934.— F. Dated March 1, 1894. Interest payable March and Sept. 1, at Old Colony Trust Co., Boston, and at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,323,390. Denomination — Coupon, $500 and $1,000. Regiaterable as to principal. Trustee — Old Colony Trust Co., Boston. Organization — Incorporated in Tennessee, Mississippi and Alabama in 1887 and reor- ganized without foreclosure in 189 5. Its en- tire capital stock is owned by the Kansas City, Fort Scott & Memphis Ry. and de- posited under its Refunding Mortgage. Latter company la leased to the St. Louis-San Fran- cisco Ry. Co. until 2000. Secured by a first mortgage on 285.66 miles of road from Memphis, Tenn., to Birmingham. Ala. Underlies — Income 5s, due 193 4. Retire- ment of Issue provided for under Kansas City, Fort Scott & Memphis Refunding Mortgage. Listed on the Boston Stock Elxchange. Market. Boston — Lee, Higginson & Co., L. Sherman Adams. New York — McKinley & Morris, F. J. Lis- man & Co., J. S. Parlee & Co.. Lee, Higgin- son & Co., "Wm. Carnegie Ewen, Abraham & Co., Baker, Carruthers & Pell. Korn, Lehman & Co., Spencer, Trask & Co., Chas. W. Place. F. H. Hatch & Co. Chicago — Lee, Higginson & Co. Price Range. Jan. 1, 3 908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.931^ '10 95 '09 75 May 80 Jan. Low. 70 '17 75 '18 70 Jan. 75 Mar. KANSAS CITY, MEMPHIS & BIRMINGHAM RAIIiROAD CO. Income 6s. Due March 1, 1934. Dated March 1, 1894. Interest payable March and Sept. 1, at Old Colony Trust Co., Boston, and at Bankers* Trust Co., New York. Payment of Interest (unstamped) — On and after May 20, 1918, coupons bearing serial numbers 21, 22 and 23 matured Sept. 1. 1915. 1916 and 1917, respectively, at Old Colony Trust Co., Boston. Interest was originally non-cumulative, but In 1902 the Kansas City, Fort Scott & Mem- phis Ry. offered to pay interest at a fixed rate of 5% on bonds presented to be stamped, giving the company the privilege of redeeming same at 95 and interest. Tax Status — 2% Federal Income Tax paid by company without deduction, for unstamped bonds only. The company does not assume the Federal Income Tax on stamped bonds. Authorized — Closed mortgage. Oatetanding— $5,923,280. Pledged Under K. C„ Ft. S. & M. Ref. 4a —$399,500. Denomination — Coupon, $500 and $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable — Redemption provision (stamped bonds) expired in 1912. Guaranteed — The stamped bonds ($6,029,- 000) are guaranteed as to Interest by the Kansas City, Fort Scott & Memphis Ry. Co. Organization — See General 48. Secured by a second mortgage on 286.66 miles of road from Memphis, Tenn., to Birm- ingham, Ala. Prior IJeus— $3,323,390 K. C, M. & B. Gen. 4s of 1934, which cover the same mileage. Refunding — Retirement of this issue pro- vided for under Kansas City, Fort Scott & Memphis Refunding Mortgage. Listed on the Boston Stock Sxchange. Market. New York — Sam'l Goldschmidt, Chas. W. Place, Wm. C. Ewen, Abraham & Co., Korn, Lehman & Co., F. H. Hatch & Co.. Lee, Hig- ginson & Co. Boston — Lee, Higginson & Co., L. Sherman Adams, Albert Hale & Co. Chicago — Lee, Higginson & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.9iy4 '10 92^2 '10 65 Oct. 75 July Low'55 '18 65 '17 55 Apr. 65 Apr. KANSAS CITY, MISSOURI, GAS CO. 1st 58. Due April 1. 1933.— N. Dated April 1, 1897. Interest payable April 1 and Oct. 1, at Trustee's office, or May and Nov. 1, in London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding— $2,928,000 (Dec. 31. 1918). Held in Siniung Fund — $2,033,000. Reserved for Ext. — $39,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York, Sinking Fund — $75,000 per annum for ten years from Jan. 1, 1898, and thereafter $25,000 per annum, to be applied to purchase of these bonds at not exceeding 105 and interest, or at a higher figure if approved by the com- pany. Bonds so acquired are to be field alive and interest added to fund. If not so pur- chasable, the fund Is to be invested In other securities approved by the Trustee and the company. Organization — Incorporated In Missouri In 1897 as a consolidation of the Kansas City Gas Co. and the Missouri Gas Co. The company's property is leased to the Kansas City Gas Co. Rental — taxes, interest, sinking fund. The United Gas Improvement Co. la inter- ested In this company. Secured by first mortgage upon entire prop- erty of company, controlling all the gas light- ing business in Kansas City, Mo., and com- prising over 500 miles of mains. Population served, 317.000. Listed on the New York Stock Exchange. Original Market — Offered In 1898 at 101 and Interest by J. & W. Sellgman & Co., New York, and First National Bank, Philadelphia. Market. New York — Active on N. Y. Stock Exchange. Philadelphia — ^West & Co., Reed A. Morgan & Co., Samuel K. Phillips. H. Boennlns & Co., Warren A. Reed, Huntoon & Co., Brvin & Co., Robt. Glendinning & Co. Chicago — Merrill, Lynch & Co., Babcock, Rushton & Co. 611 St. liouls— Orthwein & Co. ■Kansas City — Houston, Fible & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. -Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Asia High. 100 May 25 '08 88% Dec. Low. 88 Dec. 27 '16 73 Mar. 83^ Mar. TTHE) KANSAS CITY RAILVVAYS CO. 1st 5s and 6s. One July 7, 1944, Dated July 1, 1915. Interest payable Jan. and July 1, in New York, Trustees' Office, Chicago, or Company's Office, Kansas City, Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $27,333,000. Additional bonds may be issued for exten- sions, etc., chargeable to capital value, in the ratio to $1,000 par value of bonds for each $1,100 expenditure. Outstanding— $15,917,400 5s (July 1, 1918). In Treasury* — $55,000. Pledged to Secure 6% Notes, due Dec. 1, 1919— $], 219, 600 6s. Pledged to Secure 7% Notes, due May 15, 1921 — *$10.141.000 6s. *$2,065,000 are regularly issued 6s and the remainder were issued as 5s, but on which the company agrees to pay an additional 1%. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal and inter- changeable. Registered, $1,000. $5,000 and $10,000. C. & R. interchangeable. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, and Edward F. Swinney. Redeemable at 103 and interest on any in- terest date on 60 days' notice. Organization — Incorporated in Missouri in 1914 and in accordance with a plan of. reor- ganization of the Kansas Cicy Ry. & Lt. Co., on Feb. 15, 1916, took over the properties of the Metropolitan Street Ry. Co., Kansas City Elevated Ry. Co. and Kansas City & West- port Belt Ry. Co. Secured by a first mortgage on 300 miles of street railway track, including the street railway systems of Kansas City, Mo., Kan- sas City, Kan., and suburban extensions; two power houses with a combined capacity of 60,000 K. W., together with nine, substations and 675 motor cars and trailers. In 1914 and 1915 the property was largely recon structed. Population served in excess of 400,000. Franchise Provisions — In Kansas City, Mo., the company operates under an exclusive fran- chise granted July 7, 1914, and expiring July 7, 1944. A Board of Control, consisting of two mem- bers, one representing the company and one the city, has general supervision over con- atructlon and operation. Of the eleven mem- bers of the Board of Directors the city selects five. After operating expenses, maintenance and taxes, the company receives 6 % of the capital value of the company and the surplus Is credited to the city but used by the com- pany, until the sum of $6,300,000 has been expended for extensions and additions. After this sum has been expended the city is to be credited on the books of the company with two-thirds of the surplus income and the company with one-third. The city proportion shall be used to reduce capital value, or for extensions, etc., or to reduce fares (but not so as to reduce the company's share of In- come) or it may be used for any public pur- pose approved by vote of the people. All payments made by the city in reduction of capital value must be applied to the retire- ment of First Mortgage Bonds. The capital value of the property in Mis- souri is fixed at $25,648,807, plus capital charges since May 31, 1913. The city may acquire the property at any time, subject to a lien securing the unpaid balance oi' the capital value of the property and any mortgage securing same, or by paying oft the entire capital value. If the city acquires the prop- erty all mortgages shall be closed. At the expiration of franchise the city or a licensee of the city may take over the property upon payment of the capital value. Pending pur- chase or other arrangement the city may re- quire this company to continue operation, and If no purchase or other arrangement is made the city shall take over the property, subject to the unpaid portion of capital value and apply all surplus income to the payment thereof. Underlies — 2nd Series ' 'A' ' 6s, and Series "B" 5s, due July 7, 1944. This second mort- gage is closed and provides a sinking fund of $105,820 per annum, estimated to retire entire issue at or before maturity. Year ended June 30 Gross *Net Int. Etc. 1918 $8,160.l60 $3,148,234 $1,587,253 1917 8.052,090 2.038,117 1,507,375 1916 7.516,803 1,887,683 1,291,913 ♦After City's Share— $506,316, 1916; $411,- 302, 1917; none, 1918. Original Market — $10,150,200 of these bonds were issued to retire securities of predecessor companies; $4,000,000 offered June, 1916, by N. W. Halsey & Co., New York, etc., and Francis Bro. & Co., St. Louis, at 98 and in- terest. Market. New York — Berdell Bros., Halsey, Stuart & Co., Barle A. Miller & Co., A. S. H. Jones, Ware & Leland, Morton Lachenbruch & Co., Pyne, Kendall & Hollister, A. B. Benesch & Co., Dunham & Co., J. S. Bache & Co., Blod- get & Co., Martin, Berwin & Co.. McGovern & Co., J. D. Curtis & Co., John Muir & Co., E. & C. Randolph, T. L. Bronson, Hanson & Doyle, Joseph & Wiener, Kiely & Horton, The National City Co., John Nickerson. Jr., Bab- cock, Rushton & Co. , Wm. M. Clarke. Mc- George & Vanderhoef, F. H. Hatch & Co.. Newhall & Co. Philadelphia — Harper & Turner, Battles & Co., Halsey. Stuart & Co., H. D. Boenning & Co. Chicago — Northern Trust Co., McCoy & Co., J. P. Hobbs & Co., Halsey, Stuart & Co.. First Trust & Saving Bank, Babcock, Rushton & Co., Curtis & Sanger. Milwaukee — Second Ward Savings Bank, Marshall & Ilsley Bank. St. Ijouis — Bowman. Cost & Co.. Mississippi Valley Trust Co. Minneapolis — Minnesota Loan & Trust Co. Boston — Merrill, Oldham & Co.. Blodget & Co. , Francis Henshaw & Co. , L. Sherman Adams. F. B. Bassett & Co. Omaha — 6urns, Brinker & Co. Kansas City — H. P. Wright Investment Co. Grand Rapids — ^Home. Snow^. Corrigan & Bertles. Price Range — 5s. Jan, 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97% '17 98% '17 83% Feb. 85 Jan. Low. 70 '18 76y4 '18 70 Apr. 76H.Oct. 612 KANSAS CITY RAILWAYS 2d 66 and 5b. Series "A" and "B." Due July 7, 1944. Dated July 1, 1915. Interest payable Jan. -1 and July 1 at New York or Kansas City. Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,302,000 Series "A" 6s; $1,011,000 Series "B" 5s. Outstanding— $4,003,900 "A"; $1,000,000 ■'B. ' Held in S. "F.— $287,100 "A" 6s (Dec. 10, 1918). Cancelled — $11,000 "A" 6s; $11,000 "B" 5s. Denominations — Coupon, $100. $500 and $1,000. Registerable as to principal. Regis- tered $1,000. $5,000 and $10,000 and multiples of $10,000. C. & R. interchangeable. Trustees — New York Trust Co., New York, and John P. Downing. Redeemable at 103 and interest on any in- terest date on 60 days' notice. ■ Sinking Fund — Semi-annually, $ 5 2, 9 1 0, be- ginning: June 30, 1916, for the purchase or redemption of these bonds at not over 103 and interest. Bonds so acquired to be kept alive and interest added to this fund. Organization — See 1st 5s. Secured by a second mortgage on all the property of the company. For detail see 1st 5b. Prior Lien — 1st 5s of 1944. Earnings — See 1st 5s. Market. New York — Berdell Bros., Morton Lachen- bi;uch & Co., J. S. Bache & Co.. Halsey, Stuart & Co., A. S. H. Jones, Blodget & Co., J. D. Curtis & Co., John Muir & Co., E. & C. Randolph, Hanson & Doyle. Joseph & Wiener. Kiely & Horton. Babcock, Rushton & Co., Pyn- rhon & Co., E. & C. Randolph, F. H. Hatch & Co. Chicago — J. P. Hobbs & Co., Northern Trust Co. , Halsey, Stuart & Co. , Babcock, Rushton S nn.. Curtis & Sanger. Philadelphia — Battles. & Co. Boston — Blodget & Co., Francis Henshaw & Co. Kansas City — H. P. "Wright Investment Co. ]Milwaiikee — Second Ward Savings Bank. Price Range. Jan. 1, 1916 to Jan. ], 191!) 1918 Series "A." Bid Ask Bid Ask High. 07 'Ifi 97% '16 79 Nov. fi3 Nov. Low. 65 '18 Ti '18 65 Apr. 73 June Series "B." High.92'^ '16 9Q% '16 70 Jan. 75 Jan. Low. 55 '18 63 '18 55 Sept. 63 Dec. (THE) KANSAS CITY RAELVVAYS CO. 2-Year 6% Collateral Notes, Series **A." Due Dec. 1, 1919— F. Dated Dec. 1, 1917. Interest payable June 1 and Dec. 1, in New York. Chicago or Kan- sas City. Tax Status — 2% Federal Income Tax paid by compfiny without deduction. Authorized — Unlimited. Outstanding — $1, 000, 000. Denominations — Coupon, $1,000. $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at any time on 30 days' notice at 100 % and Interest before June 1 . 1919, and at 100 and interest on and after that date. Organization — See 1st 5s. Secured by pledge at 82 of $1,219,600 First Mortgage 6s, due July 7, 1944. Additional notes may be issued upon pledge of said bonds In the same ratio, or at the option of the Company upon pledge of First Mortgage 5s In equivalent ratio, i. e., at 70. Earnings — See 1st 5s. Original Market — $1,000,000 offered Dec., 1917. by Halsey, Stuart & Co., Chicago, New York, etc.; Mark C. Steinberg & Co., St. Louis, and Robt. Garrett & Sons, Baltimore, at 97 % and interest. Market. Chicago — Illinois Trust & Savings Bank, Northern Trust Co., First Trust & Savings Bank, Babcock, Rushton & Co. , Curtis & Sanger. Halsey, Stuart & Co. St. liOuis— ^Mark C. Steinberg & Co. Baltimore — -Baker, Watts & Co.. Robt. Gar- rett & Sons. New York — National City Co. , Babcock, Rushton & Co., Berdell Bros. Philadelphia — Graham, Parsons & Co. Kansas City — H. P. Wright Inv. Co. Price Range — 1918. Bid Ask High. 9 6 June 97% Jan. Low. 9 4 Aug. 97 Nov. (THE) KANSAS CITY RAILWAYS CO. 3- Year 7% Collateral Notes, Series A. Due May 15. 1921. Dated May 15, 1918. Interest Payable May 15. and Nov. 15, in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — See "Secured. ' ' Outstanding — $7,7 50,000. Purpose of Issue — The proceeds from the sale of the present issue of $7,750,0 00 of these notes will be used to retire the $6,259,000 of Three-Year 5*/^% Secured Gold Notes, due July 1. 1918, and to partially reimburse the company for expenditures made or to be made for improvements, betterments and ex- tensions to its property. Denomination — Coupon $1,000, $500 and $100 (Interchangeable). Registerable as to principal. Trustee — Continental & Commercial Trust & S? vines Bank, Chicago. Redeemable at any time upon 3 days' notice at 100% and interest if redeemed prior to Nov. 15, i920, and at 100 and interest on ■ and after that date. Organization — See 1st 5s. Secured by pledge with the Trustee of $10,141,000 par value of the Company's First Mortgage Gold Bonds due July 7, 1944. Of the pledged bonds $8,076,000 par value were originally i.ssued under the Mortgage as 5% bonds, but in respect thereto the Company has c;)vpnanted tn pay an additional 1 % per annum thereon or a total of 6% per annum, and the remaining .'E2, 065. 000 par value of bonds are regularly issued 6 % bonds of the Company. The 5% bonds with the covenant of the Company to pay an additional 1 % interest thereon, are pledged at 75% and the regularly issued 6% bonds are pledged at 82%. Addi- tional Notes may be issued under the Inden- ture only upon pledge of the Company's i^irst Mortgage 6 % Bonds in these ratios, or at the option of the Company, upon pledge of its First Mortgage 5% bonds at 70%. The capital value of the property in TMis- aouri as of April 30, 1918, was $29,870,028.35. The estimated capital value of the entire property, including that portion in Kansas, about 16% of the total, as of April 30. 1918. was $35,362,434.81. an amount over $10,500.- 613 000, or approximately 43%, in excess of the outstanding First Mortgage bonds and notes secured thereby. For detail on property see 1st 5s. Originai Market. — $7,750,000 offered June, 1918, by Halsey. Stuart & Co., Union Trust Co., Continental & Commercial Trust & Sav- ings Bank. Chicago, New EJngland National Bank, Kansas City, and Stifel, Nlcolaus In- vestment Co., St. Louis, at 88 and interest. Market. New York — Eabcock, Rushton & Co., Berdell Bros., Mann, Bill & Co., John Muir & Co., Kiely & Horton, Chicago — Babcock, Rushton & Co., Curtis & Sanger, Halsey, 3tuart & Co. Philadelphia — F, Peirce & Co. Kansas City — J. G. Strean Inv. Co., H. P. Wright Inv. Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Price Range — 1918. Bid Ask Hieh.96 Oct. 98 Aug. Low. 94 Aug. 94% Dec. KANSAS CITY SOUTHERN RAILWAY CO. 1st 3s. Due April 1, 1950. — F. Dated April 2. 1900. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $30,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Reg- istered, $1,000 and multiples. Trustee — Bankers' Trust Co., New York, and Seiwyn C. Edgar, St. Louis. Organization — Incorporated in Missouri In 1900, succeeding the Kansas City, Pittsburgh & Gulf R. R., sold under foreclosure. Secured by a direct or collateral lien on 823.02 miles of road, viz.; A first mortgage on 387.86 miles — Miles Kansas City to Belt Jet., Mo 11.99 Grand View, Mo., to Mena, Ark 359.43 Spiro, Okla., to Ft. Smith, Ark 16.44 A first collateral lien on 435.16 miles — ■ Through pledge of all the bonds and the entire capital stock (except directors' shares) of the Texarkana & Ft. Smith Ry.: Mena, Ark., to Ark. -Tex. .State Line and Texas-La. State Line to Port Ar- thur, Tex 182.90 Benson, Ark., to Bonanza Mine 2.83 Ark. -Tex. State Line to Lake Charles, La., and La. -Tex. State Line 245.40 West Lake to Lockport, La 4.03 Also secured by pledge of the entire stock (no outstanding bonds) of the Kansas City, Shreveport & Gulf Terminal Co., owning a union depot and terminal at Shreveport, La., and of the entire stock and bonds of the Port Arthur Canal & Dock Co., owning a grain elevator, docks, warehouses, etc., at Port Ar- thur, Texas. Underlies — Ref. & Imp. 5a, due 1950. Year ended Dec. 31 Gross Net Int. * Rent 1917. .$13,647,487 $4,796,269 $2,171,116 1916.. 10,076,169 3,680,016 2,204,252 1915.. 10,076,169 3,580,015 2,204,262 •1914.. 10,993,464 3,689,639 1,964,190 •1913.. 10,706,309 3,661,796 2,016,590 •June 30. Xegal for Cal. Me., Mo. and R. I. l.lsted on the New York and London Stock Exchanges. Market. New York — S. P. Larkin & Co.. Chaa. H. Jones & Co., E. & C. Randolph, Struthera & Hiscoe, Seasongood, Haas & Macdonald, Baker, Carruthers & Pell. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.75^ Jan. 5, '06 66 Nov. 25 Low. 58 Jan. 2, '18 68 Jan. 2 KANSAS CITY SOUTHERN RAILWAY CO, Bef. & Imp. 5s. Due April 1, 1950. — F, Dated July 1, 1909. Interest payaBle .Tan. and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $21,000,000. Outstanding — $ 18,000,000. Reserved for Ext. — $3,000,000. Denomination — Coupon, $1,000. Seglaterable as to principal or fully registerable. Reg- istered, $1,000 and $6,000. Trustees — ^New York Trust Co., New York, and Edward P. Swinney.. Redeemable as a whole only at 105 and in- Interest on any interest date on 60 days' no- tice. Organization — See 1st 3a. Secnred by a direct or collateral lien on all the property covered by the 1st 3 s and subject to that mortgage. Also secured by deposit with the Trustee of the entire $30,000 stock (no bonds outstanding) of the Maywood & Sugar Creek Ry. Co., owning 1.5 miles of road, 80,600 capital stock of the Hot Springs, Ouachioa & Mena Ry. and the entire $660,000 capital stock ($650,000 bonds outstanding) of the Arkansas Western Ry. owning 32 milei of road. Prior Liens — $30,000,000 First 3a, due 1950. Earnings — See lat 3a above. Listed on the New York and London Stock Exchanges. Original Markei>— $10,000,000 offered in 1909, to the stockholders tor subsoriptlona at par. $6,000,000 also offered in 1911, by Ladenburg, Thalmann & Co. and the National City Bank, New York, at 101 and Interest. A block offered Feb., 1918, by the National City Co. at ISVi and interest. Market. New York — J. S. Farlee & Co., Guaranty Trust Co., B. & C. Randolph, Seasongood, Haas &. Macdonald, Baker, Carruthers & Pell. Philadelphia— West & Co. Chicago — First Trust & Saving! Bank. Cleveland — Borton & Borton. Omaha — City Trust Co. Pittsburgh — ^R. B. Hutchinson Sc Co. Price Range— N. Y. S. E. ,Ian. 1, 1909 to Jan. 1, 1919 1918 High.103 Deo. 28, '09 91% Nov. 9 Low. 73% Jan. 24, '18 73% Jan. 24 KANSAS CITY SOUTHERN RAILWAY CO. Equip. 5s, Series "D." Due sea.OOO each June and Dec. 16th to Dec. 16. 1924. inftlusive. — F. Dated December 16, 1912. Interest payable June and Dec. 16, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,488,000. Outstanding — $744,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon. $1,000. Trustee — New York Trust Co., New York. Secured by first lien on 15 consolidation type 614 locotnotivea, 1,000 steel underframe gondola cars, 100 steel underframe furniture and auto- mobile cars, 200 steel underframe flat cars, 4 switching locomotives and 1 Shay locomotive, costing $1,758,993, of which $270,993 was paid in cash by the railway company. Legal for N. H. Original Market — Offered in Dec, 1912, at 100 and interest by Blair & Co., New York. Market. New York — Coggeshall & Hicks. Bull & El- dredge, Evans, Stillman & Co. Philadelphia — Graham. Parsons & Co. KANSAS CITY STOCK YARD OF MO. Deben- ture 5s. Due Feb. 1, 1920. — P. Dated Feb. 1, 1910. Interest payable Feb. ] and Aug. 1, at company's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $2, 000, 000. Outstanding — $1,334,000. Reserved for Ext.^$666,000. Denomination — Coupon, $1, 000. Registerable as to principal. Redeemable at 102% and interest on any in- terest date. Organization — ^Incorporated in 1898 in Mis- souri, succeeding a company of the same name. Owns 17 5 acres of land in Missouri and Kan- sas used for stock yard purposes. Controlled through ownership of a majority of its stock by the Kansas City Stock Yards Co. of Maine. Security — ^A direct obligation. of the company but not secured by mortgage. The company has agreed not to place any mortgage or lien upon any of its property without equally secur- ing all bonds of this issue thereunder. Original Market — Offered by Estabrook & Co., Boston and New York, in Sept., 1913. Market. New York — E. & C. Randolph, Estabrook & Co. Boston — Estabrook & Co., Chas. A. Day & Co. Chicago — ^Estabrook & Co, Price Range. .Ian. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 101 '16 90 Aug. 97 Apr. L.OW.90 '18 96 '18 96 Aug. KANSAS CITY TBRMINAI. RAII.WAY CO. 1st 48. Due Jan. 1, 1960. — P. Dated January 3, 1910. Interest payable Jan. and July 1, at J. P. Morgan & Co.. New York; Lee, Higginson & Co., Boston, and Illi- nois Trust & Savings Bank, Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding — $33,092,000 (Jan. 1, 1919). Deposited as Collateral for Notes due 1921 and 1923 — $16,908,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustees — Illinois Trust & Savings Bank, , Chicago, and Charles G. Hutcheson, Kansas City, Mo. Redeemable as a whole on Jan. 1, 1930, or on any interest date thereafter at 105 and interest. Guaranteed as to principal and Interest by the proprietary companies. In case of default by one or more of the proprietary companies, the deficiency must be made up ratably by the other companies. Organization— Incorporated In 1906 In Mis- souri and acquired the properties of the Kan- sas City Belt Ry. and Union Depot Co. of Kansas City in 1910. Has built a new Union Station and has constructed and extended freight and passenger terminals in and about Kansas City in the Interests of the following 1 2 railroad companies, each of which owns 1-12 of the $2,200,000 capital stock, fully paid in cash at par: The Atch., Topeka & Santa Fe Ry. Co., The Chic. & Alton R. R. Co., Chic, Burlington & Quincy R. R. Co., Chic, Mil- waukee & St. Paul Ry.^ Co., The Chic, Rock Island & Pacific Ry. Co., Missouri, Kansas & Texas Ry. Co., l^Issourl Pacific R. R. Co., St. LouIs-San Francisco Ry. Co., Union Pacific R. R. Co.. the Wabash Ry. Co., Chic, Great Western R. R. Co, and The Kansas City Southern Ry. Co. Secured by a first mortgage upon the entire property of the company, including a union passenger station located between Main and Wyandotte Streets and 21st and 24th Sts. and covering 51 acres, about 144 miles of main and industrial railroad tracks, 6 local freight sta- tions, switching yards, roundhouses, etc Fran- chise extends for a term of 200 years. Listed on the New York and London Stock Exchanges. Original Market — $20,000,000 offered in 1910 by J. P. Morgan & Co., Lee, Higginson & Co,, New York, and the Illinois Trust & Savings Bank, Chicago, at 97 and interest, and $10,000,000 in Jan., 1913, by the same firms at 95 and Interest. $3,000,000 additional offered in April, 1914, by the same firms at 93^ and interest. $1,600,000 offered by Lee. Higginson & Co., Guaranty Trust Co. and Wm. A. Read & Co. in April, 1916, at 88Me and interest. $1,000,000 offered July, 1917, by Tilney, Ladd & Co., New York, at 82% and Interest. $2,- 000,000 offered Jan., 1918, by Lee, Higginson & Co. and Tilney, Ladd & Co. at 75% and interest. Market. New York — ^Active on N. T. Stock Exchange. Chicago — Illinois Trust & Savings Bank, Kean, Taylor & Co. Kansas City — Strandberg. McGreevy & Co.. Houston, FIble & Co., Orthwein-Matchette & Co. Milwaukee — ^First National Bank Co. Boston — Lee, Higginson & Co., L. Sherman Adams. Philadelphia — ^West & Co., Brooke. Stokes & Co. Louisville — J. J. B. Hillard & Son. Pittsburgh — Moore, Leonard & Lynch, R. W. Evans & Co. Price Range — N. Y, S. E. Jan. 1, 1910 to Jan. 1, 1919 1918 High. 99% Aug. 17, '11 83% Nov. 13 Low. 71% Sept. 18, '18 71% Sept. 18 KANSAS CITY TERMINAL RAILWAY CO. 5-Year 4^/^% Secured Notes. Due July 1, 1921.— P. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at National Bank of Commerce, New York, and at Central Trust Co. of 111.. Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized — $2,500,000. Outstanding — $2,600,000. Denomination — Coupon, $1,000. ReglsterabU as to principal. Trustees — Central Trust Co. of IlUnoIa, Chi- cago, and Charles G. Hutcheson. Redeemable aa a whole only at 101 and in- terest on any Interest date on 30 days' notice. Secured by pledge of $3,126,000 1st 4s, due Jan. 1, 1960. 615 Original Marliet — $2,500,000 offered June, 191G, by Kean. Taylor & Co., New York and Chicago, at 100 and interest. Market. New Yorlt — Salomon Bros. & Hutzler, Curtis & Sanger, Kissel, Kinnicutt & Co., B. & C. Randolph, Newburger, Henderson & Loeb, Mann, Bill & Co.. Kean, Taylor & Co., Bull & Eldredge. Babcock, Rushton & Co., John Davenport. Louisville, Tiy. — J. J. B. Hillard & Son. Boston — Curtis & Sanger. Chicago — Curtis &. Sanger, Kissel, Kinnicutt & Co., Kean, Taylor & Co., Babcock, Rush- ton & Co. Philadelphia — Newburger, Henderson & Loeb. Pittsburgh — Kean, Taylor & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 ' Bid Ask Bid Ask High.l00»^'17 lOO^'lT 99% Dec. 100l^ Dec. Low. 93 '18 "93U'18 93 Mar. OSM: Feb. KANSAS CITY TERMINAL RAILWAY CO. 5-Year 6% Secured Notes. Due Nov. 15, 193.3— F. Dated Nov. 15, 1918. Interest payable May and Nov. 15, at First National Bank, New York, and Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction, Authorlze<1 — $9,850,000. Outstanding — $9,850,000. Purpose of Issue — Proceeds of this issue will retire $5,000,000 4^^ 9o notes due Nov. 15. 1918 and $3,000,000 1-year 6% notes due Nov. 15, 1918. Denominations — Coupon $1,000. registerable as to principal. Registered $1,000. $5,000 and $10,000 C. & R. interchangeable. - Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole or in amounts of not less than $1,000,000 face value, at any time at 101 and interest on thirty days' notice. Organization — See 1st 4s due 1960. Secured by deposit with the trustee of $13,- 783.000 1st 4s due 1960, these bonds thus being pledged at approximately 71^^. Original Market — Offered November, 1918. at 99 % by Halsey Stuart Co., Chicago and New York, and Continental & Commercial Trust & Savings Bank, Chicago. Market. New Y'ork — Babcock, Rushton & Co., Bull & Eldredge. F, J. Lisman & Co., McKinley & Morris, Mann, Bill & Co., John Davenport, Hornblower & Weeks. Cliicago — Babcock, Rushton & Co., Curtis & Sanger, Merrill. Lynch & Co., Pynchon & Co., Halsey, Stuart & Co. Philadelphia — Paul & Co. Louisville — J. J. B, Hilliard & Son. Grand Rapids — Howe, Snow, Corrigan & Bertles. Price Range — 1918. Bid Ask High.lOO Dec. 101 Dec. Low. 99% Nov. 99% Nov. (THE) KANSAS CITY-WESTERN RAILWAY CO. 1st Ref. 5s. Due Sept. 1, 1925.— F. Dated Sept. 1, 1905. Interest payable March and Sept. 1, at Trustee's office. Default — March 1. 1919 interest was not paifl. The company has 90 days of grace. Tax Status — 2% Federal Income Tax paid by company without deduction. ■ Authorized — $5,000,000. Outstanding— $1,598,000 (April 15, '19). In Treasury — $10,000. Reserved for Prior Lien — $42,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 105 and Interest on any interest date on eight weeks' notice. Organization — Incorporated in 1901 in Kan- sas as a consolidation of the Leavenworth Electric R. R., Kensington Ry., Leavenworth and Lansing Ry. and Kansas City & Leaven- worth Traction Co. Protective Committee — The following com- mittee have submitted a reorganization plan to bondholders and request deposits : Wal- ton H. Holmes, president of Pioneer Trust Co., Kansas City, Mo.; P. W. Goebel, presi- dent of Commercial National Bank, Kansas City, Kans., and P. T. White, vice-president, Cleveland Trust Co., Cleveland. Depositories, Cleveland Trust Co., Cleveland, and Pioneer Trust Co., Kansas City, Mo. Reorganization Plan — Under plan of April, 1919, holders of these bonds paying a 10% assessment received $600 in new First Mort- gage 6% Bonds and $300 in preferred stock and $300 in common stock. Secured by a first mortgage on '44 -miles of electric railway, of which 18 miles are within the city of Ft. Leavenworth, Kan., and 26 miles extending to Kansas City, Kan. It has trackage rights Into Kansas City, Kan. , and Kansas City, Mo. Franchises extend beyond the life of these bonds. r ended June 30 'Gross Exp. & Tax Net 1918. . . . $367,331 $302,430 $67,184 1917. . . 285.226 226,281 62,236 1916. . . 290.640 238.718 53.625 1915. . . 291.640 219.044 73,428 1914. . . 300.312 217,863 83,598 1913. . . 339,871 249,352 92,469 1912.. . 347,350 250,944 97,956 1911. . . 356,484 228,671 128.562 1910. . . 362,496 232,068 130,426 1909. . . 349,355 220,586 128.767 1906, by Fisk & Original Marlset — Offered, Robinson, New York. Market. New York — P. H. Hatch & Co.. Robln.son & Co.. A. E. Fltkin & Co.. Morton J^aclipnbruch & Co. Kansas City — H. P. Wright Invest. Co. Price Ranffe. Jan. 1. '08 to Jan. 1. '19 19)8 Bid Ask High.95 '08 97% 'OS Low. 45 '17 55 '17 Bid Ask 56 Feb. 62 Feb. 45 .Tan. 5 5 Jan. ■19). (THE) KANSAS ELECTRIC UTILITIES CO. 1st S. F. 5s. Due Oct. 1, 1925.— F. Dated Oct. 1, 1915. Interest payable Oct. 1 and April 1, at Trustee's office and First Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1,750,000. Outstanding — $1,171,100 (May 15, Held in S. F.— $5,000. Reserved for Ext.— 5573.900. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, and Frank H. Jones. Redeemable at 102% and interest on any Interest date on 60 days' notice. Sinking Fund — Annually, Jan. 1. 1% of out- standing bonds from 1917 to 1920, inc.: 2% from. 1921 to 1925, for the purchase or redemp- tion of these bonds at not exceedinir 102% and interest. Bonds so acquired to be held alive and Interest added. Itotterment Fund — The company agrees to deposit with the Trustee annually amounts equal to the following percentages of the larg- est amount of bonds outstanding for the pre- ceding 12 months: Jan. 1, 1917, and Jan. 1, 1918. one-half of 1%; Jan. 1, 1919, 1%; Jan. 1. 1920 to 1025, inclusive, and on Oct. 1, 1925, 2%. This fund may be withdrawn to reimburse the company for extensions, etc., or for the purchase or redemption of these bonds. Organization — Incorporated in Kansas, Sept., 1915, to acquire the property of the Lawrence Ry. & Light Co., the Emporia Ry. & Light Co. and the Parsons Ry. & Light Co. Owns the entire capital stock of the Sidney (O.) Electric Co., Union City (Ind.) Electric Co. and the United Lighting Co. of Albion, Pa. Secured by a first mortgage on entire prop- erty of the company, including 10 miles of street railway and the electric light and power system in Lawrencp. Kan., (power purchased under long term contract from company own- ing hydro-electric plant); five miles of street railway and electric light and power system in Emporia, Kan., and leases (with option to purchase) the Emporia municipal electric plant (this latter plant also supplies Hartford, Kan.,, with electricity by a transmission line about 10 miles long): eight miles of street railway power plant and electric light and power sys- tem in Parsons, Kan. Population: Lawrence, 24.000; Emporia, 16,000, and Parsons, 15,000. Total population served, 55,000. Franchise in Lawrence expires in 1929, in Emporia, 1931, and Parsons, 19 38, Valuation of property esti- mated in excess of $1,700,000, Feb., 1916, ex- clusive of securities owned. Year ended Dec. 31 Gross Net Bond Int. 1918 $347,798 $77,365 $57,196 1917,... 348.083 120.097 66.970 1916 337,178 141,750 67,600 1915.... 297,698 124,145 Original Marliet — Offered by Kean, Taylor & Co., New York. Chicago, Cleveland, etc.. Coun- selman & Co.. Chicago, and Howe, ,Snow, Cor- rlgan & Bertles, Grand Rapids, Mich., at 94% and interest, in February. 1916. IVIarket. ChiraRO — Kean. Taylor & Co. New Yorli — ilartin, Berwin & Co., Kean, Ta'-lnr & Co.. B. & C. Randolph. St. Irftuis — Francis Bro. & Co. Indianapolis — Fletcher American National Bank. (•rand Rapids — Howe. Snow. Corrigan & Bertle.s. Price Range. .Jan. 1, ']« to .Jan, 1, '19 1918 Bid Ask Bid Ask High.9.',i,4 '16 96V4 '17 85 Feb. 95 Feb. Low. 85 'IS 91 '17 KAN.SAS GAS & ELECTRIC CO. 1st 5s. Due March 1, 1928.— F. Dated March 1, 1910. Interest payable March 1 and Sept. 1. at Trustee's offloe. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $5,868,000 (May 15, '19). Reserved for Evt. — $132,000. Retired by S. F. — None. Denomination — Coupon, $1,000. Registerable as to principal. ■-Trustee — Guaranty Trust Co., New Tork. Redeemable as a whole or In part for the sinking fund at 105 and interest up to Deo. 31, 1917; 104 and interest in 1918; 103 and Interest in 1919; 102 and interest in 1920, and 101 and interest in 1921 on 4 weeks' notice. Sinking Fund and Improvement Fund — 1% of outstanding bonds annually March 1. 1913- 1916; 2% from 1916-1918; 3% from 1919-1920. This fund is to be expended for betterments, improvements etc., and ' any balance may be applied to the rede'mption of these bonds. Organization — Incorporated in 1909 in West Virginia and has acquired the properties of the United Gas Co., Edison Light & Power Co., Gas & Electrical Appliance Co, of Wichita, Kan., Independence Electric Co., Electric Light & Power Co. of Newton, Kan., Cherokee Light & Power Co. and Cherryvale Electric Light & Power Co. It owns 'a-U the stocks, bonds and notes of the Home Light, Heat & Power Co. of Pittsburg and Frontenac, Kan., and leases the property. In July, 1915, acquired the prop- erty of the Arkansas City Gas & Electric Light Co. Control — Entire stock owned by the Ameri- can Power & Light Co.. which is controlled by the Electric Bond & Share Co., a subsidiary of the General Electric Co. Secured by first mortgage upon plants sup- plying electricity and natural gas to Wichita and Pittsburg. Kan., and electricity to Inde- pendence, Newton, Arkansas City and 11 other cities and towns in Kansas. The company owns steam electric generating plants at Wichita, Pittsburg, Independence, , Newton and Cherry- vale. Property includes 200 miles of gas mains, 117 miles high voltage transmission lines. 396 miles overhead distributing lines. Generating capacity of electric plants, 14.000 k. w. Natural gas output. 3.729.319.000 cubic feet. Population served, 135.300. Electric franchises in Wichita and Pittsburg extend to 1937, gas to 1925; electric in Frontenac and Cherryvale to 1925, Independence to 1926 and remaining In 1927, 1931 and 1932. Year ended Dec. 31 Gross Net Interest 191S $2,123,556 $700,4:14 $401,800 1917 1.767.642 487,3611 275.321 1916 1,597,882 598.785 218.012 1915 1.355,991 525,660 194.229 1914 1.163,349 467.035 187,343 Legal for R. I. Original Market — Offered May, 1911, at 97 and interest by Wm. A, Read & Co,, Boston. New Tork and Chicago, and Whicher. Young & Conant, Boston, and H. P. Wright Invest. Co.. Kansas City. $475,000 offered Aug.. 1918, by Wm. A. Read & Co., New York, etc., at 93 and interest. Market. New York — Paine. Webber & Co., E. &. C. Randolph. F. H. Hatch & Co.. Earle-A. Jliller & Co.. Berdell Bros.. Babcock. Rushton & Co., Pvnchon & Co., Berdell Bros.. John Nickerson, Jr.. Taylor & White. John Davenport. Kiely & Horton. Portland — Fidelity Trust Co. Kansas City — H. P. Wright Invest. Co. Chicago — Illinois Trust & Savings Bank, Northern Trust Co., Merchants Loan & Trust Co.. Paine. Webber & Co., Babcock. Rushton & Co. Boston — F. B. Bassett & Co., H. L. Nason & Co., Paine. Webber & Co., L. Sherman Adams, Wm. A. Reed & Co.. White. Weld & Co. Newark — Fidelity Trust Co. Milwaukee — First National Bank, Marshal & Ilsley Bank. Kansas City— H. P. Wright Inv. Co. 017 Price Range. Jan. 1, 'll to Jan. 1, '19 1918 Bid Ask Bid Ask Hig-h.99 '16 100"^ '16 94 Dec. 96 Dec Low. 89 '18 93 '18 89 Sept. 93 Sept. E£BNX: (N. H.) GAS & EMXJTRIC CO. Ist 68. Due Feb. 1, 1935. Dated Feb. 1, 1905. Interest payable Feb. 1 and Aug. 1, at National Shawmut Bank, Boston, and Cheshire National Bank, Keene, N. H. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 200,000. Oatstandine — $182,000 (Dec. 31. 1918). Retired W Sinking Fund — $18,000. Benomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Geo. A. Litchfield, Keene, N. H. Redeemable at 103 and Interest on any in- terest date. Sinking: Fund — Beginning Aug., 1910, to re- tire $2,000 bonds annually, to be purchased or redeemed at not exceeding 103 and interest. Organization — Incorporated In 1860 in New Hampshire and In 1907 absorbed the Citizens Electric Co. In 1914 the Ashuelot Gas & Elec- tric Co. acquired the properties of the Peter- boro Electric, Heat & Power Co. and the Dub- lin Electric Co. These plants are leased to the Keene Gas & El. Co., together with the other plants of the A. G. & E. Co., which supply electricity in the vicinity of Keene. Secured by mortgage on plants, owned and leased, supplying all the gas, electric light and poTVer to Keene, N. H. Population served, 30,000. Franchise perpetual. Prior Men — $200,000 Ashuelot G. & B. Bs. Tear ended Dec. 31 Net Int.&Rent 1918 $65,802 $44,742 1917 67,624 40,771 Original Market — Offered in, 19 09 at 100 and interest by Baker, Ayling & Co., Boston and Philadelphia. Market. New York — Berdell Bros. Philadelphia — S. K. Phillips. (J. R.) KISIM & CO. "Shaxamaxon MUIb" Ist S. F. 6s. Due April 1, 1933.— P. Dated April 1, 1913. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsvlvanla. ' Authorized — $500,000. Outstanding— $184,000 (March 1, 1919). Retired by S. F. — $89,000. Denomination — Coupon, $500 and $1,000. Registerahle as to principal. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities. Philadelphia. Redeemable at 102% and interest on any interest date. Sinking Fund — Annual amounts, beginning April 1, 1915, sufficient to retire the entire Issue on or before maturity. This fund Is to be applied to the purchase or redemption of bonds at not over 102% and interest. Organization' — The business was established in 1868 and the company Is engaged in the manufacture of woolen cloths and sells direct. Its products are advertised as "Shaxamaxon Fabrics." Secured by a first mortgage on the plant of the company, located at 153 to 179 W. Alle- gheny Ave., Philadelphia, and appraised at $450,393. 'I'he company is Insured against fire for over $1,000,000. The company covenants to maintain Its quick assets at 125% of the par value of bonds outstanding. Original Market — Offered In 1913 by Brown Bros. & Co. and Henry & West, Philadelphia, at 100 and interest. Market. Philadelphia— S. K. Phillips & Co.. West & Co., Barclay, Moore & Co.. Brown Bros. & Co. KEITH RAILWAY EQUIPMENT CO. Eautp. Tr. 7s. Due $50,000 anmually from July 1. 1919 to July 1. 1923. inclusive. Dated July 1. 1918. Interest payable Jan. 1 and July 1 at Merchants Loan & Trust Co., Chicago. Tax Status — Information not available. Authorized— $250,000. Outstanding — $25 0, 00 0. Benomination — $1,000 and $500 in all ma- turities and $100 in 1923 maturity. Trustee — Merchants Loan & Trust Co., Chi- cago. Redeemable at 103 and interest on any in- terest date on 30 days' notice. Organization — Incorporated In Illinois in March. 1917. as successor to the Keith Car Co., established in 1911. The company manu- factures, sells and leases tank cars to ship- pers of liauid products. As of Aug. 31, 1918, the company owned and had In service 33 8 cars. Plant located at Hammond, Ind. , at which standard all-steel tank cars are pro- duced at the rate of two cars per day. Capital Stock Outstanding Preferred $126,000 Common 500,000 Secured by an equipment agreement on 125 all-steel standard construction tank cars of 8,000 gallons capacity valued as of Aug. 31, 1918, after allowance for depreciation was estimated at more than $400,000. The title to these cars is in the Trustee until all of these certificates have been retired. The com- pany leases the equipment from the Trustee and agrees to pay as rental therefor sums which are sufficient to meet the principal and interest of the certificates as they severally mature. The company agrees to maintain all of the equipment in good condition and re- pair, and replace at its own expenses any rolling stock which may be destroyed, and keep equipment adequately insured for the benefit of the holders of these certificates. As of Aug 31. 1918. the total net assets of the company after providing for all current obli- gations and exclusive of good-will, patents, etc., after giving effect to the sale of this issue were $1,161,907. Funded Debt — As of Aug. 31, 1918, the com- pany had $97,500 6% certificates outstanding in addition to this issue. Original Market — $250,000 offered Sept., 1918. by Counselman & Co., Chicago, at prices ranging from 99% to 97^ and interest, accord- ing to maturity. Market. Chicago — Counselman & Co. KEIT1 RAITvWAY EOTTIPMENT Co. Equip. Tr. fiss. Due each February 1, as follows: .VAY COKE CO. 3-Year C7c Notes. J>ue March 1, 1920. — F. Dated March 1, 1918. Interest payable March 1 and Sept. 1. Tax Status — 2% Federal Income Tax paiil by company without deduction. Authorized — $800,000. Outstanding — $800,000. Purpose of Issue — The proceeds of this issue will provide for the completion of the plant of the Ironton Solvay Coke Co. and for im- provements at the Ashland coke plant and at mines of the Bdgewater Coal Co, Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New. York. Redeemable at 100 and interest on 90 days" notice. Organization — Incorporated in Kentucky in 1912. The company owns and operates a large coke oven plant at Ashland, Ky., with a capacit.v of about 2,000 tons of coal per day, or an output of 1,500' tons of coke and the customary by- products. For several years to come. 75 per cent, of the entire output has been contracted for. The company also owns all of the stock of the Edge water Coal Company, which owns about 4,500 acres of coal lands in Kentucky and leases about 4,000 additional acres, the combined acreage having about 50.000,000 tons of recoverable coal, which assures an excellent supply for many years. The properties of the Kentucky Solvay Coke Company and the Bdgewater Coal Company represent a cash investment of $2,688,148.51. The company also owns 51 per cent, interest in a new coke oven plant at Ironton, Ohio (to be completed June. 1918). This plant is directly across the Ohio River from Ashland and will be a strictly modern 60-oven plant, with a capacity of 1.2 00 tons of coal per day. or about two-thirds the size of the Ashland plant. The entire output of the plant has already been contracted for for several years. Authorized Outstanding Capital Stock $5,200,000 $2,608,136 Controlled through ownership of 51% of the stock by the Semet-Solvay Co. 620 Security — A direct obligation of the company, but not secured by a mortgagre. The indenture contains a specific covenant that ao long as any notes of this issue are outstanding no mortgage or other lien wiU be placed upon the property of this company or that of the Edge- water Coal Co. There are no mortgages or other liens on these properties. The company also covenants to keep the properties fully insured. Tear ended Dec. 31 Net Dep'n Interest 19J8 $274,039 $126,122 $16,500 Original Market — $800,000 offered March, 1918, by Montgomery & Co., Philadelphia and New York, at 97% and interest. Market. Syracuse — The Syracuse Trust Co., First Trust & Deposit Co. Price Range 1918 — Bid 93 Sept. KENTrCKY TRACTION & TERMINAL CO 1st & Ref. 5s. Due Feb. 1. 1951. — F. Dated May 18, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid b5' company without deduction. Pennsylvania iind New Jersey State taxes refunded. Authorized — $7,500,000. Outstanding— $2,892,000 (March 1. 'IS), Reserved for Prior Liens — $1,626,000. Reserved for Ext. — $2,982,000. Denomination — Coupon, $1,000., Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia, Pa. Redeemable as an entire issue or in part for the sinking fund at 105 and- interest on any interest date. Sinking Fund — An annual amount eaual to one-half of 1 % of bonds outstanding from 1921 to 1930, inclusive; and 1% from 1931 to 1950, inclusive, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. All bonds thus acquired to be cancelled. Guaranteed as to principal and interest by endorsement, by the Kentucky Securities Cor- poration. Organization — Incorporated in 1911 in Ken- tucky as a consolidation of the Lexington Ry. Co., Central Kentucky Traction Co. and Blue- grass Traction Co. and owns and operates elec- tric street and interurban railways in and about Lexington, Frankfort, Paris and "Ver- sailles. Ky. Control — Entire stock owned by Kentucky Securities Corporation. Secured by first lien on 48 miles of urban and interurban railway lines and on power plant, substations, etc., and by second lien on 15 miles of street railway and 30 miles of in- terurban electric railway lines; also by pledge of all the stock of the Lexington Utilities Com- pany doing an electric light and power, gas and Ice business in Lexington, Ky. Franciiises — In most cases are perpetual, the exceptions being on seven miles of line in Frankfort, expiring 1923, and the lighting franchise of the Lexington Utilities Co., which expires in 1936. Prior Liens — $1,220,000 Lexington Ry, 1st 5s of 1949; $210,000 Blue Grass Traction 1st 5s of 1934. and $196,000 Georgetown & Lex- ington Trac. 1st 5s of 1921. Year ended June 30 (Ky. Sec. Corp. consoli- dated) Fixed Gross Net Charges 1918 $1,021,448 $461,3 54 $302,454 1917 912.540 471,564 264,496 1916 850,685 441,728 245,576 1915 811.629 407,515 237.230 1914 782,272 401,784 245,184 Listed on the Philadelphia Stock Exchange. Original Market — Offered in May, 1911, by Chandler & Co., Philadelphia, and White & Co., New York, at 94 and interest. Market. Philadelphia — Chandler & Co., Chandler Bros. & Co., H. Boenning & Co.. Barclay, Moore & Co.. Huntoon & Co., Paul & Co. New York — Chandler & Co., B. & C. Ran- d.»iph. Martin, Berwin & Co., Gilman & Clucas, Abraham & Co.. Lynch & McDermott, Taylor & White, John Davenport. Boston— H. H. Holton & Co. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid ' Ask High.90 '12 94 '12 80 Jan. 85 Jan. Low. 65 '18 70 '18 65 Dec. 70 Dec. KENTUCKY UTILITIES CO. 1st 68. Due Oct. 15, 1919.— F. Dated Oct. 15, 1914. Interest payable April 15 and Oct, 15. at Illinois Trust & Savings Bank, Chicago. Ta.\ Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $2,420,800 (Dec. 31, 1918). Reserved for Ext. — $579,200. Denomination — Coupon,- $100, $500 and $1,000. Registerable as to principal only, - Trustees — Illinois Trust & Savings Bank and William H. Hankie, Chicago, Redeemable at any time at par and Interest upon 30 days' notice. Improvement Fund — In addition to ordinary charges for maintenance the company agrees to appropriate not less than 5% per annum of gross earnings for extensions, betterments and improvements, and if less than that amount is so expended a sum equal to the difference shall be applied to retirement of these bonds. Organization and Control — Incorporated in Kentucky in 1912. All of the stock is owned by the Middle West Utilities Co. Secured by a first mortgage on plants sup- plying electricity in Shelbyville, Eminence, Lawrenceburg, Versailles, Mt. Sterling, Win- chester, Cynthiana, Richmond. Somerset, Mid- dleboro, Elizabethtown. Harlan, Greenville, Central City. Pineville, Morganfield. Glasgow, Horse Cave, Cave City and La Grange, Ky. (combined popuation, 68,000); water in Green- ville, Shelbyville, Mt. Sterling and Somerset (ccmbined population, 16,000); gas in Shelby- ville (population, 4.000); on street railway lines in Somerset (population, 5,000), and on ice plants in Franklin, Greenville, Lawrence- burg, Mt. Sterling, Somerset, Winchester, Pine- ville, Glasgow and Horse Cave (combined pop- ulation, 27,000). Further secured on 182 miles of practically new transmission lines. All of the plants of the company are located in Ken- tucky. Franchises expire between 1919 and 1934. the franchise expiring in 1919 being rela- • tively unimportant.' Underlies — $380,000 Deb. 6s due 1923 and $976,000 Gen. 6s due 1947. Year ended Dec. 31 Groaa Net Interest 1918 $796,498 $271,440 $240,001 1917 663,403 230,936 195,703 1916 $472,362 195.917 151,474 1915 396,283 170,468 131.550 1914 397,210 161,518 113,585 Origrinal Market — First offered by Russell, .Brewster & Co., McCoy & Co., lUinoia Trust & Savings Bank, Continental & Commercial Trust & Saving-g Bank, and N. W. Halsey & Co., of Chicago, and A. H. Bickmore & Co., New York, at 95.84 and interest Cyieldinir 7%). Market. New York — B. & C. Randolph, Kiely & Hor- ton, Halsey, Stuart & Co., Russell, Brewster & Co., A. H. Bickmore & Co., Babcock, Rush- ton & Co.. Pynchon & Co., Berdell Bros. Chicago — McCoy & Co., The Stanwood Co., Halsey, Stuart & Co., Babcock, Rushton &. Co., Curtis & Sanger. St. liOuiB — ^Mercantile Trust Co. Providence. B. I. — Bodell & Co. Philadelphia — ^Halsey, Stuart & Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Price Ranee. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 101 '16 95 Dec. 99 Dec. Low. 90 '18 94 '18 90 Aug. 94 Aug. KSOBJCS CONSOIilDATBD COKE CO. l8t & Ref. S. F, 6s. Due July 1. 1959.— P. Dated July 1, 1909. Interest payable Jan. and July 1. at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $920,000 (April 1, 1919). Retired by S. F. — $180,000. Reserved for Prior liens — $1,400,000. Denomination — Coupon, $1, 000. Regiaterable as to principal. Trustee — Bankers* Trust Co., New York. Sinking Fund — 12 cents per ton of coal mined to July '1, 1919; 15 cents per ton to July. 1929; 17 cents to July, 1959. One-half of payment remaining after pay- ment of interest on Purchase Money Mort- gage Bonds shall be applied to the retirement c^ the latter issue of bonds at not over par a d interest and the other half applied in like nianner to the retirement of this issue. Bonds acQuired are cancelled. Guaranteed principal and interest by the Virginia Coal & Iron Co. Organization — Incorporated in 1909 as a con- solidation of the Imboden Coal & Coke Co. and the Keokee Coal & Coke Co. In May. 1910, the Stonega Coke & Coal Co. acquired the mines, coke ovens and other improvements and real estate was acquired by the Virginia Coal & Iron Co. Secured by a first lien on the property of the tmboden Coal & Coke Co., consisting of 850 acres of coal land in fee, 1 mile of railroad, 2 operating mines with a present capacity of 1,500 tons per day, and on the Legg lease of 346 acres at Keokee; a second lien on 8,563 acres of coal lands in Lee County, Va., and Harlan County, Ky. , 2 miles of railroad, 2 operating mines with an annual capacity of 500.000 tons. Prior Liens' — $1,313,000 Purchase Money Mortgage Bonds, due 1959, to retire which a like amount of this issue has been reserved. Original Market — Offered in 1909 by Geo. A. Pernald & Co., Boston, at 87% and inter- eat, and in 1911 at 92% and interest. Market. New York — Hanson & Doyle. E. & C. Ran- dolph, Baker, Carruthers &. Pell. S. K. Phil- lips & Co.. Taylor & White, P. H. Hatch & Co. Boston — Geo. A. Pernald & Co Piiiladelphia — Brown Bros. & Co., O. B. Lan- Binger & Co. Price Bange. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.83 '17 88 '17 79 Nov. Low. 75 *17 85 '17 KSOKUK & DBS MOINES RAH^WAY CO. 1st 5s. Due Oct. 1, 1923.— N. Dated September 20, 1878. Interest pay- able April and Oct. 1, at First National Bank. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstandine — $2,750,000. Denomination- — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — ^Farmers' Loan & Trust Co., N, T. Guaranteed as to interest by the Cbicagot Rock Island & Pacific Ry. by endorsement. Organization and Control — Incorporated in in Iowa in 1873 and leased its property for 45 years from October 1, 1878, or for remain- ing years of its charter to the Chicago, Rock Island & Pacific Ry. Co., which owns $1,487.- 900 of the $2,600,000 common stock and $575,- 100 of $1,524,600 preferred stock. Rental- maintenance, 25% of gross earnings, and in- terest on bonds. Secured by a first mortgage on 162.40 milea of road from Keokuk to Des Moines, la. I^egal for Me. listed on the New Tork Stock Exchange. Market. New York — A.. E. Pitkin & Co.. J. S. Parlee & Co., Joseph & Wiener, Joseph Walker & Sons, P. J. Lisman & Co., E. & C. Randolph. Oilman & Clucas. Baker, Carruthers & Pell, Hartshorne & Battelle. Boston — McConnell & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.111% Mar. 3, '06 70 Nov. 8 Low. 49 ?4 Sept. 30, '15 57 Mar. 7 KEOKUK ELECTRIC RAILWAY & POWER CO. 1st 5s. Due July 1 to 1925.— N. Dated July 1, 1900. Interest payable Jan. and July 1, at Central Trust Co. of Illinois, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $160,000 (Dec. 31, 1918). Retired — $90,000. Denomination— Coupon, $500. Trustee — Central Trust Co. of Illinois, Chi- cago, and H. E. Ambler. Rcjdeemable at 105 and interest on any In- - terest date. Organization — Incorporated In 1900 as a con- BcMdation of the street railway and electric light interests of Keokuk, la. Was merged with several other companies in 1911 into the Keokuk Electric Co., controlling the . electric railway and power business of Keokuk, Iowa, and Hamilton and Warsaw, 111., the electric lighting business in Keokuk and Hamilton and the gas business in Keokuk. Management — Stone & Webster. Secured by a first mortgage on about 8 miles of street railway in Keokuk and Hamilton, la., and also on plant supplying electricity in those cities. Population served. 19,000. Franchlsfl expires 1936. Underlies — $150,000 Keokuk Electric Co. 1st & Ref. 6s of 1923. 62! Xear ended Dec. 31 (K. Elec. Co.) Gross Net Iiit.&S.F. 1918 $264,236 $69,427 $32,480 1917 248,546 72,762 26,990 1916.... 240,182 79,.?26 23,827 1915 232,^93 81,437 22,400 1914 ?49,062 88,792 24,286 Original Market — Offerefl in 1906 by Duke M. Farson, Chicago, July, 1900, and by the Amer- ican (now Cont. & Com.) Trust & Say. Bank Chicago, at car. KEWANEE UGHT Ss POWEB CO. 1st Si. Doe Jan. 1, 1924. — ^F. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at Real Estate Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — $500 and $1,000. Trustee — Chicago Title & Trust Co., Chicago. Bedeemable at 105 and interest on any in- terest date. Organization — Incorporated In 1899 as a con- solidation of the Kewanee Gas Light & Coke Co. and the Kewanee Electric Light & Motor Co. Absorbed by the Consolidated Light & Power Co., a subsidiary of the American Gas Co. Secured by first mortgage on coal gas plant, water gas plant, and steam operated electric light plants supplying Kewanee and Wethers- fleld and Galva, 111. Population served, 18,000 Electric franchise expires in 1925 and gas franchise in 1926. Underlies — Consolidated Lt. & Pr. 1st Cons. 51 of 1923. Market. New York — McGeorge & Vanderhoef. KEWAUNEE, GREEN BAY & WESTERN BAELKOAD 1st 5s. Due Jane 1, 19«1.— F. Dated June 1, 1891. Interest payable June and Dec. 1, at Winthrop & Co., 40 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and .Outstanding — $408, 000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Organization — Incorporated in 1890 in Wis- consin and road opened for operation in 1891. Controlled through ownership of a majority of the capital stock by the Green Bay & West- em Railroad Co. Secured by first mortgage on 37 miles of road from Green Bay to Kewaunee, Wis. Year ended Dec. 31 Net Int. & Rent 1917 $84,076 $12,998 Year ended June 30 1916 126,317 76.172 1916 122,192 36,219 1914 117,446 31,668 Market. New York — F. J. Lisman & Co., Louchheim, Minton & Co., F. H. Hatch & Co. ,Fhiladelphi»-— Louchheim, Minton & Co. KEY WEST EUBCTBIC CO. Ist Ss. Due Aug. 1, 1966.— F. Dated Aug. 1, 1906. Interest payable Feb. and Aug. 1, at State Street Trust Co., Boston Tax Status — 2% Federal Income Tax paid Ijy company without deduction. Authorized — $1,000,000. Outstanding — $463,000 (Dec. 31, 1918). In Treasury — $83,000. Retired by S. F. — $47,000. Beserved tor Ext. — $407,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — State street Trust Co., Boston, Bedeemable as a whole or for the sinking fund at 105 and Interest. Sinking Fiind — 1% of outstanding bonds be- gan Deo. 1, 1912. Organization — Incorporated in 1898 In New Jersey and does the "entire street railway and electric light and power business In Key West, Fla., and In addition has a franchise for tbt manufacture and sale of gas. Management — Stone & Webster. Secured by first mortgage on 6.4 miles of street railway in Key West, Fla., and plant supplying electric light and power to that city. Population served, 20,000. Franchises expire 1997. Year ended Dec. 31 Gross Net Int. & S. F. 1918 $202,873 $84,364 $29,789 1917 146,087 60,829 29,635 1916 116,372 38,826 30,219 1916 112,840 30,800 30,696 1914 132,262 46,597 30 666 Market. New York — Berdell Bros. Boston — Stone & Webster. KEY WEST GAS CO. 1st 6s. Due Aug. 15, 19S1.— F. Dated Aug. 16, 1911. Interest payable Feb. and Aug. 16, at Franklin Trust Co., Phila- delphia, Pa. Default — Aug. 16, 1918, interest was not paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $600, 000. Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee— Franklin Trust Co., Philadelphia, Pa. Bedeemable at 120 and interest on any in- terest date upon 30 days' notice. Organization — Incorporated in Delaware In 1911. Beceivership — On Nov. 14, 1918, Henry H. Taylor and Edward C. Bostock were ap- pointed receivers by the U. S. District Court of Florida. Foreclosure — Proceedings have been Insti- tuted under this mortgage. Secured by a first mortgage on plant supply- ing gas to Key West, Fla. Population served, 26,000. Franchise expires in 1941, after which time, city has right to purchase plant. Original Market — Offered by A. H. Jones & Co.. New York, and Starr & Reed, Philadel- phia, at par and interest. Market. Philadelphia — Barclay, Moore & Co., Ca- pelle & Co.. Thos. A. Biddle & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Ask Ask High.97 '16 60 Sept. Low. 60 '18 KEYSTONE COAIi & COKE CO. 1st & Bef. S. F. Serial 6s. Due $800,000 each March 1st, to 1926, Inclusive, and $330,000 from 1927 to 1931, inclusive,- F. Dated March 1, 1911. Interest payable March and Sept. 1, at Trustee's oflice. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Antborized — $6, 000, 000. Outstaiidine— $2,648,000 (March 1. 1919). Retired— $2,652,000. Reserved for Extensions — $700,000. Denomination — Coupon. $1,000. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole at 105 and interest on 60 days' notice or for sinking fund purposes at 102 and interest. Sinking Fund — Ten cents per gross ton on all coal mined and shipped,- but annual minimum amount must be sufficient to pay maturing bonds, all excess to be applied to purchase or redemption of bonds at not exceeding 103 and Interest, except that until 1915 the company shall be required to make such excess payments on amount of coal mined in excess of 3,500,000 tons. Organization — Incorporated in 19 02 in Penn- sylvania as a consolidation of seven companies which had been in operation from 15 to 30 years. Secured by first mortgage on 10,743 acres of coal lands in Westmoreland County, Pa., and Marion County, "W. Va., estimated to contain 115,143,000 tons, and to have a net recovery of 91.374.000 tons. Original Market — Offered in 1911 by E. B. Smith &, Co., Philadelphia and New York, at prices to yield 5.85%. Market. rbiladelpbia — Graham, Parsons & Co.. West & Co.. Newburger, Henderson & Loeb, Blkins, Morris & Co., Cassatt & Co.. Brown Bros. & Co., H. Boenning & Co., Huntoon & Co., Bar- clay, Moore & Co. , Biddle & Henry, S. K. Phillips & Co., Robt. Glendinning & Co. New "York — H. I. Nicholas & Co., E. & C. Randolph, Newburger, Henderson & Loeb, Baker, Carruthers & Pell, Newhall & Co. Scranton — Brooks &, Co, Pittsburgh — George, Allen & Whitehouse', Price Range. Jan. 1, *15 to Jan. 1, '19 1918 Bid Ask Bid High.103 '17 103% '16 99% Dec. Low. 90 '17 911/^ '17 99 Oct. KEYSTONE STEEL. & AVIRE COJIPANY 3- Year 7% Secured Convertible Notes. Due November 1, 19^1. Dated November 1, 1918. Interest payable May and November 1 in Cleveland and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,250,000. Outstanding — $2,250,000. Denominations — Coupon $500 and $1,000, registerable as to principal. Trustee — First Trust & Savings ' Company, Cleveland. Ohio. Redeemable as a whole or in part at any time on 60 days' notice as follows: Up to Nov. 1, 1919, at 102 and interest; thereafter to Nov. 1. 1920, at 101 and interest; there- after to maturity at ]00»/i and interest. Convertible at any time par for par into the Company's first mortgage 7% Bonds. On called bonds conversion privilege extends up to ten days prior to redemption date. Organization — Incorporated in Illinois in 1907 as a consolidation of the Keystone Fence Co. and the Atlas Wire Co. Business estab- lijshed in .1892. Company's plant is located near Peoria, 111. . Secured by pledge with the Trustee of $3,- 000,000 of its first mortgage 7% S. F. Bonds, due November 1, 193 8, The First Mortgage 7% Bonds are secured by direct first mortgage lien on the entire physical property of the Company now owned and hereafter acQuired. The property cov- ered by the mortgage securing the 7% Bonds is stated to be valued at $6,000,000. Addi- tional bonds, beyond the r3, 000,000 pledged, can be issued only at par for 65% of the cash cost of additions and improvements coming under the lien of the mortgage. Original Market — Offered in November. 1918. by Wm. A. Read & Co. of New York. Phila- delphia, Chicago, etc., at SS-li, to net about 7%%. Market. Detroit — Joel Stockard & Co. Price Range 1918 — Bid 97%. Ask 9S%. KEYSTONE TELEPHONE CO. OF PHILA- DELPHIA 1st 5s.- Due July 1, 1935.— F. Dated July 1, 1^05. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — 810,000,000. Outstanding— S6. 625, 000 (Dec. 31, 1918). Ki'served for Add. — $3,375,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000. and $10,000. C. & R. interchangeable. Trustee — Columbia Trust Co.. New York. Redeemable as a whole at 108 and interest on any interest date. Organization — Incorporated in Pennsylvania in 1902 and operates under perpetual charters from the State, the city of Philadelphia and 38 boroughs and townships in Delaware, Mont- gomery and Buck Counties. In addition to its" local business In Philadelphia the company con- nects with all points in central and eastern Pennsylvania, central New Jersey and portions of the States of Maryland, West Virginia and Delaware. Controlled through ownership of its entire stock by the Keystone Telephone Co. of New Jersey. Secured by a lien upon entire property and franchises of company, owning 24 exchanges and 330 miles of underground conduits in Phil- adelphia, together with telephone service sys- tems in Camden, Gloucester, Woodbury and Wildwood, N. J., and lines reaching Atlantic City. In February, 1915, the company leased a por- tion of the unused space in its conduits to the Philadelphia Electric Co. for 21 years. The rental to be paid is four cents per annum per duct foot used by the Electric Co. The mini- mum rental to be paid Increases to $100,009 per annum after seven years. At the expira- tion of the lease the Electric Co. has the right to purchase the space occupied or to renew the lease for 15 years with a minimum rental of $125,000 per annum. I'rior Hen — $25 0,000 Eastern Telephone & Telegraph Co. 1st 5s of 1922. Year ended Dec. 31 Gross Net Interest 1918 $1,60 5,721 $664,043 $3 44,484 1917 1.639,299 747.449 33 5.271 1916 1.470.143 729,923 330.100 1915 1.3G1.755 fi82.170 321,157- 1914 1.. 3 21, 266 669.416 311.900 Listed on New York and Philadelphia Stock Exchanges. -Original Market — $4,000,000 offered in July. 1905, by Fisk & Robinson, New York. $300,- 000 offered by Harper & Turner, Philadelphia, Oct., 1915. 624 Market. New ¥ork — Robinson & Co., Gilman & Clu- cas, B. & C. Randolph, Newburger, Hender- son & Loeb, Morton Lachenbruch & Co., F. H. Hatch & Co.. Newhall & Co. Philadelphia — West & Co.. Elkins, Morris & Go., Newburger, Henderson & Loeb, Harper & Turner, Barclay, Moore & Co., H. Boenning & Co.. Biddle & Henry. S. K. Phillips & Co., Chas. Fearon & Co. Price Range — N. Y. S. E. .Ian. 1. '06 to Jan. 1, '19 1918 Ask High. 98 Aug. 23. '07 97 Jan. Low. 82 Jan. 11, '12 9 5 Aug. KEYSTONE UTII.ITIES CO. 1st & Cons. 5s. Due Nov. 1, 1941. — N. Dated November 1, 1916. Interest payable Feb. and Aug. 1 at Scranton Trust Co. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7. 500, 000. Outstanding — $1,225,000. Additional bonds issuable 87^% of expendi- tures when net earnings are one and ono-half times interest charges on bonds outstanding and to be issued. Also issua;ble to retire prior liens. Denomination — Coupon, $200. $500 and $1,000. Registerable as to principal. Trustee — Scranton Trust Co., Scranton, Pa. Redeemable at 102i/^ and interest on or be- fore November 1. 1931, and at 105 and interest thereafter. Organization — Incorporated November, 1916, in Delaware aa a holding company. The company serves electric light, power and part street railway service to Hanover, Mc- Sherrytown, Gettysburg, New Oxford, Midway. Brushtown, BonneauviUe, Littlestown, Cone- wago, Bittinger and Berlin Junction, located in York and Adams Counties, Pennsylvania. Also serves electric light, power and part street railway service to DuBois, Sykesville, Big Run and Falls Creek, in Clearfield Coun- ty, Pennsylvania, also supplies electric light and power in Susquehanna County, Pennsyl- vania, to Montrose, Susquehanna. New Mil- ford. Hallstead, Oakland, Lanesboro and Great Bend. The service in the above communities is furnished by the six following companies: Hanover Light. Heat & Power Company, Hanover & McSherrystown Street Railway Company, Gettysburg Electric Company, Du- Bois Electric Company. DuBoia Traction Com- pany. Susquehanna County Light & Power Company. Capital Stock Authorized Outstanding Common (par $50).. $5,000,000 $1,500,000 Operated by the United Service Co. of Scranton. Secured by collateral liens through deposits of the capital stocks, contracts and other se- curities of the underlying companies. They are also secured by a lien on other property of the company, including improvements to be made shortly, funds for which have been reserved out of the proceeds of the sale of part of this Issue. Sufficient bonds are reserved for the retirement of certain underlying liens which, in amount, are less than the present issue. The system includes four modern and well equipped electric generating stations to which substantial additions will be made shortly. Also a hydro-electric system at Susquehanna, Pennsylvania, with a capacity of about 600 h, p. The entire installation of the va rious plants aggregates about 6,500 h. p., with about seventy-five miles of high-tension trans- mission lines, a large number of sub-stations and an extensive system of local distributing lines. Additions to the above will be made during the coming year. Also includes about twenty miles of trackage, together with street railway equipment, car barns, repair shops, etc. The gross earnings of the traction lines are less than 20% of the total gross of the company. The total population served is esti- mated to be about 70.000. Additional prop- erties will be acquired from time to time. Franchises are reported as unlimited as to time in most cases. Prior Liens — The collateral companies have the following bonds outstanding: $400,000 Han- over & McSherrystown Street Railway ]st 5s, due June 1, 1928; $280,500 DuBois Electric & Traction Co. Collateral Trust 5s, due May 1, 1932; $400,000 Susquehanna County Light & Power Co. 1st 6s, due 1943. Original Market — Offered December, 1916, by Brooks & Co., Scranton, Pa., at 91% and interest with bonus 50% common stock. Market. Philadelphia — Geo, N. Fleming. New York — Earle A. Miller & Co., E. Bunge & Co. Prire Range. Jan. 1, '17 to Jan. 1, '10 1918 Bid Ask Bid Ask High.90 '18 91^/^ '18 90 Nov. 91'/^ Nov. Low. 90 '17 891,^ "18 89% Jan. KINGS COUNTY ELECTRIC LIGHT & POWER CO. 1st 5s. Due Oct. 1, 19.S7. Dated October 1, 1897. Interest payable April and Oct. 1, at Trustee's office. Tax Statu s^Payment of Federal Income Tax -not assumed by company. Authorized and Outstanding — $2,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co.. New York. Organization — Incorporated in New York in 1890 and in 1898, through an issue of Purchase Money 6% Bonds, acquired the entire $5,000,- 000 stock of the Edison Electric Illuminating Co. of Brooklyn, controlling the production and distribution of electric light and power by the Edison System in that borough. On January 27. 1 919, this company's name wds changed to Brooklyn Edison Co. , Inc. , which latter company merged into itself the Edison Elec- tric Illuminating Co. of Brooklyn. Secured by a first mortgage on the entire property formerly owned by the Kings County Electric Light & Power Co., which includes a large central power station at the foot of Gold Street. Brooklyn, but not including the property formerly owned by the Edison Elec- tric Illuminating Co. Underlies — Kings County Elec. Light & Power Purchase Money 6s, due 1997, Conv. Deb. 6s, due 1922 and 1925; and Brooklyn Edison Co.. Inc.. Gen. 5s of 1949. Earnings — See Brooklyn Edison Co. Gen. 5s. Listed on the New York Stock Exchange. Market. New York— A. E. Fitkin & Co., Chaa. H. Jones & Co.. Coggeshall & Hicks, B. & C. Randolph, Newborg & Co. , T. L. Bronson. R, F. Westerfield & Co.. L. A. Norton. Ab- bott, Johnson & Co.. Wm, Carnegie Ewen, Berdell Bros., Low. Dixon & Co., Spencer Trask & Co. . John Davenport. Bof^ton — L. Sherman Adams. Paine, Webber & Co. Price Range — N. Y, S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High. 106 May 26, '11 91 Dec. 94 Nov, Low. 90 Nov. 30, '17 86 Aug. 92 Aug. 625 KINGS COUNTY BI^CTRIC LIGHT A POWER CO. Purchase Money 6s. Due Oct. 1» 1997.— F. Dated October 1, 1898. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $5,176,000. Outstanding: — $5,176,000. Denomination—Coupon, $1, 000. Keffisterable as to principal. Trustee — Central Union Trust Co., New York. Organization — See 1st 5s, due 1937. Secured by a second mortgage on the prop- erty formerly owned by the Edison Electric Illuminating Co. (except the central ' power station at the foot of 66th St. on New York Bay) and the property formerly owned by the Kings County Electric Light & Power Co. Prior Idena — $2,500,000 Kings County Elec. Light & Power 1st 5s. due 1937, and $4,275,000 B. B. 111. Co. 1st 4s of 1898. Underlies— Conv. Deb. 6s, due 1922 and 1925; and Brooklyn Edison Co., Inc., Gen. Bs of 1949. XJarnings — See Brooklyn Edison Co. , Inc. , Gen. 5s of 1949. Usted on the New York Stock Exchange. Market. New York — A. H. Bickmore & Co., Wm. C. Ewen, T. L. Bronson. Coggeshall & Hicks, L. A. Norton, Seasongood, Haas & Macdonald, Abbott, Johnson & Co. , Berdell Bros. , Low, Dixon & Co. , Chas. "W. Place, John Daven- port. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.122 Feb. 6, '06 99% May 3 Low. 97 Aug. 28, '18 97 Aug. 28 KINGS COUNTY ELECTRIC MGHT St POWER CO. Conv. Deb. 6s. Due March 1, 1922.— F. Dated March 1, 1910. Interest payable March and Sept. 1, at Franklin Trust Co., New York and Brooklyn. Tax Status — 2% Federal Income Tax paid by company without deduction. Author&ed — $ 5,000,000. Issued — $4,000,0 00. Outstanding — $350,400 (Jan. 1, 1919). Converted — $3,649,600. Denomination — Coupon, $1,000 and $100. Registerable as to principal. Convertible Into stock of the company at par, on and after March 1, 1913. Organization — See 1st 6s, due 1937. Security — A direct obligation of the company but not secured by mortgage. Prior lilens — $2,500,000 1st 5s, due 1937, $5,176,000 Purchase Money 6s. due 1997, and $5,500,000 Brooklyn Edison Co., Inc., Gen. 5s of 1949. Earnings — See Brooklyn Edison Co., Inc., Gen. 5s of 1949. listed on the New York Stock Exchange. Market. New York — McKlnley & Morris, Gllman & Clucas, Morton Lachenbrucb & Co., T. L. Bronson, L. A. Norton, Low, Dixon & Co. . "Wm. C. Ewen. Price Range — ^N. Y. S. B. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask High.124 Oct. 29. '12 99M! Nov. 102% Nov. Low.ll3>^ Apr. 1, '14 100 Feb. Dated Marcb I, 1913. Interest payable March and Sept. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized— $ 5, 0. 0. Outstandings— $1,412,600 (Jan. 1, 1919). Converted — $3,587,400. Denomination — -Coupon, $1,000 and $100. Begisterable aa to principal. Trustee — Franklin Trust Co., Brooklyn. Convertible at par into stock of the com- pany on and after March 1, 1916. Organization — See lat 5s, due 1937. Security — ^A direct obligation of the company but not secured by mortgage. Prior liens — 1st 6a of 1937 and PurchaBe Money 6s of 1997 and $5,500,000 Brooklyn Edison Co., Inc., Gen. 53 of 1949. Earnings — See Brooklyn Edison Co., Inc., Gen. 5s of 1949. Liisted on the New York Stock Exchange. Market. New York — McKlnley & Morris. Gllman & Cluoas, T. L. Bronson, L. A. Norton, Season- good, Haas & Macdonald, Low, Dixon & Co., McDonnell & Co., Spencer Trask & Co., Wm, C. Ewen, John Davenport. Price Range— N. Y, S. E. Jan. 1> 1913 to Jan. 1, 1919 1918 Bid Ask High.128 Feb. 3. '16 100 Nov. 103 Nov. Low. 110 June 27, '17 94% June 100 Apr. KINGS COUNTY ELECTRIC I.IGHT & POWER CO. Conv. Deb. 69. Due March 1, 1925.— P. KINGS COUNTY EI*EVATED RAIUIOAD €0. Ist 48. Due Aug. 1, 1949. — N. Dated July 25, 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized and Outstanding — $7,000,000. Denomination — Coupon, $1,000. Registerablo as to principal. Trustee— Central Union Trust Co., New York. Guaranteed principal and interest by endorse- ment by the Brooklyn Heights R. R. Co., to which the Brooklyn Union Elevated was leased in 1901. This lease was subsequently termi- nated but the guaranty remains in efCect. Note — Bonds not stamped with the abova guarantee may be presented at the guarantor*! office, Brooklyn, on certain days each month for stamping. Assumed by the New York Consolidated Railroad Co. Organization — ^Incorporated in New York In July, 1899. as successor to the Kinga County Elevated Ry., sold under foreclosure proceed- ings. In 1900, was merged with the Brooklyn Union Elevated R. R., which company with the Sea Beach Ry. and the Canarsie R. R. were coniolldated In Dec, 1912 into the New York Consolidated Railroad. Controlled through ownership of nearly all preferred and common stock by the Brooklyn Rapid Transit Co. Receivership — See Brooklyn Rapid Transit Co. Secured by first mortgage on 28.5 mllea of elevated railroad from Fulton Ferry to Grand Avenue, Brooklyn, and 20 miles of electric road and private right-of-way from Fulton Street to Brighton Beach. Underlies — Brooklyn Union Elevated 1st 6a. due 1950. Listed on the New York Stock Exchange. Market. New York — T, L. Bronson, L. A. Norton, Colgate, Parker & Co., Abbott. Johnson & Co., "Wm. Carnegie Ewen, Berdell Bros., Low, Dixon & Co., John Davenport. Boston — Paine, Webber & Co. 626 Price Range— N. Y. S. B, Jan. 1, 1006 to Jan. X, 1919 Hieh.95 Jan. 26, '06 Low. 66 May 28, '18 Stamped. High. 96 'A Jan. 10, '06 Low. 68^/^ Dec. 23. '18 1918 72 Nov. 25 66 May 28 68^ Dec. 23 681^ Dec. 23 KINGS COUNTY GAS & IMiUMINATING CO. iBt 6s. Due Oct. 1, 1940.— JT. Dated Oct. 1, 1890. interest payable Apr. and Oct. 1, at Peoples' Trust Co., Brooklyn, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outfltandlngr — $750J)00. Denomination— Coupon, $1,000. Trustee — ^Peoples' Trust Co., Brooklyn, N. Y. Oreanization — Merged in 1904, into the Klnss County Ligrhting- Co, Secured by first mortgage on plant supplying gas in what was formerly the 30th Ward of Brooklyn. Population served, about 70,000. Company owns water and gas plant at 55th St., Brooklyn, and 168 miles of mains. Underlies — ^Kings County Lighting Co. let & Ref. 5 s which provide for the retirement of this issue, Barnlngs — See Kings County Lighting Co. Market. New York — John W. Christiansen. G. W. Walker & Co., Wm. Carriegie Bwen, Berdell Bros. , T. L. Bronson, John Davenport. Boston — G. W. "Walker & Co. Price Range. Jan. 1, *11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.981^ '17 100 '12 85 Nov. 94 Mar. Low. 75 '17 85 '17 75 Jan. 85 Jan. KINGS COUNTY LIGHTING CO. (BBOOK- I.YN, N. Y.) Ist Bef. 6s. Due July 1, 1954.— F. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Bonds num- bered 1604 and upward, tax exempt in New York. Authorized — $5,000,000. Outstanding — $2,428,000. Reserved for Ext. — $1,822,000. Reserved for Prior Lien — $750,000. Denomination — Coupon, $1,000. Reglsterabla as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and Interest on any in- terest date on and after Jan. 1, 1940. • Organization — Incorporated In 1904 in New York and absorbed the Kings Co. Gas & Illu- minating Co. in that year. Secured by mortgage upon entire property of company, including gas works at First Avenue and 54th Streets and storage plants together with the real estate owned In connection there- with, and 168 miles of mains. The total sys- tem supplies gas to 30th Ward of Brooklyn and part of the 31st. Population served, 70,000. Franchises perpetual. Prior Liens — $750,000 Kings County Gas & Illuminating Co. 1st 5s due 1940, to retire which a like amount of this Issue has been reserved. Year ended Dec. 31 Gross Net Int. & Rent 1917 $1,014,024 $251,847 $182,336 1916 950,363 227,883 182,479 1915 890.702 277,638 175,784 1914 874.214 306,133 167,580 1913 804,691 272,516 160,866 Original Market— $1,000,000 ofCered in May. 1909. by N. W. Harris & Co., New York, etc.. ac 101 and Interest. market. • New York— P. W. Brooks & Co.. T. L. Bron- son, E. & C. Randolph, "Wm. C. Ew*n, S. L. Snowden, P. H. Hatch & Co., Berdell Bros. noRton — ^P. W. Brooks & Co. Chicago — ^Harris Trust & Savings Bank. Philadelphia — P. W. Brooks & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hieh.90 '16 92 '16 70 May 80 Nov. Low. 65 '18 70 '18 65 Aug. 70 Mar. KINGSPORT (TENN.) UTII>ITrES, INC., 20- Year 1st 6s. Series A. Due April 1. 1937. Dated April 2, 1917. Interest payable April 1 and October 1 at New York. Tax Status — Payment of Federal Income Tax - not assumed by company. Authorized — $1,500,000. Outstanding — $ 500,000. Reserved for Ext. — $1,000,000. Purpose of Issue — To retire floating debt and for other corporate purposes. Denomination — Coupon $1,000, Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable as a whole or in part on any interest date, on four weeks' notice, at 105 and interest. Sinking Eund — Annual amounts eaual to the following percentage of bonds at any time outstanding: August 1, 1920. to August 1st. 1922. inclusive, 1%; August 1st, 1923, to Au- gust 1st, 1925, inclusive, 1.2%; August 1st. 1926, to August 1st, 1928, inclusive. 1.4,%; August 1st, 1929, to August 1st, 1931, inclu- sive, 1.6%; August 1st, 1932, to August 1st, 1934, inclusive. 1.8%; August 1st, 1935. until maturities, 2%. This fund is applicable to the purchase or redemption of these bonds at not over 105 and interest. Maintenance and Depreciation Fund — By the terms of the mortgage, the company Is re- quired to set up a fund at the end of each year equal to 12% of the gross operating in- come for the previous year. Maintenance and depreciation to be charged from this fund, and any surplus to be credited to depreciation re- serve, or may be used to purchase additional property against which no bonds can be is- sued, or to purchase and cancel the company's bonds at not to exceed 105. Organization — Incorporated In Virginia. Secured by a first lien on all the property of the company, including plants supplying electric light and power and water in Kings- port. Tenn. The company's power plant has a capacity of 11,500 k. w., developing 15,- 300 h. p. The company' s water supply system con- sists of a water shed and reservoir located about six miles from Kingsport on Bays Mountain in Sullivan County, Tennesseer Water is carried by gravity to the city limit line under a 200-pound pressure, where it Is reduced to 125 pounds, and is distributed through 15 miles of mains. The company has a 99-year franchise to maintain and operate electric light, power, water and gas systems. 13 months ended March 31: Gross Net Interest 1918 $322,894 $128,391 *$30,000 ♦Interest on $500,000 bonds this Issue. Original Market — $500,000 offered July, 1918, by Geo. H. Taylor & Co., Chicago, and West & Co.. Philadelphia. Price Range 1918 — Ask 94%. G27 KINGSTON (N. Y.) GAS & I:LEC. CO. 1st 5s. Due May 1, 1952.— F. Dated May 1, 1902. Interest -payaDle May and Nov. 1, at office of Trustee. Tax Status — 2% Federal Income Tax pajd by company without deduction. Authorized and Ontstandine — $700,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New Tork. Redeemable at 107 and interest on any in- terest date. Guaranteed principal and interest by the A.merican Gas Co. Organization — Incorporated in 19 02 in New York as successor to Kingston Electric Co., which was a consolidation of the Kingston Electric Light, Heat & Power Co. and the Rondout & Kingston Gas Co. Control — United Hudson Electric Co., incor- porated in N. T. February 14, 1919, with proposed capital of $3,000,000, has filed with P. S. Commission petition asking authority to acquire the capital stock of this company and including the Ulster Electric Light & Power Co., owned by it, and also 775 shares of stock of the Upper Hudson Electric & R. R. Co. of Catskill. Permission is also asked to acquire the stock of the Rifton Land Corp., and the development of two water power sites on the Wallkill River at Dashville, N. T. Secured by first mortgage on coal, gas and electric light plants supplying Kingston, N. T., and adjacent territory. Population served. 28.000. Market. New York — Farson, Son & Co., Dunham & Co., Hanson & Doyle, E. & C. Randolph. Taylor & White, F. H. Hatch & Co. Philadelphia — Bioren & Co., H. Boenning & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid High. 96 '15 97% '16 81 Jan. Low. 80 '17 85 '17 80 Apr. KINIiOCH LONG DISTANCE TELEPHONE CO. OF MO. 1st 5s. Due Jan. 1. 1939. Pated Jan. 2, 1904, Interest payable Jan. and July 1, at Mississippi Valle> Trust Co., St. Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $2,549,000 (Jan. 1, 1919). Reserved for Depreciation (In Treas). — $1,- 439.000. Reserved for Ext. — SI. 002, 000. Denomination — Coupon, $1, 000. Registerable ad to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago, and G. W. Gal- breath. St. Louis. Organization — Incorporated in Missouri, Illi- nois, Indiana and Kansas in 1900, and has "acquired all the property of the Kinloch Tele- phone Co. and the Suburban Telephone Co. of St. Louis, Mo. Merger — A petition is before the Missouri P. S. Commission for permission to merge this company, the Kan.sas City Home Tele- phone Co. and the Southwestern Bell Tele- phone properties in Kansas City. Secured by mortgage on entire property of company, including six exchanges in St, Louis and East St. Louis and others in a number of adjacent cities and towns, together with toll lines reaching nearly all the principal cities and towns in Kansas, Missouri. Illinois, Indi- ana, Kentucky, western Ohio and eastern Nebraska. Further secured by pledge of en- tire stock of Kinloch Telephone Co. Popula- tion served, 3,500,000. Franchises expire from 1920 to 1925. As of Dec. 31, 1918. the com- pany had 27 exchanges, 39,253 exchange sta- tions and 146,166 miles of wire including 47,- 374 miles of underground wire. Prior Liens — $2, 000, 000 Kinloch Telephone Co. 1st 6s due 1928. Year ended Dec. 31 Gross Net Int. &Rent 1918 $1,658,440 $602,732 $287,131 1917 1,648,903 614.973 287,215 1916 1,576,628 599.047 287.277 1915 1,534,415 554,940 287,691 1914 1,564,819 588,293 287,943 1913 1,533,003 584.829 287.517 Listed on the St, Louis Stock Exchange. Original Market — Offered in 1906. by the Mississippi Valley Trust Co., St. Louis. Mo., at 96% and interest. Market. St. Louis — Whitaker & Co., Herrick J. Gray & Co., W. E. Orthwein & Co., Mississippi Val- ley Trust Co.. Stix & Co., A. G. Edwards & Sons, E. A. Gessler. New York — Babcock, Rushton & Co., Jolin Nickerson, Jr. , Oilman & Clucas. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '16 95 '16 91 Dec. 03h^ Dec. Low. 80 '10 83% '18 82 Aug. 83% Aug. Due KINLOCH TELEPHONE CO. 1st 6s. Aug. 1, 1938.— F. Dated Aug. 1, 1898. Interest payable Feb. and Aug. 1, at Mississippi Valley Trust Co.. St. Louis, Mo. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Trustee — Mississippi Valley Trust Cc, St. Louis, Mo. Control — Property acquired by the Kinloch Long Distance Telephone Co. (See 1st 5s of that company.) Secured by first mortgage on entire property of company, including one main and five branch exchanges in St. Louis and Ea st St. Louis. Underlies — Kinloch Long Distance Telephone 1st 5s of 1929. Earnings — See K. L. D. Tel. 1st 5s. Listed on the St, Louis Stock Exchange. Market. St. Louis — Herrick J. Gray & Co.. Whitaker & Co., Mississippi Valley Trust Co., W. E. Orthwein & Co., I. M. Simon & Co.. Stix & Co , A. G. Edwards & Sons, E. A. Gessler. Philadelphia — Barclay, Moore tS: Co. New York — Babcock, Rushton & Co.. Nickerson, Jr. , Oilman & Clucas. Cliicago — Babcock, Rushton & Co. Price Range. Jan. 1. '1.5 to Jan. 1, '19 1918 Bid Ask Bid Ask High.10614 '16 107 '16 100 Jan. 101 Mar. Low. 97^ '18 98 '18 97^-^ Sept. 98 Sept. John KLOTS THROWING CO. 1st Ref. 68. Due March 1, 1939.— F. Dated March 1, 1909. Interest payable Mar. and Sept. 1. at Columbia Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 650,000. Outstanding— $363,800 (March 5. 1919). Held in S. F.— $286,200. 628 Trustee — Columbia Trust Co., New York. Kedeemable for the sinking fund at 105 from March 1, 1915 to 1919, thereafter at par by lot on any March 1, SinkiiifiT Fund— Minimum of $12,000 per an- num from March 1, 1915, and a lar^rer annual sum as the business increases beyond minimum amount of GUvo of plant capacity. Organization — Incorporated In 1895 in New Jersey and owns the entire $2,000,000 capital stock of tiif? (J.iaeral Silk Importing Co., Inc., which deals in raw siik. Secured by a first mortgage on six of the seven silk mills owned by the company at Carbondale, Scranton. Archbald and Forest City, Penna.; Fredericksburg, Va,, and Cum- berland, and Lonaconing, Md. Plants are in- sured for $1,000,000. Original Market — Offered in 1912 by Brooke & Co., Scranton, Pa., at par and interest. Market. MiTunton — Chas. E. Robertson. rhiladelphia — a. K. Phillips & Co. I'rice Kange. Jan. 1, '16 to Jan. 1, 'j!* 1918 Bid Ask Bid Ask High.lOl '16 lOiJ 'IC 100 Nov. 10:J Nov. Imw- . 97 V2 'Iti 100 'Hi Registerable KNICKERBOCKER ICE CO. (CHICAGO. lEL.) 1st 30-\ear 5s. Due July 1, 1941. — F. Dated July 1, 1911. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Statuh — 2% Fedt-ral Income Tax paid by company without deduction. Authorized — $6,000,000. Outfstanding— s;:i.7 87.0OO (Dec. n, 1918). Held ill S. !-■. — $5i:i,000. Held in Treasury— $200, 000. Reserved for Ext. — $1,500,000. Denomination — Coupon, $1,000, as to principal. Truste(^s — Central Union Trust Co., New York, and Charles G. Dawes, Chicago. Redeemable at 105 and interest on any in- terest datp upon UO days' notice. Sinking I'uiid — Beginning July 1, 1912, $.50,- 000 annually to be applied to purchase or re- demption of these bonds at not exceeding 105 arid interest, all bonds thus acquired to be held alive in the Sinking Fund. It is figured that over one-half of entire issue will be re- tired before maturity. Organization — Incorporated in Illinois and has purchased about 40 Chicago ice companies. In 1913 was consolidated with the City Fuel Company into the Consumers Company. Secured by first mortgage upon entire prop- erty of company which owns and operates 10 artificial ice plants with a capacity of 372,000 tons and natural ice plants in Wisconsin, Illinois and Indiana, having a capacity of 1,250,000 tons. Company has 31 distrib- uting dertots in Chicago and furnishes Ice to Elgin, Aurora, Fi.ockford, Pullman and Evans- ton, 111., Hammond, Valparaiso and East Chi- cago, Ind. Underiies — Consumers Company First & Gen* eral Lien Serial Deb. 6s. Year ended Dec. 31 (Consumers Co.) Gross Net Int.. Etc. 191 K $5,07 7,859 $1,097,436 $293,67 1917 4,1708.941 1,041,232 1916 3,897,944 717,300 Original Marketr--Offered in June, Charles D. Barney & Co., New York and Phlla- dolphia, Lehman Bros., New York, and Gold- man. Sachs & Co., New York, Chicago and Boston, at 93 ^^ and interest. $750,000 offered Dec, 1916. by Guaranty Trust Co., New York, 278,436 304,453 1911, by Ames, Emmerich & Co., Chicago, at 91 H and Interest. Market. New York^Jos. "Walker & Sons, Garrison & Brown, Kemerer, Matthes & Co., B. & C, Ran- dolph, Merrill, Lynch & Co., Babcock, Bush- ton & Co., Joseph & Wiener, Kiely & Horton. Baker, Carruthers & Pell, Babcock, Rushton & Co. Philadelphia — H. Boenning & Co., Huntoon & Co. Chicago — Ames, Bmerich & Co., Plotz & Co., Merrill, Lynch & Co,, Babcock, Rushton & Co. Detroit — Union Trust Co; Price Range. Jan. 1. 'II to Jan. 1, 'ly iyi8 Bid Ask Bid Ask High.93Vi '11 94-11 77 July 81 Nov. Low. 70 'IS 76 '18 70 Sept. 76 Sept. KNOX & LINCOLN RAILWAY CO. Series "A" 3d 5s. Duo Feb. 1, 1921.— X. Dated Feb. 1, 1891. Interest payable Feb. and Aug. 1, at First National Bank, Portland, Me. , Second National Bank, Boston, National Park Bank, New York, or Treasurer's ofiice, Portland, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $400,00 0. Outstanding — $348,000 (Jan. 1. 1919). Owned by Maine Central K. R. Co.— $32,- 000. Held in S.. F. of Maine Central R. R. Co. Coll. Tr. 5s of 1923 — $20,000. Denomination — Coupon, $1,000. (No Series • 'B' ' were issued. ) Trustee — Safe Deposit & Trust Co., Boston, Mass. Assumed by Maine Central R. R. Co. Organization — Succeeded in 1891 to the Pen- obscot Shore Line R. R. and was merged in 1901 into the Maine Central Railroad which is controlled through ownership of a majority of its stock by the P>oston & Maine Railroad. Secured by a second mortgage on 48.57 miles of railroad and ferry from Bath to Rockland, Me. Prior Lien — $1,300,000 Penobscot Shore Line 4s nf 1920. Underlies — Maine Central R. R. 1st & Ref. 4^/^s of 1935, which provide for the retirement of this issue. Legal for Conn., Me., N. H. and R. 1. Market. ISoston — Burgess, Lang & Co. New York — Burgess, Lang & Co. Pittsburgh — R. B. Hutchinson & Co. I'rieo Range. Jan.. J, '17 to Jan. 1. '19 1918 Bid Bid High.93 '18 93 June Low. 90 '17 KNOXVILI.E & OHIO RAILROAD CO. 1st 6s. Due July 1, 1935.— F. Dated July 1, 1885. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1, 000. Registerabla as to principal or fully registerable. Trustee — Central Trust Co., New York. Organization and Control — Incorporated in Tennessee and in 1903 was merged into the Southern Railway Company. Secured by a first mortgage on 65.30 miles of road from KnoxviUe to Jellico, Tenn. G20 Underlies — Knoxvllle & Ohio 1st Cons. 4s due 1963 ($500,000 of which are pledged under the Southern Ky. Consolidated Mortgage and $500,000 under the Dev. & General Mortgage); Southern Railway 1st Cons. 6s due 1994, which provide for the retirement of this Issue, and Development & General 4s due 1966. I^egal for Gal. listed on the New York Stock Exchange. Market, New York— Coffin & Co., Woia: & Stanley, Seasongood, Haas & Macdonald. Bull & El- dredge, Curtis & Sanger, J. S. Farlee & Co., E. & C. Randolph, Abraham & Co., Baker Carruthers & Pell, Simon Borg & Co., Chas. W. Place, Redmond & Co.. Wm. C. Bwen Taylor, Smith & Hard. Boston — Curtis & Sanger. Chicago — Curtis & Sanger. Pittsburgh— R, B. Hutchinson & Co. Baltimore — Baltimore Trust Co., Poe & Da- vies. Philadelphia — Chas. Fearon & Co. Price Range — N. Y. S. E. Jan, 1, '06 to Jan. 1, '19 iqig High.122% Jan, 4, '06 101% July 10 Low. 98% Sept. 26, '18 'gsU Sept 25 Chicago — A. B. Leach & Co. Price Range. Jan. 1, 'Og to Jan. 1, '19 1918 Bid Ask Bid Aik High.93 '16 96 '18 80 Jan. 90 Jan. Low. 80 '18 85 '18 80 Dec, 86~ Dec. KNOX\TIXE GAS CO, Ist 68. Due Oct. 1, .„?^^^? '^°*- l',"03. Interest payable April and Oct. 1, at A. B. Leach & Co., New York and Chicago. Tax Status— 2% Fedf-ral Income Tax paid by comoany without deduction Authorized — $600, 000. Outstanding— $470,000 (Deo. SI, 1918) Retired by S. F.— $30,000. 000**""'"'* '" ^^'^^^"'^^ .'o"" ^e'- Stock— $100,- Denomination — Coupon. $1,000 Trustee— United States Mortgage & Trust t-o.. New York, Redeemable at 103 and interest. Sinkmg Fund— Arnually, beginninH- 1913. thp Trustee shall call bonds by lot at 103 =infl interest tor payment October 1 in the follow- ;'i«,^""",'" '"""""fs' JS.OOO from 1913 to 192'. irr-lu!.ive, =nrt JIO.OOO thereafter. .o?''''"''^''*'""— Incorporated in Tennessee in 1^903 as successor to the Knoxvllle Gas Light Controlled throueh ownership of ovpr SS% of Its capital atnPk bv the Cities Service Co and deposited under Cons-Midated Cities Light' Power & Traction Co., First Lien 6% mortl Management^The Doherty Organization Tr,f„Ty"? by first mort>r,5e on plant supplying manufactured ra.=. tor light and heat in Knox- = „w>, *•■ ."'^'^^ooa. Park City and other suburban territory now within corporate lim- its of the .rity nf Knoxvllle. Population sen'»d, 46.000. Franchise expires 1963 Earnings — Not available. Original Market— Offered In 1903 by HVrson Leach & Co.. at 101 and interest. Market, New York— Wm. Wheatley & Co., E AC Randolph, A. B. Leach & Co., S. L. Snowden, Joseph & Wiener, Berdell Bros., Lynch & Mc- De'mott. Taylor & White. Boston — A. B. Leach & Co. Philadelphia— Capelle & Co.. H. D. Boenning & Co., A. B. Leach & Co., S. K. Phillips & Detroit — Joel Stockard & Co. KNOXVILtE RAILWAY & UGHT CO. Ref. St Ext. Ss. Due June 1, 1946. — F. Dated June 1, 1911. Interest payable June and 6ec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized — $10,000,000, Outstanding — $3,306,000 (Dec. 31, 1918). Held in S. F. — $45,000. Reserved tor Prior Uen — $810,000. Reserved for Ext. — $6,839,000. Denomination — Coupon, $1,000 and $500. Reglsterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date on 60 days' notice. Sinking Fond — Beginning Oct. 1, 1915, 1% annually of outstanding bonds to be applied to purchase of these bonds at a price to yield not less than 4%%, all bonds so acquired to be held alive in the Sinking Fund. Organization — ^Incorporated in Tennessee In 1905 as a consolidation. Controlled through ownership of entire capi- tal stock by the American Cities Co., a sub- sidiary of the United Gas & Electric Corp. Secure by mortgage upon entire street rail- way system in Knoxvllle, Tenn., comprising 65 miles of track and on plants doing the en- tire municipal and commercial lightlniir busi- ness in that city and vicinity. The company purchases power under long- term contract with the Tennessee Power Co. Franchise on 1% miles of railway expires In 1946; all others perpetual. Prior Liiens — $810,000 Knoxvllle Traction Co. for the retirement of which bonds of this issuo have been reserved. Year ended Dec. 31 Gross Net Int., etc. 1918 $1,223,304 $497,710 $285,031 1917 1,087.072 432,684 249,644 1916 997,684 431,264 214,235 1915 939,462 349,620 209,636 Usted on the New Orleans and Louisville Stock Exchanges, Original Market — Offered In Jan., 1912, by Isidore Newman & Son, New Orleans, and United States Trust Co., Louisville, Ky., at 92% and Interest. $1,556,000 offered Dec, 1916. by Bertron. Griscom & Co. and Reilly, Brock & Co., New York and Philadelphia, at 92% and interest. Market. New Orleans — ^E. D. Cohn. Hibernia Bank & Trust Co., Claude M. Smith & Co. New York— A. B. Fltkln & Co., Miller t Co.. Morton Lachenbruch & Co., B. & C. Ran- dolph. Hanson & Doyle, Tucker. Anthony & Co.. McKinley & Morris, John D. Curtis & Co., Bertron, Griscom & Co., Pynchon & Co.. Ber- dell Bros., John Nickerson, Jr. XonisTille — United States Trust Co., Law- rence J. TImmons & Co., J. J. B. Hiliiard & Son. Baltimore — ^W. W. Lanahan & Co., Mack- ubin, Goodrich & Co. Philadelphia — H. Boenning & Co., Harper ft Turner, Graham, Parsons & Co., S. K. Phil- lip"! & Co. Boston — Tucker, Anthony & Co. Detroit — Joel Stockard & Co. 630 Price Ranee. Jan. 1, '12 to Jan. 1, '1S> 1918 Bid Ask Bid Ask Hish.92% '12 96 '14 80 Jan. 86 Mar. Low. 70 '18 81 '15 70 Nov. 82% June KN'OXTIU^ (XBNN.) TRACTION CO. iBt Sa. Due April 1, 1»3S. — F. Dated April 1, 1898. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized — $860,000. Outstaoiding — $810,000'. Cancelled — $40,000. Denomination — Coupon, $1,000. Reslaterable as to principal. Trustee! — Baltimore Trust Co., Baltimore. Assumed by Knoxville Ry. & Light Co. Organization — Incorporated in Tennessee in 1898 as a consolidation of all the street rail- ways in Knoxville, and in 190B was merged into the Knoxville Railway & Ligrht Co'., the entire capital stock of which is owned by the American Cities Co. Secured by first mortgage on 46 miles of track in Knoxville, Tenn., and on electric light property of company through supplemental mortsaees dated Dec, 1900. and Sept., 1905. Underlies — K. Ry. & Lt. Ref. & Ext. 6s due 1946 which providea to retire these bonds. ZiamlnEB — See Knoxville Ry. & Lt. Co. Ref. & Ext. es. Listed on ttie New Orleans Stock Exchange. Market. Baltimore — Hambleton & Co., Sutton & Co., Jenkins, Whedbee & Poe. New York — John D. Curtis &. Co., E. & C. Randolph, Hambleton & Co., Hornblower & Weeks, C. G, de Chadenedes & Co., Pynchon & Co. New Orleans — E. D. Cohn. Claude M. Smith & Co. Philadelphia — Graham, Parcong & Co. Boston — Hornblower & Weeks. Chicago — Hornblower & Week*. Price Range. Jan. 1, 'OS to Jan. 1. '19 1918 Bid Ask Bid Ask High.106% '12 109 '12 99 Feb. 100 Mar. Low. 90 '18 100 '14 90 July KOKOMO, MARION & WESTERN TRACTION CO. 1st 5s. Due Joly 1, 1933. — N. Dated July 1, 1903. Interest payable Jan. and July 1, at Security Trust Co.. Indianap- olis, Ind. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $660,000. Denomination — Coupon, $600 and $1,000. Trustee — Security Trust Co.. Indianapolis. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Organization — Incorporated In 1901 under the laws of Indiana and was merged In 1912 into the Indiana Railways & Light Co., which does the entire electric lighting, commercial power and steam heating business of KokontD, Ind., furnishes electric current to several nearby towns and operates an Inteurban railway sys- tem of 62 miles from Frankfort to Marion Ind. Secured by first mortgage on 9 miles of olty street railway and power jstation in Ko- komo, electric lighting plants at Kokomo, Swayzee and Greentown, and 28 miles of Inter- urhan railway between Kokomo and Marlon. Underlies — $1,254,000 Indiana Railways & Light, First & Ref. 6s due 1943 which provide for the retirement of this issue. Baniings — See Indiana Rys. & Lt. Co. Listed on the Indianapolis Stock Exchange. Orginal Market — Oitered in 1903 by A. W. Thompson and Newton Todd, Indianapolis, at 96 and interest with 30% bonus of common stock. Market. Indianapolis — J. P. Wild & Co., Fletcher American National Bank, Meyer Kiser Bank. New York — B. & C. Randolph, Spencer Trask & Co. Mllwankee— Edgar, Rlcker & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99Vi '17 100 '16 88% Nov. 92% Feb. Low. 76 '08 79 '08 85 June 87% Mar. KRASBERO ENGINEE5RING & MANUFAC- TURING CORP. 1st 68. Dne $10,000 each April and Oct. 1, from Oct. 1, 1920 to Oct. 1, 1928 and $155,000 April 1, 1929. Dated April 1, 1919. Interest payable April and Oct. 1, at any office of S. W. Straus & Company. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $325,000. Outstanding — $325,000. Denominations — Coupon $500 and $1,000 in all maturities, and $100 bonds in 1929 ma- turity only. Redeemable — On any Interest date at 102 and interest in reverse numerical order. Trustee — Mr. S. J. T. Straus, Vice-Pres. of S. W. Straus & Company. Sinking Fundi — Monthly deposits in depos- itory designated by the Trustee, of one-tjvelfth of the amount of the principal and interest. which will come due during the then current year. Security — A direct obligation of the Com- pany and secured by closed First Mortgage on the Krasberg Building in Bast Ohio Street, Chicago. Estimated value of property, $600,- 000. Original Market — Offered March, 1919, by S. W. Straus & Company, Chicago. New York, etc. L LA BELL£ IKON WORKS 1st & Ret. 5s. Due Holmes, Bulkley & Warflrop, Ward-Darley- Dec. 1, 1940. Lupoid Co., Lyon, Singer & Co. Dated Dec. 1, 1915. Interest payable June Philadelphia — H. D. Boenning & Co., Gra- 1 and Dec. 1, at Lee, Higglnson & Co., New ham. Parsons & Co., West & Co., Reilly, Brock York, Boston, Chicago and Philadelphia, and & Co., Huntoon & Co. at office of Trustee, Philadelphia. Chicago — Hornblower & Weeks, Lee, Higgin- Tax Status — Company pays 1% of the 2% son & Co. Federal Income Tax, without deduction: and Price Range. deducts the other 1% from interest payments. j^j, ^ >iq f^ jjj„ j >iq ' 1918 Pennsylvania tax refunded. • gi^ ^sk ' Bid Ask Authonzea— $7,500,000. High.lOl '17 102 '17 99 Jan. 100 Jan. Outstanding— 12 477.000 (Jan. 1, 1919). l^w. 95% '18 97 '18 95% Sept. 97 Sept. Retired by S. F. — $1,000,000. In Treasury— $23,000. L^ PORTE & MICHIGAN CITY TRACTION Reserved for Ext.— $4,000,000. CO. 1st 5s. Due July 1, 1930.- P. Denomination — Coupon, $500 and $1,000. Dated July 1, 1906. Interest payable Jan. Registerable as to principal. and July 1, at First Trust & Savings Bank. Trustee — Pennsylvania Co. for Insurances on Chicago 111 Lives and Granting Annuities, Philadelphia. xax Status— 2% Federal Income Tax paid Redeemable as a ivhole or In part on any ijy company without deduction, interest date at 105 and interest. Authorized — $350,000. Sinking JTuiid-Annually an amount sufficient Outstanding— $312,500 (May 15, 1919). to retire $100,000 of these bonds on Dec. 1 of Retired by S. F. $37,500. each of the years 1916 to 1919 inclusive and Denomination— Coupon,' $500. on December, 1920 to 1939 inclusive annual Trustee — First Trust & Savings Bank. Chi- amounts sufficient to retire each year such cage. ratable proportion of outstanding bonds as Redeemable — Bonds are subject to call. will Insure the retirement of at least 66 2-3% Sinking Fund- 1% of bonds outstanding an- of total bonds issued, for the purchase and nually from 1910 to 1914 and 2% annually cancellation of these bonds at not exceeding thereafter. 106 and interest. Control — Absorbed by Chicago, South Bend Organization — Incorporated in West Virginia ^ ^tqj. j^d By Co. In 1875, succeeding to a partnership founded Secured iDy a' first mortgage on 15 miles of In 1852. The company manufactures pig iron. electric railway from La Porte to Michigan steel slabs, billets, sheets, plates, tubes and ■ Qjty^ j^j^ and on street railways in the latter other finished steel products. Its principal ^ty Population served, . 31,000. Franchise plants are in Steubenville, O. In Michigan City is perpetual. Secured by a first mortgage on substantially Underlies — Chi., S. B. and Nor. Ind. 1st 5s all the property of the company comprising the Qf x937 main plants at Steubenville, O., occupying 126 Earnings — See Chi., S. B. & Nor. Ind. Ry. acres of land and including 2 blast furnaces. Market. 11 basic open hearth furnaces, 15 blooming New York — Kiely & Horton. billet, plate sheet and jobbing mills, 1 tube Philadelphia — S. K. Phillips & Co. mill, 1 brass and iron foundry, 2 steam plants, ^ i* • r i,-*. 2 water works, 1 electric power plant, 1 coal i m- t , , ,,,, mine, oil wells, laboratories, office buidings, ■'*"• ' .^" T'l etc.; 167 acres of land in West Virginia oppo- ci4 my site the Steubenville plant on which the com- £"^ j , . on.i- tories at Wheeling, W. Va. ; iron ore prop- Low.8i id so lo erties in Minnesota with ore sufficient to sup- ply company's requirements for 30 years: also LACKAWANNA & WYOMING VALliEY coal properties in West Virginia, Pennsylvania R.-iPID TRANSIT CO. CoH. Tr. 5s. Due and dhio. These bonds will also be secured Aug. 1, 1951. — F. by mo'rtgage on all properties and securities Dated Aug. 1, 1901. Interest payable Aug. pany has 94 Koppers by-product coke ovens and Feb. 1, at Guaranty Trust Co., New York, in opi-ration: 2 plate mills, nail and tack fac- xax Status —2% Federal Income Tax paid tory acquired by the proceeds of bonds of this \jy company without deduction, issue. Authorized — Closed mortgage. Year ended Dec. 31 Gross "Net Outstanding — $859,000 (May 16, '19). 1918 $9,479,130 $7,715,679 Retired by S .F. — $19,000. 1917 14,198.404 12,791.560 Denomination — Coupon, $1,000. Registerable 1936 6.434,-318 6,758,753 as to principal. 1915 1,281,492 927,874 Trustee — Guaranty Trust Co., New Tori;. 1914 588.812 273,246 Redeemable (stamped bonds) at 105 and in- • After interest. terest on 3 days' notice. Original Market— Offered January, 1916, by Sinking Fund (stamped bonds)— Annually, Lee, Higgmson & Co., Boston, New York, etc., '"^='""""^„?!'^y l',"l*/ ^ ?""" sufficient to re- al 98% and interest. «re $15,000 bonds at not over 105 and in- terest. Market. Control — The assets of this company were New York — C. H. Hensel & Co., Hornblower acauired under foreclosure sale in 1913 by the & Weeks, Moore. Leon.ird & Lynch, Mor- Scranton & Wilkes-Barre Traction Corp. The ton Laohenbruch & Co.. E. & C. Randolph, properties are directly owned and operated Holmes, Bulkley & War.lrop, Lee, Higginson & by the Lackawanna & Wyoming Valley R. R. Co.. Baker, f'iirruthers & Pell. Co. The latter company is controlled through Boston — Lee, Higginson & Co., Hornblower stock ownership by the S. & W. B. T. Corp. & Weeks. Secured by a first lien on 23 miles of double Pittsburgh — R. W. Evans & Co., Moore, tracked third-rail electric railway by deposit Leonard & Lynch, Richards & Culbertson, of $1,860,000 capital stock and $5,000,000 1st 032 5s of 1951 of the Lackawanna & Wyoming Valley R. R. Co. The road is built on private right of way and extends from Scranton to Wilkes-Barre, Pa. Underlies — Scranton & Wilkes-Barre Trac- tion Corp. Ref. 5s of 1951 under which mort- gage bonds are reserved to retire this issue, and Scranton & Wilkes-Barre Traction Corp. Coll. Tr. 6s of 1934. Earnings — See Scranton & Wilkes-Barre Traction lat Ref, 5s. Market. Philadelphia — Graham, Parsons & Co., Geo. S. Fox & Sons, Reilly, Brock & Co., H Boen- ning & Co.. S. K. Phillips & Co. Scranton. Ta. — Chas. B. Robertson. Price Range. Jan. 1. '08 to Jan. 1, 'ID 1918 Bid Ask Bid .Ask High. 101 '16 102 '16 93 Jan. 97 Nov. Low. 80 '12 82^A '12 96 Jan. LACKAWANNA IRON & STKEL CO. 1st 5s. Due Feb. 1. 1926.— N. Dated Feb. 1, 1896. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $1,800,000. Outstanding — $1,769,500. In Treasury — $25,000. Repurchased — $5,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Bethlehem Steel Co. Control — Jn Feb., 1917, the properties cov- ered by this mortgage were acquired by the Bethlehem Steel Co. from the Lackawanna Steel Co. Secured by a first mortgage on 430 acres of land located at Lebanon, Pa., containing two furnaces in North Lebanon, Islip, and 11 acres of iron ore land in Lebanon County, Pa. Also a first lien on 15%% of the capital stock of the Cornwall Ore Banks Co. Market. New York — Holmes, Bulkley & Wardrop, E. & C. Randolph, Baker. Carruthera & Pell, F. H. Hatch & Co.. Taylor & White. Buffalo — John T. Steele, Pittsburgh — Holmes, Bulkley & Wardrop. Philadelphia — Fincke, Bangert & Co, Boston — Fincke. Bangert & Co. , G. W. Walker & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 94 '17 85 Feb. 92V2 Oct. Low. 84 '18 88 '18 84 Dec. 88 Dec. LACKAWANNA STEKL COMPANY 1st 30- Year {Conv.) 5». Due April 1, 1!)33. Dated April •!. 1903. Interest payable April and Oct. 1, at Company's office. New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $11,300,000 (May 15, 1919). Purchased and Cancelled — $3,700,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New Ycrk. Convertible into common stock at par any time not later than April 1, 1915. Organization — See 1st Cons. 5s. Secured by a first mortgage on the plant located at Lackawanna, N. Y., manufacturing steel rails, structural, steel, etc., with a ca- pacity of about 1,359,000 tons of Bessemer and Open Hearth Steel products; also secured by a first collateral lien on $8,350,800 par value oi' stocks of total outstanding issues of $11,- 119,800 of 13 companies owning ore prop- erties in Mich., Minn., Wis., and New York, and coal lands and rights in Pa. Underlies — 1st Cons. 5s of 1950. A suffi- cient amount of which are reserved to retire this issue. Slarnings — See 1st Cons. 5s. Listed on the New York Stock Exchange. Original Market — Offered in 1903 by Speyer & Co., and Kean, Van Courtlandt & Co., New York. Market. New York — Active on N. Y. Stock Exchange. Buffalo — John T. Steele. Chicago — Kean, Taylor & Co. Pittsburgh — Kean, Taylor & Co. PHce Range — N. Y. S. E. Jan.. 1. '06 to Jan. 1, '19 19 J 8 High.108% Jan. 30, '06 97 Dec. 7 Low. 80 Nov. 26. '07 94Vi Oct. 8 liACKA WANNA STEEL COMPANY Ist Cons. (Conv.) 5e. Due March 1, ig-ijO. — F. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's office, and at London, Frankfort-on-Main and Amsterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $3 5,000,000. Outstanding — $6,902,500 (Dec. 31, 1918). Purchased and Cancelled — $3,000,000. Converted — $97,500. Reserved for Prior Lien — $15,000,000. Reserved for Additions, Improvements, etc. —$10,000,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Union Trust Co. of New York. Redeemable at 105 and interest, on and after March 1, 1915, on 60 days' notice. Convertible — Series "A" are convertible .nt par into the common stock of the company, at any time prior to March, 1922. Sinking Fund — Upon the retirement of the Ellsworth CoUierifs 1st S. F. 5s of 1927 the company covenants to pay a sum equal to 10 cents for each ton of coal mined from the property of the Ellsworth Collieries Co. an- nually, with a minimum payment of $100,000 per annum for the redemption of these Cons. 5s at 105 and interest by lot. Organization — Incorporated in New York In 1902. Plants are located near Buffalo. Secured by a first mortgage on the Pekin limestone lands near Buffalo, N. Y., compris- ing about 1,096 acres; a second mortgage on the manufacturing plant and the property of the company at Lackawanna, N. Y. , subject to the first lien of the 1st Mtge. 5s of 1923; a first collateral lien on $999,500 out of $1,000,- 000 capital stock of The Ellsworth Collieries Co., owning coal mines and collieries in Wash- ington County, Pa., upon which there is out- standing about $4,258,000 bonds; $99,000 out of $100,000 captal stock of the Lake Brie Co. (of N. J. ), which controls, through stock ownership, high-grade Bessemer ore mines in the Lake Superior District: $50,050 but of $300,000 capital stock of the Vernon Mining Co., controlling, through lease, iron ore prop- erty in Michigan free from debt; $250,000 out of $500,000 capital stock of the Negaunee Mine, which controls iron ore mines in Mar- quette County, Mich. . free from debt : and a second lien on the securities deposited under the 1st mortgage. 633 Prior Liens — $11,300,000 1st 5s of 1923, for retirement of which, bonds of this issue have been reserved. Year ended Dec. 31 Gross Net •Charges 1918.. $83, 438. 135 $12,468,405 $4,120,551 1917. . 77.446,241 19.793,917 3,686,941 1916. . 53,970,836 16,090,858 3,872,624 1915.. 27.792,935 5,977,469 3,568,362 1914.. 16,281,639 1,581,379 3,233,824 1913. . 29,879.276 6.872,962 3,849,878 •Interest, rentals, depreciation, etc. liisted on the New York Stock Exchange. Original Market — $10,000,000 offered in Feb., 1910, to the shareholders at 85 and all unsub- scribed bonds were underwritten by Speyer & Co.. New York. Market. New York — Active on N. Y. Stock Bxchanee. Chicaeo — Kean, Taylor & Co. Philadelphia — Bioren & Co. Buflfalo — O ' Brian . Potter & Co. , John T. Steele. Pittsburgh — Kean, Taylor & Co. Price Ransre — N. Y. S. B. Jan. 1, 1910 to Jan. 1, 1919 1918 High.109 Nov. 16. '16 96% May 16 Low. 65 Jan. 13, '15 83% Dec. 30 LACLEDE GAS LIGHT CO. Ref. & Ext. 6s. Due April 1, 1934. — P. Dated April 1, 1904. Interest payable April and Oct. 1, at Bankers* Trust Co., New York, and St. Louis Union Bank, St. Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20, 000, 000. Outstanding — $10,000,000. Pledged under Ist Coll. & Ref. 7s — $10,000.- 000. Denomination— Coupon, $1. 000. Registerablo as to principal Trustees — Bankers' Trust Co., New York, and the Mississippi Valley Trust Co. , St. Louis. Organization — iSee Isf Coll. & Ref. 7s. Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acauired. The property covered includes plants doing the entire gas business of St. Louis, Mo., an electric light plant supplying electricity in a part of the city and on by- product coke oven plant. Franchise ia per- petual. Und-erlies — 1st Coll. & Ref. 7s of 1929. Note — As $10,000,000 Ref. & Ext. 6s are deposited under the 1st Coll. & Ref. 7s. both Issues are equally secured on the property of the company. Year ended Dec. 31 Gross 'Not Interest 1918 $4,946,410 $1,854,498 $1,244,381 1917 4.800.264 2.247,714 1.204.533 1916 4,509.424 2.486.695 1,362,500 1915 4,577,731 2,231.383 1,117.167 •After depreciation. Listed on the New York and St. Louis Stock Exchanges. Original Market — First offered In 1904 by N. W. Harris & Co., New York, Boston and Chicago, at 101 and interest, and $700,000 In 1911 at 101% and interest by Harris, Forbes & Co.: New York, and N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago. Market. Chicago — Harris Trust & Savings Bank, Hornblower & Weeks. Milwaukee — First National Bank. New York— rNewborg & Co., Kiely & Horton. Wm. C. Ewen, E. & C. Randolph, Hornblower & Weeks, Berdell Bros., Bauer, Starr & Co., Taylor & White, John Nickerson, Jr. Boston — Hornblower & Weeks. St, Louis — Mercantile Trust Co., Whitaker & Co., Stix & Co.. Bowman, Cost & Co., A. G. Edwards & Sons. G. H. Walker & Co. Omaha — City Trust Co. Philadelphia — Thos. A. Biddle & Co., Bauer, Starr & Co. Providence — Hornblower & Weeks. Price Range — N. Y, S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.104% Jan. 20, '06 94% Jan. 16 Low. 88% May 1. "18 88% May 1 (THE) LACLEDE GAS LIGHT CO. lO^Year first Mortgage Collateral and Refunding 7s, Series **A." Due January 1, 19^9. Dated January 1, 1919. Interest payable Feb. 1 and Aug. 1, in St. Louis or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — See "Provisions of Issue." Outstanding — $16,000,000 (March 21. 1919). Reserved for Refunding Ref. & Ext. 5s Due 1934— $10,000,000. Reserved for Corporate Purposes — $2,000,- 000. Provisions of Issue — Bonds may be issued In series under this mortgage bearing such rate or rates of interest, maturing at such time or times and having such redemption and conver- sion privileges as the Board of Directors may determine from time to time as the bonds are issued. The amount of bonds which may be issued under the mortgage is not limited ex- cept that the total amount of bonds outstand- ing shall not in any event exceed the amount permitted by law, or the principal amount of the authorized capital stock of the com- pany as fixed from time to time in accord- ance with law. Purpose of Isira-e — $5,000,000 issued to re- tire a like amount of Debenture 5s due Feb. 1, 1919: $11,000,000 issued to provide funds to retire $10,000,000 1st 5s due May 1, 1919, and for general corporate purposes. Denomination — Coupon (interchangeable de- nominations) $1,000, $500 and $100. Register- able as to principal or exchangeable for fully registered bonds. Registered $1,000 or any multiple thereof. C and R. interchangeable. Trustee — St. Louis Union Trust Co. , St. Louis. Redeemable at any time upon 30 days* no* tice at 102 and interest if redeemed prior to January 1. 1922, and at 101 and interest If redeemed on and after that date. ConvertiWe— The Series ' 'A' ' bonds under the provisions of the mortgage are converti- ble at the option of the holder into either (a) the common capital stock of the company, par for par, accrued interest and accrued divi- dends, if any. to be adjusted, or (b) into a like amount face value of Series "B" thirty- year 5% bonds of the company issued under the same mortgage, the Series "A" bonds for the purpose of such exchange to be computed at par and interest and the Series "B" bond! at a 5%% income basis, as set forth In the following table, any difference due on the conversion to be paid by the company in cash. CONVERSION TABLE If presented for conversion: On or prior to October 31, 1919 92.74% On or between the following dates: Nov. 1. 1919 and April 30. 1920 92.79% May 1, 1920. and Oct. 31. 1920 ■. . 92.85% Nov. 1. 1920. and April 30, 1921 92.90% May 1. 1921, and Oct. 31, 1921 92.95% Nov. 1, 1921, and April 30, 1922 93.01% 634 May 1, 1922, and Oct. 31. 1922 93.07% Nov. 1, 1922, and April 30. 1923..;. 93.13% May 1, 1923, and Oct. 31, 1923 93.19% Nov. 1, 1923, and April 30, 1924 93.25% May 1, 1924, and Oct. 31, 1924 93.32% Nov. 1, 1»24, and April 30, 192B 93.38% May 1, 1925, and Oct. 31, 1925 93.46% Nov. 1, 1926. and April 30, 1926 93.52% May 1, 1926, and Oct. 31, 1926 93.69% Nov. 1, 1926, and April 30, 1927 93.66% May 1, 1927. and Oct. 31, 1927 93.74% Nov. 1, 1927, and April 30. 1928 93.8'2% May 1, 1928, and Oct. 31, 1928 93.90% Nov. 1, 1928, and Dec. 16, 1928 93.98% Conversion into either stock or bonds may be made on May 1. 1919, or at any time there- after until 15 days prior to the maturity of the Series "A" bonds, except in event of re- demption or purchase of the Series "A" bonds the conversion privilege must be exercised at least 15 days prior to the date lixed in the call for such redemption or purchase. Organization — Organized under an act of the Legislature of Missouri in 1857 and has under said charter a perpetual right to vend gas within the limits of the City of St. Louis. Capital Stock Authorized Outstanding Pref. (5%. cum.) $2,600,000 $2,600,000 Common 37,600,000 10,700,000 Secured by a direct mortgage on all the property of the company and by pledge of the $10,000,000 Bef. & Ext. 5s of 1934 which were issuable to retire the 1st 5s due May 1. 1919. The property covered includes plant doing all the gas business in the City of St. Louis, Mo. The company also sells electricity, approxi- mately 10% of its gross receipts being derived from the sale of electric current. Population served about 850,000. Gas franchise is per- petual. Prior lAens — Outstanding Ref. & Ext. 6s due April 1. 1934. . $10,000,000 Note — As $10,000,000 Bef. & Ext. 5s are deposited under this mortgage both issues are equally secured on the property of the com- pany. Earnings — See Bef. & Ext. 6s. Xiisted — Application will be made to list these bonds on the New York Stock Exchange. Original Market — $5,000,000 Series "A" 7s, offered January, 1919. by Spencer Trask & Co. and Halsey. Stuart & Co.. New York. Chicago, etc.. at 100 and interest, $11,000.- 000 offered in March. 1921, by Halsey. Stuart & Co.. Chicago. New York, etc. Market. New York — Earle A. Miller & Co., Horn- blower & Weeks, Mann. Bill & Co. Philadelpliia — Graham, Parsons & Co., P. Peirce & Co.. Lloyd & Palmer. Chicago — Spencer Trask & Co.. Babcock, Bushton & Co.. Halsey. Stuart & Co.. H. T. Holtz &. Co.. Pynohon & Co. St. I/onis — ^A. G. Edwards & Sons. Stlx & Co.. G. H. Walker & Co., Mercantile Trust Co. Boston- — Paine, Webber & Co. I.ACOMBI] EtECTRIC CO. 1st 68. Dae May 1, 1921.— N. Dated May 1. 1901. Interest payable May and Nov. 1. at Trustee's office and H. L. Doherty & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. / Authorized — $1,000,000. Ootstandlng — $900, 000. Denomination — Coupon. $600. Beglsterable as to principal. Trustee — International Trust Co., Denver. Colo. Redeemable at 104 and Interest. Sinking Fund — J16.000 per annum from 1904 to 1919. Unless the trustee is reauested to apply this fund to the redemption of these bonds, it is to be invested in interest-bearing securities and the interest is to be reinvested. If at the request of the company this fund is applied for redemption, bonds are to be drawn by lot at 103 and interest. Assumed by Denver Gas & Electric Light Co. Guaranteed as to principal and interest by the Denver Gas & Electric Co. Control — ^Absorbed by Denver Gas & Bleo. Light Co., which is controlled through stock ownership by the Cities Service Co. Secured by a itiortgage on plant supplying electricity to part of Denver. Colo. Underlies — D. G. & E. L. 1st & Bef. Bs of 1951 which provide for retirement of this issue. Earnings — See Denver Gas & Electric Co. Market. New York — E. & C. Eandolph. Merrill. Lynch & Co.. H. L, Doherty & Co., Plymp- ton, Gardiner & Co., Joseph & Wiener, Kiely & Horton. Berdell Bros. Flilladelpliia — Montgomery & Co.. H. D. Boenning & Co.. S, K. Phillips & Co. Cliicago — Merrill. Lynch & Co. Price Range. Jan. 1. -15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '17 103 '17 96 Dec. 100 Deo. Low. 91 '15 96 '15 93 July 98 Aug. I.ACONIA (N. H.) GAS & ELECTRIC CO. 1st 5s. Due March 1. 1940. — F. Dated March 1. 1910. Interest payable March and Sept. 1, at American Trust Co.. Boston. Mass. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750. 000. Outstanding — $322,500 (Jan. 1, 1919). Retired by Sinking Fund — $27,500. Denomination — Coupon. $500. Trustee — American Trust Co., Boston. Redeemable on any interest date at 105 and Interest. Sinking Fund — Annually, beginning March 1. 1915. 2% of outstanding bonds. Organization — ^Incorporated in New Hamp- shire in 1910 as a consolidation. Secured by a first mortgage on plants sup- plying gas and electricity to Laconla. Lake- port and Weirs. N. H. Franchises are per- petual. Population served, 12,000, which in- creases considerably in the summer, as the territory served by tlie company is an Im- portant resort region. Year ended Dec. 31 Gross Net Interest 191S $132,194 $40,797 $24,032 1917 127,831 53.618 21.542 ♦ 1916 $103,125 $49,895 $19,674 '>1915 94.086 44.785 17.973 •Year ended June 30. Market. Boston — Bonbright & Co. New York — Bonbright & Co. Philadelphia — Bonbright & Co. Cliicago — Bonbright & Co. L.VFAYETTE & LOGANSPORT TRACTION CO. Ist 6a. Due June 1, 1936. — F. Dated June 1. 1906. Interest payable June and Dec. 1. at Guaranty Trust & Safe De- posit Co.. Philadelphia. Tax Status — 2 % Federal Income Tax paid ' by company without deduction. Authorized — Closed mortgage. 625 Outstanding — $849, 000. Canc€illcd— $151,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust & SE^fe Deposit Co., Philadelphia, Pa. Assumed by the, Ft. Wayne & Northern In- diana Traction Co. Control — Absorbed in 1911 by Ft. Wayne & Nor. Indiana Trac. Co., as of April, 1918, a reorganization of the latter company .was in prospect. Protective Committee — Sheldon Potter, Wil- liam B. Whelen. Edward "V. Kane, and Row- land Comly. chairman, all of Philadelphia. Secured by a first lien on 36 miles of electric railway between Lafayette and Logransport, Ind. Franchises run for the following' periods from 1906: Lafayette, 5 years ; Logansport, 95 years; Delphi, 92 years. In other munici- palities franchises are perpetual. Underlies — Ft. Wayne & Wabash "Valley 1st Cons. 5s of 1934. and Ft Wayne & Northern Indiana Traction Co. 1st and Ref. 5s of 1931, both of which issues are in default. Bonds are reserved under the latter mortgage to retire this issue. S^amings — See Ft. W. & Nor. Ind. Traction Co. liisted on the Pittsburgh Stock Exchange. Original IMarket — Offered by Chandler Bros. & Co., New York and Philadelphia, at 96% and interest, 1906: offered by Tefft, Wallace & Co., New York, in July, 1908, at 93 and interest. Market. Philadelphia — H. Boennin.^ & Co.. Chas. Fearon & Co., S. K. Phillips & Co. Chicago — Hornblower & Weeks. New York — Hornblower & Weeks, Miller & Co.. Hanson & Doyle, E. & C. Randolph. Boston — Hornblower & Weeks. Price Range. Jan. 1. '15 t« Jan. 1. '19 1918 Bid Ask Ask High. 87 Vs '15 90 '15 45f. Nov. Low. 45f. '18 T.AFAYETTE STREET RY. 1st Ext. 5»/^8. Due Jima 1. 1923.— F. Dated June 1, 1893. Extended in 1913 with interest reduced from 6%. Interest payable June 1 and December 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding— $225. 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Real Estate Trust Co., Philadel- phia. Control — Absorbed by the Ft. Wayne & Nor. Ind. Trac. Co., which is being reorganized. Secured by a first mortgage on 17 miles of .street railway in Lafayette, Ind. Popula- tion served, 21.000. Underlies and Earnings — Same as Lafayette & Logansport Trac. 1st 5s above. market. Philadelphia — H. D. Boenning & Co., Chas. Fearon & Co., S. K. Phillips & Co. Price Range. Jan. 1, 'l.'j to Jan. 1. '19 1918 Bid Ask Bid Ask High. 991/6 '15 101 '15 90 Feb. 94 Feb. Low. 90 '18 92 '18 92 Dec. Bank, Los Angeles, or Illinois Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $400,000. Outstanding — $200,000 (Feb. 28, 1919). Additional bonds issuable at such times as sales contracts are 20% in excess of all bonds outstanding and to be issued. Denomination — Coupon, $500 and $1,000. Trustee — First Federal Trust Co., San Francisco. Redeemable at 102% and interest on any interest date on 60 days' notice. Sinking Fund — 60% of all moneys replized from sale of lands covered by this mortgage for the purchase or redemption of tliese bonds, at not over 102% and interest. Organization — Incorporated in California. Authorized Outstanding Capital Stock $500,000 $500,000 Secured by a first mortgage on about 28,800 acres of land owned by the company, and also by assignment to the Trustee of the present and future notes and land contracts which will be entered into by the compa ny ; ap- praised at $1,138,775. Further secured by 1,09 shares, representing an approximate 1-3 interest in the capital stock of the Summit Lake Investment Co., which owns about 12,000 acres of land adjoining the property of this company. The property covered is located in Fresno and Kings Counties, Cal, about 20 miles south of the City of Fresno. Irrigation water is supplied by the Fresno Canal & Land Corp. The sale prices of company's lands range from $25 to $125 per acrp All sales contracts are assigned to the trustee. Sales of Land Acres Value 6 mos. Dec. 31, '17 2,475 $195,600 12 mos. to Dec. 31, '18... 2.925 155,206 5.400 $350,800 Original Market — $250,000 offered Feb.. 1917, by Blankenhorn-Hunter Co., Los Angeles, etc.. at 100 and interest. Market, Los Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. LAGUNA LANDS, INC. 1st Gs. Due each Feb. 1 as follows: .S31.500, 1924: $62,500, 1925; $78,000 1926 and $78,000 $1937.— F. D^ted Feb. 1, 1917. Interest payable Aug. 1 and Feb. 1, at First Federal Trust Co., San Francisco, Los Angeles Trust & Savi"ngs LAKE ERIE & NORTHERN R.4ILWAY 1st 5s. Due October 1, 1942.~N Dated October 1, 1912. Int-^rest payable April and October 1. at Trustee's office or Royal Bank of Canada, Toronto, Ont.. -and London. Eng. Tax Status — Payment of Federal Income Tax not assumpd by company. Ontstanding — $1. 1 00, 000. Retired by S. F. — None. Denomination — Coupon, $100, $500 and $1,- 000. Trustee — Montreal Trust ' Co. , Montreal, Can. Redeemable as a whole or for the sinking fund at 105 and 'interest, after 1916, Sinking Fund — Annually beginning Oct. 1, 1?17, %% of bonds issued, together with ad- ditional amounts at .the option of the com- pa ny. Guaranteed as to interest under lease to the Canadian Pacific Ry. Go. Organization — Incorporated by special act In 1911, and received a subsidy of $340,000 from the Dominion governnaent. Control — Leased for 999 years from 1914 to the Canadian Pacific Ry. Co. Rental interest on bonds. Secured by a first mortgage on 53 miles of railway from Port Dover to Gait, Ont., to a connection with the Canadian Pacific Ry. 636 Underlies— 5500,000 2nd 5s of 1942. . Original Market — G. W. Farrell & Co., Mon- treal at 92^ and interest with bonus of 25% common stock. I^KE ERIE & WESTERN RAILROAD CO. 1st 5s. Due Jan. 1, 1937. — F. Dated February 21, 1887. Interest payable Jan. and July 1, at Chase National Bank, New York. Tax status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $7,250,000. Denomination — Coupon, $1,000. Fully regis- terable. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated, in 1887 in Illinois, as successor to the L. B. ^^ W, Railway Co., sold at foreclosure. 55,930ij-' 000 of the $11,840,000 6% non-cumulative pre- ferred stock and $5,940,000 of the $11,800,000 common stock are owned by the New York Central R. R. Co. In addition to the mileage owned as shown below, the company leases and operates 162 miles of road from Akron to Delphos, Ohio. Secured by a first mortgage on 710.02 miles of road, \i'/,.: Miles Sandusky. Ohio, to Peoria, 111 412.77 Indianapolis to Michigan City, Ind. . , .158.62 Fort Wayne to Connersville, Ind 104.59 St. Mary's to Minister, Ohio 10.00 New Castle to Rushville, Ind 24.04 Underlies — $3,625,000 2nd 5s of 1941. Year ended Dec. 31 Gross Net Int. & Rent 1917... $8. 122, 895 $1,990,458 $1,256,865 1916. . . 7,404,184 2,537,.398 1.017,431 1915... 6,239,647 1.571,803 1,055,263 1914... 5,602,771 990,877 1,218,750 1913... 5,934,643 944,819 1,160,880 Legal for Bait, and Me. Listed on the New York Stock Exchange. Alarlcet. \ New York — Ladd & Wood, E. & C. Randolph, Morgan & Pinlay, J. S. Farlee & Co., Wm. C. Orton, Miller & Co.. Newburger. Henderson & Loeb. Oilman & Clucas, Baker, Carruthers & Pell, Taylor. Smith & Hard, Vilas & Hickey, Korn. Lehman & Co., John Nickerson, Jr. Baltimore — P. H. Goodwin & Co., Jenkins, Whedbe':^ & Poe. Fhiladelpliia — Newburger, Henderson & Loeb. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.119 Fi^b. 0. '06 92 Mar. 11 Low. 78 Jan. IS. '18 78 Jan. 18 Philadelphia — A. B. Leach & Co. Boston — A. B. Leach & Co. Chicago — A. B. Leach & Co. .Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 Ask High.113% Jan. 11, '06 85 Dqc. Low. 74 Nov. 12. '15 75% Jan. LAKE EltTE & WESTERN RAILROAD CO. 2nd 5s. Due July 1. 1941.— F. Dated June 30, 1891. Interest payable Jan. ana Juiy 1, at Chase National Bank, New York. Tax Status — 2% J^'ederal Income Tax paid by company without deduction. Authorized and Outstanding— $3,625,000. Denomination — Coupon, $1, 000. Trustee — Central Union Trust Co., New York. Organization and Control — See 1st 5s. Secured by a second mortgage on 710.03 miles- of road, covered by the 1st 5s of 1937.* Prior Lien — $7,250,000 L. E. & W, 1st 5s of 1937. " Earnings — See 1st 59. Listed on the New York Stock Exchange. Market. New York — Ladd & "Wood, A. B. Leach & Co.. Baker, Carruthers & Pell, Korn, Lehman & Co. LAKE ERIE & WESTERN RAILROAD CO. Equipment Trust 4%s. Due, $1]0.000» January 1, from 1918 to 1927, inclusive. Dated January 1, 1917. Interest payable January and July 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,100,000. Outstanding— $880,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Regis tera- ble as to principal. Guaranteed principal and interest, by Lake Erie & Western R. R. Co. by endorsement. Trustee-^Commercial Trust Co., Philadel- phia. Secured by an equipment agreement on 1,000 steel underframe box cars, costing aboui $1,390,000, of which the company paid $290,- 000. Original Market — Offered January, 1917, by Evans, Stiliman & Co., New York, on a 4% to 4 '^ % basis. Market. New York — ^Freeman & Co., Evans, Stlllman & Co. LAKE OF THE WOODS MILLING CO. let 6s. Due June 1. 1923.— N. Dated June 1, 1903. Interest payable June and Dec. 1, at Merchants' Bank of Canada, Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $900,000 (Aug. 31, 1918). Retired — $100,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Montreal Trust Co., Montreal, Can. Organization — Incorporated in Canada in 1903. Owns the following capital stocks: $200,000 Keewatin Flour Mills Co., Ltd.: $50,- 000 Sunset Manufacturing Co., Ltd.; $50,000 Medicine Hat Milling Co., Ltd. Secured by a first mortgage on property of company in Montreal, mills and properties at Keewatin, Man. , and also mills located at Portage La Prairie, Man. ; and on 115 grain elevators located throughout western Canada. Year ended Aug. 31 . Net Interest 1918 $857,914 $54,000 1917 *569.748 99,00 1916 525,142 99,000 1915 518,920 59,000 1914 507,939 99.000 •After war taxes. Listen on the Montreal and Toronto Stock Exchanges. Market. Toronto — A. E. Ames & Co. Price Ranee. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 112 '12 112 '12 100% May 102 Mar. Low. 98 '18 99% '17 98 Feb. 99% Jan. LAKE PARK REFINING COMPANY Ist Lien Car Trust 7% Notes. Due each April & Oct. from Oct. 1. 1919, to April 1, 1924, inclusive. Dated April 1, 1919. Interest payable April 637 and October 1. at Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid hy company, without deduction. Authorized — $3 00,000. OutstandiUi'g — $300,000. Denominations — Coupon $500 and $1,000.' Trustee — Central Trust Company of Illinois, Chicago, Redeemable at 102% and interest upon 30 days' notice. Secured by an equipment agreement on 150 standard all-steel under-frame tank cars, cost- ing $474,500. Original Market — Offered In April, 1919, by Hyney, Emerson & Company, Chicago, at prices yielding from 6"^% to 7% for various maturities. lAEE ROLAND ELEVATED RAILWAY lit 5s. Due Sept. 1, 1942. — P. Dated September 1, 1892. Interest payable March and September 1, at Alexander Brown & Sons, Baltimore, Md. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon and Registered, $1.- 000. Trustee — Baltimore Trust Co., Baltimore, Md. Control — ^Absorbed by the United Rys. & Electric Co. of Baltimore. Secured by a first mortgage on all property formerly belonging to the company. Underlies— United Rys. & Elect. Co., Inc. 4a of 1949; Income Fdg. 6s of 1936; Notes of United Rys. & Elect. Co., 1921-1922, and Ist Consold. 4s of 1949. Bonds are reserved un- der the latter mortgage to retire the bonds of this issue. Earnings — See United Rys. & Electric Co. Legal for Bait. Listed on the Baltimore Stock Exchange. Market. Baltimore — Robt. Garrett & Sons, Baker, Watts & Co., Hambleton & Co., Jenkins, Whed- bee & Poe, Howard R. Taylor & Co. New York — Hambleton & Co., Hornblower & Weeks. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.115 '08 117 '09 100 Dec. Low. 9&'18 98 '18 95 Oct. 98 Aug. JAKE SHORE & MICHIGAN SOUTHERN RAILWAY CO. Ist S^^s. Due June 1. 1997.— F. Dated June 1, 1897. Interest payable June and Dec. 1, at Grand Central Terminal, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized and Outstanding — $ 50,000,000. Denomination — Coupon, $1,000. Registerable an to principal only, or fully registerable. Registered. $1,000 and multiples. Trustee — United States Trust Co., New York. Assumed by the New York Central R. R. Co. Orranization and Control — Incorporated In 1869 in New York, Pennsylvania, Ohio, Indi- ana. Michigan and Illinois as a consolidation or several earlier companies. Consolidated with other roads into the New York Central R R. In 1914. Secured by a direct mortgage on 998.04 miles of road (559.89 miles second track, 369.44 miles third track, and 280.48 miles of fourth track), viz. : A first lien on 961.50 miles — Miles Buffalo, N. Y., via Norwalk and Toledo to Vulcan, Ohio, and from Palmyra, Mich., via Adrian to Chicago, 111 520.20 Elyria Jet. to Millbury Jet., Ohio 78.75 Air Line Jet. to Vulcan, Ohio 2.75 Palmyra, Mich., to Elkhart, Ind 116.66 Ashtabula Harbor, O., to Ohio-Penn. State Line 33.04 Carson to Mann, Ohid 18.10 Monroe via Lenawee Jet. to Jackson, Mich 71.61 Air Line Jet., O., to Detroit, Mich.... 59.05 Jonesville to North Lansing, Mich 61.14 A second lien on 36.54 miles — Covered by the first lien of the Kalama- zoo & White Pigeon 1st 5s 36.54 Also a lien on 21.82 miles perpetual leasehold — - Erie & Kalamazoo R. R., Vulcan, O., to Palmyra, Mich 21.82 Prior Lien — $400,000 Kalamazoo & White Pigeon 1st 5s of 1940. Underlies— L. S. & M. S. Ry. Debentures of 1928 an.d 1931: N. Y. C. & H. R. R. R. L S. Coll. 3%s of 1998; N. Y. C. R. R. Cons. *9. Series A. of 1998. and N. Y. C. &. H. R. R. R. Ref. & Imp. 4%a of 2013, which latter mortgage provides for the retirement of this issue. Legal for Cal. , Conn. , Me., Mass. , Mich., Minn., Mo.. N. H., N. J.. N. Y., R. I.. Vt. ,and Wis. Listed on the New York Stock Exchange. Market. Philadelphia — West & Co., Chas. Fearon A Co., Barclay, Moore & Co. New York — Remick, Hodges & Co.. McKin- ley & Morris, Sharretts & Young, J. S. Bache & Co., Hartshorne & Battelle. E. & C. Ran- dolph, Coffin & Co., Wm. C. Ewen, Season- good, Haas & Macdonald, Callaway, Fish & Co., Wood, Struthers & Co.. Ambrose R. Clark & Co., Redmond & Co.. Taylor, Smith & Hard. Chicago — Harris Trust & Savings Bank. Price Range — N. Y. S. E. Jan. 1. 1906, to Jan. 1, 1919 1918 Coupon. High.lOiye Feb. 28, '06 76 Dec. 4 Low. 70 Aug. 12, '18 70 Aug. 12 Registered. High. 99% Jan. 23. 06 73 May 28 Low. 71 Oct. 17, '18 71 Oct. 17 LAKE SHORE & MICHIGAN SOUTHERN RAILWAY CO. 25-Year Deb. 4b. Due Sept. 1, 1928.— F. Dated November 18, 1903. Interest payable March and Sept, 1, at Grand Central Ter- minal. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $50,000,000. Denomination — Coupon. $1,000. S6.000. Reg- isterable as to principal only, or fully regis- terable. Registered, $1,000, $5,000. $10,000, $20,000, $60,000. $100,000 or multiples of $5,000. C. & R. interchangeable. Trustee — Central Union Trust Co. , New York, and Frank L. Littleton. Organization and Control — See 1st SHs. Assumed by the New York Central R. R. Co. Secured equally with Debenture 4s of 1931 on 998.04 miles of road, viz.: A second lien on 961.50 miles of road — Miles Covered by the first lien of the L. S. ft M. S. lat 3%s 961.50 638 A third lien on 36.54 miles — Covered by the flret lien o( the Kalai- mazoo & White Pigeon 1st 6s 36 . 64 Also a second lien on 21.82 miles — - Covered by the first lien ol the L. S. & M. S. 1st 3^8 21.82 Prior lAene — $60,000,000 !■. S. & Mich. Southern 1st 3'Ab of 1997 and $400,000 Kala- mazoo & White FlEeon 1st 6s of 1940. UnderUes — N. Y. C. & H. R. R. R.-L.. S. Coll. 3%s of 1998; N. T. C. Cons. 4s, Series A, (t M98. and N. T. C. Bef, & Imp. 4%s of 2013. Bonds are reserved under the latter mortgage to retire this issue. lilsted on the New York and London Stock Exchanges. L,esal for Cal., Conn., Mass., N. H., B. I. and Vt. Orieinal Market — $40,000,000 offered in 1904 at 99 and interest and $10,000,000 in 1906 by J. P. Morgan & Co., the National City Bank and the First National Bank, New York, Drexel & Co., Philadelphia, and Kidder, Pea- body & Co., Boston. Market. New York — ^Active on N. Y. Stock Exchange. Boston — Harris, Forbes & Co., Arthur Perry & Co. Philadelphia — ^West & Co., Graham, Par- sons & Co., Biddle & Henry, Newburger, Hen- derson & Loeb. Brown Bros. & Co.. Blkina, Morris & Co.. "WTieeler, Elliott & Mann, S. K. Phillips & Co., Reilly. Brock & Co., West & Co. Chicago — Harris Trust & ?5av. Bank, Kean, Taylor & Co. Omaha — City Trust Co. Pittsburgh — Colonial Trust Co., E. W. E3vans & Co., R. B. Hutchinson & Co. Price Range— N. Tl. S. E. Jan. 1, 190S to Jan. 1, 1919 1918 Coupon. HiBh.101% Jan. 9, '06 9214 Nov. 9 Low. 82 Dec. 17. '17 82 Apr. 1 Registered. High.99% June 7, '06 89% Dec. 24 Low. 81% Nov. 26, '07 89% Dec. 24 son & Loeb, Elkins, Morris & Co., Harper & Turner, S- K. Phillips & Co. Chicago — Harris Trust & Savings Bank, Kean, Taylor & Co. New Yorli — Active on N. Y. Stock Exchange. Boston — Harris, Forbes & Co. Omaha — City Trust Co. Pittsburgh — R. W. Evans & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. LAKE SHORE & MICHIGAN SOUTHERN RAILWAY CO. 35-Year Deb. 4s. Due May 1, 1931.— P. Dated May 1, 1906. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $50,000,000. Denomination — Coupon, $1,000 and $5,000. Registerable as to principal only, or fully reg- isterable. Registered, $1,000, $5,000, $10,000, $20,000, $60,000, $100,000 or multiples of $6,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York, and Frank L. Littleton. Assumed by the New York Central R. R. Co. Organization and Control — See 1st 3%s. Security — See 4s of 1928. LegaUty— See 4s of 1928. Listed on the New York and London Stock Exchange^. Original Market — $35,000,000 offered in Feb., 1906, and an additional $16,000,000 offered in 1910 at 93% and interest by J. P. Morgan & Co., First National Bank. National City Bank, New York, and Drexel & Co., Philadelphia. Market. Philadelphia — Biddle & Henry, West & Co., Wheeler, Elliot & Mann, Graham, Parsons & Co.. Brown Bros. & Co., Newburger, Hender- High. 96% Feb. Low. 81% Apr. 8, '09 16, '18 Registered. 92^/8 Nov. 81% Apr. 9 IS High. 9 5 July Low. 83% Nov. 7, '09 27, '17 LAKE SHORE EI^ECTEIC RAILWAY CO. Ist Cons. 5s, Due Jan. 1, 1933. — F. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Trustee's office or Chase Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $1,690,000 (May 15, 1919). Retired by Sinking Fund — -$60,000. Reserved to Retire Prior Liens — $2,250,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Citizens' Savings & Trust Co. , Cleveland, Ohio. Sinking Fund — The company shall deliver to the Trustee ten bonds annually from Jan. 1, 1909, to 1914, inclusive, and thirty bonds an- mally 1920-23. If required amount of bonds are not delivered, the company will pay to the trustee a sum equal to the face amount of the bonds not so delivered, which amount the trustee shall hold and allow interest at the rate of 3 % per annum, the sum to be applied to the payment of bonds at maturity. Organization — Incorporated m Ohio in 1901. The company owns all of the stock of the Lorain St. Ry., owning 25 miles of street and Interurban Railway in Lorain, and between Lorain and Elyria, and of the Sandusky. Fremont & Southern Ry., owning 20 miles of interurban railway from Sandusky to Fremont. Also controls through stock ownership the Peo- ples' Light & Power Co. and the Bellevue Illuminating & Power Co. Secured by a first mortgage on 70 miles of Interurban railway from Lorain to Sandusky; Ceylon to Norwalk : Sandusky to Norwalk ; and Gibaonburg Jet. to Gibsonburg. and a second mortgage on 80 miles of road from Cleveland to Lorain and Norwalk to Toledo. The entire road is in Ohio. The road from Cleveland to Lorain and Lorain to Elyria ia double tracked. Express trains are operated between Cleveland and Toledo, 121 miles in four hours and twenty minutes. Through cars are also operated between Cleveland and De- troit and Cleveland and Lima, Ohio. About one-half of the road is built on private right- of-way, and franchises on remainder have an average life of about ten years from 1914. Population served, Cleveland and Toledo, 1,000,000. Remaining territory, 125,000. The company supplies electricity to towns with a population of 20,000. Prior Liens — $1,500,000 Toledo, Fremont & Norwalk R. R. 1st 5s of 1920, and $750,000 Lorain & Cleveland Ry. 1st 5s of 1927. Underlies — Gen. Mortgage 5s. Bonds are re- served under that mortgage to retire thia issue. (130 I'ear ended Dec, 31 Gross Net Interest 1918, .. .$1,734,660 $472,860 $393,503 1917..,. 1,419,751 465.026 334,577 1916 1,262,234 473,633 839,897 1915 1,097,042 402,982 33(),444 1914 1,120,328 441,677 329,832 1913 1,119,312 473,707 324,697 I,isted on the Cleveland Stock Exchange. Market. rhiladelphia — H. D. Boenning- & Co., Chas. D. Barney & Co., Huntoon & Co., Bauer, Starr & Co., S. K. Phillips & Co. Cleveland — ^W. S. Snyder & Co. New York — Hornblower & Weeks, B. C. Randolph, Chas. D. Barney & Co., BerSeli Bros., F. H. Hatch & Co., Bauer, Starr & Co., Lynch & McDermott. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Grand Rapids — Howe, Snow. Corrigan & Bertles. Price Range. Jan. 1, 1908 to .Ian. 1, 1919 1918 Bid Ask Bid Ask High.96 '13 100 '10 80 Jan. 85 Jan. Low. 70 '18 74 '18 70 Sept. 74 Sept. LAKE SHORE ELECTRIC RAILWAY CO. Gen. .5s. Dae Feb. 1, 1933. — F. Dated Feb. 1, 1903. Interest payable Feb. and Aug. 1, at Trustee's office or Chase Na- tional Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstanding — $2,265,000. Reserved for Prior Liens — $4,000,000. Reserved for Ext. — $317,000. In Treasury — $428,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland. Organization and Earnings — See 1st 6s. Secured by a mortgage junior in lien to that of the 1st 5s on the property described under that issue. Prior Liens — $3,940,000 prior liens, viz.: $1,690,000 1st Cons. 5s of 1923, and prior liens thereto. Earnings — See 1st 6s. Ijtsted on the Cleveland Stock Exchange. Original Marlcet — $1,750,000 offered in 1905 at 91V2 and interest by Chas. D. Barney & Co., New York and Philadelphia, Guaranty Trust Co., New York, and Rudolph Kleybolte & Co., Cincinnati. Market. New York — A. E. Fitkin & Co., Morgan & Finlay, Hotchkin & Co., Dunham & Co., Mil- ler & Co., E. & C. Randolph, Kiely & Horton, Chas. D. Barney & Co., Gilman & Clucas, Bauer, Starr & Co., Lynch & McDermott. Philadelphia — C. D. Barney & Co., Thos. A. Biddle & Co., H. D. Boenning & Co., Hun- toon & Co., Bauer, Starr & Co. Cleveland — BOrton & Borton, W. S. Snyder & Co. Boston — J. S. Drier & Co. Price Range. Jan. 1, '08 to Jan. 1, "19 1918 Bid Ask Bid Ask High.84>/4 '12 87 '11 65 Jan. 70% Dec. Low. 46 '18 55 '18 45 Nov. 55 Nov. LAKE STREET ELEVATED R.AILROAD CO. l8t 5s. Due July 1, 1928.— F. Dated April 17, 1893. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by comipany without deduction. Issued — $5,860,000. Outstanding — $4,432,000. Cancelled — $860, 000. Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago.* Redeemable at 105 and interest on any In- terest date. Guaranteed as to principal and intere^f by the Northwestern Elevated R. R. Co. Organization and Control — Name changed to Chicago & Oak Park Elevated R. R. Co. That company is now in hands of receiver. Foreclosure Sale ordered by Judge Kohlsaat of U. S. Dist. Court, Chicago, on July 17, 1913. As of April 1, 1919, road has not been sold. Secured by a iirst mortgage on double track elevated railway from 5th Ave. and Lake St, to 52nd and Lake St., with spur down Market St. to Madis,on St. Total single track, 22.51 miles. Franchise expires in 1930. Year ended June 30 (C. & O. P. El) Gross Net Charges $949,753 $193,411 $507,801 938,288 263,618 484,121 1918. . 1917. . 1916. . 1915, , 1914.. 1913. . 226,508 244,650 262,938 233,641 873,267 843,682 878,805 862,737 Listed on the Chicago Stock Exchange, Market. Chicago — Hornblower & Weeks, Bab Rushton & Co., Curtis & Sanger. New York — Hornblower & Weeks. Boston — Hornblower & Weeks. Price Range. -Jan. 1, 1908 to Jan. 1, 1919 Bid Ask High.S9 '12 92 09 Low. 30 '18 449,967 433,845 430,749 399,956 1918 Ask 55 Jan. 30 Oct. LAKE SUPERIOR & ISHPE.MING RAILWAY 1st Serial 6s. Due $70,000 each Feb. 1 to 1931.— F. Dated Feb. 1, 1911. Interest payable Feb. and Aug. 1, at Citizens' Savings & Trust Co., Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,400,000. Outstanding — $666,000 (May 16, '19). Retired Serially — $560,000. Retired by S. F. — $274,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland. Redeemable on any interest date at 101 and interest in reverse of numerical order. Cleveland. Sinking Fund — Five cents per ton on all iron in excess of 1.500,000 tons shipped over the lines and docks during the preceding fiscal year. Controlled by Cleveland-CIifCs Iron Co. through stock ownership. Secured by a first mortgage on 34 miles of railroad from Presaue Isle, a suburb of Mar- quette, to Jopling, Mich., and on" extensive dock properties at Presaue Isle. Year ended June 30 Net Deductions •1918 $609,120 $248,640 1917 117,407 78,376 1916 306,606 77,812 1915 39,490 110,650 1914 165,676 126,247 •Year ended Dec. 31. Original Market — Offered to stockholders of Cleveland-Cliffs Iron Co., at par, June, 1911. 640 LAKE SUPERIOR CORPORATION Non-Cumu- lative Income 5s. Due Oct. 1, 1934. — F. Dated Oct. 1, 1904. Interest payable Oct! 1. if earned. 5% was paid in 1906. 2J^% in 1910 and 1911 and 5% in 1912. 1913 and 1917 and 1918. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Oatstandin? — $3,000,000. Denomination — Coupon. $500 and $1,000. Trustee — Real Estate Trust Co.. Philadel- phia. Redeemable at 105 on four weeks' notice. Organization — Incorporated in New Jersey In 1904. Owns entire capital stock of the Algoma Steel Corporation. The company con- trols extensive iron foundries, steel milts and ore deposits in the vicinity of Sault Ste. Marie, Ontario and Coal Lands in W. Virginia. Security — A direct obligation of the com- pany but not secured by mortgage or col- lateral. Earnings — See 1st & Coll. Tr. 5s. Listed on the Philadelphia and London Stock Exchanges. Original Market — ^First ofEered to stockhold- ers in 1904 at time of reorganization. Markttt. New York— Morton Lachenbruch & Co., E. & C. Randolph, Newburger, Henderson & Loeb. Philadelphia — ^Harper & Turner, Newburger, Henderson & Loeb. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.82% '12 83V3 '12 60 Dec. 60% Dec. Low. 24 '08 27 '16 48 Jan. 48^^ Jan. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 90 '13 95 '12 65 Feb. 75 Feb. Low. 50 '16 60 '16 57 May 63 May LAKE SUPERIOR CORPORATION 1st & Coll. Tr. 58. Due June 1, 1944. — F. Dated June 1, 1904. Interest payable June 1 and Dec. 1, at Bank of Montreal, Montreal, New York and London. Tax Status — 2 % Federal Income Tax pgrid by company without deduction. , Authorized — $ 10,000,000. Out8tanding^$5. 294,000 (Dec. 31. 1918). Retired— $4,706,000. Denomination — Coupon, $1, 000. Trustee — United States Mortgage and Trust Co.. New York, Redeemable at 105 and interest on four weeks' notice. Organization, etc. — See Income 5s. Secured by a first lien on a portion of the property of the Algoma Steel Corp. , and by deposit of $5,800,000 Algom.a Steel Corp. Pur- chase Money bonds. Underlies — Inc. 5s of 1924 and the Algoma Steel Corp. 1st and Ref. 5s of 1962, which provide for the retirement of this issue. Year ended June 30 (after subsidiary) Gross Int. & Exp. 1918 $1,048,759 $346,485 1917 453.833 309,819 1916 335.760 310,305 1915 369,033 367,371 1914 448,054 424,644 1913 805.662 386,482 listed on the Philadelphia Stock Exchange. Original Market — $5,000,000 offered by the Bank of Montreal, Montreal, New York, etc.. In 1909 at 90 and Interest. Market. New York — W. Sturgls Macomber, Sutro Bros. & Co., Morton Lachenbruch & Co., E. & C. Randolph, F. H. Hatch & Co., Lynch & McDermott. Philadelphia — Wm. M. Canby. H. D. Boen- ning & Co., Chas. Fearon & Co.. Battles & Co., Geo. S. Fox & Sons, S. K. Phillips & Co. lAKE SUPERIOR PAPER CO., LTD., Iflt 6s. Due March 1, 1941.- Dated March 1. 1911. Interest payable March 1 and Sept. 1. at the Imperial Bank of Canada, Toronto or Montreal, or at Mait- land. Coppell & Co.. New York. Payment of interest on these bonds was re- sumed Sept. 1. 1916. See "Mortgage Amend- ment." Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $5,000,000. Denomination — Coupon, £100 and £500. Trustee — Royal Trust Co.. Montreal. Redeemable for sinking fund after March 1, 1915. at 105 and interest on six months' notice. iSee "Mortgage Amendment." Sinking Fund — Annually on and after March 1. 1915, 2 % of outstanding bonds for the purchase or redemption of these bonds at not exceeding 105 and interest. See ' 'Mortgage Amendment. ' ' Guaranteed — Principal and Interegt by the Spanish River Pulp & Paper Mills. Ltd. Control — Controlled by the Spanish River Pulp & Paper Mills through ownership of entire stock. Mortgage Amendment — In December, 1914, the mortgage bondholders approved of the following changes in the provisions of the mortgage : Postponing the payment of the Interest on these bonds which fell due on the 1st day of September, 1914, and the interest on the said Bonds which will fall due in the year 1915 and on the 1st day of March, 1916. until the 1st day of June, 1922, or until pre- viously thereto, the company shall give six calendar months' notice of its Intention to pay the same and further of postponing for a period not exceeding five years the coming into operation of the provisions contained in the said Trust Deed relating to the formation of a Sinking Fund for the redemption of the said bonds. Secured by a first mortgage on large pulp mills at Sault Ste. Marie. Ontario, with a capacity of 55,000 tons of ground wood pulp per annum and 60,000 tons of sulphite per annum, and mills with capacity of 65,000 tons of newspaper. The company has exclusive rights for pulp wood on 1,665,000 acres at 40 cents per cord for first 10 years and 50 cents per cord thereafter, together with other valuable concessions. Year ended June 30 Net Interest 1916 $718,881 $391,314 1915 540,933 401.160 1914 408,289 376.710 Xiater Earnings — See Spanish River Pulp & Paper Mills. Ltd. Original Market — £719.000 offered March. 1911, by Chaplin, Milne, Grenfell & Co., Lon- don, Eng., at 97. Market. New York — Lynch & McDermott. liAKESIDE RAILWAY lat 4s. Due Not. 1, 1923.— N. Dated November 1, 1893. Interest payable March and November 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authorized and Outstanding — $150,000. 641 Trustee — Continental-Equitable Trust Co. , I Philadelphia. Assumed by the Schuylkill Ry, Co. Control — ^Absorbed by the Schuylkill Ry. Co. iQ 1903. Note — The Schuylkill Ry Co. is being re- organized. • Secured by a first mortgage on 6% miles of Interurban railway between Mahanoy City and Shenandoah, Fa. Population served, 60,- 000. Franchises perpetual. Underlies — Schuylkill Ry. Co. 1st Coiis. 6b 0? 1935 and Schuylkill Traction Co. Cons. 4%B of 1951. The former mortgage provides for the retirement of this issue. Earnings — See Schuylkill Ry. Co. 1st Cons. 6a. Market. Philadelphia — F, R. Welsh, Elkins, Morris & Co., Hunton & Co. IjULEWOOD & COAST WATER & EliECTBIC Co. Ist S. F. 6s. Due Aug. 1. 1945.— F. DatedAug. 25, 1915. Interest payable Feb. 1 and Aug. 1, at Farmers' Loan & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— ^$1, 0'OO.OO'O. Outstanding — $370,000. Provisions of Issue — The first $400, OOo are 6a and the remaining $600,000 5s. Additional bonds issuable for 80% of cost of extensions, etc., subject to the approval of the N. J. Public Utility Commission. Denomination— Coupon, $1,000. Reglsterable an to principal. Trustee — F*armers' Loan & Trust Co., New Tcrk. Redeemable at '105 and interest at any. tinie before Aug. 1, 1935,' and thereafter at 100 and interest. ' Sinking Fund-^Annually on March 1, 2% of the bonds outstanding eh" the' preceding Dec. »1. ■ i< ■ - :. Organization — Company purchased the in- terest of -the Comnionwealth Water & Light^ Co., in that company's iLakewood .properties, acquired a large outstanding minority interest In the same properties, purchased the electric properties formerly owned by Point Pleasant Electric Light & Power Co. , a-nd now owns the Jentlre capitalization of Lakewood Water Co.; furnishing water and sewer service in Lakewood, and the Lakewood & Coast Electric Co., furnishing electric ■ service in Lakewood, Point ■ Pleasant, -Bay Head, ■ Mantoloking, Brielie,- Manasquan, Wall Township and Spring take; N. J. Secured by deposit of all the stock (except directors' share), all certificates of indebted- ness of each of above companies. The cer- tificates of indebtedness are a first mortgage on the entire properties of the respective com- panies. Year ended Dec. 31 l&n $140,860 $48,509 $21,026 1516. . . . 130,393 - 55,988 20,999 Market. Portland, Me.— H. M. Payson & Co. LAKEWOOD GAS CO. 1st 5s. Due May 1, 1939. Dated ^Hay Ij 1899. Interest payable May and Nov. 1, at Lakewood Trust Co., Lake- wood. N. J. . Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — SIOO.OOO. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee— 'Lakewood Trust Co., Lakewood N. J. Organization — Incorporated in 1899 in New. Jersey, Controlled through ownership of a majority of capital stock by the Coast Gas Co. Secured by a first mortgage on plant sup- plying gas to Lakewood, N. J. Population served, summer, 5,000; winter, 10,000. Fran- chises perpetual. Year ended Dec. 31 Gross Net Int.. Etc. 1918 $36,629 $4,392 $11,216 1917 33,789 8.994 11,918 1916 29.656 8.733 10,511 Market. New York— F. H. Hatch & Co. liAMSON CONSOLIDATED STORE SERVICE CO. 1st 5s. Due Feb. 1, 1922.— N. Dated Feb. 1. 1902. Interest payable Feb. and Aug. 1, at International Trust Co., Bos-' ton. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. Outstanding — $311,000. Owned by A. P. S. Co. — $186,600. Held in Treaury — $289,000. Denomination — Coupon, $500 and $1,000. Trustee — International Trust Co.. Boston. Guaranteed principal and interest by the- American Pneumatic Service Co. Controlled by American Pneumatic Service Co. through stock- ownership. Secured by a first mortgage on all the prop- erties of the company. Earnings — See American Pneumatic Service Co. Market. Boston — Geo. .A. Fernald & Co. New York — Hayden, Stone & Co. LANCASTER COUNTY RY. & LIGHT CO. 1st Coll. Tr. 5s. Due July 1, 1951.— F. Dated July 1, 1901. Interest payable Jan. 1 and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsylvania. Authorized — $1,000,000. Outstanding — $1, 000. 000. Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Lancaster Trust Co., Lancaster, Pa. Organization and Control — Incorporated in 1901 in New Jersey as a holding company. Controls through stock ownership the follow- ing companies : Conestoga Traction Co. , Edi- son Electric Co.. Lancaster Gas Light & Fuel Co. (which controls the Columbia Gas Co.), Conestoga Realty Co. and Lancaster Electric Light, Heat & Power Co. All the common stock of the company is owned by the United Gas & Electric Corp. of Conn. Through sub- sidiaries controls all the gas and electric busi- ness in the cities of Lancaster and Columbia and practically all of Lancaster County, Pa.. and about 163 miles of street and interurban railway track leased and operated by the Conestoga Traction Co, Franchises are per- petual. Secured by a lien on the property described above by deposit of $3,999,700 of the $4,000.- 000 capital sto«k of the Conestoga Traction Co.; $1,635,000 capital stock of the Edison 642 Electric Co.; $650,000 capital stock (entire out- standing) of the "LancasteV Gas Light & Fuel Co., and $100,000 capital stock of the Conea- togra Realty Co. Prior Liens — $5,060,400 bonds of subsidiary companies. Year ended Dec. 31 (combined). Gross Net Int., Etc. 1918 $2,379,526 $863,889 $473,123 1917 . 2,211,132 953,754 461,048 1916 1,941,784 883,413 448,893 1915 1,744,617 796,943 439,114 Market. New York — Bertron, Griscom & Co. Philadelphia — H. D. Boenning & Co., Ber- tron, Griscom & Co., Huntoon & Co, S. K. Phillips & Co. Price Rf^nge. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask ' Bid Ask High.98 '17 100 .17 95 Jan. 97 Jan. Low. 89 '18 95 '18 89 June 95 Dec. LANCASTER (PA.) WATER FIIvTRATION CO. 1st 6s. Due July 1. 1935.— F. Dated July 1, 1905. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company "without deduction. Authorized — $250,000, Oustanding — $185,000 (May 15. 1919). Retired by S. E.— $65,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trnstee — West End Trust Co., Philadelphia. ^Redeemable at par and interest on Jan. 1, 1916. 1921, 1926 and 1931. Sinking Eund — $3, 500 semi-annually from Jan., 1911, to July, 1915, and $4,000 to ma- turity. Bonds are to be drawn by lot at par and interest. Organization — Incorporated in Pennsylvania in 1906. Secured by a first mortgage on all the prop- erty contracts and franchises of the company. The company was incorporated in 1906 and supplies filtered water to the city of Lan- caster, Pa., under an exclusive franchise for 35 years, at $15 per million gallons with a guaranteed minimum daily consumption of 5,000,000 gallons. The city of Lancaster has the right under the franchise to purchase the filtration plant for a sum exceeding outstanding bonds. Year ended April 30 Net Int. & S.P. 1917 $20,543 $18,914 1916 21,920 $20,345 1915 ". 21,094 19.180 1914 23,460 19.836 Original Market — $250,000 ofEered in Aug., 1905, at 104^^ and interest, by J. T. Bacon & Co., Philadelphia. Market. Philadelphia's. K. Phillips & Co. New York — Hanson & Doyle. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98 '16 100 '18 98 May 100 May Low. 98 '18 100 '18 lANSING EUEL & GAS CO. Cons. 5r. Dam April 1, 1921. Dated June 23, 1906. Interest payable April and Oct. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by comipany without deduction. Authorized — $1,000,000. Outstamding -$815,000 (April 1. 1919). Retired — $90,000. In Treasury — $95,000. Denomination — Coupon, $ 5 0. Begisterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in Michigan in 1906 as successor to Lansing Gas Light Co. Secured — On a first mortgage on plant sup- plying gas to Lansing, Mich. Franchise in city expires in 1933 and in .township in 1937. Underlies — $743,000 1st, Ref. & Ext. 5s. Bonds are reserved under that mortgage to retire this issue. Earnings — Company does not report earn- ings. Original Market — $100,000 offered, 1907, at 95 and interest by The C. H. Geist Co.. Phila- delphia; ofEered in 1909 at the same price by Baker, Ayling & Co. , Boston and Philadel- phia, and H, F. Bachman & Co., New York and Philadelphia; offered in 1910, at the same price by Baker, Ayling & Young, Boston, Philadelphia, etc. Market. Philadelphia — ^Wurts, Dulles & Co., H. P. Bachman & Co., Reed A, Morgan & Co.. Par- rish & Co., Warren A. Reed, H. D. Boenning iS^ Co.. Huntoon & Co., S. K. Phillips & Co. Chicago — Babcock, Rushton & Co, New York — E, & C. Randolph. Parrish & Co., Kiely & Horton, Berdell Bros. Boston — Chas. A. Day & Co. Grand Rapids — Howe, Snow, Corrigan & Bertles. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Ask High.96^ "16 99 '17 96y2 Dec. Low. 90 '18 90 July LARAMIE, IIAHN'S PEAK & PACIFIC RAIX- WAY 1st 6s. Due July 1, 1929.— N. Dated July 1, 1904. Intarest payable Jan. and July 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $240,000. Denomination — Coupon, $1,000, Trustee — ^American Trust Co., Boston. Organization and Control — Incorporated In Wyoming in 1901, placed in hands of receiver ia 1912, and reorganized in 1914 as the Colo- rado, Wyoming S^ Eastern Ry. Co. Secured by a first mortgage on 68 miles of road from a connection with the Union Pa- cafic Ry. Co. at Laramie, Wyo., to the Colo- rado-Wyoming state line. Underlies — Col., Wyo. & East, Ry. 1st & Ref. 6s of 1934, which provide for the retire- ment of this issue and Gen. Inc. 6s. Original Market — Offered by The Isaac Van Horn Co. (now Van Horn. Davis & Co.), Bos- ton and Cleveland, at par and interest, NoT.» 1904. Itlarket. New York — F. H. Hatch & Co., Barnum, Mildon & Co. IJoBton — H. C. Spiller &. Co. Price Ranee. Jan. 1. 1916 to Jan. 1, 1919 Bid Ask High.78 '16 85 '16 Low.. 70 '17 81 '16 IiATROBE-CONNELLSVILLE COAL & COKE CO. 1st S. F. 6s. Due June 1. 1931.— F. Dated- June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. 643 Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 000, 000. Outstanding— SI. 085,000 (March, 1919). Retired by 8. F. — $615,000. Reserved for Ext. — $300,000. Denomination — Coupon, $1, 000. Regiaterable as to principal. Trustee — Commercial Trust Co., Philadel- phia, Pa. Redeemable as a whole at 105 and interest. Sinking Fund — 10 cents per ton' of 2,240 pounds, on all coal mined and shipped, and 15 cents per ton on all coke manufactured and shipped, with a minimum payment sufficient to retire $85,000 bonds annually. Bonds to be purchased in open market at not to exceed 102 and interest. Organization — Incorporated in Pennsylvania in 1905 and ia controlled by interests affiliated with the Keystone Coal & Coke Co. Secured by a first mortgage on 2,245 acres of coal lands in the Latrobe field (Connells- ville coal); 1,991 acres in Lemmon field (Upper Freeport Coal) and 2,111 acres surface land, mining plants and equipment. Property is ap- praised at more than $2,666,543. The Latrobe field is underlaid by the celebrated Connells- ville Basin coal, while the Lemmon field con- tains Upper Freeport coal with sufficient sur- face for development. Original Market — $1,700,000 offered in 1911 at 101 and interest by William Salomon & Co., New York, and Montgomery, Cluthier & Tyler, Cassatt & Co. , Philadelphia. Market. Philadelphia — H. D. Boenning & Co.. Mont- gomery & Co., Cassatt & Co., Huntoon & Co., Biddle & Henry, Chas. Fearon & Co.. S. K. Phillips & Co. Pittsburgh — Moore, Leonard & T^ynch, George, Allen & Whitehouse, Goddard, Hunter & Co., Lyon, Singer & Co. New York — Baker, Carruthers & Pell. H. I. Nicholas & Co., MSore, Leonard & Lynch Mor- ton Lachenbruch & Co., Whitstock & Co., B. & C. Randolph. Price Range. Jan. 1. 1911 to Jail. 1, 1919 1918 Bid Ask Bid A.sk Hig:h.l01% '16 102% '16 100 Oct. Luw. 91 '17 96 '17 91 Jan. 96 Jan. LATROBE WATER CO. Gen. 5s. Due Sept. 1, 1933.— F. Dated Sept. 1, 1902, Interest payable March and Sept. 1, at First National Bank, Scranton, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $350,000. Outstanding — $325,000. Denomination — Coupon and registered, $1,000. Trustee — Lackawanna Trust & Safe Deposit Co., Scranton, Pa. Redeemable at 105 and interest. Secured by a first mortgage on plant sup- plying water to Latrobe, Pa. Population served, 9,000. LAUREL ELECTRIC, POWER & LIGHT CO. 1st 6b. Due November 1, 1931. — P Dated November 1, 1911. Interest payable May and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $120,000, Outstanding— $80,000 (May 14, 1919). Retired by S. F,— $40,000. Denomination — Coupon, $1,000. Registerable ag to principal. Trustee — Guaranty Trust Co., New York, Sinking Fund — $5,000 per annum. Control — Absorbed by the Laurel Light & Ry. Co. Secured by a first mortgage on plant sup- plying electricity in Laurel, Miss. Population served. 15,000. Underlies — Laurel Lt. & Ry. 1st 6s of 1936. Market. New York— Oilman & Clucas, F. H. Hatch & Co. LAUREL (MISS.) LIGHT & RAILWAY CO. Ist 6s. Due July 1, 1936, — F. Dated December 12, 1911. Interest payable January 1 and July 1 at Fidelity Trust Co., New York. Tax Status — 2 %' Federal Income Tax paid by company without deduction. Authorized — $500,000-. Outstanding — $408,000 (Jan. 1, 1919). Reserved for Prior Liens — $80,000. Reserved for Extensions, Etc. — $12,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., New York. Organization — Incorporated in Mississippi. Secured by a first mortgage on 6.5 miles of street railway in Laurel, Miss., and 9.5 miles extending from Laurel to EUisville and a second mortgage on plant supplying electric light and power in Laurel and Ellisville, Elec- tric railway lines outside of corporate limits and two miles of lines in Laurel are on private right-of-way. Franchises in Laural extend to September, 1936, and in Ellisville to March, 1&37. Prior Lien — $80,000 Laurel Electric Power & Light Co. 1st 6s. due 1931. Year ended April 30 Gross Net Interest 1918 $128,201 $60,371 $29,280 Original Market — Offered in 1914 by Guy M. Walkter at 100 and interest. Market. New York — B. & C. Randolph. Boston — McConnell & Co. Portland — Beyer & Small. Albany — John J. Hart. Price Range. Jan. 1, 1917 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.84 '17 100 '17 75 Sept. 98 Feb. Low. 75 '18 82 '18 82 July LAURENTIDE POWER CO.. Ltd.. let S. F. 5s. Due Jan, 1, 1946. — N. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1 at Bankers' Trust Co., New York, and Bank of Montreal, Montreal and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $7, 500, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Royal Trust Co., Montreal. Redeemable on or after Jan. 1. 1920, as a whole on any interest date on three months' notice or in part for sinking fund at 105 and interest. Sinking Fund — ^Annually, beginning Jan. 1, 1920. 1% of all bonds issued plus interest on bonds retired by this fund. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest. It is esti- mated that this fund will retire about one- half of entire issue by maturity. Organization and Control — Incorporated in Cana'ta in 1915 to take over the power prop- 644 erties of the L,aurentide Co.. Ltd. Capital stock, authorized and outstanding, $10,500,000. Operated by the Shawinigan "Water & Power Co. Secured by a first mortgage of the entire property of the company and also by pledge of contracts mentioned below. The property of the company includes a hydro-electric plant, with an installed capacity of 125,000 h. p., situated on the St, Maurice River at Grand Mere, Province of Quebec. Also owns in fee lands and water rights on both banks of the river for eight miles above the plant. The Laurentide Co., Ltd., has contracted 37,500 h. p. under a fifty-year contract. The Shaw- inigan "Water & Power Co. has contracted for 87,500 h. p. under a fifty-year contract. The Shawinigan "Water & PoWer Company' s system embraces 700 miles of lines, covering a radius of 100 miles east, west and south from Shawinigan Palls, including Montreal, Quebec. Three Rivers, Thetford Mines and thirty other smaller cities or towns in the Province of Quebec. Year ended Dec. 31 Gross Net Int., Etc. 1918 $870,393 $686,767 $375,000 1917 663,858 579,795 337.249 1916 375.381 335.621 Original Market — Offered Aug. , 1916. by Stone & Webster, Boston and New York, and Aldred & Co., New York, at 90 and interest. Market. New York — Spencer Trask & Co.. W. • S. Macomber, Tobey & Kirk, Stone & Webster. Dunham & Co., Miller & Co., Hornblower & Weeks. E. & C. Randolph. Wm. C. Ewen, Newburger, Henderson & Loeb, Morton Lach- enbruch & Co.. Bauer. Starr & Co., Taylor & White, Lynch & McDermott. McGeorge & Vanderhoef, John Nickerson, Jr. Philadelphia^ — Richards & Co., H. D. Roen- ning & Co., Newburger, Henderson & Loeb Paul & Co., S. K. Phillips & Co., Huntoon & Co.. Barclay, Moore & Co., Biddle & Henry. J. W. Gross, Investment Registry of America, Inc., Bauer, Starr & Co. Boston — Spencer Trask & Co., Stone & Web- ster, E. M. Hamlin & Co, , Hornblower & Weeks, L. Sherman Adams, F. B. Bassett & Co.. White. Weld & Co. Chicago — National City Bank, Stone &. "Web- ster. Hornblower & Weeks, Babcock, Rushton &. Co. Portland — M. S. Brown. Montreal — :The Dominion Securi ties Corp. . Ltd., Hew R. Wood Co., Nesbitt, Thomson & Co. Springfield — Tifft Bros. Price Ban^e, Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.89 '16 92 '17 SThi Nov. 92 Nov. Low. 77 '17 82% '18 80 Jan. 82% Mar. lADRENTIDE PULP CO., LTD., 1st 68. Due Jan. Z, 1920. Repurchased Bonds— The Company will pur- chase these bonds at 100 and interest in ad- vance of maturity on presentation ' to the Trustee. Dated Jan. 2, 1900. Interest payable Jan. and July 2, at Bank of Montreal, Montreal. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized — $1, 200, 000. Outstanding: — $620,615 (June 30. 1918). Balance Retired by S. F. Denomination — Coupon, $1,000, Registerahle as to principal. Trustee — Royal Trust Co., Montreal. Redeemabe on any interest date at 110 and Interest. Sinking Fund — $20,000 per annum to pur- chase bonds at not exceeding 110 and interest, bonds to be called at that price if they can- noT be purchased. Control — Absorbed by Laurentide Co. Secured by a first mortgage on timber rights aggregating more than 2,700 square miles, and on mills located at Grand Mere, Que. , Can., where company is engaged in manufac- ture of sulphite, ground pulp, paper and card- board. Year ended June 30 (Laurentide Co.) Net Interest Dep' n 1918 $2,593,835 $227,296 $271,883 1917 2,220,660 115,797 116,670 1916 1,244,283 226.899 20,000 Listed on the Montreal and Toronto Stock Exchanges. I Market. Toronto — A. E. Ames & Co. Montreal — McCuaig Bros. & Co., Hew R. Wood Co. New York — Morton Lachenbruch & Co. Boston — L. Sherman Adams, Price Range. Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid High.lll '11 113 '11 Low.. 100 '14 101 '15 101 Dec tEAMINGTON & ST. CLAIR RAILWAY CO. 1st 4s. Due October 1, 1945.— N. Dated October 1, 1895. Interest payable April and October 1, at Bank of Montreal, N. Y. and Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $130,000. Denomination — Coupon, $1,000. Reglsterablf as to principal. Trustees — James Ross and Nicol Kingsmili Guaranteed principal and interest by the Canada Southern Ry. Co. by endorsement. Interest guaranteed under terms of lease by Michigan Central R. R. Co. Control — Absorbed by the Canada Southern Railway Co. A majority of the stock of thaf company is owned by the Michigan Centra T R R. Co., which leases its property for 999 years. Rental 3 % dividend on stock and interest on bonds. Secured by a first mortgage on 13.80 miles 01' road from Leamington to Comber Station Ont. Underlies — Can. So. Ry. Cons. 5s. Market. New York — Gilman & Clucas, Baker, Car- ruthers & Pell. Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. LEAVENWORTH LIGHT, HEAT & POWER CO. 1st 5s. Due Sept. 1, 1923. — F. Da^d September 1, 1908. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $675,000. Reserved for Ext. — $325,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest on any in- terest date on four weeks' notice. Organization and Control — Incorporated in Kansas in 1908. The Leavenworth Light. Heat & Power Co. is controlled by the United Gas & Electric Co. of New Jersey through owner- ship of its entire capital stock, which com- 045 pany in turn is controlled by the United Gas & El. Corp. of Conn, Secured by a first mortgage on plants sup- plying gas and electricity to Leavenworth and Fort Leavenworth, Kan. Population served. 2^,000. Franchises expire In 1927. Tear ended Dec. 31 Gross Net Int. & Rent 1918 $260,255 $19,166 $33,750 1917 246,437 46.846 33,750 1916 229.609 62,188 33.750 1915 217,923 66,286 33,750 Original Market — $600,000 offered in 1909 at 9 4 Vi! and interest, by Bertron, Griscom & Jenlts, New York and Philadelphia. Market. New York — Bertron, Griscom & Co., Berdell Bros. , F. J. Lisman & Co. . E. & C. Kan- dolph. Philadelphia — Chas. H. Bean & Co.. Bert- ron, Griscom & Co. Wilmington — George P. Bissell. Price Range. Jan. 1, 1909 to Jan. 1, 1919 Bid Ask High.94 '11 97 '15 Low. 88 '16 89% '16 LEATENWOETH TERMINAI. RY. & BRIDGE CO. 1st 5s. Due Jan. 1, 1923. — F. Dated Jan. 1. 1893. Interest payable Jan. and July 1, at Central Union Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $560,000. Held in Sinking Fund — $40,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New York. Redeemable at 105 and interest. Sinking Fund — 10% of earnings annually Bonds acquired by this fund are to be held alive. Organization and Control — Incorporated in Kansas in 1892. All of the stock is owned by Chicago Great Western R. R. Secured by a first mortgage on bridge over Missouri River at Leavenworth, Kan., and also on terminals in Leavenworth. The bridgo is used by the Burlington System and Chicago Rock Island & Pacific Ry. at an annual rental of $16,000 each, under a lease which expires March 14. 1922; and by the Chicago Great Western R. R. at an annual rental of $14,300 under a lease expiring in 1925. Year ended June 30 Net Interest 1916 $49,131 $29,193 1915 43,868 29,259 1914 43.055 29,515 Market. New York — F. J. Lisman & Co., Baker, Car- ruthers & Pell, Abraham & Co., John Daven port, F. H. Hatch & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.87 '11 95 '12 70 Jan. 80 Jan Low. 50 '17 70 '16 64 Dec. 75 Dec. LEBANON GAS & FUEL CO. Ist 6s. Due March 1, 1956.— F. Dated March 1, 1906. Interest payable March and Sept. 1, at Oflice of Trustee. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $500, 000. Outstanding — $311,000 fDec. 31, 1918). In Treasury — $48,000. Resencd for Corporate Purposes — $141,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any Interest date at 105 and Interest. Collateral Trust Fund — Provides for the rights to call on any interest date, in whole or in part by lot, bonds at 105 and accrued interest to place in fund known as "Collateral Trust Fund." Bonds may be kept alive and reissued. Organization^ — Incorporated In Pennsylvania in 1906 as successor of Lebanon Gas Co. Management — Doherty Organization of New York. Secured by 'a first mortgage on plant sup- plying gas to Lebanon, Pa., and vicinity. Population served, 16,500. Franchises per- petual. Market. New York — Kiely & Horton. LEBANON VALLEY IRON & STEEL CO. 1st S. F. 6s. Due March 1, 1939 Dated March 15. 1919. Interest payable March and Sept. 1st, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company ' without deduction. Tax exempt in Pennsylvania. Authorized — $75 0,000. Outstanding — $500,000. Reserved for Prior Lien^ — $37,000. Reserved for Imp. — $213,000. Additional bonds are issuable for 70 % of cost of improvements and betterments when net earnings are three times interest charges, including interest charges of bonds outstand- ing and those to be issued. Puypose of Issue — To provide funds for building of a rotary plant and billet mill at Lebanon, Pa. Denomination — Coupon $1,000.' Trustee — Commercial Trust Company, Phila- delphia. Redeemable as a whole or in part on any interest date at 105 and interest. Sinking Fund — Annually $25,000. Organization — Incorporated in Pennsylvania on Fe'b. 10. 1910. Secured by a first mortgage gn four finish- ing mills, ten puddling furnaces and bolt and nut factory at Lebanon, Pa. , and a second mortgage on two finishing mills and twelve puddling furnaces at Duncannon, Pa. Ap- praised value as of Oct. 31. 1918. $2,593,838- (replacement value), and $1,930,612 (sound value). Prior Lien — $37,000 mortgage on property at Duncannon. Year ended Dec. 31 Net Dep'n 1918...*.. $333,783 $163,532 1917 548.607 189,211 1916 336,336 50,000 Original Market — OfCered in April, 1919, by Lloyd and Palmer, Philadelphia at 97 and interest. LEBANON VALLEY STREET RY. 1st 6s. Due July 1, 1939, — F. Dated July 1, 1899. Interest payable Jan. and July 1, at Real Estate Title Ins. & Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding — $500,000. Denomination — Coupon, $100, $500 and $1,- 000. 646 Trustee — Real Estate Title Ins. & Trust Co., Philadelphia. Guaranteed as to interest by 900-year ' lease to Headins Transit & Light Co. Organlzatton and Control — Incorporated In Pennsylvania In 1899. Practically all of stock owned by United Power & Transportation Co., a subsidiary of the Interstate Rys. Co. and property leased to Reading Transit & Light Co. at an annual rental of Interest, taxes and $40,000. Secured by a first mortgage on 22 miles of electric railway in and around Lebanon, Ann- ville and Myerstown, Pa. Population served, about 36,000. Market. ■ Philadelphia — Graham, Parsons & Co., H. D. Boenning & Co., Newburger, Henderson & Loeb, Barclay, Moore &'Co., Huntoon & Co., S. K. Phillips & Co. Reading, Pa. — George A. Rick. New \'ork — Newburger, Henderson & Loeb. Price Eange. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid High.99 '16 101% '17 Low. 80 '18 80 Deo. Vear ended Dec, 31 I^GGETT (F. H.) & CO. Ist 6s. Due July 1, 1928.— F. Bated July 1, 1902. Interest payable quar- terly, Jan., Apr., July and Oct, 1, at Columbia Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $1,000,000. . Outstanding — $757,000. Denomination — Coupon, $100, $500 and $1,- ooo. Tmstee — Columbia Trust Co., New Tork. Convertible — Privilege expired July 1, 1914. Organization — Incorporated in New Tork in 19 02 as successor to company of the same name. Secured by a first mortgage on business property at 128 Franklin St., and warehouse and stables at 2 and 3 Congress St., New Tork City. The company is engaged In the manufacture, importing and wholesaling of groceries. Market. New York — Gude, Winmill & Co., F. H. Hatch & Co. Price Range, 1918 — Bid 99. USHIGH & HUDSON RFTER RAILWAY CO. Gen. (now 1st) Ss. Due July 1, 1920. — F. Dated July 1, 1890. Interest payable Jan. and July 1, * at Irving National Bank, New Tork, or at First National Bank, Warwick, N. T. Tax Status — 2 % Federal Income Tax paid by company without deduction. Antborized — $3, 000, 000. Outstanding — $ 2,587,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New Tork. Guaranteed — $1,062,000 of the outstanding bonds are guaranteed jointly and severally, as to principal and interest, by the Lehigh Coal & Navigation Co. and the Central R. R. of New Jersey by endorsement. Organization — Incorporated In New Tork and New Jersey in 1882. Controlled by interests' identified with the Lehigh Coal & Navigation Co. Secnred by a first mortgage on 74.60 miles of road from Maybrook, N. T., to Belvidere, N. J. The company has trackage rights from Belvidere to Easton, Pa. •1918. •fl918. 1917. 1916. 1916. •Corpora Net $629,632 616,366 691,269 745,871 746,691 Int., Rent, Etc. $227,612 126,492 338,486 326,295 325,265 -Standard re- Gross $619,371 2,476,861 2,247,617 2,143.697 2,006,429 Income Account- turn under Federal control. tFederal Income Account. Legal for Me., Mich., Minn., N. J., R. I. and Wis. Guaranteed bonds are also legal for Cal. Listed on the New Tork Stock Exchange (guaranteed bonds only). Original Market — $500,000 offered May, 1898, at 106 and interest by Brown Bros. & Co., New Tork, Philadelphia and Boston. Market. Fhialdelphla — ^West & Co., Graham. Pai- Bons & Co., Biddle &. Henry, Newburger. Hen- derson & Loeb, Chas. Fearon & Co., Brown Bros. &. Co. New Yorlc — Newburger, Henderson & Loeb, Ambrose R. Clark, Fearon & Co., Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. (Guar. Itonds). Jan. 1, 1906 to Jan. 1, 1919 1918 High.102% May 2 '12 100 Apr. 6 Low. 100 Apr. 6 '18 100 Apr. G Unguaranteed Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.101% '16 103 '16 98 Ang. 101 Aug. Low. 96 '17 101 '18 96% Jan. LEHIGH « HUDSON RIVER RAILWAY Deb. 4s. Due July 1, 1920.^— F. Dated June 30, 1907. Interest payable May 1 and November 1, at Irving National Bank, New Tork, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000. Trustee — Provident Life & Trust Co., Phila- delphia. Redeemable at 105 and interest. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. For further details see Gen. 5s. Market. Plilladelphia — Chas. Fearon & Co., Biddle & Henry. New York — Hanson & Doyle. I/EHIGH & LAKE ERIE RAILROAD CO. 1st 4%s. Due March 1, las'?. — F. Dated March 1, 1907. Interest payable March and Sept. 1, at office of Lehigh Valley R. R., Philadelphia, and J. P. Morgan & Co.. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Out8tanding^$3,000, 000. Denomination — Coupon, $1,000. Regis- terable as to principal or fully register- able. Trustee — United States Mortgage & Trust Co., New Tork. Redeemable at 105 and interest on apy In- terest date upon 60 days' notice. Guaranteed principal and interest by the Lehigh Valley R. R. Co. by endorsement. Control — ^Absorbed by the Lehigh Valley Rail Way Co., of New Tork. All of the stock of that company Is owned by the Lehigh Val- ley R. R. Co., which leases Its property for 999 years. 647 Secured by a first mortgage on 10.93 miles of double-tracked road from Tiftt Farm Junc- tion to Tifft Farm Terminal. Buffalo, N. T. Underlies — L. V. Ry. Co. 1st 4%s. liCeal for Cal.. Me., Mich,, Minn,, N. H., N. J. and E. 1. Slarket. New York — Baker, Carruthers & Pell, Ab- raham & Co., Taylor, Smith & Hard. Philadelphia— Chas. Fearon & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Bid Higrh.96 '16 90 Jan. Low. 85 '18 85 Dec. lEHIGH Si NEW BNGIAND BAILBOAD 1st 5s. Due July 1, 1945. — F. Dated July 1, 1895. Interest payable Jan. and July 1. at Company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee— Fidelity Trust Co., Philadelphia. Organization and Control — Incorporated In Pennsylvania in 1896. Controlled, through stock ownership, by the Lehigh Coal & Naviga- tion Co. Deo., 1913, acquired the property of the Panther Creek R. R. Co., owning 32 miles from Tamaciua to Nesquehoning. The company operates a total of 299 miles of road. Secured by a. first mortgage on 191.64 miles — Miles Hauto, Pa., to Hainesburg Jet., N. J.. 66.99 Swartswood Jet., N. J., to Liberty Cor- ners, N. T 20.84 Slate Jet. to Slatington. Pa 6.68 Bethlehem Jet. to Benders Jet., Pa 19,57 Bath Jet. to Martin's Creek, Pa 18.01 Crane Jet. to Catasauqua, Pa 8.77 Gap Jet. to Palmerton, Pa 1.49 Saylorsburg Jet. to Saylorsburg, Pa.... 5.91 Hauto to Nesquehoning, Pa 4.07 Branches . . . .' 40.41 Also secured on leasehold Interests In 8.40 miles — Campbell Hall Connecting R. R. Co. — Liberty Corners, N. Y., to Pine Island Jet., N. T 4.11 Pochuck Railroad Co. — Glenwood Jet., N. Y., to Glenwood, N'. J 3.39 Branch, Alba, N. Y., to Empire Quar- ries, N. Y 1.00 Also secured upon 96.34 miles of trackage rights — New York, Susquehanna & "Western R. R. Co. — Hainesburg Jet., N. J., to Little Ferry, N. J 79.60 Erie Railroad Co. — Pine Island Jet.. N. Y., to Campbell Hall, N, T 16.84 At Campbell Hall, N. Y., connection is made with the Central New England R. R., forming a through route from the anthracite coal fields to New England points. Underlies — Gen. 6s of 1954. Year ended Dec. 31 Gross Net Int. & Rent •1918 $1,136,761 $1,169,766 $621,182 ■(1918 3,989,896 1,206,776 1917 3,666,667 1,396,200 499,724 1916 3,046,332 1,177,964 480,192 1916 3,074,266 1,419,167 470.029 'Corporate Income Account — Standard return under Federal control. tFederal Income Account — does not include "other income" or "deduction," i.e.. Interest and rentals. Market. Philadelphia — Graham. Parsons & Co., West & Co., Brown Bros. & Co., Chas. Fearon & Co., Welsh Bros., Elkins, Morris & Co., Har- per & Tmrner, Warren A. Reed, H. D. Boenning & Co.. Huntoon & Co., S. K. Phillips & Co., Wheeler, Elliott & Mann. New York — Brown Bros. & Co., Abraham & Co., Baker, Carruthers & Pell. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, 1911 to Jan. 1. 1919 1918 Bid Ask Bid Ask Hieh.106 '16 109 '11 101 Jan. 103 Nov. Low. 90 '17 99% '18 97% May 99% May U5HIGH & NEW ENGIAND RAILROAD CO. Gen. 5s, Series **A." Due July 1, 1954. Dated July 1, 1914. Interest payable Jan. 1 and July 1. at company's office, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New Jersey. Authorized — $15,000,000. Outstanding — $4,000,000 Series "A." Reserved for Prior Lien — $1,000,000. Reserved for Ext. — $10,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co.. Philadelphia. Redeemable (Series A) at 105 and Interest on any interest date on eight weeks' notice. Organization, Property and Earnings — See 1st 6s. Secured by a mortgage on the property cov- ered by the 1st 5s and subject to the lien of that mortgage. Further secured by deposit of $600,000 (entire Issue) 1st Mtge. Bonds and $120,000 of $125,000 capital stock of the Campbell Hall Connecting R. R. Co. and $18,750 of the $20,000 capital stock of the Pcchuck R. R. Co. The two roads own 8.50 miles of road In state of New York. Prior Liens — $1,000,000 1st 5s of 1946. Listed on the Philadelphia Stock Exchange. Original Market — $2,000,000 offered by Brown Bros. & Co.. Philadelphia, etc., at 98% and interest. Offered Feb., 1916, by same firm at 103 and interest. Earnings — See lat 5a. 1945. Market. Philadelphia — National City Co., Harper & Turner. Chas. Fearon & Co.. Montgomery & Co., Reilly, Brock & Co., Graham, Parsons & Co., Henry D. Boenning & Co., Huntoon & Co., Brown Bros. & Co., Chas. Fearon & Co., S. K. Phillips & Co. New York — B. & C. Randolph, Abraham & Co., Baker, Carruthers & Pell, Warren A. Reed. Price Ranee. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.103% '17 105 '17 99 Nov. 100 Dec. Low. 90 '17 95% '18 95% Sept. I^HIGH & NEW ENGLAND RAILRQAD CO. Equip. Tr. 4%s. Series "A." Due $30,000 annually. June 1, to' June 1, 1923. — F. Dated June 1, 1908. Interest payable June and Dec. 1, at Guarantee Trust & Safe De- posit Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 450,000. Outstanding — $160,000 (Jan. 1, 1919). 648 Regiater- Balance Retired. UeiLoniinatzont — Coupon, $ 1 , OO 0. able as to p-rincipal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable on any interest date at 102% and interest. Guaranteed principal and interest by Lehigh Coal & Navigation Co. by endorsement. Organization, Control and iEarnings — See 1st 6fi Secured by a first lien on 300 steel coal cars, 300 steel underframe box cars and three con- solidation locomotives, costing $519, 471, of which the company paid $69,471 in cash. Original Market — First offered by Brown Bros. & Co., Philadelphia. Market. Philadelphia — Graham, Parsons & Co.. Chas. Fearon & Co., Brown Bros. & Co., Harper & Turner, S. K. Phillips & Co. New York — Freeman & Co., Evans, Stillman & Co. MfiHIGjr & NEW ENGLAND RAILROAD Equip. Tr. IVzs. Series "B." Due $45,000 annually. May 1, to May 1, 1935j and $70,000, May 1, 1936.— F. Dated May 1, 1911. Interest payable May and Nov. 1, at Guarantee Trust & Safe De- posit Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $700,000. Outstanding — $385,000 (Jan. 1, 1919), Balance Retired. Denomination — Coupon $1, 000. Register- able as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. •Redeemable at 102 ^^ and interest on any Interest date on 3 weeks' notice. Guaranteed principal and interest by tne Lehigh Coal & Navigation Co. by endorse- ment. Secured by a first lien on 500 steel coal cars, 300 box cars and seven consolidation locomo- tives, costing about $803,700. of which the company paid $103,700 in cash. Market. See Series "A." I^HIGH & NEW ENGLAND RAILROAD CO. Equip. Tr. WsB, Series "C." Due $35,000 each Feb. 1, to Feb. 1, 1927, and $60,000 Feb. 1. 1928. — F. Dated February 1, 1913. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $55 0,000. Outstandine— $375,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Regi sterable as to principal. Trustee — Guarantee Trust &. Safe Deposit Co.. Philadelphia. Redeemable at 101 and interest on any in- terest date on 60 days' notice. Guaranteed principal and interest by Lehigh Coal & Navigation Co. by endorsement. Secured by an equipment trust agreement on six locomotives, one wrecking crane, 500 box cars and 100 steel coal cars, costing $642,356, of which $92,356 was paid in cash. Original Market — $550,000 offered in Jan., 1913, by Brown Bros. & Co., New York and Philadelphia, on a 4%% basis. Market. See Series "A." qoj-Bi^ aiq-BA-Ed ^saasiui "^161 'S ^OJi'^M V^l'^d \a:— -egei 'i m^j^w «» 'i qa-i^w m»«9 OOD'OtS ana ./a.» sauas 's^i^ 'jrx 'dinba •00 avoaiivH aNVioKa aihk * HOiHan 1 and Sept. 1, at Trustees. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding— $440,000 (Jan, 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed as to principal and Interest by the Lehigh & New England R/ R. Co. by en- dorsement. Secured by an equipment agreement on 7 consolidated freight locomotives, 3 switching locomotives, 600 steel hopper coal cars and 200 steel drop-bottom gondola cars, costing $706,095, of which the company paid $106,095 in cash. Original Market — Offered by Brown Bros. & Co., Feb., 1914, at prices to yield 4%%. Market. See Series "A." LEHIGH & NEW ENGLAND RAILRO.\D CO. Equip. Tr. 4^8, Series "E." Due $55,000 each April 1 to AprU 1, 1930, and $30,000 April 1, 1931.— F. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New Jersey. Authorized — $800,000. Outstanding- $635,000 (April 2, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable an to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities. Guaranteed principal and interest by the Lehigh & New England R. R. Co. by endorse- ment. Secured by an equipment trust agreement on 550 steel hopper cars, 200 steel underframe drop-end gondola cars, 1 freight and 4 switch- ing locomotives, costing $906,420, of which the company paid $106,420 in cash. Market. See Series "A." LEHIGH & NEW YORK RAILROAD CO. 1st 4s. Due Sept. 1, 1945.— F. Dated August 24, 1895. Interest payable March and Sept. 1. at J. P. Morgan & Co., New York and at L. V. R. R. offices, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Metropolitan Trust Co., New York, Guaranteed principal and interest by the Le- high Valley R. R. Co. by endorsement. Organization and Control — Incorporated in New York in 1895. $2,301,350 of the $3,391,- 648 preferred stock, but none of the $411,700 common stock, is owned by the Lehigh Valley R R, Co., and pledged under its Gen, Mtge. The property is leased for 999 years by the Lehigh ValUey R. E. Co. Secured by a first mortgage on the 115.37 miles of road from North Fair Haven, N. Y., to the Pennsylvania State Line. This road 640 furnishes the Lehigh "Valley R. R. with an outlet on Lake Ontario. Legal for Cal.. Me., Mich., Minn., N. H., N. J. and R. I, Ijisted on the New Tork Stock Exchange. Market. New York — Coffin & Burr, Abraham & Co., Baker, Carruthers & Pell, Redmond & Co. . Taylor. Smith & Hard. Philadelphia — Chas. Fearon & Co., Graham, Parsons & Co.. West & Co., Reed A. Morgan & Co., "Warren A. Reed, Biddle & Henry. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan, 1, 1906 to Jan. 1, 1919 1918 High.97 May 29, '08 70 July 2 Low. 70 July 2, '18 70 July 2 (THE) LEHIGH & WILKES-BARRE COAIi CO. Cons. 4s. Due $3,500,000 each 6 Years from June 1, 1915 to 1950. — F. Dated June 1, 1910. Interest payable June and Dec. 1, at Liberty National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $6,729,000 (June,, 1918). Redeemed — $2,500,000. In Treasury — $6,310,000. Held in S. F. — $1,457,000. Issuable — $3,004,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Sinking Fund — ^Annually June lat, $460,000 to be appropriated from earnings for tho pur- chase of these bonds at not exceeding par and interest. If not purchasable at this price, they may be purchased at a higher price or the fund invested in other securities in the discre- tion of tho Trustee and with the approval of the company. At the expiration of each five years all the securities held in the sinking fund or the proceeds shall be applied to the retirement of maturing bonds, and if the an- nual payment of $460,000, together with the Interest therefrom, is not sufficient to pay ofC the bonds maturing in the term of five years, the company shall make up the deficiency. Guaranteed principal and interest by The Central R. R. Co. of New Jersey by endorse- ment. Organization — Incorporated in Pennsylvania in 1874, The property was placed in the hands of a receiver in 1877 and receiver discharged in January, 1882. Owns all the capital stock of the Lehigh & Wilkes-Barre Coal Co. of Massachusetts and the Lehigh & Wilkes-Barre Coal Co., of New Jersey, and is controlled by the Central R. R. Co. of New Jersey through stock ownership. gecored by a first mortgage on the entire properties, buildings, coal lands, leases, mining rights, etc., including lands owned in fee, in Luzerne, Carbon and Schuylkill Counties, Pa., and on leasehold interest in lands. It is esti- mated that the land owned in fee contains 460,000,000 tons of merchantable coal. Year ended Dec. 31 Gross Net tCharges 1918 $23,619,215 $5,057,845 $2,088,564 • 1917 29.695,084 7,479,543 2,204.285 *18 months ended Dec. 31, 1917, tincludes interest, sinking fund and rentals. Original Market — Offered In 1910 by J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia, at prices to yield 4.15%. Market. Philadelphia — Graham, Parsons & Co., West &■ Co., Chas. Fearon & Co., Newburger, Hen- derson & Loeb, Biddle & Henry, S. K.r Phillips, Warren A. Reed, H. D. Boenning & Co., Hun-, toon & Co., Barclay, Moore & Co. r New York — Baker, Carruthers & Pell, New^. burger, Henderson & Loeb, F. H. Hateh & Co., Taylor, Smith & Hard, H. I. Nicholas & Co. Price Range. Jan. 1, 1910 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.4.25 '11 4 '12 Low. 6.50 '18 6 '18 6.50 Aug. 6 Aug. (THE) LEHIGH COAIi & NA^TEGATION CO. Gen. 4^s. Due May 1» 1924.— F. Registered dated May 1, 1884; Coupon, Aug. 1, 1911. Interest on registered bonds payable Feb., May, Aug. and Nov. 1; coupon, May 1 and Nov. 1, at company's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $3,9 06,000. Denomination — Registered, . $1,000. Coupon, $1,000. Registerable as to principal. Trustee — The Fidelity Trust Co., Philadel- phia. Organization and Control — Incorporated in Pennsylvania in 1822. The company owns ex- tensive anthracite coal deposits and also con- trols, either through ownership or lease, 206 miles of railroad, all of which is leased from 1871 during the term of the charter of the parties, to the Central R. R. Co. of N. J., at a rental of one-third of the gross earnings, with a minimum of $1,414,400 per annum and a maximum of $2,043,400 per annum and a maximum of $2,043,000 plus 7% of amounts spent on improvement and extension of its railroad since 1882. The company also con- trols, through ownership of a majority of capital ?tock, the Lehigh & New England R. R. Co., operating 295 miles of road. (For details of this controlled company, see descrip- tion of its bonds.) The L. C. & Nav. Co. owns the entire capi- tal stock of the Alliance Coal Mining Co.. which owns 3,5 00 acres of coal lands, esti- mated to contain 225,000,000 tons of toal. Secured by a first mortgage on 12,734 acres of coal lands owned in fee in Carbon and Schuylkill Counties, Pa., estimated to contain upwards of 500,000,000 tons of unmined coal; canals, collieries and 163.63 miles of railroad from Phillipsburg, N. J., via Easton. Bethle- hem and Mauch Chunk, to Wilkes-Barre and Union Junction, Pa., with numerous branches. This railroad forms the main line of the Cen- tral R. R. of N. J. in Pennsylvania and a large part is double tracked. Underlies — Fund. & Imp. 4s of 1948 and Cons. 4Hs of 1954. Bonds are reserved under the Consolidated mortgage to retire this Issue. Year ended Dec. 31 Gross Net *Deduct3. 1918.. .$25,837,546 $5,236,331 $2,431,242 1917. . . 21,841.894 5,696,111 2.333,710 1916. .. 18,295,304 4,450,914 1,662,568 1915. . . 15.795,002 3,939,280 1.640,940 1914... 16,168,055 4.041,619 1.558.041 •Interest, taxes general expenses, etc. listed on the Philadelphia Stock Exchange. Market. Philadelphia — Graham, Parsons & Co., West & Co., Biddle & Henry, National City Co.. Brown Bros. & Co., Chas. Fearon & Co., War- ren A. Reed. H. D. Boenning & Co., S. K. Phillips & Co., Welsh Bros. 650 New York— Abraham & Co.. Baker. Car- ruthers & Pell, Taylor, Smith fe'Hard. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 10514 '09 106 '09 96% Nov. 98 Nov. Low. 93 '17 95 '18 94 Aug. 95 Aug. (THE) LEHIGH COAX & NAVIGATION CO. Fandingr & Improvement 4s, Series "A" and **B." Due July 1, 1948. — F. Dated June 25, 1898. Interest payable .Tan. and July 1, at company's office. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $2,805,000 "A." 1,140,000 "B" (Jan. 1, 1919). Retired by S. F. — $148,000 "A." 56.000 "B." Denomination — Coupon, $1,000. Registerable a.s to principal. Trustee — The Provident Life & Trust Co., Philadelphia, Pa. Redeemable at 105 and interest on any in- terest date after 60 days' notice. Sinking Fund — Five cents per ton on all coal mined and shipped from the land covered by the first lien of this mortgage which includes all lands of this company west of the Little Schuylkill River, and from the property of the Alliance Mining Co. Payments to be made annually and applied to the purchase of these bonds at not exceeding 105 and interest. If bonds are not purchasable, they shall be called. All bonds so acquired are to be cancelled. Organization and Earnings — See. Gen. 4%s, above. Secured by a first mortgage on about 1,347 acres of coal lands of the company in Penn- sylvania, west of the Little Schuylkill River, a first collateral lien on the folowing securi- ties. $800,000 (entire issue) bonds and $1,500,- 000 stock of the Delaware Division Canal, whose canal is operated under lease by the company and parallels the west bank of the Delaware River from the terminus of the com- pany's Lehigh Canal at Baston, Pa. , to a point a short distance above Bristol. Pa. ; on $125,000 par value out of $130,000 capital stock of the Tresckow R. . R. Co (no bonds), owning eight miles of road from Silver Brook to Audenreid. Pa. ; upon $1,415,000 out of $1,418,600 capital stock of the Nesquehoning Valley R. R. (no bonds), owning the 17 miles of road from Nesquehoning Jet. to Tamanend. Pa.: upon $497,500 out of $500,000 capital stock of the Wilkes-Barre & Scranton Ry. Co. ; upon $222,500 out of $450,000 capital stock of the Allentown Terminal R. R. ; upon $644,000 1st Mtge. 6% bonds and $2,072,225 capital stock of the Alliance Coal Mining Co., whose property consists of about 3,500 acres of coal lands, estimated to contain about 225.000,000 tons of coal, and a second mortgage on the property described under the Gen. 4%s above. Including 163.63 miles of road leased to the C. R. R. of N. J. (For detail see Gen. 4%s.) Prior lien — $3,906,000 Gen. 4%s of 3S24. Underlies — Cons. 4%s of 1954, a sufficient amount of which has been reserved to retire this Issue. Earnings — See Gen. 4% 3. liisted on the Philadelphia Stock Exchange. Original Market — $1,500,000 offered March, 1905, by B. B. Smith & Co., New Tork and Philadelphia. Market. Philadelphia — Graham, Parsons & Co., West & Co.. Chas. Fearon & Co., Brown Bros. & Co.. "Warren A. Reed. H. D. Boenning & Co., S. K. Phillips & Co. Sew i.ork — Baker, Carruthers & Pell, Tay- lor, Smith & Hard. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.101% '08 101% '09 89 Jan. 92 Jan. Low. 80 '18 85 '18 80 July 85 July IxEHIGH COAIi & NAVIGATION CO. Coll. Tr. Power Loan WsS. Due Dec. 1, 1931. — F. Dated December 1, 1911. Interest payable June and Dec. 1, at company's office, at Phila- delphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3,000,000. Outstanding — $2,985,000. Held in Treasury — $15,000. Denomination — Coupon* $1,000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Redeemable as a whole only at 102^ and interest on any interest date on 60 days' notice. Organization — See Gen. 4^s. Secured by deposit of $1,000,000 Lehigh Coal & Navigation Co., Cons. 4%s and $3,000,000 Lohigh Navigation Electric Co. 1st 6s. The latter issue is secured by a first mortgage on the large steam generating electric plant near Hauto, Pa., erected by the company in 1912, and on transmission and distribution systems supplying a large area in the anthracite coal and cement regions of Eastern Pennsylvania. Note — In 1917 all the stock of the Lehigh Navigation Electric Co. was acquired by the Lehigh Power Securities Corp. In this tran- saction the latter company has an option on the purchase of the $3,000,000 1st 6s. lunnlns to 1921. In its 1918 annual report the com- pany expresses the intention to hold $3,000,000 of its $6,199,500 Liberty Loan Bonds for the retirement of this issue. Earnings — See Gen. 4%s. listed on Philadelphia Stock Exchange. Original Market — Offered in Dec, 1911. by Brown Bros. & Co., New Tork, Philadelphia, etc., at 101 and market. Market. Philadelphia — Graham, Parsons & Co., West & Co., Newburger, Henderson & Loeb, H. D. Boenning & Co., Brown Bros. & Co., Blkins. Morris & Co. , Chas. Pearon & Co. . Barclay. Moore & Co., "Warren A. Reed, S. K. Phillips & Co., "Welsh Bros. New York — Baker, Carruthers & Pell, New- burger, Henderson & Loeb. Price Range. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.101%'12 101%'12 98 Jan. 100 Jan. Low. 93 '17 95%'17 93 Sept. 96 July JJEHlGn COAL & NAVIGATION CO. Cons. S. F. 4^8, Series "A" and "B." Due Jan. 1, 1954. — F. Dated, Series "A," Jan. 1, 1914; Series "B" Jan. 1, 1917. Interest payable Jan. and July 1, at office of company and Brown Bros. & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $40,000,000. Outstanding — $15,165,000 (.Tan. 1, 1919) Series "A." Retired by S. F. and other Funds — $510,000. 651 Held in Treasury or Pledged as Collateral — $2,325,000 Series "A"; $3,390,000 Series "B." Reserved for Prior Liens — $7,851,000. Reserved for the acquisition of securities of other comitanjes, etc. — $10,677,000. Denomination — Coupon, $1,000. Registerable aa to principal. Registered, $1,000 and $10,- 000. C. & R. interchangeable. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Redeemable at 102 '^^ and interest on any in- terest date to and including July 1, 1921, and thereafter at 105 and interest. Sinking Fund — Five cents per ton of coal of the sizes of pea or larger mined from the mortgaged property, for the purchase or re- demption of these bonds at not over 102'/^ and interest. Secured by a, direct mortgage on the com- pany's canal, railroad and coal properties (see Gen. 4%3 and Pund'g and Imp. 4s). Fur- ther secured by deposit of $5,995,000 of the capital stock of the Lehigh & New England R. R. Co. (see issues of that company above) and the stock and bonds of other affiliated com- panies. Prior Liens— $3,906,000 Gen. 4%s of 1924 and $3,945,000 Funding & Impt. 4s of 1948 (closed mortgages), for the retirement of which bonds are reserved under this mortgage. Barnings — See Gen. 4^s of 1924. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $14,000,000 offered Jan., 1C14, by Brown Bros. & Co., New York. Phila- delphia and Boston, at 97% and interest. Market. New York — Baker. Carruthers & Pell, Seas- ongood, Haas & Macdonald, John Nickerson, Jr. . Philadelphia — Graham, Parsons & Co., S. K. Phillips & Co.. Newburger, Henderson & Loeb, Harper & Turner, Elkins, Morris & Co., Bar- clay, Moore & Co., Brown Bros. & Co., H. D. Boenning & Co., Chas. Fearon & Co. Pittsburgh — Colonial Trust Co. Price Range — N, Y. S. E. Jan. 1, '14 to Jan. 1 /18 1917 Bid Ask Bid Ask High. 99' July 1, '15 94i/4 Jan. 95 Jan. Low. 97^/4 Feb. 17. '15 89 Aug. 89% Sept. LEHIGH NAVIGATION ELECTRIC CO. 1st Series "A" 6s and *'B" 5s. Due July 1, 1943.— N. Dated July 1, 1913. Interest payable Jan. 1 and July 1. Interest on Series "E" bonds i;3 payable at the rate of 3% in 1915, 3%% in 1916, 4% in 1917, 4y2% in 1918 and 5% ill 1919 and thereafter. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — Closed mortgage, Outstanding — $3,000,00 Series "A"; $93 5,- 000 Series "B." All of Series "A" bonds are deposited as part security for $3,000,000 L. C. & N. Co. Coll. Tr. Power Loan 4%s. Retired by S. F. — $124,000 (May 15, 1919). Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia. Guaranteed (Series "B" ) as to interest by the Lehigh Coal & Navigation Co. by endorse- ment. Redeemable (Series "B") at 100 and interest at any time. Sinking Fund — A sum equivalent to 1% per annum of outstanding bonds from 1917 to 1521. 1%% from 1922 to 1926 and 2% there- after to maturity, to be applied to the retire- ment of these bonds. Orgf nization and Control — Incorporated in Pennsylvania in 1913. Practically all of the stock is owned by the Lehigh Coal & Naviga- tion Co. The Lehigh Navigation Electric Co. owns a majority of the common stock of the Harwood Electric Co., the Series "B" bonds of this issue having been issued to acquire that stock. In 1917 the Lehigh Power Secur- ities Corp, acquired all the stock of this com- pany, which was formerly held by the Lehigh Coal & Navigation Co. The L. P. S. Corp. i-s a subsidiary of the Electric Bond &, Share Co. Secured by a first mortgage on the recently completed power plant of the company at Hauto, Pa. The company is able to produce power at a very low cost, owing to the low price at which it obtains fuel. Reading, AUentown, Baston, "Wilkes-Barre, Pottsville and Scranton are within easy distributing dis- tance of the company's plant. Market. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co., Chas. Fearon & Co., West & Co., Robt. Glendinning & Co., Biddle & Henry. Price Range. Jan. 3, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.93 '17 9^ '17 88% May 95 May Low. 85 '18 89 '16 85 Dec. LEHIGH POWER SECURITIES CORPORA- TION 10-Year 6% Secured Notes. Due Aug. i; 1927.~-F. Dated Aug. 1. 1917. Interest payable Feb. 1 and Aug. 1, in New York. Tax Status — 2% Federal Income Tix paid by company without deduction. Pennsylvania tax refunded. Authorized — $ 50,000.000. Outstanding — $16,453,800 (Mar. 15. 1919). Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 101 and interest. Organization — Incorporated in Delaware Juiy, 1917, and has acquired all the stock of the Lehigh Navigation Electric Co., which lat- ter company controls through stock ownership the Harwogd Electric Co. and other subsid- iaries; a substantial majority of both classes of stock of the Lehigh Valley Transit Co. , which latter company controls the Lehigh Val- ley Light & Power Co. ; also approximately all the other stocks of the Northern Central Gas Co., Columbia & Montour Electric Co., North- umberland County Gas & Electric Co. and other subsidiaries of the Northern Central Co. Management — Electric Bond & Share Co.. New York. Security — As of Aug. 1, 1917, collateral pledged Included: (1) $999,300 of $1,000,000 common and $220,000 of $250,000 preferred slocks of the Northern Central Gas Co. ; (2) $50,000 (entire issue) first preferred. $300,350, of $3-04,900 second preferred and $899,500 of $900, 000 common stocks of the Columbia & Montour Electric Co.; (3) $337,200 of $350,000 preferred and $790,800 of $800,000 common stocks of the Northumberland County Gas & Electric Co. Under the provisions of the in- denture any securities of the Lehigh Valley Transit Co. or Ijchigh Navigation Electric Co acquired with these notes or the proceeds thereof shall be pledged hereunder. G52 la Months ended Jan. 31 Gross Net Int., Etc. 1919 $8,834,094 $2,929,121 $1,446,398 1918 6,983,502 2,671,507 Original Market — OtEered Aug., 1917, by a syndicate including Electric Bond & Sliare Co., Brown Bros. & Co., Edward B. Smltli & Co. and Henry & West, at 95 and interest witli a certificate entitling eacli subscriber to four shares of stoclc for eacli $1,000 note, upon payment in full of subscription. Market. New York — ^Martin, Berwin & Co.. E. & C. Randolph, Foster & Adams, Kiely & Horton, Morton Lachenbruch & Co.. McClure, Jones & Reed, J. Nickerson, Jr., Berdell Bros., Wm. M. Clarke, Electric Bond & Share Co.. F. H. Hatch & Co.. T. Hall, Keyes & Co., Bauer, Starr & Co.. Wm. C. Orton, Taylor & White, A.— -J. Leonard, H. F. McConnell & Co. Philadelpliia — ^Warren A. Reed, H. D. Boenning & Co., Huntoon & Co., Brown Bros. & Co.. Bauer. Starr & Co., Paul & Co., F. Peirce & Co., S. K. Phillips & Co., Ed B. Smith & Co. Price Rangre. Jan. 1, 1917 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.79 '18 82% '17 79 Dec. 81% Dec. Low. 63 '17 66>A '17 68% Jan. 69% Jan. lEHIGH TRACTION CO. 1st 5s. Due June 1. 1923. — N. Dated June 1, 1893. Interest payable June and Dec. 1, at Markle Banking & Trust Co,, Ha,2leton, Pa. Ta-\ Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized and Outstanding — $500,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Markle Banking & Trust Co., Hazleton, Pa. Organization and Control — Incorporated in Pennsylvania in 1892. Practically all of the stock is owned by the Wilkes-Barre & Hazleton R. R. Co. Secured by a first mortgage on 19 miles of electric railway from Hazleton to McAdoo on the south and Freeland on the north, all in Pennsylvania. Franchises are perpetual. Pop- ulation served. 42.000. ' L'nderlies — ^Wilkes-Barre & Hazleton R. R. Coll. Tr. 6s of 1961, secured in part by de- posit of practically all of the stock of Lehigh Tr9.c Co Vear ended Dec. 31 Net Interest 1918 $50,628 $38,260 1917 17.184 38,650 1916 43,790 38,690 1915 43,920 37,681 Market. Philadelphia — H. Boenning * Co.. Huntoon & Co. Wilmington — Geo. P. Bissell. I>ric« Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Ask High. 80 '16 87 '18 87 Feb. Low. 75 '16 80 '18 80 Feb. LEHIGH VAL,L,BY COAL CO. 1st S. V. 5s and 4s. Due Jan. 1, 1933. — F. Dated October 1, 1892. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York, and Drexel & Co.. Philadelphia. Tax Status — -2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $12, 000, 000. Outstanding — $1,400,000 4s; $10,114,000 6s. Retired by S. F. — $486,000. Denomination — Coupon, $1,000. Registerable as to principal only or -fully register.abie. Trustee — E. P. Wilbur Trust Co., South Bethlehem, Pa. ' Sinking Fund — 10 cents per ton of coal mined of sizes above pea. from lands owned and covered by this mortgage, and from lands in which, the company has an undivided inter- est, a sum reckoned at the same rate per ton, proportionately to said interest. The mini- mum amount payable is $26,000 per year and payments to be invested in such securities as shall be approved by the company. Guaranteed principal and interest by the Lehigh Valley R. R. Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in 1871 as the Green Land Co. Name changed to the present title in 1875. The entire capital stock is owned by the Le- high Valley R. R. Co. In 1912 the Lehigh Valley Coal Sales Co. was organized to mar- ket the coal of the L. V. Coal Co.. in an effort to comply with various acts of Congress. This arrangement is now being attacked as illegal by the Department of Justice of the U. S. Secured by a first mortgage on 11.600 acres of coal lands and an undivided interest in 15,500 acres, and all improvements, in Carbon, Lackawanna, Luzerne and Northumberland Counties, Penna. Annual production ranges between 8,000,000 and 9,000,000 tons. Listed on the New York and Philadelphia Stock Exchanges. Market — 5s. Philadelphia — Brown Bros. & Co., Reed A. Morgan & Co., Biddle & Henry, Elklns, Morris & Co., Graham, Parsons & Co., Ervin & Co., Wheeler, Elliot & Mann, Klemm & Keen, Seeier & Co., Wurts, Dulles & Co., Newburg- er. Henderson & Loeb, Chas. Fearon & Co., Barclay, Moore & Co., Cassatt & Co. New York — Whitstock & Co., Morton Lachen- bruch & Co., . Callaway, Fish &. Co.. J. S. Farlee & Co., O. M. Vail, Jr., A. H. Bick- more & Co., E. & C. Randolph, Seasongood, Haas & Macdonald, Coffin & Co. Boston — J. H. Fitzpatrick & Co. Market — 4s. Philadelphia — Brown Bros.- & Co., Read A. Morgan & Co., Chas. Fearon & Co., Cassatt & Co., H. I. Nicholas &. Co., Barclay, Moore & Co., Graham & Co., H. Boenning & Co.. Warren A. Reed. Huntoon & Co., Biddle & Henry, Blkins. Morris & Co., S. K. Phillips & Co., Welsh Bros.. Wheeler, Elliott & Mann. New York — Seasongood, Haas & Macdonald, Baker, Carruthers & Pell, J. S. Farlee & Co., B. & C. Randolph. Redmond & Co.. H. I. Nich- olas & Co. Pasadena — Blankenhorn, Hunter, Dulin Co. Los Angeles — Blankenhorn. Hunter, Dulin Co. San Francisco — Blankenhorn, Hunter, Dulin Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon 5s. High. 116% Jan. 19, '06 101 Jan. 2 Low. 96% Mar. 13, '18 96% Mar. 13 LEHIGH VALLEY LIGHT & POWER CO. 1st 5s. Due April 1, 1943. — F. Dated April 1, 1913. Interest payable April and Oct. 1, at Allentown or Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 000, 000. Outstanding — $604,500 (Jan. 1, 1919). 653 Reserved for Ext.— $i;381,500. Reserved to acquire preferred stock of Allen- town Light & Power Co. — $14,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Lehigh Valley Trust Co. , Allen- town, Pa. Redeemable at 105 and Interest on any in- terest date on four weeks' notice.. Organization and Control — Incorporated in Pennsylvania in 1913 as a consolidation of Al- lentown Electric Light & Power Co., Citizens Electric Light, Heating & Power Co. of Slat- ington, and other companies. Leases the Beth- lehem Hlectric Light Co. and South Bethle- hem Electric Light Co., and Oct. 30, 1916. pur- chased the property of the Halcyon Electric Light & Power Co. of South Bethlehem. Com- pany does the entire lighting and power busi- ness in Allentown, Bethlehem, South Bethle- hem, Slatington, Catasauqua, Northampton, Freemansburg, Hellertown and Emaus. Pa. Population served, about 200,000. Controlled through stock ownership by the Lehigh Valley Transit Co, In 1917 stock control of the latter com.pany was acquired by the Lehigh Power Securities Corp, a subsiSiary of the Electric Bond & Share Co. Secured by a first mortgage on all the prop- erty of the company, which see above. Fran- chises with one minor exception are perpetual. Year ended Nov, 30 Net Int. & Rent 1916 $165,744 $42,333 1915 168,265 40.688 Later earnings not available. Original Market — Offered Aug., 1913, by E. B. Smith & Co.. Philadelphia, etc. Market. Philadelphia — Brown Bros. & Co., Wurts, Dulles & Co., Harper & Turner. Price Range. Jan., 1916 to Jan., ldl» 191S Bid Ask Ask High.100% '16 104^ '16 100 Jan. Low. 96 '18 96 Jan. JLEHIGH VAI.I.LEY RAILROAD COMPANY. Incorporated in Pennsylvania in 1846. The company owns 516 miles of road, of which 187 miles are double-tracked, from Phillipsburg, N. J. , to Wilkes-Barre, Pa. , and numerous branches in the anthracite coal field of Penn- sylvania. Through the ownership of the entire capital stock of numerous subsidiary com- panies, and long term, leases of their proper- ties, the Lehigh Valley Railroad Company con- trols 927 miles of road, of which 388 miles are double-tracked, from Jersey City to Phillips- burg, N. J. ; Wilkes-Barre, Pa., to Buffalo, N. T. ; with branches to Camden, Elmira, Naples and Rochester, N. T., and other points in New York and Pennsylvania. The company also leases 115 miles of road from New Tork- Pennsylvania State Line to North Fair Haven, N. T., from a controlled company, and has trackage rights over and leases 73 miles addi- tional. Total mileage operated is 1,449 miles (Dec. 31, '18), the main line from Jersey City to Buffalo and branch to Mt. Carmel being double-tracked. The Lehigh Valley Railroad Company is one of the so-called "hard coal" roads. Through the Lehigh Valley Coal Co., all of the stock oC which company is owned by the railroad company, it controls very extensive deposits in the anthracite coal fields in Pennsylvania. The Lehigh Valley Railroad Company has outstanding $106,300 preferred stock and $60,- 501,700 common stock. Dividends on the com- mon stock were inaugurated in 1868, and paid In each year to 1893, when they were dis- continued. In 1904 the payment of dividends was recommenced and since 1910 the rate has been 10% per annum. The bonded debt of the company and con- trolled companies, secured on its railway prop- erty, Is outstanding at the rate of about $75,000 per mile. For many years the annual net income has exceeded three times the inter- est charges on the entire funded debt of the system. Year ended Dec. 31 Gross Net Int.& Bent *1918. .$11,321,233 $14,347,658 $7,754,824 ,tl918.. 65.586,769 7,128,853 305,722 1917. . 53,358.446 14,480,480 7,328,621 1916.. 48,859,909 15,267,045 7,439,274 *Corporate Income Account — Standard return under Federal control. tFederal Income Ac- count. UBHIGH VALLEY RAILROAD CO. Ist 48 Due June 1, 1948— F. Dated May 15, 1868. Extended from June 1, 1898, TAith interest reduced from 6%. Interest payable June and Dec. 1, at office of company, Philadelphia, and at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding— $5,000,000. Denomination — Coupon, $1, 000. Registered, $1,000. Trustee — Girard Trust Co., Philadelphia. Secured by a first mortgage on 286.15 miles (practically all double-tracked) of road, viz.; Miles Phillipsburg, N. J., to Wilkes-Barre, Pa 99.22 Gracedale to Avoca, Pa 18.10 Penn Haven Jet. to Mt. Carmel, Pa 52.35 Port Bowkley to Harvey Jet., Pa 1.96 Hazelton to New Boston Jet.. Pa 14.30 Branches and spurs to collieries, etc. .. .100.22 Underlies — Cons. 6s & 4Hs and Gen. Cons. 4s and 4*^s. Bonds are reserved under the Gen. Cons, mortgage to retire this issue. Legal for Cal., Conn., Me., Mass.. Mich. Minn., N. H., N. J.. N. T., R. L, Vt. and "Wis. Listed on the Philadelphia Stock Exchange. Market. Fhiladelpbia — Graham, Parsons & Co., P. R. Welsh. West & Co., Biddle & Henry, Mont- gomery & Co.. Henry & Kirkbride, Newburger, Henderson & Loeb, Ghas. Fearon & Co., Reed A. Morgan & Co., Elkins, Morris & Co., War- ren A. Reed. H. D. Boenning & Co., Brown Bros. & Co., S. K. Phillips & Co., Welsh Bros. New York — Moore, Leonard & Lynch, Abra- ham & Co. . Baker, Carruthers & Pell. S. P. Larkin & Co., John Nickerson, Jr. Pittsburgh — R. B. Hutchinson & Co., Moore, Leonard & Lynch. R. W. Evans & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.107 '09 108 '09 90 Jan. 93 Jan. Low. 84 '18 89 '18 84 July 89 July LBHIGH VALLEY RAILROAD CO. Cons. 68 and 4%s. Due Dec. 1, 1923, and irre- deemable. — F. Dated November 13, 1873. Interest payable June and Dec. 1. at company's office in Phila- delphia, and J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $40, 000, 000. Outstanding — $23,000,000. as follows: $6,- 654 638,000 6b, due 1923: $10,062,000 6s are ir- redeemable: $4,762,000 4%a, due 1923; $2,538,- 000 4%a are Irredeemable. Denomination — Coupon, $1,000. 4%a are reg- Isterable as to principal. Registered, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Secured by a direct mortgage on 316.64 miles of road. A first lien on 30.49 miles — Miles Hazel Creek Jet. to Harleigh Jet. and Stockton in another direction towards Harleigh Jet., Pa 30.49 A second lien on 286.15 miles — Covered by the first lien of the LU?Y RAILHOAD CO. 10-Year 6% Coll. Tr. 6s. Due Scot. 1, 1938. Dated Aug, 31, 1918. Interest payable Mar. and Sept. 1 at office of Company, Philadelphia and J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $15,000,000. Outstanding — $16,000,000. Denomination — Coupon $1,000. Registerable as to principal, and registered $1,000, $5,000, $10,000 interchangeable. Trustee — Bankers' Trust Company. New rork. Redeemable at 103 and interest in amounts of $500,000 or any multiple thereof on Sept. 1. 1923, and on Mar. 1. and Sept. 1. of any year thereafter on 30 days' notice. Secured — A direct obligation of the company and secured by pledge with the trustee of the following: $4,000,000 Lehigh-Buffalo Terminal Ry. Corp. first 4%s, due Nov. 1, 1966. $2,600, 0^00 Consolidated Real Estate Co. 4s; due Feb. 1, 1956. $17,400,000 Lehigh Valley Railroad Co. Gen. Cons. Mortgage Gold Bonds, due May 1, 2003. Prior Liens — ■ 1st 4s, 1948 $5,000,000 Cons. 63 and 414s, 1923 23.000.000 Gen. Cons, and 4%s, 2003 47,336.000 Lehigh Valley Ry 1st 4%s, 1940.. 16,000.000 Lehigh Val. Term. Ry. 1st 5s. 1941 10,000,000 Easton & Amboy 1st 6s, 1920 6,000,000 Penn. & N. Y. Canal & R. R. Cons. 5s, 4%s and 4s, 1939 8.500.000 Middlesex Valley 1st 6s. 1942.... 200.000 Easton & Northern 1st 4>.4s. 1935. 61,000 Legal for Cal. and N. H. Listed on the New York Stock Exchange. Original Market — Offered Aug., 1918. by Drexel & Co.. Philadelphia, and First National Bank, New York, at 97% and interest. Market, Philadelphia — Warr'en A. Reed, Barclay, Moore & Co., Brown Bros. & Co.. Chas. Fearon & Co., Graham, Parsons & Co., RelUy Brock & Co., Lloyd & Palmer. St. LouiSi — Bowman, Cost & Co. New York — Bull & Eldredge, Redmond & Co., Vilas & Hickey, McKinley & Morris, Mann, Bill & Co., Morrison & Townsend, Johii Nickerson, Jr. Pittsburgh — Kean, Taylor & Co. Price Range — N. Y. S. E. High.103% Nov. 13 '18 Low. 97% Sept. 11 '18 LEHIGH VALLEY RAIL WAY CO. (of NEW YORK) Ist 4%s. Due July 1, 1940.— P, Dated June 23, 1890. Interest payable Jan. and July 1, at Company's office, Philadelphia, and at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $16,000,000, Denomination — Coupon, $1,000. Registerable ao to principal only or fully registerable. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Lehigh Valley K. R. Co. by endorsement. Organization and Control — Incorporated in ' New York in 1890. All of the stock is owned by and the road leased to the Lehigh Valley R. R. Co. Secured by a direct mortgage on 514.22 miles of road (196.82 double tracked), all In -New York, viz. ; A first lien on 430.46 miles — Miles Penna. State Line (Sayre) to Buffalo. .174.48 Penna. State Line to Waverly 0.41 Van Etten Jet. to Geneva Jet 59.49 Ithaca to Auburn 42.46 Cayuga Jet. to Cayuga 3.92 Niagara Jet. to Tonawanda Jet 10.58 Blmira to Camden 139.14 A second lien on 77.62 miles — Covered by the first lien of the fol- lowing: Middlesex Valley 1st 5s 29.42 Rochester Southern 1st 6s 29.07 Seneca County Ry. 1st 5s 8.20 Lehigh & Lake Brie 1st 4%s 10.93 Further secured on the "Tifft Farm Ter- minal." Prior Liens — $4,125,000 prior liens as fol- lows : Middlesex Valley 1st 5s, 1942 $200,000 Rochester Southern 1st 6s, 1946 •426,000 Seneca County Ry. 1st 5s '•600,000 Lehigh & Lake Brie 1st 4%s, 1967.. 3,000,000 •All owned by the Lehigh Valley R. R. Co. Refunding — Bonds are reserved under the L. V. R. R. Gen. Consol. mortgage to retire this issue. Legal for Bait., Cal., Me., Mich., Minn., N. H., N. J, and R. I. Listed on the New York, Philadelphia and London Stock Exchanges. Original Market — Offered in July, 1890, by Brown Bros. & Co., New York, etc., at 101 and interest. Market. Philadelphia — Reed A. Morgan & Co.. West & Co.. Biddle & Henry, Graham, Parsons & Co.. Warren A. Reed. Chas. Fearon & Co., Wheeler, Elliott & Mann. Portland — Chas. H. Oilman & Co. New York — Active on the N. Y. Stock Ex- change. Newark — J. S. Rlppel. Omaha — City Tru.=it Co. Los Angeles — Blankenhorn, Hunter, Dulin Co. Pasadena — Blankenhorn, Hunter, Dulin Co. San Francisco — Blankenhorn, Hunter, Dulin Co. CD6 Pittsbnreh— R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Coupon. High.lllJ^ June 29, '06 94% Jan. 21 Low. 84% Oct. 2, '18 84% Oct. 2 Registered. High. 107 Aug. 26, '09 Low. 88 Sept. 28, '17 LEHIGH VAIil^Y TERIHINAI. RAILWAY CO. iBt 5s. Due Oct. 1» 1941. — F. Dated October 1, 1891. Interest payable April and Oct. 1, at Company's office. Phila- delphia, and at J. P. Morgan & Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $10,000,000. Denomination — Coupon, $1, 000. Registerable as to principal only, or fully registerable. Trustee — Central Union Trust Co., New York. Gaaranteed principal and Interest by the Lehigh Valley R. R. Co. by endorsement. Control — ^Absorbed by the Lehigh Valley R. R. Co. of N. J. $12,506,000 capital stock of that company is owned by the Lehigh Val- ley Railroad Co. Secured by a first mortgage on 28 miles of double-tracked and third-tracked railroad from South Plalnfield to Jersey City, N. J., together with 127 acres of terminal property, having an extensive frontage on the Hudson River. This road forms the eastern end of the naain line between New York, the Anthra- cite coal fields of Pennsylvania and Buffalo. Refunding — Bonds are reserved under the L. V. R. R. Gen. Consol. Mortgage to retire this issue. Legal for Cal., Me., Mich., Minn., N. H.. N. J. and R. I. Listed on the New York Stock Exchange. Market. New York — S. P. Larkin & Co., Montgomery & Co., J. S. Farlee & Co., E. & C. Randolph. Harris, Forbes & Co., Clark, Dodge & Co.. Wood, Struthers & Co. , Baker, Carruthers & Pell, Seasongrood, Haas & Macdonald, Wm. Carnegie Ewen, John Davenport, "W. E, R. Smith & Co., Vilas & Hickey. Chicago — Harris Trust & Savings Bank. Boston — Harris, Forbes & Co. Philadelphia — Harris, Forbes & Co., Chas. Fearon & Co., West & Co., Graham, Parsons & Co., Montgomery & Co., Reed A. Morgan & Co., Eiddle & Henry, Warren A. Reed. Newark — J. S. Rippel. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 High. 120 »^ Mar. 22, '06 103 Dec. 26 Low. 96 Sept. 19. '18 96 Sept. 19 LEHIGH VALLEY TRANSIT CO. 1st Series "A" 4s and Series "B" 5s. Due Dec. 1. 1935.— F. Dated December 1 , 1905. Interest payable March and Sept. 1, at Brown Bros. & Co., Philadelphia and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $5,000,000, Outstanding — $2,224,000 55; $2,770,000 4s. Denomination— Coupon, $1,000. Registerable aa to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest for the 4s and at 110 and interest for the 5s on any interest date upon 60 days' notice. Organization — Incorporated In Pennsylvania in 1905. In 1912 a through fast line was placed in operation from Philadelphia (69th and Market Sts. ) to AUento wn, via Norri sto wn, the running time being about two hours, aa compared with about one hour and fifty min- utes by railroad from the center of Phila- delphia. The company owns all of the stock of the Lehigh Valley Light & Power Co., the Allen- town Bridge Co. and the Easton Consoidated Electric Co. Purchased Jan. 8, '17, the Quak- ertown Traction Co. The Lehigh Valley Tran- sit Co. operates 162.82 miles of road from Philadelphia and Norristown to Nazareth- and Slatedale. The Easton Consolidated Electric Co. operates 53.56 miles of street and inter- urban railway between Bethlehem and South Bethlehem, Pa., and Easton, Pa., and Phil- lipsburg, N. J. Control — In 1917 the stock control of this company was acquired by the Lehigh Power Securities Corp., a subsidiary of the Electric Bond & Share Co. Secured by a first mortgage on 150.97 miles of street and Interurban railway, including local lines in Allentown and Bethlehem, Pa., and interurban lines between those cities, from Slatedale and Slatington to Allentown. and from Allentown to Chestnut Hill, Phila., with branches to South Bethlehem and other points. Population served, Allentown, 65.000; Bethle- hem and South Bethlehem, 50,000; remaining territory. 85.000. A part of the road has been rebuilt on private right-of-way. Fran- chises elsewhere are perpetual. These bonds are also secured on the large power plant at Allentown, built recently at a cost of about $1,500,000. Underies — Cons. 4s of 1935 and Ref. & Imp. 5s of 1960. A sufficient of the latter are re- served to retire this issue. Year ended Nov. 30 Gross Net •Deduct' s 1918 $3,320,145 $9 85,59 8 $637,343 1917 2.875.074 1,065,184 611,646 1916 2,471,872 1,098,971 629.593 1915 2,056.875 988.634 636.927 •Rentals, interest, amortization of discount. Listed on the Philadelphia Stock Exchange, Original Market — Offered. Series "B, " in 1906, by Brown Bros. & Co. and Edward B. Smith & Co., Philadelphia, at 102 and In- terest. Market — 48. Philadelphia — Biddle & Henry. Harper & Turner, Chas. Fearon & Co.. National City Co. , Newbureer. Henderson & Loeb. Brown Bros. & Co., Welsh Bros., H. Boenning & Co.. Warren A. Reed, S. K. Phillips & Co., Kd. B. Smith & Co. Market — 5s. Philadelphia — National City Co. , Brown Bros, & Co. , Harper & Turner, H. Boenning & Co., Welsh Brothers, Huntoon & Co. Price Range. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask Bid Ask 4 s. High.92 '16 93 '16 83 Jan. 86 July Low. 75 '08 76 '08 78 Mar. 82 Mar. 6s. High.104 '16 104^ '17 97% Jan. 100 Jan. Low. 90 '18 94 '08 90 Sept. 94% Sept. LKHIGH VALLEY TRANSIT CO, Cons. 4s. Due Dec. 1, 1935.— F. Dated December 1, 1905. Interest payable June 1 and December 1. at Brown Bros. & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid 657 by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $354,000. Deposited under Bef. & Imp. 5s — $2,146,000. Denomination — Coupon, $1,000. Registerabl© as to principal. Trustee — Commercial Trust Co., Philadel- phia. Organization — See 1st 43 and 5s. Secured by a second mortgage on the prop- erty described under the 1st mortgage. Prior Lien — $4,994,000 1st 4s and 5s of 1935, Underlies — Eef. & Imp. 5s of 1960, Earnings — See 1st 4s and 5s. Market. Philadelphia — Brown Bros. & Co., Elklns, Morris & Co., Warren A. Reed, S. K. Phillips & Co., E. B. Smith & Co. New York — E. B. Smith & Co. Price Eange. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hieh.90 '17 91 '16 78 Mar. 80 Mar. Low. 70 '17 75 '17 75 Dec. 78 Dec. Wilmington — Laird & Co, Price Range. Jan, 1, 1911 to Jan. 1^ 1919 1918 Bid Ask Bid Ask High.93»^ '17 94 'l? 81 Jan. 85 Jan. Low. 70 '18 72 '18 70 Aug. 72 Aug LEHIGH TALLEY TRANSIT CO. Ref. & Imp. 5s. Due June 1, 1960. — F. Dated June 1, 1910. Interest payable June and Dec. 1, at Trustee' s office, or Brown Bros. & Co., New York and Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $15,000,000. Outstanding — $5,115,000. Reserved for Prior Liens — $5,569,000. Reserved for Ext. — $2,620,000. In Treasury — $1,696,000. Denomination — Coupon, $ 5 and $1,000. Registerable as to principal. Redeemable at 105 and interest on or be- fore June 1, 1920, and at 110 and interest thereafter. Trustee — Lehigh Valley Trust Co., Allen- town, Pa. Organization — See 1st 4s and 5s. Secured by a first mortgage on 7 miles of high-speed interurban railway, between Lans- dale and Norristown, Pa., forming part of the company's express route between Philadelphia and AUentown and by a first lien on $2,146,000 out of $2,500,000 Consolidated Mortgage bonds. Further secured by a third mortgage on the property described under the 1st mortgage 43 and 5 s. Prior Lien — $4,994,000 1st 4s and 6s of 1935 and $354,000 Cons. 4s of 1935 for the retirement of which bonds of this issue have been- reserved. Earnings — See lat 4s and 5s. listed on the Philadelphia Stock Exchange. Original Market — Offered In 1910, by Brown Bros. & Co. and E,' B. Smith & Co., Phila- delphia, at 87^ and interest. Also offered In December, 1912, by E. B. Smith & Co., at 91% and interest. Market. Philadelphia — H, D. Boenning & Co., Biddle & Henry, Chas. Fearon & Co., Henry & Kirk- bride, Martin & Co., National City Co., E. B. Smith & Co., Brown Bros. & Co., Harper & Turner, Sailer & Stevenson, Warren A. Reed, Huntoon & Co., S. K. Phillips & Co., Ed. B. Smith & Co. New York — E. B. Smith & Co., E. & C. Randolph, F. H. Hatch & Co. LEHIGH VALLEY TRANSIT CO., 10-Year Coll. Tr. 6s. Due July 1» 1933. — F. Dated July 1, 1913. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2%. Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $925,000. Outstanding — $ 924,259. Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at par and interest on any In- terest date. Organization — See 1st 4s and 53. Secured by a pledge of the entire $1,500,- 000 capital stock of the Easton Consolidated Electric Co., which controls through stock ownership plant supplying electricity in East- on, Pa., and 54 miles of electric railway In Easton and interurban line extending to Beth- lehem, Nazareth, and Phillipsburg, N. J., and constituting part of a through line from Easton to AUentown, Pa. Dividends of 4% per an- num are being paid on the par value of the stock of the Easton Consol. Elec, Co. Under the provisions of the mortgage no further liens or encumbrances shall be placed on the property of the latter company. Prior Liens — $1,237,000 Easton Cons. Elec. Co. Coll. 5s of 1949, and $692,000 bonds of. subsidiary companies. Earnings — See 1st 4s and 53. Original Market — Offered in 1913 at par and Interest by E. B. Smith & Co., Philadelphia and New York. Market. Philadelphia — Chandler Bros & Co., Brown Bros. & Co., Harper & Turner, Huntoon & Co., Ed. B. Smith & Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOl^ '16 102% -16 94 July 101% Jan. Low. 92 '18 95 '18 92 Sept. 95 Sept. LENAWEE COUNTY GAS & ELECTRIC CO, 1st & Ref. SVas. Duo April 1. 1927.— P. Dated Jan, 1, 1912. Interest payable Jan. and July 1, at Detroit Trust Co., Detroit, Mich. Tax Status — 2% Federal Income Tax paid Py company without deduction. Authorized — $1,000, 000. Outstanding — $393,000. Retired by S. F. — None. Denomination — Coupon, $500 and $1,000. Trustee — Detroit Trust Co., Detroit, Mich. Redeemable on any interest date at 102% and interest. Sinking Fond provides for the setting apart of a portion of the earnings ^'ach year. Organization — Incorporated in Michigan In 1912. Secured by a first mortgage on plant sup- plying gas to Adrian, Mich. Population served, about 12,000. Franchises expire in 1931. Year ended March 1 . Net Interest 1916 $35,617 $20,350 1915 37,837 19,769 1914 36.886 19,249 Original Market — Offered by First National Bank of Detroit at par and interest, $250,000 In Dec., 1912. Market. Detroit — First and Old Detroit National Bank. Chicago — Elston, Wollenberger & Co., J. P. Hobbs & Co., Merrill. Lynch & Co. Grand Rapids — Howe, Snow, . Corrigan & Bertles. Price Range. Jan. 1, '16 tfl Jan. 1. '19 1918 High.95 '17 100 '16 87^ June Low. 87% '18 98 '16 liEOMINSTER, SHIRI^Y & AYER STREET RAILWAY 1st 5s. Due Feb. 1, 1921.— N. Dated February 1, 1905. Interest payable February and August 1, s,t Trustee's office. Tax Status — Payment of Federal Income Tax not a ssumed by company. Authorized and Outstanding — $100,000. Denomination — Coupon $1,000 and $500. as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston, Mass. Assumed by the Fitchburg & Leominster St. Ry. Co. Control — ^Absorbed by the Fitchburg & Leo- minster St. Ry. Co., which operates 34 miles of street and interurban railway, Including the street railways in Fitchburg, Mass, Secured by a first mortgage on 12 miles of road from Leominster to Ayer, Mass. Popu- lation served by this line, 27,000. Franchises are perpetual. Earnings included in those of Fitchburg & Leominster St. Ry. Legal for Mass. Market. New York — Blodget & Co. Boston — Blodget & Co. Secured by a first mortgage on all real estate, plants and equipm.ent, and all brands, patents and trade-marks, whether now owned or hereafter acquired. The company has no other mortgage or funded debt and covenants In the provisions of this indenture as follows: To maintain at all times net current assets equal to at least 125% of the amount of these bonds outstanding. To issue the remaining $1,750,000 author- ized bonds only to an amount equal to 70% of the cost of additions to real estate, plants and equipment made after June 30, 1918. Not to pay cash dividends except out of profits earned after June 30, 1918. Original Market — $750,000 ofCered Aug., 1918. by Lee, Higginson & Co., at 96% and interest. Price Range 1918 — Bid 96 Oct. LEVER BROTHERS CO. 1st S. F. 7s» Series "A." Due July 1, 1928. Dated July 1, 1918. Interest payable Jan. 1, and July 1, at Lee. Higginson & Co., Bos- ton, New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $750,000. Reserved for Additions (■;0%)— $1,750,000. Denomination — Coupon, $1,000. Registerable Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole on any interest date, or in part for sinking fund on any July 1, at 105 during 1919 and 1920; 104 during 1921 and 1922; 103 during 1923 and 1924; 102 during 1925 and 1926, and 101 dur- ing 1927 and on Jan. 1, 1928. Sinking Fund — Annually, commencing on or before July 1, 1919, 5% of bonds issued for the purchase or redemption of these bonds at not over the calling prices (see above). Guaranteed principal and interest by Lever Bros., Limited. Organization and Control — Incorporated in Maine in 1899. It'is controlled through own- ership of its entire capital stock, by Lever Brothers. Limited, of Port Sunlight. England, large manufacturers of soap. It is the ex- clusive manufacturer in the United States of the parent company's established brands of laundry and toilet soaps, viz., "Lux," "Sun- light," Lifebuoy," "Monkey Brand" and "Wel- come. ' ' The company's plant is located in Cambridge, Mass. Authorized Outstanding $1,000,000 $1,000,000 1.000,000 750,000 2,000,000 ■ 2,000,000 MCWISTON & AUBURN ELECTRIC UGHT CO. 1st 5a. Due June 1, 1939. — N. Dated June 1. 1909. Interest payable June and Dec. 1, at Trustee's bfllce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole at 105 and Interest oji any Interest date on 30 days' notice. Organization and Control — Incorporated In Maine In 1884. Absorbed In 1914 by the Androscoggin Electric Co. Secured by a first mortgage on hydro-electric plant and four water powers on the Andros- coggin and Little Androscoggin Rivers, and distribution systems, supplying electricity In Lewiston and Auburn, Me., and vicinity. Franchises are perpetual. Population served, 45,000. Underlies — Androscoggin Electric Co. 1st & Ref. 5s of 1934. Earnings — See Androscoggin Electric Co. lat & Ref. 5s. Original Market — $1,200,000 offered July. 1909, at 102 and interest by Jose. Parker & Co., Boston, Mass. Market. Boston — Burgess. Lang & Co. New York — Burgess, Lang & Co. Portland, Me. — C. L. "Wengren. Price Range. Jan. 1. '16 to Jan. 1, *19 Bid High.95 '16 Low. 85 '18 Capital Stock Preferred (5%) Preferred (6%) Common I^WISTON. AUGUSTA & WATERVILXE STREET RAILWAY 1st & Ref. 5s. Due April 1, 1937.— F. Dated April 1, 1907. Interest payable April and Oct. 1, at Trustee's office, or at E. W. Clark & Co.. Philadelphia. Default — Oct. 1. 1918, interest has not been paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000. 000. Outstanding — $1,700,000. Pledged — $1,237,000. Reserved for Prior Liens — $1,345,000. Reserved for Ext. — $618,000. Denomination — Coupon, $1, 000. Trustee — Old Colony Trust Co., Boston. Redeemable at 107M! and interest on 60 days' notice. Organization — Incorporated In Maine in 1902 as the Auburn, Mechanic Falls & Norway Street Ry. Present name adopted In 1907 and at the same time acquired the properties of 659 the Lewiston, Brunswick & Bath Street Ry. and the Augusta, Winthrop & Gardiner Ky. In Dec, 1910. acauired the Auburn & Turner R. R. In Aug., 1913, acquired the prop- erties of the Brunswick & Yarmouth Street Ry. and Preeport Electric Light, Heat & Power Co, Controlled through stock ownership of the Cumberland County Power & Light Co. Receivership — Judge John A. Morrill of the Superior Court at Lewiston, Me., on Dec. 16, 1918, appointed Wiiliam H. Newell and Alfred J. Sweeney, receivers on application of the Cumberland County Light & Power Co. , con- trolling company. The company's difflculties are attributed to a loss of patronage follow- ing the increase in fares from 6 to 7c. Protective Committee — Henry W. Cushman, Frank D. True, Frank SiUiman Jr., with John F. Dana, Secretary, 57 Exchange St., Portland, Me. and Fidelity Trust Co., Phila- delphia and Fidelity Trust Co.,. Portland, Me., Depositaries. Secured by a first mortgage on 73 miles of track and mortgage on remaining 9 miles. The company operates city and interurban lines extending from Waterviile through Augusta Cat which point branch to Winthrop and Togus), Gardiner, Sabattus, Lewiston, Lisbon Falls and Topsham to Brunswick, at which point lines extend to Bath on the east and on west to Yarmouth, where connection Js made with the Portland R. R. system. Franchises, for the most part, perpetual. Population served, 125, 000. Company also owns power plants, but purchases power from other com- panies. Prior Liens — $845,000 (closed) Lewiston, Brunswick & Bath Street Ry. 1st 5s of 1920; $53,000 Conv. 1st 4s of 1952 and $97,000 stock of the Augusta. Winthrop & Gardiner Ry. Co.; $100,000 (closed) Augusta, Winthrop & Gardiner Ry. Gen. 5s of 1935, $55,500 Conv. Gen. 4s of 1951 and $194,000 stock of the Augusta, Hallowell & Gardiner R. R. Bonds are reserved under this mortgage to retire the above issues. Year ended Dec. 31 Gross Net 1918 §894,784 $103,678 1917 898.373 214,689 1916 803,660 250,364 Market. Boston — Homblower & Weeks. McConnell & Co., J. S. Orler & Co., Hotchkin & Co. New York — Hornblower & Weeks. E. & C. Randolph, Miller & Co.. Hotchkin & Co. Bangor — L. C. Tyler & Sons Co., Inc. Portland — Fidelity Trust Co., Beyer & Small. Chicago — Hornblower & Weeks. Philadelphia — Huntoon & Co. Price Range, Jan. 1, 1915 to Jan. 1. 1919 Bid Ask High. 871/^ '17 92 '11 Low. 60 '18 Int., Etc. $227,610 186,689 187,772 1918 Ask 68 May 60 Oct. LEWISTON, AUGUSTA & WATERVILLE STREET RAILWAY 7% Notes, Series "C." Due June 1, 1921.— F. Dated June 1, 1915. Extended from June 1, 1918, with interest increased from 5% to 7%. Interest payable June 1 and Dec. 1 , at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $614,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Portland, Me. tei est. Guaranteed as to principal and interest by the Cumberland County Power & Light Co., Portland, Me. Organization and Control — See 1st & Ref. fia. Secured by a first lien on First & Refund- ing 5% bonds of the company at 72% of their face value, which proportion .shall be observed in the issue of the remaining notes. $8i5,000 bonds are deposited hereunder. Earnings — See 1st & Ref. 5s. Original Market — Offered in June, 1915, by B. W. Clark & Co., Philadelphia, and Lud- vvell L. Howison, Portland, Me., at 97^ and Interest. — Market. Boston — Hornblower & Weeks. New York — Hornblower & Weeks, Miller & Co. Chicago — Hornblower & Weeks. Portland — Fidelity Trust Co. LEWISTON, BRUNSWICK & BATH STREET RAILWAY 1st 6s. Due March 1, 1920. Dated March 1, 1898. Extended from March 1 . 1898, with interest increased from 5 % to 6%. Interest payable March and Sept. 1, at State Trust Co.. Augusta, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $ 845,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — State Trust Co., Augusta, Me. Control — Absorbed by Lewiston, Augusta & Waterviile Street Ry. Co., for description of whose property and earnings see 1st & Ref. 5s. K«;ceivership — See Lewiston, Augusta, and Waterviile Street Ry. Co. 1st and Ref. 5s. Secured by a first mortgage on 55 miles of electric railway, including all of the street railways in Bath, Me., interurban line from Lewiston to Brunswick, and other lines. Pop- ulation served by these lines, Bath, 10,000; remaining territory, 3 5,000. Underlies — Lewiston, Augusta & Waterviile 1st & Ref. 5s. Earnings — See L., A. & W. 1st & Ref. 5s of 1937, under which bonds are reserved to retire this issue. Market. Boston — Hotchkin & Co., J. S. Orler & Co., McConnell & Co., H. C. Spiller & Co. New York — Hotchkin & Co. LEWISTON (ME.) GAS LIGHT CO. Isl 48. Due April 1, 1924. Dated April 1, 1899. Interest payable April and Oct. 1, at Portland Trust Co., Portland, Me. Tax Status— Information not available. Authorized-^$400, 000. Outstanding — $200, 000. Denomination — Coupon, $1,000. Trustee — Portland Trust Co., Portland, Me. Sinking Fund — $2,000 per annum. Organization — Incorporated in Maine In 1853. Secured by a first mortgage on plant sup- plying gas to Lewiston and Auburn, Me. Franchises perpetual. Population served, 43,- 000. Year ended Dec. 3i Gross Net Int., Etc. 1918 $115,513 $39,556 $9,068 1917 39,339 9.953 1916 39,556 9,068 1915 39,376 8,917 1914 37,607 10,000 Market. Portland — ^H. M. Payson & Co. 660 LEXINGTON & BOSTON STREET RAILWAY 1st 4^8. Due April 1, 1920. — N. Dated April 1. 1900. Interest payable April and Oct. 1, at Beacon Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Re&isterable as to principal. Trustee — Beacon Trust Co., Boston. Redeemable at 105 and interest. Control — Absorbed by Middlesex & Boston St. Ry., a subsidiary of the Boston Suburban Electric Companies. Secured by a first mortgage on 27 miles of street railway (32 miles of track) from Ar- lington through Waltham, Woburn, Bedford and Lexington to Concord, Mass. Population served, 70,000. These towns are all adjacent to Boston. Underlies — $1,483,000 Middlesex & Boston , St. Ry. 1st & Ref. 4%s of 1932. Bonds are reserved under the latter mortgage to retire this issue. Earnings — See Middlesex & Boston St. Ry. 1st & Ref. 4i^s. Original Market — Offered by C. P. Phelps & Co., Boston, Dec, 1900. Market. Boston — Harris, Forbes & Co. New York — Harris, Forbes & Co.. Blodget & Co. Chicago — Harris Tr. & Savings Bank. Philadelphia — Harris, Forbes & Co. Price Range. Jan. 1, 1909 to Jan. 1, 1919 Bid Ask Hifh.96 '16 100 '16 Low.. 90 *12 90 '11 LEXINGTON & EASTERN RAILWAY CO. 1st 5s. Due April 1, 1965.— N. Dated. April 1, 1915. Interest payable April 1 and October 1, at Louisville & Nashville R. R. office, Louisville, Ky. , and New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000,000. Outstanding — $7,850,000. Owned by L. & N. R. R. — $2,645,000. Reserved for Ext. — $9,505,000. Denomination — Coupon, $1,000, Reglsterable as to principal only. Trustee — New York Trust Co., New York. Assumed April 1, 1917, by Louisville & Nashville R. R. Co, Gnaranteed as to principal and interest by tho Louisville & Nashville R. R. Co. by en- dorsement. Control — Merged with the Louisville & Nash- ville R. R. Co, in 1915. Secured by a first mortgage on 213.58 miles of road from Lexington to McRoberts, Ky, , and branches. This road affords the L. & N. R. R. access to extensive coking and fuel coal fields in southeastern Kentucky. It is reported that the investment of the L. & N. R, R, Co. in this road is approximately $10,- 000,000. Legal for Cal., Me., Mich., Minn.. N. H., N. J., R. I. and Wis. Listed on the New York Stock Exchange. Original Market — Offered in March, 1915. by J, P. Morgan & Co., National City Bank and First National Bank, all of New York, at 98% and interest. Market. Louisville — J. W. & D. S. Green, J. J. B. Hilllard & Son, Chicago — Kean, Taylor & Co, New York — Kean, Taylor & Co., McKinley & Morris. Coffin & Co., E. & C. Randolph, Sharretts & Young, F. J. Lisman & Co., Sea- songood, Haas & Macdonald, Baker, Carruth- ers & Pell, Redmond & Co.. Taylor, Smith & Hard, Vilas & Hickey, Wood, Struthers & Co. Philadelphia — Graham, Parsons & Co., Bid- die & Henry. Baltimore — Jenkins. Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 1915 to Jan. 1. 1919 1918 Hieh.103% Jan. 25 '17 96 Apr. 17 Low. 90 Aug. 26 '18 90 Aug. 26 LEXINGTON AVENUE & PAVONIA FERRY RAILROAD CO. Ist 5s. Due Sept. 1. 1993.— N. Dated August 24, 1893. Interest payable March and Sept. 1, at Treasurer's Office, New York Ry. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Registered, $1,000 and mul- tiples. Trustee — Central Union Trust Co, , New York, Assumed by the New York Railways Co. Control — Absorbed by the New York Rys. Co. . which is controlled by the Interborough Consolidated Corp. Receivership — See New York Railways Co. Secured by a first mortgage on approxi- mately six miles of electric street railway In the City of New York, from 42nd St. on Lexington Ave, to 131st St. and from Lexing- ton Ave, on 110th St. to St, Nicholas Ave. to Manhattan Ave. to the Hudson River at 130th St. Franchise perpetual. Underlies — New York Railways Co. 1st Real Estate & Ref. 4s of 1942 and Adj. Inc. 5s of 1942. Earnings — See New York Railways Co. Listed on the New York Stock Exchange. Market. New York — A. H. Bickmore & Co.. E, & C. Randolph, T, L. Bronson, Newborg & Co., Ab- bott, Johnson & Co., Wm. Carnegie Ewen, Ber- deli Bros., John Davenport, Tobey & Kirk. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 Bid Ask High. 116% Mar. 24, '17 81% July 85 Oct, Low, 80 Sept, 26, '17 74 Nov. LEXINGTON HYDRAULIC & MANUFACTUR- ING CO. 1st 5s. Due each Oct. Ist as follows: $10,000 1916 to 1930, $15,000 1921 to 1925, $20,000 1926 to 1930, 9Z5,- 000 1931 to 1935 and $1,650,000 Oct. 1. 1936.— F. Dated October 2, 1911. Interest payable April and Oct, 1, at Continental & Commer- cial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000, Outstanding— $992,700 (Jan. 1, 1919). Reser^'ed for Ext, — $977,300, Redeemed — $30,000. Denomination — Coupon, $100, $500 and $1,000, Reglsterable as to principal. Trustees — Continental & Commercial Trust & Savings Bank and Prank H. Jones, Chicago. Redeemable at 102% and interest on any Interest date on four weeks' notice. Organization — Incorporated. In Kentucky In 1882. Secured by a first mortgage on plant sup- plying water in Lexington, Ky, The company controls the only available water supply in the vicinity of Lexington, and has a contract with 661 the city extending- to 1935. Population perved, 40,000. The city has. thp right to purchase the Plant on January 1, 1916, or on the ex- piration of any five-year period thereafter, at a price to be determined by three impartial, hydraulic engineers. Samings — Not available. Original Market — $431,700 offered In June, 1912, by E. H. Rollins & Sons. New York, at 100 and interest. Market. Boston — H. C. Spiller & Co., E. H. Rollins & Sons. MQXINGTON RAILWAY CO. 1st 5s. Due June 1, 1949. Dated June 1, 1899. Interest payable June and Dec. 1, at Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,249,000 (June 1, '19). Held in Sinking Fund — $196,000. Exchanged for Ky. T, & T. 1st Ref. 5s — $55,000. Denomination — Coupon, $1,000. Registerabla a.s to principal. Trustee — The Continental Trust Co.. Balti- more. Redeemable for sinking fund at 110 and In- terest upon four weeks' notice. Sinking Fund — -Annually on June 1, 1 % of bonds outstanding are to be retired at not exceeding 110 and interest. Bonds so ac- quired to be held aliye in the sinking fund and interest added thereto. Assumed — One-half of the bonds are as- sumed by the Kentucky Traction & Terminal Co. and one-half by the Lexington Utilities Co. Control — ^Absorbed by the Kentucky Trac- tion & Terminal Co. , which is controlled through ownership of its entire capital stock by the Kentucky Securities Co. In 1909 the Lexington Utilities Co. was incorporated to take over the Ice and electric business for- merly operated by the Lexington Ry. Co., as the Kentucky Legislature passed a bill pro- hibiting a common carrier from engaging In any other business. Secured by a first mortgage on the 15 miles of street railway in Lexington, Ky . Al so secured on the ice manufacturing plant and plant supplying the city with electricity and on gas plant now owned by the Lexington Utilities Co. The gas mains are leased to the Kentucky Natural Gas Co. Populations served, 40,000. Railway franchise is per- petual. Underlies — Ky. T. & T. 5s of 1951. Earnings — See Kentucky Traction & Ter- minal Co. Listed on the Baltimore Stock Exchange. Original Market — $737,000 offered at 100 and interest in 1899, by Middendorf. Oliver & Co. (now Middendorf, Williams & Co.), Baltimore. Market. Baltimore. .Hambleton & Co., Baltimore Tru.st Co., Jenkins, Whedbee & Poe. Chicago — Kornblower & Weeks. New York — Hornblower & Weeks, Hamble- ton & Co. Boston — Hornblower & Weeks. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96% '09 98 '09 87 Dec. 90 Dec. Low. 75 '18 82 '18 85 May 82 May LIBERTY OIL CO.. INC., Conv. 7% 5-Year Secured Notes. Series "A." Due July L 1921.— F. Dated July 1, 1916. Interest payable July 1, Oct. 1, Jan. 1 and Apr. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500, 000. Outstanding — $445,000 (May 17. 1919). Retired by S. F.— $55,000. Denomination — Coupon, $1, QOO. Trustee — Bankers' Trust Co., New York. Redeemable at 110 and interest on any In-' terest date on 30 days' notice. Sinking Fund — Quarterly payments amount- ing to 20% of net returns from production after deduction of royalties for the purchase or redemption, quarterly, of these notes, at not over 110 and interest. Convertible at any time up to and including July 1, 1921, into common stock of the com- pany on the basis of $50 per share. Organization — Incorporated with $5, 000, 000 common and $1,000,000 7.3% cumulative pre- ferred stock authorized and $3,000,000 com- mon and $250,000 preferred outstanding, and $250,000 preferred outstanding. Secured by pledge of lease covering oil and gas rights on one hundred and twenty acres in Tulsa County, Okla., located about 12 miles from Tulsa and three miles from Jenke, Okla., in what is known as the Glen Pool Field. AS of Aug. 1, 1916, there were eight wells on this properly in operation with a combined daily capacity of 400 barrels per day. The Texas Oil Co. and Prairie Oil & Gas Co. e^h have a six-inch pipe line on the property and purchase the total output. Original Market — Offered Aug., 1916, by A. B. Leach & Co,, New York, etc. Market. New York — Morgan & Finlay, Morton Lach- erbruch & Co. Pittsburgh- — C. M. Barr & Co. LIGGETT & MYERS TOBACCO CO. Deb. 7Sj Due Oct. 1, 1944.— F. Dated December 1, 1911. Interest payable April and Oct. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,507,800. Outstanding— $14,535,100 (March 14, 1919). Retired by S. F. — $972,700. Denomination — Coupon, $1,000, Registerable as to principal. Registered $50, $100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000. C. & R. interchangeable in multiples of $1,000. Trustee — Guaranty Trust Co., N. Y. Sinking Fund — ^Annually in January, $150,- 000 per annum for the purchase of bonds at not exceeding 130 flat. If bonds are not pur- chaseable within a year, payment reverts to company. Organization — Incorporated In . New Jersey In 1911. In compliance with the plan of dis- solution of the American Tobacco Co., ap- proved by the U. S. Circuit Court, in accord- ance with the decree of the Supreme Court. "There were conveyed to this company factories for the manufacture of little cigars, cigarettes and tobacco In St. Louis, Mo. ; Richmond, Va. ; Chicago, 111.; New Orleans, La.; Durham, N. C. : Philadelphia. Pa., and Wilmington, Del., and either the entire Issues or a large majority of the stocks of companies owning factories In Chicago, San Francisco, Toledo. Ohio, and Louisville. Ky. The gross output of these plants in 1910 was in excess of $54.- 000,000. It was estimated that the plants ,of 662 this company were producing the following pro- portion of all tobacco manufactured in the United States in 1910: Volume Value Cigarettes 27.82% 21.03% Smoking Tobacco.... 20.05% 16.47% Plug Tobacco 33.83% 37.84% Pine Cut Tobacco... 41.61% 3tJ.26% Little Cigars 43.78% 38.69% $293.25 of these bonds, $206.75 similar bonds of the P. Lorillard Co. and $600 cash were offered in exchange for each $1,000 6% bond of the American Tobacco Co. Security — These bonds are a direct obligation of the company but not secured by a mort- gage. The company imposes a charge in favor of the Trustee upon all its property and pres- ent and future net income for the benefit of first, these 7 % bonds, and second, the 5 % bonds, and further covenants that It will noL mortgage its property, business or income, nor create any specific charge upon its earn- ings, without expressly recognizing and con- firming these bonds as prior lien claims. Underlies — $15,059,600 6s. Year ended Dec. 31 Net Int., Etc. Dividends 1918.. $10. 050, 222 $1,896,214 $5,015,404 1917.. .■9,184.783 1,821,064 4.641.058 1916... 8,416.814 1.827.759 4,516,290 1915... 8,633,449 1.833.173 4,516.290 1914... 7,231,161 1,839,987 4,516,290 Listed on the New York Stock Exchange. Market. New York — Active on N. T. Slock Exchange. Pittsburgh — R. W. Evans & Co. Price Range — N. Y. S. E. Jan. 1, 1913 to Jan. 1, X919 1918 High.129 Dec. 28, '16 117 Feb. 20 Low. 107% Sept. 11, -18 107% Sept. 11 LIGGETT & MYERS TOBACCO CO. Deb. 58. Due Aug. 1. 1951. — P. Dated December 1, 1911. , Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $15,059,600. Denomination— Coupon, $1, 000. Registerable as to principal or fully registerable. Regis- tered, $50. $100, $500, $1,000. $5,000, $10,- 000. $50,000, $100,000. C. & R. interchange- able in multiples of $1,000. Trustee — Guaranty Trust Co., New York. Organization, Security and Earnings — See Deb. 7s. $293.25 of these bonds, $206.75 of similar bonds of the P. Lorillard Co. and $480 in cash were offered in exchange for each $1,000 4% bond of the American Tobacco Co. and the Consolidated Tobacco Co. Prior Liens — Debenture S. F. Gold 7s, due 1944. Earnings — See Deb. 7s. Listed on the New York Stock Exchange. Market. New York — Active on N. T. Stock Exchange. St. Louis — Bowman, Cost & Co. PMladelphia — Newburger, Henderson & Loeb. Price Range— N, Y. S. E. ^ Jan. 1, 1912 to Jan. 1, 1919 1918 Coupon. High.104% Jan. 20 '17 95 Feb. 28 Low. 86 Dec. 21 '17 86 Jan. 3 Registered. High.l02H Mar. 17 '16 89% July 22 Low. 89% July 22 '18 89% July 22 New York. Principal and interest payable in gold. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000,000. Outstanding — $20,000,000. Denomination — Coupon $1,000. Register- able as to principal. Trustee — Guaranty Trust Company, New York. Redeemable as a whole, or in part, at the option of the company, on any interest date on 30 days' notice at 102% and interest for notes with two years or more to run ; at 101%% and interest for notes with one year or more, but less than two years to run; at 101% and interest for notes with less than one year to run. Organization — See Debenture 7s due 1944. Purpose of Issue — To retire current in- debtedness necessitated partly by the Increased cost of leaf tobacco and partly by an actual increase in the amount of inventory carried. Security — ^A direct obligation of the com- pany, but not secured by mortgage. The com- pany covenants that: As long as any of the notes are outstand- ing the company will not (a) mortgage or pledge any of its real or personal properti^, except United States Government obligations, or (b) sell any of its real estate, plants, brands, trademarks, patents, or shares of stock of Pinkerton Tobacco Company, unless it pays over to the Trustee cash to an amount equal to the cash value received from any such sales, to -be used to purchase notes in the open market, or applied upon the redemp- tion of notes. The company will at all times maintain quick assets in a sum equal to at least twice the amount of its outstanding notes and all other liabilities other than its bonds matur- ing in 1944 and 1951, notes secured by United States Government obligations and reserves (including tax accruals), all as defined in the 'Trust Agreement. Prior Liens — Debentures 7s due 1944 and Debentures 5s due 1951; both of these are closed mortgages. Earnings — See Debentures 7s due 1944. Original Market — Offered November, 1918, by the . Guaranty Trust Company of New York and the National City Company, New York, etc., at 98, to yield about 6%%. Market. Chicago^ — Eabcock, Rushton & Co., Curtis & Sanger, Pynchon & Co. New York — Bull & Eldredge, Hornblower & Weeks, T. Hall, Keyes & Co. , McKinley & Morris. Mann, Bill & Co., Morrison & Town- send, John Nickerson, Jr. Philadelphia — Graham, Parson & Co. Grand Rapids — Howe, Snow. Corrigan & Bertles. Pittsburgh — Kean. Taylor & Ca. Louisville — J. J. B. Hilllard & Son. Price Range — 1918 Bid Ask High.99% Dec. 99% Dec. Low. 98 Nov. LIGGETT & MEYERS TOHACCO COMPANY 3-Year 6% Notes. Due Dec. 1, 1921. Dated December 1, 1918. Interest payable June 1 and December 1, at Trustee's ofHce, LIMA (O.) ELECTRIC RAILWAY & LIGHT CO. 2nd Cons. (Now 1st) 5s. Due April 1, 1925.— F. Dated April 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by compa ny without deduction. Authorized— $850,000. Outstanding — $350,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee— Fidelity Trust Co., Buffalo, N. T. Orgranization and Control — Incorporated in Ohio in 1900. The property of this company ' was purchased by the Ohio Electric Ry. Co. on Dec. 31. 1909. Secured by a first mortgage on 12 miles of street railway in Lima, C, and on plants supplying electricity and- steam heat in that city. Population served, 35,000. Underlies — $900,000 Ref. 5s of 1925; $4,200,- 000 Ohio Electric Ry. 1st & Ref. 5s of 1930, and $2,927,000 2d & Gen. 5s of 1943. Bonds are reserved under the first two mortgages to retire this issue. Market. New York — Oilman & Cluca s. Buffalo — John T. Steel. Price Range. Jan. 1, 1908 to Jan. 1. 1919 Bid Ask High.96 '13 97M! '13 Low. 79 '08 79 '08 I.IMA, FINDLAY & TOLEDO RAILWAY CO. 1st 5s. Due July 1, 1925.— F. Dated April 1, 1905. Interest payable Jan. and July 1, at Trustee's office or First Na- tional Bank, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding— $324,000 (Jan. 1, 1919). Retired by Sinking Fund — $76,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland. Redeemable at 105 and interest on any in- terest date. Sinking Fund — $10,500 annually beginning May 1. 1911, for purchase or redemption of bonds at not to exceed 105 and interest. Organization and Control — Incorporated In Ohio. All of the stock is owned by ih& West- ern Ohio Ry. Co. A majority of the capital stock of that company is owned by the West- ern Ohio Railroad Co. Property was for- merly leased to the latter company but lease was cancelled June, 1915. Secured by a first mortgage on 31 miles of Interurban railway from Lima to Findlay, Ohio, forming part of a through route be- tween Dayton, Cleveland and Toledo. Popu- lation served by line covered by this mort- gage, 54.000. Road is built on private right- of-way. Earnings — See Western Ohio Ry. Co. Isl 5s. Listed on the Cleveland Stock Exchange. Original Market — First offered by S. D. Lcring & Son, Boston, Mass., at par and in- terest. Market. Cleveland — C. B, Denison & Co. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. New York — Hornblower & Weeks. Boston — C. E. Denison & Co., Hornblower & Weeks. Chicago — Hornblower & Weeks. Price Range. Jan. 1, 1916 to Jan. 1. 1919 1918 Bid Ask Ask High. 95 '17 95 Oct. Low. 88 '18 88 Dec. LIMA LOCOMOTIVE CORP. 1st S. F. 6s. Due May 1, 1933.— F. Dated July 1, 1912. Interest payabl*? May and Nov. 1, at New York, Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized — $2,000,000. Outstanding— $1,698,000 (Nov., 1918). Held in Sinking Fund — $302,000. Denomination — Coupon, $1,000. Registerable as 'to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on any in- terest date. Sinking Fund — Beginning with $50,000 per annum in 1913 payable semi-annually, from Nov. 1, 1913. for the purchase or redemption of these bonds at not over 110 and interest. Bonds so redeemed to be held alive and inter- est added to sinking fund. Assumed by the Lima Locomotive Works, Inc. Organization — Incorporated in Virginia In 1912. In April, 1916, owing to the large floating debt of the company and small working capi- tal, a new company was formed, Lima Loco- motive Works, Inc. Secured by a first mortgage on the plant of the company covering about 52 acres at Lima, Ohio. Original Market — $2,000,000 offered 'n July, 1912, by Redmond & Co., New York, at par and interest. Also offered by B. W. Clark & Co. and Graham & Co., PhiladelpViia. Market. New York— C. H. Hensel & Co., S. P. Lar- kin & Co. , Martin, Berwin & Co. , Morton Lachenbruch & Co. , A. H. Bickmore & Co. , Morgan & Finlay, Dunham & Co., E. & C. Randolph, Redmond & Co., Robinson & Co.. C. H. Jones & Co., Baker, Carruthers & Pell, Redmond & Co. Baltimore — P. H. Goodwin & Co. , Jenkins, Whedbee & Poe. Boston — McConnell & Co. Philadelphia — Geo. S. Fox & Sons, Robinson & Co., S. K. Phillips & Co. Price Range. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99 '13 101 '13 95^ Dec. 100 Oct. Low. 85 '15 90 '15 85 Jan._ 91 Sept. LIMA TELEPHONE & TELEGRAPH CO. 1st 5s. Due June 1, 1921. — N. Dated June 1, 1901. Interest payable June and Dec. 1, at Cleveland Trust Co., Cleve- land, Ohio, and Seaboard National Bank, New York. Tax Status — Payment of Federal Incomg Tax not assumed by company. Authorized — $140,000. Outstanding — $130,000. Cancelled — $10,000. Denomination — Coupon, $1, 000. Trustee — Cleveland Trust Co., Cleveland, 0. Redeemable after 1915 at 105 and interest. Organization — Incorporated in Ohio in 1901. Secured by a first mortgage on independent telephone system in Lima, Ohio, and vicinity. Population served, 55,000. Number of sta- tions, 10.000. Pfanchise perpetual. Years ended Dec. 31 Net Interest 1D18 $49,398 $6,500 1917 48.472 6,500 1916 49.393 6.500 1915 59,792 6,500 1914 46,735 6,500 Market. New York — Gilman & Clucas. Price Range 1918— Bid 70, Ask 82 LINCOLN (NEB.) GAS & ELECTRIC LIGHT CO. 1st Cons. (Now 1st) 5s. Due Dec. 1. 1941. Dated Dec. 1, 1901. Interest payable June 664 and Dec. 1, at H. L. Doherty & Co., New York. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,600,000. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — ^Bauitable Trust Co. , New York. Redeemable on or before Dec. 1, 1921, at 105 and interest and thereafter at 110 and interest upon sixty days' notice. . Organization — Incorporated in Nebraska in 1901 as successor to Lincoln Gas & E31ectric " Co. Owns the entire capital stock of the Havelock Electric Light Co.' Controlled through stock ownership by Cities Service Co. Management — Doherty Organization. Secured by a first mortgage on plant sup- plying gas to Lincoln, University Place, Have- lock, Neb., and intervening territory, and on plant supplying electricity in Lincoln. The company has competition in the electric busi- ness in Lincoln. The company wholesales current to the Havelock Electric Light Co. , a subsidiary, for distribution in Havelock and Waverly. Total population served over 50,000. Gas franchise in Lincoln is unlimited in duration; in University place, expires in Aug., 1929: in Havelock, expires in Sept., 1929. Electric franchise in Lincoln and Havelock are unlimited in duration; in Waverly, expires in Sept., 1932. Samings — Company does not report earn- ings. Original Market — $750,000 offered May, 1916. by A. B. Leach & Co., New York, etc., at 95 and interest. Market. Boston — A. B. Leach & Co., McConnell & Co. New York — McGeorge & Vanderiioef, Kiely & Horton, A. B. Leach & Co,. A. E. Fitkin & Co., Hanson & Doyle, E. & C. Randolph. Omaha — Burns, Brinkex- & Co. Chicago — A. B. Leach & Co. Pricp Range. Jan. 1. 1911 to Jan. 1, 1919 1918 Bid Ask . Bid Ask High.94 '17 96% '17 74 Nov. ' 85 Nov. Low. 60 '15 75 '15 67 Nov. 79 July UUhCOJSS park & CHARLOTTE RAILROeAD CO. 1st 5s. Due Jan. 1, 1939. — N. Dated January 1 , 1889. Interest payable Jan. and July 1. at A. Iselin & Co., 36 Wall Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $350,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by Buffalo. Rochester & Pittsburgh Ry, Co. by endorse- ment. Control — Absorbed by the Buffalo, Rochester & Pittsburgh Ry. Co, Secured by a first mortgage on 10.29 miles of road from Lincoln Park, near Rochester, to Charlotte, N. Y., and Genesee Dock, N. Y. on Lake Ontario, from which point a car ferry service is operated to Coburg, Ontario, jointly by this company and the Grand Trunk Ry. Co. Underlies — B., R. & P. Cons. 4%s. Bonds are reserved under that mortgage to retire this issue. I^egal for Cal., Conn., Me., Mich., Minn., N. H., N. J.. N. Y., R. L and Wis. - Market. New York — Remick, Hodges & Co., Baker, Carruthers & Pell, Taylor, Smith & Hard. Philadelphia — Chas. Fearon & Co.. F. R. Welsh. Price Range. Jan. 1, '16 to Jan. 1. *1» 1918 Bid Ask Bid. Hieh.105 '17 107% '16 90 Dec. Low. 90 '18 LINCOLN (NEB.) TELEPHONE & TEUEV- GRAPH CO. 1st 5s. Due January 1, 1946. Dated Jan. 1, 1916. Interest payable Janu- ary 1 and June 1, at Harris, Forbes & Co., New York, or Trustee's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $1,200,000 (Dec. 31, 1918). Reserved for Corporate Purposes — $300,000. Reserved for Ext.— $8,500,000. Denominaiions — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Harris Trust & Savings Bank, Chi- cago. Redeemahle at 103 and interest on and after Jan. 1. 1921. Organization — Incorporated in 1909 in Ne- braska and acquired the properties of a num- ber of independent companies. This company Is now a sub-licensee of the American Tele- phone and Telegraph Co. The Nebraska Telephone Company (BelO owns $3,866,800 of the preferred stock of this company, which becomes voting stock when there is default in payment of dividends thereon for two successive periods. The com- pany has a long time and favorable contract with the Bell Company for connections and general interchange of service. Secured by a first mortgage on a physically connected exchange and toll telephone system in 22 counties in the State of Nebraska lo- cated south of the Platte River and lying east of the west line of Adams and Webster Counties, comprising an area of about 12,500 square miles. The system embraces a total of 111 central office exchanges, serving 213 separate communities, including the cities of Lincoln, Hastings, Beatrice, York, Nebraska City and Fairbury. Total population, about 450,000. Franchise in Lincoln expires in 1963, other franchises are unlimited as to time or extend beyond the maturity of these bonds. Year ended Dec. 31 Gross Net Interest 1918 $1,679,540 $765,989 $65,781 1917 1,551.278 768,603 70,i289 . 1916 1,369,938 696,976 68,926- 1915 1.212,236 574,459 44,946 1914 1,171,976 568,405 43,891 1913 1.093.515 440,719 57,375 1912 863.549 323,111 45.739 Original Market — Offered January, 1916. by Merrill. Oldham & Co., Harris, Forbes & Co., Boston, at 99^ 'and interest. Market. New York — Oilman & Clucas. Boston — Merrill. Oldham & Co. Omaha — Burns, Brinker & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 Ask High.101% '16 ' Low. 95 '17 665 MNCOI-N TRACTION CO. 1st 58. Dae Jan. 1, 1939. — F. Dated March 1, 1909. Interest payable Jan. and July 1, at New York Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding: — 51,250,000, (Dec. 31, 1918). Keserved for Prior Liens — $260,000. Denomination — Coupon, $1,000. Registerable as to principal. Eegistered, $1,000. C. & R. interchangeable. Trustee — New York Trust Co., N. y. Redeemable at 110 and interest Jan. 1, 1919, or any interest date thereafter. Organization — Incorporated in Nebraska In 1209 as a consolidation. The company con- trols through stock ownership the Lincoln, Capital Beach & Milford R. R. and i-incoln Heat, Light & Power Co. Secured by a first mortgage on a large part of the 55 miles of street railway in and around Lincoln, Neb., and a second mortgage on the remaining part. Population served, 80,000. Prior lAens — $250,000 Lincoln Traction Co. 1st 5s, 1920, for retirement of which bonds of this issue have been reserved. Year ended June 30 Gross Net *Chargeg tl918 $830,632 $162,167 $144,666 1917 966,100' 210,585 203.844 1916 929,576 277,670 194.679 1916.... 874,748 260,564. 190,311 ♦Interest, taxes and dividends. tYear ended Dec. 31. Legal foi Me. and R. I. Original .Market — Offered by Shapker, 'Waller & Co,, and McCoy & Co.. Chicago. Market. New York — S. L. Snowden, P. H. Hatch & Co.. Taylor & 'White. Chicago — Babcock. Rushton & Co. Omaha — Burns, Brinker & Co. Price Range. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 '15 99 '17 78 July 88 May Low. 78 '18 86% '18 86% July IINDELL RAILWAY CO. 1st Ext. 4%s. Due Aug. 1, 19«1.^N. Dated Aug. 1, 1891 (originally 5s, due Aug. 1, 1911, but extended at 4%%). Interest payable Feb. and Aug. 1, at North American Co., New York, and St. Louis Union Trust Co., St. Louis. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination — Coupon and registered. $1,- 000. Trustee — Bankers' Trust Co., New York. Redeemable at any time. Control — ^Ab.9orbed by United Rys. of St. Louis. Receivership — See United Railways of St. Louis. Secured by a first mortgage on 39 miles of street railway track in St. -Louia. Mo. Underlies — St. Louis Transit 5s of 1924 and United Eya. of St, Louis Gen. 4a of 1934. Earnings — See United Rys. of St. Louis. Legal for Bait. Listed on the St. Louia Stock Exchange. Market. Baltimore — Alex. Brown & Sons, Walter Koppelman, Baker, "Watts & Co., Owen Daly & Co., Jenkins, 'Whedbee & Foe, J. S. 'Wil- son, Jr. & Co. Philadelphia — Drayton, Penington & Colket, St. Louis — Francis Bro. & Co., Mercantile Trust Co., Stifel, Nicholaus, Parsons Inv. Co., J. M. Simon & Co., Stix & Co. New York — J. W. Christiansen. St. Louis — Herrick J. Gray & Co., 'Whitaker & Co., A. G. Edwards & Sons, E. A. Gessler, Stix & Co. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Ask High.98% '17 99 '16 97 Deo. Low. 94 '13 96 '13 LITCHFIELD & MADISON RAILWAY 1st 88. Due Nov. 1, 1934. — F. Dated Nov. 1, 1904. Interest payable May and Nov., at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $999, 000. In Treasury — $1,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Redeemable on any interest date at 105 and Interest. Organization — Incorporated in Illinois in 1900. Secured by a first mortgage on 43.97 miles of railroad from Litchfield to Madison, 111. The company has trackage rights to a con- nection with the road of the Terminal Assoc, of St. Louis. Year ended Dec, 31 Gross Net Int., Etc. '•1918 $116,598 $132,014 $65,417 tl918 625,906 164,086 18,739 1917 489,342 220,131 93,895 1916 249,401 121,966 66,735 1915 214,801 84,638 67,846 1914 221,698 93,067 73,150 1913 199,001 62,145 78,088 •Corporate Income Account — Standard re- turn under Federal control. tFederal Income Account. Market. New York — Burgess, Lang & Co.. F. J, LIs- man & Co.. P. H. Hatch & Co. Chicago — 'Wollenberger & Co. Boston — Burgess, Lang & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 '10 102 '09 70 Jan. 90 Jan. Low. 60 '18 76 '16 60 Aug. 78 Deo. LITTLE FALLS & DOLGEVILI.E RAILROAD CO. Ist Ss. Due July 1, 1932.— F. Dated July 1, 1902. Interest payable Jan. and July 1, at American Exchange National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $250,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — United State? Mortgage & Trust Co., Now York. Assumed by the New York Central R. R. Co. Control — Absorbed by the N. Y. C. B. R. Co. Secured by a first mortgage on 10 miles of read from Little Falls to Dolgeville, N. Y. Underies — ^N. T. C. & H. R. Cons. 43 of 1998, N. Y. C.-L. S. Coll. 3%s of 1998, N. Y. e.-Mlch. Cent. Coll. S%s of 1998. N. Y. C. H R. Deb. 4s of 1934. N. Y. C. & H. R. Deb. 43 of 1942, N. Y. C. & H. K. Ret. & Imp. 4%s of 2013. The latter provides tor the re- tirement of this issue, liesal for Cal., Conn., Me., Mass., Minn., Mich., Mo., N. H., N. J., N. T., R. I.. Vt. ancT "Wis. Market. New York — Remicli;, Hodges & Co., Abraham & Co.. Baker, Carruthers & Pell. Utica — ^A. James Eclcert. Philadelphia — Chas. Pearon & Co. Price Range. Jan. 1. 1916 to Jan. 1, 1919 1918 Bid Ask Bill Hig-h.SO '17 83i4 '16 55 Feb Low. 60 '17 81 '16 iaXTI.,E MlASn RAILROAD CO. Gen. (Now 1st) 4s. Due Nov. 1, 1962. — N. . Dated Nov. 1, 1912. Interest payable May 1 and Nov. 1, at Farmers' Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — 51,070,000. Reserved for Improvements, Etc. — $S,930.- ooo. Denomination — Coupon, $1,000. Reeisterable as to principal. Trustee — Central Trust Co., Cincinnati. Guaranteed as to interest by the Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. and the Pennsylvania R. R. Co., under terms of lease. Orsranization and Control — Incorporated in Ohio In 1836. $2,182,000 of the $6,000,000 special guaranteed stock and $500 of the $5,000,000 original stock is owned by the P., C, C. & St. L. Ry. Co. and the Penn- sylvania Co. The Little Miami R. R. Co. leases 93 miles of road from Columbus to Xenia and Dayton to the Indiana-Ohio State Line, which, together with the road owned forms the main line of the Pennsylvania System into Cincinnati from the East. The entire property is leased for 99 years from 1869 to the P., C, C. & St. L. By. Co., with privilege of renewal into perpetuity, at a rental of interest, taxes and 8% on the original stock, as well as dividends at not exceeding 4% on any stock which may be issued, in lieu of bonds. Secured by a first mortgage on 86.72 miles of road from Cincinnati to Springfield, Ohio, and valuable terminals in Cincinnati, Ohio. The company also owns 15 miles of immort- gaged road from Xenia to Dayton, Ohio, which forms part of the line over which the fastest trains of the Pennsylvania system between St. Louis and the Bast are operated. Legal for Conn., Me., N. J., and "Wis. Original Market — $1,070,000 offered Feb., 1913, at 97 and interest by L. "Von Hoffmann & Co., New York, and Fifth-Third National Bank. Cincinnati. Iiist^ on the N. T. Stock Exchange. Market. New "i'ork — J. S. Farlee & Co., Baker, Car- ruthers & Pell, Redmond & Co., Taylor, Smith & Hard. Korn, Lehman & Co. Cincinnati — Fifth-Third National Bank. Philadelphia — Chas. Fearon & Co., Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96 '17 100 '17 80 .Tune 83% Nov. Low. 70 '18 83% '18 70 Sept. LITTLE ROCK & HOT SPRINGS WESTERN RAILROAD CO. 1st 4s. Due July 1, 1939. Dated July 1, 1899. Interest payable Jan. and July 1, at Trustee's office and :n Phila- delphia. Tax 'Status^2% Federal Income Tax paid by company without deduction. Authorized — $20,000 per nUle. Outstanding — $1,140,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — St. Louis Union Trust Co., St. Louis. Control — Absorbed by St. Louis, Iron Moun- tain &. Southern Ry. Co. In March, 1917, the latter company was succeeded through fore- closure by the Missouri Pacific R. R. Co. Secured by a first mortgage on 57.21 miles of road from Little Rock to Hot Springs, Ark. The road from Little Rock to Benton, 25.81 miles, was sold in 1911 to the Rock Island, Arkansas & Louisiana R. R. Underlies — Missouri Pacific R. R. 1st & Ref. Mtge., which provdes for the retirement of this issue, and also the Gen. 4s of 1975. Legal for Me. and Mo. Market. New York — J. S. Bache & Co., McKinley & Morris, Baker, Carruthers & Pell, "Wm. C. Ewen, Spencer Trask & Co., John Nickerson, Jr. St. Louis — Herrlck J. Gray & Co., "WhI taker & Co., "Walter E. Orthwein. Stix & Co., A. G. Edwards & Sons, E. A. Gessler. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.85 '10 90 '10 68 Dec. 71 Nov. Low. 50 '16 , 57% '16 68 July 60 Apr. LITTLE ROCK GAS & FUEL CO. Kef. 66. Due Nov. 1, 1937.-^F. Dated January 10, 1913. Interest payable May 1 and November 1, at Trustee's ofllce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $1,287,500 (Jan. 1, 1919). Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable on Nov. 1, 1914, or any interest date thereafter at 101 and interest. Sinking Fund — $25,000 per annum, as long as the company is supplying natural gas. Organization — Incorporated In Delaware in 1912. Secured by a first mortgage on plant sup- plying natural gas in Little Rock and Arsenta, Ark. Population served, 65,000. Underlies — $287,000 Debentures 6s of 1922. Year ended Dec. 31 Bond Gross Net Interest 1918 $987,138 $167,899 $92,872 1917 834,807 145,886 91,242 1916 666,927 109.232 90,780 1915 514,509 97,342 90,321 1914.... 648,046 113,549 88,677 Original Market — First offered by Cooke, Holtz & Co. (now H. T. Holtz & Co.), Chicago, at par and interest. Market. Chicago — "Wm. S. Gilmore & Co., Babcock, Rushton & Co., H. T. Holtz & Co. Philadelphia — B. L. DoUings Co. Indianapolis — R. L. Dollings Co. 667 Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask HiEh.95 '16 97 '18 93 Dec. 97 Dec. Low. 89 '18 89 Sept. LITTLE ROCK (ARK.) RAILWAY & ELEC- TRIC CO. 1st 5s. Due April 1, 1933.— F. Dated April 1, 1903. Interest payable April 1 and Oct .1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding— $1,854,000 (Jan. 1, 1919). Held in S. F. — $146,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial-Germania Trust & Sav- ings Bank, New Orleans, La. Redeemable at 107% and interest on any interest date on 6 days' notice. Sinking Fund — One-half of 1% of outatand- in& bonds from July 31, 1908 to 1917, inclu- sive, and 1% thereafter for the purchase or redemption of bonds at not exceeding 107% an* interest. Bonds so acauired to be kept alive and interest added to sinking fund. Organization and Control — Incorporated in Arkansas in 1303. 81% of the common stock and 80% of the preferred stock is owned by tho Amterican Cities Co., a subsidiary of the United Gas & Electric Corp. Secured by a first mortgage on 39 miles of street railway track, of which 12 miles are double-tracked^ comprising the entire system in Little Rock, Ark., and on plant supplying elec- tricity in Little Rock and a part of Argenta. Population served by railway, 60,000; by elec- tricity, 68,000. Railway franchise expires in 1951, electric franchises perpetual. The com- pany has acquired control of water powers on the Onachita River, some 45 miles from Little Rock, and the erection of a hydro-electric plant is being considered. Und'erlies— Ref. & Ext. 6s of 1938 and $600.- 000 6% notes due Jan. 1. 1920. Year ended Dec. 31 Gross Net Int. & S. P. 1918 $1,436,145 $264,558 $230,224 1917 1,125,603 437,531 214.054 1916 934,972 403,572 ^10.820 1915 881,861 372,714 205.33 6 Listed on the New Orleans Stock Exchange. Market. New York— A. B. Fitkin & Co., John D. Curtis & Co. New Orleans — B. D. Cohn, Claude M. Smith & Co. Baltimore — Jenkins, "Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106 '11 111 '15 95 Feb. 100 July Low. 82 '18 90 '18 82 Sept. 90 Sept. LITTLE ROCK (ARK.) RAILWAY & ELEC- TRIC CO. Ref. & Ext. 6s. Due April 1, 1938.— F. Dated April 1, 1908. Interest payable April and Oct. 1, at Trustee's office or Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding— $1,594,500 (.Tan. 1, 1919). Held in Sinking Fund — $50,500. Held in Treasury — $226,000. Cancelled — $10,000. Denomination — Coupon, $500 and $1,000. Registerable aa to principal. Trustee — Bank of Commerce & Trust Co., Memphis, Tenn. Sinking Fund — One-half of 1% of outstand- ing- bonds, including bonds in sinking fund, annually from Aug. 1, 1913, for purchase or redemption of these bonds at a price at which they yield not less than 4%%. Bonds so ac- quired are to be kept alive and interest added to sinking fund. Organization and Earnings — See 1st 5s. Secured by a second mortgage on property described under 1st 5s. Prior Lien^$l, 854,000 1st 5s of 1933, for retirement of which bonds of this issue have been reserved. Underlies — $6 00,000 6% notes due Jan. 1, 1920. Earnings — See 1st 5s. Listed on the New Orleans Stock Exchange. Market.' New York — J. S. Bache & Co., Joseph & Wiener, John D. Curtis & Co. New Orleans — Interstate Trust & Banking Co., B. D. Cohn, Claude M, Smith & Co. Price Range. Jan. 1, *12 to Jan, 1, '19 1918 Bid Ask Bid Ask High. 108 '12 110 '12 93 Feb. 99 Jan. Low. 76 '18 78% '18 76 July 78% July MTTIiE ROCK RAILWAY & ELECTRIC CO. g-Year 6% Notes. Due Jan. 1, 1920.— F. Dated Jan. 1, 1918. Interest payable Jan. 1 and July 1, at Trustee's office or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $600,000. Purpose of Issue — To provide for payment of $400,000 notes which matured Dec. 1, 1917, for extensions and equipment and to provide for the contract with the Government for light and power purposes at Camp Pike about 10 miles from Little Rock. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Interstate Trust & Banking Co., New Orleans. Redeemable on 10 days' notice on any inter- est date at 101 and interest up to and includ- ing Jan. 1. 1919, and thereafter at 100% and interest. Redemption Fund — The indenture provides that the company shall redeem at least $30,000 of these notes on every interest date up to and including July 1, 1919. Notes are to be purchased or redeemed at not over the redemp- tion price. Organization and Property — See 1st 5s. Secured by pledge of the following securities: $71,000 1st 6s. due 1939, and $112,200 capital stock of the Central Heating & Manufacturing Co.: $3,400 common stock of the United Gas &i Electric Co.; $74,500 1st ds, due 1940. of the Arkansas Cold Storage Co.; $199,000 1st 6s,. due 1935, of the Intercity Terminal Rail- way Co. The company covenants that it will not exe- cute any new. mortgage (other than pilrchase money mortgages) upon any of its property now owned, or hereafter acquired, except by way of further security for bonds issued, or to be Issued, under existing mortgages on its property. The company further covenants that it will not incur any new indebtedness or extend the payment of any existing Indebtedness, except for current operating accounts, provided, how- ever, that said company may sell, or negoti- ate, any bonds certified under the provisions Oi its first and second mortgages, and held or owned by It, for the purpose of raising funds for its corporate business : or in the event that it may determine not to sell or negotiate such bonds, then it may borrow not exceeding eighty-five per cent. (85%) of the face of such bonds, with accrued interest, upon the pledge or security of said bonds. Nothing herein contained, however, shall be taken or construed to prevent the company. In the ordinary course of its business, from ware- housing, or pledging in any way, from time to time, as security for the payment of temporary loans, to meet operating accounts, any mater- ials, bills or accounts receivable owned by the company. Prior Liens — $1,854,000 1st 69 of 1933, and $1,594,500 Ref. & Ext. 6s of 1938. Earnings — See 1st 5s. Original Market— $600,000 offered Feb., 1918, by the Interstate Trust & Banking Co., New Orleans, at 97% and interest. Market. Baltimore — J. S. Wilson, Jr,, & Co. Price Range 1918 — Ask 97%. liOCKPORT & OLCOTT RAILWAY CO. Xst 5s. Due July 1, 1920.— P. Dated July 1, 1900. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $800,000. Denomination — Coupon, $1, 000. Hegisterable as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed as to principal and interest by the International Traction Co. Control — ^Absorbed by International Ry. "Co., which is controlled through stock ownership by the International Traction Co., a subsidiary of the United Gas & Electric Corp. Secured by a first mortgage on 16 miles of interurban railway from tockport to Olcott, N. T., of which 12 miles is on private right- of-way. Olcott is on Lake Ontario, Underlies — International Ry. Ref. & Imp't 53 and International Traction 4s. . Bonds are reserved under the railway company' s mort- gage to retire this issue. Earnings — See International Ry. Co. Original Market — $295,000 offered in 1900 by E O. McNair & Co. and John T. Steele, both of Buffalo, N. T. Marlcet. Buffalo — John T. Steele, Gardner. Penn & Co.. O'Brian, Potter & Co. New York— R. C. Megargel & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '09 101 '09 92 June 96 June Low. 86 '18 91 '18 86 Oct. 91 May I.OCKPORT GAS & ELECTRIC CO. Ist 58. Due Feb. 1, 1930. — F. Dated Feb. 1, 1900. Interest payable Feb. and Aug. 1, at Equitable Trust Co. , New York. Tax Status — 2'>p Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest. Control — Absorbed by Lockport Light, Heat & Power Co. All of the stock of that com- pa.ny is owned by United Gas & Electric Corp. of N. J., and all of the stock of this latter company is owned by the United G. & E. Corp. of Conn. Secured by a first mortgage a part of the plants supplying gas and electricity in Lock- port, N. Y. Population served, 20,000. Fran- chise expires in 2005. Underlies — $450,000 1st & Ref. 5s of 1938 and $350,000 Gen. 7s, due Jan. 16, 1920, of tlie Lockport Light, Heat & Power Co. Earnings — See Lockport Lt., H. & Power Co. Original Market — Offered by Mills & Blanch- ard, Boston, and Flagg & Worcester, New York, at 102 and interest in Jan., 1900. Market. New York — F. H. Hatch & Co., John Nick- erson, Jr. Price Range. Jan. 1. *08 to Jan. 1, '19 1918 Bid Ask Bid High. 98 '10 100 '16 85 June Low. 85 '18 97 '17 LOCKPORT LIGHT, HEAT & POWER CO. 1st & Ref. 5s. Due Jan. 1, 1938.— F. Dated January 1, 1908. Interest payable Jan. and July-1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $750,000. Outstanding — $450,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at par and interest on any in- terest date on four weeks' notice. Organization and Control — Incorporated in New York in 1907. For Control see L.. G. & E. 1st 6s. Secured by a first mortgage on a part and a second mortgage on the remaining portion of the plants supplying gas and electricity in Lockport, N. Y. Population served, 20,000. Franchise expires in 2005. Prior Liens — $300,000 Lockport Gas & Elec- tric Light Co. 1st 5s, due February 1, 1920, to retire which bonds of this issue have been reserved. Underlies — $350,000 Gen. 7s of 1920. Year ended Dec. 31 Gross Net Int. & Rent 1918 $443,751 $102,851 $61,866 1917.... 377,954 96,173 57.613 1916 338,630 94,728 53.559 1915 284.849 68,566 48.923 Original Marketr— First offered by Bertron, Griscom & Jenks (now Bertron, Griscom & Co.), New York and Philadelphia. Market. New York^ — Merrill, Lynch & Co., Bertron, Griscom & Co. , John Nickerson, Jr. Chicago — ^Merrill. Lynch & Co. Price Range. Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91 '13 95 '13 66 July 88% Jan. Low. 66 '18 72 '18 72 July LOCKPORT LIGHT. HEAT & POWER CO. Gen. 78 Due Jan. Ifi, 1920. Dated July 16. 1918. Interest payable July 16 and January 16, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $350,000. Outstanding — $350,000. Purpose of Issue — To refund a like amount of unsecured notes which matured July 16, 1918. Denomination — Coupon $1,000 and $500. Trusrtee — Equitable Trust Co., New York. Guaranteed principal and interest by the United Gas & Electric Co. of New Jersey. 669 OrganizatioD — See 1st & Ref. Ba. Secured by a general mortgage on plants supplying electric light and power, gas and steam heat in Lockport, N. T. Population served about 21,000. Franchises expire in 2005. Prior Liens— $300,000 Lockport Gas & Elec- tric Co. 1st 5s of 1920 and $450,000 1st & Uet 5s of 1938. Earnings — See 1st & Ref. 5s. Original Market — $350,000 ofCered Oct., 1918, by John Nickerson, Jr., New York, and How- ard R. Taylor & Co.. Baltimore. Market. New York — John Nickerson, Jr. THE liOCOMOBILB CO. OF AMERICA 1st S. F. «s. Due June 1, 1933. — F. Dated June 1, 1912. Interest payable June and Dec. 1. at Spencer Trask & Co., New York. , Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 1 , 5 0, . Outstanding — $416,000 (June 1, '19). Retired by Sinking Fuiud — $1,084,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking and Reserve Fund — ^Annually, be- ginning June 1, 1913, $150,000. Of this amount, $100,000- is obligatory and must be paid to the Trustee. The remaining $50,000, or any part thereof, is only to be paid if earned. If any part of the remaining $50,000'' is not earned and paid during any one year, the unearned balance shall be added to the sinking fund of the following year, or years, to be paid as earned. If any dividends are paid on any class of stock other than the $1,500,000 preferred, the company shall pay an amount equal to one-half of such dividends to the Trustee, the money to be used to create a reserve fund of $250,000, and to maintain the same as provided in the mortgage. After the reserve fund has been provided for, such pay- ments shall be used as a further sinking fund for the purchase of First Mortgage- 6% bonds, or for new property or improvements of a per- manent nature. The reserve fund will be available to meet interest and sinking fund payments under the mortgage, if current earn- ings should be at any time insufficient, but shall not be used for any other purpose with- out the consent of Spencer Trask & Co. Bonds may be purchased for account of the sinking fund by advertising for tenders at not over 105 and interest, but if not obtainable at 105 and interest or less, shall be drawn by lot. All bonds acquired by the sinking fund are to be cancelled. Organization — Incorporated in West Virginia In 1899. Secured by a first mortgage on the plant at Bridgeport, Conn., where the company is en- gaged in the manufacture of high-grade auto- mobiles, and on all of the property of the company, except real estate in New York City, on which these bonds are secured by a second mortgage subject to $151,000 real estate mort- gages. The company has branch offices in twelve of the leading cities In this country. ITnderlies — $1,000,000 Deb. 6s. Original Market — $1,500,000 offered in July, 1913, by Spencer Trask & Co., New York, at 97% and interest. Market. New York — McGeorge & "Vanderhoef, Baker, Carruthers & Pell, T. L. Bronson, Taylor & White. Baltimore — Jenkins, Whedbee & Poe, Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 94% '16 99 '16 94 Dec. 96 Oct Low. 93% '16 95% '16 LOCOMOTIVE & MACHINE CO. OF MON- TREAL, litd., let 4s. Due March 1, 1924. Dated March 31, 1904. Interest payable March 1 and Sept. 1, at Royal Trust Co., Montreal, Tax Status — Payment of Federal Income Tax not assumed by company. Authoiized and Outstanding — $1,500,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — ^Royal Trust Co., Montreal. Guaranteed as to principal and interest by endorsement by the American Locomotive Co. Organization and Control — The name of this company has been changed to Montreal Loco- motive Works, Ltd. Entire stock owned by the American'Locomotive Co. Secured by a first mortgage on plant of the ' company at Montreal, including wharves, rail- ways, power houses and all other property. - Market. New York — E. & - C. Randolph, "Wm. C. Ewen, Spencer Trask & Co., Baker, Car- ruthers & Pell, Taylor & White. Boston — Spencer Trask & Co. Price Range. Jan. 1, '16 to Jan. 1, *19 1918 Bid Ask Bid Ask High. 89 '16 94% '17 86% Feb. 90.y8 Jan. Low. 80 '17 85 '18 SO Apr. 85 Apr. (THE) LONG-BELIj'LUMBER CO. 1st &_Ref. "Serial" 6s. Semi-annually on May 1 and Nov. 1 to May 1, 1922, in amounts varying from $300,000 to $325,000. — F. Dated May 1, 1907. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $9, 000, 000. Outstanding— $1,583,500 (March 17, '19). Retired — $7,416,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101% and interest any inter- est date on 60 days' notice. Sinking Fund — $3.50 per thousand feet for all timber cut and manufactured into lumber to ba applied to retirement of bonds as they mature. Should the deposit exceed the amount of bonds maturing in any year, the Trustee is required to purchase or call for redemption at a premium of 1% % the unmatured bonds to an amount sufficient to exhaust this surplus. Secured by a first mortgage on 370,000 acres of long and short leaf yellow pine timber lands, and leasehold interest in some 15,000 additional acres, located in Calcasieu, Rapides and Sabine Parishes. Louisiana, and San Au- gustine, Angelina and Sabine Counties, Texas. This property Is estimated to contain 3,500.- 000,000 feet of lumber. Further secured on seven large, modern saw mills, with power houses and other equipment. Original Market — Ofeered in 1907 by Clark L. Poole & Co., Chicago, and In 1910 by the same firm and F. J. LIsman & Co., New York: Francis Bro. & Cd. and Wm. R. Comp- ton Co., St. Louis, at par and Interest. 670 Market. Chicago — Steere & Co., Babcock, Rushton & Co. Toronto — Dominion Securities Corp. Minneapolis — ^Minneapolis Trust Co. Texarkana — R. S. Cheatham. Kansas City, Mo. — J. G. Strean Inv. Co. Price Rang:e. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid High.10.014 '16 101 '16 99% May Low. 97 '15 99% '15 98 Feb. LONG DOCK CO. Cons. 6s. Due Oct. 1. 1935. Dated November 16, 1885. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $7,500,000. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustees — ^Anthony J. lliomas and Charles Edward Tracy. Redeemable at 110 and interest from pro- ceeds from the sale of lands not necessary for the purposes of the company. No lands have ever been sold, and it is not likely that any will be. Controlled by the Brie Railroad Co. through ownership of its entire capital stock, which is held by Trustee of its Cons. Mortgage of 1996 and leased to that company. Rental, interest on these bonds. Secured by a first mortgage on the Bergen Tunnel used by the Erie R. R. Co.; upon 577 acres of land and lands under water, docks, terminals, and 2'^ miles of double track rail- road in Jersey City. The property is assessed at more than $9,640,000. Refunding — The Erie R. R. Cons. Gen. Lien 4e of 1996 provide for retirement of this issue. Legal for N. J. Listed on the New York Stock Exchange. Market. New York — E. & C. Randolph, Abraham & Co., Baker, Carruthers & Pell, John Daven- port. Chas. W. Place, Redmond & Co..'W. E. R. Smith & Co., Taylor, Smith & Hard. Philadelphia — Chas. Fearon & Co., Graham, Parsons & Co. Newark — J. S. Rippel. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 -1918 High.l35M! Feb. 23, '06 108 Dec. 13 Low. 108 Dec. 13, '18 108 Dec. 13 LONG ISLAND CITY & FLUSHING RAIL- ROAD CO. Cons. 5s. Due May 1. 1937. Dated May 2, 1887. Interest payable May and Nov. 1, at office of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding— $650,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Long Island R. R. Co. Control — Absorbed by the Long Island R. R. Co. Secured by a. mortgage on 19.30 miles of road. viz. : A first lien on 15.21 miles — Winfield Jet. to Long Island City 4,07 Flushing to Great Neck 6.09 Whitestone Jet. to "Whitestone Landing 4.84 Great Neck Jet. to Flushing 21 A second lien on 4.09 miles — Winfield Jet, to Flushing 4.09 Prior Lien — New York & Flushing R. R. 1st 6s of 1920 on 4.09 miles. Underlies — L, I. R. R. Cons. 4s and 5s of 1931, L. I. R. R. Unified 43 of 1949 and L. I. R. R. Ref. 4s of 1949 and Debs. Bonds are reserved under the Refunding mortgage to re- tire this issue. Legal for Maine. Market^ New York — Chas. "VV. Place, Blodget & Co.. Tobey & Kirk, Wm, Carnegie Ewen, Baker, Carruthers & Pell, T. L, Bronson, Taylor, Smith & Hard, P. J. Lisman & Co., Korn, Lehman & Co., Low, Dixon & Co., Spencer Trask & Co. Philadelphia — Chas. Fearon & Co. Boston — Blodget & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.106 '10 1061/^ '11 92 Nov. Low. 87 '18 104 '16 87 Aug. LONG ISLAND LIGHTING CO. 1st S. F. 5s. Due March 1, 1936. — P. Dated March 1. 1911. Interest payable March and Sept. 1, at Trustee's, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $6,000,000, Outstanding — $1,878,300 (Jan. 1, 1919). Reserved for Ext. — $4,121,700. Retired by S. F. — None. Denomination — Coupon, $1,000, $500 and $100. Registerable as .to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Sinking Fund — Annually, 1% of all bonds outstanding, beginning March 1, 1916, for the purchase or redemption of bonds at not exceed- ing 105 and interest. Bonds so acquired to be cancelled. Improvement Fund — Annually, beginning on March 1, 1914, 1% of the bonds outstanding to be applied to the cost ot additions and betterments. Organization — Incorporated in New York In 1910 as a consolidation. Secured by a first mortgage on property and plants supplying gas and electricity to thirty- five communities, principally in Suffolk County, Long Island, including Northport, Greenlawn, Kings ■ Park, Smithtown, St. James, Stony Brook, Brentwood, Central Islip, Ronkonkoma, Parmingdale, Amityville, Lindenhurst, Massa- peaua, Babylon, Bay Shore, Islip, Great River, Oakdale, Sayville, Bayport, Cold Spring Har- bor, and the Village and Town of Hunting- ton. The company has transmission lines con- necting with its generating plant at Northport on the waterfront and 363 miles of distribut- ing lines. Population served 120,000 and in summer probably 200, 000. The majority of its franchises extend be- yond the maturity of the bonds. Year ended Dec. 31 Gross Net Int., Etc. 1918 $641,935 $224,402 $148,497 1917 432,ff31 144.178 87,933 1916 240,401 108,856 56,203 1915 204,703 100,353 51,19 6 1914 121,379 57,430 27,567 Original Market — $225,000 offered In June. 1911, by E. H. Rollins & Sons, Boston, New York, etc., at 93^ and interest. $200,000 by same firm, Sept., 1915, at 92^ and interest. 671 Market. Boston — E. H. Rollins & Sons. New York — J. A. Clark & Co., L. A. Norton, Britton, Rollins & Co., B. & C. Randolph, Pinch & Tarbell, T, L. Bronson, John Muir & Co.. Martin, Berwin & Co., E. H. Rolling & Sons. S. L, Snowden, Earl A. Miller & Co., H. D. Bobbins & Co., Pynchon & Co., John Davenport, AV. C. Rauscher, Wm. C. Ewen, Taylor & White, Low, Dixon & Co. Philadelphia — E. H. Rollins & Sons. Buffalo — A. L,. Chambers & Co. Denver — B. H. Rollins & Sons. Chicago — E. H. Rollins & Sons. liOS Angeles — E. H. Rollins &. Sons. San Francisco — E. H. Rollins & Sons. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 96 '16 97% '17 85 June 90 Nov. Low. 83 '18 86 '18 83 Apr. 86 Feb. liONG ISLAND RAILROAD COMPANY. Incorporated in New York in 1834. The company owns 323 miles of road from Long Island City and Bay Ridge, Brooklyn, to Greenport and Montauk, at the eastern end of Long Island, with numerous branches, and leases 70 miles of road. 110 miles of the road owned and 37 miles of the leased lines are double-tracked. Practically the entire system in the western end of the island has been electrified, and trains are operated into the Pennsylvania Station in New York City. The company also controls all of the electric rail- ways on Long Isand, except those of the Brooklyn Rapid Transit Co.'s system. The Long Island R. R. Co. has outstanding $34,110,250 of stock, of which $33,823,650 is owned by the Pennsylvania Railroad Co., which guarantees $25,897,000 of that com- pany's Refunding 4% bonds. The Long Island R. R. Co. has outstanding $47,608,637 bonds, on the 323 miles of road owned by the company. These bonds a.re out- standing at the rate of $168,300 per mile. Year ended Dec. 31 Gross Net Int.fe Rent •1918.. $3,221,949 $3,784,248 $3,010,273 tl918.. 22,241,156 4,229.105 870,538 1917.. 17.286,178 6.039.276 4,169,976 1916.. 14,971,839 4,837,036 4,695,664 1915.. 13,553,780 4,220,293 4,381,443 1914.. 13,282,930 3,982,869 4,477.000 •CorpTrate Income Account-standard return under Federal control. tFederal Income Ac- count. LONG ISLAND RAILROAD CO. Cons. 5s and 48. Due July 1. 1931. Dated Sept. 1, 1881. Interest payable Jan., April. July and Oct. 1, at office of Treasurer of Penna. R. R. Co.. New York, or at Robt. ■ Benson & Co., London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,610,000 63: $1,121,000 4s. Denomination — Coupon, $1,000, registerable as to principal. Trustee — Central Union Trust Co.. New York. Secured upon -32 8.92 miles of road, viz.: A first lien on 188.51 miles — Miles Jet. with Montauk Div. to Jet. with North Shore Freight Branch, L. I. City 1.08 Whitepot Jet. to Glendale Jot 1.66 Great Neck to Port Washington 3.89 Bethpage Jet. to Belmont Jet 7.21 Lynbrook to Long Beach 6.25 Floral Park to Creedmoor 2.02 Float bridges to Gosman Ave., Long Island City '. . . . 2.64 Jet. with main line east of Queens to Belmont Park 91 Rockaway Jet. to Springfield 3.42 Fiatbush Ave., Bklyn., to west property line of Nassau Eleo. R. R 16 Mineola to Oyster Bay 14.58 Manorville to Sag Harbor 35.10 Yaphank to Camp Upton 1.26 Long Island City to Greenport 94.43 Hicksville to Old Northport 15.01 A second lien on 136.32 miles — Covered by the first lien of the fol- lowing: L. I. R. R. Stewart Line 1st 4s 16.37 L. I. City & Flushing 1st Cons. 6s 15.21 Brooklyn & Montauk 2d (now 1st) 5s... 75.71 N. Y. Bay Ext. R. R. 1st 6s 6.89 Montauk Extn. R. R. 1st 5s 26.85 N. Y. & Flushing R. R. 1st 6s, Hunters Point, L. I. City, to beyond Laurel Hill 2.29 Covered by the first lien N. Y. & Flushing R. R. 1st 6s: Winfleld Jet. to Flushing 4.09 Also a lien on all ferries, ferry property and rights, and marine equipment. Prior Liens — $3,616,000 prior liens (closed mortgages) as follows: N. Y. & Flushing R. R. 1st 6s, 1920 $126,000 L. 1. R. R. -Perry 1st 4%s, 1922.. 1,490,000 L. L R. R. -Stewart Line 4s, 1932.. 332,000 L. I. City & Flushing R. R. 1st 5s, 1937 650,000 Brooklyn & Montauk R. R. 2d (now 1st) 5s. 1938 600.000 N. Y. Bay Extn. R. R, 1st 5s, 1943 100,000 Montauk Extn. R. R. 1st 5s, 1946.. 315,000 Underlies — Gen. 4s of 1938; Unif. 4s of 1949: the Ref. 4s of 1949; $1,600,000 Deb. 5s of 1934, and $6,202,100 Deb. 6s of 1937. Bonds are reserved under Refunding mortgage for the retirement of this issue. Listed on the New York Stock Exchange. Market. New York — McKinley & Morris, Seasongood, Haas & Macdonald, S. P. Larkin & Co., Wm. C. Ewen, J. S. Parlee & Co., Clark. Dodge & Co., Taylor, Smith & Hard, Tobey & Kirk. Baker, Carruthers & Pell, Redmond & Co., Vilas & Hickey, Korn, Lehman & Co., Spencer Trask St Co. Pliitadelphia — Graham, Parsons & Co., Wheeler, Elliot &. Mann, Chas. Pearon & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 5s High.117 Mar. 19, '06 96 Nov. 30 Low. 91% Apr. 6, '18 91% Apr. 6 4s Bid Ask High.96% Mar. 30. '12 87% Dec. 89 Oct. Low. 94% June 14. '16 75 Jan. 87 June LONG ISLAND RAILROAD CO. Gen. 4s. Due June 1, 1938. — P. Dated August 1, 1888. Interest payable June and Dec. 1, at oiflce of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $3,001,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. 672 Secured by a second mortgage on 162.20 miles of road, viz. : Miles Bethpage Jet. to Belmont Jet 7 . 21 Long Island City to Greenport 94.43 Manorville to Sag Harbor 35.10 Hicksviire, to Old Northport 15 . 01 Mineola to Locust Valley 10.45 Alao secured on leasehold interest — . Also a second lien on terminal properties at Long Island City, Flatbush Ave., Brooklyn, and Newtown Creek. Prior Liens — J4.731,000 Cons. Ba and 4s ot 1931. TJnderlies — Long Island K. R. Unlf. 4s of 1949, and the Kef. 4s of 1949. Bonds are reserved under the latter mortgage to retire this issue. Listed on the New York Stock Exchange. Market. New York — S. P. Larkin & Co., Wm. C. EJwen, Louchheim, Minton & Co., Coffin & Co., J. S. Farlee & Co., Tobey & Kirk, Blodget & Co.. Struthers & Hiscoe, Baker, Carruthers & Pell, Redmond & Co., Taylor, Smith & Hard, Korn, Lehman & Co., 3pencer Trask & Co. FfaUadelphla — Louchheim, Minton & Co. Boston — Blodget & Co. Price Rang&— N. Y. S. £. Jan. 1, 1906 to Jan. 1. 1919 1&18 High.102^ Jan. 30, '06 81 Dec. 2 Low. 71% June 11, '18 71% June 11 LONG ISLAND BAILROAB Ferry 1st 4%s. Due March 1, 1932. — N. Dated March 1, 1892. Interest payable March and Sept. 1, at office of Treasurer of Penna. R. R. Co., New "York. Tax Status — Payment of Federal Income Tax not assumed by company. An thorised— -Closed mortgage. Outstanding — $1,490,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust. Co, , New York. Secured by a first mortgage on ferry prop- erty In Long Island City and New York City, together with several ferry boats operated be- tween New York City and Long Island City. Underlies — Long Island R. R. Cons. 53 and 4s of 1931; Unif. 4b of 1949. and the Ref. 4s of 1949. Bonds are reserved under the latter mortgage to retire this issue. Listed on the New York Stock Elxchange. Original Market — $250,000 offered Nov., 1908, by Robt. Glendinning & Co.. Philadel- phia. Market. New York — Remick, Hodges & Co., Tobey & Kirk, Coffin & Co. , Callaway, Fish & Co. , E. & C. Randolph, McGeorge & Vanderhoef, Baker. Carruthers & Pell, Hartshorne & Bat- telle, Chas. W. Place, Wm. C. Bwen, McClure, Jones & Reed. Philadelphia — Chas. Pearon & Co. , "Welsh Brothers, Biddle & Henry, Robt. Olendinnlng &, Co., S. K. Phillips & Co. Price Ranee— N. Y. S. £. Jan. 1, 1006 to Jan. 1, 1919 191S High.102 Nov. 30, '08 85 Sept. 13 Low. 85 Sept. 13, '18 85 Sept. 13 LONG ISLAND BAXLBOAD CO. Stewart Line Forchase Money 1st 4a. Due June 1, 1932. Dated June 1, 1892. Interest payable June and Dec. 1, at office of Treasurer of Penn. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction., Authorized — Closed mortgage. Outstanding — $332,000. Denomination— Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co., New York. Assumed by Long Island R. R. Co. Secured by a first mortgage on 16.37 miles of road, viz. : Miles Floral Park to Bethpage Jet., L. 1 12.44 Bethpage Jet. to Bethpage, L. 1 1.52 Mineola to Hempstead, L. 1 2 . 41 Also lien on thirteen tracts and parcels of land in Queens County, N. Y. , and several strips and pieces of land in Hempstead and Oyster Bay, L. I. Underlies — Cons. 4s and 5s; Unif. 4s of 1949. and the Ref. 4s of 1949, which latter provide for the retirement of this issue. Legal for Maine. lasted on the New York Stock Exchange. Market. New York — Baker. Carruthers & Pell. Abra- ham & Co., Wm. C. Ewen. Spencer Trask & Co. Philadelphia — Chas. Fearon & Co. LONG ISLAND RAILROAD, NORTH SHORB BRANCH 1st Cons. 5s. Due 0cf. 1, 1933, Dated October 1, 1892. Interest payable Jan. 1, April 1, July 1 and Oct. 1. at office of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $1,262,000. Deposited under Unified 4s — $163,000. Reserved for Prior lien — $75,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co. , New York. Guaranteed principal and interest by the Long- Island R. R. Co. by endorsement. Organization and Control — Incorporated In New York in 1892. All of the capital stock is owned by the Long Island R. R. Co., which leases the property for 50 years from 1904 at a rental eauivalent to interest and taxefe. Secured by a mortgage on 30.31 miles of road, viz. : A first lien on 11.30 miles — Miles Port Jefferson to Wading River L. I... 11.30 A second lien on 19.01 miles — Northport Jet. to Port Jefferson, L. I... 19.01 Prior Lien — $75,000 Smithtown & Port Jef- ferson R. R. 1st 7s due Sept. 1, 1901. all owned by the Long Island R. R. Co. Refunding — L. I. R. B. Ref. 4a provide for the retirement of. thii^ issue. Listed on the New York Stock Exchange. Market. New York — Britton, Rollins tS; Co., Sharretta & Young, Louchheim. Minton & Co., Coffin & Co., Wm. Carnegie Ewen, Seasongood, Haas & Macdonald. Baker, Carruthers & Poll, Red- mond & Co., Vilas & Hickey, Spencer Trask & Co. Fhiladelphia — Louchheim. Minton & Co. Price Bange-^N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 Bid Ask High.109 Nov. 23. '06 90 Dec. 94 Dec. Low. 9Q% July 16, '16 82 Aug. 83^ Aug. LONG ISLAND RAILROAD CO. Deb. 5b. Due June 1, 1934. — N. Dated June 1, 1894. Interest payable June and Dec. 1, at office of Treasurer of Penna. R. B. Co., New York, or at Robt. Benson Co., London. Tax Status — Payment of Federal Income Tax not assumed by company. 673 Authorized — $1, 600, 000. OutBtandliiE — 11,136,000. Exchanged for L.. I. B. R. Unit. 4s and De- posited with Trustee of tliat mortgage — ■ $365,000. Deuomination — Coupon, $1,000. Registerable as to principal. Security — A direct obligation of the com- pany, but not secured by a mortgage. Refunding — Bonds are reserved under the Lcng Island R. R. Unif. Mortgage of 1949, and the Ref. mortgage of 1949 for the retirement of this issue. Listed on the New York Stock Exchange. Market. New York— S. P. Larkln & Co., Hartshorne & Battelle, Coffin & Co., P. J. Lisman & Co., J. S. Farlee & Co., Louchheim, Minton & Co., Baker, Carruthers & Pell, McClure, Jones & Reed. Philadelphia — Graham, Parsons & Co., I.,ouchheim, Minton &. Co., Walter B. Pol- lock. Price Range — N.Y.S.B. Jan. 1, '06 to Jan. 1, '19 1918 High.l04H Dec. 10, '08 97 Jan. 10 Low. 96 Oct. 31, ,'13 97 Jan. 10 LONG ISLAND RAILROAD CO. Unified 4s. Due March 1, 1940. Dated March 1, 1899. Interest payable March and Sept. 1 at office of Treasurer of Penna. R. R. Co. ' Tax Status — 2% Federal Income Tax paid by conipany without deduction. Authorized — Closed mortgage. Outstanding — $4,039,000. Exchaneed'tor Ret. 4s and Retired — $5,634,- 000. Denomination — Coupon $1,000. Registerable as to principal or ^ully registerable. Trustee — United States Mortgage & Trust Co. , New York. Redeemable at 110 and interest on any in- terest date on four months' notice. Secured by a direct mortgage on 327.66 miles of road, viz. : Miles A Second lien on 25.05 miles — Covered by first lien of Cons. 4s & 6s. Jet. with Montauk Div. to Jet, with North ^hore Freight Branch, D. I. City 1.08 Whitepot Jet. to Glendale Jet 1.66 Great Neck to Port "Washington 3.89 Lynbrook to Long Beach 5.25 Floral Park to Creedmoor 2.02 Float bridges to Gosman Ave., Long Island City 2.54 Jet. with main line east of Queens to Belmont Park 91 Rockaway Jet. to Springfield 3.42 Flatbush Ave., Bklyn., to west property line of Nassau Blec. R. R 15 Locust Valley to Oyster Bay 4.13 A third lien on 298.52 miles — Covered by the first lien of the Cons. 4s & 5s. Bethpage to Belmont Jet 7.21 Manorville to Sag Harbor 35.10 Long Island City to Greenport 94.43 Hicksville to Old Northport 16.01 Mineola to Locust Valley 10.45 And also covered by the first lien of the following: L. I. R. R. -Stewart Line 4s 16.37 L. I. City & Flushing 1st Cons. 6s.... 16.21 Brooklyn & Montauk 2d, now let 5s... 75.71 N. Y. Bay Extn. R. R. 1st 5s 6 . 89 Montauk Extn. R. R. 1st 5s 20.85 A fourth lien on 4.09 miles — Covered by the first lien of the following: N. Y. & Flushing R. R. 1st 6s 4.09 Also secured on 69.71 miles of leasehold interests. Prior lieaa — $11,342,000 prio liens (closed mortgages) as follows: N. Y. & Flushing R. R. 1st 6s, 1920 $126,000 L. I. R. R. «'erry 1st 4%s, 1922.. 1,490,000 L. L R. R. 1st Cons. 6s and 4s.' 1931 4,730,000 L. I. R. R. -Stewart Line 4s, 1932.. 332,000 L. I. City & Flushing R. R. 1st 5s, 1937 660,000 L. L R. R. Gen. 4a, 1938 3,000,000 Brooklyn & Montauk R. R. 2d, now 1st 53, 1938 600,000 N. Y. Bay Extn. R. R. 1st 5s, 1943 100,000 Montauk Bxtn. R. R. 1st 6s, 1945.. 315,000 - Underlies — Ret. 4s of 1949; $1,600,000 Deb. 6s of 1934 and $6,202,100 Deb. 5s of 1937. Bonds are reserved under the Refunding Mort- gage to retire this issue. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered in May, 1899. by August Belmont & Co., Strong, Stur- gis & Co., New York, and Lee, Higginson & Co., Boston, at 93^- and interest. Market. New York — Coffin & Co., Struthers & His- coe, fc). P. Larkin & Co., ^auitable Trust Co. of N. Y., Redmond & Co., Wm. C. Ewen, Vilas & Hickey. PhiladeApliia — Chas. Fearon & Co., Brown Bros. & Co., Walter B. Pollock. Prtce Range — N. Y. S. E. Jan. 1, 190« to Jan. 1, 1919 1918 High.lOl^ Jan. 3, '06 78 Nov. 30 Low. 71 June 13, '18 71 June 13 LONG ISLAND RAILROAD CO. Ref. 4s. Due March 1, 1949. Dated September 1, 1903. Interest payable . March and Sept. 1, at office of Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Bonds num- bered M-19,909 to M-23,H5, inclusive, are tax exempt in New York. Authorized — $46,000,000. Outstanding — $26,897,000. Reserved to Retire Prior Liens — $19,103,00(1. Denomination — Coupon, $500 and $1,000. registerable as to principal. Registered, $1,- 000 and multiples. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Guaranteed as to principal and interest by the Pennsylvania R. R. Co, by endorsement. Secured by a mortgage on all the property of the company including 328.92 miles of rail- road on Long Island and 73.52 miles of lease- holds and trackage rights, viz. : A second lien on 1.26 miles — Miles Yaphank to Camp Upton 1.26 A third lien on 25.06 miles — ■ Covered by the second lien of the Unified 4s 25.05 A fourth lien on 298.62 miles — • Covered by the third lien of the Unified 4s 298.52 A fifth mortgage on 4.09 miles — Covered by a first lien on N. Y. & Flushing R. R. 1st 6s: Winfield Jet. to Flushing 4.09 Also a lien on leasehold and trackage rights, aggregating 73.52 miles, viz.: Leaseholds — New York Brooklyn & Manhattan Beach By 17.27 Glendale & East River R. R 37 New York & Rockaway Beach Ry 21.76 Long Island R. R. North Shore Branch 30.31 674 Trackage — Pennsylvania Tunnel & Terminal R. R.. 3.82 Prior Liens — $15,386,000 prior liens (closed mortgages) as follows: N. Y. & Flushing R. R. 1st 6s, 1920 $125,000 L. I. R. R. -Ferry lat i^^s. 1922 1,490,000 L. I. R. R. 1st Cons. 5s & 4s, 1931 4,730,000 L. I. R. R. -Stewart Line 4s, 1932.. 332,000 L. I. City & Flushing R. R. lat 5s, 1937 650,000 Long Island R. R. Gen. 4s, 1938 3,000,000 Brooklyn & Mont&uk R. R. 2d, now 1st 5s, 1938 600,000 N. T. Bay Extn. R. R. 1st 5s, 1943. 100,000 Montauk Extn. R. R. 1st 5s, 1945... 315,000 L. I. R. R. Unified 4s, 1949 4.039,000 IJnderUes— $1,500,000 Deb. 6s of 1934 and $5,202,100 Deb. 5s of 1937. Listed on the New York and London 3tock Exchanges. Legal for Bait., Mich., Minn., N. H. and R. I. Original Marlcet — $10,000,000 offered In Feb., 1904. by Kuhn, Loeb & Co. and Kidder, Peabody & Co. at 99 and interest. Market. New York — S. P. Darkin & .Co., Season- good, Haas & Macdonald, Wm. C. Orton. Mor- ris & Smith, Newburger. Henderson & Loeb, Louchheim, Minton & Co., Struthers & Hiscoe, Coffin & Co. , Simon Borg & Co. . Wm. C. Bwen. Philadelphia — West & Co.. 'Wm. G. Hopper & Co., Newburger. Henderson & Loeb, Louch- heim, Minton & Co. Price Range — N. Y. S. E.' Jan. 1, *06 to Jan. 1, '19 1918 High.102% Jan. 30, '06 84 Nov. 12 Low. 72% Sept. 9, '18 72% Sept. 9 80- (THE) LONG ISLAND RAILROAD CO. Year Deb. 5s. Due May 1, 1937.— N. Dated May 1, 1917. Interest payable May 1 and Nov. 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,202,100. Outstandinie: — $5,202,100. Denomination — Coupon. $1,000, $500 and $100. Registerable as to principal. Regis- tered $1,000. C. & R. ($1,000) are inter- cha ngeable. < Trustee — United Stateg Mortgage & Trust Co.. New York. Redeemable on Nov. 1, 1922, or any interest date thereafter at 102% and interest on 90 days' notice. Security — A direct obligation of the com- pany, but not secured by a mortgage. In case the company shall hereafter at any time create any mortgage on Its franchises and property, to secure the payment of any bonds or other obligations. It agrees that the bonds issued in accordance with this agreement shall be se- cured equally by such mortgage with the bonds or other obligations issued thereunder. Listed on the New York Stock Exchange. Original Market — These debentures and new common stock, at par, were Issued to the Pennsylvania R. R. Co, In settlement of over $30,000,000 indebtedness. The latter company delivered these debentures to the United States Mortgage Trust Co., in exchange for a like amount of Long Island R. R. stock, represent- ing minority holdings. Off ering— A block offered July, 1917, by Dick, Gregory & Co., New York and Hartford, at 81 and Interest. Market. New ¥ork — J. L. Morgenthau & Co., Coffin & Co., Newborg & Co., F. J. Llsman & Co;, J. S. Farlee & Co., Taylor. Smith & Hard, Ladd & Wood. Philadelphia — Chas. Fearon & Co. Price Range—N. y. S. E. Jan. 1. 1917 to Jan. 1, 1919 1918 High.81 June 26, '17 78% Nov. 25 Low. 70 July 8, '18 70 July 8 LONG ISLAND RAILROAD CO. Equip. Tr. 5», Series A. Due $10€,000 each June 1, 1915 to 1924, inclusive. Dated June 1. 1914. Interest payable June 1 and Dec. 1 at Fidelity Trust Co.. Philadel- phia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $1,060,000. Outstanding — $636,000 (Jan. 1, '19). Balance Retired. Denomina'tioin — Coupon $1,000, Registerable as to principal. Trustees — Fidelity Trust Co.. Philadelphia, and William P. Gest, Merion, Pa. Guaranteed principal and Interest by the Long Island Railroad Co. Secured by an equipment agreement on 12 steel passenger cars, 3 steel passenger and baggage combination cars. 40 steel, motor, passenger cars, 15 steel, motor, passenger and baggage cars, 2 steel baggage and express cars, 4 steel baggage and mail cars, on 3 steel motor, passenger, baggage and mail cars, costing $1,185,000, of which the company paid $125,000 in cash. Original Market — This issue was sold to the Pennsylvania R. R. Co. LONG ISLAND RAILROAD CO. Equip. Tr. 4*^8, Series B. Due $94,000 each Feb- ruary 1, 1918 to 1927, inclusive. Dated February 1 , 1917. Interest payable Feb. 1 and Aug. 1 at Fidelity Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $940,000. Outstanding^$752,000 (Feb. 1, '19). Balance Retired. Denominationi — Coupon $1,000. Registerable as to principal. Trustees — Fidelity Trust Co., Philadelphia, ■and William P. Geist, Merion. Pa. Guaranteed principal and interest by the Long Island Railroad Co. Secured by an equipment agreement on 18 steel passenger cars, 4 steel parlor cars, 1 steel passenger and baggage combination car, 10 steel baggage and express cars. 75 steel trailer cars, 15 refrigerator milk cars, 4 eight-wheel- switching locomotives, and 6 freight locomotives, costing about $1,175,000, of which the company paid $235,000 in cash. LORAIN & CLEVELAND RAILWAY Ist 5s. Due July 1, 1927.— F. Dated July 1. 1897. Interest payable Jan., and July 1, at Trustee' s office, or EJquitable Triist Co., New York. ■Tax Status — 2% Federal Income Tax paid by company without deduction. Authorised — Closed mortgage. Outstanding — $750,000. Denomination^Coupon, $1, 000. Registerable as to principal. Trastee — Cleveland Trust Co., Cleveland, O. Redeemable at 100 and interest on any in- terest date on 30 days' notice. Control — -Absorbed by the Lake Shore EJIec- tric Ry. Co. Secured by a first mortgage on 27 miles of electric raflway between Cleveland and Lorain, Ohio. Population served, exclusive of Cleve- 675 land, 50.000. A large part of the line is on private right-of-way. Forms part of a through line between Cleveland and Toledo and Detroit. Underlies — Lake Shore Elec. Ry. 1st Cons. 5s and Gen. 5s. A sufficient amount of the latter are reserved to retire this issue. Earnings — See Lake Shore Electric Ry. Co. lasted on the Cleveland Stock Exchange. Original Market — Offered by Canadian Bank of Commerce, Montreal, and B. H. Gay & Co., Boston, at 101^ and interest in Feb., 1899. Market. Baltimore — ^Howard R. Taylor. Boston — Homblower & "Weeks, New York — Homblower & Weeks, H. N. Whitney & Sons, E. & C. Randolph, F. H. Hatch & Co., Lynch & McDermott. Philadelphia. — R. M. Stinaon & Co., H. Boen- ning & Co., Chas. Fearon & Co.. R. W. Daniel & Co. Chicago — Homblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.lOO '11 103 '09 85 Feb. 92 Feb. Low. 75 '18 80 '18 75 July 80 Mar. LORAIN COUNTY ELECTRIC COMPANY 1st S. r. 5s. Due Feb. 1, 1941. Dated Feb. 1, 1916. Interest payable Feb. and August 1, at company's office or agency in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $ 750,000. Held in S. F.~None. In Treasury — $159,000. Reserved for Acauisition of Electric Plant of C. G. & E. Co. — $300,000. Reserved for Imp.— (85%) $3,791,000. Penominiations — Coupon $100, $250, $500 and $1,000. Registerable as to principal. Trustee — Equitable Trust Company of New York. Redeemable on any interest date at 105 and interest upon four weeks' notice. Sinking Fund — Beginning 1921 1% of out- standing bonds on Feb. 1st of each year. De- posit of bonds secured by this mortgage with unmatured coupons attached, purchased in the open market or called by lot, will be equiva- lent to a cash payment of 105 and accrued interest. Sinking Fund may be satisfied by investing a sum equal to 2%, of outstanding bonds, in improvements, or by a conabination of investment in property and a payment of cash in the proportion of $2.00 in property and $1. 00 in cash. Bonds acquired to be kept alive. Organization — Incorporated Nov'. 7, 1914, in Ohio. Ci-ies Service Co. owns entire stock except directors' qualifying shares. Company furnishes electricity for all purposes in the city of Elyria and Lorain, and sells current wholesale to the villages of Amherst and Olmstead Falls, and to the stone quarries at Berea and South Amherst. Secured by a first mortgage on entire prop- erty of the company now owned or hereafter acquired, including 7,500 k. w. generating sta- tion at Lorain and new plant under construc- tion of 8,000 k. w. Franchise in Elyria ex- pires in July, 1942, and in Lorain in Aug., 1941. Population served, about 65,000. liOBAIN STREET RAILROAD 6% Notes. Due Jan. 1, 1920.— P. Dated Jan. 1, 1915. Extended Jan. 1, 1918. Interest payable Jan. 1, April 1, July 1 and Oct. 1, at Citizen's Savings & Trust Co., Cleve- land, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $200,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Citizen's Savings & Trust Co., Cleveland, Ohio. Redeemable at 100 and* interest on any In- terest date. Gaaranteed as to principal and interest by the Lake Shore Electric Ry. -Co. Control — ^AU of the stock is owned by tha Lake Shore Electric Ry. Co. Secured by a first lien on $200,000 of $750,- 000 Lorain Street Ry. 5s of 1949 and $100,000 of a total issue of $617,000 Lorain Street R. R. Consol. 5s of 1936. The former issue is se- cured by a first mortgage, and the latter by a second mortgage, on 25 miles of street rail- way track in Lorain, O., and interurban line to Elyria. Population served, 65,000. Earnings — See Cons. 5s. Original Market — Offered in February, 1915, by Hayden, Miller & Co., Cleveland, Ohio, at 100 and interest. LORAIN STREET RAILWAY Cons. (Now 1st) 6s. Duo Nov. 1. 1949.— P. Dated Nov. 1, 1899. Interest payable May and Nov. 1, at Guaranty Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $ 550,000. Fledged to Secure 6% Notes — $200,000. Denomination — Coupon, $1, 000. Registerable aa to principal. Trustee — Guaranty Trust Co. of New York. Control — ^Absorbed by the 'Lorain Street R. R. Co. All the stock of the latter Is owned by the Lake Shore Electric Ry. Co. Secured by a first mortgage on property de- scribed under 6 % notes, which see for further details of property. Underlies — "B. R." Co. 5s of 1936. Year ended Dec. 31 Gross Net Interest 1918 15288,980 $89,353 $57,108 1917 218,716 69,301 54.505 1916 205,389 76,200 64,500 1915 150,152 46,026 64,500 1914 173,086 56,621 64.500 1913 196,948 78,731 64,500 Market. New York — Hanson & Doyle, F. H. Hatch & Co. P. LORILLARD COMPANY Deb. 7. Due Oct. 1, 1944. — F. Dated December 1, 1911. Interest payable A-pril and Oct. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. j Authorized — $10,933,500. Outstanding— $10,359,900 (Dec. 31. 1918). Retired by S. F. — $573,600. $206.75 of these bonds, $293.25 similar bonds of the Liggett & Myers Tobacco Co. and $600 in cash were offered in exchange for each $1,000 6% bond of the American Tobacco Co. Denomination — Coupon, $1,000 and $5,000. Registerable as to principal or fully register- able. Registered, $50, $100, $500, $1,000, $5,000, $10,000. $50,000, $100,000. Registered bonds of $1,000 and $5,000 are interchange- able. Trustee — Guaranty Trust Co., New York. Sinking Fund — Annually, in January $100,- 000 for the purchase of these bonds at not exceeding 130%. Bonds so purchased to be cancelled. All money remaining unexpended In fund at end of year reverts to company. 676 Organization — Incorporated in New Jersey In 1911. In compliance with the plan of dissolu- tion of the American Tobacco Co., approved by the United States Circuit Court, in ac- cordance with the decree of the Supreme Court, there were conveyed to this company factories for the manufacture of cigrars, cigarettes and tobacco in Jersey City, N. J.; Wilmington. Del.; Baltimore, Md. ; Brooklyn, N. T. ; Phila- delphia, Pa., and Danville, Va., and the en- tire stock issues of three companies owning factories In New York, N. Y. ; Middletown, Ohio, and Richmond. Va. Security — These bonds are a direct obliga- tion of the company, but not secured by a mortgage. The company imposes a charge in favor of the Trustee upon all of its property and present and future net income for the benefit of, first, these 7% bonds, and second, the 5% bonds, and further covenants that it will not mortga^ge its property, business or income, nor create any specific charge upon its earnings, without expressly recognizing and confirming these bonds as prior lien claims. Underlies — Debenture 53 of 1951. Vear ended Dec. 31 Net Int., etc. 1918 $9,292,825 $1,272,730 1917 8.312,3 43 1.283,864 1916 5,874,077 1,290,120 1915 4.820,913 1.292,735 1914 4.519.061 1,297.096 1913 5.377.864 1,303,173 Ijisted on the New York Stock Exchange. Market. New York — E. P. Coombs & Co., Coffin & Co... Joseph & Wiener. Newborg & Co.. Col- gate, Parker & Co. Price Range — "S. Y. S. E. Jan. 1, 1912 to Jan. 1. 1919 1918 High.128 Feb. 21, '17 115 Feb. 14 Low. 107 Sept. 11. '18 ' 107 Sept. 11 P. "LOmiJLAKD COMPANY Deb. 5s. Due Aug. 1, 1951.— F. Dated December 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by conipa ny without deduction. Aathorized and Outstanding — $10,617,450. Denomination — Coupon, $1,000 and $5,000. Registerable as to principal or fully register- able. Registered, $50, $100, $500. $1,000, $10,000. $50,000 and $100,000. Registered 1 1 and $5,000 exchangeable for coupon bonds. Trustee — Guaranty Trust Co., New York, Security and Earnings — See Deb. 7s. Prior Iiiens — Debenture 7s of 1944. liisted on the New York Stock Exchange. Market. New York — E. F. Coombs '& Co., John Mulr & Co., Newborg & Co., Colgate, Parker & Co. St. liOuis — Bowman. Cost & Co. Price Range — ^N. Y. S. B. Jan. 1. 1911 to .Tan. 1, 1919 1918 High.103 Jan. 19, '17 93 Feb. 14 Low. 83% Oct. 1, '18 83% Oct. 1 LOS ANGELES & PASADENA ELECTRIC RAILWAY 1st 5s. Due Jan. 1, 1928.— N. Dated Jan. 1. 1898. Interest payable Jan. and July 1, at Illinois Trust & Savings Bank, Chicago, or Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $950,000. Balance Retired. Denomination — Coupon, $1,000. Trustee — ^Illinois Trust & Savings Bank, Chicago. Redeemable on any interest date at 105 and Interest. Sinking Fnnd — $10,500 per year. Guaranteed by Los Angeles Ry. Co. by en- dorsement. Control — ^Absorbed by Pacific Electric Rail- way Co., all of whose stock is owned by the Southern Pacific Co. Secured by a first mortgage on 44 miles of electric railway in and around Los Angelea and Pasadena, Cal. Underlies— Pac. El. Ry. Ref. 5s of 1961. Earnings — See Pacific Electric Ry. Co. Market. Kansas City — Stranberg, McGreevy & Co. Los Angeles — Torrance, Marshall & Co., A. H. WooUacott. Chicago — Babcock, Rushtnn & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 '12 107 '09 86 Jan. 90 Aug. Low. 70 '18 90 '18 -70 Dec. (THE) LOS ANGELES ELECTRIC CO. 5b. Due Jan. 1, 1928. — N. ' Dated Dec, 1, 1902. Interest payable Jan. and July 1, at Union Trust Co., San Fran- cisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— Closed mortgage. Outstanding — $422,000 (Jan. 1, 1919). Held in Sinking Fund — $40,000. Held in Sinking Funds of L. A. G. & E. Co.— $20,000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco. Redeemable at par and ^ % premium for each year between date of redemption and maturity. Sinking Fund — $10,000 per annum. $160,000 now held In sinking fund reserve as of Jan. 1- 1919. Control — ^Absorbed by Los Angeles Gas & Electric Co., which company is controlled by the Los Angeles Gas & Electric Corp., through ownership of stock. Secured by a first mortgage on plant supply- ing electricity to Los Angelea, serving popu- lation of 607,500. Underlies — Los Angeles G. & E. Co. Gen. 5b of 1934, and Los Angeles G. & B. Corp. 1st & Ref. 5s of 1939. Earnings — See 1st and Ref. Bs. Listed on the San Francisco Stock & Bond Exchange. Market. New York — Kiely & Horton, Bernhard, SchoUe & Co., Sutro Bros. & Co. Philadelphia— S. K. Phillips & Co. Chicago — Babcock, Rushton & Co. Los Angeles — ^A, H. WooUacott. Price Range. Jan. 1. '16 to Jan,. 1, *19 1918 Bid Bid High. 100% '16 99% Mar. Low. 81 '18 81 Apr. LOS ANGELES GAS AND ELECTRIC CO. Gen. 5s. Due July 1. 1934. — F. Dated July 1, 1904. Interest payable Jan. and July 1, at Union Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding— $1,703,000 (Jan. 1, 1919). Held in Sinking Fund — $290,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco. Sinking Fund — $35,000 per annum to be ap- 677 plied to purchase of bonds which are to be heid alive, or loaned on good security. Thia fund amounted to $675,329 Jan. 1. 1919. Organization and Control — Absorbed by the Los Angeles Gas & El. Corp., which ia con- trolled through stock ownership by the Pacific Lighting Corp. Secured by a mortgage on all property ex- cept Pasadena gas property. For detail see 1st & Ref. 6s. Prior liiens — 144-2,000 L. A. El. 6s of 1928 and $944,000 L. A. Ltg. 5s of 1924. Both closed mortgages. Underlies — L. A. G. & E. Corp. 1st & Ref. 6s of 1939, a sufficient amount of which has been reserved to retire this issue and prior liens, Earnings — See 1st and Ref. 6s. Liisted on the San Francisco Stock and Bond Exchange. Market. los Angeles — ^A. H. WooUacott. New York — Sutro Bros. & Co., McDonell & Co., Bernhard, Scholle St. Co., J. M. Bryne & Co., F. H. Hatch & Co., E. F. Hutton & Co.. Taylor & White, John Nickerson, Jr. , Philadelphia — S. K. Phillips & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 103% '10 •104>,4 '10 98 Feb. Low. 86 '18 92 '08 86 Dec. 94% May lOS ANGEI^S GAS AND ELECTKIC COR- PORATION 1st & Ref. 5s. Due Sept. 1, 1939.— F. Dated September 1, 1909. Interest payable March and Sept. 1, at Trustee's office, Chi- cago or San Francisco, or National Bank of Commerce, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16,000,000. Outstanding — $4,674,000 (Jan. 1, 1919). Cancelled by Sinking Fund — $882,000. Held by other Sinking Funds — $225,000. Reserved for Prior Uens — $3,419,000. Reserved for Ext. — $6,800,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co. of San Francisco and Harris Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Annually 2% of all bonds la- sued, for the purchase or redemption of bonda at not exceeding 105 and Interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated In California in 1909 and controlled by the Pacific Lighting Corporation through stock ownership. Secured by a first mortgage upon the gaa plants in Los Angeles, Pasadena and suburban, districts, and electric plant in Los Angelea. subject only to the underlying bonds now out- standing on the planta in Loa Angelea and suburban districts. -Supplies gaa and elec- tricity in Los Angeles and controls all of the gas business of Pasadena, South Pasadena, Alhambra, San Gabriel, San Marino, Watts, Eagle Rock, Huntington Park and Inglewood, together with a portion of the gas business of Vernon, Monterey Park and other suburban diatricta. Population served abiut 691,000. The corporation operates under direct consti- tutional grant of the State of California for the life of the Corporation. Prior Liens — $3,419,000 (closed mortgages) Los Angeles Lighting Co. 5a of 1924, Los Angeles Electric Co. 6a of 1928 and Loa Angeles Gas & Electric Co. 6s of 1934, all of which thia issue provides to retire. Year emded Dec. 31 Bond Gross Net Interest 1918.. $4,973, 022 $1,680,635 $381,781 1917.. 6,031,074 1,986,093 389,823 1916.. 4,833,266 2,173.492 418,414 1916.. 4.345,908 1,798,968 424,541 1914.. 4,4.33,460 1,834,221 421,344 listed on the San Francisco Stock and Bond Exchange. Legal for Cal. and R. I. Original Market — $1,000,000 offered in Oct., 1909, by N. W. Harris & Co., New York, etc., and E. H. Rollins & Sona, Boaton, at 100 and iritereat. Offered in 1911 by Harris, Forbes & Co., and E. H. Rollins & Sons,, at 98>4 and interest. Market. Boston — Paine, Webber & Co., Harris, Forbea & Co. Oiicago — ^Harris Trust & Savings Bank, Paine. Webber & Co., Babcock, Rushton & Co. New York — Harris, Forbes & Co., Bernhard. Scholle & Co., J. M. Byrne & Co., McDonnell & Co., Paine, Webber & Co., F. H. Hatch & Co., Miller & Co., J. S. Bache & Co., Martin, Berwin & Co., E. & C. Randolph, Kiely & Horton. Pynchon & Co.. E. F. Hutton & Co., Sutro Broa. & Co., Taylor & White, J. Nick- eraon, Jr. San Francisco — Blankenhorn, Hunter-Dulin Co. Los Angeles — ^A. H. WooUacott, Blanken- horn-Hunter-Dulin Co., Perrin. Drake & Riley. Philadelphia — ^Welsh Bros., S. K. Phillips & Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1, 1910 to Jan.. 1, 1919 1918 Bid Aak Bid Ask High. 101% '16 102 '16 90 Jan. 92 Dec. Low. 82 '18 87 '18 82 Mar. 87 Mar. LOS ANGELES LIGHTING CO. 6s. Due April 1, 1984. — N. Dated April 1, 1899. Interest payable April 1 and Oct. 1 at Union Trust Co., San Fran- cisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $791,500 (Jan. 1, 1919), Held in S. F. of L. A. G. & E. Co.— $102,- 600. Held in S. F. of The L. A. E. Co.— $60,000. Denomination — Coupon, $500 and $1,000. Trustee — Union Trust Co., San Francisco. Control — ^Absorbed by the Loa Angeles Gas & Electric Co., which company la controlled by the Loa Angeles Gas & Electric Corp. through ownership of stock. Secured by a first mortgage on plant supply- ing gaa to Los Angeles and suburban districts serving a population of over 600,000. Underlies — L. A. G. & E. Co. Gen. 6s of 1934 and L. A. G. & B. Corp. 1st & Ret. 6a of 1939. Earnings — See L. A. G. & B. Corp. 1st & Ref. 6s. > Market. New York — Sutro Bros. & Co., John Nicker- son, Jr. Los Angeles — A. H. WooUacott. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Aak Bid Ask High.100% '17 101 '17 98 Feb. 98% Feb. Low. 94% '18 96 '18 94% Dec. 96 Aug. 678 LOS AXGELES PACIFIC CO. Ist Ref. 48. Due Jan. 1, 1950. — F. Datea January 3 , 1910. Interest payable Jan. and July 1, at Company's office, New YorK. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Oatstandine — $8,298,000, $3,817,000 owned by the Southern Pacific Co. Retired by Sinldne Fund — $25,000. Reserved for Ext. — $5,552,000. Reserved for Prior Hiens — $6,125,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at 105 and interest on Jan. 1. 1915, or on any interest date thereafter. Sinking Fund— A sinking fund of $5,000 an- nually is provided. Guaranteed principal and interest by the Southern Pacific Co. by endorsement. Control — ^Absorbed by the Pacific Electric Ry. Corp.. which is controlled through owner- ship of its entire capital stock by the South- em Pacific Co. Secured by a first mortgage on 15 miles of electric street railway being constructed from the proceeds of the unguaranteed bonds of this issue, and secured by mortgage, subject to underlying bonds, upon all the rest of the company's property. Including about 200 miles of street railway lines in and around Los Angeles. A large part of these lines are on private right of way and franchises elsewhere expire between 1915 and 1947. Prior laens — $1,465,000 Los Angeles Pacific R. R. 1st Cons. 6s of 1931; $3,242,000 Los Angeles Pacific R. K. 1st & Ref. 5s of 1943; Sl.218,000 Gen. Cons. 6s of 1946; $74,000 Los Angeles, Hermosa Beach & Redondo 1st 5s of 1942; $10,000 Los Angeles Pacific R. R. 1st 58 of 1928. Bonds of this issue are reserved for the retirement of the above Issues. Underlies — Pacific Elec. Ry. 5s of 1961. Earnings — See Pacific Electric Ry. Corp. Original Market— Offered (the guaranteed bonds) in 1911, by A. G. Edwards & Sons, New York and St. Louis, and White, Weld & Co.. New York and Chicago, at prices to yield bet- ter than 4.70%. Market. liOS Angeles — Torrance, Marshall & Co., A. H. Woollacott. New York — McDonnell & Co., B. & C. Ran- dolph, Bernhard, SchoUe & Co., J. M. Byrne & Co.. John Davenport, Sutiro Bros. & Co., Taylor & White. San Diego — Stephens & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1. 1913 to Jan, 1, 1919 1918 Bid Ask Bid Ask High.85 '11 88 '12 65 Apr. 70 Apr. Low. 59 '18 62 '18 59 Oct. 62 Oct. I.OS ANGEIiES RAILWAY CO. 1st 58. Due Oct. 1, 1938.— N. Dated Oct. 1, 1898. Interest payable April and Oct. 1, at Union Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $4,752,000 (Jan. 1, 1919). Denomination — Coupon, $1,000. , Trustee — Union Trust Co., San Francisco. Control — Absorbed by Los Angeles Ry. Corp. which operates all of the stre.et railways, 388 miles, in Los Angeles. No important fran- chises expire earlier than 1940. Secured by a first mortgage on more than 200 miles of street railway in Los Angeles, Cal. Underlies— Los Angeles Ry. Corp. 1st & Ref. 5s of 1940. Earnings — See L. A. Ry. Corp. 1st & Ref. 5 s. Market. New York — McDonnell & Co., Bernard, SchoUe & Co.i B. & C. Randolph, J. M. Byrne & Co., Sutro Bros. & Co., John Nickerson, Jr. , liOS Angeles — A. H. Woollacott, Perrin, Drake & Riley, Biankenhorn-Hunter-Dulin Co., L. A. Crisler & Co., Stevens, Page & Sterling. San Francisco — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Chicago — Babcock, ' Rushton & Co., Merrill, Lynch & Co. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask High.lll '09 111% '09 861^ Dec. 88% Dec. Low. 77 '18 77% '18 77 Oct. 77% Aug. LOS ANGELES RAILWAY CORPORATION 1st & Ref. S. E, 5s. Due Dec. 1, 1940. Dated December 1, 1910. Interest payable June and Dec. 1, at New York, Los Angeles and 3an Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $20,000,000. Outstanding — $14,047,000 (Jan. 1, 1919). Held in Sinking Fund — $951,000. Reserved for Prior Liens — $5,002,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Los Angeles Trust & Savings Bank, Los Angeles. Sinking Fund — $10,000 monthly, of which a part is applicable to sinking funds of underly- ing liens or for the purchase of these bonds at not over 105 and interest. If bonds are not so purchasable, fund shall be invested in approved securities. Bonds acquired are to be kept alive and interest added to . sinking fund. This fund, it is estimated, will retire 40% of these bonds before maturity. Organization — Incorporated in California in 1910, as successor to the Los Angeles Ry . Co. Secured by a first mortgage on 85 miles of street railway in Los Angeles, Cal., and a- general mortgage on about 225 miles addi- tional, comprising the entire- street railway system of that city. Population served, 550,000. Over 25% of the trackage is upon private right-of-way and principal franchises else- where are perpetual. On about 18% of the mileage franchises expire before maturity of these bonds. Prior Liens — $4,752,000 Los Angeles Ry. Co. 1st 5s of 1938, and $250,000 Los Angeles Trac- tion lat Cons. 5s of 1938. Bonds of this issue are reserved to retire both issues. Year ended Dec. 31 Bond Gross Net Interest 1918 $6,580,507 $1,251,985 $1,202,400 1917 6,148.011 1,736,693 1,200,494 1915 6,137,963 1,804,208 1,176,991 1914 6,762,122 2,181.577 1,175,829 Legal for Cal. Original Market — Offered in 1911, by J. H. Adams & Co., San Francisco and Los Angeles, at par and interest! and $500,000 offered in May, 1912, by the Continental &■ Commercial Trust & Savings Bank, Chicago. Also offered, Nov., 1912, by Wm. Salomon & Co., New York, at . 9S and Interest, $3,000,000 offered Feb., 679 i913, at 97 and interest, by E. H. Rollins & Sons, Boston and New York, and Harris, Forbes & Co,, New York. Market. New York — McDonnell & Co., Sutro Bros. & Co., F, H. Hatch & Co., L. A. Norton, Miller & Co., E. & C. Randolph, Merrill, Lynch & Co.^ Harris, Forbes & Co.. Parkinson & Burr, Bernhard, SqhoUe & Co., J. M.* Byrne & Co., McGeorge & Vanderhoef, Kiely & Horton, Earle A. Miller & Co., Berdell Bros.. "W. C. Rauscher, Sutro Bros, & Co., John Nickerson, Jr. Philadelphia — Harper & Turner, H, D. Boenning & Co., S. K. Phillips & Co. !Los Angeles — H. "Woollacott, Blankenhorn- Hunter-Dulin Co., Perrin, Drake & Riley. Chicago — Harris Trust & Savings Bank, Merrill, Lynch & Co., Babcock, Rushton & Co. Boston — Harris, Forbes & Co., Inc., Merrill, Oldham & Co., Parkinson & Burr, F. B. Bas- eett & Co., J. S. Orler & Co. St. Louis — Bowman, Cost & Co. San Francisco — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. San Diego — Stephens & Co. Pittsburgh — R. B. Hutchinson & Co. liOuisviille — John W. & D. S. Green. Price Range. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hieh.lOO '11 101% '14 77 Dec. 80^ Feb. Low. 65 '18 70 '18 65 June 70 Apr. I.OS ANGEtES UNION TERMINAIi CO. 1st 6s. Due each Not. 1. as follows: $51,000. 1923 to 1926; $62,000. 1927 to 1931; $73,000. 1932 to 1936; $87,000. 1937 to 1940. and $972,000, 1941.— F. Dated Nov. 1, 1916. Interest payable May 1 and Nov. 1, at offices of Trustees or Bankers Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $3,250,000. Outstanding — $2,250,000. "'Reserved for Extension — $1,0'00,000. *To be issued in two lots of $500,000 each for the construction of two additional ware- houses. Denomination — Coupon $100 (1941), $500 (1941) and $1,000. Registerable as to prin- cipal. Trustee — Los Angeles Trust & Savings Bank, Los Angeles, and Anglo-California Trust Co., San Francisco. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in California in 1916, to construct and administer an extensive group of warehouses and wholesale market buildings served by freight terminal tracks. Capital Stock, Authorized — $3,250,000. Secured by a first mortgage on all the prop- erty of the company. The Los Angeles Union Terminal Company is the largest wholesale warehouse and freight terminal project west of Chicago. The com- pany owns In fee over 19 acres of land in one parcel adjacent to the main lines and freight yards of the Pacific Electric and Southern Pa- cific railroads in the rapidly growing city of Los Angeles, California, which now has a pop- ulation estimated to be over 500,000. This property is in the wholesale district of the city ana only half a mile distant from the retail business center. Two reinforced concrete six-story' and basement fireproof warehouses and three two-story concrete market buildings have been constructed on this property. An extensive system of spur tracks connect these buildings with the main lines of the Pacific Electric and Southern Pacific ^ailrog^ds, and over these lines they will be accessible to all other railroads entering Los Angeles. The Los Angeles Public Market, which has been in successful operation for over seven years, will occupy about half of the space in the market buildings. The space in the warehouses is being rented under long-time leases. Real estate appraised at $3,334,100; im- provements at $1,500,000. Total, $4,834,10'0. Estimated Earnings: Gross Net Bond Int. First year $275,000 $196,000 $135,000 Fifth year 305,000 225,000 136,000 liCgal for Cal. Original Market — Offered March, 1917, by E. H. Rollins & Sons. The Anglo & London Paris National Bank and Wm. R. Staata Co.. at 100 and interest. Market. New York — John Davenport, Sutro Bros. & Co. , McDonnell & Co. San IMego — Stephens & Co. Los Angeles — Stephens & Co., Blankenhorn- Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co, San I^ancisco — Blankenhorn-Hunter-Dulin Co. Price Range. Jan. 1, '17 to Jan. 1, ^9 Ask High.lOl '17 Low. 97 '18 LOUISIANA & ARKANSAS RAILWAY GO. 1st 5s. Due Sept. 1, 1927.— F. Dated September 1, 1902. Interest payable March and Sept. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstanding — $4,072,000 (May 15, '19). Held in S. F. — $1,124,000. Reserved for Construction of Bridge— $1,000,000. Reserved for Ext. — $804,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Guaranty Trust Co., New York. . Redeemable as a whole at 110 and interest on any interest date on nine weeks' notice. Sinking Fund — Annually, from Sept. 1. 1907, to Dec. 2, 1913. $55,000. and thereafter $75,000 for the purchase of bonds at not more than 110 and interest. Bonds so purchased to be kept alive in sinking fund. If these bonds cannot be purchased, the fund is to be Invested in securities legal for Conn., Mass., N. J. and N. Y. Organization — Incorporated in Arkansas In 1 9 02, as the successor of the Louisiana & A.rkansas R. R. Co. Secured by a first mortgage on 273.36 miles of road from Hope, Ark., to Pineville, La. (With trackage to Alexandria, 1% miles), Packton to Wildsville Jot.. La., near Vidalla, and Minden to Shreveport, La. Year ended Dec. 31 Gross Net Int. & Rent 1917 $1,669,722 $417,804 $315,714 1916..;. 1.512,480 424,367 310,845 1915 1.709,701 569,285 323,796 1914 1.691,872 501,579 331,379 Legal for Md. Listed on the New York and Amsterdam Stock Exchanges. 680 Original Market — $1,000,000 offered in June, 1902, by Fisk & Robinson, New York, at 105 and interest. Market. New York — ^McKlnley & Morris, Wm. C. Orton, Callaway. Fish & Co., Hood & BoUes, F. J. Lisman & Co., Robinson & Co., E. & C. Randolph, Baker, Carruthers & Pell, E. Bunge & Co., Robinson & Co. PMlaaelphia — Si K. Phillips & Co., H. D. Boenning & Co., Biddle & Henry, Chas. Fearon & Co. Texarkana — R. S. Cheatham. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 105 Jan. 26. '06 91 Dec. 3 Low. 83 Dec. 19, '17 87% Jan. 18 tOCISIANA OlXi REFINING CORPORATION 10-Year Conv. Ist 6s. Due May 1. 1937. Dated May 1, 1917. Interest payable May 1 and Nov. 1. Tax Status — 2% Federal Income Tax paid by .company without deduction. Massachusetts State tax refunded. Authorized — $1,250,000. Outstanding — $1,019,500 (Jan. 1, 1919). Retired by S. F. — $230,500. Denominations — Coupon, $1,000 and $506. Reg-isterable as to principal. Trustees — State Street Trust Co., Boston. Redeemable at 110 and interest on any in- terest date on 4 weeks' notice. Convertible at Any time, par Tor par, inw common stock. Sinking Fund — $125,000 the first year, in- creasing each year as the bonds are retired and the interest charge on the remaining bonds outstanding decreases. This fund to be applied to the purchase or redemption of these bonds at not over 110 and Interest. Bonds so acquired to be cancelled. Supplemental Sinking Fund — Semi-annually at least 50% of net earnings after -providing for interest and sinking fund payments, to be applied to the retirement of bonds or for betterments to the company's property, and that at least 40 % of this amount shall be used for the retirement of bonds at or below 102% of their face value if so purchasable. If not so purchasable to be used for better- ments or for the purchase or redemption of bonds at 110. Organization — Incopporated May, 1917, in West Virginia, as successor to a Louisiana company organized in 1913, and reorganized in April, 1917, to Include several oil enter- prises. Capital Stock Authorized Outstanding Preferred (8% cum.). .$5,000,000 $350,000 Conmion 5,000,000 3,750,000 Secured by a first mortgage on all the prop- erties of the company including oil and gaa lands and leaseholds covering about 30,000 acres of land in and about the Caddo District of Louisiana, a refinery of 3,000 barrels' ca- pacity, steel storage tanks, 60 miles of pipe lines and 60 steel tank cars. As of Dec. , 31, 1918, the company owned 90 oil wells produc- ing 2,000 barrels per day and 9 gas wells pro- ducing 50,000,000 cubic feet daily. Original Market — $1,250,000 ofCered Nov., 1917, by Cochrane, Harper & Co., Boston, Colgate, Parker & Co., New York, and Gra- ham, Parsons & Co., Philadelphia, at 100 and interest with a bonus of 8 shares of common stock (par $50} per $1,000 bond. Market. New ¥ork — Hotchkin & Co.. Panning, Buck & Co., Tefft & Co., McGeorge & Vanderhoef. Boston — H. C. Gibbs & Co., Hotchkin & Co., L. Sherman Adams. Chicago — Child & Levering. Worcester — W. B. Wardwell & Co. Portland, Me. — M. S. Brown. Price Range — 1918. B^d Ask High. 85 Nov. 90 Nov. Low. 77 Sept. 82 July LOUISIANA SOUTHERN RAILWAY 1st 5b. Due March 1, 1950.— F. Dated 1897. Interest payable March and Sept. 1, at Robt. Wlnthrop & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $500. Trusfcee — Central Union Trust Co., New York. Redeeimable on any interest date at 105 and interest. Organization — Incorporated in Louisiana In 1897 as successor to the New Orleans & Southern R. R. Co. foreclosed. As of Feb., 1916, was being operated by the New Orleans, Texas & Mexico Ry. Co. for account of own- ers. ' Control — In 1901 the United Railway & Trad- ing Co. of England acquired over 95^ of the stock and bonds of this company. Secured by a first mortgage on 65 miles of railroad from New Orleans to Belalre and Shell Beach, La., with branch. Year ended Dec, 31 Gross Net Interest 1918 $309,928 $121,549 $12,500 1917 235,629 95,049 12.500 1916 151,322 47,985 12,500 LOUISIANA WESTERN RAILROAD CO. Ist 6b. Due July 1. 1931.— N. Dated July 1, 1881. Interest payable Jan. and July 1, at Southern Pacific Company's office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and- Outstanding — $2,240,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Central Union Trust Co. , New York. Organization and Control — ^Incorporated in Louisiana in 1876. The entire capital stock is owned by the Southern Pacific Co. Secured by a first mortgage on 207.74 miles of road, viz. Miles Lafayette, La. , to Sabine River near Orange. Tex 105.43 Abbeville to Mamou. La 68.21 Mallard Jet. to Lake Arthur, La...... 34.10 Years ended June 30 Gross Net Int. & Rent *1917 $3,653,551 $1,615,126 $154,999 1916 2,441.951 836,805 155.790 1915 2,186,499 699,384 263,511 ♦Year ended Dec. 31. Legal for Cal., Mich.. Minn., N. H.. N. J.. R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — Chas. "W. Place, Wm. C. Wil- son & Co., Bernhard. Schoole & Co., Baker, Carruthers & Pell, Simon Borg & Co., Red- mond & Co.. Taylor. Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.109 June 12. '14 98% Dec. 105% Feb. Low. 100% Oct. 26. '17 96% Jan. 105% Jan. 681 liOtJISVILI^ & JEFKERSONVKLIiE BRIDGE CO. 1st 4b. Due March 1, 1945. — F. Dated January 1, 1895. Interest payable March and Sept. 1, at office of M. S. Bargrer, Grand Central Terminal, New Tork.' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $4,500,000. Reserved for Ext. — $500,000. Denomination — Coupon, $1, 000. Re&isterable as to i)rincipal only, or fully registerable. Trustee — United States Trust Co. , New York, and Union Trust Co., Indianapolis. Guaranteed jointly and. severally as to prin- cipal and interest by the Cleveland, Cincinnati, Chicagro & St. Louis Ry. Co., and the Chesa- peake & Ohio Ry. Co. by endorsement. Organization and Control — Incorporated ,In Kentucky and Indiana in 1887. Of the $1.- 425,000 capital stock the Cleveland, Cincin- nati, Chicago & St. Louis Ry. Co. owns $950,- 000 and the Chesapeake & Ohio Ry. Co. owns $475,000. . Secured by a first mortgage on the railroad and bridge across the Ohio River between the cities of JefCeraonville, Ind., and Louisville, Ky., with approaches; and about 60 acres of land in Jeffersonville and on 40 acres of land in Louisville. The bridge and approaches are 4.12 miles long, of which .29 mile is double track. Listed on the New Tork Stock Exchange. Market. New York — Chas. "W. Place, Hartshorne & Battelle, Louchheim, Minton & Co. , J. S. Far- lee & Co., E. & C. Randolph, F. J. Lisman & Co., Baker, Carruthers & Pell, John Daven- port, Chas. Fearon & Co., Taylor, Smith & Hard. Pliiladelpliia — Louchheim, Minton & Co. Price Range — N. Y. S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 High.100% Feb. 2, '06 60 July 29 Low. 60 July 29, '18 60 July 29 I^OUISVILIiE & NASHVIIiUE RATLROAD CO. Incorporated in Kentucky in 1850. The com- pany owns 3,806 miles of road including lines from Cincinnati, Ohio, via Louisville, Ky., to Nashville, Tenn. ; Decatur, Ala., through Bir- mingham, Montgomery and Mobile, Ala., to New Orleans, La.; Covington, Ky., via Knox- ville, Tenn., to Marietta, Ga. ; EvansviUe, Ind., to Nashville, Tenn., Bowling Green, Ky., to Memphis, Tenn. , and numerous branches, including many in the coal and iron region around. Birmingham, Ala. The company owns all of the stock of companies owning 830 miles of road from EvansviUe, Ind., to E, St. Louis, 111.; Owensboro to Adalrville, Ky., and numerous other lines. Leases 133 miles from Nashville, Tenn., to Decatur, Ala., and has trackage over 216 miles of road. Oper- ates under contract 39 miles. The total mile- age operated is about 5,037 miles. In addi- tion to this mileage the company owns 269 miles of road operated by another company and has a half or majority interest In the stock of companies owning 2, 301 miles of road, including the Chicago, Indianapolis & Louisville Ry. Co. and the Nashville, Chatta- nooga & St. Louis Ry. Co. The lines oper- ated extend from, St. Louis, E3vansville, Louis- ville and Cincinnati to Birmingham and Mo- bile, Ala., Atlanta, Ga., River Jet. and Pensa- cola, Fla., and New Orleans, La., while con- trolled lines extend to Chicago. The Louisville & Nashville R. B. Co. has outstanding $72,000,000 stock, of which $36,- 720,000 are owned by the Atantic Coast Line R. R. Co., and deposited as security for its L. & N. Collateral Trust Bonds. Dividends have been paid on the stock since 1864 and continuously from 1899. From 1910 to the end of 1914 7% per annum was paid, and dividends are now being paid at the rate of 5% per annum. The company has outstanding secured on the 3,800 miles of road owned $132,570,000 bonds, at |:he rate of $34,900 per mile. For a long period of years prior to 1914 the net income had been largely in ex- cess of twice the interest charges on the en- tire funded debt. Years ended Dec. 31 Gross Net 'Charges tl918.. $17,310, 495 $19,823,321 $8,803,964 1917. . 76,907.387 24,978,643 8,597,143 1916.. 64.928.120 25,689,971 8,727,160 1915.. 54,026,979 16,916,312 8,779,410 'Includes rentals interest and sinking funds. tCorporate Income Account-Standard return under Federal control. liOUISTHiliE & NASHVIIil/E RAII.ROAD CO. — Evansvilie, Henderson & Nashville Div. — 1st S. F. 6s. Dne Dec. 1, 1919.— F. Dated December 6, 1879. Interest payable June and Dec. 1, at Company' s office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,400,000. Outstanding — $150,000 (July 1, '19). Retired by Sinking Fnndh-i$2,250,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable for sinking fund at 110 and in- terest. Sinking Fund — $110,000 annually from 1910 to 1914, inclusive; $150,000 annually from 1915 to 1919, to be applied to the purchase or redemption of these bonds at not over 110 and interest. Secured by a first mortgage on 147.87 miles of road, viz. : Miles Amoiui, Tenn., to Henderson, Ky 136.87 Madisonville towards Providence, Ky.. 11.00 Also on an undivided half interest in 9.96 miles of road from Edgefield Jet., Tenn., to Nashville, Tenn. Underlies — Gen. 6s and Unified 4s. Honda are reserved under the Unified Mortgage to retire this issue. Iiegal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Remlck, Hodges & Co.. Baker, Carruthers & Pell, Taylor, Smith & Hard. Baltimore — ^Robt. Garrett & Sons. Louisville — J. J. B. Hilliard & Son. Price Range— N. Y. S, E. Jan. 1, 1906 to Jan. 1, 1919 191S High.115 Oct. 22, '10 100% Aug. 20 Low. 100% Aug. 20, '18 100% V^ug. 20 LOUISVILLE & NASHVILLE RAILROAD CO. Pensacola Div. 1st 68. Due March 1. 1930. Dated March 1, 1880. Interest payable March and Sept. 1, at Company' s office, 71 Broadway, New York. Tax Status — Payment of Federal Income tax not assumed by Company. Authorized— $600, 000. Outstanding— $49,000 (Sept. 10, 1918). Retired by S. F. — $550,000. Owned by L. & H. R. R. — $1,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Farmers' Loan & Trust Co., New York. Sinking Fund — 1885 to 1890, $6,000: 1891 to 1895, $8,000; 1896 to 1900, $10,000; 1901 to 1906, $15,000; 1906 to 1910, $20,000; 1911 to 1915, $25,000; 1916 to 1920, $36,000 per annum: to purchase or redeem bonds at not over 106 and interest. Secured by a first mortgaire on 44.64 miles of road from Fensacola to Flomaton, Ala. Zegal for Cal., Conn., Me., Mich., Minn., N. H., N. J., K. I. and Wis. Market. New Ifork — ^William C. Wilson & Co., Baker, Carruthers & Pell, Redmond & Co., Taylor, Smith & Hard. IiOuiSTille — J. J. B. Hilliard & Son. Price Range. Jan. 1, 1916 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.108 '16 109 '16 100%' Feb. 104 Jan. Low. 97 '18 104 '17 97 Oct. liOUISVILM: & NASinni,I.E BArLBOAD CO. New Orleans Si Mobile Div. Ist £s. Due January 1, 19S0. — ^N. Dated May 8, 1880. Interest payable Jan. and July 1, at Company's office, 71 Broad- way, N T. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5, 000, 000. Outstanding — $4,990,000. Owned by I.oulSTille St Nashville R. R. Co. —$10,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Farmers' Loan & Trust Co., New York. Assumeil by the Louisville & Nashville R. R. Co. Secured by a first mortgage on 141.17 miles of road from Mobile, Ala., to New Orleans, La. Further secured by a first mortgage on the creosoting plant at West Fascagoula, Miss., and first lien on $711,800 of the $784,000 cap- ital stock of the Ponchartrain R. R. Co., owning five miles of unmortgaged road from Ponchartrain Jet. to Milneburg, La. This mortgage was executed by the New Orleans. Mobile & Texas R. R. Co., which subsequently conveyed its property to the L. & N. R. R. Co. Underlies — L. Sc N.-N. O. & M. Div. 2na Ss. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R. I., Vt. and Wis. Listed on the New York and London Stock Exchanges. Market. New York — Remick, Hodges & Co., Ambrose R. Clark & Co., Newborg & Co., Chas. W. Place, J. S. Farlee & Co.. Blodget & Co., Seasongood, Haas & Maodonald, Baker, Car- ruthers & Pell, Redmond & Co., Taylor, Smith & Hard. Korn. Lehman & Co. Boston — R. L. Day & Co., Blodget & Co. Louisville — J. J. B. Hilliard &. Sons. Balfcimore-^Jenkins, Whedbee & Poe. Price Range— N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 High.130 June 13, '06 104% Dec. 21 Low. 100 Sept. 28, '18 100 Sept. 28 LOUISVILLE & NASHVILLE RAILROAD CO. New Orleans & Mobile Div. %nd 6s. Due Jan. 1, 1930.— F. Dated October 6, 1881. Interest payable Jan. and July 1, at Company's office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Louisville & Nashville R. R. Co. Secured by a second mortgage on 141.17 miles of road and a second lien on the $711.- 800 stock of the Ponchartrain R. R., subject to the liens of the 1st 6s. This mortgage was executed by the N. O., M. & T. R. R. Co., which subsequently conveyed its property to the L. & N. R. R. Co. Prior Liens — $6,000,000 L. & N.-New Orl. & Mob. Div. 1st 6s. Legal for N. H., R. I., Cal and Minn. - Listed on the New York Stock Exchange. Market. New York — S. P. Larkln & Co., Baker, Car- ruthers & Pell, Simon Borg & Co., Chas. W. Place, Vilas & Hickey, Korn, Lehman & Co. Baltimore — Jenkins. Whedbee & Poe. I/onisvllle — J. J. B. Hilliard & Son. Price Range — S. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask Hish.12214 Mar. 19, '06 93% Oct. 100 Dec. Low. 104% Feb. 1, '17 91% Jan. LOUISVILLE Si NASHVILLE RAILROAD CO. Gen. S. F. 68. Due June 1, 1930. — ^F. Dated June 1, 1880. Interest payable June and Dec. 1, at Company's office, 71 Broadway, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Issued— $12,697,000. Outstanding — $112,000 (June 5, '19). Held in Treasury — $5,000. Retired by Sinking Fund — $12,480,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable on any June 1 at 110 and In- terest. Sinking Fnnd — Commencing 1885, 1 1-10%, annually, of the total bonds issued; for the purchase of this issue on June 1st of each year, at not exceeding 110. If not purchas- able bonds shall be called. Bonds so ac- quired are, to be held in Sinking Fund and ■ interest thereon added to said amount. Secured by a first mortgage on 805.03 miles of road, viz. : A first lien on 657.16 miles — Miles Louisville, Ky., to Edgefield Jet., Tenn.176.01 Edgefield Jot. to Nashvile, Tenn 9.80 Louisville to Ceceilia Jet., Ky 45.52 Bardstown Jet. to Bardstown, Ky 17.37 Lebanon Jet. to Livingston, Ky 110.62 Memphis Jet. to Memphis, Tenn 259.11 Extension to Providence. Ky 5.10 Richmond to Rowland, I?y 33.63 A second lien on 147,87 miles — Covered by the Evans, Hend. & Nash. Div. 1st 6s, viz 147.87 Prior Liens — $450,000 Evans., Hend. & Nash. Div. 1st 6s, 1919. Underlies — Unified 4s of 1940. Bonds are reserved under that mortgage to provide for the retirement of this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the New York and London Stock Exchanges. Market. New York — ^Kean, Taylor & Co., S. P. Lar- kin & Co.. Remick, Hodges & Co., Newborg & Co., Coffin & Co., Miller & Co., Sharretts ao9 & Toungr, J. A. Joseph, Jr., & Co., .Curtis & Sanger. J. S. Farlee & Co., B. & C. Randolph, Seasongood, Haas & Macdonald, Stru'thers & Hiscoe, Baker, Carruthers & Pell, Redmond & Co., Taylor, Smith & Hard, Korn, Lehman & Co. Boston — Curtis & Sanger. Chicaso — Harris Trust & Savings Bank, Kekn, Taylor & Co., Curtis & Sanger. Pittsburgh — R. B. Hutchinson & Co. Ixiuisvllle — J. J. B. Hilliard & Son. Baltimore — Jenkins, Whedbeee & Poe, Philadelphia — S. K. Phillips & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.l20M, Jan. 24, '06 111 Oct. 31 Low. 106% Nov. 20. '17 108 Deo. 23 LOUISVILL,E & NASHmU^E R. R. South- east & St. lH>ui8 Division 1st 6s. Due March 1, 1921. — F. Dated January 1. 1881. Interest payable March 1 and September 1, at office of Com- p. V, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $3,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Illinois Trust & Savings Bank, Chicago, and N. C. Butler. Secured by a first mortgage on 207.70 miles of road, viz. : Miles Bast St. Louis to Bvansville, III 160.98 Mcljeansboro to Shawneetown, 111 40,70 Branch to O'Fallon, 111 6.04 Underlies — 2d 3s of 1980. liegal for Cal., Conn., Me., Mass., Mich., Minn., N^ H., N. J., R. I., Vt. and Wis. Listed on the New York and Amsterdam Stock Bxchan^efl Market. New York — S. P. Larkin & Co., Chas. W. Place, Hanson & Doyle, F. J. Lisman & Co., Seasongood, Haas & Macdonald, Baker. Car- ruthers & Pell, Redmond & Co., Remick, Hodges & Co., Taylor, Smith & Hard. Phi'adelphia — Graham. Parsons & Co. I/OuisvlIie — J. J. B. Hilliard & Son. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.120% Mar. 6, '06 101% Aug. 30 Low. 99% Nov. 27, '17 100 Oct. 22 LOUISVILLE £ NASHVILLE RAILROAD CO. Southeast & St. Louis Division 2nd 3s. Due March 1, 1980. — F. Dated January 1, 1881. Interest payable March 1 and September 1, at office of Com- pany, 71 Broadway, N, T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $3,000,000. ($3,000 held in treasury). Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Illinois Trust & Savings Bank, Chicago and U. C. Butler. Secured by a second mortgage on 207.70 miles of road described under 1st 6s of 1921, subject to the prior lien of those bonds. Prior Lien — $3,500,000 1st 6s. Legal for N. H. , R. I., Cal. and Minn. Listed on the New Tork Stock Exchange. Market. New York — Seasongood, Haas & Macdonald S. P. Larkin & Co., Morris & Smith, Chas. W. Place. Baker, Carruthers & Pell, F. J. Lisman & Co. Philadelphia — Robert W. Daniel & Co., Gra- ham, Parsons & Co. Louisville — J. J. B. Hilliard & Son. Price Range — ^N. Y. S. E. Jan. 1, 1906 t« Jan,. 1, 1919 1918 HiBh.72% Feb. 28, '07 SSVi Mar. 9 Low.67ii July 26, '18 57% July 26 LOUISVILLE Si NASHVILLE RAILROAD CO. LOUISVILLE, CINCINNATI & LEXING- TON RAILWAY CO. Gen. 4%s. Due November 1, 1931. — F. Dated November 1, 1881. Interest payable May and Nov. 1, at 71 Broadway. New York. Interest reduced from 6% in 1896. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — -$3,258,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Secured by a first mortgage on 176.20 miles, viz. : ' Miles Louisville to Newport, Ky 109.20 La Grange to Lexington, Ky 67.00 Underlies — ^Unified 4s of 1940. Bonds are reserved under that mortgage to retire this Issue. Legal for Cal., Conn., Me., Mass., Mich., Minn.. N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Remick, Hodges & Co., F. J. Lisman & Co., Taylor, Smith & Hard. Miller & Co., Chas. W. Place. Redmond & Co., Korn. Lehman & Co.. Low. Dixon & Co. Lonisvllle-7J. J. B. Hilliard & Son. Pittsburgh-^R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.107% Feb. 19, '09 87 Apr. 17 Low. 94 .Aug. 2. '17 87 Apr. 17 LOUISVILLB & NASHVILLE RAILROAD CO. 1st .6s. Due May 1, 19S7.— F. Dated April 30, 1887. Interest payable May and Nov. 1, at Company's office, 71 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding— $1, 749, 000. Held in Treasury — $16,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States TrustJ Co., New York. Secured by a first mortgage on 191.97 miles of road, viz. : . Miles Bardstown, Ky., to Springfield, Ky 20.07 Corbin, Ky., to Norton, Va 117.20 Pennington, Va., to Black Mt. Ry. Con- nection 1.99 Princton Jet., Tenn., to Princton, Ky... 52.71 Underlies — Unified 4s of 1940. Bonds are reserved under that mortgage to retire this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J.. N. Y.. R. I., Vt. and Wis. Listed on the New York Stock Elxchange. Market. New York — S. P. Larkin & Co.. A. H. Biok- more & Co., Taylor, Smith & Hard, Remick, Hodges & Co., Coffin & Co., Seasongood, Haas & Macdonald, Baker, Carruthers & Pell, Red- mond & Co., Vilas & Hickey. Korn, Lehman & Co. 684 Boston — J. w. MoGaragle & Co. Chicago — Harris Trust & Savings Bank. Portland, Ore. — Morris Bros., Inc. lonlSTille— J. J. B. Hllllard & Son. St. LauIs — Bowman, Cost & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 121% Feb. 19, '06 100 Nov. 2 I..0W. 9.3 Sept. 28, "18 93 Sept. 28 lOXJISVILLE & NASHVTLM] RAIUIOAD CO. First Mortgage Coll. Tr. 6s. Due Nov. 1, 1981.— N. Dated April 1, 1888. Interest payable May and Nov. 1, at Company's office, 71 Broad- way, New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized — -$7, 000, 000. Outstanding — $4,705,000. Additional Bonds Held in Treasury — 1424,- 000. Denomination — Coupon, $1,000. Reglsterable as to principal. 'Trustee — ^Farmers' Loan & Trust Co., New York. Secured by a first collateral lien on 259.30 miles of road through deposit of the total out- standing bonds ($5,129,000) of two companies, as follows; Pledged $3,929,000 Birmingham Mineral R. R. lat Ba of 1937: Miles Campion and Trussville to Brockwood, Ala., with branch to Blocton Jot. and other branches 171 . 20 Fledge $1,200 Owensboro & Nashville R. R. 1st 6s — Owensboro to Adairville, Ky... 83.46 Penrod to Mud River Mines, Ky 4.64 liegal for Conn., Mass., N. H. and Vt. l^isted on the New York, London and Am- sterdam Stock Exbhanges. Market. New York — Struthers & Hisqoe, S. P. Lar- kin & Co., Miller & Co., Kean, Taylor & Co., Morris & Smith, Callaway, Fish & Co.. B. & C. Randolph, Remick, Hodges & Co. Curtis & Sanger, Blodget & Co.. Seasongood, Haas & Macdonald, Baker, Carruthers & Pell, Red- mond & Co., Vilas & Hickey. Boston — Arthur Perry & Co., Curtis & San- ger, Blodget & Co. Chicago — Kean, Taylor & Co. I^ouisville — J. J. B. Hilliard & Son. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 115% Jan. 6, '06 99 Jan. 17 Low. 93 Sept. 10, '18 93 Sept. 10 liOUISVTLUE & NASHTHJCE RAILROAD CO. Unified 4s. Due July 1. 1940.— F. Dated June 2, 1890. Interest payable Jan. and July 1, at Company's office, 71 Broadway. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $76, 000. 000. Outstanding— $64, 768, 000. In Treasury — $2,155,000. Redeemed and Cancelled — $18,000. Reserved for Prior Liens— $8,059,000. Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully reglsterable lii lots of $5,000. Registered, $5,000. Trustee — Central Union Trust Co., New York. Secured by a direct mortgage on 2,070^52 miles of road, viz. : A first Hen on 591.88 miles — Miles Li*fingston, Ky., to JelUco, Tenn 61.20 Hematite to Pond, Tenn 30.71 Van Leer to Cumberland Furnace, Tenn. 6.19 Middlesborough, Ky., to Manring, Tenn- 8.19 Stony Fork Jet. to Logmont, Ky 6. 06 Tracks Around Middlesborough, Ky Cole Creek and Stony Fork Switchbacks 1.18 Logmont to Blwood, Ky 2.56 Leewood to Aulon, Tenn 2.46 Champion to Maoagne, Ala 24.13 Altoona to Schuler, Ala p. 59 North Alabama Jet. to Searlea, Ala.... 3.32 Black Creek to Banner. Ala 17.68 Crocker Jet. to Durant, Ala 2.59 L'dora to Ersklne, Ala 0.73 Vulcan to Sayre Mines, Ala -■ . . 1.69 Valley Creek to Virginia, Ala 2.05 RIdgeland to Arcadia, Ala 1.32 Mineral Springs to Dunn, Ala 1.46 Mineral Springs to Rilma, Ala 2.30 Shr-ftield to Tuscumbia, Ala 2.63 Prattsville Jet. to Prattsville, Ala 10.36 Shelbyvllle Jet. to Christiansburg. Ky. 8.51 Selma to llscampia Jet., Ala Ill . 09 Comden Jet. to Camden, Ala 16.55 C. & O. Jet. to Greensburg, Ky 30.85 Selma to Myrtlewood, Ala 60.25 Georgiana, Ala., to Graceville, Fla. .. .100.38 Duval, Ala., to Paxton, Pla 23.48 McPhail, Ala., to Near Fla. Line 0.21 Shelbyvllle to Bloomfield, Ky 20.72 Louisville, Ky., Pipe Line Ave 3.28 C. R. & T. Jet. to Chenoa, Ky 12.35 Jellico, Tenn., to Myrlin, Ky ; 4.08 Near Vinita to Graves Mines, Ala 2.14 Lakewood, Fla., to Near Ala. State Line 2.69 A second lien on 1,130.31 miles — Covered by the Louisville & Nashville Gen. 63, 1930 678.17 Louisville & Nashville 1st 5s, 1937 191.97 'Birmingham Mineral R. R. Ist Ss, 1637 173.20 Newport & Cin. Bridge 4%s, 1945 0.73 L. C. & L. Gen. Mtge. 4%s, 1931 176.20 Henderson Bridge Co. 1st 6s, 1931.... 10.04 •AU pledged under L. & N. Coll. 6a of 1931. A third lien on 348.33 miles — Miles Covered by the B. H. & N. Dlv. & Gen. Mtges 147.87 South & North Alabama Cons. & Gen. 1st 5s 200.46 Also a lien on the leasehold interest in the Nash. & Decatur R. R. — Nashville, Tenn., to Decatur Jet 119.24 Also a lien on the following securities: Southeast & St. Louis Ry. Co $9 80,000 Nash., Chatt. & St. L. Ry. Co 8,802,400 Owensboro & Nash. Ry. Co 963,400 Henderson Belt. R. R. Co 19,750 Prior Hems — $27,880,000 (in hands of pub- lic). Evans., Hen. & Nash. 1st 6s, 1919. $160,000 L. & N. Gen. 6s, 1930 112,000 L. & N. 1st 5s, 1937 1,749,000 L. & N., Loulsv., Cino. & Lex. Gen. 4%s, 1931 ' 3,258,000 Henderson Bridge Co. 1st 6s, 1931. 646,000 Newport & Cin. Bridge 4%a, 1945.. 1,344,000 •Birmingham Mineral R. R. let 5s, 1937 3,929,000 South & North Alabama Cons. 5s, 1936 9,292.000 South & North Alabama Gen. Cons. 5s. 1963 7,400,000 •All deposited under L. & N. Coll. 5s of 1931. Bends are reserved under this mortgage to retire the first for issues. ImderUes— A. K. & C. Dlv. 1st 4s of 1966 as to 72.93 miles. Legal for Bait., Cal., Conn.. Mass., Mich., Minn., N. H., N. Y., R. I. and Vt. Listed on the New York and London Stock Bzcbanses. 685 Original Market — Offered in May. 1913. by Kissel, Kinnicutt & Co. , and Harris, Forbes & Co., New York, at price to yield 4.40%. Market. New york — ^Active on N. Y. Stock ExchanEre. Boston — Harris, Forbes & Co., Parkinson & Burr. Cliicaso — Harris Trust & Savings Bank, Hodenpyl, Hardy & Co.. Kissel, Kinnicutt & Co., Kean, Taylor & Co. St, Lonis— Bowman, Cost & Co. liouisville — J. J. B. Hillrard & Son, George T. Wood & Son. Pittsburgh — ^Kean, Taylor & Co. Bichmond, Va. — Scott & Stringfellow, Price Range — N. .Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.104% Jan. 9. '06 90 Nov. 15 Low. 81 Sept. 26, '18 81 Sept. 26 LOUISVILLE & NASHVILLE RAILROAD AND MOBILE & MONTGOMERY BAIL- WAY Joint 1st 4%s. Due Sept. 1* 1946. Dated Sept. 2 ,1895. Interest payable March and Sept. 1, at I>. & N. office, 72 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $4, 000, 000. Reserved for Ext. — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York, Secured by a first mortgage on 177.67 miles of road from Montgomery to Mobile, Ala. Legal for Cal., Conn. , Me. , Mass. , Mich., Minn., N. H., N. J., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Remick, Hodges & Co., S. P. Larkin & Co. . Abraham & Co. , Baker, Car- ruthera & Pell. Chas. W. Place, Redmond & Co., Taylor, Smith & Hard, Korn, Lehman & Co. Philadelphia — Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Louisville — J. J. B. Hilliard & Son. Baltimore — Robt. Garrett & Co., Jenkins, Whedbee & Poe. Boston — G. "W. Walker & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High,:i0 Feb. 23, '06 85 Oct. 10 Low. 83% Aug. 16, '18 83% Aug. 16 LOUISVILLE & NASHVILLE RAILROAD CO. Padncah & Memphis Div. 1st 4b. Due Feb. 1, 1946.— F. Dated February 1, 1896. Interest payable Feb. and Aug. 1, at Company's office, 71 Broadway, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized— $6, 000. 000. Outstanding — $4,619,000. Held in Treasury — 1217,000. Reserved for Ex-t. — $164,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Sepnred by a first mortgage on 254.2 miles of road from Padueah, Ky., to Memphis, Tenn.. and branch to PerryvIUe, Tenn. These bonds are outstanding at the rate of $18,200 per mile. Note. — The above mileage is leased to the Nashville, Chattanooga & St. Louis Ry. Co. for 9S years from Dec. 14, 1895. Rental 5% of the purchase price of the property ($3,093,- 000) and 5% on all additions, etc. Legal for Cal., Conn., Me.. Mich., I^nn., N. H., N. J., R. I. and Wis. Listed on the New York Stock Exchange. Original Market — $4,591,000 .offered in May, 1909, by N. W. Harris & Co., Moffat & White (now White, Weld & Co.), Kissel, Kin- nicutt & Co., and National City Bank, New York at 98^ and interest. Market. New York — Sharretts & ' Young, Wood, Struthers & Co., Harris, Forbes & Co., Baker, Carruthers & Pell. Redmond & Co. , Taylor, Smith & Hard, Low, Dixon & Co. Philadeliihia — ^Harris, Forbes & Co., West & Co. Boston — ^Harris, Forbes, & Co. Chicago — Harris Trust & Savings Bank. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. X, 1906 to Jan. 1, 1919 1918 Bid Ask High.96 Apr. 2, '12 78 Dec. 89 Dec. Low. 84 Dec. 19. '14 69% Jan. 80% Apr. LOTTISVILLB & NASHVILLE - SOUTHERN "Monon.'' — Collateral Joint 4s. Due July 1. 1953.— F. Dated July 1, 1902. Interest payable. Cou- pon Jan. and July 1, at J. P. Morgan & Co., New York. Registered, Jan., April, July and Oct. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,500,000. Outstanding — $11,827,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000 or multiples of $10,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date upon two months' notice; not less that $1,000,000 shall be redeemed at any one time, and no registered bonds shall be called until all coupon bonds shall have been re- deemed. Security — ^A joint obligation of the two com- panies and secured by a first lien on $9,796,- 900 out of $10,500,000 common stock on $3,- 873,400 out of $5,000,000 preferred stock of the Chicago, Indianapolis & Louisville Ry. Co. ; at the rate of $90, of these bonds for each share of preferred and $78 of these bonds for each share of common stock. The shares deposited are owned one-half each by the L. &. N. R. R. Co. and the So. Ry. Co. Each company is liable for one-half of the princi- pal and interest of these bonds. In the event of default by either company, the stock here- under of the defaulting company shall become the property of the company not in .default, which will then be liable in severalty under this mortgage. The collateral company owns 609 miles of road and operates 113 addi- tional miles from Liusville, Ky., to Michigan City, Ind., and Chicago, 111., to Indianapolis, Ind. Dividends have been paid on the pre- ferred stock since 1899 and at the rate of 4% per annum since 1900. Dividends oh the com- mon stock have been paid since 1902. Since 1910 the rate has been 3%% per annum. Listed on the New York Stock Exchange. Market. New York — Hartshorne & Battelle, Korn, Lehman & Co., Shuitian & Seligmann, Am- brose R. Clark & Co., Redmond & Co. Price Range— N. Y. S. £. Jan. 1, 1906 to Jan. 1, 1919 1918 High.98 July 25. '06 68% June 22 Low. 67^ Apr. 6. '18 67% Apr. 6 686 I.OUISVILI.E & nashvii,i;b RAILBOAJ) CO. Atlanta, KnoxvUIe & Cincinnati UiT. 4s. Due May 1, 1955. — ^F. Dated May 1, 1905. Interest payable May and Nov. 1, at Company's office, 71 Broad- way, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Antliorized — $60,000,000. Outstanding — $24,745,000. Held in Treasury — $1,249,000. Koscrved tor Prior Uens — $9,022,000. Reserved tor Adid. — $14,984,00. Denomination — Coupon, $1,000. Resisterable as to principal, or fully reglsterable. Regis- tered, $1,000 or multiples. C. & R. inter- changreable. Trustee — United States Trust Co., New York, Secured by a first mortg^aire on 892.32 miles of road, viz, : A first lien on 267.40 miles — Miles Saxton, Ky., to Knoxville, Tenn 78.61 HolMn to Hyde, Term 2.21 Ilford to Westbourne, Tenn 2.93 Dossett to Khotan, Tenn 12.24 Khotah to Windrook, Tenn 0.72 Greenback to Jena, Tenn 1.14 Armona to Maryville, Tenn 3.86 Athens to Jellico Plains, Tenn 22.42 Allingham to Harriman, Tenn 17.54 S^voy to Gatllff, Ky 18.60 Nevisdale to Packard, Ky 2 . 49 Tingling to Elk, Ky 1.7B Surran to Chadman, Ky . 31 Heidelberg to Ida May, Ky 3.00 Versailles to Beattyville Jet., Ky 99.68 A second lien on 286.39 miles — Livingston, Ky., to Jellico, Tenn 61.20 Jellico, Tenn., to Halsey, Ky 8.1i Covington to Richmond, Ky. ; Ft. Estill to Sinks, Ky 146.54 Paris to Liexington, Ky 17.86 Paris to Maysville, Ky 49 . 48 Richmond to Ft. BsUU, Ky 3.20 A third lien on 338.53 miles — Cinn., O., to Newport, Ky. (bridge) 0.73 Sinks to Livingston, Ky 3.34 Knoxville, Tenn., to Junta, Ga 146.94 Stowab, Tenn., to Marietta, Ga 142 . 71 Mentor, Tenn., to Greenback, Tenn.... 17.76 Murphy Jet., Ga., to Murphy, N. C 23.47 Ellen N. Ga. Connection with Atlanta Belt Line (not operated as main line) 7.12 Newport to Latonia, Ky 3.58 Frior Ijens — Subject to the following prior liens: L. & N. Gen. 6s, 1930 $112,000 L. & N. Louisv., Cino. & Lex. Gen. 4%s, 1931 3,268,000 L & N. Unit. 4s, 1940 64,768,000 Newport & Cine. Bridge 4V4s, 1945. 1,344,008 Atlanta, Knoxv. & Nor. 5s, 1946.. 999,000 Kentucky Central 4s, 1987 6,702,000 Atlanta, Knoxv, & Nor. Cons. 4s, 2002 600,000 I/egai for Bait., Cal., Conn., Me., Mich., Minn., N. H, . Wis. and R. I. Listed on the New York Stock Exchange. Original Market — First ottered in 1906 by J. P. Morgan & Co., at 98% and interest and $10,000,000 ofEered in 1911 by J. P.. Morgan & Co., the First National Bank and the Na- tional City Bank and Harris, Forbes & Co., New York, at 93Vi and interest. Market. New York — ^Homblower & Weeks, Sharretts & Young, Wood, Stnithers & Co., Ivan Gold- smith & Co., B. & C. Randolph, J. S. Fariee & Co., Struthers & Hlscoe, Baker, Carruthers & Pell, Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey, Low, Dixon & Co, Boston — Hornblower & Weeks. Chicago — ^Harris Trust & Savings Bank, Hornblower & Weeks. Louisville — J. J. B. HilUard & Son, George T. Wood & Son. Cincinnati — ^Fifth-Third Nat'l Bank. Omaha — City Trust Co. Price Range — N. Y. S, B, Jan. 1, 1996 to Jan. 1, 1919 1918 High. 96% Mar. 9, '09 83 Nov. 21 Low. 74 Apr. 1, '18 74 Apr. 1 I/)UISVILIE & NASHVILLE RAILROAD CO. Eaulpment 6s, Series "A." Due $3^6,000 each June 1 and December 1 to June 1, 192S.— F. Dated June 2, 1913. Interest payable June ' 1 and December 1, at Trustee's office, or Com- pany's office, 71 Broadway. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $6, 600, 000. Outstanding — $2,926,000 (May 15, '19). Balance Retired. Note — $11,000 have been called or matured but not presented for payment. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity & Columbia Trust Co., Louisville,- Ky. Secured by an equipment trust agreement on 24 locomotives, 43 passenger and mail cars, 1,150 box cars, 4,200 coal cars, 660 miscel- laneous freight cars and 180 service cars, cost- ing $7,226,420, of which $726,420 was paid in cash. Legal for Conn. Original Market— First offered by Kissel, Kinnicutt & Co., Brown Bros. & Co., Potter, Cboate & Prentice, at par and interest. Market. Philadelphia — Graham. Parsons & Co., Bld- dle & Henry, Brown Bros. & Co., Reilly, Brock & Co. New York — Freeman & Co.. Evans. Stillman & Co. Louisville — J. J. B. Hllliard & Son. L0T7ISVILLB Ss NASHVELLE TERMINAL CO. 1st 4s. Due Dec. 1, 1952. — F. Dated December 1, 1902. Interest payable June and Dec. 1, at L. & N. office, 71 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Outstanding — $2,500,000. Reserved for Imp, — $399,000. In Treas. of L. & N. R. R. Co. — $101,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Guaranteed jointly and severally as to prin- cipal and interest by the Louisville & Nash- vilel R. R. Co. and the Nashville, Chatta- nooga & St. Louis By. Co. Organization and Control — Incorporated In Tennessee in 1893. All of the stock is owned by the Louisville & Nashville R. R. Co., which leases the property for 99 years jointly with the Nashville, Chattanooga & St. Louis Ry. Co., at a rental equivalent to interest and taxes. Secured by a first mortgage on terminal property in Nashville, Tenn., Including a union passenger and freight station, warehouses, shops and about 32 miles of trackage and 3S acres of land. Further secured by pledge of above lease and leases of 40 acres. Legal for Cal., Mich., Minn., N. H., N. J. and H. I. Qrieinal Markefr— Offered in May, 1909, by Wm. A, Read & Co., New York and Boston. Market. , New York — Baker, Carruthers & Pell, Abra- ham & Co., John Davenport. I^ooisTille— J. J. B. Hilliard & Son. Boston — J. S. Orler & Co. Fhiladelphia — Biddle & Henry. Price Range. Jan. 1, '08 to Jan*. 1, '19 1918 Bid Ask Bid Ask Hiirh.97 '10 98 '10 75 Jan. 80 Jan. Low. 67 '18 75 '18-. 57 Dec. 75 Aug. LODISVIIiliE & NORTHERN RAILWAY & UGHTING CO. 1st 5s. Dae Dec. 1» 1925. Dated Dec. 1, 1905. . Interest payable June and Dec, 1, at Continental & Commercial Trust & Savings Bank, Chicago ; and Elliot National Bank, Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $2, 500. 000. Outstanding — $500,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 106 and Interest.^ Organization and Control— Incorporated in Indiana in 1905. Controlled by the Interstate Public Service Co, of Indianapolis through stock ownership. The latter company is a subsidiary of the Middle "West Utilities Co. Secured by a first mortgage on , 20 miles of electric railway between Louisville, Ky., and Sellersburg and Charlestown, Ind. The line to Sellersburg forms part of a through route over which cars are run between Louis- ville and Indianapolis, while it is expected that the Charlestown branch will form part of a through line to Cincinnati. Further se- cured by deposit of all of the stock of com- panies supplying electricity and gas to New Albany, Jeffersonyille and other towns in In- diana, and water to New Albany. Total pop- ulation served, Louisville (1918). 274,064; New Albany, Ind., 27.410; Jefferson, Ind.. 15,735. Year ended June 30 Gross Net Int., Etc. *1918 $232,660 $47,079 $28,402 1917 195.991 14,429 29,473 1916 164.937 31.884 29.831 1915 167.900 31,157 27,928 1914 175,537 43.148 29,708 *Tear ended Dec, 31. Original Market— Offered by Trowbridge & Niver Co., Chicago, at price to yield about 5%. Market, I^nisTille — Lawrence Timmons & Co . New York — Hotchkin & Co., F. H. Hatch & Co. Boston — ^Hotchkin & Co., Chas. A. Day ft Co. Price Range. Jan. li 1908 to Jan. 1. 1919 High. 90 n2 100 '08 Low. 62 '17 65 '17 I^OUISVILUE & SOUTHERN INDIANA TRACTION CO. 1st 68. Due Sept. 15, 19^3. Dated Sept. 15. 1903. Interest payable March and Sept. 15, at Continental & Com- mercial Trust & Savings Bank, Chicago and United States Trust Co., Louisville. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $999,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees— Continental & Commercial Trust & Savings Bank, Chicago, and United States Trust Co,, Louisville, Ky. Redeemable at 105 and interest on any in- terest date. Organization and Control — Incorporated in Indiana in 1903. Majority of stock Is owned by Interstate Public Service Co., a subsidiary of the Middle West Utilities Co. Secured by a first mortgage on 23 miles of electric railway, including all of the street railway in JefCersonville. Ind., and Interurban line between Louisville, Ky.. and Jeffersonville and New Albany, Ind. Franchises are for fifty years. Population served: Louisville (1918). 274,064; Jeffersonville. 15.735; New Al- bany, 27.410. Also leases 14 miles of street railway in New Albany. Year ended June 30 Gross Net Int. & Rent ♦1918 $456,627 $94,216 $85,511 1917 364,135 94,145 83,567 1916 300.450 85,829 83.667 *Year ended Dec. 31 . Original Market — Offered by Trowbridge & Niver Co., Chicago, at par and Interest In Dec, 1903. Market. Louisville — Lawrence J. Timmons & Co.i J. J. B. Hilliard & Son. New York — John Burnham & Co., J. J. Lev- enson, Hotchkin & Cr . P. H. Hatch & Co. Boston— Hotchkin & Co., Chas. A. Day & Co. Price Range. Jan. 1. 1915 to Jan. I. 1919 1918 Bid Ask Bid High. 62 '15 74 '15 48 Nov. Low. 45 '18 61 '16 45 May tOUISVILLE GAS & EI;ECTRIC CO. (of Kentucky) 7% Secured Notes. Dae Sept. 1. 1920. Dated March 1, 1918. Interest payable March 1 and Sept, 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania Tax refunded. Authorized — $3,750,000. Outstanding — $2,801,000 (June 2. '19). Additional notes issuable on pledge of same collateral in the same ratio when net earn- ings for twelve consecutive months, after de- ducting all prior interest charges, are equal to at least three times the annual interest on notes outstanding and to be issued. Purpose of Issue — The proceeds from the sale of thp $1,600,000 notes was used to retire the 6% notes due April 1. 1918. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable at any time before Sept. 1, 1918, at 101 and interest, and on or before Sept- 1. 1919, at 100% and interest, and there- after at 100 and Interest upon 3 days' notice. Organization and Control — See 1st and Ref. 7s. Secured by pledge of $3,784,000. Gen. 6a, due Sept. 1, 1920, in a principal amount of 133 1-3% of the par value of notes issued hereunder. Prior Lien — $1,196,000 (closed) Louisville Lighting Co. 1st 5s of 1953 and $12,710,000 L. G. & E. 1st and Ref. 7s of 1923. The General Mortgage contains provisions permit- ting the company to create prior Hens for refunding and for extensions, etc. EanilngB — See 1st & Ref. 7s. • 683 Original Market — $2,500,000 offered March, 1918, by H. M. Byllesby & Co., Inc., Chi- cago; Bonbrlght & Co., Inc., New York, and Wakefield & Co., Louisville, at 97% and interest. $228,000 ottered January, 1919, by Bonbright & Co., Inc., New York, etc., at 98% and interest. Market. Chicago — Babcock, Rushton & Co. jN'ew Xork — Berdell Bros., Bull & Bldredee, Kiely & Horton, W. C. Rauscher, Mann, Bill & Co., John Nickerson, Jr. Liouisville — L. J. Timmons & Co., George T. Wood & .Son. Providence — R. S. Moore & Co. Price Range — 1918. Bid Ask High. 97 Deo. 99 Dec. Low. 91% Sept. 93% Sept. rOUISVILUE GAS & ELECTRIC COMPANY 1st & Ret. 7s. Due June 1. 1923 — F. Dated June 1, 1918. Interest payable June and Dec. 1 in New York or Chicago; principal payable in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $12,710,000 (June 2, "19). Reserved for Prior lien — 11,196,000. Reserved for Ext. — $6,094,000. Additional bonds issuable at not over 7% for 75% of cost of extensions, providing net earnings for preceding 12 months are 1 2-3 times annual interest charge on ' all bonds of this issue outstanding, including underlying bonds and those for which application is made. Purpose of Issue — To refund an approximate like amount of the Company's 1st & Ref. 6s, due July 1, 1918. , Denomination — Coupon $100, $500 and $1,- 000. Registerable as to principal. Trustee — Harris Trust & Savings Bank, Chicago. Redeemable — In whole or in part on any interest date to June 1, 1920, at 103 and interest: to June 1, 1921, at 102 and interest: to June 1, 1922. at 101 and interest, and on Dec. 1, 1922, at par. Maintenance arid Redemption Fund — Begin- ning June 1, 1920, 11%% of gross earnings annually to be set aside for maintenance and repairs or for renewals and replacements. Any unexpended balance may be used for pur- chase or redemption of any of the company's outstanding bonds. Organization and Control — Incorporated In Kentucky in 1913 as a consolidation of the gas, electric, steam-heating properties in Louisville, Ky. , and suburbs. Entire stock is owned by the Louisville Gas & Electric .Co. of Delaware. A majority of the capital stock of the latter company is owned by the Stand- ard Gas & Electric Co. and the Mississippi Valley Gas & Electric Co., and $4,500,000 of $10,907,000 preferred and $2,600,000 of $6,- 448,900 common stock are deposited under the latter company's Coll. Tr. 5s of 1922. Management — H. M. Byllesby & Company. Securcil by a direct mortgage on plants and distributing systems supplying electric light and power to Louisville suburbs. Also a col- lateral lien on the natural gas pipe line is through pledge of $3,000,000 (entire Issue) first mortgage bonds and practically entire issue ($2,000,000) common stock of Kentucky Pipe Line Co. Electric franchises In Louisville perpetual. Gas expires In 1933, Prior Wen — $1,195,000 Louisville Lighting Co. 1st OS of '1953. , Underlies — $3,784,000 Gen. 6s of 1920, all of which are pledged to secure 7% notes due Sept. .1, 1920. Vear ended Dec. 31 Gross Net Interest 1918 $3,176,478 $1,642,677 $978,346 1917 2,838,689 1,125,083 892,730 1916 2,468,626 1.388,147 710,080 1916 2,236,400 1,278,386 711,'^63 1914 2,043,246 1,047,405 583,320 Original Market — $10,500,000 offered June, 1918, by B. H. Rollins & Sons, Harrisv Forbes & Co. and' Guaranty Trust Co., New York, at 98 and interest. Market. ChicagiOi — ^Ames, Bmerlch & Co., Babcock, Rushton & Co., Curtis & Sanger, H. T. Holtz & Co., Merrill, Lynch & Co. New York — Earle A. Miller & Co., Berdell Bros., T. Hall Keys & Co., Kiely & Horton, Bauer, Starr & Co., W. C. Rauscher, Taylor & White, Mann, Bill & Co., John Nickerson, Jr. Providence — B. S. Moore & Co. Milwaukee— F. A. Bartlett Co., Morris F. Fox & Co. Boston — F. B. Bassett & Co., Paine, Webber & Co.. Arthur Perry & Co. Philadelphia — Bauer, Starr & Co. Louisville — L. J. Timmons & Co., J. J. B. Hilllard & Son. Baltimore — J. S. Wilson, Jr., & Co. Price Range — 1918 Bid Ask High.lOO Dec. 101 Dec. Low. 96 Sept. 97 Sept. liOUISVILLE, HENDERSON & ST. LOUIS RAILWAY CO. Ifit 5s. Due July 1, 1946.— N. Dated June 1, 1S96. Interest payable Jan. and July 1, at Company's office, Louisville, and at Bank of America, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2, 500, 000. Ontstanding — $2, 500, 000. Denomination — Coupon, $600. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization and Control — Incorporated in Kentucky in 1896. The Louisville & Nash- ville R. R. Co. owns $1,471,290 of the $2,- 000,000 preferred stock and $1,721,871 of the $2,000,000 common stock. Secured by a first mortgage on 181.70 miles of road from Strawberry, Ky., six miles from Louisville, to Henderson, Ky.,,and branch to Falls of Rough and Fordsville, Ky. Com- pany has trackage rights into Louisville, Ky., and Evansville, Ind., and this road Is the shortest rail line between those two points. The company operates a total of 200 miles of road. Including trackage rights from Straw- berry to Louisville, Ky., and from Henderson, Ky., to Evansville, Ind. Underlies — $700,000 1st Cons. 5s of 1965 (all owned by the L. & N. R. R. Co.). Bonds are reserved under latter mortgage to retire this issue. Year ended Dec. 31 Gross Net Int. & Rent 1917 $2,226,660 $697,253 $334,836 1916 1,761,114 540,478 282,717 1915 1,447,836 299,855 249.965 Legal for Me. Listed on the Louisville Stock Exchange. Market. Louisville — J. W. & D. S. Green, J. J. B. Hilliard & Son, George T. Wood & Son. 689 New York — McKinley & Morris. F. J. Lis- man & Co., B. & C. Randolph. Miller & Co.. Baker. Carruthers & Pell, F. H. Hatch & Co.. Taylor & "White. Vilas & Hickey. Harvey A. Willis & Co., Korn. Lehman & Co. PittsbnTgh — R. B. Hutchinson & Co. Price Banee. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.llOJ^ '09 111 '10 97 June 100 June Low. 92 '18 98 '18 92 Feb. 98 Jan. LOUISVU/I/B HOKE TEI^FHONE CO. 1st 5s. Due July 1, 1988. — N. Dated April 3. 1902. Interest payable Jan. and July 1. at Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2. 600. 000. Outstandine — $2,315,300. Denomination — Coupon. $100. $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank. Chicago. Organization — Incorporated in Delaware in 1901. Secured by a first mortgage on independent telephone system in Louisville. Ky.. and vi- cinity. Franchises extend to 1921. Earnings — See Coll. Tr. 6s. lilsted on the St. Louis and Louisville Stock Exchanges. Market. New York — Ware & Leland. B. & C. Ran- dolph. Oilman & Clucas. Ijouisville — Lawrence J. Timmons & Co.. Wood. Johnston & Co., J. J. B. Hilliard & Son. George T. Wood & Son. St. jAmia — Walter B. Orthwein. Stitel, Nic- olaus Inv. Co.. Stix & Co.. Herrick J. Gray & Co.. A. G. Bdwards & Sons. B. A. Gessler. Toledo — Secor & Bell. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 95% '17 9614 '17 92% Jan. 93 Deo. Low. GO '09 67% '09 88 July 90% Mar. rouisviLrE homb teuephonb co. cou. Tr. 5s. Due Jan. 1, 1933. — N. Dated Jan. 1. 1910. Interest payable quar- terly Jan.. Apr.. July and Oct. 1. at United States Trust Co., Louisville, Ky. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $414,400. Denomination — Coupon. $70. $350 and $700. Trustee — United States Trust Co.. Louis- ville. Ky. Redeemable at par and interest on any in- terest date. Security — ^These bonds are secured by deposit of $592,000 bonds of Independent Long Dis- tance Tel. & Tel. Co.. and were issued in exchange for the bonds. The lines owned by the Independent Long Distance Tel. & Tel. connect the local exchanges of the Louisville Home Tel. Co. in Louisville. Anchorage and Parvee Valley. Ky., and New Albany and Sellersburg. Ind.. with independent telephone systems in Kentucky. Indiana. Ohio and part of Missouri. Year ended Dec. 31 Bond Gross Net Interest 1918 $700,146 $184,433 $76,686 1917 662,856 213,878 76.586 1916 636,432 221.313 76.686 Market. lAuiBville — Lawrence J. Timmons & Co. New York — GUman & Clucas. I^OCISTIIilii: (KY.) UGHTING CO. Ist 6s. Due April 1, 1953.— P. Dated April 1, 1903. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status^2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. OutstandiniB — $1,196,000 (Jan. 1. 1919). Denomination — Coupon. $1,000. Reglsterable as to principal. Trustee — Fidelity & Columbia Trust Co.. Louisville. Control — Absorbed in 1913 by the Louisville Gas & Electric Co. See that company's 1st & Ret. 7s. Secured by a first mortgage on plants and distribution systems supplying electric light and power to Louisville. Ky.. and suburbs. Underlies — Louisville Gas & Electric Co. 1st & Ref. 7s of 1923 and 7% Secured Notes of 1920. Earnings — See L. G. & B. Co.'s 1st & Ref. 7s. Original Market — Offered in 1904 by Red- mond & Co., New Tork, and Battles & Co.. Philadelphia. Market. Philadelphia — ^H. Boenning & Co., Huntoon & Co.. S. K. Phillips & Co. New York — Barle A. Miller & Co., Miller & Co.. .L. A. Norton. J. S. Bache & Co.. B. & C. Randolph. H. M. Byllesby & Co.. F. H. Hatch & Co. Baltimore — ^Mercantile Trust & Deposit Co.. Jenkins. Whedbee & Foe. Chicago — ^H. M. Byllesby & Co.. Harris Trust & Savings Bank. Louisville — J. W. & D. S. Green. J. J. B. Hilliard & Son, Lawrence J. Timmons & Co. Providence — R. S. Moore & Co. Price Ranee — 1918 Bid Ask High. 9 6 May 98 Apr. Low. 86 Dec. 96 Deo. LOUISVILIiE RAILWAY Cons. 6s. Doe July 1. 1930. — F. Dated July 1. 1890. Interest payable Jan. and July 1. at Nat'l Bank of Commerce. New York, and Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $6,000,000. Denomination — Coupon. $1,000. Reglsterable as to principal. Trustee — ^Fidelity & Columbia Trust Co. Louisville. Ky. Organization — Incorporated in Kentucky in 1867. Secured by a first mortgage on the street railway system in Louisville. Ky.. including 82 miles of double-tracked street railway within the city and 14 miles of railway outside the city. Population served. 250.000. Franchises are for 99 years or perpetual. Underlies — $6,035,000 2nd 4%s and General 6s. Year ended Dec. 31 Gross Net Interest 1918 $3,711,447 $1,066,763 $627,000 1917 3,284.985 1,394.681 621.760 1916 3.080,296 1,383,665 621.750 1915 2.940.600 1.297.549 624,923 1914 3,166,481 1,280,259 606,666 1913 3.226,276 1,308,313 686.833 Iiisted on the New Tork Stock Exchange. Market. Louisville — Lawrence J. Timmons & Co.. J. J. B. Hilliard & Sons, Almstedt Bros.. Taylor & White. George T. Wood & Son. New York — J. S. Bache & Co.. Foster & Adams. Miller & Co., F. H. Hatch & Co. 690 Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.108% '09 109 '09 98 Feb. 99 Feb. Low. 90 '18 94 '18 90 Oct. 94 Oct. lOUISVIIXE RAIIiWAY CO. 2nd iVzB. Due March 1, 1940. — F. Dated March 1, 1900. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorizecl and Outstanding — $2,000,000. Denombiatlan — Coupon. $1,000. Registerable as to principal. TmBtee— Fidelity & Columbia Trust Co., Louisville, Ky. Organization and Control — See Consol. 6s. Secured by a second mortgage on property described under Consol. 5s. Prior Liens— $6,000,000 Cons. 6b. Underlies — $4,036,000 Gen. 6s. Earnings — See Cons. 5s. Listed on the Louisville Stock Bxcbange. Original Market — Offered by Almsted Bros., Louisville, Ky. Market. IiOulsTlUe — Henning, Chambers & Co., J. ^J. B. Hillard & Son, Almstead Bros., George T. Wood & Sen. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '09 101 '08 86 Feb. 93 Feb. Low. 80 '18 80 July LOUISVILLE (KY.) RAILWAY CO. Gen. 68. Doe Feb. 1, 1950. — F. Dated Feb. 1, 1910. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20, 000, 000. Outstanding — $4,035,000. Reserved for Ext. — $7,966,000. Reserved for Prior liens — $8,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Fidelity & Columbia Trust Co., Louisville, Ky. Organization and Control — See Consol. 6s. Secured by a third mortgage on property described under Consol. 6s above. Further secured by a first lien on the entire $4,000,000 stock of the Louisville & Interurban K. R. Co. owning and operating 102 miles of, Interurban railway in the vicinity of Louisville, Ky. This road is free of any funded debt. Divi- dends have been paid on the stock for many years. In 1912 dividends amounted to $180.- 000. or 4%%. Prior Liens — $8,000,000 Louisville Ky. Co. Cons. 6s of 1930 and 2nd 4%s of 1940. Earnings — See Cons. 6s. Market. l^ouisville — Lawrence J. Timmons & Co., Henning, Chambers & Co., J. J. B. Hilllard & Son, Almstedt Bros., J. W. & D. S. Green, George T. Wood & Son. New York — B. & C. Randolph. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask HiBh.103 '11 105 '11 91 Feb. 92 Feb. Low. 82% '18 83% '18 82% Deo. 83% Deo. Extension — Under the plan or organization of the Eastern Massachusetts Street Ry. Co. these bonds may be extended at 6% to June 1, 1928. Accrued interest will be paid in cash. If extended they ;^ill be redeemable at 103 and Interest up to June 1, 1926, thereafter at 101 and interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,900,000. Outstandinig — $675,000 (June 2, '19). Retired by S. F. — $490,000. Cancelled — $342, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^American Trust Co., Boston. Redeemable for the sinking fund at 105 and Sinking; Fund — Began May 31, 1894; 2%.% of outstanding: bonds 1914 to 1918 and 3% 1919 to 1923 for the purchase or redemption. of bonds at not oyer 105 and interest. Control — ^Absorbed by Bay State, Street Ry. Co. In March, 1919, the latter company was succeeded by the Eastern Massachusetts Street Ry. Co. throug-h foreclosure. Secured by a first mortgagie on about 66 miles of street railway. Underlies — Eastern Massachusetts Street Ry. Ref. Serial 6s, due to 1929, inclusive. Market. New York — Hanson & Doyle, F. H. Hatch & Co. Price Rangre. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Hi&h.l05% '12 107 '12 75 Apr. Low. 75 'IS 96 '17 tOWEIX, LAWRENCE & HAYERHILr STREET RATLWAY CO. 1st 5s. Due June 1, 1923.-— N. Dated June 1. 1893. Interest payable June and Dec. 1, at- American Trust Co., Boston. LtJDLUM STEEL CO. 7% Serial Notes. Due $100,000 each April 1st from 19^0 to 1939, incl. Dated April 1. 1919. Interest payable April and October 1st at Trustee's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $1,000,000. Outstandins: — $1,000,000. Purpose of Issue — To provide additional working capital and reduce current indebted- ness. Denominations — Coupon $1,000, registerable as to principal. Trustee — State Street Trust Company, Boston. Redeemable as a whole or in any one or more series upon any interest date, at par and interest plus premium of one-half of one per cent. . for the calendar year in which said notes are redeemed, and an additional one-half of one per cent, for each full calendar year between the years in which they mature. Organization — Incorporated in New Jersey. Business established 1854. Since 1906 owns and operates plant at Watervliet, New York, manufacturing tool steels. Plant covers thirty acres and Company also owns thirty-five acres of land adjoining. Outstanding Capital Stock i $369,900 Securifa' — A direct obligation of the com- pany, but not secured by mortgage. These notes are the only funded obligation of the company, and no mortgage can be placed on its real and personal property unless provision is made for the prior security of all serial notes outstanding. The company covenants no dividend shall be paid on common stock if such payment reduces the net quick assets below 150% per cent of total par value of these notes outstanding. 691 Original Market — Offered April, 1919, by Richardson, Hill & Company, Boston, Port- land and Bangor, at prices to yield from 6.50% to 7.60% for various maturities. liUZERNE COUNTY GAS & EUICTRIC CO. 1st Ret. & Imp. 6s. .Due Oct. 1, 1948. Dated October 1, 1908. Interest payable April and Oct. 1, at Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $3, 500, 000. Outstandlne — $2,146,000 (Jan. 1, 1919). Reserved for Ext. — $1,331,000. Reserved (or Prior Lien — $23,000. Denomination — Coupon, $100, $200, $500 and $1,000. Registera&le as to principal. Trustee — Girard Trust Co.. Philadelphia. Redeemable at 105 and interest Oct. 1, 1913, or any interest date thereafter, upon 60 days' notice. Organization and Control — Incorporated in Pennsylvania in 1908. The company is con- trolled by the American Gas Co. through ownership of its entire capital stock. Secured by a first mortgage on plants sup- plying gas and electric light in the boroughs Of Wyoming, West Wyoming, Forty Fort. Swoyersville, Luzerne, Dorranceton, Kingston, Courtdale, Edwardsville, Larkesville, East Plymouth, Plymouth, Nanticoke, Sugar Notch, and Warrior Run; and the townships of Wyom- ing, Kingston, Plymouth and Hanover: elec- tricity in the boroughs of Dallas and Shlok- shinney; and a second mortgage on plant sup- plying gas In Hazleton, Pa., and vicinity. Population served, 160,000. Franchises are perpetual. Prior lAena — $23,000 Hazleton Gas Light Co., due 1932, for the retirement of which, bonds of this issue have been reserved. Years ended Dec. 31 Bond GTross Net Interest 1918 $797,768 $162,716 $132,600 1917 673,390 174,645 129.300 1916 601,100 170,661 115,609 1916 431,117 167,190 106,600 ,1914 374,731 140,768 97.661 Original Market — Offered in Jan., 1911, by Baker, Ayling & Co., at 9TA and interest. Also offered in Feb., 1912, by Baker, Ayling & Co., Boston and Philadelphia, and Cassatt & Co., of Philadelphia, at 99 apd Interest. A block offered July, 1917, by Baker, Ayling & Young, Cassatt & Co. and Wm. P. Bonbright & Co., at 96 and interest. Market. Philaflelphia^-rBonbright & Co., Barclay, Moore & Co., Baker, Ayling & Young, H. Boenning & Co.. Blkins, .Morris & Co., Reed A. Morgan & Co., Huntoon & Co., Biddle & Henry, Investment Registry of America, Inc., Bauer, Starr & Co. Boston — Baker, Ayling & Young, Bonbright & Co. New York — Bonbright & Co., B. & C, Ran- dolph, Bauer, Starr & Co., Lynch & McDer- mott. FlttBbnrgh — Richards & Culbertson. Springfield — Baker, Ayling & Young. Chicago — Bonbright & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range, Jan. 1. 1911 to Jan. 1, 1919 LYAIL (P.) & SONS CONSTRUCTION CO., LTD., Ist 6s. Due Feb. 1, 1932.— N. ^ Dated Feb. 1, 1912. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,260,000. Outstanding — $1,172,500. Retired by Sinking Fund— $77,500. Denomination — Coupon, $100, $506 ant: $1,000. Registerabie as to principal. Redeemable at 105 and interest on and after Feb. 1, 1914. Sinking Fund — Annually 3% of total Issue on and after Feb. 1, 1914, plus interest on bonds redeemed, for purchase or redemption of the bonds of this issue at not exceeding 105 and interest. Secured by a first mortgage on ail the property of the company, consisting of real estate shops, and eauipment for the contract- ing business in Montreal. Regina, Ottawa, Moose Jaw, Calgary, Winnipeg and other cities in Canada. Years ended March 31 Net Int. & S.F. 1919 $1,314,682 $110,608 1918 ; 1,491,083 110.664 1917 916,450 110,660 . 1916 234,644 111,272 1915 209,677 111,984 1914 230,405 112,600 Listed on the Montreal Stock Exchange. Original Market — $1,250,000 offered in March, 1912, at 96 and interest; with bonus of 25% in common stock, by the Molson's Bank, Quebec Savings Bank & Trust Co, and Greenshields & Co., Montreal. Bid High.97^ '12 99 '14 Low. 80 '18 83^4 '18 1918 Bid Ask 86 Jan. 90 Jan. 80 Nov. 83% Dec. LYKENS VALLEY LIGHT & POWER CO. 1st 6s. Due Sept. 1, 1945. — F. Dated Sept. 1, 1915. Interest payable March and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,000,000. Outstanding — $236,000 (Jan. 1, 1919). Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable as a whole or for the sinking fund on any Interest date after Sept. 1, 1920, at 102% and interest. Sinking Fund — ^An amount equal to 1% of outstanding bonds from Sept. 1. 1920 to 1926 1%% from 1926 to 1931 and 2% thereafter, • Organization — Incorporated in Pennsylvania In 1914. Control — Company is controlled through stock ownership and operated under supervision of General Utilities & Operating Co., Baltimore, Secured by a first mortgage on plant supply- ing electricity in the Lykens Valley, Pennsyl- vania. The following towns having with neigh- boring territory a population In 1910 of 17;394, are being supplied: Williamstown, where is located the generating station, Lykens, Eliza- bethville and Tower City. Year ended Dec. 31 Bond Gross Net Interest 1918 $66,339 $19,666 $12,366 1917 67,043 19,393 11,792 1916 46,122 18,774 9,000 Original Market — Offered in November, 1916, by Henry & West, Philadelphia, and J. Har- manus Fisher & Son, Baltimore, at 97%% and interest. Market. Baltimore — J. Harmanus Fisher & Son. Fhlladeiphia — West & Co.. H. D. Boenning & Co., S. K. Phillips. New York — Lynch & McDermott. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 85 '16 100 '17 90 Feb. 9B Feb. Ldw.80 '18 85 '18 80 July 85 July LYNCHBURG (VA.) GAS CO. 1st 68. Dne March 1, 1930. — P. Dated 1900. Interest payable March and Sept. 1, at Real Estate Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250, 000. Outstanding — $111,000. Trustee — Real Estate Trust Co., Philadel- phia. Control — ^Absorbed by Lynchburg Trac. & Lt. Co., which is controlled through stock ownership by the American Rys. Co. Secured by a first mortgage on plant supply- ing gaa to Lynchburg, Va. Population served, 36,000. Underlies — Lynchburg Trac. & Lt. lat 6s and Cons. 6s. Earnings — See Lynchburg Traction & Lt. Co. 1st 5s. Market. Philadelphia — H. D. Boenning & Co.. Bioren & Co., S. K. Phillips & Co. LYNCHBURG (VA.) TRACTION & LIGHT CO. Ist 5s. Due Mar 1, 1931. — N. Dated May 1, 1901. Interest payable May and Nov. 1, at Real Estate Trust Co.. Phila- delphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $764,000 (May 15, 1919). Retired by S. P. — $126,000. Reserved for Prior Lien — $111,000, Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Real Estate Trust Co., Philadel- phia. Sinking Fund — 1% per annum, 1906 to 1918 and 1 % % thereafter. Organization and Control — Incorporated in Virginia in 1901 and owns and operates the street railways and supplies gas and electricity in Lynchburg, Va. All of the stock is owned by the American Rys. Co. Secured by a first mortgage on 20 miles of street railway, comprising the entire system In Lynchburg, Va., and also on plant supplying electricity to that city. Second mortgage on plant supplying gas to Lynchburg. Company owns all of the stock of company operating hydro-electric plant. Population served, 35,- 000. Electric franchise is perpetual, street railway franchise expires in 1942. Prior Liens — $111,000 Lynchburg Gas 5s of 1930, Underlies — Cons. 5s of 1931. Year ended Dec. 31 Gross Net Int., Etc. 1916 {5/43,056 $311,793 $122,746 Market. Philadelphia — Montgomery & Co., S. K, Phillips, H. Boenning & Co., Bioren & Co. New York — F. H. Hatch & Co. Price Range. Jan. 1, 191S to Jan. 1, 1919 1918 Bid Ask Bid Ask High.gsy* '17 100 '16 Low 85 '15 88 '18 87 Oct. 88 July LYNCHBURG (VA.) TRACTION & LIGHT CO. Cons. 5s. Due June 1, 1931. — N. Dated May 29, 1911. Interest payable June and Deo. 1, at Real Estate Title Insurance & Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed . by ■ company. Authorized — $1, 750, 000, Outstanding — $720,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Real Estate Title Insurance & Trust Co., Philadelphia. Secured by a mortgage on property described under 1st 5s. Prior Liens — $111,000 Lynchburg Gas Co. lat 6a of 1930 and L, T. & L. 1st 6s of 1931. Earnings — See ,1st 6s. New York— F. H. Hatch & Co. Philadelphia — Montgomery & Co. LYNCHBURG (VA.) WATEai POWER CO. 1st 5s. Due July 1, 1932. — N. Dated July 1, 1902. Interest payable Jan. and July 1, at Real Estate Trust Co., Phila- delphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. Outstanding — $438,000 (May 16, 1919). Retired by S. F. — $62,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Real Estate Trust Co., Philadel- phia. Sinking Fond — 1% of bonds outstanding per ainum from 1907 to 1916, 1'^% thereafter. Guaranteed principal and interest by Lynch- burg Trac. & Lt. Co. Control — ^AU of the stock is owned by Lynch- burg Trac. Co. & Lt. Co., which is controlled through stock ownership by the American Bys. Co. Secured by a first mortgage on hydro-electric plant on James River, with capacity of 3,600 h. p. This plant supplies electricity for all purposes to Lynchburg, Va. Earnings — See Lynchburg Trac. & Lt. Co. 1st 6s. Market. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co., Bioren & Co. Price Range Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid HIgh.92 '16 88 Oct. Low, 85 '18 86 Nov. LYNN & BOSTON RAILROAD CO. 1st 6». Due Dec. 1, 1924.— N. Dated December 1, 1894. Interest payable June 1 and Dec. 1, at Trustee's office. Extension — Qnder the plan of organization of the Eastern Massachusetts Street Railway Co. these bonds may be extended at 6% to Dec. 1, 1929. Accrued interest will be paid in cash. If extended they will be redeemable at 103 and interest up to Dec. 1, 1927, there- after at 101 and interest. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $3, 723, 000. Denomination — (Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Organization and Control — Incorporated in Massachusetts in 1859. Name changed in 1901 to Boston & Northern Street Ry. Co. and In 1911 to the Bay State Street By. Co. This latter company was succeeded in March, 1919, New York — E. & C. Randolph, BurgesB. by the Eastern Massachusetts Street Ry. Co. Lang & Co., J. S. Farlee & Co., F. H. Hatch through foreclosure. & Co. Secnre'd by a first mortgaee on 164 miles of Philadelphia — Brvin & Co. street and interurban railway. .^^ Underlies — Eastern Massachusetts Street Price Rangre. Ry. Serial 6s, due to 1929, inclusive. Market. Boston — Burg-ess, Lang & Co., Arthur Perry & Co., L. Sherman Adams. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask HIgh.lOe '12 108 '09 78 Deo. 85 Dec. Low. 75 '18 80 '18 75 Jan. 80 Jan. 694 M M'ALESTER (OKIA.) GAS & COIKE CO.. Ist S. F. 6s. Due March 1, 1937, or, if franchise is not extended to at least June 15. 1938. on March 1, 1926. Dated Sept. 1, 1913. Interest payable March 1 and Sept. 1, at P. W. Brooks & Co., New York. -Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Anthorized — $750,000. Outstanding — $450,000 (Jan. 1, 1919). Reserved for Ext. — $300,000. Denomination — Coupon. $100, $500 and $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co. , New York. Redeemable on any interest date in part at 105 and interest and as a whole at 103 and interest. Improvement and Sinkiuir Fund — Annually the following percentages of net earnings to dates mentioned; 10% June 30, 1920: 20% June 30, 1921; 25% June 30, 1922-26; and 33 1-3% thereafter. One-half of fund may be used to reimburse the company for new construction or additions to property which might be made the basis for the issuance of bonds, and the remainder shall be used to purchase and redeem these bonds. Organization — Incorporated in Oklahoma in 1912. Secured by a first mortgage on plant sup- Plying gas in McAlester, Okla., and vicinity. The company has an artificial gas plant, al- though it is now supplying natural gas. Population served (1910), 12,000. Franchise, which is for territory included In old city limits (formerly South McAlester), runs to 1927. If the company has not, prior to March 1 , 1925, secured an extension of its fran- chise to at least June 15, 1938, this issue of bonds will become due on March 1, 1926. Year ended Dec. 31: Bond Gross Net Interest 1918 $202,584 $78,146 $27,000 1917 142.107 66,488 Original Market — Offered in Dec, 1913, by P. W. Brooks & Co., New York, Philadelphia, etc. Market. New York — Oilman & Clucas. Fhiladelpliia — S. K. Phillips & Co. Price Range 1918 — Ask 95 McCOMB & MAGNOMA MGHT & RAILWAY CO. 1st 6s. Due Jan. 1, 1940. — F. Dated Dec. 7, 1915. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 500,000. Outstanding — $125,000 (Jan., 1918). Reserved for Extension — $375,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Empire Trust Co., New York. Management — S. M. Jones, president of the Laurel Light & Railway Co. Secured by a first mortgage on plant supply- ing light and power to McComb and Summit, Miss. Population served, 12,000. Franchise extends for 26 years from October, 1915. The company has an option on electric plant in Magnolia. As of Jan., 191&, a new power house was under construction, to pay for which $75,000 additional bonds will be sold. Year ended Aug. 31 Gross Net Interest 1917 $50,096 $15,531 $7,500 Original Market — $100, 000 offered by the company, Feb., 1917, at par and Interest. Market. Los .Angeles — Bankers' Bond & Mortgage Co. McCRORY REALTY CORP. 1st 6s. Due each July 1, $10,000 in 1917, $13,500 in 1918 and 1919. $15,000 in 1930, $30,000 in 1931. $35,000 in 1933 $30,000 in 1933, $35,000 in 1934, $40,000 in 1935, $45,000 in 1926, $50,000 in 1927 and 1938, $65,000 in 1929 and $300,000 in 1930. Dated June 1, 1915. Interest payable Jan. 1 and July 1, at S. W. Straus & Co., Chicago and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $700, 000. Outstanding — $677,500 (March 6, 1919). Balance Retired. Denomination ^ Coupon, $100, $500 and $1,000. Reglsterable as to principal only. Trustee — S. W. Strauss. Redeemable on any interest date at 102 U and interest in reverse of numerical order. Controlled by the McCrory Stores Corp. through ownership of the entire capital stock. Secured — Title to the real estate of the com- pany has been placed in the McCrory Realty Corporation, and a lease of the properties to the McCrory Stores Corporation. The leas» runs to June 1, 1935, ahd provides for a rental equivalent to all carrying charges of the property, including taxes, Insurance, repaira and alterations, and yearly requirements for interest and principal. The properties on which these bonds are se- cured by a first mortgage are located In the following cities: Altoona, Fa.; Chester, Pa.; Charleston, W. Va. ; Connellsville, Pa. ; Day- tona, Pla. ; Fairmont, W. "Va. ; Huntington, W, Va. ; Jamestown, N. Y. ; Johnston, Pa. ; Kane, Pa. ; Lancaster, Pa. ; Miami, Fla., Newcastle, Pa. ; Punxsutawney, Pa. ; Salisbury, Md., and "Washington, D. C. The mortgage covers the land and buildings. The latter generally three story brick structures, located on the beet re- tall street in the respective cities. Original Market — Offered by S. W. Straui & Co., Chicago and New York, In June, 1915, at par and Interest. McGregor & McINTYRE. Ltd.. 1st 68. Dn« April 1. 1937. Dated April 1, 1912. Interest payable April and Oct. 1, at Bank of Nova Scotia, Toronto and Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $260,000. OutstandUng — $176,000 (Dec. 31. 1918). Retired by Sinking Fund — $74,000. Denomination — Coupon, $100, $500 and $1,000. Reglsterable as to principal. Trustee — National Trust Co., Toronto. Redeemable as a whole at 105 and Interest on any Interest date, or for sinking fund on and after April 1, 1914. Sinking Fund— Beginning April 1, ]914, an- nual payments sufficient to redeem entire Issue by maturity on the basis of purchasing or re- deeming a fixed amount each year at not over 105 and interest. Organization — Organized In 1898 and la en- gaged in the manufacture of structural steel. Secured by a first mortgage on all the prop- erties of the company, both real and personal, and including plant in Toronto, Canada, and other real estate valued at over J400,000. Original Market — Offered in 1912 by N. B. Stark & Co., Montreal and New York, and Murray, Mather & Co., Toronto, at par and interest. Market. Toronto — Goldman & Co. MACON, DUBUN & SAVANNAH BAIIiBOAD CO. 1st 5s. Duo Jan. 1, 1947. — P. Dated Jan. 3, 1907. Interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,840,000. -■ Outstanding — $1,529,000 (March 31, 1918). Reserved for Add. — $311,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — The New York Trust Co. and WIll- ard V. King. Guaranteed principal and interest by the Sea- board Air Line Ey. by endorsement. Organization and Control — Incorporated In Georgia in 1885. $939,000 of the $2,040,000 capital stock Js owned, by the Seaboard Air Line Ry. » Secured by a first mortgage on 92.26 miles of road from Macon to Vidalla, Ga. Refunding — Seaboard Air Line Ry. lat and Cons. Mtge. provides to retire this issue. Listed on the Baltimore Stock Exchange. Original Market — First ofCered in March, 1907, by S. D. Loring & Son, Boston: J. C. Dann & Co.. BufTalo; Stein Bros, and Town- send Scott & Son, Baltimore, at par and in- terest. Offered in 1910 by Poe & Davies, Baltimore. Market. New york— Hambleton & Co., Homblower A Weeks, J. S. Farlee & Co., Guaranty Trust Co., E. & C. Randolph, Abraham & Co., Baker, Carruthers & Pell, Wm. C. Bwen, F. J. Lisman & Co., McGeorge & Vanderhoef. Baltimore — Sutton & Co., Poe & Davlea, Hambleton & Co., Howard R. Taylor, Jenkins, Whedbee & Poe. Atlantfi — J. H. Hilsman & Co. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.101% '12 102% '12 90 June 100 June Low. 70 '17 75 '18 74 Sept. ■ 76 Sept. BIACON RAItWAY & MGHT CO. 1st Cons. 5s. Due Jan. 1, 1953. — F. Dated January 1 , 1903. Interest payable Jan. and July 1, at Trustee's office, and at Macon, Ga. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000. 000. Outstanding — $959,000. Reserved for Prior ILIen — $41,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on any in- terest date. ' Organization and Control — Incorporated in Georgia in 1902 as a consolidation of the street railway and electric lighting properties In Macon, Ga. The entire $887,700 common stock is owned by the Georgia Light, Power & Rys. and is deposited under its lat 5s of 1941. Secured by a first mortgage subject to $42,- 500 prior Hens, on 37 miles of street railway track and electric lighting system serving Ma- con, Ga., and vicinity. Population served, over 60,000. Franchise for 50 years was granted in 1902, under which the company is required to pay to the city 1% of gross receipts from Jan. 1, 1914, to Dec. 31, 1923, and thereafter 2%. The company's property Includes a steam power plant of 5,000 h. p. Prior Liens — $42,500 Macon Electric Light & Ry. 1st 6s of 1929. Provision is made in this m.ortgage for the retirement of these bonds. Underlies — The entire common stock of this company is deposited under Georgia Light, Power & Rys. 1st 5s of 1941. Year ended Dec. 31 Bond Gross Net Interest 1918' $657,469* $210,965 $50,500 1917 559,053 202,882 50,500 1916 496,717 168.245 50,500 1915 430,869 102,415 50,600 1914 455,521 100,015 50,500 liisted on the Baltimore Stock Exchange. Original Market — Offered in 1903 by J. Wm. Middendorf & Co., Baltimore; John L. Will- lams & Sons, Richmond, Va., and the Savan- nah Trust Col, Savannah, Ga., at 97% and interest. Market. Baltimore — ^Hambleton & Co., Howard R. Taylor & Co., Jenkins, "Whedbee & Poe. New York — Stephen L. Snowden, Hambleton & Co., Hornblower & Weeks, W. J. Wollman & Co.. Lynch & McDermott. Atlanta — J. H. Hilsman & Co. Price Range. Jan. 1, 'OR to Jan. 1, '19 1918 Bid Ask Bid Ask High.101% '12 102 '12 80 Dec. 90 Jan. Low. 70 '18 80 '18 70 Nov. 80 Dec. MACON TBRMINAIi CO. 1st 5s. Due July 1, 1965.— N. Dated July 1, 1915. Interest payable Jan. 1 and July 1. in New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $3, 000, 000. Outstanding — -$1, 600, 000. Reserved for Ext. — $1,400,000. Denomination — Coupon, $1,000. Registerable as to principal only or exchangeable for fully registered bonds. Registered, $1,000 and mul- tiples thereof. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Guaranteed jointly and severally as to prin- cipal and interest by endorsement by the South- ern Ry. Co., Central of Georgia Ry. Co. and Georgia Southern & Florida Ry. Co. Organization and Control — Incorporated In Georgia in 1915. All of the stock is owned by the guarantor companies. Secured by a first mortgage on 13 acres of ground in Macon, Ga., reported to have cost $450,000, and on passenger terminals to be used by the guarantor roads and other roads entering Macon. Population of Macon, 1910, '40,665. Original Market— Offered in November, 1915, by Kean, Taylor & Co., New York and Chicago, at par and Interest. Also offered by the Miss- issippi "Valley Trust Co., St. Louis, Mo. Market. St. liouis — ^Mississippi Valley Trust Co. New York — Baker, Carruthers & Pell. J. S. Farlee & Co.. Britton, Rollins & Co., E. & C. Randolph. Blodget & Co. , Abraham & Co. , John Davenport, F, J. Lisman & Co. Louisville, Ky. — J. J. B. HlUard & Son. Boston — Blodget & Co. Plilladelphia — Biddle & Henry. Lloyd & Palmer, WRlter B. Pollock. Milwaukee — Second Ward Savings Bank. Atlanta — J. H. Hilsman & Co. Pittsburgh — Kean. Taylor & Co. Price Ranee. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '16 100 '16 89 Feb. 96 Nov Low. 80 '18 85 '18 80 Aug. 85 Aug. MADISOX COUNTY OIX,.) MGHT Si POWER CO. let Ss. Due Dee. 1, 1936. — P. Dated Dec, 1. 1906. Interest payable June 1 and Dec. 1. in New York or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Oatstandine — $624,000 (Jan. 1. 1919). Retired by S. F. — $30,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Cblpaeo. Redeemable at 106 and interest on any in- tferest date on 4 weeks' notice. Sinking Fund — Annually, beginnlnr Oct. 1, 1916, 1%% of bonds previously certified, for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be cancelled. Guaranteed as to principal and interest by the Illinois Traction Co. by endorsement. Organization — Incorporated in Illinois in 1906 ag a con.solIdation. Control — All of the capital stock is owned by the Illinois Traction Co. and property managed by that company. Secured by a first mortgage on all the prop- erty of the company, including plants supplying electricity to Granite City, Bdwardsville, Car- Ilnvllle, Madison, Venice, Woodriver, Worden, East Alton and several .smaller towns, and gas plant In Carlinville. The company also wholesales electric current to Livingston and ■Williamson. Company's properties are located In southeastern part of Illinois. Two of the company's principal franchises are unlimited as to time; none expire earlier than 1956, ex- cepting the easement under which the company operates in Granite City, which expires tn 1925. Electricity is purchased from a subsidiary of the Illinois Traction Company, under contract extending to 1947. Original Market — Offered by Bodell & Co., Providence, March. 1916, at 96 and interest. Market. Providence, K. I. — Bodell & Co. Chicago — Stone & Webster. New York — F. H. Hatch & Co., Lynch & McDermott, Stone & Webster. Boston — Stone & Webster. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '17 97% '17 85 Jan. 90 Jan. Low. 83 '18 90 '17 83 Oct. 90 Nov. owned by the American Light & Traction Co. Secured by a first mortgage on plants supply- ing gas and electricity in Madison, the capital of Wisconsin. Population served, 30.000. Fran- chises are perpetual, and gas franchise exclu- sive. Underlies — $463,500 1st Ref. 5s, 1940. Market. New York — A. B. Pitkin & Co., Chas. W. Place, Dunham & Co.. Sharretts & Young. Kiely & Horton. Milwaukee — Morris F. Pox & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106 '09 120 '13 105 Jan. 108 Jan. Low. 97 '1,7 101 '16 99 May 101 May MADISON (WIS.) GAS & ELECTRIC 1st 6s. Due April 1, 1926. Dated April 1, 1896. Interest payable April 1 and Oct. 1, at Emerson McMlllin & Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated In Wisconsin. Practically all the capital stock is MADISON GAS & ELECTRIC CO. 30-Year 1st Ref. 5s. Due Oct. 1 1940.— F. Dated Oct. 1, 1910. Interest payable April 1 and Oct. 1, at Emerson McMlllin & Co., New York. ^ Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $3,000,000. OntstaMding — $463,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole or in part by lot at 110 and interest on any interest date. Organization and Control — See 1st 6s. Secured by a second mortgage on the prop- erty covered by the 1st 6s, which see. Prior Lien — $400,000 1st 6s of 1926, for the retirement of which bonds are reserved under this mortgage. Market. Milwaukee — Morris P. Pox & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 Bid Ask High.96li '17 98^ '17 Low. 90 '18 1918 Bid 90 Feb. MADISON (IND.) LIGHT & RAILWAY CO. 1st 6s. Due July 1, 1942.— F. Dated July 1. 1912. Interest payable Jan. and July 1, at Trustee's. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $160,000. Outstanding — $147,000 (March 17, 1919). Denonrination — Coupon, $1,000. Trustee — Pittsburgh Trust Co.. Pittsburgh. Sinking Fund — $1,000 per annum from .Tuly 1, 1917 to 1922, and $2,000 per annum there- after for the purchase or redemption of bonds at not 3ver 102% and Interest. Organization — Incorporated In Indiana in 1896. Secured by a first mortgage on 4 miles of street railway in Madison, Ind., and on plants supplying electricity to Madison, North Madi- son, Hanover, Kent, Ind., and rural districts. Franchises expire in 1957. Note — Street railway was abandoned Dec. 6, 1918, by order of the Public Service Commis- sion of Indiana. Year ended Dec. 31 Bond Gross Net Interest 1918 $67,642 $10,081 $8,820 1917 61.099 12,964 8,820 1916 $69,111 18,666 7,740 1916 63,538 15,160 6,840 Market. New York — Ware & Leland, Martin, Berwin & Co. MADISON (WIS.) RAILWAYS CO. Ist 5b. Doe May 1, 1936, — P. Dated May 1, 1916. Interest payable May 1 and Nov. 1, at Wisconsin Trust Co., Mil- ■waukee, or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — 51, 500, 000. OutBtandinsr — $852,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^Wisconsin Trust Co., Milwaukee. Redeemable at 102% and interest on any interest date on 60 days' notice. Improvement and Sinking Fund — ^Annually beginning May 1, 1919, 1%% of bonds out- standing for the purchase or redemption of these bonds at not over 102% and interest, or to reimburse the company for the actual cash cost or fair valuation, whichever is less, of permanent improvements, etc. Maintenance and Depreciation "Fund — In determining net earnings for the purpose of issuing additional bonds and before any divi- dends are paid on the stock, the company cove- nants to include in operating expenses, for maintenance, renewals and depreciation an amount eaual to at least 10%% of gross earn- ings for any twelve months' period ended on or before June 30, 1919, and 12%% of gross earnings for any such period ended after that date. Organization — Incorporated in 'Wisconsin in 1916 as successor to the Southern Wisconsin Railway Co. Secured by a first mortgage on the entire property of the company. The company owns and operates the street railway system in Mad- ison, Wis., Including 11 miles of main track, 4 miles of second track and 2 miles of sidings, 36 passenger cars, snow plow, sprinkler, tower car, flat cars, etc., car station of brick and steel construction and office building. Popu- lation served, 35,000. Franchises expire in 1932, 1938 and 1944. The company may at any time surrender its present franchises and take out an indeterminate permit. Underlies — $200,000 6% notes, due May 1. 1919. Tear ended Dec. 31 Gross Net 1918 $298,078 $82,400 1917 296.550 96,972 1916 '300,051 104,665 1915 281,678 104,273 Original Market — Offered July, 1916, by E. W. Clark & Co., Philadelphia, Chicago, etc.; Wisconsin Trust Co., Milwaukee, and Peoples' Trust Co.. Chicago, at 97 and interest. Market. Milwaukee — Edgar, Ricker & Co., Wisconsin Trust Co. Cliicagro — State Bank of Chicago, Pynchon & Co. Minneapolis — Minnesota Loan & Tr. Co. New York — McGeorge & Vanderhoef, Pyn- chon & Co. Price Range Jan. 1, '17 to Jan. 1, *19 1918 Ask Ask High.lOO '17 85 July Low. 85 '18 Outstanding — $200, 000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Wisconsin Trust Co., Milwaukee. Redeemable at 100 and interest on any inter- est date on 30 days' notice. Organization — See 1st 5s above. Security — A direc^ obligation of the company but not secured by mortgage. During the life of these notes no new mortgage can be placed upon any portion of the property. Prior liien — $800,000 1st 5s. 4 Aug. MAHONING COAI, KATLROAD CO. 1st 68. Due July 1, 1934.— N. Dated July 1, 1884. Interest payable Jan. and July 1, at Trustee's oiUce. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New Tork. Guaranteed principal and interest by the Lake Shore & Michigan Southern Ry. Co, by endorsement. Assumed by the New Tork Central R. R. Co. Organiza^tion and Control — Incorporated in Pennsylvania and Ohio in 1871. The New Tork Central H. R. Co. owns $399,600 out of a total issue of $661,367 pret. stock and $865,900 out of a total issue of $1,500,000 common stock of the Mahoning Coal R. R. Co. and .also leases' the property in perpetuity; rental, 40% of gross earnings. Secured by a first mortgage on 62.63 miles of road together with 36.41 miles of second track and 8.82 miles of third track, viz.: Miles Andover to Toungstown, 38.19 Mann to Brookfleld, Pa 24.49 Legal for Cal., Conn.. Me., Mass., Mich., Minn., Mo., N. H., N. J. and E. I. Listed on the New Tork Stock Exchange. Market. New York — Taylor, Smith & Hard, Chas. W. Place, Baker, Carruthers & Pell, Wm. Car- negie Ewen. Abraham & Co.. F. H. Hatch & Co.. Redmond & Co., Remick, Hodges & Co. Phlladelplua — Biddle & Henry, Graham, Parsons & Co., H. D. Boenning & Co., Chas. Fearon &. Co., S. K. Phillips & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid High.126% Mar 6, 'OG 93% Dec Low. 104% Dec. 14, '15 85 Jan. CXHE) MAHONING VALUEY WATER CO. l8t 6s. Due annually March 1, 1915 «» 1939, inclusive. — P. Dated March 1, 1914. Interest payable March tind Sept.. at Dollar Savings & Trust Co.. Toungstown, Ohio, and First National Ba.nk, Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding— $292,000 (March 1, 1919). Retired— $108,000. Denomination — Coupon, $100, $600 and $1,000. 700 Trustee — Tho Dollar Savings & Trust Co., Toungstown, Ohio. Redeemable on any interest date at 101 and Interest. Sinking Fund— One Cent per 1,000 gallons sold by meter monthly to be applied to pay- ment of maturing bonds. Any amount in excess of next maturing series may be applied to redemption in order of maturity. Secured by a. first mortgage on reservoirs In the Yellow Creek Valley and distributing sya- tfm supplying East Toungstown, Poland and Struthers, Ohio. Franchises expire m 1945. iL'ear ended Bee. 31 Gross Net Int., Etc. 1918 $150,969 $74,171 $22,804 1917 146,333 72,385 24.018 1916 102,944 77,475 24.147 MAINE CENTRAL RAILROAD CO. AND THE EUROPEAN & NORTH AMERICAN RAIL- WAY CO Ref. 48. Due Jan. 1. 1933.— N. Dated Jan. 2, 1893. Interest payable Jan. and July 1, at First National Bank, Portland, Me. ; Second National Bank, Boston, or Treas- urer' s office, Portland, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $987,000. Owned V M. C. R. R^. Co. — $5,000, Held in S. F. for redemption of M. C. R. R. Co. Coll. Tr. 5s of 1923 — $8,000. . , Denomination — Coupon, $1,000. Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed jointly and severally by the Maine Central K. R. and the Suropean & North American Ry. Co. Organization — The European & North Ameri- can Ry. was chartered in Maine in 1850, and was leased for 999 years from April 1, 1882, to the Maine Central R. R. at an annual rent- al of $125,000 and $500 for organization ex- penses, the lessee also agreeing to pay all debts and bonds of the lessor and interest upon same. Security — ^A joint and several obligation of the two companies and secured by a first mort- gage on 55 miles of road from Bangor to Winn, Me. The European & North A.merican Ry. Co. also owns 71 miles of unmortgaged road, from "Winn to Vanceboro, Me. , and branches. The unmortgaged road is used joint- ly by the Maine Central R. R. Co. and the Canadian Pacific By. Co. Legal for Cal., Conn,, Me., Maes., Mich., Minn., N. H., N. J., N. T., R. I. and Wis. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '09 98 '12 84 Jan.- 85 Feb. Low. 80 '18 85 '18 80 Dec. securities of a par value of $334,000, con- sisting of bonds of Boston & Maine System. Organization and Control — Incorporated in 1862 in Maine. The Maine Rys. Co., all of whose stock is owned by the Maine Central R. R. Co.i owns $15,960,100 out of the $24,- 774,100 capital stock. The company owns 656 miles of road from Portland to Bangor, Me,, and numerous branches, and leases 5 50 miles additional. Thdse lines extend from the point of intersection of the New Hampshire, Ver- mont and Canadian boundaries to Vanceboro and Princeton in the eastern extremity of Maine and include all of the principal lines in the southeastern part of that state. Secured by a first collateral lien on an equal amount of Maine Shore Line R. R. 1st 6a of 1923, which cover 41 miles of road from Brew- er Junction to Mount Desert Ferry, Me. Earnings — See 1st & Ref. 4%s. Legal for Conn., Me., Mass., N. H., R. L and Vt. Market. Boston — R. L. Day & Co., F. B. Keith & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.109% '09 111 '09 98 Dec. Low. 95 '17 99 '17 95 Jan. MAINE CENTRAL RAILROAD CO. Coll. Tr. S. F. 5». Due June 1, 1923. — N. Dated June 1, 1883. Interest payable June anne Jan. 1, 1932.— F. Dated November 15, 1906. Interest payable Jan. and July 1, at Mechanics & Metals Na- tional Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $2,841,000 (Jan. 1. 1919). Retired by Smkins Fund — $1,951,000. Owned by tha A.. G. & W. I. S. S. L.— $199,000. Reserved for Ext. — $1,009,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., Ne-w^Jork, Redeemable at 110 and interest on any Interest date. Sinking Fund — ^Annual amounts sufficient to retire the entire issue by maturity at present amount to $208,000 per annum. Organization and Control — Incorporated in Maine in 1906 aa successor to the New Tork & Texas Steamship Co., and is controlled -by the' Atlantic, Gulf & West Indies Steamship Lines, through ownership of practically all its capital stock. Secured' by a first mortgage on 12 steamers plying between New Tork and Galveston, Tex- as, and New Tork, and Key West, Tampa, Fla., and Mobile, Ala. Earnings — See A., G. & W. I. S. S. L. Original Market — Offered in 19^06 by Geo. A. Fernald & Co., Boston, at 101 and interest. Market. Boston — Geo. A. Fernald & Co., F. B. Bass- ett & Co., Hayden, Stone & Co., Hotchkin & Co.. HoUister, White & Co., L. Sherman Adams, New York — ^Hayden, Stone & Co., Sam'l Goldschmidt, Hotchkin & Co., C. H. Jones & Co., J. W. Carroll Co., E. & C. Randolph. Hornblower & Weeks, ' Moore & Co., Kiely & Horton, Baker, Carruthers & Pell, F. H. Hatch & Co., McGeorge & Vanderhoef, Spencer, Trask & Co., S. R. Taylor. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '16 97% '08 86 Dec. 97 June Low. 77% '16 84 '15 80 Sept. 85 Sept. MANCHESTER & lAWRENCE RAILROAD CO. Plain 48. Due Jan. 1. 1922. — N. Dated January 1, 1892. Interest payable Jan. and July 1, at office of Boston & Maine R. R., Boston. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $300,000. Outstanding — $274,000. Denomination — Coupon, $1, 000. Registerable as to principal. Guaranteed as to interest by Boston & Maine R. R. Co., by endorsement. Organization and Control — Incorporated in New Hampshire in 1847. The road Is leased for 50 years from 1887 at an annual rental MANCHESTER TRACTION, LIGHT & POWER CO. 1st Cons. 5s. Due April 1, 1931.— N. Dated April 1, 1901.^ Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not- assumed by company. Authorized — $2,000,000. • Outstanding — $914,000 (Jan. 1, '19). Retired— $836,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — American Trust Co., Boston. Organization — Incorporated in New Hamp- shire in 1885 and present name adopted in February, 1901; acquired the property of the Manchester Electric Light Co., the Merrimac Light, Heat & Power Co.. the Manchester Elec- tric Co., the Union Electric Co. and the Nashua Light, Heat & Power Co. Also owns the entire capital stock of the Manchester Street Ry. ($1,219,000), the Manchester & Nashua Street Ry. ($240,000) and the Man- chester & Derry Street Ry. ($175,000). Secured by a direct first mortgage on the entire property of the company including hydro- electric plants 15 miles from Manchester with present installed capacity of about 11,500 h. p. , and on steam generating stations in Manchester and Nashua with a developed ca- pacity of 12,000 h. p.; the electric distributing system ^n Manchester and a first lien by de- posit of the entire $1,219,000 capital stock of the Manchester Street Ry. Co., on 43 miles of street railway in Manchester, and against which there Is no bonded indebtedness. The properties of the Manchester & Derry Street Ry. Co. owning eight miles of track against which there are outstanding $125,000 5% bonds which are guaranteed by the M. T., L. & P. Co., and the property of the Man- chester & Nashua Street Ry. Co. owning 14 miles of track with $200,000 5% bonds out- standing, also guaranteed as above, are not covered by the lien of this mortgage. These two companies and the Manchester Street Ry. Co. are operated independently but buy power from the M. T., L. & P. Co. The charter of the Manchester St. Ry. Co. gives perpetual rights. Underlies — 1st Ref. 5s of 1952, a sufficient amount of which are reserved to retire this issue. Earnings — See 1st Ref. 5s. Original Market — Offered in 1901, by Ver- milye & Co., New York, and in Feb., 1912, by Tucker, Anthony & Co., Boston, jaX 104. Market. Bostons-Tucker, Anthony & Co., L. Sher- man Adams. New York — Tucker, Anthony & Co., J. W. Howell & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid ■ Ask . High.103 '10 105 '10 96 Aug. 100 Jan. Low. 90 '15 97 '18 94 Mar. 97 Mar. MANCHESTER TRACTION, LIGHT & POWER CO. l^t Ref. S. F. 58. Due Aug. 1. 1952.— F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 ^t Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15, 000. 000. Outstanding— $1,642,000 (Feb., 1919). Pledged to Seoiire 6% Nates — $1,785,000. Reserved for Prior Ijiens — $10,673,000. Denomination — Coupon. $1,000 and $500. Registerable as to principal. Registered $5,000 and multiples thereof. Trustee — ^American Trust Co., Boston. Redeemable at 105 and interest. Sinking Fund — ^Annually, beginning Aug. 1, 1919, 1% of outstanding bonds for their pur- chase or redemption at not over 105 and in- terest. Bonds acQulred are to be held alive and Interest added to this fund. Organization^ Property, etc. — See 1st Cons. 5s. Secured by a general mortgage on the prop- erty of the company. Prior Uena — $914,000 1st Cons. 5s of 1921. This latter issue must be paid at maturity in accordance with the provisions of the 1st Kef. 5s. Year ended June 30 Gross Net Int. & S. P. *1918 $1,656,035 $560,257 $234,620 1913 1,616.551 574,384 224,994 1917 1,546;618 644.837 173,581 1916 1,420,793 630,293 134.190 •Year ended Dec. 31. Original Market — $750, 000 offered Sept., 1917, by Wm. A., Read & Cq., New York, etc.. and Tucker. Anthony & Co., Boston, at 95 and interest. Market. New York — -Tucker, Anthony & Co. Boston — Tucker, Anthony & Co. MANCHESTKR TRACTION. MGHT & POWER CO. Coll. Tr. 6% Conv. Notes. Due Jan. 1, 1930. Dated Jan. 2, 1918. Interest payable Jan. 1 and July 1. at Boston. Tax Status- — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $1,500,000 (Mar. 1, 1919). Purpose of Issue — ^To refund $1,000,000 notes due June 1, 1918, and to retire floating debt incurred In the extension of water power plant facilities. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable as a whole or in multiples of $100,000 at 101 and interest after July 1, 1918. on 30 days' notice. Convertible after July 1, 1918, or if called for redemption up to 10 days prior to redemp- tion date, into a equal amount of 1st Ref. 6s, at a valuation of 92% and interest. ^ Organization — See 1st Cons. 5s. Secured by pledge of $1,785,000 1st Ref. 53 due 1952. Prior Iii«n — 1st Cons. 53 of 1921. Earnings — See 1st Ref. 6s. Original Market — $1,360,000 offered Dec, 1917. by Wm. A. Read & Co., and Tucker, Anthony & Co., Boston. New York, etc.. at 98 and Interest. Market. New York — Tucker, Anthony & Co. Boston — Tucker, Anthony & Co, , Paine, Webber & Co. Price Range— 1918. Ask 99% Nov. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $160,000. Outstanding — $144,000. Retired by Sinking Fund — $6,000. Denomination — Coupon, $500 and $1,000. Trustee — Union Trust Co., Rochester, N. Y. Redeemable on any interest date at 105 and Interest. Sinking Fund — 4% of amount issued an- nually 1916 to 1920, 6% 1921 to 1925, and 8% thereafter. Organization and Control — Incorporated in Oklahoma in 1910. Controlled through stock ownership by the Southwestern Cities Electric Co. of Delaware. Secured by a first mortgage on plant supply- ing electricity to Mangum. Okla., also on Ice plant. The company has recently obtained a contract to supply electricity to Granite City, six miles from Mangum. Population served about 5,000. Franchise expires in 1934. Original Market — Offered in 1912 by A. D. Converse & Co., New York, to yield 5.65%, with stock bonus. Offered Jan., 1914, by the same firm at 93 and interest yielding 5.62%. Market. New York — ^A. D. Converse &. Co. Philadelphia — ^A. D. Converse & Co. MANHATTAN GAS & ELECTRIC COM- PANY 1st S. F. 10-Year 68, Due March 1. 1937. Dated March 1, 1917. Interest payable March and September 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized — $500,000. Outstanding- -$275, 000. Retired by S. F. — None. Reserved for Extensions — $225,000. Addi- tional bonds may be issued for 80% of the cost of permanent extensions and additions provided net earnings for preceding twelve months were equal to twice the interest charges on bonds outstanding together with those proposed to be issued. Denomination — Coupon $100, 5$00 and $1,- 000. Registerable as to principal. Trustee — ^Republic Trust Company, Phila- delphia. Redeemable on any interest date at 105 and Interest. Sinking Fund — Annually, beginning January 1. 1919. 3% of outstanding bonds applicable for new construction, additions or better- ments, or for the purchase or redemption of these bonds. Organization — Incorporated in Kansas. C<^ra- pany owns and operates without competition gas and electric plants in the City of Man- hattan, Kansas, also an artificial Ice plant. Secured by a first mortgage on gas. elec- tric and artificial ice plants supplying Man- hattan, Kan. Population served about 11.000. Franchises extend beyond the maturity of these bonds. Year ended Dec. 31: ^ond Gross Net Interest ]918 $149,390 $31,126 $16,500 1917 114.498 36,769 16,500 1916.'... 98.776 32,611 Original Market — Offered in March. 1917. by P. W. Brooks & Co., Inc.. New York, Bos- ton and Philadelphia. ftlANGTTM (OKIiA.) ELECTRIC CO. Ist 58. Due July 1, 1931.— F. Dated Jan. 1, 1911. Interest payable Jan. .and July 1, at Trustee's office. MANHATTAN RAILWAY CO. Cons, (now Ist) 4s. Due April 1. 1990.— F. Dated Feb. 26. 1890. Interest payable April 1 and Oct. 1, at Treasurer's office, Inter- borough Rapid Transit -Co., New York. 704 Tax Status — 2% Federal Income Tax paid by company without deduction. Bonda Noa. 28,183 to 40,894, Inclusive, are tax exempt in New York. Authorized — {40,000,000, and $300,000 per mile Binsle track extensions; $600,000 double track extensions. OatBtandlng — $40,684,000. Denomination— Coupon, $1,000. Re^iaterable as to principal. Registered $1,000, $6,000, $10,000 and $50,000. C. & B. Interchanee- able. Trustee — Central Union Truat Co., New York. Control — Leased for 999 years from 1875 to the Interborouerh « Rapid Transit Co. Rental Interest on bonda and 7% on $60,000,000 capi- tal stock. Secured by a flrat mortgage on all the elevated railways (except that of the subway system) In the Boroughs of Manhattan and Bronx, New York City, consisting of 38 miles of elevated main line, double tracked and 42 miles of third track sidings, etc. The 2nd, 3rd and 9th Ave. lines are having third track constructed and are to be extended. The property covered by this mortgage also In- cludes bridge over the Harlem River. Also on central power station occupying almost an entire city block at 74th Street and Avenue A, as well as seven substations- and other valu- able real estate in New York City. Fran- chises are perpetual. Underlies — 2nd 4s of 2013 and Interborough Rapid Transit, 1st & Ref. Ss of 1966. Earnings — See Interborough Rapid Transit Co. lat and Ref. 5a. regal for Bait., Me., N. H., N. J., N. Y., B. I. and Wis. Usted on the New York Stock Exchange. Original Harket — $6,000,000 ottered In April, 1890, at 96 and interest by Drexel. Morgan & Co., New York, and Drexel & Co., Phila- delphia. $11,712,000 tax exempt bonds were ofCered in July, 1908, at 96% and interest by Redmond & Co., Moffat & White (now White, Weld & Co.), N. W. Harris & Co. (now Harris, Forbes & Co.) and Clark, Dodge & Co., of Now York. Market. New York — Samuel Goldschmldt, McKlnley & Morris, J. S. Farlee & Co., E. & C. Ran- dolph. Wm. C. Bwen, Dominick Bros & Co., Struthers & Hiscoe, Seasongood, Haas & Mac- donald, Berdell Bros., John Davenport. 1^8 Angeles — Blankenhorn, Hunter, Dulin Co. Pasadena — Buankenhorn. Hunter, Dulin Co. San Francisco — Blankenhorn. Hunter, Dulin Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan, 1, '19 1918 Unstamped Coupon High. 103% Jan. 22 '06 81% Nov. 12 Low. 73% Oct. 6 '18 73% Oct. 6 Stamped Coupon Hlgh.lOD% Dec. 30 '08 84% Nov. 9 Low. 74% June 26 '18 74% June 26 MANHATTAN BATLWAT CO. 2nd 48. Due June 1, 2013.— N. Dated June 1, 1913. Interest payable June 1 and Dec. 1 at Treasurer's office, Inter- borough Rapid Transit Co., New York City. Tax Status — ^Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $6, 409, 000. Outstanding — $4,623,000. Beserved for Ext. — $886,000. Denomination — C!oupon, $1,000. Registered $1,000. C. & R. Interchangeable. Trustee — The Eauitable Trust Co., New York. Redeemable as a whole only at 105 and in- terest on any interest date on 30 days' notice. Organization— Incorporated in New York, under the Rapid Tranait Act of 1876 and rep- reaents a consolidation of certain other rail- road corporations. liease — Under a lease dated January 1, 1903, all the properties of this company are leased for 999 years from the date of Incorporation, namely Nov. 1, 1875. Rental, 7% dividend on $6C.0CC,000 capital stock and Interest on all bonds, including this issue. The lease pro- vides that after the remaining $886,000 aecond mortgage bonda have been iaaued, all further expenditurea upon the Manhattan Railway proportlea will be made by the lessee, the In- interborough Rapid Transit Co. Secured by a second mortgage on all the property of the company including all the elevated railroads in the Borough of Man- hattan and also the elevated railroad in the Borough of the Bronx extending from the Har- lem River to Bronx Park and including a steel bridge over the Harlem River at Second Avenue. Franchises are perpetual, except as to the third tracks built under the certiUcate from the Public Service Commission, dated March 19, 1913. The lease and subsequent agree- ments provide that upon a possible default by the Interborough Company and conseauent for- feiture of the lease, the Manhattan Company shall, within eighteen months, pay the Inter- borough Company for capital expenditures upon the road and eaulpment not provided for by the Consolidated or Second Mortgages of the Manhattan Company, and that in the event of a recapture of the third tracks and additional structures provided for under the Public Serv- ice Commission's certificate of March 19, 19J3, the Manhattan Company will repay the Inter- borough Company for its expenditures in con- struction from the moneys received from the City to the extent that the Interborough Com- pany has made such expenditures. Prior Uens — $40,684,000 Cons. 4s of 1990. Underlies — Interborough Rapid Transit 1st & Ref. 6s of 1966. The above-mentioned lease is pledged under thla mortgage, but by an agree- ment executed almultaneously with the execu- tion of this mortgage this lien is subordinated to the lien of the second mortgage. Kamings — See Interborough Rapid Transit Co. 1st and Ref. 6s. Usted on the New York Stock Exchange. Original Market — Offered Feb., 1916, by B. H. Rollins & Sons, Boston, New York, etc., and the Equitable Trust Co., New York, at 89 and Interest. A block ofCered by Hamble- ton & Co., Feb., 1918, at 73 and Interest. Market. New York — Abbott, Johnson & Co. Price Bange. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High.86'16 89 '16 74 Feb. Low. 73 '18 73 Sept. MANILA EXECTRIC BAILBOAD & UGHT- INO CORP. Ist Uen & Coll. Tr. Ss. Due March 1, 1953.— F. Dated March 1, 1903. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6, OQO, 000. Outstanding — $4,663,000 (May 20, '19). Held in Sinklne Fund— $437,000. Denomination — Coupon, $1,000. Reglsterable as to principal. 705 Trustee — Equitable Trust Co., New York. Redeemable for sinking: fund at 105 and in- terest or as a whole at the same price on or after March 1, 1928. Sinking Fund — %% of outstandinir bonds from March 1. 1908, to 1917, and 1% there- after for purchase or redemption of these bonds at not to exceed 105 and interest. Bonds 80 acquired to be held alive and interest added to sinking fund. Organization — Incorporated in Connecticut in 1903 aa a holding company and has acquired the securities of a number of public utility companies in and around Manila, Philippine Islands. Mauasement— J. G. White Management Corp. , New York. Secured by a first lien, by deposit of prac- tically all the capital stock and outstanding bonds of subsidiary companies, on about 62 miles of street railway track and electric plants, serving Manila, P. I., and vinicity. Population served about 325,000. Franchise expires in 1953. The municipality may ac- aulre the property after 1928 on a valuation fixed by net earnings, with the Supreme Court of the Islands as referee. Besides the property covered by this mortgage the company owns the entire capital stock of the Manila Suburban Rys. Co. owning about seven miles of inter- urban track, Year ended Dec. 31 Gross Net Int.&S.F. 1918 $2,310,464 $1,211,022 $354,403 1917 1,795.746 878.248 332,658 1916 1.594,078 758,654 308,817 1915 1,494,788 731,829 386,475 1914 1,602,001 783,587 385,967 1913 1,698,594 907,807 385,867 Listed on the New York and London Stock Exchanges. Original Market — Offered in 1906, at 100 and interest by Wm. Salomon & Co., New York. Market. New York — Berdell Bros., Zimmerman & Forshay, Abraham & Go. . Lynch & McDer- mott, McKinley & Morris, S. R. Taylor. Philadelphia— S. K. Phillips & Co. Price Rangfr— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Hish.100% May 10 '06 80 July 2 Low. 80 Apr. 11 '17 80 July 2 MANHiA RAILROAD (SOUTHERN LINES) 1st 4s. Due May 1, 1939. — P. Extension of Maturity — Holders of these bonds have been notified that a new inden- ture has been created, whereby the company, on agreement of the bondholders to extend their bonds to May 1, 1959, will provide a sinking fund at a rate sufficient to retire ex- tended bonds at maturity. Dated June 1, 1909. Interest payable May and Nov. 1, at Philippine National Bank, New York agency, also in London, Berlin and Amsterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding — $13,714,000 (Jan., 1919). .. Additional bonds can be issued only if guar- anteed by the Philippine Government as to in- terest, and only to the extent of the cost of roads built under grants prior to that of 1909 and of 95%. of cost of lines built under that contract. Denomination— Coupon, $1, 000- Registerable as to principal or fully registerable. Reg- istered. $1,000, $5,000. $10,000 and $25,000 C. . &Rv- interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Redeemable as a whole or in part for the sinking fund, at 110 and interest on any in- terest date on three months' notice. Sinking Fund — ^Annually beginning May 1, 1919, one-half of 1% of outstanding bonds to May 1, 1928, inclusive, and thereafter 1% annually for the purchase of outstanding bonds at not to exceed 110 and interest. No divi- dends may be paid until sinking fund condi- tions are complied with. Guaranteed as to interest by the Government ot the Philippine Islands. Organization — Incorporated in New Jersey in 1S06 to take the place of the old company operated under a Spanish concession. Under the terms of a concessionary grant from the Philippine Government, the company is divided into two separate and distinct systems, one known as the Northern Lines and the other as the Southern Lines, each operated and main- tained as if owned by separate and inde- pendent companies. The duration of its char- ter is unlimited. The company owns and operates the only steam railroad on the Island of Luzon, the principal Island of the Philippine Islands. The company has concessions for 850 miles of road, of which 315 miles of the Northern Lines and 308 miles of the Southern Lines have been completed. Control — July 1, 1916, the Philippine Gov- ernment purchased the outstanding stock of this company for $4,000,000 in cash. Secui"ed by a first mortgage on the 308 miles of road constituting the Southern lines. Underlies — $4,330,000 1st 6s of 1956 and $7,716,000 2d 7s of 1956. The liens of these mortgages have been subordinated to the lien of this mortgage on the property covered by it. The entire outstanding amounts of both issues are owned by the Manila By., Ltd., and are deposited to secure the debenture bonds of that company. Year ended Dec. 31: Gross Net Int., etc, 3 918 $4,689,755 $1,490,819 $1,366,448 1917 3,578,075 1,793,524 1,385,204 1916 2,505,367 1,093,511 1,309,756 Legal for Philippine Postal Savings Bank. Listed on the New York and London Stock Exchanges. Original Market — $2,000,000 offered in July, 1910, at 86 and interest by Speyer & Co., New York, and Speyer Bros., London. Market. New York — Hartshorne & Battelle. Slattery & Co. MANILA SUBURBAN RAILWAYS CO. 1st 5s. Dae Sept. 1, 1946.— F. Dated Sept. 1, 1906. Interest payable March 1,^ and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Out9tanding^$537,000 (May 20, '19). Held in Sinking Fund — $29,000. In Treasury — $84,000. _ Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable for sinking fund at 105 and in- terest on and after Sept, 1, 1911. and as a whole after Sept. 1, 1928, at the same price. Sinking Fund — ^Annually % % of outstand- ing bonds from Sept. 1, 1911. to Sept. 1, 1921, and 1% thereafter for the purchase or re- demption of these bonds at not over 106 and in- terest. Guaranteed aa to principal and interest by endorsement by the Manila Electric R. R. & Lighting Corp. 706 Organization — Incorporated in Connecticut in 1906. Control — Entire outstanding capital stock ($530,000) is owned by. the Manila Elec. R. R. & Ltg. Corp. Secured by a first mortgage on seven miles of electric railway from Manila, P. I., to Ft. "William McKinley and Pasig. Franchises ex- pire in 1953. The company does both a freight and passenger business. Eamines — See M. B. R. R. & Ltg. Corp. above. Original Market — Offered in 1907, at 92% and interest by Rosen, Stillman & Co., New Tork, and Openheim & Van Till, Tague, Hol- land. Market. New York — Samuel Goldschmidt, H. I. Nicholas & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.88'10 921/^ '10 75 Dec. 80% Jan. Low. 70 '18 80% '17 70 Oct. Philadelphia — Chas. Fearon & Co., 3. K. Phillips & Co. Price Range Jan. 1, *1G to Jan. 1, '19 Ask High. 90 '16 Low.84^^ '17 MANISTEE & NORTH-EASTERN RAILROAD CO. 1st 5s. Due $40,000 each Jan. 1st to 1938, and Balance Jan. 1. 1939. — F. Dated January 1, 1909. Interest payable Jan. and July 1, at trustee's office, or at Metropolitan Trust Co., New York. Default — Jan. 1, 1918 interest was paid June 30, 1918; July 1, 1918 interest had not been paid Jan. 2, 1919; principal due Jan. 1, 1919 was not paid when due. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding— $1,172,000 (Jan. 1, 1919). Retired — $299,000. Held in Treasury — $29,000. v Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — ^Michigan Trust Co., Grand Rapids, Mich. Redeemable at 102% and interest on any In- terest date on 60 days' notice. Sinking "Fund — Annually on Jan. 1, 50% of the company's balance after fixed charges, for the redemption of these bonds at 1 2 % and interest, in addition to amount required to re- deem bonds maturing annually until $1. OOO,*- 000 of these bonds have been redeemed and cancelled. Organization — Incorporated in Michigan In 1887. Receivership — On December 24, 1918. The Michigan Trust Co., Grand Rapida, was ap- pointed receiver. Secured by a first mortgage on 183 miles of road from Manistee to Traverse City, with branches to Empire Jet., Grayling and Prove- mont, all In the northwestern part of the lower Peninsula of Michigan. Property covered In- cludes 53.56 miles of sidings, terminals and equipment. Year ended Dec. 31 Gross Net Int. & Rent 1918 $547,772 $58,036 $66,471 1917 483.161 16.531 68,475 1916; 517,809 98,795 67.883 1915 469,797 65,997 71.702 1914 533.458 90.757 70.425 Original Market — $1,015,000 offered in 1909 at prices to yield 5%% by A. B. Leach & Co.. ■ New York, and Devitt, Tremble & Co., Chi- cago. Market. New York — Wm. C. Bwen. Chicago — National City Bank. Milwaukee — ^Bdgar, Ricker & Co. MANISTIQUE PULP & PAPER CO. 1st 6». Due each Sept. 1 as follows: $100,000, 1919 to 1921 inc.; $150,000, 1933 to 1927, inc. — F. Dated Aug. 16, 1917. Interest payable March 1 and Sept. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Minnesota. Authorized — $1,500,000. Ontstandlngr — $1,200,000. ^Reserved for Additions — $300,000. •Issuable for one-half the cost of a paper mill to be constructed in connection with com- pany's pulp mill development at Manistlque. Denominations — Coupon, $1,000 and $500. Regiaterable as to principal. Trustee — Minnesota Loan & Trust Co., Minneapolis. Redeemable at 102 and interest on any in- terest date on 60 days' notice. Guaranteed principal and Interest by the Minnesota Tribune Co. and by W. J. Murphy of Minneapolis by endorsement. Note — The Minnesota Tribune Co. publishes the Minneapolis Tribune. It has no bonded in- debtedness and covenants that no liens of any kind will be created against its property and no floating indebtedness in excess of $500,000 will be incurred by it except with the consent of the Trustee while any of these bonds -are outstanding. W. J. Murphy is m-actically the sole owner of the Minnesota Tribune Co. and ail the companiaa affiliated in this loan. Secured as follows : A first direct mort- gage on the company's pulp mill and water power plant at Manistique, Mich., designed for an initial daily capacity of 60 tons of wood pulp and 5,400 h. p. ; a first direct mort- gage on the hydro -electric plant of The Electri- cal Development Co., near Crookston, Minn., having an installed capacity of 3,000 h. p., together with the deposit of 1,480 of a total o^ 1,654 shares issued of the capital stock of this company, with provision for release of this lien and stock on payment to the Trustee of $500,000; further secured by deposit of all the capital stock of the Manistique Light & Power Co., which owns distributing systems Iro Manistique and Hiawatha, Mich. The prop-- erty of the latter company Is valued at $150,— 000 and Is free of all funded or other indebted- ness and the company covenants that none will" be created while any of these bonds are out-- standlng. Original Market — $1,200,000 offered Sept.. 1917, by the Minneapolis Trust Co., Mlnne-- sota Loan & Trust Co. Minneapolis and the ■ Merchants Trust & Savings Bank, St. Paul, on a 6% basis for 1919 to 1920 maturities and; 6^% basis 1921 to 1927 maturities. Market. St. Paul — Merchants' Trust & Sa.ving3 Bank. MANITOBA & SOUTHWESTERN COLON- IZATION RAILWAY CO. 1st 6s. Dae June 1, 1934. — N. Dated June 1, 1884. Interest payable June 1 and Dec. 1, at Bank of Montreal, New York, -Montreal, etc., and at Swiss Bankverein^ London, at 4s l^d per dollar. Authorized— $3, 744. 000. 707 Oatstanding— $2,616,000. $72,000^ owned by the Canadian Pacific Ry. Co. ^ Denomination — Coupon, $1, 000. Reglsterable as to principal. Gaaranteed as to interest by the Canadian Pacific Ry. Co., by terms of lease. Controlled by the Canadian Pacific Ry. Co. by ownership of capital stock and by lease III perpetuity. Secured by a first mortgage on 215.4 miles of railroad from Rugby Junction near Winni- peg, to Glenboro, IVtanitou to Deloraine, and Elm Creek to Carman, all In Manitoba. The company has a land grant of 6,400 acres per mile of road, amounting to 1,400,000 acres, but this mortgage Is not secured on the land. Liisted on the New York, London and Am- sterdam Stock Exchanges. Original Market— First offered by BOisse- vain & Co.. New York and Amsterdam. Market. New York — ^Vickers & Phelps, Baker, Car- ruthers & Pell. Pittsburgh — R. B. Hutchinson & Co. Price Range Jan. 1, '16 to Jan: 1, *19 1918 Bid Ask Ask High. 95 '16 70 Oct. Low. 70 '18 93 '17 MANITOWOC GAS CO. 1st 5s. .Due Jane 1. 1934. Dated June 1, 1907. Interest payable June and Dec. 1, at Merchants' Loan & Trust Co., Chicago. Tax Statn& — Information not available. Authorized — $300,000. Outstanding— $250,500 (May. 1918). Cancelled — $37,000. Unissued — $12,500. Denomination — Coupon, $500 and $1,000. Trustee — Merchants' Loan & Trust Co., Chi- cago. Redeemable at 105 and Interest on any in- terest date. Sinking Fund — $6,000 annually 1912 to 1917, and $7,000 annually thereafter. Organization — Incorporated in Wisconsin in 1907 as successor to the Manitowoc Gas Light Co. Secured by a first mortgage on plant sup- plying gas to Manitowoc, Wis. Population served. 15,000. Franchise indeterminate, at pleasure of State. Original Market— Offered in 1908 by Mil- waukee Trust Co., at 95 and interest. Securea by a first mortgage on 113.68 miles of road. viz. : Miles Green Bay to Manitowoc, Wis 36.25 Duck Creek to Southern Jet. (Pulaski), Wis 30.06 Shawano Jet. to Eland, Wis 30.47 Pulaski to Gillet, Wis 16.90 iLegal for Cal. , Conn. , Me. , Mass., Mich.. Minn., Mo.. N. H., N. J., R. L, Vt. and Wis. listed on the New York Stock Exchange. Original Market — Offered in 1909 by Kuhn, Loeb & Co., New York, at 94 and interest. Market. New York — E. H. Rollins & Sons. Sam'l Goldschmidt, Abraham & Co., Baker, Car- ruthers & Pell. Boston — E. H. Rollins & Sons. Philadelphia — E. H. Rollins & Sons. Pittsburgh — R. B. Hutchinson & Co. Chicago — E. H. Rollins & Sons. Denver — E. H. Rollins & Sons. Los Angeles — E. H. Rollins & Sons. San fVancisco— E. H. Rollins & Sons. Price Range— N. Y. S. £. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask H.ish.90% Sept. 14. '09 60 Dec. 88% Jan. Low. 88 Jan. 10, '17 52 Jan. MANITOWOC. GREEN BAY & NORTH- WESTERN RAILWAY CO. 1st 3V2S. Due Jan. 1, 1941.— N. Dated Jan. 2, 1906. Interest payable Jan. and July 1, at C. & N. W. Ry. office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — ^$3,750,000. Denomination — Coupon, $1,000. Reglsterable as to principal only, or !fully reglsterable. Registered, $1,000, $5,000 and $10,000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — The M.. G. B. & N. W. Ry. was consolidated into the Chicago & Northwestern Ry. Co. in 1909. 708 (THE) MANUFACTURERS' LIGHT & HEAT CO. Mortgage & Coll. Tr. 6s. Due each Oct. 1, $137,000 in 1917, $148,000 in~1918, $445,000 in 1919 and $458,000 in 1920.— F. Dated April 1. 1907. Interest payable April and Oct. 1, at Trustee's oflSce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Author^ed — Closed mortgage. Outstanding — $900,000 (Jan. 1. 1919). Denomination — Coupon. $1, 000. Reglsterable as to principal. Trustee — Colonial Trust Co.. Pittsburgh, Pa. Organization — Incorporated in 1903 as a con- solidation of a number of natural gas and oil properties supplying Pittsburgh and vicinity. Also owns the entire capital stocks .of a num- ber of companies. The company owns or con- trols through its subsidiaries leases on 306,371 acres of gas and oil lands In Pennsylvania, West Virginia and Ohio, of which 104,868 acres are operated. Also owns or controls a total of 2,454 miles of pipe, of which 842 miles are in Pittsburgh. New Brighton, Pa., Wheeling. New Cumberland and New Martins- ville. W. Va., East Liverpool, Steubenville, Brilliant. Mingo Junction. O., and other towns and localities. Secured by a first mortgage or by a first col- lateral lien on the property described above. "This bond Issue is the only outstanding funded debt of this company or Its subsidiaries whose C8 pital stock Is deposited hereunder. Vears ended Dec 31 (combined) Bond Gross Net Interest 1918 $9,693,573 $3,591,199 $60,710 1917 9.122,218 3,517,504 69,200 1916 7,592.225 3,123.515 79,283 1916 6,463,113 2.816.771 91,035 1914 6,471,675 2,558.973 107.720 Market. Pittsburgh — Goldsborough & Hammond. Co- lonial Trust Co., Lyon, Singer & Co. New York — R. C. Megargel & Co. Price Banve. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.102% '17 103 '17 97 Mar. Low. 95 '18 100% '17 95 Jan. MANUFACTURERS* WATER CO. Ist S. F. 5s. Due June 1, 1939.^F. Dated June 1, 1909. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid bv company without deduction. Tax exempt in Pennsylvania. Authorized — $4,000,000. . Outstanding — 13,108.000 (March 1. 1919). Retired by Sinking Fond — $892,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102% and Interest on any interest date in blocks of not less than $500,- 000, on four weeks' notice, or at 101 and In- terest on any interest date for sinking fund. Sinking f^md — $150,000 annually, commenc- ing June 1. 1913, for the purchase or re- demption of these bonds at not over 101 and interest. Guaranteed principal, interest and sinking fund by Cambria Steel Co. by endorsement. Control — Incorporated in Pennsylvania In 1900. The entire $50,000 capital stock is owned by the Cambria Steel Co., a subsidiary of the Midvale .Steel & Ordnance Co. Secured by a first mortgage on plant sup- plying water for manufacturing purposes In Johnstown, Pa., and vicinity, and Includes the Hinckston's Run, reservoir with a storage ca- pacity of 1,100,000,000 gallons with a daily delivery of 10,000,000 gallons, and the Quem- ahoning Reservoir with a storage capacity of 11,000,000,000 gallons and a daily delivery of over 70,000,000 gallons. Original Market — Offered in May, 1909, by Drexel & Co. and Robert Glendinnihg & Co., Philadelphia, on about a 5% basis. Market. Philadelphia — Graham, Parsons & Co., Brown Bros. & Co. . West & Co. , Lloyd & Palmer, Newburger, Henderson & Loeb, Bid- die & Henry, Chas. D. Barney & Co., Reed A. Morgan & Co. , Elkins, Morris & Co, , Chas. Fearon & Co., H. Boenning & Co., Harper & Turner, Robt. Glendinning & Co. , Huntoon & Co.. S. K. Phillips & Co.. Warren A. Reed. New York — E. & C. Randolph, Newburger, Henderson & Loeb, J. Nickerson, Jr. , H. C. Spiller & Co. Boston — Chas. A. Day & Co.. H. C. Spiller & Co. Price Range. Jan. I. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.102 '16 103 '16 99hii May 100 May Low. 96 '17 97 '18 96 Dec. 97 Dec. MAPI.E LEAl' SHIPPING COMPANY. LTD., Marine Trust 78. Due ^150,000 May and Nov. 1, 1910; SIOO.OOO May and Nov. 1, 1920 and $75,000 May and Nov. 1, 1921. Dated Nov. 1, 1918. Interest payable May and Nov. 1, at Trustee's ofllce, Toronto, and its Agency in New York, or at Hannevig & Company, New York. Principal and interest payable in United States Gold Coin. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $650,000. Outstanding — $6 50,000. Denomination — Coupon $500 and $1,000. Registerable as to principal. Trustee — Imperial Trust Co. of Canada, Toronto, Canada, Redepmable as a whole or in part on thirty days* notice at 100 H and interest. Redemption Fund — The company agrees that, on November 1, 1919, May 1, 1920, November 1, 1920, and May ], 1921, unless all the bonds of this issue shall have been previously re- tired, it will deposit with the Trustee in cash or in bonds of this issue, not less than 50% of its net income to such dates, after deduc- tion of an operating and management charges', maturities, interest, taxes, and a return on the cash equity in the vessel at the rate of 8% per annum. Whenever the moneys in this Redemption Fund amount to $10,000 or more, bonds shall be redeemed by purchase at the lowest prices obtainable by tender at less than 1 00 % and interest, or upon call by lot at 100% and in- terest. Orga.nizationi and Management — Incorporated in Canada. The steamer upon which this issue is secured is managed by ChristofCer Hannevig, Ltd. , a Canadian corporation, under a contract whereby the Manager guarantees that the earnings of the "St. Mihiel" shall be sufficient to pay the principal and interest of all bonds of this isque; and the Manager further guarantees that al! contracts of the company, with respect to insurance, liens, taxes, repairs and payments into the Redemp- tion Fund shall be observed. Secured by first mortgage on the Steamship St. Mihiel. This steamer cost $1,150,000 and was launched by the Dominion Ship Building Company of Toronto on October 11, 1918. It is a steel single screw ocean going cargo steamship, 261 ft. over all, cargo capacity 4,200 tons. The Indenture provides that" the company will insure the Steamship "St. Mihiel" for an amount equal in the aggregate to not less than 125% of the face amount of the bonds then outstanding, to cover war risks, loss or damage by fire, the elements, perils of the sea, marine risks and disasters, stranding and collisions. Orig.mal Market — Offered November, 1918, by Imbrie & Co., New York and Chicago., Market. Baltimore— J. S. Wilson, Jr., & Co. MARION & BLUFETON TRACTION CO. 1st 5s. Due July 1, 1034. Dated July 1. 1914. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Information not available. Authorized — $504,000. Outstanding — $496,800 (June 2, '19). Held in Sinking Fand — $7,200. Denomination — Coupon and registered. $1,000. Trustee — Fletcher Savings & Trust Co., In- dianapolis. Sinking Fund — 1% per annum of outstand- ing bonds. Payable % % each Jan. and July 1. Organization — Incorporated In Indiana In 1914 as a reorganization of the Marion, Bluff- ton & Eastern Traction Co. Secured by a first mortgage on 32 miles of electric railway between Marion and BlufCton, Ind., and on plants supplying electricity to "Van Buren, Warren and Liberty Center, Ind. Total population served by railway, 30,000; by electric plants, 3,500. Year ended June 30: Bond Gross Net Interest 1918 $82,290 $26,246 $25,200 709 MARION & RYE VALLEY RAILWAY Ist 6s. Duo July 1, 1932. — N. Dated July 1, 1902. Interest payable Jan. and July 1. Tax Status — Information, not available. Authorized and Outstanding — $175,000. Denomination — Coupon, $500. Trustee — Smythe County Trust Co., Marlon, Va. OrEanization — Incorporated In Virginia In 1891 and reorganized in 1900. Secured by a first mortgage on 18 milea of railroad from Marion to Sugar Grove, Va. Year ended June 30: • Bond Gross Net Interest '1918 $14,93-1 def. $6,314 $10,47D 1917 26.253 10,470 1916 21,429 10,470 1915 20.531 10,470 1914 20,139 11,240 •Year ended Deo. 31. Market. Boston — H. C. Splller & Co. New Xork— H. C. Splller & Co. MARION (IND.) MGHT & HEATING CO. 1st & Bef. 5s. Due Sept. 1, 1932.— F. Dated Sept. 1. 1907. Interest payable March and Sept. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without 'deduction. Anthorized — Closed mortgage. Outstanding — $747,000 (May 27, 1919). Retired by Sinking Fund — $337,000. Denomiuation — Coupon, $1,000. Keglsterable as to principal. Trustee — Guaranty Trust Co. and Wm. C. Cox, New York. Redeemable at 110 and interest on any in- terest date. Sinking Fund — Annually 1% of bonds out- standing Sept. 1. 1912. to Sept. 1. 1917; 2% from Sept. 1, 1918, to Sept. 1, 1924, inclusive, for the purchase or redemption of these bonds at not exceeding 110 and interest. Guaranteed as to principal and interest by the American Gas & E31ectric Co. Organization and Control — Incorporated in Indiana in 1901 as a consolidation of the elec- tric properties in Marion. Ind. In 1917 merged with other companies into the Indiana General Service Co , which is controlled through stock ownership by the American Gas & Electric Co., a subsidiary of the Electric Bond & Share Co.. which in turn is controlled by the General Electric Co. Secured by a first mortgage on plants sup- plying electricity In Marion. Jonesboro, Pair- mount,. Upland, Sweetzers, Gas City and Sum- mltvllle, Ind., and hot water for heating to Marion, Ind. Population served, about 31.- 248. Franchise for electricity runs to 1939, and for heating to 1929. Underlies — Indiana General Service Co. 1st Bs of 1948. all pledged to secure American Gas & Electric Notes, due March 1, 1921. Year ended Dec. 31 Gross Net Interest 1916 $316,752 $139,921 $38,384 1915 274,560 132,299 38,760 1914 267,057 116,501 39,082 1913 262,669 127,422 38,857 Original Market — Offered by Coggeshall & "Hicks, New York, in 1910, at 98 and interest. Market. New York — F. H. Hatch & Co., Dunham & Co., Pynchon & Co., E. & C. Randolph. Philadelphia — S. K. Phillips & Co.. H, Boen- ning & Co., Chas. Fearon & Co., Huntoon & Co. Wilmingion — Geo. P. Bissell. Price Ranee. Jan. 1. 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99 '17 100 '16 90H Dec. 96 Feb. Low. 85 '15 9« '16 90 Nov. Dated July 1, 1911., Interest payable Jan. 1 and July 1, at Trustee's ofiice and also at Canadian Bank of Commerce, London. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $1,600,000. Outstanding — $1,600,000. Denomination — Coupon, $100 and $500. Trustee — Eastern Trust Co., Montreal and Halifax. Can. Redeemable at 110 and interest. Organization — Incorporated in Nova Scotia in 1910 and is a consolidation of independent telephone fcystems in Nova Scotia and Prince Edward Island, Canada. Leases for 99 years submarine cable connecting Nova Scotia lines with Prince Edward Island lines. Also owns certain patent rights for utilizing wires for simultaneously telephoning and telegraphing. Secured by a first mortgage on all the prop- erty of the company, including telephones, 24,636; miles of polei?. 3,059; miles oi wire. 43,037, and 27 office buildings. The Public Utilities Commission of Nova Scotia, placed a valuation on the company's property in 1915 of $3,121,533. Year ended Dec. 31 Gross Net Int.. Etc 1918 $953,848 $260,440 $134,972 1017 813.484 237.698 108,092 1916 738,698 248.282 100,499 1916 675,878 221,311 96,082 1914 631.687 216,543 87,309 Original Market — OfSered in Oct., 1911, at 101 and interest, by F. B. McCurdy & Co., Halifax and Montreal. Market. Halifax: — II. M. Bradford, F. B. McCurdy & Co. St. John, N. B. — Eastern Securities Co. New Yorls — ^E. & C. Randolph. MABITIMB TELEGRAPH & TELEPHONE CO., LTD., 1st 6s. Due July 1, 1941. MARK M.\NITrACTUBING CO. 1st 6s. Due each June 1, as follows: $100,000, 1919; $110,000. 1920; $115,000. 1921; $120,000, 1922; $125,00», 1923; $135,000. 1924; $145,000, 1925; $150,000, 1926; $160,000, 1927; $170,000, 1928; $180,000, 1929; $190,000, 1930; $200,000, 1931; $210,000, 1932; $225,000, 1933; $240,000, 1934; $250,000. 1935; $270,000, 1936; $285,000, 1937; $800,000. 1938, and $320,000, June I, 1939. Dated June 1. 1916. Interest payable June and Dec. 1. in New York and Chicago. Tax Status — Company pays 1% of the 2% Federal Income Tax. without deduction, and deducts the other 1% from interest payment. Authorized — Closed mortgage. Outstanding — $4,000,000. Denominations — Coupon. $1,000. $500 and $100. Registerable as to principal. Trustee — Continental & Commercial Trust & Savini;s Bank, Chicago. Redeetnaljle in the reverse of their numeri- cal order, on any interest date on a.nd after June 1, 1918, at 102% and interest. Organization — Established in 1889, and is engaged in the manufacture of steel and steel pipe. On June 14, 1918, merged into Steel & Tube Co. of America. Secured by a first mortgage on plant at Evanston, 111., comprising about nine acres, with a capacity of 76,000 tons of butt weld pipe per annum, plant at Zanesvllle, O., com- prising 43 acres of land with a capacity of 125,000 tons of butt weld and lap weld pipe per annum: and plant at Indiana Harbor, Ind. (under construction as of May. 1916), with water frontage and comprising mills for the manufacture of both steel and finished products and with a capacity of 270,000 tons 710 of finished steel per annum. This latter plant will cost $5,000,000. Other plants are valued at $8,538,269. Under the provisions of the mortgag-e quick assets must be maintained In excess of current liabilities and exclusive of good will, etu., at $2,500,000 and this amount must be increased by at least 40% of the par value of bonds issued in excess of $4,000,000. Underlies — $6,000,000 6% notes of 1920. and $5,000,000 Steel & Tube Co. of America Gen. 7s of 1943, all of which are pledged to secure 7% notes due 1921. Original Market — Offered in May, 1916, by Kean, Taylor & Co.. New York and Chicago, and Peabody. Houghteling & Co., Chicago Sav- ings Bank & Trust Co. and Fort Dearborn Trust & Savings Bank, Chicago, at par and interest, except the first three maturities, which were offered on 5%, 5%% and 5^/6% basis, respectively. Market. Chlcaso — P. J. Johnson & Co.. McCoy & Co., Chicago Savings Bank & Trust Co., Peabody, Houghteling & Co., Peabody Bond & Mortgage Co., Child & Lr'vering, H. M. Byllesby & Co.. Alfred L. Baker & Co., Kean. Taylor & Co., Babcock, Rushton & Co. , Halsey, Stuart & Co., Merrill, Lynch & Co. New York — Kean, Taylor & Co., Garrison & Brown, B. & C. Randolph, H. M. Byllesby & Co., Bull & Eldredge. ' St. ILonis — Francis Bros. & Co. Pittsburgh — Kean, Taylor & Co. Price Range — 1918. Ask 97%-98. MARK .MANCFACTURING CO. 3-Year 6% Secnred Notes- Due June 1, 1920. — N. Dated Juns 1, 1917. Interest payable June 1 and Dec. 1, at First National Bank, New York, and Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorizeil — $6,000,000. Oatstanding — $6. 000. 000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Continental & Commercial Trust & Ravings Bank, Chica&o, W. P. Kopf, Chicago. Redeemable at 103 and interest up to June 1, 1918; 102 and interest up to and including June 1, 1919, and thereafter at 101 and in- terest on 60 days' notice. Assumed by the Steel & Tube Co. of Amer- ica. Organization* etc. — See 1st 69. Secured by a direct mortgage on all the prop- erty of the company now owned or hereafter acquired. Assets after completion of new steel plant at Indiana Harbor, Ind. , aa fol- lows: Present plants, real estate and personal property $5,647,058.22 New plant (approaching com- pletion) 6,300,000.00 Additions to nevv' plant 8,200,000.00 Net working capital 4,000.00ft>00 Total &.sgets $24,147,058.22 Deduct — ^First Mortgage bonds.. 4,000,000.00 Net assets securing these notes $ 20.147,058.22 Under the Indenture no bonds can be issued under the First Mortgage while these notes are outstanding, and company is reauired to maintain net working capital at not less than $4,000,000. Prior liien — $4,000,000 1st 6s. Due from 1919 to 1939, inc. Underlies — $5,000,000 Steel & Tube Co. of America Gen. 7s of 1943, all of which are pledged to secure 7% notes due 1921. Original Ma rket — $ 6,000,000 offered July, lf'17, by Continental & Commercial Trust & Savings Bank, McCoy & Co.. and Peabody, Houghteling & Co.. Chicago, and Kean, Tay- lor & Co., New York and Chicago, at 99% and interest. A block offered Nov., 1918, by Continental &. Commercial Trust & Savings Bank, Chicago, flalsey, Stuart & Co.' and Kean, Taylor & Co., New York and Chicago, at 9 7 % and interest. Market. Chicago — Babcock, Rushton & Co. , Kean, Taylor & Co., Chicago Savings Bank & Trust Co., P. J. Johnson, Child & Levering, H. M. Byllesby & Co., Peabody, Houghteling & Co., Merrill, Lynch & Co., Pynchon & Co, Cleveland — Tillotson & Wolcott Co., Guard- ian Savings & Trust Co. New York — Babcock, Rushton & Co., Kean, Taylor & Co.. H. M. Byllesby & Co., Pynchon & Co., Vilas & Hickey. Pittsburgh — Glover & MacGregor, Kean. Taylor & Co. Milwaukee — Second Ward Saving Bank. Price Range Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96 '18 100 '17 96 Nov. 98 Nov. Low.92 '18 96 '18 92 July 96 July MARKET STREET (SAN FR.\NCISCO> CABU^ CO. 1st Ext'd Gs. Due Oct. 15* 1916.— F Extended from January 1, 1913, and $1,200,- 000 were retired. Extended Dec. 15, 1915. Interest payable June 1 5 and Dec. 15, at Company's office, San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Outstanding — $1,800,000 (Closed, mortgage). Denomination — Coupon, . $1, 000. Trustees — Oakland Bank of Savings and D. A- Bulmofe. Oakland, Cal. Control — ^Absorbed by the United Railroads of Sail Francisco. Reorganization, etc. — See United Railroads of San Francisco. Secured by a first mortgage on 14 miles of street railway on Market, Valencia, Haight, Hayes, McAllister and Fulton Streets and forming a most important part of the United Railroads system. Franchises extend to 1932. This road is now operated by trolley. I'nderlies — Market St. Ry. Cons. 5s of 1924 and United R. R. of, San Francisco Gen. 43 of 1927: liisted on the San Francisco Stock and Bond Exchange. Original Market — Offered Dec, 1913, by B. H, Rollins & Sons, Boston, and Ladenburg, Thalmann & Co.. and Equitable Trust Co., New York, at 99% and interest. Market. New York — J. M. Byrne St. Co., McDonnell & Co., B. & R, Randolph, Hanson & Doyle. liOS Anscles — ^A. H. Woollacott. ftlARKET STREET EliEVATED PASSENGER RAILWAY CO. let 4e. Due May 1, 1955. Dated May 1, 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorised and Outstanding — $10,000,000. Denomination — Coupon, $1, 000. Registerablts as to principal. Trustee — Land Title & Trust Co.. Philadel- phia. Redeemable at 102% and interest on any interest date on 30 days' notice. 711 Onaranteml as to principal and Interest by the Philadelphia Hapid Transit Co. Organization — Incorporated in Pennsylvania In June, 1901. In 1903 its property was leased to the Philadelphia Rapid Transit Co. for 997 years at an annual rental ot 6% on the capital stock, which rental in 1907 was reduced to Jl annually. The Philadelphia Rapid Transit Co. owns the $2,800,000 out- standing: capital stoclc which has been pledged as collateral to the Union Traction Co. and the Philadelphia Traction Co. for securities owned by these companies and borrowed and deposited under the P. R. T. Co. Coll. 6s of 1967. The Sinking Fund 6s of 1962 are partly secured on this stock and also ' the leasehold Interest of the P. R. T. Co. Secured by a first mortgage on the elevated and subway lines on Market street from Front Street to 69th Street in Philadelphia, com- prising about 7% miles of double track and about 5 miles of other track. Iiisted on the Philadelphia Stock Exchange. OrlElnal Market — Offered In 1906, by Drexel & Co., Fhiiadelphia, at 101 and Interest. Market. Fbiladelphla — ^West & Co., Graham, Par- sons & Co., Henry & Kirkbride, Newburg&r, Henderson & Loeb, Brown Bros. & Co., Har- per & Turner. Chas. Fearon & Co., Elkins, Morris & Co., H. Boenning & Co., Welsh Brothers, Biddle & Henry, Robt. Glendinning & Co., Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. New York — B. & C. Randolph, Morton, Lachenbruch & Co., Newburger, Henderson & liOeb. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid . Ask Bid Ask High. 98 '17 99 '09 84 Deo. 86 Deo. Low. 76 '18 80^ '18 76 Oct. 80% Oct. Price Ranee. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid « Ask High.106% '09 106% '09 67 Jan. 94 Nov. Low. 60 '18 63% '16 60 May' 66 Feb. MARKEIT STBBET RAH/'WAT CO. (SAN FRANCISCO) Cons. 5s. Dne Sept. 1, 1924. — N Dated Sept. 1, 1894. Interest payable Mar. and Sept. 1, at Company's office, San Fran- cisco, Cal. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $17, BOO. 000. Outstanding — $7,098,000 (March 1, 1919). Cancelled — $243, 000. Reserved for Prior liens- — ^6.250,00^. Reserved for Ext. — $3,909,000. *" Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco, Cal. ginkine Fund — $160,000 per annum, begin- ning Sept. 1, 1918. Control — ^Absorbed by U. R. R. of San Fran- cisco, which is ■ controlled by the California Railway & Power Co. Reorganization, etc. — See United Railroads of .San Francisco. Secnred by a mortgage on 176 miles of street railway, including many of the most impor- tant lines in San Francisco. Prior liiens — $400,000 Ferries & CHfE House Ry. 1st Ext. 6s of 1916, $1,800,000 Market Street Cable Ry. 1st Ext. 6s of 1916, and $2,000,000 Omnibus Co. 1st 6s of 1918. Underlies — United R. R. of S. F. 4s, a suf- ficient amount of which has been reserved to retire these bonds and prior liens. liisted on the San F'rancisco Stock and Bond Exchange, Market, New York — Bernhard, Scholle & Co., Mc- Donnell & Co., B. F. Hutton & Co. San Francisco — Sutro & Co. MARaTnSXTE & BESSiaMCER DOCK & NAVI- GATION CO. 1st S. F. 4VbB. Due April 1. 1933.— F. Dated April 3, 1903. Interest payable April and Oct. 1. at New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorizod — $600, 000. Outstanding— $396,000 (March 17, 1919). Redeemed and Retired by Sinking Fund— $106,000. Denomination — Coupon, $1,000. Registerablt as to principal, Trnstee — United States Mortgage & Trust Co., New Tork. Redeemable at 106 and Interest on any in* terest date on six weeks' notice. Sixiking Fund — ^Annually 1% of these bond* to be retired either by purchase or redemption at not exceeding 105 and interest. Guaranteed principal and interest by the- Pere Marquette R. R. Co. and the Bessemer & Lake Brio R. R. Co., jointly and severally, by endorsement. Organisation — Incorporated in New Jersey, in 1903. Entire capital stock is owned eaually by the Pere Marquette R. R. Co. and the Bessemer & Lake Brie R. B. Co. Secnred by a first mortgage on a system of car ferries and a steel carrying collier, and terminals, docks, buildings, etc., in Con- neaut, Ohio, and in Port Dover, Ontario, Canada, and also one steamer. Underlies — $80,000 Debenture 5s. ** Original Market — Offered in 1903, by Law- rence Barnum & Co., at par and interest. ^' New York — F. H. Hatcli & Co., Hartshome & Battelle, Morton Lachenbnich & Co., F. S. Lisnian & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High.97% '15 98% '15 Low. 90 '17 97 '16 MARQUETTE COUNTY GAS & EtECTBIC CO. ist S. F. 6s. Due Jan. 1, 1930.— F. Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $403,000 (Jan. 1, 1919). Retired by Sinking Fund — $34,000. Reserved for Ext. — $663,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. JSedeemable at 106 and interest on any in- terest date. Sinking Fund — 1% of outstanding bonds an- nually January 1, 1913, 1914 and 1915, and 2% from 1916 to 1929, inclusive, to be ap- plied to the purchase or redemption of these bonds at not over 105 and interest. Organization and Control — Incorporated in Maine in 1906 as a reorganization of the Marauette County Gas Light & Traction Co., sold under foreclosure. In 1917 deeded its property to the Michigan Gas & Electric Co., a subsidiary of the Middle West Utilities Co. Secnred by a first mortgage on 4% miles of railway track in and between Negaunee and Ishpeming, Mich., also on plants supply- ^712 Inff those towns with gas and electricity and Palmer with electricity. Gaa and electric- greneratlng plants are located near Negaumee. There is a municipal lighting plaint in Ne- ga unee. Franchises in Ishpeming : gas and electric, perpetual; railway, expires in 1936. In Negaunee: gas expires in 1933; electric in 1921 and railway in 1936. Population served, about 26,000. Original Market — $1,000,000 offered In Jan., 1912. by Continental & Commercial . Trust & Savings Kank, Chicago, and Farson, Son & Co., Chicago and New Torlc, at par and in- terest. Market. Chicago — Wm. S. Gilmore. Milwaukee — Morris F. Fox & Co. Philadelphia — S. K. Phillips & Co. Price Range Jan. 1, '16 to Jan. 1, *19 Bid High. 9 8 '17 LiOW-SS '16 MARQUETTE (MICH.) GAS UGHT CO. 1st us. Due Nov. 1, 1936. Dated Nov. 1, 1901. Interest payable May and Nov. 1, at Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — Information not available. Authorized — $ 125,000. Outstanding — $119,000. Trustee — Continental & Commercial Trust & Savings Bank, and F. H. Jones, Chicago. Redeemable at 105 and interest on any in- terest date. Sinking Fund — $2,000 per annum. Organization — ^Incorporated in Michigan in 1869. Management — ^W. and S. Mainland, Oahkosh, Wis. Secured by a first mortgage on plant supply- ing gas to Marauette, Mich. Franchise ex- pired in 1899 and since that time company has been operating without franchise. Popu- lation served, 12,000. Underlies — $58,000 Cons. 5s of 1929. Market. Chicago — ■McCoy & Co. IVIARQUETTE GAS UGHT CO. Cons. 6s. Due Jan. 1, 1939. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — Information not available. Authorized — $200,000. Outstanding — $58,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 105 and Interest. Sinking Fund — $2,000 per annum after 1906 for the purchase or redemption of bonds at not over 105 and interest. Secured by a mortgage on property de- scribed under 1st 53. Prior I^iens — $119,000 1st 5s for the retire- ment of which bonds of this issue are re- served. Original Market — Offered by McDonald, Mc- Coy & Co. (now McCoy & Co.), Chicago, in July, 1904. MABQUETTX:, HOUGHTON & ONTONAGON RAH^ROAD (now 1st) es. Due April 1, 1925.— N. Dated April 1, 1885. Interest payable April and October 1, at 55 Wall St.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $1,400,000. Outstanding — $1,077,000. Exchanged for D., S. S. & A. 1st Cons. 4s — $323,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — New England Trust Co., Boston, Mass. Assumed by the Duluth, South Shore & At- lantic Rp. Co. Control — ^Absorbed by Duluth, South Shore & Atlantic Ry. Co. 51% of the capital stock of the D., S. S. & A. Ry. is owned by the Canadian Pacific Ry. Co. Secured by a first mortgage on 130.51 miles of road, viz. : Miles Marquette to Nestoria, Mich 45.90 Nestorla to Houghton, Mich 48.20 Marquette to Winthrop Jet., Mich 17.33 Humboldt to Republic, Mich 8.76 Branches to Spurs and Mines 10.32. Underlies — 1st 5s of 1937 and 1st Cons. 4s of 1990 of D. S. S. & A. Ry., which mortgage provides for the retirement of this issue. The latter issue is all owned and guaranteed by the Canadian Pacific Ry. Co. liegal for Me and Mo. Listed on the Boston Stock Exchange. Market. New York — Sam'l (ioldschmidt. Hornblower & Weeks, Jacob Zeller, J. S. Farlee & Co., F. H. Hatch & Co.' F. J. Lisman & Co., Wm. Carnegie Bwen, Abraham & Co., Baker, Car- ruthers & Pell. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.116 '09 118^ '09 96 Feb. 101 Feb. Low. 88 '17 93 '17 90 June 96 Mar. MARSHALIi (MO.) LIGHT. HEAT & POWER Co. 1st 5s. Due June 1, 1935. — F. Dated June 1, 1905. Interest payaMe June and Dec. 1, at Trustee's ofllce. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $ 150,000. Outstanding — $134,000 (June 9, '19). Retired by S. F. — $16,000. Denomination — Coupon, $500. Trustee — Columbia Trust Co., New York. Redeemable after Jime 1, 1915, at 105 and Interest. Sinking Fund — 1 % of bonds outstanding, annually from 1910 to 1914, and 2% there- after. Guaranteed principal and Interest by Na- tional Light, Heat & Power Co. by endorse- ment. Organization and Control — Incorporated In New York In 1905 and acquired the gas and electric properties in Marshall, Mo. On Jan. 1, 1913, the Company deeded its property to the Missouri Gas & Electric Service Co. Prac- tically thg entire capital stock of the latter company is owned by the National Light, Heat & Power Co. and the Middle West Utili- ties Co. Secured by a first mortgage on plants sup- plying gas and electricity to Marshall, Mo., serving population of 7,500. Original Market — OfCered by A. H. Bick- more & Co., New York, at par and interest in June, 1905. Market. New York — Hanson & Doyle. New Haven — (The) W. T. Fields Co. Price Range. Jan. 1, 1909 to Jan. 1, 1919 y Bid Ask High.94 '09 96 '11 Low. 65 '16 75 '13 713 MARYLAND & PENNSYLVANIA RAILROAD CO. 1st 48. Due March 1, 1951.— P. Dated March 1, 1901. Interest payable March and Sept. 1, at Brown Bros. & Co.. New York, or at Alex. Brown & Sons, Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding — $897,000. Held in Treasury — $100,000. Reserved for Prior Lien — $ 203.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable at 105 and interest on 60 days' notice. , .Organization — Incorporated in Maryland and Pennsylvania in 1901. Controls through stock ownership the Maryland & Pennsylvania Ter- minal Ry. Co. Secured by a mortgage on 80.18 miles of road, viz. ; A first lien on. 40.18 miles — Miles Baltimore, Md., to Peach Bottom, Pa.. 38.98 Dallastown Jet. to Dallastown, Pa .... 1.20 - A second lien on 40 miles — Covered by the York & Peach Bottom 5s. Peach Bottom to York, Pa 40 . 00 Prior Lien — $202,450 York & Peach Bottom Ry. Co. Ser. "B" 5s of 1932 for the retire- ment of which sufficient of these bonds are reserved. Underlies — $900,000 Income 4s of 1951. . year ended Dec. 31 Gross $606,167 534,599 489,894 Net $105,250 127,842 132,413 •Charges $80,001 80.323 82,264 and other 1918 1917 1916 ♦Interest, rentals, amortization chp.rges. Listed on the Baltimore Stock Exchange. Original Market — $550,000 offered March, 1901. by Alex. Brown & Sons, Baltimore, and Brown Bros. & Co., New York at 95 ,and in- terest. Market. New York — Hornblower & Weeks, J. S. Far- ley & Co. Philadelphia — "Warren A. Reed. Price Ranee. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 93% '12 95 '09 55 Dec. 72 Jan. Low. 55 ■'18 61 '18 61 Dec. MARYLAND & PENNSYLVANIA RAILROAD Cum. Inc. 4s. Du^ April 1, 1951. — F. Dated April 1, 1901. Interest payable April and Oct. 1 (if earned), at Browns Bros. & Co., New York, and Alex. Brown & Sons, Balti- more. Four per cent, per annum w^s paid to and including April 1, 1914, but no interest has been paid since that date and including April -1, 1919. As of Dec. 31, 19 1 8 accrued interest amounted to $180,000. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $900,000. Outstaiiuifig — $900, 000. Denomination — Coupon, $1,000. Trustee — Maryland Trust Co., Baltimore, Md. Redeemable at par and interest. Secured by a second and third Hen on the property covered by the 1st 4s. Prior Liens — $202,450, York & Peach Bot- tom 5s of 1932; $897,000 1st 4s of 1951 and 6% nntes Of 1923. Karnings — See Ist 4a. Orieinal Market — Company received sub- scriptions to these bonds at 70, subject to the Bale by a syndicate at 75. Market. New York — Hornblower & Weeks, F. H. Hatch & Co. Philadelphia — Cassatt & Co., Hunto-ji & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, *08 to Jan. 1, *19 1918 Bid Ask Bid Ask High.72 '12 75 '12 19f May 30f Jan. Low.l2f '18 20f '18 12f Dec. 20f Dec. MAItYLAND & PENNSYLVANIA RAILROAD CO. 6% Conv. Notes. Due October 1, 1923.— F. Dated October 1, 1913. Interest payable January 1 and July 1, at Alexander Brown & ■ Sons, Baltimore, Md. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $300,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md. Redeemable on any interest date at 1 02 % and interest. Convertible into common stock at the rate of $100 in bonds for $200 in stock. Security — A direct obligation of the com- pany, but not secured by a mortgage. The company can place no additional mortgage on its property without equally securing or re- tiring these notes. The principal and in- terest of these notes are a charge against the cpmpany prior to the interest on the Income 4 s, For further details and earnings, see 1st 4s. Original Market — $300,000 offered Oct., 1913. by Alex. Brown & Sons, Baltimore, at 99 and interest. MARYLAND COAL CO. OF WEST VIRGINIA Debenture Income 5s. Due Feb. 1, 1941. Dated July 6, 1911. Interest payable Feb. and Aug. 1 (if earned), at Company's office, 1 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $704, 500. Redeemed — $277,950. Denomination — Registered, $50, $250 and $1,000. Trustee — Central Union Trust Co., New York. Redeemable at any time at par. Sinking Fund — Five cents per ton of coal mined plus an additional sum for deprecia- tioh. Organization — This company has taken over the property of the Maryland Coal Co. of Maryland, located in West Virginia, in order to avoid excessive taxation. These bonds were issued to the Maryland Company in pay- ment for the property so transferred. Control — Practically all of the stock is • owned by the Maryland Coal Co. of Mary- land. Security — A direct obligation of the com- pany, but not secured by a mortgage. Market. New York — Baker, Carruthers & Pell, F. J. Lisman & Co. , Hanson & Doyle, Wm. J. Hoey, F. H. Hatch & Co. Boston — Chas. A. Day & Co. 714 Price Ransre. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High. 82 '17 85 :i7 Low. 50 '15 60 *15 MARYIiAND. DEIiAWARE & VIRGINIA RAILWAY CO. 1st 5s. Due Feb. 1, 1955. Dated Feb. 1, 1905. Interest payable Feb. and Aug-. 1, at Tre"asurer'3 office, Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2, 000.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Baltimore, Chesapeake & Atlantic Ry. Co. by endorsement. Organization and Control — The Queen Anne's R R. Co. (original company) incorporated In Maryland in 1894 and Delaware in 1895. The entire common stock issue and one-fifth of the preferred stock is owned by the Balti- more, Chesapeake & Atlantic Ry. Co., which company is controlled through stock owner- ship by the Pennsylvania R. R. Co. and three of its subsidiary companies. Secured by a first mortgage on 77.43 miles of road from Love Point. Md.. on Chesa- peake Bay. to Lewes, Del., on Delaware Bay, and branch to Centerville, Md., and 13 steam- boats. The steamship lines operate to various points on Chesapeake Bay and tributary rivers, including ferry service between Baltimore and Love Point, 27 miles. The length of all steamship routes is 980 miles. Year ended Dec. 31 Int., Gross Net Rent. Etc. *1918 $49,54« $51,392 $105,091 1917 1,011,519 61.073 158.512 1916 924.287 34.848 166.905 1915 904.156 48.493 171.301 1914 949.285 96.119 ■ 171,262 1913 959.136 99,127 161,392 ♦Corporate Income Account-Standard return under Federal control. Original Market — Offered in 1905 by Ru- dolph Kleybolte & Co., New York and Cin- cinnati, at 115^ and interest. Market. New York— J. S. Stubbs & Co.. F. J. Lis- man & Co. ^ Philadelphia — Chas. Fearon & Co. Baltimore — Norman J. Polack. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOl '09 105 '08 45 Apr. 51 Apr. Low. 30 '18 40 '18 30 Nov. 40 Aug- BIABYLAND DREDGING & CONTRACTING CO. 15-Year S. F. Ist 6s. Due Feb. 1, 1930.— F. ^ ^ Dated Feb., 1915. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized— $750,000. Outstanding — $550,000 (March 1, 1919). Held in S. F. —$200,000. Denomination — Coupon. $1,000, $500 and $ieo. trustee — Fidelity Trust Co., Baltimore. Redeemable at 105 and interest. Sinking Fund, — Annually $50,000, payable ■emi-annually for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are held alive and interest added to fund. Organization — Incorporated in 1902 to do a dredging and general contracting business. Secured by a first mortgage on the entire property, plant and equipmeht, valued at $1,250,000, and by deposit of $600,000 (entire issue) of bonds of the Bowers Southern Dredg- ing Co., covering property valued at $1,250,- 000. Original Market — $650,000 offered Jan. 1, 1915, by the Union Trust Co. of Maryland and Fidelity Trust Co. , Baltimore, at Q9 and interest. Market. Baltimore — Poe & Davies, P. H. Goodwin & Co.. Jenkins. Whedbee & Poe. MARYLAND ELECTRIC RAILWAYS 1st 5s. Due Oct. 1, 1931.— F. Dated October 1, 1906. Interest payabU April and Oct. 1, at Alex. Brown & Sons, and Trustee's office, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $8,000,000. Outstanding— $4,198,000 (March 1, 1919). Held in Sinking Fund— $748,000. Reserved for Ext. — $3,054,000. Denomination — Coupon, $1,000. ~ Registerable as to principal. Trustee — Mercantile Trust & Deposit Co,, Baltimore. Redeemable at 110 and interest on any in- terest date upon 90 days' "notice. Sinking Fund — ^Annually 1%% of outstand- ing bonds, began March 30, 1910, for the purchase or redemption of these bonds at not over 110 and interest. Bonds so acquired to be held alive and interest added to this fund. Assumed by the United Rys. & Elec. Co. of Baltimore. Organization and Control — Incorporated as the Maryland Electric Ry. Co. In 1906 Its charter was amended and it absorbed tfce Bal- timore & Annapolis Short Line R. R. Co. (smce electrified). The company is controlled by interests Identified with the United Rys. & Elec. Co. of Baltimore and the reorganiza- tion in 1906 was effected to facilitate the financing of certain extensions, and the ac- quisitions of the property covered by this mortgage. The entire property was leased to the United Rys. & Elec. Co. in 1906 under the terms of which the latter company pays an annual rental of 6% upon the actual cost of the property, and at the maturity of these bonds obligates itself to purchase the prop- erty at a price sufficient to retire all out- standing bonds. Franchise — Permits aihy extensions approved by the City Council. Secured by a first mortgage on the street railway track in Baltimore, known as the St. Paul Street Boulevard line, and on certain terminals and car barns located in that city; a second mortgage on the 25 miles of inter- urban railway from Cliffords (near Baltimore) to Annapolis, Md. Prior Lien — $1,000,000 Baltimore- & Annap- olis S. L. R. R. 1st 5s of 1946 (Closed mort- gage). Legal for Bait. Listed on the Baltimore Stock Exchange. Original Market — Offered In 1906, by Alex. Brown & Sons, Baltimore, at 95 and Interest. Markjet. Baltimore — Hambleton & Co., Robt. Garrett & Sons, Jenkins, Whedbee & Poe. Philadelphia — ^H. Boenning & Co. New -York — Hambleton & Co. 715 Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bia Ask Hieh.lOO -16 101 '12 92 Nov. 93 Nov. Low. 87% '18 88 '18 87% Auir. 88 Aug. MABYLAND STEEX CO. Ut 5s. Due Feb. 1. 1922.— F. Dated Feb. 1, 1892. Interest payable Feb. 1 and Aug. 1, at office of Pennsylvania Steel Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax ex3mpt in Pennsylvania and Maryland. Authorized — $2,000,000. Outstanding — $1,903,000. In Treasury — $97,000. Denomination — ^Registered, SI. 000. Trustee — Girard Trust Co., Philadelphia. Assumed by the Bethlehem Steel Co. and Penn-Mary Steel Co. Control — In 1916 property of this Company acquired by the Penn-Mary Steel Co., a sub- sidiary of the Bethlehem Steel Co. The latter company leases the properties. Secured by a first mortgage on the plant of the company at Sparrow's Point, Md., which consists of four furnaces, total capacity 500,- 000 tons Bessemer pig iron per annum; and Bessemer open hearth steel plant with an an- nual capacity of 750,000 tons of steel ingots, also rolling mill, ship yard for building all classes of vessels and extensive ore docks and new tin plate mill. Underlies — Pennsylvania Steel Co. and Mary- land Steel Co. Joint Cons. 6a of 1926 and Bethlehem Steel Co. P. M. & Imp. 6s of 1936, under which mortgage provision is made for the retirement of this issue. Listed on the Philadelphia and Baltimore Stock Exchanges. Market. Philadelphia — ^West & Co., Graham, Par- sons & Co., Newburger, Henderson & Loeb, H. D. Boenning & Co., Chas. Fearon & Co., Robt. Glendinning & Co. , Lloyd & Palmer, S. K. Phillips & Co., Warren A. Reed. New York — Newburger, Henderson & liOeb, Hornblower & Weeks, Morton Lachenbruch & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 103 '08 103% '09 94 Jan 99 Feb. Low. 90 '18 94 '16 90 Sept. 95 Apr. MASON CITY (lA.) & CUBAB I^AKE RAIL- BOAD CO. Gen. 6s. Due June 1, 1932. Dated June 1, 1912. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $307,600. Owned by U. Lt. & Bys. — $8,500. Retired by S. r. — None. Denomination — Coupon. $100 $500 and $1,000. Registerable as to principal. Trustee — ^^First Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Improvement and Sinldng Fund — Annually from June 1, 1913, 2% of outstanding bonds. This fund may be used for betterments, ad- ditions or for the purchase or redemption of these bonds at not oVer 105 and Interest. Control — In Feb., 1913, the United Light & Rys. Co. acquired control through stock own- ership. Secured by a first mortgage on 19 miles of street and interurban railway in aild between Mason City and Clear Lake, la. Franchises in Mason City expire in 1935. balance of the road is on private right-of-way. The company bandies practically all the freight business betv/een the two cities. Kamings — See United Light & Rys. Co. Original Market — Offered in 1912, at 101 and Interest by E. H. Rollins & Sons, Boston, New York, Chicago, etc.. Market. Chicago — ^E. H. RoUlins & Sons, Union Trust Co. Boston — B. H. Rollins & Sons. New York — B. H. Rollins & Sons, McDon- nell & Co.. Pynchon & Co. Philadelphia — B. H. Rollins & Sons. Denver — ^B. H. Rollins & Sons. I.OS Angeles — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Aek Ask High.102 '16 95% Nov. Low. 95% '18 MASON CITY & FT. DODGE RAII.BOAD CO. 1st 4s. Due June 1, 1955. — P. Dated June 1. 1905. Interest payable June and Dec. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax pam by company without deduction. Authorized — $12,000,000. Outstanding — $12,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Iowa in 1881. Leased for 100 years from 1901 to the Chicago Great Western "Ry. Co., and lease assumed by the present Chicago Great Western R. R. Co., which owns the entire capital stock. Lessee agrees to pay rental from the net earnings and retain net income. Secured by a first mortgage on 375.23 miles of road, viz. ; Miles Hayfield, Minn., to Clarion, la 99.71 Clarion to Ft. Dodge. la 28.05 Fort Dodge to Council Bluffs, Ila 132.90 Ft. Dodge to Lehigh, la 15 . 69 Oelwein to Clarion, la 98 . 09 Spur at Ft. Dodge Depot 0.79 Also secured on 8.12 miles of trackage rights over the Union Pacific R. R. from Council Bluffs, la., to So. Omaha, Neb. Also by a first lien upon the entire capital stock ($100,- 000) of the Omaha Grain Terminals, and upon the entire capital stock ($400,000) of the Web- ster County Coal & Land Co. Vnderlies — Chicago Great Western R. R. 1st 43, which are secured in part by the deposit of the entire capital stock of the M. C. & Ft. D. R. R. Co. Bonds are reserved under that mortgage to retire this issue. Ijegal for Me. Original Market— $12,000,000 offered In 1906 by Blair & Co. and Simon Borg & Co., New York, at 92 and interest. Market. New York — Viokers & Phelps, Britton, Rol- lins & Co., J. P. White & Co., Louchheim, Minton & Co., J. S. Farlee & Co., Hanson & Doyle, F. J. Lisman & Co.. Samuel Gold- schmidt, B. & C. Randolph, Baker, Carruth- ers & Pell, F. H.- Hatch & Co., McGeorge & Vanderhoef, J. Nickerson, Jr. Boston — MoConnell & Co. Philadelphia — Fincke, Baneert & Co. 716 Price B&rtge. Jan. 1, 1908 to Jan. 1, 19iy 1918 Bid Ask Bid Ask High.87% '10 90 '08 50 Dec. 55 Jan. Low. 40 '18 45 '18 40 Aug. 45 Oct. MASSACHUSETTS GAS COMPANIES 20-Year Deb. S. F. 4^8. Due Jan. 1, 1929.— N. Dated Jan. 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by comipany,' " - Authorized — $6,000,000. Outstanding: — $4,666,500 (April 1, 1919). Retired by Sinking Fund — $1,333,500. Denomination — Coupon. $1, 000. Registerable as to principal. Registered, $1, 000, $5, 000 and $10,000. C. & R. interchangeable. Trustee — Old Colony Trust Co., Boston. Mass. Redeemable as a whole only at 105 and in- terest on any interest date. Sinldng Fund — $120,000 annually on or after March 1, 1914, and $180,000 annually there- after for the purchase or redemption of these bonds at not over 105 and interest. Organization — Organized under the laws of Mass. in 1902 as a voluntary association, and owns $15,111,600 of the $15,124,600 capital stock of the Boston Consolidated Gas Co., the entire--$25,000.000 capital stock of the New England Fuel & Transportation Co., the entire $575,000 capital stock of the Bast Boston Gas Co., the entire $743,000 capital stock of the Citizens' Gas Light Co. of Quincy. and $200,- 000 of $500,000 capital stock of J. B. B. Coal Co. (Mass. Gas Co. owns entire $114,000 1st 6s of J. B. B. Coal Co.). (the $360,000 bonds of this latter company are owned by the Massachusetts Gas Companies) and the entire $560,000 capital stock of the Newton & Water- town Gas Light Co. Through these subsi- diaries this company supplies gas to Boston and its suburbs and controls coal mines and plants manufacturing gas and coal products on a most extensive scale. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants not to mortgage nor pledge any of its assets without equally securing these bonds, and that none of its subsidiaries shall mortgage or pledge their properties ex- cept to further secure these bonds. Year ended June 30 Net Interest •1918 $2,979,841 $423,989 1917 3,642,144 414,903 1916 2,802,214 419,487 1915 2,737.882 454,927 1914 2,729,142 441,767 ♦Tear ended Dec. 31. lilsted on the Boston Stock Exchange. Original Market — $6,000,000 ofCered Jan., 1909, by Kidder, Peabody & Co., R. L. Day & Co. and Estabrook & Co., Boston, at 96% and interest. Market. New York— Curtis & Sanger, Hornblower & Weeks, Abbott, Johnson & Co. Boston — Hooper, Kimball & Williams, Cur- tis & Sanger, L. Sherman Adams. Chicago — Curtis & Sanger. Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOO '11 100% '11 92 Dec. 93 Dec. Low. 84 '18 86% '18 84 July 86% July Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $4,000,000. Denomination — Coupon, $1,000; registerable as to principal. Registered. $1,000, $5,000 and $10,000. C. & R. Interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole only at 105 and in- Interest on any interest date. Organization and Property — See 4%s. 1929. Security — ^A direct obligation of the com- pany but not a mortgage. For provisions of indenture see 4%s. Earnings — See 4%s. Listed on Boston Stock Exchange. Original Market — $4,000,000 offered in Dec, 1911, by Kidder, Peabody & Co., R. L. Day & Co., and Estabrook & Co., Boston, at 98 and Interest. Market. Boston — White, Weld & Co.. Old Colony Trust Co., L. Sherman Adams, Curtis & San- ger, Estabrook & Co. New York — White, Weld & Co..' Berdell Bros. , Estabrook & Co. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask, . Bid Ask High.95% '16 96 '16 86 Nov. 87 Nov. Low. 80 '18 83 '17 80 Sept. 83 Sept. MASSACHUSETTS UGHTING COMPANIES Deb. Ts. Dne $116,000 each June 1 from June 1, 1919 to 1928. inclusive. Dated June 1, 1918. Interest payable June 1 and Dec. 1 at Old Colony Trust Co., Bos- ton. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Mass., but the income from them is taxable. Authorized— $1,160,000. Outstanding — $1,160,000. Purpose of Issue — To provide funds for the payment of the entire note indebtedness and for extensions and additions. Denomination — Coupon $1,000, $500 and $100. Registerable as to principal. Redeemable — Bonds maturing on or after four years from date of issue are callable all or part at 103 on any interest date upon 3 months' notice. Organization — A voluntary association or- ganized under the laws of Massachusetts Oct. 1, 1903. The company owns or controls the capital stock of a number of gas and electric companies serving a number of towns in New England. Outstanding Capital Stock (shares) •Preferred ($6 cum.) 55,331 tCommon 46.169 ♦Expressed value $100 per share. tNo par value. Security — ^A direct obligation of the company but not secured by a mortgage. Year ended June 30: Gross Net 1918. . .$1,594,945 $454,399 1917. .. 1,427,949 509.368 Original Market — $1,160,000 offered Oct., 1918. by C. D. Parker & Co.. Inc., Boston, at prices to yield from 7.25 to 7.50% accord- ing to maturity. Interest $145,679 108.385 MASSACHUSETTS GAS COMPANIES 20-Year Deb. 4%B. Dne Dec. 1, 1931. — N. Dated December 1, 1911. Interest payable June and Dec. 1, at Trustee's office. MASSACHUSETTS NORTHEASTERN ST. RAILWAY let & Ref. 5s. Dae July 1, 1934. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at Trustee's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. 717 Authorized — $2,000,000. Outstanding — $807,000 (Jan. 1, 1919). Reserved to Retire Prior liiens — $293,000, Reserved for Ext.~'$900,000. Denomination — Coupon, $1,000. Registerable aB to principal only. Trustee — American Trust Co., Boston, Mass. Redeemable at 110 and interest on any in- terest date. Organization — Incorporated in Massachusetts In 1912 as a consolidation and is controlled by tho New Hampshire Electric Rys. through stock ownership of entire capital stock. Secjured by a first mortgage on 100 miles of electric railway (measured as single track) and a second mortgage on 27 miles (measured as single track). The company's lines extend from iraverhill, Mass., through Newburyport, Salisbury and Amesbury in Massachusetts and Plaistow and Newton, N. H., and from Haver- hill through Lawrence, Methuen and Dracut, Mass.. Salem, Pelham and Hudson, N. H. The company has. trackage agreements by which its cars run into Lowell, Mass., and Law- rence, Masff. Population served, 290,000. About 40 miles of road is on private right- of-way and franchises elsewhere are per- petual. Prior I^iens — $230,000 Citizens' Electric St. Ry. 53 of 1920 and $63,000 Amesbury & Hamp- ton St. Ry. 5s of 1919. Year ended June 30 Bond Gross Net Interest 1918 $826,498 $98,254 $55,000 1917 817,898 133,241 52,292 1916 704,979 112,769 50,000 191B 674.819 106.764 65.670 1914 700,799 137,845 64,250 1913 685,706 137,040 64,250 Original Market — Offered in April, 1915, by Harrisf Forbes & Co., New York, N. "W. Harris & Co. , Boston, and Harris Trust & Savings B^tnk, Chicago. Market. New York — Harris, Forbes & Co. Boston — Merrill, Oldham & Co. Price Range. -Jan, 1, '16 to Jan. 1, '19 1918 Ask Ask High. 99 '16 85 Aug. Low. 85 '18 (THE) MASSILLON (O.) ELECTRIC & GAS CO. 1st S. r. 5s. Due July 1, 1956.— P. Dated July 1, 1916. Interest payable Jan. and July 1, at office or agency of company, -New York. Tax Status — 2% Federal Income Tax paid iby company without deduction. Pennsylvania tax refunded. Authorized — $2,000,000. Outstanding^$533,000 (Dec. 31, 1918). Retired by S. F. — None. Reserved for Imp.^$l, 467,000. Denomination — Coupon, $1,000, $5 00, $250 and $100. Registerable as to principal. Tmstee— New York Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Improvement and Sinking Fund — Annually, beginning Jwly., 1917, 1% of outstanding. bonds in cash for their purchase or redemption at not over 105 and interest; or an investment of 2% of outstanding bonds in additions and improvements, against which no bonds can be issued. Bonds acquired are to be kept alive and Interest added. Organization — Incorporated in Ohio In 1908, Capital Stock Authorized Outstanding Preferred (6% cum.)... $26J),000 $250,000 Common 500. QOO 500,000 Controlled by the Cities Service Co. through ownership of entire common stock except di- rectors' qualifying shares. Secured by a first mortgage on all property now owned or hereafter acquired. The prop- erty covered comprises power plant in Mas- sillon; 40.26 miles of high-tension transmis- sioii lines in Massillon, O., and to other towns served and 60.16 miles of distributing lines. The company does the entire electric light and power business in Massillon and Canal Pulton, Navarre and Dalton. Also distributes in Orrville and sells electrical energy wholesale to village of Brewster, North Brewster Elec- tric Light, Heat & Power Co. and the Wooster Electric Co. The company's artificial gas plant in Massillon is not in operation, due to natural gas competition. Population served, about 30,000. Franchises are unlimited as to time. Years ended Dec, 31 Gross Nel 1916 $244,786 $113,371 1915 162,362 81.127 1914 107,895 35.944 1913 89,724 27,886 1912 69,368 25,452 Original Market — Offered Dec. , 1916, by Henry & West, Philadelphia, at 97% and in- terest. Market. Philadelphia. — West & Co., H. D. Boenning & Co., Montgomery & Co., S. K. Phillips & Co. MATTAGAMI PULP & PAPER CO., Ltd., Ui S. F. 6s. Due May 1, 1937. Dated May 1, 1916. Interest payable No- vember 1 and May 1 at the Bank of Nova Scotia, Toronto, or its agency in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 2,000,000. Outstanding — $1,933,500 (May 1, 1919). ISalance Retired by S. F. Denomination — Coupon, $1, 000 and $500. Registerable as to principal. Trustee — National Trust Co., Toronto. Redeemable as a whole or in part for sink- ing fund at 105 and interest on or after Jan- uary 1, 1920, on three months' notice to the trustee. Sinking Fund — Semi-annually, beginning January 1, 1918, 3% of bonds issued for the purchase or redemption of these bonds at not over "105 and interest. It is estimated that this fund will retire over $1,400,000 bonds by maturity. Organization — Incorpo rated February, 1916, in Ontario, Canada, for the manufacture of wood products, pulp and paper. Capital Stock Authorized Outstanding . Preferred (7% Cum.).$2.000,000 $1,500,000 Common 2,000,000 2,000,000 Secured by a first mortgage on all the com- pany's assets, properties, timber limits, water powers, etc., now owned or hereafter acquired. Tho company owns in fee 125 square miles of freehold timber and pulp wood lands, in- cluding surface and mineral rights, and leases from the Government of Ontario 840 square mile a of Crown timber lands adjacent and tributary to the Mattagami, Muskegon and Buskegon Rivers. Leases run for twenty years with two sixteen-year renewal periods. The company's timber holdings are estimated to cut 4,000,000 cords of spruce pulp wood. Company owns sulphite mill at Smooth Rock Falls. Mattagami River, capacity, 45,000 tons per annum, also sawmill, water, power devel- opment, etc. Water power development has maximum capacity of 9,000 h. p. and minimum of 4,000 h. p. The company also has an 718 additional water power site eight miles above the present mill. Appraised value. May 1, 1919, $8,000,000. Underlies — Conv. Deb. 7s of 1949. Orisinal Market^^l.OOO.OOO offered Janu- ary, • 1917, by Royal Securities Copporation, Ltd., Montreal and Toronto. ^ Market. Montreal — Royal Securities Corp., Ltd., Hew R. Wood Co. Market. Boston — Geo. A. Fernald & Co., Chas. A. Day & Co. Price Range, 1918 — Ask 90. MATTHEWS-I^ING, Ltd., 1st 6s. Dae Dec. 1, 1931.— N. Dated Dec. 1> 1911, Interest payable June and Dec. 1, at Bank of Montreal. Tax Status — Payment of Federarincome Tax not assumed by company. Autborized — $2,000,000. Outstanding— $1,059,500 (May ife, '19). Retired by S. F. — $140,500. Unissued — $800,000. Denomination — Coupon, $500 and $1,000. ReglHterable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at 105 and interest after Dec. 1. 1915. Sinking Fund — 2% of outstanding bonds on or before Dec. 1. 1914, plus a sum equal to the annual interest on the bonds retired by the S. F. . and annually thereafter for pur- chase or redemption of these bonds at not exceeding 105 and interest. Bonds acquired to be cancelled. Organization — Incorporated under Canadian Companies Act in 1911 as a consolidation of the Matthews Co. , Ltd. . Laing Packing and Provision Co., Ltd.. and the Park, Blackwell Co.. Ltd. Name changed to Matthews- Black- well. Ltd.. in 1914. Secured by a first mortgage on packing plants and stock yards in Montreal. Toronto, Hull, Petersborough and Brantford, an-d on distributing establishments in Montreal, Ot- tawa, Sidney, Halifax, Sudbury, Fort William, Ont., "Winnipeg, Man., and other cities in Can- ada. Original Market — Offered in Dec, 1911. at par and interest by C. Meredith & Co., Mon- treal. IVXarket Montreal — N. B. Stark & Co., C. Meredith & Co.. Hew R. 'Wood Co. Toronto — Murray, Mather & Co., Goldman & Co., A. E. Ames & Co., AemUius Jarvis & Co., Canada Industrial Bond Corp., Canada Securities Corp., Md., Oxford Securities Corp., Ltd. Priee Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.SB '16 96% '18 94 June 96% June Low. 94 '18 MATTOON (JUL,.) CIxEAR WATER CO. 1st & Bef. 5s. Due Feb. 1, 1923. Dated Feb. 1, 1903. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed Ijy company. Aathorlzed and Outstanding — $125,000. Trustee — American Trust Co., Boston. Organization — Incorporated in Illinois in 1885. Controlled through stock ownership by the Central Illinois Public Service Co., a sub- sidiary ot the Middle West Utilities Co. Secured by a first mortgage on plant sup- plyine water to Mattoon, 111., serving popu- lation oiE 14,000. Franchise expires in 1922. Original Mftrltet — Offered by George A. Fernald & Co. at 103 and Interest in Jan.. 1904. MAYER (OSCAR F.) & BROS. 1st Real Estate 6s. Due each Dee. 1, as follows: $25,000, 1919 to 1922 incl.i $30,000. 1923: $40,000, 1U24 to 1926 incl., and $150,000, 1927. Dated Deo. 1, 1917. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $400,000. Outstanding — $400,000. Denominations — Coupon, $100, $500 and $1,000. Tmstee — Greenebaum Sons Bank & Trust Co., Chicago. Redeemable on Deo. 1, 1919. or any interest day thereafter at 103 and interest on 60 days' notice. Guaranteed principal and interest by Oscar P. Mayer and. Oscar G. Mayer, being vt^si- dont and secretary respectively and principal stockholders of the company. Organization — Established in 1883. The company is engaged in the packing business. Secured by a first inortgaee on packing plant in Chicago valued at $800,000. Original Marltet — $400,000 offered Dec, 1917, by Greenebaum Sons Bank & Trust Co., Chicago, at prices yielding 5% and 6%. MEADOW BROOK WATER CO. 1st 5s. Due April 1, 1947.— N. Interest payable April and Oct. 1, at First National Bank, New Tork, and Lackawanna Trust & Safe Deposit Co., Soranton. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $400,000. Trustee — Lackawanna Trust & Safe Deposit Co. Redeemable on and after April 1, 1927, at par and interest. Guaranteed principal and interest by Scran- ton Gas & Water Co. Control — A.bsorbed by Scranton Gas & Water Co., which " is ' supplying gas and water to Scranton, Pa., and many nearby towns. Secured by a first mortgage on plant sup- plying water to Scranton, Pa., serving popu- lation of 145,000. Market. Scranton — Chas. E. Robertson. Philadelphia — Graham, Parsons & Co. Price Range. Jam. 1, '1« to Jan. 1, '19 ' . 1918 Bid Ask Bid' • , Ask High.102 '16 104 '16 94 Nov; 100 Nov. Low. 96 '18 100 '18 (THE) MELBOURNE ELECTRIC SUPPLY CO., Ltd., 5-Year Gen. Conv. Gold 6s. Due Marcbi 1, 1922.— N. Dated March 1. 1917. Interest payable Mar. 1' and Sept. 1, at Lee, Higginson & Co., Bos- ton, New Tork or Chicago, in dollars, or at Higginson & Co., London, in pounds sterling at the current rate of exchange. Tax Status — Payment of Federal Income Tax not assumed by company. Principal and Interest payable wlttiout de- duction for any British or Australian taxes:- ' Authorized — $1,250,000. ^' ' Outstanding — $1,260,000. Denominations — Coupon, $500 and $1,0Q0. Trustee — The Anglo-American Debenture Corp., Ltd., London. Redeemable as a whole at 105 and interest on any Interest date on three months' notice. 719 CoDvertible on 30 days' notice Into 7% first cumulative preference shares at par after Mar. 1, 1918, or Into ordinary stock at 150 at any time, for which purpose bonds will be convertible at $5 per pound sterling: (being at the rate of £100 preference shares or £67 ordi- nary stock for each $500 bond). If called for redemption prlvlleere, privilege extends to re- demption date. Cash dividends of 7% per annum on $730,005 preference shares and 10% per annum on $2,313,446 ordinary stock are being paid, and have been paid at these rates during each of the last four years. Both classes of shares were Quoted as of March. 1917, in the London market at prices above the rates of conversion. Organization — Organized in 1899. Secured by a mortgage on company's prop- erties and undertaking, subject to $2,325,816 Debenture Stocks which cannot be increased, nor can other obligations having a lien equal or superior to these bonds be issued, while any of these bonds -are outstanding. The company supplies electric light and power to the suburban districts of Melborne, the capi- tal and chief seaport of the State of Victoria, Australia. Population served, 366,000. Fran* chises expire in 1925, 1929 and 1940. Prior lilens — $1,151,237 6% 1st Mtge. Deb. stock and $1,174,578 6% Consol. Deb. stock. Both are closed Issues. Year ended Aug. 31 (computed $4.86% per £. Gross •Net Interest 1917 $1,434,484 $628,608 $144,672 1916 1.242,979 546,174 116,661 1915.... 1,016.948 497,741 119.480 1914 874,387 435,100 97,525 1913 677,697 312.131 67,273 'After sinking funds and reserves. Original Market — Offered March, 1917, by ' Lee, Hfgginson & Co. and Parkinson & Burr, Boston, New Tork, etc., at 96% and Interest. Market. New Tork — ^Vickers & Phelps, Kiely & Hor- ton, S. R. Taylor. Boston — "W. L. Raymond & Co., Ernest E. Smith & Co. Milwaukee — First National Bank. Price Range. Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High.94 '17 97% '17 89 Dec. 90 Mar. Low. 85 '18 90 '18 85 Mar. MBMFHIS CONSOUDATED GAS & BLEC- TRIC CO. Cons. 5s. Due Jan. 1. 1943. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized— $10,000,000. Outstanding— $5,159,000. Denomination — Coupon. $1,000. Trustee — Central Union Trust Co., New York. Organization — Incorporated In Delaware In 1903 as a consolidation of the eas and electrlo properties of that city. Secured by a mortgage on plants supplying gas and electricity to Memphis, Tenn., serving population of 165,000. Prior Liens — $1,250,000 5fl on gas plant and $729,000 6s on electric plant for the retire- ment of which provision Is made In this mort- gage. Market. Chlcago^Babcock. Rushton & Co. New York — Babeock, Rushton & Co. Memphl»— J. L. Norton. MEMPHIS lilGHT & POWER CO. 1st 0s. Dae Jan. 1, 1931. — F. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at National Bank of Commerce, New York, and Northern Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorlzed — ^$2,000,000. Outstanding — $667,000 (June 2, '19). Retired by S. F.— $333,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Northern Trust Co.. Chicago. Sinkins Fnnd — $20,000 per annum to be In- vested in bonds of this Issue. Control — Absorbed by Memphis Consolidated Oas & Electric Co. Secured by a first lien on that part of the plant supplying electricity to Memphis, Tenn., which formerly belonged to the Memphis Light & Power Co. Franchise expires In 1935. Underlies — Mem. Cons. G. & E. 6s of 1943, which provide for the retirement of this issue. Original Market — OfCered in 1901 by Wilson. Colston & Co.. Baltimore, at 103 and Interest. Market. Chicago — Harris Trust & Sav. Bank. Boston — ^Harris. Forbes & Co. New York — Harris, Forbes & Co.. Berdell Bros.. F. H. Hatch & Co. Memphis — John L. Norton. Philadelpliia — S. K. Phillips ft Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask High.103 '11 105 '11 88 Mar. 92 Mar. Low. 88 '18 90 *18 90 Dec. (THE) MEMPHIS STREXIT RAILWAY CO. Cons. 5s. Due July 1, 1945. — ^F. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Deferred Interest— Jan. 1. 1919, Interest was paid June 1, 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— Closed mortgage. Outstanding^$8, 277.000 (Jan. 1, 1919). Held in Sinking Fnnd— $307,000. Pledged as Collateral — $1,416,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered. $10,000. C. &. R. Interchangeable. Trustee — Central Union Trust Co. , New York. Sinking Fund — $25,000 per annum for five years, beginning May 1, 1910; $30,000 begin- ning May 1, 1915; $35,000 beginning May 1. 1920: $40,000 beginning May 1, 1925, and $S0,- 000 beginning May 1, 1930, and annually there- after for the purchase of bonds on a 4%% basis or better and bonds so acquired to be held alive and interest added to this fund. If bonds cannot be purchased on that basis, other railroad or municipal bonds may be purchased. It is estimated that this fund will retire one- third of this Issue. Organization and Control — Incorporated in Tennessee in 1895 as a consolidation of the Citizens' Street K. R., the East End Street Ry., the City & Suburban Ry. and the Mem- phis & Raleigh Springs R. R., and is con- trolled by the American Cities Co. through ownership of over 87% of Its capital stock. The latter company is a subsidiary of the United Gas & Electric Corporation, Receivership — On Jan. 20, 1919. President T. H. Tuttweller and Frank S. Elgin were appointed receivers for this company upon pe- tition of the American Cities Co. Secured by a first mortgage on 141 miles of urban and Interurban railway track In Mem- 720 phis. Tenn., and suburbs. Population served, 170,000. Franchises expire Nov., 1946. Underlies — Gen. 6s of 1936, all ($612.(>00) to secure 6% Notes due Nov. 1, 1919. Tear ended Dec. 31 Gross Net Interest 1918 $2,038,190 $582,675 $641,988 1917 2,130,116 807,755 532,666 1916 2,086.468 869,636 647,820 1915 1,684,109 637,049 663,839 IjlBted on the Baltimore, Louisville and New Orleans Stock Exchang:es. Original Market — Offered In 1906 by Rosen, Stillman & Co., New Tork, and Isidore New- man & Son, New Orleans, at 101% and Interest. Market. IJonisTille — Lawrence J. Timmons & Co., J. J. B. Hilliard & Son, J. W, & D. S. Green. New York — ^Klely & Horton, Hornblower & Weeks, A. B. Pitkin & Co., W. J. WoUman & Co., Dunham & Co.. E. & C. Randolph, J. S. Bache & Co., Miller & Co., John D. Curtis & Co., Parkinson & Burr, Bertron, Griscom & Co., Bauer, Starr & Co., Berdell Bros., John Davenport. Memphis — ^John L, Norton. New Orleans — Claude M. Smith & Co., B. D. Cohn, Hibernla Bank & Trust Co. Boston — ^Parkinson & Burr. St. liOOls — Stlfel, Nlcolaus Invest. Co. Philadelphia — S. K. Phillips & Co., H. D. Boenning & Co. Chicago — Babcock, Rushton & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.100% '09 101 '09 80 Jan. 81 Jan. Low. 70 '18 76% '18 70 Aug. 76% Sept. Market, Philadelphia — Graham, Parsons & Co. Denver — Newbold & Co. Colorado Springs — Newbold & Co. MEMPHIS (XENN.) STEEBX KAILWAT 2- Year 6% Coll. Notes. Due Nov. 1, 1919. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,260,000. Ootstanding — $1,260,000. Purpose of Issue — 'To provide funds for the payment of $1,500,000 2-year 6% notes, due Nov. 1, 1917. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^New York Trust Co., New York. Redeemable as a whole at 100% and interest on 30 days' notice. Organization — See Cons. 5s. Protective Committee — The following com- mittee invites deposits: Mortimer N. Buckner, Chairman; J. C. Neff, S. F. T. Brock, Charles Counselman, George T. Ordway, John A. Langan. with Boyd G. Curts, 26 Broad St., New York, Secretary. Depositary, The New York Trust Company, New York. Sub-Depositories, Fidelity Trust Company, Philadelphia, and Illinois Trust & Savings Bank, Chicago. Secured by pledge of $1,416,000 Cons. 6s, due July 1, 1945, and $512,000 (entire out- standing) Gen. 6s, due 1935. Under the pro- visions of this Indenture so long as these notes are outstanding the total issue of Gen. 6s cannot exceed $650,000 except with the con- sent of holders of two-thirds of these notes. Original Market — $1,260,000 offered Dec, 1917, by Bertron, Griscom & Co., New York, etc ;' Reilly, Brock & Co., Philadelphia, and Counselman & Co., Chicago, at 97% and In- terest. MEMFdiS TERMINAL CORPORATION Ist 6s. Due Jan, 1, 194«. — F. Dated Jan. 1. 1912. Interest payable Jan. 1 and July 1, at Trustee's office or Guaranty Trust Co., New York, Tax Status — 2 % ^ Federal Income Tax paid by company without deduction. Authorized — $2, 600, 000. Outstanding— $1,123,000 (May 19, '19). Held in Treasury — $48,000. Held in Sinkine Fund — $106,000. Additional bond^ issuable at not In excess of 80% of actual cash costs of. additions chargeable to capital account and then only when net earnings for preceding 12 months equal not less than twice the total fixed charges.. Denomination — Coupon, $1,000. Trustee — Union & Planters Bank & Trust Co., Memphis, Tenn. Redeemable on any interest date at 110 and Interest. Sinking: Fund — ^Annually, an amount equal to 1% of all outstanding bonds for the pur- chase or redemption of these bonds at not exceeding 110 and interest. Bonds so acquired to be held alive and interest added to this fund. Organization — Incorporated In Virginia In 1912 to take over the Memphis Terminal Co.. organized and In operation since 1907. Secured by a first lien on all the property of the company. Including 169.7 acres of con- tiguous real estate, covered by concrete ware- houses, about 10 miles of standard railroad tracks, over 7 miles of overhead trolley sys- tem and cotton compresses. The property has direct connection with the Illinois Central R. K., Yazoo & Mississippi Valley R. R., Louisville & Nashville R. R. and the Union Ry. and has connection with the Southern Ry., N. C. & St. L., the Frisco, S. L., I. M. & So., C. R. I. & P. and Cotton Belt. Year ended Aug. SI Net Interest 1917 $217,864 $76,252 1916 242,233 77,730 1916 "169,688 71,880 1914 185,893 74,340 •Does not Include storage charges accrued and earned to the amount of $10,673. Original Market — Offered In 1915 by Mar- shall & Co., Boston. Market. New York-^Abraham & Co., John Daven- port. Boston — Marshall & Co. Price Range, Jan. 1, '16 to Jan. 1, '19 1918 Ask Ask High.102 '16 98 Nov. Low. 95 '18 95 Nov. MEMPHIS IJNION STATION CO. Ist 5s, Due Nov. 1, 1959.— F. Dated Nov. 1, 1913. Interest payable May and Nov. 1, at Trustee's ofllce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000,000. Outstanding — $2,500,000. Reserved for Add., Etc.- — $600,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and mul- tiples. C. & R. Interchangeable. Trustee — Bankers' Trust Co., New York. 721 Guaranteed as to principal and interest joint- ly and severally by the proprietary companiea by endorsement. Control — The entire $100,000 capital stock is owned equally by the Louisville & Nashville R. B. Co., Nashville. Chattanooga & St. Louis Ry. Co., St. Louis, Iron Mountain & Southern Ry. Co., Southern Ry. Co. and St. Louis Southwestern Ry. Co., and the property leased to these companies during the life of these bonds. Secured by a first mortgage on union pas- senger station in Memphis, Tenn., and em- bracing twenty acres of land in the central part of that city, together with power house, terminal tracks and all terminal facilities for handling passenger traffic. Additionally se- cured by deposit of the agreement with the proprietary companiea to use and maintain the terminal during the life of these bonds. Original Market — Offered in Oct.. 1913, by Potter. Choate & Prentice, New Tork, at 101 ^i and interest. Market. New York — Baker. Carruthers & Pell, Abra- ham & Co.. John Davenport. Wm. C. Bwen. F. J. Lisman & Co., Taylor, Smith & Hard. Pittsburgh — Colonial Trust Co. Louisville, Ky.— J. J. B. Hilliard & Son. Boston — McConnell & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask Hieh.104 '17 1051^ '16 95 Jan. 102 Jan. Low. 86 '17 95 '18 9 Aug. 95 Aug. MENGEL BOX COMPANY 7% Serial Oeben- tures. Due $1,000,000 annually Novem- ber 1, 1930 to 1933, inclusive. Dated Nov. 1, 1918. Interest payable May and Nq-v ember 1 at Mercantile Trust Co., St. Louis, Chicago and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstaudinf; — $'4,000,000. Purpose of Issue — Proceeds from the sale of these debentures to be used to retire bank loans which were incurred to provide increased working cap'ital. Denominations — Coupon $100. $500 and $1,- 000. Registerable as to principal. Trustee — Mercantile Trust Co., St. Louis. Redeemable on any interest date upon thirty days' notice, as a whole or in series, in which latter event Debentures must be called in order of series next maturing, at; 102 for Debentures with 4 years or more to run. 101 */i for Debentures with 3 years or more, but less than 4 years .to run. 101 for Debentures with 2 years or more, but less than 3 years to run. 100 V4 for Debentures with 1 year or more, but less than 2 years to run. 100 for Debentures with less than one year to run. Organization and Control — Incorporated in New Jersey in 1899. Capital stock, $6,000.- 000. The American Tobacco Co, holds the controlling interest in the company through ownership of a maiority of the capital stock. The company manufactures wood and boxboard shipping boxes used largely for the packing of cigars, tobacco, cereals, soap, starch, etc. It owns and operates factories at Louisville. Ky., St. Louis, Mo., Jersey City, N. J., Winston- Salem, N. C, also saw and veneer mills. Com- pany also owns 25,000 acres of hardwood tim- ber land, railroad and tow-boat line. This property is insured for over $8,880,000. Security — A direct obligation of the company but not a, mortgage. The company covenants that: It will not mortgage or pledge any of its assets while any of these Debentures are out- standing unless prior to or contemporaneously therewith all of the Debentures then outstand- ing shall be paid and cancelled. It will at all times, so long as any of these Debentures are outstanding, maintain its quick assets as defined in the Trust agreement, to at an aggregate amount equal to at least one and one-half (1%) times all current liabilities, including all of these Debentures at the time outstanding. It will maintain insurance upon all of its property of such nature as to be commonly ■ insured to the reasonable insurable value there- of, equal to not less than 150% of the aggre- gate amount of these Debentures outstanding. ■ Original Market — Offered November, 1918. by Mercantile Trust Co, and Smith, Moore & Co., St, Louis, and Halsey, Stuart & Co., and Geo. H. Burr & Co., New York, Chicago, etc., at prices to yield from. 7.25% to 7.40%. Market. Chicago — Babcock, Rusliton & Co., Curtis & Sanger, Halsey. Stuart & Co. St. Louis — Bowman, Cost & Co., Mercantile Trust Co., iStix & Co. Portland — Merle S. Brown. New York — Bull & Eldredge, Morton Lach- enbruch & Co. Louisville — J. J. B. Hilliard & Son. Boston — Paine, Webber & Co. Price Range 1918— Ask 100 Nov. MERCER COUNTY (N. J.) TRACTION CO. 1st 5s. Due July 1, 1944. — P. Dated July 1, 1904. Interest payable Jan. and July 1, Camden, N. J., or Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Real Elstate Title Insurance & Trust Co., Philadelphia. Guaranteed principal and Interest by Trenton St. Ry. Co. by endorsement. Control — All of the stock is owned by Tren- ton Ry. Co.. all of whose stock is owned by the United Power & Transportation Co, and the road is leased for 990 years from 1910 to and operated by the Trenton & Mercer County Traction Corp., which operates about 72 miles of road in and around Trenton, N. J. Rental, $6,000 for first five years, $7,000 for next five years, $8,000, 1921 to 1924; $9,000, 1924 to 1925. and $10,000 thereafter. Secured by a first mortgage on 13 miles of electric railway from Princeton to Trenton, N. J. Population served, Trenton (1910). 96,815; rem^-ining territory, 8.000. Original Market — Offered in 1912 by W, E. R. Smith & Co. and C. B. Mitchell & Co- New York, at 97 and interest. Market. New York — Kiely & Horton. W. B. R. Smith & Co., Van Sant & Legg. Paterson — F. A. Peters, F. K. McCuUy. Philadelphia — Graham, Parsons & Co, Price Range. Jan. 1. *16 to Jan. 1. '19 Bid Ask High.93 '17 97 '17 Low. 92 '17 92 '16 MERCHANTS COAL CORP. (OF PENNSYL* VANIA) 20-Year S. F. 5s. Due May 1. 1937.— F. Dated May 1, 1917. Interest payable Nov. 1 and May 1, at Union Trust Co., Pittsburgh. 722 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,600,000. Outstanding — $2,153,000 (June 2, '19). Canrcelled^$447,000. Denomination — Coui)on, $100, $500 and Jl.'OOe. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh, Redeemable by lot at 105 and Interest on any interest date on 4 weeks' notice. Sinking Fund — ^Annually, on and after May 1, 1^20, an amount equal to six cents per ton of 2, 000 lbs. of all coal mined from the mortgaged property, but not less than $50,000 annually for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acauired to be cancelled. Organization and Control — Incorporated in Pennsylvania April 27, 1917, and acquired the properties of the Merchants Coal Co. , sold under foreclosure June 12, 1917. The entire capital stock is owned by the United Coal Corp., having been acquired in exchange for $1,355,000 of $2,714,000 Gen. Mtge. bonds. The latter mortgage was foreclosed. Secured by a lien on all the properties of the Merchants Coal Co. , which were by the decrees of foreclosure held to be subject to the lien of the old General Mortgage and such other coal as may be vested In the new com- ^ pany by the exercise of rights acquired from 'the protective committee; subject only as to the property embraced therein to the lien of the lien of the 1st Joint S. P. 5s, due 1924. Under the provision of the mortgage the Tunnelton mines and the Three Forks coal field in West Virginia may be released from the operation of the mortgage, provided the total authorized issue of these bonds is co- incidently reduced by $600,000 together with sufch additional amount, if any, as may have been expended for the improvement of said properties out of bonds reserved for improve- ment and development work. It is also pro- vided that the company shall expend prior to May 1, 1920. or deposit with the Trustee for like subsequent expenditure at least $500,000 derived from sources other than cash paid to tlie Trustee in consideration of the release of mortgaged property upon the Improvement and development of the Orendft coal field, in Sum- merset County, Pa., aside from any better- ment or development of the present Orenda mines Nos. 1 and 2 for the purpose of increas- ing the production from said coal field. In ca.=e the company shall construct a railroad to reach any such new mine or mines, not exceeding $100,000 may be counted toward making up said $500,000, provided, however, that such railroad be made subject to the lien of this mortgage. The properties originally covered by the lien of this mortgage included the Orenda, Elk Lick and Tunnelton Mines in Summerset County, Pa., and Preston County, "W. Va., comprising 26,000 acres, a considerable portion of which was undeveloped, estimated to contain in the seams of coal worked July, 1917, 187.000,000 tons, together with 3,881 acres of surface. It Is estimated that there Is an additional 200.- 000,000 tons in the seams not worked. Daily capacity of mines, 3,000 tons, as of July, 1917. Property also Includes modern power houses, railway extensions and more than 3 50 miners' houses. ' „ , « ^ Prior Lien — $470,000 Merchants Coal Co. of Pern, and Merchants Coal Co. of W. Va. 1st Joint S. F. 5s. due March 1, 1924, for the retirement of which bonds are reserved under this mortgage. Original Market— $1,359,000 issued in ex- cta*ige,'par for par, for old Gen. Mtge. bonds. and an additional block In settlement of vari- ous obligations: $50,000 sold at par tO the United Coal Corp. to provide working capital. Market. iffew York — Baker. Carruthers &. Pell, A. H. Muller & Sons. H. I. Nicholas & Co. Pittsburgh — Glover & MacGregor. Boston — G. W. Walker & Co. Price Range. Jan. 1. *17 to Jan. 1, '19 1918 Bid . Ask Bid Ask High.90 '17 100 '17 77 Oct. 87 Nov. Low. 75 '18 87 '18 75 Mar. MERCHANTS HEAT & LIGHT CO., INDIAN- APOLIS Ref. 5b. Due Oct. 1. 1923.— F. Dated October 1, 1912. Interest payable April and Oct. 1, at Trustee's office or Harris. Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. All tliorized — $ 6,000.000. Outstanding— $5,333,000 (Jan. 1, 1919). Reserved for Ext. — $667,000. Denomination — Coupon, $1,000 and $500. Re&isterable as to principal. Trustee — Harris Trust & Savings Bank, Chicago, and Union Trust Co., Indianapolis, Ind. Redeemable at 102*/i and interest on any interest date on 30 days' notice. Improvement and Sinking Fund — Annually, beginning 1917 to 1921. 1% of all bonds out- standing, including those reserved for retire- ment of underlying indebtedness. This fund may be used for the retirement of bonds of this issue or for permanent extensions, addi- tions, etc. Control — The entire capital stock is owned by the Merchants Public Utilities Co. of Indian- apolis, a subsidiary of the American Public Utilities Co. Management — Kelsey, Brewer & Co., Grand Rppids. Secured by a first mortgage on plants sup- plying electricity to an important part of the business and manufacturing district of Indian- apolis, Ind., and an auxiliary steam heat dis- tributing system to a part of the residence and business sections of the city. The two power plants have a combined capacity of 16,000 h. p. Population served, over 230,000. The company operates under an indeterminate permit from the state. The electrical business of the company is subject to competition. Year ended Dec. 31: Gross Net Interest 1917. . .$1,356,018 $436,976 $244,421 1916... 1,153.213 408,522 235,400 1915... 1,007.881 371.812 201,171 1914... 790,177 279,766 151,835 Original Market — Offered in October, 1912, by Lee, Higginson & Co.. Boston, and Harris, Forbes & Co., New York, at 97% and interest. Market. Boston — Lee. Higginson & Co.. Harris. Forbes & Co., L. Sherman Adams, Paine, Web- ber & Co. Cincinnati — Fifth-Third National Bank, Field. Richards & Co. New York — Miller & Co.. E. & C. Randolph, Kiely & Horton, Berdell Bros., F. H. Hatch & Co., Harris, Forbes & Co., Lee, Higginson & Co.,'' S. L. Snowden. J, Nickerson, Jr., S. R. Taylor. Chicago — Harris Trust & Savings Bank, State Bank of Chicago. McCoy & Co., Harris, Trust & Savings Bank, Babcock, Rushton & Co. Indianapolis-:— Otto F. Haueisen & Co., J. F. Wild & Co., Union Trust Co., Fletcher- Ameri- can National Bank, Meyer-Kiser Bank. Milwaukee — Marshall & Ilsley Bank, Edgar Ricker & Co. Portland, Me. — Beyer & Small. Orand Kapids — Kusterer, Hilllker & Perkins. Price Eanee. Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask HiEh.98% '16 100 '16 92 Nov. 94 Nov. Low. 84 '18 90% '18 84 June 90% Mar. See 1st 6s, above. Market. MERCHANTS HEAT & UGHT CO. (IN- DIANAPOMS) 1-Year 7% Xotes. Due Feb. 39, 1920. Dated March 1, 1919. Interest payable Feb- ruary 29 and September 1 in New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorize^ — $700,000. OutBtandihg — $700,000. Denomination — Coupon $1,000 and $500. Trustee — Continental & Commercial Trust & Savings Bajik, Chicago. Kedeomable at 100% and interest upon 30 days' notice. Control* Management, etc. — See Hef. 5s. Security — A direct obligation of the company but not secured by a mortgage. The terms of the trust agreement provide that no mort- gage other than that at present existing may be created during the life of these notes and that any proceeds from the sale of any prop- erty of the company which may be paid to it by the trustee under the existing mortgage to reimburse it for capital expenditures, shall be applied to the retirement of the notes of this issue. £arnings — See Ref. Ss. Original Market — $700,000 offered March, 1919, by Paine, Webber & Co., Boston, New York, etc., at 99% and interest. MERCHANTS REFRIGERATING CO. let 68. Due $100,000 Aug. 1, 1920 and 1923.— F. Dated June 1, 1905. Interest payable Feb. and Aug. 1, at Irving National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $450, 000. Outstanding — $200,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Organization, Etc. — See 1st & Ref. 6s. Secured by a first mortgage on 22 to 28 Beach St. and 27 to 29 N. Moore St., New York City. Underlies — 1st and Ref. Conv. 6s of 1937. Market. New York — Frank M. Burger, Coggeshall & Hicks, F. H. Hatch & Co. MERCHANTS REFRIGERATING CO. let 6s. Due $30,000 July 1, 1918: $32,000 In 1921; $50,000 in 1924 and 1926, and $100,000 in 1929 and 1931.— F. Dated July 1, 1911. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $432, 000. Outstanding — $332,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Fidelity Trust Co., New York. Organization — See Ist & Ref. 6s. Secured by a first mortgage on property at Warren, First, Provost and Second St., Jersey City, N. J. Underlies — 1st & Ref. Conv. 6s of 1937. MERCHANTS RFFRIGERATING CO. 1st 6s. Due $25,000 May 1, 1918; $25,000 May 1, 1921, and $100,000 May 1, 1924.— P. Dated May 1, 1914. Interest payable May 1 and Nov. 1, at Irving National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $150,000. OutstandSng— $125,000 (April 1, '19). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Broadway Trust Co., New York. Organization — See 1st & Ref. 6s. Secured by a first mortgage on property at River and Cherry Streets, Newark, N. J. Underlies — 1st & Ref. Conv. 63 of 1937. Market. See 1st 6s, above. MERCHANTS REFRIGERATING CO. 1st 68, Due $50,000. 1916, 1919, 1922 and 192S, and $100,000, 1927.— F. Dated May 1, 1907. Interest payable May and Nov. 1, at Irving National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $350, 000. Ontstanding~$250.000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable ai' to principal. Trustee — Broadway Trust Co., New York. Organization — See 1st & Ref. 6s. Secured by a first mortgage on 31 to - 37 N. Moore St. and 30 to 32 Beach St., New York City. Cnderlies — 1st & Ref. Conv. 6s of 1937. , Market. See 1st 6s, above. MERCHANTS REFRIGERATING CO. 1st & Ref. Conv. 6s. Dne Jan. 1, 1937.— F. Dated Jan. 1, 1917. Interest payable .Tan. 1 and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Anthorized — $3,500,000. Outstanding — $2,100,000 (Dec. 1, 1918). Reserved for Prior I^ienis — '$937,000. Reserved for Extensions, Etc. — $463,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Irving Trust Co., New York. Redeemable at 105 and interest on July 1. 1919 or any interest date thereafter. Convertible at par Into 7% cumulative pre- ferred stock from Jan. 1. 1919, to July 1, 1928. both dates inclusive. If called for re- demption conversion privilege extends to re- demption date. Organization — Incorporated In New York May, 1894. The company owns and operates the largest cold storage and refrigerating plants in New York City, N. Y., and Jersey City and Newark, N. J. Capital Stock Authorized Outstanding •Pfd. (7% cum.) $5,600,000 $2,000,000 Common 2.000,000 2,000.000 •No new mortgage can be placed on the prop- erty without the consent of two-thirds of out- standing preferred stock. Annual sinking fund 10% of net earnings. Secured by a first mortgage on new cold storage plant, with a capacity of 5.76J),000 cubic feet, located on the block bounded by 724 loth and 11th Avenues, 16th and 17th St., New York City, costing about $2,250,000, and a mortgage subject to prior liens on all other property of the company, valued at $2,950 - 714. Prior Uens — $200,000 1st 63, due 1920-23; due 1918-31, and $125,000 1st 6s, due 1921-34. Also $18,000 real estate mortgage. Year ended March SI Net Interest 1916 $445,844 $82,600 1915 339,812 84,662 1914 ■305,643 92,338 Original Market — $2,000,000 offered March. 1917. by Broadway Trust Co.. Irving National Bank and Hayden. Stone & Co., New Tork. at 100 and Interest. Market. New York — ^Freeman & Co., Miller & Co.. P. M. Burger, Hayden, Stone & Co. MEBIDEN, SOUTHINGTON & COMPOtlNCE TRAMWAY CO. 1st 68. Doe July 1, 1928. Dated July 1, 1898. Interest payable Jan. and July 1, at Equitable Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $200, 000. Outstanding — $175, 000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Treasurer of Connecticut. Redeemable at IJO and interest on any in- terest date. Assumed by the New Tork, New Haven & Hartford R. R. Co. Control — ^Absorbed by New Tork. New Haven & Hartford R. R. Co. and property sold in 1910 to the Connecticut Co., whose $40,000,000 stock, formerly owned by the N. T., N. H. & H. R. R. Co., was transferred in November. 1914, to a board of five trustees, to be sold prior to July, 1919, If possible, in accordance with the agreement between the U. S. Dept. of Ju.stice and the N. T., N. H. & H. R. R. Co. Secured by a first mortgage on 12 miles of electric railway from Meriden to Bristol, Conn. Population served, 35,000. P.Iarket. New Haven — H. C. Warren & Co. Hartford — F. R. Cooley & Co. MERrDIAN UGHT & BAILWAT CO. Ref. 6i (now First). Due March 1, 1944. — N. Dated Feb. 8, 1904. Interest payable March and Sept. 1. at Trustee's office. Tax Status — Payment of Federal Income tax not assumed by Company. Authorized — $750,000 (closed mortgage). Outstanding — $620,000 (Jan. 1, 1919). Held in Sinklne Fund^— $130,000. Denomination — Coupon $500 and $1,000. Reglsterable as to principal. Trustee — ^First National Bank, Mobile, Ala. Redeemable at 105 and interest on any in- terest date on 3 weeks' notice. Sinking Fund — Sum equal to % % of bonds certified and Issued must be set aside on March 1 and Sept. 1 in each year, commen- cing Sept. 1, 1906, for purchase of bonds at not more than 105, or for purchase of any state, municipal or railroad mortgage bonds listed upon New Tork Stock Exchange. In lieu of cash payments bonds secured hereby with all unmatured coupons attached will be equivalent to a cash payment. Bonds to be kept alive in Sinking Fund. Oreanlzatlon and Control — Incorporated In Mississippi in 1901 and has absorbed the street railway, electric and gas properties in Merid- ian, Miss. Also owns the entire $500,000 capi- tal stock of the Hattiesburg Traction Co. The entire $2,000,000 capital stock is controlled by the Cities Service Co. a'nd is pledged under the Consol. Cities L,t., Pow. & Trac, 1st 5s of 1962. Management — The Doherty Organization. Secured by a first mortgage on 13.30 miles of street railway track in Meridian, Miss., and or the plants supplying that city with gas and electricity. Railway franchise expires in 1945, gas and electricity in 1950. Population served, 29,noo. Underlies — Gen. 5s of 1945. which mortgage provides for the retirement of this issue. 3Listed on the New Orleans Stock Exchange. Market. New Orleans — B. D. Cohn, Claude M. Smith & Co. New York — ^A. E. Fltkin & Co.. Dunham & Co., Henry L. Doherty & Co., E. & C. Ran- dc.'ph, John D. Curtis. Fhiladelphia — S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.96 '16 98 'le 90 Jan. Low. 85 '16 94 '17 MBRION & RADNOR GAS & EI.ECTRIC CO. 1st 68. Due May 1, 1954.— F. Dated May 2. 1904. Interest payable May and Nov. 1, at Trustee's oflice. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in the State of Pennsylvania. Authorized — Closed mortgage. Outstanding — $1,317,000. Denomination — Coupon, $1,000. Tmstee — Commercial Trust Co.. Fhiladel- phia. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Assumed by the Counties Gas & Elec. Co; Control — ^Absorbed by the Counties Gas & Electric Co., in which company the United Gas & Improvement Co. is interested. Secured by a first mortgage on gas plant at Ardmore and electric plant at Wayne, supply- ing gas and electricity to various suburbs of Philadelphia, located along the main line of the Pennsylvania R. R., between Ardmore and Faoli. Population served, 35,000. Franchises are unlimited as to time. Underlieft^ — Counties G. & E. Gen. 5s of 1962 which provide for the retirement of this issue. Original Market — ^Pirst offered by Drexel & Co and Ervin & Co., Philadelphia. Offered in 1911 at 103% and interest by Wurts, Dulles & Co., Philadelphia. Market. Philadelphia — ^West & Co., Graham, Parsons t- Co., Capelle & Co., Reed A. Morgan & Co., Ervin & Co.. Barclay, Moore & Co., H. D. Boennlng & Co., Chas. Fearon & Co., Robt. Glendinning & Co., Huntoon & Co., S. K. Phil- lips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '16 103 '17 96 Feb. 101 Jan. Low. 90 '18 95 '18 90 Oct. 95 Oct. MESABA RAILWAY CO. 1st Ss. Doe March 1, 1932.— F. Dated March 1. 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania tax refunded. Authorized — $2,600,000. Outstanding— $1,111,000 (May 20. '19). Held in S. F.— $100,000. Reserved (or Ext. — $1,289,000. 725 Denomination — Coupon, $1, 000, Registerable as to principal. Xmstee — ^American Trust Co., Bogton. Redeemable aa a whole on any interest date or in part by lot for sinking fund at 105 and interest. Sinking Fund — ^Annually 2h^% of bonds out- standing beginning Jan. 1, 1917, for the pur- chase or redemption of bonds at not over 105 and interest. Bonds so acquired to be kept alive and interest added to fund. Organization and Control — Incorporated in Minnesota in Jan., 1911. June, 1914, suc- ceeded by the Meaaba Railway Co., a Massa- chusetts Corporation. Secured by a first mortgage on 35 miles of ' electric railway connecting the towns of Hib- bing, Chisholm, Buhl, Mountain Iron, Virginia, Eveleth, Gilbert and intermediate points all located in the Messabe Iron Ore Range of Minnesota. Population served, about 50,000; 28 miles is built on private right-of-way; franchises for the balance expire in 1926 and 1927. Xear ended Dec. 31 Gross Net Interest 1918 $261,004 $110,264 $56,073 1917 287,925 120,342 58.190 1916 249.104 132,340 57.388 1915 201,036 87,071 57.181 Original Marlcet — $1,100,000 offered April, 1914, by Graham & Co., and "W. H. New- bold'a Son & Co., both of Philadelphia, at 94 and interest. Market. Philadelphia — Graham, Parsons & Co., Hun- toon & Co. New York — Chas. D. Barney & Co. AIETROPOI.ITAN EDISON CO. 1st and Ref. 5e. Due Aug, 1, 1922, — P. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding— $4,117,0000 (Apr. 1, '19). Reserved for Prior Lien — $2,698,000. Reserved for Ext. — $3,185,000. •Issuable for 80% of cost when net In- come for twelve months is at least ] %, times interest charges- on underlying bonds and bonda of this issue outstanding and to be issued. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable on 30 days' notice at 102 and interest on or before Aug. 1, 1921, and there- after at 101 and interest. Maintenance and Depreciation Fund — ^An- nually 1 % of the gross operating revenue, less (a) the amount actually paid during the year for repairs and renewals, and (b) the amount, if any, required to be deposited with the trustee of the underlying mortgage for a similar purpose. Organization — Incorporated in Pennsylvania In 1917 as a consolidation of the Metropolitan Electric Co. of Reading, Pa., the Edison Elec- tric Illuminating Co. of Lebanon, Pa., and the Lebanon Valley Electric Light Co. ; also owns a majority of the common stock of Penn- sylvania Utilities Co. of Easton, Pa., and $300,000 preferred stock of the Reading Tran- sit & Light Co. Controlled through ownership of entire $3.- 000,000 common stock by the Reading Transit & Light Co., a subsidiary of the Eastern Power & Light Corporation. Seeured by a direct or collateral lien on all the properties now owned or hereafter ac- auired, as follows: A first mortgage on the properties formerly belonging to the Electric Illuminating Co. of Lebanon, Fa. , and the Lebanon Valley Electric Light Co., supplying electric light and power in Lebanon and vi- cinity; a second mortgage on the properties formerly belonging to the Metropolitan Elec- tric Co. of Philadelphia, Pa. ; also secured by a first lien on a majority of the common stock of the Pennsylvania trtllitles Co. of Easton, Pa. A 33,000-volt transmission line is to be constructed to connect the Lebanon properties with the power plant at West Reading, Pa. Franchises are jvractically all unlimited aa to time. Prior Lien — $2,698,000 (closed) Metropoli- tan Electric Co. 1st 5s of 1939, for thp re- tirement of which, bonds are reserved under this mortgage. Underlies — $1,600,000 Gen. 5s of 1938, all deposited to secure $1,200,000 6% Notes due 1920. Year ended De-cember 31: Gross Net Interest 1918... $2. 034, 495 •$672,406 $416,181 1917... 3,502.633 *573,944 218.217 1916... 1,134.225 537.562 138.012 1915. . . 928,587 429,745 134,771 1914. . . 837,457 408.239 134,269 *Does not include other income. Original Market — $ 3,250,000 o^ered Aug. , 1917, by the Guaranty Trust Co.. New York, and Harper & Turner and Reilly. Brock & Co., Philadelphia, at 93% and interest. A block offered Jan., 1918, by Reilly, Brock & Co.. Philadelphia, at 90% and interest. Market. Philadelphia — ^Wm. M. Canby, Harper & Turner, Elklns, Morris & Co.j, Sailer & Stev- enson, Martin & Co., H. D. Boenning & Co.. Robt. Glendinning & Co., Lloyd & Palmer. S. K. Phillips & Co. New York — Guaranty Trust Co.. E. & C. Randolph, Hemphill, White & Chamberlin, Chas. "W. Hill, F. H. Hatch & Co., Morton Lachenbruch & Co., S. R. Taylor. Price Range — 1918. Bid Ask High. 89 June 95 Nov. Low. 86 Nov. 88 Mar. METROPOLITAN EDISON CO. 6% Secured Notes. Due Dee. 15, 1920— F. Dated June 15. 1918. Interest payable June 15 and Dec. 16 at New York Trust Co., NeyF York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,000,000. Out8tanjding^$1.200.000. Reserved for Corporate Purposes — $800,000. Purpose of Issue — Issued to retire $1,050,000 6% notes due Aug. 1. 1918, and partially to reimburse the company for additions and im- provements to plant. Denomination — Coupon $100, $500 and $1.- 000. Registerable as to principal. Trustee — New York Trust Co.. New Yoi^. Redeemable at 100% and interest on any in- terest date on 30 days' notice. Organization — See 1st & Ref. 5s. Secured by deposit with the Trustee ot $1,600;000 20-year Gen.. 6s due June 15. 1938, or in a principal amount of 133 1-3% of the principal amount on notes outstanding. Additional notes may be issued upon pledge with the Trustee of additional General Mort- gage 5% Gold Bonds in the ratio of 133 1-8% of the principal amount of Notes when net earnings for twelve consecutive months, after deducting all prior interest charges, equal at 726 least three times the annual interest require- ments on Notes outstanding and those about to be issued. Prioc Lieais — $4,117,000 1st & Ref. 5s of 1922 and $2,698,000 (closed) Metropolitan Elec- tric Co. 1st S. F. Bs of 1939. Original Market — $1,200,000 offered July, 191S. by Bonbright & Co., New York, etc., and Reilly, Brock & Co., Philadelphia, at 95% and interest. Market. Philadelphia — H. D. Boenning & Co. Price Range — 1918. Bid Ask High. 90% Dec. 96% Nov. Low. 93 Dec. METROPOMTAN EtECTRIC CO. (READING. PA.) 1st S. F. 58. Due April 1, 1939. — F. Dated April 1, .1909. Interest payable April and Oct. 1, at Trustee's office, or E. B. Smith & Co., Philadelphia, or at company's office, Reading, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — 52,656>500 (June 2, '19). Retired by S. F. — $176,500. Denomination — Coupon, $1,000 and $500, Registerable as to principal. Trustee— Girard Trust Co.. Philadelphia. Redeemable as a whole at 110 and interest on any interest date. Sinking Fund— Annually on April 1, 1% of outstanding bonds, from 1914 to 1919, 1%'% from 1919 to 1^28, and 2% thereafter, for the purchase or redemption of these bonds at not over 110 and Interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated In Pennsylvania In 1894. In 1917 consolidated with other companies into the Metropolitan Edison Co. For further detail see that com- pany's let & Ref. 5s. Secured by a first mortgage on steam power plant of 31,500 h. p. and a first Hen on the contracts and leases mentioned under organi- zation. The company controls an extensive distributing system throughout Reading, Pa., Including underground conduits in the down- town section, and supplies that city and ad- jacent territory with electricity without com- petion. Population served, over 100,000. Franchises are without time limit. Underlies — Metropolitan Edison Co. 1st & Ref, 6s of 1922, a sufficient amount of which are reserved to retire thi^ issue, and $1,600,- 000 Gen. 5s of 1938 all deposited to secure $1,200,000 6% notes of 1920. Earnings — See Metropolitan Edison Co, 1st A Ref. &s. Original Market— $2,000,000 ofCered in 1909. by Edward B. Smith & Co., Philadelphia and New York, at 95 and interest; offered by E. B. Smith & Co. and Brown Bros.. 1913, at par and interest. Ma;rket. Philadelphia — West & Co., Graham. Far- ions & Co., Biddle & Henry. Brown Bros. & Co.. F. Peirce & Co., Newburger, Henderson & lA>eb, Reed A. Morgan & Co., E. B, Smith & Co., Harper & Turner, H. Boenning & Co., Barclay, Moore & Co., Elkins, Morris & Co., Chas. Fearon & Co., Robt. Glendinning & Co.", Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. New Tork— F. H. Hatch & Co., E. & C. Randolph, Morton Lachenbruch & Co., New- burger, Henderson & Loeb, Spencer Trask & Co. Beadinsr* Fa.^-George A. Rick. Pric0 Range. Jan. 1, '15 to Jan. 1, '19 1918 6id Ask ' Ask High.103 '16 103% '16 98 June Low. 95% '17 96 '18 96 Oct. -iosia ' METROPOLITAN GAS CORP. let 5. F. 6s. Dae Dec. 1, 1941.— F. Dated November 25, 1911. Interest payable Juna and Dec. 1, at Harris, Forbes & Co.. New York, Boston and , Chicago, and Trus- tee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,368,000. Outstanding— $1,146,500 (Jan. 1, 1919). Retired by S. F.— $172,500. Held in Sinking Funds of Allied Cos. — $47,000. Denomination — Coupon. $500. Registerable as to principal. Trustee — Mercantile Trust Co., . San Fran- cisco. Redeemable at par and interest on any in- terest date. Sinking Fund — $25,000 annually, beginning Nov, 15, 1912, Assumed by the Pacific Gas & Electric Co. Control — Merged in idll into the Pacific Gas & Electric Co. Secured by a first mortgage on a gas plant Including 52 miles of mains in the heart of San Francisco. Underlies — San Francisco Gas & Electric Co. Gen. 4^s of 1933, Pacific Gas & Electric Co. Gen. & Ref. 5s of 1942, which latter mort- gage provides for the retirement of this issue. Kamings — See Pacific Gas & Electric Co. Original Market — Offered in 1912 by Harris, Forbes & Co., New Tork, H. W. Harris & Co.. Inc., Boston, and Harris Trust & Sav- ings Bank, Chicago, at 99 and interest. Market. Chicago— rHarrls Trust & Savings ,B|ink. Union Trust Co. '' Boston — Harris, Forbes & Co. New York — Harris, Forbes & Co., B. & C. Randolph, McDonnell & Co., Bernhard, SchoUe & Co.. Berdell Bros. Philadelphia — S. K. Phillips & Co. Sani Francisoo-^Cyrus Peirce & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 Bid Ask High.96 '15 98% '16 Low. 89% '15 92^ '17 METROPOLITAN RAII.ROAD CO. (WASH- INGTON) 1st 5s. Due Feb. 1, 1935. — F. Dated Feb. 1. 1895. Interest payable Feb. and Aug. 1, at Baltimore Trust & Guarantee Co., Baltimore. Tax Status— 2% Federal Income Tax paid by company- without deduction. Authorized and Outstanding — $1,850,000. Denomination — Coupon, $1, 000. Trustee — Baltimore Trust & Guarantee Co., Baltimore. Redeemable — A portion of the property cov- ered by this mortgage may be sold and th^ proceeds applied to the retirement of these bonds at a price not exceeding 110 and in- Con'troi — ^Absorbed in 1902 by the Washing- ton Railway & Electric Co., which does part of the street railway and all the electricity business in and around Washington, D. C. Secured by a first mortgage on certain real estate and on street railway track and fran- chises formerly owned by the Metropolitan R. R. Co., and embracing the Connecticut Ave. & Park Ry., Silver Springs Ry. and- the 727 Union R. R., constituting: an Important part of the street railway system in Washington, D. C. Franchises are perpetual. Underlies — W. Ry. & El. Co. Cons. 43 ot 1951, which provide for the retirement of thia Issue. Earnings — See Washington Ry. & Electric Co. Uated on the Baltimore and Washington Stock Exchanges. Washington — Crane, Parris & Co. New York — Hornblower & Weeks. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.114 '09 116 '09 96 Dec. 103 Jan. Low. 92% '18 95 '18 92% Aug. 95 Aug. METROPOI.ITAN WEST SIDE ELEVATED RAH. WAY CO.; NORTHWESTERN ELEVATED RAILROAD CO. and SOUTH SIDE ELEVATED RAILROAD CO. Equip. \ 5s. Series "A." Due $102,000 each February 1 and $103,000 each August 1 from 1917 to 1926; and Series **B." Due $110,000 each Feb. 1 and Aug. 1 .from Feb. 1, 1927, to Feb. 1, 1929, inclnsive. Dated August 1 , 1914. Interest payable February 1 and August 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,538,000 Series "A" and $550,000 Series "B." Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed jointly and severally, as to prin- cipal and interest by the Metropolitan West Side Elevated Ry. Co. , Northwestern Ele- vated R. R. Co". , and South Side Elevated R, R. Co., by endorsement. Surplus available on account of this guarantee iu year ended June 30, 1918. was $1,494,872. Secured by an equipment trust agreement on 184 steel passenger motor cars and 66 steel passenger trailers, costing about $2,600,000, of which about $550,000 was paid in cash. Original Market — Offered in 1914 by E. H. Rollins & Sons, Boston. New York, Philadel- phia, Chicago, etc. Market. New York — Freeman & Co., Evans, Stillmai) & Co. Chicago — The Stanwood Co. METROPOLITAN WEST SIDE ELEVATED RAILWAY CO. (CHICAGO) 1st 4s. Due Aug. 1. 1938.— F. Dated Aug. 1, 1898. Interest payable Feb. 1 and Aug. 1. at Ceittral Union Trust Co., New York, or company's office, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction.. Authorized and Outstanding — $10,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co. and George Sherman, New York. Organization — Incorporated in Illinois in 1890 to take over the properties of the Metropolitan West Side Elevated R. R. Co., sold at fore- closure. Control — All the stock is owned by the Chi- cago Elevated Rys. Co., a voluntary asso- ciation, which has already acquired control of practically all the elevated roads in Chi- cago. Secured by a, first mortgage on about 16 miles main line of elevated road, extending westerly from Fifth Avenue terminal, in the city of Chicago, together with bridges, right- of-way owned in fee. Total trackage owned by the company 45.29 miles of single- track and 7.61 miles of side tracks. Franchise ex- pires in 1942. Underlies — Ext. & Term. 1st 4s of 1938. Earnings — See Chicago Elevated Rys. Co. Listed on the New York and Chicago Stock Bzchanges. Market. Cliicago — Merchants' Loan & Trust Co., Cen- tral Trust Co. of Illinois, Babcock, Rushton & Co., Curtis & Sanger. New York — Hanson & Doyle, Freeman & Co, Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.93% July 3, '06 54 Dec. 30 Low. 54 Dec. 30, '18 54 Dec. 30 METROPOLITAN WEST SIDE ELEVATED RAILWAY CO. (CHICAGO) Ext. & Term. 1st 4s. Due July 1, 1938.— F. Dated July 1, 1901. Interest payable Jan. and July 1, at company's office, Chicago or Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000; $567, 000 owned by Chicago Elevated Rya. Trust. Denomination — Coupon, $1,000. Reglsterable as to principal. Trtfstee — Northern Trust Co., Chicago. Redeemable at 105 and interest any interest date on four weeks' notice. Organization and Control — See 1st 4a. Secared by a first mortgage on the 5th Ave- nue terminal, the Douglas Park extension and the Garfield Park extension, comprising about 4% miles of elevated road and three miles ot double track surface lines from 52nd Ave. to the Desplaines River, and a second mort- gage on the property covered by the 1st 4s, Franchise expires In 1942. Prior Lien — $10,000,000 1st 4s of 1938, Earnings — See Chicago £]Ievated Rys. Co. Listed on the Chicago Stock Exchange. Original Market — Offered in 1901, at 98 and interest by Otis, Wilson i& Co., Chicago: offered in 1902, at 97 and interest by the First National Bank, Chicago; Lee. Hlgginson & Co., New "Sork, Boston, Chicago, etc.t $100,000 offered in Jan., 1912, at 82% and interest by Edwin L. Lobdel & Co., Chicago. Market. Chicago — ^Northern Trust Co., Union Trust Co., The Stanwood Co.. Babcock, Rushton & Co.. Curtis & Sanger. New York — Freeman & Co., Hornblower & Weeks. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.83 '09 84^^ '09 52 Oct. 60 Nov. Low. 44 '17 48 '18 46 Apr. 48 Apr. MEXICAN ELECTRIC LIGHT CO.. Ltd.. let 5s. Due July 1, 1935. Dated July 1, 1905. Interest payable Jan. 1 and July 1 at National Trust Co., Montreal, and Toronto, or at Bank of Montreal, London and Now York. Default — Jan. 1, 1915, and subsequent in- interest. Sinking fund payments are also in default. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,000,000. Outstanding — $5,567,000 (June 16, '19). Retired by Sinking Fund — $433,000. 728 Denomination — Coupon. $100, $500 and $1,000. Registered as to principal. Tmstee — National Trust Co., Montreal and Toronto, Canada. Guaranteed as to principal and interest by the Mexican Light & Power Co., Ltd. Slnkin? Fund — ^Annually since 1908, 1% of outstanding bonds for the purchase or redemp- tion of these bonds at not to exceed 105 and Interest. Organization and Control — Incorporated in Canada under' the Companies Act in 1905 and acauired the properties of companies supply- ing parts of the City of Mexico with electricity. The entire property of the company is leased tor 99 years from 1906 to The Mexican Light & Power Co., Ltd. Rental principal and Interest on bonds, maintenance and operating expenses. The latter company is in turn con- trolled by the Mexican Tramways Co. Protective Committee — E. R. Peacock, H. F. Chamen, Robert Fleming, Arthur Hill, H. M. Hubbard, A. F. P. Rogers. Depositaries, Bank of Scotland, London and Edinburgh; London County & Westminster Bank, Ltd.. London & Union of London and Smith's Bank, Ltd., London. Secured by a first mortgage on plants sup- plying part of the City of Mexico with elec- tricity, together with certain water power rights and transmission lines. Franchises granted to lessor extend to 2012. Usted In London and Toronto stock ex- changes. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.88 '11 89% '11 55 Dec. 57 Dec. Low. 20 '16 30 '16 28 June 32 June Price Range. Jan, 1, 1908 to Jan. 1, 1919 Bid Ask High.104 '11 100 '09 Low. 20 '18 90 '14 1918 Bid 20 Dec. 20 July MEXICAN INTERNATIONAL RAILROAD CO. Prior Lien Sterling 4MeB> Boe Sept. 1, 1947. Dated August 6, 1897. Interest payable March and Sept. 1, at Speyer Bros,, London. Default — Sept. 1, 1914, and subsequent in- terest. Tax Status— Information not available. Antborized — $5,850,000 or £1,200,000. OntBtanding — $5,850,000. Denomination — Coupon, £100 and £200: fully registerable. Registered bonds may be re- exchanged Into coupon bonds. Trustee—Central Union Trust Co., New Tork. Redeemable at par and interest on any in- terest date on six months' notice. Assumed by the National Railways Co. of Mexico. Control — ^Property acauired in 1902 by the National R, R, Co. of Mexico and the latter company was absorbed in 1910 by the Na- tional Rys. Co. of Mexico, which la controlled by the Mexican Government through stock ownership. Secured by a first mortgage on 616 miles of road from Piedras Negras to Durango, Mex., Sabinas to Roslta, Mex., Montclova to Cuatro Cienegas, Mex., San Pedro to Hornos, Mex., and Pedricena to Velardena. At Piedras Negras (formerly Ciudad Porfirio Diaz) con- nection is made with the Southern Pacific Railroad. TJndwlles — 1st Cons. 4s of 1977 and about $164,400,000 Bonds and Notes of the Nat'l Rys. of Mexico. Listed on London Stock Exchange. Original Market — First offered by Speyer Bros,, London. BfZ:XICAN INTERNATIONAL RAILROAD CO. Ist Cons. 4s. Dae Sept. 1, 1977. — F. Dated August 6, 1897. Interest payable Mar. and Sept. 1, at office of National Rys. Co. of Mexico, New York. Default — Sept. 1, 1914, and subsequent in- terest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 16,000,000. Outstanding— $4,206,500. $3,501,000 are guaranteed. Guaranteed Bonds Deposited under National Rys. Co. of Mexico 4^s of 1957 — $3,000,000. Cancelled — $296, 500. Reserved for Ext. — $2,497,000. Reserved for Prior Liens — $6,000,000. Denomination — Coupon, $500 and $1,000. Fully registerable and re-exchangeable for cou- pon bonds. Trustee — Metropolitan Trust Co., New York. Assumed by the National Railways of Mex- ico. Guarantee— Of the bonds issued. $6,501,000 are guaranteed as to principal and Interest by endorsement by the National R. R. Co. of Mexico .and are known as "Stamped Bonds." Control — See Mexican International R. R. Co. Prior Lien Sterling 4%s of 1947. Secured by a first mortgage on 251 miles of road from Mataraoras to Tlahualilo, Durango to Tfepehuanes, Reata to Monterey, and a sec- ond mortgage on 616 miles covered by the first lien of the Mexican International Prior Lien 4%s. Prior Liens — $5,850,000 Mexican Interna- tional Prior Lien 4%s of 1947. Underlies — About $164, 400. 000 bonds and notes of the National Rys. of Mexico. Listed on the New York and London Stock Exchanges. Original Market — Offered in 1897 by Speyer & Co., New York. Market. New York — Sam'l Goldschmidt. Price Ranire — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High. 80 July 30. '08 25 Dec. 40 Mar. Low. 75 Feb. 25, '10 Guaranteed. High.80 Feb. 5. '08 Low. 79 Nov. 15, '10 MEXICAN LIGHT & POWER CO., LTD., Isl 6b. Duq Feb. 1, 1933. Dated Feb. 1, 1903. Interest payable Feb. 1 and Aug. 1, at Bank of Montreal, Montreal, Toronto, New York and London. Default — Feb. 1, 1915, and subseqiuent in- terest. Sinking fund payments are also in default. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $12. 000, 000. Outstanding — $11,340,500 (June 15, '19). Retired by 8. F.— $659,500. Drinomlnation — 'Coupon. $500 and $1,000. Registerable as to principal. Trnstee — National Trust Co., Ltd., Mon- treal and Toronto. Sinking Fund — Annually since Feb.. 1909, 1% of outstanding bonds for purchase or re- demption of these bonds at not exceeding 110 and interest. Bonds so acquired to be can- celled. 729 Organization — Incorporated under the Com- panies Act in Canada in 1902. Owns tbe en- tire capital stock and leases the properties of several companies owning hydro-electric and steam plants, transmission lines and distrib- uting system in the City of Mexico and the Federal District of Mexico. It is controlled through stock ownership by the Mexican Tram- ways Co. Protective Committee — See Mex. Elec. Lt. 1st Ss. Secured by a first mortgage on water power rights, franchises extending to 2012, contracts with the government of Mexico, hydro-electric plant. at Necaxa, capacity 100,000 h. p., over 100 miles of transmission lines, together with valuable water developments, and further se- cured by deposit of the $6,000,000 capital stock of the Mexican Electric Light Co., which see above. Underlies— $9,733,333 2d 5s of 1961. Usted on tbe London, Montreal and Toronto Stock Exchanges. Market. New York — A. H. MuUer & Son, Lynch & McDermott. Price Range. Jan. 1. '08 to Jan. 1* '19 1918 Bid Ask Bid Ask High.93 '13 dZ% '13 50 Dec. 60 Dec. Low. 25 '17 30 '17 30 Jan. 35 Jan. Price Ranee. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.50 '17 92^ '16 41 June 55 Oct. Low. 35 '18 65 '18 35 Oct. MEXICAN NORTHERN RArL\VAY CO. 1st Ext. 6s. Due Dec. 1, 1930.— F, Dated Dec. 1, 1890, and extended from Dec. 1. 1910. Interest payable June and Dec. 1, at office of company, New York. Status Feb. 15, 1919 — Notwithstanding un- settled conditions in Mexico, no default in payment of interest has yet been made. Sink- ing fund payments, which were in default since June, 1913, have recently been resumed. Tax status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,660,000. Outstanding — $687,000. Retired at Extension — $952,000. Retired by Sinking Fund — $21,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 106 and interest on 90 days' notice. Sinking Fund — 5 % gross earnings annually for purchase and redemption of these bonds. Bonds so acquired to be held alive and interest added to sinking fund. Guaranteed — Interest and sinking fund by American Metal Co., by terms of lease. Organization — Incorporated in New York in 1890. licase — The company in Jan. , 1919, leased its property to the American Metal Co.. for an amount sufficient to meet fixed and sinking fund charges. Secured by a first mortgage on 81 miles of road from Escalon to Sierra Mojada, Mexico. Year ended June 30 Net Int. & S. F. 1916 $11,148 $43,662 1915 65.981 46,740 1914 •5,230 42,480 1913 137,514 50.622 •Deficit from operation. Listed — New York Stock Exchange. Original Market — OfCered in 1900 by Spencer Trask & Co., New York, Boston, etc., at 108% and interest. Market. New York — Wm. C. Bwen, Martin, Berwin & Co., Hanson & Doyle, F. H. Hatch & Co., Morton Lachenbruch & Co. MEXICAN TEI^EPHONE & TELEGRAPH CO. iBt Ref. & Ext. S. F. 59. Due Feb. 1, 1930.— F. Dated Feb. 1, 1910, Interest payable Feb. 1 and Aug. 1, at Trustee's office. Default — ^Aug. 1, 1915, and subsequent inter- est. Tax Status — 2% Federal Income Tax paid by company-^ without deduction. Authorized — $1,000,000. Out9tanding~$620,000. Retired by S. F.— $60,000. Reserved for Prior Liens — $149,500. Reserved for Ext. — $170,500. Denomination — Coupon, $500 and $1,000. Trustee — Old Colony Trust Co., Boston, Redeemable at 105 and interest on and after Feb. 1, 1913. Sinking Fund — 3% of outstanding bonds an- nually on and after Feb. 1, 1913, for purchase or redemption of these bonds at not to exceed 105 and interest. Organization — Incorporated in Maine in 1905 as successor to Mexican Telephone Co. Con- trols Bell rights for Mexico. Protective Committee — Charles E. Rogerson, James A. Parker and E. B. Foye, all of Bos- ton; Secretary, Herbert D. Heatherfield, 100 Franklin Street, Boston. Depositaries, Boston Safe Deposit & Trust Co., Boston, and Equita- ble Trust Co., New York. As of April 15, 1916, this committee had a majority of the bonds. Secured by a mortgage on telephone systems in the City of Mexico and most of the import- ant cities of Mexico. Population served, 10,- 000.000. Prior liien — $149,500 1st S. F. 5s of 1925. Original Market — Offered in 1910 at 94 and interest by Hamlin, Nickerson & Co. Market. New York — Gilman & Clucas. MEXICO (MO.) POWER CO. 1st 6s. Doe annually Oct. 1, 1913 and 1914. $7,000; 1915 and 1916, $8,000; 1917, $10,000; 1918, $15,000; 1919. $20,000. and balance 1920. Dated Oct. 1 1910. Interest payable quar- terly, Jan. 1, April 1, July 1 and Oct. 1, at Commerce Trust Co., Kansas City, Mo. Tax Status — 2% Federal Income Tax paid by company without deduction. , Authorized — $300,000. Outstanding — $180,000. Retired — $ 55,000. Held in Treasury — $65,000, Denomination — Coupon, $500. Trustee — Commerce Trust Co., Kansas City, Mo. Secured by a first mortgage on plants supply- ing water, electricity, gas and steam beat to Mexico, Mo. (population, 1910, 5,939), and elec- tricity to Centralia (population, 1910, 2,116). Franchises for electricity extend to 1925, gaB to 1926. Water to 1929; heating, 1941. Original Market — Offered by F. R. McMullin & Co., Chicago, at par and interest in July, 1912. Market. Chicago — Chicago Savings Bank & Trust Co. Price Range. Jan. 1. *17 to Jan. 1, *19 1918 Ask Ask High.lOO '17 99 Mar. Low. 99 '18 730 AprU 1, 1934.— P. Dated April 1, 1914. Interest payable April 1 and Oct. 1, in New York. Tax Status — 2% Federal Income Tax paid by company -without deduction. Pennsylvania State tax refunded. Authorized — $500,000. Outstandine — $420,300. Denomination -*~ Coupon, $100, $500 and $1,000. Registerable as to principal. Trngteeg — Bankers' Tnist Co., New Tork, and Southern Bank & Trust Co., Miami, Fla. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Sinkine Fund — $6,000 eacli April 1 from 1916 to 1920. inclusive; $7,000, 1921 to 1925; $8,000, 1926 to 1930, Inclusive, for the purchase or redemption of bonds at not over 105 and interest. Organization — Incorporated In Florida in 1906. Secured by a first mortgrage on plant supply- ing gas to Miami, Pla. Population served, 30,000. Franchise expires Sept., 1936. Year ended Dec. 31 Gross Net Interest 1917 $123,103 $36,664 $18,663 1916 90,255 33,650 16,236 1916 75,071 26,663 10,024 Later earningrs not available. Price Range 1918 — Bid 70, Ask 90. MICHIGAN CENTRAI, R. R. CO. Detroit & Bay City R. R. Ist 5b. Due March 1, 1931.— N. Dated March 10, 1881. Interest, coupon bonds, payable March 1 and Sept. 1 at Cen- tral Union Trust Co., New York; registered bonds. March, June, Sept. and Dec. 1, at company's office. New York. Tax Status —Payment of Federal Income Tax not assumed by companY. Authorized — $4, 000, 000. Outstanding — $4,000,000. Denomination — Coupon. $1,Q00. Registerable as to principal or exchangeable for registered bonds between March 1 and May 1 or between Sept. 1 and Nov. 1. Registered, $1,000, $5,000 and $10,000. Trustee — Central Union Trust Co., New York. Control — The Detroit & Bay City City R. R. was merged into the Michigan Central R. R, Co. in 1916. Secured by a direct mortgage on 166.72 miles of road, viz. ; Miles Bay City Jet. (Detroit) to Bay City, Mich 107.44 Denmark Jet. to Saginaw, Mich 15.74 Vassar to Owensdale, Mich 33.53 Bay City Belt Line 7.01 Bay City, Water St. Spur 3.00 l.egal for Cal., Conn., Mass., Me., Mich., Minn., Mo., N. J., Vt. and Wis. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell. Redmond & Co., Taylor, Smith & Hard. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 103 '16 108 '16 96% Dec. 100 Dec. Low. 88 '18 100 '18 88 Jan. MICHIGAN CENTRAL R. B. CO. Kalamazoo & South Haven Railroad 1st 6s. Due Nov. 1, 1939.— F. Dated Nov. 1, 1889. Interest payable May and Nov. 1, at Grand Central Terminal, New York. by company without deduction. Authorized and Outstanding — $700,000. Denomination — Coupon, $1,000. Registered, $1,000 and $6,000. Trustee — Central Union Trust Co., New York. Secured by first mortgage on 39.34 miles of road from Kalamazoo to South Haven, Mich. liOgal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. J. and Wis. Market. Pittsburgh — R. B. Hutchinson & Co. New Yorlc — Abraham & Co. Price Ranee. Jan. 1, '16 to Jan. I, '19 Bid Ask High.105 '16 Low. 90 '17 98 '17 MICHIGAN CENTRAL RAILROAD CQ. Mich- gan Air Line Railroad 1st 4b. Due Jan. 1. 1940.— F. Dated January 1, 1890. Interest payable, coupon bonds, Jan. and July 1, at Central Union Trust Co., New York; registered bonds, at Grand Central Terminal, New York. Tax Status — '2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,600,000. Denomination — Coupon. $1,000. Registerable as to principal. Registered, $1, 000 and $6, 000. Trustee — Central Union Trust Co., New York, Secured by a first mortgage executed jointly by the Mich. Cent. R. R. Co. and the Mich. Air Line R. R. Co. on 115.25 miles of road from Jackson. Mich., to South Bend, Ind. Legal for Cal., Conn., Me.. Mass., Mich., Minn., Mo., N. J., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Remick, Hodges & Co., Peck, Rasmus & Truesdale, Newborg & Co., Coffin & Co., Sam'l Goldschmidt, Baker, Carruthers & Pell, Chas. W. Place, Taylor. Smith & Hard, Vilas & Hickey. Pittsburgh — R. B. Hutchinson & Co. Detroit — Union Trust Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.104% Mar. 23, '06 76 July 27 Low. 74 Aug. 2. '18 74 Aug. 2 MICHIGAN CENTRAL RAILROAD CO. 1st 3%s. Due May 1, 1952.— F. Dated May 1. 1902. Interest payable May and Nov. 1, coupon bonds, at Trustee's office; registered bonds, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $18, 000, 000. Outstanding — $18,000,000. Denomination — Coupon. $1,000. Registerable as to principal or fully registerable. Regis- ered, $1,000, $5,000, $10,000 and $26,000. Trustee — Guaranty Trust Co., New York. Organization and Control — Chartered in Michigan in 1846, and reincorporated in 1911 under the general railroad law of that state. The New York Central R. R. owns $16,819,300 of the $18,738,000 stock. Secured by a first mortgage on 272.27 miles of double-tracked road from Detroit, Mich., to Kensington, 111., 14 miles from Chicago. The company has trackage rights over the Illinois Central R, R. into Chicago. 731 Mear ended Dec. 31 Gross Net Int. & Rent •1918..$ 8,062,127 % 8,965,107 $6,385,644 tl918.. 68,520,087 18,064,240 2,352,298 1917.. 52,879,434 13,474,467 10,036,240 1916,. 46,418,790 15,013,063 8.175,626 1916.. 36,540,665 10,214.084 7,287,128 1914.. 33,464,968 7,608,168 7,193,739 1913., 36.676,971 8.527.116 7,243,955 ♦Corporate Income Account — standard re- turn under Federal control, tFederal Income account. liCgal for Cal., Conn., Me.. Mass.. Mich., Minn., Mo.. N. H., N. J.. N. T., Vt. and Wis, Usted on the New York Stock Exchange. Original Market — $2,000,000 offered In Jan., 1903. at 103% and interest by Harvey Fisk & Sons, New York. $4,000,000 offered In Feb., 1916, by Wm. A. Read & Co., and Kountze Bros.. New York, at 81 and interest. Market, New York — S. P. Larkin & Co., Remick, Hodges & Co., Newbore & Co.. . Hartshorne & Battelle, Redmond & Co. Chicago — ^Illlnois Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. Detroit — Union Trust Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan,. 1, 1919 - 1918 Bid Ask Hlgh.98% Feb. 16, '06 74% Dec. 76 Apr. Low. 79% Aug. 6, '15 60% Jan. 74 Nov. MICHIGAN CENTRAI. B. E. CO. Joliet & Northern Indiana Railroad 1st 4s. Dne July 10. 1957 ^F. Dated July 10, 1907. Interest payable Jan. and July. 10, coupon bonds, at Trustee's office; registered bonds, at Grand Central Terminal. New York. Tax Status — 3% Federal Income Tax paid by company without deduction. Aothorixed — $3,000,000. Outstanding — $1,500,000. Denomination — Coupon. $1,000. Registerable as to principal. Registered, $1,000, $5,000. $10,000, $50,000 and multiples of $60,000. C. & K. interchangeable. Trustee — Guaranty Trust Co., New York. Control — Leased In perpetuity to the Michi- gan Central R. R. Co. Rental, Interest on bonds and 5% on the capital stock, which is road from Lake, Ind., to Joliet, 111. Secured by a first mortgage made jointly by the Michigan Central R. R. Co. and the Joliet & Northern Indiana R. R. Co. on 45 miles of road from Lake, Ind., to Joliet, 111. Legal for Cal.. Conn., Me., Mass.. Mich., Minn., Mo., N. J. and "Wis. Original Market — Offered in 1907 by Clark, Dodge & Co.. and MotEat & White, New York, at 99 and interest. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Abraham & Co., Taylor, Smith & Hard. Price Range. Jan. 1, 190S to Jan. 1. 1919 Bid Ask High. 99 '09 100 '09 Low. 87 '13 98 '08 MICHIGAN CENTRAL RAILROAD CO. 20- Year Deb. 48. Due April 1, 1929. — F. Dated April 1. 1909. Interest payable April and Oct. 1, at Grand Central Terminal, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $26,000,000. Outstanding — $7,634,000. l)enomiiiatlon — Coupon. $1,000. Registerable as to principal only or fully registerable. Reg- istered. $1,000. $5,000, $10,000 and multiples of $10,000. Trustee — Guaranty Trust Co,, New York. Security — ^A direct obligation of the company but not a mortgage. The company covenants that it will not make any new mortgage upon its railroad without equally securing thereby the bonds of this issue. For further details and earnings of the Michigan Central R. R. Co. see 1st 3%s. Listed on the New York Stock Exchange. Original Market — Offered in April, 1909, by J. P. Morgan & Co., First National Bank and National City Bank. New York, at 95 and in- teiest. Market. New York — Blodget & Co.. E. & C, Ran- dolph. Wm. C. Bwen, VilaB & Hickey. Boston — Blodget & Co. Detroit — Union Trust Co.. Watling, Lerchen & Co. Price Range — N. Y. S. E. Jan. 1, 1909 to Jan. 1, 1919 1918 High.gS"^ Nov. 16, '09 88 Nov. 20 Low. 72% Apr. 2, '18 72% Apr. 2 MICHIGAN CENTRAL R. R. CO. Grand River Talley R. R. 1st 4s. Due Sept. 1, 19S9. Dated Sept. 1, 1909. Interest payable March and Sept. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $4,500,000. Outstanding — $1, 600, 000. Reserved for Ext. — $3,000',000. Denomination — Coupon. $1,000. Registerable as to principal. Registered, $1,000, $5,000 and multiples not exceeding $100,000. C. & R. in- terchangeable. Trustee — Guaranty Trust Co., New York. Control — During 1916 the Grand River Val- ley R. R., with other leased and stock con- trolled subsidiaries, was merged into the Mich- igan Central R. R. Co. Secured by a first mortgage 83.79 miles of road from Rives Jot. to Grand Rapids, Mich. Legal for Cal., Me., Mich., Minn., N. J.. Wis. and Mo. Original Market— Offered March, 1910, by Mcffat & White, New York, at a price to yiel'1S 93 '18 MILWAUKEE & NORTHERN RAILROAD CO. 1 Isfr Ext. 4:MtS. Due June 1, 1934.— F. Dated June 10, 1880.' Extended June 1, 191^,- with interest reduced from 6%, further ex-' tended June 1, 1913. Interest payable June and Dec. 1, at office of C, M. & St. P. By. Co., 42^ Broadway, New York. ■ Tax Status — 2% Federal Income Tax paid l^y.cpmpany ?vlthout ideduction. AutUorized-^$2,155,000'. Outstanding— $2,117,000. 746 Held in C. M. & St. P. Ins. R^.— $3S.O0O. Denomination— Coupon, $1,000. Registerable as to principal. Trostee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago, Milwaukee & St. Paul Ry. Co. Conb:vl — ^Absorbed by the Chicago, Milwau- kee & St. Paul Ry. Co. Secured by a first mortgrage on 112.45 miles of road, viz.: Miles North Milwaukee to Green Bay, TVis 106.42 Hilbert Jet. to Appleton, TVis 6.03 Also secured on 15.80 miles owned jointly with the Minn.. St, Paul & Sault Ste. Marie Ry., via. : Hilbert Jet. to Menasha. "Wis 14.41 Menasha to Neenab, 'Wis 1.39 rnderllee — M. & N. Cons. 4%s and C. M. & St. P. Gen. & Ref. Mtge. of 2014, which provides to retire this issue. X.es3l for Cal., Conn., Me.. Mass., Mich., Minn.. Mo.. N. H.. N. J.. N. Y., R. I., Vt. and ^Vis. Listed on the New York Stock Exchange. Ori^nal Market — The extension of this issue In 1910 was arranged through White. "Weld & Co., New York and Chicago, and extension of June. 1913, was arranged through Harris. Forbes & Co. and Potter, Choate & Prentice and Brown Bros. & Co.. New York, and off- ered May, 1913, at 99% and interest. Market. « Boston — ^R. L. Day & Co. New Xoi* — Ambrose R. Clark & Co.. Struth- ers & Hiscoe, Remick, Hodges & Co., Blake Bros. & Co. . Seasongood, Haas & Macdon- ald. Redmond & Co.. Vilas & Hickey. Chicago — ^Harris Trust & Savings Bank. S. P. Larkin & Co. Pittsburgh — ^R. B. Hutchinson & Co. Price Range— N. T. S> E. Jan. 1. 1306 to Jan. 1, 1919 191S High.102% June 16. '14 90^^ Dec 9 I^w. SI Dec 2S. '17 85 Apr. 12 Prior liai— $2,155,000 Mil. & No. Extd. 1st 4^s of 1934. Underlies — C., M. & St. P. Gen. & Ref. Mtge. of 2014. which provides to retire this MH-WATTKEE & NORTHERN BAILBOAB CO. Cons. Ext. 4%s. Due June 1, 1934. T'ated February 11, 1SS4. Extended June 1, 1913; interest reduced to 4%%. Interest pay- able June and Dec. 1. at office of C. M. & St. Paul Ry. Co.. 42 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — SS. 000. 000. Outstanding in Hands of Public — S5. 072. 000. HeJd in Insurance Reserve — $20,000. Doiomination — Coupon, SI, 000. Registerable as to principal. Trustee — ^Farmers' Loan & Trust Co., New York. Control — See 1st 4%s. Assumed by the Chicago, Milwaukee & St. Paul Ry. Co. Secured by a direct mortgage on 404.92 miles of road, viz. : A first lien on 292.47 miles-^ Miles Green Bay to Champion, Wis..' 146.78 Green Bay Spur .\ 0.61 Oconto Jet. to Oconto, Wis 11.94. Ellis Jet., Wis., to Menominee, Mich... 22.61 Wausaukee to Girard Jet., Wis 17.65 Channing to Ontonagon, Mich 92.88 A second lien on 112.45 miles^ Covered by the first lien of the Mil. & Nor. 1st 4%s , 112.45 Also a second lien on 15. 80 miles owned jointly with the Minn., St. Paul & Sault Ste. Marie Ry., viz. : Covered by the first lien of the Mil. & Nor. 1st 4%3 15.80 I«egal for Cal.. Conn., Mass.. Minn., N. H., N. Y., R. I. and Vt. listed on the New York Stock Exchange. Original Market — ^Extension of June 1, 1913, was arranged through Harris, Forbes & Co. and Potter, Choate & Prentice, New York, and offered May. 1&13. at 98 and interest. $500,000 offered Nov.. 1918, by First Na- tional Bank and Potter, Choate & Prentice, New York, at 89 % and interest. Mfu^et. New York — ^Ambrose R. Clark & Co.. Rem- ick, Hodges & Co., Seasongood, Haas & Mac- donald, S. P. Larkin & Co., Redmond & Co., Taylor, Smith & flard. Vilas & Hickey. Cluc^o — ^Harris Trust & Savings Bank. PhUadelphia — ^Wheeler. Elliot £ Mann. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 High.102^ July 6, '14 91% Dec 17 luow. 81U Jan. 16, '18 81% Jan. 16 MILWAtTKEE & STATE USE RABLWAY CO, 1st 3%s. Due Jan. 1, 1941. — N. Dated Jan. 2, 1906. Interest payable Jan. and July 1. at Chicago & N. W. Ry. Co.. New York. Tax Status — PasTuent of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,500,000. Denomination — Coupon. $1,000. Registerable as to principal only or fully re^sterable. Reg- istered. $1,000, $5,000 and $10,000. Trustee — Scanners' Loan & Trust Co.. New York. Assumed by the Chicago & Northwestern Ry. Co. Control — ^Merged into the Chicago & North- western Ry. Co. Jan. 30, 1909. Secured by a first mortgage on 50.24 miles of double track road from St. Francis, near Milwaukee. Wis., to Lake Bluff. HI. The Chi- cago & Northwestern Ry. Co. operates two lines between Chicago and Milwaukee. The road covered by this mortgage is the western of these lines and the mileage is classed as third and fourth main trades in the company's reports. Legal for Cal. , Conn. . Me. . Mich. . Minn., Mo.. X. H.. N. J.. R. I. and Wis. IJsted on the New York Stock Exchange. Original Market — Offered In 1909 by Enfan, Loeb & Co., New York. Market. 'New York — Sam'l Goldschmidt. Price Range. Jan. 1, 1909 to Jan. 1. 1919 1918 Bid Ask Bid Awk High.91% '09 91% '09 74% Dec Low. 67 '18 74 '18 67 Aug. 74 July (THE) !HTLWArKEE ELECTRIC RAILWAY . & LIGHT CO. Cons, (now 1st) 5s. Due Feb. 1, 1926.— F. Dated Feb. J, 1896. Interest payable Feb. and Aug. 1. at 30 Broad St., New York. ^ Tax Status — 2% Federal Income Tax paid by company without deduction. AnthfHued — Closed mortgage. Outstanding— $6. 500, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. ■ ^ Control — See Geii. & Ref. Bs. 747 Secured by a first mortgage on 168.28 milea of street railway tnack In Milwaukee, Wis., and on plants supplying city with electricity also on a large office building known as the Public Service Building located in the central part of the city. The distributing system la largely underground and exclusively so in the business districts. The three power stations have a combined capacity of over 90,000 h. p. The company also purchases hydro-electric power from Southern Wisconsin Power Co. Population (1910), 373,857. Franchises: Rail- way run to 1935; electric are unlimited aa to time. At any time before the expiration of the railway franchise the company may accept an indeterminate permit under the Wisconsin Railroad law. Underlies — Ref. & Ext. 4 % s of 1931 and Gen. & Ref. 53 of 1951. The Gen. & Ref. Mtge. provides for the retirement of this is- sue. Earnings — See Gen. & Ref. 5s. Legal for Bait. I^isted on the New York Stock Exchange. Original Market — Offered in 1906 by J. P. Morgan &. Co., New York, at par and interest. Market. Chicago — Babcock, Rushton & Co., Paine, Webber & Co., Merrill, Lynch & Co., Pynchon & Co.. Spencer, Trask & Co. Fhiladielpbia — H. Boenning & Co. Milwaukee — Marshall & Ilsley Bank, Edgar, Ricker & Co., Second Ward Savings Bank, Morris F. Fox & Co., F. A. Bartlett & Co.* New York — Paine, Webber & Co., Babcock. Rushton & Co., Earle A. Miller & Co., S. P. Larkin & Co., F. H. Hatch & Co., Miller & Co., Wm, C. Ewen, J. S. Farlee & Co., Mer- rill, Lynch & Co., G. B. de Chadenedes & Co., E. & C. Randolph, Kiely & Horton, Coffin & Burr. Bernhard, SchoUe & Co., Berd&ll Bros., T. L. Bronson, John Davenport, J. Nicker- son. Jr., Pynchon & Co., Spencer, Trask & Co., S. R. Taylor. BoAton — Paine, Webber & Co., Coffin & Burr. Baltimore — Robt. Garrett & Sons, Poe & Daviesi, J, S. Wilson, Jr., & Co., Jenkins, "Whedbee & Poe, Mackubin, Goodrich & Co. liouisrille — J. J. B. Hilliard & Sons, J. W. & D. S. Green, Price Range— N. Y. S. is. Jan. 1. 1906 to Jan. 1, 1919 IC'18 Bid High.109 July 18, '06 98 Nov. Low. 100^ Dec. 21, '14 92 Apr. (THE) >niiWAIJKEE £IiECTBIG RAILWAY & LIGHT CO. Ref. & £xt. 4%s. Dae Jan. 1, 1931. — F. Dated January 1, 1906. Interest payable Jan. and July 1, at 30 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — 16,728,000. Pledged under Gen. & Ref. Ss — $6,772,000. Denomination — Coupon, $1, 000, Reglsterable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 108 and interest Jan. 1, 1916, or on any interest date thereafter. Secured by a second mortgage on the prop- erty covered by the first lien of the Cons. 59 and by a fir,?t collateral lien on steam heating plant. Prior Liens — $6,500,000 Cons. 5s of 1926. TJuderlies — Gen. & Ref. 5s of 1951, which mortgage provides for the retirement of this issue. Earnings — See Gen. & Ref. 5s. Legal for Bait. Listed on the New York Stock Exchange. Original Market — Offered in 1906 by N. W. Harris & Co. and Spencer Trask & Co., New York, Chicago, Boston, etc. Market. Chicago — Harris Trust & Savings Bank, John Burnham & Co., A. B. Leach & Co., Babcock, Rushton & Co.. Spencer Trask & Co. Baltimore — Stein Bros.» Jenkins, Whedbee & Poe, Sutton & Co., Poe & Davies, Hambleton & Co., Howard R. Taylor & Co., Strother, Brogden & Co., Mackubin, Goodrich & Co., Townsend Scott & Son, Alex. Brown & Sons. New York — F. H. Hatch & Co.. A. E. Fitkin & Co., Abbott, Johnson & Co.. E. & C. Ran- dolph, Spencer Trask & Co.. Gude, Winmill & Co., Kiply & Horton, Berdell Bros., John Da- venport, "Wm. C. Ewen, S. R. Taylor. St, l/ouis — Bowman, Cost & Co, Philadelphia — H. Boenning & Co. Milwaukee — Edgar, Ricker & Co., First Na- tional Bank, Second Ward Savings Bank. . Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.95% May 22, '12 81% June 26 Low. 81% June 26, '18 81% June 26 (THE) MILWAUKEE ELECTRIC RAILWAY & LIGHT CO. Gen, & Ref. 5s. Doe Dec. 1, 1951, or Dec. 1, 1931. if franchise is not extended to 1954. — F. Dated December 1, 1911. Interest pay- aWe June and Dec. 1, at 30 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction.. Antliorized — $90,000,000. Outstanding — $5,818,000 (Jan. 1, '19). Pledged to Secure 5% Notes — $1,000,000. Fledged to Secure 7% Notes — $3,000,000. Denomination — Coupon, $1,000. Registerabia as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Redeemable at 105 and interest on any in- terest date on and after Dec. 1, 1916, on six weeks* notice. Organization and Control — -Incorporated in 1896 as successor to the Milwaukee Street Ry. Co. The company is controlled through stock ownership by the Wisconsin Edison Co. which was incorporated in 1912 to take over the holdings of the North American Co. in Wis- consin public utilities. Note — ^As of April 1, 1919, the merger of the Milwaukee Light, Heat & Traction Co. into this company was pending the approval of the R. R. Commission of Wisconsin. Secured by a direct third mortgage on the property covered by the first lien of the Cons. 5s, and also by the deposit of $3,000,000 of the Ref. & Ext. 4%s and all additional bonda Issued under that mortgage must be deposited hereunder. Franchises see Cons. 5a. Prior Liens — $6,500,000 Cons, (now 1st) 5s of 1926 and $6,728,000 Ref. & Ext. 4%s of 1931, for the retirement of which bonds are reserved under this mortgage. Year ended Dec. 31 Gross Net Interest 1918 $8,955,595 $1,942,060 $1,224,258 1917 7.968.192 2,237,581 931,362 1916 6.961,152 2,107,001 759,394 1915 5,971,715 1,836,165 793,570 1914 6.005.496 1.838,878 823,375 Listed on the New York Stock Exchange. Original Market— $3,000,000 offered Dec. 28. 1911, at 96% and Interest by Spencer Trask & Co., New York, Chicago, etc., Harris, Forbes & Co., New York, N. W. Harris & Co. and Perry, Coffin & Burr, Boston, and Harris 748 Trust & Savings Bank, Chicago; $621,000 of- fered by the same firms Aug.. 1912, at 97^ and interest and $877,000 March. 1913, at 96% and interest. Market. New York — ^Harris, Forbes & Co., Kiely & Horton, Coffin & Burr, P. H. Hatch & Co., S. P. Larkin & Co., Hornblower & Weeks, J. J. Levenson, E. & G. Randolph, Merrill, Lynch & Co., Paine, "Webber & Co., Berdell Bros., "Wm. A. Clarke, John Davenport, Wm. C. Bwen, J. Nickerson, Jr., S. R. Taylor. BoBtou — ^Harris, Forbes & Co., Coffin & Burr. Paine, Webber & Co. Philadelphia — H. D. Boenning & Co. Cliicago — ^Harris Trust & Sav. Bank, Ft. Dearborn Trust & Sav. Bank, Union Trust Co., Central Trust Co. of Illinois, First Trust & Sav. Bank, Paine, Webber & Co. , Spencer Trask & Co. Baltimore — Robt. Garrett & Sons, Jenkins, Whedbee & Poe. Milwaukee — Edgar, Rieker & Co., First National Bank. Marshall & Ilsley Bank, Omaha — City Trust Co. Price Range — N. Y. S. £]. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask High.93% Nov. 16, '16 77% July 79 July Low. 88 Oct. 19, '17 (THE) MILWAUKEE El^ECTRIC RAILWAY & LIGHT CO. 2-Year 7% Secured Notes. Doe May 1, 1920. Dated May 1, 1918. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — Information not available. Authorized — $3,500,000. Outstanding — $2,000,000. Denomination' — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable on four weeks' notice at 101 and interest on Nov. 1 . 1918, and on any interest date thereafter prior to maturity at 100^/^ and interest. Organization] — See Gen. & Ref. 5s. Secored by pledge of $3,000,000 Gen. & Ref. 5s. The remaining authorized notes are issu- able on pledge of additional Gen. & Ref. Bonds in the .for^roing 150% ratio, or against the deposit with the Trustee of cash equal to the face value of the notes to be issued. Earnings — See Gen. & Ref. 5s. Original Market — $2,000,000 offered May, 1918, by Coffin & Burr, Inc., Boston, at 98% and interest. Market. Chicag:o — Babcock. Bushton & Co., Coffin & Burr. Spencer Trask & Co. Milwaukee — F. A. Bartlett Co., Edgar, Ricker & Co. New York — Coffin & Burr, Spencer Trask & Cd. Price Range — 1918. Bid Ask High. 9 9 Dec. 99% June Low. 97% Sept. 99 Sept. MILWAUKEE ELECTRIC RAILWAY & LIGHT CO. 5-Year 7% Secured Notes. Due Nov. 1, 1923. Dated Nov. 1, 1918. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — Information not available. Authorized — $3,600,000. Outstanding — $3,600,000. Denomination — Coupon $1,000, $500, $100 and $50. Registerable as to principal. Trustee — First Trust Co., Milwaukee. Redeemable on Nov. 1, 1921, or any prior interest date at 101 and interest. Convertible at par and* interest on the fol- lowing basis into Milwaukee Light, Heat & Traction Co. Gen. 6s (deposited as collateral hereunder): Nov. 1, 1919 to Nov. 1, 1920, 93 and interest; Nov. 1, 1920 to Nov. 1, 1921, 94 and interest; Nov. 1, 1921 to Nov. 1, 1922, 95 and interest; Nov. 1, 1922 to Nov. 1, 1923, 96 and interest. Organization — See Gen. & Ref. 5s. Secured by pledge of $4,500,000 Milwaukee Light, Heat & Traction Co. 40-year Gen. 6s. dated Nov. 1, 1918, or in the proportion of $125 in bonds for each $100 of notes. The merger of the Milwaukee Light, Heat & Trac- tion Co. into the Milwaukee Electric Railway & Light Co. , and the assumption of the pledged bonds by the latter company was pending the approval of the Railroad Commis- sion of Wisconsin as of Jan. 20, 1919. Prior Lien — The pledged bonds are subject to the lien of $5,000,000 1st 5s of 1929. Original Market — $3,600,000 offered Jan- uary, 1919, by the Milwaukee Electric Rail- way & Light Co. at 100 and interest. Alarket. New York — Spencer Trask & Co. MILWAUKEE GAS LIGHT CO. 1st 48. Dn« May 1, 1927.— P. Dated February 28, 1902. Interest payable May, and Nov. 1, at Emerson McMillin & Co., New York. Tax Status — 2% Fedoral Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $8,697,000. Reserved for Ext, — $469,000. In Treasury — $834,000. Denomination — Coupon, $1, 000. Trustee — Central Union Trust Co. , New York. Redeemable at 110 and interest on any In- terest date on eight weeks' notice. Organization — Incorporated in Wisconsin in 1852. Practically the entire $5,000,000 capital stock is owned by the American Light & Trac- tion Co Secured by a first mortgage on plant sup- plying gas to the city of Milwaukee. Popula- tion served over 435,000. Franchise per- petual and exclusive. Legal for Bait. •' Listed on the New York Stock Exchange and the Unlisted Department of the Chicago Stock Exchange. Original Market — $6,000,000 offered in Feb.. 1902, by J. & W. Seligman & Co., New Tork^ at 95 and interest. Market. New York — Hornblower & Weeks, Kiely £ Horton, S. P. Larkin & Co., Earle A. Miller & Co., Paine, Webber & Co., Babcock, Rush- ton & Co. , Wm. C. Ewen. H. N. Whitney & Sons, Merrill, Lynch & Co., E. & C. Ran- dolph, Gude, Winmill & Co., Abbott, Johnson & Co. , Bernhard, SchoUe & Co. , Spencer, Trask & Co., S. R. Taylor, Pynchon & jCo., Redmond & Co. , John Nickerson, Jr. , Berdel 1 Bros. . John Davenport. Chicago — Paine, Webber & Co., Babcock, Rushton & Co. Pynchon & Co., Spencer Trask & Co. Baltimore — ^Mercantile Trust & Deposit Co., Poe & Davies, Jenkins, Whedbee & Poe. Boston — Paine, Webber & Co., L. Sherman Adams. Milwaukee — Edgar, Ricker & Co., Wiscon- sin Trust Co., Second Ward Savings Bank, First National Bank, Morris F. Fox & Co. 749 Price Range— N. Y. S. E. Jan. 1, J1906 to Jan. 1, 1919 1918 High.95 Dec. 26, '06 86% Tune 10 Low. 84^4 Oct. 17. '18 84% Oct. 17 MILWAUKEE, LAKE SHORE & WESTERN RAItWAiT CO. Cons, (now 1st) 68. Dne May 1, 1921.— N. Dated May 2, 1881. Interest payable May ana Nov. 1, at Chicago &. N. W. Company's office. 111 B'way, New Torlc. . 4;ax Status — Payment of Federal Income Tax not assumed by company. Antliorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by tlie Chicago & Northwestern By. Co. ' Control — Absorbed by the C. & N.-W. Ry. Co. Secured by a first mortgage on 412.86 miles of road, viz.: Miles Milwaukee via Manitowoc and Clinton- ville to Wis. -Mich. State Line 287.44 Monica Jet. to Mercer 64.83 Hortonville to Oshkosh 23.10 -Bland Jet. to Wausa : 23.87 Two Rivers Jet. to, Two Rivers 6^35 Worth- of Antigo to East Bryant Switch 7.27 Underlies — M., L. S. & W. Imp. & Extn. 5s; and C. & N, W. Gen. mortgage and de- ibenture bonds. Bonds are reserved under the C. & N. W. By. Cos. Gen. Mtge. to retire this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New Tork Stock Exchange. Market. Neiw Tork — Bernard, ^cholle & Co., Struth- «rs & Hiscoe, S. P. Larkin & Co. , McKinley & Morris, Wm. C. Wilson & Co., Sharretts & rToung, Taylor, Smith & Hard, Newburger, Henderson & Loeb, Ambrose R. Clark & Co., .Seasongood, Haas . & Macdonald, Remick, Hodges & Co., Coffin & Co., Blake Brothers .& Co. , Low, Dixon & Go., Redmond. & Co. Philadelphia — Newburger, Henderson & Loeb. Price Range— N. Y. S. E. J-iri. 1, 1906 to Jan. 1, 1919 1918 High.126% Jan. 19, '06 102% Mar. 21 .Low. 98 June 18, '18 "98 June 18 MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Michigan Div. 1st 6s. Due -" July 1, 1924.— N. Dated June 20. 1884. Interest payable Jan. and July 1, at Chicago & N. W. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $1,281,000. Denomination — Coupon, $1,000. Registerable ■ as to principal. Trustee — Central Union "Trust Co., New Tork. Assumed by the Chicago & Northwestern Ky. Co. . Control — Absorbed by the C. & N.-W. By. Co. . Secured by a first mortgage on 81.28 miles of road, viz. : Miles Wis.-Mlch. State Line to Choate, Mich. 22.21 Watersweet, Mich., to Hurley, Wis.... B9.07 - Underlies— Milwaukee, Lake Shore & West- ern Impt. & Extn. 6s of 1929; and the Chi- cago & North Western Gen. mortgage and de- benture bonds. Bonds are reserved under the General Mortgage to retire this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn.. Mo., N. H., N. J., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Bernard, Soholle & Co., S. P. Larkin & Co., Wm. C. Wilson & Co., J. S. Farlee & Co., Taylor, Smith & Hard, Remick, Hodges & Co., Coffin & Co., Blake Brothers & Co., Low. Dixon & Co., Chas. W. Place, Redmond & Co. Pittsburgh — ^B. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.128% Feb. 27, '06 102% May 20 Low. 102% May 20, '18 102% May 20 MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Ashland Div. 1st 6s. Dae March 1 ,1985. — N. Dated March 2, 1885. Interest payable March and Sept. 1, at Chicago & N. W. Company's office. New York. Tax St.atus — Payment of Federal Income Tax not assumed by company. Authorized and OutstandinB^$l,000, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Absorbed by the C. & N.-W. Ry. Co. Secured by a first mortgage on 39.62 milea of road from Hurley to Ashland, Wis. Underlies — M., L. S. & W. Imp. & Extn. 5s: the C. & N. W. Gen. mortgage and de- benture bonds. Bonds are reserved under the General Mortgage to retire this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N, Y., R. L, Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Bernard, Scholle & Co., S. P. Larkin & Co., Wm. C. Wilson & Co., Tay- lor, Smith & Hard, Remick, Hodges & Co., Blake Brothers & Co., Low, Dixon & Co., Chas. W. Place, Redmond & Co. Pittsburgh — B. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid High.114% Feb. 17, '13 102% June Low. 113% Feb. 27, '14 SSM Jan. MILWAUKEE, LAKE SHORE & WESTERN RAILWAY CO. Ext. « Imp. S. F. 6s. Due Feb. 1, 1929.— N. Dated Feb. 1, 1889. Interest payable Feb. and Aug. 1, at Chicago & N. W. Company's office. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $3,988,000. Retired by S. F. — $200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., Nev, York. Sinking Fund — Beginning Aug. 1, 1893, one per cent, annually of bonds issued, but not less than $25,000 per annum for the purchase of these bonds at not over 110 and interest; if not so purchasable, to be invested in other bonds of the company. Assumed by the Chicago & Northwestern By. Co. 730 Control — ^Absorbed by the C, & N.-W. tly. Co. Secured by a mortgage on 665.28 miles of road, viz. : A first Hen on 121.52 miles — MUea Hurley to Mercer, Wis. ; 23 .28 Hurley to Osborn, Wia 12.97 Pratt Jet. to Harrison, "Wla.. 17.53 Parrish Jet. to Parrish, Wis 4.54 C'raigsmere to Robbing, Wis 3.47 Anlwa to Matoon, Wis 9.59 Branch at Potato River Jet.. Wis..... 2.60 Branches to Ore Mines 3 4 , .2:2 Spurs to Industries. 13:3'2 A second lien on 533.76 miles — Covered by the first lien of the follow- ing: M., L. S. & W. Cons. 6g.- .412. 86 M., L. S. & W. Mich. Div. 1st 6s' 81.28 M.. li. S. & W. Ashand Div. 1st 6s 39.62 Prior liiens — $7,281,000 prior liens as fol- lows: M.. L. S. & W.= Cons. 6s, 1921.:. . .$5,000,000 M.. Ti. S. & W.-Mich. Div. 1st 6s, 1924 1.281,000 M.; L. S. & W.-Ashlahd Div. 1st 6s, 1926 ,......_....... 1,000.00^ Underlies — Chicago & Northwestern Gen. mortgage and debenture bonds. Bonds are reserved under the General Mortgage to retire ' this issue. Jjega,! for Gal., Conn., Mass., Minn., N. H., N. T.. R. I. and Vt. Listed on the New York Stock Exchange. ". JHarKet. . ^ New York — S. P. Larkin & Co., Sam'l Gold- ■chmldt, A. H. Bickmore & Co., E. & C. Ran- dolph,, Sharretts & Toung, Taylor, Smith & Hard," Wm. C. Ewen, Struthers & Hiscoe, Remick, Hodges & Co., Blake Brothers & Co. Remick, Hodges & Co., Blake Brothers & Co., Baker, Carruthers & Pell, Ambrose R. Clark &-Co., Chas. W. Place, Redmond & Co. Milwaukee — Marshall & Ilsley Bank. Price Range — N. Y. S. E. Jan. 1, 1900 to Jan. 1, 1919 1918 High. 118 Feb. 27. '06 98 Apr. 3 Low. 93 Oct. 16. '18 93 Oct. 16 Price Range. Jan. 1. 1915 to Jan. 1. 1919 1918 Bid Aak Bid Ask High.103% '16 96 July 98 Jul* Low. 95 '18 98 '18 95 .Tan. MTLWAUKEB. I.AKE SHORE & WESTERN RAIUWAS CO. Bfarshfield Ext. Ist 6s. Due Oct. 1, 1938.— N. Dated Oct. 1, 1892. Interest payable April and Oct. 1, at Chicago & N. W, Conipany/a "Office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $400,000. Denomination — ^Coupon, $1,000. Registerable aa to principal. • ■^ - *- I ■ ■ Trustee — Central Union Trust Co.^ New York. ■. r ■. Assumed by the Chicago & Northwestern Ry. Co. Control — The M., D. S. & W. Ry. waa con- solidated into the Chicago & Northwestern Ry. Co. in 1893. Secure by a firsts inortgage oh 40 miles of -road from Wausau to Marahfield, Wis. Underlies — C. & N. ' W. Gen. mortgage and debenture bonds. Bonds are reserved under the Gen. Mtge. to retire this Issue. liegal for Cal., Conn., Me.,. .Mass., Mich., Minn., Mo.. N. H.. N. J., N. Y.. R. L, Vt. and Wia. lUTarket. New York — Remick, -Hodges & 'Co. , Taylor, Smith & Hard, S. P. Larkihs & Co., Low, Dixson "& .Co.: .; ;'' :" . , . ^ Boston — R. L.. Day & Co. MXLWAUKEE LIGHT, HEAT & TRACTION CO. 1st 5sr Due May 1, 1»2».— P. Dated May 1, 1899. Interest payable May and Nov. 1, at Trustee's office. ■ Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. . Regiaterabl;^ as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on any. in- terest date. Guaranteed principal and interest by the Milwaukee ' Electric Ry. & Light Co. by en- 'dorsement. Organization — Incorporated in , Wisconsin In 1896, as a consolidation --of ~. the interurban railways radiating from Milwaukee and also of a number of electric light and power prop- erties! Controlled by ownership of practically the "^entire capital stock by the Wisconsin Edison Co., Inc., a subsidiary of the North Ameridan Co. ■ ■ ;. > Note — As of April 1, 1919, the merger ol this company into the Milwaukee Electric Railway & Light Co. Was pending ^the approval of the R. R. Commission of Wisconsin. Secured by a 'first mortgage on 235.18 miiea of interurban railway extending from Miiwau- ■ kee to numerous towns and including line to Kenosha via Racine, 40 -miles; and line to ' Waukesha,- OconomowOcj Watertown and Wau- watosa, 53 miles; and embracing street, rail- way system in Racine; also on plants supply- ing electricity to Racine, Cudahy, South Mil- waukee, West Allis, Waukesha, Waukesha Beach, East Troy and North Milwaukee and Burlington— all in Wisconsin. ■ Population served outside of Milwaukee, over 200,000. Franchises have from twenty to- ninety yeara to run. A large part of the road is built on private riight-of-way. Umlerlies — $4,506,T)00 Gen. 6d of 1958, atl of which are 'pledfeed to secure $3.600,M)0a->Mil- waukee Electric Railway & Light Co. 5-Year '■7% Notes.-- Year ended Dec. 31 " Gross Net Interest 1918 $3,054,676 $639,191 $509,110 1917 2,232,388 540,561 446,774 1916 1,852.072 933,859 696,582 1915 1,4 80.6 25 1.188,693 662,660 During 1316 -.-thiia- : company returned ^the \j9.00,0.0db: capitfetj- stock of the M. B. Ry; ■& 'Lt.' Co^^and received" $6,189,000 of its Ref. & .Ext. ^s. (which were - cancelled and mortgrage ' satlafied'of record) and its. $9,000, tlOO, Capital ' ato6k~. Thl's resulted' in a reduction ol. "othpr incomes. " < - Original Market — Offered by Spencer Trask & Co. and Harvey Fisk & Sons in 1904 at 103 and Intejest^aud in 1908 by" Spencer Traek & Co., New- York, at 98 and interest., . ,',.j Market. ■ New York — 'PEiihe, Webber & Cb.k ,F.^ H. Hatch & Co., Callaway,: Fish & Co.. J. :p. Curtis & Co., Sharretts & Young, ; Spfcnoer Trask & Co., B. & C. Randolph.. Bedell Broa. , John Davenport; Wm. C E WQn, >''^J. Nickerson,' Jr.', S. R. Taylor. ^ ^„v -, -Chlcago^apeneer- Trask &f Co., ^ Paine, "Wptb- ber & Co. . ::, j ; . ; - - 751 Milwaukee — Edgar, Kicker & Co., Wiscon- sin Trust Co., First National Banlc, Morris P. Fox & Co., Second Ward , Savings Banlt. Boston — Paine, Webber & Co., L. Slierman Adams, F. A. Bartlett Co. Price Range. Jan^ 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Higll.104'09 105 '09 90 Apr. 96 Jan. Low. 87 '17 88 '18 87 Oct. 88 Oct. MTLWAtJKEE NORTHERN RAILWAY CO. 1st 5s. Due April 1, 1931. Dated April 1, 1911. Interest payable, April and Oct. 1, at Trustee's office, Milwaukee, Wis. Tax Status — Information not available. Authorized — $4,000,000. Outstanding — $1, 595, 000. Reserved for Ext. — $2,404,600. Denomination — Coupon, $500 and $1,000. Trustee — First Savings & Trust Co., Mil- waukee, Wis. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in Wisconsin In 1905 and 30 miles of road has been in oper- ation since 1907. Secured by a first mortgage on 6.50 miles of street railway in Milwaukee and on about 63 miles of interurban railway extending north from Milwaukee via Cedarburg to She- boygan, Wis. The road to Cedarburg is being double tracked and a branch to Fond du Lac is projected. Franchise in Milwaukee runs to 1935, Port Washington expires in 1956: all others are perpetual. Enters Sheboygan under a perpetual contract with the local street railway company. Outside of munici- palities the road is built on private right-of- way. Year ended June 30 Bond Gross Net- Interest 1918 $386,498 $146,189 $79,775 1317 359,589 162,124 79,775 1916 332,336 147,096 79,775 1915 334,663 142,180 79,775 1914 354,091 162,693 77,387 1913 345,626 168,266 71,818 Original Market — Offered in 1911, by Devitt, Tremble & Co., Chicago, at par and interest. Market. Milwaukee — ^Bdgar, Ricker & Co.. First Na- tional Bank, Marshall & Ilsley Bank. Price Range. Jan. 1, '16 to Jan. 1, '19 Ask High.96 '17 Low. 91 '16 MILWAUKEE, SPARTA & NORTHWESTERN RAILWAY CO. 1st 4s. Due March 1. 1947.— F. Dated March 1, 1912. Interest payable Mar. and Sept. 1, at office of C. & N. W. Ry. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding— $14,738,000 (May 21, '19). Held by C. & N. W. Ry. In Sinking Funds— $262,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustees — Farmers' Loan & Trust Co., New York and Edwin S. Marston. Assumed by the Chicago & Northwestern Ry. Co. The bonds also bear the endorse- ment of the latter company. Control — Absorbed by the Chicago & N. W. Ry. Co. Secured by a first mortgage on 178.48 miles of road, viz. : Miles Wiscona to Sparta, Wis 169.85 West AUis to Butler Jet., Wis 8.63 Also secured on terminals and other prop- erty in and around Milwaukee. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo.. N. H., N. J., R. I., Vt. and Wis. Listed on the New York Stock Exchange, Original Market — $15,000,000 offered in Feb., 1912, by Kuhn, Loeb & Co., New York, and Kidder. Feabody & Co., Boston, at 94% and interest. Market. Boston — R. L. Day & Co. Chicago — Central Trust Co. of Illinois. New York — Clark, Dodge & Co., Struthers & Hiscoe^ Ambrose R. Clark & Co., Sam'l Goldschmidt. Colgate, Parker & Co., Sharretts & Young, Wm. C. Ewen, F. J. Lisman & Co., Wood, Struthers & Co., Hanson & Doyle, J. Nickcrson. Jr., Redmond & Co., Vilas & Hickey, Wood, Struthers & Co. Philadelphia — ^West & Co., E. W. Clark & Co. Pittsburgh — R. B, Hutchinson & Co. Price Range— N, Y. S. E. Jan. 1, 1912 to Jan. 1, 1919 1918 High.94% Jan. 15, '17 76% May 23 Low. 73 July 10, '18 73 July 10 MINERAL POINT (WIS.) PUBLIC SERVICE CO. 1st & Ret. (now 1st) 6s. Due Jan. 1, 1934.— F. Dated Jan, 1, 1914. Interest payable Jan. 1 and July 1, at First Trust Co.. Milwaukee. Tax Status — 2% Federal Income Ta*x paid by company without deduction. Authorized — $1,000,000. Outstanding — $486,700 (Dec. 31, 1917). Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — First Trust Co., Milwaukee, Wis. Redeemable on any interest date at 105 and interest on 30 days* notice. Sinking Fund — 10% of net earnings to be applied to the retirement of bonds. Minimum retirement $5,000 annually. Organization — Incorporated in Wisconsin in 1911 to succeed the Mineral Point Electric Light Co. Acquired the property of the Dodge- ville Electric Light Co. Secured by a first mortgage on steam power plant and electric and steam heat distributing systems in Mineral Point, Wis., and 50 miles of transmission lines supplying electricity to Dodgeville, Linden, Mifflin, Livingston. Mont- fort, Highland, Rewey, Cobb and Ridgeway, and to zinc mines and smelters. Population served. 15,000. The company operates under an Indeterminate franchise from the state. Year ended Dec. 31 Gross Net Interest 1917 $209,697 $62,616 $28,972 1916 192,102 72,804 26,747 1916.... 139,260 60,653 18,284 Original Market — $125,000 offered by the John B. De Wolf Co., Milwaukee. Wis., in June, 1914 at par. $60,000 offered Jan., 1916. by same firm at 102 and Interest. Market. Milwaukee — J. E. De Wolf & Co. MINERAL RANGE RAILROAD Cons. 4s and 6s. Due Jan. 1, 1931. — N. Dated Jan. 1, 1891. Interest payable Jan. and July 1, at 56 Wall St., New York, and Can. Pao. Ry. Co. office, Montreal, Que. Tax Statue — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. OatstandinsT — $254,000 4s (all owned by Can. Pac. Ry. Co.): $339,000 5a. Denomination — Coupon. $ 5 00. Registerable as to principal only. Trustees — ^W. R. Shel by. Grand Rapids, Mich., and W. A. Briscoe, Norwich, Conn. Redeemable at 105 and interest on six months' notice. Guaranteed — The 4s are guaranteed as to interest by Can. Pac. Ry. Co. OrGranization and Control — Incorporated in Michigan in 1871. A majority of the stock is owned by the Duluth, South Shore & At- lantic Ry. Co. , which is in turn controlled by the Canadian Pacific Ry. Co. The Min- eral Range R. R. Co. owns 69 miles of road and operates 33-41 miles additional. Secured by a first mortgage on 16 miles of railroad from Calumet to Houghton, Mich. This road is located in the heart of the copper mining region of Michigan. Underlies — Gen. 4s guaranteed by and all owned by the Canadian Pacific Ry. Co. Market. New York — P. J. Lisman & Co., Coggeshall & Hicks, iSaker, Carruthers & Pell, Abraham & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 Bid Ask High.70 '16 80 *15 Low. 50 '17 MINNEAPOLIS & ST. LOUIS RAILROAD TO. Incorporated in Iowa in 1916. In 1911 absorbed the Iowa Central Railway Uo., through an exchange of stock. In 1915 pur- chased the Des Moines & Ft. Dodge R. R. Co. July 1, 1916 ; a reorganization was ef- fected and on the same date the Iowa Central & Western Ry. Co. was merged. The Min- neapolis & St. Louis R. R. Co. owns 1,538 miles of road from Minneapolis, Minn., via Oskaloosa, la. , to Peoria. 111. , Minneapolis to Watertown, Leola and Le Beau, S. D,, and to Des Moines, Storm Lake and Ft. Dodge, la., and leases and has trackage rights on 109 miles additional. The lines of the company traverse the wheat belt of Minnesota and South Dakota, and agricultural products, under normal condi- tions, furnish more than one-third of its ton- age. Consequently the road is more or less dependent on crops for its income, which fluctuates widely, with good and bad crops. The M. & St. L. R. R. Co. and controlled companies have outstanding on the 1,647 miles operated, bonds at the rate of $25,995 per mile. Year ended June 30 and Dec. 31 Gross Net Int. & Rent 191 7.. SIT. 005, 063 $2,834,618 $2,183,567 1916.. 10,99 5.233 3,279,259 2,529,141 1915.. 10,319,210 3,131,783 2.687,985 •1916. . 10.721.512 3,492,239 2,852,767 •1915. . 10.111,975 2.992,219 2,953.137 •1914.. 9,620,884 2,547,496 2.863,789 •1913. . 9,707,004 2,924,099 2.553.871 •June 30. MINNEAPOLIS & ST. LOUIS RAILROAD CO. 1st Cons. 5b. Doe Nov. 1, 1934. — F. Dated Nov. 2, 1894. Interest payable May 1 and Nov. 1, at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without dfeduction. Authorized — Closed mortgage. Outstanding — $5,282,000. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Trustee — New York Trust Co.. New York. Secured by a direct mortgage on 355.38 miles of road, viz. : A first lien on 152.18 miles — Miles Albert Lea. Minn., to Angus. Iowa 152.18 A second lien on 194.20 miles — Covered by the first lien of the follow- ing: Minn. & St. L. 1st 7s 99.86 Minn. & St. L. Pac. Ext. 6s 94.34 A third lien on 9 miles — Covered by the first lien of the Minn. & St. L. 1st 7s: Hopkins to Minneapolis. Minn 9 . 00 Also secured upon $7,000 (of a total issue of $70,000) capital stock of the Minnesota Transfer Ry. Prior Liens — $950,000 Minn. & St. Louis 1st 7s of 1927 and to $1,328,000 Minn. & St. Louis-Pac. Ext. 6s, 1921. Underlies — 1st & Ref. 4s of 1949 and Ref. & Ext. 5s of 1962. Bonds are reserved under latter mortgage to retire this issue. Listed on the New York Stock Exchange, Original Market — $5,000,000 offered Dec. 1894, at 98% and interest by August Bel- mont & Co., Vermilye & Co, and J. Kennedy Todd & Co.. New York. Market, New York — J. J. Levenson & Co., Louch- heim, Minton & Co., F. J. Lisman & Co., J. S. Bache & Co., J. S. Farlee & Co., Berdell Bros. Philadelphia — B. W. Clark & Co. . Louch- heim, Minton & Co., Barclay, Moore & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.1141^ Jan. 20, '06 79% May 24 Ix)w. 71 Vi Sept. 17, '18 71% Sept. 17 MINNEAPOLIS & ST. LOUIS RAILROAD CO. 1st & Ref. 4s. Due March 1, 1949. Dated March 1, 1899. Interest payable March and Sept. 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. ' Authorized — Closed mortgage. Outstanding — $ 13,244,000. Denomination — Coupon, $1,000 . Registerable as to principal or fully registerable. Trustee — Central Union Trust Co. , New York. Secured by a direct mortgage on 769.68 miles of road: A first lien on 276.68 miles — Miles Morton, Minn., to Watertown, S. D.... 123. 18 Winthrop, Minn., to Storm Lake, la... 153. 00 A second lien on 289.80 miles — Covered by the first lien of the follow- ing: Minn. & St. L. 1st Cons 5s 152.18 Des Moines & Ft. Dodge 1st 4s 137.62 A third lien on 194.20 miles — Covered by the first lien of the follow- ing: Minn. & St. Louis 1st 7s 99.86 Minn. & St. L.-Pac. Ext. 1st 6s 94.34 A fourth lien on 9,00 miles — Covered by the first lien of the Minn. & St. L. 1st 7s: Hopkins to Minneapolis, Minn 9.00 Further secured by a first lien on $299,500 of $300,000 common stock of the Railway Transfer Co. of Minneapolis. Prior Liens — $10,686,000 prior liens as fol- lows: 753 Minn. & St. Liouis-Fac. Ext. Ist 6s, 1921 $1,382,000 Minn. & St, lioujs 1st 7s, 1927 960,000 Minn. & St. Louis ist Cons. 5s, 1934 5,282,000 Bes Moines & Ft. Dodge U.K. 1st 4s, 193B 3,072,000 Underliea— Kef. & Bxt. 6s of 1962, Bonds are reserved under the Kef. & Extn. mortgage to retire tliis issue. liisted on the New York Stock Exchange. Original Market — $6,000,000 ottered in Feb., 1899, at 93% and interest by Kedmond,' Kerr & Co. (now Kedmond & Co.). New York. Market. New York — Sharretts & Young, Seasongood, Haas & Macdonald, Hartshorne & Battelle, F. J. Lisman & Co. St. Paul — Stevens, Chapman & Co. Price Kange— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.97 Jan. 17, '06 53% Nov. 12 Low. 39 Deo. 24, '17 41 Jan. 26 bunnxapous & ST. liOuis railroad CO. Ret. & Ext. 68. Due Feb. 1, 1962. Dated Jan. 1, 1912. Interest payable Feb. 1, May 1, Aug. 1 and Nov. 1, at company's offlce. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $75,000,000. Outstanding — $4,086,956 (Jan. 13, 1919). Fledged — $1,120,000. In Treasury — $.1,694,044, Reserved for Prior Uvna — $44,652,000. Reserved lor Bxt. — $23,648,000, . Denomination — Coupon, $1,000. Registerable as to principal. Kegistered, $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole only at 106 and in- terest on any interest date on 60 days' notice. Secured by a direct mortgage on 1,539.14 miles of road, viz. : A first lien on 229.60 miles — Miles Watertown to Leola, S. D 114.13 Conde to Le Beau, S. D 115 . 47 A second lien on 314.88 miles — Covered by the first lien of the follow- ing: Minn. & St. L. 1st & Kef. 4s 278.68 Iowa Central 1st & Kef. 43 38.20 A third lien on 791.76 miles — Covered by the first lieni of the follow- ing: Minn. & St. Louis 1st Cons. 6s . 162.18 Iowa Central 1st 5a 501 . 96 Des Moines & Ft. Dodge 1st 4s 137.62 ' A fourth lien on 194.20 miles — Covered by the first lien of the follow- ing: Minn. & St. Louis 1st 7s 90. 8S Minn. & St. L..-Pao. Bxt. 1st 6s 94.34 A fifth lien on 9.00 miles — Covered by the first lien of the Minn. & St. L. 1st 7s 9.00 Also a second collateral lien by deposit of entire issue of bonds ($550,000) and $900,000 of $917,000 capital stock of the Iowa & Central Western Ky, on the following: Belmond to Algona, la 36,60 Also a lien upon the following stocks (sub- ject to prior liens): Deposited Issued . Keithsburgh Bridge Co .. . $700 Minnesota Transfer Ry. .. . 7,000 70,000 Railway Transfer 299,500 300,000 Prior Liiens — $38,736,000 prior liens as (al- lows: Des Moines & Ft. Dodge R. R. 1st • 4s, 1935 $3,072,000 Iowa Central Ry. 1st Bs, 1938 7,660,000 Iowa Central Ry. 1st & Ref. 4s, 1961 7,156,000 Minn. & St. L. Ry. 1st 7s, 1927 950,000 Minn. & St. L. R. R.-Pao. Ext. let 6s, 1921 1,382,000 Minn. & St. L. R. R. 1st Cons. 6s, 1934 5,282,000 Minn. & St. L. R. R. 1st & Ref. 4s, 1949 13,244,000 All the above are closed mortgages and bonds of this issue are reserved to retire them. liisted on the New York Stock Exchange. Original Market — $2,600,000 underwritten in Dec, 1911, by J. S. Bache & Co., New York g.nd olfered to stockholders of this company and the Iowa Central at par with a 60% bonus of preferred stock. About $900,000 was subscribed for in this way. Market.' # New York — Sam'l Goldschmidt, E. Bunge & Co., F. J. Lisman & Co. Price Range — N. T, S. £. Jan. 1, 1913 to Jan, 1, 1919 1918 High.64% Oct. 28, '16 5»>A Nov. 15 Low. 40 Mar. 13, '18 40 Mar. 13 MINNEAPOLIS & ST. LOUIS RAILROAD CO. Car Trust 5% CtfB. (Series "B.") Due $18,000 annually on Oct. 1 to 1920. — F. Dated Oct. 1, ~1910. Interest payable April 1 and Oct. 1, at Trustee's office, 617 Chest- nut St'. , Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $180,000. Outstanding — $36,000 (Jan. 1, 1919). Balance Retired. Denomination' — Coupon, $1,000. Registerable as to principal. . Trustee — Pennsylvania Company for Insur- ances on Lives & Granting Annuities, Phila- delphia. .Redeemable at 101 and interest on any in- terest date. Secured by an equipment trust agreement on 12 locomotives, costing $212,000, of which $32,000 was paid in cash. Original Market — First offered in Sept., 1910, by Brown Bros. & Co., New York, Philadelphia and Boston, at prices ranging from 99.81 to 98.46. Market. New York — Freeman & Co., Bull & Bl- dredge, Evans. Stillman & Co., F. J. Lisman & Co. , MINNEAPOLIS & ST. LOUIS RAILROAD CO. Equip. Tr. 5s. Series "C." Due S19,000 Annually to Nov. 1, 1918, and $18,000 thereafter to Nov. 1, 1928. — F. Dated Nov. 1, 1912. Interest payable May and Nov. 1, at Trustee's offloe, 517 Chestnut St., Philadelphia. Tax Status — 2% Federal Income. Tax paid by company without deduction. Autliorized — $186,000. Outstanding — $72,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee— Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at 101 on any interest date on 4 weeks' notice. Guaranteed princ.ipal and interest by the M. • & St. L. R. K. Co. by endorsement. 15i Secured by an equipment agreement on. 12 consolidated freight locomotives, costing $216,- 180. Market. New 'York — Freeman & Co., Evans, Stillmah & Co., P. J. Lisman & Co. Philadelphia — ^Brown Bros. & Co., Graham. Parsons & Co. MINNEAPOLIS & ST. LOUIS RAILROAD CO. Eaolp. Tr. 68, Series "D." Due $40,000 each Nov, 1 from 1916 to 1925. — F. Dated Nov. 1, 1915. Interest payable May 1 and Nov. 1, at Trustee's office, 517 Chest- nut St. . Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $280,000 (Jan, 1, 1919). Balance Retired. Denomination-^Coupon, $1,000. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable on any interest date at 102 H and interest. Guaranteed principal and interest by the M. & St. L. R. R. Co. by endorsement. Secured by an equipment trust agreement on 500-foot steel underframe box cars, cost- ing $470,000. of which $70,090 was paid In cash. Original Market — Offered in November, 1915, by E. H. Rollins & Sons, Boston, New York, Philadelphia, etc., at from 101.45 to 101-.88 and interest. Market. New York — Freeman & Co., Evans, Stillman & Co.. F. J. Lisman & Co. MINNEAPOMS & ST. liOTJIS RAII.ROAD CO. Xlquip. Tr. 58. Series "Xl." Due $170,000 each Feb. 1, from 1918 to 1927, inclusive. Dated Feb. 1, 1917. Interest payable AvLg. 1 and Feb. 1, at office of Trustee, 817 Chest- nut St. , Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,700,000. Outstanding — $1,360,000 (March 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Pennsylvania Co. for Insurance on Lives and Granting Annuities, Philadelphia. Redeemable on any interest date at 102 U and interest on 30 days' notice. Guaranteed principal and interest by the Minneapolis & St. Louis R. R. Co. by endorse- ment. Secured by an equipment agreement on 1,000 50-ton box cars and 500 50-ton coal cars. representing a purchase price 20 % in excess of total issue. Original Market — Offered March, 1917, by E. H. Rollins & Sons, at prices ranging from 100% to 99 and interest. Market. Philadelphia — Graham, Parsona A Co. N«w York — Freeman & Co., Evans, Stillman & Co,, F. J. Lisman & Co. MINNEAPOUS & ST. tOUlS RATLWAY CO. Paciflo £xt. let 6b. Due April 1, 1921. Dated June 1, 1881. Interest payable April 1 and Oct. 1, at company's office, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding— $ 1, 3 8 2, 0. Denomlnation^^Cotipon, $1, 000. Registerable as to principal or fully, registerable. Trustee-T-Empire Trust Co., New York. Assumed by the ' Minneapolis & St. , Louis R. R. Co. . . - Control^The Minneapolis & St. Louis Ry. Co. was succeeded through foreclosure by the Minneapolis & St. Louis R. R. Co. Secured by a mortgage oil 103.34 miles of road, viz.: A first mortgage on 94.34 miles of road f roni Hopkins to Morton, Minn. ; and second mortgage on 9 miles from Hopkins to Minneapolis. Prior Iiien^-$950,000 1st 7s of 1927. Underlies — Minneapolis & St. L. Cons. 6s of 1934: 1st & Ref. 4s of 1949 and Ref. & Ext. 5s of 1962. Bonds are reserved under the M. & St. L. R. R. Co.'s Refg. & Ext. mortgage to retire this issue. X^isted on the New York Stock Exchange. market. New York — Louchheim, Minton & Co. , Baker, Carruthers & Pell, F. J. Lisman & Co. Plulaclelphia — E. W.. Clark & Co., Graham, Parsons & Co. , Louchheim, Minton & Co. , Chas. Fearon & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Price Rang^-N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High.120% Feb. 6, '06 93^ Dec. 101 Nov. Low. 102 Nov. 9, '15 99 Dec. MINNEAPOLIS & ST. LOUIS RAILWAY CO. 1st 7s. Due June 1, 1927.^N. Dated E'eb. 1, 1877. Interest payable June 1 and Dec. 1, at First National Bank. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,100,000. Outstanding — $1,100,000, of which $150,000, being bonds numbered from 1,100 to 1,400, have been assumed by the Chicago, Rock Isl- and Pacific Ry. Co. Denomination — Coupon, $5 00 and $1,000. Registerable as to principal or fully regis- tera^ble. Trustee — Farmers* Loan & Trust Co., New York. Assumed by the Minneapolis and St. Louis • R. R. Co. Gnaranteed— $150,000 (Nos. 1,100 to 1,400) were guaranteed by the Burlington, Cedar Rapids & Northern Ry. Co. This company has been absorbed by the C, R. I. & P. Ry, Co., and the guarantee assumed by that com- pany. Control — See M. & St. L. Ry. Pacific Ext. 1st. 6s. Secured by a first mortgage on 121.20 miles of road from Minneapolis to the Iowa-Minne- sota State Line. The 12 miles betjveen Albert Lea. Minn. , and the Iowa-Minnesota State Line are leased to the Chicago, Rock Island & Pacific Ry. Co. Upon the retirement of this issue, this mileage will become the property of the C, R. I. & P. Ry. Co. Underlieci — Minneapolis & St. L, Pac. Ext. 6s of 1921: M. & St. L. Cons. 5s of 1934: 1st & Ref. 4s of 1949, and Ref. & Ext. 58 of 1962. Bonds are reserved under the M. & St. L. R. R. Ref. & Ext. Mortgage to retire this Issue. Legal (1,100 to 1,400) for Me. and Mo. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldsschmidt, Coffin & Co.. Ladd & Wood, Louchheim, Minton & Co. . Baker. Carruthers & Pell. F. J. Lisman & Co., Chas. W. Place. 755 Fbiladelphia — Chas. Fearon & Co., Louch- heim. Minton & Co. Pittsburgh — H. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1006 to Jan. 1, 1919 1918 Hieh.133% Feb. 10 '09 104 Feb. 27 Low. 101 July 1 '18 101 July 1 MINNEAFOUS & ST. PATTL SUBURBAN RAILWAY Ist 58. Due Sept. 1, 1924.— F. Dated 1899. Interest payable March and Sept. 1, at Central Union Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to principal and interest by Twin City Rapid Transit Co. Control — ^All of the stock is owned by Twin City Rapid Transit Co. Secured by a first mortgage on suburban electric railways east of St. Paul, Minn. These lines were segregated from the city lines as the result of a decision of the Su- preme Court, which declared that the sub- urban lines were subject to a tax of 5% on gross earnings. Franchises extend to varying dates after 1929. Earnings — See Minn. Street Ry. 1st Cons. 5 s. Market. St. Paul — White, Grubbs & Co., Kalman, Matteson & Wood. Minneapolis — Minnesota Loan & Trust Co. Price Range. Jan. 1, 1915 to Jan. 1» 1919 1918 Bid Ask Bid Ask High.101% '16 102% '16 92 Jan. 96 Jan. Low. 90 '17 95 '17 90 June MINNEAFOI.IS GAS UGHT CO. 1st Gen. (now let) 5s. Due Feb. 1, 1930. — F. Dated September 1, 1903. Interest payable March and Sept. 1, at Trustee's office, or Con't & Com'l Tr. & Sav. Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding— $8,106,000 (May 28. '19). Retired by Sinking Fund — $1,003,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New Tork. Redeemable as a whole at 105 and interest on March 1, 1915, or any interest date there- after. Sinking Fund — $147,000 payable Feb. 15 of each year from 1911 to 1929, 'inclusive, for the redemption of these bonds, numbered 1.001 to 3,868, in numerical order, at 102% and interest. This fund was created to retire the $3,000,000 bonds issued March, 1910, to retire a like amount of 1st Cons, Organization and Control — Incorporated in Minnesota in 1870. The company is controlled by interests identified with the United Gas Improvement Co. Secured by a first mortgage on plant sup- plying gas to Minneapolis. Population (1910), 301,408. Franchise expires Feb, 24, 1930. Year ended Dec. 31 Gross *Net Int. & S. F. 1917 $2,197,973 $349,042 $466,641 1916 2,101.196 764,292 473.541 •Before depreciation charges. Original Market— Ofeered in 1911, by B. H. Rollins & Sons, New York, Boston^ etc., at par and interest. Market. Minneapolis — Minneapolis Trust Co., Minne- sota Loan & Trust Co. Chicago — E. H. Rollins & Sons, Northern Trust Co.. Babcock, Rushton & Co. St, Paul — ^White. Grubbs & Co., Ifalman, Matteson & Wood. Milwaukee — First Savings Bank & Trust Co. New York — E. H. Rollins & Sons, S. L. Snowden, Miller & Co.. Earle A. Miller & Co., Kiely & Horton, Abbott. Johnson & Co., J. Nickerson, Jr., E. & C. Randolph, Merrill, Lynch & Co. , G. B. de Chadenedes & Co.. Spencer, Trask & Co., Pynchon & Co., W. C. RauRcher, Berdell Bros., F. H. Hatch & Co. Philadelphia — E. H. Rollins & Sons, S. K. Phillips & Co. Boston — E. H. Rollins & Sons. G. W. Wal- ker & Co. JLos Angeles — B. H, Rollins & Sons, Blan- kenhorn. Hunter. Dulin Co. Pasadena — Blankenhorn, Hunter, Dulin Co. San Francisoo — B. H. Rollins & Sons, Blan- kenhorn, Hunter, Dulin Co. Denver — B. H. Rollins & Sons. St. liOnis — J. Nickerson, Jr. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOOH '16 101% '17 90 Jan. 93% Jan. Low. 85 '18 85 Oct. (THE) MINNEAPOMS GFNFRAL ELECTRIC CO- 1st 5s. Due Dec. 1, 1934.— F. Dated December 1, 1904. Interest payable nJune and Dec. 1, at Trustee's office. Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $8,000,000. Outstandin€:~$7, 479,000 (June 15, '19), Retired by S. F.— $521,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and interest any interest date. Sinking Fund — Annually on April 1, 1% of outstanding bonds for the purchase or re- demption of bonds at not over 110 and in- terest. Bonds acquired to be cancelled. Organization and Control — Incorporated in New Jersey in 1899 and in 1912 the Consum- ers' Power Co. of Minnesota, now the North- ern States Power Co. of Minnesota, a sub- sidiary of the Northern States Power Co. of Delaware, acquired control through stock own- ership. Management — H. M. Byllesby & Co., Chi- cago. Secured by a first mortgage on plant sup- plying electricity to Minneapolis and addi- tionally secured by the deposit of all the stock and bonds of the St. Croix Palls Wis- consin Improvement Co. and the St. Croix Falls Minnesota Improvement Co. The two companies own a hydro-electric plant of 26,400 h. p. and 40 miles of transmission lines built on private right-of-way to Minneapolis. Popu- lation served, 419,000. Minneapolis franchise unlimited as to time. Underlies — Northern States Power Co. Minn. 1st & Ref. 5s o^ 1941. Earnings — See Northern States Power Co. Original Market — First offered in 1908 by Spencer Trask & Co., Lee, Higginson & Co. and by Blodget, Merritt & Co., at 98% and interest, and In 1911 by Blodget & Co., New Tork and Boston, at 100% and interest. Of- 756 fered in 1912 by the National City Bank. Northern Trust Co., and the Merchants' Loan & Trust Co., Chicagro, at par and interest. Market. New York — F. H.* Hatch & Co.. Paine, Web- ber & Co.. S. P. Larkin & Co., McDonnell & Co., A. E. Fitkin & Co., Morgan & Finlay, Lang & Co., Kiely & Horton, S. R. Taylor. Harvey A. Willis & Co.. Abraham & Co., Bauer, Starr & Co.. Blodget & Co., John Davenport. Estabrook & Co.. McGeorge & "Van- derhoef, McKinley & Morris, J. Nickerson, Jr. . AV. C. Rauscher. Boston — Spencer Trask & Co.. Hotchkin & Co. , Parkinson & Burr, Merrill. Oldham & Co., Burgess. Lang & Co., Paine, Webber & Co., Blodget & Co., Curtis & Sanger, Esta- brook & Co. New Haven — W. T. Fields Co. Minneapolis — Wells-Dickey Co. , Minneapolis Trust Co. St. Paul — White. Grubbs & Co., Kalraan, Matteson & "Wood. Chicago — Northern Trust Co. . Merchants' Loan & Trust Co., National City Bank, H. M. Byllesby & Co., Spencer Trask & Co., Paine. Webber & Co., Illinois Trust & Savings Bank, Babcock. Rushton & Co. Philadelphia — West & Co., Wurts, Dulles & Co. Providence — W. W. White & Co. . R. S. Moore & Co.. Hornblower & Weeks. Milwaukee — Morris F. Fox & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.1021^ '16 103% '17 96 Dec. 98% Dec. Low. 89 '18 92 '18 89 Feb. 92 Feb. MINNEAPOI.IS. ST. PAUL & SAUI>T STE. MARI£ RAILWAY COMPANY. Incorporated in Minnesota and North Da- kota in 1888, The company owns 3.158 miles of road from Sault Ste. Marie, Mich., through Minneapolis and St. Paul, Minn., to Portal, N. D., with numerous branches in Minnesota and North Dakota. The company has a con- trolling interest in the stock of the Wisconsin Central Railway Company, and leases that company's 1,021 miles of road from Chicago to St. Paul, Minneapolis and Duluth, Minn., for 99 years from 1909. paying 4% per an- num on its Leased Line Certificates issued in exchange for the preferred stock of the Wisconsin/ Central Ry. Co. deposited with the M., St. P. & S. Ste. M. Ry. Co. The Wis- consin Central Ry. is operated as the Chicago Division of the M., St. P. & S. Ste. M. Ry. Co. The Minneapolis, St. Paul & Sault Ste. Marie Ry. Co. is controlled by the Canadian Pacific Ry. Co., and In connection with that company operates through trains between Chi- cago, Minneapolis and North Pacific Coast points. The Minneapolis, St. Paul & Sault Ste. Marie Ry. Co. has outstanding $12. 603, 400 preferred stock, of which the Canadian Pacific Ry. Co. wns $6,361,800, and $25,206,800 com- mon stock, $12,723,500 of which is owned by the Canadian Pacific Ry. Co. The preferred stock is entitled to 7% non-cumulative divi- dends, and to share equally with the common stock in any dividends in excess of 7 % per annum paid on the latter. Dividends have been paid on both classes of stock since 1903; since 1910 the common stock has received 7% per annum. The company has bonds outstanding se- cured on the road owned by it at the rate of $24,000 per mile. The net income in each year for a long period of years has exceeded twice the interest charges on the entire funded debt. Year ended Dec. 31; Gross Net Int. & Rent tl918..$10,5 56.7 79 $1,1,210,371 $7,997,240 1917. . 20,726,'280 6,660,782 3,914.351 1916.. 21,576,320 9,140,015 3,881,419 1915. . 20.179.119 9,812.978 ♦5.173,282 ♦Includes taxes. t Corporate Income Account — standard re- turn under Federal control. Year ended June 30 Gross Net Int. & Rent 1916.. $22, 804. 825 $10,054,211 $3,884,63 5 1915.. 17.817,855 6.666,787 3,692,783 1914.. 18.717,689 6.409,338 3,555,836 1913.. 21.410.672 S, 886, 541 3,359.125 MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RAILWAY CO. Ist Cons. 4s & 5s. Due July 1, 1938. — F. Dated June 18, 1888. Interest payable Jan. and July 1. at Bank of Montreal. New York, and in London. Tax Status — 2% Federal Income Tax paid by company without deduction. C Authorized — Limited to an amount which, together with all outstanding prior lien bonds, shall not exceed three times outstanding capi- tal stock. Outstanding— $56,863,000 4s; $3,477,000 5s. Reserved for Prior Lien — $8,136,000. Reserved for Ext. — $44,954,600. Denomination — Coupon. $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Guaranteed (4s) as to interest by the Cana- dian Pacific Ry. Co. by endorsement. Secured by a mortgage on 3.157.93 miles of road, viz. : A first mortgage on 2,375,03 miles — Miles St. Paul to Cardigan Jet., Minn 8.14 Barron to Ridgeland, Wis 18.52 Cameron to Reserve. Wis 41.46 Rapid River to Eben Jet., Mich 30.54 Rex to Meades Quarry. Mich 11.74 Dresser Jet. to Boylston. Wis 96.80 Hankinson to Portal. N. D 328 . 20 Flaxton. N. D., to Whitetail. Mont 136.91 Brooten to Duluth, Minn 187.83 Fairmount, N. D., to Greenville. S. D. 87.17 Superior Ore Dock Line, Wis 6.39 Moose Lake to Plummer, Minn 192.57 Lawler to Crosby. Minn 40.03 Iron Hub to Deerwood. Minn 4.61 Range Jet. to Riverton, Minn 5.48 Iron Hub to Iron Mountain. Minn 8.21 Glenwood to Noyes. Minn 265. 05 Thief River Falls, Minn., to Kenmare, N. D 296.44 Thief River Falls to Goodridge. Minn.. 18.67 Egeland to Armourdale, N. D 21.88 Pordville to Drake, N. D 130.95 Boynton to Bismarck. N. D 145 . 59 Bismarck to Max. N. D 90.49 Drake to Plaza, N. D 83.62 Wishek, N. D,, to Pollock, S. D 70.32 Prairie Jet. to Sanish.* N. D 32.80 Shoreham to Camden Place, Minn 2.67 Tony Branch. Wis 2.21 Gladstone Coal Docks, Mich 1.63 Ironton Loop and Northern Pacific Con- nection 1.53 Spur Lines 6.68 Practically a first mortgage on 286.59 miles — Minneapolis, Minn., to Boynton. N. D. 286. 59 757 Note. — The above .mileage is covered ,by tlie first iien of the ! Minneapoiis & Paciflo By. 1st 4s of 1936, of which the entire issue ($4,- 290.000) has been acquired and deposited here* under. A second mortgage on 496.31 miles — Miles Covered by the first lien of the follow- ing: Minn., SaJuIt Ste. Marie & Atlantic By. 1st 4s 496.31 Prior laene — $8,136,000 Minn., Sault Ste. Marie & Atlantic 1st 4s of 1926, for the re- tirement of which sufficient of these bonds are reserved. Underlies — ^Minn., St. P. & S. S. M. 2nd 4s of 1949. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. T., E. I., Vt., Mo. and Wis. Listed on the ' New York and London Stock Exchanges. Original Market — $1,00Q,000 43 offered in 1909, by Wm. A. Bead & Co., New York, Chicago, Boston, etc., and $1,520;000 4s of- fered in Jan., 1912, by same Arm at 97% and interest. $2,000,000 5s offered in March, 1915, by the same firm at 105% and interest. $5,- 600,000 4s offered Sept., 1916, by same firm at 91% and interest. $840,000 5s offered March, 1918, by the same firm at 96% and interest. Market, New York — Active on N. T. Stock Exchange. Minneapolis — Stevens, Chapman & Co. Boston— Wm. A. Bead & Co., Arthur Perry & Co. Chicago — Illinois Trust & Savings Bank, Hodenpyl, Hardy & Co., Kean, Taylor & Co. Denver-^Bosworth, Chanute & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 4s. High.102% Apr. 25, '06 90 Nov. 14 Low. 80 Sept. 19, '18 80 Sept. 19 6s High. 102 Nov. 0, '18 102 Nov. 9 Low. 94% Aug. 14, '18 94% Aug. 14 MINNEAPOLIS, ST. PAUL St SAULT STE. MARIE RAILWAY CO. 2nd 48. Due Jan. 1, 1949.— S-. Dated January 2, 1899. Interest payable Jan. and July 1, at Bank of Montreal, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000,000, Outstanding — $3, 500, 000. Reserved for Corporate Purposes — $1,500,000. Denomination — Coupon, $1,000. Eegisterable as to principal. Trustee — Central Union Trust do., Ne« York. Guaranteed as to interest by the Canadian Pacific By; Secured by a mortgage upon the same prop- erty as the 1st Cons. Mtge., but being a lieb junior thereto.. ■ ' Prior Liens— $68,476,000 prior liens as fol- lows: Minn., Saulte Ste. Marie & Atlantic ' ' 1st 4s, 1926. ..I. .;...._... $8,136,000 Minn., St. Paul &. Sault Ste. Marie .-.: ' 1st Cons. 4s and 5s, 1938 60,340.000 Legal for New Hampshire and Ehode Island. Market. ■ ■ ■ I New York— McKinley & Morris, Struthers & Hiscoe, B. & C. Bandolph, Curtis & Sanger, Sam'l GoldscHmidt, Simon Borg' & Co., J. S Farlee & Co. Boston — Curtis & Sanger. Chicago — -Curtis & Sanger! Milwaukee — Second Ward Savings Bank. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.97 '09 99 '08 70 Jan. 80 Jan. Low. 60 '18 70 '18 60 Sept. 70 Sept. MINNEAPOLIS, ST. PAUL Si SAULT STE. MARIE RAILWAY CO. Equip. 4%% Notes, Series "B." Due $61,000 each April and October 1st to April 1, 1920. — F. Dated April 1, 1910.' Intereet payable April and Oct. 1, at Bank of Montreal, New York. Tax Status — 2% "Federal Income Tax paid by company without deduction. Authorized — $1,220,000. Outstanding — $122,000 (April 16, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Secured by an equipment tfust agreement on 500 ore cars, 300 stock cars, 900 box cars and 100 automobile cars, costing $1,646,630, of which $426,630 was paid in cash. Legal for Conn., N. H. and R. I. Original Market — Offered in March, 1910, by Wm. A. Read & Co., New York, Chicago, Boston, etc., at prices to net about 4.30%.' Market. Philadelphia — Graham, Parsons & Co. New York — Evans, Stillman & Co., Cogge- shall & Hicks, Bull & Bldredge, Simon Borg & Co., Freeman & Co. MINNEAPOLIS, ST. PAUL & SAULT STB. MARIE RAILWAY CO. Equip. 4%% Notes, Series "C." Due $60,000 each March and September 1st to March 1, 1921. — F. Dated March 1, 1911. Interest payable March and Sept. 1, at Bank of Montreal, New York. Tax Status — 2% Federal Income Tax paid by company without, deduction. Authorized — $1,190,000. Outstanding — $240,000 (March 1, 1918). Balance Retired. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Secured by a first lien on 31 locomotives, 35 steel passenger cars, 35 cabooses and 2 wreck- ing cranes, costing $1,368,866, of which $168,- 866 was paid in cash. Legal for Conn., N. H. and R. I. Original Market — Offered in March. 1911, by Wm. A. Bead & Co., New York and Boston. Market. T See Series "B." MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RAILWAY CO. 4%% Equip. , Notes, Series "D." Due $51,000 each Dec. and June 1st to June 1, 1922, in- clnsive, — F. Dated June 1, 1912. Interest payable June and Deo. 1, at Bank of Montreal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,020,000. ' Outstanding— $367,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,00(). Trustee — Central Union Trust Co., New York. Secured by an equipment trust agreement pn 9 locomotives, 6 passenger cars, 400 steel 758 underframe cars, 350 steel underframe box cars, 100 refrigerator cars and 200 vegetable cars, costins $1,278,703, of which $258,703 was paid in cash. liCgal for Conn., N. H. and R. I. Orleinal Market — Offered in Sept., 1912, by Wm. A. Read & Co., New York, Boston, etc. Market. See Series "B." MINNEAPOUS, ST. PAUL & SAUM STE. MARIE RAILWAY CO. iVz% Equip. Xotes, Series "E." Due $1S9,000 each July and Jan. 1st to Jan. 1, 1933, In- clasive. — ^P. . -Dated January 1, 1913. Interest payable Jan. and July 1, at Bank of Montreal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,180,000. Outstanding — $1,272,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement on 25 locomotives, 49 passenger and mail cars, 1,500 box cars, 700 ballast, flat and ore cars and 20 cabooses, costing $3,806,657, of which $626,657 was paid in cash. Legal for Conn., N. H. and R. I. Original Market — Offered in 1913 by Wm. A. Read & Co., New York and Boston. Market. See Series *'B." MINNEAPOLIS, ST. PAUL & SAULT STB. MARIE RAILWAY CO. Equip. Tr. 5s, Series "F." Due $64,000 each June 1 and Dec. 1 to Dec. 1, 1983, inclusive. — N. Dated Dec. 1, 1913. Interest payable June and Dec. at Trustees. , Tax Status — Payment of Federal Income Tax hot assumed by company. Authorized — $1,280,000. Outstanding — $640,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Girard Trust Co.. Philadelphia. G-uftranteed principal and interest by en- dorsement by the Minneapolis, St. Paul" & Sault Ste, Marie Ry Co. Secured by an equipment agreement on 10 locomotives, 6 passenger cars, 2 combination cars, 2 parlor oars, 660 box cars and 600 ore cars. Legal for Conn., N. H. and R. I.- Origlnal Market — Offered by 'Wm. A. Read & Co., December, 1913. Market. See Series "B." cars, costing $1,764,706, of which the com- pany paid $264,706 in cash. Legal for Conn., N. H. and R. I. Original Market — Offered Nov., 1915, by Wm. A. Read & Co., New York. Market. See Series "B." MINNEAPOLIS, ST. PAUL & SAULT STB. MARIE RAILWAY CO. and CENTRAL TBiSMINAL RAILWAY CO. 1st Chicago Terminal 4s. Due Nov. 1, 1941. — F. Dated November 1, 1911. Interest payable May and Nov. 1, in New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $6,677,000 (Jan. 13, 1919). Reserved for Ext. — $14,000,000. Held In S. F.^$423,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Reg- istered, $1,000 and $6,000. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Redeemable as a whole on any interest date at 105 and interest on 90 days' notice, and In part by lot for the sinking fund at 102% and interest. Sinking Fund — Beginning Nov. 1, 1916, suffi- cient to retire, by purchase or redemption at not over 102% and interest, all bonds issued at or before maturity. Bonds acquired to be kept alive and interest added to fund. Organization and Control — The Central Ter- minal Ry. Co. was incorporated in Illinois in 1911 for fifty years. All of the stock is owned by the Minneapolis, St. Paul & S. Ste. Marie Ry. Co. Secured by a first mortgage, executed jointly by the Central Ry. Terminal Co. and the M., St. P. & S. Ste M. Ry. Co. on extensive property in the City of Chicago, on which the company has erected freight terminals. Listed on the New York Stock Exchange. Legal for Conn., Me. and Mo. Original Market — $6,000,000 offered in Nov., 1911, by Wm. A. Bead & Co., New York, Boston, etc., at 96% and interest. Market. New York — ^Wm. C. Orton, Abraham & Co., John Davenport, The Equitable Trust Co. of N Y., W^m. C. Bwen. Minnne«ipolls — Stevens, Chapman & Co. Pittsburgh — H. B. Hutchinson & Co. Philadelphia — Chas. Fearon & Co. Price Range— N. Y. S. E. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid High.9714 June 25, '12 88 Dec. Low. 92 .Tan. 4, '17 MINNEAPOLIS. ST. PAUL & SAULT STB, MARIE RAILWAY CO. Eanlp. Tr. 4ya8,' Series "G." Dae $75,000 each May 15 and Nov 15 to Nov. 16, 1926, Inclusive. Dated Nov. 15, 1916. Interest payable May 16 and Nov. 16 at. Bank of Montreal, New Tork. Tax Status — 2% Federal Income Tax paid b.v company without deduction. Authorized — $1,500,000. ' , Ontstandlng-— $1,200,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Empire Trust (Jo., New York... ' Secured by an equipment agreement on 800 box cars, 200 automobile cars and 250 ore MINNEAPOLIS, SAULT STE. MARIE & AT- LANTIC RAILWAY CO. 1st 4s. Due Jan. 1, 1926.— N. Dated January 1, 1886. Interest payable Jan. and July 1, at Bank of Montreal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $8,136,000. Exchanged for and Held bT the Trustee of the M., St. P. & S. S. M. let Cong. 6b— $1,864,000. - Denomination — Coupon, $1,000. Itegisterable as to principal. Trustee — Central Union Trust Co., New York. 759 Guaranteed as to interest by the Canaaian Pacific Ry. Co. in consideration of the reduc- tion of interest from 5% to 4%. Control — Absorbed by the Minneapolis, St. Paul & S. Ste. Marie Ey. Co. Secured by a first mortgage on 496.31 miles of road from Minneapolis, Minn., to Sault Ste. Marie, Mich., and branch from Summit to St. Croix Falls, Wis. Underlies — Minn., St. Paul & Sault Ste. Marie Ry. 1st Cons. 4s & 5s of 1938. Legal for Cal., Conn., Me., Mass., Mich., Minn,, Mo., N. H.. N. J.. N. T., R. I., Vt. and Wis. Listed on the New York and London Stock Exchanges Market. New York — McKinley & Morris, Struthers & Hiscoe, Remick, Hodges & Co., J. S. Far- lee, Wm. C. Wilson & Co., Wood, Struthers &. Co., B. & C. Randolph, Newborg & Co., Wm. Salomon & Co., Taylor, Smith & Hard, Seasongood, Haas & Macdonald, Blake Broth- ers & Co., Wm. C Ewen, J. Nickerson, Jr., Redmond & Co., "Vilas & Hickey. Boston — R. L. Day & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.l02y8 June 26, '07 94% Deo. 18 Low. 85% Nov. 16, '17 94% Dec. 18 MINNEAPOLIS STREET RAILWAY CO. 1st Cons. Bxt. 7s. Due Jan. 15, 1922. Dated Jan. 16, 1889. Extended July 16, 1918, with interest increased from 5% to 7%. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed principal and interest by the Twin City Rapid Transit Co. by endorsement. Control — The Twin City Rapid Transit Co. controls the Minneapolis Street Ry. Co., the St. Paul City Ry. Co., the Minneapolis, Lyn- dale & Minnetonka Ry. Co. and Minneapolis & St. Paul Suburban R. R. Co. through stock ownership. These companies own 457 miles of track. Including the street railway systems in Min- neapolis, St. Paul and Stillwater, and four interurban lines connecting the business cen- tres of Minneapolis and St. Paul, and inter- urban lines to Minnetonka, Stillwater and other suburbs. Franchises expire at vary- ing dates. Secured by a first mortgage executed jointly and severally by the Minneapolis Street Ry. Co. and the Minneapolis, Lyndale & Minne- tonka Ry. Co. on the street railway system in Minneapolis and interurban lines ,in the vi- cinity of that city. tTnderlies — Minn. St. Ry. & St. Paul City Ry. Joint Cons. 6s of 1928. Year ended Dec. 31 (Twin City) Int.. Gross Net Rent, Etc. 1918.. $9,695,980 $1,770,770 $1,079,467 1917.. 10,181.867 2.567,997 1.029,947 1916.. 10,188,054 3,251,738 1,014,191 1915.. 9,463,964 2,725,808 1,013,634 1914.. 9,284,220 2,874,384 986,743 Legal for Bait. Listed on the New York and London Stock Exchan<7e8. Original Market — Extension of .bonds was arranged through Wm A. Read & Co., New York, etc. Market. Minneapolis — Minneapolis Loan & Trust Co., Wells-Dickey Co. St, Paul — White, Grubbs & Co., Kalman, Matteson & Wood. New York — F. H. Hatch & Co., Kiely & Horton, Hanson & Doyle, Miller & Co. Philadelphia — H. D. Boenning & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.107% Feb. 14, '06 99% Nov. 100% June Low. 98% Aug. 28. '17 98% Apr. MINNEAPOLIS STREET RAILWAY CO, and ST. PAUL CITY RAILWAY CO. Joint Cons. 5s. Due Oct. 1, 1928.— F. Dated October 1, 1903. Interest payable April and Oct. 1, at Trustee's oiTlce, New York, Tax Status — 2% Federal Income Tax paid by compa.ny without deduction. Authorized — $10,000,000. Outstanding — $10,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Twin City Rapid Transit Co. by endorsement. Organization and Control — See let Cons. Ss. Secured by a mortgage executed jointly and severally by the Minneapolis Street Ry. Co. uul the St. Paul City Ry. Co.. covering by direct lien the property of both companies and including the street railway lines in and between Minneapolis and St. Paul. Popula- tion served, 600,000. Franchise In Minneap- olis has been affirmed by the U. S. Supreme Court to 1923. Prior Liens — $5,000,000 Minneapolis Street Ry. 1st Cons. Ext. 7s of 1922 and $224,000 lat 6s of 1932, $466,000 1st Cons, 6s of 1934 and $3,708,000 1st Cable Cons. 5s of 1937 of the St. Paul City Ry. Earnings — See 1st Cons. 5 s. Legal for Bait., Conn, and N. Y. • Original Market — $3,500,000 offered in Dec, 1903, by Vermilye & Co., New York, at par and interest, and $500,000 in Jan., 1912, by Wm. A. Read &. Co., New York, at 105 and interest. Market. Baltimore — Poe & Davies, Sutton & Co., Jenkins, Whehee & Poe, Mackubin, Goodrich & Co. Boston — Blodget & Co. N«w York — S. P. Larkin & Co., Earle A. Miller t Co., F. H. Hatch & Co., Blodget & Co . E. & C. Randolph, Hanson & Doyle, Wm. C. Ewen, Paterson & Co.. Miller & Co., Kiely & Horton, Harvey A. Willis & Co., Berdell Bros., John Davenport, W. C. Rauscher, S. R. Taylor. Minneapolis — Minneapolis Trust Co., Minne- sota Loan & Trust Co., Stevens, Chapman & Co. St. Paul — Whits. Grubbs & Co., Kalman, Matteson & Wood. Chicago — Babcock, Rushton & Co. Philadelphia — H. Boenning & Co., Huntoon & Co. Price Range, Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.106% '10 108 '12 92% Feb. 96% Feb. Low. 86 '18 89 '18 86 Sept. 89 Sept MINNEAPOLIS TERMINAL 1st 3^8. Dae Jan. I, 1950.— N. Dated January 1, 1900. Interest payable 760 Jan. and July 1, at Bank of Montreal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Ontstandlne— $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Minneapolis Trust Co., Minneap- lis, Minn. Redeemable at 105 and interest on any in- terest date. Assumed by the Chicago Great Western R. R. Co. Control — ^Absorbed by the Chicago Great "Western R. R. Co., which purchased the prop- erty for $1,100,000 in cash, in addition to assuming these bonds. Secured by a first mortgage on 7% miles of trackage, 23 acres of real estate on Boom Island, Minneapolis, and valuable freight ter- minals in Minneapolis, Minn. Market. New York — Baker. Carruthers & Pell, Abra- ham & Co. Price Range. Jan. 1, 1909 to Jan. 1, 1919 Bid Ask High. 90 '13 Low. 50 '17 75 '17 MINNEAPOLIS UNION RAILWAY CO. 1st 5s and 6s. Due July 1, 1923. — N. Dated March 1, 1882. Interest payable Jan. and July 1, at Gr. Nor. Ry. Co. office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $2,150,000 6s; $650,000 5s. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Control — Absorbed by the Great Northern Ry. Co. Assumed by the Great Northern Ry. Co. Secured by a first mortgage on 2^ miles of double track and 4 % miles of sidings, ex- tending from Union Stock Yards to Union Depot, Minneapolis, Minn., including bridge across the Mississippi River and the Union Depot. Underlies — St. Paul, Minn. & Man. Cons. 6s, 4^s & 4s of 1933. and Great Northern 1st & Ref. 4%s of 1961. Bonds are reserved under the Great Northern Ry. Co. 1st & Ref. mortgage to retire this issue. Legal for Bait., Cal., Conn., Me.. Mass., Mich., Minn., Mo., N. H., N. J.. N. Y., R. I., Vt. and "Wis. Listed (6s) on the New York Stock Ex- change, Market. New York — S. P. Larkin & Co., Wm. C. Ewen, Taylor, Smith & Hard, Blodget & Co., Blake Brothers & Co., Abraham & Co., Baker, Carruthers & Pell, Remick, Hodges & Co. Boston — Blodget & Co. St. Paul — White, Grubbs & Co. Boston — Blodget & Co. Pittsburgh — R. B. Hutchinson & Co. Chicago — Babcock, Rushton & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.117 Nov. 9. '09 100% May 13 Low. 100% May 13, '18 100% May 13 and Dec. 1, at Chi. & N. "W. Ry. Co.. New- York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,904,000. Denomination — Coupon, $1,000. Fully regis- terable. Registered. $1,000, $5,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Absorbed by the Chicago & N. W. Ry. Co. Secured by a first mortgage on 119.10 miles of road from Burt, la., to Vesta, Minn. Legal for Cal. , Conn., Me. , Mass. , Mich,, Minn.. Mo., N. H.. N. J.. N. Y., R. L, Vt. and Wis. Original Market — Offered in 1900 by N. W. Harris & Co., New York, Boston and Chicago. Market. New York — Remick, Hodges & Co. , Hart- shorne & Battelle. Babcock, Rushton & Co. , Gude. Winmill & Co., E. & C. Randolph, Abra- ham & Co., Taylor, Smith & Hard. Chicago — Harris Trust & Savings Bank, Babcock, Rushton & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.94^ '09 95^^ '09 91 Nov. Low. 82 ' 'OS 91 '18 86 Feb. 91 July MINNESOTA & IOWA RAILWAY CO. 1st 3*^8. Due June 1, 1934. — N. Dated June 1, 1899. Interest payable June MINNESOTA & ONTARIO POWER CO. 1st 6s. Due annually Oct. 1, $300,000, 1916 to 1919; $300,000 in 1930 and 1931; $400.- 000, 1933; $360,000 in 1933; $370,500 in 1934; $319,500 in 1935 and $500,000, 1936 to 1938, inclusive. — P. Dated Oct. 1, 1908. Interest payable April and Oct. 1, at First National Bank, Chicago and First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. Outstanding — $S, 996, 000 (June 2, '19). Balance Retired. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank and J. C. Houghteling, Jr., Chicago. Redeemable on any interest date in reverse of numerical order, at 105 and interest. Guaranteed principal and interest by endorse- ment by Backus-Brooks Co. Organization — Incorporated in Maine in 1908. Owns in perpetuity, either directly or through ownership of the entire capital stocks and bonds of the Rainy River Improvement Co', and the Ontario & Minnesota Power Co., Ltd.. complete water power rights on both sides of the Rainy River at International Falls, aiinn., and Fort Frances, Ont. Secured either by direct first mortgage or by a first collateral lien by the deposit of the securities of the two companies mentioned above on a hydro-electric plant, paper and pulp mill with an annual capacity of 108,000 tons of paper and 35,000 tons of sulphite pulp. Also on electric distribution systems supplying towns of International Falls and Port Frances. Original Market— Offered by Peabody, Hough- teling & Co., Chicago, at par and Interest. Market. Chicago — Peabody, Houghteling & Co.. Bab- cock, Rushton & Co. Minneapolis — Wm. W. Eastman Co.. Stevens, Chapman & Co., Minnesota Loan & Trust Co. New York— P. H. Hatch & Co.. B. & C. Ran- 761 dolph, Babcock, Rushton & Co., Hanson & Doyle, Callaway, Pish & Co., Berdell Bros. Price Range. Jant 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 101 '17 94 May 95 Aug. Low. 90 '18 94% '18 90 Aug. 94% Oct. MINNESOTA & SOUTH DAKOTA RAILWAY CO. Ist SVas. Due Jan. 1, 1935.— N. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Chi. & N. W. Ry. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company Authorized and Outstanding — $528,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Control — Absorbed by the C. & N. W. Ry. Co. Assumed by Chicago & Northwest. Ry. Co. Secured by a first mortgage on 32.20 miles of road from Tyler, Minn., to Astoria, S. D. !Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I. and Wis. Market. New York — Remick, Hodges & Co., Abra- ham & Co., Baker, Carruthers & Pell. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid High.87% '16 Low. 60 '17 MINNESOTA ELECTRIC LIGHT & POWER Ist 6s. Due May 1. 1935. — F, , . Dated May 1, 1915. Interest payable May 1 and November 1, at Continental & Com- mercial Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $297,000 (Jan. 1. 1919). Retired by S. F. — $3,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustees — Continental & Commercial Trust & Savings Bank and Prank H. Jones, Chicago. Redeemable as a whole on any interest date at 103 and interest. $3,000 are redeemable annually from May 1, 1918, at par and in- terest in numerical order. Sinking Fund— Cumulative sinking fund of $3,000 per annum to retire bonds. Organization — Incorporated in Minnesota. Secured by a first mortgage on hydro-electric plant and steam generating plant and distri- bution system in Bemidjl. Population served, about 10,000. Franchises are unlimited as to time in Bemidji. ■ Underlies — $100,000 1st & Ref. 6s. Year ended Dec. 31: Gross Net Bond. Int. 1918 $116,235 $52,964 $31,500 1917.... 91,112 38,280 31,600 Original Market — Offered in April, 1915, by Stanwood, Taylor & Co., Chicago, and Edwin R. Cooper & Co., Duluth, Minn., at par and Interest. Market. Chicago — Babcock. Rushton & Co. Price Range. Jan. 1, '16 to Jan 1, '19 Ask Hlgh.lOl '16 Low. 96 '17 MINNESOTA GAS Si ELECTRIC CO. Ist S. F. 6s. Due Aug. 1, 193S.— F. Dated Aug. 1, 1913. Interest payable Feb. and Aug. 1, at Corporate Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600, 000. Outstanding — $348,500 (May 15, '19). Retired by S. F. — $20,000. Denomination — Coupon, $100, $500 and $1,000. Trustees — Continental & Commercial Trust & Savings Bank and Frank H. Jones, Chicago; Redeemable at 103 and interest on any inter- est date on or after Aug. 1, 1918, on four Sinking Fund — ^Annually on Aug. 1, ,1%% of outstanding bonds, 1915 to 1918, inclusive; and 2 % % thereafter for the purchase or re- demption of bonds at not over 103 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Minnesota in 1911 and acquired the property of the Albert Lea Light & Power Co. Secured by a first mortgage on plants sup- plying gas and electricity to Albert Lea, Minn. Property covered also includes a hot water heating .plailt. Papulation served, 10,000. Franchises are unlimited as to time. Electric lighting contract with the city extends to July 1, 1918. Year ended Dec. 31 Net Int. & S. P. 1917 $60,598 $23,629 1916 46,778 23,954 _ 1915 47,290 24,253 1914 42,136 19,500 Original Market — First offered October, 1913, by P. W. Brooks & Co. , New York, and^ Stan- wood, Taylor & Co., Chicago, at par and in- terest. Market. New York — Gilman & Clucas, P. W. Brooks & Co. Chicago — Stanwood Co.,- Babcock, Rushton & Co. Albany — Henry J. Prince. PhUadelphia — S. K. Phillips & Co., P. W. Brooks & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '17 101 '17 80 Mar. 90 Mar. Low. 80 '18 90 '18 MINNESOTA TRANSFER RAILWAY CO. l8t S. F. 5s. Due August 1, 1946.— N. Dated August 1, 1916. Interest payable February 1 and August 1, in New York and St. Paul. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,500,000. Outstanding — $2,169,000 (March 1. 1919). Held in S. F. — $44,000. Reserved for Ext. — $1,287,000. Denomination — Coupon, $1,000. Registerable as to principal and fully registerable. Reg- istered, $1,000. C. and B. interchangeable. Trustee — Northwestern Trust Co., St. Paul. Redeemable as a whole or in part by lot at 102% and interest on any interest date after August 1, 1921. Sinking Fund — Semi-annually, beginning Feb- ruary 1, 1917, one-half of one per cent of outstanding bonds, plus interest on bonds re- tired, for the purchase of bonds at market up to February 1, 1922, and thereafter for the purchase or redemption of bonds at not over 102% and interest. It is estimated that this fund will retire two-thirds of the total issue by maturity. 762 Org:anization and Control — Incorporated in Minnesota in 1883. Capital stock authorized, $300,000; outstanding, $6;i,000. The stock is owned equally by the following companies : Great Northern Railway Co., Northern Pacific Railway Co., Minneapolis, St. Paul & Sault Ste. Marie Railway Co. , Chicago, St. Paul, Minneapolis & Omaha Railway Co. ► Chicago, Milwaukee & St. Paul Railway Co., Minneap- olis & St. Louis Railroad Co., Chicago & Great Western Railroad Co., Chicago, Rock Island & Pacific Railway Co. and Chicago, Burlington & Qulncy Railroad Co, Secured by a first mortgage on all the prop- erty of the company, including about 660 acres of land, improved with warehouses, freight houses, etc. ; trackage, nearly all within the city limits of Minneapolis and St. Paul; also 19 locomotives. The transfer yards comprise 210 acres in the heart of the industrial dis- trict, traversed by 102 miles of main and in- dustrial railroad tracks. The remaining 450 acres comprise right-of-way and trackage sites along the company's ten-mile "Belt Line," and other lines, radiating to important industrial points. The company handles a large portion of the transfer business in the "Twin Cities." Original Market — Offered August, 1916, by William A. Read & Co., New York, etc., at 102 and Interest. Alarket. New York — John Davenport, F. J. Lisman & Co., Chas. W. Place. Chicago — ^Kean, Taylor & Co. St. Paul — Kalman, Matteson & Wood. FhUadelphia — ^H. D. Boenning & Co., S. K. Phillips & Co. Minneapolis — Minnesota Loan & Trust Co. liOalsTiUe — J. J. B. Hilliard & Son. Price Range. Jan. 1, '17 to Jan. 1. '19 X918 Bid Ask Bid Ask High.102 '17 93 Oct. 95 Oct. Low. 90 '18 95 '18 90 Nov. MINNESOTA UTELITTES CO. Ist 5b. Due $15,000 annually from Jan. 1, 1931, to Jan. 1, 1931, inclusive, and ^41.900 Jan. 1, 1932. Dated Jan. 2, 1917. Interest payable Jan. 1 and July 1. in Minneapolis. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Minnesota. Authorized — $1,500,000. Outstanding — $714,600 (June 2, '19). Retired by S. F. — $2,300. Additional bonds Issuable for 70% of cost of extensions, etc., when net earnings for the preceding twelve months are at least twice interest charges on bonds outstanding and to be issued. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — The Minnesota Loan & Trust Co., Minneapolis. Redeemable at 102 and interest on any In- terest date on 60 days' notice. Improvement and Sinking Fund — $15,000 a year for three years, a total of $45,000 before -Jan. 1, 1920, to be expended for extensions, etc., for which no bonds shall be issued or for the purchase or redemption of these bonds. With reference to $1,025,000 extension bonds that may be hereafter issued the company shall deposit with the trustee on Jan. 1 of each year 3% of extension bonds outstanding for the purchase or redemption of longest maturity bonds. Organization — Incorporated in Minnesota Jan. 1, 1917. Authorized Outstanding Capital Stock $1,000,000 $650,000 Secured by a first mortgage on steam power plant in Chisholm, capacity, 2,600 k. w ; steam power plant in Bveleth, capacity, 550 k. w.. together, with, about 60 miles of trans- mission lines, and central steam heating plant in Eveleth. The company distributes electric current in Cl;isholni, Eveleth, Coleraine, Bo- vey, Taconite, Marble, Calumet, Spina and Kinney, Minn. Population served, 30,000. Franchises in more important instances extend beyond the maturity of these bonds. In Eve- leth and Chisholm franchises extend to 1936, the latter being subject to the right of the city to purchase at five year intervals. Year ended Dec. 31: Gross Net Interest 1918 $244,969 $80,923 $3 4,548 1917 199,203 75,831 23,849 1916 156,420 75,005- Original Markei^— $475,000 offered Feb., 1917, by the Minneapolis Trust Co., Minneapolis, at price to yield 5^%. Market. Minneapolis — Minnesota, Loan & Trust Co. MINNESOTTA VAI.IJEY POWER CO. Ist 6s, Due Feb. 1, 1935. Dated Feb. 1, 1915. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Outstanding — $209,000 (May 1, '19). Retired by S. F. — $5,000. In Treasury — $86,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Minneapolis Trust Co., Minneapolis. Minn. Redeemable at 105 and Interest. Sinking Fund — $2,000 per year from 1918 to 1931, and $3,000, 1932 to 1935, to be invested in permanent improvements and extensions or in bonds for sinking fund; and $1,000 bonds an- nually on each Jan. 1 in 1917 and 1918 and $2,000 from 1919 to 1922, are to be retired In addition. Organization — Incorporated in South Dakota in 1915. Management — ^H. M. Byllesby & Co., Chi- cago. Controlled through stock ownership and op- erated since June 1, 1917, by the Northern States Power Co. Secured by a first mortgage on hydro -electric and steam generating plants, 75 miles of trans- mission lines, and distribution systems supply- ing electricity in Montevedio, Sacred Heart, Raymond, Wegdahl, Clara City and Renville, Minn. Population served, 10,000. Famings — See Northern States Power Co. Original Market — Offered in July, 1915, by Minneapolis Trust Co., Minneapolis, Minn., at par and interest. Market. Minneapolis — "Wm. W. Eastman & Co. MISSISSIPPI CENTRAL RAILROAD CO. Is* 5s. Due July 1, 1949. — P. Dated July 1, 1909.-' Interest payable Jan. and July 1, at Callaway, Fish & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction., . Authorized — $10,000,000. OutstandincT — $3,656,500 (Jan 1, 1919). Held in Sinking Fund — $443,000. 763 Reserved for Ext. — $5,900,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date. Sinking Ftind — Beginning July 1. 1912, $300 per annum for each completed mile of road, not including sidings and switches, for the pur- chase or redemption of these bonds at not ex- ceeding 110 and interest. Bonds to be kept alive in sinking fund and interest added to the fund. Guaranteed as to principal and interest and sinking fund payments by the United States l WAY CO. 1st 5s. Due Jan. 1, 1956. Dated Jan. 1, 1906, Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Information not available. Authorized and Outstanding — $600,000. Denomination — Coupon, $1,000. Reglsterable as to principal.. Trustee — Fidelity Trust Co., Kansas City, Mo. Organization — Incorporated In Kansas in 1904 under general railroad laws. Present name adopted in 1905. In 1908 receiver ap- pointed and discharged in 1909 without reor- ganization. Motive power was originally gaso- line and was changed to electricity in 1908. Secured by a first mortgage on 20 miles of Interurban road from Kansas City, Mo. , to Olathe, Kan. Enters Kansas City over tracks of the Metropolitan Street Ry. Except in mu- nicipalities the road is built on private right- of-way. Year ended Dec. 31 Gross Net Interest 1917 $115,049 $37,745 Ori^nal Market — First offered in 1906 by Swartwout & Appenzellar, New York. MISSOURI & NORTH ARKANSAS RAIL- ROAD 6% Receiver's Certfs. Due May 1, 1921.— N. Dated May 1, 1918. Interest payable May 1 and November 1, at Mercantile Trust Co., St. Louis. Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $2,500,000. Outstanding — $2,062,750. , Denomination — Coupon $250 and $1,000. Redeemable as a whole at 102 and interest. Organization — Incorporated in Arkansas In 1906 for 50 years. Placed in receiver's bands in April, 1912. Secured by a first mortgage on 337 miles of road from Neosho to Wayne, Mo., and Selig- man. Mo., to Helena, Ark. The company has trackage rights from Neosho to Joplin, Mo., 20 miles, and from Wayne to Seligman, nine miles. Underlies— $8,340,000 1st 4s, all of which are deposited as security for $6,000,000 Alle- gheny Improvement Co. notes, due 1911, but in default. Year ended Dec. 31 Gross Net Int. & Rent 1917 $1,417,969 $265,198 $177,194 1916 1,310,935 313,824 262.696 Original Market — $1,237,500 offered in June, 1915, at par and interest by Francis Bro. & Co., A. G. Edwards & Sons. G. H. Walker & Co., Whitaker & Co. and the Mercantile Trust Co., all of St. Louis, Mo. Market. St. liouis — ^Francis Bros. & Co. l^nSSOURI & SOUTHEASTERN UTILITIES CO. 15-Year 1st S. F. 6s and 6s. Doe March 1, 1930.— F. Dated March 1, 1915. Interest payable March 1 and September 1, at P. W. Brooks & Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction Pennsylvania State tax refunded. Authorized — $1,500,000. Outstanding — $495,000 6s; $32,000 6s. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustee — Logan Trust Co., Philadelphia.. Redeemable — 6s on any interest date at 105 and interest; Bs at 103 and interest. Sinking Fund — 1% per annum of bonds out- standing on March 1 from 1920 to 1924, and 1%% thereafter, to be applied to the purchase of bonds at not exceeding 105 and interest for 6% bonds and 103% and Interest for 5% bonds If any are issued. If not so purchasable, bonds are to be called. Organization — Incorporated in Arkansas In 1915. Secured by a first mortgage on plants supply- ing electrlcljty, water and artificial Ice in Blythevllle, Rector and Piggott. Ark., and Ken- nett, Hayti and Carruthersville, Mo., serving a population of 16,000. Franchise in Blythe- vllle expires In 1928, a 20-year renewal Is be- ing secured. Franchises In Kennett and Car- ruthersville expire In 1935. Year ended Dec. 31 Bond Gross Net Interest •1918 $184,294 $48,805 $31,300' 1917 173.956 52,357 31.300 1916 166,551 58,149 30,945 1915.... 141.057 47.099 30,945 •Year ended June 30. Original Market — Offered in April. 1915, by P. W. Brooks & Co.. New York. Market. Philadelphia^H. D. Boenning & Co., S. K. Phillips & Co. New York — Kiely & Horton. St. Louis — Herrick J. Gray & Co. Boston — McConnell & ,Co. Portland. Me. — Beyer & Small. . Price Range (6s) 191»— Ask 90-98. 766 MISSOURI-EDISON EI^GTRIC CO. (ST. LOUIS, MO.) 1st Cons. 6&. Due Aug. 1. 1927.— F. Dated Feb. 1, 1897. Interest payable Feb. 1 and Aug. 1, at National Bank of Commerce, St. Louis, Mo., or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,198,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Control — Absorbed in 1903 by the Union Electric Light & Power Co, of St. Louis, which latter company virtually controls the electric lighting and power business in St. Louia, Mo., and is a subsidiary of the North American Co. Secured by a mortgage on all the property formerly belonging to the Missouri-Edison Electric Co. and comprising and Important part of the electric distributing system in St. Louia. Franchises are either unlimited as to time or extend to 1940. Prior liien — $600,000 Missouri Electric Light & Power Co. 2d (now 1st) 6s of 1921. Underlies — Union Electric Light & Power 1st 6a of 1932 and Ref. & Ext. 5s of 1933. Bonds are reserved under the latter mortgage to re- tire this issue. Earnings — See Union Electric Lt. & P. Co. listed on the St. Louis Stock Exchange. Original Market — Offered in 1899 by N. W. Harris & Co. and Spencer Trask & Co., New York, Chicago and Boston. Market. St. liOuis — Herrick J. Gray & Co.. Whitaker & Co., Bowman, Cost & Co., Mercantile Trust Co., Walter B. Orthwein, G. H. Walker & Co., Stifel. Nioolaus Inv. Co., Stix & Co., A. G. Edwards & Sons. E. A. Gessler. Pliiladelphia — H. Boenning & Co. Now York — Kiely & Horton, B. & C. Ran- dolph, Berdell Bros., Spencer Trask & Co. Baltimore — Makubin, Goodrich & Co. Chicago — Harris Trust & Savings Bank, Babcock, Rushton & Co. ^' Wilmington — Laird & Co. Providence- -Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1, '1» 1918 Bid Ask Bid Ask High.100% '11 102 '17 95 Feb. 98 Jan. Low. 91 '18 93^^ '18 91 May 93% May Chicago — Babcock, Rushton & Co. Baltimore — Mackubin, Goodrich & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Ask Hlgh.110% '09 112 '10 102 Jan. Low. 99^^ '17 102 '17 MISSOURI ELECTRIC LIGHT & POWER CO. 2d (now 1st) 6s. Due May 1. 1931. — N. Dated May 1, 1891. Interest payable Feb. 1, May 1, Aug. 1 and Nov. 1, at National Bank of Commerce. St. Louis. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding— $600,000. Denomination — Coupon, $1,000. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Control — Merged with the Union Electric Light & Power Co. of St. Louis Secured by a first mortgage on plant sup- plying electricity to a part of St. Louis. Mo. Underlies — Mo. -Edison Electric Co. 1st Cons. 5s of 1927: Union Electric Light & Power Co. 1st 5s of 1932, and Ref. & Ext. 5s of 1933. which latter mortgage provides for the retire- ment of this issue. Earnings — See Union Electric Light & Power Co. Market. St.- lio'uis— Herrick J. Gray & Co.. Walter E. Grthweiii, Whitaker & Co., A. G. Edwards & Sons, E. A. Gessler, Stix & Co. MISSOURI, KANSAS & EASTERN RAILWAY CO. 1st 6s. Due April 1, 1943.— F. Dated April 1, 1892. Interest payable April and Oct. 1, at company's office, 61 Broadway, New York. Default — Oct. 1. 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $4,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Exchangeable for M. , K. & T. St. Louis Div. 4s of 2001 at the rate of three of this issue for four St. Ijouis Div. 4s. Assumed by the Mo., Kan. & Texas Ry. Co. at consolidation. Protective Committee — Jno. W. Stedman, Chas. B. Chase, G. Herman Kinnicutt. Bdw. W. ^Tilligran and Chas. B. Woodward. De- positary. Columbia Trust Co. , New York. Control — ^Absorbed by the Missouri, Kansas & Texas Ry. Co. In hands of receiver. Secured by a first mortgage on 161.70 miles of road from Franklin Junction, Mo., to Mach- ens, Mo. ; and also the following equipment: 12 locomotives, 9 coaches, 4 baggage cars, 73 refrigerator cars, 9 automobile cars, 71 furni- ture cars, 51 fiat cars, 1 box car, 6 caboose cars, 1 comb, caboose, 1 convoy car, 1 outfit car; 2 shop cars and 2 truck cars. Underlies — M., K. & E. 2d 5s: M.. K. & T. 'St. L. Div. 4s; M., K. & T. Gen. 4i/4!S and Cons. 5s. Bonds are reserved under the M., K. & T. Ry. Co.'s St. Louis Div. 1st Mortgage to retire this issue. Listed on the New York Stock Exchange. ?ilarket. New York — ^^Sam'l Goldschmidt, Callaway, Pish & Co. , Seasongood, Haas & Macdonald, Baker. Carruthers & Pell, F. J. Lisman & Co., W^m. C. Orton. Philadelphia — E. B. Smith & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. '1919 1918 High. 11 6 Feb. 8. '06 53 Nov. 1 Low. 36 Apr. 17, *18 36 Apr. 17 MISSOURI, KANSAS & EASTERN RAILWAY CO. 3d 5s. Due April 1, 1942,— F. Dated April 1, 1892. Interest payable April and Oct. 1, at company's office, 61 Broadway,' New York. Default— Interest is in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $58,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New Tork. Exchanseafole for M., K. & T. Ry. St. Louis Div. 1st Ref. 4s at the rate of $300 of this issue for $400 St. L. Div. 4s (in default). Ast^iumed at consolidation by the M., K. & T. Ry Co. Control — Absorbed by the Missouri, Kansas & Texas Ry. Co. Secured by a second mortgage on 161.70 miles of road and equipment covered by the first lien of the M., K. & E. 1st 5s (see above). 767 Prior liieii — $4,000,000 M., K. & B. Ist 5s. IJnidlerlies — M., K. & T. St. L. Div. 4s: M., K, & T. Gen. 4'^s and Cona. 4s. Bonds are reserved under the M., K. & T. Ry. Company's St. Louis Div. 1st mortgage to retire this issue. Market. New York — Hartshorne & Battelle. MISSOURI, KANSAS & OKLAHOMA RAIL- ROAD CO. 1st 5s. Due May 1, 1942. Dated May 1, 1902. Interest payable May and Nov. 1, at company's office, 61 Broadway, New York. Payment of Interest — Interest is being paid six months after it is due. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $5,468,000. Denomination — Coupon, $1, 000. Registera- ble as to principal. Trustee — Central Union Trust Co., New York. Assumed by the M-, K. & T. Ry. Co. Guaranteed as to principal and interest by the Mo., Kan. & Texas Ry. Co. by endorse- ment. Protective Committee — John W. Flatten, D. G. Geddes, S. K. Johnson, W. W. McClench. James Timpson, with C. H. Murphey, Secre- tary, and U- S. Mortgage & Trust Co., -.New York, Depositary. Control — Absorbed by the Missouri, Kansas & Texas Ry. Co. Secured by a first mortgage on 270.74 miles of road, viz. : Miles Oklahoma City to South Cotteyville, Okla 168.45 Pallis to Guthrie, Okla 22^93 Osage Jet. to "Wybark. 79.36 Underlies — M.. K. & T. 1st & Ref. 4s; Gen. 4%s and Cons. 5s. Bonds are reserved under the M., K. & T. Ry. Company's 1st & Ref. and Consolidated mortgages to retire this is- sue. liisted on the New York Stock Exchange. Original Market — $2,500,000 offered at 100 and interest in Sept., 1902, by Mason, Lewis & Co., Chicago. Market. New York — Sam'l Goldschmidt. F. J. Lis- noan & Co. , Miller & Co. . Baker, Carruthers & Pell, Wm. C. Orton, Chas. W. Pace. W. C. Phiadeiphia— J. W. Sparks & Co., H. D, Boenning & Co., Warren A. Reed. Price Range — N. Y. S. E. Jan. 1, 190G to Jan. 1, 1919 1918 Coupon. High.112 Feb. 2, '09 73% Nov. 30 Low. 50 Apr. 6. '16 60 Sept. 16 Stamped Ctfs. of Dep. High.60 Oct. 14, *18 Low. 56 May 24, '18 MISSOURI, KANSAS & TEXAS RAILWAY COMPANY. Incorporated in Kansas in 1865 and present title adopted in 187 0. The company owns 1,663 miles of road from Texas Jet., 24 miles from St. Louis, Mo. , and Hannibal, Mo. , to Paola, Kan., 43 miles from Kansas City, Par- sons. Kan. ; Oklahoma and McAlester, Okla. , and the Red River, near Denison, Tex., with branches to Junction City, Kan., Joplin, Mo., and other points The M., K. & T. Ry. Co. of Texas, organized under laws of Texas in 1891. Also leases and operates the lines of the Texas Central Ry. Co. and several minor companies in Texas, owning 1,119 miles of road, leasing 494 miles and operating 179 miles under trackage rights, including lines from the Red River, via "Wichita Falls to Oklahoma-Texas Line near Loveland, Ft. Worth, Tex., to Houston, Austin and San Antonio, Texas; Waco to Rotan, Tex.; Weldon to Livingston, Tex. ; Trinity to Colmeeneil. Tex.; McKinley, Tex., to Shreveport, La., and other branches. The total mileage operated by M., K. & T. lines is 3,865, of which 261 miles are trackage. The Missouri, Kansas & Texas Ry. Co. has outstanding $13,000,000 4% non-cumulative preferred stock and $63,300,300 common stock. Dividends on the preferred stock were inaugu- rated in 1906 and the full dividend was regu- larly paid from that year to May, 1914, when dividends were discontinued. No dividends have been paid on the common stock. The M., K. & H. Ry. Co. and the other companies operated by it have outstanding bonds secured on their railway properties at the rate of $36,905 per mile. Receivership — Sept. 27, 1915. Charles E. Schaff, president of the company, was ap- pointed receiver. - As of April, 1918, no re- organization plan had been published. Year ended Dec. 31 Gross Net Int. & Rent 1917.. $43, 344, 150 $8,875,320 $7,495,747 1916. , 36,733,682 6,192,967 7,327,600 1915. . 32,453,462 8,405,661 7,888.671 MISSOURI, KANSAS & TEXAS RAILWAY CO. 1st 4s. Due June 1. 1990.— N. Dated June 1, 1890. Interest payable June and Dec. 1 , at company' s office, 6 1 B' way. New York. Payment of Interest — Interest on undepos- ited bonds is being paid six months after it i s due. Dec. 1, 1918, interest was paid on and after Dec. 2, 1918, on Certificates of De- posit, and on May 31, 1919, on undeposited bonds. After six months default in interest holdters of a majority of the bonds may de- clare the principal immediately payable. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $40,000,000. Outstanding — $39,999,500. Denomination — Coupon, $500 and $1,000. - Registerable as to principal. Substituted Trustee — United States Trust Co. of New York. Protective Committee — W. Church Osborn, chairman; Paul G. Tomlinson, secretary, 45 Wall St.. New York. Depositors' — United States Trust Co. , New York. Secured by a first mortgage on 1,114.78 miles of road and by a collateral lien on 468.10 miles, viz.: A first lien on 1,114.78 miles — Miles Hannibal, Mo., to Texas State Line.. 572.49 Parisons to Jet. City, Kan 157.51 Holden, Mo., to Paola, Kan 53.59 Atoka to Lehigh, Okla 8.73 McAlester to Osage Coal Mines, Okla. 4.61 Texas State Line to Gainesville, Texas •45.68 Ft. Worth to Taylor, Texas *160.25 Denison to Minneola. Texas ^104 . 83 Echo to Belton, Texas *7.09 *Now owned by the M., K. & T. of Texas. A first collateral lien on 468:10 miles Call in Texas) — Taylor to Boggy Tank 82.76 Lockhart to San Marcos 13.60 Gainesville to Henrietta 71 . 28 Dallas to Greenville 52 . 43 Trinity to Colmesnell 66.31 McKinney to Wascom 181.72 768 The collateral deposited represents entire amounts outstanding except from McKinney to Wascom covered by the Sherman, Shreve- port & Southern Ry. Co. lat 5s of 1943, $2,- 000,000 deposited and $1,689,000 outstanding. All the collateral property is owned by the M., K. & T. Ry. of Texas. Also secured by deposit of practically the entire $10,000,000 Capitol Stock of the M. K. T. Ry. Co. of Texas. Also a first lien on the following equipment: 198 locomotives, 7 chair cars. 44 coaches, 17 comb, coach and mall cara, 1 comb, coach and baggage car, 27 baggage cars, 8 comb, baggage and mail cars, 5 postal cara, 6 mail cars, 140 refrigerator cars, 103 automobile cars. 1 furniture car. 173 stable cars. 112 cotton cars, 2 comb, caboose cars, 1 concrete car, 3 gaa transport cars, 8 locomotive cranes, 6 outfit cars, 1 Co. service coach. 1 supply car, 11 truck cars, 1.574 coal cars. 610 flat cars, 2,879 box cars, 180 caboose cars, 4 private cars, 121 cinder cars. 40 tool cars, 4 derrick cara, 4 ditchers, 2 pile drivers, 10 convoy cars, 2 spreaders, 1 Lidgerwood, 4 wreckers, 36 shop cara, 2 tool and water cars, 1 tool and rail car, 1 work caboose, 2 board- ing cars, 3 convict cara, 1 scale outfit car, 12 rail and tie cars, 2 rail and truck cars, 1 water tank. 4 blocking cars, 1 tool-bunk car. 3 water cars. TTnderlies — 2nd 4s of 1990; Gen. 4 % s of 1936 and Cons. 5s of 1940. Listed on the New York and London Stock Exchanges. Market, New York — Miller & Co., F. J. Llsman & Co., Hanson & Doyle. Newburger, Henderson & Tjoeb, Coffin & Co., Seasongood, Haas & Macdonald, Vilas & Hickey. Philadelphia — Newburger, Henderson & Loeb. Thos. A. Biddle & Co. Price Range— N. Y. S. E. Jan. 1, 1908 to Jan. 1, 1919 1918 High,103 Jan. 22, '06 74 Nov 2 IjOW. 56% Dec. 20, '17 60% Apr. 17 MISSOURT, KANSAS & TEXAS RAII.WAY CO, 2nd 48, Due Jane 1, 1990.— N. Dated June 1, 1890. Interest payable Feb. and Aug, 1, at Company's office, 61 B'way, New York. Default— Feb, 1, 1916. Tax Stains — ^Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $20,000,000. Denomination — Coupon, $ 5 and $1,000. Reglsterable as to principal. Trustee — Bankers' Trust Co., New York. Protective Committee — B. G. Merrill, Chair- man; G. K. B. "Wade. Secretary; 80 B'way, New York. Depositary, Central Union Trust Co.. New York. Foreclosnre Suit — ^Filed Feb. 13, '17. In the U. S. Dist. Court, Dallas, Tex. Secured by a direct or collateral lien on the property covered by the 1st 4s and subject to the lien thereof. Prior liiens — $40,000,000 M., K. & T. 1st 4s of 1990 and prior liens. Underlies — Gen. 4Hs and Cons. 6s. I^isted on the New York Stock Exchange. Market. New York — ^A. B. Fitkin & Co.. Season- good, Haas & Macdonald. Hartshome & Bat- telle, Wm. C. Orton. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. I, 1919 1918 High.92% Jan. 29, '06 37 Nov. 2 Low. 28 Apr. 1. '18 28 Apr. 1 Ctfts. of Dep. High 50 Jan. 13, '17 28% Dec. 26 Low. 25 May 13, '18 25 May 13 MISSOURI. KANSAS & TEXAS RABLWAY CO. 1st Ext. 5s. Due November 1, 1944. Dated November 1, 1894. Interest payable May and Nov. 1, at company's office, 61 B'way. New York. Default — Nov. 1, 1915, and subsequent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,253,000. Denomination — Coupon, $1,000; may be reg- istered as to principal. Trustee — Central Union Trust Co., New York. Protective Committee — J. W. Flatten, F. H. Ecker, J. H. Mason, with C. H. Murphey, sec- retary, 55 Cedar St., New York. Depositary, United States Mortgage & Trust Co., New York. Secured by a first lien on 166 miles of road, viz. : Miles Cherokee Jet. to Joplin, Kan 57.90 Kansas City Jet. to Holden, Mo...' 32.90 Walker to Eldorado Springs, Mo 14.06 Moran to lola, Kan 15.34 Near McAlaster to Wilburton and Branches 25,97 McBain to Columbia, Mo 8,50 North JefCerson to Jefferson City, Mo. 1.15 Edwards Branch, Okla 4.44 Coalgate, Okla., to Mines 3.60 Johnsonville, Okla., to Mines (Brewer). 2.14 Also secured on the following eauipment: 9 locomotives and 100 coal cars. Underlies — 1st & Ref. 4s; Gen. 4%s and Cons. 5s. Bonds are reserved under the 1st Ref. and Con sol. mortgages to retire thia issue. Listed on the New York Stock Exchange. Original Market — First offered by H. W. Poor & Co., New York, and Mason, Lewis & Co. (now Lewis Bros. & Co.), Boston. Market. New York — F. J. Lisman & Co., Wm. C. Orton. Baker, Carruthers & Pell. Pittsburgh — ^Wm. P. Lemley & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.109'^ Feb. 17. '09 32 Sept. 6 Low. 26y8 June S. '17 32 Sept. 6 MISSOURI, KANSAS & TEXAS RAILWAY CO. ST. LOUIS DIVISION 1st Ref. 4s. Due Apr. 1, 2001.— F. Dated April 1. 1901. Interest payable April and Oct. 1, at company's office, 61 B'way, New York. Default— April 1, 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $1,924,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — ^Farmers' Loan & Trust Co., New York. Protective Committee — B. S. Marston, Chair- man; Augustus V. Heely, Secretary, 22 Will- iams St.. New York. Depositary, Farmers' Loan & Trust Co , New York. Secured by a third mortgage on 161.7 mllea of road from Franklin Jet,, Mo., to Machena. Mo. For further details of this mileage see M.. K. & E. Ry. 1st 5s of 1942. Prior Lien— $4,058,000 M., K. & E. lat 6s and 2d 5a of 1942. Underlies — Gen. 4%s of 1936 and Cons. 5s of ■1940. Bonds are reserved under the Consoli- dated mortgage to retire this issue. listed on the New York Stock Exchange. 769 Market. Xew York — Sam'l Goldschmidt, P. J. Lis- man & Co., Hanson & Doyle, Harris. "Win- throp & Co. , Coffin & Co. , Baker, Carnith- ers & Pell, Hartshorne & Battelle, Wm. C. Ofton. Chicago — Harris, "Winthrop & Co. Price Range — ^N. Y, S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 Ask High.94 Feb. 13, '06 40 June Low. 37 Aug. 1, '16 30 Oct. MISSOURI, KANSAS & TEXAS RAII.WAY CO. iBt and Ref. 4s. Dae September 1, 3004.— F. Dated September 1, 1904. Interest payable March and Sept. 1 , at company' s office, 6 1 B'way, New York, and at company's agencies in London, Berlin and Paris. Default — ^March 1, 1916. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorizefl — $40,000,000. Outstanding: — $9, 992, 000. Pledged under Consolidated Mortgage — $448,- 000. Reserved for Prior Liens — $12,037,000. Reserve«l for Ext. — $17,523,000. Denomination — Coupon, $1,000 or equivalent at a fixed rate in £ Sterling, Marks and Francs: exchangeable for bondg of a denomi- nation of one-half and one-^tenth thereof. Frac- . tional bonds not re-exchangeable. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Protective Committee — ^A. S. Hemphill, Chairman; Wm. C. Cox, Secretary, 140 Broad- way, New York. Depositary, Guaranty Trust Co., New York. Foreclosure Suit has bfien filed by the trustee under this mortgage. Secured by , a first mortgage on terminal property, lands and shops in Parsons, Kan.. Phillips, Okla., Kansas City, and Sfedalia, Mo. Also the following rolling stock acquired since June 1, 189 0, which is free from any other mortgage : 275 locomotives, 57 chair cars, 9 6 coaches, 10 comb, coach and mall cars, 1 5 comb, coach and baggage cars, 4 5 baggage cars, 7 comb, baggage and mail cars, 9 postal cars, 13 express refrigerator cars. 1 diner, 546 ventilated bo'x cars, 199 refrigera- tors, 48 vehicle cars, 207 automobile cars, ,„ 1,570 furniture cars, 30 stable cars, 666 coal and stock cars, 2,518 coal cars, 205 flat cars, 7,267 box cars, 81 caboose cars, 3 private cars, 1 airbrake instruction car, 145 cinder cars, 536 ballast cars, 6 tank-cars, 7 tool cars, 2 derrick cars, 3 ditchers. 1 pile driver, 1 board- ing car, 2 convict cars, 6 steam shovels, 3 steam inspection cars, 5 convoy cars, 2 spread- ers, 1 lidgerwood, 1 fuel dept. car, 2 steam wrecker cars, 1 weed burner, 1 scale testing car, 8 supply cars, 8 plow cars, 13 shop cars, 1 special baggage car, 1 comb, caboose, 1 truck car, 2 scale outfit cars, 1 rail and tie car, 2 blocking cars, 1 kitchen car for wrecker. Also secured by a second mortgage on 576.40 miles of road, viz. : Covered by the first lien of the follow- ing: M., K. T. 1st E3xt. 5s 166.00 M., K. T. Gen. 4%s 16.14 M., K. & O. 1st 53 270.74 Texas & Oklahoma R. R. 1st 5s 118.65 Denison & Washita Valley Ry. 1st 6s. 4.87 Prior Liens — $22,489,000 prior liens, viz.: M., K. T. Gen. 4^s of 1936 $10,421,000 M., K. T. 1st Ext. 5a of 1944 3,253,000 * M., K. & O. 1st 5s of 1942 5,468,000 Texas & Oklahoma 1st 5s of 1943.. 2,347.000 Denison & Washita Valley 1st 6s.. *1, 000,000 *A11 deposited under S. W._ Coal & Im- provement Co. Mtge. Underlies — Gen. 4%s and Cona. 5s. I" Feb. 1, 1965; Series *'B," Jan. 1, 1923; Series "C." Aug. 1. 1936. — N. Dated April 2, 1917, Interest payable Feb. 1 and Aug 1, at Company's office, in New York. Tax Status—Payment of Federal Income Tax not assumed by company. *AuthorizecI — $450,000,000. tOatstanding — $46,923,000; $24,238,000 A; $13,641,000 B and $9,044,000 C tMarch 19, 1919). Reserved to Retire Existing Prior Liens — $127,109,500. Reserved to Retire iEQuipment Obligations — $2,937,000. Reserved to Aid in RetLring Prior Liens (Except Cons. 6s), Equipment Obligations and Bonds of Series B and C, Whenever Bonds of This Issue Must Be Sold at Less Than Par — $11,500,000. •Unless increased by consent of a majority of the stockholders, and further limited to a total issue, together with all outstanding prior liens, after deducting bonds reserved under this indehture to retire prior liens, not ex- ceeding three times the outstanding capital stock and so that the principal amount of bonds outstanding and those reserved for re- funding shall not exceed three times the out- standing capital stock. tAdditional bonds issuable for corporation purposes acquisitions, extensions, etc., under specific provisions. Denominations — Coupon, $B00 and $1,000. Registerable as to principal and fully register- able. Registered, $500. $1,000, $5,000 and $10,000, C. & R. Interchangeable. Trustees — Guaranty Trust Co., New York, and Benjamin F. Edwards. Redeemable as a whole only on 90 days' notice,, as follows: Series A at 107% and interest on Feb. 1, 1921, or any interest date thereafter : Series B and C on any interest date at 100 and interest. Organization — Incorporated March, 1917, as successor to the . Missouri Paciiic Ry. Co. (foreclosed) and the St. Louis, Iron Mountain and Southern Ry. Co. (formerly controlled through stock ownership). Also owns 30% of the capital stock of the Denver & Rio Grande R. R. Co. and $23,703,000 2nd income Bonds of the Texas & Pacific Ry. (deposited). Secured by a direct mortgage on 6,690.66 miles of road, viz. ; A first lien on 2,194.41 miles — Miles Kan. City, Mo., to S. "W. Jet. (near Paola) Kan 47,7a Ottawa, Kan., to Pueblo, Colo 541.74 Gypsum City to Marquette, Kan 42.41 Geneseo to Kanopolis, Kan 14.16 Hoislngton to Great Bend, Kan 10.01 Ft. Scott to Kiowa, Kan 244.30 Eldorado to McPherson, Kan 62.40 West Wichita to Geneseo, Kan 86.57 Nassau Jet., Mo., to Lamed, Kan. . . .345 .77 Caney, Kan., to State Line 1.52 Dexter to Arkansas City, Kan 24.97 Olcott to Inka, Kan 20, 09 Rich Hill, Mo,» to Ft. Scott, Kan 26.27 Ft. Scott (Walnut St,) to Cornell, Kan. 3 0.? 7 Ft. Scott to Topeka, Kan 131.00 Alton to Stockton, Kan 18.25 Warwick. Kan., to Prosser, Neb 73.00 Carthage Jet. to Asbury. Mo 17.96 Joplin to Grand Falls. Mo 4.59 Oronogo to Webb City, Mo 3,38 Webb City to Mears Mine. Mo 23 . 24 Sedalia to Warsaw, Mo 43.23 In St. Louis. Mo. (Tower Grove Sta. to Ivory Ave.) 6.30 773 Antoine to Womble, Ark 40.12 Near Gurdon to Near Smithton, Ark.. 1.24 Pelsenthal, Ark., to Monroe, La 43.44 Litre to Farmerville, La 22. 59 In Vidalia. La . 52 Red River to Lake Charles, La 97.93 In Lake Charles, La 3.40 Hot Springs, Ark., to connection with Little Rock and Hot Springs West- ern R. R 1.61 Concordia to Wildsville Jet., La 14.70 Omaha Southern Jet. to Gilmore Jet. , Neb 25.44 Neb. City Jet. tb 3.42 miles south of Neb. City, Neb 16.12 Portal to Summit Jet. (So. Omaha), Neb 16.17 Talmage to Crete, Neb. 58.18 Weeping Water to Lincoln, Neb 33.92 A second lien on 2,716.12 miles — Covered by the first lien of the follow- ing: Missouri Pac. Coas. 1st 6s 662.24 Leroy & Caney Valley Air Line 1st 5s. 51. -78 Central Branch Ry. 1st 4s 288.18 Verdigris Valley, Independence & West- ern 1st 5s 84.24 Central Branch Union Pac. Ry. 1st 4s.. 100. 01 St. Louis, Iron Mt. & Southern Ry. Unif. & Ref. 4s 611.46 St. Louis, Iron Mt. & So. Ry. River & Gulf Div. 4a 772.00 St. L., Iron Mt. & So. Ry. Gen. Cons. & Land Grant 5s, Pine City to Brink- ley, Ark 23.01 Helena to Clarendon, Ark 47.57 Pine Bluff & Western 1st 5s 44.23 Little Rock & Hot Springs Western 1st 4s 31.40 A third lien on 1,482.35 miles — Covered by the first lien of the follow- ing: Missouri Pac. Lexington Div. 5s 54.82 St. Louis, Iron Mt. & So. Ry. Gen. Cons. & Land Grant 5s 1,427.53 A fourth lien on 12.55 miles — Covered by the first lien of the Pac. R. R. of Mo., Carondelet Branch 4%s.. 12.55 A fifth lien on 285.23 miles — Covered by the first lien of the Pac. R. R. of Mo. 1st Ext. 4s 285.23 Also secured by deposit of the following securities : Bonds, Deposited Issued Missouri Pac. Ry, Cons. 1st 6s, 1920.. $9,064,000 $14,904,000 Cent. Br. Union Pac. Ry, 1st 4s. 1948 868,000 2,500.000 Cent. Br. Ry. 1st 4s, 1919 3,316,000 3,459,000 Missouri Pac. Ry. Lexington Div. 5s. 1920 434.000 650.000 Le Roy & Caney Val- ley Air Line R. R. 1st 5s, 1926 514,000 520,000 Iron Mt. R. R. of Memphis 1st 6 s, 1920 500,000 St, Joseph & Cent. Br. Ry. Demand Notes 702,766 $15,398,766 $22,033,000 Stocks. Baring Cross Bridge $150,000 Cairo & Thebes R. R 9,300 Edgewater & Connecting Ry 99,500 Edgewater Terminal R. R 79,600 Ft. Smith Suburban Ry 45,600 Iron Mt. R. R. of Memphis 700 Natchez & Southern Ry 246,600 Natchez & Louisiana Ry. Transfer Co. -49,500 St. Joseph & Central Br. Hy 26,000 Union Ry. (of Memphis) 77,480 $784,080 Prior Liens — $132,933,500 prior liens as fol- lows: Missouri Pac. Ry. Cons. 1st 6s, 1920 $6,840,000 Pine Bluff & West. R. R. 1st Ss, 1923 880,000 Verdirris Valley, Independence & Western 1st 6s, 1926 806,000 St. Louis, Iron Mt. & So. Ry. Unif. & Ref. 4s, 1929 30,661,000 St. Louis, Iron Mt. & So. Ry. Cons. & Land Grant 6s, 1931 43,102,000 St. Louis, Iron Mt. & So. Ry. River & Gulf Div. 4s, 1933 34,648,000 Pacific R. R. of Mo. 1st Ext. 4s, 1938 6,996,000 Pac. R. R. of Mo. -St. Louis City R. B. 6s. 1938 800.000 Pac. R. R. of Mo. 2d Bxt. 6s, 1938. 2,673,000 Missouri Pac. Ry. 3d Bxt. 4s, 1938. 3,828,000 Pac. R. R. of Mo.-Carondelet Br. 4%s, 1938 237,600 Little Rock & Hot Springs Western R. R. 1st 4s, 1939 1,140,000 Cent. Br. Union Pac. Ry. 1st 4s, 1948 1,632,000 Note. — Bonds of the following issues are beinir exchanged under readjustment plan and deposited hereunder: Central Br. Ry. 1st 4s, 1919; Missouri Pac. Ry. Lexington Div. 5s, 1920; Le Roy & Caney Valley Air Line R. R. 1st 5s, 1926. Bonds are reserved under this mortgage to retire the above issues. Underlies — Gen. 43 of 1975. Year ended Dec. 31 Int., Gross Net Rent. Etc. 1917.. $78, 320.313 $22,299,877 $13,334,774 1916.. 69,972,812 16,970.526 16,011,617 1915.. 59,500,591 14,590,662 16,717,191 Note. — Reorganized company began opera- tions June 1, 1917. l/isted on New York Stock Exchange. Original Market — Underwritten by Kuhn, Lioeb & Co. and largely issued in exchange for bonds of reorganized company. Market. New York — Sam'l Goldschmidt, Seasongood, Haas & Macdonald, Wm. C. Orton, W. J. WoUman & Co., Moore & Co., Kean, Taylor & Co., Ambrose R. Clark & Co., John Muir & Co.. Redmond & Co.. Vilas & Hickey. Chicago — First Trust & Savings Bank, Kean, Taylor & Co. Fhiladelpiiia — Brown Bros. & Co. Price Bange— N. Y. S. E. Jan. 1. 1917 to Jan. 1, 191S 1918 Ser. "A." High 96 Feb. 2. '17 89% Nov. 16 Low. 79 Apr. 10. '18 79 Apr. 10 Ser. "B." High. .99% .Tan. 26, '17 96 Deo. 14 Low. 89% Nov. 30, '17 89% Sept. 13 Ser. "C." High.981^ Jan. 26, '17 94 Nov. 16 Low. 86% Dec. 10. '17 85% Aug. 26 Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $63,000,000. Outstanding — $61,350,000. Denominations — Coupon, $500 and $1,000. Registerabie as to principal. Registered, $600, $1,000, $5,000 and $10,000. C. & R. inter- changeable. Trustee — Bankers' Trust Co., New Tork, and Benjamin F. Edwards, St. Louis. Redeemable as a whole only on March 1, 1921, or any interest date thereafter at 100 and interest on 90 days' notice. Secured by a lien on all property which shall at any time be subject to the First Re- funding Mortgage, and subject only to the prior lien of the latter mortgage and the liens prior thereto. Prior Liens — $46,923,000 1st & Ref. 5s and the prior liens thereto Listed on the New York Stock Exchange. Earnings — See 1st & Ref. 5s. Original Market — Underwritten by Kuhn, Market. New York — ^Active on N. Y. Stock Exchange. Gliicago — Kean, Taylor & Co. Price Eange, 1917 — N. Y. S. E. Jan. 1, '17 to Jan. 1, '19 1918 High. 69 Dec. 7, '17 67 Nov. 8 Low. 62% Dec.^13, '17 66% Jan. 14 MISSOURI PACIFIC RAILROAD CO. Gen. 4s. Dne March 1, 1975. — N. Dated April 2, 1917. Interest payable March 1 and Sept. 1, at company's office, in New York. MISSOURI PACIFIC RAILWAY CO. Cons. 1st 68. Due Nov. 1, 1920. — N. Dated November 1, 1880. Interest payable May and Nov, 1. at Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $5,817,000 (March 19. 1919). Deposited under First & Ret. Mtge. — $9,087,- 000. Denomination — Coupon, $1,000. Principal may be registered. Trustees — John F. Dillon and Edward D. Adams. Secured by a direct mortgage on 1.106.94 miles of road. viz. : A first lien on 754.34 miles — Miles Jefferson City to Bagnell, Mo 46.07 Jefferson City (Colt Jet.) to Eton, Mo. 146. 49 Lake City to Independence, Mo 10.23 Pleasant Hill to Joplin, Mo 132.69 Paola to Ottawa, Kan 28.79 Osawatomie to Le Roy Jet., Kan 62.96 Kansas City, Mo., to Atchison (Third St.), Kan 46.37 itchison, Kan. , to Portal, Neb 148 , 65 Lake Jet. to Creve Coeur, Mo 11.99 Talmage to Crete, Neb 68.18 Weeping Water to Lincoln, Neb 33.92 Weeping Water to Omaha South Jet., Neb 26.76 Giencoe to Lime Kilns, Mo 4.00 Congo to Rock Creek, Mo 0.63 Marshall Jet. to Marshall, Mo 2,48 Lexington to Myrick, Mo 2.13 Warrensburg to Stone Quarries, Mo... 3.00 A second lien on 54.82 miles- Covered by the Lexington Div. 5s 64.82 A third lien on 12.65 miles — Covered by the Carondelet Branch Ext. 4%s 12.66 A fourth lien on 285.23 miles — Covered by the Pacific R. R. Co. 1st Ext. 4s 286.23 Prior Liens — $14,650,500 prior liens as fol- lows: Missouri Pacific Lex. Div. 6s. 1920. $216,000 Pacific R. R. of Missouri 1st 4s, 1938 6.996,000 Pacific R. R. of Missouri 2d 5s, 1938. 2,573,000 Pacific R. R. of Mo. Carondelet Branch 4%s, 1938 237.500 Pacific R. R. of Mo.-St. Louie Real Estate 5a, 1938 800,000 Missouri Pacific Ry. 3d 4s. 1938.... 3,828.000 Underlies — 1st & Ref. 5s, whicli issue pro- vides for the retirement of these bonds, and Gen. 4s of 1975. Ijisted on the New York Stock Exchange. Market. New York — ^Keyes, Haviland & Co., McKin- ley & Morris, Hanson & Doyle, Vickers & Pihelps, Bankers' Trust Co., Wm. C. Orton, Coffin & Co. , Beasongood, Haas & Macdon- aid, J. S Parlee & Co., Redmond & Co. Pittsburgh — ^Ward-Darley-Lupold Co., God- dard. Hunter & Co. Philadelphia — Chas. Fearon. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. X. 1919 1918 Hi&h.l25i^ Jan. 3, '06 100 Nov. 19 Low. 92% Sept. 2, '15 98 Sept. 11 MISSOURI PACIFIC RAILWAY CO. 3d Ext. 4s. Bue July 1, 1938. — N. Dated November 1, 1876. Extended Nov. 1, 1906, interest reduced from 7 % . Interest payable May and Nov. 1, at Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $3,828,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest upon four weeks' notice. Secured by a direct mortgage on 297.78 miles of road, viz. ; A second mortgage on 12.55 miles — Covered by the first lien of the Pac. R. R. of Mo, Carondelet Br. 4%s and- on real estate in the city of St. Louis, covered by the first lien of the Pac. R. R. of the Mo.. St. Louis City Real Estate 5s. A. third mortgage on 285.23 miles — Covered by the first lien of the Pac. R. R. of Mo. 1st Ext. 4s of 1938. Prior Liens — $10,618,000 prior liens as fol- lows: Pacific r:. R. of Mo. 1st Ext. 4s. 1938 $7,000,000 Pacifiic R. R. of Mo. 2d Ext. 5s, 1938 2,573.000 Pacifiic R. R. of Mo. Carondelet Br. 4%s, 1938 245,000 Pacifiic R. R. of Mo., St. Louis City Real Estate 5s, 1938 800,000 Underlies— ;Cons. 6s of 1920 and 1st & Ref. 5s, which latter issue provides for the re- tirement of these bonds. Gen. 4s of 1975. Xfisted on the New York Stock Exchange. Original Market — Extension underwritten by Tailer & Co., of New York. Market. New York — Sam'l Goldschmidt, Seasongood, Haas & Macdonald, Baker, Carruthers & Pell. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Ask High.98 Apr. 8, '07 85 Jan, Low. 78 Dec 1,0, '13 83 Jan. Authorized — $ 2,940,000. Outstanding — $882,000 (March 19, 1919).' Balance Redeemed. Denomination — Coupon, $1, 000. Trustee — Central- Union Trust Co., New York. - Redeemable as a whole at par and interest on 60 days' notice. Secured by an equipment trust agreement on 54 locomotives, 2 9 steel underf rame mall and baggage cars, 2,000 steel underframe box cars and 1 gasolene motor car, costing $3,275,440, of which $335,440 was paid in cash. Original Market — Offered in 1911 by Speyer & Co., New York, on a 5.20% basis. Market. New York — Curtis & Sanger, Louchheim, Minton & Co., Wm. A. Mitchell, Evans, Still- man & Co. , Freeman & Co. Philadelphia — West & Co., Graham, Par- sons & Co., Biddle & Henry, Louchheim, Min- ton & Co., Brown Bros. & Co. Boston — Curtis & Sanger. Chicago — Curtis & .Sanger. MOBILE & BAY SHORE RAILWAY CO. 1st 58. Due May 1, 1949. — N. Dated May 1, 1899. Interest payable May and Nov. 1, at First National Bank, Mobile, Ala. Tax Status — Payment* of Federal Income Tax not assumed' by company. Authorized and Outstanding — $200,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Mobile & Ohio R. R. Co. Organization — The Mobile & Bay Shore Ry. Co. was purchased and merged into the Mo- bile & Ohio R. R. Co. in 1903. The M. & O. R. R. is controlled through stock ownership by the Southern Ry. Co. Secured by a first mortgage on 38.36 miles of road from Pritchards to Bayou La Batre, Ala., and branch from Delchamps to Alabama Port, Ala., at the mouth of Mobile Bay. During April, 1918, the extension of this road from Alabama Port to Cedar Point, 3Vi miles, was completed. This gives the M. & O. R R. another outlet to the Gulf of Mexico, Legal for Me., Mich., Minn., N. H., N. J. and Wis. Market. Pittsburgh — R. B. Hutchinson & Co. MISSOURI PACIFIC RAILWAY CO. Equip. 5.8, Series "3.". Due $147,000 each May and Not, 1st to Not. 1, 1931. inclusive. Dated November 1, 1911. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. MOBILE & BIRMINGHAM RAILROAD CO, Prior Lien 5s. Due July 1, 1945. — P. Dated August 29, 1895. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $600,000. Denomination — Coupon, $200 and $1,000. Trustee — Central Union Trust Co., New York. Guaranteed as to interest by the Southern Ry. Co. under terms of lease. Control — Incorporated in Alabama in 1895, Leased in 1899 for 99 years to the Southern Ry. Co. with the privilege of renewal at an- annual rental equivalent to interest on the bonds and 4% on the preferred stock, The latter company owns $894,900 of $900,000 com- mon stock and $20,500 of $900,000 preferred. Secured by a first mortgage on 150.35 miles of road from Mobile to Marion Jet., Ala,, and branch. Underlies — Mobile & Birmingham 1st 4s of 1945. Refnndine: — The Southern Ry. Dev. & Gen. 4s provide to retire this issue. listed on the New York and London Stock Exchanges. Market. New York — Chas. W. Place, J. S. Parlee & Co., Finch & Tarbell, McGeorge & Vanderhoef, P. J. Lisman & Co., Wm. Carnegie Ewen, Abraham & Co., Baker, Carruthers & Pell, Simon Borg & Co., Redmond & Co., ^pencer, Trask & Co., Taylor, Smith & Hard. Baltimore — Jenkins, Whedbee & Poe, Macku- bin, Goodrich & Co., Poe & Davies. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.115% Apr. 14, '06 91% Oct. 16 Low. 911^ Oct 16, '18 91% Oct. 16 MOBILE & BIRMINGHAM RAILROAD CO. l&t 48. Due July 1, 1945.— F. Dated August 29, 1895. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding: — $1,200,000. Denomination — Coupon, $1,000 and $ 2 0. Trustee — Mercantile Trust Co., New York. Guaranteed as to interest under terms of lease by the Southern Ry. Co. Organization — See "P. L. 5s. Secured by a second mortgage on 150.35 miles described under Prior Lien 5s. Prior Liens — $600,000 Mobile & Birmingham R. R. Prior Lien 5s of 1945. Refunding — The Southern Ry. Dev. & Gen. 4s of 1956 provide to retire this issue. Listed on the New York and London Stock Exchanges. Market. New York — Harris, Winthrop & Co., A. H. Bickmore & Co., F. J. Lisman & Co., Wm. Carnegie Bwen, Abraham & Co., Baker, Car- ruthers & Pell, Baltimore — Poe & Davies. Chicago — Harris, "Winthrop & Co. Price Range — N. Y, S, E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.82 Nov. 30, '08 68 Jan. 26 Low. 68 Jan. 26, '18 68 Jan. 26 MOBILE & OHIO RAILROAD CO. 1st 6s. Due Dec. 1, 1927.— N. Dated May 1, 1879. Interest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax net assumed by company. Authorized and Outstanding — $7,000,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal or fully register- able. Trustee — Farmers' Loan & Trust Co., New York. Controlled by the Southern Ry. Co. through ownership of $5,670,200 of the outstanding $6,018,800 capital stock, but ia operated in- dependently. Secured by a first mortgage on 472.05 miles of road from. Mobile to Columbus, Ky. Underlies — Mobile & Ohio Ext. 6s of 1927 and General 4s of 1938. Year ended June 30 Gross Net Int. & Rent *1917— $13,604,506 $3,646,278 $2,252,587 *1916. . 12.229,643 3,421,075 2.305,540 1916. . 11,868,038 3,182,491 2.329,361 1915.. 10,982,149 2.727.708 2,399,040 1914.. 13,002.582 2,571.863 2.486,754 1913.. 12,377,649 3,2 06,369 2,564,499 ♦Year ended Dec. 3 1 . Legal for Cal., Conn,, Me., Mass., Mlcb., Minn., N. H . N. J., N. Y., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — S. P. Larldn & Co. , Remick, Hodges & Co., J. A. Joseph, Jr., & Co., Shar- retts & Young, E. & C. Randolph, P. J. Lisman & Co., J. S. Farlee & Co., Season- good, Haas & Macdonald, Blake Brothers & Co., Abraham & Co., Baker, Carruthers & Pell, Kom, Lehman & Co., Chas. W. Place, Taylor, Smith & Hard. Boston — Bond & Goodwin. R. L, Ray & Co.« Portland, Ore. — Morris Bros., Inc. Pittsburgh — R. B. Hutchinson & Co. Price Range — 'S. Y, S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.127% Nov. 8. '06 102% June 24 Low. 101 Aug. 9. '18 101 Aug. 9 MOBILE & OHIO RAILROAD CO. 1st Ext. 6s. Due July 1, 1927.— N. Dated July 1, 1883. Interest payable Jan., April, July and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding^$l,000,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Control — See 1st 6s. Secured by a direct mortgage on 525.03 miles, viz. : A first lien on 52.98 miles — Miles Opposite Cairo, 111., to East Columbus, Ky 18.99 Artesia to Columbus, Miss 13 . 99 Aftesia to Starkville, Miss 11.00 Muldon to Aberdeen, Miss 9,00 A second lien on 472.05 miles — Covered by the Mobile & Ohio 1st 6s 472.05 Prior Lien — $7,000,000 Mobile & Ohio 1st 6s, 1927. Underlies — Gen. 4s of 1938. Earnings — See 1st 6s, 1927. Legal for N. H. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt. Seasongood, Haas & Macdonald, Blake Brothers & Co. , Abraham & Co., Baker, Carruthers & Pell, Korn, Lehman & Co., Chas W. Place. Pittsbui^li — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.118 Feb. 3. '09 95 May 16 Low. 92 Apr. 11, '18 92 Apr. 11 MOBILE & OHIO RAILROAD CO. Gen. 48. Due Sept. 1, 1938. — N. Dated May 15, 1888. Interest payable Mar. and Sept. 1, at Hanover National Bank, New York. Tax Status — 2% Federal Income Tax paid not assunied by company. Authorized — $10,5 00,000. Outstanding — $1,126,000. Owned by Southern Ry. Co., and Deposited as Collateral Under Its Coll. Tr. 4s of 1938— $8,346,000. Cancelled — $1,028,000. Denomination — ■Coupon, $1,000 and $500. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Control — See 1st 6s. Secured by a direct mortgage on 625.03 miles, viz. : A second lien on 52.98 miles — Miles Covered by the first lien of the Mobile & Ohio Ext. 6s 52.98 A third lien on 472.05 miles — Covered by the first lien of the Mobile & Ohio 1st 6s 472.05 Prior Ueps— $7,000,000 Mobile & Ohio lat 6s of 1927 and $1,000,000 Mobile & Ohio Ext. 6s of 1927. liOgal for N. H. liisted on the New York Stock Exchange. Market. New York — Sharretts & "tfoung-, E. & C. Kan- dolph, F. J. Lisman & Co., J. S. Farlee & Co.. J. S. Bache & Co.. Sam'l Goldschmidt, Baker, Carruthera & Pell. Redmond & Co. ■ Price Banee— N. Y. S. E. Jan. 1. 1906 to Jan. 1, '19 1918 High. 99 Jan. 15. '06 71 Nov. 20 Low. 65 Aug-. 12, '18 65 Aug 12 Market. New York — Baker, Carruthers & Pell, Bull & Bldredge, Abraham & Co. Phiiadelphia — West & Co. MOBILE & OHIO RAILROAD CO. Montgomery r>iv. 1st 5s, Ihie Feb. 1, 1947.— N. Dated February 1, 1897. Interest payable Feb. and Aug. 1, at Hanover National Bank, New York. Tax S;tatos — Payment of Federal Income Tax not assumed by company. Authorized — $4,000,000. OutstandinsT — $4,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Control — See 1st 6s. Secured by a first mortgage on 189.60 miles of road, viz.: Miles Columbus, Miss., to Montg-omery, Ala.. 167. 19 Tuscaloosa to Tidewater, Ala 9.51 Eoline to Tennessee Coal, Iron & R. R., Mine No. 7, Ala 12.90 Legal for Me.. Mich., Minn., N. H., N. J. and "Wis. Listed on the New York Stock Exchange. Market. New York — Sharretts & Young, Kom, Leh- man & Co., Chas. "W. Place, Abraham & Co., Baker, Carruthers & Pell, Spencer Trask & Co.. Taylor. Smith & Hard. Pittsburgh — R, B. Hutchinson & Co. Baltimore — Jenkins. "Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 191S Bid Ask High.114% June 1, '06 85 Dec. 101 Jan. Low. 93 July 2, '17 76^ Oct. 94% May MOBILE & OHIO RAILROAD CO. 1st Termi- nal & Coll. Tr. 5s. Due $60,000 semi- annnally Aug. 15 and Feb. 15, to Feb. 15, 1921.— F Dated February 15, 1911. Interest payable Feb. and Aug. 1 5, at Trustee' a office. New York. Tax Status — Payment of Federal Income Tax by company without deduction. Authorized — $1,200,000, Outstanding — $240,000 (May 1, 1919). Balance Retired. Denomination — Coupon, $1,000, Registerable as to principal. Trustee— Guaranty Trust Co., New York. Secured by a first mortgage on real estate in Mobile and Birmingham, Ala., a first mort- gage, by a deposit of the entire issue, $603,- 000, flrat mortgage bonds of company owning the road, on 13.60 miles of road from Searcy to Kellerman, Ala.; a first lien on $145,493 Warrior Southern By. EquIp. Notes, secured on 200 drop bottom gondola cars. Earnings — See 1st 6s, 1927. Original Market — Offered in 1911 by Owen Daly & Co., Frank Rosenburg & Co. and J, S. Wilson, Jr., & Co., Baltimore, at par and Interest. MOBILE & OHIO RAILROAD St. Louis Div. 5s. Due Dec. 1, 1927.— F. Dated August 1, 1913. Interest payable June and December 1, at Hanover National Bank, N. T. Tax Status — 2% Federal Income Tax paid by company without dteduction. Authorized — $3,000,000. Outstanding — $2,500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Redeemable as a whole only on any interest date at 1Q2\^ and interest. Secured by a second mortgage on 158.83 miles of road from Bast St. Louis to Cairo, 111., with branch to Millstadt. Also a first collateral lien on $6,499,000 of $6,500,000 capital stock of the St. Louis & Cairo R. R. Prior 'Xien — $4,000,000 St. L. & C. 4a of 1931. Legal for N. H. Listed on the New York Stock Exchange. Market. New York — Baker, Carruthers & Pell, Shar- retts & Young, Abraham & Co., Korn, Lehman & Co. Price Range — K. Y. S. E. Jan. 1. 1913 to Jan. 1, 1919 1918 Bid Ask High". 9 5 Dec. 16, '13 87% Mar. 92 Apr, Low. 86 Nov. 10. '15 83% Sept. 87 Sept. MOBILE & OHIO RAILROAD CO. Equip. 5s, Series "B." Due Oct. 1, 1919.— P. Dated October 1, 1899. Interest payable April 1 and October 1, at Farmers' Loan & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by conipany without deduction. Authorized — $600,000. Outstanding — $ 499,000. Retired — $1,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — 5 % per annum of the amount of bonds issued to be applied to the purchase and cancellation of these bonds at not exceed- ing par and interest. If bonds are not so purchasable to be applied to purchase of new equipment which is to be subjected to the lien of these notes. The equipment purchased since 1900 includes eight locomotives , 5 box cars, four way cars, one dining car. nine pas- senger cars, nine express cars, two combina- tion, baggage a.nd mail cars and seven caboose cars. Secured by a first Hen on 22 locomotives, 100 fruit express cars, 300 gondola cars, 75 box cars, 19 way cars, 50 ballast cars, one dining car, nine passenger cars, nine express cars, two combination baggage and mall cars and seven caboose cars. Market. See Series "J." MOBILE & OHIO RAILROAD Equip. 4%8» Series "F." Dne $23,000 each March 1, and $22,000 each S^tember 1, to March 1, 1922.— F. Dated March 1, 1912. Interest payable March 1 and September 1, at Bankers* Trust Co., New York. 777 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $45 0,000. Outstanding — $135,000 (April 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment trust agreement on six locomotives, six passenger cars, four bag- gage and mail cars, one express car, 334 gon- dola cars and 50 automobile box cars. Market. See Series "J.'* Philadelphia — Graham, Parsons & .Co., E. Mcl^ain Watters & Co. MOBILE & OHIO RAILROAD Bquip. Tr. 5s, Series **G." Due $33,000 each May 1 and Not. 1 to May 1, 1932, and $31,000 there- after to Nov. 1, 1923. — F, Dated Nov. 1, 1913. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $637,000. Outstanding — $285,000 (May 15, '19). Balance Retired. , Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment agreement on 14 locomotives, 522 steel gondola cars and 20 steel underframe caboose cars, costing $750,- 437, of which the company paid $113,437 in cash. Market. See Series "J." MOBIIiX: & OHIO RAILROAD £quip. Tr. 5s, Series "H." Due $50,000 each Jan; 15 and July 15 to Jan. 15, 1923, inclusive, and $53,000 to July 15, 1924, inclusive. Dated July 15, 1914. Interest payable Jan. and July 15, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 1,000,000, Outstanding— $559,000 (Jan. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment agreement on 7 locomotives. 1,008 box cars, 4 combination mail and baggage cars, 4 express cars and 8 passenger coaches, costing $1,122,092, of which $113,092 paid in cash by company. Original Market — Offered July, 1914, by Kis- sel, Kinnicutt & Co. at 4.90%. Market. See Series "J," MOBILE & OHIO RAILROAD Equip. Tr. 4»^s, Series "J." Due $47,000 each Dec. 1 and $48,000 each June 1 from Dec. 1, 1916, to June 1, 1926, inclusive. — N. Dated June 1, 1916. Ihterest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 9 50,000. Outstandinig — $713,000 (Jan. 1, 1919), Balance Retired. Denomination — Coupon. $1,000. Trustee — Central Union Trust Co., New York. Secured by an equipment agreement on steel centre-sill ventilated box cars, costing $1,057,- 000, of which the company paid $121,250 in cash. Original Market — Offered May, 1916, by A. from 3.75% to 4.60%. Market. New York — Freeman & Co., Bull & Bldredge, Coggeshall & Hicks, Evans, Stillman & Co MOBILE (ALA.) ELECTRIC CO. Ist 6s. Due May 1, 1946.— F. Dated May 1, 1906. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,060,000. Outstanding — $1,821,000 (Jan. 1, 1919). FHired hy S. F. — $62,000. Pledged nnder Standard Gas & Elec. Co. Conv. 6s of 1926— $224,000. Reserved for Ext. — $1,117,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any Inter- est date. Sinking Fund — 1% annually of outstanding bonds, beginning May 1, 1916, in cash or bonds of this issue to be taken at a price not to exceed that at which bonds are offered to the Trustee. If bonds cannot be purchased at 105 or better they are to be drawn. Bonds acquired by this fund are to be cancelled. Organization and Control — Incorporated in Alabama in 1906 and acquired the electric properties in Mobile, Ala. The company i^ controlled through stock ownership by the Standard Gas & Electric Co. arid $277,500 of Its $852,500 preferred stock and $864,200 of Its $950,000 common stock are deposited under that company's Conv. 6s of 1926. Management — H. M. Byllesby & Co., Chi- cago. Secured by a first mortgage on plant supply- ing Mobile, Ala., and vicinity with electric light and power. Population served, about 78.000. Franchises are unlimited as to time and require an annual payment of 2% of gross earnings to the city. Year ended Dec. 31 Gross Net Interest 1918 $547,69 $149,057 $108,038 1917 $386,249 $149,926 $97,995 1916 356,387 170,134 92.435 1915 358.713 183,105 90.617 1914 383.856 195,175 87,848 Original Market — Offered in 1909 by William P. Bonbright & Co.. New York, etc.. at 90 and Interest. Market. New York — ^A. E. Fitkin & Co., Miller & Co., B. & C. Randolph, Bonbright & Co., Hotchkin & Co., H. M. Byllesby & Co., Joseph & Wiener, Kiely & Horton, Eerdell Bros., F. H. Hatch & Co., Lynch & McDermott. Philadelphia — H. Boenning & Co., Bonbright & Co., -West & Co. Boston — Hotchkin & Co., Bonbright & Co., Moors & Cabot. Chicago — H. M. Byllesby & Co., Bonbright & Co.. Babcock, Rushton & Co. Providence — R. S. Moore & Co. Price Range. .Jan. 1. '08 to Jan. 1. *19 1918 Bid Ask Bid Ask High. 92 '10 95 '10 SO Jan 86% Jan. Low. 75 '18 78% '18 75 Oct. 78% Sept. MOBILE (ALA.) GAS CO. Isi 5s. Due Jan. 1, 1924.— F. . Dated January 1 , 1910. Interest payable Jan. and July 1, at Trustee's office, or at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $908,000. 778 Reserved for Ext.^$2,092,000. ' Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Trust Co. of Illinois. Chi- cago. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated in Alabama in 1906. Secured by a first mortgage on plant supply- ing gaa to Mobile, Ala., and vicinity. Popula- . tion served, about 75,000. B^ranchises expire in 1926. Underlies — Debenture 6s, due 1921. Year ended Dec. 31 Gross Net 1917 $228,835 $83,072 1916 202,156 89,232 1915 208.398 97,552 1914 215,396 97,078 Interest rot reported. Original Market — Offered in 1910 by N. W, Halsey & Co.. Now Yorlc, Cliicago, etc., at 96 and interest. Market. Chicago — Halsey, Stuart & Co., J. P. Hobba & Co., Peoples Trust & Savings Bank, Bab- cock, Rushton & Co. New York — Halsey, Stuart & Co., Kiely & Horton, J. S. Bache & Co., E. & C. Randolph. S. L. Snowden, Berdell Bros. , Lynch & Mc- Dermott. Milwaukee — First National Bank. Philadelphia — Halsey, Stuart & Co., Wistar & Co.. Cax>elle & Co., H. D. Boenning & Co. Baltimore — P. H. Goodwin & Co. Boston — J. W.' Bowen & Co.,' Halsey, Stuart & Co. Price Range. Jan. 1, '16 to Jan 1, '19 1918 Bid Ask Bid Ask High.96 '17 98% '17 85 Dec. 90 Dec.' Low. 80 '18 89 '18 80 Apr. 89 July mobile: gas CO. Deb. 6s. Due Dec. 1, 1921. Dated Dee. 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 600,000. Outstanding — $53 5,000._^ Denomination — CouponT $1, 000. Registerahle as to principal. Trustee — Central Trust Co. of Illinois, Chi- - cago. Redeemable at 101 and interest on any in- terest date. Security — ^A direct obligation of the company but not secured by a mortgage. While these debentures are outstanding no further mort- gage can be placed on the property of the company. For further details see 1st 5s. Prior Lien — $908,000 1st 5a of 1924. Earnings — See lat 5 s. Market. Chicago — ^Wm. S. Gilmore & Co, MOHAWK & MAtONE RAILWAY CO. Ist 48. Due Sept. 1, 1991.— F. Dated July 1. 1892. Interest payable March and Sept. 1. at Grand Central Terminal, New York. Tax Statufi — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $2,500,000. Denomination — Coupon. $1, 000. Regiaterable as to principal. Trustee — Columbia Trust Co.. New York. Control — Absorbed by the New York Central R. R. Co. Assumed by the New York Central R. R. Co. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. by endorsement. Secured by a first mortgage _on 182.15 miles of road, viz. : Miles Herkimer to Malone. N. Y 173.33 Prospect Jet. to Hinckley, N. Y 2.93 Lake Clear Jet. to Saranac Lake, N. Y. 5.89 Underlies — M. & M. Cons. 3^s and N. Y. C. & H. R. Mtge. 3%s of 1997; Cons. 4s. Lake Shore Collaterals. Michigan Central Collat- erals and Debentures, secured by Cons. 4a, and Ref. & Imp. 4^s, which latter mortgage provides for the retirement of this issue. Legal for Cal, , Conn. , Me. , Mass. , Mich. , Minn., Mo., N. H.. N. J., N. Y., R. I.. Vt. and Wis. Listed on the New York and London Stock Exchanges. Original Market — $2, 500,000 offered May^ 1893. at 100 and interest by Brown Bros. & Co., New York, Philadelphia and Boston. Alarket. New York — Bernard, SchoUe & Co.. Remick. Hodges & Co.. Sam'l Goldschmidt. Struthers & Hiscoe, McKinley & Morris, W. J. Wollman & Co.. Wm. C. Ewen. E. & C. Randolph. Wm. C. Orton, S. P. Larkln & Co.. J, S Farlee & Co., Coffin & Co.. Ladd & Wood, Seasongood. Haas & Macdonald, Abraham & Co. , Baker, Carruthers & Pell. Chas. W. Place, Redmond & Co., Spencer Trask & Co., Taylor, Smith & Hard. Co., Wm. C. Ewen, E. & C. Randolph. Whit- stock & Co., Wm. C. Orton. S. P, Larkin & Co.. J. S. Farlee & Co., Coffin & Co.. Ladd & Wood, Seasongood, Haas & Macdonald. ^Philadelphia — Graham, Parsons & Co., Har- rison & Co., E. W. Clark & Co., Chas. Fearon & Co.. Huntoon & Co., S K. Phillips & Co.. Welsh Bros., Wheeler, Elliot & Mann. Biddle & Henry. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. I. 190G to Jan,. 1, 1919 1918 High.103 Dec. 3. '05 79^ Apr. 22 Low. 72 Sept. 19, '18 72 Sept. 19 MOHAWK & MALONE RAILWAY CO. Cons. 3%s. Due March 1, 2003.— F. Dated March 1, 19 02. Interest payable March and Sept. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $3,900,000. Denomination — Coupon, $1, 000. Regiaterable as to principal only or fully registerable. Reg- istered. $1,000. $5,000 and $10,000. Trustee — Guaranty Trust Co., New York. Assumed by New York Central R. R. Co. Guaranteed principal and interest by the New York Central & Hudspn River R. R. Co. by endorsement. Control — See 1st 6s. Secured by a second mortgage on 182.15 miles of road covered by the first lien of the First 4s. Prior Liens — $2,500,000 Mohawk & Malone 1st 4s. Underlies— N. Y. C. & H. R. Z^As of 1997: Cons. 4s, Lake Shore Collaterals, Michigan Central Collaterals and Debentures, secured by the Cons. 4s, and Ref. & Imp. 4 % s, which latter mortgage provides for the retirement of this issue. Legal for Cal., Conn., Mass., N. H., N. Y.. R. I. and Vt. Listed on the New York Stock Exchange. 779 Market. New York — Remick, Hodges & Co., Abraham & Co. Philadeli»hia — Graham. Parsons & Co. , H. D. Bopnning & Co., S. K. Phillips & Co , Biddle &. Henry. Price Range, Jan. 1, 1908 to Jan. 1, 1919 1918 Bid High. 85 '10 Low. 70 '16 MOHAWK HYDRO-ELECTRIC CO. 1st S. F. 6s. Due Nov. 1, 1940. — P. Dated November 1, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $3,000,000. Outstanding — $841,000 (June 13, 1919). Held in Treasury — $195,000. Retired by Sinking Fund — $37,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date. Sinking Fund — Annually, beginning Nov. 1, 1916, 1\^% of bonds issued, for the purchase or redemption of these bonds at not over 110 and interest. Organization — Incorporated in New York in 1910 and commenced operations in 1911. Secured by a first mortgage on hydro-electric plant located about nine miles north of Fort Plain, N. T. , on the Garoga Creek and on about eight miles of transmission lines built on private right-of-way to Nelliston. The com- pany supplies power under long-term contracts to the Fulton County Gas & Electric Co., Courtier Electric Co. and the Fort Plain Gas & Electric Light, Heat & Power Co., which companies supply Gloversville, Johnstown, Fort Plain, Cobleskill and Nelliston, N. Y. Popu- lation served, about 40,000. Year ended Dec. 31 Gross Net Int. & Rent 1917 $137,196 $85,616 $62,182 Original Market — $ 500,000 ofCered Dec. , 1910, at 101% and interest by Pingree, Mc- Kinney & Co., Boston. Market. New York — Berdell Bros., F. H. Hatch & Co. Cleveland — Otis & Co. Boston — Kimball, McKinney & Co. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Ask High.91'^ '16 101 '16 96% Dec. Low. 85 '18 85 Dec. MOLINE PLOW CO. 7% Serial Notes. Due $1,000,000 each Sept. 1, fr«m 1919 to 1924 inclusive. Dated Sept 1, 1918. Interest payable March 1 and Sept. 1, at National City Bank, New York. Tax Status — 2% Federal Income 'Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $6,000,000. Purpose of Issue — To fund bank loans which have been incurred to take care of the in- creased cost of raw materials, labor and the necessary expansion of the Company's busi- ness. Denomination — Coupon $1,000. Trustee — Central Union Trust Co. , New York. Redeemable on any interest date upon 30 days' notice as a whole or in series, in which event it must call for redemption all the notes of one or more series last maturing, at 103 for Notes with 5 years or more to run. 102% for Notes with 4 years or more but .less than 5 years to run. 102 for Notes with 3 years or more but less than 4 years to run, 101% for Notes with 2 years or hiore, but less than 3 years to run. 101 for Notes with 1 year or more but less than 2 years to run. 100% for Notes with less than 1 year to run. The Notes are also subject to^ redemption. In part, by lot at above prices in the event of the sale of any substantial or essential part — of the properties. Organization — incorporated in Illinois in 1870. Business established in 1865. The com- pany manufactures practically a complete line of farm implements and tractors. The prin- cipal implement plant of the company is lo- cated at Moline, 111. , and the tractor plant in the adjoining town of Rock Island, 111. Other plants are located at Freeport and Chi- cago, ill , Stoughton, Wis., Minneapolis, Minn., and Poughkeepsie, N. Y. The company liaa 22 branch and many transfer or distributing warehouses throughout the United .States. Capital Stock ' Outsi-anding 1st Pref. (7% cum.) $7,500,000 2d Pref. iG% non-cum.) 1.500.000 Common 10.000.000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Under this indenture the company covenants as fol- lows: It Wk'.l not mortgage or pledge any of its fixed assets without providing for priority of payment of these Notes, and will not consoli- date or merge with any corporation otlier tlian a constituent company unless prior fh.ire^o it secures the Notes by a closed first mortgage on, and pledge of all of its property. It and its constituent companies will al all times maintain an excess of current assets over all current liabilities, other than these Notes, equal to at least 200% of the lace value of these Notes then outstanding and will maintain current assets at an aggregate amount equal to at least 175% of the amount of all liabilities, direct or contingent, includ- ing- these Notes. It will not dispose of any substantiail or es- sential part of its fixed assets unless pro- ceeds are applied to the acquisition o-t (Ixed assets of at least equal value or to the re- demption of Notes of this issue. It will not declare or pay cash dividends on its common stock except out of earnings sub- sequent to Juiy 31, 1917, and in no event ex- ceeding an amount equal to 6% in any ore year on the present common stock and any increase paid for in cash. Year ended July 31: Net Dep'n Interest *1918.. $3,257,173 $426,130 $742,264 1917.. 1,902,453 141,859 193,752 1916. . 1,237,654 136,665 66,437 1915. . 796,581 127,199 144,436 *15 months ended Oct. 31. Original Market — $6,000,000 ofCered Aug., 1918. by the National City Co.. New York, etc. , and Fort Dearborn Trust & Savings Bank, Chicago, at 99%, 98%, 98^, 97%, 97 and 96% and interest for respective maturities. 780 Market. Chicagro — Babcock, Ruahton & Co., Curtis & Sanger, Merrill, Lynch & Co St. Louis — Bowman, Cost & Co. New York — Bull & Eldredge, J. S. FaKee & Co., Hornblower & Weeks, McKinley & Mor- ris, Mann, BiU & Co., National City Co. Lo^iiSTille — J. J. B. Hilliard & Son. Rock Island. Ml. — Litten & Roberts. Price Range — 1918. Bid Ask HighlOO^ Dec. 101^ Dec. Low. \)5Vi Sept. D6 Sept. Due July 1, MONESSEN WATER CO. 1st 5s. 1933. Dated July 1, 1912. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Information not available. Tax free in Pennsylvania. Authorized — $1, 000, 000. Outstanding — $SOO,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Redeemable on any interest date at 103 and interest. Secured by a mortgage on filtration and pumping plants located at Charleroi, and on distributing system supplying water to that town, North Charleroi, Donosa and Monessen, Pa. Population served. 30,624. Franchises are without burdensome restrictions. Market. Pittsburgh — Union Trust Co. MONON COAL CO. 1st S. F. 5s. Due June 1. 1936.— F. Dated June 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2'7o Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding— $2.7.78,000 (March 15, 1919). Reserved for Ext — $125,000. Held in S. F.- $97,000. Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date, or at par and interest for sinking fund. Sinking Fund — A cumulative sinking fund commencing in 1914, for an annual timount equal to three cents a ton on all coal mined, the minimum amount being $60,000. Guaranteed as to interest by the- Chicago, Indianapolis & Louisville Ry. Co. by endorse- ment. Organi^tion — Incorporated in Indiana in 1911 to take over and operate the coal prop- erties formerly held by the Chicago, Indianap- olis & Louisville Ry. Also operates under lease about 3,000 acres of coal lands formerly controlled by the Chicago, Indianapolis & Louisville Ry. Control — The entire capital stock Is owned by the Indiana Coke & Gas Co., and the prop- erty is leased from Sept. 1, 1917, to June 1, .1937, to the "Vigo Mining Co., whose stock is also owned by the former company. Secured by, a first mortgage on about 20,000 acres of coal lands and rights in Indiana, esti- mated to contain 300,000,000 tons of coal. There are five mines on the above land and two mines on the 3,000 acres leased. Original Market — $2,500,000 offered In March, 1912, by the Equitable Trust Co. and Redmond & Co., New York, at 94 and interest. Market. New York — Morgan & Finlay, Martin, Ber- win & Co., J. W. Carroll Co., B. & C. Ran- dolph. Baker, Carruthers & Pell, Hanson & Doyle, Redmond & Co., P. H. Hatch & Co., T. Hall Keyes & Co., H. I. Nicholas & Co., J. Nickerson, Jr. Price Range. Jan. 1, '15 to Jan 1, '19 1918 Bid Ask Bid Ask High.75 '15 85 '15 64 May 70 May Low. 45 '16 . 60 '17 54 Jan. 62 Jan. MIONONGAHELA UGHT & POWER CO, 1st 5s. Due Jane 1. 1949. — F. Dated June 1, 1899. Interest payable June and Dec. 1, at Mellon's Nat'l Bank, Pitts- burgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,700,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated in 1899. In 1902 the property of this company was leased for 900 years to the Allegheny County Light Co. Rental, operating expenses, taxes. Interest on bonds and 5% on $1,700,000 stock. In Dec, 1912, this lease was assigned to the Duquesne Light Co. for 50 years. The latter company is a subsidiary of the Phila- delphia Co. Secured by a first mortgage on all the prop- erty of the company. Listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — Goldsborough & Hammond, Moore, Wm. H. Bell & Co., Goddard, Hunter & Co., Lyon, Singrer & Co. New York — Moore, Leonard & Lynch, E. & C. Randolph, Kean, Taylor & Co. Philadelphia — Warren A. Reed. Chicago — Kean, Taylor & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Ask High. 102 '08 105 '12 98^^ Jan. Low. 92 '18 92 Mar. 781 MONONGAHELA RATLBOAD CO. 1st 3^8. Due, Oct. 1, 1942, — F. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Treasurer's office, Pittsburgh, Pa. Tax Status — 2% Federal Income Tax padd by company without deduction Tax exempt in Pennsylvania. Authorized — $1,500,000. Outstanding — $1,197,000 (Dec. 31, 1918). Retired' by S. F. — $281,000. Unissued — $72,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Commercial Trust Co. , Philadel- phia, Pa. Sinking Fund — Annually on Oct. 1, 1% of bonds outstanding plus interest on all bonds cancelled, to be appropriated from net earnings if sufficient to purchase and cancel these bonds at not exceeding par. If bonds are not so purchasable money shall revert to company. Guaranteed as to principal and interest joint- ly and severally by the Pennsylvania R. R. Co. and the Pittsburgh & Lake Brie R. R. Co. Organization and Control — Incorporated In Pennsylvania in 1900. Merged with the Buck- hannon & Northern R. R. into the Monogahela Railway Co. July 1, 1915. The capital stock of the Monongahela Railway Co. Is bwiied one- half by the Pennsylvania R. R. Co. and one- half by the Pittsburgh & Lake Erie, which latter is controlled In the interests of the New York Central R. R. Co. Secured by a first mortgrage on 40.80 miles of road from Brownsville Jet. to Martin, Pa., including branches. Underlies — $5,000,000 Monongahelia Ry. Co. 1st & Ref. 4%g of 1967. Lesal for Cal., Me. and N. H. Market. Philadelphia — Graham, Parsons & Co.. E. "W. Clark & Co., H. D. Boenning & Co., Chaa. Fearon & Co., S. K. Phillips & Co. New York — Baker, Carruthera & Pell, Abra- ham & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Rid Bid HIgh.84^ '16 621/^ Aug:. Low. 62^ '18 MONONGAHEXA RIVER CONSOUDATED COAIi & COKE CO. 1st 6s. Due Oct. 1. 1949.— N. Dated Oct. 1, 1899. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $5,212,000 (May 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Reinvestment Fund — In 1911 the company sold 8,988 acres of coal rights to the H. C. Frick Coke Co. for $7,638,800, payment being made in 1st 5s of that company, which are guaranteed by the U. S. Steel Corp., and about $7,000,000 of bonds of this issue were acquired and held by the Trustee for reinvest- ment purposes. In Oct., 1912, this fund amounted to $8,614,529. Sinking Fund — ^An annual sum on or about Dec. 1, equal to five cents per ton of one and one-half inch coal mined and shipped for the purchase of these bonds at a reasonable price. Bonds so acquired are cancelled. Assumed by the Pittsburgh Coal Co. Control — Merged in 1916 with the Pittsburgh Coal Co. into the new Pittsburgh Coal Co. of Pennsylvania. Secared by a first mortgage on over 20,000 acres of coal, exclusive of surface ; on 200 steamers, 4,000 coal barges, coal elevators and other equipment. The company is extensively engaged in river transportation to New Or- leans. Iiisted on Pittsburgh Stock Exchange. Market. Pittsburgh — Goldsborough & Hammond, Goddard, Hunter & Co'., Duquesne Bond Corp., Moore, Leonard & Lynch, "W. B. Ballard, R. W. Kvans & Co., Kean, Taylor & Co., Lyon, Singer & Co. New York — Moore, Leonard & Lynch, Mor- ton Lachenbruch & Co., Baker, Carruthera & Pell. Price Range. Jan. 1, 'Oa to Jan. 1. '19 1918 Bid Ask Bid Ask High.118 '16 120 '16 115 Jan. 116 Feb Low. 106 '18 106 Aug. MOXONGAHELA SOUTHERN RAHJtOAD CO. Ist 58. Due Oct. 2, 1955.— F. Dated Oct. 2. 1905. Interest payable April 1 and Oct. 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $3,000^000. Outstanding— $1,200,000 (Jan. 1, 1918). Denomination — Coupon, $1,000. Reglaterable as to principal. Trustee — New York Trust Co., New York. Guaranteed, jointly, principal and Interest by the Union Railroad Co. and the United States Steel Corporation by endorsement. Organization and Control — Incorporated In Pennsylvania in 1897. The property is leased for 999 years from June 1, 1906, to the Union R. R. Co. , which company owns the entire $160,000 capital stock. The latter company is controlled through stock ownership by the United States Steel Corporation. Secured by a first mortgage on 6.59 miles of main track from Monongaheia Jet. to MifClin Jet., Pa., together with 23.32 miles of yard and side tracks and 3 locomotives. This road, together with the Union Railroad, performs switching service for the various plants of the United States Steel Corp, located in the dis- trict. Market. Pittsburgh^-Lyon, Singer & Co., R. B. Hutchinson & Co. New York — Coffin & Co., F. H. Hatch & Co., Morton Lachenbruch & Co., Louchheim, Mlnton & Co. PMIadelphia — H. D. Boenning & Co. Price Range — 1918, Bid Ask High. 9 Jan. 88 Apr. Low. 82 Dec. MONONGAHELA STREET RAILWAY CO. (PITTSBURGH, FA.) 1st 5s. Due June I, 1928.— F. Dated June 1, 1898. Interest payable June 1 and Dec. 1, at Mellon National Bank. Tax Status — 2% Federal Income Tax padd by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated in Pennsylvania in 1898. Leased for 900 years to the Consolidated Traction Co., which is con- trolled by the Philadelphia Company through ownership of practically its entire capital stock. Rental, interest, taxes &.nd $315,000 per annum. Lease guaranteed by the Philadel- phia Company. Secured by a first mortgage on 25 miles of street railway from Woodlawn Ave. and Forbes St., in the 14th "Ward of Pittsburgh; on Forbes St. to Murray Ave., to bridge across Monon- gaheia River at Homestead: on Amity and Ann Sts. to 8th Ave. in Homestead to Munhall over West Braddock Bridge (bridge not subject to this mortgage); into Rankin and on Talbot Ave. to 13th St.. Braddock. Also from southern line of Braddock Bor- ough, over 13th St. Bridge to Duquesne, and on Oliver Ave., 1st St. and Grant Ave. to Duquesne Ave., with branches in Braddock, Duquesne, Homestead and Munhall. Also secured by a second mortgage on over 40 miles of street railway from Murray Ave. and Forbes St. in the 14th Ward of Pittsburgh on Forbes St. to Braddock Ave. and on Brad- dock Ave. through Wilkinsburg, Edgewood and Swissvale. From Franklin and Swissvale Aves. in Wilkinsburg, on Swissvale Ave. to Pennsyl- vania Ave. In Edgewood, to Braddock Ave., and on to Braddock, with numerous branch lines in Braddock and North Braddock. From Swissvale and Penn. Aves., Wilkinsburg, to Varona on the Alleghany River, and from Wilmerding to Pitcairn. Population served. Including 14th Ward of Pittsburgh. 150.000. Very little of the road la on private right-of-way, but all franchises are perpetual. 782 Prior I/iens — $3,212,000 bonds of absorbed companieg. listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — Wm. M. Bell & Co.. Moore, Leonard & Lynch. Philadelphia — J. "W. Sparks & Co. New York — ^Ho-mblower & "Weeks, Morton Lachenbruoh & Co. Price Range. Jan. 1, '08 to Jan. 1, '09 1918 Bid Ask Ask High.103 '10 106 '09 92 Feb. Low, 87 *17 90 '18 90 June MONONGAMELA VALLEY TBACTION CO. 1st & Kef. 5s. Due Junie 1, 1942 — F. Dated June 1, 1912. Interest payable June and Dec. 1, at Guaranty Trust Co , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — $15,000,000. Outstanding — $4,250,000 (Jan. 1. 1919). Fledged Under Geo'l 7s of 1933 — $5,500,000. Reserved for Prior Liens — $2,500,000. Reserved for Ext. — $2,750,000. I>enomination — Coupon, $1,000 and $500. Registerable as to principal. Registered, $1,000 and $5,000. C. & R. interchangeable. Trustee — Fidelity Trust Co., Baltimore. Redeemal>le as a whole at 105 and interest June 1, 1922, or any interest date thereafter. Maintoiance and Depreciation Fund — Month- ly payments to the Trustee equal to 15% of the annual gross income and in addition 2% of gross income (monthly payments as above) un- til an accident fund of $50,000 is maintained. Organization — Incorporated in West Virginia on May 18, 1912, as a consolidatio-n of the Fairmont & Clarksburg Traction Co., Fair- mont & Northern Traction Co and the Clarks- burg Weston Electric ■ Ry. Co. On Dec. 1, 1915, acquired the property of the Fairmont Gas Co. On April 1, 1917, acquired the prop- . erty wof the Fairmont & Mannington Traction Co. On June 30. 1917, acquired 96% of the capital stock of the Kanawha Traction & ISlec- tric Co. The stock of the latter company is pledged under this company's Gen. 7s. Secured ty a mortgage on all the property of the company and by a first mortgage on the following properties : 76.2 miles of street and interurban railway, including line from Clar)?sburg to Weston (24 miles), from Barnes- ville to Rivesvilie and branch to Fairview (11 miles), from Fairmont to Manndngton (17 miles), from Fairmont to Fairview (14 miles): power plant at Hutchinson and Rivesville; on gas and coal properties, including plant sup- plying natural gas in Fairmont and vicinity. The above properties are all in West Virginia. A second mortgage on the following properties: 40.37 miles of street and interurban railway, including 15.37 miles of street railways in Fairmont and Clarksburg, W. Va., and 26 mij'.es interurban railway between those cities, and on plant supplying electricity in Fair- mont. The principal franohisos are without limit aa to duration and the remainder extend be- yond 1952. Except in the cities and towns the interurban lines are located almost entirely on private right-of-way. Prior Lien — $2,500,000 Fairmont & Clarks- burg Traction lat 5s of 1938, which this mort- gage provides to retire. Underlies — $5,500,000 Gen. 7a of 1923 under which mortgage, an equal amount of this issue is pledged. Year ended Dec, 31 Gross Net Int. & Tax 1918 $3,787,328 $1,173,669 $581,865 1917 3,046,769 1,407,388 454,026 1916 1,582.786 953,698 398,593 1915 1,009,834 611,049 326,371 1914 968,389 552,665 308,642 Listed on the Baltimore Stock Exchange. Original Market — $2,500,000 offered in June. 1912, by N. W. Halsey & Co., New York, and Middendorf. Williams & Co. and Hambleton & Co. , New York and Baltimore ; Mackubin, Goodrich & Co. and Nelson, Cot>k & Co., both of Baltimore, at 96 and interest. $250,000 offered Nov.. 193 6, by Hambleton & Co., at 94 ^ and interest. Market. Baltimore — Poe & Davies, Mackubin, Good- rich & Co., Robt. Garrett & Sons, Sutton & Co.. Hambleton & Co., Nelson. Cook & Co., Fidelity Trust Co., Jenkins, Whedbee & Poe. Xew York — Dunham & Co., Hanson & Doyle, Callaway, Fish & Co. , J. D. Curtis & Co. , Hornblower & Weeks, Earle A. Miller & Co., B. & C. Randolph, HamKeton & Co., Miller & Co., Berdell Bros., J. Nickerson, Jr., S. R. Taylor. Phildelphia — ^H. D. Boenmng & Co. , Bar- clay, Moore & Co. , Paul & Co. Wilmington — Laird & Co. Price Range, Jan. 1, nz to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '14 96 '13 85 Jan. 90 Jan. Low. 75 '18 82 '18 75 Oct. 82 Nov. MONONGAHELA VALLEY TRACTION CO. Gen. 5-Year 7b. Due July 1, 1933. Dated July 1, 1918, Interest Jan. and July 1. Principal and interest payable at New York and Baltimore. Tax Status — 2 % Federal Income Tax padd by company without deduction. Authorized — $15,000,000. Outstanding — $5,500,000. Reserved for Ext. — $9 , 5 00, 0. Additional bonds issuable for 75% of cash cost of exten- sions, etc., provided net earnings for 12 con- secutive months out of the preceding 14 months shall have been 1% times annual bond interest charges, including underlying bonds and those for which application is made. This provision, as to net earnings does not apply to the first $600,000 additional proceeds from which will be used for the purchase of coal properties already under contract. Purpose of Issue — To retire $2,829,000 One- Tear 6% Notes, due Feb. 1, 1919, and to complete, construction of Rivesville power plant, Lynn producer plant, new transmission lines, cars, extensions to gasolene extraction plant, etc. Denomination — Coupon $100, $500 and $l,onO. $1,000 bonds registerable as' to prin- cipal. Redeemable — As a whole or in rart at 3 01 and interest on four weeks' notice. Depletion and Sinking Furid-r-Twenty cents per gross ton of coal mined and three cents per 1,000 cubic feet of natural 'gaa sold. Com- pany further covenants to expend or reserve annually for maintenance and depreciation twenty per cent, of railway gross earnings and fifteen per cent, of gross earnings from aale of electricity. Organization — See lat and Ref. 5a of 1942. Secured by a mortgage on its entire prop- erty subject to underlying liens. Further secured by deposit of about 99% of the com- mon stock and 93% of the preferred stock of Kanawha Traction & Electric Co. ; also by deposit of $5,500,00a par value of the Com- pany's First and Refunding 5s, due June 1, 1942. As other First and Refunding 6a are issued they will be pledged under this mort- The Kanawha Traction & Electric Co. owns 60.84 miles of street and interurban railways and does the entire electric light and power business . in Parkeraburs, W. Va. , Marietta, Ohio and in a number of other towns. Prior Uens — Fairmont & Clarksburg Fir.^t Mortgage Gold 63 1938 $2,600,009 Monongahela Valley Traction Co. First and Ref. 5s, 1942 4,260,000 The Kanawha Traction & Electric Company, stock of which is deposited under this issue, has outstanding $1,700,000 First and Ref. 58, due 1936, and three issues of underlying bonds aggregating $700,000. flarnings — See 1st and Ref. 5s. Original Market — Offered Aug., 1918, by National City Company, New York, etc., at 97 and interest. Market. Chicago — Babcock, Rushton & Co. Baltimore — Robert Garrett & Sons, Hamble- ton & Co., Mackubin, Goodrich & Co. New York — Harnbleton & Co., National City Co. MONROE COAl MINING CO. Ist S. F. 68. Due Aug. 1, 1941. — F. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,000,000. Outstanding — $600,000 (April 14. 1919). Additional Bonds Issuable — (a) For the pur- chase of additional proven coal lands or coal rights, contiguous to present holdings, at a rate not to exceed $160 per acrp; (b) for im- provements and betterments, $50,000 bonds without restriction when not less than $466,000 has already been expended for that purpose on the property, and (c) for improvement and betterments under terms as stated in the mort- gage; but only after expenditures for same shall have reached the amount of $616,000, provided total expenditures for improvements and betterments do not exceed 160% of the total cost of the company's coal lands and coal rights. Such bonds, however, may only be issued for 80% of the cost of improvements and betterments, and only when net earnings are equal to or in excess of 16 0% of the interest charges on bonds outstanding and to be issued. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable on or after Aug. 1, 1919, at 102% and interest. Sinking Fond — Beginning Aug. 1. 1918, and annually thereafter Ave cents per ton of coal mined with minimum annual payments as fol- lows: Aug. 1, 1919, $10,000; Aug. 1. 1920, $15,000; Aug. 1, 1921, and thereafter, $26,000. Fund to be applied to the purchase or redemp- tion of these bonds at not over 102% and in- tere.9t. Should bonds in addition to $616,000 be issued the rate of five cents per ton shall be Increased to such an amount that it will retire by maturity all bonds Issued and still leave unmlned one-third of the amount of coal now owned. A competent engineer, selected by the Trustee, shall determine the sinking fund rate and the minimum number of bonds to be retired annually. Secured by a first mortgage subject to cer- tain Purchase Money mortgages on the coal rights on about 3.500 acres of bituminous coal measures in Cambria County, Pa., including about 1,614 acres of surface lands and all im- provements thereon. The property is adjacent to that of the Ebensburg Coal Co. Original Market — Offered Sept., 1916, by Brown Bros. & Co., New York and Philadel- phia, at par and interest. Market. New York — Baker, Carruthers & Pell. Philadelphia — Brown Bros. & Co., H. D. Boenning & Co., S. K. Phillips & Co. Price Range. Jan., '17 to Jan.. '19 1918 Bid Ask Ask High.98 '17 100 '18 100 Jan. Low. 97 '17 (THE) MONTANA CENTBAL RAILWAY CO. 1st 5s and 6s. Due July 1, 1937. — ^N. Dated July 1, 1887. Interest payable Jan. and July 1, at Great Northern ofllce, 'i2 Nassau St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $10, 000, 000. Outstanding — $4,000,000 Ss; $6,000,000 6s. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and $5,000. Trustee — Central Union Trust Co., New York. Assumed by the Great Northern Ry. Co. Control — The Montana Central Ry. Co. lias been consolidated into the Great Northern Ky. Co. Secured by a first mortgage on 249.98 miles of road, viz.: Miles Great Palls to Butte 169.29 Great Falls ,. to Armington 27.66 Gerber to Stockett 8.42 Lewis to Sand Coulee 2.39 Armington to Neihart 38.23 Fair Grounds Spur, Helena 0.67 Mountain "View Mine Spur, Butte ... 3.32 Underlies — St. Paul, Minneapolis & Jlanl- toba-Montana Extn. 4s of 1937 and the Great Northern 1st & Ref. 414s of 1961. Bonds are reserved under the latter mortgage to retire Legal for Bait., Cal., tonn., Mass., Mich,, Minn., N. H., N. J., N. Y., R. I.. Vt. and Wia. Listed on the New York Stock Exchange. Market — 5s. New York — Potter, Choate & Prentice, B. & C. Randolph, Sharretts & Young, Blake Broth- ers & Co. Boston — Old Colony Trust Co., R. L. Day & Co.. Chicago — Harris Trust & Savings Bank. Market — 6s. New York — S. P. Larkin & Co., Remick. Hodges & Co., Blodget & Co., J. A. Joseph, Jr., & Co., Wood, Struthers & Co., Taylor, Smith & Hard, Blake Brothers & Co., Ambrose R. Clark & Co., Seasongood, Haas & Mao- dtonald. Redmond & Co. Boston — Old Colony Trust Co., R. L. Day & Co., Blodget & Co. Chicago — Illinois Trust & Savings Bank. Pittsburgh — n. B. Hutchinson & Co. Baltimore — Jenkins. Whedbee & Poe. Price Range— N. Y. S. E. Jan. 1, 1906 to Jam. 1, 1919 1918 6s High.136 Jan. 25. '06 108 Nov. 14 Low. 104% Sept. 23, '18 104% Sept. 23 6s High.ll9H Feb. 1, '06 96 Aug. 8. Low. 92% Mar. 26, '18 92% Mar. 26- 78-t (THE) MONTANA POWER CO. 1st & Eef. S. F. 58. Due July 1, 1943.— N. Dated July 1, 1913. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Montana. Authorized — $76,000,000. Outstanding— $22,328,700 (March 15. 1919). In Treasury — $1,259,000. Retired by S. F. — $11,300. Reserved for Prior Liensi — $10,846,000, Reserved for Ext. — $40,555,000. Benomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Reg:is- tered, $1,000, $5,000 and $10,000 and multi- ples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on July 1. 1918, or any interest date thereafter. Sinking Fund — Annually, one-half of 1%, be- ginning Jan. 1, 1918, through 1922, and 1^% annually thereafter. The percentages are to be computed on the aggregate amount of bonds of the company and its subsidiaries and in- cluding underlying bonds outstanding at the date of each sinking fund payment and also including bonds held In this sinking fund and all underlying bonds and bonds of subsidiary companies acauired or retired after Jan. 1, 1918, for their respective sinking funds. The company is to be allowed credit towards the above sinking fund for payments of sinking funds on underlying bonds or bonds of sub- sidiary companies. This fund and its accre- tions is to be applied to the purchase or re- demption of bonds of this issue at not over 105 and interest. It is estimated that this fund will retire or acquire before maturity about 50% of the total amount of bonds of the system outstanding Jan. 1, 1918, and about 40% of the total bond issues of the system at maturity. Organization — Incorporated in New Jersey Dec, 1912, and owns in tee the properties formerly owned by the Butte Electric & Power Co., Madison River Power Co., Billings and Eastern Montana Power Co., Missouri River Electric & Power Co. and the (former) Mon- tana Power Co. Also owns the entire capital stock (except directors' shares) of the Great Falls. Power Co., Great Falls Water Power & Townsite Co., Thompson Falls Power Co. and Mont. Reservoir & Irrigation Co. Secured by a direct first mortgage on all the properties formerly owned by the Missouri River Electric & Power Co. ; a first lien on the entire $5,000,000 capital stock and $3,065,000 first mortgage bonds of the Thompson Falls Power Co. and on the entire $1,425,900 capital stock of the Montana Reservoir & Irrigation Co., which company has no outstanding bonds, and additional securities Issued by either com- pany must be deposited hereunder. Deposited securities of the latter company are subject to withdrawal as a whole upon deposit with the Trustee of cash equal to cost or sale price, whichever Is greater. Also a direct mortgage, subject to prior liens, on the properties for- merly owned by the Butte Electric & Power Co., Madison River Power Co., Billings &' Eastern Montana Power Co. and Montana Pow- er Transmission Co. FHirther secured by a first lien on one-half of the entire $10,000,000 common stock and $771,000 preferred stock and $5,782,000 first mortgage bonds of the Great Falls Power Co. and a second lien on the remaining one-half of the common stock, which is deposited under the Butte Electric & Power Co. 1st Bs. The Great F^lls Power Co. has outstanding $4,272, pOO 1st 5s and $728,000 held in sinking fund of a total authorized issue of $15,000,000. Additional bonds when issued are required to be deposited with the Trustee of this mortgage as additional security. The property covered by direct or collateral lien comprises 13 hydro-electric power plants and 4 steam reserve plants , having about 283,000 h. p. developed, of which 1,080 h. p. is steam; 1,922 miles of transmission lines, together with distribution systems in a num- , ber of cities and towns, including Butte and Great Falls; 162,000 h. p. undeveloped. Of the above property this mortgage is a first lien on 71% In capacity of the present devel- oped power plant, 56% of the transmission lines and 84% of undeveloped water powers. The various properties supply electric^ light and power to the greater part of the population of Montana, including the "Butte district," and contracts a large amount of power to mines, railroads and other industries. Prior Liens — $10,846,000 Butte Elec. & Pow. Co. 1st 5s, Madison River Power Co. 1st 5s, Montana Power Transmission Co. 1st 58 and Great Palls Co. 1st 5s. For the retirement of all of which named issues bonds are reserved under this mortgage. Year ended Dec. 31 Gross Net Interest 1918 $7,558,741 $4,736,305 $1,765,496 1917 6,912,364 4,889,032 1,395,605 1916 6,244.905 4,753.282 1,319,735 1915 4.359,408 3.167.504 1,189,162 1914 3.778,285 2,639.239 1.063,614 liisted on the New York and London Stock Exchanges. Original Market — $10,000,000 offered Feb., 1914. by the Guaranty Trust Co. and J. & W. Seligman & Co., New York, and Lee, Higgin- son & Co., Boston, New York, etc., at 94 and interest. $6,000,000 offered by the same firms in February, 1915, at 91% and interest. A block offered March, 1918, by the same firms at 89 and interest; $4,000,000 offered March, 1918, by Guaranty Trust Co., Lee, Higginson & Co. and J. & "W. Seligman & Co. at 89 and interest. Market. Boston — P. B. Bassett & Co., Lee, Higginson & Co., L. Sherman Adams, Estabrook & Co., Kimball. Russell & Co.. Paine, Webber & Co. Cliicago — McCoy & Co., Kean, Taylor & Co. New York — Active on N. Y. Stock Exchange. St. Paul — F. E. Magraw. Philadelphia — Harper & Turner. St. IjOuIs — -Mississippi Valley Trust Co., Stifel, Nicolaus Inv. Co., Bowman, Cost & Co- New Haven — The Chas. W. Scranton Co. Minneapolis — ^Wm. W. Eastman Co. liOS -Angeles — Blankenhom, Hunter, Dulin Co. Pasadena — Blankenhorn, Hunter, Dulin Co. Co. San Francisco— Blankenhorn, Hunter, Dulin Co. Providence — Hornblower & Weeks. Grand Rapids — Howe, Snow, Corrigan & Bertles. Detroit — Chas. A. Parcells & Co. Milwaukee — Second Ward Savings Bank. Price Range— N. Y. S. E. Jan. 1, 1913 to Jan. 1, 1919 1918 High.100% Jan. 16. '17 92% Nov. 14 Low. 85Mt Oct 7, '18 85^/6 Oct. 7 7^5 MONTANA PO^VER TRANSMISSION CO. 1st 5s. Dne Aug. 1, 1933.— .P Dated Aug. 1, 1903. Interest payable Feb and Aug. 1, at Trustee's, New York. Tax Status-j-2% Federal Income Tax paid by company wffhout deduction. Tax exempt in Montana. Anthorized — $750>000. OntEttanding — $523,000 (March 15, 1919). Retired by S. F. — $110,000. Denomination — Coupon, $500 and $1,000, Reglsterable as to principal. l^rastee — U. S. Mortgage & Trust Co.,. New York. Redeemable at 105 and interest on three months' notice. Sinking Fund — Began July 31, 1908, and requires annual payments of 1%% of bonds * outstanding July 31, 1913, to and including July 30. 1917; 2%, 1918 through 1922; 2%%, 1923 through 1927; 2%%, 1928 through' 193a, for the purchase or redemption of these bonds at not over 105 and interest. Guaranteed as to principal and interest by the Butte Eilectric & Power Co. by endorse- ment. Assumed by The Montana Power Co. Control — ^Absorbed in 1909 by the Butte Electric & Power Co., which company was absorbed by the Montana Power Co. Dec. , 1912. Secured by a first mortgage on a hydro- electric plant about 65 miles from Butte, Mon., and transmission lines to that city. Underlies — Montana Power Co. 1st & Ref. 6s of 1943, which mortgage provides for the retirement of this issue. Earnings — See Montana Power Co. 1st & Ref. 5s. Original Market — Offered in 1909 at 97% and interest by Jackson & Curtis, New York and Boston. Market. New York — F. H. Hatch & Co. PhUadelphiar— S. K. Phillips & Co. MONTANA, WYOMING & SOUTHERN RAIL- ROAD 1st 5s. Due Sept. 1, 1939. — P. Dated Sept. 1. 1909. Interest payable Mar. and Sept. 1, at Empire Trust Co., New York. Tax Status — 2% Federal Income Tax padd by company without deduction. Authorized — Bonds may he issued up to $25,- 000 per mile of additional road. Outstanding — $835,000. . Rew. 78 '17 82 '18 80 Feb. 82 Oct. MONTREAL LIGHT, HEAT & POWER CO. liachine Power S. F. 5s. Due April 1* 1933.— N. Dated April 1, 1903. Interest payable April and Oct. 1, at Bank of Montreal, Montreal and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 4.000,000. Outstanding — $3,080,000 (April 15, 1919). Retired by S. F. — $504,000. Reserved for Prior Liens — $416,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole at 105 and Interest on any interest date. Sinking Fund — Annually May 1, since 1904. 1 % of outstanding bonds for the purchase or redemption of these bonds at not over 105 and interest. Organi^tion — See 1st & Coll. 4%s above. Secured by deposit of 99% of the capita! stock of the Lachine Rapids Hydraulic & Land Co. and 98% of the capital stocic of the Standard Light & Power Co. and the $75,000 (entire issue) first mortgage bonds of the Citi- zens' Light & Power Co. For details as to property earnings, etc., see 4%s above. Prior Liens — $416,000 Lachine Rapida Hy- draulic & Land Co. 1st 6s of 1926. Original Market — Offered In 1903, by N. W. Harris & Co.. New York, Boston and Chicago, and the Bank of Montreal, at 100 and interest. Market. New York — G. B. de Chadenedes & Co., W. S. Macomber, Sutro Bros. & Co., F. H. Hatch & Co., Blodget & Co., Coffin & Burr, Abraham & Co., Berdell Bros., AVm. C. Ewen, Lynch & McJUermott, B. & C. Randolph, S. R. Taylor. Boston — ^Arthur Perry & Co., Coffln & Burr, Blodget & Co., F. B. Basaett & Co. Chicago — Harris Trust & Savings Bank. Toronto — -Ames & Co., Dominion Securities Corp. Montreal — Nesbitt, Thomson & Co. , Mc- Cuaig Bros. & Co.. N. B. Stark & Co.. Jenks, Gwynne & Co., J. A. Mackay & Co., Ltd., C. E3. Meredith & Co., Hew R. Wood Ca. Fbilailelphia — J. W. Gross. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOS '11 103^^ '11 ■ 87 May 92 Feb. Low. 80 '17 86 '17 82 Aug. 87 June MONTREAL STREET RAILWAY CO. Sterling Deb, 4Vz8. Due Aug, 1, 1922. — N. Dated Aug. 10, 1893. Interest payable Feb. 1 and Aug. 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $681,333. Denomination — Coupon, $500, or sterling equivalent. Trustee — ^Montreal Trust Co., Montreal. Control — The Montreal Tramways Co., ac- quired the entire property of this company, Oct., 1911, by exchange of securities. The latter company is a subsidiary of the Montreal Tramways & Power Co. Secured by a first mortgage on 237 miles of street and interurban railway track in and around Montreal, Que. Franchises unlimited as to time. Underlies — Deb. 4%s, due May 1, 1922; Deb. 4%s, due Nov. 1, 1922; and Montreal Tram. Co. 1st & Ref. 5s of 1941. The latter mort- gage provides for the retirement of bonds of this issue. Earnings — See Montreal Tramways 1st & Ref. 5 s below. ^ liisted on the London Stock Exchange. Market, Montreal — ^McCuaig Bros. & Co., N. B. Stark & Co., Hew R. "Wod Co. New York — Abraham & Co. Price Range. Jan, 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid JIigh.101% '09 1021^ '09 97 May Low. 88 '17 90 '17 MONTREAIi STREET RAILWAY CO. Deb. 4^s. Due Nov. 1, 1932. — N. Dated May 1, 19 02. Interest payable May 1 and Nov. 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $ 1,025,900. Denomination — Coupon, $100, $500 and $1,- 000, Registerable as to principal.' Trustee — Royal Trust Co., Montreal. Control — See Deb. 4%3 above. Secured equally with the $2,238,666 deben- ture 4 ^ s, dated 1908, as a second morte^ae-e on 237 miles of street and Interurban railway in and around Montreal, Que. Prior Hen — $1,500,000 Deb. 4%s, dated 1893. Underlies — Montreal Tramways Co. 1st & Ref. 1st & Ref. 5s of 1941, which mortgage provides for retirement of these bonds. Earnings — See Montreal Tramways 1st & Ref. 5 s below. Market. New York — Coffin & Burr Montreal — Hew R. Wood Co. MONTREAL TRAMWAYS & POWER CO., LTD., 5-Year Secured CMss. Due March 1» 1924. Dated March 1. 1919. Interest payable May 1 and Nov. 1 at the Merchants' Bank of Can- ada, Montreal and New York, or Banque D'Hochelaga, Montreal. Note — The first interest coupon is for two months and matures May 1, 1919. The last interest coupon is for four months. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,300,000. Outstanding — $7,300,000. Purpose of Issue — To provide for the retire- ment of $5,350,000 notes maturing April 1. 1919, and' to provide additional working capital. Denomination — Coupon $100, $500 and $1,000." RegisteraKe as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable at 101 and' interest upon 3 days' notice on Nov. 1, 1921, and any subse- quent interest date. Organization — Incorporated in London, Eng- land, in December, 1910. Controls tlu-ough stock ov/nership the following companies: Montreal Tramways Co. , Canadian Light & Power Co. , Saraguay Ellectric & Power Co. and the Montreal Hydro -Electric Co., Ltd. Authorized Outstanding Capital Stoclc $20,002,000 $17,560,930 Secured by pledge of the following secur- ities: $7,000,000 fully paid 5% Debenture Stock of the Montreal Tramways Company; $2,500,- 000 — 5-year 6% Gold Bonds of the Montreal Tramways & Power Company, Limited, which in -^urn are secured by a Trust Deed pledging $2,100,000 fully paid ordinary stock of the Montreal Tramways Company, out of a total issue of $4,000,000. The Trust Deed further provides that in case of an increase in the capital stock of the said company, sufficient stock shall be pledged to the trustee to maintain absolute control of the company in its hands. Original Market. — $7,300,000 offered Feb., 1919, by Hanson Bros., L. G. Beaubien & Co., Montreal Securities Corp., Credit-Canadian and Rene T. Leclerc, Montreal, and A. Hicks Lawrence, New York, at 100 and interest. MONTREAI. TRAMWAYS CO. 1st & Ref. 5s. Due July 1, 1941. Dated July 1, 1911. Interest payable Jan. and July 1 , at Harris, Forbes & Co. , New York, Harris Trust & Savings Bank, Chicago, National Trust Co. , Montreal or London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $75,000,000. Outstanding — $16,335,000 (March- 1, 1919). Reserved for Prior JAens — $3,273,253. Reserved for Ext. — $55,391,747. Denomination' — Coupon, $500 and $1,000. Registerable as to principal. Trustees — Harris Trust & Savings Bank, Chicago, and National Trust Co. , Ltd. , Mon- treal. Redeemable as a whole only at 105 and In- terest on any interest date. Organization and Control — Incorporated in 1911 under Special Charter granted by the Province of Quebec, and acquired the street rai:way properties in and around Montreal, and is controlled through stock ownership by the Montreal Tramways & Power Co. Secured by a mortgage on 225 miles of street railway track in and around Montreal. Quebec. Population served, over 500,000. Franchise — Under date of 28th January, 1918. a contract was entered into between the City of Montreal and the Montreal Tramways Company, which was subseauently ratified by the Legislature of the Province of Quebec. Under the terms of this contract, which is to cover a period of thirty-five years, the gross earnings of the Montreal Tramways Company are appropriated in the following order of precedence; 1 The operating expenses: 2 The creation of a maintenance and re- newal fund of at least $600,000; 3 An annual return to the company of $2,177,177.10, being 6% on $36,286,286, which is the capital value of its assets as determined by the contract. The company is also entitled to 6 % interest per annum on all capital provided for betterments, additions to and ex- tensions of plan reduired by the contract, in ■addition to an annual sum of $181,431.47 to cover expenses for future financing; 4 A payment to the City of Montreal of $500,000 per annum to represent the cental of the streets of the city to the company: 5 The creation of a "Contingent Reserve Fund" of $600,000, to be available for certain specific purposes ; 6 The balance ot gross profits after provid- ing for the above are to be distributed; 20% to the company; 30% to the City of Montreal; 60% to a "Toils Reduction Fund." Prior Liens — $3,273,263' Montreal St. Ry. Co. Ueb. 4%s, all due 1922. Year ended June 30 *Fixed Gross Net Charges 1918 $5,626,797 $2,378,793 $2,083,226 1917 7,726,499. 3,123,727 2,248,373 1916 6.609,766 2,902,712 2.118,404 1915 B. 626, 232 2,811,236 2,132,364 1914 7,142,804 2,936,690 2,199,853 *Does not include war taxes. liisted on the New York, London and Mon- treal Stock Exchanges. Original Rlarket — $10,000,000 offered in 1911, by Harris, Forbes & Co., New York, Harris Trust & Savings Bank, Chicago, and N. W. Harris & Co. , Inc. , and Perry, Coffln & Burr, Boston, at par and interest. Also offered by same firms at 99% and interest in Dec, 1912, and in 1913, at 99 and interest. Market. New York — Kiely & Horton. "W. S. Macom- ber, J. W. Howell & Co., Wm. C. Bwen. J. S. Bache & Co., Blodget & Co., Harris, FOrbes & Co., E. & C. Randolph, Coffln & Burr, Mc- George & Vanderhoef, Abraham & Co.. J. S. Parlee & Co., P. H. Hatch & Co., Lynch & Mc- Dermott, Earle A. Miller & Co. Montreal — J. A. Mackay & Co., Ltd., N. B. Stark & Co., Dominion 3ec. Corp., McCuiag Bros. & Co., Hew R. Wood Co. Toronto — G. A. Stimson & Co., Murray. Mather & Co., A. E. Ames & Co., Goldman & Co. Philadelphia — Harper & Turner, Harrison & Co.. Warren A. Reed. Boston — Blodget & Co., Harris, Forbes & Co., Coffln & Burr. Chicago — Harris Trust & Sav. Bank, Bab- cock, Rushton & Co. St. Louis — Francis Bro. & Co. Providence — Brown, Lisle & MarshalJ. Milwaukee — First National Bank, F. A. Barlett & Co. Portland. Me. — Beyer & Small. Minneapolis — Bankers' Trust & Savings Bank. Price Rangei— N. Y. S. K. Jan. 1, 1911 to Jan. 1, 1919 1918 Bid Ask High 99 Feb. 6, '14 82 Nov. 96% June Low. 89% May 7, '17 75yi May MONTREAL. WATER & POWER CO. 1st Prior Lien 4%s. Due June 30, 19S«. Interest payable June 30 and Dec. 31, at Bank of Montreal, London and Montreal. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorwed— £1,000,000. Outstanding — $4,865,207 ($31,000 in Com- pany's Treasury). Denomination — Registered, £100. Redeemable at 110 and interest, and if not paid off prior to maturity, must be paid off at 105. Organization — Incorporated in Quebec in 1891. Secured by a mortgage on a plant supplying water to suburban portions of Montreal. Franchises generally run to 1941. City has been authorized to take over plant and nego- tiations are pending. Prior Liens — $1,075,000 5s, Year ended April 30 Gross Net •Deducts 1918 $827,794 $457,307 $421,061 1917 816,702 468,220 378,678 1916 775,519 464,340 351,773 1915 775,462 444,968 321,346 1914 783,690 459.360 367.189 ♦Interest, discounts, depreciation, etc. Market. Montreal — Hanson Bros. Hew R. Wood Co. MONTVILLE STREET RAILWAY CO. 1st Ss. Due May 1, 1920.— F. Dated May 1, 1900. Interest payable May and Nov. 1, at American Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $350,000. Outstanding — $260,000. Denomination — Coupon, $1,000. Registered as to principal. Trustee — Treasurer of the State of Connec- ticut. Controlled — Absorbed by the New York. New Haven & Hartford R. R. Co. and property purchased from that company in 1910 by the Connecticut Co., whose $40,000,000 stock for- merly owned by the N. Y.. N, H. & H. K. R. Co., was transferred in 1914 to a board of five trustees "»»id is to be sold, if possible, prior to July 1. 1919. Assumed by the N. Y., N. H. & H. R. R. Co. Secured by a first mortgage on 11 miles of electric road from New London to Norwich, Conn. Original Market — $250,000 offered in 1900 at 106% and interest by E. H. Gay & Co., Boston and New York. Market. New Haven — H. C. Warren. Price Range. Jan. 1, 1908 to Jan. 1. 1919 1918 Bid Ask High. 104 '11 Low. 93 '17 93 Jan. M0R.4N & CO. ae Oct. 1. 1937.— P. Dated Oct. 1, 1907. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — $1,000,000. Outstanding — $ 770,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co. , New York. Organization — Incorporated in New York in 1900 and absorbed five electric light and power companies. Secured by first mortgage on steam turbine power house at Glenwood, L. I., and six sub- stations supplying electric light and power to Roslyn, Hempstead, Sea Cliff. Oyster Bay, Glen Cove, Port 'Washington, Manhassett and a number of other points on Long Island. Popu- lation served, 90.000. Franchise expires 1950. Tear ended Dec. 31 Net Interest 1918 $191,293 $43,576 1917 204.643 43,330 1916 230,909 41,524 1915 222,041 39.010 1914 208,293 38,893 I/egal for R. I. Original Market — First offered in May, 1908, by N. W. Halsey & Co.. New York. $150,000 ofFered in Feb.. 1912, at 102 and interest by Hayden, Stone & Co. . New York and Boston. Market. New York — Samuel Goldschmidt, The Na- tional City Co.. F. H. Hatch & Co., Hayden. Stone & Co., Taylor & "WTiite. Wilmington — Laird & Co. Philadelphia — E. McLain Waiters & Co. Boston — L. Sherman Adams, Geo. A. Fer- nald & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl^ '16 103% '10 89 Dec. 91 Dec. Low. 85 '18 90 '18 85 July 90 July NATIONAL BREWERIES, Ltd., Ist S. F. 6s. Dae July 1. 1939. Dated July 1, 1909, Interest payable Jan. 1 and July 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorlzed— $2,500,000. Ontstanding— $1,660,000 (Oct. 31, 1918). Retired by S. F. — $340,000. Denomination — Coupon. $500 and $1, 000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable at, 105 and interest on any ih- terest date on six months' notice. Sinking Ennd — Annually, beginning July 1, 1915, 4% of outstanding bonds for the pur- chase and redemption of these bonds at not to exceed 105 and interest. Organization — Incorporated in Canada In 1909 and is a consolidation of a number of breweries, six of which are located in Mon- treal, three in Quebec and others all in' the Province of Quebec. Secured by first mortgage upon the real estate of the company located at Montreal, Quebec, Lachine and St. Therese, Quebec. Year ended Oct. 31 Net Interest Dep'n 1918 $616,266 $103,280 $82,226 1917 417,225 108.640 81.287 1916 446,002 113,600 80,257 1915 452.400 118.400 79,953 Original Market — $300,000 offered in April, 1912 at 103^ and interest by Hanson Bros., Montreal. Market. Montreal — Canada. Securities Corp.. Ltd., Hanson Bros. & Co., C. Meredith & Co., Ltd. Burnett, Porteous & Co. NATIONAL BRICK COMPANY OF LAPRAI- RIE, LTD., 40-Year 1st 6s. Due Oct. 1, 1951. Dated Oct. 1, 1911. Interest payable April 1 and Oct. 1 at ofl=ice of Trustee. Scrip Interest Certificates — On December 20. 1915. the bondholders agreed to accept Scrip Certificates for interest due October 1, 1915. April 1 and October 1. 1916 and 1917, and April 1, 1918. These certificates are for $200 for each $1,000 bond and $20 for each $100 bond. They are secured by $500, 000 "of bonds in escrow and bear interest at 6 % per an- num payable 1st April and October. First payment to be made lat October, 1918. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $2,319,000. Reserved for Ext, — $680,900. Denomination — Coupon $100, $500 and $1,000: £20 and 500 francs. Registerable as to principal. Trustee — Quebec Savings & Trust Co., Que- bec. Redeemable at 105 and interest. Sinking Fund — Annually, beginning Sept. 1. 1917, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in 1911 in Can- ada and during 1912 acquired the property and plant of the Laprairie Brick Co., Ltd. Authorized Outstanding Capital Stock $2,000,000 $2,000,000 Secured by a mortgage on all the property of the company, including 320 acres of clay and shale land and plant with an annual ca- pacity of 75.000,000 bricks, located at Del- son Junction, Quebec, and 100 acres of clay and shale land and plant with an annual ca- pacity of 60,000,000 bricks, located at La- prairie, Quebec. 'Year endied Feb. 28 Bond Net Interest 1917 $42,214 1916 17.988 $81,169 1915 139.617 139.146 1914 258.977 139.146 1913 381.963 126,767 Market. Montreal — Hew R. Wood. Co. NATIONAL CAR WHEEL CO. 1st 6s. Due Sept. 1, 1»23.— F. Dated Sept. 22, 1903. Interest payable March and Sept. 1, at Bankers' Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,750,000. Outstandingr~$491,000 (March. 1919). Retired by S. E. — $856,000. Held in Treasury — $109,000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable at 110 and Interest.. Sinking Fund — The mortgage provides for an annual sinking fund for the retirement of these bonds. Organization — Incorporated in 1903 in New York as a consolidation of the Maher Wheel & Foundry Co., Cayuta Wheel & Foundry Co., Keystone Car Wheel Co, and Rochester Car Wheel Works. Company has an annual output of 120,000 tons. Secured by a Urst mortgage on the plants of the company located at Pittsburgh and Sayre, Pa.; Rochester, N, Yj, and Cleveland, Ohio. Market. Cleveland — Borton & Borton. Pittsburgh — Jas, Carothers & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Ask High.96 '17 95^ June Low. 73 '15 79 '15 NATIONAL CONDUIT & CABLE CO., Inc., 10-Year 1st 6s. Due April 1, -1927. — F. Dated April 1, 1917. Interest payable April 1 and Oct. 1. Tax Status — 2% Federat Income Tax paid by company without deduction. Tax exempt in New York. Pennsylvania State tax refunded. Authorized — $5. 000, 000. Outstanding — $4,804,000 (Jan. 1. 1919). Retired by S. F.— $196,000. Denomination — Coupon, $ 5 and $1,000, Res"isterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 102 Ms and interest on any interest date to and including April 1, 1919, and at 105 and interest thereafter. Sinking Fund — Annually, $125,000 in cash, payable semi-annually, Oct. 1 and April 1, and in addition 50% of net profits (after interest and sinking fund payments) in excess of $1,- 000,000 per annum. To be applied to the pur- case or redemption of these bonds as above. Organization — Incorporated in New York in 1917 acciuired the assets of the Nationa.! Con- duit & Cable Co. and the_ National Brass & Copper Tube Co. and also the stock of the New York & Hastings Steamboat Co. Secured by a first mortgage en a 3 5-acre wire, cable and brass plant at Hastings-on- Hudson, N. Y., together with the power plant, machine shops, testing laboratories and docks: also a iifst lien on the capital stock or assets of a subsidiary company owning shipping fa- cilities, lighterage and barge lines, etc., oper- ated in connection with this cpmpany. As , of Feb. 28, 1917. plant, etc., appraised at $6,- 550,000; net Quick assets, $5,451,823, not in- cluding $1,500,000 additional working capital accruing to the company from present financ- ing; total net tangible assets $13,501,823. Tlear ended Dec. 31: Net Dep'n., etc. Interest 1918. .. t$503.745 $1,052,909 $311,341 ■^lOU. . .11,054,931 45,000 302,638 *9 months only. tAfter Federal Taxes. Original Market — $5,000,000 offered April, 1917, by the following firms: The National City Co., Montgomery,' Clothier & Tyler, Millet, Roe & Hagen and Knauth, Nachod & Kuhne, at 100 and interest. Market. New York — Barle A. Miller & Co., S. P. Larkin & Co., Keyes, Haviland & Co., G. B. de Chadenedes & Co.. J. W. Carroll. Miller & Co., Merrill, Lynch & Co.. E. &. C. Randolph, Klely & Horton, Chas. W. HiCl, T. L. Bronson, Parkinson & Burr, Babcock, Rushton & Co., Baker, Carruthers &. Pell, Holmes, Bulkley & Wardrop, T. Hall Keyes & Co.. Morton Lach- enbruch & Co., Mann, Bill & Co., John Nick- erson, Jr., Wm. C. Orton, H. A. Willis & Go. Philadelphia — H. D. Boenning & Co., Elkins, Morris & Co., C. K. Garrison, West & Co., Montgomery & Co., S. K. Phillips & Co. Boston — W. O. Gay & Co., Parkinson & Burr. Indianapolis — Fletcher American National Bank. Bu'fTalo — A. L. Chambers & Co. Chicago — Babcock. Rushton & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.991^ '17 100 '17 92% Feb. 93% Fbe. Low. 85 'IS 88 '18 85 Dec. 88 July NATIONAI. ENAMELING & STAMPING CO. Ref. 1st Real Estate 5s. Due June 1. 1929.— F. Dated June 1. 1909. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 500, 000. Outstanding — $2,315,000 (Jan. 1. 1919). Retired by S. F.— $1,185,000. Denomination — Coupon, $1. 000. Registerable as to principal. Registered, $1,000 and $5,000. C. & R. interchangeable. Trustees — Central Union Trust Co., New York, and Max Kotany. Redeemable for sinking fund at 105 and in- terest any interest jiate on 30 days' notice. Sinking Fund — Company is required to re- deem bonds amounting to $108,000 in 1910 on an increasing scale to $263,000 in 1929, when entire issue will be cancelled. In event of company failing to purchase and redeem the required amount in any year. Trustee may draw same for redemption at 105 and interest. Organization — Incorporated in 1899 in New Jersey and owns and controls properties in a number of cities for mining, smelting, casting, forging, rolling, enameling, etc., of metals. Secured by first mortgage upon the entire property of the company, including its plants located at Granite City, 111.: St. Louis, Mo.; Chicago. 111. ; Baltimore. Md. ; Laurel Hill, L. I. . and Milwaukee, Wis. , having an esti- mated valuation of $8,000,000. Mortgage, pro- vides that quick assets of compapy shall not at any time be less than the amount of in- debtedness of all kinds, including outstanding bonds and accrued interest. Year ended Dec. 31 Gross ■ Net Int. & S.'F. 1918 $5,072,650 $3,045,571 $272,307 1917 6.460.780 4.518,548 272,393 1916 3,679,762 2,857,328 272,646 Listed on the New York Stock Exchange. Original Market — $3,500,000 offered in June. 1909, by Lehman Bros, and Goldman, Sachs &. Co., New York, at 98% and interest. - Market. St. Louis — Whltaker & Co., Bowman, Cos* & Co. Philadelphia — H. D. Boennin& & Co. New Y»rk — Baker, Carruthers & Pell. Milwaukee — Second Ward Savings Bank. Price Range — N. Y. S. E. Jan. 1, 1909 to Jan. 1, 1919 1918 High. 102 Oct. 19, '16* 98 May 8 Low. 85 July 17, '13 95 Apr. 4 NATIONAL FIRE PROOFING CO. Ist & Coll. Tr. Serial 5s. Due $125,000 annually Ut Sept. 1, 1933.— F. Dated September 2, 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 500, 000. Outstanding— $1,649,000 (Jan. 1. 1919). Retired — $851,000. Note — $37,000 bonds maturing 1932 were re- deemed from sale of property near Perth Am- boy, which was not necessary for company operations. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Union Trust Co. of Pittsburgh, Pittsburgh. Pa. Redeemable at 102% and interest on any interest ■ date on four weeks' notice. Organization^ — The National Fire Proofing Co.' was incorporated in Pennsylvania in 1889 as the Pittsburgh Terre Cotta Lumber Co., and name changed to above in December. 1899, Controls through stock ownership the National Fire Proofing Co. of Canada. Ltd. Secured by first mortgage upon the entire property of the company, including 23 plants located in Mass. , New Jersey, Penn. , Ohio, Indiana and 111., and 6,000 acres of coal and clay land, the aggregate value of which la estimated at $8,000,000. Further secured by pledge of entire issues of the capital stock of eight companies , owned by the National Fire Proofing Co. The mortgage provides that dur- ing the life of these bonds quick assets of company shall always -be equal to $2,000,000 in excess of all liabilities except these bonds. Year ended Dec. 31 *Net Div. Dep'n 1918. . $5,840 $100,000 L917. . t301.865 162,458 1916.. 100,412 170.029 1915.. def. 98.907 100,000 1914.. 260,125 4% $316,020 100,000 *After interest, tincludes $42,459 from sale of property. Original Market — $2,500,000 offered in Oct., 1912. by the Union Trust Co. of Pittsburgh, on a 5.10% basis. Market. Pittsburgh — Lyon, Singer & Co., Mellon Na- tional Bank, Union Trust Co., Moore, Leonard & Lynch, Wm. P. Lem'.ey & Co. Price Range. Jan, 1, 1915 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 99 '16 100^4 '16 97^^ Feb. 98 Jan. Low. 86 '18 91 '18 86 June 91 June NATIONAL FUEIv CO , Low. 35 Aug. 4. '16 30 June NATIONAL RAILWAYS OF MEXICO 2-Yoar 6% Secured Gold Notes. Due June li 1915.— F. Dated June 2, 1913. Interest payable June and Dec. 1, at Company's office, 25 Broad St., New York. Default — December 1, 1914, and subsequent interest and principal. June 1st, 1914, Interest paid in 6% notes, . Tax Status- — 2% Federal Income Tax paid by company without deduction. Authorized — $29,16 0,000. Outstanding — $26,730,000. Reserved for Corporate Purposes — $2,430,000. Denomination — Coupon. $1,000 and $5,000. "Ttrustee — Central Union Trust Co.. New York. Redeemable at pkr and interest on any In- terest date on 60 days' notice. Security — Entire issue will be secured ulti- mately by pledge of $24,800,000 National Rail- ways of Mexico Prior Lien 4^% Bonds and $17,000,000 General Mortgage Guaranteed 4% Bonds. The outstanding notes are secured by $23,537,500 Prior Lien 4%s and $14,779,500 General 4s. The Indenture provides that the company may dispose of any bonds pledged hereunder, but proceeds are to be deposited with the Trustee to be applied to the pur- chase or redemption of these notes. Original Market — $26,730,000 offered In June, 1913,' by Kuhn, Loeb & Co.. Speyer & Co. and Ladenburg, Thalmann & Co., at 97 and interest. Market. New York — Sam'l Goldschmidt. Price Range 1918 — Bid 40, Ask 45 Nov. NATIONAL SECURITIES CORP. 10-Year 6% Prior Lien Notes. Due July 1, 1924. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $3,116,500. Retired— $1,036,500. Unissued — $5,847,000. Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New Yoi^. Redeemable at 101 and interest on any interest date. Redemption Fund — When proceeds from the sale of collateral aggregate $100,000 or more. such fund must be applied to the purchase or redemption of these notes at not over 101 and Interest. Notes acquired to be cancelled. Organization — Incorporated in Delaware in 1914 as a holding company. Controls the Idaho Power Co. through stock ownership. Reorganization — As of May 20, 1919. the reorganization plan dated Jan. 1, 1919, was declared effective. This plan caj'led for a new company, a scaling down of capitalization, but left this issue undisturbed. Secured by collateral consisting of all the outstanding notes ($3,702,441) and $150,000 par value preferred stock and all the common stock <$1,5,000,000) except directors' shares of the Iddho-Power Co. Underlies — $4,242,050 Deb. 6s of 1943 and $5,836,300 Income 6s of 1944. Note — Under reorganization plan (see above) this issue will underlie $876,364 30-year CoU. Tr. 6s and $3,785,693 30-year Co'.l. Tr. In- come 6s. Year ended Dee. 31 Gross Net Inteerst 1917 $406,332 $368,377 $476,314 Market. New York — J. S. Bache & Co., Morgan & Finlay, Otto Blllo, Dunham & Co., Morton Lachenbruch & Co.. Hotchkin & Co., B. & C. Randolph, P. H. Hatch & Co. Finlay, Didrichsen & Co., Otto Billo, Dun- ham & Co. , Leonard Snider & Co., Morton Lachenbruch & Co., Hotchkin & Co., E. & C. Randolph. Boston — P, W. Mason & Co., McConnell & Co., Hotchkin & Co., Kimball, McKinney & Co. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid I-righ.90 '17 92^.4 '17 80 June Low. 78 '18 87 '17 78 Mar. NATIONAL STARCH CO. SO-Year Deb. 5s. Due July 1, 1930.— N. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. New York, Tax Status — Payment of Federal Income Tax not assumed by^ company. Authorized — Closed Mortgage. Outstanding — $807,500 (Jan. 1. 1919). Owned by Corn Products Refining Co. — $2,995,500. Owned by Company — $1,365,000. Denomination — Coupon, $1,000. Registerable as' to principal. Trustee-^Parmers' Loan & Trust Co., New York. Guaranteed principal and interest by en- dorsement by the Corn Products Refining Co. Organization and Control — Incorporated in New Jersey in 1900 and acauired the property and assets of the National Starch Mfg. Co. and a number of other starch ahd glucose companies. Company now owns plants- for the manufacture of starch and other corn prod- ucts, glucose, sugar, etc., at Oswego, N. T., and Indianapolis, Ind. , together with ex- tensive real estate in four other cities, Con- troiled through, stock ownership by the Corn Products Refining Co. Security — A direct obligation of the com- pany, but not secured by mortgage. Company agrees not to place any new mortgage upon its property during the life of this issue, with- out equally securing these bonds thereunder. Listed on the New York Stock Exchange. Year ended Dec. 31: Net Depreciation Interest 1918 $643,766 $250,304 $197,651 1917 486,271 250,317 227,727 1916 511,914 261,396 243,933 1915 472,047 250,471 263,605 Market. New York— F. H. Hatch & Co., Hanson & Doyle. Keyes, Havlland & Co.. Ladd & Wood, E. & C. Randolph, Baker, Carruthers & Pell, Hortshorne & Battelle. T. H. Keyes & Co. , Taylor & White, Tobey & Kirk. Price Range — N. Y. S. E. Jan. 1, 1910 to Jan. 1, 1919 1918 Hlgh.94 Aug. 16, "18 94 Aug. 16 Low. 81% Feb. 27, '14 91*^ Jan. 9 (THE) NATIONAL TUBE CO. 1st 5b. Due May 1, 1953. — F. Dated May 1, 1912. Interest payable May and Nov. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding— $9,685,000 (Jan. 1, 1919). Held in S. F.— $315,000. Reserved for Ext. — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000, $10,000 and $100,000. C. & R. interchange- able. Trustee — The New York Trust Co., New York. Redeemable at 105 and interest Nov, 1, 1916, or on any interest date, thereafter upon six weeks' notice. Guaranteed principal and interest uncondi- tionally by the United States Steel Corpora- tion by endorsement. Sinking Eund — Beginning May 1, 1916, 1% annually of all bonds issued to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest, all bonds thus acquired to be held alive in the Sinking Fund, Organization and Control — National Tube Co., formerly known as the Lorain Steel Co., wras incorporated in Ohio in 1898. The entire 811 •stock is controlled by the United States Steel Corporation. Secured by first mortgage upon entire prop- erty of National Tube Co.. consisting of 1,169 acres of plant real estate at Lorain, Ohio, •on which are located 5 blast furnaces, 2 -Bessemer steel converters, 6 open hearth fur- naces. 2 Blooming mills, 1 Rail mill, 2 Plate mills, 3 Skelp jnills, 11 welding pipe furnaces and extensive ore docks and ore handling equipment, the actual cost of which ia in ex- cess of the amount of these bonds. Listed on the New York Stock Exchange. Original Market — $10,000,000 offered in April, 1912, by J. P. Morgan & Co.. First National Bank and National City Bank, New York, at 101^/4 and interest. JVIarket. New York — ^Active on N. T. Stock Exchange, Pittsburgh — Moore, Leonard & Lynch, R. W. Evans & Co. Philadelphia — "West & Co. Price Range — N. Y. S. E, Jan. 1. 1912 to Jan. 1, 1919 1918 High.103 Jan. 18 '17 97% Aug. 27 Low. 93 Feb. 2, '18 93 Feb. 2 NAUGATUCK RAILROAD CO. 1st 4s. Due May 1. 1954.— F. Dated May 2, 1904. Interest payable May and Nov. 1, at company's offices, New York, Boston and New Haven, at First National Bank, Boston, and Second National Bank, New Ha■^'■en, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,500,000. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Reg- istered, $5,000. Trustee — Treasurer of the State of Con- necticut. Assumed by the New York, New Haven & Hartford R. R. Co. Note — The bonds also bear the endorsed guaranty of N. Y., N. H. & H. R. R. Co. Organization — Incorporated in Connecticut In 1845 and in 1906 was absorbed by the New York, New Haven & Hartford R, R. Co. Secured by first mortgage on 61 miles of road, consisting of main line from Naugatuck Junction to Winsted, Conn., and branch from Waterbury to Watertown, Conn. Underlies — $234,000 Naugatuck Railroad Debenture S^^s, due 1930. Legal for Me. Listed on the New York Stock Exchange. Market. New York — Baker, Carruthers & Pell, .F. H. Hatch & Co. New Haven — Chas. "W. Scranton Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1. 1906 tO Jan. 1, 1919 191S Bid High: 87 July 15 '14 75 Dec. Low. 87 July 15, '14 65 Aug. NEBRASKA POWER COMPANY (OMAHA, NX;b.) 30- Year 1st 5s. Due June 1. 1940. Dated June 2. 1919. Interest payable June 1 and Dec. 1. Tax Status — 2 % Federal Income Tax paid by the company without deduction. Authorized — Unlimited. ■Outstanding — $5,600,000. Provisions of Issue— Additional bonds may be issued for 80% of the cash cost and fair value of permanent additions, extensions, etc., made subsequent to April 1, 1919, to the mort- gaged property or (to the extent of not more than 10% of the outstanding bonds) of sim- ilar additions, extensions, etc., to the prop- erty of subsidiaries, all of whose mortgage bonds and stock are pledged with the Trus- tee, and no bonds may be issued in either case unless the net earnings for' twelve con- secutive months within the fifteen consecutive months immediately preceding the date of ap- plication for such bonds shall have been not less than twice the annual interest charge of all first mortgage bonds outstanding, together with those proposed to be issued. Purpose of Issue — To retire at 105 and in- terest . $2,099,000 Omaha Electric Light & Power Company 1st 5s, , due 1933; to retire about $400,000 unsecured notes, and for the discharge of other indebtedness incurred for additions, etc., to the property made prior to April 1. 1919. Denominations — Coupon $1,000 and $500, registerable ($1,000) as to principal. Regis- tered $1,000 and authorized multiples. C. & R. ($1.0-00 or multiples) interchangeable. Trustees — Guaranty Trust CNampany and F. J. H. Sutton. New York. Redeemable on four weeks' notice at 105 and interest on any date from June 1, 1924, to June 1, 1939, and thereafter at 102% and interest. Improvement or Sinking Fund — Annually beginning June 1 1924; the following amounts : 1% of outstanding- bonds June 11, 1924, to 1928, inclusive: 11^% of outstanding bonds June 1, 1929, to 1948. inclusive. This fund is applicable for the acquisition 0° additional property or other permanent ad- ditions, extensions, etc., which might other- wise have been made (and may not there- after be made) the basis for the issuance of bonds, or for the purchase or redemption of bonds of this issue. Bonds so acquired to be cancelled. Orgnnization — Incorporated in Maine in 1917 and acquired by purchase the properties of the Omaha Electric Light & Power Company. Capital Stock Outstanding 1st pref. (7% cum.) $3,500,000 2d pref. (7% non-cum.) 1.000.000 Common 5.000.00a Controlled through stock ownership by the American Power & Light Co. Management — Electric Bond & Share Com- pany, New York. Secured by a first mortgage on all the prop- erty of the company, comprising a central power station of 33.000 k. w., located in Omaha, Neb., together with electric distrib- uting system of the company comprises con- duits in more than 24 miles of streets. The company also wholesales "electric current in Council BlufCs, la. Population served: Omaha, 200.000: Council Blufes, 30,000. Franchise — The XJ. S. Supreme Court has held that the company possesses a franchise right, unlimited in time. to. distribute elec- tricity for light, heat and power purposes. This franchise covers territory from which the company derives the major portion of its revenue. Year endfd Dec. 31 Oross Net Int.. etc. 191 S $1,908,680 $721,744 $280,027 1917 1.676.288 684.466 177,957 Original Market — $5,600,000 offered June,. 1919. by Harris, Forbes & Company, New York and Boston : Harris Trust & Savings Bank, Chicago, and Coffin & Burr, Inc., Bos- ton, at 90 and interest. 812 (THE) NEVADA-CAXTFORNIA ELECTMC COBFORATION First Lien. Series "A" 6s. Due Jan. 1, 1946. Dated Jan. 1, 1916. Interest payable Jan, and July 1, at Bankers* Trust Co., New York or Trustee's ofRce. Tax Status — 1% of Federal Income Tax re- funded. Authorized — $15,000,000, Series "A." Outstanding — $6,811,300 (Jan. 1, 1919). Reserved to Retire Prior ILiens — $3,934,400. Denominations — $100, $500 and $1,000. Reg- laterable as to principal. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — The International Trust Co., Den- ver. Redeemable at 105 and interest on any in- terest date on or before Jan. 1, 1921, and thereafter at 103 and interest on 60 days' notice. Sinking Fund — Semi-annually within 30 days after the first day of Feb. and Aug. (beginning with 1921) % of 1% of amount of the then outstanding bonds shall be deposited with Trustee for the purchase or redemption of bonds at not over 103 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Delaware in 1914, and has acquired practically the entire capital stock of the Nevada-California Powec Co., The Southern Sierras Power Co., Inter- state Telegraph Co., Bishop Light & Power Co., Corona Gas & Electric Light Co., Hillside Water Co., Coachella Valley Ice & Electric Co., Imperial Ice & Development Co., Cain Co. and Pacific Power Corporation. Secured by deposit of $16,349,000 (over 99%) of the outstanding capital stocks of subsidiary companies and the following entire issues of bonds: First Mortgage Bonds: Nevada-California Power Co. 1st Mtg. 6s $486,000 Southern Sierras Power Co. 1st Mtg. 6s esff.ooo Hillside Water Co., First Mortgage 6% Bonds $500,000 Interstate Telegraph Co. First Mortgage 6% Bonds 247,000 Bishop Light & Power Co, and Corona Gas & Elec. Light Co. First Mortgage 6% Bonds 63,000 Cain Co. First Mortgage 6 % Pacific Power Corporation First Bonds 1,650.000 Mortgage 6% Bonds 921,000 Coachella Valley Ice & Elec. Co. First Mortgage 6% Bonds 300,000 Imperial Ice & Development Co. 1st Mtg. 6s 140. 000 Total First Mortgage Bonds $4,993,000 First and Refunding Mortgage Bonds: The Nevada-California Power Co. First and Refunding Mortgage 6% Bonds 2,577,000 The Southern Sierras Power Co. First and Refunding Mortgage 6% Bonds 1,035.000 Total First and Refunding Mortgage Bonds $3,612,000 Total Bonds Deposited as Collateral Security 8.605,000 The indenture provides that all bonds is- sued by any subsidiary company for any pur- pose shall be acquired forthwith by The Ne- vada-California Electric Corporation and pledged as security for its First Lien Bonds. The collateral property includes electric gen- erating plants with a capacity of 60,000 h. p. of which 48,000 h. p. is hydro-electric; 1,330 813 miles^ of high-tension transmission lines, of which 238 miles consist of a double circuit three phase 140,000 volt steel tower line, with towers spaced eight to the mile; 697 miles of transmission lines of 55,000 volt single circuit wooden pole lines. 9 miles of 33,000 volt double circuit steel pole lines; 334 niiles of double and single circuit 33.000 vou wooden pole lines and 52 miles of double and single circuit 15,000 volt wooden pole lines. In addi- tion there are 459 miles of wooden poie dis- tribution lines of 11,000 volts, 6,600 volts and under. Franchises — In the States of California and Nevada, franchises are subject to the super- vision of the California Railroad Commission and the Nevada Public Utilities Commission. The franchise situation Is reported satisfac- tory. Territory Served — The territory served cov- ers the rich agricultural and industrial sec- tions of Southern and Eastern California, and also the great mining districts of Central Western and Southwestern Nevada. All of this territory, with the exception of a small portion in San Bernardino. Riverside and Inyo Counties in Southern California, is . served exclusively by the subsidiary companies of this Corporation. The Nevada-Calif ornid Power Company serves Central. Western and Southwestern Nevada, Included in this' territory are the rich mining districts of Tonopah, Goldfield, Millers, Manhattan, Round Mountain, Rhyo- lite. Wonder, Fairview, Rawhide and Aurora. The Southern Sierras Power Company, with a transmission line extending from Bishop Creek in Inyo County to the City of San Bernardino in Southern California, and with over 5 00 miles of distributing lines in San Bernardino and Riverside Counties, has tribu- tary to its lines in the north, the fertile Owen River Valley, the Kern and Apple Val- leys, and the Keeler and Randsburg mining districts, the large soda and potash deposits at Owens and Searles Lakes, the cement plants- in Victorville District, the towns of Big Pine., Randsburg, Johannesburg, Oro Grade, Victor- ViUe and Barstow, and in Southern California the rich agricultural districts of San Ber- nardino and Riverside Counties which include- the cities of San Bernardino. Riverside, Red- lands and the towns of Perris, San Jacinto,. Hemet, Elsinore and Banning. The Hillside Water Company and the Cain^ Company own reservoir developments and large- tracts of land with appurtenant water rights^ on Bishop, Rush, Mill and Leevining Creeks- where the hydro-electric developments of ■ th&- Companies are located. The Interstate Telegraph Company's tele- graph and telephone lines parallel those of the- power companies' systems except in Southern California. This Company operates 600 miles of line and transacts a general telegraph and^ telephone business. Prior. Liens — $2,375,000 Nevada-California Power Co. 1st 6s of 1927 and $2,605,000 South- ern Sierras Power Co. 1st 6s of 1936. Bonds; are reserved under this mortgage to retira* both issues. Underlies — $986,400 Conv. Deb. 6s, 1926, and $290,200 6% Conv. Notes of 1920. Year ended Dec. 31 (combined): Gross Net Interest 1918 $2,147,349 $1,122,254 $635,611 1917 1.985,150 1,078,092 549.775 1916 1.526,897 938.038 463,586 Original Market — $3,943,000 offered June, 1916, by Spencer, Trask & Co., Wm. JP. Bonbright & Co., Inc., N«w York, and Swefif! Causey, Foster & Co., Denver, at 98% and. interest; a block offered Sept., 1918, by Boettcher, Porter & Co., Denver, at 93^ and interest. Market. New York — Curtis & Sanger, Blodgret & Co., Bonbrig-ht & Co. , H. N. Whitney & Sons, B. & C. Randolph, John Muir & Co.. Spencer, Trask & Co., H. D, Robbins & Co., E. P. Hutton & Co., Babcock, Rushton & Co., Wm. C. Ewen, P. H. Hatch & Co., Lynch & Mc- Dermott, McDonnell & Co. , John Nickerson, Jr., Taylor & White. Philadelphia — Bonbright & Co., Paul & Co. Denver — Boettcher, Porter & Co., The Inter- national Trust Co., Bosworth, Chanute & Co. Boston — Curtis & Sanger, Blodget & Co. , Bonbright & Co. Chicago — Curtis & Sanger. Bonbright & Co., Babcock, Rushton & Co. Portland. Me. — Beyer & Small. - San Francisco — E. P. Hutton & Co. 1^8 Angeles — E. P. Hutton & Co. San Diego — Stephens & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '17 99 '18 94 Jan. 99 Jan. Low. 82 '18 89^ '18 82 July 89^ Juj'.y St. liOuis — Mississippi Valley Trust Co.. OHfelnal Market — ^First offered by Adams & Stix &, Co. Co.. Boston, Mass. Worcester-^-W. E, Wardwell & Co. Market. „ . „ See Deb. 5s. Price Range. Price Range. Jan. 1. '15 to Jan. 1. '19 1918 Jan. I. 1908 to Jan. 1. 1919 1918 Bid Ask Bid Ask Bid Ask Bid High. 97% '16 100 '17 90 Deo. 93 Dec. JIigh.93%'09 96 '10 86 Dec, Low. 83 '16 86 '16 86 July 87% Mar. Low. 75 '08 80 '08 77 Aug.. 820 NEW BNGIAXD TELEPHONE Si TEUE- GBAFH CO. Deb. 58. Dae Oct. 1, 193». Dated October 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized and OatstandioE — $10,000,000. Denomination — Coupon, $1,000. Reeristerable as to .principal. Trustee — Old Colony Trust Co., Boston. Organization and Control — Incorporated in New York in 1883, and operates under license from the American Bell Telephone Co. in the States of Maine and New Hampshire and the largest part of Massachusetts Etnd Vermont. Controlled through ownership of a majority of the stock by the American Telephone & Telegraph Co. Security— A direct obligation of the com- pany, but not secured by mortgage. The company has agreed that if any mortgage or other encumbrance is placed upon any of its property, these bonds shall be eaually se- cured thereunder. ¥ear ended Dec. 31 Gross Net Int. & Rent •1918. .$14,300,805 $3,663,804 $668,889 1917.. 22,649,935 5.162,269 1,049,456 1916.. 20,971,273 4,943,941 692, 3il 1916.. 18,484,824 4,080,169 690,836 *Seven months ended Ju'y 31. listed on the Boston Stock Exchange. Original Market — $10,000,000 offered In Oct.. 19;t2/ by Kidder, Peabody & Co., New York and Boston, at 100 and interest. , Market. Boston — J. W. 5owen & Co., Old Colony Trust Co. New York — Hodenpyl, Hardy & Co., Cogge- shall & Hicks, H. N. Whitney & Sons, Re- mick, Hodges & Co., Hornblower & Weeks, Gilman & Glucas, Estabrook & Co, Portland, Me. — Beyer & Small. Hartford — Conning & Co. Price Range. Jan. 1. 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.103 '16 104 ..:16. .93. Nov. 94 Nov. Low. 84% '18 86'/4 '18 84% Aug. 86% Aug. NEW GAS LIGHT CO. (JANESVILLE, WIS.) Ist 5s. Due June 1, 1934.— F. Dated June 1, 1894. Interest payable June and Dec. 1, at Real Estate Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $229,000. Denomination — Coupon, $500. Organization — Incorporated in Wisconsin in 1863. - The United Gas Improvement Co. is interested in this' company. Secured by a first mortgage on plant sup- plying gas to Janesville, Wis., serving popula- tion of 14,000. Market. Philadelpliia — ^Reed A. Morgan & Co., Brvin & Co., Huntoon & Co., S. K. Phillips & Co., Wa:rren A. Reed. Price Range. Jan.. 1. '16 to Jan. 1, '19 1918 Bid Ask High.lOH4 '16 S^'A Aug. JLow, 99 '17 NEW HAVEN & CBNTREVILLE STREET RAILWAY 1st 5s. Due Sept. 1, 1933. — N. Dated Sept. 1, 1893. Interest payable March and Sept. 1, at N. Y., N. H. & H. R. R, Company's office. New Haven, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $626,000. Outstanding — $283,000. Denomination — Coupon $1,000. Trustee — State Treasurer of Connecticut. Assumed by N. Y., N. H. & H. R. R. Co. Organization and Control — Merged into, the Pairhaven & Westville St. R. R. in 1898, which was consolidated into Cpnsolidated Ry. Co. in 1904. Latter company was merged into the New York, New Haven & Hartford R. R. Co. in 1907. All of the property of the Consolidated Ry. Co. was sold to the Connecticut Co., whose $40,000,000 stock, for- merly owned by the New York, New Haven & Hartford R. R., has been placed in the hands of a board of five trustees to be sold priof to July 1, 1919, if possible, in accordance with the agreement between the N. Y., N. H. & H. R. R. Co. and the U. S. Department of Justice. Secured by a first mortgage on 6.11 miles of street railway in and around New Haven, Conn., extending from Church Street, through Broadway and Diswell Ave. to Blake's Cor- ner, Hamden, and from Munson Street through Shelton Ave. to Goodrich St. . Market. « New Haven— Chas. W. Scranton & Co., H. , C. Warren & Co., Stevenson & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid High.106 '12 106% '17 96 Jan. Low. 90 '18 100 '17, 90 Aug. NEW HAVEN St NORTHAMPTON CO. Ref. Cons. 4s. Due June 1. 1956. — F. Dated June 1, 19 06. Interest payable June and Dec. 1. at Second National Bank, New Haven. ' " Tax Status-^2% Federal Income Tax paid by company without deduction. Authorized — $10, 000, 000. Outstanding — $2,400,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $5,000. Trustee — Treasurer of the State of Connec- ticut. Assumed by the New York, New Haven & Hartford B. R. Co. Guarantee — These bonds are guaranteed as to principal and interest by the New York, New Haven & Hartford B. R. Co. by endorse- ment- ,,,.». Organization — Incorporated in Massachusetts and Connecticut in 1836. Leased to the New York, New Haven & Hartford Railroad Co. in 1887, and merged into that company in 1910. Secured by a direct mortgage on 126.68 miles of road, viz.: Miles New Haven, Conn., to Shelburne Jet., , jlass 94.12 Farmington to New Hartford, Conn 14.87 Northampton to Williamsburg, Mass... 7.70 South! Deerfleld to Turner's Falls, Mass. 9.99 Legal for Me. Price Range. Jan. 1. '18 to .Ian. 1, '19 1918 Bid Ask Bid Ask High.lOO '09 102 '09 65 Jan. 75 Jan. Low. 65 '18 75 '18 65 Dec. 76 Dec. NEW HAVEN (CONN.) WATER CO. Conv. Deb. 4%s. Due July 1, 1962. — N. Dated July 1, 1912. Interest payable Jan, and July 1, at New Haven Bank, New Haven, Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $750,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. 821 Convertible into stock at the option of the directors at any time prior to July 1, 1925, at the rate of $150 bonds for $100 stock. Divi- dends of 8% per annum are being paid on. the stock. Organization — Incorporated in Connecticut in 1849 as a consolidation. Security — ^A direct obligation of the company but not secured by mortgage. Prior liien— $550,000'lst 4%s, due 1945. liCgal for Conn. Market. New Haven — H. C. Warren & Co., W, T. Fields Co., Chas. W. Scranton & Co., Steven- son & Co. Hartford — Richter & Co. New York— F. H. Hatch & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.105 "16 106 '17 96 Jan. 100 Jan. Low. 88 '18 93 '18 88 July 93 July NEW JERSEY & HUDSON RIYER RAILWAY & FERRY CO. 1st 4s. Due Mar. 1, 1950. Dated March 1, 1^00. Interest payable March .and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6, 000, 000. Outstanding — $4,011,000. Reser%'ed for Ext, — $989,000. Denomination — Coupon, $1,000. Registerable as ta principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 105 and interest on any In- terest date on six weeks* notice. Organization and Control — Organized in 1900 as a consolidation of the Bergen County Trac- tion Co. and the Ridgefield & Teaneack Ry. Co. Incorporated in New Jersey In 1910» when the Hudson River Traction Co. was consolidated. Controlled through ownership of $2,446,350 of the $2,500,000 capital stock by the Public Ser- vice Corporation of New Jersey, and the prop- erty is leased to the Public Service Ry. Co. for 900 years from 1911 for interest on bonds and 6% on preferred and common stocks. Secured by first mortgage upon entire prop- erty of company, comprising 31 miles of track from the Bdgewater ferry terminal to Engle- wood, Hackensack and Paterson, and 17 milea from Hackensack to Hasbrouck Heights, Wood- bridge, Rutherford and Arlington, N. J., with a branch from Hasbrouck Heights to Lodi. Further secured by pledge of all the bonds and stock of the Riverside & Fort Lee Ferry Co., owning ferry from West 130th St.. New York, to Edgewater, N. J. Franchises, excepting one for 50 and one for 99 years, are all perpetual. Original Market — $500,000 offered In Feb., 1905, by Millett, Roe & Hagen, New York, at 87% and interest. Market. Philadelphia — Biddle & Henry, Brown Bros. & Co.. Chas. Fearon &,Co., Huntoon & Co. Newark — Fidelity Trust Co., J. S. Rippel, Post & Flagg. New York — Geo. S. Crap & Co.. A. B. Fit- kin & Co.. Miller & Co., E. & C. Randolph, W. E. R. Smith & Co., B. H. & F. W. Pelzer, Van Sant & /Legg, John Davenport, F. H. Hatch & Co. ' Jersey City — Edwin R. Case, Outwater & Wells. Paterson — F. A. Peters, F. K. McCully. ' Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.83H '12 84 '16 72 Feb. 76 Feb. Low. 60 'IS 70 '18 60 July 70 June NEW JERSEY & NEW YORK RAILROAD CO. 1st Ext. 5s. Due May 1, 1950.— F. Dated April 3, 1880. Extended May 1, 1910, Interest being reduced from 6%. " Interest' payable May and Nov. 1, at 50 Church St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400, 000. Outstanding — $394,000. Denomination — Coupon, $1,000 and $500, Registerable as to principal. Trustee — Joseph E. Gay. Organization — ^Incorporated in New Jersey and New York in 1885 as a consolidation" of a company of the same name and the Hacken- sack R. R. Controlled through ownership of a majority of the stock by the Brie Railroad Co., but Independently operated. , Secured by a first mortgage on 34.50 miles of road, viz. : Junction near Jersey City, N. J., to Nanuet Jet.. N. Y 20.63 Spring Valley to Garnerville. N. Y 8.54 Stony Point Jet. to Strong Point, N. Y. 1.04 New City Jet. to New City (Nanuet & New City R. R.) 4.29 And all property and franchises. Underlies — $3,000 2d 5s of 1985 and $629,500 Gen. 5s of 1933. Bonds are reserved under the latter mortgage to retire this issue. liegal for Me. Original Market — Extension underwritten by J. P. Morgan & Co., New York. Market. New York — Sam'l Goldschmidt. S. P. Larkirf & Co., Abraham & Co., F. H. Hatch & Co. Philadelphia — Biddle & Henry. Price Range. Jan. 1, '10 to Jan. 1, '19 Bid Ask High.105 -11 106 '10 Low. 85 '17 90 '18 1918 Ask 90 May NEW JERSEY & NEW YORK RAILROAD CO. Gen. 5s. Due Jan. 1. 1933.— F. Dated December 31. 1892. Interest payable Jan. and July 1, at 50 Church St.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,200,000. Outstanding — $ 629.500. Reserved for Prior Iiien« — $570,500. Denomination — Coupon. $1,000 and $500. Registerable as to principal. Trustees — Joseph B. Gay and Robert W. DeForest. Redeemable at 105 and interest,, on sii months' notice. Organization and Control — See 1st 6s. Secured by practically a second mortgage on 30 miles of road from Erie Jet., N. J., to Nanuet, N. Y.. and practically a second col- lateral lien, by deposit of all stocks and bonds of company owning the road, on four miles of road from Nanuet to New City, N. Y., suhiect to prior liens at the rate of $11,800 per mile.- These bonds are outstanding at the rate of $18,500 per mile. Prior Liens — $394,000 N. J. & N. Y. 1st 6s, of 1950 and $3,000 N. J. & N. Y; 2d 5s of 1982. Market. New York — Sam'l Goldschmidt, F. H. Hatch & Co.. Abraharr. & Co. Price Range 1918— Bid 70, Ask 95. R22 NEW JERSEY GAS CO. 1st 5s. Due July 1. 1940.— P. Dated July 20, 1910. Interest payable Jan. and July.l, at Commercial Trust Co., Phil- adelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — % 2,500,000. Outstanding— $1 , 3 7 3, 00, Denomination — Coupon, $500 and. $1,000. Registerable as to principal. Trustee — Commercial Trust Co. . Philadel- phia. Redeemable on any interest date at 105 and interest on three months' notice. Oreanization and Control — Incorporated in New Jersey in 1910 and consolidated a number of small local companies. The New Jersey Consolidated Gas Co. owns a majority of stock. Secured by a first mortgage on plants sup- plying gas to numerous cities and towns in Southern New Jersey, servinig a population of 90,000. The company has generating plants at Vineland, Swedesboro, Penns Grove and Glassboro. Year ended Dec. 31 Net Interest 1916 $89,770 $73,997 ' 1915 81,571 70,264 1914.... 81,530 63,435 Original Market — Offered by Samuel R. Kirk- Patrick & Co. , Philadelphia, to yield more than 5^% in May, 1911. Market. Philadelphia — Barclay, Moore & Co., C. Clo- thier Jones & Co. New York— F. H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask ■ High, 62 '16 76 '17 76 Dec. Low. 60 '18 60 Apr. Co., Abraham & Co., Baker, Carruthers & Pell, John Davenport. Wm. C. Bwen, F. H. Hatch & Co., Chas. W. PCace, Taylor Smith & Hard. Newark — J. S. Rlppel & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 Bid High.92 May 15, '14 68^ Dec. Low. 86 Jan. 6, '15 65 Jan. NEW JERSEY JUNCTION RAILROAD CO. 1st 48. Due February 1, 1986.— N. Dated June 30, 1886. Interest payable Feb. and Aug. 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $1,700,000. Denomination — Coupon, $1,000. Fully reg- Isterable. Registered, $1,000. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New York Central & Hudson River R. R. Co. by endorsement. Assumed by the New York Central R. R. Co. Organization and Control — Incorporated in New Jersey in 1886 and built to connect rail- roads entering Jersey City, Hoboken and Wee- hawken. Leased until 19 86, with renewal privilege, to the New York Central & Hudson River R. R. Co. (now New York Central R. R. Co.). The lessee owns the entire $100,000- stock. Secured by first m.ortgage on 4.78 miles of terminal railway, extending from the termi- nus of the "West Shore R. R. at Weehawken southerly, connecting with the Del. , Lack. & West., Brie and Penn., to Jersey City, N. J. Illegal for Cal., Me.. Mich., Minn., N. J. and R. I. Listed on the New York Stock Exchange. Original Market — $1,300,000 ofCered in Jan., 1887, at 103% and interest by Drexel, Morgan & Co. and Unger, Smithers & Co., New York. Market. *New York — S. P. Larkin & Co..- Chas. W. Place, E. & C. Randolph, "Wood, Struthers & 823 (THE) NEW JERSEY POWER & LIGHT CO. 1st 58. Due Feb. 1, 1936.— F. Dated Feb. 1. 1916. Interest payable Feb^ and Aug. 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — Additional bonds may be Issued for 80% of cash cost of improvements, etc., when annual net earnings are twice interest charges on total bonds issued. Outstanding— $929,000 (Jan. 1, 1919). Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and multi- ples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 105 an<9 interest. Improvement and Sinking Fund — Beginning Feb. 1, 1920, and annually thereafter 1% of outstanding - bonds for. improvements or the purchase or redemption of these bonds. An- nually from 1916 to 1936, 10% of gross earn- ings for a maintenance and depreciation fund. Organization and Control — Incorporated Dec, 1915, in New Jersey, to take over the prop- erties of the Eastern Pennsylvania Power Co. Controlled through stock ownership by the Gen- eral Gas & Electric Co. Management — The "W. S . Barstow Manage- ment Association, New York. Secured by a first mortgage on all the prop- erty of the company, including plants supply- ing electricity to 23 contigxious communities in , Morris and Somerset Counties, N. J. , within 3 5 miles of New York City. The company sells power under a 1 0-year contract to the Morris C- unty Traction Co. Franchises ex- Population served. Net $99,806 83.706 56,821 Int.. Etc. $67,847 49,175 32,108 , tend to beyond 1936. 44,050. Year ended Dec. 31 Grosp 1918 $305,795 1917 226,439 *1916 162,692 *Ten months. Original Market — Offered April, 1916, by N. W. Halsey & Co.. New York, etc., at 98 and interest. Market. New York — Halsey, Stuart & Co., The Na- tional City Co., Sam' I Qoldschmidt, Lynch & McDermott. Paterson — F. A. Peters. Boston — Halsey, Stuart & Co. Philadelphia — Halsey, ; Stuart & Co. Chicago — Halsey, Stuart & Co. Price Range. Jan, 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94% '16 97% '16 „80 Dec. 87% Feb. Low. 79 '18 83 '18 79 Mar. 83 Mar.. NEW .JERSEY STEAMBOAT CO. Ist 5s. Due March 1, 1931. — N. Dated March 2, 1891, Interest payable May and Nov. 1, at Mechanics & Metals National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Ootstandine — $1,392,000. Denomination — Coupon, $100. $500 and $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Hudson Navigation Co. Control — The company was incorporated In New Jersey in 1855, and in April, 1905, was acquired by the Hudson Navigation Co. Secured by a first mortgage on the entire property of the former New Jersey Steamboat Co., including the steamers "C. W. Morse" and "Adirondack" and dock property in Albany. Underlies — Hudson Navigation Co. Coll. Tr. &^, due 1923, and Hudson Navigation Co. 6s. due 1938, which provide for the retirement of this issue. Market. New York — Hanson & Doyle, E. & C. Ran- dolph, A. Hicks Lawrence, Tobey & Kirk, P. H. Hatch & Co. Price Range. Jan. 1. *15 to Jan. 1, '19 1918 Bid Ask Ask High.87 '16 91 '18 91 July Low. 72 '1.5 84 '15 85 Aug. NEW JERSEY ZINC CO. l«t 4s. I>ue Oct. 1, 1926.— F. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at company's office, 55 "Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,800,000 (Dec. 31, '17). (Re- duced from $10, .000, 000.) Outstanding — $4,000,000. Cancelled^$3,200,000. Denomination — Coupon, $1,000. Registerable as to principal.. Trustee— Farmers' Loan & Trust Co., New York. Sinking Fund — Company must cancel $200,- 000 unissued bonds annually. When all un- issued bonds are cancelled then the company shall appropriate $200,000 annually for re- demption of outstanding bonds at not exceed- ing par and interest. Also any money obtained from the sale of property subject to the lien of these bonds, and not applied to new con- struction or acquisitions, shall be added to this sinking fund. Organization — Incorporated in New Jersey in 1880, and controls New Jersey Zinc Co. of Pennsylvania. Secured by a first mortgage on all of the property of the company, including mines and plants, aa well as on the stock of the N. J. Zinc Co. of Penna. , Mineral Point Zinc Co. and Empire Zinc Co. Market. New York — ^Wm. Carnegie Ewen, Baker, Carruthers & Pell, F. H. Hatch & Co., Tayior & White. Newark — Eisele & King. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 98 '16 100 '16 93% Apr. 94% Apr. Low. 90 '11 93% '09 90 Jan. NEW LONDON GAS & ELECTRIC CO. Ist 5s. . Doe April 1, 1937.- N. Dated April 1, 1897. Interest payable April and October 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $276,500. Trustee — New York Trust Co., New York. Assumed by the Connecticut Power Co. Organization and Control — Incorporated in Connecticut in 1897 and in 1913 was consoli- dated with other companies with the Connecti- cut Power Co., which does the entire gas, elec- tric and commercial power business in New London and the entire electric lighting and commercial power business in Middletown, Middlefield, Durham, Portland and Cromwell, Conn. Management-^Stone & Webster. Secured by a first mortgage on plants supply-" Ing gas and electricity to New London, Conn., serving a population of 20, 000. Franchise perpetual. Underlies— New London Gas & Elec. 2d 5a, 1st Cons. 5s and The Connecticut Power Co. 1st & Cons. 5s, due 1963. Earnings — See Connecticut Power Co. Market. New Haven — H. C. Warren & Co., E. & C. Randolph,, Stevenson & Co. Boston — McConnell & Co., Stone & Webster. New York — F. H. Hatch & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid High.104 ■12 104 '16 95 Jan. Low. 90 '08 102 '17 94 Dec. NEW LONDON GAS & ELECTRIC CO. Ist Cons. Ref. 5s. Dae July 1, 1933.— F. Dated July 1, 1903. Interest payable Jan. and July 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding— $373,500 (Jan. 1. 1919). Owned by Conn. Pow. Co. — $2,000. Denomination — Coupon, $500 and $1,000. Trustee— Equitable Trust Co. , New York. Assumed by Connecticut Power Co. Organization, Security, etc, — See 1st 5s. Prior Lien — $352,500 1st and 2d 5s. Underlies— The Connecticut Power Co. 1st & Cons. 53, due 1963. Earnings— See Connecticut Power Co. Original Market — First offered by Flint, Jones & Co., New York, at 102 and interest. Market. New Haven — H. C. Warren & Co., C. W. Scranton, Stevenson & Co. Boston — McConnell & Co., Stone & Webster. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid High.lOOMt '17 102% '11 90 Jan. Low.- 88 '18 100 '14 88 Dec. NEW LONDON NORTHERN RAILROAD CO. 1st 4s. Due July 1. 1940. — F. Dated July 1, 1910. Interest payable Jan. and July 1. at Mechanics & Metals National Bank, New York, Tax Status^2% Federal Income Tax paid by company without deduction. Tax exempt in Connecticut. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Registered, $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Organization and Control — Incorporated in 1860 in Connecticut and Massachusetts as a reorganization of the New London, Willimantic & Palmer R. R. Leased In 1891 for 99 year* to Central Vermont Ry. at an annual rental of $216,552. The latter company is controlled through ownership of a majority of its com- mon stock by the Grand Trunk Ry. of Canada. Secured by first mortgage on 121 miles of road from New London, Conn. , to Brattle- R34 boro, Vt,, and on terminal property and docks at New London. Xiegal for Conn., Me.. Mass., Minn., Mich., N. J., Vt. and Wis. Original Market — 51,500,000 offered in June, 191Q, by Strong, Sturgis & Co. and Kidder, Peabody.& Co., New Torlc, at 99^ and inter- est. Market. New York — Burgesa, Lang & Co., Remiclt, Hodges & Co., Abrahani & Co., Balder, Car- rutliers & Peil, Wm. C. Bwen, Taylor, Smith & Hard. Boston — Burgess, Lang & Co. Price Range. Jan. 1, '10 to Jan. 1, 'li) 1918 Bid Ask Bid Ask High.9814 '11 100 '11 7S Nov. 80 Jan. Low. 67% '18 80 '17 67% May NEW LONG DISTANCE TBI^PHONE CO. 1st 5s. Due Jan. 1, 1923. — N. Dated Jan. 1. 1903. Interest payable Jan. and July 1, at Union Trust Co., Indianapolis. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — S800,500. Denomination — Coupon, $500 and $1,000. Trustee — Union Trust Co., Indianapolis. Organization — An independent company in- corporated in Indiana in 1899. Merged in 1916 into 'the Indianapolis Telephone Co. Secured by a first mortgage on system of company, comprising 850 miles of pole line and 4,657 miles of circuit wire, connecting indepen- dent telephone exchanges in Indiana with In- dianapolis. The company is operating under an indeterminate permit from the Public Ser- vice Commission. Charter expires In 1948. Lfisted on the St. Louis -Stock Exchange. Market. St. Louis — Herrick J. Gray & Co., Walter B. Orthwein, A. G. Edwards & Sons, E. A. Gessler. Indianapolis — Fletcher American National Bank., Union Trust Co. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask High.90% '16 93% '16 Low. 92 '17 NEW MEXICO RAILWAY & COAL CO. Ist & Coll. Tr. 5s. Due Oct. 1, 1947.— F. Dated Oct. 1, 1897. Interest payable April and Oct. 1, at Eauitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. AnthoTized and Outstanding — $3,000,000. Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest at any time upon four weeks' notice. Organization and Control — Incorporated in New Jersey in 1897 and name changed to the El Paso & l^ortheastern Co. in 1905. Con- trolled through ownership of its $12,000,000 capital stock by the El Paso & Southwestern Co. The property is leased to the latter com- pany. Seenred by pledge of total issues of stocks and bonds as follows; El Paso & Northeastern Ry. of N. M. 1st 53 $2,700,000 El Paso & Northeastern Ry. of N. M. stock 2,70J),000 El Paso & Northeastern R. R. of Texas stock 300,000 New Mexico Fuel Co. 1st Mtg. Bonds 1.600,000 New Mexico Fuel Co, stock 100,000 This issue is therefore a first collateral lien on 168.88 miles of road and 3,500 acres of coal land, viz. : Miles El Paso & Northeastern Ry. of N. M. — Texas State Line to Carrizozo, N. M. 124. 78 Jarilla Jet. to Jarilla, N. M 3.58 Carrizozo to Capitan, N. M 21.30 Bi Paso & Northeastern R. R. of T?x- as — ^El Paso, Tex., to New Mexico State Line 19.22 New Mexico Fuel Co. ,owns 3,500 acres of land. Underlies^ — $2,000,000 New Mexico Ry. & Coal Co. 1st Cons. & Coll. Tr. 5s of 1951, which provide to retire this issue. Earnings — See 1st & Cons. 53. Market. New York — Baker, Carruthers & Pell, B. & C. Randolph, F. J. Lisman & Co., Douglas Fenwick & Co., Vickers & Phelps, Abraham & Co., F. H. Hatch & Co. Scranton — Chas. B. Robertson. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask , Highl00% '11 102 '11 85 Jan. 95 Jan. Low. 65 '18 80 '18 65 May 80 May NEW MEXICO RAILWAY & COAL CO. 1st & Cons. & Coll. Tr. 58. Due Oct. 1, 1951. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $5, 000, 000. Outstanding — $1,792,000. In Treasury — $208,000. Reserved for Prior Liens — $3,000,000. Denominations-Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Company, New York. Redeemable at 106 and interest at any time on four weeks' notice. Organization — See 1st & Coll. 5s. Secured by a second collateral lien on the mileage and coal lands covered by the 1st & Coll. Tr. 5s of 1947, and in addition a first lien by deposit with Trustee of the following: Deposited Issued Miles El Paso & Rock Island Ry. stk. $1,500,000 $2,500,000 127.51 Dawson Ry. & Coal Co. stk. 51,000 100,000 Alamogordo & Sacramento Mtn. Ry. stock 900.000 900.000 31.07 $2,451,000 $3,500,000 158.58 Prior Liens — $3,000,000 1st & Coll. 5s, due 1947, to retire which a like amount of this issue has been reserved. Market. New York — Baker, Carruthers & Pell, Vick- ers & Phelps. E. & C. Randolph, Douglas Fen- wick & Co., F. J. Lisman & Co.. Abraham & Co.. F. H. Hatch & Co. Scranton — Chas. E. Robertson. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '11 102 '11 85 Jan. 95 Jan. Low. 75 '08 86 '18 75 Nov. 85 Nov. Diie NEW MILFORD POWER CO. 1st 6s. Aug. 1, 1932.— F. Dated February 24, 1902. Interest payable February 1 and August 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. 825 Anthorizecl and Outstanding — $1,000,000. denomination — Coupon, ^1,000, Registerable as to principal only. . Truste« — Central Union Tfust Co. , New York. Assumed by the Housatonic Power Co. Organization — Absorbed in 1909 by the Hous- atonic Power Co., which is controlled by the New England Navigation Co. (a former sub- sidiary of the New York, New Haven & Hart- ford R. R. Co.) by stock ownership. Secured by a first mortgage on the property of the former New Milford Power Co., com- prising real estate, water power and electric plants. Market. New Haven — H. C. Warren & Co.,. Steven- son & Co. Hartford — F. R. Cooley & Co. New York — A. E. Pitkin & Co., Hotchkin & Co., F. H. Hatch & Co. Boston — Hotchkin & Co. Price Range. Jan. 1, '08 to Jan. 1, '1& 1918 Bid Ask Bid Ask High.105 '12 106 *12 96% Dec. 100 Dec. Low. 90 '18 93 '18 . 90 Aug. 93 Aug. 1918 Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask Bid Ask High.104^^ '17 105 '16 97 Feb. 100 Jan. Low. 90 '17 95 '17 94 Jan. 97 Dec. NEW ORLEANS & NORTHEASTERN RAIL- ROAD CO. Prior Lien 5s. Due Nov. 1, 1940.— F. Extended from Nov. 1, 1915, with interest reduced from 6%. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Louisiana and Mississippi. Authorized — $1,371,000. Outstanding — 11,371,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New Toi-k. Organization — Incorporated in Louisiana in 1868 and in Mississippi in 1871. Controlled originally through ownership of $5,336,300 of the 16,000,000 capital stock by the Alabama, New Orleans, Texas & Pacific Junction Rys. Co., Ltd. In November, 1916, the latter company sold its interest to the Southern Ry. Co. Secured by first mortgage on entire property of company, including 196 miles of road from New. Orleans', La., to Meridian, Miss., forming part of a through line from the north and northeast to New Orleans. Underlies — $7',195,000 Ref. & Imp. 4%s. due 1952, which provide for the retirement of this issue. Years ended Dec. 31: Gross Net Int. & Rent 1917 $4,969,265 $1,68 4,058 $498,580 1916 4.011,444 1,384,498 538.032 Year ended June 30 Gross Net Int. & Rent 1917 $4,40J,622 $1,564,418 $512,882 1916 3,781,662 1,201,574 518,220 1915 3,486,255 772,359 667,903 1914 4.057,275 828,366 699,437 Original Market — Extended bonds offered by Kean, Taylor & Co., New York and Chicago, at 102%% and interest In November, 1915. Market. New York — B. & C. Randolph, Abraham & -Co., Kean, Taylor & Co., F. J. Lisman & Co., Chas. W. Place. Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Harrison & Co.. Graham, Par- sons & Co. PittslKirgli — R. B. Hutchinson & Co., Kean. Taylor & Co. Baltimore — Baltimore Trust Co. NEW ORI^EANS & NORTHEASTERN RAIL- ROAD CO. Ref. & Imp. 4^8, Series "A." Due Jan. 1, 1952. — F. Dated Jan. 2, 1917. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16. 000, 000. Outstanding — $7,195,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. $5,000 and multiples. C. & R. Interchangeable. Trustees — Guaranty Trust Co. . New York, and William C. Cox, ^40 Broadway, New York. Redeemable as a whole at 107% and interest on any interest date on 90 days' notice. Control — See P. L. 5s of 1940. Secured by second mortgage on 196 miles of road from New Orleans, La., to Meridian, Miss. Also by pledge of the company's one- fifth interest in the Meridian Terminal Co. ($19,980 par value of capital stock). Prior Liens — $1,371,000 New Orleans & Northeastern R. R. Prior Lien 5s of 1940. pro- vision for the retirement of which is made in this issue. Earnings — See P. L. 5s. Market. Pittsburgh — R. B. Hutchinson & Co., Kean, Taylor & Co. New York — Baker, Carruthers & Pell. F. H. Hatch & Co., Tobey & Kirk. Abraham & Co., Kean, Taylor & Co.. A^'ilas & Hickey. Price Range 1918— Bid 83, Ask 86^. NEW ORLEANS & NORTHEASTERN RAIL- ROAD CO. Series *'E" Equip. Tr. 4VkB. Due »17,000 each Dec. 1 and $18,000 each June 1. from Dec. 1, 1916, to June 1, 1936. inclusive. Dated June 1, 1916. Interest payable Dec. 1 ^nd June 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $350,000. Outstanding — $263,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured by an eauipment agreement on 412 steel centre-sill plain box cars, costing about $410,000, of which the company paid $60,000 in cash. Original Market — Offered May, 1916, by Pot- ter, Choate & Prentice. New York, on a 4.45% basis for average maturities. Market. New York — Freeman & Co., Evans. Stillman & Co. Philadelphia — Graham, Parsons & Co. NEW ORLEANS CITY & LAKE RAILROAD 1st 5s. Due Jan. 1, 1943, — F. Dated Jan. 1. 1893. Interest payable Jan. and July 1, at office of Trustee. Payment of Interest — Jan. 1, 1919, coupons were ordered paid by the court. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding— $2,424,500 (Jan. 1, 1919). Retired by S. F.— $575,000'. Denomination — Coupon, $500 and $1,000. Regristerable as to principal. Trnstee — Tlie Fidelity & Columbia Trust Co., Louisville, Ky. Redeemable for the sinking fund at 110 and interest. Sinldng IMnd — Annually, Ju'.y 1, $30,000 tor the purchase or redemption of these bonds at not over 110 and interest. Bonds acquired to be cancelled. Organization and Control — ^Absorbed by the New Orleans City Railroad, controlled through ownership of a majority of its stock by the New Orleans Ry. & 'Light Co., which has teased the property until 1955. The New Or- leans Ry. & Light is controlled by the Ameri- can Cities Co. Receiversliip and Protectiye Committee — See New Orleans Ry & Lt. Co. Gen. 4%s. Secured by a Urst mortgage on an important part of the street railway system of New Orleans, La. Franchises expire from 1943 to 1962, except two which expire in 1915 and 1917. Underlies — New Orleans City R. R. Gen- .eral 5s, due 1943: New Orleans Ry. & Light General 4%s, due 1935, and Ref. & General Lien 5s, due 1949, which provide for the re- tirement of this issue. Earnings — See N. O. Ry. & Lt. Co. Listed on the New Orleans Stock Bxchange. Market. New York — W. J. Wollman & Co., John D. Curtis & Co., F. H. Hatch & Co. New Orleans — Claude M. Smith & Co., B. D. Cohn. Price Range. Jan. 1, '08 to Jan. 1, ■!!> 1918 Bid Ask Bid Ask High. Ill '08 112% '09 10114 Feb. 103% Jan. Low. 83 '18 90 '18 83 Nov. 90 Nov. NEW ORLEANS CITY RAILROAD Gen. 4-5S. Due July 1, 1943.— P. Dated July 1, 1898. Interest payable Jan. and July 1, at office of Trustee. Payment of Interest — Jan. 1, 1919. coupons were ordered paid by the court. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,250,000. Outstanding — $3,200,000. Denomination — Coupon. $1,000. Registerable . as to principal. ' Trustee — Fidelity Trust Co., Louisville, Ky. Receivership and Protective Committee — See New Orleans Ry. & Lt. Co. Gen. 4%s. Secured by deposit of an equal amount of 2d Mtge. 6s of New Orleans City & Lake R. R. Co. For further details, see New Orleans City & Lake 1st 5 s. Prior Lien« — $2,424,500 New Orleans City & Lake 1st 5 s. Underlies — New Orleans Ry. & Light Gen- eral 4%s, due 1936, and the Ref. & Gen. Lien '5s, due 1949, which provide for the retirement of this issue. • Earnings — See N. O. Ry. & Lt. Listed on the New Orleans Stock Exchange. Original Market — Issued in exchange for Crescent City R. R. 5s in accordance with plan K reorganization. Market. New York — John D. Curtis & Co. New Orleans — B. D. Cohn, Hibernia Bank & Trust Co., Claude M. Smith & Co. Price Range. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask Bid Ask HiEh.110% '09 112 '10 98% Jan. 100% Feb. Low. 78% '18 89 '18 78% Sept, 89 Sept NEW ORLEANS GREAT NORTHERN RAIL- ROAD 1st 5s. Due Aug. 1, 1955.— F. Dated August 1, 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $8,248,000. Reserved for Evt. — $1,762,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000 and 810,000. C. & R. intercliangeable. Trustee — Columbia Trust Co., New York. Organization — Incorporated in Louisiana in 1905. Secured by a direct mortgage on 243.04 miles of road, viz. ; Miles Slidell, La., to La.-Miss. State Line 51.23 North Slidell to Folsom, La 43.38 Florenville to St. Tammany, La 3.42 Florenville to Pearl K.ver, La 6 . 41 Rio, La., to La.-Miss. State Line 32.26 Miss. -La. State Line to Nogan, Miss... 95. Ot) Miss. -La. State Line to Tylertown, Miss. 8 . 86 Foxworth to Columbia, Miss 2.48 Year ended Dec. 31 Gross Net Int. & Rent "1918 $2,197,315 $503,436 $416,150 1917 $1,916,218 $775,982 $523,025 1916 1,746,701 816,998 529,995 1915 1,658,477 639,412 530,410 1914 1,711,887 595,225 527,488 1913 1,950.988 778,379 525,527 *Pro-forma statement. Original Market — Offered in 1905 by Fisk & Robinson, New York. Market. New York — Finch & Tarbell, Morton Lachen- bruch & Co., Martin, Berwin & Co., F. J. Lisman & Co., Hotchkin & Co.. Robinson & Co.. B. & C. Randolph, C. H. Hensel, Baker. Carruthers & Pell. E. Bunse & Co., F. H. Hatch & Co., Pehlps & Neeser, A. E. Pitkin & Co. Boston — Hotchkin & Co., McConnell & Co. New Orleans — Claude M. Smith, Interstate Tr. & Banking Co. Albany — John J. Hart. naltimore — Jenkins. Whedbee & Foe. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.76Vi '12 77% '12 54 June 58 June Low. 44 '16 47 '15 47 Dec. 62% Dec. NEW ORLEANS RAILWAY Si LIGHT CO. Gen. 4%s. Due July 1, 1935. — F. Dated July 1, 19 05. Interest payable Jan. and July 1, at New York Trust Co., New York, or in New Orleans. Payment of Interest — Interest due Jan. 1. 1919, was paid April 1, 1919, together with three months' interest on coupons. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3 0,000,000. Outstanding — $17,644,000. Pledged Under Re*. & Gen. 5s — $646,000. Reserved for Prior Liens — $11,810,000. Additional bonds issued hereunder must be deposited with the Trustee of the Refunding & General Lien Mortgage. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — New York Trust Co., New York. Redeemable at 106 and interest any interest date on 60 days' notice. Organization — Incorporated in Louisiana as a reorganization under foreclosure of the New Orleans Ry. Co. Controlled through ownership of over 90% of preferred and common stock by American 827 Cities Co., a subsidiary of the United Gaa & Electric Co. Receivership — On Jan. 9, 1919, Judge Foster, in the U. S. District Court, appointed J. D. O'Keefe receiver upon application of the American Cities Co. Protective Committee — R. S. Hecht, Chair- man; President, Hibernia Bank & Trust Co., New Orleans. Crawford H. Ellis, Vice-Chair- man; Vice-President, Whitney-Central Trust & Savings Bank, New Orleans. Joseph P. Henican, Capitalist, New Orleans. George W. Dodge, Vice-President, Interstate Trust & Banking Co., New Orleans, Paul H. Saunders, President, Commercial Trust & Savings Bank, New Orleans. Arthur M. Hug'er, President, New Orleans 3tock Exchange, New Orleans. Mortimer N. Buckner, President, The New York Trust Company, New York. Albert Breton, Vice-President, Guaranty Trust Com- pany, New York. Bernard McCIoskey, New Orleans; Walker B. Spencer, New Orleans, Counsel. Secured through pledge of practically the en- tire stock of the New Orleans City Railroad Co., New Orleans & Carrollton Railroad, Light & Power Co., St. Charles Street Railroad Co., Orleans Railroad Co., New Orleans & Pont- chartrain Railroad Co., New Orleans Lighting Co., New Orleans Gas Light Co., by lien upon the entire electric rai'.way system of 220 miles of the City of New Orleans, and plants sup- plying the city with electric light and power. Population served, 400, 000. Franchises — Are either perpetual or extend for a long period of years, with the exception of two unimportant ones, which expire 1917 and 1918. Prior Liens — $11,468,500 bonds of controlled companies, to retire which bonds of the Ref. & Gen. Lien Mortgage have been reserved. Underlies — N. O. Ry. & Lt. Ref. & Gen. Lien 6s, which provide for the retirement of this issue. Year ended Dec. 31 Gross Net Int., Etc. 1918 $8,698,646 $1,884,721 $2,019,603 1917 7,746,259 2,631,039 1,944,000 1916 7,262,364 2,866,663 1,890,506 1915 6,990,228 2,803.378 1,801,533 liisted on the New York, Louisville and New Orleans Stock Exchanges. Original Market — $ 2,000,000 offered June, 1909, to yield 5.40% by the Hibernia Bank and Trust Co., New Orleans, La. , and Ber- tron, Griscom & Co., New York and Philadel- phia. Market. New York— A. E, Fitkin & Co., W. J. Woll- man & Co., J. S. Farlee & Co., E. & C. Ran- dolph, L. A. Norton, Fostor & Adams, J. S. Bache & Co. , Merrill , Lynch & Co. , Sam' 1 Goldschmidt, Kiely & Horton, S. P. Larkin & Co., McKiniey & Morris, S. L. Snowden, John D. Curtis & Co., Miller & Co., Berdell Bros., John Davenport, John Nickerson. Jr. New Orleans — Hibernia Bank & Trust Co., Interstate Trust & Banking Co., Claude M. Smith & Co., E. D. Cohn. Boston — Hotchkin & Co. riiiladelphia — Berdell Bros. IvOuiBville— J. W. & D. S. Green, J. J. B. Hi" Hard & Son. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 High.94% Oct. 1, '10 Low, 78 ■ Feb. 15, '15 191^ Ask 88 July 72Ms Dec. NEW ORI.4EANS RAILWAY & LIGHT CO. Ref. & Oen. I/len 5s. Due Nov. 1. 1949. Dated November 1, 1909. Interest payable May and Nov, 1, at Guaranty Trust Co., New York, at Trustee's office, New Orleans, also London, Paris, etc. Default — May 1, 1919. interest was not paid when due. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $50,000,000. Outstanding — $.6,079,700 Reserved to Retire Prior Liens— $29,157,500. Reserved for Extension— $14,762,800. Denomination — Coupon, $1,000 and $100. Registerable, as to principal. Trustee — Empire Trust Co. , New York. Redeemable as an entire issue at 105 and Interest Nov. 1, 1919, or on any interest date thereafter upon six weeks' notice. Receivership — See Gen. 4%s. Protective Committee — Because of the ap- pointment of a receiver for this company and non-payment of Jan. 1, 1919, interest on Gen- eral 4%s and the possibility that the company will not pay such interest within the 90 days' grace period deposits of bonds with May 1, 1919, and subsequent coupons attached are re- Quested by the following committee : Gedrge K. Reilly, chairman; John S. New- bold, Arthur V. Morton, George A. Colston, Lynn H. Dinkins, Bondholders' Protective Committee. Counse: : Beekman, Menken & Griscom, 52 William Street, New York. Secretary : Walter B. Reed, 517 Chestnut Street, Philadelphia, Pa. Depository : The Pennsylvania Company for Insurances on Lives and Granting An- nuities, 517 Chestnut Street, Philadelphia, Pa. Sub-Depositaries: Interstate Trust & Bank- ing Co., New Orleans, La. ; Mercantile Trust & Deposit Co., 115 Broadway, New York. Foreclosure — The Empire Trust Co., trus- tee, has started foreclosure proceedings under this mortgage in the U. S. District Court, New Orleans (May 30. 1919). Secured by lien upon entire property of com- pany, subject to General 4%s and prior liens thereto. All additional General Lien bonds issued must be deposited hereunder. Prior Liens — $17,544,000 New Orleans Ry. & Light Co. Gen. A%s of 1935 and $11,468,500 underlying bonds, for the retirement of which bonds of this iSsue have been reserved. Earnings — See Gen. 4%s. Listed on the New Orleans Stock Exchange. Original Market — $800,000 offered in 1911 at 87^ and interest .by Canal-Louisiana Bank & Trust Co., Hibernia Bank & Trust Co., Metro- politan Bank, Interstate Trust & Banking Co., Teutonia Trust & Bank Co., Morgan State Bank and Whitney-Central National Bank, New Orleans. Bertron, Griscom & Jenks, New York, previously had sold about $2,500,000 to a French syndicate. Market. New Orleans — Hibernia Bank & Trust Co., Interstate Trust & Banking Co. New York — Wm. M. Canby, E. & C. Ran-^ dolph, John D. Curtis & Co., Kiely & Horton, Bauer, Starr & Co.. John Nickerson, Jr. Philadelphia — ^Harper & Turner, H. D. Boenning & Co., Graham, Parsons & C%. West & Co.. Baker, Ayling & Young. Bauer, Starr & Co. Boston — Baker, Ayling & Young. Springfield — Baker, Ayling & Young. Indianapolis — Fletcher American National Bank. Price Range. Jan. 1. '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.90 '16 92 '16 48 Sept. 65 May Low. 40 '18 51 '18 40 Oct. 51 Sept NEW ORLEANS RAILWAY & LIGHT CO 1-Year 7% Deb. Notes. Due June 1, 1919. Dated June 1, 1918. Interest payable June 1 and Dec. 1, at Trustee's Office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstandiner — $4,000,000. DeDomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Redeemable as a whole at 100 and interest on any interest date on 30 days' notice. Protective Committee — Clarence L. Harper, Chairman; F. N. Barclay, J. A, GauldweiU, Charles Counselman, William S. Elvans, John T. S. Walker, Joseph Wayne. Jr., with T. Homer Atherton, Secretary, ,325 Chestnut Street, Philadelphia. Depositary, Fidelity Trust Co. , Philadelphia ; sub-depositary, Cen- tral Union Trust Co., New York. Security — ^A direct obligation of the com- pany but not secured by mortgaire or collateral. Origrinal Market — Issued in Exchange for 6% Notes, due June 1, .1918. Market. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co., Harper & Turner, West & Co., Martin & Co., Reilly, Brock & Co. New York — Mann, Bill & Co.. Miller & Co., Kiely & Horton, Lee. Higginsbn & Co., E. & C. Randolph, Joseph & Wiener. Listed on the New York and London Stock Exchanges. Orieiiial Market — First ofEered by Harvey Fisk & Sons, New York, at 93% and interest. $4,000,000 offered March. 1911, by Lee, Hig- ginson & Co.. New York, Boston, etc., at 88 NEW ORLEANS TERMINAL CO. 1st 4s. Due July 1, 1953. — F. Dated July 1, 1903. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $14,000,000. Reserved for Additione — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and $10,- 000 or multiples- C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Gaaranteed jointly and severally as to prin- cipal and interest, by the St. Louis & San Francisco R. R. Co. and the Southern Ry. Co. by endorsement. Assumed by the Southern Ry. Co. Organization and Control — Incorporated in Louisiana in 190'2 and in the following year acquired the New Orleans Belt & Terminal Co. Property of company was leased for 99 years from June 1, 1903, to the Southern Railway Co. & St. Louis & San Francisco R. R. Co., each of which owns one-half of the $2,000,000 capital stock. Under reorganization of latter company the Southern Ry. Co. acauired the entire capital stock and assumed all obligations under lease and guarantee. Secured by first lien upon entire property of company, including 5,500 acres about six miles below New Orleans, with a frontage of 2% miles on the Mississippi River, containing the Port -Chalznette freight terminals, including grain elevator ; 4 9 consecutive blocks in the centre of New Orleans, upon which has been constructed a modern passenger station and freight houses; 100 acres of additional outside freight yards and 10 acres for additional pas- senger terminals; and a 26-niile belt line rail- road, with a total trackage of 78 miles, ex- tending from the Port Chalmette terminals on the south to the terminal properties in the centre of the city and connecting with all rail- roads entering New Orleans. and interest. Market. New York^Sam'l Goldschmidt, S. P. Lar- kin & Co., J. S. ^tubbs & Co., Louchheim. Minton & Co. , E. & C. Randolph, J. S. Farlee & Co., Morton Lachenbruch & Co.. Newburger, Henderson & Loeb, Gude. Win- mill & Co., F. J. Lisman & Co., Baker, Car- ruthers & Pell, Abraham & Co., John Daven- port, F. J. Lisman & Co. Philadelphia — Barclay, Moore & Co., A. D. Converse & Co., J, W. Sparks & Co., New- burger, Henderson & Loeb. Biddle & Henry, H. D. Boennlng & Co., Ed. V. Kane & Co., S. K, Phillips & Co. Portland, Ore. — Morris Brps., Inc. Birmingham — Caldwell & Garber. Worcester — W. E. Wardwell &. Co. Price Range— N. Y. S. E. aan. 1, 1906 to Jan. 1, 1919 1918 msh.SS% Dec. 8. '11 70 Nov. 12 Low. 58 Nov. 22, '17 60 Jan. 2 NEW ORLEANS. TEXAS & BIEXICO RAIL- WAY CO. Ist 6s. Series *'A.*' Due Oct. 1, 1925. — N. Dated (Series A) Dec. 1, 1915. Interest pay- able June and Dec. 1, at Columbia Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $15,000,000. Outstanding — $5,870,000. In Treasury — $130,000. Reserved for Additions, etc. — $9,000,000. Additional bonds issuable for 95 % of cost of extensions, etc. Denomination — Coupon, $100, $500 and $1,000. Re&lst&rable as to principal. Reg- istered, $1,000 and $10,000. C. & R. inter- changeable. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — There is no sinking fund for Series "A." Organization — Incorporated February, 1916, in Louisiana as successors, under foreclosure, to the New Orleans, Texas & Mexico R. R. Co. , formerly part of the St. Louis & San Francigco R. R. system. Controls through ownership of securities the Beaumont, Sour Lake & Western, R. R. Co., the St. Louis. Browns,ville & Mexico Ry. Co., the Orange & Northwestern R. R. Co. , San Benito & Rio Grande "Valley R. R. Co., New Iberia & North- ern R. R. Co. and Iberia, St. Mary & Eastern R. R. Co. Capital stock: Authorized, $25,- 000.000; outstanding, $15,000,000; defjoslted for not exceeding Ave years in a voting trust. Secured by a direct or first collateral lien on 818.19 miles of road, viz.: A first lien on 172.72 miles — Anchorage (opposite Baton Rouge) to De Quincy. La 137.47 Eunice to Crowley, La 22.37 Erwinville to Mix, La 12.88 A first collateral lien on 645.47 miles — Through pledge of $84,100 (of a total issue of $85,000) capital stock and $2,- 057,825 (total issue) 1st 6s of the Beaumont, Sour 'Lake & Western Ry.i Beaumont to Houston. Tex 82.79 Grayburg to Sour Lake, Tex. ...... l . 50 Through pledge of $499,100 (of a total Issue of $500,000) capital stock and $12,918, 34^2 829 (total igsue) lat 6s of the St. Louis, Browns- ville & Mexico Ry, — Algoa to Brownsville, Tex 343,14 Harlingen to Sam Fordyce. Tex 55.44 Buckeye to Collegeport, Tex 16.90 Bloomington to Port O'Connor, Tex.... 38.58 Heyser to Austwell, Tex 16.88 Bloomington to "Victoria, Tex 13.56 San Juan to Edinburgh, Tex 7.89 Brownsville to Rio Grande Station, Tex. 1.79 Rio Grande Jet. to Slinkert, Tex 5.45 Through pledge of $31,500 (of a total issue of $35,000) capital stock and $1,066,947 (total issue) Ist 6s of the Orange & Northwestern R. R. — Orange to Newton, Tex 61.55 Also secured on 111.95 miles of trackage rights — Kansas City Southern Ry. — DeQuincy, La., to State Line 18.50 Tazoo & Mississippi "Valley R. R. — Baton Rouge to New Orleans, La 93 . 45 Underlies — Income 5s of 1935. Year ended Dec. 31 (consolidated) Int., Gross Net Rent., Qtc. 1918. . .$8,003,713 $2,237,198 ♦$1,259,808 1917.. . 6.661.229 2,487.884 •1,467,923 1916... 6.410.378 2.044,805 821,687 1915... 4.796.249 1.021.824 780,619 *Includea 6% on Income Bonds. Listed on the New York Stock Exchange. Original Market — Underwritten by a syndi- cate headed by the Columbia Trust Co. and Guaranty Trust Co., New York, and offered for subscription to holders of the St. Louis & San Francisco-New Orleans, Texas & Mexico Div. 5s and 4% a. Elach assenting holder of $1,000 5g or 4Hs who subscribed and paid for $2.00 of bonds issued under this mortgage re- ceived $200 1st 6s (this issue), $500 non- cumulative Income 5s and $500 stock; assent- ing holders not subscribing cash as above received $400 non-cumulative Income 5s and $250 stock. Offered Sept.. 1916, by H. M. Bylleaby & Co., Inc., Chicago and New York, and G. H. Walker & Co., St. Louis, at 99 and interest. Market. Chicatro — Chicago Savings Bank & Trust Co., H. M. Byllesby & Co. St. Louis — "William R. Compton Co., G. H. "Walker & Co. New York — Sam'l Goldschmidt, C. H. Jones & Co., B. & C. Randolph, "Wm. Salomon & Co., John Nickerson, Jr. LonlsviUe — J. J. B. Hllliard & Son. PliUadelphia^West & Co. Boston — Estabrook & Co. Price Range — N. V. S. E. Jan. 1, 1917 to Jan. 1, 1919 1918 High.99% Jan. 11, '17 97% Nov. 21 Low. 92 Jan. 16. '18 92 Jan. 16 NEW ORLEANS, TEXAS & MEXICO RAIL- WAY CO. Non-Cnmalative Income 5Sk Series "A." Due Oct. 1, 1935. — N. Dated March 1, 1916. Interest payable April 1 and Oct. 1 , at Guaranty Trust Co, , New York, from net income when and as authorized by the board of directors. Payment of Interest— 5%. 1917; 5%. 1918. Tax Stutiifi — Paym^^nt of Federal Income Tax not p'^s'jm'yl by cnmpany. A t'-niivpd— $25,000,000. Ontst^imling— $13 849,250 (Jan. 1, 1919). In Treawnry — $1,308,750. Reserved for Corporate Purposes — $9,842.- 000. Denominations — Coupon. $100, $500 and $1,000. Registerable as to principal. » Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on any in- terest date on 60 days' notice. Organization — See 1st 6s. Security — A direct obligation of the company but not secured by a mortgage. This indenture provides that if the company shall secure any indebtedness in excess of $1,5,000,000 by a mortgage on any of its properties covered by the let 6s, these bonds shall be secured on a parity with any bonds issued under such mort- gage. Prior Liens — 1st 6s of 1925. Listed on the New York Stock Exchange. Market. New York — Geo. S. Crap & Co., SamM Gold- schmidt, Sharretts & Young, John Muir & Co., Wm. C. Orton, Wm. Salomon & Co. St. Louis — G. H. Walker & Co. Price Range— N. Y. S. E. Jan. 1, 1917 to Jan. 1, 1919 1918 High.57% Nov. 9. '18 57% Nov. 9 Low. 34 Dec. 21, '17 40 Jan. 11 NEW ORLEANS, TEXAS & MEXICO RAIL- ROAD CO. Series "B** Equip. Tr. 5% Notes. Due $56,000 semi-annually on March and Sept. 15th each year to Sept. 15,1923.— F. Dated Sept. 15, 1911. Interest payable Mar. and Sept. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,344,000. Outstanding — $504,000 (April 1. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York Guaranteed principal and interest by the St. Louis & San Francisco R. R. Co. Secured on 1,000 refrigerator cars, 250 flat cars and four gas motor cars, costing about $1,493,167, of which $149,167 was paid in cash by the company. Original Market — Offered in Sept., 1911, by Guaranty Trust Co., New York, at par and interest. Market. New York — Freeman & Co., Chas. H. Jones & Co., Bull & Eldredge. NEW RIVER CO. 1st & Coll. Tr. S. F. Conv. 58. Due July 1, 1934. — F. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee's office or Company's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $3,278,000. Retired by S. F. — $692,000. - Cancelled — $30,000. Denomination' — Coupon, $1,000. Registerable as to principal. Trustee — Federal Trust Co., Boston. Redeemable as an entire issue, or in part for the sinking-fund at 102^ and interest. Convertible privilege expired Jan. 1, 1915. Sinking Fund — Beginning July 1, 1911, three cents a ton on all coal mined, but not to exceed 3% annually of the amount of bonds outstanding. Organization — Incorporated fn "West Virginia in 1906 and acquired the entire capital stock of the New River Fuel Co. Secured by first mortgage upon entire prop- erty and rights of company controlling 25 coal producing properties in Raleigh County, W. Va., aggregating 56.000 ncres, 24,000 of which are owned in fee, and 2S miles of industrial railroads. 830 Year ended Dec. 31: Pref. jNet Div. 1918 $848,957 (6%) $442,614 *1917 978.605 (7^%) 528,115 tl916 505,649 ♦Nine months. tTwelve months ended Mar. 31. tAfter interest. Ijisted on the Boston Stock Exchange. Original Market — Offered in 1909 by Hom- blower & Weeks, New York, and Faine. "Web- ber & Co., Boston, at 80. $516,000 to stock- holders, Nov., 1915, at 78 and interest. , Market. SerantoH' — Chas. B. Robertson. Boston — ^McConnell & Co., Hornblower & Weeks, Paine. Webber & Co. New York — Baker, Carruthera & Pell, Horn- blower & Weeks, Paine. Webber & Co., F. H. Hatch & Co., H. I. Nicholas & Co. Cliicago — ^Paine, Webber & Co. Pittsburgh — ^Wm. P. Lemley & Co. Pliilad«lptii^— S. K. Phillips & Co. Price Range. Jan. 1, '15 to Jan. 1. *19 1918 Bid Ask Bid Ask High. 80 '16 82^ '15 60 Nov. 80 Jan. Low. 60 '18 70 '18 70 Nov. NEW YORK & CUBA MAIL STEA5ISHIP CO. 1st 5s. Dae Jan. 1. 1933. — F. Dated March 18, 1907. Interest payable Jan. and July 1 at Farmers' Loan & Trust Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $12,000,000. Outstanding — $5,703,000 (Jan. 1, 1919). Retired by Sinking Fund — $4,868,000. I* Treasury — $255,000. Reserved for Ext. — $1,174,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and interest on any in- terest date. Sinking Eand — The company agrees to cancel annually sufficient bonds to retire entire Issue by maturity. Organization and Control — Incorporated in Maine in 1907 and acquired property of com- pany known as Ward Line. Controlled through ownership of practically its entire capital stock by the Atlantic, Gulf & West Indies Steamship Lines, which has deposited same under its Coll. Trust 5% Mtge. Secured by a first mortgage on all the prop- erty of the company, including a fleet of 12 steamers plying between New York and Ha- vana, Guantanamo, Santiago. Manzanillo, Cienfuegos, Cuba: Progresso,. Vera Cruz. Tam- plco, Mexico, and Nassau, Bahamas. Earnings — See A., G & W. I. S. S. L's. Market. New York — J. Willet Hall & Co.. H:irtshorne & Battelle. A. H. MuUer & Sons, J. D. Curtis & Co.. Geo. S. Crap & Co., W. J. Wollman & Co., Moore & Co., Sharretts & Young, Hayden. Stone & Co., Baker, Carruthers & Pell. F. H. Hatch & Co.. Spencer, Trask & Co. Boston — ^Hayden, Stone & Co. Price Range. Jan. 1, '15 to Jan. 1, '18 1917 Bid Ask Bid Ask High.89% '17 95 '18 89 Feb. 95 Feb. Low. 68 '15 70^^ '15 85 July 91 July \EW YORK & EAST RIVER FERRY CO. Ist 58. Due Nov. 1. 1922.— F. Dated Nov. 1, 1892. Interest payable May and Nov. 1. at Kings County Trust Co.. ♦ Brooklyn, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $750,000. Trustee — Kings County Trust Co., Brook- lyn. N. Y. Operation Discontinued — On Dec. 28, 1918, this company permanently discontinued service. Failure of the city to buy the company's prop- erty or grant a subsidy are given as the rea- sons for discontinuance. Secured by a first mortgage on property of company, which owns and operates three ferry boats between East 92d St., New York City, and Astoria, Long Island. Market. New York — A. H. Muller & Sons, Hanson & Doyle, John Davenport, F. H. Hatch & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.60 '10 75 '08 45 Apr. 55 June Low. 20 '18 33 '18 20 May 33 Oct, NEW YORK & EAST RIVER GAS CO. Ist 5b. Due Jan. 1, 1944. — N. Dated Jan. 1. 1894. Interest payable Jan, and Ju'.y 1, at Guaranty Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized and Outstanding — $3,500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Assumed by the New Amsterdam Gas Co. Organization and Control — Incorporated in New York in 1894 as successor to the East River Gas Co. In 1898 was consolidated with the Equitable Gas Light Co. of New York into ■ the New Amsterdam Gas Co., which is con- trolled by the Consolidated Gas Co. of New York through ownership of 99 % of its com- mon stock and 99.75% of its preferred stock. Secured by first mortgage upon plant cover- ing 12 acres of land in Ravenswood, L. I., gas holders, mains, etc., supplying gas to Man- hattan and Queens Boroughs, New York City. Underlies — N. Y. & E. R. Gas Co. 1st Cons. 5s, due 194&, and New Amsterdam Gas Co. 1st Cons. 5s, due 1948, which provide for the re- tirement of this issue. Earnings — See New Amsterdam Gas Co. Market. New York — F. J. Lisman & Co.. E. & C. Randolph, T. L. Bronson, AVilliamson & Sauire, L. A. Norton, Abbott, Johnson & Co., Wm. Carnegie Ewen, Berdell Bros., John Daven- port, F. H. Hatch & Co., Low, Dixon & Co., Tobey & Kirk. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103% '16 105 'IS 92 Dec. 95 Dec. Low. 75 '08 85 '08 84 July 88 July Ist NEW YORK & EAST RIVER GAS CO. Cons. 5s, Due Jan. 1, 1945. — N. Dated Jan. 1, 1895. Interest payable Jan. and July 1, at National' City Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 5,000,000. Outstanding — $1,500,000. Unissued bonds re- served to retire 1st 5s, due 1944, now provided for under New Amsterdam Ist Cons. 5s, due 1948. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Assumed by the New Amsterdam Gas Co. 831 Secured by a mortgage on all property, sub- ject to $3,6000,000 1st 5s of 1944. Prior Liens — $3,500,000 1st 5s, due 1944, Underlies — New Amsterdam Gas Co. 1st Cons. 5s of 1948 a sufficient amount of which bonds has been reserved to retire this issue and prior liens. Market. New York — T. L. Bronson, L. A. Norton, Abbott, Johnson & Co., Wm. Carnegie Ewen, Berdell Bros. , John Davenport, F. H. Hatch & Co., Low, Dixon & Co. Price Ran^e. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask ^igh.lOl^ '16 103 '16 88 Nov. 93 Nov. Low. 75 '18 80 '18 75 Mar. 80 Mar. THIEW YORK & ERIE RAILROAD CO. 1st Ext. 48. Due May 1, 1947. — F. Dated July 1, 1847. Extended Jan. 1 4 . 1897, interest being reduced from 7%. Inter- est payable May and Nov. 1 , at 50 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $2,482,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Under an Act of New York State Legislature of May 14, 1845, it was provided that the bonds should be numbered and regis- tered in the office of Secretary of State, and that in the case of non-payment of principal or interest they may be placed in the hands of the Comptroller who shall proceed to foreclose same. Assumed by Erie Railroad Co. Organization and Control — N. Y. & Erie R.R. was incorporated in 1832 and after several re- organizations property was acquired by the Erie Railrpad Co. in 1895. - Secured by a first mortgage on 446 miles of main line of the Erie R. R. from Piermont to Dunkirk, N. Y. Underlies — 2nd Ext. 5s of 1919; 3rd ext. 4%s of 1923; 4th ext. 5s of 1920; 5th ext. 4s of 1928; Erie R. R. Cons. 7s of 1920; Cons. P. L. & G. L. 4s of 1996 which provide for retire- ment of this issue, and Gen. Conv. 4s of 19 53. Ijegal for Cal and Me. Ijisted on the New York Stock Exchange. Market. Philadelphia — Biddle & Henry, Graham, Par- sons & Co., "Welsh Bros., Chas. Fearon & Co., E. B. Smith & Co., S. K. Phillips & Co., Wheeler, Elliot & Mann. New York — Blake Brothers & Co. , Bern- hard, SchoUe & Co.. Abra,ham & Co., Baker, Carruthers ■& Pell, F. H. Hatch & Co., Chas. N. Place, Taylor, Smith &. Hard, "Vilas & Hickey. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. ' Jan, 1, '06 to Jan. 1, '19 1918 High.l07»^ Jan. 30. '06 78% Oct. 4 Low. 78 Apr. 22. '18 78 Apr. 22 NEW YORK & ERIE RAILROAD CO. 2nd Ext. 5s. Doe Sept. 1, 1919.— N. Dated March 1, 1849. Extended March 1, 1879, interest being reduced from 7%. Inter- est payable March and Sept. 1, at 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Onst'andfng — $2,149,000. Denomination — Coupon, $1,000. Registerable as to principal. Trastee — John C. Bancroft Davis. Assumed by the Erie R. R. Co. Secured by a second mortgage on 446 miles of road from Piermont to Dunkirk, N. Y. Prior Lien — $2,482,000 N. Y. & Erie 1st Ext. 4s of 1947. Underlies— N. Y. & E. R. R. 3rd Ext. 4%s of 1923; 4th Ext. 5s of 1920; 5th Ext. 4s of 1928, and Erie Ry. 7s of 1920; Erie R. R. Cons. P.- L. & G. L. 4s of 1996. which pro- vide for the retirement of this issue, and Conv. 4s. of 1953. Legal for Cal. Listed on the New York Stock Exchange, Market. New York — S. P. Larkin & Co., Sam'l Gp;d- schmidt, Blake Brothers & Co. , Bernhard, Scholle & Co. . Seasongood, Haas & Macdon- ald. F. H. Hatch & Co., Chas. W. Place. Philadelphia — Biddle & Henry, Graham, Par- sons & Co., Chas. Fearon & Co., H. !>,, Bpen- ning & Co., ,S. K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 * 1918 High.114% Feb. 23, '06 96Vs Mar. H Low. 96^ Mar. 11, ^8 96% Mar. 11 NEW YORK & ERIE RAILROAD CO. 3rd Mortgage Ext. 4^s. Due March 1, 1933. Dated March 1, 1853. Extended March 1, 1883, interest being reduced from 7%. Inter- est payable March and Sept. 1, at 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $4,617,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — John C. Bancroft Davis and Charles Steele. Assumed by the Erie R. R. Co. Secured by a third mortgage on 446 miles' of road from Piermont to Dunkirk, N. Y. Prior Liens— $2,482,000 N. Y. & E. R. R. l3t Bxtd. 4s -of 1947, and $2,149,000 2d Extd, 5s of 1919. Underlies— N. Y. & E. 4th Ext. 5s, 1920; 5th ext. 4s, 1928; Erie Ry., Cons. , 7s, 1920;, to Erie R. R. Cons. Prior Lien and Gen. Lien 4s 1996, which provide for retirement of this issue and to the Erie R. R. Gen. Conv. 4s, 19.53. Legal for Cal. Listed on the New York Stock Exchange. Market. New York — S. P. Larkin & Co., Seasongood,' Haas & Macdonald, Blake Brothers & Co., Bernhard, Scholle & Co., Abraham & Co., F.j H. Hatch & Co. , Chas. W. Place, Taylor,- Smith & Hard. Philadelphia — Wheeler. Elliot & Mann, Na- tional City Co., Graham, Parsons & Co.,,. Biddle & Henry, E. B. Smith & Co., Chas. Fearon & Co.. H. D. Boenning & Co., S. K. Phillips & Co. Price Range— N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 High.109^ Aug. 8, '06 95 Jan. 10 Low. 93% Jan. 11, '18 93% Jan. 11 NEW YORK & ERIE RAILROAD CO. 4th Ext. 59. Dae Oct. 1, 1920. — N. Dated August 15, 1857. Extended Oct. 1, 1880, interest being reduced from 7% Inter- est payable April and Oct. 1, at 50 Church St.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $2, 926, 000. Denomination — Coupon, $1,000. Registerable as to principal. Tnistees — John C. Bancroft Davis and Charles Steele. AsBnmed by the Erie K. R, Co. Secured by a direct mortsage on 465. Bl miles of road, viz: Miles, A first lien on 18.73 — Greycourt to Newburgh, N. Y 18.73 A fourth lien on 446.78 miles — Covered by the first lien of the New York & Brie 1st Bxtd. 48, 1947 446.78 Also secured on leasehold interest of the company in the Union R. R., Paterson & Hud- son R. R., and Paterson & Ramapo R. R., owning the road from Jersey City (Buffalo Creek), N. J., to Suffern, N. Y., 28.68 miles (double track). Further secured upon the rights of the company in the Long Dock Co. Prior I/lens — $9,248,000 prior liens as fol- lows: New York & Erie 2d Extd. 5s, 1919. $2,149,000 New York & Brie 3d Extd. 4%s, 1923 4,617,000 New York & Brie 1st Extd. 4s, 1947. 2.482,000 Underlies — N. Y. & Brie 5th Ext. 4s of 1928; Erie Ry. Cons. 7s, 1920; to the Brie R. R. Cons. Prior Lien and Gen. Lien 4s, 1996: which provide for retirement of this issue, and to the Brie R. R. Gen. Conv. 4s, 1953. Legal for Cal. Jjisted on the New York Stock Exchange. Market. New York — S. P. Larkin & (3o.. Seasongood, Haas & Macdonald, Blake Brothers & Co., Bernhard, Scho'.le & Co.. Abraham & Co., F. H. Hatch & Co., Chas. W. Place, Taylor, Smith & Hard. Philadelphia — Graham, Parsons & Co.. E. W. Clark & Co., Biddle & Henry, E. B. Smith & Co., H. D. Boenning & Co., Cbas. Fearon ■ & Co., S. K. Phillips. Price Range — N. Y. S. E. .Jan. 1, '0« to Jan.. 1, '19 1918 Bid Ask HiBh.116'4. Jan. 24, '06 96% Nov. 99% Nov. Low. 99.% July 16. '17 91 June 96 Aug. Price Range — N. y. S., E. Jan. 1, '06 to Jan. 1. '19 ■ 1918 Bid High.102 July 28, '06 87% Dec. Low. 91 Dec. 9, '07 80'A Oct. NBW YORK & ERIE RAXLROAD CO. 5th Ext. 4s. I>ae June 1, 1928. — N. Dated June 1, 1868. Extended June 1, 1888, interest being reduced from 7%. Interest pay- able June and Dec. 1, at 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed Mortgage. Outstanding — $709,500. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Erie R. R. Co. Secured by a second mortgage on 18 miles of road from Greycourt to Newburgh, N. Y. , and a fifth mortgage on 446 miles of road from Piermont to Dunkirk, N. Y. Prior Liens — $12,174,000 N. Y. & Erie bonds. Underlies — See 1st Ext. 4s and 4th Bxt. 6s. I/egal for Cal. Listed on the New York Stock Exchange. Market. Philadelphia — BiddJ'e & Henry, Graham, Par- sons & Co., B. B. Smith & Co., H. D. Boen- ning, & Co., Chas. Fearon & Co., S. K. Phil- lips & Co. New York — S. P. Larkin & Co., Bernhard, Scholle & Co., Abraham & Co.. F. H. Hatch & Co., Chas. W. Place, Taylor, Smith & Hard. NEW YORK & FLUSHING RAILROAD CO. 1st 6b. Due March 1, 19S0. — N. Dated March 24, 1859. Extended in 1880 and interest reduced from 7%. Interest pay- able March and Sept. 1, at Treasurer of Penna. R. r: Co., New York. Tax Status — Payment of Federal Income Tax not -assumed by company. Authorized and Outstanding — $125,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Long Island R. R. Co., in its Ref. Mtg. Organization — Incorporated in New York in 1859 as a reorganization of the Flushing R. R. in 1891 the company was merged into the Long Island R. R. (lio., controlled through owner- ship of a majority of its stock by the Penn- sylvania R, R. Co. Secured by a first mortgage on 6.38 miles of road as follows: Long Island City to Laurel Hill 2.29 Winfleld, Jet., to Flushing 4.09 Underlies — Long Island B. R. Cons. 4s and 6s due 1931.. Unified 4s due 1949 and Ref. 4g due 1949, which provide for the retirement of this issue and also to the L. I. City & F'.ushlng R. R. 1st Cons. 5s of 1937 on the Winfleld Jc. -Flushing mileage. Legal for Me. . » Market. Pittsburgh — R. B. Hutchinson & Co. New York — ^Abraham & Co. NEW YORK * GREENWOOD LAKE RAIL- WAY CO. Prior Lien 5s. Due May 1, 1946.— F. Dated May 1, 1896. Interest payable May 1, and Nov. 1, at office of Erie R. R. Co., 50 Church Street, New York. Tax Status — 2% Federal Income Tax j)aid by company without deduction. Authorized — $1,500,000. Outstanding — $1,471,900. Denomination — Coupon, $100 and $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Guaranteed as to principal and interest by the Erie R. R. Co. by endorsement. Organization and Control — ^Incorporated in New Jersey in 1878, and 90%.' of stock owned by the Erie Railroad Co., which has leased the property for 999 years from May 1, 1896. . Secured by a direct mortgage on 48.82 miles of road, viz: Croxton to Sterling Forest, N. J 41.87 Forest Hill to Main Street, Orange, N, J. 4.16 Ringwood Jet. to Ringwood, N. J...... 2.79 Legal for Me. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, Wood, Struthers & Co., Chas. W. Place, Wm. Car- negie Ewen, Abraham & Co., Baker, Carruth- ers & Pell, F. H. Hatch & Co., Redmond & Co., Spencer, Trask & Co. Newark — J. S. Rippel., Philadelphia — ^Chas. Fearon & Co. Price Range — N. Y. S. E. Jan. 1, '06 to. Jan. 1, '19 1918 High.108.Mar. 17, '09 85 Jan. 4 Low. 86 Jan. 4, '18 85 Jan. i 833 NEW YOKK & HARLEM RAILROAD CO. Ref. (now 1st) 3V3S. Due May 1, 3000.~P. Dated June 1, 1897. Interest payable May and Nov. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paia by company without deduction. Authorized and Outstanding — $12,000,000. Denomination — Coupon, $1,000. Regristerable aa to principal only, or fully registerable. Registered, $1,000, $5,000 and $10,000. Trustee — Guaranty Trust Co., New York. Guaranteed as to principal and interest by the New York Central R. R. Co. under terms of lease. Organization and Control — Incorporated in New York in 1831, and in 1873 steam road property leased to N. T. Central R. R. for 401 years for interest on bonds and 10% since 1900 on stock. In 1912. N. Y.C. R. R. Co. of- fered, to purchase any of the $1,343,950 Pfd. and $8,656,050 Common Stock (par value $50) at $175 per share and accrued dividends, pay- able either in cash or N. Y. C. R. R. De- benture 4% Bonds at 92. , The company has, to the present, acquired $1,143,700 pref. and $5,486,550 common stock. Secured by a first mortgage on 136 miles of road from Grand Central Terminal, New York City, to Chatham, N. Y., including branches to Port Morris and Lake Mahopac, N. Y. , also on the Grand Central Terminal and the station at Chatham. Further secured upon the lease tc the New York Central R. R. Co. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. Y., R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — Struthers & Hiscoe, Taylor, Smith & Hard, Remick, Hodges & Co., Abra- ham & Co., Baker, Carruthers & Pell. Wm. C. Ewen, Chas. W. Place, Redmond & Co., Spen- cer, Trask &, Co., Vilas & Hickey, "Wood, Struthers & Co. boston — R. L. Daly & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid High.lOli^ Ju;y 16. 'OG 75y4 Dec. Low. 80 May 2, '17 61 Jan. NEW YORK & HOBOKEN FERRY CO. Gen. 5s. Due May 1, 1946. — N. Dated Dec. 1, 1898. Interest payable June and Dec. 1, at 90 West St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,000,000. Outstanding — $3,300,000 ('$1,167,000 owned by D., L. & W. R. R. Co.). Rpserved for Ext. — $700,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co.. New York. Redeenuible on any interest date at 110 and interest on six weeks' notice. Organization and Control — Incorporated In New Jersey in 1898 as a consolidation of the Hoboken Ferry Co. and the New York & New Jersey Ferry Co. and entire stock ac- quired by the Del., Lackawanna & Western R. R. Co. in 1903. Secured by mortgage upon entire property of company, operating ferries from Barclay St., Christopher St., and West 23rd St., New York, to Hoboken, N^ J. , and owning valu- able dock and wharf 'properties. Prior Liens — $4.1000,000 Hoboken Ferry 5s due 1946 and $1,000,000 N. T. & N. J. Ferry Co. bonds, of which $600,000 are owned by the D,, L. & W. R. R. Co. Original I^larket — Issued to stockholders of former "Hoboken Ferry Co." $10,000 of these bonds and 100 shares of new stock for each' 100 shares of stock of the old company. Market. New York — Pyne. Kendall & HoUister, A. H. Muller & Sons. T. L. Bronson, Peck, Rasmus & Truesdale, W. E. R. Smith & Co., John Davenport. Wm. C. Ewen, F. H. Hatch & Co.. John Nickerson, Jr., B. H. & F. W. Pelzer. Van Sant & Legg. Philadelphia — West & Co. Jersey City — Cutwater & Wells. Newark — J. S. Rippel, Eisele & King, Clar-' ence Hodson & Co. Paterson — ^F. A. Peters, F. K. McCully. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask High.lOl '16 101% '16 95 Feb. Low. 80 '18 88 '08 80 Nov. 92»/i Feb. NEW YORK & JERSEY RAILROAD CO. 1st 5s. Due Feb. 1, 1932.— F. Dated February 20. 1902. Interest payable Feb. and Aug. 1 . at Guaranty Trust Co. of New York. Tax Status — 2% Federal Income "Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $5, 000, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — U. S. Mortgage & Trust Co., New York. Redeemable at 110 and interest on any in- terest date on three months' notice. Assumed by the Hudson & Manhattan R. K. Co. Organization and Control — Incorporated in New York in 1902 as successor tp the Hudson Tunnel Railway Co., and in 1906 ,was con- solidated into the Hudson & Manhattan R. R. Co., controlled by the Hudson Companies. Secured by first mortgage upon property formerly owned by N. Y. & N, J. R. R. Co., in- cluding three miles of railroad and tunnel under the Hudson River, extending from West 33rd St., New York, to the Del., Lack. & West. Station, Hoboken. and the Erie R. R. Sta- tion, Jersey City. New York franchise per- petual. Underlies — Hudson & Manhattan 1st 5a, due 1957, which provide for the retirement of this issue and Adjustment Income 5s due 1957. Earnings — See Hudson & Manhattan R. R. liisted on the New York Stock Exchange. Original Market — Offered in 1902, by Harvey Fisk & Sons, New York. Market. New York — Foster & Adams, John Daven- port, F. H. Hatch & Co. Price Range — ^N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 High.102 Jan. 28. '16 90 July 24 Low. 87 Oct. 21, '18 87 Oct. 21 NEW YORK & LONG BRANCH RAILROAD CO. Gen. (now 1st) 5s and 4s. Due Sept. 1, 1941.— F. Dated Septembes 1, 1891. Interest payable March and Sept. 1, at Liberty National Bank. New York. Tax Status — 2 % Federal Income Ta x paid by company without deduction. Authorized — $2,500,000. Ontstanding — $2,308,000. 4s: $192,000. 5s. Of the 4s, the Central R. R. of N. j. holds 834 $451,000 and the Pennsylvania R. R. $3,000. Denomination — Coupon, $1,000. Registerable as to principal. * Trustee — Central Union Trust Co., New York. Interest provided for by the Pennsylvania R. R. and the Central Railroad of New Jersey under terms of lease. Organization and Control — Incorporated in New Jersey in 1881 as a consolidation of five railroad companies. Bntlre stock of company is owned by Central R. R. of New Jersey and is Pledged under its General Mortgage of 1987. Road is operated under an agreement as of Jan. 2, 1888, with the C. R. R. of N. J., and Penna. R. R. Co., by terms of which 7% divi- dends on stock, and interest on bonds are provided for.- Seoured by a first mortgage on 38 miles of double-track road from Perth Amboy, via Long Branch to Bay Head, N. J. liOgal for Cal.. Conn., Me.. Mich., Minn., N. J. and Wis. lasted — $1,500,000 4s on "the New Tork Stock Exchange. Market — 5s. New Sfork — Lee, Higginson & Co. Market — 4b. New York — Lee, Higginson & Co., Abraham & Co.. Baker, Carruthers & Pell, Taylor, Smith & Hard. Philadelphia — Graham. Parsons & Co., Chas. Fearon & Co. Price Range (4s) — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High.lOO^A Aug. 30, '11 . 93 Sept. Low. 98 Dec. 2, '10 91 Jan. 93 Nov. Price Range (5s) Jan. 1, '08 to Jan. 1, '19 Bid Ask High.114 '09 105 '12 Low. 92 '13 100 '15 NEW YORK & NEW ENGLAND RAILROAD CO. Boston Terminal 1st 4s. Due April 1, 1939.— P. Dated April 1, 1889. Interest payable April 1 and Oct. 1, at company's office, Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Registerable as to principal. ■ Trustee — ^American Trust Co., Boston. Assumed by New England R. R. Co. Organization and Control — Incorporated in Mass. and Conn, as successor to the Boston. Hartford & Erie R. R., and in 1895 was suc- ceeded by the New England R. R. Co., which was merged into the New York, New Haven & Hartford R. R. Co. in 1908. Secured by a first mortgage on the terminal property of the company in Boston Including •Drake' s Wharf and Curtis' Wharf together with other real estate. Underlies — New England R. R. Cons. 4s and 5s due 1945, which have been assumed by the N. Y., N. H. & H. R. B. Co. Legal for Me.. Mich., Minn, and N. H. Listed on the New York and Boston Stock Exchanges. Market. New York — Baker. Carruthers & Pell, Abra- ham & Co. Boston — ^R. L. Day & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, *06 to Jan. 1. '19 1918 Bid High.97'^ Nov. 28. '10 69 Dec. Low. 97% Nov. 28. '10 NEW YORK & NEW JERSEY FERRY CO. 3d 5s. Due Jan. 1. 1946.— N. Dated 1896. Interest payable Jan. and July 1, at 90 West St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $400,000. Organization and Control — Consolidated In 1898 with the Hoboken Ferry Co. into the New York & Hoboken Ferry Co. the entire capital stock of which is owned by the Delaware, Lackawanna & Western R. R. Secured by a second, mortgage on three ferry - boats and property at 14th St., Hoboken, N. J. and on franchise to operate ferry line between 23rd St., New York, and Hoboken, N. J. Prior Liens — $600,000 1st i^^is, all owned by the D., L. & W. R. R. Underlies — $3,300,000 N. Y. & Hoboken Ferry General 5s due 1946. Market. New York— W. E. R. Smith & Co.. Van Sant & Legg. Newark— Eisele & King. Paterson — F. A. Peters. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Aak High.99 '13 100 '12 95 Feb. 98 Feb. Low. 85 *18 90 '08 85 Aug. NEW YORK & NEW JERSEY TEI^PHONE CO. Gen. 5s. Due May 1, 1920.— N. Dated May 1, 1890. Interest payable May and Nov. 1, at Metropolitan Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $960,000 (Jan. 1. 1919). Retired by S. F.— $540,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Sinking Fond — $20,000 per annum to be ap- plied to the purchase of these bonds. Organization and Control — Incorporated in New York in 1883, and was absorbed by the New York Telephone Co., whose entire capital stock is owned by the American Tel. & Tel. Co. Secured by first mortgage upon entire prop- erty formerly owned by company, including exchanges, toll lines, etc., serving Long Island and Staten Island, N. Y., and counties in the northeastern part of New Jersey. Underlies — See New York Telephone 4 % s. due 1939. Earnings — See New York Telephone Co. Listed on the New York Stock Exchange. Market. New York — ^McKinley & Morris, Wm. C- Ewen, Gilman & Clucas, Hartshorne & Bat- telle, F. H. Hatch & Co., Low, Dixon & Co. Newark — J. S. Rippel. Boston — J. W. Bo wen & Co. , J Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.103% Apr. 28. '10 - 98 May 20 Low. 97 Jan. 21, '18 97 Jan. 21 NEW YORK & NORTHERN RAILWAY CO. 1st 5s. Due Oct. 1. 1927.— N. Dated October 1, 1887. Interest payable April and Oct, 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,200,000. Denomination — Coupon, $1,000. 83n Trustee — Central Union Trust Co., New Sork. Assumed by the New York Central B. R. Co. Organization and Control — Incorporated in New York in 1887 and reorganized in 1894 as the N. Y. & Putnam R. R. . which was merged into the New York Central R. R. in 1913. Secured by first mortgage on 59 miles from 155th St., New York, to Brewster, N. Y., in- cluding a bridge over the Harlem River, and a branch from Van Cortlandt Station, N. Y., to Yonkers, N. T. Ilnderlies — -N. Y. & Putnam 1st Cons. 4s due 1993, and N. Y. C. & H. R. B. Co. 3%s of 1997, Cons. 4s, Ref. & Imp. 4%s and Deb, 69, The Ref. & Imp. Mtge. provides for the retirement of this issue. %9Bal ^ur Cal., Conn., Me., Mass., Mich., Minn., THk.., N. H., N. J., N. Y., R. I., Vt. and" Wis. listed ou the New York Stock Exchange. JVXarket. New York — S. P. Larkin & Co., Wm. C. Bwen, Taylor, Smith & Hard, Ambrose R. Clark, Remlck, Hodges &. Co., Bernhard, SchoKe & Co., Abraham & Co., Baker, Car- ruthers & Pell, 'Redmond &. Co., Spencer, Trask & Co. Philadelpllja — Morris Bros. Pittsburgh — R. B. Hutchinson & Co. Price Rang&— N. X. S. E. Jan. 1, '06 to Jan. 1, '19~ 1918 High.lll Apr. 10, '07 96% June 25 Low. 95% June 25, '18 95% June 25 NEW YORK & PENNSYLVANIA TELE- PHONE & TELEGRAPH CO. 1st 5s. Due Feb. 1, 1986.— N. Dated Feb. 1, 1896. Interest payable Feb. 1 and Aug. 1, ' at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized — $300, 000. Outstanding — J217,000 (Jan. 1, 1919). Jletired by S. F. — $83,000. Denomination — Coupon, $1,000 and $500. Trustee — Metropolitan Trust Co., New York, Sinking Fund — $3,000 annually on Feb. 1, *or purchase of these bonds at not to exceed 105 and interest, or if not obtainable at that ,price to be invested in securities approved by the company. Assumed by the New York Telephone Co. Organization and Control — Incorporated In New York in 1882 and in 1909 property and franchises acquired by the Central N. Y. Tel. & Tel. Co., which was merged into the New York Telephone Co. Secured by first mortgage on all property tormerly owned by company operating in coun- ties in the northern part of Penn. and south- ern part of New York. Underlies — N. Y, & Penn. Tel. & Tel. Gen- eral 4s due y,29 and New York Tel. 4%s due 1939. Earnings — See New York Telephone Co. Market. New York — Oilman & Cluoas. F. H. Hatch & Co.. Boston — J. W. Bowen & Co. Philadelphiar^S. K. Phillips & Co. Price Bange.. Jan. 1, 'OSMtotJan.i 1, '19, 1918 Bid Ask Bid High.103 '09 105 '09 90 Mar. Low. 90 '17 100 '14 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 000,000. - Outstanding — $463,000 (Jan. 1, 1919). H«ld'4 Feb. 28. '06 77% Dec. 30 Low. 72y8 Jan. 14, '18 72% Jan. 14 (THE) NEW TORK Si aUEBNS ELECTRIC LIGHT & POWER CO. 1st Cons. Ss. Dne Aug. 1, 1930.^F. Dated August 1, 1900. Interest payable Feb. and Aug. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,600,000. Outstanding — $2,360,000. Reserved for Ext. — $150,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in New York in 1900 and has absorbed four companies operating in Queens. Controlled through ownership of preferred and common stock by the Consolidated Gas Co. of New York. Secured by first mortgage on generating station and six substations, doing all the electric lighting in the Borough of Queens, except Ward 5, serving Long island City, Astoria, Newtown, Elmhurst, Woodside, Mas- peth. Corona, Flushing, College Point, White- stone, Bay Side, Douglaston, Little Neck, Wil- let's Point, Jamaica, Woodhaven, Richmond Hill, Morris Park, Hollis, Queens, Springfield and the intervening territory. Population served. 400,000. Franchises perpetual. Listed on the New York Stock Exchange, Year ended Dec. 31 Gross Net Interest 1917 $2,092,687 $628,734 $270,878 1916 1,741,684 708,864 268.996 1916 $1,741,684 $708,854 $268,995 1916 1,451,976 602,447 242,733 Market. New York — Sam'l Goldachmidt, Paterson & Co., T. L. Bronson, Wm. Carnegie Bwen, Ab- bott, Johnson & Co., Berdell Bros., John Da- venport. Uoston — G. W. Walker & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask High.104% Jan. 26, '06 84 Jan. 101 Jan. Low. 89' Aug. 28, '08 NEW YORE Se QUEENS COUNTY RAILWAY 1st Cons. 4s. Due June 99, 1946. — F. Dated June 29, 1896. Interest payable April and Oct. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $1,300,000. Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co.. New York.' Redeemable at 105 and interest. Organization and Control — Incorporated in 1896 and purchased various lines of railway in Long Island City and merged the Queens Ry. in 1902. Controlled through ownership of entire stock by Interborough Rapid Tran- sit Co. Secured by a mortgage on 72 miles of trol- ley track, of which 38 miles are main line and 32 miles second track and comprising the street railway system cf Long Island City and vicinity. * Prior Liens — $1,700,000 bonds of absorbed companies. Underlies — -1st & Ref. 4s, deposited as col- lateral for loans from Int. Bapid Transit, which issue provides for the retirement of these bonds. Year ended June 30 Net. Int. & Tax 1918 $192,964 $357,124 1917 Def. 27.978 366,423 1916 68,962 353,632 1915 30,969 345,321 1914 208,733 337,261 Original Market — ^First offered by Drexel & Co., Philadelphia. Market. Philadelphia — Newburger, Henderson & Loeb. New York — ^Newburger, Henderson & Loebi Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Ask High. 95 '17 98 '17 61 Aug. Low. 60 '18 60 Deo. 837 KEW YORK & WTEESS GAS CO. 1st & Gen. Ss. Due Aue. 1, 1934. — F. -Dated August 1, 1904, Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State, bonds numbered 771 and upwards. Authorized — $1,000,000. Outstandlnc— $816,000 (Jan. 1, 1919). In Treasury — ^$184,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Lincoln T/ust Co., New Tork. Redeemable at 110 and interest on any in- terest date. Organization and Control — Incorporated in New York in 1904, and control acauired in 1913, through stock ownership, by the Con- solidated Gas Co., of New York. Secured by a first mortgage on real estate and water gas plant in Flushing, 110 miles of mains, three gas holders, etc., supplying all the gas to the 3rd Ward in the Borough of Queens, New York. Population served, 40,000. Franchises in Whitestone and Flushing expire in 1947, others are perpetual. Year ended Dec. 31 Gross Net Interest 1918 $344,239 $33,478 $56,818 1917 303,896 67,175 53,786 1916 269,912 81,379 52,212 1915 249,733 76,888 46,366 1914 247,491 62,805 44,792 1913 226,101 72,370 43,788 Original Market — Offered in 1905 at 102% and interest by O'Connor & Kahler, and in 1910 by N. W. Harris & Co. (now Harris, Forbes & Co.), New York. Market. New York — ^Wm. C. Ewen, B. & C. Ran- dolph, T. Li. Bronson, Morton Lachenbruch & Co., Abbott, Johnson & Co., Berdel' Bros.. John Davenport, F. H. Hatch & Co. Chicago — Harris Trust & Sav. Bank. Price Range. Jan. 1. 1908 to .Ian. 1, 1919 1918 Bid Ask Bid Ask High.lOO '12 101% '11 82 Jan. 87 Jan. Low. 65 '18 68 '18 66 Aug. 68 Oct. NEW YORK & RICHMOND GAS CO. 1st 5s. Due May 1, 1981.— F. Dated May 1, 1901. Interest payable May and Nov. 1. at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Registerable as -to principal. Trustee — Central Union Trust Co., New Ynrk. Redeemable at 110 and interest any interest date on three months' notice. Organization and Control — Incorporated in New York in 1901. Merged in 1916 into The New York & Richmond Gas & Electric Co. Secured by first mortgage on coal gas plant and water gas plant, with mains supplying gas to four wards of Staten Island, N. Y. Population served, 60,000. Franchise per- petual. Year ended Dec, 31 Gross 1918 $513,639 1917 490,105 1916 462,516 Market. Philadelphia — E. McLain Watters & Co., H. D. Boennlng &. Co., Chas. Fearon & Co., S. K. Phillips & Co., Warren A. Beed. New York — Wm. Carnegie Ewen, Berdell Bros., John Davenport, F. H. Hatch & Co., L. A. Norton & Co. . Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High. 98 '12 101 '11 84 Oct. 90 Aug. Low. 80 '18 84 '18 80 Aug. 84 Oct. Net Interest $42,725 $80,846 139,006 78,613 179,794 77,221 NEW YORK & ROCBLAWAY BEACH RAII/- WAY CO. 1st 5s. Due Sept. 1, 1987.— P. Dated Sept. 1, 1887. Interest payable March and Sept. 1, at Treasurer of Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. ^. Authorized — Closed mortgage. Outstanding — $984,000. $101,000 are owned by the Long Island R. R. Co. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Long Island R. R. Co. by ' endorsement. Organization and Control — Incorporated in New York in 1887 as a reorganization of the New York, Woodhaven & Rockaway R. R. Property was leased on July 1, 1904. for 50 years to the Long Island R. R., which is con- trolled by the Pennsylvania R. R. Co. Secured by a first mortgage on 12.36 miles from Glendale Junction to Rockaway Park and from Hamijiels of Rockaway Beach Junc- tion. N. T. Underlies — $980,000 Second Income 6s, due 1927. of which $978,000 are owned by the Long Island R. R.' Refunding — Retirement of issue provided for under Long Island R. R. Ref. Mtge. Legal for Me. Listed on the New York Stock Exchange. New York — J. S. Farlee & Co., S. P. Larkin & Co., Wra. Carnegie Ewen, Abraham & Co., Baker, Carruthers & Pell, P. J. Lisman & Co., Low. Dixon & Co.. Spencer, Trask & Co. Pittsburgh — B.. B. Hutchinson & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. Ill Jan. 23. '06 94 Dec. 13 Low. 92% Apr. 17, '18 92% Apr. 17 Listed on the New York Stock Exchange. NEW YORK & STAMFORD RAILWAY CO. 1st 5a. Due Oct. 1, 1931. — N. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $460, 000. Outstanding — $426,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co.. New York. Organization and Control — Chartered in New York in 1901 as a consolidation of the Port Chester St. Ry. and Larchmont Horse Car Ry. Co. Entire capital stock owned by N. Y.. N. H. & H. R. R. Co. Secured by first mortgage on 24 miles of track in Stamford, Conn., and New Rochelle, N. Y.. and intermediate towns. Population served, 88,000. Franchise practically per- petual, except in Port Chester,, N. Y. (99 years), and Mamaroneck, N. Y. (100 years). Company leases 8 miles and has trackage rights on miles. Total operated 38 miles. 838 Uiideriies— $925,000 1st & Ref. 4s, due 1^58, guaranteed principal and interest by ^. Y., N. H. & H. R. R. Co. Year ended Dec. 31 Gross Net Int. & Rent 1918 $374,392 $17,929 $96,023 1917 394,259 36,783 95,801 1916 357,816 62.741 95,823 Original Market^Offered by E. H. Gay & Co., at 111% and interest. October, 1901. Market. New York — S. P. Larkin & Co.. Hanson & Doyle. A. B. Fitkin & Co., B. & C. Randolph, Wm. C. Bwen. F. H. Hatch & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Ask High.106 '09 106^ '11 65 Feb. Low. 75 '17 Price Range. Jan. 1, 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.103 '12 105 '12 80 Jan. 90 Jan. Low. 65 '18 73 '18 65 Aug. 73 Nov. NEW YORK & STAMFORD RAILWAY CO. 1st Ref. 4s. Dae Nov. 1, 1958.— F. Dated Nov. 1, 1908. Interoat nayabla May and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorlzed — $2,000, Ouo. Outstanding — $925,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Union & New Haven Trust Co., New Haven. Organization and Control — See 1st 5s. Guaranteed principal and interest by New York. New Haven & Hartford R. R. Co. Secured by a second mortgage on 24 miles of track, covered by 1st 5s. Prior ILiens — $426, QOO 1st 5s, due 1931. Earnings — See 1st 5s. Market. New York — F. H. Hatch & Co., Hanson & Doyle. Price Range. Jan. 1, 1909 ito Jan. 1. 1919 1918 Bid Ask Bid Ask High.93>^ '09 97 '10 55 Apr. 62 June Low. 50 '16 60 *17 NEW YORK & WESTCHESTER LIGHTING CO. Deb. 5s. Due July 1, 1954.— F. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2, 500,000. Denomination — Coupon. $1. 000. Registerable as to principal. Trustee — Central Union Trust Co., New York, Redeemable at 110 and interest on any in- terest date on 8 weeks' notice. Assumed by the Consolidated Gas Co. of New York. Guaranteed principal and Interest by the Consolidated Gas Co. of New York by en- dorsement. Organization and Control — See General 4s. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. Prior tiens — $10,000,000 N. Y. & W. Lgt. Co., Gen. 4s of 2004 and prior liens thereto. Original Market — $1,750,000 offered in July. 1909. by Dominick & Dominick, Tefft & Co. and Coggeshall & Hicks. New York, at 103% and interest. Market. New York — Sam'l Goldschmidt, T. L. Bron- son,' Coffin & Co.. Morton Lachenbruch & Co., E. & C. Randolph, Tefft & Co., L. A. Norton, Abbott, Johnson & Co.. "VVm. Carnegie Bwen, Berde'l Bros., John Davenport. F. H. Hatch & Co., John Nickerson, Jr. NEW YORK & WESTCHESTER LIGHTING CO. Gen. 4s. Due July 1. 2004.— F. Dated July 1, 1904. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Interest July 1, 1912, 1%% Jan. 1, 1913, l%%;Julyl. 1913, l%%;Jan. 1, 1914, 1%%: July 1, 1914, 2%, and 4% per annum there- after. $2,500,000 of these bonds have addi- tional coupons attached. Issued by the Bqul- table Trust Co., which provided for the pay- ment of interest at the rate of 4%. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $10,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at par and interest on any in- terest date. Assumed by the Consolidated Gas Co. of New York. Guaranteed principal and interest by en- dorsement by Consolidated Gas Co. of New York. Organization and Control — Organized In July. 1904, and merged in November of that year with the Westchester Lighting Co. Company Is controlled through ownership of the entire preferred and common stocks by the Con- solidated Gas Co. of New York. Security — A direct obligation of the Con- solidated Gas Co. of New York, and secured by mortgage upon six gas plants and seven holders and tnree electric stations, supplying the greater portion of Westchester County, including Yonkers, Mt. Vernon. New Roohelle, Port Chester. Pelham, Mamaroneck, White Plains. Tarrytown, Hastings, Larchmont and Mt. Kisco. Population served, 277,000. Prior Liens — $8,510,000 Westchester Light- ing Co. 1st 5s of 1950, $250,000 Hudson River Gas & Blectric Ry. 1st 5s of 1929. and $335,000 White Plains Lighting Co. 1st 5s of 1938, and $230,000 N. Y. Suburban Gas. Co. 5s. due 1949. Underlies — $2,500,000 Debenture 5s. due. 1954. Earnings — See Westchester Lighting Co. ■ Original Market — Offered in 1904, by Red- mond & Co. and J. & W. Seligman & Co., New York, at 92 and 9 3 and interest with additional coupons. $1,000,000 offered March, 1905. by Sutro Bros. & Co.. New York, at 93 and interest. $4,000,000 offered at 79 and interest, in Jan., 1914, by Clark, Dodge & Co. and J. & W. Seligman & Co., New York. Market. New York — A. B. Fitkin & Co., Morton Lachenbruch & Co., T. L. Bronson, E. & C. Randolph, Wm. C. Bwen, Redmond & Co., L. A. Norton, P. H. Hatch & Co., H. N. Whitney & Son, Abbott. Johnson & Co.. Berdei'.r Bros.. John Davenport, McKinley & Morris. Price Range. .Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 841/4 '12 87 '09 70 Kov. 75 Nov. Low. 52 '18 58 '18 52 Jan. 58 Jan. NEW YORK AIR BRAKE COMPANY 1st Conv. Os. Due May 1. 1928. — F. Dated May 1, 1908. Thterest payable May and Nov. 1, at Trustee's office. 839 Tax States — 2% Federal Income Tax paid by company without deduction. Authorized and Outstandine — $3,000,000. Denomination — Coupon, $1,000, $600 and $100. Registerable as to principal. Trustee — Central Union Trust Co., New York. Convertible privilege expired July 1, 1914. Organization — Incorporated in New Jersey to manufacture and repair railway, car, locomo- tive and train brakes of all kinds. Secured by first mortgage on Beebee's Island property, comprising 10 acres and containing 84 Tjuildings, together with water rights on the Black River; East Plant comprising 66 acres on which are located eight iron and brass foundries and office buildings, etc., all located In Watertown, N. T., together with all good- will trademarks, trade-names, etc. Factory has capacity of over 1,000 sets of car brakes per day. Year ended Dec. 31 Bond Gross Net Interest 1918. . .$10,380,684 $2,332,654 $180,000 1917... 10,157,037 2,073.826 180,000 1916... 24,051,103 8,694.962 180,000 1916... 4.731,529 1,658.442 180,000 I,isted on the New York Stock Exchange. Original Market — Offered in 1908 to share- , holders at 90. Market. New York^Active on N. T. Stock Exchange. Pittsburgh — R. W. Evans & Co. Price Range — N. Y. S. E. Jan. 1, 1908 to Jan. 1, 1919 1918 High.116% Aug. 10, '09 ' 100 Jan. 8 Low. 90 Feb. 25, '16 97 Oct. 16 NEW YORK BAY EXTENSION RAILROAD CO. Igt Ss. Due Jan, 1, 1943. — N. Dated January 2, 1893. Interest payable Jan. and July 1, at Treasurer of Penna. H. R. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — -$100,000. Denomination^Coupon, $1,000. Registerable as to ifrincipal. Trustee — Central "Union Trust Co., New York. I Guaranteed as to principal and interest by the Long Island R. R. Co. Organization and Control — Incorporated in New York in 1892 and in 1902 merged into the Long Island R. R. Co., controlled by the Pennsylvania R. R. Co. Secured by a first mortgage on 6 miles of road from Garden City to Valley Stream, L. I. These bonds are outstanding at the rate of $16^00 per mile. Underlies — Long Island R. R, Cons. 43 and 6s, due 1931; Unified 4s. due 1949. and Ref. 43, due 1949, which provide for the retire- ment of this Issue. Xiegal for Maine. Market. New York — J. S. Farlee & Co. Price Range. Jan. 1, 1908 to Jan. 1. 1919 Bid High.lOl -13 Low. 90 '17 NEW YORK. BROOKI/YN & MANHATTAN BEACH RAILWAY CO. 1st Cons. 58. Due Oct. 1. 1935. — F. Dated October 1, 1886. Interest payable April and Oct. 1. at Treasurer of Penna. B. R. Co., New York. Tax Status-^2 % ' Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding— $1,726,000. $126,000 owned by L. L R. R. Denomination — Coupon, $1,000. Registerable as to principal. . Trustee — Central Union Trust Co., New York. Guaranteed £LS to principal and interest by the Long Island R. R. Co. by. endorsement. Assumed by the Long Island R. R. Co. Organization and Control — Incorporated in 1885 and leased to the Long Island R. B., which is controlled by the Pennsylvania R. R. Co. Annual rental of $95,980 guaranteed by Long Island B. R. Co. Secured by a first mortgage on 17.27 miles of road, viz. : Miles Fresh Pond Jot. to Bay Bidge, L. I... 11.95 Manhattan Beach Jet. to Manhattan Beach, L. 1 3.73 Cooper Ave. Jet. to center of Jefferson St.. Brooklyn 1.59 Refunding — Retirement of issue provided for under Long Island R. R. Unified Mortgage. Legal for Me. Listed on the New York Stock Exchange. Market. New York — S. P. Larkin & Co., A. E. Fit- kin & Co.. Louchheim. Minton & Co., Wm. Carnegie Ewen, Abraham & Co., Baker, Car- ruthers & Pell. Simon Borg & Co!, J. F. Lis- man & Co., Low, Dixon & Co., Chas. W. Place, Spencer, Trask & Co., Taylor, Smith & Hard. Philadelphia — Welsh Brothers, F. B. Welsh. Price Range — ^N. Y. S. E. Jan. 1. 1908 to Jan. 1. 1919 1918 High.11014 Nov. 21, '06 94 Dec. 19 Low. 94 Dec. 19, '18 94 Dec. 19 NEW YORK CENTRAl RAILROAD COM- PANY. Incorporated in New York, Pennsylvania, Ohio. Indiana, Michigan and Illinois in 1914 as a consolidation of the New York Central & Hudson Biver R. B. Co., the Lake Shore & Michigan Southern R. R. Co., Geneva, Coming & Southern R. R. Terminal Ry. of Buffalo, Dunkirk, Allegheny Valley & Pittsburgh R. R., Chicago, Indiana & Southern R. R., Detroit & Chicago R. R., Detroit, Monroe & Toledo B. R., Kalamazoo & White Pigeon R. R., Northern Central Michigan B. R. and Swan Creek Ry. Co. of Toledo. During 1915 the properties of the ^Hewing companies were acauired: The Cleveland Shore Line R. R. 19.64 miles, of which 19.17 are double-tracked; Jamestown, Franklin & Clearfield R. R., 112.06 miles, of which 11 miles are double- tracked; Elkhart & Western R. R., 12 miles; Sturgis, Goshen & St. Louis Ry., with 28.92 miles. The combination of the properties formed a railroad with a main line extending from New York to Chicago. throu.eh the states of New York, Pennsylvania, Ohio, Indiana and Illinois, and with important branches in all those states and in the state of Michigan. Total mileage owned 3,699.53. In addition to mileage owned the company succeeded to 1.627.07 miles of leasehold rights, contract riKhts in over 3.70 miles, trackage rights in 458.31 miles and proprietary interest in 18- lOOths of a mile. Total operated mileage, 6,688.79 miles of road. This company controls through stock own- ership the Cleveland, Cincinnati, Chicago & St. Louis Ry. Co., Lake Erie & Western R. R. Co.. Pittsburgh & Lake Erie R. R. Co. and Toledo & Ohio Cent. Ry, Co. and 840 Jointly with the Michigan. Central, the Indi- ana Harbor Belt R. K. Co. These companies operate a total of over 4.000 miles of road, located east of the Mississippi River and north of the Ohio River. The New York Central R. R. Co.. also .con- trols through stock ownership the Michigan Central K. R. Co., operating 1,861.77 miles of road from Buffalo vi$. Southern Canada and Detroit to Chicago, 111., and points in northern Michigan, and the Boston & Albany R. R. Co., operating 300 miles of road from Albany to Boston, with numerous branches. The New York Central Lines, as described above, extenfl from Boston and New York on the east to Detroit, Chicago, Cincinnati and St. Louis on the west, with entrances into all of the large cities north of the Ohio River, between the western end of Pennsylvania and the Mississippi River, and embrace some 13,- 000 miles of road. The New York Central K. R. Co. has out- standing J249,690,460 stock. Funded Debt, 8672,929,007. Dividends have been paid on this stock, or that of the predecessor com- pany, in every year since 1870. Tear ended Dec. 31 Int., Gross Net Rent., Etc. •1918.. $55,802,631 $69,270,921 $44,806,576 tl918.. 269,270,957 66,859.188 4,«28.781 1917.. 216.267.517 66.873.026 41,389,369 1916.. 201.685,048 85,967,446 4'2, 808.229 1916.. 167,912,333 66,809,329 39,097,855 1914.. 152,351,590 45.664,933 36,306,685 •Corporate Income Account — Standard re- turn under Federal control. tFederal Income Account. / NEW YORK CENTRAL & HUDSON RIVER RAILROAD CO. Mortgage S%s. Due July 1, 1997.— P. Dated June 1, 1897. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. The following registered bonds were issued exempt from taxation by the State of New York: L 1052-1078 M 1359-1373 V 1637-1541 L 1100-1149 M 1713-1717 X 2217-2228 L 1291-1388 V 1310-1312 X 2646-2651 Aathorized^$100,000>000. Outstanding — $94,000,000. Reserved for Ext. — $6,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 $10,000, $50,000. Trustee — Central Union Trust Co., New York. Assumed by the New York Central H. R. Co. Secured by direct mortgage on 1,751.84 miles of road in the State of New York (including 650.76 miles second .track, 359.41 miles third track and 367.56 miles fourth track), 784.94 miles of leaseholds, trackage rights, lands, buildings, securities, equipment, etc. . viz. : A first lien on 848.56 miles — Miles New York City (above Franklin St.) to Buffalo 440.33 Syracuse to Rochester 96.29 Troy to Schenectady 20.91 East Syracuse to Syracuse Jet 8.31 Geneva to Lyons 14 . 08 Rochester to Suspension Bridge 74.05 Rochester Jet. to Ontario Beach 7.43 Batavia: to Attica 10.67 Canandaigua to North Tonawanda 85.80 Lockport Jet, to -North Tonawanda.... 11.18 Bast BufEalo to North Buffalo 7.23 Buffalo to Lewiston 29.93 Watertown Jet. to Roots 5.21 German to South Schenectady 4.65 Hottmans to Rotterdam Jet 2.60 Woodward to Fulton 17.10 Norwood to Massena Springs 12 . 89 A second lien on 662.25 miles — Covered by the first lien of | the follow- ing: N. Y. C. & H. R. R. R. Spuyten Duyvil & Port Morris 1st 3%s , 5.31 Gouverneur & Oswegatchie 1st 5s 13,07 Carthage & Adirondack 1st 4s 45.86 Carthage, Watertown & Sackets Har- bor Cons. 6s 28.96 Utica & Black River 1st 4s 150.17 Rome, Watertown & Ogdensburg Ter- minal 1st 5s 7.27 Rome, Watertown & Ogdensburg 1st Cons. 5s, 4,9 and 3%s 411-61 A third lien on 241.03 miles — Covered by the first lien of the follow- ing: Mohawk & Malone 1st 4s 182.15 New York & Northern Ist Ss 58.88 Also a lien on 784.94 miles of lease- hold interests, viz. : West Shore R. R.^ Weehawken, N. J., to Buffalo, N. Y... 423. 67 Ravena to Kenwood Jet.. N. Y 11 . 55 Congers to Rockland Lake, N. Y 1.17 Syracuse to EarlvlUe, ,N. Y 42.70 Beach Creek B.' R. — Jersey Shore to MahafEey Jot., Pa 112.31 Branches to Coal Mines 61.67 New York & Harlem R. R. — ' Grand Central Terminal, New York City, to Chatham, N. Y, 127.36 Branches to Port Morris and Lake Mahopac. N. Y 9.06 Troy & Greenbush R.- R. — Troy to Greenbush, N. Y 5.56 Also a lien on 77.07 miles of trackage, rights, viz. : . New York, Ontario & Western Ry. — ■ Fulton to Oswego, N. Y 12.23 West Shore R. R. — Cornwall, N. Y., to Weehawken, N. J.. 63^07 New York & Harlem River R. R.-^ Grand Central Terminal, N. Y. C, to Woodlawn (233d St.), N. T , 11.77 Also a lien on $37^,000 of a total issue of $500,000 capital stock (no bonds) of the Hud- son RiVer Bridge Co., which owns the two bridges from Bast Albany to Albany, N. Y. : on all real estate owned and used in con- nection with the Grand Central Terminal, N. Y. C, subject to the rights of the N. Y., N. H. & H. R. R. Co. therein. - Prior Liens — $28,107,000 prior liens as fol- lows: Rome. Watertown & Odgensburg Term. 1st 5s, 1918 $375,000 Utica & Black River 1st 4s, 1922.. 1,960,000 Rome, Watertown & Ogdensburg Cons. 6s, 4s and SVis, 1922 9,995.000 t?ew York & Northern 1st 6s. 1987. 1,200.. 1. 1906 to Jan. 1, 1919 1918 High. 91 Feb. 6, '06 69% Nov. 26 Low. 62% Feb. 25, '18 62% Feb. 26 NEW YORK CENTRAL, & HUDSON RIVER RAILROAD CO. 30-Year Gold 48. Due May 1. 1934 F. Dated May 12, 1904. Interest payable May and Nov. 1, at Grand Central Terminal, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania and New York. Authorized — Closed mortgage. Outstanding — $48,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal only, or fully reglsterable. Registered. $1,000, $5,000, $10,000 and $60,- 000. C. & R. interchangeable. Trustee — United States Trust Co., New York. For Exchange of Bonds — See Cons. 4s. Assumed by the New York Central R. R. Co. Secured equally with Cons. 4s of 1998 and Gold 4s of 1942. For details see Cons. 4s. Legal for Cal., Conn., Mass., N. H., R. I. and Vt. Listed on the New York Stock Exchange. Original Market — ^^$30,000,000 offered June, 1904, at 97% and Interest by J. P. Morgan & Co., Harvey Fisk & Sons, New York: Drexel & Co., Philadelphia; and Kidder, Peabody & Co., Boston; $13,000,000 offered June, 1908, by J. P. Morgan & Co., First National Bank, National City Bank, all of New York: Mor- gan, Grenfell & Co., London: N. W. Harris & Co., Lee, Higginson & Co., Boston: Drexel & Co., Philadelphia: and Harris Trust & Sav- ings Bank, Chicago. Market. New York — Active on N. Y. Stock Exchange. Boston — Harris, Forbes & Co., Parkinson & Burr, Estabrook & Co. Chicago — Harris Trust & Savings Bank, Hodenpyl, Hardy & Co., Inc. Philadelphia — E. W. Clark & Co., Bioren & Co. , Newburger, Henderson & Loeb, BIddle & Henry. Pittsburgh — R, B. Hutchinson & Co. Price Range — ^N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Coupon. High.102% Oct. 15, '06 89% Nov. 23 Low. 74% Apr. 2, '18 74% Apr. 2 Registered, High.lOl Mar. 22, '09 79 Nov. 1 Low. 79 Nov. 1, '18 79 Nov. 1 Dated June 1, 1909. Interest payable June 1 and Dec. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — Closed mortgage. Outstanding — $2, 600,000. Denominations — Coupon, $1,000.. Register- able as to principal or fully reglsterable. Registered, $1,000, $6,000, $10,000, $50,000 and multiples of $60,000. Trustee — Central Union Trust Co., New York. Assumed by the New York Central R. R. Co. Control — ^Merged in December, 1914, into New York Central R. R. Co, Secured by a first mortgage on 5.31 miles of road from Mott Haven Jet. (149tb St.) to Spuyten Duyvll, N. Y., and all other property formerly owned by the Spuyten Duyvll & Port Morris R. R. UnderUes— N. Y. C. & H. R. R. R. Mtge. 3%s of 1997: Cons. 4a of 1998: Deb. 4s of 1934 and 1942: Lake Shore Coll. 3%s of 1998; Mich. Cent. Coll. 3%s of 1998; Ref. & Imp. 4%s of 2013. Bonds are reserved under Ref. & Imp, Mtge. to retire this issue. Legal for Cal., Conn., Me., Mass., Mich.. Minn., Mo,, N. H., N. J., N. Y., R. I. Vt. and Wis. ' Market. New York — Abraham & Co. NEW YORK CENTRAL & HUDSON RIVER RAILROAD CO. 30-Year Gold 4s. Due Jan. 1, 194S.— F. Dated January 1. 1912. Interest payable Jan. and July 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania and New York. Authorized — Closed mortgage. Outstanding — $9,188,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Registered, $1,000, $5,000, $10,000, $60,000 or multiples of $10,000. C. & R. interchangeble. Trustee — Guaranty Trust Co., New York. For Exchange of Bonds — See Cons. 4s. Assumed by the New York Central R. R. Co. Secured equally with Cons. 4s of 1998 and Gold 4s of 1934. For details see Cons. 4s. Legal — See Gold 4s, 1934. Listed on the New York Stock Exchange. Original Market — Offered In 1912 at 92 and interest through J. P. Morgan & Co.. New York, to stockholders of the New York & Harleili R. R. Co., of the Rome, Watertown & Ogdensburg River R. R, Co. and of the Utica & Black River R. R. Co. Market. New York — Active on N. Y. Stack Exchange. Boston — L. Sherman Adams, R. L. Day & Co. Philadelphia — Graham, Parens & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask . High.9S% Oct. 23. '16 80% Dec. 85 . Dec. Low. 88% July 7, '16 70% Jan. 79% Aug. NEW YORK CENTRAL & HUDSON RIVER RAILROAD CO. Spuyten DuyvU & Port Morris Railroad Mtge. 3^/^s. Due June 1, 1959.— F. NEW YORK CENTRAL & HUDSON RIVER RAILROAD CO., NOW NEW YORK CENTRAL RAILROAD CO., Cons, 4s. Series "A," "B," "C" and "D." Due Feb. 1, 1998.— N. 843 Bated Aug. 1, 1913. Interest payable Feb. und Aug. 1, at company's ofiice, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York and Pennsylvania. Authorized'. Outstanding. Series A $90,578,400 $65,365,000 Balance to be issued in exchange for Lake Shore Col- lateral 3%s. > Series B to be issued In , exchange for Michigan Ce n t r a 1 Collateral 3^s 19.336.000 Series C to be issued in exchange for Deb. 4s, due 1934 48,000,000 Series D to be issued in exchange for Deb. 4s. due 1942 9,188,000 Philadelphia — E. W. Clark & Co., Lloyd & Palmer, Harper & Turner. Biddle & Henry. Price Eange-^N. Y. S. E. Jan. 1, 1913 to Jan. 1, 1919 1918 Series "A." High. 88% Jan. 20. '17 ' 82% Nov. 13 Low. 69 Aug. 24, '18 69 Aug. 24 $167,102,400 $65,355,000 Benominatlons — Coupon, $1, 000. Register- able as to principal or fully registerable. Registered $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Assumed by the New York Central H. H. Co. Secured — (All Series) equally with the Deb. 4s. due 1934. and the Deb. 4s. due 1942, by a direct mortgage on 1,832.35 miles of road in New York State, 784.94 miles of lease- holds, trackage rights, landd. buildings, se- curities, equipment, etc., all of which mileage and security are given in the description of the Michigan Central Coll. Tr. 3%s of 1998. The lien of the Cons. 4s covers the same mileage and property, but is junior to the liens of the Lake Shore Coll. Tr. 3%s and Michigan Central Coll. Tr. 3%s, which are equally secured thereon. Series A is additionally secured by a lien on the mileage and property given as addi- tional security for the Lake Shore Coll., Tr. 3%3 of 1998 in the description of that issue. !Eanal Security — The Debenture 4s, due 1934 and 1942. are. equally secured with this issue ■on all of the above property except the addi- tional property covered by Series A. and are subject to— the, same prior liens except the radditional prior liens for Series A. -Mor IjienB — ^AU Series subject to $166,916.- •000 prior liens, as follows: N. Y. C. & H. R. R. R. Mtge. 3*^s, - 1997 $94,000,000 Prior Liens thereto 28,107.000 Little Falls & Dolgeville 1st 3s, , 1932 250, OOO N. Y. C. & H. R. R. R.-Lake Shore Coll. 3%s. 1998 25.223.000 N. Y. C. & H. R. R. R.-Mich. Cent. Coll. 3%s. 1998 19.336.000 Series A, on the additional property cov- ered, is also subject to $150,400,000 addi- tional- prior liens, viz. : L. S. & M. S. 1st 3%s. 1997 $50,000,000 L. S. & M. S. Deb. 4s, 1928 60.000,000 L. S. & M. S. Deb. 4s. 1931 fiO.OOO.OOO Kalamazoo & White Pigeon 1st 5s, 1940 (and to the Lake Shore Col- laterals) 400,000 Underlies— N. Y. C. & H. R. R. K. Ref. & Imp. 4%s of 2013, which provides to retire this issue and N. Y. C. R. R. Conv. Deb. 6b of 1935. Ueeal for Cal., Conn., Mass., Vt. Listed (Series "A") on the New York Stock Exchange. Market. New York — Active on N. Y. Stock Exchange. NDW YORK CENTRAL & HUDSON RIVER RAILROAD CO. Ref. & Imp. ^^8. Series "A.** Due Oct. 1, 2013.— N. Dated Oct. 1, 1913. Interest payable April and Oct. 1, at Grand Central Terminal. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — An amount equal to three times outstanding capital stock, upon any increase in which additional bonds may be .authorized in the same proportion, but after $500,000,000 are outstanding no further bonds can be is- sued except for refunding without approval of a majority of the stockholders, and then only for not more than 80% of the cost of work done or property acquired. In addition not more than one-third of bonds outstanding may have been used in the acquisition of bonds or stocks of other companies. Outstanding — $40,000,000. Fledged to Secure 5% Notes— $20,000,000. Reserved for Prior Liens — $493,633,400. Reserved for Ext. — $270,137,980. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Registered, $1,000 and multiples. C. & R. interchange- able. Indenture also provides for issuance at option of the company of coupons bonds of $100 denomination, sterling bonds of £20. £100 and £200, and bonds payable in francs of 500, 2,500 or 5,000 francs denominations. Bonds issued in these currencies to be computed at the rate of $4.8665 to the f sterling and $0,193 to the franc. Trustee — Guaranty Trust Co.. New York. Redeemable — Series "A" as a whole at 110 and interest or any interest date on three months' notice. Assumed by the New York Central R. R. Co. Secured by direct mortgage on 3,702.62 miles of road owned (includes 1,428.84 miles second track, 728.85 miles third track and 648.03 miles fourth track), 981.62" miles of leasehold interests, trackage rights, lands, buildings* se- curities, tugs, franchises, etc., viz. : A first lien on 296.55 miles — Miles Grosvenor, Mich., to Fayette, 25.22 Mishawaka to Elkhart, Ind 12.10 Depew to Blaisdell. N. Y 12.96 Dunkirk, N. Y.. to Titusville, Pa 90.51 Geneva, N. Y., to Wellsboro Jet., Pa.. 91.96 Dresden to Penn Yan, N. Y 6.55 Corning Jet. to Corning, N. Y 0.75 Cowanesque Valley Jet. to Ulysses, Pa. 39.85 Wellsboro Jet. to Antrim, Pa 16.65 A second lien on 372.77 miles — Covered by the first lien of the follow- ing: J Chicago, Indiana & Southern 50-year 4s 126.55 Cleveland Short Line 1st 4%s 20.29 Jamestown, Franklin & Clearfield 1st 4s 122.05 Pine Creek Ry. 1st 6s 74.96 Sturgis, Goshen & St. Louis 1st 3s '28.92 A third lien on 273.42 miles — Covered by the first lien of the follow- ing: Lake Shore Collaterals and Michigan Shore Collaterals 70, 51 Indiana, Illinois & Iowa 1st 4s 202.91 S44 A fourth lien on 858.56 miles — Covered by the first lien of .the follow- ing: N. T. C. & H. R. R. R. Mtee. 3%S:..848.66 Little Falls & Dolsevllle 1st 3s 10.00 A fifth lien on l,6i3.76 njiles — Covered by the second lien of the N. Y. C. & H. R. R. R. Mtge. 3Ha 662.25 Covered by the first lien of the L. S. ' M. S. Ist 3%s 961.60 ^ A sixth lien on 277.57 miles — Covered by the third lien of the N. r. C. & H. R. R. R. Mtse. 3.%s 241.03 Covered by the first lien of the White Pigeon & Kalamazoo 1st 5s 36.54 Also a lien on 981.62 miles of leasehold interests, viz. : Beech Creek Extn. R. "R.— Keating to Clearfield 52.14 Curry to Curwensville and Bower Jet., Pa 15.77 Dimeling to Irvona, Pa 26.76 MahafEey to Arcadia, Pa 13.67 Branches 27 . 02 New Jersey Jet. R. R. — - Weehawken to Jersey City, N. J 4.44 West New York to Shady Side, N. J... 0.84 Harsimua Branch, N. J 0.34 Wallkil Valley R. R.— Kingston to Montgomery, N. Y 32.88 Erie & Kalamazoo R. R. — ■ Vulcan, Ohio, to Palmyra, Mich 21.82 West Shore R. R. — Weehawken, N. J., to Buffalo, N. Y... 423. 67 Ravena to Kenwood Jet., N. Y 11.55 Congers to Rockland Lake, N. Y 1.17 Syracuse to Earlville, N. Y 42.70 Beech Creek R. R. — Jersey Shore to Mahaffey Jet., Pa 112.31 Branches to Coal Mines 51.57 New York & Harlem R. R. — Grand Central Terminal, New York City, to Chatham, N. Y 127.36 Branches to Port Morris and Lake Ma- hopao, N. Y 9.06 Troy & Greenbush R. R. — Troy to Greenbush, N. Y 5.56 Also a fourth lien on 77.07 miles pt track- age rights, covered by the first lien of the N. Y. C. & H. R. R. Mtge. 3% a. Also a lien on the following securities: Pledged Issued N. Y. & Harlem R. R. 8% Pfd $1,111,300 $1,343,950 N. Y. & Harlem R. R. ' Com 6,069,400 8,666,050 West Shore R. R. Stock 10,000,000 10,000.000 Beech Creek Extn. B. R. stock 6,174.000 6,179,000 Beech Creek Extn. R. R. Cons. 4s, 1955.. 3,964,000 3,964,0«0 Beech Creek R. B. 2d 5s 1936 600,000 1,000,000 N. J. Jet. R. B. Stock 95,000 100,000 Hudson River Bridge Co. Stock 376,000 600,000 Prior liiens — $486,481,000 prior liens, as fol- lows : L S & M. S. Deb. of 1928 $60,000,000 L. S. & M. S. Deb. of 1931 50,000.000 Little Falls Sc Dolgeville 1st 3a, 1932 250,000 Pine Creek Ry. 1st 6s, 1932 3,500,000 N. Y. C. & H. R. R. R. Deb. of 1934 48,000,000 Kalamazoo & White Pigeon 1st 6a, 1940 400,000 N. Y. C. & H. R. R. R. Deb., 1942. 9,188,000 Indiana, Illinois & Iowa 1st 4a. I960 4,850,000 ■• / Chicago, Indiana & Southern 4s, 1956 16,160,000 Jamestown, Franklin & Clearfield 1st 4s, 1969... \ 11.000,000 Cleveland Short Line 1st 4%s, 1961 11,800,000 Sturgis, Goahen & St. Louis 1st 3a. 1989 322,000 L. S. & M. S. 3%s of 1997 50,000,000 N. Y. C. & H. R. E. R. Mtge. 3%s of 1997 94,000,000 Liens Prior thereto 28,107,000 N. Y. C. & H. R. R. R. Lake Shore Coll. 3V4s of 1998 26,168,000 N. Y. C. & H. R. R. R. Mich. Cent. Coll. 3%s of 1998 19,336,000 N. ^. C. R. R. Cona 4s 1998.. 66.410.000 liegal for Cal.. Conn., Me., Mass., Mich., Minn., N. H., N. Y.. Ore., R. I., Vt. and Wis. Usted on the New York Stock Exchange. Original Market — $40,000,000 offered by J. P. Morgan & Co., First National Bank and National City Bank, New York, in April 1914, at 96% and interest, yielding 4.707o. Market. New York — Active on N. Y. Stock Exchange. Chicago — ^Hodenpyl. Hardy & Co.. Kean, Taylor & Co. Philadelphia — Harper & Turner. Baltimore-^Hambleton & Co. Cleveland — Otis & Co. Price Range — N. Y. S. M. Jam. 1, 1914 to Jan. 1, 1919 1918 High.98% Jan. 29, '17 87% Nov. 18 Low. 77 Sept. 25, '18 77 Sept. 27 NEW YORK CENTRAL RAILROAD Gonv. Deb. 68. Due May 1, 1935.— N. Dated May 1. 1916. Interest payable May 1 and Nov. 1. at Company's ofBce. New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $100,000,000. Denominatloa — Coupon, $100, $500 andl $1,000. Registerable as to principal. Reg- istered. $1,000, $6,000, $10,000 and $50,000.- or such multiples of $5,000 aa may be author- ized. C. & R. ($1,000) interchangeable. Trustee — Guaranty Truat Co., New York. Redeemable aa a whole or in part at not. less- than $5,000,000 on May 1, 1918, or on any intereat date thereafter at 110 and Interest. Convertible into atock of the New. York Cen- tral R. R. between May 1, 1917. and May Iv 1925, at the rate of $100 in stock for $106 in bonda. If called? convertible 30 daya prior- to redemption. Security — A direct obligation of the com- pany but not aecured by a mortgage. Legal for Cal. and N. H. Listed on the New York Stock Exchange. Original Market — Offered in Feb., 1915, for- aubacription by the atockholdera at par to the; extent of 40% of their holdings. Market. New York — Kean, Taylor & Co., McKinley £ Morris, E. F. Coombs & Co., Jenka. Gwynne & Co., Montgomery & Co.. John Muir & Co.. Blake BroB, & Co., Seasongood, Haas & Mac- donald, Moore. Leonard & Lynch. Chicago — Kean, Taylor & Co.. Curtis & San- ger. Philadelphia — Montgomery & Co., Harper & Turner. Atlanta — J. H. Hilsman & Co. PittgbnrEh — R. B. Hutchinson & Co., Lyons, Singer & Co. Richmond. Va. — Scott & Stringfellow. PrlmS RAIL- BOAD CO. 1st S. F. 4s. Due Oct. 1, 1937. Dated Oct. 1, 1887. Interest payable April and Oct. 1, at Chase National Bank. N. T. Begistered bonds, by Treasurer of company, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $20, 000, 000. Outstanding — $18,230,000 (June 2, 1919). Retired by Sinking Fund — $1,770,000. Denomination — Coupoh, $1,000. Registerable as to principal only, or fully reggisterable. Trustee — Central Union Trust Co., New York. Sinking Fund — ^Whenever net earnings exceed $900,000, the company shall pay to the Trustee $100,000 for the purchase of these bonds at not exceeding 102 and interest. If not so pur- chasable, the fund for that year reverts to the company. Organization and Control — Incorporated in New York, Penn., Ohio and Indiana, in 1887, as a reorganization of the New York, Chicago & St. ' Louis By. , sold under foreclosure. In 1916 a syndicate of Cleveland capitalists ac- quired stock control from the New York Cen- tral B. R. Co. Secured by a first mortgage on 495 miles of road from Buffalo. N. Y., to Indiana -Illinois State Line and upon trackage rights into Chi- cago. Also secured on the entire capital stock and perpetual leasehold interest in the Chi- cago & State Line R. R., owning 9.96 miles from Grand Crossing, III., to the Indiana State Line. Underlies — Debenture 4s of 1931 and 2d & Imp. 63 of 1931. These two issues are equally secured. Year ended Dec. 31 Gross Net Int. & Rent 1918. .$22,666,381 $4,684,774 $2,407,559 1917.. 16,901.206 3,367,634 2,616.996 1916.. 16,387,928 3,586,680 2,029,149 1915.. 12,536,380 2,974,731 2,164,157 1914.. 11.294,971 1,608,228 1,891,414 1913.. 12,393,873 2,440,188 1,612,614 liOgal for Bait.. Me. and Mo. Listed on the New York Stock Exchange. Market. Xew York — Seasongood, Haas & Macdonald, McKinley & Morris, Miller & Co., A. H. Biok- more & Co., J. S. Farlee & Co., B. & C. Ran- dolph, Montgomery & Co., Hartshorne & Bat- telle, S. Goldschmidt, Blake Brothers & Co., Abraham & Co., Ambrose. R. Clark & Co., Wm. C. Bwen, Redmond & Co., Vilas & Hickey. Phlladelpliia — ^Welsh Bros., Lloyd & Palmer, Montgomery & Co., Chas. Fearon & Co., B. W. Clark & Co., Elkins, Morris & Co., Reed A. Morgan & Co., E. B. Smith & Co., Biddle & . Henr.v, H. D. Boenning & Co., Graham, Par- sons & Co., Ed. J. Kane & Co., S. K. Phil- tips & Co. NEW YORK, CHICAGO & ST. LOUIS RAIL- ROAD CO. Deb. 4s. Due May 1, 1931. Dated March 28, 1906. Interest payable May and Nov. 1, at Chase National Bank. New York, registered interest by Treasurer of company, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstanding — $10,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $6,000 and multiples of $6,000. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Organization and Control — See 1st 4s, due 1937. Secured equally with the 2d & Imp. 6s by a second mortgage on all the property of the company. See 1st 4s for detail. Prior Liens— $18,360,000 1st 4s of 1937. Earnings — See 1st 4s. Listed on the New York Stock Exchange. Original Market — $2,000,000 offered in 1908 at 89^4 by N. 'W. Harris & Co., New York and Boston, and Harris Trust & Savings Bank, Chicago; and $5,000,000 in 1909 by N. W. Harris & Co., Lee, Higginson | & Co., Clark, ■ Dodge & Co. and Moffat & White (now White, Weld & Co.), New York. Market. New York — Sharretts & Young, B. & C. Randolph, Hartshorne & Battelle, Newburger, Henderson & Loeb, Baker. Carruthers & Pell. Wm. C. Bwen. J. S. Farlee & Co., Redmond & Co., Vilas &. Hickey. FluladelDhla— E. W. Clark & Co., Martin & Co., Biddle & Henry, Newburger, Henderson & Loeb, Chas. Fearon & Co., Graham, Parsons & Co., Reed A. Morgan & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.94 Apr. 8, '09 74% Nov. 9 Low. 60 Deo. 31, '17 61 Jan. 17 NEW YORK. CHICAGO & ST. LOUIS RAIL- ROAD CO. 2d & Improvement 6s, Series "A." Due May I, 1931. Dated May 1, 1918. Interest payab'.e May 1 and Nov. 1 in New York. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax ex- empt in Pennsylvania. Authorized — $25,000,000. Outstanding — $4,135,000 (Mar. 8. '19). Reserved for Additions — $20,865,000. Purpose of Issue — To reimburse the company for capital expenditures paid out of current funds and to cover the advances on capital account made by the U. S. R. R. Administra- tion. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registered $1,000 and multiples. C. & R. interchangeable. Trustee — First Trust & Savings Co., Cleve- land. Organization — See 1st. S. F. 4s. Secured equaliy with Debenture 4s by a sec- ond mortgage on the entire property of the company. For detail see 1st 4s. Prior Liens — Outstanding l.st S. F, 4s, 1937 $18,350,000 learnings — See 1st 4s. 848 Listed — Application will be . made to list theae bonds on the New York Stock Exchange. Original Market — $ 4,135.000 offered March, 1919. by Wm. A. Read & Co., New York, etc., at 94 and interest. Market. Philadelphia — Biddle & Henry. Boston — Bond & Goodwin. Fittsbnrgh — Goldsborough & Hammond, Glqv- er & MacGregor. Cleveland — Tillotson & "Wolcott Co. NEW YORK. CHICAGO & ST. I.OUIS RAIL- ROAD CO. Eqnip. Tr. 4^8. Dae ¥110.000 each Aag. 1. from 1017 t« 1926, inclusive. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1, at Chase National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,100,000. Outstanding — $880,000 (Jan. 1. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by the New York, Chicago & St. Louia R. R. Co. by endorsement. Secured by an actuipment agreement on 1,000 box cars, 80,000 pounds capacity, with steel underframes, costing about $1,229,000. Original Market — Offered Sept., 1916. by the Guaranty Trust Co.. at prices to yield 4.60% for average maturities. Market. New York — Freeman & Co., B. & C. Ran- dolph. Evans, Stillman & Co. Philadelphia — Biddle & Henry. Milwaukee — Second Ward Savings Bank. (THE) NEW YORK. CHICAGO & ST. LOUIS RAILROAD Equip. Tr. S. FJ 6s of 1917. Due May 1, 1931.— F. Dated May 1, 1917. Interest payable May 1 and Nov. 1, in New York or Cleveland. Tax Status — 2% Federal Income Tax paid by the company without deduction. Tax exempt in Pennsylvania. Authorized — $ 3,800,000. Outstanding — $3,800,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Citizens Savings & Trust Co., Cleveland. Redeemable as a whole or in part for sink- ing fund at 101 and interest. Sinking Fund — Minimum payments of $400,- 000 per annum for first ten- years and $125,000 per annum for last four years. Total, $4,500.- 000. A minimum amount of $1,625,000 of this fund must be applied to the purchase or re- demption of these bonds at not over 101 and Interest as follows: 1918 Installment of $400,000 to call certifi- cates or purchase new equipment. 1919-1931. inclusive, $125,000 each year for 13 years to call certificates. 1919-27, inclusive, $275,000 each year to call certificates or purchase new equipment. Gnaraniteed principal and interest by the New York, Chicago & St. Louis R. R. Co. by endorsement. Secured by an equipment agreement on 35 Mikado locomotives. 10 switching engines, 1,000 automobile bo^C cars, 750 hopper coal cars, costing about $4,280,000. Original Market — $3,800,000 offered May, 1917. by Wm. A. Read & Co., ,New York, Boston, etc,,, on a 5%% basis. Market. New York — Freeman & Co., Evans, Stillman & Co., Bull & Eldredge. Fhiladelphia — Biddle & Henry, Lloyd & Palmer, Townaend Whelen & Co., Martin & Co, , H. D. Boennlng & Co. . (THE) NEW YORK CONNECTING RAILROAD CO. 1st 4V2S. Due Aug. 1» 1953.— N. Dated Aug. 1, 191*-. Interest payable Feb. and Aug. 1, Registered at American Exchange Nat'l Bank. New York. Coupon at treasurer's office of Penn. R. R. Co., Philadelphia. Tax Status — Paynient of Federal Income Tax not assumed by company. Tax exempt in New York State, Authorized — $30,000,000. ' Outstanding — $24,000,000 (Dec. 31, '18). Reserved for Ext. — $6,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., Ne'w York. Redeemable on Aug. 1, 1918, or any interest date thereafter, at 105 and interest on 90 days' notice. Guaranteed principal and interest jointly and severally by endorsement by the Pennsylvania R. R. Co. and the New York, New Haven & Hartford R. R. Co. Organization and Control — Incorporated In New Y©rk April 21, 1892, to builtf a railroad connecting the N. Y., N. H. & H. R. R. and the Pennsylvania R. R. Companies, each of which owns one-half the capital stock. . Security — A first mortgage upon all railroad of the company, comprising a 9-mile road from a connection with the New Haven sys- tem at Port Morris, Bronx Borough, to a connection with the Long Island Railroad at Fresh Pond Junction. Queens Borough, New York City, including a bridge over the East River and a branch from a point on this line at Sunnyside Junction to "Woodside Ave., form- ing a connecting link between the Pennsylvania and New Haven systems for the interchange of freight and passenger traffic and making an a*l-rail route from New England to the South and West. Listed on the New York Stock Exchange. Original Market — $11,000,000 offered in Nov., 1913, at 94^^ and interest: $5,000,000 in April, 1914, at 98 and interest, and $8,000,000 in May. 1916. at ^S'^^ and interest by J. P. Mor- gan & Co.. and Kuhn, Loeb & Co., New York. Market. New York — Sam'l Goldschmidt, Ambrose R. Clark & Co.. Seasongood, Haas & Macdonald, Abraham & Co., F. H. Hatch & Co., Redmond & Co.. Taylor, Smith & Hard, Vilas & Hickey. Fhiladelphia — E. B. Smith & Co., Biddle & Henry, Chas. Fearon & Co., Huntoon & Co., S. K. Phil'ips & Co.. "Warren A. Reedi. Pittsburgh — R. B. Hutchinson & Co. Frice Range-pN. Y. S. E. Jan. 1, 1913 to Jan. l! 1919 1918 High. 100% Apr. 6, '16 90 Nov. 21 Low. 77% Sept. 19, '18 77% Sept. 19 NEW YORK DOCK CO. 1st 4s. Due Aug. 1, 1951.— F. Dated August 1, 1901. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status— ;2% Federal Income Tax paid by company without deduction. Authorized — $13,000,000. Outstanding — $12,233,000. In Treasury — $450,000. Held in Den*n Fimd — $327,000. Denomination — Coupon, $500 and $1,000. Exchangeable for registered bonds. Regis- tered, $5,000 and $1,000. Trastee — United States Mortgase & Trust Co., New Tork. Redeemable at 105 and interest on any in- terest date upon four weeks' notice, coupon bonds to be redeemed before registered. Sinking Fund — Property not necessary for business purposes may be sold under reasonable restrictions and the proceeds used for new property or improvements, or by the Trustee for the purchase or redemption of these bonds at not exceeding 105 and interest; bonds so acduired to be cancelled. Organization — Incorporated in New Tork in 1901 as a reorganization of the Brooklyn Wharf & Warehouse Co. Secured by first mortgage on entire property of company, consisting of a number of piers, manufacturing buildings and storage ware- houses located on the Bast River water front, extending from the Brooklyn Bridge 2% miles to Erie Basin. Year ended Dec. 31 Bond Gross Net , Interest 1918 54,989,461 $1,586,988 $502,000 1917 4,423,035 1,518,68.6 502,000 1916 3,06 5,135 1,284,517 502,000 1915 2,419.927 911,285 502,000 Listed on the New Tork Stock Exchange. Market. New York — McGeorge & Vanderhoef, McKin- ley & Morws, Seasongood, Haas^& Macdonald, J. S. Parlee & Co., Sharretts & Toung, Han- son & Doyle. Baker, Carruthers & Pell, P. H. Hatch & Co. Price Ranee — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hish.98 Jan. 22, '06 13% Dec. 17 Low. 65 May 4, '18 65 May 4 (THE) NEW YORK GAS & ELECTRIC LIGHT. HEAT & POWER CO. 1st 59. Due Dec. 1, 1948.— P. Dated December 1, 1S98. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $15,000,000. Denomination — Coupon, $1,000. Registerable as to principal, or may be exchanged for fully registered bonds of $1,000 and multiples. Trustee — Guaranty Trust Co., New Tork. Organization and Control — Organized In 1898 under the laws of New Tork and acciuired a number of gas, electric light and power companies. In 1901 company was consolidated with the Edison Illuminating Co, of New Tork into the New Tork Edison Co., the entire cap- ital stock of which is owned by the Consoli- dated Gas Co. of New Tork. Secured by first mortgage on 12 power sta- tions and a mortgage subject to prior liens below on 13 other power stations, located In the city of New Tork and supplying practically all the electric light in the Borough of Man- hattan. Franchises perpetual. Prior Liens — (On part of property only) $2,188,000 Edison Elec. Ilium. Co. of N, T. 1st Cons. 5s, due 1995, and $20,929,000 N. T. G., E. U, H. & P. Pur. Money 4a, due 1949. Underlies — (On part of property) N. T. G., E. L., H. & P. Pur. Money 4a. Listed on the New Tork Stock Exchange. Market. New York — Moore & Co., AbTJott,'- Johnson & Co.. E. & C. Randolph, T. L. Bronson, Wm. C. Ewen, H. N, Whitney & Son, Berdell Bros., John Davenport, Lox, Dixon & Co. Boston — Walter S. Place. Price Range— N, Y. S. E. ,Ian. 1, 1906 to Jan. 1, 1919 1918 High. 109% Jan. 16, '06 97% Nov. 14 Low. 77 Nov. 12, '07 86 July 23 (THE) NEW YORK GAS & ELECTRIC LIGHT, HEAT & POWER CO. Purchase Money 4s. Due Feb. 1. 1949.— F. Dated February 1. 1899. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $21,000,000. Outstanding — $20,929,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New Tork. Control* Franchises and Property — See 1st 5s of 1948. Secured by a second mortgage on the prop- erty covered by the first lien o£ the Edison Electric Illuminating Co, 1st Cons. 5s of 1995, and by a second lien upon the property cov- ered by the first lien of the New Tork Gas & Electric Light, Heat & Power Co. 1st 5s ot 1948. Prior Liens — $15,000,000 New Tork Gas & Electric Light, Heat & Power Co. 1st 5s of 1948 and $2,188,000 Edison Electric Illuminat- ing Co. 5s of 1995. Listed on the New Tork Stock Exchange, Market. New York — Abbott, Johnson & Co., Wm. C. Ewen. T. L. Bronson, L. A. Norton, Kiely & Horton, Berdell Bros,, John Davenport, Low, Dixon & Co,. White, Weld & Co, Price Range— N. Y. S. E, Jan. 1. 1906 to Jan. 1, 1919 1918 High. 92 Jan. 18, '06 76^^ Nov. 22 Low. 65 Nov. 13. '07 68 May 9 NEW YORK; INTERtTRBAN WATER CO. 1st 5s. Due Oct. 1, 1931. — F. Dated Oct. 1, 1901. Interest payable April and Oct. 1, at West End Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $2,326,000, Trustee — West End Trust Co,, Philadelphia. Organization and Control — Incorporated in New Tork in 1901 and is controlled and oper- ated by the American Pipe & Construction Co. Secured by a first mortgage on real estate, reservoirs, pipe lines, pumping stations, etc., in Westchester County, N. Y. * Market. New York— A. E. Fitkin & Co., F. H. Hatch & Co. Boston — H. C. Spiller & Co. Pliiladelphia — Biddle & Henry, Huntoon & Co. Price Range. Jan. 1.. *16 to Jan. 1, '19 1918 Bid Ask Bid *High,61 '16 70 '17 58 Oct. Low. 58 '18 NEW YORK, LACKAWANNA & WESTERN RAILWAY CO. 1st 6s. Due Jan. 1, 1921. Dated December 31, 1880. Interest payable Jan. and July 1, at D., L. & W. R. R, office, 90 West Street, New Tork, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $12,000,000. Denomination — Coupon, 51,000. Registerable as to principal or fully registerable. Trustee — Farmers' Loan & Trust Co., New Tork, Guaranteed principal and interest under the terms of the lease by the Delaware, Lacka- wanna & Western R. R, Organization and Control — Incorpora-ted in New Tork in 1880, and road opened In 1882 in 850 In which year it was leased in perpetuity to the Del,, Lack. & Western R. R., which guar- antees the payment of all bonds and other obligations and ' 5 % dividends on the stock. Secured by first mortgage on 214 miles of double-track road from Blnghamton to Inter- national Bridge, N. T., including the BufEalo City Branch and Cayuga Extension, together with terminal buildings and depots at Buffalo, N. Y. ITnderlies — Construction 5s and Terminal Im- provement 4s, both due 1923. Legal for Cal., Conn., Me., Mass., Mich., . Minn.. N. H.. N. J., N. T., R. I. and Wis. Listed on the New York Stock Exchange. Market. New York — Herbert M. Salomon & Bro.. Chas. W. Place, Clark, Dodge & Co., Wm. C. Wilson & Co., Wm. C. Bwen, Harris. Forbes & Co., Taylor, Smith & Hard, Ai:;ibrp.s.e ,K. Clark & Co., Remick, Hodges & Co., Bern- hard, SchoUe & Co., Baker, Carruthers & Pell, John Davenport, Low, Dixon & Co., Redmond & Co. Boston — Blake Brothers & Co., Harris, Forbes & Co. Philadelphia — Harris, Forbes & Co., Chas. Fearon & Co. , Graham, Parsons & Co. Chicago — ^Harris Trust & Savings Bank, Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E, _ Jan. 1. 1906 to Jan. 1. 1919 1918 , High.126^ Jan. 3, .,'06 102Vi Jan. 14 Low. 101^ Dec. 8, '17 100 Oct. 8 NEW YORK, LACKAWANNA & WESTERN RAILWAY CO. Constrnction 5s. Due Aug. 1, 1933.— F. Dated August 1, 1883. Interest payable Feb. and Aug. 1, at D., L. & W. R. R. office, 90 West Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1, 000. RegiSterable as to principal. Trustee — Farmers' Loan & Trust Co., New York, Guaranteed as to principal and Interest by the Delaware, Lackawanna & Western R. R. Co. by endorsement. Control — See 1st 6s. Secured by a second mortgage on 214 miles of double-tracked railroad from Blnghamton to International Bridge, N. Y., and branch to Buffalo. Prior Liens — $12,000,000 N. Y., Lack. & West. 1st 6s of 1921. Underlies — N. Y., Lack. & West. Terminal & Improvement 4s of 1923. Legal for Minn., N. H. and R. I. Listed on the New York Stock Exchange. Market. New York — McKInley & Morris, Ambrose R- mark & Co., Wm. C. Bwen, J. S. Farlee & Co., Remick, Hodges & Co., Abraham & Co., Baker, Carruthers & Pell, Redmond & Co. , Taylor, Smith & Hard. Philadelphia — Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E, ■Ian. 1. 1906 to Jan. 1, 1919 1918 Hieh.lli% Jan. 25. '06 ' 98 Feb. 14 tx)W. 95 Aug. IB, '18 96 Aug. 15 Tax Status — 2% Federal Income Tax paid Dy company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Farmers' Loan & Trust Cd., N. T. Guaranteed as to principal and Interest by the Delaware, Lackawanna & Western R, R. Co. by endorsement. Control — See 1st 6s. Secured by a third mortgage on 214 miles of double -tracked road from Blnghamton to International Bridge, N. Y,, and branch to Buffalo. Prior Liens — $12,000,000 N. Y.. Lack. & West. 1st 6s of 1921 and $5,000,000 N. Y., Lack. & West. Constr. 6s of 1923. Legal for Minn., N. H. and R. I. Listed on the New York Stock Exchange. Originnl Market — $4,000,000 offered in Dec, 189X. at 108 and interest by Redmond, Kerr & Co. {nov.' Redmond & Co.), New York. Market. New York — Seasongood, Haas & JIacdonald, J. S. Far:ee & Co.,, Remick, Hodges & Co., Blake Brothers & Co., Abraham & Co., Baker, Carruthers & Pell, John Davenport, Redmond & Co., Taylor. Smith & Hard, Vilas & Hickey. Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co. Newark — J. S. Rippel. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 HCigh. 102% July 30, '06 93% Jan. 8 Low. 86 Nov. 1, '07 93 Dec. IS NEW YORK. LACKAWANNA & WESTERN RAILWAY CO. Terminal & Imp. 4s. Due May 1, 1933.— F. Dated May 1, 1890. Interest payable May and Nov. 1, at D., L. & W. R. R; office, 90 West Street, New York, NEW YORK, LAKE ERIE & WESTERN COAL & RAILROAD CO. Ist 6s. Due May 1, 1923.— N. Dated May 16, 1882. Interest payable May and Nov. 1, at 50 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $1,100,000. Deposited under the Erie R. R. Cons, Prior Lien & Gen. Lien 4s of 1996— $1,900,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Metropolitan Trust Co., New York, and John Lowber Welsh. Guaranteed as to principal and Interest by the New York, Lake Erie & Western R. R. Co. and assumed by the Erie R. R. Co. Organization and Control — Incorporated in Pennsylvania in 1879, and is leased to the Erie Railroad Co. during the charter life of both corporations. Of the company's $600,000 cap- ital stock $80,600 Is owned by the Erie R. R. and the balance by the Northwestern Mining & Exchange Co., the entire stock of which is owned by the Brie R. R. and deposited under its Consolidated Prior and General Lien Mort- gage. Secured by first mortgage on 13,994 acres owned in Elk and McKean Counties, Pa., and all minerals on 7,900 acres additional. Also secured to the extent of $1,500,000 by a first mortgage on 43.74 miles of road (20.98 miles double track) as follows: Crawford Jet. to Johnsonburg, Pa 29 . 59 Brockwayville, Pa., to Toby Mines 12.73 Kyler. Run Branch to Eureka Mines. ... 1 . 4'2 Also a lien on the property of the Dagus- cahonda & Elk R. R., 5.81 miles from Dagus- cahonda to Dagus Mines. Refunding — A like amount of Erie R. R. General Lien 4s, due 1996, have been re- served to retire this issue. Legal for Me. Listed on the Ne.w iTork Stock Exchange. Sol Market. J^ew York — Finch & Tarbell. Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E, Jan. 1, 1906 to Jan. 1, 1919 1918 High. 120 Mar. 4, '00 103 Jan. 14 IjOW.100 June 11. '17 103 Jan. 14 NEW YORK. LAKE ERIE & WESTERN DOCKS & IMP. CO. 1st Extended 5s. I>ue July 1, 1943.— F. Dated June 1, 1883. Extended July 1, 1913. interest being reduced from 6%. Interest payable Jan. and July 1, at 50 Church St,, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $3,396,000. Deposited under Erie R. R. 1st Cons. Mtge. —$604,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable on any. interest date up to July 1, 1918, at 102% and interest, and thereafter at 105 and interest, on 60 days' notice. Guaranteed principal and interest under, the terms of the lease by the Erie R. R. Co. Organization and Control — Incorporated in New Jersey in 1881 and property leased in 1890 during the life of both corporations to the New York, Lake Erie & Western R. R. Co., to which the Erie R. R. Co. has succeeded, in- cluding all rights and obligations under this lease. Entire stock is owned foy the Erie R. R. Co. Secured by first mortgage on 68.71 acres of upland with riparian rights to 52.92 acres under water, having a frontage of 2,591 feet along the pierhead line of the Hudson Jliver, and improvements thereon, consisting of five covered piers, two open piers, one coal transfer pier with trestles and pockets, two mooring racks, transfer bridge, 21.95 miles of rail- ' road tracks, freight house, engine house, ware- house and other miscellaneous buildings. Fur- ther secured by supplemental indenture cover- ing the lease of this property, which consti- tutes the principal tidewater freight terminal of the Erie Railroad System on New York Harbor. Refunding — -Retirement of this issue provided for under Erie R. R. Cons. Genl. Lien 4s, due 1996. Listed on New York Stock Exchange. Original Market — $ 3,396,000 offered by White. Weld & Co., Kiasel. Kinnicutt & Co.. and Brown Bros. & Co., at 100% net, July, 1913. Market. New York — Chas. W. Place, S. P. Larkin & Co., Wm. C. Bwen. Seaaongood, Haas & Mac- donald, Taylor, Smith & Hard. Newark — J. S. Rippel. Price Range — N. Y. S. E. Jan. 1, 1006 to Jan. 1. 1919 1918 Ask High.ieeV* Jan. 25, '17 96 Jan. Low. 100% Nov. 26, '13 80 May Tax Status — ^Payment of Federal Income Tax not assumed by company. Outstanding — $3,699,500. Denomination — Coupon, $1,000 and $500. Registerab'e as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Brie R. R. Co. Organization — New York, Lake Erie & West- ern R. R. Co. was incorporated in New York in 1878 as successor to the Erie Ry. Co. and was in turn succeeded under foreclosure sale by the Erie Railroad Co. in 1895. Secured by pledge with the Trustee of a like amount of uncancelled coupons of the Erie Railway Co. 1st Cons. 7s, due 1920, for the years 1875, 1876, 1877, 1878 and 1879, through which this issue is secured equally with the Erie Ry, Consol. 7s by a second lien ' on" 202' miles of road. Painted Post via Buffalo to Jamestown, and Homellsville to Attica, a third mortgage on 19 miles of road from Grey- court to Newburg, and a sixth mortgage on 447 miles of road from Piedmont to Dunkirk, N. Y. These bonds and the Consol. 7s equally secured are outstanding at the rate of $30,700 per mile. Prior Liens — $13,065,^00 "nivisional Bonds. given in description of Erie Ry. 1st Cons. 7b, 1920. Underlies — ^Erie R. R. Cons., P. L. & G. L. 4& of 19^6 and Gen. Conv. 4s of 1953. Listed on the New York and London Stock Exchanges. Market. New York — S. P. Larkin & Co., Gea. B. Gibbons & Co.. E. & C. Randolph, J. S. Parlee & Co., Coggeahall & Hicks, Baker, Carruthers & Pell. Redmond & Co. Philadelphia — Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Go. Price Range — ^N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.133 Feb. 1. '06 100% July 3 Low. 100% Ju'.y 3, '18 100% July 3 NEW YORK, I^AKE ERIE & WESTERN RAILROAD CO. 1st Cons. Funded Coupon 78. Due Sept. 1, 1930.— N. Dated September 1, 1878. Interest payable March and Sept. 1, at J; P. Morgan & Co., New York, and" at London. NEW YORK MUNICIPAL RAILWAY CORP. 1st 5s, Series "A." Due Jan. 1, 1966. Dated July 1, 1912. Interest payable Jan. l and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — $100,000,000. Outstanding — $ 2,055,000. Deposited Under Brooklyn Rapid Transit Co. 6% Notes of 1921 — $57,735,000. HeM in S. F. — $210,000. Reserved for Ext. — $40,000,000. '.Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal ($500 and ■$1,000). Registered, $10,000, $5,000 and $1.- 000 and multiples of $1,000. C. & R. inter- changeable in amounts of $1,000 or multiples. Trustee — Central Union Trust Co., New Yorlt. Redeemable as a whole or in part for sink- ing fund at 107% and interest on any interest date on 90 days' notice. Sinking Fund — Semi-annual payments, begin- ning July 1. 1918, minimum amount equal to 0.3175% and maximum amount equa;i to one- halt of 1% of outstanding bonds, for the pur- chase or redemption of these bonds at not over 107% and interest. Bonds so acquired to be kept alive and interest added to this fund. Guaranteed as to principal, interest and sinking fund by the Brooklyn Rapid Transit Co. and the New York Consolidated R R. Co. Organization and Control — Incorporated in New York in 1912 to operate the enlarged 852 transit system (elevated roads and subways) covered by the agreement between the company and the city and to construct and own such parts of the system as are scheduled for pri- vate rather than public ownership, the lines to be constructed by the city are to be leased to the company for a period of 49 years from Jan. 1, 1917, and are to be operated by the company in connection with the existing: rail- roads of the New York Consolidated R. R. Co. as one system and for a single fare. The entire capital stock of this company is owned by the New York Consolidated R. R. Co. and the latter company is controlled through stock ownership by the Brooklyn Rapid Transit Co. Receivership — See Brooklyn Rapid Transit Co. Secured by a first lien on the company's leasehold interest in the subway and elevated systems now constructed or to be constructed on the company's contract with the city and all other property. The system will embrace about 285 miles of road, including trackage rights, of which about 133 miles will be owned by the city. Under the provisions of the lease the city may exercise the right of recapture after ten years by paying the company in accordance with specific provisions in the lease. Under the terms of the lease the lessee is to receive from annual net earnings, after oper- ating expenses, taxes and depreciation, $3,500,- 000 to pay interest charges on capital invest- ments prior to March 19. 1913, in existing rail- roads; 6% on its new investment in construc- tion and equipment prior to the beginning of permanent operation and thereafter interest and 1 % sinking fund. Prom such net earn- ings the city is to receive interest and 1 % sinking fund on its investment in cost of con- struction. Any surplus after depreciation re- serve fund is to be divided equally between the lessee and the city. !Listed on the New York Stock Exchange. Marfcct. New York — Joseph "Walker & Sons, T. L. Bronson, John Davenport, "Wm. C. Bwen. F. H. Hatch & Co. , Seasongood, Haas & Mac- Donald. Price Ranee— N. Y; S. E. Jan. 1, 1913 to Jan. 1. 1919 1918 Bid Ask High.100% Dec. 13, '16 87^^ Oct. 94 Oct. Low. 99 July 3. '16 75 Dec. NEW YORK. NEW HATEN & HARTFORD RAILROAD CO. Incorporated in Connecticut, Massachusetts and Rhode Island In 1872. The company owns 1,235 miles of road and leases 760 miles addi- tional, including lines from New York to New Haven, Conn., Providence, R. I:, and Boston, Mass., with numerous branches and including practically all of the railroad in Connecticut, Rhode Island and Massachusetts south of Bos- ton. The company controls through stock owner- ship the New York, Ontario & Western Ry. Co. and the Central New England Ry. Co., owning lines from Hartford, Conn., via the Poughkeep- 8le Bridge, to Scranton. Pa., and Oswego, N. Y.. and forming the shortest all rail route between the anthracite coal fields of Pennsyl- vania and New England. The N. Y., N. H. & H, R. R. controlled practically all of the street and interurban railways in Connecticut, practically all of the railroad in New England, Including the Boston & Maine and Maine Central Systems, and a large proportion of the steamship lines oper- ated in New England waters. The Department of Justice of the United States, having had occasion to question the method by which this control was secured and also the manner In which it was exercised, recommended that the N. Y., N. H. & H. R. R. Co. divest itself of the control of these properties, which the rail- road company agreed to do, and the various stocks representing the control of the system enumerated above have been turned over to trustees, who will hold them until able to dis- pose of them to the best sldvantage of the railroad company. Largely due to the acquisition of unprofitable properties the income of the New York. New Haven & Hartford R, R. Co. has suffered a severe decline. The company has outstanding about $157,117,900 of stock and $155,525,882 bonds and debentures. Dividends were paid on this stock from 1873 to 1913, but in December of that year the dividend was discontinued. From 1896 to 1913 the rate had been 8% per annum. Year ended Dec. 31 Gross Net Int. & Rent tl918. .$17,095,884 $22,658,418 $20,614,892 n918. .102.294,212 12,222,372 4,453,368 1917.. 85.784,893 27,741,717 25.337,622 1916. . 80.432,167 30,346,639 24,791,662 *1915.. 65.379,264, 24,357,133 22,049.161 ♦1914. . 67,452,592 22.471,648 22,202,984 ♦1913. . 68,613,503 28.380,640- 19.458,412 •Year ended June 30. tCorporate Income Account-Standard return under Federal controil. tFederal Income Account. PJEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. S^/ie. Due March 1, 1947.— N. Dated March 1, 1901. Interest payable March and Sept. 1. at Lincoln National Bank. New York, and Second National Bank, New Haven. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $5,000,000. Denomination- — Coupon, $1,000, and .Regis- tered, $10,000. For description, see 4s, 1956. , Listed on the New York Stocjt Exchange. Market. New York— F. H. Hatch & Co., B. &^ C. Randolph. Price Range — N. Y. S. E. Jan. 1, 1906 tfl Jan. 1, 1919 1918 High.84 May 26. '11 55 Sept. 19 Low. 50 Oct. 18, '17 55 Sept. 19 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. 4s. Due March 1, 1947.— N. Dated March 1, 1897. Interest payable March and Sept. 1, at Lincoln National Bank. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $5,000,000. For description, see 4s, 1956. Listed on the New York Stock Exchange. Market. Boston — ^R. L. Day & Co. New York— F. , H. Hatch & Co., Remick, Hodges & Co. , Sam'l Goldschmidt. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.8114 Feb. H, '16 60 Oct. 29 Low. 56 Sept. 11, '17 60 Oct. 29 NEW YORK. NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. 3%8. Due April 1» 1»54.— F. Dated April 1, 1904. Interest payable April and Oct. 1. at Lincoln National Bank. New York, and Second National Bank, New Haven. 853 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $10,000,000, For description, see 4s, 1956. Listed on the New York Stock Exchange. Market. New Haven — H. C. Warren & Co., W. T. Fields Co.. Stevenson & Co. New York — Sam'l Goldschmidt, Remick, Hodgea & Co., F. H. Hatch & Co., E. & C. Randolph. Price Rang:e — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High. 88 Aug. 7, '08 62 Sept. 5 Low. 50 May 15, '18 50 May 15 NEW YORK, NEW HAVEN & HARTFORD RAIIiROAD CO. Non-Conv. Deb. 4s. Due July 1, 1955.— N. Dated July 1, 1905. Interest payable Jan. and July 1, at Lincoln National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $15,000,000. For description, see 4s, 1956. Usted on the New York Stock Exchange. Market. Philadelphia — E. W. Clark & Co. New York — Sam' 1 Goldschmidt, Remick, Hodges & Co., P. H. Hatch & Co. New Haven — Chas. "W. Scranton Co. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 High.97 Oct. 19 '18 63 Nov. 18 Low. 52 Feb. 27. '18 52 Feb. 27 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Non-Conv. Deb. 4s. Due May 1. 1956.— N. Dated May 1, 1906. Interest payable May and Nov. 1, at Lincoln National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $15,000,000. Denomination — Coupon, $1,000. Registered, $10,0,00. Security — These bonds are direct obligations of the company, but not secured by mortgages. Under the statutes of Massachusetts the com- pany may not execute any mortgage upon its property without equally securing these de- bentures. liisted on the New York Stock Exchange. Original Market — Offered in 1905 by J. P. Morgan & Co., New York, and Kidder, Pea- body & Co., Boston and New Yor^, at 106^A and interest. T^arket New York— F. H. Hatch & Co., Sam'l Gold- schmidt, Remick, Hodeeg & Co., J. S. Farlee & Co. Boston — Richardson, Hill & Co. Price Rahgre— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Hiih.96% Sept. 16, '09 61 July 8 Low. 65 Oct. 2, '18 65 Oct. 2 NEW YORK, NEW HAVEN & HARTFORD RAII/ROAD CO. Conv. Deb. S%% Ctfs. Dne Jan. 1, 1956 ^F. Dated January 1, 1906. Interest payable Jan, and July 1, at Lincoln National Bank, New Tork, First National Bank, Boston, '''aiid company's office, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding— J8. 913, 460. Converted — $20,234,550. Held by Company — $852,000. Denomination — Coupon, $1,000, $500 and $100. Reglsterable as to principal. Regis- tered, $6,000. Coupon 6 Reg'd ($5,000) inter- changeable. Registrar — Second National Bank, New Haven. Convertible Into stock of the company at the rate of $1S0 certificates for $100 stock, prior to Jan. 1, 1916, or within 30 days thereafter. Security — ^A direct obligation of the company, but not secured by mortgage. Under the stat- utes of Massachusetts the company may not execute any mortgage upon its property with- out eduai'ly securing these debentures. Listed on the New York Stock Exchange. Original Market — Offered at par to the stock- holders in 1905 at the rate of $37.50 in bonds for each share of stock. Market. New Haven — H. C. Warren & Co., W. T. Fields & Co. New York — F. H. Hatch & Co., Remick, Hodges & Co., Sharretts & Young, F. J. Lis- man & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.lllM, Sept. 29, '09 60 Sept. 6 Low. 46 Dec. 19, '17 61% July IS NEW YORK, NEW HAYEN & HARTFORD RAILROAD CO. Convertible Deb. 6b. Due Jan. 15, 1948. — N. Dated January 15, 1908. Interest payable Jan. . and July 15, at company's office. New Haven. First National Bank, Boston, and Sec- ond National Bank, New Haven. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $39,029,000. Outstanding — $38,541,200. Held by Company — $487,800. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $100, $1,000 and $10,000. Ten registered bonds of $100 each may be exchanged for one $1,000 registered or coupon bond. One hundred registered bonds of $100 each or ten coupon or registered bonds of $1,000 each may be exchanged for one regis- tered bond of $10,000, but registered bonds are not re-exchangeable into coupon form. Convertible par for par into stock of the company from Jan. 16, 1923, to Jan. 15, 1948. Security — ^A direct obligation of the company, but not secured by mortgage. It is provided that these Debentures shall share equally with all bonds secured by any mortgage which may be placed upon the company's main lines from Woodlawn, N. T., to Springfield, Mass., or from New Haven,, Conn., to Providence, R. I. Further provided that holders of these Deben- tures shall enjoy the right of subscription for any issue of capital stock of the company, to the same extent as If bonds had been con- verted Into stock. Listed on the New York Stock Exchange. Original Market — Offered at par to the stock- holders in May, 1907, at the rate of $100 tn bonds for each three shares of stock. Market. New York — McKinley & Morris. Sharretts & Young, John Muir & Co. New Haven — H. C. Warren & Co. Price Range — N. Y. S. E. Jan. 1, 1908 to Jan. 1, 1919 1918 Coupon. High.146 Sept. 28, '09 96 Nov. 23 Low. 80 Dec. 28, '17 82 July 30 Registered. High.141% Oct. 22. '09 83% Aug. 20 Low. 83% Aug. 20. '18 83% Aug. 20 854 NEW YORK, NEW HAVEN & HARTFORD RAILROAD CO. Deb. 4s. Due April 1, 1922.— F. Dated April 1, 1916. Interest payable April and Oct. 1, on dollar bonds, at J. P. Morgan & Co., New York, on Franc bonds, at Paris, London, Berlin, Hamburg and Amsterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $27,985,000. Outstniijding — $ 27,582,691. Purpose of Issue — Issued in exchange par for par for 4% 15-year European Loan of 1907. Bonds so acquired are cancelled. Denomination' — Coupon, $1,000 and 500 Francs. Registerable as to principal. Registrar — Second National Bank, New Haven, Conn. Security- — ^A direct obligation of the company. The indenture provides that if the company creates any mortgage upon its main line of road between Woodlawn in the city of New York and Springfield, Mass., or any new mort- gage upon its line between New Haven, Conn., and Providence, R. I., or upon any part of said lines, these bonds will be equally secured with bonds issued under such new mortgages. The bonds of this issue are the earliest ma- turing bonds carrying this mortgage provision. Listed — (Franc Bonds) on the Boston Stock Exchange. Original Market — Offered Sept. , 1916, by Kissel. Kinnicutt & Co., New York and Chi- cago, at 95% and interest. Market. New York — Remick, Hodges & Co., J. S. Fartee & Co., E. & C. Randolph, Bull & El- dredge, Sam'l Goldschmidt, Hambleton & Co.. Paine, Webber & Co., Spencer Trask & Co. Baltimore — Hambleton & Co. Boston — Paine, Webber & Co. Price Range. Jan. 1, '17 to Jan, 1, '19 1918 Bid Ask Bid Ask High.94% '17 95% '17 84% Nov. 86 Dec. Low. 60 '17 79 '18 77 Oct. 79 Oct. NEW YORK. NEAV HAVEN & HARTFORD RAILROAD CO. European Loan 15-Year Debenture 4s. Due April 1, 1922. — F. Dated April 1. 1907. Interest payable April and Oct. 1, at Paris, London, Berlin. Ham- burg and Amsterdam. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $27,985,000. Outstanding — See Deb. 4s of 1922. Denomination — Coupon, 500 francs and £19.15.6 and multiples. Security — A direct obligation of the company, but not a mortgage. Listed on the Boston Stock Exchange. Original Market — Underwritten by Kuhn, Loeb & Co, in March, J19 07, and placed in Paris, London, Berlin and Amsterdam at 98. Market. New York— J. S. Farlee & Co.. E. & C. Randolph. Pittsburgh — R. W. Evans & Co. NEW YORK- NEW HAVEN & HARTFORD RAILROAD CO. Harlem River & Port Chester 1st 4s. Due May 1. 1954.— F. Dated May 16, 1904. Interest payable May and Nov. 1 , at Lincoln National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. ^ Authorized and Outstanding — $15,000,000. Denomination — Coupon. $1,000. Registerable as to principal, or exchangeable for fully reg- istered bonds In denominations of $10,000. Registered, 810,000. C. & R. interchangeable. Trustee — United States Trust Co., New York. Organization and Control — The Harlem River & Port Chester R. R. Co. was incorporated in New York. in 1867. All of the stock is owned^ by the N. Y., N. H. & Hartford R. R. Co.. which leases the property for 99 years from 1873 at a rental equivalent to interest and taxes. Secured by a mortgage executed jointly by the New York, New Haven & Hartford R. R. Co. and the Harlem River & Port Chester R. R. Co . , and covering as a first lien 1 1 miles of road from the Harlem River to New Rochelle. This line has been electrified, is six-tracked and embraces a total of 165 miles of track. It forms a part of the main line of the New York, New Haven & Hartford R. R. Co. Underlies — Harlem River & Port Chester Deb. 5s of 1930. Listed on the New York Stock Exchange. Legal for Me. Original Market — Offered in 1904 by Kidder, Peabody & Co., Lee. Higginson & Co., Esta- brook & Co. and R, L. Day & Co., Boston and New York, and Mackay & Co., New York, at 104% and interest and by the same firms In 1906 at 98 and interest. Market, New York — Sam'l Goldschmidt, P. H. Hatch & Co., Tobey & Kirk, Abraham & Co., Wm. C. Ewen. Boston — (■L. Sherman Adams, Lee. Higgin- son & Co., R. L. Day & Co. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 99% Nov. 2, '10 73% Dec. 13 Low. 69 Aug. 16, '18 69 Aug. 16 NEW YORK, NEW HAVEN & HARTFORD R. R. CO, Equip. 5s, Series "A." Due $166,000 (1-15) each April 1, from 1915 to 1929, inclusive. — N. Dated April 1, 1914. Interest payable April 1 and Oct. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by c^^mpany. Issued — 12.490,000. Outstanding— $1,494,000 (April 15, 1919). Balance Retired. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Secured by an equipment agreement on tlj^ following all-steel electrically equipped rolling stock: 87 passenger cars. 28 smoking cars. 15 postal cars, 17 multiple unit cars and 25 mul- tiple unit trailer cars, costing $3,002,399, of which $512,399 paid in cash by company. Original Market — Offered March, 1914. by J. P. Morgan & Co. Market. New York — Freeman & Co., Coggeshertl & Hicks. Bull & E'dredge. Evans, Stillman & Co. Philadelphia — Graham, Parsons & Co.. Brown Bros. & Co. Los Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. NEW YORK, NEW HAVEN & HARTFORD R. R. CO. Equip. Tr. 68, Series "AA.'* Due $48,000 each May 1 and $49,000 each Nov. 1 to Nov. 1. 1924.~N. Dated Nov. 2. 1914. Interest payable May 1 and Nov. 1, at Trustee's ofl!lce. Tax Status^— Payment of Federal Income Tax not a ssumed by company. 855 Authorized — $970,000. Outstanding— $534,000 (May 15. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Secured by an equipment agreement on 30 passenger cars,, 50 baggage j3ars and 20 combi- nation cars, all-steel and electrically equipped, costing $1,214,490, of which the company paid $244,490 in cash. Original Market — Offered by Drexel & Co., Philadelphia. Market. See Series "A." NEW YORK, NEW HAVEN & HARTFORD R. R. CO. mniP. Tr. 4^s» Series "BB." Due $133,000 each June 1 and $133,000 each Dec. 1, to Dec. 1, 1935, indnslTe. Dated Dec, 1, 1915. Interest payable June 1 and Dec. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorised — $2,450,000. Outstanding — $1,592,000 (June 2, 1919). Balance Retired. Denomination — Coupon, $1,000. Kegisterable as to principal. ■ Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment agreement on 63 all-steel passenger cars, 2 all-steel funeral cars, 35 all-steel baggage cars, 30 Mikado locomotives, 2 5 combination milk cars. 5 steel refrigerator cars, 2 steel dining cars and BOO steel hopper cars, costing $2,937,750, of which the company paid $487,750 in cash. Market. See Series "A." NEW YORK, NEW HAVEN & HARTFORD RAIIvROAD CO. Equipment Trust 4^s. Series "CC." Due $65,000 each March 1 and Sept. 1, from March 1, 1917, to Sept. 1, 1936, inclusive. — N., Dated Sept. 1, 1916. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,300,000. Outstanding— $975,000 (April 1, 1919). Balance Retired. ' Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment agreement on 60 steam locomotives, 2 wrecking derricks, 2 IB- ton cranes, 2 30-ton cranes, 4 steel dining cars and 1 steel business car, costing about $1,620,- 590, of which the company paid $320,590 In caslf. Original Market — Offered Sept., 1916. by the Bankers* Trust Co. and Bvans. Stillman & Co.. New York, at prices to yield from 3.25% to 4.B5 7o. Market. See Series "A.'* NEW YORK. NEW HAVEN & HARTFORD R. R. Co. Equipment Trust 6b, Series "DD," Due $171.0000 each May 15. and Nov. 15, from Nov. 15. 1918, to May 15, 1938, inclusive. Dated May 15, 1918. Interest payable May and Nov. 15, at Trustee's office, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $3,420,000. Outstanding — $3,078,000 (June 1. 1919). Balance Redeemed. Denomination — $ 1,000. . Kegisterable as to principal. Xrustee — Commercial Trust Co. , Philadel- phia. Secured by an equipment agreement on 50 Santa Fe type locomotives, 60 all-steel pas- senger coaches. 40 aCl-steel baggage cars, 6 electric locomotives. 6 locomotive cranes. To- tal cost of this equipment was $4,756,563, of which the company paid in cash $1,336,563. Original Market — Offered in June. 1917, by J. P. Morgan & Co., Lee, Higginson Co., and Kidder. Peabody & Co.. New York. Market. Philad'elphia — Brown Bros. & Co. New York — Evans, Stillman & Co., Freeman & Co. NEW YORK, ONTARIO & WESTERN RAIX- WAY CO. Ref. 4s. Due June 1, 1993. Dated June 1, 1892. Interest payable March and Sept. 1, at company's office. Grand Cen- tral Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $20,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable in amounts of $5,000. Registered, $5,000. Trustee — Bankers' Trust Co., New York. Control — See Gen. 4s. Secured by direct mortgage on 318.86 milea of road (total, owned): A first lien on 318.86 miles — Miles Cornwall to Oswego, N. Y 272.22 Summitville to BllenvUle, N. Y. 7.37 Walton to Delhi, N. Y 16.87 New Berlin Jet. to New Berlin, N. Y... 22.40 A first collateral 'Men on 72.62 miles — (Through pledge of $1,500,000 (entire issue) First Mortgage Bonds and $1,- 500,000 (entire issue) capital stock of the Ontario, Carbondale & Scranton Ry. Co.) Cadosia to Scranton, Pa 53 . 65 Mine branches 18.97 Also a first lien on leasehold interests in 120.58 mi^es — Wharton Valley Ry. — New Berlin to Bd- meston 6.85 TJtica, Clinton & Binghamton R. R. — Randallsville to Utica 31 . 23 Rome & Clinton R. R. — Rome to Clinton 12.79 Pecksport Connecting Ry. — Pecksport to White's Corners 3.70 EUenviUe & Kingston R. R. — EUenville to Kingston 27 . 81 Port Jervis, Mont. & Summitville R. R. — Summitville to Valley Jot 14.26 Port Jervis, Mont. & Summitville R. R. — Port Jervis to Monticello 23 . 94 Also secured on trackage rights — ' At Scranton, Pa 45 At Port Jervis, N. Y 35 Troop (mine branch) 88 Olyphant to Johnson Breaker 1.12 Also secured on the trackage rights over the West Shore R, R. from Weehawken to Corn- wall (53.07 miles), and the rights of the com- pany in respdct to the terminal properties of the West Shore R. R. Co. at Weehawken, New York and Brooklyn. Underlies — $8,630,000 General 4s, due 1955. 856 Year ended Dec. 31 Gross Net Int. & Rent tl918 $2,103,681 $2,312,180 $1,506,608 tl918 10.895,005 680,666 104,566 1917 9.16 4.878 2,5 00.502 1,523,035 1916 8.794.166 2,610.383 1,670.801 ♦1916 8.942.252 2,639.155 1.655.277 •1915 8.926.946 2,321,946 1,709,438 *1914 9,251,570 2.297,946 1,634.254 *1913 9,454,349 2,904,683 1,693,050 ♦Year ended June 30. tCorporate Income Account-Standard return under Federal con- trol. {Federal Income Account. Legal for Bait.. Cal.. Me. IJisted on the New York and London Stock Exchanges. Market. New York — Sharretts & Young, J. A, Jo- seph, Jr., & Co., Coggeshall & Hicks, j;. ^. Farlee & Co., F. J. Lisman & Co.. Baker, Carruthers & Pell. Taylor, Smith & Hard. Price Range — N. Y. S. £. Jan. 1, 1906 to Jan. 1. 1919 1918 High.104% Jan. 9. '06 73 Nov. 13 Low. 63% Aug. 29, '18 63% Aug. 29 NEW YOBK. ONTARIO & WBSTI^RN RAH^- WAY CO. General 4s. Due June 1. 1955. Dated June 1. 1905. Interest payable June and Dec. 1. at company's office. Grand Cen- tral Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $12,000,000. Outstanding — $8,630,000. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Regis- tered, $1,000. Trustee — New York Trust Co., New York. Redeemable at 110 and interest on any in- terest date on six months' notice. Organization and Control — Incorporated In New York in 1880 as successor to the New York & Oswego Midland R. R. Controlled through the ownership of a majority of the stock by the New York, New Haven &■ Hart- ford R. R. Co. Secured by a second lien on 318.86 miles of road (total owned); a second collateral lien on 72.62 miles: a sedond lien on 120.58 miles of leasehold, and on trackage rights, and property and equipment covered by the Ref. 4s. For details see Ref. 4s. Also a first lien on $110,000 (entire issue) capital stock and a $450,000 1st Mtge. Bond of the Port Jervis, Monticello & Summitville R. R. Co. and $30,000 (entire issue) capital stock and a $650,000 Ist Mtge. Bond of the EUenville & Kingston R. R. Co., being there- fore a first collateral lien on 66.01 miles of Prior Liens— $20,000,000 N. Y., Ont. & West. Ref. 4s of 1992. X^amings — See Ref. 4s. Listed on the New York Stock Exchange. Original Market — $2,702,000 offered In Feb., 1911. by White. Weld & Co. and Potter, Choate & Prentice of New York at 92%, and in 1913 by Ladenburg, Thalraan & Co. Market, New York — Sharretts & Young, Hanson & Doyle. J. S. Farlee & Co., E. & C. Randolph. F. J. Lisman & Co.. Coffin & Ck)., Baker, Car- ruthers & Pell. Philadelphia — Wheeler. Elliot & Mann. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan, 1, 1919 1918 High.92% July 14. '11 60 Apr. 13 Low. 60 Apr. 13, '18 60 Apr. 13 NEW YORK, ONTARIO & WESTERN BAIL- WAY CO. 4^% Eanip. Tr. Notes, Series "C," Due $3(>,000 each Sept. and March 1st to March 1. 1938.— N. Dated March 1, 1913. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized^$900,000. Outsitanding— $540,000 (April 1, ' 1919). Balance Retired. Benomination-^-Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Secured under terms of an equipment lease on 500 steel coal cars. 300 steel underframe box cars. 50 steel box cars, 50 refrigerator cars and 100 fiat cars, costing $1,054,828, of which $154,828 was paid in cash by the com- pany. Original Market — Underwritten by J. P. Morgan & Co. and ofCered at 97% and interest. Market. New York — Freeman & Co., Evans, Stillman & Co. Philadelphia — Graham, Parsons & Co. NEW YORK. ONTARIO & WESTERN RACL- WAY CO. 4:Vs% Equip. Tr, Notes, Series "D." I>ne $35,000 each April and Oct. 1, to April 1, 1923, inclusive. — N. Dated April 1, 1916. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $490,000, Outstanding — $280,000 (May 1, 1919). Balance Retired. Denomination — Coupon. $1,000. Trustee — Bankers' Trust Co., New York. Secured by an equipment agreement on 100 forty-ton low side gondola coal cars and 400 fifty-ton steel coal cars. Market. .See Series "C." NEW YORK, PENNSYLVANIA & OHIO RAn> ROAD CO. Reorganization Prior Lien Gold or Sterling 4i^s. Due March 1. 1935.— N. Dated May 5 . 1880. Extended March 1. 1895. interest being reduced from 6%. Interest payable March and Sept. 1. at 50 Church St., New York, and at London in sterling at the rate of four shillings per dollar. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $8,000,000. Denomination— ^Coupon, $100, $500, £200 and £100. Reglsterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Organization and Control — This company was reorganized in 1896 and succeeded by the Ny- pano' R. R. Latter road is leased to the Erie R. R. Co., which owns the entire capital stock. Secured by a direct first mortgage on 422.96 miles of road — Salamanca, N. Y.. to Dayton, Ohio 389.18 Buchanan Jet. to Oil City, Pa 33,78 Underlies — Nypano R, R. 4s, due 1996, all owned by the Erie R. R. and deposited under its Consolidated General Lien Mortgage, due 1996, which mortgage provides for the retire- ment of this issue. Legal for Me. Market. New York — S. P. Larkin & Co., F. H. Hatch & Co., Abraham & Co., Baker, Carruthers '& Pell. Wm. C. Ewen, F. J. Lisman & Co.. Chas. W. Place, Spencer, Trask & Co.. Tay- lor. Smith & Hard. Philadelphia — Chas. Fearon & Co. 857 Price Range. Jan. I, 1908 to Jan. 1, 1»1» 1918 Bid ABk Bid Bid Ask Bid Ask High.lOl '10 101 '16 86 Dec. 91 Dec. Low. 80 '17 91 '18 NEW YORK, PHUjUJELPHIA & NOEFOIiK RAILROAD 1st 48. Due Jan. 1, 1939.— F. Dated Feb. 1, 1899. Interest payable Jan. md July 1, at Treasurer's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $2,600,000. Reserved for Ext, — $400,000. Denomination — Coupon, $1,000. Reeisterable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Organization and Control — Incorporated in Maryland and Virginia in 1881 as successor to the Peninsula H. R. of Virginia. In 1908 con- trol was acquired by the Pennsylvania R. R. Co., which issued its Guaranteed 4% Trust Certificates in exchange for all but $7,250 of the capital stock at the rate of $3,000 in cer- tiflcates for $1,000 stock. Secured by first mortgage on 112 miles from Delmar, Del., to Cape Charles, Va., and branch from King's Creek to Crestfield, Md. Underlies — $1,000,000 Income 4s, due 1939. Year ended Dec. 31 Gross Net Int. & Rent ♦1918 $996,061 $1,088,180 $332,700 1917 .5,516.810 1,220,487 359,650 1916 5,194,168 1,670,751 427,763 1916 4,154,985 958,444 269,656 '^Corporate Income Account — Standard re- turn under Federal control. Ijegal for Cal., Conn., Me., Mich., Minn., N. H.. N. J. and Wis, Listed on the Philadelphia Stock Exchange. Market. Philadelpliia — Henry & Kirkbride, New- burger, Henderson & Loeb, West & Co., Sailer & Stevenson. Biddle & Henry, H. D. Boenning & Co., Chas. Fearon & Co., Robt. Glendin- ning & Co., Huntoon & Co., S. K. PhiClips & Co., Warren A. Reed, Taylor, Smith & Hard, Wheeler, Elliot & Mann. New Ycwk — Abraham & Co., Baker, Car- ruthers & Pell, Wm. C. Ewen. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.100% '09 99% '12 86 Nov. 90 Nov. Low. 80% '18 84 'IS 80% Oct. ' 84 Oct. I Market. Fluladelphla — West & Co., Cassatt & Co., Sailer & Stevenson, Chas. Fearon & Co., Robt. Glendinning & Co., Huntoon & Co., Reed A. Morgan & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High 97 '13 98 '13 84 Nov. 88 Nov. Low. 80 '17 85 '17 80 Jan. 85 Jan. NEW YORK, PHrjLADEIiPHIA & NORFOLK RAILROAD CO. Inc 48. Due Jan. 1, 1939. Dated Feb. 1, 1899. Interest payable by check, when earned. May and Nov. 1. Inter- est on these bonds is payable out of surplus income as determined by the Board of Direct- ors,, and non-cumulative. No dividends shall be declared on the capital stock unless 4% interest shall have been paid on these bonds for the preceding 12 months. The company has paid dividends on its stock as follows; 1901, 6%; 1902, 6%; 1903, 6%; 1904, 8%; 1905 and 1906, 10%; 1907, 11%; 1908 to 1918 inclusive, 12%. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000, Denomination — Registered $1,000, Trustee — Fidelity Trust Co,, Philadelphia, Secured by second mortgage on 112 miles covered by the 1st 4a, Prior Liens — $2,600,000 1st 4s, due 1939, Listed on the Philadelphia Stock Exchange, NEW YORK. PHILADBLFHIA & NORFOLK RAILROAD CO. Stock Trust 4% Certifi- cates. Due June 1, 1948. — F. Dated June 30, 1908. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7, BOO, 000. Outstanding — $7,478,250. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed principal and interest by the Pennsylvania R. R. Co. Security — Certificates are issued by the Trus- tee against the deposit of $2,492,760 .of the $2,600,000, New York, Philadelphia & Norfolk capital stock. Further secured by covenant of the Pennsylvania R, R,, endorsed on each cer- tificate, whereBy said company agrees to furnish Trustee with necessary sums to pay the principal and interest of the certificates. Dividends on this stock have been paid as follows: 1901, 6%; 1902, B%; 1903, 6%; 190i, 8%; 1905 and 1906, 10%; 1907, 11%; 1908- 1918, inc, 12%, Original Market— Offered in 1908 by the Pennsylvania R. R, Co. to the stockholders of the New York, Philadelphia & Norfolk R. R, Co, in exchange on the basis of $3,000 in these certificates for each $1,000 par value of stock. Market, Philadelphia — Graham, Parsons & Co,, West & Co,, Newburger, Henderson & Loeb. E, B, Smith & Co., B, W, Clark & Co.. Sailer & Stevenson, H. D. Boenning & Co.. Chas. Fea- ron & Co.. Robt, Glendinning & Co.. Huntoon & Co., Reed A, Morgan & Co., Warren A. Reed. New York — Henry & Kirkbride, Newburger, Henderson & Loem, Abraham .& Co., Baker, Carruthers & Pel. Price Range, Jan. 1, '16 to Jan. 1. '19 Bid Ask High. 93%. '16 94% '17 Low. 75 '17 85 '17 NEW YORK, PROVIDENCE & BOSTON R.AILROAD Gen 4s. Due -Alirli 1. 1942. DatJed/ April 1, 1892. Interest payable April and Oct. 1, at Central Union Trust Co.. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,000,000. Outstanding — $1,000,000 (Closed mortgage). Denomination — Coupon, $1,000, Registerable $1,000. Trustee — Treasurer of the State of Connecti- cut. Assumed by New York, New Haven & Hart- ford R. R, Co. Organization and Control — Incorporated in Rhode Island in 1832 and in Connecticut in 1833, In 1893 company was merged into the N, T.. N, H. & H, R. R, Co. Secured by first mortgage on 80 miles of road, 62 miles of which are main line double- S58 tracked road from Providence, R. I., to New London, Conn., and 18 miles are double-trach branches. Legal for Me. listed on the New York Stock Exchange. Market. New York — Remick. Hodges & Co., Coffin & Co., Wm. C. Bwen, Abraham & Co.. Baker, Carruthers & Pell, Spencer Trask & Co., Tay- lor, Smith & Hard. New Haven— H. C. "Warren & Co. Pittsburgh— R. B. Hutchinson & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.102 '09 102 '09 80^ Nov. 85 Jan. Low. 70 '17 85 '17 NEW YORK RAILWAYS CO. 1st Real Estate & Ref. 48. Due Jan. 1, 1943. — F. Dated January 1, 1912. Interest payable Jan. and July 1 , at company' s office, New York. Default — July 1, 1919, interest was not paid when due. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — Unlimited. Outstanding— $18,061,290 (Jan. 1, 1919). Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 aind multiples of $5,000, not exceeding $100,000. C. & R. interchange- able. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on Jan. 1, 1916, or on any interest date thereafter, on 12 weeks' notice. Organization — The New York Railways Co. was incorporated on December 29, 1911, aa successor to the Metropolitan Street Railway which waa sold under foreclosure on that date. Controlled through ownership of a majority of the stock by the Interborough Consolidated Corp. Receivership — On March 20, 1919, Job E. Hedges was appointed receiver by Judge Mayer in the TJ. S. District Court on petition of the American Brakeshoe & Foundry Co. , a cred- itor to the amount of $36,806. Protective Committee — Harry Brpnner, chair- man ; "William A. Day ; Caspar W. Morris ; Charles A, Peabody; W. H. Remick; Frederick H. Shipman; Harold Stanley. Depository, Guaranty Trust Co. , New York. Secretary, F. .T. Frost, 140 Bway., New York- Secured by mortgage upon entire property of company, including franchises, rolling stock, eciuipment, power plants, power hoiiaea, sub- atations, yards shops, etc., and 42.76 mi'.es of City of New York, of which 29.58 miles are underground electric and 13.18 miles storage electric, together with its interest in the leaaes of 96.65 miles additional, of which 92.79 miles are underground electric and 3.86 miles storage electric, which leased companies have outstand- ing an aggregate of approximate'Iy $12,000,000 bonds secured upon their linea of railroad. Further aecured by pledge of all the $1,500,000 Firat Mtge. 5% Bonds due 1904, and $1,400,- 000 of the $2,100,000 stock of the Broadway and Seventh Ave. R. R. Co., $400,000 of the $748,000 stock of the Forty-second St. and Grand St. Ferry R. R. ; $250,000 of the $250,- 000 First 6s, due 1909. $150,000 Debentures and $507,500 of the $600,000 stock of the Twenty-third St. Ry. Co.; $35,100 capital stock. $2,473,000 1st Cons. 4s and $637,009 6% Notes of Central Crosstown R. R. Co.; and all the stocks of the Thirty-fourth St. Crosstown Ry. ($1,000,000). Fort George & Eleventh Ave. R. R. Co. ($3,000,000), One Hundred and Forty-fifth St. Ry. Co. ($2,000). Bridge Operating Co. ($50,000) the Brooklyn & North River R. R. Co. ($25,000). Also on deposits with Trustee; $197,982 proceeds from sai'-e of water front property of the Forty- second St. & Grand St. Ferry R. R. Co. and $510,915 proceeds from sale under foreclosure of Central Park, North & East River R. R. Co. bonds. The mortgage prohibits the in- crease of the capital stock or the creation of additional indebtedness, except for current op- erating debts in the ordinary course of busi- ness of auxiliary companies, except to the Rail- ways Co., and then only for the acquisition of additional property and the extension or improvement of facilities or to refund existing liens unless the new stock or additiona" indebt- edness be acquired by the Rys. Co. and pledged under this rr.Drtgagp. Franchises in the main are perpetual, and, it ia stated, contain more favorable terms than could be obtained at the present time. > Prior I^iens — $ 5,000,000 Lexington Ave. & Pavonia Ferry R. R. 1st 5s due 1993; $350,000 South Ferry R. R. lat 5s due 1919; $1,500,000 Broadway Surface R. R. 1st 5s due 1924; $3,- 000,000 Columbua & Ninth Ave. R. R. lat 5a due 1993. In addition the following bonda are outstanding secured by liens upon proper- tiea leased to the New York Rys. Co,; $8,150,- 000 Broadway & Seventh Ave. R, R. lat Cons. 5a due 1943, $700,000 Bleecker St. & Fulton Ferry R. R. Ext. lat 4s due 1950; $210,000 Christopher & Tenth Sts. R. R. 1st 4s due 1923. $250,000 Central Crosstown R. R. 1st 63 due 1922; $750,000 Eighth Ave. R. R. Co. Scrip 6a due 1919; $1,000,000 Thirty-fourth St. Crosstown Ry. Co. lat 5s. due April 1, 1996; and $1,500,000 Twenty-third St. Ry. Co. Imp. and Ref. 6s due 1962. In addition to the stock of subsidiaries pledged hereunder there ia outstanding $9,052,- 144. Underlies — $30, 626,927 Adjustment Income 5s due 1942. Year ended June 30 Gross Net Int. & Rent 1918. . .$11,920,034 $3,245,457 $3,339,092 1917. . . 11,494.109 3,240.888 3,388.941 1916... 13.714,531. 4,870.200 3.430,493 1915... 13.399.767 4,332,718 3.432,5 53 ■ 1914. . . 13.86iO,838, 4.453,589 3,362,223 liisted on the New York Stock Exchange. Original Market — These bonds were issued in part payment for securities of the Metropoli- tan Street Ry. Co. deposited under the plan of reorganization of that company. Market. New York — Guaranty Trust Co. , Remick, Hodges & Co. Price Range — N. Y. S. E. Jan. 1, 1912 to Jan. 1, 1919 1918 High. 81% Jan. 8. '12 54 May 24 Low.SSVi Dec. 24, '18 ZSV4, Dec. 24 NEW YORK RAILWAYS CO. Adjustment In- come 5s. Due Jan. 1. 1942. — F. Dated January 1, 1912. Interest payable April and Oct. 1, if earned (non-cumulative), at Company' a office (Treasurer). Payment of Interest — The interest on these bonds is payable to the extent that the ' net income of the Railways Company shall suffice for such payment, which shall be determined by a statement of income filed semi-a nnually by the company and approved by the Directors, Interest from year to year is non-cumulative, but if sum paid for first six months of any yeap amounts to less than 2 % % the deficiency is to be made up, if earned, during the second period, provided that amount paid in any calendar year shall not exceed 5%. Interest on these bonds ($1,000) has been paid as follows: Oct. 1, 1912, $7,71; April 1, 1913. $22.50; Oct. 1. 1913, $18.30; April 1. 1914, $23.45; Oct. 1. 1914. $12.88; April 1, 1915, $17.69; Oct. 1. 1915, $13.70 and $31,94 April 1, 1916; $19.81 Oct. 2, 1916. No pay- ment has been made since Oct., 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — $33,000,000. Outstanding — $30,609,487 (Jan. 1. 1919). Denomination — Coupon, $1,000. Kegisterable as to principal or fully regiaterable. Regis- tered, $1,000, $5,000 and multiples of $5,000 not exceeding $100,000. C. & R. interchange- able. Trustee — Farmers' Loan & Trust Co., New York. Redeemable as a whole only on any interest date at par, plus $25 for accrued interest on each $1,000 bond, upon 12 weeks' notice. Receivership — See 1st R. E. & Ref. 4s. Protective Committee — John Chandler Cobb, chairman ; Oscar Cooper, Haley Fiske ; Frank L. Hall; Duncan A. Ho'.mes; Ernest Stauffen, Jr. ; Richard H. .Swartwout. Depositaries — Bankers Trust Co., New York; Old Colony Trust Co. , Boston ; Commercial Trust Co.. Philadelphia. Secretary — B. AV. Jones, 16 Wall St., New York. Secured by a mortgage upon the entire prop- erty, securities, leases, etc. (See 1st R. E. & Ref. 4s„) Prior IjieDS — First Real Estate & Refunding 4s and to the prior liens thereto. Listed on the New York Stock Exchange. Market. New York — Remick, Hodges & Co., Coffin & Co., T. L. Bronson, Starretts & Young. Price Range — N. Y. S. £. Jan. 1, 1912 to Jan. 1, 1919 1918 High.63% Feb. 10, '16 24% May 22 Low. 11 Dec. 27, '18 11 Dec. 27 NEW YORK SHIPBUILDING CORP. Ist S. F. 30-Year 5s. Due Nov. 1, 1946. — P. Dated Nov. 1, 1916. Interest payable May 1 and Nov. 1 in New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding— $7,245,000 (May 24, 1919). Retired by S. F. — $255,000. Reserved for Ext. (75%)— $17,500,000. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — The Union Trust Co., Pittsburgh. Redeemable at 102 ^ and interest on any Interest date on 30 days' notice. Sinking Fund— Annually, beginning Nov. 1, 1918; 2H% of all bonds certified for the pur- chase or redemption of these bonds at not over 102 % and interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated in New York Nov., 191fi, and acquired the prop- erty of the New York Shipbuilding Co. of New Jersey. Controlled by the American Inter- national Corp., International Merchantile Ma- rine Co. , W. R. Grace & Co. , and Pacific Mall S.S. Co. Secured by a first mortgage on all the prop- erty formerly owned by the New York Ship- building Co. (a New Jersey corporation) and comprising a modern shipbuilding plant on the Delaware River in and near Camden, N. J. Original Market — $7,600,000 issued to stock- holders of the New York Shipbuilding Co. (New Jersey) in payment for the property of the latter company. Market. New York — Morton, Lachenbruch & Co., D. T. Moore & Co., Wm. C. Orton, Sam'l Gold- schmidt, F. H. .Hatch & Co., T. Hall Keyes & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '17 97% '17 80 Jan. 95 Jan, Low. 70 '18 73 '18 70 Oct. 73 Oct. NEW YORK SHORT LINE RAILROAD 1st 4b. Due Feb. 1> 1957.— F. Dated Feb. 1, 1907. Interest payable Feb. and Aug. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,500,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia. Guaranteed principal and interest by the Reading Co. Organization and Control — Incorporated in Pennsylvania in 1903, and in 1907 leased for ^99 years to the Philadelphia & Reading Ry. Co. for rental of taxes, interest on bonds and 6 % on stock. Entire stock is owned by the Reading Company. Secured by a first mortgage on 9.38 miles of double track railroad from Cheltenham to Neshaminy Falls, Pa., forming a cut oft on the line of the P. & R. Ry. between Phila- delphia and New York. Market. , Philadelpliia — E. W. Clark & Co., Welsh Bros., Graham, Parsons & Co., Chas. FearoB & Co. , Huntoon & Co. Pittsburgli— R. B. Hutchinson & Co. New York — Abraham & Co. , Baker, Car- ruthers & Pell. NEW YORK STATE RAILWAYS 1st Cons. 4^^8 Series "A." Due Nov. 1. 1963.— F. Dated November 1, 1912. Interest payable May and Nov. 1, at Grand Central Station, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York state. Authorized — $50,000,000. Outstanding- $13,457,000 (May 27, 1919). Reserved for Prior Liens — $11,486,000. Reserved for Ext. — $25,057,000. Denomination — Coupon. $1,000. Registerable as to principal or fully registerable. C. & R. ' interchangeable. Trustee — Security Trust Co., Rochester, N. Y. Redeemable at 105 and Interest Nov. 1, 1913, or on any interest date thereafter upon 60 days' notice. Orsanization — Incorporated in New York in 1909 as a consolidation of the Rochester Ry. Co., the Rochester & Sodus Bay Ry. Co. and the Rochester & Eastern Rapid Ry. Co., and in 1912 the company merged the Utica & Mohawk Valley Ry. Co., the Syracuse Rapid Transit Ry. Co., the Oneida Ry. Co. and the Rochester & Suburban Ry. Co. The company owns a majority of the stock of the Roch- ester Electric Ry. Co. and a half interest in the stock of the Schenectady Ry. Co.. which It operates Jointly with the Delaware & Hud- eon Co. Controlled through stock ownership by the New York Central R. R. Co. 860 Secured by flr?t mortgage on 114.5 miles of track and by general mortgage, subject to di- visional bonds, on 338 mi'.es. together with interests in the leases of 144 miles, constitut- ing the street railway and interurban electric lines serving Rochester, Syracuse and tJtica. N. Y., and vicinity. Further secured by pledge of $174,700 or 87% of the stock of the Roch- ester Blectrlc Ky. and $2,050,000 or 50% of the stock of the Schenectady Ry, Co., which does the street rai1wa;y business of Schenec- tady, with interurban lines to Albany, Troy, and Saratoga. Population served. 900,000. Franchises with few minor exceptions are unlimited in point of time. Prior I4ens — $11,482,000 divisional bonds of constituent companies, all closed mortgages, and for the retirement of which bonds of this issue have been reserved. Year ended Dec. 31 Gross 'Net Int. & Rent 1918 $8,474,164 $1,408,972 $1,480,771 1917 8,460^.0112 2.263.576 1,438,588 191E. .,J!J3SS.-43r« 2,739,&^8 1,877,775 1915 7,Kie7S 2,487,731 1,389,120 1914 7,695,002 2,663,236 1,365,466 ♦After depreciation, Listed on the New York Stock Exchanire. Original Market — $6,925,000 offered in Octo- ber, 1912, by Harris, Forbes .& Co., and Speyer & Co., New York, at 94% and inter- est and $2,900,000 offered in March, 1914, by J. P. Morgan and Harris, Forbes & Co., at 90 and interest. $2,923,000 offered in February, 1915, by Harris, Forbes & Co., N. T., N. W. Harris & Co.. Boston, and Harris Trust & Savings Bank, Chicago, at 85% and interest: $790,000 offered Oct., 1916, by same firms at 87% and interest. Market. New York — Harris, Forbes & Co., Season- good, Haas & Macdonald, Miller & Co., Chas. H. Jones & Co., Dunham & Co., Hanson & Doyle. Kiely & Horton, P. H. Hatch & Co., B. & C. Randolph. Berdell Bros.. John Da- venport. Pynchon & Co. Boston — Harris, Forbes & Co. Philadelphia — B. W. Clark & Co., Harper & Turner, Berdell Bros. Chicago — Harris Trust & Savings Bank. Lonisvllle — V. S. Trust Co. St. Loais — Mississippi Valley Trust Co. Buffalo — A. L. Chambers & Co. Utica — ^Vm. D. Lyon. Price Ranee — ^N. Y. S. B. .Jan. 1, 1912 to Jan. 1. 1919 1918 High. 92 Mar. 6. '13 70 June 19 Low. 63 Sept. 9, '18 63 Sept. 9 NEW YORK, SUSQUEHANNA H WESTERN RAILROAD CO. 1st Ref. 58. Due Jan. 1, 1937.— N. Dated January 1, 1887. Interest payable Jan. and July 1, at 50 Church Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,750,000. Outstanding — $3,745,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Pennsylvania and New Jersey in 1885 as a consolidation of the N. Y. , Susquehanna & Western R. R. and the Hudson River R. R, & Terminal Co. Controlled by the Brie R. R, through ownership of a majority of its capital stock. Secured by direct mortgage on 137,45 miles of road and equipmr;-.! : A first lien on 65.10 miles — Beaver Lake (two bridges), N. J., to Gravel Place, Pa 60.20 Columbia Jet. to Delaware, N. J.,..' 3.00 Branches in Lackawanna Valley, Pa.. 11.90 A second lien on 72.35 miles — Covered by the first lien of the Mid- land R. R. of N. J. 1st 5s 71.60 Paterson Extension R. R. 1st 5s.,,. 0.75 Prior Liens — Midland R. R. of N. J, 1st Bs 1940, $3,488,500; Paterson Extension R. R. Ist 5s 1950, $200,000. tJnderlies — $447,000 N. Y., Susq.. & West- ern 2nd 4%s and $2,552,000 General 5s. Listed on th-; New York Stock Exchange. Year ended Dec. 31 Gross Net Int. & Kent 1917. .. .$4,161,145 $999,279 $976,067 1916 3,974,431 1,211,444 994.610 1915 4,107,036 1,514,388 1,190,174 Market. New York — Sam'l Goldschmidt, F. J. LIs- man & Co.. J. S. Farlee & Co^, Baker. Car- nlthers & Pell. AnArose R. Clark & Co., Korn, Lehman & Co.. W. E. R. Smith & Co. Newark— J. S. Rippel. Price Range — ^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.117% May 25, '06 81 Oct. 8 Low. 74 Dec. 28, '17 74 Jan. 21 NEW YORK, SUSQUEHANNA & WBSTERU RAILROAD CO. 2nd iVza. Due Feb. 1, 1937.— N. Dated February 1, 1887. Interest payable Feb. and Aug. 1, at 60 Church St., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $447,000, Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Secured on the property covered by the 1st Ref, 6s of 1937, subject to the lien of that mortgage. It is therefore a second and third lien on the same mileage. Prior Liens — $7,433,500 prior liens as fol- lows: N. Y., Susq. & Western 1st Ref. 53, 1937 $3,745,000 Midland R. R. of N. J. 1st 6s 1940.. 3,488,500 Paterson Bxtn. R. R. 1st 6s 1950.... 200. 000, Underlies — N. Y., Susq. & West. Gen. 6s of 1940, which provide for the retirement of this issue. Listed on the New York- Stock Exchange. Market, Nmv York — Baker, Oarruthers & Pell. F. J. Lisman & Co., McKimley & Morris. Price Range— N, Y. S. E. Jan, 1, '06 to Jan, 1, '19 1918 Ask High.103 Feb. 3. '06 62 May Low. 100 Oct. 2, '06 61% Jan. NEW YORK. SUSQUEHANNA Si WESTERN RAILROAD CO. Gen. 5s. Due Aug. 1, 1940. — N. Dated August 1, 1890. Interest payable Feb. and Aug. 1, at 50 Church Street, New York Tax Status — Payment of Federal Income Tax not assiimed by company. Authorized — $3,000,000. Outstanding — $2,552,000. Reserved for Prior Liens — $447,000. Owned by Company — $1,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Central Union Trust Co., Nfew York. 861 Secured on the same property as the 1st Ref. 5s of 1937 and 2nd 4%s of 1937, but subject to the lien of these two mortgages. See mile- age under 1st Ref. 5s. Prior liiems— $7,880,500 N. Y., Susq. & West. 1st Ref. 5s of 1937; 447,000 N. T., Susq. & West. 2d 4%a of 1937; $3,488,500 Midland R. R. of N. J., 1st 5s of 1940; and $200,000 Faterson Extension 5s of 1950. Listed on the New York Stock Exchange. Market. New Vork — F. J. Lisman & Co., J. S. Far- lee & Co., W. B. R. Smith & Co., Baker, Carruthers & Pell, McKinley & Morris. Philadelphia — Ervin & Co. Newark — J. S. Rippel. Price Range — N. Y. S. E. Jan. 1, 1906 to Jani. 1, 1919 1918 High.llO Jan. 19, '06 61 Apr. 16 Low. 60 Jan. 28, '18 60 June 28 Market. Pliiladelphia — Graham, Parsons & Co. New York — Coggeahall & Hicks, Freeman & Co., F. J. Liaman & Co., Evans, Stiilman & Co. NEW YORK, SUSQUEHANNA & WESTERN RAILROAD CO. Terminal Ss. Due May 1, 1943.— F. Dated May 1, 1893. Interest payable May and Nov. 1, at 50 Church Street, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsylvania. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1, 000. Registerable as' to principal, or fully registerable In amounts of $5, 000. Registered. $5, 000. Trustee — United States Trust Co.. New York. Secured by a first mortgage on three miles double-track road (formerly the Hudson River R. R. & Terminal Co.) forming an extension from Little Ferry to Bdgewater, N. J. 62 acres of terminal property fronting on the Hudson River, and tunnel under the Pali- sades. liegal for Me. listed on the New York Stock Exchange. Market. New York — Baker, Carruthers & Pell, Chas. "W. Place, Wm. C, Bwen, Abraham & Co. , John Davenport, Korn, Lehman & Co., W. B. R. Smith & Co., Taylor, Smith & Hard, "Vilaa & Hickey. Philadelphia — E. W. Clark & Co., Graham, Parsons & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 Hieh.118 May 23, '06 97 Dec. 31 Low. 97 Dec. 31, *18 97 Dec. 31 NEW YORK, SUSQUEHANNA & WESTERN RAILROAD CO. Equip. Tr. 4%s. Series "A." Due $40,000 each Feb. Ist and Aug. 1st to Ang. 1. 19S1.— F. Dated Aug. 2, 1911. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800,000. Out8tandilig^$200,000 (May 24, 1919). Balance Retired. Denomination — ^Coupon, $1, 000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by en- aor3?mi?iit by tbe N. T., S. & "W, R. R. Co. Secui'ity — Certificates are issued by Trustee and secured on equipment lease covering 1,000 fifty-ton steel hopper cars, costing $1,245,860, of which $245,860 has been paid In cash by the company. Original Market — Offered Nov.. 1911 by Drexel & Co., Philadelphia. NEW YORK, SUSQUEHANNA & WESTERN RAILROAD CO. Eanip. Tr. 5s. Series "B." Due $21,000 each May and Nov. 1 to Not. 1. 1920 Inclasive. and $22,000 semi-aniDually from May 1. 1921 to May 1, 1923 inclusive. — F. Dated May 1, 1913. Interest payable May 1 and Nov. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by compa ny without deduction. Authorized — $425,000. Outstanding— S173, 000 (May 26, 1919). Balance Retired. Denomination — Coupon. $1, 000. Registerable as to principal. Trustee — Philadelphia Safe Deposit & In- surance Co., Philadelphia. Guaranteed principal and interest by the-* New Tork, Susquehanna & Western R. R. ■ Co., by endorsement. Secured by an eauipment agreement on 500 forty-ton. steel underframe cars costing $541,- 620, of which $116,620 was paid In cash. Market. See Series "A." NEW YORK, SUSQUEHANNA & WESTERN RAILROAD CO. Equip. Tr. l^^s. Series "C.^' Due $28,000 each Jan. 1 and $27,000 each July 1, 1926. inclusive.— N. Dated July 1, 1916. Interest payable Jan. and July 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $550,000. Outstanding— $412,000 (May 26, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Philadelphia Trust Co., Philadel- phia. Guaranteed principal and interest by the New York, Susquenhanna & "Western R. R. Co. by endorsement. Secured by an equipment agreement on 500 steel hopper cars, costing $695,080, of which the company has paid $145,080 in cash. Original Market — Offered May, 1916,- by Drexel & C»., Philadelphia. Market. See Series "A." NEW YORK TEIiEPHONE CO. Ist & Gen. S. F. 30-Year 4>^8. Due Nov. 1, 1939. Dated October 1, 1909. Interest payable May and Nov. 1, at Company's office, New York, Boston, and Baring Bros. & Co., Lon- don. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $75, 000, 000. Outstanding — $68,214,635 (Jan. 1, 1919). Retired by Sinking Fund — $6,507,250. Denomination — Coupon, $500, $1,000 and £100 and £200. Registerable as to principal or fully registerable. (Sterling bonds are fully registerable only.) Registered $1,000, $5,000 and multiples. C. & R. interchangeable. Trustees — The Farmers' Loan & Trust Co., New York, and John H. Parsons. Redeemable as a whole at 110 and interest on any interest date on three months' notice. Sinking Fund — ^Annually, 1% of the bonds issued, beginning Nov. 1, 1910, for the pur- chase and cancellation of these bonds at not exceeding par and interest. If not purchase- able at this figure, the amount not expended shall be held for the credit of the sinking fund and be deducted from the amount which the company is required to pay to said fund the next year. Organization — See 30-yr. Deb. 6a of 1949. Secured by mortgage upon entire property, rights and franchises of company, which is the only company operating in New Tork City and the only one operating a comprehensive system throughout the State. Property mort- gaged includes all exchanges, stations, tele- phones, lines, etc., including real estate valued in excess of $27,460,000 and underground con- duits in New York, Jersey City, Newark, Syra- cuse. Rochester, Albany, Buffalo and other cities. Further secured by pledge of $52,351,- 000 Bell Telephone Co. of Penn. Stock. $5,000,- 000 Chesapeake & Potomac Tel. stock, $998,- 000 Electrical Securities & Construction stock, $9.99,300 Friendship Telephone Co. stock, $596,- 000 Mountain Home Telephone Co, stock. $6,- 401,500 Empire City Subway Co., Ltd., stock. $6,322,000 1st 6s, due 1942 and $82,000 2nd 6s, due 1942, of the Empire City Subway Co., Ltd., $1,125,000 1st 6s, due 1940. and $1,125,000 2nd 6s, due 1940, of the Consoli- dated Tel. & Elec. Subway Co. ; $758,100 Mountain Home Telephone General 5s, due 1938, $300,000 Notes of the Electrical Securi- ties &' Construction Co., and $404,750 stock of the Wayne Telephone Co., $257,730 stock Rochester Tel. Co. $10,000 stock. Still Alarm Co., $9,500 Roch. Tel. Co., Gen. 5s of 1933 and $6,925 Hamlin Rural Tel. Co. stock. In 1915 the Public Service Commission of New Tork, Second District, fixed $82,000,000 as the value of the company's physical prop- erty in New York City, for rate making -pur- poses. Prior Liens — $960,000 New Tork & New Jersey Tel. General 5s, due 1920; $217,000 New York and Pennsylvania Tel. & Tel. 1st 5s, due 1926. and $463,000 Gen. 4s, due 1929; $1,100 Cortland Home Tel. 1st 5s, due 1921; $45,400 Utica Home Tel. Co. 1st 5s,, due 1923; $23,500 Albany Home Tel. Co. 1st 6a, due 1927, and $11,500 Cohoes-Waterford Home Tel. Co.'s 1st 6s. due 1927, all of which the company has agreed to retire and cancel at Maturity. Underlies 30-yr. S. F. Deb. 6s of 1949. Year ended Dec. 31 (after subsidiary) Gross Net Interest •1918. . .$38,606,800 $10,488,562 $2,916,783 1917... 62,961.006 20,302,327 3,924,837 1916... 57.005,565 20,607,254 3.341,913 1915... 49.629,446 17,202,766 3,400.703 1914... 47.295.088 16,175.741 3.460.199 •Seven months ended July 31. I^egal for Conn. Listed on the New York, Boston and Lon- don Stock Exchanges. Original Market — Offered in Oct., 1909, at 95% and Interest by Kidder, Peabody & Co., New York, and Baring Bros. & Co., London, and in March, 1910, at 97% and interest and $20,000,000 ofCered in May, 1912, by the same firms and Hope & Co., Amsterdam, at 98% and interest, and $5,000,000 Sept., 1912. Market. New York — Active on New York Stock Ex- change. Boston — Old Colony Trust Co. . Hayden, Stone & Co., Parkinson & Burr, Arthur Perry & Co.. J. W. Bowen & Co. Chicago — Northern Trust Co., Harris Trust & Sav. Bank, A. B. Leach & Co.. Hodenpyl, Hardy & Co., Kean, Taylor & Co., Francis Jewett Johnson. IMiiladelphia — E. B. Smith & Co., Thos. a. Biddle & Co. Price Range — N. Y, S. E. Jan. 1, 1909 to Jan. 1, 1919 1918 High.lOl Nov. 10, '11 92 Nov. 8 Low. 84 Sept. 9, '18 84 Sept. 9 NEW YORK TELEPHONE CO. SO-Year S. F. Debenture 6s. Due Feb. 1, 1949; Dated February 1, 1919. Interest payable Feb. 1 and Aug. 1 in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $25,000,000. Outstanding — $25,000,000. Pun>ose of Issue — The larger part of the proceeds of this issue will be used to retire current indebtedness incurred on account of investments of the company in property outside of the States of New York and New Jersey, and to provide for additional investments in property outside of said States. • Denomination-^Coupon $1,000, $500 and $100. Registerable as to principai. Regis- tered $1,000, $5,000, $10,000 and authorized multiples of $10,000. C. & R. interchange- able. Trustee — Guaranty Trust Co., New Tork. Redeemable on any interest date upon 60 days' notice at llO and interest. Sinking Fund — Annually $375,000 in cash, in semi-annual installments payable on Aug. 1 and Feb. 1 for the purchase or^'redemption of these bonds at not over 110 and interest. Bonds ao acquired are kept alive and inter- est added! to this fund. It is estimated that this fund wiil retire the entire issue at the call price before maturity. Organization — Incorporated in New Tork in 1896 as a consolidation. This company, to- gether with its subsidiaries and connecting companies, constitutes the most important operating division of the Bell system. To- gether with its subsidiaries it operates in the States of New Tork, New Jersey, Pennsyl- vania, Delaware, Maryland, "Virginia, West Virginia, in the District of Columbia, and in parts of Connecticut and Ohio. Its entire $150,000,000 capital stock is owned by the American Telephone & Telegraph Co. Security — A direct obligation of the com- pany, but not secured by a mortgage. The company covenants in the trust agreement that if at any time after the issue of these de- bentures it shall create any mortgage or charge upon all or any part of its real estate or telephone plant, or securities of subsidiary companies held by it, these debentures shall be secured by such mortgage or charge ratably with any other indebtedness secured thereby. Prior Liens — 1st & Gen. 4%s of 1930 and prior liens thereto. Listed on the New Tork Stock Exchange. Origiital Market — $ 25,000,000 offered Jan- uary, 1919, by J. P. Morgan & Co., Kuhn, Loeb & Co.. Kidder, Peabody & Co., Lee, Hig- ginson & Co., National City Co., First Na- tional Bank, and Harris. Forbes & Co., at 101 and interest. Market. Philadelphia — Thos. A. Biddle & Co.. Gra- ham. Parsons & Co., Lloyd & Palmer, Reilly, Brock & Co. Chicago — Curtis & Sanger, Pynchon & Co. New York — The Equitable Trust Co. of New Tork, Oilman & Clucas, McKin'ey & Morris, Vilas & Hickey. Baltimore — Robert Garrett & Sons, Poe & Davies. Boston — Arthur Perry & Co. NEW YORE, WESTCmSSTER & BOSTON RAILWAY CO. 1st WzB. Series **1.'* Dae July 1, 1946.— F. Dated July 1, 19H. Interest payable Jan. and July 1, at Lincoln National Bank, New York, or at London. Tax Status — 2% Federal Income Tax paid by company witiiout deduction. Tax exempt in New York State. Authorized — $60, 000, 000, Outstanding — $21,200,000. Reserved for Ext. — $38,800,000. Denomination — Coupon, $1000 or £200 and £100. Registerable as to principal. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Sterling bonds of £200 are con- vertible Into Dollar bonds coupon form at the rate of $4.85 per £ Sterling. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date in ambunts of not less than $5,000.- Guaranteed unconditionally as to princi- pal and interest by the New York, New Haven & Hartford, R. R. Co. by endorsement. Organization and Control — Incorporated in New York in 1910 as a consolidation of an older company of the same name and the N. Y. & Port Chester R. R. Co. Controlled throygh ownership of practically its entire stock by the New York, New Haven & Hart- ford R. R. Co. Secured by iirst mortgage upon the entire property of the company, which operates a high speed electric railroad of 74.57 miles of track, of which 50.57 miles are owned in fee, the company having perpetual rights to operate over the addition mileage. Road ex- tends in four tracks from the Harlem River near Willis Ave. , New York, through Bronx and Westchester Counties, to Mt. Vernon, from which a double-track road extends to White Plains and another double-track road to New Rochelle. The company has obtained rights from the City of New York to construct a transfer station at 180th Street and Morris Park Ave., which will permit and interchange of traffic with the West Farms Branch of the Interborough Rapid Transit Co. Year ended Dee. 31 Interest Gross Net & Rent 1918 $578,531 def. $66,009 $1,662,979 1917 555,414 def. 21.780 1,609,126 1916 564,654 20,221 1,563,460 Under its guaranty the N. Y., N. H. & H. has made good all deficits to date. listed on the New York Stock Exchange. Original Market — $17,200,000 offered in July, 1911, by Kissel, Kinnicutt & Co., and Harris, Forbes & Co., New York, at 96^ and Inter- est. .$2,000,000 offered by the same firms in 1912. Market. New York — ^Active on New York Stock Ex- change. Philadelphia — Graham. Parsons & Co., West & Co. Cliicago — Harris Trust & Savings Bank. Portland, Me. — ^Maynard S. Bird & Co. New Haven — W. T. Fields Co., Root. Stev- enson & Co. Boston — Harris, Forbes & Co. Baltimore — 'Jenkins, Whedbee & Poe. Price Range — N, Y. S, E. Jan. 1, 1011 to Jan. 1, 1919 1918 High.lOOVi July 3. '12 65% Nov. 12 Low. 37% Sept, 19, '17 45 Mar. 25 NEWARK CONSOLIDATED GAS CO. Cons. 5s. Due Dec. 1, 1948.— N. ' Dated December 1. 1898. Jnterest payable June and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized — $10,000,000. Outstanding — $6,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Fidelity Trust Co., Newark, N. J. Organization and Control — Incorporated in New Jersey, in 1898. as a consolidation of the Newark Gas Co., the Montclair Gas & Water Co.. the Summit Gas Light Co., the People's Gas Light Co. of Irvington. N. J., and the Clinton Gas Co. , and owns all the capital stock of the Orange Gas Light Co. and nearly all the stock of the East Newark Gas Light Co. Is leased until 10j97 to the Public .Service Gas Co., practically the entire stock of which is owned by the Public Service Corporation of New Jersey. Becw^ by firat mortgage upon plants and property supplying Orange. East Orange, Montclair, Summit, Belleville, Clinton and Irvington, N. J., and by second mortgage on two plants supplying Newark, N. J. Fran- chises, with one exception are perpetual. Prior Liens — $3,999,700 Newark Gas Co. 1 st 6s of 1944, for the retirement of which bonds of this issue have been reserved. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $4,600,000 ofEered in Dec, 1898, by Redmond, Kerr & Co. (now Redmond & Co.), New York, and Fidelity Trust Co. of Newark, at 102% and interest. Markiet. ■ Newark — J. S. Rlppel. Fidelity Trust Co., Eisele & King, Post & Flagg, Clarence Hod- son & Co. Philadelphia — Graham, Parsons & Co., West & Co., H. D. Boenning & Co., S. K. Phillips & Co., E. B. Smith & Co., Harper & Turner, Berdell Bros. New York — Wm. C. Ewen, E. & C. Ran- dolph, W. E. R. Smith & Co.. Berdell Bros., John Davenport, Wm. C. Orton, Van Sant & Legg. Jersey City — Outwater & Wells, Edwin R. Case. Paterson — F. K. McCully. F. A. Peters. Price Range — N. Y. S. E. Jan. 1. 1906 to Jan. 1. 1919 1918 Bid Ask High.106% Apr. 22. '11 97 Jan. 100 Jan. Low.lOOU Jan. 30. '11 87 Oct. 92 Oct. NEWARK GAS CO. 1st 6s. Due April 1. 1944.— F. Dated Sept. 3. 1895. Interest payable quar- terly, Jan., April, July and Oct. 1, at Fidelity Trust, Co., Newark, KT, J. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in the State of New Jersey. Authorized — $4,000,000. Outstanding — $3,999,700. Denomination — Coupon, $1,000. $500, and $100. Registerable as to principal. Trustees — Marcus L. Ward, J. William Clark and J. O. H. Pitney. Organization and Control — See Newark Con- solidated Gas Co. Consol. 6s. Secured by first mortgage upon two gas plants supplying Newark. N. J. Franchises perpetual. Underlies — $ 6,000,000 Newark Consolidated Gas Co. Cons. 5s, due 1948, which provide for the retirement of this issue. S64 New York— P. H. Hatch & Co,. E. & C. Randolph, "W. E. R. Smith & Co.. John Da- venport, Van Sant & Legg. Newark — J. S. Rippel, Fidelity Trust Co.. Post & Flagg, Clarence ITodson & Co., Elsele & King. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Jersey City — Cutwater & "Wells, Edwin R. Case. Paterson, N. J. — F. K. McCuIly. Price Range. Jan. 1, '08 to Jan. 1, '19 1018 Bid Ask Bid Ask High.133 '09 134 '09 110 Feb. 115 Feb. Low. 100 '18 110*18 100 Nov. 110 Nov. NEWARK PASSENGER RAII.WAY 1st Cons. 5s. Due July 1» 1930. — F. Dated July 1, 1890. Interest payable Jan. and July 1, at First National Bank^ Jersey City, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $ 6,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— New Jersey Title Guarantee & Trust Co..^ Jersey City, N. J. Guaranteed principal and interest by en- dorsement by the Consolidated Traction Co. of N. J. Organisation and Control — Incorporated in New Jersey in 1890 as a consolidation of the Essex Passenger By. and the Hudson & Ber- gen St. Ry. and acquired the Elizabeth Pas- senger Ry. and the Newark & Irvington St. Ry. Company was leased in 1893 to New Jer- sey Traction Co., which is in turn leased to the Consolidated Traction Co. This latter company is leased to the North Jersey Street Ry. , which has been merged into the Public Service Ry. Co. The last named company is controlled through ownership of its entire stock by the Public Service Corporation of N. J. The entire stock of the Newark Passenger Ry. is owned by the Consolidated Traction Co. of N. J. Secured by first mortgage upon 83 miles of track upon the principal streets of Newark, N. J. , and extending to Elizabeth, Orange. Bast Orange, Harrison, Bloomfield and Irving- ton, N. J. Franchises perpetual. Original Market — $750,000 offered in Sept., 1905, by J. S. Rippel, Newark, N. J, l^ar^et. New York^A. E!". 'Fitkin & Co., B. & C. Randolph. "W. B. R. Smith & Co., John Da- venport, Va n Sant & Legg. Newark — J. S. Rippel, Fidelity Trust Co., Post & Flagg, Clarence Hodson & Co., Bisele & King. Philadelphia — Chas. Fearon & Co.. H. D. Boennine & Co., West & Co., Graham, Par- -sons & Co., B. B. Smith & Co., Harper & Turner, Biddle & Henry, S. K. Phillips & Co. Chicago — Harris Trust & Savings Bank. Jersey City — Cutwater & "Wells, Edwin B. Pa'terson — F. A. Peters, F. K. McCulIy. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOf)!^ '09 1101^ '09 97 Feb. 99% May Low. 86 '18 90 '18 86 Nov. 90 Sept. est payable Jan. and July 1, at 60 Church St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $1,000. Registerable as to principal. Assumed by the Brie R. R. Co. Organization — Incorporated in 1863 in New York and in 1890 was merged into the New York, Lake Brie & "Western Ry., which has been succeeded by the Brie Railroad Co. Secured by first mortgage on 12.64 miles of road from Arden Junction to Vail's Gate Junction, N. Y. Underlies — Erie R. R. Consol. Prior Lien, General Lien and Convertible bonds and notes. Legal for Cal. and Me. Market. New York-T-Sam'l Goldschmidt, F. H. Hatch & Co., J. S. Farlee & Co., Hanson & Doyle, Abraham & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.103 '13 106 '13 85 June Low. 85 '18 105 '12 N-EWBUBGH (N. Y. ) LIGHT, HEAT & POWER CO. 1st 5s. Due Feb. 1. 1931. Dated Feb. 1 1901. Interest payable Feb. and Aug. 1 at Trustee's office. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $700, 000. Cancelled — $50,000. Denomination — Coupon, $500. Registerable as to principal. Trustee — Bq.uitable Trust Co., New York. Organization and Control — Incorporated in New York in 3 900, and in 1911 was consoli- dated into the Central Hudson Gas & Electric do. Secured by first mortgage, on the entire prop- erty formerly owned by the company. Fran- chises perpetual. Underlies — $278,000 Conv. Deb. 8s of 1921, and $1,175,000 Central Hudson Gas & Electric 1st & Ref. 5s due 1941, which provide for the retirement of this issue. Earnings — See Central Hudson Gas & Elec- tric Co. Original Market — First offered In 1901 a± 106 and interest by George A. Fernald & Co.. Boston: $250,000 offered in June, 1909. at 100 and interest, by Baker, "Watts & Co. and Sutton, Strother & Co., Baltimore. Market. New York— F. H. Hatch & Co. Baltimore — Baker, Watts & Co. Boston — Geo. A. Fernald & Co. Providence — Hornb'ower & Weeks. Price Range. Jan. 1, 1915 to Jan. 1, 1919 Bid Ask High.98 '17 100 '15 Low. 94 '15 96^^ *18 1918 Ask 96'^ Sept. NEWBURGH & NEW YORK RAILROAD CO.. 1st Ext, 5s. Due Jan. 1, 1929^— F. Dated August 1. 1868. Extended January 1, 1889. Interest reduced from 7%. Inter- NEWBURG LIGHT, HEAT & POWER CO. Conv. Deb. Ext. Ss. Due June 1» 1931.— Dated June 1. 1908. Due in 1918 and ex- tended for 3 years. Interest June and Dec. 1, at company's office. Authorized — $330,000. Outstanding — $278,000 (Jan. 1, 1919). Convertible into stock of company at par on any June 1, on 30 days' notice. Organization and Control — See 1st 5s. Security — A- direct obligation of the com- pany but not secured by a mortgage. Prior Lien— $700,000 1st Bs of 1921. 865 NEWPORT & CINCINNATI BRIDGE CO. Gen. 4V2S. Due July 1, 1945.— F. Dated July 1, 1895. Interest payable Jan. and July 1, at Louisville & Nashville R. R. Co. office, 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgrage. Outstanding— $1,344,000 (Aug. 1. 1918). Retired by S. T. — $56,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — ^Annually out of net earnings an amount equal to one per cent, of the bonds then outstanding for the purchase of these bonds at par; if no purchase can be made fund reverts to the company. Guaranteed principal and interest by the Pennsylvania Company by endorsement. Organization and Control — Chartered in 1886 and rebuilt in 1897. Was formerly operated as part of Pennsylvania Company but in 1904 the property was conveyed to the Louisville & Nashville R. R. Co. Secured by a first mortgage on the bridge across the Ohio River from Cincinnati, Ohio, to Newport, Ky., % of miles long, realty and approaches. Underlies — Louisville & Nashville. Atl., Knoxville & Cincinnati Div. 4s, and Unified 4s, due 1940, which provide for the retirement of this issue. Legal for Cal. , Mich. , Minn. , Mo. , N. J. and R. I. Listed on the New York Stock Exchange. Market. New York — Wm. C. Ewen, Hartshorne & Battelle, Abraham & Co., Baker, Carruthers & Pell, John Davenport. F. H. Hatch & Co., Chas. W. Place, Redmond & Co. , Spencer Trask & Co., Taylor. Smith & Hard. Philadelphia — Chas. Fearon & Co., WlieeCer, Elliot & Mann. Clncinmati — ^W. H. Fillmore & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, "Whedbee & Foe. Price Range — N. T. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid High.lOl^^ Jan. 22. '13 84% Dec. Low. 97^ Oct. 30. '13 79% Aug. NEWPORT & FALL RIVER STREET RAIL- AVAY Cons. 4y2S. Due July 1. 1954. Dated July 1, 1904. Interest payable Jan. and Ju"y 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $1,000,000. Outstanding — $69 6,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee American Trust Co., Boston. Guaranteed as to interest under tfrms of lease by the Eastern Massachusetts Street Ry. Co Organization and Control — Organized in 1898 and has acquired the properties of the New- port Street Ry. Co. and Newport Illumrnating Cn. The cnmpany was leased to the Bay State Street Ry. Co. until 2000 for interest on bonds and 6% on $1,050,000 stock. In 1919 the Bay State Street Ry. Co. was succeeded_ thT-ough foreclosure by the Eastern Alassachu- setts Street Ry. Co. The latter company as- sumed the lease. Secured by mortgage upon 18 mies of track in Newport and extending to Fall River. Mass., and electric lighting plant in Newport. Prior Liens — $240,000 Newport & Fall River St. Ry. 1st 5s. due 1918 and $63,500 Newport Illuminating Co, 2nd 6s, due 1925, to retire which bonds of this issue have been reserved. Note — The $240,000 1st 5s due Aug. 1. 1918. were purchased fur the account of the receiver of the Bay State Street Ry. Co. and are now held by the Eastern Massachusetts Street Ry. Co. Market. Boston — Bodel'l & Co. Providence — Brown Lisle & Marshall, Bodell & Co. NEWPORT & RICHFORD RAILROAD CO. iBt 6s. Dae Jan. 1. 1941. — N. Dated January 2, 1911. Interest payable January and Ju.ly 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Ontstanding — $350,000. Denomination — Coupon, $1,000. Registerable as to principal- Trustee — Boston Safe Deposit & Trust Co., Boston. Guaranteed principal and interest by the Connecticut & Fassumpsic Rivers R. R., leased to the Boston & Maine under terms of which lease this issue is guaranteed as to interest. Organization and Control — Incorporated in Vermont in 1880 as a reorganization of the Missisquoi & Clyde R. R. Property is leased to the Montreal & Atlantic Ry., a subsidiary of the Canadian Pacific Ry. Entire capital stock of the company is owned by the Connecticut & Passumpsic Rivers R. R., which is leased to the Boston & Maine. Secured by first mortgage on 22 miles of road from Newport, Vt. . to the Canadian boundary line near North Troy and from East Richford to Richford. Legal for Me. Original Market — Offered in October, 1911, by Lee, Higginson & Co., Boston, New York, etc., at 111% and interest. Price Range. Jan. 1, 'U to Jan. 1, '19 1918 Bid Ask Bid Ask High.110% '11 111% '11 92 Dec. Low. 85 '18 92 '18 85 Aug. 92 Feb. NEWPORT NEWS & HAJMPTON RAILWAY, GAS & ELECTRIC CO. Ist & Ref. 5s. Dae Jan. 1, 1944. — ^F. Dated Feb. 2. 1914. Interest payable Janu- ary 1 and July 1. at Brown Bros. & Co., New York, and Alex. Brown & Sons, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennyslvania State Tax refunded. Authorized — $7,500,000. Outstanding — $3,738,500 (June 2, 1919). Held in S. F. — $1,500. Reserved for Ext. — $2,684,000. Reserved for Prior Liens — $1,076,000. Denominations — Coupon, $100, $50d and $1,000. registerable as to principal. Trustee — Maryland Trust Co., Baltimore. Redeemable as a whole or in part at 105 and Interest on any interest date. Organization — ^Incorporated in Deceniber, 1913, in Virginia, as a consolidation of the Newport News & Old Point Comfort Railway & Electric Co., Citizens Railway Light & Power Co., Hampton Roads Traction Co., Newport News Gas Co., and the Hampton, Phoebus & Portress Monroe Gas Corporation. Secured by a first mortgage on gas plants serving the city of Newport News, Va.. and the town of Hampton, Va., and adjacent ter- ritory. A lien by direct mortgage and by deposit of all underlying bonds except $11&.- 000 on the entire electric lighting and power and principal street railway system within the city of Newport News. Also a direct mortgage on all the remaining electric rail- way and electric lighting properties of the company. The company owns all the street and interurban railway, gas and electric prop- erties in and around Newport News, Hampton, Phoebus and Fortress Monroe, Va., and com- prises 48.59 miles of electric railway, together with gas, electric plants and transmission lines. Population served 60,000. Electric light and power franchises are perpetual ; prac- tically none of the street railway franchises expire before the maturity of • these bonds : gas franchise in Newport News is perpetual, subject to purchase by city for 6 months in 1927; gas franchise in Hampton expires in 1936 and interurban lines are largely in pri- vate right-of-way. Prior 1/ienfii — $66,000 Citizens Ry. , Lt, & P. 1st 6s of 1940, $900,000 1st 6s of 1938 and $44,000 Gen. 6s of 1941 of the Newport News & Old Point Ry. & Electric and $66,000 Hamp- ton Roads Traction 1st 4%s of 1930. Bonds are reserved under this mortgage to retire all the above issues. Vear ended Dec. 31 (consolidated) Gross Net Int., etc. 1918 $2,168,489- $619,433 $255,305 1917 1,357,308 643,201 266,918 1916 1,013,712 422,923 234,491 1915 916,172 366,876 235,911 1914 813,861 303,121 229,908 Original Market — Offered December, 1916, by Alex. BrOwn & gons,- Baltimore, and Brown Bros. & Co., New York and Philadelphia, at 91 and interest. Market, New York — Spencer Trask & Co., Horn- blower &. Weeks, John Muir & Co., Brown Bros. & Co., Lynch & McDermott. Baltimore — H. B. Taylor & Co. Philadelphia — Brown Bros. & Co.. H. D. Boenning & Co., Warren A. Reed. Boston — H. C. SpiUer & Co. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.86% '16 92 '17 80 Feb. 88 Feb. Low. 68 '18 79 '17 68 Sept. 80 Sept. 100 and interest by Alexander Brown & Sons, Baltimore. Market. New York — ^Hornblower & Weeks, Hamble- ton & Co. Baltimore — Poe & Davies, Hambleton & Co. J. S. Wilson Jr., & Co, Philadelphia — Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '16 101 '13 88 Feb. 96 Jan. Low. 76 '08 86 '08 NEWPORT NEWS & OlD POINT RAILWAY & BUBCTBIC CO. 1st Ss. Due Not. 1, 1938.— F. Dated Nov. 1, 1888. Interest payable May and Nov. 1, at Alexander Brown & Sons, Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $900,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Maryland Trust Co., Baltimore, Md. Redeemable at 110 and interest on 60 days' notice. Organization and Control — Incorporated in Virginia in 1898 and acquired a number of electric railway, light and power companies. Consolidated in 1914 with other companies into the Newport News & Hampton By., Gas & El. Co. Secured by a first mortgage on 21 miles of track in Newport News and Old Point Com- fort, Va. Underlies — Gen. Bs, due 1941, and 1st & Bel. bonds of the N. N. & H. By.. Gas & Blec. Co. Earnings — See N. N, & H. By. Gas & Eleo. 1st & Bef. 5s. Original Market— $800,000 in Nov., 1898, at NIAGARA & ERIE POWER CO. 1st 6b. Dne Jan. 1, 1941.— F. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York and Pennsyl- vania State tax refunded. Authorized — $1,250,000. Outstanding — $632,000, Held in S. F.— $30,000: ■ Reserved for Ext. — $588,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date on eight weeks' notice. Sinidng Fund — ^Annually, commencing Jan. 1, 1916, 1%% of authorized bonds for pur- chasing these bonds at not over 105 and In- terest except that a higher price may be paid as agreed by the company. Bonds to be kept alive and interest added to sinking fund. It Is estimated this fund will retire 75% of bonds prior to maturity. Guarantee — The Niagara. Lookport & On- tario Power Co. and the Buffalo & Lake Brie Traction Co. (latter company in hands of receiver), each agrees to provide one-half the funds necessary to make up any deficiency which may exist in meeting principal and in- terest or sinking fund payments. Organization and Control — Incorporated in New York in 1910. Controlled Jointly through ownership of entire capital stock eaually by the Niagara, Lockport & Ontario Power Co. and the Buffalo & Lake Erie Traction Co. Secured by first mortgage upon entire prop- erty of company, including power station at Gardenville, and transmission system supply- ing a number of villages, the American Loco- motives Co. and other manufacturing con- cerns in the vicinity of Buffalo, N, Y. Original Market — Offered in 1911 by Bertron,. Griscom & Jenks (now Bertron, Griscom &. Co.), New York and Philadelphia. Market. New York— Hotchkin & Co. Boston— ^Hotchkin & Co. Fhiladelpliia — H. D. Boenning & Co., S. KT. Phillips & So. Price Range. Jan. 1, 1915 to Jan. 1, 1919 1918 Bid Ask Ask High. 80% '15 95 '16 80 Mar. Low. 77 '18 77 June (THE) NIAGARA FAMiS POWER CO. 1st 5s. Due Jan. 1. 19Sa.— F. Dated April 29, 1891. Interest payable on registered bonds, Jan., April. July and Oct. 1; on Coupon bonds, Jan. and July 1, at Winslow, Lanier & Co., New York. Tax Status, — 2% Federal Income Tax paid by company without deduction. Autliorized and Outstanding— $10,000,000. Denomination — Coupon $1,000. Not regis- terable as to principal, but exchangeable for registered bonds. Begistered, $500 and mul- 867 tiples. Not exchangeable for coupon bonds. Trustee — Central Union Trust Co., New York. Organization and' Conti'ol — Incorporated in New York, in 1886. On Oct. 31, 1918, this company together with the Hydraulic Power Co. and the ClifE Electrical Distributing Co. were merged into a new company of the same name. The new company controls through ownership of the entire (except qualifying shares) capital stocks the Niagara Junction Ry-. and the Canadian Niagara Power Co. and Niagara Development Co. Secured by first mortgage upon electric power plant at Niagara Falls, N. Y. , 1,052 acres of land in that city and the adjoining town of Niagara, owned for leasing to manu- facturing_ plants using electricity, substations, 20 miles transmission lines, rights, franchises, etc. Also secured, by pledge of lease contract with the Buffalo General Electric Co. and by pledge of agreement with the Tonawanda Power Co., whereby that company has con- -tracted to lease, its jrower from the Niagara :FaUs Co. during its corporate existence. Fur- ther secured by deposit of 51,550,000 Liberty Bonds and $3 88,530 cash from proceeds of sale of the Cataract Power & Conduit Co. and Tonawanda Power Co., whose stock was originally deposited, Cnderlies — Ref. & Gen. 6s, due 1932. ^Samings — See Ref. & Gen. 6s. IJsted (coupon bonds on^y) on the New York St'-'Ck Exchange. Market. New York — Wm. C. Ewen, S. P. Larkln & Co.. McGeorge & Vanderhoef, Kiely & Hor- ton, J. A. Clark & Co., Hodenpyl, Hardy & Co.. J. S. Farlee & Co., B. & C. Randolph, J. S. Bache & Co., F. H. Hatch & Co., Gude, Winmill & Co.. Earle A. Miller & Co., Col- gate, Parker & Co., Abraham & Co., Bauer, Starr & Co., Berdell Bros., Brown Bros. & Ck)., John Nickerson, Jr.. Paine, "Webber & Co. Chicago — Horlenpyl, Hardy & Co. Buffalo — A. L. Chambers & Co., J. T. Steele, Teller & Evers, O' Brian, Potter & Co., Baker, Mandville & Co. Boston — H. C. Spiller & Co. , L. Sherman Adams. Paine, Webber & Co. - Philadelphia — F. R. Welsh, Bauer. Starr &■ Co., Berdell Eros., Brown Bros. & Co. - Providence — Hornblower & Weeks. Price Kange — N. Y. S, E. Jan. 1, 1906 to Jan. 1. 1919 1918 Higli..l03 Jan. 17 '17 98^ May 24 Low.. 90^^ Oct. 7 '18 90% Oct. 7 (THE) NIAGAJBA FAtrS POWER. CO. Ref. & Gen. 68. Due Jan. 1, 1933. — F. Dated October 1, 1909. Interest payable Apxil and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized— $20,000,000. Outstanding — $8,226,000. Balance reserved for additions and acquisi- tions. Denomination — Coupon, $1,000, Registerable as to principal. Registered, $1,000. $5,000 and $10,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Organization — See 1st 5s. Secured by second mortgage ilpon property of company covered- by the 1st 5s. and by first lien on entire outstanding $15,480,000 De- benture 6% bonds, due 1932 (no prior liens), and practically the entire capital stock and all funded Indebtedness of the Canadian Nia- gara Power Company, which owna and oper- ates a power generating plant on the Cana- dian Bide of the Niagara River, and by all the outstanding stock of the Niagara Junction Ry. , which owns and operates a terminal switching railroad of 4.86 miles with six mil^s of sidings extending through the lands of the Niagara Falls Power Co., and serving the manufacturing plants there located. Prior liens — $10,000,000 1st 5s. due 1932 (on American property only), and $175,000 5% bonds of Niagara Jet. Ry. Co., of which $141,006 are owned by the N. F. P. Co. Year ended Dec. 31 (combined): Gross Net Int., Etc. 1918 $5,398,585 $3,240,875 $1,325,752 1917 3,225,115 2.195,805 995.740 1916 3,062,836 2,365,815 1,003,699 1915 2,685,598 2,062,687 1,034,629 liisted on the New York Stock Exchange. . Original Market — Offered in 1910 at par .and interest to stockholders for subscription. Market. Baffalo — A. L. Chambers & Co., John, T. Steele, Teller & Evers, O' Brian, Potter & Co., Baker, MandviKe & Co. New York — ^Kiely & Horton, Earle A. Miller & Co., Dunham & Co., J. S. Bache & Co., E. & C. Randolph, Spencer Trask & Co. , Bauer, Starr & Co., Berdell Bros., Brown Bros. & Co., McGeorge A Vanderhoef, Phelps & Neese, John Nickerson, Jr.. J.' S. Farle & Co. Boston — H. C. Spiller & Co., L". Sherman Adams. Philadelphia — Bauer, Starr & Co., Berdell Bros. , Brown Bros. & Co. Price Range — N. Y. S. B. Jan. 1 '10 to Jan. 1 '19 1918 Hish.100% Dec. 5 '18 100^^ Dec. 5 Low. 98 Aug. 6 '18 98 Aug. 6 NIAGARA GORGE RAILROAD 1st 5s. Due June 1, 1927. — F. Dated June 1, 1907. Interest payable June and Dec. 1, at Commonwealth Trust Co. , Buffalo, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000_ Outstanding — $949,000. Held in Treasury — $51,000. Denomination — Coupon, $1,00'0. Registerable as to principal. Trustee — Commonwealth Trust Co., Buffalo, N. Y. Organization — Incorporated in New York in 1899 ag a reorganization of Niagara Falls & Lewiston R. R. Secured by first mortgage on 15 miles of electric railway from Niagara Palls to Lewis- ton, N. Y., and a first lien on $146,000 of $150,000 1st mtge bonds of Lewiston & Youngs- town Frontier Ry. Co., which owns eight miles of railway leased to and operated by Niagara Gorge R. R. Year ended Dec. 31 Gross Net Int. & Taxes 1918 $9S,398 $30,762 $64,237 1917 106.875 . 30,108 56.954 1916.... 156,971 71,877 Market. 55.493 Buffalo — J. F. Slocum. NIAGARA LIGHT. HEAT & POWER CO. 1st 5s. Due May 1, 1922. Dated May 1. 1902. Interest payable May and Nov- 1. at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding; — $250,000. Denomination — Coupon, $1,000. Registerah'.e as to principal. Trustee — New York Trust Co.. New York. Redeemable at 105 and interest. Organization — Incorporated in New York in 1900 as a consolidation pf the Tonawanda Gas Light Co, , Tonawanda Lighting Co. and the Standard Gas Co. Control — On April 1, 1918 stock control of this company was acquired by the First Gas Co.. a subsidiary of the Cities Service Co. Secured by a mortgage on all the property of the company, now owned or hereafter an- ouired, and including a first mortgage on plants supplying artificial "gas in the towns of Tonawanda and North Tonawanda; and natura,! gas in town of Amherst. The com- pany wholesales gas to the village of Ke- wanee. Population served 25,000. Franchises are perpetual and include franchise for elec- tric light. Underlies — Cons. & Ref. 5s, due 1925, which provide for the retirement of this issue. Market. Boston — Blodget & Co., J. S. Orler & Co., L. Sherman Adams. G. "W. Wa'.ker & Co. New York— F. H. Hatch & Co., E. & C. Randolph, Blodget & Co., Hanson & Doyle. Wilmington — Geo. P. Bissell. Philadelphia — H. D. Boenning & Co. Rochester — Wm. H. Foxall & Co. Albany — John J. Hart. Price Range. Jan. 1 '08 to Jan. 1, *19 1918 Bid Ask Bid Ask High. 100 -09 102^ '09 70 Jan. 85 Feb. Low. eO '15 70 '15 65 Sept. 77 Mar. NIAGARA LIGHT. HEAT & POWER CO. Cons. & Ref. 5s. Dae May 1, 1925. — F. Dated May 1, 1905. Interest payable May and Nov. 1 , at New York Trust Co. , New Tork- Tax Statu8-^2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstandin? — $154,000. In Treasury — $16,000. Reserved to retire Prior X^iens — $250,000. To be issued for 75% of Improvements — $80,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable on any interest date at 105 and interest. Secured by a second mortgage on property described under 1st 5 s above. Prior laen — $2-50,000 1st 5s. Market. New York — E3. & C. Randolph. Philadelphia — O. B. Lansinger & Co. Price Range. Jan. 1 '08 to Jan. 1 '19. Bid Ask High. . 89 '16 100 '09 Low.. . 58 '15 65 '15 NIAGARA. LOCKPORT & ONTARIO POWER CO. Ist S. F. 5s. Due Nov. 1, 1954. Dated November 1, 1904. Interest payable May and Nov. 1, at Trustee's oflice. Tax Status — 2 % Federal Income Tax paid by company without deduction . Tax exempt in New York State. Authorized — $5,000,000. Outstanding— $4,067,000 (Jan. 18, 1919). Held in Sinking Fund — $933,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any in- terest date as a whole ©nly. Siniking Fund — An annual payment at the rate of 13 cents per 1.000 kilowatt hours, or an amount equal to i%% of gross earnings, minimum payments to be $25,000 per annum to and including 1919, $35,000 per annum from 1920 to 1929. and $50,000 per annum from 1930 to maturity for the purchase of these bonds at not over 120 and interest; bonds so purchased to be kept alive as to interest, but principal cancelled as to their lien on the property. If bonds cannot be purchased at 120 and interest, the funds may be invested in bonds legal for savings banks in New York State. It is estimated that this fund will be suflBcient to retire entire issue before ma- turity. Organization — See Ref. 6s. Secured by first mortgage upon steam gen- erating plant at Lyons and Auburn, N. Y. , 3,824 acres of land forming a continuous right-of-way for 154 miles from the Niagara River to Syracuse, 27 miles from Lockport to Lackawanna, seven miles from Weedsport to Auburn and 18 miles of other lines, together with right-of-way along 130 miles, 406 miles of duplicate transmission and branch lines, switching station and private telephone system paralleling the main lines; also a second mort- g'age on the property formerly owned by the Salmon River Power Co., comprising a hydro- electric plant of 35,000 h. p. on the Salmon River and 42 miles of transmission lines to Syracuse. N. Y. (See Ref. 6s for full detail.) Prior JAea — $4,838,000 (closed mortgage) Salmon River 1st 5s of 1952. Underlies — Ref. S. F. 6s of 1958. under ■which mortgage bonds are reserved to retire this issue. y*^r ended Dec. 31 (Consolidated): Gross Net *Int., Etc. 1917 $2,311,718 $771,884 $558,900 1916 1.883,432 964,383 557,558 ♦Includes constructural charges, but not in- terest on bonds in sinking funds. Listed on the New York Stock Exchange. Original Market — Offered Jan., 1910. at 93% and interest by "Wm. ,Salomon & Co., New York and Chicago, E. H. Rollins & Sons, Boston, New York, etc. , and J. C. Dann & Co., Buffalo. Market. New York — E. H. Rollins & Sons, Martin. Berwin & Co., Hanson & Doyle, C. H. Jones & Co., Joseph & "Wiener. Berdell Bros., Blod- get & Co., E. & C. Randolph, Hotchkin & Co.. Hatch & Co., John Nickerson, Jr., Wm. Salo- mon & Co., Taylor & "White, J. S. Bache & Co. Boston — E. H. Rollins & Sons. Blodget & Co., "White, Weld & Co.. L. Sherman Adams. F. B. Bassett & Co., Kimball, McKinney & Co. Chicago — E. H. Rollins & Sons. Buffalo — "W. A. Fennell & Co., John T. Steele, Gardner, Penn & Co., O' Brian, Pot- ter & Co. Philadelphia— B. H. Rollins & Sons, S. K. Phillips & Co.. H. D. Boenning & Co. Denver — E. H. Rollins & Sons, Los Angeles — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Worcester — W. B. AVardwell & Co. Portland — H. M. Payson & Co. Price Range— N. Y. S. E. Jan>. 1 '06 to Jan. 1 '19. 1918 Bid Ask High.95^4 Nov. 13 '16 90 Nov. 93% Jan. Low. 89% Mar. 22 '15 83 Oct. 85 Feb. NIAGARA, LOCKPORT & ONTARIO POWER CO. Ref. S. P. 6s, Series *'A.'* Due Feb. 1, 1958. Dated February 1, 1918, Interest payab'e Feb. 1 and Aug. 1 in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $15,000,000. Outstanding — $1,980,000. Reserved for Prior Liens — $8,905,000. Reserved for Ext. — $4,115,000. Denomination! — Coupon $1,000 and $100. Re&isterable ($1, 000 bonds only) as to prin- cipal. Trustee — Bauitable "Trust Co., New York. Redeemable — iSeries "A" are redeemable at 100 and interest on any interest date on 60 days' notice. Siniking Fund — Annually, beginning Feb- 1. 1920, an amount eaual to not less than 1% of the face amount of these bonds issued and outstanding, and as and when additional bond» are issued annua' payments to this fund are to be increased so they will be sufficient to retire all the bonds of this issue before maturity. Bonds acquired are to be kept alive and interest added to this fund. The Trustee may apply this fund to the purchase at public or private sale of bonds so far as in its judgment may be reasonably practicable at prices not exceeding the redemption price fixed by the terms of the bond or bonds pur- chased. In the event and to the extent that purchases shall not be made by the Trustee this fund shall be applied to the purchase or redemption of bonds of this issue of the series then outstanding, bearing the smallest redemption premium and Sinking Fund pur- chase price. The bonds so to be purchased to be determined by lot. Organization — Incorporated in New York in 1894 and is engaged in the production and distribution of electric power. In January, 1918, the Salmon River Power Co. previously controlled through stock ownership was merged into this Company. Also owns one- half of the capital stock of the Niagara & Erie Power Co. Capital Stock Outstanding 1st Pref. 6% cum.) $2, 750.^00 2d Pref. (6% non-cum.) 2,000,000 Common 1,230,000 Secured by a general mortgage on the fol- lowing properties: Power transmission system equivalent in the aggregate to a length of 420 miles of singile line. This property includes some 3,794 acres of land, forming a continuous right of way for 154 miles from the Niagara River to Syra- cuse, on which there is a duplicate transmis- sion line. A hydro-electric plant on the Sa'.mon River about 42 miles from Syracuse, with a capacity of 35.000 H. P., together with 42 miles of transmission lines. A steam generating plant at Lyons. N. Y., with a Capacity of 40.000 H. P. The Company also buys power from the Ontario Power Co. under a contract which runs to- 1950 and calls for a delivery of not less than 50,000 H. P., and also operates under lease, extending to 1940, the hydro- electric plant of the Northern New York Power Corp. on the Oswego River at llinnetto, N. Y. Capacity 12.000 H. P. The Company's power is distributed as of December, 1918, approximately as follows: 16% to traction lines operating more than 1,100 miles of track in the cities and subur- ban sections of Western and Central New York, incl-uding- Syracuse, Rochester and Au- burn. 45% to pubic utility companies, distribut- ing electricity in Oswego, Syracuse, Rochester, Auburn, Geneva, Batavia, Lockport, and nu- merous smaller communities. 39% to industrial concerns, including the Lackawanna Steel Company, the Union Car- bide Company, the American Locomotive Com- pany, the American Car and Foundry Com- pany, the repair shops of the New York Cen- tral Railroad Company, etc. Franchises — The transmission lines are lo- cated for the most part on the Company' s own private right of way. The franchise rights where necessary are perpetual. Prior liiens — $4,067,000 (closed) 1st 5s of 19 5 4 and $4,838,000 (closed) Salmon River Power Co. 1st 5s of 1952. Bonds are re- sei ved under this mortgage to retire both issues. Earnings — See 1st 5s. Original Market — $990,000 (Series "A") offered December. 1918, by William Salomon & Co., New York, at 93 and interest. $1,980,- 000 offered March, 1919, by Wm. Salomon & Co., New York, etc., at 94 and interest. Market. New York — Blodget & Co., Wm. Salomon & Co. Worcester — W. B. Ward well & Co. Boston — Blodget & Co. Salt Lake City — Palmer Bond & Mtge. Co. Philadelphia — Welsh Bros., Wurts, Dulles & Co. NIAGARA. ST. CATHARINES & TORONTO RAILWAY CO. 1st 5s. Due Nov. 1, 1939, Dated Nov. 1, 1899. Interest payable May and Nov. 1, at Canadian Bank of Commerce, Toronto, or Bank of Scotland, London. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $20,000 per mile. Outstanding — $1,098,000. Denomination — Coupon, $1,000 or £205-9-8. Registerable as to principal. Trustee — National Trust Co., Toronto. Organization — Incorporated in Canada in 1899 as a consolidation of three companies. Company owns and operates the Niagara, St. Catharines & Toronto Navigation Co. with steamers plying between Port Dalhousie and Toronto. Secured by a first mortgage on 60 miles of electric railway track on private right-of-way from Port Dalhousie, via St. Catharines, Merriton, Thorold and the City of Niagara Falls to Falls View, Ont., including a branch from Thorold to Welland, Ont. , and from Welland to Port Colborne. Year ended June 30 Gross Net Interest 1917 $756,590 $198,623 $60,929 1916 691,594 229,771 1915 605.664 158.077 1914 553,765 140.942 105.910 1913 475,361 140.461 80,316 Original Market—First offered by Aemilius Jarvis & Co. , Toronto. Market. Toronto — Aemilius Jarvis & Co., Canada Se- curities Corp., Ltd. NILES GAS LIGHT CO. Ist 6s. Due Aug. 1, 1939.— N. Dated Aug. 1, 1914. Interest payable Feb. 1 and Aug. 1. Tax Status — Payment of Federal Income Tax not assumed by Company. Tax exempt in Michigan. Authorized — $400,000. 870 Ontstandin? — $140,000. Deaomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Security Trust Co., Detroit, Mich. Redeemable on any interest date at 102 and interest. Sinkingr Fund — Cash payment equal to 1% per annum of outstanding bonds from 1918 to 1922 and 2% thereafter. Orsanizatlon — Incorporated in Michigan. Control — ^All of the stock is owned by the National Gaa, Electric Light & Power Co. Secured by a first mortgage on plant sup- plying gas in Niles and Buchanan. Popula- tion served, 10,000. Franchises are reported as extending beyond the life of the bonds. Original Market — $70, 000 offered In July. 1915, by F. K. Pelton, Detroit, Mich., at par and interest. 1919, to June 1. 1938. inclusive. — ^P. Dated June 1, 1916. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $1,500,000. Outstanding — $ 950,000. Additional bonds may be Issued for 60% of cost of new buildings and equipment. Denominations — Coupon, $1,000, $500 and $100. Trustee — First Trust & Savings Co., Cleve- land. Redeemable at 102 and interest on any in- terest date. Organization — Incorporated In Ohio In 1916. Secured by a first mortgage on a fireproof storage and freight warehouse for cold and dry storage located on New York Central System in Cleveland, O., costing over $1,600,- 000. The company has leased the lower floor and a large part of another floor to the Cleve- land, Cincinnati, Chicago & St. Louis Ry. Co. for 20 years with renewal privileges for 2 ten-year periods. Original Market — Offered June, 1916, by Spencer Trask & Co., New York, and Tillot- son & Wolcott Co., and Otis & Co., Cleve- land, at par and interest. NIPE BAY COMPANY 1st 5s. Due May 1. 1925— N., Dated May 1, 1915. Interest payable May 1 and November 1, in New York and Bos- ton, Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $ 3,500.000. Outstanding — $3,350,000 (Jan. 1, 1919). Retired by S. F. — $150,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Regis- tered, $5,000 and multiples. C. & R. inter- changeab'e. Trustee — Old Colony Trust Co. , Boston, Mass. Redeemable as a whole or for the sinking fund at 102% and interest on any interest date up to and including May 1, 1922, and at 101 and interest thereafter. Sinking Fund — On or before May 1, 191S, and annually thereafter to 1924 the company must retire at least $150,000 of these bonds* Organization and Control — Incorporated in New Jersey in 1900, and controlled by the United Fruit Co., through ownership of the common stock. Secured by a flrst mortgage on some 128,000 acres of land on the shores of Nipe Bay, Cuba, together with sugar mill with a ca- pacity of 4,000 tons of cane per day, 89 miles of railroad, with eauipment, wharves, hotel, stores and other buildings. Of the land owned, about 45,000 acres are under cultiva- tion, of which 25,530 are in sugar cane. Year ending Sept. 30 and June 30 Net (after Dep'n) Interest Taxes 1917 $1,534,979 $301,565 a$205,663 •1916 1,899,427 444.271 41,120 tl915 1,793,692 389.769 tl914 445,973 418,098 ♦15 mos; tJune 30; (a) subject to interpre- tation of the "War Act. Original Market — Offered In May, 1915, by Lee, Higglnson & Co.. Boston, New York, etc., at 94 and interest. Market. Boston — Tucker, Anthony & Co., Curtis & Sanger, Lee, Higginson & Co., L. Sherman Adams. New York — Tucker, Anthony & Co . , Mc- Donnell & Co., Curtis & Sanger, Lee, Hig- ginson & Co., Baker. Carruthers & Pell, F. H. Hatch & Co.. Taylor & White. Chicago — Curtis & Sanger, Lee. Hlgginson & Co. Price Range. Jan. 1 '16 to Jan. 1 '19 1918 Bid Ask Bid Ask High.98 '17 98% '17 92 Dec. 95 Dec. Low. 90 '17 93 '18 90 Oct. 93 Oct. NORFOLK & ATLANTIC TERMINAIi CO. let 5s, Due March 1, 1939. — F. Dated March 1, 189 9. Interest payable Mar. and Sept. 1, at Alex. Brown & Sons, Baltimore. Tax Stat«.s — 2% Federal Income Tax paid by Company without deduction. • Authorized — $500,000. Outsta-idlng— $487,0 00 (Jan. 1. 1919). Retired — $13,000. Denomination— Coupon, $1, 000. Registerable as to principal. Trustee — Maryland Trust Co., Baltimore. Control — Merged into the Virginia Ry. & Power Co. in 1911. Secured by first mortgage on terminal prop- erties in and around Norfolk. Va.. including electric railway from Norfolk to Sewall's Point. Va. Underlies — Va. Ry. & P. 1st & Ref. 5s. Earnings — See Virginia Ry. & P. Co. Market. Baltimore — Hambleton & Co., Alex. Brown & Sons. New York — Hambleton & Co., Hornblower & Weeks, John Davenport. Norfolk, Va. — Mottu & Co. Price Range. Jan. 1 '16 to Jan. 1 '19 1918 Bid Ask Bid Ask High.91 '16 95 '16 80 Jan. 88 Jan. Low. 80 '17 85 '18 80 Dec. 85 Dec. NORFOLK & CAROLINA RAILROAD CO. Ist 58. Due April 1» 1939. — N. Dated April 1, 1889. Interest payable April and October 1, at Trustee's otflce. Tax Status — Payment of Federal Income Tax riot assumed by Company, Authorized — Closed mortgage. Outstanding — $1,314,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Atlantic Coast Line R. R. Co. Organiration and Control — Incorporated In Virginia and North Carolina in 1889 as suc- 871 ces3or to the Chowan & Southern R. R. Co., and in 1900 was merged into the Atlantic Coast Line R. R. Co. ' Secured by a first mortgage on 110 milea Of road from Pinner's Point (Norfolk) Va., to Tarboro, N. C, and five small branches. Underlies — Norfolk & Carolina 2nd 5s, due 1946, Atlantic Coast Line R. R. 1st Cons. 4a, due 1952. Unified 4s, due 1959, and Gen. Unified 4 ^ s. Bonds are reserved under the latter mortgage for the retirement of this issue. Legal for Bait., Cal., Conn., Mich., Minn,, N. H., N. J.. N. T., R. I. and Wis. Listed on Baltimore Stock Exchange. Market. New York — ^Taylor, Smith & Hard, S. P. Larkin & Co., Hambleton & Co., Abraham & Co., Baker, Carruthers & Pell, F. J. Lisman & Co., Chaa. "W. Place. Remick, Hodges & Co. Baltimore — Hambleton & Co., Poe & Davies. Jenkins, Whedbee & Poe. Pittsburgh — R. B. Hutchinson & Co. Norfolk. Va. — Mottu & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.H2% '09 112 '13 100 Jan. Low. 94^^ '18 97 '18 94% Apr. 97 Aug. NOKFOLK & CAROLINA RAILROAD CO. 3d 58. Due January 1, 1946. — N. Dated January 1, 1896. Interest payable Jan. and July 1. at Trustee's office, Balti- more. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — Closed mortgage. Outstanding — $400,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more. Assumed by the Atlantic Coast Line R. R. Control — See 1st 5a. Secured by a second mortgage on 110 miles of road from Pinner's Point, Va., to Tarboro, N. C. , and branches. Prior Hen — $1,314,000 Nor. & Car. 1st 5s of 1939. Underlie^ — Atlantic Coast Line Cons. 4s of 1952, Unified 43 of 1959 and Gen. Unified 4 % s. Bonds are reserved under the latter mortgage for the retirement of this Issue. Legal for Bait.. Cal., Conn., Minn., N. H., N. T. and R. I. Listed on the Baltimore Stock Exchange. Market. Baltimore — Poe & Davies, Jenkins, Whed- bee & Poe. New York — Baker, Carruthers & Pell, Abra- ham & Co., Chas. W. Place, Remick, Hodges & Co., Taylor, Smith & Hard. Price Range. Jan. 1 '16 to Jan. 1 '19 Bid High. .104 '16 Low.. . 75 '17 NORFOLK ft PORTSMOUTH BELT LINE RAILROAD 40-Year 1st 5s. Due Feb. 1, 1938.— F. Dated 1898. Interest payable Feb. 1 and Aug. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $250,000 (Jan. 1, 1919). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Organization and Control — Incorporated in Virginia' in 1B98. Present name adopted in 1898. In June, 1910. absorbed the Elizabeth River R. R. The entire capital stock; $57,500, is owned jointly by the Norfolk & Western Ry., New York, Philadelphia & Norfolk R. R., Norfolk Southern R. R., Seaboard Air Line Ry., Atlantic Coast Line R. R., Southern Ry., Chesapeake & Ohio Ry. and Viriginian Ry. Cos. Secured by a first mortgage on 8 miles of terminal railway including line from Port Norfolk to Berkeley, "Va.. 5.8 miles, together with certain equipment, real estate, buildings, etc. Year ended June 30 Gross Net Interest 1916 $278,149 $84,084 $19,365 1915 206,192 53,009 19,590 1914 231,587 78,325 19.790 1913 236,550 99,108 20,025 Market. New York — Charles W. Place, John Daveu- pert, F. H. Hatch & Co., F. J. Lisman & Co. Philadelphia — Chas. Fearon & Co., S. K. Phillips & Co. Norfolk— Mottu & Co. Price Range. 1918 Bid Ask High 84 Nov. 88% Apr. Low 78% Oct. NORFOLK & PORTSMOUTH TRACTION CO. 1st 5s. Due June 1, 1936. — F. Dated May 10, 1906. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $ 8.000,000. Outstanding — $6,250,000 (Jan. 1, 1919). Held in S. F.— $134,000. Held in Treasnry — $868,000. Purchased and Held — ill2,000. Unissued — $636,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co.. Philadel- phia. Redeemable at 110 and interest on any in- terest date on 60 days* notice, or for sinking fund on 10 days' notice. Sinking Fund — Semi-annually, beginning 1916, Vi, of 1% of outstanding bonds, includ- ing those in sinking fund for the purchase or redemption of these bonds at not over 110 and interest. Assumed by the Virginia Ry. & Power Co. Organization and Control — Incorporated in Virginia in 19 06 as a consolidation of the Norfolk. Portsmouth & Newport News Co. , the Berkley St. Ry. Co. and the Old Dominion Ry . Co . Company was merged in 1911 into the Virginia Ry. & Power Co. Secured by first mortgage on 50 miles of track and on 99-year leasehold interests in 56 miles, comprising the greater part of the street railway system of Norfolk, Portsmouth, Berkley and Suffolk, Va., with plants supply- ing electricity to those four cities and gas to Norfolk and Berkley, as well as ferries operating between Norfolk, Newport News and Old Point Comfort. Franchises — Norfolk Street railway expire In 1944, electric lighting and gas are per- petual, Portsmouth Street railway expire in "1926, 1927 and 1932. Suffolk, electric light- ing expires 19 45. Others are perpetual. Underlies — Va. Ry. & Pr. 1st & Ref. 5s. Earnings — See Virginia Ry. & P. Co. Listed on the Philadelphia, Boston, Balti- more and Pittsburgh Stock Exchanges. 372 Original Market — Offered in 1906 by Chan- dler Bros. & Co., Philadelphia, New York, etc., at 98 and interest, and also by Midden- dorf, Williams & Co., Baltimore. Market, Baltimore — Sutton & Co., Middendort, Wil- liams & Co., Hambleton & Co. Philadelphia — Barclay, Moore & Co.. S. K. Phillips, H. D. Boenning & Co., Bauer, Starr & Co., Huntoon & Co. New York — Miller & Co., Dunham & Co., J. W. Howell & Co., Hornblower & Weeks, Kiely & Horton, Hambleton & Co., Charles W. Place, B. & C. Randolph, Taylor & White. Richmond — John I.. Williams & Sons, Scott & Strinrfellow. Norfolk — Mottu & Co. Price Range. Jan. 1 '08 to Jan. 1 '19 1918 Bid Ask Bid Ask HiBh.95 '08 97 '08 85 &.ug; 90 Apr. Low. 70 '18 78 '18 70 July 78 July NORFOLK & SOUTHERN RAILROAD Ist 5s. Due May 1, 1941. — F. Dated June 2, 1891. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $1,971,000. Outstanding — $1,655,000. Pledged under Gen. 5s — $315,000. Pledged under Ref. 5s — $1,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Metropolitan Trust Co., New York. Assumed by Norfolk Southern R. R. Co. Organization — See Gen. 5s below. Secured by a first mortgage on 204.33 miles of road, viz.: Miles Berkley, Va., to Bdenton, N. C 78.80 Buclid to Providence Jet., Va 7.63 Buclid to Munden, Va 22.38 Mackeys to Washington, N. C 45.13 Mackeys to Belhaven, N. C 29.45 Norfolk to Virginia Beach, Va.-South Route (Electric) - 20.94 Underlies-:— Norfolk & Southern General 5s and Norfolk Southern 1st & Ref. 5s, due 1961, which provide for the retirement of this issue. Listed on the New Tork Stock Bxchange. Market. New York — Sam'l Goldschmidt, Seasongood, Haas & Macdonald, Hartshsrne & Battelle, Baiter. Carruthers & Pell, F. H. Hatch & Co.. F. J. Li.sman & Co., Chas. W. P:ace, Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Philadelphia — Chas. Fearon & Co. Norfolk — Mottu & Co. Price Range — N. Y. S. E. Jan. 1 '06 to Jan. 1 '19 1918 High.lll Feb. 14 '06 84% Apr. 16 Low. 81% May 24 '18 81% May 24 NORFOLK & SOUTHERN RAILROAD 1st Gen. 6s. Due July 1, 1954. — F. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — Closed mortgage. Outstanding — $ 825.000. Pledged under 1st & Ret. 5s — $2,040,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Guaranty Trust Co., New York. Redeemable at 115 and interest on eight weeks' notice. Assumed by the Norfolk Southern R. R. Co. Organization and Control — Incorporated in 1891 as a consolidation of the Norfolk South- ern R. R. and the Albemarle & Pantego R. R. In 1906 company was merged into the Norfolk & Southern Ry., which* was reorganized in 1910 as the present Norfolk Southern R. R. Co. Secured by direct mortgage on 227.34 miles of road, viz. : A first lien on 23.01 miles — Miles Virginia Beach to Norfolk, Va. -North Route (electric) 23 . 01 A second lien on 204.33 miles — ■ Covered by the first lien of the Norfolk & Southern 1st 5s 204.33 Also secured by deposit of $315,000 (of a total issue of $1,971,000) Norfolk & Southern 1st 5s of 1941. Prior Liens — $1,655,000 1st 5s, due 1941. Underlies — Norfolk Southern 1st & Ref. 5s, due 1961, which provide for the retirement of this issue. Earnings — See Norfolk Southern R. R. Co. Market. New York — F. H. Hatch & Co.. Louchheim, Minton & Co., B. & C. Randolph, MoGeorge & Vanderhoef, Baker, Carruthers & Pell. F. J. Lisman & Co.. S. L. Snowden. St. Louis — John Nickerson, Jr. Philadelphia — Chas. Fearon & Co. . Norfolk— Mottu & Co. Price Range. Jan. 1 '08 to Jan. 1 '19 Bid Ask High. .100 '11 103 '11 Low.. . 65 '17 80 '08 NORFOLK & WESTERN RAILROAD CO, Gen. 6s. Due May 1, 1931.— F. Dated May 4, 1881. Interest payable May and Nov. 1, at Bankers' Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Autliorized — Closed mortgage. Outstanding — $7,256,000. Denomination — (Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Norfolk & Western Ry. Co. Secured by a first mortgage on 427.71 miles of road, viz. : Miles Norfolk to Bristol, Va ....408.38 City Point Branch 10.00 Saltville Branch 9.33 Of the above 240 miles are d3uble track. Underlies — Imp. & Bxt. 6s, due 1934; Div. 1st Xiien & Gen. 4s, due 1944, and Conv. Bonds. Retirement of this issue provided for under 1st Cons. 4s, due 1996. Legal for Bait., Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the New York, Fhi'.adelphia and and London Stcck Exchanges. Market. New York — McKinley & Morris, Blodget & Co., B. & C. Randolph, J. S. Farlee & Co., Finch & Tarbell. Taylor. Smith & Hard. New- burger, Henderson & Loeb, Remick, Hodges & Co., Seasongood, Haas & Macdonald, Blake Brothers &. C!o. , Simon Borg & Co., Korn, Lehman & Co., Low, Dixon & Co., Redmond & Co. Boston — Blodget & Co. Philadelphia — Newburger, Henderson & Loeb. Price Range — N. Y. S. E. .Jan. 1 '06 to Jan. 1 '19 1918 High.132% Jan. 22 '06 109 Dec. 9 Low. 105 Sept. 16 '18 105 Sept. 16 873 NORrOT.K & WESTERN RAILROAD CO. New River Div. 1st 6s. Due April 1, 1933.— F. Dated May 12, 1882. Interest payable April and Oct. 1, at Bankers' Trust Co., New York, Tax Statue — 2% Federal Income Tax paid by company^ without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Assumed by. the Norfolk & Western Ry. Co. Secured by a first mortgage on 196.43 miles of road, viz. : Miles Walton Jet., Va.„ to Kyle, W. Va 83.22 Branches to Coal Mines, etc 51.26 N. Carolina Jet. to Fries, Va 30.40 Branches to Ore. Mines 31.55 Of the above, 81 miles are double track. Underlies — Imp. & Ext. 6s of 1934; Div. 1st Lien & Gen. 4s of 1944. and 1st Cons. 43 of 1996, which latter provides for retirement of this issue. Legal for Bait., Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — McKinley & Morris. S. P. Lar- kin & Co.. Finch & Tarbell, Taylor. Smith & Hard, Baker, Carruthers & Pell, Korn, Leh- man & Co., F. J. Lisman & Co., Low, Dixon & Co.. Redmond & Co., Remick, Hodges & Co. Philadelphia — Brown Bros. & Co. » Norfolk— Mottu & Co. Price Range — N. Y. S. E. Jan. 1 '06 to Jan. 1 '19 1918 High.128% Feb. 2 '09 lOlVa Dec. 18 Low. 105 Se&t. 30 '18 105 Sept. 30 Price Range — N. Y. S. E. Jan. 1 '06 to Jan. 1 '19. 191S High.130% Feb. 15 '06 106% Dec. 106% Sept. Low. 116% Sept.18 '15 100% Jan. 106% July NORFOLK & WESTERN RAILROAD CO. Imp. & Ext. 68. Due Feb. 1, 1934.— F. Dated Dec. 21, 1883. Intere.st payable Feb. and Aug. 1, at Bankers' Trust Co., f^ew York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon. $1, 000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Norfolk & Western Ry. Co. Organization — The Norfolk & Western R. R. Co. in 1896 was reorganized as the Norfolk &: Western Ry. Co. Serured by a second mortgage on 568.34 miles, covered by the first lien of the follow- ing: Miles N. & W. Gen. 6s 427.71 N. & W. New River Div. 1st 6s 140.63 Prinr Liens — $".n00.00O Nnrf R' West. New River Div. 6s. due 1932; $7,256,000 Norf. & West R. R. Genl. 6s. due 1931. Underlies — N. & W. Ry. 1st Cons. 4s of 1996. which provides for the retirem'='nt of this Issue, and Div. 1st Lien & Gen. 4s of 1944. Legal for Bait., Cal., Conn., Mass., N. H.. N. Y., R. I. end Vt. Listed on the New York and London Stock Exchanges. Market. New York — ^Wood, Struthers & Co., McKin- ley & Morris, Remick, Hodges & Co., Season- good, Haas & Macdonald, S. P. Larkin & Co.. J. S. Farlee & Co., Chas. W. Place, Finch & Tarbell, Taylor. Smith & Hard, Simon Borg & Co., Korn, Lehman & Co., F. J. Lisman & Co.. Low. Dixon & Co., Redmond & Co. NORFOLK & WESTERN RAILWAY CO. Incorporated in Virginia in 1896 as a reor- ganization of the Railroad Company of the same name. The company owns 2,071 miles of road of which 675 miles are double-tracked from Norfolk, Va., to Cincinnati and Colum- bus, Ohio, with branches to Hagerstown. Md., Durham and Winston-Salem, N, C. and nu- merous points in the Virginia and West Vir- ginia Coal fields. The company controls, through ownership of its entire capital stock, the Pocahontas Coal & Coke Co., owning extensive coal deposit in Virginia and West Virginia. As 75% of the tonnage transported by the Norfolk & West- ern Ry. Co. consists of products of mines, these holdings are of great value to the com- pany. The Norfolk & Western Ry. Company has outstanding $22,992,300 4% non-cumu".ative preferred stock and $120,561,400 common stock. Dividends have been paid on the pre- ferred stock since 1897, and at the rate of 4% since 1899. Dividends on the common stock were inaugurated in 1901, and 6% per annum was paid from Dec, 1911, t& March, 1916, and 7% since that time with an extra dividend of 1% June, 1916, and 1% March, 1917. $42,000,000 of the common stock and $9,000,000 of the preferred stock is owned by the Pennsylvania R. R. Co. and the Penn- sylvania Co. The Norfolk & Western Ry. Co. has out- standing against its railroad property $ 8 5, - 902,500 bonds, at the rate of $41,000 per mile. In each of the past two years net earnings have exceeded three times the in- terest charges on the entire funded debt. Year ended Dec. 31 Gross Net Interest *1918. .$20,634,142 $19,918,302 $4,113,775 tl918.. 82,004.034 20,424,737 1917. . 65,910,242 23,182,055 4,235.919 1916. . 59,449,982 26,160,572 4,360,498 •Corporate Income Account — standard return under Federal control. ^Federal Income Account. NORFOLK & WESTERN RAILWAY CO. 1st Cons. 4s. Due Oct. 1, 19961, — F. Dated October 22, 1896. Interest payable April and Oct. 1, at Trustee's ofHce, Tax Status — 2 % Federal Income Tax paid by Company without deduction. Authorized — $62,500,000. Outstanding — $40,387,500. Reserved for Prior Liens — $22,099,500. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal and fully registerable. Registered, $1,000 and $5,000. Trustee — ^Bankers' Trust Co., New York. Secured by direct mortgage on 1,626.48 miles of road, terminals, etc.. as follows: A first lien on 890.04 miles — Miles Norfolk to Lambert's Point, Va 5.30 Knitting Mill Branch 1.00 Graham to Norton. Va 100.40 Lynchburg, Va., to Durham, N. C 114.10 Hagerstown, Md. , to Winstoh-Salem, N. C 359.81 Kyle. W. Va., to Coal Grove. 190.66 Speedwell Jet. to Fries. Va 13.09 Branches, of which 105.54 miles are double track 105.68 874 A second lien on 164.52 milea — Covered by the first lien of ttie follow- ing: Scioto Valley & New England 1st 4s. 127. 46 Columbus Connecting & Terminal 1st 5s 4.65 N. & W. New River Dlv. 1st 6s 32.41 A third lien on 568.34 miles — Covered by the first lien of t>ie follow- ing; N. & W. Gen. 6s 427.71 N. & W. New River Div. 1st 6s.; 140.63 Also a first lien on the terminals at Lam- bert's Point, Va., and on the construction and repair shops at Roanoke, Va. Further secured by deposit of $7,163,929,90 Equipment obligations of the Norfolk & West- ern R. R. Co., which were purchased with proceeds of thes.e bonds. Prior liens — $19,862,000 as follows: Columbus Connecting & Terminal R. R. 1st 53. 1922 $600,000 Norfolk & Western R. R. Gen. 6s, 1931 7.256.000 Norfolk & Western R. R. New River Div. 1st 6s. 1932 2,000.000 Norfolk & Western R. R. Imp & Ext. 63. 1934 5,000,000 Scioto Valley & New England R. R. 4s. 1989 ., 5,000,000 South side R. R. Cons. 3rd Pfd. Bond 1,000 Virginia-Tennessee R. R. Enlarged Bonds 5,000 A like amount of 1st Cons. 4s has been reserved to retire these issues, but same may be extended at maturity, but cannot be increased, in case they cannot be redeemed with bonds of this issue. Underlies — Div. 1st Lien & Genl. 43, due 1944, and Conv. bonds. Legal for Bait., Cal., Conn., Mass., Mich., Minn.. N. H., N. J., N. T.. R. I. and Vt. Listed on the New York, Richmond and London Stock Exchanges. Market. New York — ^Active on N. Y. Stock Exchange. Boston — ^Harris, Forbes & Co. Philadelphia — Bioren & Co.. Chas. Pearon & Co., Brown Bros. & Co. Chicago — Harris Trust & Savings Bank, Hodenpyl. Hardy & Co., Kean, Taylor & Co. Baltimore — Alex. Brown & Sons. Omaha — City Trust Co. Richmond — Scott & Stringfellow. Price Range — N. ¥. S. E. Jan. 1 *06 to Jan. 1 '19 1918 High.102% Mar. 30 '06 89% vpec. 10 Low. 79 cSept. 25 '18 79 Sept. 25 NORFOLK & WESTERN RAILWAY CO. POCAHONTAS COAL & COKE CO. Pur- chase Money Joint 4s. Dae Dec. 1, 1941. Dated Dec. 2, 1901. Interest payable June and Dec. 1, at Bankers' Trust Co., New York- Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $20, 000, 000. Outstanding— $16,282,000 (Feb. 1919). Retired by S. F.— $3,718,000. Denomination — Coupon, $1, 000. Reglsterable as to principal only, or fully reglsterable. TrusteeF — Girard Trust Co., Philadelphia. Redeemable at 105 and interest on any in- terest date upon two months' notice. Sinking Fund — 2% cents per ton of coal mined, for the purchase or redemption of these bonds at not exceeding 105 and interest annually, beginning April 1, 1906; bonds so purchased to be cancelled. Organization and Control — Pocahontas Coal & Coke Co. was incorporated in New Jersey in 1901 and owns lands and interests in coal lands in several counties in West Va., but has no power to engage in buying or selling coal and coke. Entire capital stock of com- pany except qualifying shares is owned by the Norfolk & Western Ry. Co. Security — A joint obligation of both com- panies, but as between themselves the Coal Co. is directly and primarily liable. Secured by first mortgage on approximately 300,000 acres of coal lands, of which about 175,000 acres are leased to the U. S. Steel Corporation and other companies and by pledge of $900,000 stock of the Trans, Flat Land Association. 29,995 sha,res of Common and 2,300 shares of Preferred Stock of the Pocahontas Fuel Co. and 5 shares of the Philadelphia Coal Land Co. Listed on the New York Stock Exchange., Market. New York — McKinley & Morris, Sharretts & Young, C. H. Jones & Co., Hanson & Doyle, Wood. Struthers & Co. , E. & C. Randolph, Seasongood, Haas & Macdonald, Abraham & Co., Baker, Carruthers & PeW. .Simon, Borg & Co.. Hartshorne & Battelle, Moore, Leonard & Lynch. Redmond & Co. Philadelphia — ^West & Co., Graham, Parsons & Co.. Chas. Fearon & Co., Biddie & Henry. Pittsburgh — Moore, Leonard & Lynch. Price Range — N. Y. S. B, Jan. 1 '06 to Jan. 1 '19 1918 Hieh.95i^ Jan. 12 '06 86%.Dec.-l Low. 75 Nov. 27 '07 76 Oct. 10 NORFOLK & WESTERN RAILWAY CO. Di- visional 1st Lien & Gen. 4s. Due July 1, 1944.— F. Dated July 1. 1904, Interest payable .Tan. and July 1. at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $35,000,000. Outstanding — $23,000,000. Reserved for Ext. — $12,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Registered. $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date after Jan. 1, 1929, upon three months 'notice. Secured by a direct mortgage on 1,873.54 miles of road, viz. : A first lien on 227.25 miles — Miles Vera Jet. to Cincinnati and Ivorydale, Ohio 105.92 HiUsboro Branch 18.92 Sciotoville to Vera Jet., Ohio 6 . 85 Naugatuck to Kenova. W. Va. (low grade line) 59 .16 Dry Fork Branch 36.40 A second lien on 913.43 miles — Covered by the first lien of the follow- ing N. &W. 1st Cons. 4s 890.04 N. & W. New River Div. 1st 6s 23.39 A third lien on 164.52 miles — Covered by the second lien of the follow- ing N. & W. 1st Cons. 4s 164.52 A fourth lien on 568.34 miles — Covered by the third lien of the follow- ing N, & W. 1st Cons. 4s 568.34 Also secured on all other property covered by the N. & W. 1st Cons. 4s, but subject to the lien thereof. Prior Liens — $60,262,500 prior liens as fol- lows: Columbus Connecting & Terminal R, R. 1st 5s, 1922 $600,000 Norfolk & Western R. R. Gen. 6s, 1931 7,256,000 875 Norfolk & Western R. R. New River Div. 1st 6s, 1932 2.000,000 Norfolk & Western R. R. Imp & Ext. 6s, 1934 5,000.000 Scioto Valley & New England R. R. 1st 4s, 1989 5.000,000 Norfolk & Western Ry. 1st Cons. 4s, 1996 40.400,500 Southside R. R. Cons. 3rd Pfd. Bond 1,000 Virginia & Tennessee R. R. En- larged Mtgre. Bonds B.OOO Underlies — Conv. Bonds. Xeeal for Cal., N. H. and R. I. Listed on the New York and London Stock . Exchanges. Original Market — $ 5,000,000 offered by Brown Bros. & Co., New York, Philadelphia and Boston, iji 1904 at 96%; $3,000,000 in 1905, $5,000,000 in 1906 and $10,000,000 by Kuhn, Loeb & Co. and the Guaranty Trust Co., New York, in 1909. Market. New York — Seasongood, Haas & Macdonald, Sharretts & Young, Wood, Struthers & Co., Jenks, Gwynne & Co., Low, Dixon & Co., Vilas & Hickey. Philadelphia — Brown Bros. & Co. , Graham, Parsons & Co., Warren A. Reed. Pittsburgh — Mellon National Bank. Price Range — N, Y. S, E. Jan. 1 *06 to Jan.. 1 '19 1918 High.99M! Jan. 30 '06 85% Nov. 30 Low. 71 July 29 '18 71 July 29 Oatstanding— $106,000 (Feb., 1919). In Treasury— $269,000. Balance Converted. Denomination — Coupon, $1,000. Registerable as to principal. Registered. $1,000, $5,000. C. & R. interchangeable. Tmstee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date after Sept. 1. 1922, on 90 days' notice. Convertible at par into the common stock of the company at any time before Sept. 1. 1922. Security — ^A ^ direct obligation of the com- pany, but not* secured by mortgage. Legal for Cal., N. H. and R. I. Listed on the New York Stock Exchange. Original Market — Offered to the stockholders in January, 1912, at par and interest, to an amount equal to 12^% of their holdings at the close of business January 1, 1912. Market. New York^ — Seasongood, Haas & Macdonald. Price Range — N. Y. S. E. Jan. 1 '13 to Jan. 1 '19 1918 Bid Ask High.143 Oct. 5 '16 105 Feb. 110 Feb. Low. 99% Jan. 15 '15 101 Feb. NOKFOLK & WESTERN RAILWAY CO. 10- 25-Year Conv. Deb. 4e. Due June 1, 1932.— F. Dated June 1, 1907. Interest payable June and Dec. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $ 34,000,000. Issued — $25,569,000. Outstanding— $287,000 (Feb., 1919). Balance Converted. Denomination — Coupon, $1, 000. Registerable as to principal only. Registered, $1,000 $5,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any In- terest date after June 1, 1917, upon 90 days' notice. Convertible privilege expired May 31, 1917. Security — A direct obligation of the com- pany; but not secured by mortgage. Legal for Cal., N. H. and R. I. Listed on the New York and London Stock Exchanges. Original Market — Underwritten by Brown Bros. & Co, and the Guaranty Trust Co., New York, and offered to the stockholders in De- cember, 1906, at par; $10,993,000 were of- fered to the stockholders in March, 1910, at par, and taken by them. Market. New York — Ambrose R. Clark & Co., Sea- songood, Haas & Macdonald, S. P. Larkin & Co. Price Range — N. Y. S. E. Jan. 1 '07 to Jan. 1 '19 1918 Bid Ask High.l46H Oct. 13 '16 105 May 110 May Low. 78 Jan. 2 '08 103 Jan. NORFOLK & WESTERN RAILWAY CO. 20- Year Conv. 4s. Doe Sept. 1, 1932. — F. Dated September 3, 1912. Interest payable March and Sept. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $13,300,000. NORFOLK & MTESTERN RAILWAY CO. Conv. 4^s. Due Sept. 1, 1938.— F. Dated Sept. 2, 1913. Interest payable March and Sept. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $18,353,000. Outstanding— $770,000 (Feb.. 1919). In Treasury — $1,213,000. Balance Converted. Denomination — Coupon. $1, 000. Registerable as to principal. Registered, $1,000, $5,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date after Sept. 1, 1923. Convertible before Sept. 1, 1923. into Com- mon Stock of the company at par. Security — A direct obligation of the com- pany, but not secured by mortgage. Legal for Cal.. N. H. and R. I. Listed on the New York and London Stock Exchanges, Original Market — Offered to stockholders at 102^^ and interest, June, 1913. Market. New York^-Evans.- Stillman & Co.. Am- brose R. Clark & Co. , Seasongood, Haas & Macd'onald, Newborg & Co. Philadelphia — E3. B. Smith & Co. Price Range — N. Y. S. E. Jan. 1 '1.3 to Jan. 1 '19 1918 Hig:h.l45 Nov. 8 '16 105% Feb. 6 Low. 98 June 10 '13 103% July 22 NORFOLK: & WESTERN RAILWAY CO. 10- Year Conv. 6s. Due Sept. 1, 1929. Dated Sept. 1, 1919. Interest payable Sept. 1 and March 1. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $17,945,000. Purpose of Issue — To make financial pro- vision for expenditures made and to be made for additions and betterments. Denomination — Coupon $1,000. Registerable as to principal, or fully registerable. Registered -$1,000, $5,000 and multiples of $5,000. C. & R. interchangeable. Trustee — Guaranty Trust Co.. New York. Convertible at any time during the life of the bonds into common stock at par. 876 Security — A direct oblig-ation of the com- pany, but not secured by a mortgage. Ij|»(ted on the New York Stock Exchange. Original Market — Holders of common stock and adjustment preferred stock of record Dec. 18, 1918, were offered the privilege of sub- scribing at par on or before Jan. 25, 1919, in amounts eqaal to 12^% of their respective holdings. Subscriptions by stockholders aggregated $17,419,600. Market. New York — Newborg & Co. • NORFOLK & AVESTERN RAILWAY Equip. 4:Vk% Certificates, "Series of 1914." Due $500,000 each Feb. and Aug. 1 to Aug. 1. 1924.— N. Dated Feb. 2. 1914. Interest payable Feb. and Aug. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $10,000,000. Outstanding — $5,500,000 (Feb., 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Secured by an equipment agreement on 80 Mallet freight locomotives, 11 passenger loco- motives. 4,000 all-steel 115,000-lbs. capacity hopper cars, 700 all-steel 180,000-lba, capacity gondola cars, 500 steel-frame 80,000 lbs. ca- pacity ventilator box cars, 500 steel-frame 80,- 000-lbs. capacity stock cars, 250 steel -frame 100.000-lbs. capacity flat cars, 35 all-ateel first- class passenger cars, 29 all-steel miscellaneous passenger cars and 5 all-steel dining cars, costing not less than $10,750,000, of which $750,000 or over will be paid in cash by the company. Original Market — Offered in March. 1914, by Brown Bros. & Co. and White, Weld & Co. at par and interest. Market. Philadelphia — Brown Bros. & Co., Graham, Parsons & Co. , AVest & Co. , Reiliy, Brock & Co., E. B. Smith & Co., Biddle & Henry, Thos. A. Bidde & Co., Reed A. Morgan & Co., S. K. Phillips & Co. New York — Bull & Eldredge, Coggeahall & Hicks, Freeman & Co., Evans, Stillman & Co., Seasongood, Haas & Macdonald. folk & Portsmouth Traction Co., consolidated in 1911 with the Virginia By. & Power Co., which assumed the lease. Secured by first mortgage on power plant supplying all the electric light to Norfolk and Berkley, Va., and by second mortgage on 56 miles of street railways in Norfolk, extensive real estate and buildings at Ocean View and steamboat operating between Nor- folk and Old Point Comfort, Va. Frainchises— The electric light expires 1930 and street railway expires 1944, except a small portion of mileage in Norfolk which expires in 1934. Prior liiens — $10,000 Virginia Electric Co. 1st 5s of 1928 and $1,040,000 Norfolk Street B. R. lat Cons. 5s of 1944, for the retire- ment of all of which bonds of this issue have been reserved. Earnings — See Virginia Ry. & Power Co. Listed, on the Baltimore and Richmond Stock Exchanges. Original Market — $1,500,000 offered in Mar., 1900, by Middendorf, Oliver & Co.. and In- ternational Trust Co., Baltimore: John L. Williams & Sons, Richmond, Va., and Real Estate Trust Co., Philadelphia, at par and interest. Market. Philadelphia^ — H. D. Boenning & Co., , Lloyd & Palmer, S. K. Phillips & Co. Baltimore — ^Hambleton & Co. , Middendorf. William & Co., Sutton & Co. New York — E. & C. Randolph, Hambleton & Co. Norfolk — Mottu & Co. Richmond — Scott & Stringfellow. Price Range. Jan. 1 '08 to Jan. 1 '19 1918 Bid Ask Bid Ask Hlgh.lOO '13 1001^ '12 95 Jan. 97 Jan. Low. 88 '08 89% '08 90 Apr. 92 Apr. NORFOLK RAILWAY Si LIGHT CO. 1st Cons. S. F. 5s. Due Nov. 1. 1949.— P. Dated November 1, 1899. Interest payable May and Nov. 1, at Baltimore Trust Co.. Baltimore. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $4,000,000.. Outstanding — $2,577,000 (Jan. 31, 1919). Held in Sinking Fund— $373,000 (and $153,- 000 N. St. R. R. 1st Cons. 5s). Reserved for Prior IJens — $1,050,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Baltimore Trust Co., Baltimore. Sinking Fund — 1% annually of outstanding bonds, to be purchased or redeemed at not over 110. Guaranteed as to interest under terms of lease by the Virginia Ry. & Power Co. Organization and Control — Incorporated in Virginia In 1899 as a consolidation of four street railway, light and power companies. In 1906 the property was leased to the Nor- NORFOLK SOUTHERN RAILROAD CO. 1st & Ref. 58. Due Feb. 1. 1961.— F. Dated February 1, 1911. Interest payable Feb. and Aug. 1, at Trustee's office, New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $35, 000, 000. Outstanding — $12,870,000. Pledged Under 6% Notes— $1,575,000. Retired by Sinking Fund — $438,000. y Held by Co. for Trustee — $482,000. ' ■ Reserved for Prior Liens — $3,130,000. '- Reserved for Ext, — $16,505,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and $5,000. C. & R. interchangeable. Trustee — Central Union Trust Co., New York. Redeemable as a whole, or In part, for the Sinking Fund, at 105 and Interest on Feb. 1. 1915, or on any interest date thereafter upon six weeks' notice. Sinking Fund — At least $100,000 per annunr as long as any Lumber Company bonds re-' main pledged, and proceeds from the sale of the Roper Lumber Co. bonds or stocks, are to be applied one-half to the purchase or re- demption of these bonds and the balance for construction and acquisition. Organization — Incorporated in Virginia in 1910 as a reorganization of the Norfolk & Southern Ry. Co. Absorbed the Raleigh, Charlotte & Southern Ry. Co. in 1914, and leases the Atlantic & North Carolina Ry. Owns all of the stock of the John L. Roper Lumber Co. 877 Secured by direct mort&age on 794.03 miles of road, viz, : A first lien on 334,17 miles — - Miles Edenton to Maokeys, N. C 8.60 Mackeys to Columbia, N. C 23.01 Washington to Bridgeton, N. C 33.63 New Bern to Oriental, N. C 26.06 Chooowinity to Raleigh, N. C 102.15 Varina to Troy, N. C 72.76 Charlotte to Mt. Gileaa, N. C 61.84 Norfolk to Tidewater Crossing Switch, Va 1.82 Bishop Cross to PInetown, N. C 11.15 Morehead City to Beaufort, N. C 3.17 A second lien on 192.95 miles — Covered by the first lien of the follow- ing: Aberdeen & Ashboro 1st 6s 96.42 Norfolk & Southern 1st Gen. 5s 23.01 Suffolk & Carolina 1st Cons. 5s 73.62 A third lien on 233.74 miles — Covered by the first lien of the follow- ing: Norfolk & Southern 1st Bs 204.33 Ealeigh & Southport 1st Bs 29 . 41 A fourth lien on 33.17 miles — 'Covered by the first lien of the Raleigh & Cape Fear Ry. 1st 5s 33.17 Also secured upon 108.33 miles of leasehold, viz. : Goldsboro to Moorehead City, N. C... 96.11 Pinehurst to Carthage, N. C 12.22 Further secured by a first lien on prac- tically the entire eauipment of the Company and subject on the remainder to the prior liens outstanding. Also secured by deposit of the following: Deposited Issued Norfolk & Southern 1st 5s, 1941 $316,000 $1,971,000 Suffolk & Carolina 1st Cons. 53, 1952 50,000 700,000 Norfolk & Southern 1st Gen. 5a, 19B4 2,040,000 2,865,000 Roper (John L.) Lumber Co. Stock ...;...:... 959,100 1,000,000 .Roper (John L.) Lumber Co. 1st 5s 4,788,000 4,788.000 Prior I/lens — $3,806,000 prior liens as fol- lows: Aberdeen & Ashboro 1st 5s, 1940.. 164,000 Norfolk & Southern 1st 5s, 1941:,. 1,665,000 Raleigh & Cape Fear 1st 6s, 1943.. 137,000 Suffolk & Carolina 1st Cons. 5a, 1962 650,000 Norfolk & Southern Gen. 6s, 1964.. 825,000 Raleigh & Southport 1st 6s, 1965,., 374,000 Year ended Dec, 31 (Steam and Electric) Fixed Gross Net-* .- .' Charges 1917. ,-.$0,299,914 $1,966,673 $1, 646, 989 1916... 4.939,172 1,882.101 1,376,590 Year ended ,June 30 (Steam and Electric) Fixed Gross Net Charges . .1916, ,.$4,691,924 $1,721,064 $1,330,044 1915... 3,875,876 1,076,837 1,266,328 1914,,. 4,256,180 1,317,577 1,370,967 1913... 4,144,374 1,942.825 1,039,195 iListed on the New York Stock Exchange. Original Market — $5,762,000 offered in Nov., 1911, at 101 and interest, by Harris,- Forbes & Co., and Redmond & Co., New York; N, W, Harris & Co., Boston, and Harris Trust & Savings Bank. Chicago; $6,000,000 additional offered by the same firms, Feb., 1913. at 99 and interest and $600,000 by Harris, Forbes & Co., in March, 1914, Market. New York — Hartshorne & Battelle, Sam' I Goldschmidt. Minneapolis— Minneapolis Trust Co. Chicago — Harris Trust & Savings Bank. Philadelphia — West & Co.. Cassatt & Co.. B. W. Clark & Co.. Harper & Turner, Chas. Fearon & Co. Baltimore — Middendorf, AVilliams & Co., Jenkins, Whedbee & Poe. Kansas City — Commerce Trust Co. Norfolk — Mottu & Co. Price Eange— N. Y. S, E. Jan. 1. '11 to Jan. 1, '19 1918 High.100% Apr. 2 '12 69% Dec. 13 Low. 60 Mar. B 'IS 60 Mar. 5 NORFOLK SOUTHERN RAILROAD CO. 3- Year 6% Notes. Due April Z. 1930. — N. Dated April 2. 1917. Interest payable April 1 and Oct. 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $1,000,000. Outstanding — $1,000,000. Denominations — Coupon. $1,000, $5,000 and $10,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 101 and interest on any in- terest date on 60 days' notice. Secured by deposit of $1,575,000 1st & Ret. 68, due 1961. Original Market — Sold privately April. 1917. by Harris, Forbes & Co. Market. Philadelphia — Harris. Forbes & Co. Boston — ^Harris, Forbes & Co, New York-^Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank. Price Raiise, 1918 — Bid 97. NORFOLK (VA.) STREET RAILROAD CO. 1st Cons. 5s. Due Jan. 1, 1944. — F. Dated Jan. 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — Closed mortgage. Outstanding — $887,000 (Jan. 31, 1919). In Sinking Fund of N. Ry. & Lt. — $153,000 1st Cons. 5s. Denomination — Coupon. $1,000. Trustee — Mercantile Trust & Deposit Co.. Baltimore. ' Organization and Control-— Incorporated in Virginia in 1894 as a consolidation of the Nor- folk City Ry. and the Suburban City Ry. Co. In 1902 company was merged into the Norfolk Ry. & Light Co.. which is leased until 1995 to the Virginia Ry. & Power Co. Secured by first mortgage on 22 miles of street railway in Norfolk. Va. Franchise ex- pires 1938. Underlies — Norfolk Ry. & Light 1st Cons. 53. due 1949. which provide for the retirement of this issue. Earnings — See Virginia Ry. & P. Co. Listed on the Baltimore and Richmond Stock Exchanges. Market. Baltimore — Middendorf, Williams & Co.. Hambleton & Co.. Howard R. Taylor & Co. New York — Hornblower & Weeks. Hamble- ton & Co. Philadelphia — S. K. Phillips & Co. Norfolk — Mottu & Co. Price Range. Jan, 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.109 '19 112 '09 96 Nov. 100 Nov. Dow. 92% '18 95 '18 02% Aug. 95 July 878 NORFOLK TERMINAL & TRANSPORTATION CO. 1st 5s. Due Feb. 1. 1948.— F. Dated February 1, 1898. Interest payable Feb. and Aug. 1, at C. & O. Ry. Co., N. T. Tax Status — 1% Federal Income Tax paid by Company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Chesapeake & Ohio Ry. Co. by endorsement. Organization and Control — Incorporated in Virginia in 1898 and entire stock owned by the Ches. »& Ohio Ry. Co., which has deposited same under its General Funding & Imp. Mort- gage. Secured by a first mortgage on terminal and water front property and on interest in lands under water in Norfolk, Va., adjoining the Chesapeake & Ohio Ry. pier. Market. New York — Chas. W. Place. Moore & Co., Abraham & Co., Baker, Carruthers & Pe'.l, .Tohn Davenport, Taylor, Smith & Hard. Norfolk — Mottu & Co. Price Range. Jan. 1, '16 to Jan. 1, 19 Bid Ask High.96 '17 100 '16 T^ow.Td '17 85 '17 NORFOLK TERMINAL RAILWAY CO. 1st 4s. Due May 1, 1961.— F. Dated May 20. 1911. Interest payable May ^nd Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Autliorized — $2:000,000. Outstanding— 51,000,000. Reserved for Ext. — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — -Guaranty Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date after Nov. 1, 1925, on 90 days' notice. Guaranteed principal and interest jointly and severally by endorsement by the Norfolk & Western Ry. Co. and the Virginia Ry. Co. and under separate agreement by the Norfolk Southern R. R. Co. Organization and Control — Incorporated in Virginia in 1910 and completed the construc- tion of terminal in 1912. Entire stock is owned jointly by the Norfolk & Western Ry. Co.. the Virginia Ry. Co. and the Norfolk Southern R. R. Co., which have agreed to use the property exclusively for their passenger trains and to be severally responsible for all taxes, interest and principal of bonds. Secured by a first mortgage on the entire property, including the Union Passenger Sta- tion, office buildings, terminals and six acres of land in Norfolk, Va. Legal for Conn. Market. New York — J, S. Farlee & Co., Baker, Car- ruthers & Pell, Abraham & Co., John Daven- port, Wm. C. Bwen, F. .T. Lisman & Co. Philadelphia — Biddle & Henry, H. D. Boen- nin^ & Co, Norfolk — Mottu & Co. Friee Range, .Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '12 79 Jan. 80 Dec. Low. 67 '18 §9 '18 67 Sept. 69 Sept. NORRISTOWN & MAIN LINE CONNECTING RAILROAD CO. 1st 48. Due September 1, 1952.— F. Dated September 1, 1902. Interest payable March and Sept. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income, Tax paid by Company without deduction. Tax exempt in Pennsylvania. Antliorized and Outstanding — $250,000. Denomination — Coupon, $1, 000. Registerable as to principal and fully registerable. Trustee — Girard Trust Co., Philadelphia. Guaranteed as to principal and interest by the Reading Company by endorsement. Organization and Control — Incorporated in Penn. in 1901 and entire stock is owned by the Reading Company. Property leased for 999 years from 1904 to Philadelphia & Reading Ry. Secured by first mortgage on 0.64 miles of track and bridge over the Schuylkill River from Norristown to a connection with the main line of the Philadelphia & Reading Ry., about a mile north of Bridgeport, Pa. Legal for Me., Mich., Minn.. N. J, and Wis. Market. Philadelphia — B. W. Clark & Co.. Huntoon & Co. NORRISTOWN TRANSIT CO. 1st 5s. Due Feb. 1. 1942.— F. Dated Feb. 1, 1912. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Pennsylvania. Authorized — S 2 00,000. Outstanding — $150,000. . Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Lehigh Valley Transit Co. and the Philadel- phia & Western Ry. Co. Control — The stock is owned by the Phila. & Western Ry. Co. and the Lehigh Valley Transit Co. Secured by a first mortgage on 2 miles of track in Norristown, Pa., extending from in front of the Court House to the Borough Line, connecting the Lehigh Valley Transit Com- pany's line with the Phila. & Western Ry. and forming part of a high-speed through route between Philadelphia and Allentown, Pa. Franchise is perpetual. Original Market — Offered by E. B. Smith & Co., Philadelphia and New York, at 94%. Market. Philadelphia — E. B. Smith & Co. , Brown Bros. S. K. Phillips. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High. 93% '16 95 '16 86% Aug. Low. 86'A '18 NORTH AMERICAN LIGHT & POWER CO. First Lien 6s. Due Jan. 1, 1937. — F. Dated Jan. 2, 1917. Interest payable Jan. 1 and July 1, at First Trust & Savings Bank. Chicago, or First National Bank, New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — 825,000,000. Outstanding — $2,755,000 (April 1, 1919). Reserved for Ext.— $22,245,000. Additional bonds issuable for 80% of cost of additions, extensions and acquisitions when net earnings for p)receding twelve months are 1 % times interest charges on bonds outstand- ing and to be i.ssued. Entire issues of bonds and stocks of additional properties must be deposited. Denomination — Coupon (interchangeable), $1,000, $500 and $100. Regiaterable as to principal. Trustee — First Trust & Savings Bank, Chicago. Redeemable at* 102^ and interest on any interest date. Improvement and Sinking Fund — Annually beginning May 1, 1922, viz.; May 1, 1922, to May 1, 1926, inc., 1^% of outstanding bonds; May 1, 1927, to May 1, 1931, inc., 1%%: May 1, 1932, to May 1, 1936. inc.. 2%.i One-half of this fund for extensions, etc., against which no bonds can be issued and one-half for the purchase or redemption of these bonds at not over 1'02% and interest. Organization — Incorpo rated in 1916 a* hold- ing company and acquired the securities of a number of public utility companies. Capital Steele Authorized Outstanding JrTeferred $10,000,000 $850,000 Common 2.000,000 2,000.000 Secured by a first lien on all the bonds and stocks of companies owning the following prop- erties: Gas, electric and ice in Ardmore; electric, gas and ice, Ringling; gas in Heald- ton, Wilson and Wirt, Okla. ; electric and ice in Durant and Waurika; electric in Caddo, Bennington, Madill and Bokchita, Okla. ; gas and electric in Moberly; electric in Hunts- viUe; electric, heating and ice in Kirksville; gas and electric, Boonville, Mo. ; electric in Higbee, Mo. ; ga s and electric, Washington Court House and Bloomingburg; electric in Milledgeville. New Holland, Leesburg, JefEer- sonville, Buena Vista, South Solon and At- lanta, Ohio. Substitution may be made by pledging securities of equal value. Franchises are reported as satisfactory. Year ended Dec. 31 Gross Net Interest 1918 $1,025,867 $308,923 $152,758 1917 807,573 267,823 127,193 1916 620,951 259.138 22,934 Original Marltet — Offered Jan.. 1917, by Powell, Garard & Co., Warren Gorrell & Co., Central Trust Co. of Illinois, Chicago Savings Bank & Trust Co., National City Bank. Chi- cago; Second Ward Savings Bank, Milwaukee; Baker, Ayling & Young, Boston; Chas. J. Bender & Co., Philadelphia, and L. E. Ander- son & Co., St. Louis, at 100 and interest. Market. Boston — Baker, Ayling & Young. Fiiiladelphia — Baker, Ayling & Young. Springfield — Baker, Ayling & Young. New York — J. A. Clark & Co. Milwaukee — Second Ward Savings Bank. Chicago — Chicago Savings Bank & Trust Co.. J. P. Hobbs & Co., Hanchette Bond Co., Powe'.l, Garard & Co., Central Trust Co. of Illinois. St. I^oui's — Mercantile Trust Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Ask Ask High. .100 '17 95 July Low. . . 95 '18 NORTH AlVnQRICAN OIL & REFINING COR- PORATION 10-Year First Lien Conv. 6s. Due Sept. 1, 1926.— F. Dated Sept. 1, 1916. Interest payable Sept. 1 and March 1, in New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Pennsylvania State tax refunded. Authorized — $2,000,000. Outstanding— $495,750 (Jan. 1, 1919). Deposited to Secure Notes — $190,000. Retirelly from July 1, 1916, to 1938. and 1% per annum thereafter, of outstanding- bonds, to be applied to the purchase or redemption of bonds at not exceeding 105 and interest. Improvement Fund — ^At least 7% per annum of gross earnings are to be applied to im- provements or additions, for which no bonds are to be issued. Organization — Incorporated in New York in 1913. and absorbed the "Watertown Light & Power Co. and Carthage Electric Light & Power Co. in 1914. Secured by a first mortgage on a hydro- electric plant and 9 6 miles of transmission lines and distribution systems supplying Sack- ett' s Harbor, Carthage and other towns in Northern New York, and supplying current to companies distributing electricity in Adams, Edwards and other towns. Further secured by a second mortgage on plants distributing gas and electricity in Watertown, N. Y. The hydro-electric plants covered as a first mort- gage include those which generate over two- thirds of the power used by the company. The property of the company has been valued by the Public Service Commission of the Sec- ond District of State of New York at $3,100,- 000. Franchises are without time limit except in some of the smaller places, where they extend beyond 1950. Prior Lien — $1,654,500 Water, Lt. & Pr. 1st 5s. Year ended Dec. 31 Gross Net Interest 1918.... $989,853 $456,945 $178,154. 1917.... 718,659 303,177 148,830 1916 657,220 367.601 137,308 1915 506,087 284,219 138.960 1914 431,170 211,153 111.840 Original Market — Offered in March, 1915, by E. H. Rollins & Sons, Boston. New York, Philadelphia, etc., at 94 and interest. Market. Boston — B. PI. Rollins & Sons. New York — B. H. Rollins & Sons, H. N. Whitney & Sons, Foster & Adams, Martin, Berwin & Co. , Taylor & White, Hanson & Doyle, H. D. Robbins & Co. Utica — A. James Eckert. Philadelphia — B. H. Rollins & Sons, S. K. Phillips & Co. Chicago — E. H. Rollins & Sons. Denver — E. H. Rolling & Sons. San Francisco — E. H. Rollins & Sons. Los Angeles — E. H. Rollins & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 80 '18 97% '16 80 Mar. 86 Nov. Low. 78 '18 86 '18 78 Mar. NORTHERN NEW YORK UTILITIES. INC., Coll. Tr. 6% Convertible Notes. Due May 1. 1920.— F. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ¥381,600. Outstanding — $ 381,600. Denominations — Coupon, $500 and $1,000. Register able as to principal. Trustee — Columbia Trust Co., New York. Redeemable on any interest date on or be- fore Nov. 1, 1918, at 101 and interest, and thereafter at 100% and interest. Convertible at par and interest: (1) Into First Mtge. & Ref. 5s, as follows : From Nov. 1, 1917. to Oct. 31, 1918. on the basis of 90 and mterest for the bonds; from Nov. 1, 1918, to Oct. 31, 1919. on the basis of 91 and interest; from. Nov. 1, 1919, to maturity, on the basis of 92 and interest; (2) into the 7% Cumulative Preferred Stock on and after Nov. 1, 1919, on the basis of ten shares of stock (par $100) for each $1,000 note, interest and dividends to be adjusted. Organization — See 1st & Ref. 5s. Secured by r.ledge of $477,000 1st & Ref. 5s. due July 1, 1963, on the basis of $1,250 of bonds for each $1,000 note. Original Market — $ 381,600 offered Nov. , 1917. by E. H. Rollins & Sons, at 97% and interest. Price Range 1918 — Ask 98^.4 Nov. NORTHERN OHIO RAILWAY CO. 1st 5s. Due Oct. 1. 1945.— F. Dated October 1, 1895. Interest payable April and Oct. 1, at Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000 at the rate of $15,- 000 per mile. Outstanding — $2,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Guaranteed principal and interest by en- dorsement by the Lake Erie & Western Ry. Organization and Control — Incorporated in Ohio in 1895 as successor to the Pittsburgh, Akron & Western R. R. Entire stock is owned by the Lake Brie & Western R. R.. to which the property is leased for 999 years. A ma- jority of the stock of the L. B. & W. is owned by the New York Central R. R. Co. Secured by first mortgage on 162 ntiles of road from Akron to Delphos, Ohio. Legal for Me. lasted on the New York Stock Exchange. Original Market — $2,500,000 ofCered by Ver- milye & Co., New -York, Oct., 1895, 'at 103 and interest. Market. New York — Wm. C. Bwen, Baker, Carruth- ers & Pell, F. H. Hatch & Co. Philadelphia — Chas. Fearon & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.117 Jan. 17. '06 80% Oct. 1 Low. 80% Oct. 1, '18 80% Oct. 1 (THE) NORTHERN OHIO TRACTION & LIGHT CO. 1st Cons. 4s and 5s. Due Jan. 1, 1933.— F. Dated January 1, 1903. Interest payable Jan. and July 1, at First National Bank, New York, or Trustee's office, Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. 893 Authorized — Closed mortgage. Outstanding — $2,224,000-4s; $996,000-5s. Pledged as Collateral for 1st Lien & Ref. Ss of 1956— $1,276,000 4s; $4,000 5s. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland, Ohio. Organization — .See 1st Lien & Ref. 6a. Secured by mortgage on 241 miles of track extending from Cleveland through Akron, Canton, MassiUon and New Philadelphia to Uhrichsville, with branches to Kent, Ravenna, Wadsworth, Barberton and East Greenville, and electric light plants in Akron and Bar - berton, together with 1,000 acres of coal lands in Noble County, Ohio. Electric light- ing franchises are perpetual, a large part of the railway mileage Is on private right-of- way and franchises are either perpetual or extend to 1924. Underlies — 1st Lien & Ref. 5s, due 1966, which provides for the retirement of this issue. Xlarnings — See 1st Lien & Ref. 5s. Listed on the Cleveland Stock Exchange. Original Market — $1,600,000 offered by Hay- den, Miller & Co., at par. Sept., 1913. Market — 4s. Cleveland — Roland T. Meacham, Borton & Borton. Philadelphia — Bauer, Starr & Co. . Berdell Bros. New York — ^A. E. Fitkin & Co., Louchheim. Minton & Co., Dunham & Co., Joseph & Wiener, E. & C. Randolph, Merrill, Lynch & Co., Hodenpyl, Hardy & Co.. Cofhn & Burr, Berdell Bros. Boston — Coffin & Burr. Market — 5s. New York — TV. E. Hutton & Co., Hodenpyl. Hardy & Co., Hornblower & "Weeks, Kiely & Horton. E. & C. Randolph, Merrill, Lynch & Co., Coffin & Burr, Bauer, Starr & Co., F. H. Hatch & Co., Lynch & McDermott. Taylor & "White. Cleveland — Borton & Borton, Roland T. Meacham, Chicago — J. P. Hobbs & Co. Cincinnati — W. E. Hutton & Co. Boston — Coffin & Burr, Kimball, Russell & Co., Arthur Perry & Co. Price Range. Jan. 1. 1908 to Jan. 1, 1919 4s. Bid Ask Bid Ask High.86 '17 90 '16 76 Dec. 80 Dec. Low.50"08 60 '08 65 Mar. 72 Mar. 5 s. High.98^ -17 100 '16 80 Jan. 88 Jan. Low. 75 '09 75 '08 78 July 85 Dec. 1918 (THE) NORTHERN OHIO TRACTION & LIGHT €0. Isi lien & Ref. Ss. Due Aug. 1, 1956. Dated Aug. 1, 1916. Interest payable Feb. 1 and Aug. 1. in New York or Trustee's office, Cleveland. iJax Status — 1% of the 2% Federal Income Tax refunded by company. Authorized — See "Provisions of Issue" be- low. Outstanding — $4,616,000 (June 2. 1919). Pledged to Secure Seven-Year 6s — $5,750,000. In Treasury — $718,500. Reserved to Retire Prior Lien's — $6,549,000. Provisions of Issue — Additional bonds Issu- able for construction, additions, etc., at 85% of the cash cost provided net earnings for the preceding twelve months are at least twice interest charges on all outstanding bonds, in- cluding underlying bonds and those to be Is- sued. Denominations — Coupoii, $1,000, $500 and $100. Reglsterable ($1,000) as to principal only. Registered, $1,000 and multiples, inter- changeable with coupon bonds of $1,000. Trustees — The New York Trust Co. , New York, and Citizens' Savings & Trust Co., Cleve- land. Redeemable on any Interest date at 105 and interest. Maintenance and Depreciation Fund — Be- ginning with the fiscal year 1916 and annually thereafter 20% of gross earnings. Insurance Reserve— Beginning with the fiscal year 1916, 4% 6t gross earnings until the fund amounts to $100,000. at which It is to be maintained for settlement of damage claims and similar liabilities. Organization — Incorporated In Ohio in 1902 as a consolidation. ' Authorized Outstanding Common stock $10,000,000 $7,100,090 Preferred stock 10.000,000 5,220,160 Control — Over 99% of the common stock of this company has been acquired by the North- ern Ohio Electric Corporation. Secured by a mortgage on all the properties now owned by the company and by deposit of $5,826,000 prior lien bonds. The property covered includes 249 miles (single track eauiva- lent) of street and interurban railway, of which 98 miles are street railway and 150 miles interurban. comprising the street rail- way systems In Akron. Canton and Massillon, O., and Interurban railway connecting these cities with Cleveland. Also includes plants supplying electric light and power In Akron and supplying directly or indirectly nine other communities. The equipment covered includes 72 modern type interurban cars, 228 city cars and 56 miscellaneous cars. The three princi- pal generating stations have a combined in- stalled capacity of 32,500 k.w. The generat- ing plants are connected with 17 substations. Franchises for electric light and power prop- erties are without specified limit as to dura- tion; 70 miles of Interurban trackage are on private right-of-way; remainder of Interurban mileage and city lines are operated under franchises expiring on various dates from 1917 to 1932. Prior Liens — $6,649,000 bonds, all of which mortgages are closed by the provisions of this issue, which also provides for their retire- ment. Year ended Dec. 31 Gross Net Interest 1918 $7,224,142 $1,768,450 $765,326 1917 6.389,609 1,812.147 632,069 1916 5,170,442 2.004,463 619,520 1915 3,890.751 1,517,741 628,309 Original Market — Offered Sept., 1916, by the National City Co., New York. Market. New York— A. E. Fitkin & Co.. A. S. Benesch & Co. , John Nlckerson, Jr. , John Muir & Co.. H. N. Whitney & Sons. E. & C. Randolph, Hodenpyl, Hardy & Co., The Na- tional City Co.. Bauer. Starr & Co.. H. F. McConnell & Co., McClure, Jones & Reed. Tay- lor & White. Detroit — ^Watling, Lerchen & Co, Chicago — J. P. Hobbs & Co., Hodenpyl. Hardy & Co.. H. T. Holtz & Co. Philadelphia — ^H. D. Boenning & Co. Springfield — Moody Bros. & Co. Portland, Me. — Beyer & Small. Boston — Kimball, Russell & Co. 894 Price Range, Jan. 1, *17 to Jan. 1, '19 1918 Bid Ask Bid Aak High.93 '17 95 '17 83 Dec. 86% Dec. Low. 75 '18 78 '18 75 June 78 June NORTirERN OHIO TRACTION & LIGHT CO. Seven-Year Secured 6s. Due June 1, 1926. Dated June 1, 1919. Interest payable June and Dec. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — See "Provisions of Issue." Outstanding — $4,600,000. Provisions of Issue — Additional bonds issu- able against deposit of cash or ag-ainst pledge with the Trustee of 1st Lien & Ref. 5s in principal amount equal to 125% of principal amount of these bonds issued, provided net earnings of the company for twelve consecu- tive calendar months ending not more than 60 days prior to the issuance 'of such additional bonds shall be at least twice the annual bond interest charges. Purpose of Issue — To provide funds to re- tire $2,995,000 Northern Ohio Traction Co. 1st Cons, 5s due July 1. 1919, and $1,450,000 N. O. T. & L. Serial 7s due annually to 1928. Denominations — Coupon $100. $500 and $1,000. registerable as to principal. Trustee — Bankers Trust Company, New York. Redeezaable as a whole or in part at any time upon 30 days' notice at 101 and interest. Organization — See 1st Lien & Ref. 5s. Secured by a pledge of $5,750,000 of the company's 1st Lien & Ref. 5s, due August 1. 1956. Earnings — See 1st Lien & Ref. 52. Original Market — OfCered June, 1919, by Na- tional City Company. New York, etc., at 96 and interest to yie'.d about 6%%. NORTHERN ONTARIO UGHT & POWER CO., Ltd.. 1st 6s. Due April 1, 1931.— N. Dated April 1, 1911. Interest payable Jan. and July 1, at Banx. of Toronto, Toronto, Ont. : Bankers* Trust Co., New York; and W. P. Bonbright & Co., London, Eng. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $15,000,000. Outstanding— $4,951,000 (June 2, 1919). Retired by Sinking Fund — $942,500. Reserved for Ext. — $9,106,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Toronto General Trusts Corpora- tion, Toronto, Ont. Redeemable on any interest date at par and Interest. Sinking Fund — Annual'y beginning Oct. 15, 1912, a sum equal to 2%% of bonds thereto- fore issued (including bond cancelled by this fund) for the purchase or redemption of these bonds at not over par and interest. Organization — Incorporated in Ontario in 1911 and has acquired the properties of the Cobalt Power and subsidiary companies, the Cobalt Light, Power & Water Co., Ltd., and the British Canadian Power Co., Ltd. Secured by a first mortgage on the entire property of the Company, including two hydro- electric plants totalling 6,500 h. p. and a hydraulic air compressor plant of 5,000 h. p. on the Montreal River, six miles from Cobalt; a hydro-electric plant of 10,000 h. p, on the Matabitchouan River thirty-five miles from Cobalt, Ont.; and six auxiliary plants of a total capacity of 6,000 h. p., together with dams. Compressed air Installations, buildings and transmission lines. The company fur- nishes electricity ahd compressed air In Co- balt mining district and vicinity. Year ended Dec, 31 Gross Net Bond Int. 1918 $908,051 $647,622 $276,360 1917 917,360 655,767 275,485 1916 818.530 611,309 273,360 1915 822,266 618.806 273,360 Original Market — $2,000,000 underwritten by Choates, Son & Co. and British Elec. Trac. Co., London, and Hanson Bros., Montreal, Oct.. 1912. Offered in January, 1915, by A. D. Con- verse & Co., New York, at 88 and Interest. Market. New York — A. D. Converse & Co.. Joseph & Wiener. S. L. Snowden, Gude, WinmlU & Co., S. P. Larkin & Co., W. C. Macomber. J. S. Bache & Co.. J. S. Farlee & Co.. Wm. C. Ewen. E. & C. Randolph. Hanson & Doyle, Abraham & Co.. Bauer. Starr & Co., Berdell Bros., F, H. Hatch & Co.. T. Hall Keyes & Co., Kie.y & Horton, Lynch & McDermott. H. P. McConneir& Co.", McClure. Jones & Reed, John Nickerson, Jr. Montreal — Hanson Bros. Philadelphia — O. B. Lansinger & Co., A. D. Converse & Co., Bauer, Starr & Co., H. D. Boenning & Co. St. liOQts — Herrick J. Gray & Co. Detroit — Joel, Stockard & Co. Price Range. Jan. 1, 1912 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.90 '13 92M! '14 80 Dec. 86 Sept. Low. 73 "18 73% '18 73 Mar. 73% July NORTHERN PACIFIC-GREAT NORTHERN (Joint) C, B. & Q. CoU. Tr. 48. Doe July 1, 1921.— P. Dated July 1, 1901. Interest payable cou- pon Jan. and July 1, at J. P. Morgan & Co., New York and In Berlin at the rate of 4.2 marks per Dollar. Registered, Jan., April, July and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized Issue Twice Far Value of C, B. & Q. Stock — $222,400,000. Outstanding — $215,227,000. Issuable for C, B. & O. Stock at Rate of $1,000 Bonds for Each $500 Stock — $7,173,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000, $5,000 and multiples of $5,000. C. & R. interchangeable. Trustee — Guaranty Trust Co.. New York. Redeemable in* amounts of $1,000,000 and over, at 105 and interest on any Interest date, a II coupon bonds to be redeemed before reg- istered. Secnrity — ^A direct obligation of the Great Northern Ry. Co. and the Northern Pacific Ry. Co, and secured by deposit with Trustee of $107,613,500 Chicago, Burlington & Ouincy R. R. Co. stock at the rate of $500 of stock for $1,000 bond. Dividends are being paid on this stock at the rate of 8 % per annum. Bach of the companies is obligated primarily for one-half of the outstanding bonds, but in case of default by either the other company becomes the sole owner of the total deposited shares and becomes solely obligated for the whole Issue of these bonds. Under the terms of the mortgage the companies agree that any further C, B. & Q. stock that may be issued shall be deposited proportionately. The Ist & Ref. Mtge. of the Great North- em Ry. Co. contains the following clause: "The Great Northern Ry. Co., anything In this indenture contained to the contrary not- 895 withstanding, now and hereby includes in the debt secured by this mortgage or deed of trust, any balance that the Great Northern Ry. Co. shall be bound to pay on account of the said indenture to the Standard Trust Co. of New York (the original trustee under this indenture) of date July 1, 1901, after the application of the stock pledged under the said last mentioned indenture. The Refdg. & Impvt. Mtge. of the Northern Pacific Ry. Co. con- tains a clause of similar import, so that these bonds are now, to all intents, equally secured as to payment of principal, with the two mortgages mentioned above on the property of the Great Northern Ry. Co. and the Northern Pacific Ry. Co. Refunding — An eq.ual amount of Great Northern Ry. 1st & Ref. 4^As and Nor. Pac. Ref. & Imp. 4%s have been reserved to retire this issue. I^egal for N. H. and R. I. Listed on the New York and London Stock Exchange. Original Maiicet — Underwritten by J. P. Morgan & Co. Market. New York — Active on N. Y. Stock Exchange. Boston — Harris Forbes & Co., Curtis & San- ger, Parkinson & Burr.. Chicago — Kean, Taylor & Co., Curtis & San- ger, Harris Trust & Sav. Bank, Union Trust Co. Minneapolis — Minn. Trust Co. Omaha — City Trust Co. San Diego — Stephens & Co. Philadelphia — Graham, Parsons & Co., New- burger, Henderson & Loeb, Harper & Turner, Biddle & Henry. S. K. Phillips & Co. Price Range-^N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 Coupon. 10, 'OG 4. '07 Registered. 19, -06 26, '07 High.101% Jan. Low. 82% Nov. High.101% Jan. Low. 82% Oct. 1918 961^ Nov. 7 92 Mar. 25 94^,4 Nov. 1 91% Mar. 20 NORTHERN PACIFIC RAILWAY CO. Incorporated in 18 9i6 as successor to the "Railroad" company of the same name. The, company owns 6,780 miles of road, of which 633 miles are double-tracked, from Minneap- olis and St. Paul- Minn., to Portland, Ore., and Seattle, Wash., and branches to Duluth, Minn., and numerous other points in Wiscon- sin, Minnesota. North Dakota, Montana, Idaho, Oregon and Washington. Through stock own- ership or lease the company controls 366 miles of road additional. Equally with the Great Northern Ry. Co. this company owns practically the entire capi- tal stock of the Chicago, Burlington & Quincy, R. R. Co, , owning and operating more than 9,100 miles of road between Chicago and St. Paul, Minneapolis, Omaha, Kansas City, Den- ver and Billings. Mont., where connection is made with the Northern Pacific Railway Co., - and controlling roads extending from Wyoming to the Gulf of Mexico. In 1914 the company acquired the Gilmore & Pittsburgh R. R. extending 119 miles from Armstead, Mont., to Gilmore, Idaho. The construction of the road is reported to have cost $5,500,000. By building some additional mileage this road can be utilized to shorten the through line of the Northern Pacific Ry. Co. about 140 miles. The Northern Pacific Ry. Co. has outstand- ing $248,000,000 stock. Dividends have been paid on this stock annually since 1899, and since 1904 the rate has been 7% per annum. The company has outstanding, secured on the 6,780 miles of road which it owns, $212,- 623,500 bonds at the rate of $31,360 per mile. For a long period of years the annual net in- come has been in excess of three times the interest on the entire funded debt. Year ended Dc. 31 Gross Net Int. & Rent *1918..$30,089,692 $38,222,307 $14,221,035 tl918.. 102, 908,259 30,678,681 1,817,418 1917.. 88,225,726 42.790,502 13,287.816 1916. . 80,281,343 40,204,288 13.256,277 1915.. 66.992,429 36,847,805 13,199,655 ♦Coriwrate Income Account-Standard return under ITederal control. IFederal Income Account, NORTHERN PACIFIC RAILWAY CO. Prior Lien 4s. Due January 1, 1997. — F. Dated November 10, 1896. Interest payable quarterly, Jan., Apr., July and Oct. 1. at J. P. Morg-an & Co,. New York, and in Berlin at 4.20 marks per dollar. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $110,909,500 (June 2. 1919). Retired by S. F.— $10,740,500. Denomination — Coupon, $1,000 and $500. Registerable as to principal, or fully regis- terable. Registered. $100 and multiples. Trustee — Bankers' Trust Co., New York. Sinking Fund — Annually one-half of the net proceeds from the sales of lands granted but not exceeding $500,000, for the purchase of these bonds at not over 110; bonds so pur- chased to be cancelled. If not so purchasable, amount is to be applied to the purchase and cancellation of Gen. Lien 3s at not over par. The other one-half of said net proceeds, and any excess over $500,000, is to be set aside annually by Trustee as a cash fund to be used by company for construction or acquisi- tion of securities of controlled companies. Secured by direct or collateral lien on 5.482.39 miles of road and on securities aff listed below, also on about 5,800.000 acres of land grants. A first lien on 4,770.78 miles^ Miles Ashland, Wis., to Vancouver, Wash. 2, 102, 55 Globe to Portland, Ore 38.87 Pasco to Wallula, Wash 13.89 Central Ave., Superior, Wis., to Rice's Point, Duluth, Minn 7.69 Bay Front Lines, Superior, Wis 1.08 Walbridge Line, Wis., and Minn 3.25 Broadway to Mississippi St., St. Paul, Minn 1.53 Logan to Garrison, Mont 124.33 DeSemet to St. Regis. Mont 71.42 Auburn to Seattle, Wash 22.41 Seattle, Wash., to International Boundary Line 126.66 Drawbridge Line. Tacoma 1.38 Iron River to Washburn, Wis 33.78 Little Falls to Morris, Minn 87.90 Wadena to Oakes, N. D 149.50 Manitoba Jet., Minn., via Crooks- town to International Boundary Line 190.40 Fertile to Carthage Jet., Minn 54.46 Keywest to Sherack. Minn 6.13 Casselton to Marion, N, D 60.13 Fargo to Streetor. N, D 148.61 Fairview Jet. to Bayne, N. D 14.83 Sanborn to McHenry, N. D 62.88 Jamestown to La Moure, N. D 48.51 Independence to Oakes, N. D 15.16 Jamestown to Leeds, N. D 107.48 Carrlngton to Turtle Lake, N. D 85.03 Oberon to Esmond, N. D 28.08 McKenzie to Linton, N. D 44.20 Laurel to Red Lodge. Mont 44.14 Silesia to Brldger, Mont 19.74 Livingston to Gardiner, Mont , 54.21 Sappington to Norris. Mont 20.93 Harrison to Pony, Mont 6.6S Whitehall to Adler, Mont 45.73 Sturat to Anaconda, Mont 8.53 Helena to McLellan Spur; Boulder to High Ore Spur and to Queen Siding, - Mont 22 . 01 Helena to Rimini, Mont 16.37 Clough Jet. to Maryaviiie, Mont 12.58 Drummont to Phillipsburg, Mont 25.94 Missoula to Darby, Mont 66.37 St. Regis Jet., Mont., to Wallace, Idaho 58.72 Wallace to Burke, Idaho 6.66 Wallace to Seccess, Idaho 5.66 Hauser to Coeur d' Alene, Idaho 13 . 61 Marshall, Wash., to Lewiston, Idaho, 138.67 Fuliman, Wash., to Genesee, Idaho... 27.60 Belmont to Farmington, Wash B . 89 Davenport to Dennys, Wash 18.13 Cle Blum Jet. to Lakedale, Wash.... 7.18 Palmer Jet. to Meeker Jet.. Wash 33.55 Kanaskat to Kerriston, Wash 16.11 Cascade Jet. to Spiketon, Wash 3.63 Cascade Jet. to Fairfax, Wash 16.94 Crocker to Wingate, Wash 5.44 Orting to Lake Capousin, Wash 10.03 Tacoma Tide Flats, Wash 1.05 Woodinville to Sallal, Wash ^ 39.17 Snohomish to Everett, Wash 11.38 Black River Jet. to Woodinville, Wash. 24 . 11 Hartford to Monte Cristo, Wash 42.12 Arlington to Darrington, Wash 28.08 Wickersham to Bellingham, Wash 22.75 Lakeview to Gate, Wash 39,90 Centralia to Bay City, Wash 68.59 Elma to Simpson, Wash 10.29 Aberdeen to Moclips. Wash 34.28 Cosmopolis Jet. to Cosmopolis, Wash. 1.89 Chehalis Jet. to South Bend, Wash... 56.68 Vancouver Jet. to Taeolt, Wash 27.25 A first collateral lien on 533.40 miles — Through deposit of all the bonds and all the capital stock of the Mani- toba Ry. : International Boundary Line to Winni- peg 65.94 Morris to Brandon 145 . 24 Souris River Branch, Hilton to Harney 50.94 Portage to La Prairie Branch, Winni- neg to La Portage 52.54 Hope Farm Branch 2.86 Fair Ground Branch 0.84 Winnipeg Terminal 1.24 Portage la Prairie to Delta 15 . 05 Portage la Prairie to Beaver 20.00 Through deposit of all the bonds and $350,000 (of a total issue of $500,- 000) capital stock of the Minnesota & International Ry. : Brainerd to Grand Falls, Minn 167.42 Funkley to Kelliher; Minn 11.33 A -second lien on 178.21 miles — Covered by the first lien of the St. Paul & Northern Pacific 1st 6s.... 178.21 Further secured by deposit of the following stocks: Pledged Issued St. Paul Union Depot Co... $43,750 $932,400 Duluth Union Depot & Transfer Co 150,000 300,000 Minnesota Transfer Ry. Co. 7.000 70,000 Northern Pacific Coal Co.. 100,000 Northern Pacific Express Co. 343,000 Prior Lien — $7,755,000 St. Paul & Nor. Pac. 1st 6s, due 1923, for the retirement of wMch bonds of this issue have been reserved. Underlies — General 3s, due 2047, and Rfdg. & Impvt, 4%B. which provide for the retire- ment of this issue. Legal for Bait,.. Cal., Conn., Mass.,, Mich.. Minn., N. H.. N. J., N. T., R. L, Vt and Wis. Listed on the- New "^ork, Boston. Philadel- phia, London and Amsterdam Stock Ex- changes. Original Market — $1,000,000 in Feb., 1914, at 96% and interest: the balance in July, 1914, at 95% by Kean, Taylor & Co., Chicago and New York. Market. New York— Active on N. T. Stock Exchange. Cincinnati — A. E. Aub & Co. Baltimore — Mercantile Trust & Deposit Co. Piiiiadelphia — Graham, Parsons & Co., Cas- satt "&. Co., E. B. Smith & Co., Harper & Turner, Uostoh — P. S. Moseley & Co., Parkinson & Burr, R. L. Day & Co., Lee, Higginsori & Co. Chicago — Halsey, Stuart & Co., Harris Trust & Savings Bank, Hodenpyl, Hardy & Co., Kean, Taylor & Co., Francis Jewett Johnson. Mimieapolis — Stevens, Chapman & Co. Wilkes-Barre — ^Morris & Rice. Price Range — ^N. Y. S. E. Jan. \f 1906 to Jan. 1, 1919 1918 Coupon. High.106% Jan. 12, *06 90 Nov. 27 Low. 79% Sept. 26. '18 79% Sept. 26 High.106 Jan. 25. '06 ' 80 May 16 Low. 78% June 24. '18 78% June 24 Gen. NORTHERN PACIFIC RAILWAY CO. Lien 3s. Due Jan. 1, 3047. — F. Dated November 10, 1896. Interest payable quarterly, Feb., May, Aug. and Nov. 1, at J. P. Morgan & Co., New Tork, and in Ber- lin at 4.20 marks per dollar. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $54,601,500. Held In Treasury — $5,398,600. Denomination — Coupon, $1,000 and $500. Registerable as to principal only, or fully registerable. Registered, $ 1 and multiples. Trustee — Farmers' Loan & Trust Co., New Tork. Sinking Fund — The balance (which cannot exceed $500,000 per annum) remaining unap- plied under the Sinking Fund provisions of the Prior Lien 4p in case they are not pur- chasable up to 110, will be applied to the purchase and cancellation of these bonds at not over par, or if not obtainable at that price to the purchase of securities legal for New Tork Savings Banks. Secured by a mortgage on all the property covered by the Prior Lien 4s and subject to the lien of that mortgage. Prior Liens — $7, 763, 000 St. Paul & Nor. Pac. 1st 6s, due 1923. and $112,160,500 Nor. Pac. Prior Lien 4s, due 1997. Underlies — Ref. & Impvt. 4%s, 2047, which provide for the retirement of this issue. Legal for Bait., Cal., Conn., Mass. N. H., N.. T., R. I. and Vt. Listed on the New Tork, Boston, Philadel- ' phia and London Stock Exchanges. Market. New York — ^Active on N. T. Stock Exchange. Boston — Harris, Forbes & Co. Philadelphia — Harper & Turner. Chicago — Harris Trust & Savings Bank. Price Range — N. Y. S, E. Jan. 1. 1906 to Jan. 1, 1919 Coupon. High.78% Jan. 24, '06 Low. 56% Apr. 16. '18 Registered. High.76 June 25, '06 Low. 58 Get. 23, '18 191S 64% Nov. 12 56% Apr. 16 58 Oct. 23 68 Oct. 23 897 NORTHERN PACIFIC RAILWAY CO. St. raiil-Dnluth Div. 4s. Due Dec. 1, 1996. Dated June 15, . 1900. Interest payable June and Dec. 1, at 'J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — 1 8,0 SO, 000. Retired by S. F.— $2,339,000 (June 2, 1919). Denomination^Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000. Trustee — Guaranty Trust Co., New York. Sinlcing Fund — ^Proceeds from sale of all lands covered by the Northwestern Improve- ment Bonds are to be applied to the purchase and redemption of this issue at not exceed- ing 105 and Interest, bonds so acquired to be cancelled. If not so purchasable to be applied to betterments and additions to the mortgaged property. Secured by direct mortgage on 243.36 miles of road, viz. : First lien 13.62 miles — Miles White Bear to Bast Minneapolis, Minn. 13.62 Second lien 64.47 miles — Covered by St. Paul & Duluth 1st Cons. 43 , 64.47 Third lien 166.27 miles — Covered by St. Paul & Duluth 1st 6s and Cons. 4s 165.27 These bonds- were also secured by pledge of the entire issue of Northwestern Improvement Co. .' Debenture Bonds, covering the lands granted to the St. Paul & Duluth K. H. As these lands were sold and proceeds applied in accordance with the provisions of the Sink- ing Fund an equal amount of Debentures was cancelled. The original issue amounted to $4,000,000, all of which have been cancelled. Also secured by pledge of $26,000 of the $300,- 000 stock of the Duluth Union Depot & Trans- fer Co. • Trior I/iens — $1,000,000 St. Paul & Dul. 1st 6s, due 1931, and $1,000,000 1st Cons. 4s, Underlies — Ref. & Imp. 4%s of 2047, which provide for the retirement of this issue. I^egal for Bait., Cal., Conn., Mass., N. H., N. Y.. R. I. and Vt. Listed on the New York Stock Exchange. Market. New York — Coffin & Co., Guaranty Trust Co.. Remick. Hodges & Co., Abraham & Co., Baker. Carruthers & Pe'.l. Korn, Lehman & Co.. Taylor, Smith & Hard, Wood, Struthers & Ci. , Chas. W. Place, Redmond & Co. Pittsburgh — R. B. Hutchinson & Co. Raltimore — Machubin, Goodrich & Co. Price Range— N. Y. S. E. ■Ian. 1, 1906 to Jan. 1, 1919 1918 High.lOl Jan. 24, '06 76 June 20 Low, 74 Aug. 2, '18 74 Aug. 2 NORTHERN F.^CIFIC RAILWAY CO. Ref. « ImKV't Mtse. 4%s, Series "A." Due July 1. 8047.— N. Dated July 1, 1914. Interest payable Jan. 1 and July 1, at office of Company, 34 Nassau St., New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Limited to an amount which, together with all prior debt, less any of these bonds reserved for the retirement of such prior debt, shall not exceed three times the capital stock then outstanding. But canfiot be issued above $300,000,000 except to retire prior liens, unless authorized by majority vote oi capital stoclc. ' Outstanding — $20,000,000. Denomination — Coupon, $1,000. Registerable as to principal only. Registered, $1,000, $5,000 and $10,000. C. & R. interchangeable. TruHtees — Guaranty Trust Co. and Wm. S, Tod. Redeemab:e as a while on July 1, 1919, or any interest date thereafter at 110% and in- terest. Secured by direct mortgage on 6,891,74 miles of road, viz. : A first lien on 868.54 miles — Miles St. Regis to Paradise, Mont 21.69 Tacoma to Tenino, Wash., via South Tacoma 39.49 Deerwood to Orelands, Minn 3.56 Deerwood to the Mines of the Cuyuna Mille Lacs and Duiuth-Brainerd Iron Companies 7.85 Grand Falls to International Fails, Minn 33.40 Pingree to Wilton, N. D 92.40 Mandan to Stanton, N. D 52.64 Mandan to Cannon Ball, N. D 42:41 Cannon Ball to Mott, N. D -91.35 Spring Creek Line, N. D., Running from Stanton westerly 68.73 Glendive to Sidney, Mont 64.81 Mission to Wilsall, Mont 22.93 Manhattan to Anceny, Mont 15.15 Arrow to Stites, Idaho 62.91 Joseph to Grangeville, Idaho 66 . 78 Snake River Jet. to Riparia, Wash. . . . 40.97 Connell to Adco, Wash 60.95 Bassett Jet. to Schrag, Wash 12.54 Sunnyside Jet. to Grandview, Wash... 20.09 Cowiche Branch, Wash 5.07 Naches Branch, Wash 13.07 Moxee Branch, Wash 8.85 Parker-Zillah Branch, Wash 17.09 Sinicoe Branch, Wash 9.91 Tumwater Branch, Wash 3.90 A second lien on 311.07 miles — Covered by the first lien of: Washington & Columbia River Ry. 1st 4s lfi7.69 Northern Paciflc-St. Paul-Duluth Divi- sion 4s 13.62 Washington Central Ry. 1st 43 129.76 A third lien on 4,835.26 miles- Covered by the first lien of: Northern Pacific Ry. Prior Lien 4s. .4,770. 78 St. Paul & Duluth R. R. First Cons. 4s 64.47 A third collateral lien on 533.40 miles — Covered by the 1st Coll. Lien of North- ern Pao. P. L. 4s 533.40 A fourth lien on 343.48 miles — Covered by the first lien of: St. Paul & Northern Pacific Ry. 1st 6s 178.21 St. Paul & Duluth 1st 6s 165.27 Also se;cured on various leaseholds and trackage rights and on the Company's ter- minals in Minneapolis, St. Paul, Duluth, Su- perior, Portland, Seattle, Tacoma, etc. Also on the greater part of the Company's equip- ment, which Is not covered by equipment obli- gations. Further secured by deposit of the following stocks — Pledged Issued Lake Superior Terminal & Transfer Ry. Stk $148,800 $496,600 St. Paul Union Depot Co. Stock 103,600 932,400 Spokane, Portland & Seattle Ry. Stock.. 20,000,000 40.000,000 Duluth Union Depot & Transfer Co. Stock. 300,000 300,000 Minnesota Transfer Ry. Co. Stock 7,000 70,000 886 Northern Pacific Coal Co. Stock 100.000 Northern Pacific Ex- press Co. Stock. . . 343,000 Prior laens— $195,406,500 (of which $8,348.- 600 are in the Company's Treasury), as fol- lows: Northern Pacific Ry. Prior Lien 4s of 1997 $112,160,500 Northern Pacific Ry. General Lien 3s of 2047 60,000,000 Northern Pacific Ry. St. Paul-Du- luth Div. 4s of 1996 8,080,000 St. Paul & Northern Pacific Ry. Gen. 6s of 1923 7,763,000 St. Paul & Duluth R. R. 1st 5s of 1931 1,000,000 St. Paul & Duluth R. R. 1st Cons. 4s of 1968 1,000.000 Washington & Columbia River Ry. 1st 4s of 1936 2,620,000 Washington Central Ry. Ist 4s of 1948 1,853,000 All the above issues are closed. LeKal for Bait., Cal., Conn., Me., Mass., Mich.. Minn., N. H., N. J., N. Y.. R. I., Vt. and Wis. Origrinal Market — $20,000,000 offered in July 1914, by J. P. Morgan & Co., National City Bank and First National Bank of New Tork at 97 and interest. Listed on the New York Stock Exchange. Market. New York — Bull & Bldredge, Sam'l Gold- schmidt. Moore & Co., Coffin & Co.. E. & C. Randolph, F. J. Lisman & Co.. Redmond & Co.. Vilas & Hlckey. Cincinnati — Fifth-Third National Bank. Boston — Arthur Perry & Co. Price Range — X. Y. S. E. Jan. 1. '1,5 to Jan. 1, '19 1918 Hi&h.Sl Dec. 31. '18 91 Dec. 31 Low. 82% Oct. 25. '18 82% Oct. 25 NORTHERN PACmC TERMINAL CO. OF OREGON 1st 6s. Due Jan. 1. 1933.— F Dated Jan. 1, 1883, Interest payable Jan. 1 and July 1, at Winslow, Lanier & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding^$2.633.000 (April 1. 1919). Retired by Sinking Fund — $1.«90.000. Denomination — Coupon, $1,000. Registerable ' as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 110 and Interest on any In- terest date for sinking fund only. Sinking Fund — Beginning Jan. 1, 1893, a ' sinking fund sufficient to retire the entire issue on or before maturity. Fund to be ap- plied semi-annually to the purchase or redemp- tion of these bonds at not exceeding 110 and interest. Bonds so acquired are cancelled. Guaranteed jointly and severally as to Inter- est and sinking fund by the Northern Pacific Ry. Co., the Oregon R. R. & Navigation Co, and the Oregon & California R. R. Co. (con- trolled by the So. Pac. Co.) under terms of lease. Controlled by guarantors by ownership of the entire $3,000,000 capital • stock, which is held by the Trustee until these bonds are retired. Secured by a first mortgage on terminal property located on the Williamette River near Portland, Oregon, comprising 270 acres of land with warehouses, docks, shops, 39 miles of track, 7,900 feet of dock frontage and a Union Passenger Station in Portland. Listed on the New York Stock Exchanges. Market. New York — Baker. Carruthers & Pell. Wood, Struthers & Co..' Redmond & Co., Abraham & Co., John Davenport. McKinley & Morris, H. I. Nicholas & Co., Taylor, Smith & Hard. Vilas & Hickey. Pittsburgh — R. B. Hutchinson & Co. Philadelphia — Chas. Fearon & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1,, 1919 1918 High.117 Nov. 14. '06 108% June 5 Low. 106% July 17, '18 106% July 17 NORTHERN RAILROAD CO. OF NEW JER- SEY 1st Ext. 4^8. Due July 1, 19^7.— N. Dated July 1, 1887. Interest payable Jan. and July 1. at Erie R. R. office, 60 Church Street, New York. > Extended July 1, 1917, Interest being re- duced from 6%. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $700. 000. Outstanding — $65 4, 000. Denomination — Coupon, $1,000, $500 and $100. Trastee — United States Trust Co., New York. Guaranteed principal and interest under terms of the lease by the Erie R. R. Co. Organization and Control — Incorporated in New York and New Jersey in 1864. In 1899 was leased during Its corporate existence to the Erie Railroad at a rental covering all obligations and 4% on the $1,000,000 stock. Secured by first mortgage at the rate of $30,400 per mile on 22 miles of double-track road from Bergen Junction to Sparkhill, N. Y. Underlies — General 4 % s, due 2000, twhich provide for the retirement of this issue. Legal for Cal., Conn., Me., Minn>, N. H., N. J. and Wis. Market. New York — Wood. Struthers & Co. , Abra- ham & Co. NORTHERN RAILROAD CO. OF NEW JER- SEY Gen. 4^8. Due Jan. 1. SOOO.— F. Dated January 1 , 1900. Interest payable Jan. and July 1, at Brie R. R. office, BO Church Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $154,000. Reserved for Prior Liens — $846,000. Denomination — Coupon, $1,000. Registerable- as to principal. Trustee — United States Mortgage & Trust Co., New York. Guaranteed principal and interest ulder terms of lease by the Erie R. R, Co. (See- 1st 6s.) Secured by a first collateral lien on 4^ miles of road from Sparkhill to Nyack, N. Y., being a first lien on the $150,000 Nyack & Northern 1st 7s, which cover said mileage; and a second mortgage on 22 miles from Ber- gen Jet. to Sparkhill, N. Y.r subject to prior lien at the rate of $30,400 per mile. These bonds are outstanding at the rate of $7,000 per mile. Prior Lien— $664,000 Northern R. R. of N. J. 1st 6s of 1927 for the retirement of which bonds are reserved under this mortgage. NORTHERN RAILWAY CO. (OF CALIFOR- NIA) Ist 5b. Due Oct. 1, 1938,— N. Dated Oct, J, 1888. Interest payable April and Oct. 1, at company's office. New York, Tax Status — Payment o£ Federal Income Tax earnings for maintenance and repairs or for not assumed by company, renewals and replacements. Any part of this Anthorized-^$21. 000,000. fund not so used may be expended for oxten- Olltstandlne — J4,761,000 (Closed mortgaee). slons and additions, but such expenditures Denomination — Coupon, $1,000. Resisterabls shall not be a basis for issuing new bonds as to principal or fully registerable. under this mortgage. Trustee — Central Union Trust Co., New Organization; Property, etc. — See 10-year York. 6% notes. Sinking Fnnd — 920,000 per annum, begin- Secured by a lien, either by direct mortgage nine 1898, to redeem these bonds or to be or by the^deposit of entire outstanding issues otherwise Invested. $9,112 in cash, and bonds of bonds and stocks, on the entire system of of the Southern Paoiflo costing $531,663, were the company. held In this sinking fund June 30, 1916. Prior Lien — $7,479,000 Minneapolis General- Guaranteed principal and Interest by the Electric Ist Ss of 1934 (closed mortgage).; Southern Pacific Co. by endorsement. Bonds may be issued under the lat & Ref. Assumed by the Southern Pacific R. R. Co. Mtge. to retire this issue. Organization and Control — Incorporated into Underlies — $7,806,000 6% Notes, due 1926, California, and in 1898 was consolidated into and $2,000,000 7% Notes due 1923. the Southern Paciflo R. R. of Cal., which in Year ended Dec. 31 1902 was merged into the Southern PaclHo R. Gross Net Interest R. Co. The entire stock of the latter company jgig $8,392,664 $3,542,974 $1,922,714 1« owned by the Southern Pacific Co. 1917 7,164.509 3,389,781 1.709,838 Secured by direct mortgage on 377.5B miles 1915 6,087,153 3,341,657 1,693,128 of road, viz. : Miles -r • x j *,. t.t .^r , c. 1 -r, .. West Oakland to near Martinez 31.03 ^'^*^ "i" ^^ ,^fl^^''^ f^°f- ^'"^l^^- . Benicla to Suisun 16.35 „ Ongmal Markefr-Otfered, AprU. 1916, by Woodland to Tehama 100.87 ^""^■.^"''^=;* '^''■4„'^^'?. ^"V."L'^^^J?°= 16th St.. Oakland, to Vine St., Berkel6y6.16 f^^'^'^Z'' ^^l^"-^^' ^ ^""n •■'?* f S"" Willows to Fruto 16.84 I°<=- New York, and H. M. Byllesby & Co.. Elmira to Rumsey 61.22 I""- ?'"'=?f° „^"'*„„^^^ ^J'^^' /' '^^ .^"^ Napa' Jot. to Santa Rosa 37.24 ints'^st- 'j'^^'"';'"'" °««''«f ,*>y *^"« bankers Sacramento to Placerville 61.26 '" J™'^' ""• ^*- "% and interest. Gait to lone 27. 05 Market. Woodbridge to Valley Springs 29.64 n„-*„_ Tir„*iM r>i/it.„» «. /-•„ t> i«„ -art. Underlies— Southern Pacific R. R. Refunding . Boston— MerriU. Oldham & Co.. Paine. Web- 4s. due 1955, which provide for the retirement ^%^t^°- \ Sherman Adams _, fy,i„ ,i.„„ Chicago — ■ Ames, Bmerich & Co., Falne, legal for Bait.. Cal., Conn., Mich., Minn.. 7«f f. * ^o.. Northern Trust Co.. Conti- N J N Y R I and Wis nental & Commercial Trust & Savings Bank, Wsted'on'theNew York knd San Francisco Megowen & Co. Lawrence J. Mills & Co., Stock Exchanges. f^"'^ ^rust & Savings Bank, H M Byllesby Market ■' Babcock, Rushton & Co.. Central Trust Co. of 111., Curtis & Sanger. New York— Miller & Co.. McDonnell & Co.. Philadelphia— Wurts, Dulles & Co., New- Sutro Bros. & Co.. Abraham & Co., Baker, burger, Henderson & Loeb, Harper & Turner, Carruthers & Pel, Ohas. W. Place, Remick, Bauer, Starr & Co., H, D. Boenning & Co., Hodiires & Co., Taylor, Smith & Hard, Vilas Paul & Co. * Hickey. Providence — R. S. Moore & Co., Homblower Pittsburgh — R. B. Hutchinson & Co. & Weeks. rx)s Angeles — A. H. Woollacott. MUwaiikee— Marshall & Ilsley Bank. Morris Price Range — N. Y. S. E. F. Fox & Co., First National Bank, P. A. Jan. 1, 1906 to Jan. 1, 1919 1918 Bartlett Co.. Second Ward Savings Bank.. Bid Ask New York — Spencer Trask & Co.. Kiely & Hlgh.112 Feb. 8, '07 93% Oct. 95 Aug. Horton, J. A. Clark & Co., Earle A. Miller & Low. 102% Oct. 23. '17 91?4 Sept. 93^4 Sept. Co.. McKinley & Morris, S. P. Larkin & Co.. Abbott, Johnson & Co., H. F. Bachman & ■ Co., Sharretts & Young. Dunham & Co., Mar- NOBTHERN STAGES POWER Cd. (MINNE- . S',,?Tn" ^p.^^'r-'^T, ^•.,^'l'"'lr*^ ^f-'r^™; SOTA) 1st & Ref. Ss. Due April 1, 1941. ^"^'^" ^°°- ^- ^ °- Randolph, Merri:i, Lynch Dated April 1, 1916, Interest payable AprU ^, °°- ^'^ °; n^'^'J^'iJ^'^ ^^k" f n' and Oct. 1, at New York and Harris Trust & 5^^^"^ ^£?,f '^L ^l ^'t, ^l' ^^*"' / r ' a^«jno.o TioT.Tr r«v,i-oQcrn . Chas. W. Hill, Babcock. Rushton & Co., ■E^Tstftu^Lpaymfnt of Federal Income -^ax- ^.r""' !*"■• ^,^0- Berlell Bros,, Barle A not assumed by company. ^^^l.f * C°-' John Nickerson, Jr., Pynchon Authorized— $100,000,000. ^ iti' _t. t tj^ tt., Redeemable on any interest date prior to and "'** Kange— «. I. ». *,. Including April 1, 1936, at 105 and interest Jan, 1, 1916 to Jan. 1, 1919 1918 and thereafter at 102 '^4 and Interest. HiBh.99 Jan. 18, '17 91% Nov, 15 Maintenance Fund — Annually 12% % of gross Low. 83 Sept. 20, '18 83 Sept. 20 900 NOBTHBRX STATES FOWBB CO. (MINNE- SOTA) 10-Year 6% Notes. Due April 1. 1026.— N. Dated April 1, 1916. Interest payable April 1 and Oct. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $12,000,000. Outstamding — $7,805,000 (Dec. 31, 1918). DeDomiDation — Coupon, $500 and $1,000. Begisterable aa to principal. Registered, $1,000 and multiples. C. & R. interchangeable in -multiples of $1,000. Trustee — Continental & Commercial Trust & Savinea Bank, Chicago. Redeemable at 1 02 and interest prior to April 1. 1921; 101 and interest thereafter and prior to April 1, l525, and thereafter at 100 and interest. Option Warrants — The company has out- standing 78,050 Option Warrants which entitle the holders at any time prior to April 1, 1922, to exchange each warrant for either one share common stock or one share preferred stock by paying for such Block par plus dividends in the company's 6% Notes, due 1926, at par plus Interest ; or by paying for such stock $ 1 cash per share and dividends, plus the pre- mium for redemption of notes at the time of presentation of warrants, said premium being 3% before April 1, 1921, and 1% on and after that date. The original Issue of warrants was 80,000, and the holders of 1950 warrants have exercised the right of exchange, resulting In the cancellation of $195,000 6% Notes against the issuance of a like amount of common stock. Organization and Control — Incorporated in Minnesota In 1909 to operate and eventually merge the stock controlled subsidiaries of the Northern States Power Co. of Delaware, which latter company Is a subsidiary of the Standard Gas & Electric Co., and controls through stock ownership the Minnesota Company. The prop- erties of the system comprise plants supplying electric light and power to more than 225 communities in Minnesota, North Dakota. South Dakota, Wisconsin, Iowa and Illinois; 224 communities are served with electricity; 1 3 communities are served with gas, 5 with steam heat, 4 with street railways and 1 with bault,' Ripestone, Hutchinson, Montivideo and Mankato, Minn. ; Grand Forks, Fargo and Minot, N. D. ; Sioux Falls, S. D. : Galena. IK., and Platteville, Wis. Population served, about 994.000. Installed steam and hydro- electric plants have a generating capacity of 131,251 h. p.; also owns or controls undevel- oped water powers with an estimated capacity of over 146,000 h. p. The company also pur- chases electric power from other hydro-electric sources. Management — H. M. Byllesby & Co. , Chi- cago. Security — ^A direct obligation of the company but not secured by mortgage or collateral. The indenture provides that no new mortgages, except the First and Refunding mortgage, shall be placed on existing properties, unless these notes are given a lien on property mortgaged subsequent to the First and Refunding mort- gage or unless the bonds Issued under such new mortgages are pledged under such First and Refunding mortgage; additional notes may be issued only to provide part of the coat of constructing steam or hydro-electric plants and acQUiring operating public utility properties, and also provides a fund of $250,000 per an- num if earned and after dividends on pre- ferred stock for addtlons, etc., or retirement of these notes. Prior Lien — $7,479,000 (closed mortgage) Minneapolis, General Electric 1st 5s of 1934 and $23,068,500 Northern States power 1st & Ref. &s ol 1941. Earnings — See 1st & Ref. 5s. , Original Market — Offered April, 1916, by the Guaranty 'Trust "Co., Wm. P. Bonbright & Co., Inc., Spencer Trask & Co., H. M. Byllesby & Co., Jackson & Curtis, Parkinson & Burr, Kean, Taylor & Co.. Ft. .Dearborn Trust A Savings Bank, and Kinsley &. Adama, at 99 and interest. Market. New York — H. M. Byllesby & Co., Chas. W. Hill, Mann, Bill & Co., Guaranty Trust Co., F. H. Hatch & Co., Kiely & Horton, S. P. Larkin & Co., Berdell Bros., J. W. Howell & Co., A. E. FItkin Sn Co., Hanson & Doyle, H. F. Bachman & Co., Dunham & Co., Salo- mon Bros. & Hutzler, Bonbright & Co., Kissel. KInnicutt & Co., E. & C. Randolph, Morton Lachenbruch & Co., Spencer Trask & Co., Bull '& Eldredge, Babcock. Rushton & Co., Bauer. Starr & Co.. H. F. McConnell & Co., McClure, Jones. & Reed. McGeorge & Vanderhoef, John Nickerson, Jr. Boston — Spencer Trask & Co., L. Sherman Adams. Milwaukee — Morris F. Fox & Co., First Na- tional Bank. Providence — R. S. Moore & Co., W. W. White & Co. Chicago — Kissel, KInnicutt & Co. , H. M. Byllesby & Co., Babcock, Rushton & Co. Philadelphia — Henry & Kirkbride, Graham, Parsons & Co., H. D. Boenning & Co., Bauer, Starr & Co. Minneapolis — Wm. W. Eastman Co. ■ Louisville — J. J. B. HiUiard & Son. Bofifalo — Brie Finance Corp. Detroit — ^Wendell, Mulkey & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 ' 1918 Bid Ask . Bid Ask High.101% '16 101% '16 93% Dec. 96 Dec. Low. 87 '18 88 '18 87 Sept. 88 Sept. NORTHERN STATES POAVER CO. (Minne- sota) 5-Year S. F. Convertible 7% Notes. I>ue Aug. 15. 1933. Dated Aug. 15. 1918. Interest payable Feb. 15 and Aug. 15 in New Torlc or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $ 3.500,000. Outstanding — $2,0Oh(),00O. Reserved for Ext. — $1,500,000. Purpose of Issue — To provide for improve- ments and additions. Penominations — Coupon $100, $500 and $1,000. (Denominations interchangeable.) Reg- isterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date on 30 days' notice as follows: On or before Aug. 15, 1920, at 102; Feb. 15 and Aug. 15, 1921. at 101; Feb. 15 and Aug. 15, 1922, at 100%, and Feb. 15, 1923, at 100 and interest. Sinking Fund — This fund provides for the re- tirement of $200,000 notes on Aug. 15, 1920, $300,000 on Aug. 15, 1921, and $400,000 on Aug. 15, 1922, by purchase in the open mar- ket or by redemption at not over 100 and in- terest. The operation of this fund will provide for the retirement prior to maturity of 45% of this issue. To the extent that any of the re- maining" authorized Notes are hereafter issued, a similar sinking fund shall be provided. Convertible at any time after Jan. 1, 1919, Into 7% cuniulative preferred stock or com- mon stock of the Northern states Power Co. 001 High. .98 '12 100 '08 75^4 May 89 Feb. Low. . 74 '18 74 July 911 OGDENSBURG & U^KE CHABIPLAIN RAIIL- WAY CO. Ist 4s. Due July 1, 1948. Dated Dec. 15. 1898. Interest payable Jan. and July 1, at Grand Central Terminal; New York. Tax Sta.tus — 2 % Federal Income Tax, , paid by company without deduction. ;,-i:. Authorized, and Outstanding — $4,400,000-^',' Denominations — Coupon. $1,000. Registeratle as to principal. Trustee — Central Union "Brust Co,. New York. Control — The O. & L. C. R. R. was consoli- dated into the Rutland R. R. Co.. in 1901. The control of the latter is held jointly -by the N. Y. C. R. R. Co. and the N. .Y.. N. H. & H. R. R. Co. Assumed by the Rutland R. R. Co. Secured by a first mortgage on 118.80 miles of road from Ogdensburg to Rouse's Point. N. Y. JLegal for Maine and Cal. Usted on the New York Stock Exchange. Market. New York — Hotchkin & Co., F. J. Lisman & Co. , E. & C. Randolph. Burgess, Lang & Co..' Wm. Carnegie Ewen, Abraham & Co.. Baker. Carruthers & Pell, F, H. Hatch & Co., Spencer Trask & Co. ~ Boston — McConnell & Co., Hotchkin & Co., Burgess,. Lang & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y, S. E. Jan. 1. 1906 to Jait. 1, 1919 1918 High.lOOi^ Jan. 17, '06 63 Mar. 15 Lo\^. 60 June 4, '18 60 June 4 OGILVIE FliOUR MILLS CO. 1st 6s» Series "A." Due June 1, 1932. — N. Dated June 1, 1902. Interest payable June and Dec. 1, at Bank of Montreal, Montreal, Que. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Trustee — Royal Trust Co., Montreal. Que. Redeemable on any interest date at 115 and interest. Organization — Incorporated in Canada in 1902. Business founded in 1801. The com- pany' s elevators have a combined capacity of 10,335,000 bushels and warehouses 377,000 bbls. Mills have a combined capacity of 19,000' bbls, per day. Secured by a first mortgage on three mills in Montreal and two mills in Winnipeg. Year ended Aug. 31 Net Interest 1918 *$1. 955,415 1917 *1, 358, 847 1916 *774,270 1915 t600,781 $141,000 1914 581.944 132,000 *After interest and war tax. tNot includ- ing $1,059,813 special profits. Listed Montreal and Toronto Stock Ex- changes. Market. Montreal — N. B, Stark & Co., Royal Sec Corp.. McCuaig Bros, & Co., Hew R. "Wood Co.^ Toronto — A. E. Ames & Co., Murray, Math- er & Co. Price Range. Jan. 1, »09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.113% '11 114 '12 100 Mar. 103% Feb. Low. 100 '14 100% '18 lOO^A Aug. OGILVIE FLOUR MILLS CO. 1st 6s, Series "B." I>ae June 1, 1932. — N. Dated June 1, 1908. Interest payable June and Dec. atBank of Montreal. Montreal. Que. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $750,000. Denomination — Coupon, $1,000, Trustee — Royal Trust Co.. Montreal, Que. Redeemable on any interest date at 115 . Organization — See Series ' 'A. ' ' Secured by a first mortgage on fiour mill located at Fort 'William and on 33 grain ele- vators located a/t various points in Manitoba and Saskatchewan, Can. For further de- scription of property see Series "A." Earnings — See Series "A." - Listed Montreal and Toronto Stock Ex- changes. Original Market — Offered by Bank of Mont- real at 165 and interest in July, 1908. Market. Montreal — Hanson Bros.. N. B. Stark & Co., Royal Securities Corp., McCuaig Bros. & Co.. He^v R. Wood Co. Toronto — ^A. E. Ames & Co.. Murray, Math- er & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.inS '17 103 '15 102% ]\ray Low. 100 '15 102 '15 100 Mar. 102 Dec. OGILVIE FLOUR MILLS CO. Ist Mtge. Bs. Serlas "C." Due June 1, 1932. Dated Dec. 1, 1913. Interest payable June 1 and Dec. 1, at Bank of Montreal, Montreal. Tax Status — Payment nf Federal Income Tax not assumed by company. , Authorized and Outstanding— $600,000. Denomination — Coupon, $1,000. Trustee — Royal Trust Co., Montreal. Can. Rodeamable on any interest date as a whole at 115 and interest. Organization, Earnings, etc. — See Series "A" and *'B." ^" Secured by a first mortgage on large new mill at Medicine Hat, Alberta, Can., and on more than 3 elevators, located in Alberta, Saskatchewan and Manitoba. Earnings — See Series "A." Original Market — Offered In Jan., 1914, by Hanson Bros., Montreal, at par and interest. Market. Montreal — Manning & Co. , Co. Price Range. Jan. 1, '15 to Jan. 1, '19 Bid Ask High.106 '16 Low. 100 '15 102% '17 Hew B. Wood 1918 Bid 100 Dec. OHIO & LITTLE KAXAWHA RAILROAD CO. 1st 5s. Due March 1. 1950. — ^N. Dated March 1. 1900. Interest payable March and Sept. 1, at B. & O. office. 2 Wall Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $ 228,000. Denomination — Coupon, $1,000. $500 and $100 each. Trustee — Columbia Trust Co., New Tork. Redeemable at 105 and interest on 90 days* notice. Control — All except a few shares of each class of stock of the Ohio & Little Kanawha R. R. Co. are owned by. the Baltimore & Ohio R. R. Co., and pledged under the latter's P., L. E. & W. Vg.. Ref. 4s. Secured by a direct first mortgage on 72.04 miles of road extending frtim Pair Oaks to West Marietta. Ohio. Refunding — B. & O. -Pitts., L. E. & W. Va. Ref. 4s and B. & O. Ref. & Gen. 5s of 1995 bonds are reserved to*acquire the outstanding bonds of this issue. Legal for Bait. Market. New York — Samue'. Goldschmidt, Abraham & Co., F. H. Hatch & Co.. F. J. Lisman & Co.. Chas. W. Place. Taylor. Smith & Hard. Philadelphia — S. K. Phillips & Co. , Mont- gomery & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins. Whedhee & Poe. Price Range, Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 '15 105 '16 88 June 90 Oct. Low. 85 '18 90 '18 85 June OHIO & WESTERN UTILITIES CO. 1st Lien Coll. Tr. 5f> and Os. Due August 1. 1939. Dated November 16. 1914. Interest payable May 1 and November 1. at Chicago Savings Bank & Trust Co., Chicago, or P. W. Brooks & Co., New Tork City. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — $5,000,000. Outstanding — $64,000 6s. $609,000 68. Reserved for Ext. — $4,327,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Logan Trust Co., Philadelphia, Pa. Redeemable — 6% bonds are redeemable at 110 and interest and 5% bonds at 103 and in- terest on any interest date on 4 weeks' notice. 912 Sinking Fund — 1% per annum of bonds out- standing each August 1. from 1918 to 1920. 1%% from 1921 to 1925 and 2% thereafter, to be applied to the retirement of these bonds, at not exceeding 110 for the 6% bonds. Organization — Incorporated in Delaware in November, 1914. Controls the Ft. Scott & Nevada Light, Heat, Water & Power Co. and the Chillicothe Blec. Ry.. Light & Power Co. Secured by a first lien on the following col- lateral : The entire 1450,000 1st mortgage bonds and $800,000 stock of the Ft, Scott & Nevada Light, Heat, "Water & Po-wer Co., which owns four miles of street railway in Nevada, Mo., and plants supplying electricity, water and gas in that city, and gas in Ft. Scott, Kan., and the territory between Nevada and Ft. Scott. 'Population served. 34, 000. Franchiiae for artificial gas (which is not being supplied) electricity and street railway in Nevada ex- pires in September, 1918. Water franchises in Ft. Scott and Nevada expire in 1933, nat- ural gas in 1930. Natural gas franchises in towns between Nevada and Ft. Scott expire between 1930 and 1932. The company's' pipe line between towns is either on private ri&ht- -of-way or built under perpetual franchises The entire $75,000 1st mortgage bonds and $100,000 stock of the Chillicothe Electric Ry.. Lt. & Power Co., which owns the plant sup- plying electricity and steam heat in Chillicothe. Ohio, serving a population of 16,000. Fran- chises are perpetual. The company also owns four miles of street railway for which the franchise expires in 1918. As the operation of this road has not proven profitable, and the company is about to abandon it, no value was placed on the street railway property In the acquisition of the property of this com- pany. Year ended Dec. 31 Gross Net Interest 1918 $224,383 $59,679 $42,155 1917 $254,968 $110,408 $41,465 1916 $203,148 76,3 44 38.224 1915 188.198 75,431 37,469 Original Market — $625,000 6s and 5s offered in December, 1914, by P. W. Brooks & Co- New York — P. W, Brooks & Co.., Kiely & Horton. Market. Chicago— Stan wood Co. , Taylor, Dodge & Ross. New York — T. W. Brooks & Co., Rauscher & Childress, Kiely & Horton. Philadelphia — P. W. Brooks & Co. St. Lionis — Herrick J. Gray & Co. Price Kanige — 6s, Jan, 1, '16 to Jan, 1, '19 1918 Bid Ask Bid Ask- High.90 '18 101 '16 90 Dec. 92 Jan, Low. 90 '18 92 '18 Security — A direct obligation of both com- panies and each company is jointly and sev- erally obligated to pay both principal and in- terest. Additional notes issuable when earn- ings available for interest are at least two and one-half times the amount necessary to meet interest on all notes, including those to be issued. Additional bonds of the respective companies can only be issued upon the retire- •ment of an equivalent amount of these notes. Year ended Dec, 31 (combined) Gross Net Interest 1918 $713,126 $261,152 $137,105 1917 459,247 197,968 93,645 1916 362,890 149,050 1915 332,831 138,071 Original fliarket — $650,000 offered July, 1918, by P. W. Brooks & Co., Inc., New York, Bos- ton and Philadelphia. OHIO & WESTERN TTTlUtTIES CO & QHIQ UTITjITnES CO. Joint 3-Year 7% Notes. Due July 1. 1921. Dated July 1, 1918. Interest payable Jan. 1, and July 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded, Authorized — $ 650.000. Outstanding — $650,000 (March 1. 1919). Denomination — Coupon, $100, $500 and $1,000. Trustee — Republic Trust Co., Philadelphia. Redeemable at 101 and interest at any time on 16 days' notice. Organization, etc. — See Ohio Utilities Co. 1st Lien S. F. 5s and 6s. and Ohio & Western Utilities Co. Ist Lien 5s and 6s. OECIO CENTRAI. TRACTION CO. Cons. 5s. Due March 1, 1923. Dated March 1, 1903. Interest payable March and Sept. 1, at Cleveland Trust Co., Cleveland, Ohio. and. National Bank of Com- merce, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $305. 000 (Mar. 1, 1919). Reserved for Prior lAens — $95,000. Denomination — Coupon, $500. Registerable as to principal. - Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable on 30 days' notice at 105 and interest. Control — Merged in 1907 into the Cleveland, Southwestern & Columbus Ry. Secured by a second mortgage on 29 miles of track between Mansfield and Galion and be- tween Gallon and Bucyrus. Population served over 50,000. Prior Lien — $95,000 1 Ext. & 5s due Aug. 1, 1920. Underlies — C, S. W. & C. 53 of 1927. Eamiogs — See Cleveland, Southwestern & Columbus Ry. Market. Boston — Hornblower & Weeks, C. E. Denl- son & Co. Cleveland — Borton & Borton, C. E. Denison & Co. Chicago — Hornblower & Weeks, New York-^Hcrnblower & Weeks. New Haven-^H. C. Warren & Co. (THE) OHIO CITIES GAS CO. 6% Serial Notes. Due. $625,000, semi-annually from July 1, 1917, to January 1, 1931, in- elusive. — 'F. Dated January 1 , 1917. Interest payable July and Jan. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by cmopany without deduction. Authorized — $5,000,000. Outstanding — $3,125,000 (Aug. 1, 1918). Balance Retired. Denomination — Coupon, $-1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 102 and Interest on any in- terest date on or before July 1. 1918, and at 1 01 and interest thereafter on thirty days' notice. Organization — Incorporated in Ohio in '1914,. and is both a holding and operating company. Its properties consist of the following _ units, each unit operated separately: The Columbus Gaa and Fuel Company; The Federal Gas and Fuel Company ,(of Columbus); The Springfield 913 Gas Company and The Dayton Gas Company; the Ohio Oil Division, producing oil in Ohio; the West Virginia Divison, producing oil, gaa and gasoline in West Virginia; the Oklahoma Division, producing oil, gas and gasoline in Oklahoma; the International-Ardmore Refin- ing Division and Cornplanters Refining Divi- sion, located at Warren, Pa. Also controls through stock ownership the Pure Oil Co. ^ Security — A direct obligation of the com- pany, but not secured by a mortgage. The in- denture contains the following provisions: The company will not dispose of any of its stock holdings of the utility companies operating in Columbus, Dayton and Springfield, Ohio, un- less the proceeds of such sale are applied to the redemption of these Notes. None of the four public utility subsidiaries supplying gas to the cities of Columbus, Dayton and Springfield, Ohio, shall sell or lease any part of their properties essential to their business. Neither the Company nor any subsidiary com- pany shall mortgage or pledge any of its properties or incur directly or indirectly any debt or liabilities (except in the ordniary con- duct of business, or by way of purchase money mortgage or by assuming existing mortgage indebtedness upon property hereafter acquired). Year ended March 31 Gross *Net Interest t.lOlS. . .839,929,134 $10,806,342 $477,845 1917. . . 5,740,047 3.740.467 129.632 ♦After dtpreciation and Federal taxes. tl918 statement includes earnings of all subsidiaries f,)r this period with exception of U. S. Pipe Line Co.. of which the Ohio Cities Co. owns 52% of the capital stock. In the case of the other companies it owns 100%. Original Market — Offered December, 1916, by Guaranty Trust Co, , New York and Fort Dearborn Trust & Savings Bank, Chicago, at prices ranging from 100% to 99^, according tj maturities. Market. New York — Morton Lachenbruch & Co., Jo- seph & Wiener, McDonnell & Co., Kean, Tay- lor & Co., B. & C. Randolph, Hemphill, White & Chamberlin, Pynchot & Co. Chicago — Kean, Taylor & Co.. H. T. Holtz & Co. C'inoimiati — AV. E. Hutton & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99^ '17 100% '17 98% Nov. 993/* Nov. Low. 96% '18 97% '18 96% Feb. 97% Feb. OHIO CONNECTING BArLWAY CO. 1st 48. Due Sept. 1. 1943.— F. Dated Sept. 1, 1903. Interest payable March and Sept. 1, at Penna. R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $2,000,000. Outataniding — $1,907,000 (May 1, 1919). Retired by Sinking Fund — $93,000. Denomination — Coupon, $1, 000. Reglsterable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — ^Annually beginning Sept. 1, 1904, 1% of the bonds outstanding, to be applied to their purchase and cancellation at not exceeding par. If bonds are not pur- . chasable at this price fund shall revert to the company. Guaranteed principal and interest by the Pennsylvania Co. by endorsement. Control — Property leased by the Pittsburgh, Cincinnati, Chic. & St. L. Ry. in 1890 for indefinite period. This lease has been as- sumed by the Pittsburgh, Cincinnati, Chicago & St. Louis R. R. Co., successor company. The rental is based upon the annual average net earnings for the three years ended June 30, 1917. The Pennsylvania Co. owns the entire Secured by a first mortgage on a bridge over the Ohio River from Pittsburgh (bridge used by P. C, C. & St. L. R. R. and Pitts.. Ft. Wayne & Chic.) and upon 9 miles of main , track, 5 miles of second track and 31 miles of sidings. liegal for Cal., Conn., Me., Mich., Mmn., N. H., N. J. and Wis. Listed on the New York a»d Philadelphia Stock Exchanges. Original Market — $2,000,000 offered Oct.. 1905. at 104% and interest by Sailer & Stev- enson, Philadelphia. Market. New York — Abraham & Co., Baker, Car- ruthers & Pell. John Davenport, F. H. Hatch & Co., Redmond &"Co., Taylor; Smith & Hard. Philadelphia— West & Co., B, W. Clark & Co., Graham. Parsons & Co., Biddle & Henry, H. D. Boenning & Co., Chas, Fearon & Co., Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 96 Feb. 3, *13 78 Oct. 2 Low. 78 Oct. 2. '18 78 Oct. 2 OHIO ELECTRIC RAILWAY CO. 1st & Kef. 5b. Due Jan. 1, 1930. — F. Dated January 1. 1910. Interest payable Jan. and July 1. at Trustee' s office, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $ 4,200.000. Reserved for Ext. — $7,550,000. Reserved to Retire Prior Liens — $3,250,000. I>enomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 105 and interest Jan. 1, 1915, or on any interest date thereafter, ori 60 days' notice, as a whole only. Organization — Incorporated May, 1907. Owns, controls or leases the Lima & Toledo Traction Co. , Lima Elec. Ry. & Lt. Co., Columbus, Newark & Zanesviille Elec. Ry-. Van Wert & Lima Traction Co., Indiana, Columbus & Eastern Ry.. etc. In 1908 The Cincinnati Northern Traction Co. was acquired but was subsequently dissolved, the lines re- maining the property of the Ohio Elec. Ry. _ Secured by a mortgage, subject to prior liens on the entire property owned. The total operated system comprises 617 miles of main track, covering large portion of Cen- tral and Western Ohio. Lines extend from Toledo (connecliing with the Detroit United System), via Lima, Bellefontaine, Springfield and Dayton to Cincinnati. There are nu- merous branches, including from Dayton to Union City, where through connections may be made to Muncie, Anderson and Indianap- olis, Ind. ; Dayton. O. . to Richmond, Ind. ; Lima, O.. to Ft. Wayne, Ind.; Springfield to Columbus, Newark and Zanesville, together with local lines in various cities mentioned and other cities and towns. Passengers, express and freight are handled. Electric lighting service is furnished in Zanesville and Lima and steam heating business in the latter city. Prior Liens — $1,250,000 various issues of Lima Electric Rys. & Lt. Co. (maturing 1916 914 to 1925) and $1,470,000 Ft. Wayne. Van Wert & Lima Trac. Co, 5s of 1930. Underlies — 2d & Gen. 5s of 1943. Year ended Dec, 31 •Fixed Gross Net Charges 1918 $4,098,089 $1,211,992 $1,561,624 1917 3.705,330 1.295,642 1916.... 4,130.485 1,775,333 1,776,256 ^j.o. . . . ii,t\J6 .ti4 1,5/3,580 1.807,836 1914.... 3,853,512 1,717.751 1,779,306 ♦Includes interest, taxes and rentals. Market. New York — Hotchkin & Co.. Boston — Hotchkin & Co, (THE) OHIO GAS & EI.ECTRIC CO. 1st S. F. 6s. Due May 1, 1946. — N. Dated May 29, 1916. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — ^Additional bonds may be issued when net are one and two-thirds times the interest on all bonds outstanding:, including those applied for and with the exception of $300,000 only for 80% of the cash cost of additions, etc. , or in the case of properties physically connected with those owned at not to exceed 60% of the replacement value, omit- ting depreciation. These limitations do not apply to $35,000 of bonds reserved for certain specific property. Outstanding — $747,000. Retired by S. F. — None. Reserved for Acquisition of Medina Electric I.t. & Pow. Co. Property — $35,000. Reserved for Prior lAems — $200,000. Reserved for Ext. — $3,018,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Registered, $1,000 and $500 and multiples of $1,000. C. & R. interchangeable. Trustee — Central Union Trust Co. , New York. Redeemable at 107% and interest on any in- terest date on 60 days' notice. ^ Sinking Fund— Annually, beginning May 1, 1918, 1% of outstanding bonds, for their pur- chase or redemption at not over lQ7h^ and Interest on 60 days' notice. Organization — Incorporated in Ohio in 1916, and acquired the properties of the Middletown Gas & Electric Co., Franklin E31ectric Light Co. , Leetonia Electric Co. , New Lisbon Gas Co. and Medina Light & Power Co. Secured by a first mortgage on gas and elec- tric lighting properties in Middletown and electric properties in Ftanklin. Springboro, Lisbon and Leetonio, all in Ohio. The com- pany purchases electric powei* for distribution is Lisbon and Leetonia and natural gas for Middletown. The company has a ten-year municipal lighting- contract in Middletown. Population served, 28,000, Underlies — $200,000 Deb. 6s of 1926. Year ended Dec. 31 Gross Net Interest 1917 $343,410 $123,533 $35,288 Original Market — $ 500,000 offered June, 1916, by Redmond & Co., New York, at 100 and interest. A block offered by the same firm Feb., 1918, at 95 and inter^t. Market. Boston — Stone & "Webster. OHIO, INDIANA & WESTERN RAILWAY CO. 1st Preference 5s. Due April 1, 1938.— P. Dated April i; 1888. Interest payable Jan., Treasurer, Grand Central Terminal, New York.- Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coui)on $1,000 and $500. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Guaranteed as to interest by the C, C. C. & St. L. Ry. under terms of lease. Assumed by the Peoria & Eastern Ry. Co. . Organization and Control — The Ohio, Ind. & Wn. Ry, Co. was reorganized under fore- closure in 1890 as the Peoria & Eastern Ry. Co. The latter company is controlled through ownership of $5,000,100 of its $9,994,200 stock by the Cleveland, Cinn., Chic. & St. L. Ry. (vj. y. Centi'at i-iines). The property is leased to the C, C. C. & St. L. Ry. until 1940, but operated separately. Secured by a first mortgage on 136.47 miles of road extending from Springfield, Ohio, to Indianapolis and a second mortgage on 201.45 miles of road from Indianapolis, Ind. , to Pekin, 111. Prior Liens — $985,100 Indiana, Blooming- ton & "Western 4s. Underlies — P. & B. Ry. 1st Consol. 4s of 1940, bonds - of which issue are reserved - to retire this issue at maturity and Income 4s of 1990. Also the C, C, C. & St. L. Gen. 4s, as to 137 miles covered by the first lien. Listed on the New York Stock Exchange. Market. i^ttsburgh — R. B^ Hutchinson & Co. New York — Abraham & Co., Baker, Carruth- ers & Pell. "Wm. C. Ewen, P. J. Lisman. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1. 1916 to Jan. 1, 1919 ' Bid High.95»^ '16 Low. 75 '17 Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Ask Ask Hieh.105 '17 96 Dec. Low. 95 '18 96 Oct. OHIO MGHT & POWER 1st 5s. Due May 1. 1944.— N. Dated May 1, 1914. Interest payable May 1 and Nov. 1, at Trustee's office. New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. OutstandiJig~$:.188,000 (May 15. 1919). Retired by S. E.^S12,000. Reserved for Corporate Purposes — $300,000. Reserved for ext. (80%) — $28,500,000. Denomination' — Coupon, $1,0001 Registerable as to principal only. Trustee — Guaranty Trust Co., New York. Redeemable on May 1, 1919, or any inter- est date thereafter at 105 and interest. Improvement or Sinking Fund — % % of amount of bonds outstanding payable an- nually from 1918 to 1923, inclusive, 1% from 1924 to 1929, 1%% from 1930 to 1935, and 2% thereafter, to be applied either ttf im- provements and additionals for which bonds might be issued, or to retire bonds. Organization — Incorporated in Ohio in 1911, Control — In 1917 this company, with sev- eral others, was merged into the Central Power Co., a subsidiary of the American Gaa & Electric Co. Siecured by a first mortgage on "plants ,sup- plying electricity in the following cities in Ohio: Newark (population 1910. 25,404); Lan- caster (13,093); Tiffin (11,894); Fremont (9.939); 915 Postoria (9,697); Mt. Vernon (9,087); Logan <-4,850); CrooksvillB (3,028); New Lexington (2.659); Shawnee (2,280); and New StraltsvlUe (2,242). The total population served is ap- proximately 100,000. ^Company does the street lightfng in all cities excepting Newark. The cities served are divided into two groups. Tiffin, Fostoria and Fremont being located in the northwest section of the state and the other cities in the south central section. Franchises in several cities are unlimited as to time, elsewhere none expire prior to 1947. Underlies — Central Power Co. 1st & Ref. Bs of 1947, all deposited to secure American Gas & Electric Co. 6% Notes. Year ended Dec, 31 Bond Gross Net Interest 1916 $593,071 $184,592 $60,000 1916 489,480 164,686 60,000 1914 438,419 123,788 26,863 1913 240,769 76,686 26,000 Original Market — $1,200,000 offered in Dec, 1914, by ■perry. Coffin & Burr and N. W. Harris & Co., Boston, Harris, Forbes & Co.. New York, and Harris Trust & Savings Bank, Chicago, at 90 and interest. Market. New York — Parkinson & Burr, Kiely & Hor- ton, Harris. Forbes & Co.. P. H. Hatch & Co., Morton. Lachenbruch & Co. Chicago — Harris Trust & Savings Bank. Boston — ^Harris, Forbes & Co., Parkinson & Burr. Milwaukee — ^Marshall & Ilsley Bank. Providence — Hornblower & Weeks. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask HiBh.93 '16 98% '17 Low. 96 '16 OHIO BIVEE ELECTRIC RAILWAY & POWER CO. 5s. Due July 1, 1984.— F. Dated July 2. 1900. Interest payable Jan. and July 1, at Columbia Avenue Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $316,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Columbia Avenue Trust Co., Phila- delphia, Pa. Organization — Incorporated in Delaware in 1900 and succeeded in 1914 by Ohio Corpora- tion of same name. Secured by first mortgage on 12 miles, of electric railway from Racine to Syracuse, J*omeroy and Middleport, Ohio, serving a pop- ulation of 15,000; also a second mortgage on power plant supplying electricity to Middleport and Pomeroy, Ohio. Franchise expires in 1925. Prior Liens — $22,000 Pomeroy & Middleport Elec. Co. bonds. Year ended June 30 Gross Net Int. & Tax ■1917 $89,620 131.221 $19,960 1916 83,263 35,349 19,376 1916 80,006 33,461 19.736 1914,.,. 68,880 , 30,149 20,298 Market. New York — Hotchkin & Co. Boston — H. C. Spiller & Co., Hotchkin & Co. Philadelphia — H. D. Boenning & Co. Tax Status — Information not available. Authorized and Outstanding — $1,000,000. Organfization — Incorporated in Pennsylvania. Secured by a first mortgage on 11% miles of double track electric railway from the Ohio- Pennsylvania State Line via Smith's Perry. Beaver and Rochester to Vanport, Pa. Popu- lation served. 13,000. Market. Boston — H. C. Spiller & Co. New York— P. H. Hatch & Co. OHIO RIVER BAILROAJD CO. 1st Ss. Doe June 1, 19?6.— P. Dated March. 29, 1886. Interest payable June and Dec. 1, at Baltimore & Ohio R. R. Company's office, 2 Wall St., New York,. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Assumed by the B. & O. R. R. Co. Control — ^Merged with B. & O. B. R. Co. Secured by a first mortgage on 165.62 miles of road from Benwood, O. (near Wheeling, W, Va.). following the Ohio River through New Martinsburg, Parkersburg, etc., to Point Pleasant, W. Va. Underlies — Ohio River R. R. Gen. 5s of 1937, B. & O., P. L. B. & W. Va. .System 4a of 1941 and B. & O. Sef. & Gen. 5s of 1995, sufficient bonds of which are reserved to re- tire this issue. Legal for Bait., Cal., Conn,, Mass.,' Mich., Minn.. N. H., N. J., N. Y., R. I., Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Taylor. Smith & Hard. Remick. Hodges & Co., Hornblower & Weeks, Season- good, Haas & Macdonald, Abraham & Co., Baker, Carruthers & Pell, Wm, C. Bwen, F. J. Lisman & Co.. Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey. Philadelphia — Chas. Pearon & Co., S. K. Phillips & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe, Macku- bin, Goodrich & Co. Price Range — N. Y. S. E. Jam. 1, 1906 to Jan. 1, 1919 1918 Bid High.116 May 16, '06 95% Dec. - Low. 99% Oct. 16. '17 90 Oct. OHIO RIVER PASSENGER RAILWAY 1st 5s. Due Jan. 1, 1957. Dated Jan. 1, 1907. Interest payable^ Jan. and July 1. OHIO RIVER RAILROAD CO. Gen. Ss. Due April 1, 1937.— P. Dated March 10, 1887. Interest payable April and Oct. 1, at B. & O. office, 2 Wall St., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $2,941,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia, Assumed by the B. & O. R. R. Co. Control — ^Merged with B. & O. R. R. Co. Secured by a first mortgage on 42.19 miles of railroad from Pt. Pleasant to Huntington, W. Va. , and by a second mortgage on 165.62 miles of i^oad from Benwood Jet. to Point Pleasant, W. Va. Prior Liens — $2,000,000 1st 6s of 1936. Underlies — B. & O., P., L. E. & W. Va. 43 of 1941, and Gen. & Ref. 6s of 1996, suffi- cient bonds of which are reserved to retire this issue. Legal for Bait., Cal., Conn.. Mass, Minn., 916 N. H., N. T. and R. I. Listed on the New York Stock Exchange. Original Market — Offered Nov. , 1911, by Clark, Dodgre & Co., New Tork. Market. Philadelphia — Chaa. Pearon & Co. New York — J. S. Farlee & Co., Wm. C. Wilson & Co., Sam'l Goldschmidt, Guaranty Trust Co. , Newborg & Co. , Remick, Hodges & Co.. Vilas & Hickey, White, Weld & Co.. Abraham & Co. , Baker. Carruthers & Pell. Wm. C. Ewen, P. J. Lisman & Co., Redmond & Co. ■ BaUimore — Jenkins, Whedbee & Poe. Price Kangre— N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.114% Jan. 20, '06 88 May 17 Low. 88 May 17. '18 88 May 17 (THE) OHIO SERVICE CO. 1st S. F. 6s, Series **A." Due Nov. 1. 1937.— N. Dated Nov. 1, 1917. Interest payable May 1 and Nov. 1, at Bankers* Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $15,000,000. ■ Outstanding— $1,063,000 (July 1, 1919). Retired by S. F. — $16,500. Reserved for Ext. — $13,179,500. Reserved for Prior Liens — $70,500. Denominations — Coupon, $1,000 and $500. Re&isterable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 103 and interest on any In- terest date after Nov. 1, 1920, on 60 days' notice. Improvement and Sinking Fund — Annually, beginning Dec. 1, 1918, to and including Dec. 1, 1927, 1% of outstanding bonds: 1928 to 1932, inclusive, 1%%: 1933 to, 1936. inclu- sive, 2% (bonds may be deposited in lieu of cash). One-half of this fund is to reimburse the company for improvements, etc. (100%), and the other one-half (plus any amount not used for improvements) is to be applied to the purchase or redemption of these bonds at not over 103 and interest. Bonds are to be pur- chased by the trustee privately. Or in the open market or by advertisement for tenders. The trustee shall give preference to the bondg offered by the company. Bonds acquired are to be cancelled. Organization and Control — Incorporated in Ohio in 1913 and on Jan. 1. 1915, acauired several public utility properties. The entire common stock is owned by the United Service Co. Secured by a mortgage on all thfe property now owned or hereafter acquired. The prop- erties covered include electric generating plants with a capacity of 16.000 h. p., of which about 1,900 h. p. is hydro-electric; 135 miles of transmission lines ; 1 substations and dis- tributing systems. They supply electric light and power in Cambridge (11,327). Coshocton (9,603), New Philadelphia (8.542), Canal Dover (6,621), TJrichsville (4,751), Dennison (4,008), and twelve other towns. The company owns heating systems, comprising 12 miles of mains in Coshocton and New Philadelphia. Also owns electric railway properties in Cambridge and between Cambridge, Byesville and Pleasant City, and between Dennison and TJrichsville, comprising 14.9 miles of single track, equiva- lent, of which 5 miles Is urban. Prior lyi'cns — $70,500 bonds, closed mort- gages of constituent cpmpanies, for the re- tirement of which bonds are reserved under this mortgage. Original Market — Issued in exchange, par for par for 6% notes, due Nov. 1, 1917, and underlying bonds, through E. H. Rollins & Sons, Boston, etc., and Brooks & Co., Scran- ton. Market. New York — E. & C. Randolph. Price Range. Jan. 1, *n to Jan. 1, '19 1918 ■Bid Ask Bid Ask High.97i^ '17 100 '17_ 95 Nov. 98 Nov. Low. 'Jl '18 91 June OHIO STATE POWER CO. 1st S. F. 6s. Due June 1, 1935. Dated June 1, 1915. Interest payable De- cember 1 and June 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $700,000, Denominations — Coupon, $ 5 and $1,000. Registerable as to principal. Trustee — Cleveland Trust Co., Cleveland, Ohio. Redeemable as a whole or in part on any Interest date at 105 and interest. Sinking Fund — Annually, beginning 1920, an amount equal to 2% of all outstanding bonds. Organization — Incorporated in Ohio in 1915 as successor to the Sandusky River Power Co., reorganized through receivership. Secured by a first mortgage on hydro-elec-, trie plant on the Sandusky River at Preemont, Ohio, capacity 3,000 k. w., also a steam plant adjacent to the above plant with a capacity of 15,000 k. w. Replacement value of both plants estimated at $1,350,000. The com- pany has 50-year contracts with the Lake & Power Co. Original Market — Offered December, 1915, by Shapker. Waller & Co., W. G. Senders & Co. and Clarke & Co. Market. Chicago — Shapker, "Waller & Co. (THE) OHIO STATE TEUEPHONE CO. Con- solidated and Refunding Sinking Fund 4% to July 1, 191'S', and 5% thereafter. Due July 1, 1944.— P. Dated July 1, 1914. Interest payable Janu- ary 1 and July 1, at J. P. Morgan & Co.. New Tork. Tax Status — 2% Pedej-al Income Tax paid by company without deduction. Pennsylvania state tax refunded. Authorized — $20, 000, 000, Outstanding — $5,009,000 (Dec. 31, 1918). Reserved for Prior I^iens — $8,500,000. Reserved for Acquisiitions— $6,491,000. Denomination — Coupon, $1,00&. Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Bankers' Trust Co.. New York. Redeemable in lots of not less than $500,- 000, at 105 and interest; at 102 and interest if moneys from sale of released property are applied, and 100 and Interest for sinking fund. Sinking Fund — Semi-annually, beginning July 1, 1919. One-quarter of 1% of bonds issued for the purchase or redemption of these bonds at not over 100 and interest. Organiziatifm — Incorporated! In Ohio July, 1914, as a consolidation of a number of in- dependent telephone companies. In 1915 ac- quired the property of the Peoples' Telephone Co., of Akron, O., and In 1916 acquired a email stock interest in the Indianapolis Tele- phone Co, Also owns all of the stock and 28 % of bonds of The Northern Ohio Tele- phone Co. Leases for fifty years the prop- erties of the Franklin County Telephone Co. and The Montgomery County Telephone Co. Q17 Capital Stock .Authorized Outstanding Preferred (7% cum.). . $10,000,000 $6,588,225 Common 7,500.000 5,205,475 Secured by a lien on all the properties of the company now owned or hereafter acquired. The properties covered, including leased and controlled, consist of seventy-one local tele- phone exchanges In Ohio, including independ- ent telephone systems in Cleveland, Columbus, Toledo, Dayton, Youngstown, Akron and Can- ton, such exchanges embracing more than 150,000 stations ; also a comprehensive long distance system within and without the State of Ohio, having connection with long distance systems in New York, Pennsylvania, West Virginia, Indiana and Michigan. The com- pany' q lone distance system embraces more than 34,000 miles of line wire and serves not only all exchanges of this company but also substantially all other independent ex- changes in Ohio, the company having con- tracts with more than 200 independent tele- phone companies. As of November 30, 1916, book value of physical property $24,690,541. Franchises are for the most part unlimited as to time; ^49,5% of company's wires in underground. Trior Liens — $8,632,700 bonds of constituent companies maturing from 1919 to 1925 (closed mortgages) for the retirement of which bonds are reserved under this mortgage. Year ended Dec. 31 Gross Net Interest 1918 $3,050,136 $1,638,302 $712,188 1917 3,977,651 1.519,830 627.211 1916 3.689,607 1,473,505 581,200 1915 3,249.018 1,299,751 552,458 Original Market — $ 5,000,000 offered Janu- ary, 1917, by Bodell & Co., Providence. Otis & Co., Cleveland, and Robert Glendennlng & Co., Philadelphia, at 93 % and interest. Market. New York — W. E. Hutton & Co., Miller & Co.. C. W. Pope & Co., H. N. Whitney & Sons. E. & C. Randolph, Oilman & Clucasi. Kiely & Horton, Phe^pa & Neeser, Harvey A. Willis & Co. Philadelphia — West & Co., Wm. M. Canby, Reed A. Morgan & Co,, H. D. Boenning & Co., Robt. Glendinning & Co.. S, K. Phillips & Co, Chicago — Babcock, Rushton & Co,. Curtis & Sanger, Grand Rapids — Howe, Snow, Corrigan & Bertles. Cincinnati — ^W. E. Hutton & Co. Boston — E. M. Parnsworth & Co., B. M. Hamlin & Co., Kimball, McKinney & Co., McConnell & Co.. F. B. Bassett & Co., Curtis & Sanger. Providence — Bodell & Co.- Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93V4 '17 94V^ '17 86 Dec. 90 Dec, Low. 72 '17 80 '18 76 Feb. 80 Dec. (THE) OHIO STATE TELEPHONE CO. 7% Conv. Notes. Dne Dec. 10, 1923. Dated Dec, 10. 1918. Interest payable June 10 and Dec. 10 at company's office. Columbus, Ohio, or J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,300,000. Outstanding — $1,300,000. Purpose of Issue — The proceeds are to retire underlying bonds and indebtedness arising out of capital expenditures, Denominution — Coupon $1,000. $500 and $100. Registerable as to principal. Trustee — State Savings Bank & Trust Co., Columbus, Ohio. Convertible at par, as follows; At any time on or after Jan. 1, 1921, into the company's preferred stock at par; or, at any time on or after July 1, 1922, into the company's Cons. & Ref. 5s, due 1944, at 92%, with adjustment of interest. A sufficient amount of the latter issue will be deposited with the Trus-tee, pur- suant to the indenture. Organization — See Cons. & Ref. 5s. "Bond Book." Security — A direct obligation to the com- pany, but not secured by a mortgage. Original Miurket— $1,300,000 offered Dec,, 1918, by F. R. Huntington, Columbus, Ohio; Otis & Co., Cleveland; W. B. Hutton & Co.. Claude Ashbrooke & Co., Channer & Sawye^, Beazell & Chatfield and the Provident Sav- ings Bank & Trust Co.. Cincinnati, at 98 and interest. Market. Providence — Bodell & Co. New York — E. & C. Randolph. Price Range 1918 — Bid 97, ask 100. Due March OHIO TRACTION CO 3o-Year 5s. 1, 1936.~F. Dated March 1, 1911. Interest payable Mar. and Sept. 1. at Fidelity Trust Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000, Outstanding— $1,975,700 (Mar. 15. 1919). Held in S. F.— $524,300. Denomination — coupon and registered. $1,- 000. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole on March 1. 1916, or any date thereafter, or for the sinking fund on any interest date at 103 and interest. Sinking Fund — $55,100 to be applied an- nually to purchase of bonds. This will retire the issue by maturity. Bonds acquired are held alive and interest thereon added to fund. Organization — Incorporated in Ohio on May 22, 1905. Has since acquired the entire or nearly all of the stock of the Cincinnati Traction Co., Cincinnati Zoological Co., Cin- cinnati Car Co. The Company also leases the Cincinnati & Hamilton Traction Co. Secured by deposit of the capital stocks of the Cincinnati Traction Co,, the Cincinnati Car Co.. Cincinnati Zoological Co., etc. The Cincinnati Traction Co. operates 227,48 miles of track passing through most of the principal streets of the city. Year ended Dec. 31 (Cincinnati Trac. Co.): Gross *Net 1918 $5,739,992 $297,573 1917 6,026.847 915,905 •After rentals of leased lines. Market. Philadelphia — S. K. Phillips & Co., Morris & Co., H. D, Boenning & Co.. Ervin & Co., Huntoon & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid High. 99 '16 102 '16 89 Dec. L.0W.85 '18 93^ '17 85 Oc. Interest $67,585 30.236 Elkins, OHIO TRACTION CO. 6% Notes. Due an- nually Sept. 1. as follows: $200,000, 1910; $300,000. 1917 and 1918; $350,000, 1919 and 1920. — F. Dated March 1, 1915. Interest payable Sept. 1 and March 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $700,000 (Jan. 1, 1919). Balance Retired. 9,18 Denomination — Coupon, $1, 000. Trustee — Pennsylvania Co. for Insurances on Livea and Granting Annuities, Philadelphia. Orgaization — See 1st 5s. Security — The Indenture provides that all property, Includinir securities held, not already pledged under 1st Ba shall be kept free and unincumbered until these notes are paid, and no additional securities shall be issued unless provision ia made for the retirement of these, notes and that the proportion of maturities and accrued interest on these notes shall be set aside before dividends are paid on outstanding stock. OHIO UTILITIES CO. 1st Lien S. F. 5s and 6s. Due June 1, 1946. — F. Dated June 1, 1916, Interest payable June 1 and Dec. 1, at P. W. Brooks & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Autltorized — $5,000,000. Outstanding — $696,000 6a; $140,000 5s (Dec. 31. 1918). Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — nepublic Trust Co., Philadelphia. Redeemable on any interest date at 103 and interest for 5s and 107 and interest for 6s. Sinking Fund — Annually, from Sept..!, 1931. to Sept. 1, 1930, inclusive, 1% of outstanding bonds and 1%% thereafter, for the purchase or redemption of these bonds. Organization — Incorporated in Ohio in 1916 as a holding company. Secured by deposit of all the stocks and bonds of the Circleville Light & Power Co., Delaware Electric Light, Heat & Power Co., Hillsboro Light & Fuel Co. and Hillsboro Ice & Coal Co.; also a direct first mortgage on the property of the Gallipolis Electric & Power Co. Company supplies electric light and power in Circleville, Gallipolis, Delaware and Hills- boro, O.; gas in Hillsboro and heat in Dela- ware. Population served, about 33,000. Fran- chises are reported liberal and in most in- stances perpetual. Year ended Dec. 31 Bond Gross Net Interest 1918 $488,743 $201,474 $48,760 1917 203.916 87.437 1916 159.742 72.706 31.000 1915 144,633 62,600 31.000 Original Market — Offered June, 1916, by P. W. Brooks & Co., New York and Philadelphia. Market. New York — Salisbury & Von Der Kteft, Kiely & Horton, P. W. Brooks & Co. Pliiladelphia — P. W, Brooks & Co. OHIO VALLEY ELECTRIC RAILWAY CO. 30-Year 1st Guar. 5$;. Due Dec. 1. 1946. Dated Dec. 1. 1916, Interest payable June 1 and Dec. 1, at Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $2,200,000. Outstanding — $1,675,000. Reserved for Ext. — $525,000. Additional bonds issuable for 85% of cost of improvements, etc. Denomination — Coupon, $1,000. Registered $1,000. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 102 14 and interest after Dec. 21, 1921, on any interest date on four weeks* notice. Guaranteed principal and interest by the American Bys. Co. by endorsement. Organization and Control — Incorporated in West Virginia in Aug.. 1B99. Present name adopted Feb., 1908. Owns a majority of the stock of the Ashland & Ironton Transfer Co., operating a ferry. Capital Stock Authorized Outstanding Preferred (6% Cuiji.). . $400,000 $345,800 Common 2,000,000 2,000,000 All common owned by the American Rail- ways Co. and deposited under its Ohio Valley Electric Coll. Tr. 5s of 1961. Secured by a first mortgage on 46.3 miles of street and interurban railway lines operat- ing as one system in Huntington and Kenova, W. Va., Catlettsburg and Ashland, Ky., and Ironton, O. ; also secured by pledge of a con- tract for the supply of power to the company extending beyond the life of these bonds. Popualtion served. 100,000. Franchises in Huntington and Kenova extend beyond the ma- turity of these bonds and are repbtted as satisfactory in Ohio and Kentucky. Underlies — American Rys. Co., Ohio Valley Col'-. 5s of 1961, which bonds are secured by pledfft; of entire common stock of Ohio Valley Electric R5'. Year ended Dec. 31: Gross Net Int., etc. 1918 $673,797 $250,627 ^118,486 1917 fil6.520 271.428 111.639 Original. Market — Offered Dec, 1916, by Newburger, Henderson & Loeb and Bioren & Co., Philadelphia, and Scott & Co., Wilming- ton: $800,000 offered Jan., 1917, by the Fi- delity Trust Co.. Baltimore, at 98 and inter- est. Market. New York— Newburger. Henderson & Loeb. Philadelphia — Newburger, Henderson & Loeb, Bioren & Co. Boston' — A. B. Conant & Co. Portland, Me. — Fidelity Trust Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '17 98% *17 83 June 92 Nov. Low. 83 '18 92 '18 OHIO VALLEY WATER CO. Ist Ss. Due July 1. 1954.— N. Dated July 1. 1904. Interest payable Jan. and July 1, at Colonial Trust Co., PUtsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized anff Ontstanding^$l,000,000. Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Pittsburgh, Pa. Organization — Incorporated April, 1903, in Pennsylvania. A close corporation. Secured by a first mortgage on this com- pany's property. The company supplies water to BelleVue, McKees Hocks, Emsworth and other towns in western- Pennsylvania. Serves about 50,000 population. Franchise perpetual. Prior Liens — $150,000 Vailey Consolidated Water Co. 5s, due 1918 (a merged company). Market. Pittsburgh — Goddard, Hunter & Co., George, Allen & Whitehouse. Philade'phia — Huntoon & Co. 919 on. WELL SUPPLY COMPANY 1st Serial 6s. Due $150,000 each June 1, from 1920 to 1939, inclusive. Dated June 1, 1919. Interest payable June and Dec. 1, at Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsy'.vania. Authorized — $3,000,000. Outstanding — $3,000,000. , Purpose of Issue — To furniah additional gapital and increase facilities of the company to care for growing demand for its products. Denomination — Coupon, $1,000, registerable as to principal. Trustee — Union Trust Company of Pitts- burgh. Kedeemable — Bonds due on and after June 1, 1922, redeemable at par and interest, as a whole or in part, on any interest date upon 30 days' notice. Sinking Fund — ^Beginning June 1. 1919, $12,500 to be deposited with the Trustee on the first day of ea,ch month for the payment of each series of bonds at maturity. Organization — Incorporated March 18, 1891, in Pennsylvania,, succeeding the Oil Well Sup- pay Co., litd. la the largest manufacturer in the United States of machinery and sup- plies for drilling and operating oil and gas wells. Secured by a first direct closed mortgage on the manufacturing plants of the company lo- cated . at Pittsburgh, Oil City and Bradford, Pa., Oswego, N. T. and Poplar Bluff, Mo. Indenture provides that the auick asaets of the company shall at all times equal its liabilities, ino'.uding the amount of bonds outstanding. As of Dec, 31, 1918, such auick assets were. $9,800,000,963 in excess of all liabilities, in- cluding outstanding bonds. Original Market — Offered in May. 1919, by Union Trust Co. of Pittsburgh at par and in- terest. Year ended Dec. 31 , . ^ Gross ' Net Interest 1918. . . .$3,415,559 $821,404 $383,281 1917 . . 2,469,287 788,910 310,262 1916.... 1,449,519 488,871 150.734 1915 1,291,188 445,726 141,606 1914 ... 1.200,917 430,142 142,208 1913 1.171,724 400.609 138,994 Original Market-^$ 1,600,000 offered Nov. . 1909, by Harris, Forbes & Co.. New York, and Boston, and Harris Trust & Savings Bank. Chicago. Market. Boston — Harris, Forbes & Co. New York — Harris, Forbes & Co., B. & C. Randolph, H. M. Byllesby & Co., J. J. Leven- son, Gude, Winmill & Co.. Hanson & Doyle, F. H. Hatch & Co., Barle A. Miller & Co., S. B. Taylor. Chicago^H. M. Byllesby & Co., Harris Truat & Savings Bank. - Providence — R. S. Moore & Co. Milwaukee — Marshall & Ilsey Bank. Price Ranee. Jan. 1. '09 to Jan. 1, '19 1918 Bid Ask Bid Ask : High.97 '12 99 '16 89 Nov. 9-2. Nov. Low. 85 '18 90 '18 85 Nov. 90 Sept OKIiAHOCVIA GAS & ELECTRIC CO. 1st 5s. Due Oct, 1, 1929.— F. Dated October 1, 1909. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 5.000,000. Outstanding— $2,778,000 (May 1. 1919). Reserved for Ext. — $1,737,000. Reserved for Prior Uen — $475,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustees — Harris Trust & Savings Bank, and Albert W. Harris,- Chicago. ' Redeemable at 102^ and interest Otit. . 1, 1914, or on ' any interest date thereafter. Improvement and Sinking Fund — 3% of out- standing bonds annually 1910 to 1914 and 5% 1915 to 1928. Fund may be used either to retire bonds or to make extensions or re- newals. Organization — Incorporated Feb,, 1902,, in Oklahoma. The Company owns e'.ectric and gas utilities, serving Oklahoma City, Britton, Drumright,; EI Reno, Enid, Hennessey, Kiefer, Norman, "Waukomis and Yukon, and all the Common stock (except qualifying shares), and $1,280,900 of the $1,543,600 Preferred Stock of the Muskogee Gas & Electric Company, controlling and oi?erating the gas and electric utilities In Muskogee, and the electric utilities in Fort Gibson and Sapulpa. Control — The Standard Gas & Electric Co. owns the entire common stock (except qualify- ing shares). Management — H. M. Byllesby & Co. , Chi- cago. Secured by a mortgage on all the property of the Company. Franchises expire in 1934. Prior Liens — $620,000 Enid Electric & Gas 6s of 1920. TTndcrlies — Deb. 6s of 1922 and 7% Notes of 1920. OKLAHOMA GAS & ELECTRIC CO. Deb. 6s. Due Oct. 1. 1922. — N. Dated Oct. 1, 1912. Interest payable April 1 and Oct. 1, at Cont'l & Com'l Trust & Savings Bank, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. - "'- ' Authorized — $3,000,000. Outstanding — $102,000. Denomination — Coupon, $500. Registerable as to principal. Trustees — Cont'l & Com'l Trust & Savings Bank and Frank H. Jones, Chicago. Redeemable at 101 and interest on six weeks' notice. Security — ^These bonds are not secured by any mortgage but are a direct obligation of the company. See 1st 5s. Prior Liens— $2,788,000 1st 5s of 1929 and $620,000 Enid Electric & Gas 6s of 1920. Earnings — See 1st 5s of 1929. ' Original Market — Offered In Oct., I9l2, at par and interest by H. M. Byllesby & Co., Chicago, and George Koehler ,& Co., Cincin- nati,- Ohio. Market. Chicago — H. M. Byllesby & Crt. New York — ^Hanson & Doyle, H. M. Byllesby & Co. Providence — ^R. S. Moore & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 . . Bid Ask Bid Ask High. 99 1^ '18 99% Dec. Low.95 '18 96 '18 55 Nov. 9 6 Sept. OKLAHOMA GAS & ELECTRIC CO. l-Yeor 7% Gold Notes. Due April 1. 1920. Dated April 1. 1919. Interest payable 'April 1 and- Oct. 1. Principal and interest payable at Trustee's office. New York, or company's agency, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,750,0 00. Outstanding — $2,500,000. Reserved for Ext. — $1,250,000. Additional Notes may be issued only when net earnings of the Company and income re- ceived from stocks, bonds and securities of subsidiaries, paid out of net earnings, after deducting interest on all of the company's out- standing bonds, shall equal at least two and one-half times the annual interest charges on the notes then outstanding, the notes ap- plied for, and all floating debt of the company. Purpose' of Issue — To retire $2,500,000 2- Tear 6% Notes, due June 15. 1919. DenominiationiS — Coupon $100, $500 and $1,000, registerable as to principal. Trustee — New York Trust Co., New York. Redeemable — As a whole or in part on thirty days' notice prior to Oct. i, *1919, at 100^ and interest, thereafter at 100 and interest. Organization — See 1st 5s, due 1929. Security — A direct obligation of the com- pany, but not secured hy a mortgage. , No new mortgage may be created upon the prop- erty of the company without equally securing these notes. Prior Liens — 1st 5s of 1929, Deb. 6s of 1922 and $620,000 Bnid Electric & Gas 6s of 1920. famines — See 1st 5s of 1929. Original Market — $2,500fOOO offered March, 1919, by H. M. Byllesby & Co., Inc., Chicago and New York, and Bonbright & Co. , Inc. , New York, etc., at 99% and interest. Market. Providence — R. S. Moore & Co. OKLAHOMA POWER & TRANSMISSION CO, 5-Year 1st 68. Due July 1, 1923 — F. 2%. Dated July 1, 1918. Interest payable Jan. 1 and July 1 at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 2 , 6 0, . Outstanding — $325,000. Reserved forJExt. — $1,675,000. Denomination — Coupon $1,000, $500 and $100. Trustees — Centra,! Trust Co. of Illinois and "William T. Abbott, Chicago. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Sinking !Fnnd — ^Annually, up to 1920 a sura equal to 3% and from 1921 to 1925, in- clusive. 5% of the Shawnee Gas & Electric Co. 1st 5s outstanding to be used in retiring bonds of that issue. Maintenance and Renewal Fund — Quarterly, beginning Oct., 1920, 10% of gross earnings from electric light and power business is to be applied to maintaining and renewing prop- erties. This fund sihaU not form the basis for the issuance of escrow bonds or in retiring bonds of this issue. Organization — Incorporated in Oklahoma owns 99%% of the capital stock of the Shaw- nee Gas & Electric Co. Capital Stock Authorised Outstanding Preferred $3,000,000 ,$62,000 Common 2,000,000 1,000,000 Controlled through stock ownership by Inter- ests identified with the North American Light and Power Co. Secured by a direct first mortgage on a steam electric station of 4,000 K. "W. near Ada, Okla., and 33,000-volt high tension transmission lines connecting the power sta- tion with Shawnee, Konawa and RofC. Okla.; further secured by pledge of $327,000 Ref. & Imp. 5s, and $847,600 (or about 99%%) of the capital stock of the Shawnee Gas & Electric Co, The latter company owns and operates a light and power system in Shawnee and sup- plies current at wholesale to the towns of McLoud and Tecum seh. and also owns in Shawnee a complete artificial gas plant, the distributing system of which is now being used to distribute natural gas purchased by it from the Oklahoma Natural Gas Co. Prior Liens — $250,000 1st 5s of 1926 and $371,000 Ref. & Imp. 5s of the Shawnee Gas & Electric Co.; $271,000 Shawnee Lighting Co. 1st 5s, of 1926. rnderlies— $150,000 O. P. & T, Co. Deb. 6s of 1923. Onginal Market— $325,000 offered Sept., .1918, by Powel/l, Garard & Co., Chicago, at 93 and interest. OKI^HOMA RAILWAY 1st & Ref, 58 (Prior Lien). Due Jan. 1, 1938.— N. Dated Jan. 1, 1908. Interest payable Jan. and July 1, at Peoples' Savings & Trust Co.. Pittsburgh, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $347,000 ($2,153,000 additional deposited under 1st & Ref. 5s of 1941). Denomination — Coupon, $1,000. Trustee — Peoples' Savings & Trust Co. , Pittsburgh, Pa. Redeemable after 1917 on 90 days* notice at 110 and interest. Organization — Incorporated June, 1904, as the Oklahoma City Ry. Name changed 1907. Acquired the El Reno Interurban Ry. 1911. Oklahoma Electric Terminal Co. 1913. Norman Interurban Ry. 1914, Guthrie, Edmond Elec- tric Ry. and North Conadan Valley Ry. Co, 1916. Secured by * a first mortgage on about 60 miles of street railway in Oklahoma City, Okla. (population. 70,000). Company operates about 130 miles of track in Oklahoma , City, El Reno, etc. Franchises in Oklahoma City are perpetual, subject to the right of the city to buy road after 1932 under certain condi- tions. About two-thirds of the road is on pri- vate right-of-way, including 34 miles of track in Oklahoma City, Underlies — 1st & Ref, 5s of 1941 and Mtge. 6s, due from 1918 to 1926. Year ended Dec. 31 Net Interest 1918 $515,960 $327,342 1917 523,050 304,678 1916 401,728 278,562 Market. New York — P. H. Hatch & Co. Price Range. Jan. 1, '16 to Jnn. 1, '19 1918 Bid Ask Bid Ask High.90 '17 75 May 82 May Low. 75 '18 77 '18 77 Dec. OKLAHOMA RAILWAY CO. 1st & Ref. 6s. Due Jan. 1, 1941.— F. Dated January 3, 1911. Interest payable Jan. and July 1, at Trustee's office or Harris Trust & Savings Bank. Chicago, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. ■ Authorized — ■$12,000,000. Outstanding — $3,653,000. Reserved for Prior Liens — $347,000. Reserved for Ext. — $8,000,000. Denomination- — Coupon, $1,000. Registerable as to principal. Trustee — Mississippi Valley Trust Co., St. Louis. Redeemable at 105 and Interest Jan. 1. 1921, or on any Interest date thereafter. Renewal Fund — 2% of outstanding bonds per annum. Organization — See 1st & Ref. 5s of 1938. , Secured by a mortgage on 113 miles of street and interurban railway track and comprising 66 miles of track in Oklahoma City, an Inter- urban line to El Reno and locaJ lines In the latter city. Further secured by deposit of $2,153,000 1st and Ref. 5s of 1938. Franchise in Oklahoma City is perpetual, stibject to the right of the city to purchase after 1932. Franchise in El Reno expires In 1933. Two- thirds of the line is on private ri&ht-of-way, including 34 miles of track in Oklahoma City. Population served, Oklahoma City, 70,000; remaining territory, about 15,000. Note — The Oklahoma State Board of Eauali- za tion o n May 16, 1918, fixed the valuation of this company's property at $2,800,000. Prior liens — $347,000 1st & Ref. 5s of 1938, for the retirement of which bonds of this issue have been reserved. ITnderlies — Mtge. 6s, due from 1918 to 1926. Earnings — See 1st & Ref, 5s of 1938. Original Market — $2,500,000 offered in April, 1911, at 94% and interest by Harris, Forbes & Co., New York, N, W. Harris & Co., Bos- ton, and Harris Trust & Savings Bank, Chi- cago. Market. New York — Dunham & Co., Harris, Forbes & Co., John Davenport, F. H. Hatch & Co., Lynch & McDermott, J. Nickerson, Jr. Boston — Harris, Forbes & Co. Chicago — Harris* Trust & Sav. Bank. St. Louis — Mississippi Valley Trust Co., John Nickerson, Jr. Price Range. Jan. 1, '11 to Jan. 1. '19 1918 Bid Ask Bid Ask Hirh.951^ '11 97V4 '11 79 Nov. 86^^ Dee. Low. 74 '18 76% '18 74 Mar. 76% Mar. Price Range 1918— Ask 101 Dec. OKLAHOMA RAILWAY CO. Junior Mortgage 66. Due $15,000 each January 1 and July 1. from Jan. 1, 1918, to July 1, 1925, and $260,000 Jan. t, 1926. Dated Jan. 1, 1916. Interest payable Janu- ary 1 and July 1, at Trustee's office. Tax Status — Information not available. Authorized — $500,000. Outstanding— $455,000 (May 1, 1919). Balance Redeemed. Denomination — Coupon, $1,000, $500 and $100. Trustee — Mississippi "Valley Trust Co., St. Louis. Redeemable at 101% and interest on any in- terest date on 30 days' notice. Organization — See 1st & Ref. 5s of 1938. Secured by a mortgage on all- the property of the company subject to underlying bonds. Prior Liens — $347,000 1st & Ref. 5s of 1938 and $3,653,000 1st & Ref. 5s of 1941. Earnings — See 1st & Ref. 5s of 1938. Original Market — Offered May, 1916, by R. J. Bdwarfls, Oklahoma City, at par and in- terest. Market. St. Ijonis — Mississippi Valley Trust Co. Louisville — Lawrence J. Timmons & Co. OKLAHOMA RAILWAY CO 8% Gold Notes. Due March 1. 1921. Dated Sept. 1, 1918. Interest payable March and Sept. 1, at Trustee's office, St. Louis, Mo. Tax Status — Information not availabe. Authorized — $375,000. Outstanding — $375,000. Denomination — $1,000. Trustee — Mississippi Valley' Trust Co., St. Louis. Secured by deposit with Trustee of $500,000 1st & Ref 5% g^ld bonds of the company, due Jan. 1. 1941 (133% par value of bonds to each $100 of notes). Original Market — Offered November. 1918, by Mississippi Valley Trust Co.. St. Louis, at part and interest, to net 8%. OKLAHOMA RAILWAY CO. Secured 7% Notes. Due Jan. 1. 1921. Dated Jan. 2, 1919. Interest payable Ju?y 1 and Jan. 1 at Mississippi Valley Trust Co.. St. Louis. Tax Exemption — The company agrees to pay 2 % normal Federal income tax when claim is made upon presentation of coupons. Authorized — $450,000. Outstanding — $450,000. Denomination — Coupon $1,000 and $500. Trustee — Mississippi Valley Trust Co.. St. Louis. Redeemable at 101 and interest on any in- terest date. Organization- — See 1st & Ref. 5s. Secured by pledge of following bonds: Pledged Outstanding Guthrie Ry. 1st 5s, 1935 . $120,000 $120,000 Guthrie-Bdmund Elec. Ry. 1st 5s, 1936 500,000 500,000 Earnings — See 1st & Ref. 5s. Original Market— $450,000 offered Feb.. 1919, by the Mississippi Valley Trust Co., St. Louis. OLD BEN COAL CORPORATION 1st 68. Due $150,000 each June 1 and Dec. 1, to June 1. 1937, inclusive. Dated June 1, 1917. Interest payable June 1 and Dec. 1, in Philadelphia. ■Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $6,000,000. Outstanding — $5,389,000 (June 5, 1919). Cancelled— $611,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 102% and interest on any in- terest date. If bonds are called in part they must be of the last maturity outstanding. Sinking Fund — 5 cents per ton on all coal mined, to be applied, flrst to the serial pay- ments as due, and any excess to be used for the purcha se or redemption of bonds of the last maturity outstanding at not over 1 02 % and Interest. Organization — Incorporated in Delaware. Capital Stock Authorized Outstanding Preferred (8% cum.). .. $3,000,000 $3,000,000 Common 4,000,000 4,000,000 Secured by a first mortgage on all the prop- erty of the company now owned and will be a lien on property hereafter acquired. The company covenants to maintain net quick as- sets of not less than $600,000 over And above all liabilities other than the bonds of this issue and Second Mortgage Notes of an issue of even date. The latter issue may not ex- ceed in the aggregate $1,900,000. The property covered comprises about 17,670 acres of coal lands, of which mineral rights of 16,170 acres are owned in fee and 1,500 acres are controlled through leases. The prop- erties are situated in Franklin County, III. There are four mines with modern equipment, with a comTiined daily capacity of about 24.000 tons. Original Market — Offered by Cassatt & Co. and Drexel & Co., Philadelphia. Market. New York — Baker, Carruthers & Pell. Philadelphia — Biddle & Henry, H. D. Boen- ning & Co., E31kins, Morris & Co., Huntoon & Co.. S. K. Phillips & Co. * Price Range 1918~Bid 97i^, Ask 100. 922 OLD COLONY GAS CO, (BBAIKTREE, MASS.) 1st 5s. Due Dec. 1. 1931.— F. Dated Dec. 1, 1911. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Aothoiized — $1,000,000. Ontstandins — $338,000. Denomination — Coupon. $1,000. Kegisterable as to principal and fully registerable. Coupon and Registered Bonds interchangeable. Trustee — Commonwealth Trust Co., Boston, Mass. Organization and Control — Incorporated, Oct.. 1908, in Massachusetts. Secured by a first mortgage on plant sup- plying gas to Braintree, Weymouth, Hingham. Abington. Whitman and Rockland, Mass. Pop- ulation served, 50,000. Franchises are un- limited as to time. Year ended Dec. 31 Bond Net Interest 1918 $39,236 $16,900 1917 41.912 16.900 1916 45.667 16,900 1915 37,500 16,900 1914 32,373 Original Market — Offered by E. M. Farns- worth & Co., at par, Oct., 1913. Market. Boston — E. M, Farnsworth & Co. New York — Millett, Roe & Hagen. Price Range, Jan. 1. '15 to Jan. 1, '19 Bid Ask High.98 '16 101 '16 Low. 90 '17 95 "17 OLD COLONY RAILROAD Deb. S^^s. Due July 1. 1932.— N. Dated July 1, 1902. Interest payable Jan. and July 1, at Company's office, South Sta- tion, Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1, 000. Registered, $1,000. etc. Assumed by N. T., N. H. & H. R. R. Co. by terms of le^se. Control — Property leased for 99 years from 1893 to the New Haven. Security — See Old Colony R. R. Deb. 4 s of 1924. Legal for Conn., Mass., R. I. and Vt. Market. Boston — Estabrook & Co., R. L. Day & Co. New York — Remick, Hodges & Co., F. H. Hatch & Co. Pliiladelphia — Biddle & Henry. Price Range. Jan. 1. ]9a8 to Jan. 1, 1919 1918 Bid Ask Bid ,Ask High.93 '09 94% "09 82^ Dec. 84% Dec. Low. 74 '18 78% '18 74 Aug. 78% July OLD COLONY RAILROAD Deb. 4s. Doe Feb. 1, 1924.— N. Dated Feb. 1, 1894. Interest payable Feb. and Aug. 1, at office of company. South Sta- tion, Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $3,000,000. Denomination^ — Coupon, $1,000 and $5,000. Registered. $1,000, etc. Assumed by N. Y., N. H. & H. R. R. Co. by terms of lease. Control — Leased to the New York, New Haven & Hartford R. R. for 99 years from 1893. A dividend of 7% per annum is guar-- anteed on the company's stock. Security — Bonds are not secured by any mortgage. Company's lines are of great im*- portance, extending from Boston to Brockton, Fall River, Provincetown, Newport, R. I., etc. Company owns 533 miles of road and leases 101 miles additional railway and affords con- nections between Boston and the various steamer lines .controlled by the New York, New Haven & Hartford R. R. Co. Legal for Conn., Mass., R. I. and Vt. Listed on Boston Stock Exchange. Market. New York — Hornblower & Weeks, Remick. Hodges & Co., F. H. Hatch & Co. Boston^Merrill. Oldham & Co., R. L. Day & Co., Hornblower & Weeks. Chicago — Hornblower & Weeks. Price Range. Jan. 1 ino8 to .*■•'< I, 1919 1918 Bid Ask Bid Ask High.lu. My lOL Mi) 93% Dec. 95^ Dec. Low. 88 '18 92 '17 88 July 92% Jan. OLD COLONY RAILROAD Deb. 4s. Due Dec. 1, 1925.— N. Dated Dec. 1, 1895. Interest payable June and Dec. at office of company. South Station, Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $5,598,000. Denomination — Coupon, $1,000 and $5,000. Registerab'e as to principal. Assumed by N. Y., N. H. & H. R. R. Co. by terms of lease. Control — Property leased to the New Haven for 99 years from 1893. Security — See Deb. 4s, due 1924. Legal for Conn., Mass., R. I. and Vt. Listed on Boston Stock Exchange. Market. Boston — Blodget & Co., Hornblower & Weeks, Estabrook & Co., Harris, Forbes & Co. New York — Hornblower & Weeks. Remick, Hodges & Co., F. H. Hatch & Co., Blodget & Co., Harris, Forbes & Co. Chicago — Hornblower & Weeks. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.lOl '09 102 '09 92ya Nov. 93% Dec. Low. 83 '18 83 Jan. OLD COLONY RAILROAD Deb. 4s. Due Jan. 1, 1938.— N. Dated Jan. 1, 1888. Interest payable Jan. and July 1, at office of company. South Sta- tion, Boston, Mass. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $4,000,000. * Denomination — Registered. $1,000. Assumed by N. Y.. N. H. & H. R. R. Co. by terms of lease. Control — Leased to the N. Y., N. H. & H. R. R. Co. until 1992. Security — See Deb. 4s of 1924. Legal for Conn., Mass., R. I, and Vt. Limited on Boston Stock Exchange. Market. New York — Hornblower & Weeks, Remick, ■ Hodges & Co., F. H. Hatch & Co., Harris, Forbes & Co. Boston — Hornblower & Weeks, Harris, Forbes & Co., R. L. Day & Co., Estabrook & Co. Chicago — Hornblower & Weeks, Harris Trust & Savings Bank. Price Range. Jan. 1. 1908 to Jan. 1, 1919 1918 Bid Ask Bid Ask Hish 101 '09 102 '09 84% Dec. 86% Dec. Low. 74 '18 82 '18 74 Aug. 82 Jan. 923 OLD DOMINION STEAMSHIP CO. 1st 5s. Dae Sept. 1, 1937.— P. Dated March 1, 1913: Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $1,000,000. Denomination — Registered, $1,000. Trustee — Farmers' Loan, & Trust Co., New York. Redeemable at 105 and interest. Control — tA majority of the stock of this company is held jointly by the Atlantic Coast Line R. R. Co., Chesapeake & Ohio Ry., Nor- folk & Western Ry., Seaboard Air Line Ry. and Southern Ry. Secured by a first mortgage on the steamers, docks, etc., owned by the company, which oper- ates directly a line of steamers from New York to Old Point Comfort and Norfolk. Va., and controls the Virginia Navigation Co., oper- ating steamers from Norfolk to Richmond and to points on the Chesapeake Bay, James and Severn Rivers, etc. Company has paid 6% per annum on $1,500,000 stock since 1876. Market. New York — E. & C. Randolph, Moore & Co., F. H. Hatch & Co.. Tobey & Kirk. Richmond — Caskie G. Burch & Co. Price Range. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '16 103 '16 90 Jan. 95 Jan. Low. 77 '18 87 '18 77 June 87 June OLE AN 1918 High.93% Jan. 24. '12 SO'^ Nov. 8 Low.65\4 Oct. 10, '18 65^ Oct 10 OSW£GO & SYRACUSE RAILROAD CO. Con- struction Mtge. 5s. Due May 1, 19^3. Dated May 1, 1883. Interest payable May and Nov. 1, at D., L. & W. R. R. office, 90 West Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $668,000. Denomination — Coupon, $1,000. Trustee — Farmers' Iioan & Trust Co., N. Y. Guaranteed principal and interest by the Delaware, Lackawanna & Western R. R. Co. by endorsement. Control — Leased from 1869 for the term of its corporate existence to the Delaware, Lacka- wanna & Western Ry., the latter agreeing to assume all liabilities for which the O. & S. R. R. was liable on Mar. 1, 1869, to guarantee the principal and interest on all bonds and to pay a dividend of 9% annually on the stock. Secured by a seeond mortgage on'34.98 miles of double-tracked road from Oswego to Syra- cuse, N. Y. Prior Lien» — $438,000 Oswego & Syracuse R. R. 1st 7s, which matured In 1907 and which were purchased by the D. . L. & W. R. R. Co. and now held by it as a. treasury asset. Legal for Minn.. N. H. and R. I. Market. New York — Remick, Hodges & ' Co., Abra- ham & Co.. Baker. Carruthers & Pell, Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, 1908 to Jan. 1, iai9 1918 Bid Ask Bid Ask High.llO '08 112 '09 95 Dec. 100 Dec. Low. 90 '17 100 18 94 Oct. OSM EGO FALLS PULP & PAPER CO. 1st 6s. Due each April 1, $;20>000 from 1918 to 1923; $135,000 from 1923 to 1936 and $30,000 from 1937 to 1941.— F. Dated April 1, 1915. Interest payable April 1 and October 1, at Chase National Bank. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $600,000. Outstanding — $600,000 (Jan 1, '18>. Denomination — Coupon, $100, $500 and $1,000. Trustee — Syracuse Trust Co., Syracuse. N. Y. Redeemable on any interest date at 102% and interest. Organization — Incorporated in New York in 1886. Secured by a first mortgage on some 1 5 acres of land on the Oswego River and the new Barge Canal in Fulton, N. Y. On this ground are located a power plant and duId mill and 2 machine paper mills having a combined capacity of 18,000 tons of finished product per year. The completion of the Baree Canal has increased the available water cower of the company, which has erected a modern hydro-electric power plant and an additional pulp mill. The company has also contracted for sale of current to a local corporation, which will insure a minimum income of $24,000 per annum. Original Market — Offered in June, 1915, by the Syracuse Trust Co., New York, at par and interest. Market. -t Syracuse — The Syracuse Trust Co. OTIS ELEVATOR CO. Conv. Deb. 6s. Due^ April 1, 1920.— F. Dated April 1, 1910. Interest payable April, and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid- by company without deduction. Authorized — $3, 500, 000. Outstanding— $3,000,000 (April 30, 1919), Retired by S. F. — $500,000, Denomination — Coupon. $1,000. Registerable^ as to principal and fully registerable. Trustee — New York Trust Co., New York. Redeemable at 102% and interest on any interest date. Sinking Fund— Annually amounts sufilcient to retire $100,000 and upwards par value of bonds from April 1, 1914. to April 1, 1919, in- clusive. Convertible into ■ the company's common stock at par. Organization — Incorporated in New Jersey, 1898. Security — A direct obligation of the company but not secured by any mortgage. The net quick assets, cash and working capital are at all times to exceed the principal amount of the debentures outstanding. Furthermore, the company agrees that neither it nor its 031 subsidiaries shall at any time, pledge or hy- pothecate any of the properties or capital assets and that no dividend shall be paid in any year except out of undivided net profits from the company's direct business. Company owns upwards of 13 plants in New York, Buffalo, Phila., Chicago, Harrison, N. J.. Moline, 111., Peru, Ind., etc., with numerous offices in the principal cities of the United States. As of Dec. 31, 1918, cash and quick assess amounted to about $5,800,000. Real estate, etc., was valued at $14,000,000, The company owns about $1,200,000 of the $1,500,- 000 common (voting) stock of Otis-Fenson Elevator Co. of Canada. Vear ended Dec. 31 Net Interest 1918 $1,790,926 $500,003 Original Market — Offered in April, 1910. by Blair & Co., New York, at 98% and interest. Market. New York — Dunham & Co., Gude, Winmill & Co., Kissel, Kinnicutt & Co., E. & C. Ran- dolph, Mann, Bill & Co., McGeorge & Vander- hoef, Tobey & Kirk, F. H. Hatch & Co., A. J. Leonard, J. Nickerson, Jr. Ronton — F. B. Bassett & Co. , Curtis & Sanger. - Chicago — Kissel, Kinnicutt & Co., Babcock, Rushton & Co., Baker, Carruthers & Pell, Curtis & Sanger. Bock Island, lU. — Litten & Roberts. Price Range. Jan. 1, 1910 to Jan. 1, 191» 1918 Bid Ask Bid Ask High.100% '17 101% '17 96 Dec. 99 Dec. Low. 90 '12 93 '18 93 Apr. OTTAWA ELECTRIC CO. Ref. Ist 5s. Dae June 1, 1933. Dated June 1, 1908. Interest payable June and Dec. 1, at Imperial Bank of Canada, Tor- onto and Montreal. Tax Status — Information not available. Authorized — $1,125,000. Outstanding — $625,000 (Jan. 1, '18). Denomination! — Coupon, . $100, $500 and $1,000. Kegisterable as to principal. Trustee — National Trust Co., Toronto. Organization and Control — Incorporated In July, 1894, in Canada as a consolidation of the Ottawa Elec. Light Co., Chaudiere Elec. Light & Power Co. and the Standard Blec. Co. of Ottawa. Controlled by the Ottawa Lt., Heat & Power Co. through ownership of $1,491,000 of the $1,500,000 capital stock. Secured by a second mortgage on electric plant supplying Ottawa, "Canada, and vicinity. In 1907 the company sold street lighting pl^nt to the city. Prior Lien — $500,000 1st 5s of 1920. Year ended Dec^ 31 (O. L. H. & P. Co.) Gross *Net 1917 $957,300 $246,140 1916 834,192 231.862 1915 848,824 254.772 •After interest. Original Market — Offered Feb., 1912, by The Dominion Securities Corp.; Ltd., and the Royal Securities Corp., Ltd., both of Montreal. Market. Montreal — W. Grahame Brown & Co. Toronto-^Dominion Securities Corporation. Price Range. Jan. 1. 1912 to Jan. 1. 1919 Bid Ask High. 98 '14 101 '13 Low.. 97% '16 OTTAWA GAS COMPANY 20-Year Ref. 6s. Due March 1, 1939. Dated March 1, 1919. Interest payahi'.e March and Sept. 1, at Bank of Nova Scotia, Montreal, Ottawa and Toronto; at Bank of Nova Scotia Agency in J>Jew York; irt New York gold coin; or at the London Joint City and Midland Bank, London, at $4.86 2/3 to the £1 sterling in English gald coin. Tax Status — Information not available. Authorized — $1,000,000. Additional bonds not to exceed $2,000,000. ranking equal with this issue, may be issued to 75% of additions and betterments if earn- ings are 1% times interest of bonds outstand- ing and to be issued. Outstanding — $ 850,000. Reserved for Prior lien — $150,000. Denominations — Coupon $500 and $1,000. Trustee — Montreal Trust Co., Montreal. Redeemable — As a whole or in part at 103 and interest on any interest date on sixty days' notice. Sinking Fundi — ^Annually beginning March 1, 1922, $20,000, and a further 2%- on all bonds subsequently issued; also a sum equal to interest on all bonds purchased by the sink- ing fund. Sinking fund may be applied to purchase bonds at or under 103 and interest, or to call them. Guaranteed — ^Unconditionally principal and interest by the Ottawa Light. Heat & Power Co. , Ltd. Organization and Control — Operates under charter granted 1854 by City of Bytown (now Ottawa) and furnishes gas in Ottawa and Hull. Controlled through stock ownership by the Ottawa Light, Heat & Power Co., Ltd. Secured — Subject to prior lien noted below, a direct mortgage and charge on all property of the Company. Estimate value March, 1919, $3,100,000. Prior Lieni — $150,000 Cons. 5s due 1934, to retire which bond's of this issue are reserved. Year ended Dec. 31: Gross Net Interest 1918 $1,114,915 $413,527 $103,378 Original Market — Offered March, 1919, by Royal Securities Corporation, Ltd., Montreal, at 101 and interest. OTTUMWA (lA.) RATLWAY & LIGHT CO, 1st & Ref. 5s. Due Jan. 1, 1924.— F. Dated January 1, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Stalus — 2% Federal Income Tax paid by company without deduction. Authorized — $1,600,000. Outstanding— $1,132,000 (May 27. 1919). Retired by Sinking Fund — $114,000. Reserved for Prior IJens — $254,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 103 and interest upon four weeks' notice. Sinking Fund — 1% per annum of outstand- ing amount of bonds in semi-annual install- ments to purchase or redeem bonds at 103 and interest. Bonds so redeemed are to be can- celled. This fund began operation July 1. 1909. Organization and Control — Incorporated In Delaware. 1906, as the successor to the Ot- tumwa Traction & Light Co. $630,200 of the $660,000 common stock and $234,500 of the $507,800 7% preferred stock are owned by the Standard Oas & Electric Co. Management-^H. M. Byllesby & Co.. Chicago. Secured by a second mortgage on 13 miles of traction lines in the city of Ottumwa. also on 032 the company's electric Uehtlne and steam heat- ing plants. Company has 86 miles of pole lines and about three miles of steam heating mains. Population served 31,000. Franchise expires July, 1926. Trior l^iens — $254,000 Ottumwa Traction & Lt. -Co. 5S of 1921. Underlies — Gen. 6a of 1920. all of which are pledged to secure 7% secured notes. Year ended Dec. 31 "Gross Net Interest 1918 $402,162 $135,255 $81,300 1917 365,407 142,989 $72,275 1916 360,601 166,574 68.021 1915 329, 82i 151.071 66.660 1914 324,929 145,802 66.919 Original Market — $450,000 offered In May, 1906, by Breed & Harrison, Cincinnati, at 97 and Interest. Offered by Bonbright & Co., in 1916 on a 5%7o basis. Marlcet. New York — Hanson & Doyle, Bonbright & Co., E. & C. Rando-:ph, H. M. Byllesby & Co.. Berdell Bros., Kiely & Horton. Cliicago — Bonbright & Co.. H. M, Byllesby & Co. Boston — Bonbright & Co. Milwaukee — Morris F. Fox & Co. Philadelphia — S. K. Phillips & Co., Bon- bright & Co. Providence — R. S. Moore & Co. Price Range. Jan, 1, 1909 to Jan. 1, 1919- 1918 Bid Ask Bid Ask High.96 '16 gsy* '16 90 Jan. 95 Jan. Low. 841/^ '18 88 '15 84% Aug. 90 Aug. OTTUMWA RAILWAY & LIGHT CO 7% Se- cured Notes. Due Dec. 1, 1930 — F. Dated June 1, 1918. Interest payable June 1 and Dec. 1 at Trustee' s office and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $ 3 50,000. Outstanding — $11 190 0. Purpose of Issue — To reimburse Company for expenditures incurred for additions and improvements. Denomination — Coupon. $100, $500 and $1,000. Registerable as to principal. Trustee — Illinois Trust & Savings Bank. Chicago. Redeemable as a whole or in part on or before Dec, 1, 1918. at 101 and interest, on or before Dec. 1. 1919, at 101% and interest, thereafter at 100 and interest, upon 30 days' notice. Organization — See 1st & Ref. 5s. Management — H. M. Byllesby & Co. , Inc. , Chicago. Secured by deposit with Trustee of Ottumwa Ry. & Light Co. General 6s. dated June 1, 1918, due Dec. 1. 1920, in a principal amount of 150% of notes outstanding. Prior Liens — $1,122,000 Ottumwa Traction & Co. 1st & Ref. 5s, due 1924, and $254,0 00 Ottumwa Traction & Lt. Co. 1st 5s, due 1921. Original Market — $ 200,000 offered June, 1918, by H, M. Byllesby & Co.. Inc., Chicago, and Bonbright & Co., Inc., New York, at 97% and interest. Market. Providence — R. S. Moore & Co. Authorized — $500,000. Outstanding — $254,000 (June 2, 1919). Retired by S. F.— $46,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee— United States Mortgage & Trust Co., New York. Redeemable on Oct. 1, 1911, at 105 and inter- est, and annually thereafter, at a price de- creasing one-half of 1% per annum. Sinking Fund — $8,000 a year to be applied to the retirement of tliese bonds. Assumed by the Ottumwa Ry. & Lt. Co. Organization— rAb so r bed by the Ottumwa Ry. & Lt. Co. For further details see Ottumwa Ry. & Lt. 1st & Ref. 6s, Secured by a first mortgage on the property described under the Ottumwa Ry. & Lt. Co. Ist & Ref. 5s of 1924. Underlies — Ottumwa Ry. & Lt. Co. 1st & Ref. 5s of 1924 and Gen. 6s of 1920. Earnings — See. O. Ry. & Lt. 1st & Ref. 5s. Market. Portland, Me. — Fidelity Trust Co. Providenice — R. S. Moore & Co. Price Range. Jan. 1. 1909 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.99 '11 101 '12 95 Oct. 98 Oct. Low. 92 '18 95 '17 92 Mar. 95 Mar. (THE) OTTUMWA (lA.) TRACTION & LIGHT CO. 1st 5s. Due Oct. 1. 1921.— N. Dated Oct. 1, 1901. Interest payable April 1 and October 1, at Trustee's office. Tax Status — Payment of Federal Income T.ax not assumed by company. OVAL WOOD DISH CO. 1st 6s. Due each Aug. 1 as follows: $60,000, 1919 to 1922 inc.: $100,000, 1923 and 1924; $150,000. 1925 to 1928 inc.— F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1 at Corn Exchange National Bank, Chicago, or Michigan Trust Co., Grand Rapids, Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding^! 4 61, 600 (Sept. 15. 1918). Pledged to Secure 7% Notes — $538,400. Denominationj — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustees — Michigan Trust Co., Grand Rapids, Redeemable at 101^ and interest on any interest date on 30 days' notice. Sinicing Fund — Payments are provided for which will retire all the bonds before 50 % «* the timber is cut. Organization — Incorporated in Ohio in 1884. The business was established at Delta, O., but was shortly transferred to Marcelona, Mich. , where it was carried on until 1892 when the plant was removed to Traverse City, Mich. The company manufactures wood dishes, wood spoons, clothespins, berry boxes and lumber. In 1916 a large factory at Tupper Lake, N. T., was commenced, and is to be completed in 1917 at a cost of over $1,000,000. Secured by a first mortgage on all the real estate, timber plants and machinery owned in fee in the Upper Peninsula and in New York Slate, and a first mortgage on all the real estate and timber owned under contracts, subject only to the payments still due. Properties are valued as follows: Michi- gan acreage estimated to carry 200,000,000 ft. of merchantable hard wood, timber, appraised at $986,152; 21,667 acres owned In fee In Adirondacks. 78,415,000 ft. at $427,018; 67.254 acres in the Adirondacks. owned under con- tracts, 198.460,000 ft. at $626,000; payments still due on contract purchases, maturing from 1918 to 1923, amount to $358,750, leav- ing a net timber value of $1,679,420. Original Market — $1,000,000 offered Sept.. 1917, by James D. Lacey Timber Co., Chi- cago. 933 THE OVAL WOOD DISH CO 7% Coll. Tr. Notes. Due Aug. 1, li>31. Dated July 1, 1918. Interest payable Feb. 1 and Aug. 1 at the Corn Exchange National Bank, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 450,000. Outstanding— $450,000 (Mar. 14. 1919). Demomination) — Coupon $1,000 and $500. Registerable as to principal. Trustee — Corn Exchange National Bank, Chicago. Redeemable on any interest date upon 30 days' notice at 101 and interest. Organization — See 1st 6s. Secured by pledge of $538,400 ($1,000,000 authorized and issued) 1st 6s due annually 1923 to 1928, inclusive. Original Market — $450,000 offered Sept., 1918, by Lyon, Gary & Co., Chicago, at 98.67 and interest. Priee Range — 1D18. Bid Ask High. 94 June 98 -Tune Low. 89 May 97 May (THE) OWL. DRUG CO. 6% Notes. Due each March 1 and Sent. 1, as follows: $40,000 March 1, 1919 to Sept. 1, 1920, inclusive; $50,000 March 1, 1931 to Sept. 1, 1933, in- clusive; $80,000 March 1 and 1933; $85,000 Sept. 1, 1933; $90,000 March 1, Sept. 1, 1924 and $95,000 March 1, 1925.— P. Dated March 1, 1917. Interest payable March 1 and September 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $800,000. Outstanding — $800,000. Denominatloii — Coupon, $500. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 101 and interest on 30 days* notice. Organization — Incorporated in Nevada in 1907. Owns and operates a chain of 31 stores on the Pacific Coast from San Diego, Cal., to Seattle. "Wash. Also has a store in Chicago, one in Milwaukee and one in Minneapolis. Also has a manufacturing plant in New York and a supply house in Chicago. Security — A direct obligation of the company, but not a mortgage. The company is required to maintain quick assets, equal to 150 % of all liabilities during the life of these notes. No mortgage or lien prior to these notes can be created. The company must file each six months with the trustee a report of its earnings and financial position, and each twelve months a detailed audit of its books by certified accountants selected by the Trustee. Fire insurance to the full amount of these notes assigned to the Trustee. Earnings — During the past ten years the total annual sales of the company have in- creased from $1,327,633 to over $7,000,000 in 1918 and the net profits have increased during the same period from $100,000 to $489,938. After depreciation the net earnings for the year ended January 31, 1918, amounted to $401,432. or about eight times the annual in- ter<"st charges on this issue of notes. Original Market — $800,000 offered April, 1917, by McDonnell & Co., and Knauth-Nachod & Kuhne, New York, and McLaughlin, Young & Bowlan, Pittsburgh, at 101 to 99% and in- terest according to maturities. Market. New York — IMcDonnell & Co. IMS Angeles — L. A Crisler &- Co. San Diego — Stephens & Co. OXFORD PAPER CO. Ist S. F. Bs. Due July 1, 1930.— P. Dated July 1, 1915. Interest payable Jan- uary 1 and July 1, in Portland, Me., or at Lee, Higginson & Co., Bostdn, New York or Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,400,000. Outstanding— $1,731,500 (May 27, 1919). Retired by S. F.— $668,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Registered, $10,000 and multiples. Trustee — Union Safe Deposit & Trust Co., Portland. Me. Redeemable on any July 1 at 105 and in- Sinking Fund — Not less than $100,000 per annum, beginning not later than May 25, 1916, to be applied to the purchase of bonds at not exceeding 105 and interest. If not so pur- chasable bonds shall be called. All bonds so acquired to be cancelled. If the company shall pay dividends in excess of 8% on its common stock now outstanding, or sold for cash at not less than par, it must add to this sinking fund an amount equal to such excess over 8%. Organization — Incorporated in Maine in 1899. Owns and operates plants at Rumford, Me., manufacturing book paper, soda pulp and elec- trolytic bleach. In 1916, purchased jointly with the Bryant Paper Co. , of Kalamazoo, Mich., the Nashwaak Pulp & Paper Co., of St. John, New Brunswick. Secured by a first mortgage on the plants of the company, located at Rumford, Me. These include a paper plant with a capacity of 250 tons per 24-hour day, a sulphite pulp plant, capacity 105 tons per day. a soda pulp plant, capacity 135 tons per day, and an electrolytic bleach plant, capacity 26 tons per day. Further secured on long term power con- tracts with the Rumford Falls Power Co., for hydro-electric power at reasonable rates, and also on perpetual rights to take a certain amount of water from the Androscoggin River, at its mills. The company owns a 21-year right to cut spruce from a 55,000 acre tract near Quebec, Canada. The plants are insured against fire for $3,533,700. Underlies — 6% Serial Notes due to 1926. Original Market — Offered in July, 1915, by Lee, Higginson & Co., Boston, New York and Chicago, and Maynard S. Bird & Co., Portland, Me., at 99% and interest. Market. New York — Lee, Higginson & Co. , F. H. Hatch & Co. Boston — Lee, Higginson & Co. Chicago — Lee, Higginson & Co., Baker, Car- ruthers & Pell. Portland, Me. — Maynard S. Bird & Co., Beyer & Small, B. L. Wenerren. Price Range. ,Jan. 1. 1916 to Jan. 1, 1919 Bid Ask High. 100 '16 104 '16 Low.. 103% '16 OXFORD PAPER CO. Serial 6% Notes. Due $75,000 eacli Derember 1. from 1917 to 1925. inrlnsive and .$200,000 December 1, 1926.— P. 934 Dated December 1. 1916. Interest payable June and December lat at Portland National Bank. Portland, Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 875,000. Outstanding — $725,000 (May 1. 1919). Balance Retired. denomination — Coupon, $1,000. Redeemable at 102^ and interest December 1, 1917, on any interest date thereafter on 30 days' notice. Orsanization — See let S. F. 6s. Security — A direct obligation of the company but not secured by mortgage. These notes were issued to reimburse company for pur- chase of Nashwaak Pulp & Paper Co. For details on property see Ist 6s, Original Market — Offered November, 1916, by Lee, Higginson & Co., New York, etc., and Maynard S. Bird & Co. , Portland, Me. , at prices yielding from 5% to 5.80% according to maturities. Market. Indianapolis — Fletcher American National Bank. Boston — Lee, Higginson & Co. Portland, Me. — Maynard S. Bird & Go., Beyer & Small. go. of Missouri St. Louis City Real Estate 1st Ext. 5s, Due May 1, 1938.— F. Dated May 1, 1872. Extended May 1, 1892, interest being reduced from 8 % . Interest payable May and Nov. 1, at office of Missouri Pacific R. R.. New Tork. Ta\ Status^2 % Federal Income Tax paid by company with ut deduction. Authorized — $800, 000. Outstanding — $800,000. Denomination — Coupon, $ 5 and 51,000. Registerable as to principal only or fully regis- terable. Trustees — R. J. Lackland and Dwight Dur- kee. Assumed by the Missouri Pacific Ry. Co. Secured by a first mortgage on real estate in the City of St. Louis; bounded by 7th St., Cerre St., 11th St. and Poplar St.; bounded by 12th St., Austin St., 14th St., and Ran- dolph St., and on numerous other parcels of real estate in the same vicinity. This prop- erty is located in the heart of the business center of St. Louis, Underlies — Mo. Pac. 3rd Extd. 4s of 1938; Cons. 6s of 1920, Gen. 4s of 1975, and 1st & Ref. 5 of 1959. Bonds are reserved under the latter mortgage to retire this issue. Uegal for Me. and Mo. Market. New York — Coffin & Co., Tobey & Kirk, Abraham & Co.. Baker. Carruthers & Pell. .John Davenport, 'Wm. C. Ewen, F. J. Lisman & Co. Price Range. ,Jan, 1, '08 to Jan. 1, *19 1918 Bid Ask Bid High. Ill '10 113 '09 921/4 Dec. Low. 80 '17 93 '17 (THE) PACIFIC TELEPHONE & TELE- GRAPH CO. 1st & Coll. Tr. S. r. 5s. Due Jan. 2. 1937.— F. Dated January 2, 1907. Interest payable Jan. and July 2, at United States Mortgage & Trust Co., New York, and at San Fran- cisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $35,000,000. Outstanding— $32,882,000 (June 15, '19), Held in S. F,— $2,118,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $10,000 and $50,000. C, & R. Interchangeable. Trustee — Mercantile Trust Co. of San Fran- cisco. Redeemable at 110 on Jan, 2, 1922. or on any interest date thereafter. Sinking Fund — ^Annually five-eights of 1% of the bonds outstanding from Jan. 2, 1912, for the purchase or redemption of these bonds at not over 110 and interest. Bonds so ac- quired to be held alive and interest added to this fund. It is estimated that this fund will retire $10,000,000 bonds by maturity. Organization — Incorporated in California in 1906 as a consolidation. In 1916 the South- ern California Telephone Co., a subsidiary was organized to take over all the telephone properties in Los Angeles and vicinity. Controlled by the American Telephone & Telegraph Co. through ownership of a ma- jority of its capital stock. Secured by a first mortgage on the Bell Telephone system in San Francisco, and a second mortgage on what was fox'merly the independent telephone system in that city, and a first lien, through deposit of 6 % demand notes, on the entire Bell telephone system in California, Oregon, Washington and Idaho. Prior Lien — $7,080,000 Home Long Distance Telephone Co. 1st 5s of 1932. Year ended Dec. 31 *1918 Gross .$15,362,774 1917. .$24,655,243 1916.. 21,255.479 1915.. 20.114,458 1914. . 18,984,196 Net $3,189,459 $5,307,116 4,485,843 4,486,635 4.825,434 Int. & Rent $1,929,431 $3,065,288 2,700,046 2,465,035 2,565,258 ♦Seven months ended July ' 31. Listed on the New York, Boston and San Francisco Stock Exchanges and Unlisted Dept., Chicago Stock Exchange. Original Market — Offered in 1909 by J. P. Morgan & Co., Kidder, Peabody & Co., and in 1910 by Bond & Goodwin and N. W. Harris & Co., New Tork; and $2,000,000 offered in 1911 by Harris, Forbes & Co., New York, at 99 and interest. $3,000,000 offered Jan., 1914. by Lee, Higginson & Co. , Boston, etc. , at 9$%^ and interest. Market. New York — Active on N. Y. Stock Exchange. Portland, Me. — Maynard S. Bird & Co. Cliicago — Hornblower & Weeks, Harris Trust & Savings Bank. ' Boston — Hornblower & Weeks, Harris, Forbes & Co.. Merrill. Oldham & Co., Parkin- son & Burr, Lee, Higginson & Co., Kidder, Peabody & Co., J. W. Bowen & Co. Philadelphia — Graham. Parsons & Co., West & Co. San Francisco — Blankenhorn-Hunter-Dulin Co.. B'yth. Witter & Co. Milwaukee — First National Bank. New Haven — The Chas. W. Scranton Co. 943 ,--Los;- Antgeles— Blankenhorn-Huner-Dulin Co., Bl-3fth, 'Witter &- Co.,- L. A. Crisler & Co.. Pasadena — Blankenhorn-Hunter-Dulin Co. T^., ,-, Price Range — N. Y. S. E. ^SLn^'ll f07 to Jan. 1, '19 1918 Hislt.102 Sejpt. 18, '16 96*^ Nov. 23 Low. 87 Aug. 23, '18' 87 JiXis. 2a PACKARD MOTOR CAR GO. 3-Year 6% Notes. Due Oct. 15, 1919,— F. Dated Oct. 16, 1916. Interest payable April and Oct. 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,500,000. Outstanding — $5,000,000. Reserved for Corporate Purposes— $2,500, - 000. Denomination — Coupon, $1,000. Trustee — Central Trust Co., New York. Redeemable at 101 and interest on any in- terest date on 30 days' notice. Organization — Incorporated in Michigan In 1909 as successor to West Virginia company of 1900. Company's plant is located in Detroit. Security — A direct obligation of the company but not secured by mortgage. The company has no funded debt and by the provisions of this indenture cannot create any without pro- viding for the payment of these notes; also net quick assets must be maintained at least twice the face amount of notes outstanding and all other liabilities except capital account. Year ended August 31 *Net Dep'n 1918 $9,281,332 $3,66 4,630 1917 7,700,487 2,299.796 1916 9,046,203 2,847,649 1915 4,090,556 1.321,0 00 1914 2,252,054 1,091,000 *After interest. Original Market — Offered Oct., 1916, by Wm. A. Read & Co., New York. Market. Boston — Wm. A. Read & Co. New York — Wm. A. Read & Co., Mann, Bill & Co., J. S. Bache & Co., Hanson & Doyle, Bivl & Eldredge. Omaha — Burns, Brinker & Co. Price Range. Jan,. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98% '17 991^ '17 97% Dec. 98^^ Dec. Low. 95% '18 97 '17 95% Mar. 97% Aug. PADUCAH & II.LINOIS RAILROAD CO. 1st 40-Year S. F. Was. Due July 1, 1955. Dated July 1, 1915. Interest payable Jan- uary 1 and July 1, in New York and Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,000,000. Outstanding — $5,00 0,000. Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for fully reg- tered bonds. Registered, $1,000 and multiples. Coupon and registered bonds interchangeable. Trustee — Union Trust Co., Chicago. Guaranteed — Jointly and severally as to prip- cipal, interest and sinking fund by endorsement by the Chicago, Burlington & Quincy Railroad Co. and the Nashville, Chattanooga & St. Louis Railway. Sinking Fund — Beginning May 1, 1921, an- nual payments sufficient to retire the entire issue at maturity. The annual payments for the $3,500,000 now outstanding will amount to $100,000 annually. Bonds are to be purchased at not exceeding 102% and interest, or if not so obtainable, to be drawn by lot at this price on the succeeding first day of July. Fifteen days published notice shall be given of any bonds called. Bonds of this issue may be de- posited in lieu of all or part cash payments. Bonds acquired by the sinking fund are to be cancelled. Control — The entire capital stock of the company is owned jointly by the Chicago, Burlington & Quincy Railroad Co. and the Nashville, Chattanooga &* St. Louis Railway. Secured by a first m.ortgage on a double track steel bridge, 5,700 feet in length, across the Ohio River from a point near Metropolis, 111., and on 12 miles of railroad from the Kentucky terminus of the bridge to a point near Paducah, Ky., forming the only direct connecting link between the lines of Chicago, Burlington & Quincy Railroad Co. and the Nashville, Chattanooga & St. Louis Rallvfay. Further secured by deposit with the Trustee of an operating agreement in which the two companies above nxentioned covenant to use the property of this company for the inter- change of passenger, freight and other traffic, and to secure the performance of which the entire capital stock of this company is depos- ited. Listed on the New York and Chicago Stock Exchanges. Original Market — $3,000,000 offered Janu- ary, 1915, by Wm. A. Read & Co. and Kean, Taylor & Co., New York, Chicago, etc., the Union Trust Co. and Merchants Loan & "Trust Co., Chicago; First National Bank and Second Ward Savings Bank, Milwaukee ; Mercantile Trust Co.. St. Louis: Northwestern Trust Co., St. Paul, and Commerce Trust Co. , Kansas City, Mo., at par and interest. Market. New York — Moore & Co., B. & C. Randolph, Hornblower & Weeks, Kean, Taylor & Co., Abraham & Co., Vilas & Hickey. Chicago — Kean, Taylor & Co., Hornblower & Weeks. St. Louis — Whitaker & Co. Boston — Hornblower & Weeks. Pittsburgh — R. B. Hutchinson & Co., Kean, Taylor & .Co. Philadelphia — Chas. Fearon & Co. Price Range — N. Y. S. E. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask High.lOl Jan. 12, '17 100 Jan. Low. 98 Sept. 5, '16 65 Oct. 95 Nov. PAGE WOVEN WIRE FENCE CO. 1st 5s. Due AprU 1, 1933. — F. Dated April 1, 1902. Interest payable April and Oct. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $394,000. Retired in 1911 — $106,000 were paid ofC out of earnings and $800,000 exchanged for pre- ferred stock. $700,000 additional have been retired. Denomination — Coupon, $500 and $1,000. Trustee — Equitable Trust Co.. New York. Redeemable at 110 and interest. Sinking Fund — At least $100,000 per year sinking fund payments have been anticipated to 1921. Organization — Incorporated in New Jersey in 1902 as successor to Illinois corporation (1899) of same name. Oct. 20, 1917, name of com- pany was changed to Page Steel & Wire Co. Located at Adrian, Mich, Secured by a first mortgage on an open hearth steel plant, rolling mill, fence factory, etc. , at Monessen, Pa. . and a fence factory at Adrian, Mich. Daily ouput of all plants* 700 tons of finished products. 944 \ear ended Dec. 31 Net Interest 1917 $323,679 $19,700 1916 343.170 19,700 19i6 183.164 19.700 1914 101.781 19.700 Listed on Unlisted Dept,, Chicago Stock Ex- change. Market. ChicaEo — Hornbiower & Weeks. J. B. Sardy & Co. New York — Hornbiower & Weeks, F. H. Hatch & Co. Boston — Chas. A. Day & Co.. Hornbiower & Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.92 '17 95 '16 Low. 89 '17 92 '17 S. F. (THE) PALMOLIVE CO. 5-Year 79 Conv. Notes. Due Dec. 1, 1923. Dated Dec. 2. 1918. Interest payable June 1 and December 1 in New York and Milwau- kee. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,-000. Outstanding — $1,500,000. Purpose of Issue — The proceeds to be used to retire current indebtedness and to provide additional working capital. Denomination — Coupon $100, $500 and $ 1 , - 000. Registerabi'e as to principal. Trustee — "Wisconsin Trust Co., Milwaukee. Redeemable as a whole (but not in part ex- cept with consent of bankers named in inden- ture or through sinking fund) on any interest date on forty-five days' notice, as follows: 103 and accrued interest on or before December 1, 1919; 102 and accrued interest after De- cember 1, 1919, and on or before December 1, 1920: 101V6 and accrued interest after Decem- ber 1, 1920, and on or before December 1, 1921; 101 and accrued interest after Decem- ber 1, 1921, and on or before December 1, 1922, and 1 % and accrued interest after December 1, 1922. and before December 1. 1923. Sinking Fund — The company, on or before August 1. 1919, and annually thereafter up to and including August 1. 1922, shall pay to the Trustee in cash, as a sinking fund, an amount sufficient to provide for the retirement at the next succeeding interest date of not less than $150,000 principal amount of the notes outstanding. The cash so paid to the Trustee each year shall inolude the accrued interest on such principal amount of notes to the next interest date upon which such notes may be called for redemption, together with the premium applicable to the redemption of notes on such interest date. The moneys m the sinking fund shall be applied by the Trus- tee to the purchase of the notes in the open market at the lowest price then in force. If sufficient notes are not thus obtainable to ex- haust the moneys in the sinking fund, the Trustee shall draw by lot. not less than forty- eight days prior to the interest date next fol- lowing the sinking fund payment, at the call price in force on such interest date, sufficient of notes to exhaust such sinking fund moneys. Convertible par for par at any time on or after December 1, 1919, into 7% cumulative preferred stock with adjustment "of interest and dividends. Notes called for redemption are convertible until 30 days prior to redemp- tion date. Organization — The business of the company was started in Milwaukee in 1864 as a part- nership and was incorporated under the laws of the State of Wisconsin on December 20, 1894. as the B. J. Johnson Soap Company, In 1917 the name of the Company was changed to The Palmoiive Company, this name being more descriptive of its principal products. The Company manufactures Palmoiive Soap, Paimolive Toilet Specialties and other brands of soap. Its products are extensively adver- tised. The company's main plant is located at Mil- waukee, Wis., and comprises three buildings with a floor area of 260,000 square feet, The Canadian plant is located at Toronto and is operated by The Paimolive Company of Can- ada, Ltd. , all of whose stock except directors' qualifying shares is owned by The Paimolive Co. The Company maintains 21 warehouses throughout the United States and also has 16 branch offices. Capital Stock Authorized Outstanding Pref. (7% cum.) $3,000,000 $1,095,961 Common 3.000,000 1,734.371 Security — A direct obligation of the Com- pany, but not secured by a mortgage. These notes constitute the only funded debt of the Company. The indenture contains the fol- lowing covenants : So long as any of the notes are outstanding, it will not, without the prior consent of the bankers named in the indenture, create any mortgage, pledge, lien, encumbrance or charge superior to the notes upon any of its rights, privileges, franchises, properties (real, per- sonal and mixed), assets, surplus earnings, income or profits, nor will jt issue, guarantee or endorse any bonds, debentures, notes or other evidences of indebtedness, except as pur- chase money obli'gations or to evidence tem- porary loans or other indebtedness incurred for current business purposes and maturing within not to exceed one year. During the life of these notes the foregoing restrictions will a/',so apply to the business and property of The Paimolive Company of Canada. Limited. So long as any of these notes are outstand- ing it will at all times maintain net quick assets (including such as it may own through The Paimolive Company of Canada. Limitedi), at an anriount equal to at .least 150% of the principal of the outstanding notes. It will not after December 1, 1918, pay any dividend upon its common stock (other than stock dividends and 3% in cash) except out of net profits earned after September 30. 1918; provided, however, that it may pay a further cash dividend upon its common stock out of the earnings of any period prior to September 30, 1918, if it carries an equal amount to a permanent surplus account from net profits earned after September 30, 1918. It is, how- ever, expressly covenanted that the Company will not pay any dividends upon its stock, common or preferred, if such payment would reduce the net current assets below the amount stated in the next preceding paragraph. So long as any of the notes are outstanding the Company will not purchase, retire or liquidate any of its common stock, nor will it distrib- ute any amounts carried to permanent sur- plus account as above provided, nor will it purchase, redeem or retire its preferred stock out of burplus or earnings accumulated before September 30, 1918. It will not dispose of any substantial or essential part of its fixed property or prop- erties unless it applies the proceeds to the purchase of other fixed property of properties of at least equal value or to the sinking fund 945 for the redemption of the notes of this issue. Year ended Dec. 31: Net 1917 *$941.825 1916 379.770 1915 355,568 ♦Before providing for Federal Taxes. Original Market — $1,500,000 offered Decem- ber, 1918, by Spencer Trask & Co., New York, etc. , Bosworth. Chanute & Co. , Denver, and Morris F. Fox & Co. and Edgar, Bicker & Co. , Milwaukee, at 98 and interest. Market. Chkaeo — Babcock, Rushton & Co., Spencer Trask & Co. San I>ieeo — Stephens & Co. Milwaukee — Edgar, Bicker & Co., Morris F. Fox & Co. PALO VERI>E MUTUAL WATER CO. 1st 6s. Due $30,000 each Feb. 1 from 1921 to 1930, inclusive, and $30,000 Feb. 1, 1931. Dated Feb. 1, 1916. Interest payable Feb. and Aug. 1, at Trustee's office or Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In California. Authorized — $500, 000. Outstanding — $360, 000. Additional bonds issuable for 75% of cash cost of additions, etc. Denomination — Coupon, $100, $500 and $1,000. Trustee — Los Angeles Trust & Savings Bank, Los Angeles. Redeemable at 102*/^ and interest on any interest date. Organization — Incorporated in California , in 19 08, as a mutual water company. Author- ized capita* stock, $1,000,000; issued. $374,520. Par, $10 per share; at the rate of one share per acre. Secured by a first mortgage on Avater rights and irrigation system covering 37,452 acres of land in the northerly part of Palo Verde Val- ley, in easterly part of Biverside County, Cal., of which 35,000 acres are under cultivation. Population served, between 6,000 and 8,000. Water is obtained from the Colorado Biver. Physical properties owned appraised at $850,- 000 and including water rights, $1,340,000. Unimproved land sells from $100 to $125 per acre; improved. $175. to $300. Original Market — Offered by Wm. B. Staata Co., Los Angeles, etc., April, 1916, on a 6% basis. PANAMERICAN PETROLEUM & TRANS- PORT CO. First Lien Marine Equip. Conv. 66. Due .S350,000 each Jan. 1 and July 1, from Jan. 1, 1918, to July 1, 1937, inc. Dated July 1, 1917. Interest payable Jan, 1 and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstaniding — $1,803,000 (March 1, 1919). Redeemed — $4,197,000. Denomination — Coupon, $1,000. Regi sterable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest at any time on 9 weeks' notice in reverse order of their maturities. Convertible at the rate of $1,200 par value bonds for $1,000 par value of common stock of the company, with provision for a reduction of the conversion price if any additional com- mon stock shall be Issued or sold at prices less than 120% of par, excepting rnmrnon stack issued upon conversion of preferred stock now outstanding. (See "Organization.") Right of .conversion extends up to 30 days prior to redemption date," if bonds are called, . Organization — Incorporated in Delaware Feb. 2, 1916. Capital Stock Authorized Outstanding •Preferred, 7 % cum. (par $100) $25,000,000 $5,607,900 Common (par $50) 125,000,000 40.261,600 •Convertible into common at 115%. Its principal holdings of securities of sub- sidiary companies include: $17,500,000 par value common stock Mexi- can Petroleum Company. Ltd. $9,035,000 par value preferred stock 8% non- cumulative Mexican Petroleum Company, Ltd. $508,288 common stock the Caloric Company. $265,372 preferred stock the Caloric Com- pany: which is engaged in the marketing of oil in South America, owning distributing sta- tion;^ at Bio de Janeiro and Bahia, This company thus holds a majority of the capital stock now outstanding of the Mexican Petroleum Company, Ltd., and the Caloric Company. The PanAmerican Company owns a fleet of 17 tank vessels, an aggregate tonnage of ap- proximately 143,000 tons. Other securities held by the Pan-American Company, and amounting to over $1,864,000. 1 represent holdings in corporations which own or control approximately 22,000 acres situated in some of the best California oil districts, on which there are 91 wells in operation or drill- ing, and which are believed to be capable of large future development. Secured by a first mortgage on seven new steel tank steamships valued at $21,000,000, as follows: Tonnage Carrying dead capacity Name weight (barrels) George E. Paddleford 7,500 45,000 J. M. Danziger 10,000 70,000 George G, Henry 10,475 70,000 Edward L. Doheny, Jr 12,350 90.000 Harold "Walker 10.000 70,000 William Green 10,000 70.000 Frederic R. Kellogg 10,000 70,000 Total 70.325 485,000 All the foregoing vessels are chartered or to be chartered to the Hausteca Petroleum Co., a subsidiary of the Mexican Petroleum Co,, Ltd. The indenture provides for insurance against loss or damage arising from the perils of the sea, including fire, collision, and accident lia- bility for an amount equal to at least 115% of the par value of outstanding bonds, not ex- ceeding, however, the full insurable value. If a vessel shall be totally lost owing to any cause not covered by insurance, the company will (a) cause to be subject to the lien of this indenture a tank steamship or steamships in the same general condition and having an equal dead- weight tonnage, or (b) will pay to the Trustee for the benefit of bondholders an amount of cash equal to $100 per ton for each dead- weight ton if .such vessel totally lost. Insurance money to be paid to the Trustee for the benefit of bondholders, and unless used to acquire new vessels to be subject to the lien of this mortgage, is to be applied to the pur- chase or redemption of these bonds at not over 105 and interest. Listed on the New York Stock Exchange. Original Market^ — $6,000,000 offered July. 1917. by William Salomon & Co,, New York. at 100 and interest, excepting the first two maturities, which were offered on a 4%% and 5 Va % basis, respectively. 946 Market. New York — Hayden, Stone & Co., Curtis & Sanger, j-ianson & uoyle, Hartshorne & Eat- telation — Coupon, $1,000. Kegisterable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 100 and interest on any in- terest date. Sinking Fund — The mortgage provides for an annual stumpage charge of $8.00 per M. on spruce, pine and balsam and $5.00 per M. on hemlock and hard wood. After deducting from this stumpage charge the notes currently ma- turing and the value of timber lands acquired within the year and put under this mortgage, the balance is to be used for the purchase 09 redemption of notes of the longest maturity, or half of the longest and half of the shortest maturity. Two-thirds of the balance of earn- ings after payment of preferred dividends must be added to the sinking fund unless used for permanent additions to the property, and no cash dividends can be paid on the common , stock until this mortgage is reduced to $1,500,- 000. For five years prior to Aug. 1, 1917, the amount of timber annually sold by the organi- zation or consumed by its plants averaged more than twice the amount required to meet the demands under this mortgage. Organization — Organized as successor to the Farker-Toung Co., whose business was founded in 1843, and has acquired the business and assets of the Henry Paper Co. Owns all of the stock of the Woodstock Lumber Co. and the Posey Manufacturing Co. The company ia a large manufacturer of piano sounding-boards, backs and interiors; also deals extensively in lumber and manufactures paper. Capital Stock Outstanding Preferred (7%) $2,.BOO,000 Common (no par value) 30,000 shares Secured by a first lien on the principal plants located at Lisbon, N. H., and Orleans, Vt., and timber land holdings of the company and by pledge of the entire capital stock of the Woodstock Lumber Co. and the Posey Manufacturing Co. The combined timber hold- ings include over 140,000 acres in New Hamp- shire and Vermont. The property Includes a modern 8 0-ton paper mill, together with a sulphite and ground wood mill and water powers; also a saw mill with a daily capacity of 125,000 feet. The company owns 400.000.- 000 feet of soft wood and 200,000,000 feet of hard wood. The Posey Manufacturing Co. has for eight years manufactured sounding boards at Hoquiam, Wash. No dividends can be paid on the common stock until the mortgage has been reduced to $1,500,000. 948 Original Market — $3,200,000 offered Nov., 1917, by Baker, Ayling & Young,,, Boston, etc., at prices to yield 6%. Market. Boston — Baker, Ayling & Young'. Springfield — Baker, Ayling & Young. Chicago — Baker, , Ayling & Young. (THE) FARR SHOALS POWER CO. 1st S. F. 58., Due April 1, 1952. — F. Dated Aug. 1, 1912. Interest payable April* and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $2,945,000 (May 1. '19). Held in S. F. — $55,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Semi-annually, Jan. and July 1, from 1918 to 1951 and on Jan. 1, 1952, one- half of 1% of the total authorized issue for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be held alive and interest thereon added to this fund. It is estimated that this fund will retire 80% of total issue. Guaranteed as to principal, interest and sinking fund by endorsement by the Columbia Railway, Gas & Electric Co. of Columbia, S. C. Control — The entire $2,000,000 common stock is owned by the C. Ry., G. & E. Co., which con:ipany does the entire street railway, gas and electric light and power business in Colum- bia, S. C. Population, about 45,000. Secured by a first mortgage on a hydro- electric plant located on the Broad River about 27 miles from Columbia, S. C, with an initial develoiament of 18,000 h. p. and an ultimate development of 24,000 h. p.; also on 27 miles of double circuit steel tower transmission lines to Columbia and sub-station in that city. Earnings — See Columbia Ry., G. & E. Co. Original Market — OfCered by Redmond & Co, and Spencer Trask & Co., New York, March, 1914, at 90 and interest. Offered Oct., 1915, by feedmond & Co., at 87 and interest. Market. Philadelphia — H. D. Boenning & Co., West & Co., Bauer, Starr & Co., Huntoon & Co., Investment Registry of America, Inc. , S. K. Phi'/ips & Co. New York— F. H. Hatch & Co., Callaway. Fish & Co., B. & C. Randolph, Morton Lach- enbruch & Co.. Bauer, Starr & Co., Lynch & McOermott, J. G. White & Co. Chicago — Spencer Trask & Co. Providence — Hornblower & Weeks, Price Range. Jani. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.86 '16 90 '16 76 Jan. 81 Jan. Low. 70 '18 75 '18 70 Apr. 75 Sept. PARSONS PUI.P & I.IJMBER CO. Ist Serial 6s. Due semi-annually each May and Nov. 1st from Nov. 1, 1913, to NoV. 1, 1924, inclusive. Dated November 1, 1909. Interest payable May and Nov. 1, at Girard Trust Co., Phila- delphia; Central Trust Co. of III., (Chicago, or Bank of Scotland, London, Eng. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,800,000. Outstanding— $1,516,000 (June 1, '19). Retired — $2,014,000. Reserved for Extensions — $270,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees — Girard Trust Co. and Charles J. Rhoades, Philadelphia. Redeemable at 101^ and interest. Sinking Fund — $3 per thousand feet, log scale, for all timber cut. and 10 cents per cord of wood cut, as a sinking fund to retire the principal of this bond issue. Should the deposit exceed the amount of bonds maturing in any year, the Trustee is required to pur- chase or call for redemption, at a premium of 1V^%, the unmatured bonds to an amount suf- ficient to exhaust the surplus. Guaranteed as to principal and interest by William Whitmer & Sons. Inc., of Philadelphia by endorsement. Organization — Incorporated in West Virginia as a consolidation of certain subsidiaries of William Whitmer & Sons. Control — The entire $2,000,000 capital stock is owned by William Whitmer & Sons, Inc. Secured by a first mortgage on 100,400 acres of timber land owned in fee and on timber deeds in 63,000 acres containing over 1,700,- 000,000 feet of merchantable timber in West Virginia and North Carolina and on 55 miles of railroad, three saw mills and pulp mill. Year ended Dee. 31 Gross Net Int. & S. F. 1916 $2,006,590 $584,524 $274,178 1915 1,543,087 351,763 279,166 1914 1.846.065 468,599 307.585 Original Market — $3,000,000 offered in Feb., 1910, by A. B. Leach & Co., New York and Chicago ; Clark L. Poole & Co. and Devitt, Tremble & Co., Chicago, at par and interest. Market. New York — Martin. Berwin & Co., E. & C. Randolph, F. H. Hatch & Co. Texarkana— R, S, Cheatham & Co. Detroit — Joel Stockard & Co. Price Range. Jan. 1, *15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '15 100 '15 92 Jan. 98 Jan. Low. 88 '17 96 '18 90 Apr. 96 Apr. PASADENA & MOUNT LOWE RAILWAY CO. 1st 4s. Due June 1, 1930.— N. Dated 19 00. Interest payable June and Dec. 1, at Trustee's office or Chase National Bank, New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 500.000. Outstanding — $480,000. Owned by Pacific Electric Ry. Go. — $20,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co. , San Francisco, Cal. Redeemable at 104 and interest on any in- terest date on four weeks' notice. Sinking Fund — $5,000 annually from 1911 to 1916; $7,500, 1916 to 1921; $10,000, 1921 to 1926, and $12,600 annually thereafter. Guaranteed as to principal and interest by the Los Angeles Ry. Corp. and the Los Angeles & Pasadena Electric Ry. Co. ' Control — ^Absorbed by the Pacific Electric Ry. Co., which is controlled by the Southern Pacific Co. through ownership of entire capital stock. Secured by a first mortgage on interurban railway between Pasadena and Mont Lowe, Cal. Underlies — Pacific Electric Ry. 1st Ref. 5a of 1961 and Pac. El. Ry. Co. 53, 1942, Earnings — See Pacific Electric Ry. Co. Market. New York — Bernhard, Scholle & Co. Los Angeles — A. PI. WoUacott. 949 PASSAIC & NEWARK ELECTBIC TRACTION CO. 1st 5s. Due June 1. 1937.— F. Dated June 1, 1897. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2 % Federal Income Ts^x. paid by company without deduction. Authorized — $1,000,000. Outstanding — $ 550.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Jersey Title Guarantee & Trust Co., Jersey City, N. J. Guaranteed as to principal and interest by the Consolidated Traction Co. of New Jersey. Assumed by the Public Service Ry. Co. of New Jersey. Controlled by the Consolidated Traction Co. of New Jersey, through ownership of the en- tire $1,000,000 capital stock. The latter com- pany has leased its property for 999 years from June, 1898, to the North Jersey St. Ry. Co. , which latter company was absorbed in 1907 by the Public Service Ry. Co. Secured by a first mortgage on 11 miles of track from Passaic to Newark, N. J. Market. Philadelphia — Graham, Parsons & Co, Newark — Fidelity Trust Co., Post & Flagg. New York— W. E. R. Smith & Co. Paterson — F. A. Peters, P. K. McCui.ly. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.lOl^ '16 1021^ '16 93 Mar. Low. 93 '18 PASSAIC riGHTING CO. Cons. 5s. Due May 1, 1935. Dated May 1, 1895. Interest payable May and Nov, 1, at Guaranty Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $450,000. Outstanding — $316. 000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Secured by a second mortgage on property described under Passaic Gas 1st 6s above, which see for further details. Underlies — $ 4.049.000 Paterson & Passaic Gas & Elec. 5s. Prior liiens — $50,000 Passaic Gas Co. 1st 6 s. Market. Paterson. N. J. — F. A. Peters, F, K. Mc- CuUy. New York— W. E. R. Smith & Co., Van Sant & Liegg. Philadelphia — H. D. Boenning & Co.. Borden & Knoblauch. Newark — J. S. Rippel, Post & Flagg. Clar- ence Hodson & Co., Eisele & King, Price Range. Jan. 1. '16 to Jan. 1. '19 1918 Bid Bid High.lOO'^ '16 95 Mar. Low. 92 '18 92 Nov. PATENT VULCANITE ROOFING CO. 1st bMsH. Due $35,000 each Dec. 1, from 1917 to 1936, inclusive. Dated Dec, 1, 1916. Interest payable June and Dec. 1, at Peabody, Houghteling & Co., Chicago. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $250, 000. Outstanding— $200,000 (June 15. 1919). Ralanre Retired — Denominations — Coupon. $1,000 and $500. Registerable as to principal. Trustee — Augustus S. Peabody, Chicago. Redeemable at 102 and interest on any in- terest date on and after Dec. 1, 1917, in re- verse of numerical order. Guaranteed px'incipal and interest by Robert Glendinning and John Logan by endorsement. Organization — Incorporated in Illinois In 1903. The company manufactures prepared roofing and shingles and owns valuable pat- ents. Plants are located in Chicago, Kansas •City. Mo., Anderson. Ind.. and FrankUn, O., Albany, N. Y., and San Francisco, Cal. In 1917 the company was reorganized under the laws of Delaware. Secured by a first mortgage on manufactur- ing plants. Value as of Dec, 1916, at $1,- 127,988. with net working capital of $735.- 187. Original Market — $ 250.000 offered Dec, , 1916, by Peabody. Houghteling & Co., Chi- cago, at par and interest except first maturity, which was offered on a 5% basis. Market. Chicago — Peabody, Houghteling & Co. (THE) PATERSON & PASSAIC GAS & ELEC- TRIC CO. Cons. 5s. Due Mar«h 1, 1949. Dated March 1, 1899. Interest payable March and Sept. 1, at First National Bank, New York, or First National Bank. Pater- son, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Authorized — $5,000,000. Outstanding — $4,049,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Paterson Safe Deposit & Trust Co., Paterson, N. J. Organization — Incorporated in New Jersey in 1899 as a consolidation of the Peoples' Gas Light Co. of Paterson, Paterson Gas Light Co., the Edison Electric Illuminating Co. of Paterson, Passaic Lighting Co.. the Lodi Light. Heat & Power Co. and the Passaic & Bergen Gas Co. Control — The entire property is leased for 900 years to the Public Service Corp. of New Jersey and the lease on gas properties as- signed to the Public Service Gas Co. in 1909 and the lease on the electric properties to the Public Service Electric Co. in 1910. Rental, interest on bonds and 5% $5,000,000 capital stock, of which $270,000 is owned by the Public Service Corp. Secured by a mortgage on gas and electric plants and distribution systems supplying Paterson, Passaic and surrounding towns with gas and electricity. Franchises are perpetual. Prior Liens — $585,000 Edison Electric Illu- minating Co. Cons. 5s of 1925, $50,000 Pas- saic Gas Light Co. 1st 5s of 1922. and $316.- 000 Passaic Lighting Co. Cons. 5s of 1925, for the retirement of which provision is made in this mortgage. Listed on the New York and Philadelphia Stock Exrhanepq. Original Market — Offered in March. 1899. by J. & W. Seligman fc Co., New York, at 102% and interest. Market. Philadelphia — Graham. Parsons & Co. , S. K. Philips & Co. Paterson, N. J. — P. A. Peters, F. K. Mc- CuUy. Newark — Fidelity Trust Co.. J. - S. Rippel, Clarence Hodson & Co.. Post & Flagg, Eisele & King. New York— E. & C. Randolph. "W. E. R. Smith & Co. , John Davpnport. B. H. & F. W. Pelzer, "Van Sant & Legg, Jersey City— Edwin R. Case. Cutwater & Wells, Price Ranee — N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 Bid Ask High.102% July 22, '12 98^2 Feb. 100 Feb. Low. 98% Dec. 8, '14 98 Jan PATEKSON EXTENSION RAILROAD CO. Ist 5s. Due June 1, 1950, — ^F, Dated June 1, 1881. Extended in 1910 with interest reduced from 6%. Interest payable June and Dec. 1, at Erie Railroad Co. office. ' 50 Church Street, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000. Outstanding — $200,000. Cancelled by Sinking Fund — $50,000. Denomination — Coupon, $1,000. Regristerable as to principal. Trustee — Central Trust Co., New York. Sinking Fund — ^Proceeds from the sale of all lands to be applied to the redemption of bonds at 105 and interest. Assumed by the New York, Susquehanna & Western R. R. Co. Control — ^Absorbed by the New York, Sus- quehanna & Western R. R. Co., which is con- trolled by the Erie Railroad Co. through own- ership of a majority of its capital stock. Secured by a first mortgage on three-fourths of a mile of road from Broadway to Straight St., Paterson, N. J. Underlies — N. Y., Susq, & Western Ref. 5s o^ 1937, 2d 4%s of 1937. and Gen. 5s of 1940. Legal for Me. Market. New York — Wood, Struthers & Co. PATERSON RAILWAY CO. Cons, (now Ist) 6s. Due June 1, 1931. — F. Dated June 1, 1891. Interest payable June 1 and Dec. 1, at First National Bank, Pat-" erson, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt ii\ New Jersey! Authorized and Outstanding — $1,250,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Assumed by the Public Service Ry. Co. Control — Merged in 1901 with the Jersey City, Hoboken & Paterson Street Ry. Co., which latter company was consolidated Into the Public Service Ry. Co. in 1907. This latter company is controlled by the Public Service Corpr of New Jersey. Secured by a first mortgage on a large part of the street railway system in Paterson and Passaic, N. J., and interurban line connecting these cities with extension from Passaic to Garfield, comprising 40 miles of street rail- way track. Underlies — 2nd Gen. 6s of 1914; and Jersey City, Hoboken & Paterson Street Ry. Co. 1st 43 of i949, which mortgage provides to retire this issue at maturity. Earnings are included in those of Public Service Corp. of N. J. Market. Paterson, N. J. — F. A. Peters, F. K. Mc- Cully. New York~W. E. R. Smith & Co., Van Sant & Legg. Newark — J. S. Rippel, Post & Flagg, Clar- ence Hodson & Co. Priee Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.121 '09 1?? '09 104 .Tan. Low. 100 '18 101 '18 100 May 101 May PATEKSON RAILWAY CO. 3nd Gen. 5s. Due Oct. 1, 1944. Originally 6s, due in 1914, but extended for 30 years at maturity. Dated Oct. 1, 1894. Interest payable April 1 and Oct. 1, at First National Bank, Pat- erson, N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New Jersey. Autliorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Paterson Savings Institution, Pat- erson, N. J. Redeemable at par and interest on any In- terest date. Assumed by the Public Service Ry. Co. Secured by a second mortgage on the prop- erty covered by the Cons. 6s, see above. Prior liiens — $1,250,000 Cons. 6s of 1931. Underlies — Jersey City, Hoboken & Paterson Street Ry. Co. 1st 4s of 1949, which provide to retire this issue at maturity. Original Market — Offered by J. S. Rippel, Newark, N. J. Holders who accepted the ex- tension were paid $10 cash in respect to each bond extended. Market. Newark — J. S. Rippel & Co., Post & Fl^gg. Paterson — P. K. McCuIIy. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid High. 102 '16 103 '15 100 Jan. Low. 98 '18 103 '16 98 Apr. PAUIi SMITH'S ELECTRIC LIGHT & POWER Si RAILROAD CO. 1st 5s. Due Nov. U 1936. Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Trustee's ofRce. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York State. Outstanding — $400,000 (closed mortgage). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable on any interest date at 105 and interest. Organization — Incorporated in New York in 1905. Secured by a first mortgage on three hydro- electric plants, total capacity 4,500 h. p., 60 miles of transmission lines on private right- of-way, which supplies electricity to the towns of Saranac Lake, Lake Placid, Au Sable Forks and other villages in the Adirondacks, as well as on seven miles of electric railway track from Lake Clear Jet. to Paul Smith's and 6,000 acres of land. Hauls Pullman and other heavy train equipment of the New York Cen- tral Lines. Year ended Dec. 31 Gross Net Interest 1918 $121. ?76 $43,198 $20,000 1917 129,643 92.044 20,000 1916 100.471 67.603 20.000 Original Market — Offered in 1911 by W. N. Coler & Co., New York, at 97% and Interest. Market. Syracuse — City National Bank. (THE) PAWTUCKET GAS CO. (OF NEW JERSEY) Coll. Tr. 48. Due May 1, 1932. Dated May 1, 1902. Interest payable May and Nov. 1, at Slater Trust Co., Pawtucket, R. I. Tax Status — 2% Federal Income Tax paid by company without deduction. 951 Authorized — Closed mortgage. Outstanding: — $1,400,000. Denomination — Coupon. $500, and $1,000. Trustee — Slater Trust Co., Pawtucket, R. I. Redeemable as a whole on any interest date at 110 and interest. Control — All of the comm,on stock owned- by the Blackstone "Valley Gas & Electric Co. Management — Stone & Webster, Boston. Secured by a first lien on entire capital stock of Pawtucket Gas Co., which owns, free from debt, plant supplying gas to Pawtucket, Central Falls, R. I., and vicinity. Population served, 80,000. Franchises perpetual. Underlies — Blackstone Valley Gas & Elec. Co. 5s of 1939. Earnings — See B. V. G. & E. Co. Market. Boston — Stone & Webster, Estabrook & Co. New York — Estabrook & Co., Stone & Web- ster, F. H. Hatch & Co., Lynch & McDermott. Providence — Brown, Lisle & Marshall. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 93 '09 95 '09 80 Dec. 85 Bee. Low. 75 '17 80 '17 75 Jan. 80 Jan. PEEKSKILIi lilGHTING & RAILROAD 1st 5s. Due Oct. 1. 1930.^F. Dated Oct. 1, 1900. Interest payable April and Oct. 1, at New Tork Trust Co., New Tork.- Tax, Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 750,000. Outstanding — $646,000 (Jan. 1, 1919). Held in Treasury — $14,000. Held in Sinking Fund — $165,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Tork Trust Co.» New York. Redeemable as a whole on any interest date at 110 and interest. Sinking Fund — Annually, $ 1 0. 8 per bond of this company outstanding to be invested in bonds if these can be obtained to yield 4% or better, otherwise in any bonds listed on the New York Stock Exchange, yielding at least 4%. Interest on bonds in sinking fund to be applied to sinking fund. Control — ^AU of the common stock owned by the Westchester Ltg, Co., which Is controlled by the Consolidated Gas Co. of New Tork. Secured by a first mortgage on plants sup- plying gas and electricity to Peekskill, N. T., and on the street railway system in that city, embracing 11 miles of track. Population, 191(). 15,245. Railway and electric franchises are perpetual. Market. New York — H. I. Nicholas & Co.. Abbott, Johnson & Co. , Berdel'l Bros. , John Davenport, P. H. Hatch & Co.. Taylor & White, Tobey & Kirk. New Haven — H. C. Warren & Co. Fliiladelphia— g. K. Phillips & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 97 '09 100 '12 97 Jan. 99 Jan. Low. 90 '17 95 '08 90 Dec. 95 Aug. PEERLESS TRUCK & MOTOR CORPORA- TION 10-Year Conv. 6% Notes. Due Nov. 10. 1925.— N. Dated Nov. 10, 1915. Interest payable May 10 and Nov. 10, at Trustee's office. Tax Status — Payment of Federal Incomfe Tax not assumed by company. Authorized — $5,000,000. Outstanding— $3,453,800 (Sept, 1, 1918). Redeemed— $1,546,200. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee-T-Bankers' Trust Co., New Tork. Redeemable by lot on or after May 10, 1917, in amounts of not less than $1,000,000 on any interest date at 102 and accrued interest on 60 days' notice. Convertible at par on or after Nov. 10, 1916, into common stock (par value $50) of the cor- poration. If called for redemption privilege continues until 20 days before redemption date. Organization — Incorporated in Nov., 1915, In Virginia, Owns practically the entire capital stock of the Peerless Motor Car Co. and the General Vehicle Co., Inc., the first named subsidiary's plant is located in Cleveland ■ and covers 2 acres and the plant of the last named subsidiary is in Long Island City and covers eight acres. These plants are large manufacturers of automobiles, electric and gasoline motor trucks. AlSo control the ex- clusive rights for the United States of the Daim.er engine adapted for motor trucks and aeroplanes. The properties also include an equity in office building and show-room at Broadway and 67th St., New Tork City. Security — These notes are the direct and only obligation of the Peerless Truck & Motor Corporation and Will represent the sole debt (excepting ordinary current working liabilities and a real estate mortgage of $290,000) of the corporation and its subsidiary operating companies upon payment of the outstanding bonds of the Peerless Motor Car Company, for which cash is on deposit with the Trustee. The notes are secured by deposit with the Trustee of all of the preferred and common stocks of the subsidiary companies shown above. The indenture contains adequate pro- vision against the authorization or creation of any mortgage, lien or charge whatsoever upon any of the assets or earnings of the existing properties other than obligations In- curred in the regular and current conduct of the business. Cash and quick assets must at all times be maintained in excess of all -dther liabilities and Indebtedness, secured and unsecured, to an amount equal to at least 60% of the notes outstanding.. Quick assets are carefully de- fined in the trust indenture which, provides, among other things, that materials and sup- plies included shall be valued at cost or mar- ket value, whichever is lower. Sale of Plant— The Long Island City (Gen-, eral Vehicle Co.) plant has been sold to the Government for $3,500,000 plus an amount for inventory which should figure out about' $1,- 000,000. Vear ended Dec. 31 •Gross Net Interest 1918. . .$11,890,079 $1,074,989 $229,113 1917. . .$18,924,452 $1,672,670 $301,946 * 1916... 13.525*024 1,796,801 367,876 1915... 12,290,997 3.263,563 148,012 •Exclusive of munitions, etc., contracts of General Vehicle Co. Original Market — OfCered Feb. , 191 6, by Hodenpyl, Hardy & Co., New Tork. Market. New York — Hornblower & Weeks, C. H. Hen- sel, Kiely & Horton, Morton Lachenbruch & Co., Martin, Berwin & Co., Morgan & Finlay, J. C. Cottrell, Ware & Leland, Mann, Bill & Co., B. & C. Randolph, Merrill, Lynch & Co.. Hanson & Doyle, A. Hicks Lawrence. Bauer. Starr & Co., Bull & Eldredge, T, Hall Keyes & Co. , McGeorge & Vanderhoef . McKinley & Morris. Wm. C. Orton, H. A. Willis & Co. Cleveland — R. T. Meacham. W. S. Snyder & Co., Borton & Borton. H. W. Hosford. 9uL> Philadelphia— H. D. Boenriing & Co., Dloyd & Palmer, Barclay, Moore & Co.. Bauer, Starr & Co., Huntoon & Co. Chicago — Hornblower & Weeks, Merrill. Lynch & Co., Babcock. Rushton & Co. Boston — ^Hornblower & Weeks. Price Kange. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 87% '16 98 '16 86 Dec. 91 Nov. Low. 58% '17 65 '17 68 Jan. 72 Jan. PEET BROS. MANUFACTURING CO. 5-\'ear 7% S. F. Notes. Due July 1, 1923. Dated July 1, 1918. Interest payable Jan. 1 and July 1 at Lee, Higginson & Co. in Boston and New York and Illinois Trust . & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 2,500,000. Outstanding — $ 2,600,000. Purpose of Issue — To reduce current liabil- ities. Denomination — Coupon $1,000. $500 and $100. Registerable as to principal. Trustees — Illinois Trust & Savings Bank and C. P. Moss, Chicago. Redeemable as a whole or in part for sink- ing fund on any interest date after 20 days' notice at 103 on or prior to July 1, 1919, 102 during 1920, 101% during 1921, 101 during 1922 and 100% Jan. 1, 1923. Sinking Fund — Annually, commencing on or ■before June 1. 1919, an amount which wiU retire at least $250,000 of these notes each year during the years 1919. 1920, 1921 and 1922. Organization — Incorporated in Missouri in 1892. Business established in 1872. The com- pany manufactures soap and glycerine. As of July, 1918, the company was producing at the rate of about 13,500 boxes of soap per day, and as a by-product about 10,000,000 pounds of glycerine per year, and had about 1,300 employees, including 125 traveling sales- men. The main plant is located in Kansas City, Kans, The company also has a plant at Berkeley. Cal. Capital Stock Authorized Outstanding Preferred (7% cuni.). . $5,000, 000 $2,000,000 Common 2,000.000 1,000.000 Security — A direct obligation of the com- pany, but not secured by a mortgage. The company has no mortgage debt and under the provisions of this indenture the company cove- nants that while any of these notes are out- standing not to mortgage or pledge any of its plants or equipment; not to issue, guar- antee or endorse any bonds, debentures, long- time notes or similar securities, except for the acauisition of additional property, and except purchase money obligations; to maintain at all times net quick assets equal to at least 150 per cent, of the amount of these notes out- standing. Years ended Sept. 30: Gross Net 1918 $22,611,317 $622,343 1917 12,971,393 465,872 1916 7,389.683 654,052 1915 5,869,873 504.171 Original Market — $2,500,000 offered July, 1918, by Lee, Higginson & Co. , Boston, New York and Chicago, and Ames, Emerich & Co., Chicago and Milwaukee, at 97 and interest. Market. Chicago — Ames, Bmerick & Co. , Babcock, Rushton & Co., Curtis & Sanger. New York — Bull & Bldredge, T. Hall Keyes & Co. Price Range 1918 — Ask 97-101. PENEI.EC COAIi CO. ^-Year Ist Mtge. 6s. Due March 1, 1934. — F. Dated March 1 , 1918. Interest payable ^arch 1 and Sept. 1. at H. D. Walbrldge & to.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $ 450,000. Outstanding-— $450, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co. , Philadelphia. Redeemable at 102^ and interest on any in- terest date. Sinking Fund — Operative after March 1, 1919. Equivalent to not less than 30 cents per gross ton of coal mined during the next preceding six calendar months, to retire bonds at not over 102%. Organization — Incorporated in Pennsylvania Jlay 29, 1917. The company has ten-year contracts with the following electric com- panies: Citizens' Light, Heat & Power Co., Johnstown, Pa.; Penn Electric Service Co., Rockwood, Pa.; Penn Public Service Co., Clear- field and Philipsburg, Pa. The combined elec- tric generating capacity of these companies is 25,000 K. W. The annual coal consumption for 1917 was 140,000 net tons. Secured by a first mortgage on all property owned and leased, comprising 62 acres of surface land owned; 1,900,000 gross tons of coal owned outright; 1,200,000 gross tons of coal leased; 6,000,000 gross tons available for lease. Mine No. 1 at Johnstown is completely electrified. Mine No. 2 at Clearfield is opened and development work completed. Mine No. 3 at Rockwood will, be completed April 1, 1919. Mine No. 4 at Phillipsburg will be producing May 1, 1918. Original Market — $450,000 offered Jan., 1918, by Devitt, Tremble & Co., New York, Chicago and Philadelphia, and H. D. Walbridge & Co., New York, at 97% and Interest. Market. Philadelphia — Biddle & Henry, S. K. Phil- lips & Co. PENINSULAR TELEPHONE CO. Ist 68. Dae Series "A/* Jan. 1, 1943; Series **B" Jan. 1. 1931.— P. Dated Feb. 18, 1914. Interest payable Jan. 1 and July 1, at Columbia Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $508,000 "A" 204.000 "B" $712,000 (Jan. 1, Retired by S. F. — $42,000 *A" 46,000 "B" -19). $88,000 Reserved for Extension — $700,000. Denomination — Coupon, $1,000 and $100. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Cumulative monthly, begin- ning Feb., 1914. ■ Designed to retire all bonds now issued on or before maturity. Secured by a first mortgage on the Inde- pendent telephone system in Tampa, Fla., and fourteen towns adjacent thereto, together with approximately 600 miles of toll lines serving this territory. Franchise in Tampa expires in 1943. fl53 year ended Dec. 31 Gross Net Int. & S. F. 1918.... $382,248 $202,207 $65,108 1917 367,181 197,605 65,180 1916 333,366 168,960 65,345 1915 312,922 143,428 62,788 Original Market — Offered in March, 1914, at par and interest by Coggeshall & Hicks, New York. Market. New York — Coggesliall & Hicks, Oilman & Clucas. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask Ser. "A." 96 '16 100 '16 96 '16 99 '17 Ser. "B." 98 '16 103 '16 98 '16 100 'IC PENMANS, Ltd., 1st 5s. Due Nov. 1, 1926. Dated Nov. 1, 1906. Irterest payable May 1 and Nov. 1, at tlie Banic of Montreal, Montreal and London. Tax Status — Payment o( Federal Income Tax not assumed by company. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Royal Trust Co., Montreal. Redeemable in lots of not less than $200,- 000 on any interest date. Organization — Incorporated in 1906 in Can- ada as a reorganization of the Penman Manu- facturing Co., Ltd. Owns all the stock of the Watson Mfg. Co., Ltd., and the Anchor Knitting Co., Ltd. Secured either by a direct first mortgage or by a first collateral lien on plants at Al- monte, Brantford, Paris, Thorold and Port Dover, Ont., and- at Coaticook and St. Hy- acinthe. Que., engaged in the manufacture of woolen and cotton goods. Year ended Dec. 31 Net Int., Etc. 1918 $1,358,331 $221,160 1917.- 1,135,742 220,223 1917 $1,135,742 $220,223 1916 .-. . 864,779 126,026 1916 779,933 136.785 1914 386,873 126,558 I/isted on the Montreal and Toronto Stock Exchanges. Original Market — Offered in .Jan., 1908, by the Bank of Montreal and Cqutts & Co., Lon- don, Bng., at 97% and interest. Market. Toronto — A. E. Ames & Co., Goldman & Co. Montreal — C. E. Meredith & Co., McCuaig Bros. & Co , Hew R. Wotd Co. New York — Sam'l Goldschmidt. Morton Lach- enbruch & Co. Price Range. Jan. 1, '09 to .Ian. 1. '19 1918 Bid Ask Bid Ask High.95 '12 95% '11 87 Dec. 87% Dec. Low. 83 '16 85 '16 85 Apr. 86 July PBNN CENTRAI, LIGHT & POWER CO. 1st Si Ret. 5s. Dae April 1, 1950. — F. Dated April 1, 1910. Interest payable April and Oct. 1, at Trustee's oflflce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $2,362,500 (June 1. 1919). Retired by Sinking Fund — $97,000. Deposited under 1st & Cons. 6s — $143,000. Reserved for Extension — $1,247,500. Reserved (or I»rior Liens — $160,000. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Redeemable at 105 and interest April 1, 1915, or on any interest date thereafter. Sinking Fund — 1% annually of outstanding bonds, commencing April 1, 1915, for the pur- chase or redemption of these bonds at not over 105 and interest. Extension and Improvement Fund — 1% of outstanding bonds beginning April 1, 1920, and annually thereafter. Organization — See 1st & Cons, 6s. Secured by a first mortgage on gas plant slfpplying Huntingdon and Lewiston: steam power plants and 220 miles of transmission lines in addition to distribution systems ex- tending along the main line of the Pennsyl- vania Railroad in Mifflin, Huntington, Blair and Cambria Counties, Fa., and supplying electric light and power to Altoona, Hollidays- burg, Huntingdon, Lewiston and 20 other towns and villages and also furnishing power to coal mines and industrial plants in this territory. Further secured by deposit of all the stocks and bonds of the Pennsylvania Hy- dro-electric Co., owning a combined steam and hydro-electric plant four miles west of Huntingdon and all the stoclc and some of the bonds of the Lewiston & Reedsville Elec- tric Ry. Population served, over 150,000. Franchises are, in opinion of counsel, per- petual. Prior Lien — $160,000 Mifflin Co. 1st 5s of 1936. T7nderlie8 — 1st & Cons. 6s of 1963, which mortgage provides for the retirement of this issue. Earnings — See 1st & Cons. 6s. Original Market — Offered in 1910, by Robt. Glendinning & Co., and W. H. Newbold's Son & Co., Philadelphia, at 96 and interest. Market. Philadelphia — West & Co.. Biddle & Henry, H. D. Boenning & Co.. Harrison & Co., Brown Bros. & Co., Wurts. Dulles & Co.. E. B. Smith & Co., Hunto-^n & Co., Reed A. Morgan & Co., S. K. Phirips & Co., Warren A. Reed. New York — B. & C. Randolph, Brown Bros. & Co. Wilmington — Geo. B. Bissell. Price Range. Jan. 1. '16 to .Ian. 1, '19 1918 Bid Ask Bid Ask High. 103 '16 103V4 '16 92U Aug. 96 Dec. Low. 90 '18 OSVi '18 90 Sept. 93'4 A.as. PENN CENTRAL, LIGHT & POWER CO. 1st and Cons. 6s. Due Feb. 1, 196S. — N. Dated Feb. 1, 1913. Interest payable Feb. 1 and Aug. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Anthorized^$7,600,000. Outstanding — $3,091,000 (Ju'.y 1. 1919). Reserved (or Prior Lien — $2,352,500. Reserved for Extension — $2,056,500. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable at 105 and interest on and after Feb. 1. 1918. Sinking Fund — 1% per annum on outstand- ing bonds under this mortgage, beginning 1923. Organization — Incorporated in Pennsylvania in 1902 as Citizens' Elec, H., L. & P. Co. 9S4 Name changed to present title in Feb., 1910. The company has acquired the electric prop- erties in Altoona and HoUidaysbur^, Lewis- ton, Huntinedon, McVeytown, Mt. Union and the gas and electric properties in Huntingdon and Lewiston. Management — Day & Zimmerman. Inc., Philadelphia. Secured by a first lien on new steam power plant at Williamsburg, 11 miles from Al- toona and property of Northern Cambria Light, Heat & Power Co., Patton, Pa., and a mort- gage on the property covered by first and refunding mortgage and junior in lien to that mortgage. For further details see 1st & Ref. 5 s above. Prior JAen — $2,352,500 1st and Ref. 5s of 1950 for the retirement of which provision is made in this mortgage and $160,000 Mifflin Co. 1st 5s. Year ended Dec. 31 Gross Net Interest 1918 $1,719,118 $642,644 $336,446 1917 1,493,040 501,050 312'.397 1916 1,196,829 462.071 275.581 1915 884,783 398,607 256,743 Original Market — Offered in 1913 at par and interest by Brown Bros. & Co., New Tork, Philadelphia and Boston, and Robt. Glenden- ning & Co.. of Philadelphia. Market. Philadelphia — Harrison & Co., Biddle & Henry. Lloyd & Palmer. Rufus Waples & Co., West & Co.. Robt. Glendinning & Co.. Wurts, D;Vles & Co.. Townsend Whelen & Co., H. Boenning & Co., Brown Bros. & Co., C. Clo- thier Jones & Co., E. B. Smith & Co., Reed A. Morgan & Co.. S. K. Phillips, Warren A. Reed. New York — E. & C. Randolph, Brown Bros. 6 Co. Price Range: Jan. 1, '15 to Jan. 1, '19 Bid Ask Bid High. 101 '16 103"^ '16 95 Dec. Low. 89 '18 92 '18 89 Feb. 92 Feb. 1918 Ask PENN-MARY COAL CO. 1st 5s. Due April 1, 1939.— F. Dated April 1, 1909. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 000. 000. Outstanding — $1,346,000 (June 1, '19). Retired by S. F. — $654,000. DenomiDiation — Coupon, $1,000. Trustee — Girard Trust Co.. Philadelphia. Redeemable at 102% and interest on any interest date. • Sinking Fund — Six cents a ton on all coal mined, with a minimum payment of $67,333 per annum for the purchase or redemption of these bonds at not over 101 and interest. Assumed by the Bethlehem Steel Co. Guaranteed as to principal, interest and sinking fund by the Pennsylvania Steel Co. of New Jersey. Controlled through ownership of entire cap- ital stock of the Penn-Mary Steel Co. of New Jersey. The Bethlehem, Steel Co. owns the capital stock of the latter company. Secured by a first mortgage on 16,000 acres of coal lands in Indiana County, Pa. , to- gether with equipment, etc. The mines on this property nroduce'd 729.000 tons in 1912 and 813,000 tons in 1911. Original Market — Offered in 1909. by Drexel & Co., Philadelphia, at 101 and interest. Market. PhUadelphia — Uoyd & Palmer. H. D. Boen- ning & Co., Graham, Parsons & Co.. Biddle & Henry, Reed A. Morgan & Co., E. B. Smith & Co., Bauer, Starr & Co., Chas. Fearon & Co., S. K. Phillips & Co. New York — Baker, Carruthers & Pell, H. Nicholas & Co., Bauer, Starr & Co., F. H. Hatch & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid High.971^ -16 100 '15 91 Dec. Low. 90 '17 97 '15 90 Dec. '19). PENN-iMARY STEEL CO. 20-Year Ist S. F. 5s. Due Jan. 1, 1937— F. Dated Jan. 1, 1917. Interest payable July ' and Jan, 1, in Philadelphia. Tax Status — 2% Federal Income Tax paid oy company without deduction. Tax exempt in Pennsylvania. Authorized — $13,000,000. OutRtanding — $6,465,000 (June 1, Held in S. F.— $195,000. Reserved for Add. (75%)— $6,340,000. Purpose of Issue — $6,569,000 issue to ac- (luire the properties of the American Iron and :3teel Manufacturing Co. Deniomination — Coupon $1,000. Registerabr.e as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 105 and interest on any In- terest date on 60 days' notice. Sinking Fund — Annually, on or before Dec. 31, 1918, 2%% of outstanding bonds for the purchase or redemption of these bonds at not over 105 and interest. Assumed by the Bethlehem Steel Co, Organization and Control — Incorporated in Pennsylvania in 1916 as a consolidation of the Pennsylvania Steel Co. and Maryland Steel Co. The entire capital stock is owned by the Bethlehem Steel Co. and the properties leased to and operated by the Bethlehem Steel Co. Secured by a first mortgage on the plants and other properties formerly belonging to the American Iron & Steel Manufacturing Co., lo- cated in or near Lebanon and Reading, Pa. Earnings — See Bethlehem Steel Co. P. M. & Imp. 5 s. Original Market — $6,569,000 issued to ac- quire the properties of the American Iron & Steel Manufacturing Co. Market. Philadelphia — Barclay. Moore & Co. . Paul & Co. New York— F. H. Hatch & Co. Price Range 1918 — Ask 90-921/4. PENN PUBLIC SERVICE CO. 1st 58. Due Feb. 1, 1962.— F. Dated Feb. 1, 1912. Interest payable Feb. 1 and Aug. 1, at H. D. Walbridger & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $4,000,000. Outstandin«r — $2,112,000 (Jan. 1. 1919). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New Tork. Redeemable at 103 and interest on any in- terest date on 30 days' notice. Organization — Incorporated in Pennsylvania in 1890 and acquired a number of gas, elec- tric light and power properties In Centre, Clearfield, Indiana, "Westmoreland and Cam- bria Counties, Pa. Also owns the stocks and bonds of the Centre & Clearfield Ry. Co. of Philipsburg, Pa. Control — The Pennsylvania Electric Co. owns 99% of the $1,100,006 common stock outstand- ing. Management — H. D. Walbrldge & Co. Secured by a first mortgage on plants sup- plying electricity to over 2 towns in the counties mentioned under "Organization," and on gas plant in Clearfield. Further secured by deposit of the entire $300,000 stock and $300,000 bonds of the Centre & Clearfield Ry. Co., which owns 13 miles of electric railway between Phillipsburg and Winburne, Pa. Pop- ulation served, 93,500. Franchises are per- petual. Year ended Dec. 31 Gross Net Interest 1917 $691,9 65 $216,418 $101,438 1916 510.160 199.679 86,812 1915 383,612 158,826 72.019 Original Market — Offered in 1912, at 95 and interest, by H. D. Walbridge & Co. , New York. Market. New York — E. &. C. Randolph. Philadelphia — Rufus "Waples & Co., H. Boen- ning & Co.. E. B. Smith & Co.. Biddle & Henry, E. R. Barnard, Reed A. Morgan & Co.. S. K. Phir.ips & Co.. W. B. Pollack. Reading — George A. Rick. Price Range. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.961^ '17 99V& '16 89 Apr. 92 Apr. Low. 80 '17 85 '18 80 Jan. 85 Sept. PENNSYLVANIA & MAHONING VAI.I.EY RAII.WAY 1st & Ref. 5s. Due May U 1923.— F. Dated May 1, 1902. Interest payable May and Nov. 1, at Harris, Forbes & Co., New York. ' Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,750,000. Outstanding — $ 1,659,000. Cancelled by Sinking Fund — $341,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Sinking Fund of $50,000 annually began Nov. 30, 1911, to be applied to the purchase of these bonds at a price to yield not less than 4%. Bonds so acquired to be cancelled. Organization and Control — Incorporated in Pennsylvania in 19 02 aa a consolidation of a number of traction companies. Merged in 1905 into the Mahoning & Shenango Ry . & Light Co., which company is controlled *y the Republic Ry. & Lt. Co. through ownership of Its entire capital stock. Secured by a fi rst lien through deposit of securities on 63 miles of single track and by a direct second mortgage on 19 miles of street railway in the city of New Castle, Pa., and on plant supplying that city with electricity. The road indirectly covered extends from New Castle, Pa., through Youngstown, O., to Niles, "Warren and Warren and Leavittsburg. O. , with branch to Mineral Ridge and forms the most important part of the Republic Ry. & Lt. Co. 's railway system. Population served, about 150,000; 16 miles of road are built on private right-of-way. Franchises in Pennsyl- vania are perpetual anJ in Ohio expire from 1920 to 1949. Prior Liens — $500,000 New Castle Traction Co. 1st 5s of 1927 and $200,000 New Castle Electric Co. 1st 5s of 1927 for the retire- ment of which provision is made in this mort- gage. Underlies — Mahoning & Shenango Ry. & Lt. Co. 1st & Cons. OS of 1920. Earnings — See Republic Ry. & Lt. Co. Notes. Original Market — Offered in 1902 by N. W. Harris & Co., New York, and Perry CoflBn & Burr, Boston. Market. New York — E. & C. Randolph. Coffin & Burr, F. H. Hatch & Co. Boston — Harris, Forbes & Co., Arthur Perry & Co., Coffin & Burr. Chicago — Harris Trust & Savings Bank. . Philadelphia — Wurts, Dulles & Co., Elkins, Morris & Co.. Biddle & Henry, Graham, Par- sojis & Co., Harper & Turner, S. K. Phillips & Co., H. Boenning & Co., "Welsh Bros.. Chas. Fearon & Co., "Warren A. Reed. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102% '12 104 *12 98 Dec. 99 Jan. Low. 86 '08 95% '18 93% Aug. 95% Aug. PENNSYLVANIA & NEW YORK CANAL & RAILROAD CO. Cons. 4s, 4y2S and 5b. Due April 1. 1939. — F. Dated November 13, 1888. Interest payable April and Oct. 1, at office of Lehigh Valley R. R. Co., Philadelphia, Pa. Tax Status — 2% Federal Income Tax paid by company without deductino- Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $4,000,000-5s: $1,500, 000-4 %s: $3,000,000-4s. Denomination — ^Registered, $1, 000. Trustee — Girard Trust Co., Philadelphia, Pa. Guaranteed principal and interest by Le- high Valley R. R. Co. by endorsement. Organization and Control— Incorporated in Pennsylvania in 1858. All of the stock is owned by the Lehigh Valley R. R. Co., which leases the property for 99 years from 1888 at a rental equivalent to interest, taxes and main- tenance expenses. Secured by a first mortgage on 136 miles of road from "Wilkes-Barre. Pa., to the NeW York State Line at Sayre, Pa., and branches. The main line, 9C miles long, is double tracked, and forms part of the Lehigh Valley Railroad Co.'s through line between New York and Buffalo. These bonds are outstanding at the rate of $62,000 per mile. Refunding — Bonds are reserved under the Lehigh Valley R. R. Co.'s Gen. Consol. Mort- gage, under which mortgage all of the stock of the P. & N. Y. C. &. R. R. Co.. and its lease by the L. V. R. R. Co. are deposited, to retire this issue. Legal for Cal., Me., Mich., Minn., N. H., N. J. and R. L Listed on the Philadelphia Stock Exchange. Earnings included in those of Lehigh Valley R. R. Original Market — $4,000,000 5s offered in Feb., 1889, at 115% and interest, by Brown Bros. & Co., Now York and Philadelphia. Market. New York — Taylor, Smith & Hard. Philadelphia — ^West & Co., Graham. Par- sons & Co., Biddle & Henry, E. "W. Clark & Co., B. B. Smith & Co., Barclay, Moore & Co., H. D. Boenning & Co.. Chas.. Fearon & Co., Robt. Glendinning: ■& Co.. S. K. Phillips & Co. , Warren A. Reed, "Wheeler Elliot & Mann. Pittsburgh^ — R. B. Hutchinson & Co. 956 Price Range. Jan. 1, 'C8 to Jan. i, '!» 1918 Bid Ask 6s. Bid Ask Hlgh.116% '09 117% ■09 100 Jan. 102 Jan. Low. 97 '18 100 '18 4%s. 97 Sept. 100 Sept. High.109% '09 lllVs ■09 92 Jan. 94% May Low. 87 '18 9 4 '72 '18 4s. 87 Aug. High.lOO '08 102% '09 88 Nov. 91 Nov. Low. 82 '18 91 ■18 82 Aug. PENNSYLVANIA & NORTHWESTERN RAH,. KOAD CO. Gen. 5s. Due Jan. 1, laso. Dated Jan. 6, 1890. Interest payable Jan. and July 1. at Broad Street Station, Phila- delphia. I'ax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,500,000. Outstanding — $1,021,000 (closed mortgage). Denomination — Coupon, $1,000. Regiaterable as to principal. Trustee — Guarantee Truat & Safe Deposit Co., Philadelphia. Assumed by the Pennsylvania R. R. Co. Control — Absorbed by the Pennsylvania R. R. Co. Secured by a first mortgage on 24 miles of road from Bellwood to Irvona, Pa., and spurs to mines, and a second mortgage on 66.51 miles of road from Irvona to Fordham and branches, subject to a prior lien at the rate of $17,700 per mile. These bonds are out- standing at the rate of $11,700 per mile. Prior Liens — $1,000,000 Clearfield & Jeffer- son 1st 6s of 1927. Underlies — Cambria fk Clearfield Gen, 4s of 1955, and Penna. R. R. Co. Cons. Mtge. and Gen. 4%s of 1965. This latter mortgage pro- vides for the retirement of these bonds. Legal for Bait., Cal., Conn., Mass., N. H., N. Y., R. I. and Vt. Listed on the Philadelphia Stock Exchange. Maji'ket. New York — Abraham & Co., Remick, Hodges & Co., Taylor, Smith & Hard. Philadelphia — ^West & Co. , Graham, Par- sons & Co.. E. W. Clark & Co.,' E. B. &mith & Co., Reed A. Morgan & Co., BIkins, Mor- ris & Co., Welsh Bros., Chas. Fearon & Co., Robt. Glendinuing & Co., Huntoon & Co., S. K. Phillips & Co., "Warren A. Reed, Wheeler, BlUot & Mann. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.109 '09 112 '08 99^^ Dec. 100 Jan. Low. 95 '18 100 '17 95 July PENNSYLVANIA & OHIO RAILWAY 1st 58. Due March 15, 1921.— N, Dated March, 1901. Interest payable May and Nov. 15, at Citizens' Savings & Trust Co.. Cleveland, O. Tax Status — ^Information not available. Authorized and Outstanding — $600,000. Denomination — Coupon. $ 5 00. Trustee — Citizens' Savings & Trust Co., Cleveland, O. Organization — Incorporated in Ohio in 1898. Receivership — Superintendent Palmer Ward- man was appointed receiver June, 18, 1917, by Judge Roberts in the Court of Common Pleas at Conneaut, O. The action was brought by the Citizens' Savings & Trust Co., Cleveland, as mortgage trustee, because of the efforts of Conneaut stockholders to defer payment of interest then due. Secured by a first mortgage on three miles of street railway in Conneaut, Ohio, and on interurban line from Conneaut to Ashtabula, Ohio, 13 miles. The company also owns 10 miles from Ashtabula to Jefferson, Ohio. Pop- ulation served, 35,000. Franchises expire In 1948 and 2001. Year ended Dec. 31 Gross Net 1917 $116,027 $20,759 1916 119,576 37,328 1915 121,787 50.973 1914 118,572 46,406 Int. & Tax. $42,751 43,740 43,620 46.511 PENNSYLVANIA CENTRAL BREWING CO. 1st 6s. Due Oct. 1, 1937.— F. Dated Oct. 1, 1897. Interest payable Apr. and Oct. 1, at Fidelity Trust Co.. Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,800,000. Outstanding— $1,933,000 (Jan. 1. 1919). Retired by Sinking Fund — $867,000. Denomination — Coupon, $1, 000. Registerable as to principal. Tmstee — Fidelity Trust Co.,, Philadelphia. Sinking Fund — $50,000 bonds to be retired annually. Organization — Incorporated in Pennsylvania in 1897 as a consolidation of a number of breweries. Secured by a first mortgage on property formerly belonging to eleven brewing companies in Scranton, Carbondale, Wilkes-Barre, Pitts- ton and Honesdale, Pa. Annual capacity, 400,- 000 barrels. Market. Boston— H. C. Spiller &- Co. Philadelphia — J. W. Sparks & Co., O. B. Lansinger & Co., Newburger, Henderson & Loeb. Chas. D. Barney & Co.. Huntoon & oC, Warren A. Reed. Scranton — Brooks & Co., C. B. Robertson, W. D. Runyon. New York — B. & C. Randolph, Newburger, Henderson & Loeb, C. D. Barney & Co. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.65 '15 67% '15 29 Sept. 34 Nov. Low. 23 '18 33 '18 23 Dec. 33 Nov. PENNSYLVANIA COAL & COKE CO. 1st 58, Series "A." Due July 1, 1932.~F. Dated July 1, 1902. Interest payable Jan. and July 1, at Commercial Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,200,000. Outstanding — $1,057,000 (Jan., 1919). Retired by Sinking Fund — $143,000. Trustee — Commercial Trust Co., Philadel- phia. Redeemable for the sinking fund at 105 and Interest. Sinking Fand — 3 cents per ton on all coal shipped or converted into coke. When fund amounts t^ $26,500 it shall be applied to the purchase of bonds in the market at not ex- ceeding 105 and interest. . If not purchasable, bonds may be drawn. Assumed by Clearfield Bituminous Coal Corp. Control — The property of this company was acquired under foreclosure sale in 1911 by the Clearfield Bintuminous Coal Corp., sub- ject to this mortgage, "vvhich company is con- trolled through ownership of entire $825,000 capital stock by the New Tork Central R. R. Co. In 1911 the Pennsylvania Coal & Coke 957 Corp. was organized to lease and operate the developed properties (55,000 acres), including properties covered by this mortgage, at an annual minimum rental (modified April, 1913) of $225,000. Security — A direct obligation of the Clear- field Bituminous Coal Corp. and secured by a first mortgage on 19,000 acres of coal rights, 3.000 acres of leaseholds and 2,500 acres of surface, together with txtensive coke ovens. On May 19, 1915, the bondholders author- ized the release of 1,730 acres of leasehold in Cambria County, Pa., from the lien of this mortgage. Underlies — $ 2,500,000 Clearfield Bituminous Coal Corp. 4^a of 1932 assumed by the New York Central K. R. Bonds are reserved under that mortgage to retire this issue. Year ended Dec, 31 (P. C. & C. Corp.) Gross *Net Int., etc. 1918. .$10,539,656 $2,123,641 $539,864 1917.. 8,811,111 2,273.970 1,035,117 1916.. 4.430,451 234,7 66 78.030 *Before Federal Taxes. Original Market — First oflEered by Battles, Heye & Harrison, Philadelphia, at 101 and interest in January, 1903. Market. Pliiladelphia — Graham, Parsons & Co., Bat- tles & Co., H. Boenning & Co., Battles & Co., Bauer, Starr & Co., Chas. Fearon & Co., Hun- toon & Co.. S. K. PhiUips & Co. Pittsburgh — George, Allen & Whitehouse, Wm. P, Lemley & Co. New York — Baker, Carruthers & Pell. F. H. Hatch & Co., Morton I-achenbruch & Co., E3, & C. Randolph, Bauer, Starr & Co. Scranton — Brooks & Co., C. B, Robertson. Piice Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99 '16 101*17 98% Feb. 100 Jan. I^ow.80 '10 84 '10 91% Dec. 95 Oct. PENNSYLVANIA COMPANY. Inco rporated in Pennsylvania in 1870 to operate the lines of the Pennsylvania R. R. System west of Pittsburgh, The company is a holding company, and does not directly own any road. Until January 1, 1918, it operated under leases 1,681 miles of road, including from Pittsburgh to Chicago, "Fort "Wayne Route, ' ' Pittsburgh to Cleveland and Ashta- bula, Ohio, and Erie, Pa., Toledo to Coshoc- ton, Ohio : Sandusky to Columbus, Ohio, and from Hudson, near Cleveland, via Columbus, to Morrow, near Cincinnati, Ohio, and nu- merous branches. On January 1, 1918, the company assigned and transferred all its leasehold rights to The Pennsylvania Railroad Company-Western Lines, and ceased to be an operating company. The company controls through stock ownership companies owning 3.457 miles of road from Pittsburgh to Cin- cinnati. Chicago, St. Louis. Peoria, Grand Rapids and numerous points in the territory between Pittsburgh and the Mississippi River and north of the Ohio River. The company has outstanding $80,000,000 stock all owned by the Pennsylvania Railroad Co. Dividends have been paid on this stock continuously since 1901. In 1911, 1912 and 1913. 7%«was paid, in 1916, 8%: in 1917, <>%; in 1918, 6%. The company has outstanding bonds, se- cured by the deposit of stocks of various sub- sidiary companies. Year ended Dec. 31 N'^t ♦Deductions Dividends 1918. . .$12,740,562 $7,461,722 $4,800,000 1917. . . 13.716.941 7.2-54,603 4.800,000 ♦Includes taxes, intorest. sinking and other reserve funds. PENNSYLVANIA COMPANY 1st 4^s. Due July 1, 1931.— F. Dated April 1, 1881. Interest payable Jan. and July 1. at Penna. R. R. Co.. New York, on coupon, and Treasurer's office, Pittsburgh. on registered. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Autiiorized — $20,000,000. Outstanding— $15,876,000. Retirefl by S. F;— $1,669,000. Cancelled— $1,000. In Treasury — $2,454,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustees — "W. H. Barnes, John P. Green and Geo. Wood. Sinking Fund — Annually, 1% of the bonds outstanding to be applied to the purchase of bonds at not exceeding par. Bonds so pur- chased to be held alive in Sinking Fund and interest 'thereon added to said fund. If in any year bonds are nut purchasable at or under par, then the fund for that year shall revert to the company. Guaranteed as to principal, interest and sinking fund by the Pennsylvania R. R. Co. by endorsement. Secured by a first lien on the 999 year leases of the Pittsburgh, Ft. Wayne & Chicago Ry., which owns 470 miles of road from Pitts- burgh to Chicago, the Cleveland & Pittsburgh R. R., which owns 205 miles of road from a junction with the former line at Rochester, Pa., to Cleveland and Bellaire, Ohio, and the Erie & Pittsburgh R. R., which owns 83 miles of road from New Castle, Pa., to Girard, near Erie, Pa. These roads comprise the only line of tlie Pennsylvania System into Cleveland, and the most important line into Chicago, and a first lien on stocks aud bonds of subsidiary companies of a par value of $20,657,100. Further secured by a first mortgage on valu- able real estate in Pittsburgh and Chicago, and 128 acres of land in Lawrence County, Penna. Legal for Bait.. Cal.. Minn., Mo.. N. H.. N. J. and R. I, Listed on the New York, Philadelphia and London Stock Exchanges. Market. New York — Seasongood, Haas & Macdonald, C. H. Jones & Co.. J. A. Joseph. Jr., & Co.. Kisset, Kinnicutt & Co., Salomon Bros. & Hutzler. Sharretts & Young, J. S. Farlee & Co., Coffin & Co.. E. & C. Randolph, P. J. Lisman & Co.. Struthers & Hiscoe, Harts- horne & Battelle, Bernhard, Scholle & Co. . Blake Bros. & Co. , Callaway. Fish & Co. . Bull & Eldredee. Mann. Bill & Co. Philadelphia — Lloyd & Palmer. Harper & Turner. Graham. Parsons & Co., Harrison & Co.. Biddle & Henry, Wurts, Dulles & Co.. S. K. Phillips, E. W. Clark & Co., E. B. Smith & Co., Elkins, Morris & Co., Chas. Fearon & Co.. Ervin & Co., H. D. Boenning & Co.. Reilly. Brock & Co. Pittsburgh — (^oldsborough & Hammond. God- dard. Hunter & Co., R. W. Evans & Co., R. B. Hutchinson & Co.. Lyon. Singer & Co. Omaha — City Trust Co. Chicago — C. F. Childs & Co., Kissel. Kinni- cutt & Co., Curtis & Sanger. Louisville— J. J. B. Hllliard & Son. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, 'ID 1918 High.108% June 12, '06 98% June 5 Low. 95% Nov. 27, '17 96H Apr. 24 Registered. High.lOO Dec. 11. '06 97^ July 1 Low. 94% Nov. 21, '17 95% Apr. 18^ ons PENNSYLVANIA COMPANY French Franc I^oan 3%% Certiltcates. Due June 16. 1921.— F. Dated June 15, 1906. Interest payable June and Dec. 15, at Credit Lyonnaiae, Paris. Tax Statuij — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and free ik all French taxes in force at date of issue. Authorized — 250,000,000 francs or $48,262,- 548. Outstanding — $10,526 775. Fledged as Collateral for 4V2S, Due 1921— $37,467,723. Denonimation — Coupon, 500 and 2,500 francs. Trustee — Girard Trust Co., Philadelphia. Redeemable al par aiid interest on and after June 15. 1918. Guaranteed principal and interest by Penn- sylvania R. R. Co. by endorsement. Security — ^A direct obligation of the Penn- sylvania Company and secured by deposit of stocks having a par value of $55,952,000. Legal for N. H. and R. I. Usted on the Philadelphia and Paris Stock Exchanges. Original Market — Underwritten in 1906 and placed by Kuhn, Loeb & Co. with Paris bankers. Market. New York — Bernard, Scholle & Co., Bull & Eldredge, Vilas & Hickey. Philadelphia — B. Lowber Stokes, Harrison & Co., H. D. Boenning & Co. PENNSYLVANIA COMPANY 15-25 Year 4% Coll. lioan. Due April 1, 1931. — F. Dated April 2, 1906. Interest payable April and Oct. 1, at Girard Trust Co., Philadelphia, and in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstnnding — $20,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Giraid Trust Co., Philadelphia. Redeemable at par and Interest on April 1, 1921, or on any interest date thereafter upon 90 days' notice. Guaranteed principal and interest by Penn- sylvania R. R. Co. by endorsement. Secured by a first lien on the following se- curities: Pittsburgh, Cincinnati, Chicago & ' St, Louis R. R. Common Stock. $33, 500,000 Pittsburgh, Toungstowa & Ashta- bula R. R. Guaranteed Preferred Stock 1.000,000 Cleveland & Pittsburgh R. R. Special Stock 5,500,000 Erie & Pittsburgh R. R. Special Stock 900.000 Little Miami R. R. Special Guar- anteed Betterment Stock 500,000 Norfolk & "Western Ry Common Stock 250,000 Total, par value $41,650,000 The road owned by th^ae companies includes the Pennsylvania Systems only lines between Pittsburgh, Columbus, O., Cincinnati, O., In- dianapolis, Louisville and St. Louis, and be- tween Cincinnati and Chicago, and one of its two lines between Pittsburgh and Chicago, The Pennsylvania Co. hag the right to with- draw all or any portion of the securities de- posited and substitute other securities of not less actual value than the present appraised value of the securities so withdrawn. If at any time the marked value of the securi- ties pledged hereunder shall . fall below 120% of the total par value of the bonfia outstand- ing, the Pennsylvania Company agrees to de- posit such additional securities as shall bring the value up to 1 2 % Legal for N. H. and R. I. Listed on the New Torlt Stock Exchange. Original Market — $20,000,000 offered in Feb., 1906, by Kuhn. Loeb &. Co.. New York, at 100% and interest. Market. New York — Active on N, T. Stock Exchange. Philadelphia — Eikins, Morris & Co., Gra- ham, Parsons & Co.. Wheeler, Elliot & Mann, Biddle & Henry, Harper & Turner, Harrison & Co.. West & Co., Brvin & Co., Thos. A. Bidde & Co. Price Range — N. Y. S. S. Jan. 1. '0€ to Jan. 1. *19 1918 High.100% Dec. 12, '08 87% Dec. 12 Low. S2Vb July 3. '18 82^ July, 3 PENNSYLVANIA COMPANY dVz% Trust Cer- tificates. Series "A." Due Sept. 1, 1937. Dated Sept, 1, 1897. Irterest payable March and Sept. 1, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $5,000,000 OHitstanding — $4,095,000 (Oct. 1. 1918). Retired by Sinking Fund — $905,000. Denomination — ^Registered, $1, 000. Trustee — Girard Trust Co., Philadelphia. Sinking Fund — $50,000 per annum to pur- chase these certificates at not exceeding par and interest. If certificates are not purchas- able at that pri:;e the fund shall revert to the company. Guaranteed as to principal and interest by the Pennsylvania R. R. Co, by endorsement. Secured by a first lien on $4,500,000 of the $52,436,300 Special Guaranteed stock of the Pittsburgh, Ft. Wayne & Chicago Ry. Co. This company owns 470 miles of double- tracked railroad between Pittsburgh and Chi- cago, forming the principal route of the Penn- sylvania System between those cities. The road is free from any funded debt, but there is outstanding $19,714,286 regular guaranteed stock, in addition to the Special Guaranteed stock above. The special stock is in all re- spects subject to the regular stock, but the Pennsylvania Company covenants that so long as any of these certificates are outstanding it will not exercise its control to increase the bonded debt of the P., Ft. W. & C. Ry. Co. beyond the amount outr^tanding (at that time $12,410,000), including bonds in sinking funds, nor to reduce the dividend on the special guar- anteed stock below 7% per annum. By the agreement of 1897 between the Girard Trust Co., Pennsylvania R. R. Co, and Pennsylvania Co. , under which these certificates were is- sued, the total amount of certificates to be issued was limited to $20,000,000, which have all been issued in either this series or ' 'B' ' and "C." Legal for N. H. and R. I. Listed on the New York and Philadelphia Stock Exchanges. Market. Philadelphia — Wheeler, Elliot & Mann, Gra- ham, T arsons & Co., Lloyd & Palmer, Biddle & Henry, Harrison & Co., "West & Co., New- burger, Henderson & Loeb, E. B. Smith & Co.. E. W. Clark & Co.. Brown Bros., S. K. Phillips & Co . Reilly, Brock & Co. New York — McKinley & Morris, B. & C. Ran- dolph. Newburtrer, Henderson & Loeb, Blake Bros. & Co.. Bernhard, Scholle & Co,, Abra- ham & Co., Hartshorne & Battelile, Redmond & Co. 959 Price Ranee — N. Y. S. E. Jan. 1, "Oe t« Jan. i, '1» 1918 High.90% Jline 8, '06 76% Aue. ]_.ow.83V4 July 8. 'IS TOVs Jan. PENNSYLVANIA COMPANY 3Vi% Trust Cer- tifleates, siafies "Si." Due feb. 1, 1941. Dated Feb. 1, 1901. Interest payable Feb. and Aug. 1, at Penna. K R. Co., JNew York, and at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized — $10,000 OUU. OutstanUine — $8,117,000 (June 1, '19). Retired by Sinking Fund — $1,883,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Girard Trust Co., Philadelphia. Sinlune: Fund — $100,000 per annum for the purchase of thpse certificates at not exceeding par. If bonds are not purchasable, the fund shall revert to the company. . Guaranteed as to principal and interest by the Pennsylvania R. R. Co. by endorsement. Secured by a first lien on $8,600,000 of the Special Guaranteed stock of the Pittsburgh, Ft. Wayne & Chicago Ry. Co. For details see Series ' 'A. ' Legal for N. H. and R. I. Listed on the New York Stock Exchange. Original Market — OtLexta in 1901 by Kuhn, Loeb & Co.. New York. Market. New York — McKinley & Morris, A. D. Con- verse & Co., B. & C. Randolph, Bernhard, Schoile & Co., Abraham & Co., Hartshorne & Battelle, Redmond & Co. Pliiladelphia — Biddle & Henry, Graham, Par- sons & Co., Harrison & Co., West & Co., Lloyd & Palmer, Henry & Kirkbride, S. K. Phillips & Co., E. B. Smith & Co., Chas. Fearon & Co., B. W. Clark & Co., Wheeler, EUiot & Mann. Brown Bros., Reilly, Brock & Co. Pittsburgh — Goddard, Hunter & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.94Vi Jii:v 30, '08 78 July 29 Low. 70 Jan. 17. '18 70 Jan. 17 PENNSYLVANIA COMPANY SV2% Trust Cer- tificates, Series "C." Due Dec. 1, 1942. Dated Dec. 1. 1902. Interest payable June and Dec. 1, al Penna. R. R. Co., and at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $5,000,000. Outstanding — $4,135,000 (Sepf. 1, 1918). Held by Company — $80,000. Retired by Sinking Fnnd — $785,0 00. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelpliia. Sinking Fnnd — $60,000 annually for the pur- chase of these certificates at not exceeding par and interest. If bonds are not purchasable, the fund shall revert to the company. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. by endorsement. Secured by a first lien on $4,600,000 of spe- cial guaranteed stock of the Pittsburgh, Ft. Wayne & Chicago Ry. Co. For details see Series "A." Legal for N. H. and R. I. Listed on the New York and London Stock Exchanges. Original Market — Offered by Kunn, Loeb & Co., New York. Market. New York — McKinley & Morris, E. & C. Randolph, Hartshorne & Battelle, Bernhard, Schoile & Co., Abraham & Co.; Redmond & Co. Philadelphia — Chas. Fearon & Co., E. W. Clark & Co., West & Co., Harrison & Co., Graham, Parsons & Co., Biddle & Henry, Lloyd & Palmer, Wheeler, Elliot & Mann, Harper & Turner, Brown Bros., Reilly, Brock & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Ask High.90 Aug. 9, '09 76 Deo. 80 May Low.SlVi July 14, '17 68^4 Jan. 78 Ju:y PENNSYLVANIA COMPANY SVzVo Trust Certificates, Series "D." Due Dec. 1. 1944. — F. ■- Dated Dec. 1, 1904. Interest payable June and Dec. 1, at New York and Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $8,842,000 (June 1, '19). Retired by S. F.— $1,158,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Sinking Fnnd — $100,000 annually for the re- demption of these certificates at not exceed- ing par and interest. If bonds are not pur- chasable, the funds shall revert to the Com- pany. Guaranteed principal, interest and sinking fund by the Pennsylvania R. R. Co. by en- dorsement. Secared by a first lien on $9,000,000 Special Guaranteed Stock of the Pittsburgh, Ft. Wayne & Chicago Ry. Co. For details see Series "A." Legal for N. H. and R. 1. Listed on the New York and London Stock Exchanges. Original Market — Offered in 1904 by Kuhn, Loeb & Co. Market. Philadelphia — E. B. Smith & Co., West & Co., Harrison & Co., Graham, Parsons & Co., B. W. Clark & Co., Wheeler. Elliot & Mann, Lloyd & Palmer, Biddle & Henry, Brown Bros., Reilly, Brock & Co. New York — McKinley & Morris, E. & C. Randolph, Bernhard, Schoile & Co., Abraham & Co., Hartshorne & Battelle, Redmond & Co. Price Range— N. Y. S. E. Jan.* 1, '06 to Jan. 1, '19 1918 Bid ' Ask High.93 Jan. 30, '06 76% Dec. 88 Feb. Low. 81 Aug. 2, '15 68% Jan. 79 Sept. PENNSYLVANIA COMPANY 4% Trust Cer- tificates, Series "E." Due May 1. 1958. Dated May 1, 1912. Interest payable May and Nov. 1, at Philadelphia and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $9,779,000 (Feb. 8. 1919). Retilred by Sinldng Fund — $221,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Sinking I'iind — ^Annually, after 1917, 1% of certificates outstanding for the purchase of same at not more than par and interest. Guaranteed as to principal, 'interest and sinking fund by the Pennsylvania R., B. Co. by endorsement. Secured by a first lien on $10,000,000 Spe- cial Guaranteed Stock of the Pittsburgh, Ft, 060 Wayne & Chicago Ry. Co. For details see Series "A." Legal for N. H. and R. I. Listed on the New York and London Stock Exchanges, Original Jttarket — $10,000,000 offered In March, 1912, by Harris, Forbes & Co., New York, Union Trust Co., Pittsburgh, and B3. W. Clark & Co., Kiiladelphia, at 97% and In- terest. Markeit. New York — ^McKinley & Morris, E. & C. Randolph, Bernhard, Scholle & Co. , Abraham & Co., Redmond & Co., Vilas & Hickey. Pittsburgh — The Colonial Trust Co., Union Trust Co., Safe Deposit & Trust Co. Philadelphia — Graham, Parsons & Co., Har- rison & Co., Biddle & Henry. E. B. Smith & Co.. E. W. Clark & Co., Chaa. Fearon & Ca., Brown Bros., Ervin & Co., Reilly, Brock & Co. Price Range— N. Y. S. E. Jan. 1, '12 tfl Jan. 1, '19 1918 High. 95% July 6. '14 84 June 11 Low. 80 Dec. 11, '17 84 June 11 PENNSYLVANIA COMPANY ^Mi% Gold Loan Certificates. Due June 15» 1921. — N. Dated June 15, 1915. Interest payable June and Dec. 15, at Penn. R. R. Co.'s office, New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assamed by company. Authorized — $48,262,500. Outstandine — $37,500,00 0. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co. , Philadelphia. Redeemable as a whole only at par and in- terest on and after June 15, 1918, on 60 days' notice. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. by endorsement. Secured by deposit of $34,532,000 French Franc Loan 3 % s, du& 1921, which are se- cured by deposit of stocks having a par value of $55,952,000. Legal for Cal., N. H. and R. I. Original Market — Underwritten by Kubn, Loeb & Co,, New York, Sept., 1915. Market. New York — Chas. H. Jones & Co., E. & C. Randolph, Curtis & Sanger, Salomon Bros. & Hutzler, Kissel, Kinnicutt & Co., J. S. Farlee & Co., Callaway, Fish & Co., Bull & El- dredge, Jos. Walker & Sons, Newburger, Hen- derson & Loeb, Seasongood, Haas & Mac- donald. The Equitable Trust of New York, Morrisoii & Townsend, Redmond & Co., Vilas & Hickey. Philadelphia — E. B. Smith & Co., Ervin & Co., Richards & Co., Biddle & Henry, New- burger, Henderson & Loeb, Brown Bros., Reilly. Brock & Co. Boston — Curtis & Sanger. Chicago — ^Kissel, Kinnicutt & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High,101% '17 101% '17 961/6 Dec. 97% Dec. Low. 95 '18 96 '18 95 Apr. 96 Apr. poait with the Trustee of First Mortgage Bonds of subsidiary companies, on the basis of 75% of the par value of the bonds pledged, providing net earnings, as defined in the in- denture, for the preceding twelve months shall be not less than twice the total interest charges on ail bonds of subsidiary companies outstanding in the hands of the public and Notes of this is^ue outstanding, and those then to be issued. Denominations — Coupon, $500 and $1,000. Registerable as to principal. Redeemable as a whole on 30 days' notice or in part for Sinking Fund at 101^ and in- terest thereafter. Trustee — Bankers Trust Company, New York. Sinking Fund — Beginning July 1, 1919, 6% per annum of the par value of the Notes outstanding, payable semi-annually. Organizatiion and Control — Incorporated in Delaware March, 1913. Company controls through ownership of practically the entire Common Stock, Citizens Light, Heat & Power Company of Pennsylvania, Penn Public Serv- ice Company, Penn Electric Service Company, public utility companies operating in Clear- field, Indiana, Cambria, "Westmoreland, Somer- set and Centre Counties, Pa. The territory served comprises fifty communities (including Johnstown, Clearfield and Indiana) and one hundred and seventy-five coal mines. Esti- mated population, 390, 000. The coal mines served are producing approximately 15,000,000 tons of coaJ annually. Secured by deposit with the Trustee of the following collateral: $700,000 Citizens Light, Heat & Power Com- pany of Pennsylvania First Mort- gage 5% Bonds, due Nov. 1, 1934. 500,000 Penn Electric Service Company First Mortgage 5% Bonds, due Feb. 1, 1943. 500,000 Penn Public Service Company First Mortgage 5% Bonds, due Feb, 1, 3962. 300,000 Centre & Clearfield Railway Com- pany First Mortgage 5% Bonds, due Feb. 1 , 1943 (gua ranteed by en- dorsement as to principal and in- terest and all covenants of the mortgage, by Penn Public Service Company). PENNSYLVANIA ELECTRIC CO. 5-Year 7% Secured Notes. Due July 1, 1933. Dated July 1, 1918. Interest payable Jan. and July 1st, Trustee's Office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $2,500,000. Outstanding — $1,600;000. Additional Notes may be issued against de- $2,000,000 Franchises — The franchises under which the companies operate are without burdensome restrictions and the life of practically all is without time limit. Years ended Dec. 31 (combined): Gross Net Interest 1917. . . .$1,856,346 $507,627 $198,489 1916 1,627,580 513,763 186,395 Original Market — Offered *August, 1918, by Montgomery & Company, Philadelphia and New York at 97^/^ and interest. Market. Philadelphia — E. R. Barnard, Montgomery & Co. Price Range 1918 — Ask 97%-100. PENNSYLVANIA LIGHTING CO. Ist S. F. 5s. Dae July 1, X940.— F. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2, 500, 000. Ont8tanding~$l,277,000 (Jan. 1, 1919). Held ia Sinking Fund — $16,000. 961 Meld in Treasurj- — $58, 000. Denomination — Coupon, $1,000. Re&isterable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Redeemable at 105 and interest July 1, 1915, or on any interest date thereafter on 60 days' notice. Sinking Fund — 1 % annually of outstanding bonds, commenced 1916, for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Pennsylvania in 1910 as a consolidation of the Shamokln & Coal Township Light, Heat & Power Co., Coal Township Gas Co. and Coal Township Light, Heat & Power Co. The Pennsylvania Light- ing Co. has acquired the entire capital stock of the Edison Electric Illuminating Co. of Mount Carmel, Pa., which furnishes electricity to Mount Carmel and adjacent towns. Secured by a first mortgage on plants sup- plying gas, electric light and power to Shamo- kin. Pa., and vicinity. Population served, about 35,000. Electric franchises are unlim- ited as to time; gas runs for 99 years from 1907. Year ended Dec. 31 Gross Net * Charges 1918 $326,567 $145,010 $100,157 1917 277.253 147.118 73,656 1916 170,092 110.676 54,881 1915 154.172 103,071 53,090 1914 148.188 94.488 51,897 ♦Includes taxes, interest, depreciation. Listed on the Philadelphia Stock Exchange. Original Market — $700,000 offered in 1910. by Chandler Bros. & Co., New York and Phila- delphia, at 96 and interest. Offered in 1913 by Barclay, Moore & Co., at 98 and interest. Market. Philadelphia — West & Co., Barclay, Moore & Co., H. Boenning & Co.. Chandler & Co., Paul & Co.. S. K. Phillips & Co. New York — Chandler & Co. Price Range. Jan. 1, '15 to Jan. 1, *19 1918 Bid Ask Bid Ask High. 97 '16 100 '16 93 Jan. 96 Jan. Low, 83 '18 86 '18 83 Nov. 86 July PENNSYLVANLA-MARYLAND STEEL CO. Cons. Joint 6s. Due Sept. 1, 1925. — F. Dated Sept. 1, 1895. Interest payable March and Sept. 1, at Girard Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $7,000,000. Outstanding — $3,931,000. Cancelled — $3,000,000. In Treasury — $69,000. Denomination — Coupon. $500 and Si. 000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia, Pa Assumed by the Bethlehem Steel Co. Control — Absorbed by Penn-Mary Steel Co. The latter company is controlled through stock ownership by the Bethlehem Steel Co. Secured by a second mortgage on the plants (known as the Steel ton Plant and Maryland Plant of the Bethleht-ni Steel Co ), at Steel- ton, Pa., consisting of 5 blast fun^aces. bil- let mill, rail mill, etc., with an annaal ca- pacitv of 500.000 tons, and that at Sparrows Point, Md., comprising 4 blast furnaces with an annual capacity of 500,000 tons of Besse- mer pig iron, rolling mill and steel works with an annual capacity of 400, uwu tons oi steel rail and a large ship yard equipped for building all clas.ses of vessels of the largest types. Prior LJejiS — $1,903,000 Maryland Steel Co. 1st 5s. fur the retirement of which provision is made in this mortgage. Undra-lies— Bethlehem Steel Co. , P. M. & Imp. 20-year 5s. Listed on the Unlisted Department of the Philadelphia Stock Exchange. Market. Fliiladelphia — Graham, Parsons & Co., West & Co., Biddle & Henry, E. B. Smith & Co., Harper & Turner, Reed A. Morgan & Co., Ervin & Co., Huntoon & Co. New York— F. H. Hatch & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.ll '08 112 '09 102 Jan. 103 Jan. Low. 98 '17 99 '17 99 May 101 Mar. PENNSYLVANIA RAILROAD COMPANY. Incorporated in Pennsylvania in 1846. Of the lines directly operated by the company, 2,774.28 miles are owned. 1.541.66 miles oper- ated under lease and 220.34 miles represent trackage rights. Of this mileage 1,524 miles have double tracks, 478 miles a third track and 437 miles a fourth track. These include lines from the Pennsylvania Terminal in New York, through Philadelphia and Harrisburg to Pittsburgh, from Philadelphia to Pottsville, Pa. ; Sunbury tfl Wilkes-Barre, Pa. ; Sunbury to Brie, Pa.; "William sport. Pa., to Buffalo, N. T., Pittsburgh, Pa., to Buffalo, N. T., and numerous branches in New Jersey, Pennsyl- vania and New York. The total mileage of the system east of Pittsburgh is 6,519 miles, and west of Pitts- burgh 5,304 miles. The road east of Pitts- burgh includes the Long Island Railroad, com- prising the entire steam railroad system on Long Island, the Northern Central Ry. , Co., from Baltimore to Sodus Bay on Lake On- tario, the Philadelphia, Baltimore & Wash- ington R. R.i including lines from Philadelphia to Washington, and practically the entire rail- road system on the Maryland-Delaware- Vir- ginia Peninsula, south of Wilmington, Del. The lines west of Pittsburgh are controlled by the Pennsylvania Company, a holding com- pany, all of whose stock is owned by the Pennsylvania R. R. Co. , but since Jan, 1. 1918, have been operated direct by the Penn- sylvania Railroad Company. In addition to the securities of companies operated as a part of the Pennsylvania Sys- tem, the Pennsylvania R. R. Co. owns a large amount of stock of the Norfolk & Western Railway Co., and of the Southern Pacific R. R. Co.. the latter having been acquired from the Union Pacific R. R. Co. in exchange for Baltimore & Ohio R. R. Co. stock for- merly owned by the Pennsylvania R. R. Co. The Pennsylvania R. R. Co. has outstanding $499,265,700 strck. Dividends have been paid on the stock continuously since 1856, during which time the annual disbursement has not fallen below 2%%, and has been less than 4% in only three years. Since 19 08 the rate has been 6% per annum. The company has outstanding, secured on the 2,769 miles of road owned east of Pitts- burgh about $224,000,000 bonds, at the rate of $81. 000 per mile. For a long period of years, the annual net income' has been largely in excess of three times the interest charges on the entire funded debt. 962 Year end^ Dec, 31 (E. & W. Lines) Gross Xet tiJeductions •1918.. .$65,992,740 $88,594,487 $46,836,790 ♦Corporate Income Acc,")unt-Standarcl return under Federal control. tincjudes taxes, rentals, interest, and sink- ing funds. Year ended Dec. 31 (Eastern Liines): Gross Net Int. & Rent 1917. .$255,093,494 $65,979,350 $26,702,067 1916.. 230,278,533 78.220,874 25.944,370 1915.. 196,628,170 66,626,245 24.200,923 1914.. 187,2 51.851 51,956,051 17.86 5,286 Year ended Dec. 31 {East & West): Gross Net *Chargea 1917. $494,261,038 $127,153,511 $70,652,309 1916. 443,462.523 148.517.521 72.567,407 1915. 374,938,638 122.638.972 •Interest, rentals, sinking fund, etc. PENNSYLVANIA RAILROAD CO. Cons. Mtse. Dated 1873.— P. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Not more than $100,000,000 to be outstanding at any one time. Outstanding in Five Series — $98,893,207 (Jan. 1, 1919). Int. Out- Dated Rate standing Due Sept. 1, 1879 5% $4,983,000 Sept. 1, 1919 Way 1, 1893 4% 2.421,000 May 1, 1943 *July 1. 1895 3^/^% 2,357.107 July 1. 1945 tJuly 1. 1895 3%% 385,000 July 1, 1945 May 1. 1908 4% 20.000.000 May 1, 1948- •May 1, 1908 4% 5,267,100 May 1. 1948 tMay 1. 1908 4% 14.570,000 May 1. 1948 Feb. 1, 1915 4%% 49,000,000 Aug. 1. 1960 •Sterling Bonds. tStamped Dollars. Retired — $17,000 due 1919, $579,000 due 1943 and $2,107,893 due 1945. Interest Payable — $ Bonds maturing in 1919. 1943. 1945 and 1948, at company's office, Philadelphia and New York; £ Bonds maturing in 1945 and 1948 at London Joint City & JTidland Bank, London, England. Interest on Coupon bonds payable semi-annually and reg- istered quarterly. Denomination — Coupon, $1,000 and £200. Coupon bonds due 1919 are not registerable; bonds due 1943 registerable as to principal only ; other coupon bonds registerable as to principal only or fully registerable. Regis- tered $1,000 and £200 except issues due 1943 and 1945. Coupon bonds due 1948 and' 1960 exchangeable for fully registered bonds: Trustee— Girard Trust Co., Philadelphia. Sinking Fund — Beginning in the fifth year after the issue of any bonds, 1% of bonds Issued to be applied annually to the purchase of bonds at not exceeding par. If bonds are not purchasable, the fund shall accumulate. Issues of 1948 and 1960 have no sinking fund. Secured by direct mortgage on 1.463.54 miles of road in Pennsylvania; 263.31 mies of leasehold, and on real estate, securities, etc. , viz. : A first lien on 1.003.97 miles — Miles Pittsburgh to Harrisburg 244 . 69 Columbia to Philadelphia (Broad St. Station) 80.74 Bast Liberty to Aspinwall and Guya- suta 4.74 East Pittsburgh to TrafCord 5.50 Trafford to Export and Branches 16.76 Shafton to Gratztown 11.04 Monongahela City to Marianna and ^ Millsboro to Beaco and Branches.... 23.65 Manor to Claridge 4.82 Beatty to New Alexandria and Branches 15.03 Bradenville to . Coke Works 4.83 Blairsville Intersection to Indiana and Branches 25 . 4a New Florence to Lockport 4. 30 Summerhill to Ashtola and Branches.'. 69. 5& Ben's Creek. Martin & Sonman Br'nches 8.94 Gallitzin via Hoi liday sburg to Peters- burg and Branches 63 . 00 Altoona to New Portage Jet 6 .31 Morrison Grove Jet. to Henrietta and Branches 23.16 Marysville to West Fairview (Jet with Nor. Cent, Ry.) 6.11 Wago Jet. via Quarryville to Parkes- burg 50.54 York to Columbia . ; 12.88 Near Conestoga Jet. via New Holland to Downington 39.20 Thorndale to Morrisville with Connec- tion with Main Line at Glen Loch.. 56.13 Philadelphia (52d St.) via Norristown, Reading and PottsviUe to New Boston Jet. with Branches ..'..'...'. .V. ."7. :'. .132. 54 Catawlssa to Wilkes-Barre and Branches 62 . 47 Lines in West Philadelphia and Phila- delphia, viz. : West Philadelphia Ele- vated Branch, 34th St. Branch, Schuylkill River Branch, Delaware Extension, Swanson St. Branch, Gi- rard Point Branch and SohuylkiU River Branch Exten 17.75 Other Branches 24.85 A second lien on 270.93 miles — Covered by the first lien of the Cambria & Clearfield Gen. 4s 218.36 Harrisburg. Portsmouth, Mt. Joy & Lan- caster 1st 4s 52 . 57 A third lien on 132.13 miles — Covered by the first lien of the follow- ing: Cambria & Clearfield 1st 5s 102.01 Penn & North Western Gen. 5s 30.12 A fourth lien on 56.51 miles — Covered by the first lien of the Clear- field & Jefferson 1st 6s 56.51 Also a lien on 263 . 31 miles of lease holds aa follows: United N. J. R. R. and Canal Co. 999- year lease from June, 1871: Camden via Bordentown to Trenton and Jersey City and from Bordentown to Raritan Bay at South Amboy, N. J.,. and Branches IffO . 59^ Philadelphia & Trenton R. R. 999-year lease from June, 1871: N. J. -Pa. State Line in Delaware River at Trenton. N. J., to Philadelphia 26. ST Conneeting Ry. 999-year lease from Feb., 1863: Connection with Pennsylvania R. R. at 35th St., Philadelphia, to Connection with Phila. & Trenton R. R. at Frankfort. Phila., and Branches.... 35.05- Rocky Hill R. R. & Transportation Co: Kingston to Rocky Hill, N. J 2.39/ Camden & Burlington County Ry: Pavonia to Pemberton. N. J., * and Branches 3 8 . Tf These leased roads form the Company's line from Philadelphia to Jersey City and Perth Amboy, N. J. Further secured on certain securities and other property of a valuation (Dec. 31, 1918) $54,047,501.92. Prior Liens — $5,255,000 (of which $1,590,000 are held by the Company in sinking or other funds): Cambria & Clearfield R. R. 1st Ss, 1941 534,a00 Cambria & Clearfield R. R. Gen. 4s, 1966 2,000,000 Clearfield & Jefferson Ry. 1st 6s, 1927 1,000,000 Harrisburff, Portsmouth, Mt. Joy & Lancaster R. R. Co. 1st 4s 1943.. 700,000 Pennsylvania & Northwestern R. R. Gen. 5s, 1930 1,021,000 All the above are closed mortgages. Underlies — General Mortgage 4^s and 5s. Legal for Bait., Cal., Conn,, Me., Mass., Mich., Mo., Minn., N. H., N. J., N. T., R. 1., Vt. and Wis. IJfSted (except sterling bonds) on the New York and Philadelphia Stock Exchanges. Original Markert — $49,000,000 4%s offered by the company through Kuhn, Loeb & Co., at 103% in February, 1915. Market. Philadelphia^-Montgomery & Co., West & Co., Graham, Parsons & Co., Harrison & Co., F. R. Welsh, Brown Bros. & Co., Lloyd & Palmer, Wurts, Dulles & Co., H. P. Bach- anan & Co., National City Co., Newburger, Henderson & Loeb, B. W, Clark & Co., Chas. Pearon & Co., Blkins, Morris & -Co., Harper & Turner, Wheeler, Elliot & Mann, Biddle & Henry. New York — Jenks, Gwynne & Co., Wm. C. .Ewen, E. & C. Randolph, McKinley & Mor- ris, Sam'l Goldschmidt, Callaway, Fish & Co., J. S. Farlee & Co., J. A. Joseph, Jr., & Co., Louchheim, Minton & Co., Morton, Lach- enbruch, Seasongood, Haas & Macdonald, JBernhard, Scholle & Co. Pittsburgh — R. B. Hutchinson & Co. Cincinnati — Pifth-Third National Bank. Ix>uisville — J. J. B. Hilliard & Son. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 5s 1919. High.llO'A Dec. 17, '08 100 Apr. 30 Low. 100 Apr. 30, '18 100 Apr. 30 4s 1943. High.106 Oct. 30, '08 90M, Nov. 29 Low. 88 Jan. 2, '18 88 Jan. 2 4s 1948. High. 105% Oct. 26, '08 92% Nov. 13 Low. 83 Sept. 19. '18 83 Sept. 19 4%s 1960. High. 107% Jan. 13, '17 100% Dec. 3 Low. 92% Sept. 17, '18 92% Sept. 17 PENNSYI-VANIA BAXLBOAD CO. General Mortgage. Series "A" iVzs and Series "B" 6s. Dated Due Series "A" June 1. 1915 June 1, 1966 Series "B" Dec. 1, 1918 Dec. 1, 1968 Interest payable June 1 and December 1, at Broad St. Station, Philade>-phia, or in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — Amount of' bonds outstanding at one time shall not exceed amount of out- standing capital stock. Outstanding — $124,375,000 "A" 4%s. 60,000,000 "B" 6s. $171,375. OfrO (Jan. I, '19). Held in Insnrance Fund — $625,000. Reserved for Prior Liens — $164,014,700. Reserved for Ext., etc. — $160,251,000. Denomination — Coupon, $1,000.- Registerable as to principal only. Registered, $1,000, $6,000 and $10,000. C. & R. interchangeable. Trustees — Girard Trust Co. and, William N. Ely, Philadelphia. Secured by direct mortgage on 2,910.30 miles of road and appurtenances. 621.77 miles of leaseholds, and on equipment, real estate, buildings, piers, etc. : and on all other prop- erty of the Company now owned or hereafter acquired, viz. : A first lien on 408.03 miles — Miles Connection with Main Line at Pennsyl- vania Station, Pittsburgh, to Connec- tion with P. C. C. & St. L. R. R. at Birmingham Station 1.18 South to Denbeau to Crucible 9.65 Ridgway to Palls Creek 27.20 Vail to Lock Haven 61.18 Snow Shoe Intersection to Per Se 22.28 Lemont to Montandon 57.70 Mt. Eagle to Howard 5.00 Near Snow Shoe Station to Terminus . . 8.62 Tyrone to Pairbrook and Branches.... 27.27 Lancaster to Quarryville 15.21 Southwest Jet. (east of Greensburg) to Pairchance and Branches 143.86 In Philadelphia-Canal St. Branch and Commerce St. Branch 1 07 In Philadelphia-Delaware Ave. Branch. 3.64 Other Branches 34.28 A second lien on 1,990.43 miles — Covered by the first lien of the follow- ing: Penna. R. R. Cons. Mtge 1,003.97 Pitts., Va. & Charleston 1st 4s 90.74 Western Penna. Cons. 4s 140.13 Allegheny Vy. Ry. Gen. 4s 264. 29 Phila. & Erie Gen. 4s, 5s and 6s 287.70 HoUidaysburg, Bedford & Cumberland 1st 4s 71.71 Sunbury & Lewiston 1st 4s 65.71 Westchester R. B. 1st 5s 5.22 Junction R. R. Gen. 3%s 3.34 Cornwall & Lebanon 1st 4s 25.79 Susquehanna, Bloomsburg & Berwick 1st 6s 41.83 A third lien on 314.74 miles — Covered by the first lien of the following: Sunbury, Hazelton & Wilkes-Barre 1st 6s 43.81 Cambria & Clearfield Gen. 4s 218.36 Harrisburg, Portsmouth, Mt. Joy & Lan- caster 1st 4s 52 . 57 A fourth lien on 132.13 miles- Covered by the' first lien of the follow- ing; Cambria & Clearfield 1st 5s 102.01 Pennsylvania & Northwestern Gen. 5s. 30.12 A fifth lien on 66.61 miles- Covered by the first lein of the Clear- field & Jeilerson 1st 6s 56.51 Also a lien on 309.36 miles of leasehold in- terests, subject to the Pennsylvania R. R. Cons. Mtge. For details see description of Cons. Mtge. Also a lien on* 263. 31 miles of leasehold interests not subject to the Cons. Mtge. as follows: Belvidere-Delaware B. R. Co. 994%- year lease from Jan., 1876 — Miles Trenton to Manunka Chunk, N. J., and Branches 80.35 Northern Central Ry. 999-year lease from Jan.. 1911: Baltimore, Md., to Marysville, Pa 90.44 Dauphin to Sunbury, Pa 45 . 39 Hollins to Green Spring Jet., Md... ... 8.62 Lykens Valley R. R. & Coal Co. — Millersburg to near 'Williamstown, Pa. 19.33 Shamokin Valley & Pottsville R. R. — Sunbury to Mt. Carmel, Pa., and Branches 39 . 74 Summit Branch Mining Co.'s R. B. — Near Williamstown, Pa 1.10 Elmira & Williamsport B. B. — WUliamsport, Pa., to Elmira, N. Y. . . . 73.49 064 Also secured on all the equipment of the Company, subject to car or equipment obli- gations outatandins thereon. Also secured on the Company's Piers, Num- bers 3, 4 and 5, with appurtenances, situated on West St., New Torlj City (subject to the Pennsylvania R. R, Real Sstate 4s, 1923); also on Company's Pier, Number 2, on West St., Neve York City, and on the Company's Pier situated at West and Vestry Sts., New York City. Also secured on the Company's Yard at 37th St. and Hudson River, New York City; and on the block of land with buildings, piers, etc., situated at 4th St. and East Kiver, Bor- ough of Brooklyn, New York City. Prior Ijiens — $165,487,938 prior liens, viz.: Allegheny Valley Ry. Gen. 4s, 1942 $20,000,000 Cambria & Clearfield R. R. 1st 5s, 1941 ; 634.000 Cambria & Clearfield Ry. Gen. 4s, 1955 2,000,000 Clearfield & Jefferson Ry. 1st 6a, 1927 1,000,000 Cornwall & Lebanon R. R. 1st 4s 1921 613,700 Susquehanna, Bioomsburg & Berwick R. R. 1st 63. 1952 700,000 Harrisburg. Portsmouth, Mt. Joy & Lancaster R. B. 1st 4s. 1943.... 700,000 Hollidayaburg, Bedford & Cumber- land R. R. 1st 4s, 1961 1,073,000 Junction R. R. Gen. 3%s, 1930 726,000 Pennsylvania & Northwestern Gen. 5s, 1930 1,021,000 Pennsylvania R. R. Cons. 5a, 1919. 4,983,000 Pennsylvania R. R. Cons. 4s, 1943. 2,421,000 Pennsylvania R. R. Cons. 3%s, 1945 2,742,107 Pennsylvania R. R. Cons. 43, 1948 (Gold Sterling) 19,837,100 Pennsylvania R. R. Cons. 48, 1948 (Crold) 20,000.000 Pennsylvania R. R. Cons. 4%s, 1960 49,000,000 Pennsylvania R. R. Real Estate Purchase Money 4s, 1923 2,000,000 Phila. & Erie Gen. 4s, 5s and 6s, 1920 19,823,000 Pitts., Virginia & Charleston 1st 4s, 1943 6,000,000 Sunbury, Hazelton & Wilkes-Barre 1st 5s, 1928 462,100 Sunbury, Hazelton & Wilkes-Barre 2d 6s, 1938 1,349,500 Sunbury & Lewiatown 1st 4s. 1936. 600.000 Westchester R. R. Ist 5s, 1919... 75,000 Western Pennsylvania R. R. Cons. 4s, 1928 4,000,000 Mortgages on Real Estate in Phila. & Pitts., Altoona, etc.. Aggregat- ing 3,928,431 I.egal for Bait., Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt. and Wis. liisted on the New York and Philadelphia Stock Exchanges. Original Market — $65,000,000 Series "A" 4%a oftered May, 1915, by Kuhn, Loeb & Co.. New York, at 98%% and interest; $60,000,000 Series "A" 4%s oftered April, 1917, at 97%% and interest; $50,000,000 Series "B" 5s of- fered December, 1918, by the same firm at 9dVi and interest. Market. New York — Active on N. Y. Stock Exchange. Cincinnati — Fifth-Third National Bank of Cincinnati. Fliiladelphia — Elkins. Morris & Co., E. B. Smith & Co., Brown Bros. & Co., Harper & Turner, Wheeler, Elliot & Mann, Graham, Parsons & Co., Lloyd & Palmer, West & Co., Wm. M. Canby, Newburger, Henderson & Loeb, Reed A. Morgan & Co. Flttsbnreb — ^Moore, Leonard & Lynch, Lyon, Singer & Co., Colonial Trust Co. Chicago — Kean, Taylor & Co.. Baboock. Rushto:! & Co. Boston — Arthur Perry & Co., Lee, Higgln- aon & Co. Baltimore — ^Robt. Garrett & Sons. roniBTilie — ^J. J. B. Hilliard & Son. Price Range— N. Y. S. E. Series "A" AVzs. 3an. 1. '15 to Jan. 1, '19 1918 High.104% Jan. 15, '17 96% Nov. 12 Low. 86% Sept. 25, '18 86% Sept. 25 PENNSYLTANIA RAILBOAD CO. Real Es- tate tarcliase Money 4s. Dne May 1. 19SS.— F. Dated May 1, 1893. Interest payable May and Nov. 1, at Treasurer's office, Philadelphia, and 86 Cedar St., New York. Tax Status — 2% Federal Income Tax paid not aaaumed by company. Free from any State taxes. Antliorized and OntBtanding — $2,000,000. Denomination — Coupon. $1,000. Registerable as to principal or fully registerable. Tmstee — ^Farmers' Loan & Trust Co., New York. Secnred by a first mortgage on all property, right, title and Interest of the company in Piers Nos. 3, 4 and 5, North River, New York. Underlies — Cona. Mtge. and Gen. Mtge. 4%s and 5s. liOgal for Bait., Cal.. Me., Mo., Mich.. N. H., N. J., N. Y., R. I. and Wis. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — ^Miller & Co., Blake Bros. & Co. , Redmond & Co. , Remick, Hodges & Co. , Taylor, Smith & Hard. Plilladelpliia — ^Wheeler, Elliot & Mann, Gra- ham, Parsons & Co., West & Co., E. B. Smith & Co., E. W. Clark & Co.. Chas. Fearon & Co., Reed A. Morgan & Co. Price Range— N. Y. S. E. .Ian. 1. '0« to Jan. 1. '19 1918 High.106% June 19, '06 95^ Nov. 2S Low. 93% June 19, '18 93% June 19 FENNSYLVANIA RAILROAD CO. General Freight Eaaip. Tr. 4b. Issue of 1910, Series "A" to "K,^' inclaslve. . Dae $100.- 000 of each series annually each May 1st to May 1, 1920, IncInsiTe.— ^F. Dated May 2. 1910. Intereat payable quar- terly, Feb.. May, Aug, and Nov. 1, at Trus- tee' a office, Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $11,000,000. Outstanding — $2,200,000 (Jan. 1, '19). Balance Matured. Denomination — Registered, $1,000. Trustee — Fidelity Trust Co.. Philadelphia, Guaranteed principal and interest by the Pennsylvania R. R. Co. Secured by equipment trust agreements on 10,159 freight cars. Original Market — Offered May, 1910, at prices to yield about 4 % % , by B. B. Smith & Co., Philadelphia, Wm. A. Read & Co. and Kountze Bros., New York. Market — ^Ali Series. New York — Evans, Stillman & Co.. Free- man & Co., Bull & Eldredge, Seasongood. Haas & Macdonald. Cincinnati — Fifth-Third National Bank. Philadelphia — Graham, Parsons & Co., West ■& Co., E. W. Clark & Co.. Biddle & Henry, Thos. A. Biddle & Co., Brown Bros., Reed A. Morgan & Co., Reilly, Brock & Co. Pittsburgrh — R. B. Hutchinson & Co. St, Ijoius — Bowman, Cost & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 Bid Ask High.lOO^ '17 Low. 98 '18 1918 Ask 98 July PENNSYLVANIA RAFLROAD Gen. Freight Xkiuip. Tr. 4^8. Issue of 191S. Due $1,970,000 each AprU 1 to April 1. 1933, Dated April 1, 1913. Interest payable Jan., April, July and Oct. 1, at Fidelity Trust Co. , Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $19,700,000. Out9tandiiii.fi; — $9,850,000 (Jan. 1, '19). Balance Matured. Denomination — Registered, $1, 000. Trustee — Fidelity Trust Co. , Philadelphia. Secured by equipment trust agreements on 15,000 freight cars. All of the cars are either steel or have steel underframes. Legal in N. H. and R. I. Market. New York — Evans, Stillman & Co. , J. S. Bache & Co., Newburger, Henderson & Loeb, Seasongood, Haas & Macdonald, Bull & Bl- dredge, Coggeshall & Hicks, Freeman & Co. Philadelphia — Graham, Parsons & Co. , Bid- die & Henry, Chas. Pearon & Co., Wheeler, Elliot & Mann. Newburger, Henderson & Loeb, AVest & Co., Harrison & Co., Reilly, Brock & Co.; E. B. Smith & Co.. Cassatt & Co., Har- per & Turner, Brown Bros., Reed A. Morgan & Co. Pittsburgh — R. B. Hutchinson & Co. St. Louis — Bowman, Cost & Co. ' — $130,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Old Coilon^ Trtist Co. , Boston, Mass. Redeemable as a whole, or in part, for sink- ing fund, at 105 and interest. Sinking Fund — Annually, beginning Dec. 1, 1907, 1% % of bonds outstanding for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Maine in 1906 as successor to the Pensacola Electric Ter- minal Co. Owns the securities of the Es- cambia County Electric Light & Power Co. Management— Stone & Webster. Secured by a direct first mortgage on the street railway system in Pensacola, Fla., comprising 21 miles of track, and a first lien on the plants supplying that city with electric light and power, through deposit of the. se- curities of the Escambia County Electric Light & Power Co. Population served over 27,000. Railway franchise expires In 1933, and electric are unlimited as to time. Underlies — $500,000 6% Conv. notes, due 1919. Year ended Dec. 31 Gross Net Int. & S. F. 1918 $506,050 $145,668 $99,923 1917 350.459 146,778 93,668 1915 258.042 111,222 85,704 1914 264,840 95,048 86,727 Market. New York — Stone & Webster, Coffin & Burr, Callaway, Fish & Co.. F. H. Hatch & Co., Lynch & McDermott. Philadelphia — E. B. Smith & Co. Boston — Coffin & Burr, Stone & Webster. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91% *10 97*^ '09 81 Dec. 85 Dec. Low. 78 '18 80 '15 78 Oct. 84 Nov. PENSACOLA (FI^.> ELECTRIC CO. 2-Year 7% Notes. Due Jan. 1, 1921. Dated Jan. 2, 1919. Interest payable Jan. 2 and July 2 at Old Colony Trust Co.. Bos- ton. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 500,000. ■Outstanding — $500,000. Purpose of Issue — The proceeds will be ap- plied to the retirement of $500,000 notes due Jan. 1, 1919, and the company's floating in- debtedness amounting to $220,000. The bal- ance of the funds will be supplied by the sale of $420, OQO 1st 5s which wia also provide ■~for further extensions and inaprovements un- der construction. Denomination — Coupon $100, $500 and $1,- 000. Registerable as to principal and inter- changeable. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole at 101 and interest upon 3 days' notice. Organization — See 1st 5e. Security — A direct obligation of the company but not secured by a mortgage. Earnings — See 1st 5s. Ori^nal Market — $500,000 offered January, 1919, by Stone & "Webster, Boston and New York. Market. Boston — Stone & "Webster. • PEOPLES GAS & EI^CTBIC CO. (OSWEGO, N. Y.) 1st 5s. Due May 1, 19S0. Dated May 1, 1900. Interest payable May and Nov. 1, at New Tork Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $450,000. Outstanding — $350,000 (June 2, 1919). Retired by S. F.— $100,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York, Redeemable by lot at 105 and interest. Sinking Fund — ^Annually, beginning May 1, 1910. the company shall deliver to the Trustee $10,000 of these bonds for cancellation. The bonds so delivered shall have been acquired by the company within the current year by purchase or redemption at not over 105 and iflterest. Bonds acquired are to be cancelled. Organization — Incorporated in New York in 1900 as a consolidation of gas and electric properties in Oswego. Management — Chas. H. Tenney & Co., Bos- ton. Secured by a first mortgage on the plants supplying gas and electricity to Oswego, N. Y. Population served, 27,000. Underlies — $300,000 Convertible 5s. Year ended Dec. 31 Gross Net Interest 1918 $266,797 $68,695 $34,348 1917 246,733 79.024 34,043 1916 $231,907 74,121 34,532 1915 214,330 78,746 32,437 1914'.... 212,919 73,243 24,309 Market. New York — F. H. Hatch- & Co. New Haven — H. C. Warren & Co. Philadelphia — S. K. Phillips & Co. Boston — C. H. Tenney & Co., G. "W. Walker & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.92 '16 99 '16 89 Deo. Low.87 '18 92 '17 87 Dec. PEOPLES GAS & ELECTRIC CO. (Oswego, N. Y.), Conv. 6% Deb. Due Dec. 1, 1933. Dated Dec. 1, 1913. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not- assumed by company. Authorized — $400, 000. Outstanding — $295,800. Denomination — Coupon, $1,000. Registerable as to principal only. Registered, $1,000. C. & R. interchangeable. Trustee — American Trust Co., Boston, Mass. Redeemable after 1925 at par and interest. Convertible between Dec. 1, 1915, and Dec, 1, 1925, into capital stock, par for par. Organization — Incorporated in New York in 1900. Security — These bonds are a direct obliga- tion of the company, but not secured by a mortgage. The company supplies gas and electricity in Oswego, N. Y., and vicinity. A part of its power is purchased from the Niag- ara Transmission Co. Population served, 27,- 000. Franchises are perpetual. Prior Lien — $370,000 1st 6s. Earnings — See 1st 5s. Original Market — $100,000 offered in 1914 by H. C. "Warren & Co., New Haven, at 92% and interest. • Market. Philadelphia — H. D. Boenning & Co. New Haven — H. C. Warren & Co. Boston — H. C. Spiller & Co.. Chas. H. Ten- ney & Co. Springfield — Moody Bros. & Co. New York — F. H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '17 96 '17 87 Dec. 92 Dec. Low. 84 '17 87 '17 (THE) PEOPLES' GAS LIGHT & COKE CO. (CHICAGO) 1st Cons. 6s. Due April 1, 1943. Dated April 1, 1893. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $4,900,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Organization — See Ref. 5s. Secured by a first mortgage on the prop- erty of the company as it existed prior to Au- gust 1, 1897, and comprising an important part of the gas properties in Chicago. Underlies — Hef. 5s of 1947 and Gen. & Ref. 5s of 1963, Under both mortgages bonds are reserved to retire this issue. Year ended Dec. 31 Gross Net Interest 1918. .$21,588,401 $999,522 $2,366,160 1917. .19.338.638 2,009,949 2,375,150 1916.. 17,786,738 4,464,321 2,387,062 1916.. 17,326,370 5,614,316 2,385,350 1914.. 17,433,726 5,683,068 2,390,600 Listed on the New York and Chicago Stock Exchanges, Market. Chicago — First National Bank, Harris' Trust & Savings Bank, First Trust & Savings Bank, Merchants' Loan & Trust Co., Union Trust Co., Babcock, Eushton & Co., Curtis & Sanger. New York — Joseph Walker & Sons, T. L. Bronson. Merrill, Lynch & Co., Low, Dixon & Co.. J. A. C'ark & Co. Philadelphia — P. R. Welsh. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.123 Feb. 7, '06 101% Dec. 18 Low. 96 Oct. 17, '17 98% Jan. 18 (THE) PEOPLES' GAS LIGHT & COKE CO. (CHICAGO) Ref. 5s. Due Sept. 1, 1947. Dated September 1, 1897. Interest payable March and Sept. 1, at Central Trust Co., New York, and at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $40,000,000. Outstandins:— $20,554,000. Denomination — Coupon, $1,000. Registerable aa to principal and fully registerable. Regis- tered, $1,000 and multiples, but not conver- tible into coupon bonds. Trustee — Farmers' Loan & Trust Co., New York. Organization — Incorporated in Illinois under Special Act in 1855 and in 1897 absorbed the Chicago Gas Jjight & Coke Co., Consumer* Gas Co., Equitable Gas Light & Fuel Co., Illinois Light, Heat & Power Co., Chicago Economic Fuel Co. , Lake Gas Co. and Sub- urban Gas. Co. In 1897 Mutual Fuel Gas Co. was purchased, and in 1898 was merged, into Peoples' Gas Light & Coke Co., as was also Hyde Park Co. In January, 1899, Calumet Gas Co. was acquired, and its outstanding bonds assumed. In Feb., 1907, leased the Ogden Gas Co. and Universal Gas. Co. (al- ready controlled) for about 3 4 years, under the terms of which the Peoples' Gas Light & Coke Co. guarantees $6,000,000 bonds of Og- den Gas Co. The company in 1906 contracted for from 1,500.000,000 to 2,000,000,000 feet annually from the By-Products Coke Corp. of South Chicago. Also guarantees the $6,000,- 000 bonds of the Indiana Natural Gas & Oil Co. in return for that company's supply of natural gas. Secured by a general mortgage on all ■ the property of the company doing all the gas business in Chicago and suburbs. Franchises are perpetual. Prior Liens — $24,077,000 prior liens as fol- lows: $4,900,000 1st Cons. 6s of 1943; $9,931,- 000 Chicago Gas Light & Coke Co. 1st 5s of 1937: $4,246,000 Consumers' Gas Co. 1st 5s of 1936; $5,000,000 Mutual Fuel Gas Co. 1st 5s of 1947. Underlies — Gen. & Ref. 5s of 1963, which mortgage provides for the retirement of this issue and prior liens. Earnings — See 1st Cons. 6s. Listed on the New York and Chicago Stock Exchanges. Original Market — $3,000,000 offered in 1912 at 102 1^ and interest, by Wm. A. Read & Co., New York, Chicago, Boston. Philadelphia, and London. Market. Chicago — Child & Levering, BuUard, Heth- erington & Co., Harris Trust & Savings Bank, Peoples' Trust & Savings Bank, Babcock, Rushton & Co., Northern Trust Co., First National Bank, Merchants' Loan & Trust Co., Union Trust Co., Fort Dearborn Trust & Sav- ings Bank, Ames, Bmerich & Co. , Central Trust Co. of Illinois. Russell, Brewster & Co.. Illinois Trust & Sav. Bank, State Bank oC Chicago, First Trust &. Savings Bank. Cur- cis & Sanger, Wm. A. Head & Co. New York — Babcock, Rushton & Co., Harris, Forbes & Co., Curtis & Sanger, Wm. A. Read & Co.. E. & C. Randolph, Russell, Brewster & Co.. Earle A. Miller & Co.. Kiely & Hor- ton, Hartshorne & Battelle, Newburger, Hen- derson & Loeb, Berdell Bros. , Lynch & Mc- Dermott. Philadelphia — Newburger, Henderson & Loeb. Boston — Harris, Forbes & Co., Wm. A. Read & Co. St. !Louis — Bowman, Cost & Co. Omaha — City Trust Co. Baltimore — J. Harmanus Fisher & Sons. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High. 107% Jan. 3. '06 86 Nov. 14 Low. 7IV2 July 23, 'IS 11% July 23 PEOPLES' GAS LIGHT & COKE CO. (CHI- CAGO) Gen. & Ref. 5s. Due Dec. 1, 1963.— F. Dated Dec. 1, 1913. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Unlimited. Outstanding — $1,712,000. Reserved for Ext. — $3,288,000. Reserved for Prior Liens — $45,250,000. Denomination — Coupon $1,000. Registerable as to principal. Xrnstee — Illinois Trust & Savings Bank, Chicago. Redeemable on any interest date at 105 ana mter.est on 60 days' notice. Organization — See Ref. 5s. Secured by a mortgage on all the property of the company subject to prior liens which chia mortgage provides to retire. For details of property see Ref. 5s. Prior Liens — $44,631,000 prior liens as fol- lows; $20,554,000 Ref. 5s of 1947; $4,900,000 1st Cons. 6s of 1943; $9,931,000 Chicago Gas Light & Coke Co. 1st 5s of 1937; $4,246,000 Consumers' Gas Co. 1st 5s of 1936, and $5,- 000,000 Mutual Fuel Gas Co. Ist 5s of 1947, for the retirement of all of which bonds of this issue have been reserved. Earnings — See 1st Cons. 6s, Market. Chicago — Chicago Savings Bank & Trust Co., Halsey, Stuart & Co. Milwaukee — First National Bank. New York— Halsey. Stuart & Co., Babcock, Rushton & Co. PEOPLES' PASSENGER RAILWAY Ist 4b. Due Jan. 15, 1935.— F. Dated 1874 (originally due 1905). Interest payable Jan. and July 15, at Land Title & Trust Co., Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $250,000. Outstanding — $219,000 ($31,000 were can- celled when the bonds were extended in 1905). Denomination — Coupon, $1,000. Control — In 1893 the Peoples' Traction Co. acquired the entire capital stock, 83,000 shares (par $25), paying $70 per share, and leased the property. In 1896 the property was leased to the Union Traction Co. for 998 years. Rental 10% on capital stock. This lease was assigned to the Philadelphia Rapid Tran- sit Co. in 1902. The entire $6,000,000 capital stock of the Peoples' Traction Co. is owned by the Union Traction Co. Secured by a first mortgage on the prop- erty owned by the Peoples' Passenger Ry., which is known as the Callowhill St. Division, as well as on all the real estate owned. The company owns 2.652 miles of track in Phila- delphia. Underlies— $285,000 2nd 4s and $246,000 Cons. 4s. Market. Philadelphia— S. K. Phillips & Co., Biddle & Henry, Chas. Fearon & Co. PEOPLES RAILROAD (SYRACUSE) 1st 58. Due Jan. 1. 1921.— N. Dated Jan. 1. 1891. Interest payable Jan. and July 1, at Merchants' Nat'l Bank, Syra- cuse. Tax Status — Payment of Federal Incime Tax not assumed by company. Autliorized and Outstanding — $750,000. Denomination — Coupon. $1,000. Registerable as to principal. Control — Absorbed by the Syracuse Rapid 970 Transit Co., which was merged in 1912 into the New York State Rys. Co,, which is con- trolled through stock ownership by the New York Central R. R, Co. Secured by a first mortgage on a part of the street railway system in Syracuse, N. T. Underlies — Syracuse R. T. Ry. 1st 5s and 2nd 5s and New York State Rys. 1st Cons. 4%s of 1962, which latter mortgage provides for retirement of prior liens. Earnings — See New York State Rys. Co. Listed on the Cleveland Stock Exchange. New York — W. D. Lyon & Co. , F. H. Hatch & Co. Philadelphia — H. Boenning & Co. TJtica — W. D. Lyon & Co. Price Range. Jan. 1, *17 to Jan. 1, '19 1918 Bid Bid High.99y4 -17 90 Feb. Low. 90 '18 PEOPLES' TRACTION CO., PEOPLES' PAS- SENGER RAILWAY Stock Tr. Ctfs. 48. Due Feb, 1, 1943.— F. Dated April 15, 1893. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $5,810,000. Outstanding— $5,433,000 (June 3. 1919). Retired by S- F. — $374,000. Denomination — Registered, $1, 000. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Sinking Fund — Began Feb. 1, 1903, $25,000 per annum, to be applied to the purchase of certificates at not over par, but are not drawn. Guaranteed as to pdrincipal and interest by the Peoples' Traction Co. by endorsement. Organization and Control — Incorporated in Pennsylvania in 1893 and acquired the entire capital stock, 83,000 shares (par $25), of the Peoples' Passenger Ry. Co., paying $70 per share, and also leased the property of the latter company. In 1896 the property was leased to the Union Traction Co. for 998 years. Rental 10 % on capital stock. This lease was assigned to the Philadelphia Rapid Transit Co. in 1902. The entire $6,000,000 capital stock of the Peoples' Traction Co, Is owned by the Union Traction Co. Secured by deposit of the capital stock of the Peoples' Passenger Ry. Co. at the rate of 14 2-7 shares (par $25) for each $1,000 bond. For further details see 1st 5s. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Chas. Fearon & Co., Barclay, Moore & Co., Harper & Turner, Lloyd & Pal- mer, S, K. Phillips & Co., Cassatt & Co., Biddle & Henry, J. W. Sparks & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.99 '09 99% '09 75 Dec. 80 Dec. Low. 70 '18 72 '18 70 Aug. 72 .iug. PEORIA & EASTERN RAILWAY CO. Ist Cons. 48. Due April 1, 1940. — F. Dated Feb. 22, 1890. Interest payable April and Oct. 1, at Grand Central Terminal, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. OutAtnnding — $8,376,000. In Treasury — $124,000. Reserved for Prior Llehs— $1,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Central Trust Co., New Yofk, and Chas. W. Fairbanks. Guaranteed as to interest by the C, C./ C. & St. L. Ry. Co. under terms of lease Organization and Control — Incorporated in Illinois, Indiana and Ohio in 1890. $5,000,100 of the $9,994,200 stock is owned by the Cleve- land, Cincinnati, Chicago & St. Louis Ry. Co., which leases the property to April 1 , 1940, in consideration of the provision by the C, C. C. & St. L. Ry. Co. of any deficiency in earnings necessary to pay taxes and in- terest on these and underlying bonds. Secured by a direct third mortgage on 122.76 miles of road from Ind.-Ill. State Line, to Pekin', 111.; a second lien on 136,49 miles of road from Springfield, Ohio, to Indianapolis, Ind., by the deposit of the entire .$5,000,000 , purchase money mortgage covering the road as a second Hen; a first lien on 78.61 miles of leasehold rights in road from Indianapolis to 111. -Ind. State Line, and on 8.96 miles of trackage rights from Pekin to Peoria, 111., and 5 miles into Indianapolis, Ind. Prior Liens — $970,500 Ind., Bloom. & Wn. 1st 4s of 1940 and $500,000 Ohio, Ind. & Wn. 1st 5s of 1938. Underlies — $4,000,000 Peoria & Eastern Ry. Inc. 4s of 1990. Listed on the New York Stock Exchange. Market. New York — Hanson & Doyle, J. S. Parlee & Co., E. & C. Randolph, F. J. Lisman & Co., Hartshorne & Batte'.le, Abraham & Co., Baker^ Carruthers & Pell, Korn, Lehman & Co. Baltimore — Howard R. Taylor & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High. 101 Feb. 8, '06 62 Nov. 12 Low. 40 July 9, '18 40 July 9 PEORIA & EASTERN RAILWAY CO. Income 4s. Due ApHl 1, 1990. — N. Dated Feb. 22, 1890. Interest payable April 1, if earned, at Central Trust Co., New York. Interest is non-cumulative. The full interest was paid from 1902 to 1908 and in 1910, 1911 and 1913, none in 1909, 1912, 1914, 1915, 1916. 1917 and 1918. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $4,000,000. Denomination — Coupon, $1,000, Trustees — Central Union Trust Co. , New York. Organization — See 1st Cons. 4s. Protective Committee — In July, 1914, this protective committee was formed for the pur- pose of securing more liberal treatment for holders of these bonds. The claim was ad- vanced that earnings should have been suifl- clent to pay interest on these bonds, as gross earnings in 1914 were substantially equal to those of 1912, but that operating expenses and hire of equipment increased $315,000^, Committee as follows : John F. Wallace, Thomas Denny, Floyd "W. Mundy, Lewis E. Waring ; Secretary, Prank D. Ketcham, 8 Broadway, New York. Depositary, Empire Trust Co., New York. Secured by a lien junior to that of the 1st Cons. 4s on the property described under that mortgage. Prior Liens — $970,500 Ind., Bloom. & Wn. 1st 4s of 1940; $500,000 Ohio, Ind. & Wn. 1st 5s of 1938 and $8,376,000 P. & E. 1st Cons. 4s of 1940. Listed on the New York Stock Exchange. Market. New York — Hanson & Doyle. Price RanBe— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.80 Jan. 20. '06 16% Oct. 23 Low. 10 Nov. 20, '17 12Vi May 7 PEORIA & NORTHWESTERN RAILWAY CO. iBt 3%8. Dne March 1, 1926.— N. Dated March 1, 1901. Interest payable March and Sept. 1, at Chicago & Northwest- ern Ry. Co. office, 111 Broadway, New York. Tax Status — Payment o£ Federal Income Tax not assumed by company. Authorized and Outstanding — $2,126,000. Denomination — Coupon, $1,000. Fully reg- Isterable. Registered, $1,000, $6,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwestern Ry. Co. Control — Absorbed by the C. & N. "W. Ry. • Co. Secured by a first mortgage on S.2.dS miles of road from Peoria to Nelson, III. Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I. and Wis. Original Market — Underwritten in 1901 by Kuhn, Loeb & Co., New York. Market. New York — Remick, Hodges & Co., J. S. Bache & Co., Estabrook & Co., Struthers & Hiscoe, Abraham & Co. . Baker, Carruthers & Pell, Chas. "W. Place, Taylor, Smith & Hard. Boston — Estabrook & Co. Philadelphia — Blddle & Henry, Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93% '09 94 '16 88% Dec. 89 July Low. 77 '17 89 '18 83 June Listed on the New York Stock Exchange. Market. New York — F. J. Lisman & Co., Baker, Car- ruthers & Pe'.l, Louchheim, Minton & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Ask High.116 Aug. 13, '09 82 Dec. Low. 100 June 1, '17 PEORIA & PiaSIN UNION RAILWAY 2d VAb. Due Feb. 1, 1921.— F. Dated Feb. 1, 1885. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 500. 000. Oatstattding— $1,499,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Secured by a second mortgage on property described under 1st 6s .' - Original Market — Issued legal for Me. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Chas. Pearon & Co., Graham, Parsons & Co., E. W. Clark & Co.. B. B. Smith & Co., Brown Bros. & Co., Biddle & Henry. H. D. Boenning & Co., Huntoon & Co. Pittsburgh — R. B. Hutchinson & Co. New York — Abraham & Co., Taylor, Smith & Hard. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.107% '09 108 '09 98 Apr. 101 Apr. Low. 90 '17 98 '18 90 Jan. 98 Nov. PERKIOMEN RAILROAD CO. 2d Series Ext. 58. Due Jan. 1, 1938. — F. Dated January 3, 1888. Extended Jan. 1, 1918. Interest payable Jan., April, July and Oct. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $1,460,000. Outstanding — $ 1,125,000. Denomination^Coupon, $1,000. Registerable as to principal or fully reeristerable. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 105 and interest on Jan. 1, 1923, or on any interest date thereafter. Guaranteed principal and interest by , en- dorsement of the old Philade£phia & Reading R. R. (foreclosed). This guaranty was not assumed by the Philadelphia & Reading (new company). See ' 'Organization' ' under 1st 53 for obligation of Reading Co. Organization and Con'trol — See 1st Series 5s. Secured by a second mortgage on 3S.23 miles of road from Perkiomen Jet. to Emaus, Pa. (For details see 1st Series 5s.) Prior Lien — $797,100 1st Series 5s of 1938. Listed on the Philadelphia and London Stock Exchanges. Market. Philadelphia — E. W. Clark & Co., E. B. Smith, Brown Bros. & Co., Chas. Fearon & Co., Beed A. Mor'^^an & Co., Graham, Parsons & Co., Huntoon & Co. New York — J. S. Farlee & Co., Abraham & Co., Taylor. Smith & Hard. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.107 '09 108 '09 98 Apr. 101 Apr. Low. 90 '08 98 'IS 90 Jan. 98 Nov. PETERSBURG RAILROAD CO. Cons. Class "A" 5s. Due July 1, 1936.--N. Dated July 1, 1881. Interest payable Jan. and July 1. at Merchants' National Bank, Richmond, Va. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $868,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Assumed by the Atlantic Coast Line R. R. Co. Control — Absorbed by the Atlantic Coast Line R. R. Co. Secured by a first mortgage on 68.79 miles of road from Petersburg, Va., to Weldon, N. C, and branches. Underlies — Petersburg R. R. 2d Mtge. 6s; A. C. L. Cons. 4s of 1952; Unified 4s of 1959. and Gen. Unified 4s and 4%s. Bonds reserved under the latter mortgage provide for the re- tirement of this issue at maturity. Legal for Bait., Cal., Conn., Mich., Minn., N. H., N. J., N. T.. R. L and Wis. Listed on the Baltimore and Richmond Stock Exchanges. Market. New York — Remick, Hodges & Co.. Horn- blower & "Weeks. Hambleton & Co., Abraham & Co., Baker, Carruthers & Pell, Taylor, Smith & Hard. Baltimore — Poe & Davies, J. S. Wilson. Jr., & Co., Hambleton & Co., Jenwins, Wedbee & Poe. Richmond — Caskle G. Burch & Co. Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co. Chicago — Hornblower & Weeks. Boston — Hornblower & Weeks. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Aak High.lll '09 112% '09 100 Dec. Low. 92 '17 97 '18 92 Jan. 97 Aug. 6^6 F£T£RSbl7RG BAIIiROAD CO. Cons. Clasa "B" 6s. Due Oct. 1, 1936.— N. Dated Oct. 1, 1881. Interest payable April and Oct. 1, at Merchants' National Bank, Richmond, Va. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $ 800.000. ^Denomination — Coupon, $1,000. Registerable as to principal. * Trustee — Central Union Trust Co., New York. Assumed by the Atlantic Coast Line R. R. Co. Control — See Class "A" 5s of 1926. Secured by a second mortgage on 68.79 miles of road from Petersburg, Va. , to Weldon, N. C, and branches. Prior Lien — $868,000 Clasa "A" 5s of 1926. Underlies — ^A. C. L. Cons. 4s of 1952; Unified 4s of 1959, and Gen. Unified 4s and 4^s of 1964. Bonds reserved under the latter mortgage provide for the retirement of this Issue at maturity. Legal for Bait., Cal., Conn., Minn., N. H. N. T, and R. I. Listed on the Baltimore and Richmond Stock Exchanges. Market. Baltimore — Baker, Watts & Co., lPoe & Davies, Hambleton & Co., Jenkins, Whedbee & Poe. Richmond — Caskie G. Burch & Co. New York — ^Remick, Hodges & Co., Hamble- ton & Co., Hornblower & Weeks, Baker, Car- ruthers & Pell, Taylor. Smith & Hard. Chicago — ^Hornblower & Weeks. Boston — Hornblower & Weeks. Philadelphia — Graham, Parsons & Co., Geo. S. Fox & Sons. Price Bange. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.123 '09 127 '09 105 Dec. Low. 100 '18 111% '15 100 Mar. PHILADELPHIA & BALTIMORE CENTRAL BAILBOAD CO. 1st 4b. Dae Nov. 1, 1951.— F. Dated Nov. 1, 1911. Interest payable May and Nov. 1, at Penna. R. R. Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and Maryland. Authorized — $10,000,000. Outstanding — $2,200,000. Beserred for Corporate Purposes — $7, 800,- 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed as to principal and interest by the Philadelphia, Baltimore & Washington R. R. Co. Organization and Control — Incorporated In Pennsylvania in 1881. Merged Sept., 1916. into the Philadelphia, Baltimore & Washington R, R. Co., a subsidiary of the Pennsylvania R. R. Co. Secured by first mortgage on 85.84 miles of road, viz. : Miles West Philadelphia, Pa., to Octoraro, Md.62.B8 Wawa to West "Chester, Pa 9.44 Brandywine Branch, Pa 1.63 Pemwood to Newtown Sq. , Pa. , and branch 12.19 Listed on the Philadelphia Stock Exchange. Legal for Cal., Conn., Me., Mich., Minn., and N. H. Market. Philadelphia — West & Co., Graham, Parsons & Co., B. Wv Clark & Co., Chas. Fearon & Co.. Harper & Turner, E. B. Smith & Co., Sailer & Stevenson, Elkins, Morris & Co. , Brown Bros., Reed A. Morgan & Co. New York— B. & C. Randolph. Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Bange. Jan. 1, '13 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98 '12 99 '12 85 Nov. 89 Jan. Low. 80 '18 84*18 80 Sept. 84 Sept. (THE) PHILADELPBilA & CHESTER VAL- LEY RAILROAD CO. 1st Preferred 4b. Due April 1, 1938. — F. Dated April 2, 1888. Interest reduced from 5% in 1896. Interest payable April and Oct. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $400,000. Outstanding — $280,510. $25,000 owned by the Reading Co. Denominafiion — Coupon $500. Registerable as to principal. Trustee — ^Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. -GnECranteeH as to i)rincipal and interest by the Reading Company by endorsement. Organization and Control — Incorporated In Pennsylvania in 1888. The Beading Company owns the entire $205,100 preferred stock and $489,300 of the $550,000 common stock. Secured by a first mortgage on 24.07 miles of road from Dowington to Bridgeport, Pa,, and branch. ITnderlies — $100,000 1st Non-Pref. 3s of 1938. ^Legal for Me. Market. Philadelphia — West & Co., Graham, Parsons & Co., Reed A. Morgan & Co., Brown Bros., Elkins, Morris & Co., Huntoon & Co., Warren A. Reed. Price Bange. Jam. 1, *16 to Jan. 1, '19 1918 Bid Ask Ask High.92 '16 95 '16 86 Oct. Low. 80 '17 86-18 (THE) PHILADELPHIA & CHESTER VAL- LEY RAILROAD CO. 1st Non-preferred 3s. Due April 1, 1938.— F. Dated April 2, 1888. Interest reduced from 4% in 1893. Interest payable April and Oct. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding — $100,000. $47,000 owned by Reading Co. Denomination — Coupon. $500. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Grantitis Annuities, Phila- delphia. Guaranteed principal and interest by the Reading Co. by endorsement. Organization and Control — See 1st 4s. Secured by a second mortgage on road de- scribed under the 1st 4s, Prior Liens — $280,510 1st Preferred 43 of 1938. Market. Philadelphia — Elkins, Morris & Co., West & Co., E. W. Clark & Co., Reed A. Morgan & Co.. Graham, Parsons &Co., Huntoon & Co., Warren A. Reed. S77 Price Range. Jim. 1, '16 to Jan. 1, 'li> Bid Ask High. 92 '16 95 '16 I^pw.65 '17 PHILADELPHIA & EASTON ELECTRIC RAILWAY CO. 1st 5s. Due Sept. 1, 1927. Dated Sept, 1, 1907. Interest payable March 1 and Sept. 1, at Trustee's office. (Interest in default.) Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $911,000. In Treasury — $89,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. . Receivers appointed April 5, 1912, and re- organization by reduction of capitalization is now under way. Secured by a first mortgage on 31 miles of track between Doylestown and Easton, Pa. Year ended Dec. 31 Gross Net 1918 $129,682 $31,548 1917 32,425 1916 108,658 24,821 1915 102,169 23,721 Market. Pliiladelphia — Chandler Bros. & Co., Paul & Co. New York — Prank P. Ward. PHILADELPHIA & ERIE RAILROAD CO. Gen. 4s, 5s and 6s. Due July 1, 19^0. Dated July 1, 1869, Interest payable: 6s, Jan. 1 and July 1. at Broad St. Station, Phil- adelphia, and in London in Sterling; 5s and 4s, April 1, and Oct. 1, at Broad St. Station, Phil- adelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authoriz^ — Closed mortgage. Outstanding — $8,178,000 6s; B. 263, 000 5s; 5.880.000 4s. Held in Ins. or Other Funds — $502,000 6s. Denomination — 6s, Coupon, $1,000. 4s and 5s, Registered, $1,000. Trustee — Vacancy. Assumed by the Pennsylvania R. R. Co., Dec. 31, 1915. Control — Absorbed by the Pennsylvania R. R. Co, in 1907. Secured by a first mortgage on 287 mllea of road from Sunbury, via Willi am sport, to Erie, Pa. Underlies — Penna. R. R. Co. Gen. 4^s of 1965, under which bonds are reserved to retire this issue. Listed on Philadelphia Stock Exchange ; $5,000,000 63 on London Stock Exchange. Legal for Bait. , Cal. , Conn. , Me. , Mass. , Mich,, Minn., Mo., N. H., N. J., N. T.. R. L, Vt. and Wis. Market. Philadelphia — Harrison & Co., Graham, Par- sons & Co., West & Co., Biddle & Henry, New- burger, Henderson & Loeb, E. W. Clark & Co., B-. B. Smith & Co., Elkins, Morris & Co., Chas. Fearon & Co,, Brown Bros. & Co.. Harper & Turner. Wheeler, Elliot & Mann, Thos. A. Biddle & Co. , Ervin & Co. , Robt. Glendinning &. Co. , Reed A. Morgan & Co. , Warren A. Reed. New York — Remick, Hodges & Co., Sam'l Goldschmidt, Clark, Dodge & Co., J. S. Far- lee & Co., Taylor, Smith & Hard, Newburger, Henderson & Loeb, E. & C. Randolph, Season- good, Haas & Macdonald, Wood; Struthers & Co., Low, Dixon & Co., Chas. W, Place, Viias & Hickey. Pittsburgh — R. B. Hutchinson & Co.. R, W. Evans & Co. Piice Range. Jan. 1, '08 to Jan. 1, '19 1918 4s Bid Ask Bid Ask High.lOl^A '08 101% '08 96^ Jan. 98" Jan. Low. 94 '18 96 '18 94 Aug. 96 Aug. 5s High.102% '16 109^ '10 99 Mar. 101 Apr. - Low. 97 '18 98 '18 97 Apr. 98 June 6s High.120 '08 100% Oct. 103 Jan. Low. 99 '18 100% '18 99 Jan. 100?4 Aug. (THE) PHILADELPHIA & FRANKFORD RAILROAD CO. 1st 48. Due Aug. 1. 1922.— F. Dated August 1, 1892. Interest payable Feb. and Aug. 1, at Reading Terminal, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $500,000. Denomination — Coupon, $1, 000, Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Guaranteed principal and interest - by the Reading Co. Organization and Control — Incorporated in Pennsylvania in 1892. The entire $500,000 capital stock is owned by the Reading Com- pany and the property leased for 999 years from 1908 to the Philadelphia & Reading Ry. Co. for interest and taxes. Secured by a first mortgage on 2.55 miles of road in the city of Philadelphia from Cres- centville to Frankford. Legal for Me. Market. Phiiafdelphia — Graham, Parsons & Co., E. W. Clark & Co.. S. K. Phi'.lips & Co.. Warren A. Reed. Price Range 1918 — Ask 96^. PHILADELPHIA & GARRETTSFORD STREET RAILWAY CO. Ist 5s. Due Aug. 1» 1955.— F. Dated Aug. 1, 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3,000,000. Outstanding — $2,073,000 Jan. 1. 1919). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^West End Trust Co., Philadelphia. Redeemable at 105 and interest any interest date. Guaranteed as to interest under terms of lease by the Philadelphia & West Chester Trac- tion Co. Control — Leased to and controlled through stock ownership by the Philadelphia & West Chester Traction Co., which is in turn con- trolled by the Eastern Securities Co., Rental, interest on bonds, taxes and $500 per annum for expenses. Secured by a first mortgage on about 5 % miles of main track and 5% miles of second track extending from 69th St., Philadelphia, to Sharon, Pa. . and 6 % miles from Drexel Hill to Media. Franchises are perpetual. Earnings — See Philadelphia & Westchester Traction Co. &7S Original Market — A iulock offered Jan., 1918, by Bioren & Co., Philadelphia, at a price to yield 5.20%. Marke;t, , Philadelphia — Battles & Co., Capelle & Co., JNewburger, Henderson & Loeb, Geo. S. Fox & Sons, Merchants' Union Trust Co. , Barclay, Moore & Co., Bioren & Co., H. Boenning & Co., Harper & Turner. New York — A. D. Converse & Co., B. & C. Randolph, Newburger, Hend'erson & Loeb. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95% '17 97 '17 86^/^ Oct. 90 Nov. Low. 84 '18 89 '18 84 Nov. 89 Oct. PHILADELPHIA & READING COAX & IRON CO. Philadelphia & Reading R. R. S. F. Coll. 48. Due Feb. 1, 1932. — P. Dated February^l, 1892. Extended Febru- ary 1, 1902, interest being reduced from 5%. Interest payable February and August 1, at Reading Terminal, Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,000,000. Outstanding — $900,000 (June 1, 1919). Retired by Sinking Fund — $1,100,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phil- adelphia. Sinking Fund — $30,000 annually for the pur- chase of these bonds at not over par and interest. Assumed by the Philadelphia & Keading Coal & Iron Co. Guaranteed as to principal and interest by the Reading Company by endorsement. Organization and Control — Incorporated in Pennsylvania in 1871 to operate the coal prop- erties of the Philadelphia & Reading R. R. Co. The property was sold under foreclosure in 1896 at the same time as that of the P. & R. R. R. Co, and acquired by the same interests. The company is controlled through stock own- ership by the Reading Co. Secured by a pledge of $1,087,000 Preston Coal & Improvement Co. 7% bonds; $9 00,000 Tremont Coal Co. 6% bonds; $209,000 Mam- moth Vein Coal & Iron Co. 8% bonds. Underlies — Reading Company-P. & R. C. & I, Co, Gen. 4s of 1997, which mortgage pro- vides for the retirement of this issue. Year ended Dec. 31 Int., Gross Net Tax.. Etc, 1918. . .$56,386,939 $4,64 0,162 $480,000 1917. . . 49,89 6,908 6.587,9 67 1.151.33 4 1916... 42,701.061 3.099,755 635,965 Market. New York — C. D. Barney & Co., E. & C. Randolph, Taylor. Smith & Hard. Philadelphia — C. D. Barney ^ Co., S. K. Phillips & Co.. Chas. Fearon '& Co., E. B. Smith & Co. , Harper & Turner. Huntoon & Co.. Welsh Bros. Pittsburgh — B.. B. Hutchinson & Co. Price Range. Jan,. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid High. 99 '09 101 '09 89 Jan. Low. 83 '08 89 '08 86 Oct. PHII.ADEI.PHIA & READING RAILROAD CO. Extended 1st 56. Due Oct. 1, 1933. Dated October 1, 1868. Extended Octabfer 1. 1893. Interest payable April and October 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paiu by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $2,696,000. Denomination — Coupon, $1, 000. Registered, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Assumed by Philadelphia & Reading Ry. Co. Control — In 1896 the railroads and lease- holds, but not the eauipment, of the Philadel- phia & Reading R. R. Co. were acquired through foreclosure sale by the Philadelphia & Beading Ry, Co. The entire capital stock of the latter company is owned by the Reading Co. and deposited under that company's Gen. 4s of 1997. Secured by a. first mortgage on 148.48 miles of road, viz. : Miles Philadelphia to Mt. Carbon, Pa 93.00 Reading to Harrisburg, Pa 55.48 Underlies — The P. & R. Impt. 4s of 1947, the Cons. 4s of 1937 and the Reading Ca. Gen. 4s of 1997. Bonds are reserved under the lat- ter mortgage for the retirement of this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R. I.. Vt. and "Wis. Listed on the Philadelphia Stock Exchange. Year ended Dec. 31 (P. & R. Ry.) Gross Net Int. & Rent 1917. .$66,831,398 $18,942,474 $10,441,824 1916.. 60,452.869 24,696,954 10,040,039 Market. Philadelphia — West & Co., Wurts, Dulles & Co., Montgomery & Co., Chas. D. Barney & Co.. E. W. Clark & Co., Chas. Fearon & Co., Welsh Eros., Huntoon & Co. New York — Taylor, Smith & Hard. Price Ranee. Bid Ask Bid Ask High.1171^ '08 116 '11 101 Jan. 104 Nov. Low. 100 '17 102 '18 100 Sept. 102 Oct. Registerable PHILADELPHIA & READING RAILROAD CO. Imp, 4s. Due April 1, 1947.— F. Dated October 1, 1873. Extended October 1. 1897, with interest reduced from 6%, Interest payable April and Oct. 1, at Reading Termi- nal, Philadelphia. Tii,\ Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. OLitstundiiier — $9,328,000. Denomination — Coupon, $1,000. as to principal or fully registerable. tered, $1,000. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities, Phila- delphia. Assumed by the Philadelphia & Reading Ry. Co. Guaranty — Under terms of extension con- tract the Philadelphia & Reading Ry. Co. and the Reading Co. jointly and severally guaran- tee the interest, and the Reading Co. also guarantees the principal. Control — See Extended 1st 5s. Secured by a direct mortgage miles of road, viz.: A first lien on 176.13 miles — Auburn to Rockville, Pa., and branches. Lebanon Jet. to Brookside, Pa. ; St. Nicholas to Locustdale, Pa., with branches to New Castle and Herndon, Pa 104.43 A second lien on 148.48 miles — Covered by the first lien of the P. & R. Ext. .5s 148.48 Also secured on 276.26 miles of lease- holds, viz, : 315.61 Miles 62.70 &79 Philadelphia, Germantown & Norriatovra R. R 21.72 East Pennaylvania R. R 35.77 Schuylkill Valley Nav. & R. R 17. BO Colebrookdale R. R 12 . 81 Chestnut Hill R. B 4.00 Catawissa R. R 104. OB Mine Hill & Schuykill Haven R. 'R 65.34 Plymouth R. R 8.93 Mi'.l Creek & Mine Hill Nav. R. R 6.14 Prior liiens — $2,696,000 Philadelphia & Reading Extd. 5s of 1933. Underlies — P. & R. R. R. Cons. 4s of 1937 and Reading Co. Gen. 4s o£ 1997. Bonds are reserved under the latter mortgage to retire this issue. I^egal for Cal., Conn., N. H. and R. I. Listed on the Philadelphia and London Sotck Exchanges. Market. Philadelphia — Harrison & Co., "West & Co., Graham, Parsons & Co., Harper & Turner, Biddle & Henry, Newburger, Henderson & Loeb, E. B. Smith & Co., B. W. Clark & Co., Chas. Fearon & Co.." Brown Bros. & Co., Blkina. Morris & Co.. C. D. Barney & Co., Thos. A. Biddle & Co.. Warren A. Reed. Chicago — Harris & Co. New York — J. S. Farlee & Co., Newburger, Henderson & Loeb, Seasongood, Haas & Mac- donald, Taylor, Smith & Hard. Pri«e Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOaVi '09 103 '09 89% Feb. 91 Jan. Low. 83 '18 87 '18 83 Sept. 87 Aug. PHILADELPHIA & READING BAJLBOAD CO. Terminal 1st 5s. Due May 1, 1941. Dated May 1, 1891. Interest payable Feb., May, August and Nov. 1, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $8,500,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — ^Provident Life & Trust Co., Phila- delphia. Guaranteed as to principal and interest by the Philadelphia & Reading Terminal R. R. Co. To secure this guaranty the latter com- pany executed a mortgage to the Provident Life & Trust Co. of Philadelphia on all its property and franchises, and it is this mort- gage which constitutes partial security for this issue of bonds. Assumed by Philadelphia & Reading Ry. Co. Control — The Philadelphia & Reading Termi- nal R. R. Co. is controlled by the Reading Co. through control of its entire $8,600,000 capital stock. Its property was leased to the Philadelphia & Reading R. R. Co. on May 1, 1891, for 999 years, lessee to pay all operating expenses and interest on bonds. This lease was assumed by the Philadelphia & Reading Ry. Co. Secured by a iirst mortgage on the passenger station of the Philadelphia & Reading Ry. in Philadelphia, located on one-half of a city block at Twelfth and Market Sts., and on one mile of four tracked elevated railroad. Also secured by deposit of $8,497,500 of {8,600,000 capital stock of the Philadelphia & Reading Terminal R. R. Co. Underlies — Reading Co. Gen. 4s of 1997. Bonds are reserved under that mortgage to retire this issue. Legal for Cal., Conn., Me., Mich., Minn., N. H.. N. J.. R. I. and Wis. Listed on the Philadelphia Stock Exchange. Market, Philadelphia — ^West & Co., Graham, Parsons & Co., Biddle & Henry, Newburger, Henderson & Loeb, E. W. Clark & Co., E. B. Smith & Co., C. D. Barney & Co., Chas. Fearon & Co., Reilly, Brock & Co., Welsh Bros., Barclay, Moore & Co., Harper & Turner, Elkins, Morris & Co. New York — Newburger, Henderson & Loeb, Baker, Carruthers & Pell, F. H. Hatch & Co., Warren A. Reed, Taylor, Smith & Hard. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.113 '17 11314 '17 10414 Nov. 106 May Low. 101 '17 103 '18 101 Aug. 103 Aug. PHILADELFBIA & READING RAILROAD CO. Delaware River Terminal 1st 6s. Dae May 80, 19«. — F. Dated May 20, 1892. Interest payable May and Nov. 20, at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $700, 000. Outstanding — $500,000. Cancelled — $200, 000. Denomination — Coupon, $1,000. Registerable a^ 'to ^Fincipal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Control — See Extended 1st 5s. Secured by a first mortgage on certain ter- minal and wharf property In Philadelphia, including piers Nos. 33, 34, 35, 36, 38 and 39 South Wharves, having a frontage of about 685 feet on the Delaware River. • Underlies — Reading Co. Gen. 4s of 1997. Bonds are reserved under that mortgage to retire this issue. Market. New York — Baker, Carruthers & Pell. Philadelphia — Graham, Parsons & Co. Price Range. Plilladelphia — Graham, Parsona & Co., Brown Bros., S. K. Phillips & Co., Taylor, Smith & Hard, Welsh Bros. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.112% '09 115% '09 100 Jan. 104 Jan. Low. 100 '17 104 '17 980 PHILADELPHIA & READING RAILROAD CO. Delaware River Terminal Extn. Pur- chase Money Ist 6s. Due July 1, 1942. Dated July 1, 1892. Interest payable Jan. and July 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,222,000. Reduced to $809,000 under an agreement whereby piers Nos. 22, 23 and 24, South Wharves, Philadelphia, were released from the lien of the mortgage. Outstanding — $534, 000. Cancelled — $275,000. Denomination — Coupon, $1,000. Registerable as to principal. Xrastee — Guarantee Trust & Safe Deposit Co., Philadelphia. Control — See Extended 1st Bs. Secured by a first mortgage on terminal properties located on Swanson St., Delaware- Ave., Davis St. and Catharine St., in Phila- delphia. Underlies — Reading Co. -P. & R. C. & I. Gen. 4s of, 1997. Bonds are reserved under that mortgage for the retirement of this issuej. Market. New York — Baker, Carruthers & Pell, Tay- lor, Smith & Hard. Philadelphia — Graham, Parsons & Co., Welsh Bros., Brown Bros., S. K. Phillips & Co. Price Banffe, Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.112% '09 113 "4 '08 100 Jan. 104 Jan. Low. 90 '18 100% '18 90 Dec. 100% July Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '10 102% '09 87 Jan. 89 Jan. Low. 83 '18 88 '17 83 Aug. 88 Mar. FHIIADEIfHIA & BEADINO BATLBOAS and the PHILABKLFHIA & BEADING COAL & IRON CO. Cons. 48. Dae March 1, 1937.— F. Dated August 26, 1882. Extended March 1, 1897, interest being reduced from 5%. Inter- est payable March and Sept. 1, at Reading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized — Closed mortgage. Outstanding — $5,766,717. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Guaranty — By the terms of the extension agreement of March 1, 1897, the Philadelphia & Reading Ry. Co., the Philadelphia & Read- ing Coal & Iron Co. and the Reading Co. jointly and severally guarantee the interest on the bonds, and the two latter companies also guarantee the principal. Assumed by the Philadelphia & Reading Ry. Co. Organization and Control — The Philadelphia & Reading Railroad Co. was succeeded in 1896 through foreclosure by the Philadelphia & Reading Ry. Co. Both the latter company and the Philadelphia & Reading Coal & Iron Co. were incorporated in Pennsylvania and are controlled through ownership of their entire capital stocks by the Reading Co. Secured by direct mortgage on coal and iron lands, 315.61 miles of road, 276,26 miles of leaseholds, etc., as follows: A first lien on certain coal and iron lands of the Philadelphia & Reading Coal & Iron Co. A second lien on 167.13 miles — Covered by the first lien of the Impt. 43, 1947 167.13 A third lien on 148.48 miles — Covered by the second lien of the Impt. 4s. 1947 148.48 Also secured by first lien on 129.16 miles of leasehold, viz. : North Pennsylvania R. R 88.12 Delaware & Bound Brook R. R 30.97 Philadelphia & Chester Branch 10 . 07 Also secured by second lien on 276.26 miles of leaseholds — Covered by the first lien of the Impt. 4s, 1947 276.26 Prior I/lens — $9,363,000 Imp. 4s of 1997 and $2,696,000 Ext. 6s of 1933. Underlies — Reading Co. Gen. 4s of 1997. Bonds are reserved under that mortgage to retire this issue. I/Ogal for Cal., Minn., N. H. and R. I. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — ^West & Co., Graham, Parsons A Co., E, W. Clark & Co., Brown Bros. & Co., Chas. Fearon & Co., Elkins, Morris & Co. New York — Morton, Lachenbruch & Co., Baker, Carruthers & Pell, Seasongood, Haae & Macdonald. PHILADEUPHIA & WEST CHESTER TRAC- TION CO. Gen. 4s. Due Jan. 1, 1954. Dated Jan. 1, 1904. Interest payaKe Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt m Pennsylvania. Authorized — $1,000,000. Outstanding — $534,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — West End Trust Co., Philadelphia. Redeemable at 105 and interest on three weeks' notice. Organization — Incorporated in Pennsylvania in 1895 and controls through stock ownership the Philadelphia and West Chester Turnpike Road Co. (which controls the Delaware County Passenger R. R. Co.), and Philadelphia. Castle Rock & West Chester Passenger Ry. Co. Leases the Ardmore & Llanerch St. Ry., 3.25 miles, and the Philadelphia . & Garrettf ord St. Ry., 11.80 miles. These two last named prop- erties were built as feeders. Controlled through stock ownership by the Eastern Securities Co. Secured by a first mortgage on 26.11 miles of track and on leases of 24.15 additional miles. The road extends from 63d and Market Sts., Philadelphia, to West Chester, Pa., with branches and feeders. Franchises are per- Interest & Rent $209,428 188,552 180,674 petual. Year ended Dec. 31 Gross Net 1918 $630,393 $245,766 1917 582,070 296,339 1916 541,326 276.076 Original Market — Offered in 1905 at 93 and interest by Geo. B. Atlee & Co., Philadelphia. Market. Philadelphia — Harrison & Co., H. D. Boen- ning & Co.. Fincke, Bangert Co., Bioren & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Hlgh.90 '08 92 '08 72 Jan. Low. 65 '18 86 '17 65 Apr. PHILADELPHIA & WESTERN (BLBCTEIC) B.AILWAY 1st 5s. Due July 1, I960.— F. Dated July 1, 1910. Interest payable Jan. 1 and July 1, at office of Edward B. Smith & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized — $4,000,000. Outstanding— $2,630,000, Held in Treasury — $370,000. Reserved for Ext. — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Bedeemable at 102% and interest on any in- teerst date. Organization — ^Incorporated in Pennsylvania In 1907. Owns one-half of the capital stock of the Norristown Transit Co., which road con- nects the Lehigh Valley Transit with the P. & W. Ry. Also owns the entire capital stock of the Interborough Electric Lt. & Power Co. Secured by a first mortgage on 17 miles of high speed third rail Interurban road from 69th and Market Sts., Philadelphia, to the center of Norristown, Pa., and branch to Staf- ford, Pa. The company owns one-half of the stock of the Norristown Transit Co., which owns two miles of road in Norristown. These lines combined form part of a through route between Philadelphia and AUentown, Pa. Year ended June 30 Gross Net Interest *1918 $619,151 $236,038 $131,500 1917 53 8,137 271,366 131,500 1916 491,488 256,669 131,500 1915 422,806 212,766 137,130 1914 371. S57 152,380 136,940 1913 297,061 111.905 112.617 *Year ended Dec. 31. Original Market — Under writteii. by a syndi- cate headed by E. B. Smith & Co. Market, rhiladelphia — C. Clothier Jones & Co., Har- per & Turner, E. B. Smith & Co., Huntoon & Co., S K. Phillips & Co., Warren A. Reed. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.100%'16 101%'17 91^ Feb. 97 June Low. 89 '17 90%'18 89 Aug. 90% Oct. PHILADELPHIA & WILLOW GROVE STREET RAILWAY 1st 4^s. Due July 1, 1934— F. Dated July 1,1904. Interest payable Jan. 1 and July 1, at Land Title & Trust' Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,000,000. Retired by S. F.— None. Denomination — Coupon, $1,000. Trustee — Land Title & Trust Co., Philadel- phia. Redeemable on any interest date at 105 and interest on 30 days' notice. Sinking Fund — $10,000 per annum from 1910 to 1914, inclusive; $15,000 to 1919, in- clusive, and $20,000 thereafter. Guaranteed principal and interest by the Philadelphia Rapid Transit Co. by endorse- ment. Control — Entire capital stock owned by the Union Traction Co. and road leased to the Philadelphia Rapid Transit Co. for 999 years from 1904. Secured by a first mortgage on 17 miles of street ^railway from Philadelphia city line to Willow Grove Park. This road serves a pop- ulous suburban district and is a fast line to Willow Grove Park, one of the finest amuse- ment parks in America. Original Market — Offered by Newburger Bros. & Henderson (now Newburger. Hender- son & Loeb), Philadelphia, at 103% and in- terest, in July, 1905. Market. Philadelphia — West & Co., Newburg-er, Hen- derson & Loeb. Price Ranpe. Jan. 1, '16 to Jan. 1. '19 Bid High. 80 '16 Low. 72 '17 PHILADELPHIA. BALTIMORE & WASHING- TON RAILROAD CO. Serial Deb. 4s. Due $500,000 annually from Jan. 1, 1915 to 1924.— F. Dated Jan. 1, 1909. Interest payable Jan. and July 1, at Broad Street Station, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Delaware and Maryland. Authorized— $5,000,000. Outstanding— $3,000,000 (Jan., 1919). Balance Retired. Denomination — Coupon, $1, 000. Regristerable as to principal or fully registerable. Regis- tered, $1,000. C. & R. interchangeable. Trustees — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Organization — See 1st 4s. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants that it will secure these bonds eaually with any which may be issued under any new mortgage. Legal for N. H. and R. I. Listed on the Philadelphia Stock Exchange. Original Market — $5,000,000 offered in Dec, 1908, by Brown Bros. & Co., and Edward B. Smith & Co., New York and Philadelphia,, at prices ranging from 98.94 and interest for 1915 maturities, to 97.50 for 1924 maturities. Market. Philadelphia — B. W. Clark & Co., Chas. Fearon & Co., E. B. Smith & Co., Elkins, Morris & Co., West & Co., Graham, Parsons & Co., Brown Bros.. Reed A. Morgan & Co. New York — E. & C. Randolph, Taylor, Smith & Hard. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.99 '18 99 Jan. Low. 97% '16 99 '17 98% Apr. PHILADELPHIA, BALTIMORE & WASHING- TON RAILROAD CO. l8t 4b. Due Nav. 1, 1943.— P. Dated Feb. 1, 1904, April 1, 1911. and Nov, 1, 1913. Interest payable May and Nov. 1, at Penna. R. R. Treasurer's office. New York, and Broad Street Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania, Delaware, Mary- land and District of Columbia. Authorized — $20, 000, 000. Outstanding— $10,570,000. dated Feb. 1. 1904; $4,500,000, April 1, 1911. and $1,000,- 000, Nov. 1, 1913. Tof-il $16,070,000. Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for registered bonds. Registered $1,000 and multiples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York, Organization and Control — Incorporated in Delaware in 1902. Sept., 1916, acauired the properties of the Columbia & Port Deposit Ry. Co., Philadelphia & Baltimore Central R. R. Co. and Blkton & Middletown R. R. Co. In 1918 acquired the property of the Eddystone & Delaware River R. R. Co. Practically the entire capiLal stock is owned by the Pennsyl- vania Railroad Company. Property is leased to the Pennsylvania R. R. Co. for 999 years from Jan. 1, 1918. Secured equally with the Phila., Wilming- ton & Baltimore Plain 4s by first mortgage on 226.75 miles of road, viz.: Miles Phila., Pa., to South End of Potomac River Bridge Opp. Washington, D. C. 131. 22 West Phila. Elevated and Washing- ton Branches in Phila., Pa 4.63 Bay View Jet. to President St. Station, Baltimore. Md 3.72 Near Beilevue to Near Newport, Del.. 6.96 Near Newark to Delaware City, Del... 11.82 Bowie to Pope's Creek, Md 48.76 982 Landover, Md., to Florida Ave., Wash., D. C 6.33 Miscellaneous Branches 13.31 Underlies — Debenture 4s due annually to 1924. Legal for Bait, Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Listed on the New York and Philadelphia Stock £ixchang:es. Original Market — $10,000,000 offered Dec, 1903, at 1041^ and interest, by Kuhn, Loeb & Co., New York; $4,500,000 additional offered March, 1911, at 102 and interest, by Speyer & Co. , New York, Kidder, Peabody & Co. , Boston, Newburger, Henderson & Loeb, Phila- delphia and New York, and Alex. Brown & Sons, Baltimore. Market. Philadelphia — West & Co., Graham, Par- sons & Co., National City Co., E. W. Clark & Co., Chas. Pearon & Co., B. B. Smith & Co. , Brown Bros. & Co. , Elkins, Morris & Co.. Harper & Turner, Barc.ay, Moore & Co., Robt. .Glendinning & Co., Reed A. Morgan & .Co., W^arren A. Reed. New York — Taylor, Smith & Hard, Miller & Co,, Bstabrook & Co., B. & C. Randolph, Seasongood, Haas & Macdonald, Wm. C. Ewen, Redmond & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, „Whedbee &'Poe. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 High.llO'^ Feb. 24, 'OG 87% Dec. 27 Low. 87% Dec. 27, '18 87% Dec. 27 PHILADELPHLi. COMPANY 1st & Coll. Tr. 5s. Due March 1, 1949. — F. Dated March 1, 1899. Interest payable March and Sept. 1, at Brown Bros. & Co., New York, and Alex. Brown & Sons, Balti- more, Tax Status — 2% Federal -Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $6,500,000. Outstanding — $5,092,000 (Feb, 27, 1919). Retired by S. P.— $119,000. Purchased by Md. Trust Co. — $1,289,000. Denomination — Coupon, $1, 000, Registerable as to principal. Trustee — Maryland Trust Co., Baltimore. Redeemable (stamped bonds) as a w.hole or in part for sinking* fund at 107% and in- terest upon 30 days' notice. Sinking Fund (stamped bonds) — ^Annually, beginning March 1, 1918, 2% of outstanding Stamped Bonds for their purchase or redemp- tion at not over 1 7 % and interest. Bonds so acquired to be cancelled. Organization — See 6 % Secured Notes of 1922. Secured by a first mortgage on gas rights in about 90,000 acres of land in southwestern Pennsylvania. Further secured by a first lien on the following stocks: Entire issue, $4,000,000 common stock of the Consolidated Gas Co. , which owns the artificial gas plants in Pittsburgh, and has a perpetual and exclusive franchise. The com- pany has also ouistanding $2,000,000 preferred stock on which the Philadelphia Co. guar- antees dividends of 4% per annum, and $5,- 000,000 1st mortgage bonds on which interest has been in default since Feb., 1916. Entire issue $2,985,000 stock of the Char- tiers Valley Gas Company, supplying natural gas in the southwestern part of Pittsburgh and territory adjacent thereto. Entire issue, $1,500,000 stock of the Alle- gheny County Light Co., which owns or con- trols plants supplying electricity in Pittsburgh proper. These plants are subject to $3,000,- 000 bonds, of which $1,000,000 Allegheny County Light Co. bonds are deposited with Trustee under this Mortgage and $254, 000 Southern Heat, Light & Power Co. bonds are owned by Duq.uesne Light Co. Company is leased to the Duquesne Light Co. at a rental equivalent to interest, taxes, operating and maintenance expenses and $160,000 per an- num. The Duquesne Light Co. is paying divi- dends of 8% per annum on $18,226,000. $455,800 of the $500,000 stock of the Alle- cheny Heating Co., and the $1,000,000 stock of the Philadelphia Co. of W. Va., both of which companies supply natural gas. , Underlies — 1st Ref. & Coll. Tr. 5s, due 1944, all of which are deposited to secure 6% notes due Feb. 1, 1922. Earnings — See 6% .Secured Notes of 1922, Listed ($5,616,000 Stamped bonds) on the Philado'phia Stock Exchange. Original Market — $4,000,000 offered in Feb., 1899, by Brown Bros. & Co.. New York, Philadelphia and Boston, and Alex. Brown & Sons, Baltimore, at 107 % and interest. Market. New York — Moore, Leonard & Lynch. C. H. Hensel, Hornblower & Weeks, J. S. Farlee & Co. , Morton Lachenbruch & Co. , Newburger, Henderson & Loeb, Abraham & Co., Taylor & White. Philadelphia — Brown Bros. & Co., Harper & Turner, West & Co., H. D. Boenning & Co., Chas. H. Beun & Co,, Montgomery & Co., Newburger, Henderson & Loeb, Bauer, Starr & Co. Pittsburgh — Goddard, Hunter & Co., Du- quesne Bond Corp., Moore, Leonard & Lynch, Colonial Trust Co., R. W. Evans & Co.. Glover & MacGregor, Kean, Taylor & Co., Lyon. Singer & Co. Chicago — Hornblower & Weeks. Boston — Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106 '09 106 '09 100 Dec. Low. 8i% '18 87 '18 84"^ Jan. '87 Jan. PHILADELPHIA COMPANY Cons. Mortgage Coll. Tr. 5s. Due Nov. 1, 1951.— F. Dated November 1, 1901. Interest payable May and November 1, 1901, at Brown Broa & Co. , New York and Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $22. 000, 000. Outstanding — $14,814,000 (Feb. 1, 1919). Retired by S. r.~$334.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Continental Trust Co., Baltimore, Redeemable (Stamped bonds) as a whole or Jn part for sinking fund at not over 102 ^ and interest on 30 days' notice. Sinking Fund (Stamped bonds) — Annually, beginning May 1, 1918, 2% of outstanding Stamped bonds for their purchase or redemp- tion at not over 102% and interest. Bonds so acquired to be cancelled. Organization — See 6% Sec. Notes of 1922. Secured by a first lien on $11,648,000 out of $12,000,000 preferred stock and $12,361,- 700 out of $15,000,000 common stock of the Consolidated Traction Co, of Pittsburgh. Un- der the agreement with the Pittsburgh Rys. Co. , terminable by either party on three months' notice, the preferred stock, other than the shares owned by the Philadelphia Co., is receiving dividends of 6% per annum. The Consolidated Traction Co. does not own any railroad but owns the stocks of several companies and leases their properties. The lines operated by the company include prac- tically all of those in Pittsburgh proper, ex- cept the lines on Second Avenue, and from Union Station on Wberty Ave. and Smith* field St. to the South Side. They extend from the business center into the residential section on the East Side to Wilkinsburgh, Braddock, Homestead, Duquesne and McKeesport, and embrace more than 225 miles of track. These bonds are further secured by a second lien on the securities described under the 1st & Coll. Tr. 5s. Note. — The Pittsburgh Rys. Co. was placed in the hands of receivers April 23, 1918. Underlies — 1st Ref. & Coll. Tr. 5s, due 1944. all of which are deposited to secure $10,000,000 6% notes, due Feb. 1. 1922. Earnings — See 6% Secured Notes of 1922. risted ($13,842,000 Stamped Bonds) on the Philadelphia Stock Exchange, Market. Philadelphia— H. D. Boepning & Co., Brown Bros. & Co., West & Co., Brvin & Co.. Geo. S. Pox & Sons, Newburger, Henderson & Loeb, Chas. H. Bean & Co.. Bauer, Starr & Co. Pittsburgh — Colonial Trust Co., Moore, Leonard & Lynch, Kean. Taylor & Co., Lyon. Singer & Co. New York — Moore, Leonard & Lynch, H. N. Whitney & Sons. Morton Lachenbruch & Co., Newburger. Henderson & Loeb, Abraham & Co. Price Range. Jan. 1. '08 to Jan, 1, '19 1918 Bid Ask Bid Ask High.lOO '11 100^/6 '11 86 Nov. 88 Nov. Low. 74 '18 77 '18 74 Feb. 77 Sept. PHMLADBLPHIA COMPANY Conv. Deb. 5s. Dae May 1. 1922. — F. Dated May 1, 1912. Interest payable May and Nov. 1, at Blair & Co., New York or London. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $9,794,000 (Mar. 1, 1919). Converted — $206,000. Denomination — Coupon, $1,000 or £205-15-2. Registerable as to principal. Trustee— New York Trust Co.. New York. Redeemable at 102 2-3 and interest on any Interest date upon 45 days' notice. Convertible into 6% cumulative preferred stock at par. The company covenants that it will not create any stock ranking with .or prior to this 6% cumulative preferred stock, without the consent of the holders of two- thirds of the amount of such stock outstand- ing. Organization and Control — See 6% Sec Notes of 1922. Security — A direct obligation of the com- pany but not secured by a mortgage. The company covenants that it will not make any new mortgage upon its property or assets, without equally securing these bonds with any which may be issued under such mortgage. Earnings — See 6 7o Secured Notes of 1922. Listed on the New York and Philadelphia Stock Exchanges. Original Market — $10,000,000 offered in Sept., 1912. by Blair & Co., and' Ladenburg, Thalmann & Co., New York, at 97% and in- terest. Market. New York — Samuel Goldschmidt, McGeorge & Vanderhoef, Hayden, Stone & Co., Abraham & Co., Bauer. Starr & Co., E. Bunge & Co., John Davenport, Vilas Hickey. Pittsburgh — Duquense Bond Corp., Glover & MacGregor, Kean, Taylor & Co. Boston — ^Hayden, Stone & Co. Hartford — Richter & Co. liOnisville — United States Trust Co. Price Range— N. ¥. S. E. Jan. 1, '12 to Jan. 1, '19 1918 High. 98 Nov. 29, '12 92 Nov. 29 Low. 78 May 1, '18 78 May 1 PHTLADELFHIA COMPANY 3-Year 6% Se- cured Notes. Due February 1. 1922. Dated February 1, 1919. Interest payable February 1 and August 1, in New York, Bos- ton. Chicago and Pittsburgh, Tax Status — 2% Federal Income Tax paid by company "without deduction. Tax exempt in Pennsylvania. Authorized — $15,000,000. Outstanding — $10,000,000. Reserved for Corporate Purposes — $5,000,000. Purpose of Issue — To provide for the retire- ment of $7,000,000 5%% notes due April 2. 1919. and $1,957,000 Convertible Debenture 5s. due August 1, 1919. Denominaition> — Coupon. $1,000 and $500. Registerabl^ as to principal. Registered, $1,000. Coupon ($1.0000 and Registered inter- changeable. Trustee — Union Trust Co. , Pittsburgh, Pa. Redeemable at any time on 60 days' notice, at 101% and interest prior to February 1, 1920; at 101 and interest February 1, 1920, and prior to February 1. 1921, and at 100% and interest on and after February 1, 1921. Sinkinig Fund — On the basis of $10,000,000 of these notes outstanding the sinking funds for the retirement of the Company' s funded debt aggregate $789,000 per year, of which $400,000 per year must be applied to the pur- chase or redemption of these notes at not ex- ceeding the current redemption price. Notes so acquired to be cancelled. If the entire $15,000,000 authorized notes are issued, total sinking funds will amount to $989,000 per year, of which $600,000 will be applicable for the retirement of these notes. Organization — Incorporated in Pennsylvania in 1884 as successor to Empire Contract Co., Incorporated in 1871. The Company controls through stock ownership a number of sub- sidiaries, supplying natural and artificial gas, electricity to Pittsburgh and vicinity and also the traction systems in and around that city. The principal natural gas subsidiaries are: The Philadelphia Co. of W. Va. ; Chartiers Valley Gas Co. ; Equitable Gas Co. ; Pennsyl- vania Natural Gas Co. ; Union Gas Co. of McKeesport; Allegheny Heating Co., and Pitts- burgh & West Virginia Gas Co. The principal artificial gas subsidiaries are the Consolidated Gas Co. of the City of Pitts- burgh; Allegheny Illuminating Co. and South Side Gas Co. The principal traction sub- sidiaries are the Pittsburgh Railway Co. : Consolidated Traction Co. ; United Traction Co. of Pittsburgh; Seventeenth Street Incline Plane Co. ; Pittsburgh & Beaver Street Ry. Co.; Beaver Valley Traction Co.; and Morning- side Electric Street Raiway Co. The principal electric subsidiaries are the Duquesne Light Co. ; Pittsburgh-Beaver Light Co. ; Pennsyl- vania Light & Power Co. ; Beaver County Light Co., and Midland Electric Light & Power Co. Among other subsidiaries are the Equitable Coke Co.; Cosmos Oil Co., and Philadelphia Oil Co. 984 Capital Stock Authorized Outstanding Pfd. (5% non-cum) $2,033,400 $1,442,450 Pfd. (6% cum)' 25,000,000 6.763,550 Common ..-. 44,900.000 42.943.000 Controlled' by the United Railways Invest- ment Co. of San Francisco, through owner- ship of $24,555,000 common stock. Secured by pledge of $20,000,000 1st Ref. & Coll. Tr. 5s, dated February 1, 19lS. and due February 1, 1944. Additional notes are issuable on deposite of additional bonds of the same issue and in the ratio of 200 in bonds for each 100 in notes. Provision of Issue of First Refunding and Collateral Trust 5s. Authorized — $100,000,000. Pledged as Security for Notes.... $20,000,000 Reserved as Security for Future Notes 10,000,000 Issuable against Present Properties 6.000.000 Reserved to Retire Deb. 5s. 1922.. 9,794,000 Reserved to Retire 1st & Coll. 5s, 1949,' and Cons. Coll. 5s, 1951.. 20.359.000 Provision is also made for the issue of these bonds par for par to retire the outstand- ing funded debt on the Duauesne Light Com- pany. The remainder of the authorized issue, together with any bonds not required for the above purposes, may be issued for 66 2/3% of the cost and fair value of additions and im- provements made after February 1, 1919, to the gas, oil or coal properties of the Company and its subsidiaries, or for 85% of the cost and fair value of additions ^nd improvements made after February 1, 1919, to the properties of the Duquesne Light Company or other sub- sidiary electric light and power companies; all under carefully guarded restrictions and only when net earnings, as defined in the mortgage available for fixed charges for the 12 months immediately preceding are at least twice the annual interest charges on the outstanding funded debt, including interest on the Bonds sought to be issued. Secured equally with $9,794,000 Conv. Deb. 5s of 1922 by mortgage upon all the natural gas properties, transmission lines and dis- tribution systems owned in fee by the Philadel- phia Company, and upon all securities (with certain unimportant exceptions) of companies engaged in production, transmission or dis- tribution of natural gas, artificial gas. elec- tric light and power, oil coal and coke, now owner or hereafter acquired by the Philadel- phia Company, including speciflcially: A first lien, through deposit of entire first mortgages to be created and pledged as col- lateral (subject only to $750. eoO Pittsburgh & "West Virginia Gas Company 6% Serial Bonds, due $150,000 annua'.ly to October 1, 1923, and $1,440,000 Equitable Coke Company Three-Year 5% Notes, due January 1, 1920, the retirement of which is provided for out of the proceeds of the $5,000,000 reserved Three- Year 6 % Secured Gold Notes now unissued) upon the entire properties of the following gas. oil, coal and coke companies, whose en- tire capital stocks are also pledged under the First Refunding and Collateral Trust Mort- gage Bonds: 1. The Pittsburgh & West "Virginia Gas Company, which operates all of the Philadel- phia Company's system of properties in West Virginia producing, transmitting and dis- tributing natural gas. 2. The Equitable Gas Company which leases from the Philadelphia Coriipany and operates the natural gas distributing system in the city of Pittsburgh. 3. The Philadelphia Oil Company, which takes over and produces oil as a by-product from the natural gas wells of the Philadelphia Company system. 4. The Equitable Coke Company, owning coai property and doing a coal mining and dis- tributing business. The total value of the property above enumerated amounts to at least $33,000,000 as above stated, against which there are prior liens on parts of the property amounting to $2,190,000. the retirement of which is provided for out of the proceeds of unissued Three- Year 6% Secured Gold Notes. Also a first lien upon: 1. The entire $18,226,000 Common Capital Stock of the Duquesne Light Company. This stock is now paying dividends at the rate of 8% per annum, and based upon an appraisal by Messrs. Ford, Bacon & Davis in 1912 and figures accepted by the Pennsylvania Pubdic Service Commission, represents a property valuation (over and above the entire $13,008,500 outstanding funded debt, and $5,941,000 Pre- ferred Stock outstanding of the Duquesne Light Company at least equal to the $18,226,000 par value of Common Stock pledged under the' First Refunding and Col- lateral Trust Mortgage. Also a lien upon other securities and assets of the Philadelphia Company, representing in- vestments in natural and artificial gas pro- ducing, transmission and distribution systems, valued at over $50,500,000 subject only to the Company's First Mortgage and Consolidated Mortgage bonds outstanding. aggregating $19,906,000. Prior Liiens — Outstanding 1st & Coll. Tr. 5s, 1949 *$5, 092.000 Cons. & Coll. Tr. 5s, 1951 •14.814,000 Pittsburgh & W. Va. Gas 63, 1919-23 750,000 Equitable Coke Co. 5s, 1920...... 1.440,000 $22,096,000 •Closed mortgages. Years ended March 31: Fixed Gross Net Charges •1918. .$13,077,996 $7,031,435 $2,097,991 1918. . H. 332. 440 6.433,983 2,131,868 1917.. 9,210,148 6,245,748 1,796.499 1916. . 8,028,519 5,829,173 1,906.825 1915.. 7,288.753 4,852.056 1.940.547 •12 months ended Dec. 31. Original Market — $10,000,000 offered Feb- ruary, 1919, by Lee. Higginson. & Co., New York, etc. , and the First National Bank, New York, at 96% and interest. Market. New York — John Davenport, Mann, Bill & Co. Pittsburgh — Kean, Taylor & Co. Detroit — Joel Stockard & Co. Philadelpbia — Barclay. Moore & Co. (THE) PHIIADEIiPHIA EI^CTBIG CO. (of PennsylTania) 1st S. F, 48 and 5s. Due Oct. 1, 1966.— F. Dated October 1, 1916. Interest payable April 1 and October 1, in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of Pennsylvania State Tax. Authorized — $58,328,300 5s 1,671.700 4s $60,000,000 Outstanding — $35,163,300 5s 1.671.700 4s $36,835,000 (Feb. 14, '19). Reserved for Ext. — $20,665,000. 985 Pledged to Secure 6% Notes of 1920 — $2,500,000. Denomination — Coupons, $1,000, $500 and $100, Registerable as to principal. Kegis- tered $1,000, $500 and $100. C. & K. ($1,000) interchangeable. $500 and $100 bonds aggre- gating $1,00 are exchangeable for $1,000 bonds, coupon or registered. Trustee — Land Title & Trust Co., Philadel- phia. Redeemable — 5s. at 110 and interest; 4s, at 105 and interest, on October 1, 1921, or any interest date thereafter on six weeks' notice. Sinking Fund — Annually, beginning August 15, 1921, $212,000, of which $205,000 is for, the purchase or redemption of 5s at not over 105 and interest and $7,000 for 4s at not over 100 and interest. Bonds so acquired to be kept alive and interest added to this fund. Organization and Control — Incorporated in Pennsylvania in 1902 and in 1917 acquired under a plan of readjustment all the proper- ties of the Philadelphia Electric Co. of New Jersey. Capital Stock Authorized •Outstanding $25,000,000 $17,000,000 ♦All owned by the Philadelphia Electric Co. of New Jersey. Secured by a first mortgage on all the prop- erty of the Company, real and personal, now owned and operated in the City of Philadel- phia, and are further secured by a deposit with the Trustee of $1,976,700 of Edison Elec- tric Stock Trust Certificates maturing April 1, 1946, out of a total authorized and outstand- ing issue of $1,994,300 and by all the said Stock Trust certificates which the Company may hereafter acquire; also by a pledge under the mortgage of 20,000 shares of the capital stock of The Edison Electric Light Company of Philadelphia being all the authorized and outstanding stock of that Company, subject to the pledge thereof with the Trustee under the trust agreement securing said Edison Electric Stock Trust Certificates; and also by all property hereafter acquired by the Company, except shares of stocks and se- curities of other corporations other than said Edison Electric Stock Trust Certificates and said stock of The Edison Electric Light Com- pany of Philadelphia. The Company owns all the electric light and power plants and distribution systems in Philadelphia, except the plant of The Edison Electric Light- Co. The Company sells a large part of the power acquired to the Philadelphia Rapid Transit Co. Also sells power to Penn- sylvania Railroad Co. The Company operates under an Ordinance of Select and Common Councils of the City of Philadelphia, dated 1902, whereby permission is granted to it, its successors and assigns, to enter upon, open and use all the streets and alleys of the City of Philadelphia for the purpose of constructing, maintaining and oper- ating underground conduits, erecting poles and wires overhead, etc., for the purpose of fur- nishing light, heat or power, derived from electricity, to the public and to private indi- viduals and corporations in the City of Phila- delphia. This Ordinance contains no limit an to time. Year ended Dec. 31 Gross Net Interest 1918. .$14,603,851 $4,628,209 $2,595,815 1917.. 12,160,769 4,456.663 2,437.369 1916.. 10,260,072 4,776.097 1,981,046 1916.. 8,777,924 •2,414,550 •After interest. at prices to yield about 4.85%. $1,500,000 5s. offered June, 1918, by Harris, Forbes & Co., at 93 and interest. $1,500,000 5s of- fered Feb., 1919, by Drexel & Co. "and Brown Bros. & Co., Philadelphia, at 9 4 and interest. Market. Philadelphia — Lloyd & Palmer. Graham, Parsons & Co., Brvin & Co., Thos- A. Biddle & Co.,'Chas. Fearon & Co., C. D. Barney & Co., ReiDy, Brock & Co.. Montgomery & Co., Newburger. Henderson & Loeb, Biddle & Henry, Reed A. Morgan & Co., B. B. Smith & Co.. Capelle & Co., Sailer & Stevenson, Har- per & Turner, Elkins, Morris & Co., Brown Bros.. Robt. Glendinning & Co., Ed. V. Kane & Co., "Welsh Bros. New York — Newhall, Churchman & Co., Newburger, Henderson & Loeb. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.101% '17 102^4 '17 94% May 96 Feb. Low. 90U '18 90% '18 90H Sept. 90% Sept. Listed on the Philadelphia Stock Exchange. Original Market — Offered (5s) February, 1917, by Brown Bros. & Co. and Drexel & Co., (THE) PHILADELPHIA ELECTRIC CO. 2- Year 6 % Secured Notes. Due Feb. 1 . 1920. — F. Dated Feb. 1, 1918. Interest payable Aug. 1 and Feb. 1, in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Free of the Pennsylvania State tax. Authorized — $12,000,000. Outstanding — $7,500,000. *ReserTed for Ext. — $4,500,000. ♦Issued only as additional P. B. Co. 1st 5s, and for Delaware County Electric 6s are pledged to an amount equal to 150% of thft amount of notes applied for, and provided net earnings of the system for the preceding 12 months shall have been equal to at least twice the annual interest on the then out- standing funded debt, together with the notes proposed to be issued. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole or in blocks of not less than $500,000, on 4 weeks' notice, at 101 and interest at any time prior to Feb. 1, 1919, and thereafter at 100% and interest. Organization, Property, etc. — See 1st 5s- Secured by pledge of the following securi- ties: $2,500,000 of the First Mortgage 5% Gold Bonds of The Philadelphia Electric Company; All the $10,000,000 outstanding 6% Mort- gage (practically first mortgage) Gold Bonds of the Delaware County Electric Company; All the $3,692,800 capital stock (excepting directors' shares) of the Delaware County Electric Company. Through the pledge of the Delaware County Electric Company 6 % Mortgage Gold Bonds, these Two- Year 6% Secured Gold Notes will be secured, in the opinion of counsel, by a first collateral lien, subject to only $300,000 of outstanding closed mortgage underlying bonds, on the entire property of the Dela- ware County Electric Company (including the large new Chester power station), which prop- erty will represent an investment in excess of these $7,500,000 Notes. Original Market — $7,500,000 offered Feb., 1918, by Drexel & Co., Brown Bros. & Co., Harris, Forbes & Co. and Harper & Turner, at 97% and interest. Market. Chiengo — Babcock, Rushton & Co., Kean, Taylor & Co., S. K. Phillips & Co. rhiladelr>hia — Barclay, Moore & Co., Bauer, Starr & Co. , Brown Bros. , Elkins, Morris & Co., Robt. Glendinning & Co., Lloyd & Palmer, Warren A. Reed, Reil'.y, Brock & Co., S. K. Phillips & Co., Harper & Turner. New York — Berdell Bros.. Bull & Eldredge, T. Hall Keyes & Co.. McKinley & Morris, Mann, Bill & Co. Boston — Arthur Perry & Co. Price Range — 1918. Bid Ask High.99% Apr. 99% Dee. Low. 9 7 »^ Aug. 97% Feb. (THE) PHILADiEIiPHIA. HARRISBURG & PITTSBURGH RAILROAD CO. Ist 5s. Due Oct. 15, 1925.— F. Dated October 15, 1890. Interest payable April and Oct. 15, at Reading Terminal, Philadelphia. Tax Status — 2% Fbderal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,000,000. Outstanding — $ 528,000. Reading Co. Owns — $1,472,000. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Regis- tered, $1,000. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by the Philadelphia & Reading R. R. by endorse- ment which guarantee was assumed by the Philadelphia & Reading Ry. Co. Organization and Control — Incorporated in 1890 in Pennsylvania. The Philadelphia, Har- risbur^ & Pittsburgh R. R. was leased for 999 years, in 1890, to the Philadelphia & Read- ing R. R. Co., which lease was assumed by the Philadelphia & Reading Ry. Co. Rental is 57o on stock ($2,000,000), interest and taxes. The entire capital stock is owned by the Reading Company. Secured by a first mortgage on 45.83 miles of road from Harrisburg to Shippensburg, Pa., and spurs. A large amount of soft coal from "Virginia and West "Virginia is handled over this line, which connects with the Western Maryland Railroad at Shippensburg. The im- portance of this line has lately been increased by the contract between the Bethlehem Steel Corporation and the Davis Coal & Coke Co., which calls for the furnishing to the steel company of a minimum of 2,000 tons and a maximum of 6,000 tons of coal per day for twenty years. All of this coal will probably pass over this line, .as the P. & R. Ry. is the only railroad into S. Bethlehem from this direction. liOgal for Cal. , Conn. , Me. , Mich. , Minn. , N. H., N. J.. R. I. and Wis. Market. Philadelphia — Graham, Parsons & Co., West & Co., H. D. Boenning & Co., E. W. Clark & Co., Welsh Bros.. Huntoon & Co., Warren A. Reed. Pittsburgh — R. B. Hutchinson & Co. New York — Taylor. Smith & Hard. Price Range. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.109 '09 110 '09 98 Nov. 103 Sept. Low. 90 '17 98% '18 96>^ May 98% May (THE) PHILADELPHIA, NEWTOWN & NEW YORK RAILROAD CO. 1st 6b and 3s. Dae Oct. 1, 1942.— F. Dated October 1, 1892. Interest payable April and Oct. 1, at Reading Terminal, Phila- delphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Autliorized — $1,600,000. Outstanding — $1,092,000 5s; $507,000 3s; $1,096,100 are owned by the Reading Co. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. Guaranteed — The 3% bonds are guaranteed by the Reading Company by endorsement in consideration of the reduction in the rate of interest. Note.-— The guarantee of the Philadelphia & Reading R. R. endorsed on the bonds was not assumed by the Philadelphia & Reading Ry, or the Reading Co. Organization and Control — Incorporated in Pennsylvania in 1876. $375,000 of the $400,- 000 preferred stock and $625,600 of the $1,- 225,000 common stock is owned by the Read- ing Co. Secured by a first mortgage on 22.22 miles of road from Philadelphia (Third and Berks Sts. ) to Newtown, Pa. , and from Newtown Oct. on the P. & R'. Ry. to Olney. This line forms part of the "Short Line" between Philadelphia and New York. The charge of the 3 % bonds upon the earnings of the com- pany is prior to that of the 5% bonds. Listed on the Philadelphia Stock Bxchange. Market. Philadelphia — E. W. Clark & Co., Reed A. Morgan & Co., Welsh Bros., Huntoon & Co., Warren A. Reed. Pittsburgh — R. B. Hutchinson & Co. Xew York — Taylor, Smith & Hard. Price Range. Jan. 1. '15 tfl Jan. 1, '19 1918 Bid Ask Bid Ask High. 751/^ '16 80 '15 69 Jan. 73 Jan. Low. 69 '17 73 '17 PHILADELPHIA RAPID TRANSIT CO. CoU. Tr. 5s. Due Feb. 1, 1957. — F. Dated December 13, 1908. Interest payable Feb. and Aug. 1, at Trustee's office, Philadel- phia. Tax Status — 2% Federal Income Tax paid by c mpiny without deduction. Authorized — $5,000,000. Outstanding — $4,704,000 (Dec. 1, 1918). Retired by S. F.— $296,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable aa a whole at 105 and interest on any interest date on six weeks' notice, or for sinking fund at same price. Sinking Fund — ^Annually $34,300 plus inter- est on bonds already retired from Feb. 1, 1912, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Qreanization — See S. F. 5s of 1962. Secured by pledge of the capital stocks of the following companies: $392,950 of $750,000 West Philadelphia Passenger Ry. Co., $186,- 418 of $925,000 Union Passenger Ry. Co.» $400,000 Catherine & Bainbridge Streets Ry. Co., $35,250 of $200,000 Philadelphia & Darby R. R. Co., $4,050 of $475,000 Philadelphia City Passenger Ry. Co.. $835 of $334,529 Thir- teenth & Fifteenth Streets Passenger Ry. Co., $1,427 of $310,157 Philadelphia & Gray's Ferry Passenger Ry. Co., $295,000 of $600,000 Empire Passenger Ry. Co., $1,122,800 Twenty- second St. & Allegheny Ave. Passenger Ry. Co., $1,000,000 Lehigh Ave. Ry. Co., $60,000 Philadelphia, Cheltenham & Jenkintown Pas- senger Ry. Co., $14,700 of $299,381 Heston- 987 ville, Mantua & Fairmount Passenger Ry. Co. common stock and $239,000 of $533,900 Heatonville, Mantua & Fairmount Passenger Ry. Co. preferred stock; also $234,698 Cath- arine & Bainbridge Streets Ry. Co. certificates of indebtedness, and $2,221,696 Twenty-second St. & Allegheny Ave. Passenger Ry. certifi- cates of indebtedness. Some of the above securities are owned by the Union Traction Co. and the Philadelphia Traction Co. and were borrowed aa collateral for these bonds, the Philadelphia Rapid Tran- sit Co. pledging to the two companies the en- tire capital stock of the Market Street Ele- vated Passenger Ry, Co. Earnings — See S. F. 6s of 1962. Listed on the Philadelphia Stock Exchange. Original Market^$2.500.000 offered in 190S by Drexel.& Co., Philadelph-ia. at 101 and in- terest. Market. Plilladelphia — ^Henry & Kirkbride. West & Co., Newburger, Henderson & Loeb, Biddle & Henry, Chas. Fearon & Co., Reed A. Morgan & Co., E. W. Clark & Co., Sailer & Steven- son, Robt. Glendinning & Co. New York — E. & C. Randolph, Morton Lach- enbruch & Co., Newburger, Henderson & Loeb. Price Range. Jan. 1, *09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '09 102% '09 88 Dec. 92 Jan. Low. 82 '18 85 '18 82 July 85 July PHILADELPHIA RAPID TRANSIT CO. 50- Year S. F. 58. Due March 1, 1962.— F. Dated March 1, 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,00 0. Outstanding — $9,881,000 (June 3, '19). Retired by S. F.— $119,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial "Trust Co,, Philadel- phia. Redeemable as a whole on March 1, 1917, or on March 1 of any year thereafter at 105 and interest or for sinking fund at same price. Sinking Fund — Annually $35,000, plus an a^mount eaual to the interest on bonds retired by this fund, beginning Jan. 15, 1917, for the purchase and redemption of outstanding bonds at not more than 1 05 and interest. Guaranteed as to principal, interest and sinking fund by the Union Traction Co. Organization — Incorporated in Pennsylvania In 1902 and leased the properties of the Union Traction Co. for 999 years at an annual rental increasing from 3% to 6% ($1,800,000) at the present time on its $30,000,000 capital stock. The Philadelphia Rapid Transit Co. controls either through stock ownership or leasehold all the surface, elevated and street railway lines in the city of Philadelphia and about 40 miles of track outside the city limits. The entire system comprises about 662.69 miles of track. In March, 1912, the company entered Into a 10-year contract with the Philadelphia Electric Co. for additional power. Secured by pledge of the company's equity in the Market Street Elevated Passenger Ry. Co. and comprising the leasehold interest in the latter company's property and Its entire $2,800,000 capital stock and subject to its $10,000,000 Ist 43 due May 1, 1958, which are guaranteed principal and interest by the Phila- delphia Rapid Transit Co. Franchises al-e perpetual, but on or after June 30, 1957, the city may purchase all the company's leaseholds, franchises and property at the company's actually paid-in capital of $30,000,000 and the city has the right to sell or assign this option. All franchises for fur- ther lines are to be first offered to the Rapid Transit Co. The city has the right to three members on the board of directors and to share equally in all profits after 6% per an- num has been paid on the stock. A sinking fund to be taken out of gross receipts will amount to $30,000,000 at the end of 50 years and enable the city to acquire the property. The present rate of fare cannot be changed without the consent of both parties. Prior Lien — $10,000,000 Market Street Ele- vated Passenger By. 1st 4s of 1955. Year ended Dec. 31: Gross Net •Charges 1918.. $31. 704, 428 $11,334,856 $9,800,040 1917. . 29,726,927 12,609.388 9,745,703 Year ended Jane 30 Gross Net •Charges 1918.. $30, 443, 951 $11,861,370 $9,754,383 1917. . 28,553,614 12,549,443 9,765,573 1916.. 25,839,344 11,466,916 9,794.212 1915.. 23.843.606 9.966,173 9,744,468 1914. . 24,255,813 9,956,567 9.646,831 •Interest, rentals and sinking funds. Original Marlcet — $2,000,000 offered In March, 1912, by Drexel & Co., Philadelphia. Market. Philadelphia — E. W. Clark & Co., West & Co., Harper & Turner, H. D. Boenning & Co., Reed A. Morgan & Co.. Biddle & Henry. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '16 98 '16 83 Jan. 86% Dec. Low. 80 '18 85*18 80 Nov. 85 Nov. PHILADELPHIA RAPID TRANSIT CO. Bquip. 5s, Series *'C," Due $81,000 semi- annually Not. I and May 1, to May li 1925. InclnsiTe. — ^F. Dated May 1, 1913. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Aathorized— $1, 944, 000. Outstanding— $972,000 (May 2. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable as a whole only at 102% and In- terest on any interest date on 45 days' notice. Secured by an equipment trust agreement on 500 Double Truck "Near Side" Closed Vestibule Cars, costing $2,453,025, of which amount the company paid about $500,000 In Original Markets—Offered in May, 1913, by Brown Bros. & Co., New York, Philadelphia and Boston, at prices to yield 5.09%. Market. Philadelphia — ^West & Co. , Graham. Par- sons & Co., Harper & Turner, Brown Bros., Robt. Glendinning & Co., S. K. Phillips & Co. New York — Freeman & Co., Evans, Stillman &. Co. PHILADELPHIA SUBURBAN GAS & ELEC- TRIC CO. 1st & Ref. 6b. Due Feb. 1. I960.— F. Dated February 1, 1910. Interest payable Feb. and Aug. 1, at Trustee's office. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $10,000,000. 988 Oatstanding: — $6,383,000. Reserred for Prior Liens — $2,991,000. Reserved for Ext. — $626,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co., Fhiladelphia. Redeemable at 105 and interest Feb. 1. 1915, or any interest date thereafter on 60 days' notice. Guaranteed as to principal and interest by the American Gas Co. by endorsement. Organization and Control — ^The company was incorporated in Pennsylvania in January, 19lt), as a consolidation of a number of smaUer companies. Controlled by the American Gas Co. through ownership of all outstanding capl* tal stock and operated by that company. Secured by a mortgage on plants supplying gas and electricity in the greater part of the territory immediately adjacent to Philadelphia and including the district south of the city to the Delaware State Line and including Chester, Middleton, Ridley. Darby, Springfield, Tinl- cum, Sharon Hill,. I*andsdowne, Clifton Heights, Aldan. Ridley Park, Glenolden, Eddy- stone, Media, Upland, Swarthmore, Morton, etc. , in Delaware Coud ty ; Coatesville, Cain Valley and Bast Fallowfleld, in Chester County; Ambler, Pottstown, Glenside, Jenkin- town, Hatboro. Rockledge. Abington, Chelten- ham, Springfield, Moreland, Whitemarsh, Gwynedd, Lansdale, North Wales, 'etc., in Montgomery County. Population served, 150,- 000. Of the 40 franchises controlled by the company all with one or two minor exceptions are perpetual and exclusive as regards gas. Prior liiens — $2,991,000 prior liens, viz: $1,594,000 Suburban Gas Co. of Philadelphia 58 of 1952; $90,000 People's Gas Co. of Potts- town 1st 5s of 1920; $375,0000 Jenkintown & Cheltenham Gas Co. 1st Ref. 5s of 1933; $271^- 000 Huntington Valley Light & Power 1 st 5s of 1947; $295,000 Chester County Public Service Co. 1st 5s of 1941; $150,000 Consoli- dated Schuylkill Gas Co. 1st 5s of 1929; $60,000 Schuylkill Valley Illuminating Co. 1st 5s of 1923; $156,000 Phila. Suburban Gas 5s of 1931. Bonds of this issue are reserved to retire all of the above issues and they must be paid at maturity and cannot be extended. Year ended Dec. 31 Bond Gross Net Interest 1918... $2,475,814 $595,545 $495,283 1917. . . 1.931.889 572,182 471,460 1916... 1,574,614 621.192 423,286 1915. . . 1.348,605 621.761 408,273 1914. . . 1,290.004 545.802 396,908 1913... 1,063,710 474,607 336,543 Original Market — Offered in 1910, by B, B. Smith & Co., and Henry & "West, Philadelphia, at 92% and interest. Offered in 1913 by Wistar & Stokes, Bioren & Co. and Henry & West at 94 and interest. Market. Philadelphia — West & Co. , Capelle & Co. , Biddle & Henry, Wurts, Dulles & Co., New- burger, Henderson & Doeb, B.,B. Smith & Co., Elkins, Morris & Co., Harper & Turner, H. Boenning & Co., Reed A. Morgan & Co., Robt, Glendinning & Co., Warren A. Reed. New York — ^A. D. Converse & Co., E. & C. Randolph, Morton Lachenbruch & Co., New- burger, Henderson & Loeb. Price Range. Jan. 1, '10 to Jan. 1, *19 1918 Bid Ask Bid Ask High.99% '16 100 '16 90 Dec. 92 Dec. Low. 84 '18 86 '18 84 Sept. 86 Sept. PHILADELPHIA, WILMINGTON & BALTI- MORE RAILROAD CO. Stock Tir. 4% Certfs. Due July 1, 1931.— P, Dated July 1, 1881. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by com.pany without deduction. Tax exempt In Pennsylvania. Authorized — $10,000,000. Outstanding-i-$5. 845,000 (Jan. 1, 1919). Balance Retired by Sinking Fond, Denomination — Registered, $1,000. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and interest by the Pennsylvania R. R. Co. Sinking Fund — An amount eaual to the div- idend on stock deposited, less sum required for payment of interest on these certificates, taxes and expenses, but not to be less than one-half of 1% of the amount outstanding, to be applied semi-annually on January and July 1st, to the purchase of bonds at not exceeding par. Bonds so purchased shall be cancelled. If not purchasable at this price, the fund reverts to the Pennsylvania R. R. Co. Whenever and as often as Certificates to the amount of $500,000 have been redeemed, the Trustee may deliver to the Pennsylvania R. R. Co. an equal amount of the stock held to se- cure these Certificates. Organization, etc. — See 4s of 1932. Secured by deposit of not less than an equal amount of the capital stock of The Philadel- phia, Baltimore & W^ashington R. R. Co. (formerly Philadelphia, Wilmington & Balti- more R. R. Co.). Should the dividends- de- clared on the stock held be Insufficient to meet either Interest, sinking fund or the principal at maturity, the amount necessary to make up such deficit shall be paid to the Trustee by the Pennsylvania R. R. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — W^est & Co., Graham. Par- sons & Co., Biddle & Henry, Elkins, Morris & Co., S. K. Phillips & Co.. B. W. Clark & Co., Chas. Fearon & Co., Brown Bros. & Co.. Cas- satt & Co., B. B. Smith & Co.. Robt. Glen- dinning & Co., Reed A. Morgan & Co., War- ren A. Reed. Price Range. Jan. 1. '15 to -Jan.. 1, '19 1918 Bid Ask Bid Ask High.99% '16 100 '16 QG% Dec. 07% Dec. Low. 94 *18 95% '18 94 Oct. SSVs Oct. PHILADELPHIA. WILMINGTON & BALTI- MORE RAILROAD CO. 4s. Due 1923 to 1932.— F. Date. Interest Dates. Due. Amount. 1887 M. & N. 1 Nov. 1, 1922 $1,000,000 1891 J. & J. 1 Jan. 1, 1926 930.000 1892 A. & O. 1 Oct. 1, 1932 1,000,000 Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania, Delaware and Maryland. Denomination — Registered. $1,000. Control — Merged into the Philadelphia, Balti- more & Washington R. R. Co. in 1902. Secured equally with $16,070,000 P., B. & W. R. R. 1st 4s on 226.75 miles of road from Philadelphia to Washington, and branches. These bonds were not originally secured by a mortgage, but when the P., B. & W. R. R. Co. executed its mortgage these bonds were equally secured thereunder, as provided for In the in- denture under which they were issued. Refunding — Bonds are reserved under the Philadelphia, Baltimore & Washingrton 1st 4s to retire this issue. Legal for Cal.. Conn., Me.. Mass., Mich.. Minn., N. H.. N. J.. N. Y.. R. I., Vt. and Wis. Listed on the Philadelphia Stock Exchange (except those due 1926). Market. New York — Morton Lachenbruch & Co. , Baker, Carruthers & Pell, Taylor, Smith & Hard Philadelphia— E. W. Clark & Co., West & Co. , Graham, Parsons & Co. , Welsh Bros., Harper & Turner, Biddle & Henry, Elkins, Morris & Co., Rfeed A. Morgan & C". Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Due 1922 High.100% '10 101 'OS 95 Nov. 97 Nov. Low. 93 '17 96 '18 93 Jan. 96 Aug. Due 1926 High. 103 '09 90 Jan. 9 5 Jan. Low. 87% '18 90 '18 87% Sept. 90 Sept. Due 1932 High.103% '09 104 '09 90 Jan. 94 Jan. Low. 81% '18 83 '18 81% Sept. 83 ^ept. (THE) PHILIPPINE RAILWAY CO. l8t 4s. Due July 1, 1937.— F. Dated May 1, 1907. Interest payable Jan. and July 1, at Trustee's office, Amsterdam and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $15,000,000. Outstanding — $8,549,000. Retired by S. F. — None. Held in Treasury — $8,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000. C. & R. interchangeable. ' Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 110 and interest on any interest date on three months' notice. Sinking Fund — % % of bonds outstanding from July 1, 1911, to 1921, and 1% from July 1. 1921, to maturity, must be set apart for sinking fund before dividends are paid on the stock, for the purchase or redemption of bonds at not over 110 .nnd interest. Guaranteed as to int*?rest by endorsement by the Oovfrnmpnt of the Philippine Islands. Organization — Incorporated in Connecticut in 1906 and was granted a perpetual franchise by the Philippine Government in accordance with an Act of Congress of the United States. Secured by a first mortgage on 133 miles of road including 60 miles of road on the Island of Cebu, extending from Danao to Caroas and 73 miles on Panay, extending from the city of Iloilo, to Capiz, This mileage is now in operation. The concessions required the com- pany to build 100 miles each on the Islands of Panay and Negros and 95 miles on Cebu, construction on projected lines indefinitely postponed. Year ended Dec. 31 Bond (3-ross Net Interest 1918 $508,029 $18.'i.462 $341,960 1917 470,270 145,483 341.960 1916 378,306 144,063 342.000 1915 362.407 128,653 342,040 Legal as security for Government deposits in national banks. Listed on the New York, London and Am- sterdam Stock Exchanges. Original Market — Offered 1907. at 95 and interest, by Wm. Salomon & Co., New York; and $4,000,000. offered 1908, at 95 and inter- est, by the same firm. Market. Boston — Hotchkin & Co. New York— Hotchkin & Co.. F. H. Hatch & Co., Zimmerman & Forshay, Abraham & Co.. T. Hall Keyes & Co., F. J. Lisman & Co., W. C. Rauscher. Price Range — N. Y, S. E. Jan. 1, *07 to Jan. 1, '19 1918 High.97% Nov. 19, '08 50 Apr. 5 Low. 40 Dec. 20, '18 40 Dec. 20 PICTOU COUNTY ELECTRIC C0.» LTD., Ist 5s. Due May 6, 1943. — N. *Pated May 6, 1913. Interest payable May 1 and November 1, at Eastern Trust Co., Hali- fax, N. S., and Bank of Nova Scotia, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $465,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee — Eastern Trust Co., Halifax, N. S. Organization — Incorporated in 1902. Present title adopted in 1909. Secured by a first mortgage on 10 miles of street railway In and between Trenton, New Glasgow. Stellarton and WestvIUe, Nova Sco- tia, and on plants supplying electricity in those towns. Year ended Dec. 31 Bond Gross Net Interest 1917 $221,526 $57,567 $22,863 1916 200,591 75,111 21,000 Original Market— Offered in March, 1914, by the Eastern Securities Co. , Ltd. , Montreal, etc., Canada, to yield more than 6%. Market. St. John, N. B. — Eastern Securities Co., Ltd. PIERCE OIL CORP. Conv. Deb. 6s. Due July 1, 1924, at 105.— N. Dated July 1, 1914. Interest payable Jan. 1 and July 1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $9,297,300 (June 2. '19). Retired by Siniking Fund — $702,200^ Converted — $500. Denomination^ — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustees — Albert H. Wiggin, Pres. Chase National Bank, Charles H. Sabin, Vlce-Pres. Guaranty Trust Co., and Moritz Rosenthal of Ladenburg, Thalmann & Co. Redeemable on any interest date at 105 and interest upon 60 days' notice. Convertible at any time into common stock, par for par. If bonds are called conversiop privilege extends to date of redemption. Sinking Fund — S 200.000 per annum, com- mencing July 1, 1916, to purchase bonds at not exceeding 105 and interest. If not so pur- chasable bonds are to be called. Organization — Incorporated in June, 1913, and acquired property of Waters Pierce Oil Co. Will also acquire property of Pierce Fordyce Oil Association. As of April 11, 1918. practically all the stock of the lat- ter company had been acquired. The com- pany has 129,000 acres of oil land, prin- cipally under lease, five modern refineries at Ft. Worth and Texas City, Tex., Tulsa, Okla.. and Tampieo and Vera Cruz, Mexico, two tank steamers, floating equipment, and 800 tank cars. Distributes product in 17,270 cities and towns through 1,122 main distributing stations centrally located on freehold prop- erty or convenient leasehold. Security — A direct obligation of the com- pany, but not secured by a mortgage. The f-f)0 company covenants that it will not create any mortgrage on its real property, or without consent of Ladenburg, Thalmann & Co, and Hayden, Stone & Co., create any debentures ranking prior to or equal with this issue, or any stock having preference to the stock into which these debentures are convertible. Year ended Dec, 31 (combined) Net *Dep'n, etc Interest 1917 $3,456,611 $1,129,154 $717,968 1916 3,329,717 145,538 733.103 ♦Includes all Federal taxes, etc. Twisted on the New York Stock Exchange. Original Market — Offered in July, 1914, by Ladenburg, Thalmann & Co. and Hayden, Stone & Co. Market. Xew York — McGeorge & Vanderhoef, Sam'l Go-' dschmidt, A. H. Bickmore & Co. , Hanson & Doyle. E. & C. Randolph. McDonnell & Co., John Muir & Co.. T. Hall Keyes & Co., Wm. C. Orton. Houston — Sherwood & King, Neuhaus & Co. St. Louis — Stifel, Nicolaus Inv. Co. Boston — McConnell & Co., Hayden, Stone & Co.. L. Sherman Adams. Philadelphia — J. 'W. Sparks & Co. Chicago — Wollenberger & Co., Merrill, Lynch & Co. New Haven — Stevenson & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid ' Ask High.8S% '18 94^^ '18 88% Dec. 94H Oct. Low. 71 '17 75 '17 73 Jan. 75 Jan. PIERCE OIL CORPORATIOP^ 5-Year Conv. 6% Notes. Due Dec. 31, 1920.~N. Dated Jan. 1, 1916. Interest payable Dec. 31 and June 30. at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2, 000. 000. Outstanding — $1,975,000 (Sept. 1. 1918). Retired — $25,000. Denominations — Coupon, $100, -$500 and $1,000. Kegisterable as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole only at par and interest at any time upon three months' notice. Convertible at any time until maturity into common stock (par $25) at $20. The right of conversion for called bonds continues until date of redemption. Organization — See Conv. Deb. of lff24. Security — A direct obligation of the company, but not secured by a mortgage. No mortgage can be placed on the properties of the com-, pany while these notes are unpaid without equally securing them. Earnings — See Conv. Deb. 6s of 1924. Listed on the New York Stock Exchange. Original Market — Offered December, 1915, by Ladenburg. Thalmann & Co., New York, and Hayden. Stone & Co., Boston. New York. etc.. at par and interest. Market. Boston — Hayden, Stone & Co.. L. Sherman Adams- New York — Hanson & Doyle, Ware & Le- land. Price Range. Jan. 1. '16 to Jan, 1. '19 1918 Bid Ask Bid Ask High. 100 '18 101 '18 100 Nov. 101 Nov. Low. 79 '16 82 '16 90 June 92 June Dated June 15, 1918. Interest payable Jan. 15 and July 15. Tax Status — Payment of Federal Income Tax not assumed by company, Autliorized — $1,000,000. Ontstandlng— $1,000,000. Purpose of Issue — The proceeds of this issue will reimburse the company for about 50% of the cost of the property covered by the lien of this mortgage. Denomination — Coupon $1,000. Trustee — Equitable Trust Co., New York. Guaranteed principal and interest by the Pierce Oil Corporation by endorsement. Controlled by the Pierce Oi'. Corporation through ownership of the entire $1,000,000 cap- ital stock. Secured by a first mortgage on the entire property of the company, consisting of about 100 miles of main pipe line and about 28 miles of gathering lines, extending from a station known as Lathrop in the Healdton Oil Fields, Carter County, Oklahoma, to Fort Worth. Tex. . together with al '. tanks, pumping sta- tions, machinery and other appurtenances to the pipe line. Original Market — $1,000,000 offered Sept.. 1918, by the Equitable Trust Co.. New York. T.t prices to yield 1%, 7V4% and 7%%, ac- coriaing to maturity. Market. New York — The Equitable Trust Co. of New York. Salt I,ake City — Palmer Bond & Mtge. Co. PIERCE PIPE UNE CO. 1st Serial 68. Due $250,000 each Jan. 15 and July 15 from Jan. 15, 1919, to July 15, 1920. PILLSBURY-WASHBURN FLOUR MILLS CO. LTD. Coll. Tr. 58. Due Aug. 8, 1928. Dated Aug. 8, 1908. Interest payable Feb. and Aug. 8, at First Trust & Savings Bank. Chicago. Tax Status — Payment of Federal Income Tax mt assumed by company. iNSued — $3,000,000. Outstanding — $2,249,500 (May29, '19). Retired by Sinking Fund — $750,500. Denomination — Coupon, $50, $100, $50Q and $1,000. Trustee — First Trust & Savings Bank, Chi- cago. Sinking Fund — $30,000 per annum from $100,000 rental a nd dividends from Water Power Companies after interest on 1st De- benture 6 s. Contingent Fund — $30,000 per annum which is a first charge against division of profits from lessees and is accumulative. Organization and Control — Incorporated in Great Britain in 1889 and reorganized in 1908 and property leased to the Pillsbury Flour Mills Co.. an American company, and ceased to be a trading company. Its sources of reve- nue are dividends on stocks of water power companies, $100,000 annual rental and one- half of the profits of the Pillsbury Flour Mills Co. over and above $150,000 per annum. Secured by a second mortgage on the five mills of the company located at Minneapolis daily capacity 33,000 barrels of flour. Fur- ther secured by a first lien on all of the stocks of two power companies, one of which furnishes power to the street railways in St. Paul and Minneapolis. Prior Lien — £875.000 1st 6s. Year ended Aug. 31 Net Int. & S. F. 1918 £230,693 £8?l 050 1917 179.582 101,193 191G 116.558 103.325 1915 142,670 133.759 1914 96,194 95,809 991 Original Market — Issued in 1909 to creditors of former company in part payment of their claims. Market. 4'hirago — WoIlPHbereer ft- Co. . Merrill Lvnch & Co. Minneapolis — Wm. W. Eastman Co. New York — Miller & Co.. E. & C. Randolph, Baker, Carruthers & Pell, F. H. Hatch & Co. St. Paul— "White. Grubbs & Co.. Kalman, Matteson & Wood. Price Range. Jan. 1. '15 to Jan. 1, *19 1918 Bid Ask Bid Ask High.85^ *17 87V6 '17 80 Apr. 87 Nov. Low. 70 '15 75 '15 78 July 83 July PINE BLIJTT & WESTERN RAILROAD CO. 1st 5s. Due Oct. 1, 1923. — F. - Dated October 1, 1903. Interest payable April and Oct. 1, at Bankers' Trust Co., New York, or at Trustee's office. Tax Status — 2 % Federal Income Tax pa id by company without deduction. Authorized — $1,200,000. Outstanding — $880,000 (Jan. 1, '18). Reserved for Ext. — $320,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Mercantile Trust Co. , St. Louis. Redeemable at 105 and interest on any in- terest date upon six months' notice. Control — Absorbed by the St. Louis, Iron Mountain & Southern Ky. In March, 1917, the latter company was succeeded through fore- closure by the Missouri Pacific R. R. Co. These bonds were not disturbed. Secured by a first mortgage on 44.23 miles of road from Pine Bluff to Benton, Ark. Underlies — Missouri Pacific R. R. 1st & Ref. Mtge. bonds, a sufficient amount of which are reserved to retire this issue, and also Gen. 4s of 1975. Legal for 3&;e. and Mo. Original Market — $ 800.000 offered Jan, , 1904, by Eversz & Co., Chicago, at 102% and interest. Market. New York^P. H. Hatch & Co.. F. J. Lis- man & Co. , Wm. Carnegie Ewen. Abraham & Co., Baker, Carruthers & Pell. Chicago — A. L. Baker & Co., Spencer Trask & Co. New Orleans — Isidore Newman & Son. Price Range. Jan, 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOOya '11 105 '09 91 Nov. 94 Nov. Low. 60 '16 80 '16 88 Nov. 91 Mar. (THE) PINE BLUFF CO. 1st 5s and 6s. Dae Jan. 1, 1942.— F. Dated March 22, 1912. Interest payable January 1 and July 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York ($560,000). Authorized — $2. 000, 000. Outstanding — $700,000 5s, $286,000 6s. Denomination — Coupon, $1,000. Registerable as to principal. Registered bonds exchange- able for non-registered. Trustee — New York Trust Co., New York. Redeemable at 105 and interest on any In- terest date. Sinking Fund — ^Annually, January 1, 1% of outstanding bonds and bonds retired by this fund from January 1, 1915, to 1924, inclusive; 1%% from 1925 to 1934, inclusive, and 2% to maturity for the purchase or redemption of bonds at not over 105 and interest^ Orsanizationi — Incorporated March, 1912, in Arkansas. Secured by a first mortgage on plants sup- plying electric light and power and water and on street railway system, comprising 9% miles single track basis In Pine Bluff, Ark. Proper- ty covered includes electric generating station of 4,750 k.w. capacity; 52 miles of pole lines; 6 miles of transmission lines ; pumping^ sta- tions of 8,000,000-gallon capacity; 4 wells, over 800 feet deep; 2 concrete reservoirs of 3,000,- 000 gallons capacity, and 37 miles of mains. Population served 27.000. "Water franchise extends to 1947, subject to right to purchase at five year intervals; street railway and elec- tric franchises extend to 1951. Year ended Dec. 31 Gross Net Int., etc 1918 $460,521 $148,784 $57,305 1917 326,685 127,226 49,619 1916 273,379 130,255 47,793 1915 251,612 110,865 47.770 1914 272,249 116,798 45,267 1913 257,378 114,077 40.921 Original Market — $700,00 5s offered March, 1916, by John Nickerson, Jr., St. Louis and New York, and by Eastman, Dillon & Co., New York, at 92 and interest. Market. New Orleans — E. D. Cohn, Claude M. Smith & Co. St. liOuis— John Nickerson, Jr. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 ■. 5s Bid Ask Bid Ask High.99% '17 80 Jan. 94 Nov. Low. 80 '18 85 '18 85 May PINE CREEK RAILWAY CO. Ist 68. Doe Dec. 1, 1932. — F. Dated Dec. 9, 1882. Interest payable June and Dec. 1, at Grand Central Terminal, N '^ York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — 13,500,000.' Denomination — Registered, $1,000. Trustees — Wm. K. Vanderbilt and Chauncey M. Depew, Assumed by the New York Central R. R. Co. Guaranteed as to principal and interest, jointly and severally by the Philadelphia & Reading R. R. Co., New York Central & Hud- son River R. R. Co. and the Corning, Cowan- esque & Antrim Ry. Co. Con trol — ^Absorbed by the Geneva, Corn- ing & Southern R. R. Co., which latter com- pany was merged into the New York Central R. R. Co. in December, 1914. Secured by a first mortgage on 74.96 milea of road from Stokesdale to Newberry Jet., Pa. This road connects the lines of the Philadel- phia & Reading Ry. and the New York Central & Hudson River R. R., forming part of a through route for freight between Philadelphia and points in Central and Western New York. Underlies— N. Y. C. & H. R. R. R. Imp. & Ref. Mtge. of 2013, under which bonds are reserved to retire this issue. liegal for Cal.. Conn., Me., Mass., Mich., Minn.. Mo., N. H., N. J., N. Y.. R. I.. Vt. and Wis. I/lsted on the New York Stock Exchange. Market. New York — Chas. W. Place, Remick, Hodges & Co., Sam'l Goldschmidt, Louchheim, Min- ton & Co., B. & C. Randolph, Coffin & Co., 992 Abraham & Co. , Baker, Carruthers & Peli, F. J. Lisman & Co., Redmond & Co., Taylor, Smith & Hard. Philadelphia — B. W. Clark & Co.. Harrleon & Co., Chaa. Fearon & Co., Welsh Bros., West & Co., Biddle & Henry. S. K. Phillips & Co. Pittsburgh — ^R. B. Hutchinson & Co., God- dard. Hunter & Co. Price Banse— X. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid Hish.131% Jan. 29, '09 102% Dec. Low. 107 Nov. 26. '07 99% Jan. PITCAIRN & WHiACEBDING STREET RAII/< WAY 1st 5s. Due July 1» 1931.— F. Dated July 1, 1901. Interest payable Jan. and July 1, at Mellon National Bank, Pitts- burgh, Pa. Default — Jan. 1, 1919, interest had not been paid, as of March 1, 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $ 700,000. Outstanding — $688,000. Denomination — Coupon and registered $1,000. Trustee — -Union Trust Co., Pittsburgh, Pa. Guaranteed as to interest by the Philadelphia Co. under terms of lease. Control — ^Absorbed by the Monongahela Street Ry., which Is leased for 900 years from 1902 to the Consolidated Trac. Co. of Pittsburgh, a subsidiary of the Philadelphia Company. The lessee pays, as rental, all operating expenses* maintenance, taxes, and interest and an annually increasing sum, which reached its maximum of $315,300 in 1910. Franchises are perpetual. Receivership — See Pittsburgh Railways Co. Gen, 5s. Secured by a first mortgage on about 8.48 miles of electric railway from Watkins Ave. and State Street (Wilmerding, on State Street to road to Pitcaim to western boundary of Pitcairn and across Pitcaim on Broadway, with branch to Purth Creek.) Market. Philadelphia — ^H. Boenning & Co., S. K. Phillips & Co. PITTSBURGH & AI^I^GHENY TELEPHONE CO. 1st 55. Due Dec. 1, 1949. — P. Dated Dec. 1, 1899. Interest payable June and Dec. 1, at Home Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,400,000. In Treasury — $100,000. Denomination — Coupon, $1,000. Trustee — Maryland Trust Co. , Baltimore, Md. Redeemable at any time. Organization — Incorporated in Pennsylvania In 1898 and in 1903 absorbed all the Inde- pendent telephone companies in Allegheny County. Receivers were appointed In 1911 on appli- cation of minority stockholders. The receiver- ship was dissolved early in 1915, Secured by a first mortgage on an inde- pendent telephone system in Pittsburgh. Pa., and vicinity, comprising 23 exchanges, 400 miles of line, and 5, 500 miles of wire, and serving a population of 700,000. Franchises perpetual. Usted on the Pittsburgh Stock Exchange. Year ended Dec. 31 Bond Gross Net Interest 1918 $544,409 $33,019 $70,000 1917 562,818 113,103 70,000 1916 644,824 128,246 70,000 1915 508,579 110,542 70,000 Market. New York — Moore, Leonard & Lynch, Mor- ton Lachenbruch & Co., E. & C. Randolph, Gilman & Clucas. Pittsburgh — Goddard, Hunter & Co., Moore, Leonard & Lynch, Wm. P, Lemley & Co., George, Allen & Whitehouse, Lyon, Singer i Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.78 *16 83 '16 Low. 52 '16 69 '17 PITTSBURGH & BIRMINGHAM TRACTION CO. 1st 5s. Due Nov. 1, 1939.— P. Dated Nov. 1, 1889. Interest payable May and Nov. 1, at Company's office, Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized and Outstandiog — $1,500,000. Denomination— Coupon, $1, 000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed as to interest by terms of lease to The United Traction Co. of Pittsburgh. Rental under this lease is guaranteed by the Philadelphia Co. Organization and Control — Incorporated in Pennsylvania in 1889, to construct and oper- ate ' 'motors and cables or other machinery for supplying motive power to passenger rail- ways, and the necessary apparatus for sup- plying the same, and leasing and operating passenger railways, and purchasing shares of stock or bonds of any corporation whose works, railways, motors or other property Is leased, operated or constructed by it. ' ' The company leases 30.54 miles of track. Including the property of, the Pittsburgh & Birmingham Passenger Railway Co. , but it does not ap- pear that the Traction Co. owns any property other than power houses. The road of the Pittsburgh & Birmingham Passenger Railway Co., which is leased for 999 years at a rental of $12,000 per annum, extends from the Union Station on Liberty Ave. to ,Smithfield Street, and over the Smithfield Street Bridge to Car- son Street to 34th St., near the eastern line of the city of Pittsburgh, In what was for- merly the Borough of Ormsby. The company also leases two incline planes on the South Side of Pittsburgh, and owns all of the stock and operates the road of the Brownsville Avenue St. Ry. Co. from Brownsville Ave. and Carson St., Brownsville Ave. and Arling- ton Ave. to Howard St. from Brownsville Ave. on Warrington Ave. to a connection with the West Liberty St. Ry. and other lines; and also owns all of the stock and operates the road of the West Liberty St. Ry. Co.. which extends from a Junction with the Brownsville St. Ry. Co. on Warrington Ave. near Curtln Ave. via West Liberty Ave. to near Mt. Leb- anon Cemetery, where connection is made with the Pittsburgh & Charleroi St. Ry. for Char- leroi. These various lines include many of the most important on the South Side of Pitts- burgh, Including the 16th, 17th and 18th Wards, as well as the line of Smithfield St;," one of the principal business streets of Fitts- 993 burgh. Franchises are perpetual. Leased for 900 years from Jan. 1. 1902, to the United Traction Co. of Pittsburgh. Rentai, $160,000 annually and all expenses, taxes and interest. The lease is guaranteed by the Philadelphia Co. Secured by pledge of $198,260 of $200,000 stock of the Pittsburgh & Birmingham Pas- senger Ry. Co. (no funded debt) owning 7.9 miles of road. liisted on the Pittsburgh Stock Exchange. Market. Pittsburgh — Goddard, Hunter & Co., Moore, Leonard & Lynch, Safe Deposit & Trust Co., Duqueane Bond Corp. Philadelphia — P. R. Welsh, H. Boenning & Co.. S. K. Phillips & Co., Warren A. Reed. New York — Morton Lachenbruch & Co. Price Range. Jan. 1, '08 to Jan. 1, 'IB 1918 Bid Ask Bid Ask Hish.106 '09 108 '09 80f. Mar. 94f. Feb. Low. SOf.'lS 94f.'18 PITTSBURGH & CHAJBLEROI STREET RAILWAY CO. 1st 59. Due May 1, 193^. Dated May 1, 1902. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,600,000; Outstanding — $2,446,000. Reserved for Prior Iiiens — $65,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated in Pennsylvania In 1901. Leased to the United Traction Co. for 900 years from May, 1902. Rental, fixed charges. The entire capital stock, $2,500,000, is owned by the Pittsburgh Rys. Co. April 23, 1918, the Pittsburgh Rys. Co. was placed in the hands of receivers. Secured by a first mortgage on a large part and a second mortgage on the remainder of the interurban railway from a junction of the Mt. Washington Street Railway and the West Liberty Street Railway, near Mt. Lebanon Cemetery, south of the southern city line of Pittsburgh, through Monongahela City and Charleroi, and along the west bank of the Monongahela River to AUenport, 43.38 miles. Built largely on private right-of-way, with perpetual franchises elsewhere. Prior Liens — $55,000 Charleroi & West Side Ry. Co. 1st 6s of 1919. Underlies — 2d 5s of 1943, all deposited under Pittsburgh Rys. Gen. 6s. Original Market — Offered in May, 1902, at 106 and interest by the Mellon National Bank and the Union Trust Co., both of Pittsburgh. Market, Philadelphia — B. B. Smith & Co., E. W. Clark & Co., H. Boenning & Co., Henry & Kirkbride, Bauer, Starr & Co., Warren A. Refd. Pittsburgh — Moore, Leonard & Lynch, God- dard, Hunter & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.l03M!-'09 104 '09 90 Feb, Low. 50 '18 60 '18 60 Dec. 60 Dec. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstahding — $2,000,000. Denomination — Coupon, $1,000, Trustee — Safe Deposit & Trust Co., Pitts- burgh. Organization and Control — Incorporated in Pennsylvania in 1875. $17,993,100 of the $36,985,600 stock is owned by the New York Central R. R. Co. The P. & L. B. R. R. owns 75,38 miles of road, as described below, and operates under lease or trackage agree- ments 146.08 miles additional from Pitts- burgh to Connellsviile and Brownsville, Pa., and branches. Secured by first mortgage on 75.38 miles of road (includes 67.99 miles of second track, 48.17 miles of third track and 44.68 miles fourth track), viz. : Miles Pittsburgh, Pa., to Hazelton, Ohio (In- cludes 64.62 miles second track, 46.98 miles third track and 44.58 miles fourth track 64.62 New Castle Branch ; 2.93 Ellwood Southern Branch 4.24 Koppel Branch 1.34 Lowellville Branch 0.38 Lake Shore Branch (double track).... 1.23 Toungstown Branch (double track).... 0.64 UnderHes — 2nd 53 of 1928. Year ^ended Dec. 31 Gross Net Int. & Rent •1918.. $8,980,219 $9,644,061 $2,718,562 tl918.. 32,992,273 11,940,692 293.131 1917.. 26,621,654 8,084,180 2,122,482 1916.. 24,043,163 12,700,126 2,578,777 1916.. 18,196,068 9,651.475 2.082,696 1914.. 15,697,366 6,658,595 1,676,176 1913.. 19,644,111 8,999,188 2.165,461 •Corporate Income Account-Standard return under Federal control. tFederal Income Account. Legal for Conn., Me., Mich., Minn., Mo., N. H., N. J., N. T. and Wis. Market. New York — Sam'l. Goldschmldt, Morton Lachenbruch & Co., F. J. Llsman & Co., Hemphill, White & Chamberlin. Chas. W. Place. Redmond & Co., Remick, Hodges & Co., Taylor. Smith & Hard. Vilas & Hickey. Pittsburgh — Goddard, Hunter & Co., R. B. Hutchinson & Co., George, Allen & White- house. R W. Evans & Co., Kean, Taylor 4 Co.. Lyon. Singer & Co., Moore, Leonard & Lynch. Philadelphia — Chas. Fearon & Co., Wheeler, Bl'.int & Mann. Price Range. Jan. 1, '15 to Jan. 1, '18 1917 Bid Ask Bid Ask High.116% '16 119 '16 104 Jan. 112 Jan. Low. 99 '18 109 '17 99 Dec. 110 May PITTSBURGH & LAKE ERIE RAILROAD CO. l9t 6s. Due Jan. 1, 1928. — N. Dated Jan. 1. 1878. Interest payable Jan. and July 1, at Treasurer's ofUce, Pittsburgh. Pa. PITTSBURGH St LAKE ERIE RAILROAD CO. aa 5s. Due Jan. 1, 1928.— N. Dated April 1, 1889. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Organization — See 1st 6s. Secured by a second mortgage on 75.38 miles of road, covered by the first lien of the 1st 6s. Prior Liens — $2,000,000 Pittsburgh & Lake Erie 1st 6s of 1928. Earnings — See 1st 6s. Legal for N. H. listed on the New York Stock Exchange. 994 Market. New York — Sam'l Goldschmidt, P. J. Lis- man & Co., Louchheim, Minton & Co., Taylor, Smith & Hard. Wood. Struthers & Co. Pittsburgh — R. B. Hutchinson & Co., Lyon, Singer & Co.. Redmond & Co. Philadelphia — Chas. Fearon & i;o. Price Range— N. If. S. E. Jan. 1, '06 to Jan. 1, '19 1918 Bid High.lOTVi Nov. 12. '06 102 Dec. Low. 100 May 23. '08 90 JMar. (THE) PITTSBURGH * SH.IiW.^irT RAIt- ROAD CO 1st S F. 5s. Due Dec. 1, 1959. Dated December 1, 1909. Interest payable June and Dec. 1, at International Bank. Corp., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $12,000,000. Outstandins — $3,397,000 (March 1, 1919). Retired by S. F. — $603,000. Pledged as Collateral for Notes — $7,000,000, Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Coupon and Registered interchangealsle. Trustee — Central Union Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date on 60 days' notice. Sinking Fund — Beginning Dec. 1, 1914, $100,000 per annum for the purchase of bonds, at not exceeding 105 and interest. Bonds so acauired to be cancelled. Organization — Incorporated in Pennsylvania in July, 1903. Formerly leased and operated by the Pittsburgh, Shawmut and Northern R. B. to Aug. 31, 1916. Now independently operated. Secured by a first mortgage on 103.04 miles of road from Brockwayville to Freeport, Pa., Pa., and branches. Connection is made at Brookwayvil'.e with the Pittsburgh. Shawmut & Northern R. R., Erie R. R. and Buffalo, Rochester &. Pittsburgh Ry. Further secured by a. first lien on $11,953,000 of the $14,491,- 600 P., S. & N. R. R. Ref. 1st 4s. which are secured by a direct mortgage on 160 miles of road from "Wayland, N. Y., to near Brockway- ville, Pa., and branches: also a collateral lien oh the 12 mile branch to Cardiff, Pa., and on some 20,000 acres of coal lands, subject to the lien of $164,000 bonds and about $3.- 100,000 receivers' certificates. The interest on these collateral bonds has been in default since 1905. This issue is also secured by a first lien on $3,600,000 stock of the Alle- gheny River Mining Co, Year ended Dec. 31: Gross Net Int., etc »1918 $1,264,602 $686,398 191T $1,150,805 $1,172,994 $622,806 *CnrpQrate Income Account — Standard re- turn under Federal control. Original Market — $3,000,000 offered in March, 1910, by Hallgarten & Co., New York, at 94^ and interest. Market. New York — Baker, Carruthers & Pell, Sea- songood, Haas & MacDonald. Philadelphia — Biddle & Henry. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Ask High.92 '11 94 '14 71 June Low. 70 '18 70 Sept. Dated March 1, 1918. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,600,000. Outstanding — $ 1,500,000. Purpose of Issue — To provide funds to re- tire 5% Notes due May 1, 1918. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 100^ and interest on any interest date upon 30 days' notice. Organization — See 1st 5s. Secured by pledge of the following securi- ties: Bonds — $260,000 State of New York 4%s, due 1964; $100,000 State of New York 4l4s. due 1963; $50,000 City of New York 4%% Corporate Stock, due 1923; $100,000 Union Pacific R. B. Co. 1st Mtge. Land Grant 4s, due 1947; $100,000 Minneapolis, St. Paul & Sault Ste. Marie R. R. 1st Cons. 4s, due 1938; $200,000 Duluth & Iron Range R. R. 1st 6s, due 1937; $100,000 Galveston, Harrisburg & San Antonio Ry. M. & P. Div. 1st 5s, due 1931; $100,000 Buftalo, Rochester & Pitts- burg Ry. Equip. 4s, Series G, due 1929; $100,- 000 Colorado & Southern Ry. Ref. & Ext. 4^s, due 1935: $100,000 Vicksburg & Meridian 1st 6s, due 1921; $50,000 Austin & Northwestern Ry. 1st 6s, due 1941; $100,000 Cumberland Telephone & Telegraph Co. 1st & Gen. 53, due 1937; $60,000 New York Telephone Co. 1st & Gen. S. P. 4%s. due 1939. Stock Shares — 1,000 Lackawanna B. R. Co. of N. J. Guar. 4%; 600 Morris & Essex B. R. Guar. 7%; 500 New York, Lackawanna & "Western Ry. Guar. 6%; 900 Pittsburgh, Ft. Wayne & Chi- cago Ry. Guar. 7%; 200 United New Jersey R. R. & Canal Co. Guar. 10%; 2,000 Balti- more & Ohio R. R. common: 1,000 American Light & Traction Co. 6% preferred. The in- denture provides that the market value of the pledged collateral must at all times be main- tained at 120% of the par value of outstand- ing notes. Original Market — $1,500,000 offered March, 1918, by the National City Co. at 98 H and interest. Market. Philadelphia — Biddle & Henry. New York — Bull & j31dredge. Price Range 1918 — Ask 98% Nov. PITTSBURGH & SHAWMUT RAILEOAD CO. 2-Year 6% Coll. Tr. Notes. Due March 1, 1920. ■PHE PITTSBURGH Si SHAWMUT RAIL- ROAD CO. 10-Year 5% Collateral Trust Notes. Due May 1, 1927. Dated May 1, 1917. Interest payable May 1st and Nov. 1st. at Columbia Trust Com- pany of New York City. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. j Authorized — $8,760,000. Outstanding — $7,260,000. Purpose of Issue — To provide funds to retire $5,897,000 Demand Notes. Also notes aggre- gating $2,862,160.94, and other current in- debtedness. Denomination — Coupon $1,000. Registerable as to principa'.. Registered $1,000. C. & R. interchangeable. Trustee — Columbia Trust Co., New York. Redeemable at 101%, and interest on any interest date. Organization — See 1st 5s. Secured by pledge of $7,000,000 1st Mortgage 6% Gold Bonds of The Pittsburgh & Shawmut Railroad Co. Also $3,000,000 Pace Amount 1st Mortgage 5% Gold Bonds of Allegheny 995 River Mining- Company, dated May 1. 1917, redeemable May 1, 1942, and six locomotives. 500 coal cars and six cabooses, valued at $600,000. Original Market — $7,260,000 offered March 1, 1917. by The Columbia Trust Co. (THE) PITTSBURGH & SHAVVMUT RAIL- ROAD CO. Equip. 5s. Due $23,000 each May and Nov. 1, to Nov. 1, 1923.— F. Dated November 1, 1913. Interest payable May 1 and November 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $460,000. Outstaniding — $230,000 (Jan. 1. 1919). Balance Retired. Denomination — Coupon. $1. 000. Trustee — Columbia Trust Co., New Tork. Secured by an eQUipment trust agreement on 500 steel hopper-bottom coal cars, coating $578,200, of which $118,200 was paid in cash. Market. New York — Freeman & Co. Philadelphia — West & Co. (THE) PITTSBURGH & SHAWMUT RAIL- ROAD CO. Equip. 5s. Due $30,000 each May 1 and Nov. 1 to Nov. 1, 1924.— F. Dated Nov. 1, 1914. Interest payable May J and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $600,000. Outstanding — $360,000 (Jan. 1. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New Tork. Secured by an eauipment trust agreement on 750 steel hopper-bottom coal cars, costing $717,375, of which $144,375 was paid in cash. Market. Philadelphia — ^Weat & Co. New York — Freeman & Co. PITTSBURGH & WEST END PASSENGER RAILWAY 1st 5s. Due July 1, 1932.— F. Dated July 1, 1892. Interest payable Jan. and July 1, at Colonial Trust Co., Pitts- burgh, Pa. Default — Jan. 1. 1919, interest had not been paid, as of March 1, 1919. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $500,000. Outstanding — $343, 000. Denomination — Coupon, $1, 000. Kegisterable as to principal. ■ Trustee — Fidelity Title & Trust CJo., Pitts- burgh, Pa. Control — The entire capital stock is owned by and the property leased to the Pittsburgh Kys. Co., which is the operating company for the ^treet railway lines of the Philadelphia Company and is controlled by the latter com- pany through ownership of its entire capital stock. The Pittsburgh Rys. Co. was placed in the hands of receivera April 23, 1918. Receiveirship — See Pittsburgh Railways Co. Gen. 5a. Secured by a first mortgage on 19.62 mllea of street railway, viz.: On Fifth Ave., from Market St. to Penn Ave., to the Point Bridge over the Monongahela River to Carson Street on the South Side. On Carson St. from Smlthfield St. to the City Line at Marlow St. ; also in Pittsburgh proper on Liberty Ave. from Fifth Ave. to Fancourt St. to Penn Ave. and on the South Side on .Steuben Ave. from Carson St. to a connection with the Pittsburgh, Crafton & Mansfield Railway at Chartiers Ave. ; on S. Main Street from Carson St. to Wabash Ave. to a connection with the West End, Mt. Washington & Banks- ville St. Ry. at Woodstock Ave., in the 20th W;ard, and from Woodstock Ave. on McCartney St. and the Noblestown Road to a connection with the Pittsburgh, Crafton & Mansfield St. Ry. at City Line. This road gives the Pitts- burgh Rys. Co. access to the southwestern part of Pittsburgh and the territory adjacent thereto, including the boroughs of McKeea Rocks and Carnegie, Underlies — ^Weat End Trac. Co. Cons. 5s of 1938 and Southern Trac. Co. 5a of 1950, Pitts- burgh Rys. Gen. 5s of 1953 and Income De- bentures (all owned by the Philadelphia Co.) lasted on the Pittsburgh Stock Exchange. Market. Pittsburgh — ^Moore, Leonard & Lynch. New York — Moore, Leonard & Lynch. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask High. 99 '16 Low. 95 '17 98 '17 PITTSBURGH & WESTMORELAND COAL CO. 1st 5s. Due Nov. 1, 1925.— F. Dated Nov. 1, 1905. Interest payable May and Nov. 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Tax free in Pennaylvania. Authorized — $2,500,000. Outstanding — $592,000 (March 1, 1919). Retired by Sinking Fund — $1,409,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable as a whole at 105 and interest or in part for sinking fund at par and in- terest. Sinking Fund — 10 cents per ton of run-of- mine coal and a minimum payment of $100,000 per annum payable in monthly installments for the purchase or redemption of these bonds at not over par and Interest. Assumed by the Pittsburgh- Westmoreland Coal Co. Con/trol — Absorbed in 1907 by the Pitts- burgh-Westmoreland Coal Co. In Jan., 1917, the propertiea of the latter company were purchased by the Midvale Steel & Ordnance Co. for $9,000,000. Secured by a first mortgage on about 5,320 acres of coal lands in Weatmoreland County, Pa., estimated in 1905 to contain 42,182,100 tons of coal. Propertiea are located on the main line and a branch of the Monongahela Div. of the Pennsylvania R. R. Underlies — Pi'ttsiyurgh-Westmoreland Coal po. 1st S. F. 5s ef 1947, which provide to retire this issue. Original Market — $2,000,000 offered 1906 at 97 and interest by lienry & West, Philadel- phia. Market. New York — Moore. Leonard & Lynch, C, H. Hensel, F. H. Hatch ^ Co., Baker, Carruthers & Pell, E. & C. Randolph, H. I. Nicholas & Co. Pittsburgh — Moore, Leonard & Lynch, Ward- Darley-Lupold Co., Wm. P. Lemley & Co., George, Allen & Whltehouse, Goddard, Hunter & Co., W. B. Ballard. Kean, Taylor & Co., Lyon, Singer & Co. 996 Philadelphia — Brown Bros., Chas. Fearon & Co., Graham. Parsons & Co., S. K. Phillips & Co. Price Ranse. Jan. 1, »08 to Jan. 1, »iy 1918 Bid Ask Bid Ask High.98 '17 100 '17 96 Dec. 100 Dec. Low. 80 '15 90 '15 93 Apr. 97 Apr. PITTSBURGH, AI.I.EGHENY & MAKCHES- TER TRACTION CO. 1st 5s. Due Oct. 1. 1930.— F. Dated Oct. 1, 1890. Interest payable April and Oct. 1, at Fidelity Title & Trust Co., Pittsburgh. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorixed and Outstanding — $1,500^000. Denomination — Coupon, $1, 000. Trustee — ^Fidelity Title & Trust Co., Pitts- burgh. Pa. Control — Controlled by United Trac. Co. of Pittsburgh through ownership of the entire capital stock and 950-year lease of property. All of the common stock of the United Trac- tion Co. of Pittsburgh is owned by the Pitts- burgh Rys. Co., and the property is operated under an agreement by the Pittsburgh Rys. Co. , terminable on three months' notice by either party, under which the Pittsburgh Rail- ways Co. pays operating expenses, mainte- nance, taxes and interest. April 23, 1918, the Pittsburgh Rys, Co. was placed in the hands of receivers. Secured by a first mortgage on about 19 miles of street railway in Pittsburgh, mostly in what was formerly Allegheny. "The line extends from Penn Ave. in Pittsburgh proper on Federal St. over the Allegheny River to Ohio Ave., to "Western Ave., to Allegheny Ave., to Pennsylvania Ave. , to Beaver Ave. , to Island Ave. , to Preble Ave. , to Lecky Ave. , to Brighton Road in the 27th Ward of Pitts- burgh. Also on Reliance St., from Federal St. to Scotland St., to South Ave.; South Ave., from Federal St. to Allegheny Ave., to West- ern Ave., Cremo St., from South Ave. to Reedsdale St., to Beaver Ave., to Pennsylvania Ave., Allegheny Ave., from Pennsylvania Ave. to Franklin Ave., to Fulton St.; to Columbus St., to Beaver Ave., and several small branches. Practically' all of this road is lo- cated in the 21st and 22nd Wards, on the north side of Pittsburgh. Franchise Is per- petual. Underlies — United Trac. of Pittsburgh Gen. 5s of 1997. JLlsted on the Pittsburgh Stock Exchange. Market. Philadelphia — ^H. D. Boenning & Co., F. R. Welsh, S. K. Phillips & Co. Pittsburgh — Goddard, Hunter & Co., Moore, Leonard & Lynch, Wm. P. Lemley & Co. New York — Moore, Leonard & Lynch, Mor- ton Lachenbruch & Co. Price Range', Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106 '09 107 09 81f. Mar. 95%f. Jan. Low. 70f.'18 95^f.'18 70f. Dec. (THE) PITTSBURGH BESSEMER & LAKE ERIE RATLBOAD CO. Cons. 1st Ss. Due Jan. 1, 1947.— F. Dated January 1, 1897. Interest payable Jan. and July 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $6,437,000 (March 1, 1919). Reserved for Prior Liens — $3,563,000. Denomination — Coupon, $1, 000. Regiaterable as to principal. 'Trustee — United States Trust Co., New York. Guaranteed as to interest under terms of the lease, by the Bessemer & Lake Erie R. R. Co. The fulfilment of the terms of this lease are guaranteed by the Carnegie Steel Co. Organization) and Control — Incorporated in Pennsylvania and Ohio in 1896. Leased for 999 years to the Bessemer & Lake Erie R. R. Co. The entire capital stock of that company is owned by the United States Steel Corpora- tion. Secured by direct mortgage on 178.27 miles of road, viz. : A first lien on 41.98 miles— Miles Bessemer to Butler, Pa 40.50 Goff-Kirby Jet. to Goff, Pa 1.48 A second lien on 16.58 miles — Covered by the first lien of the Pitts., Shenango & L. E. Cons. 1st 5s 16. 5S A third Hen on 119.71 miles — Covered by the first lien of the Pitts., Shenango & L. B. 1st 5s 119.71 Also secured on leaseholds in 21. 61 miles and trackage rights on 13.17 miles. Prior liiens — $2,989,000 of The Pittsburgh, Shenango & Lake Erie 1st 6s of 1940 and $574,000 of The Pittsburgh. Shenango & Lake Erie Cons. 1st 6s of 1943; provision for retirement of both these prior liens is made in this issue. Underlies — $2,000,000 Deb. 6s of 1919. listed on the Pittsburgh 3tock Exchange. Market. New York — Sam'l Goldschmidt, Hornblower & Weeks, Callaway, BMsh & Co., B. & C. Ran- dolph, Morton Lachenbruch & Co., Holmes, Buckley & Wardrop, F. H. Hatch & Co., Korn, Lehman & Co., Taylor, Smith & Hard. Philadelphia — West & Co., Graham. Parsons & Co., B. B. Smith & Co., E. W. Clark & Co., Welsh Bros.. Biddle & Henry, Chas, Fearon & Co. Pittsburgh — ^R. B. Hutchinson & Co., Ward- Darley-Lupold Co., Goddard, Hunter & Co., W. C. Ballard, Lyon, Singer & Co., Moore, Leonard &' Lynch. Boston — ^Hornblower & Weeks. Chicago — ^Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask High.117 '09 118 '08 99 May 105 Jan. Low. 90 '18 97% '18 90 July 97^^ June PITTSBURGH BREWING CO. 1st 6s. Due Feb. 4, 1949.— F. Dated Feb. 4, 1899. Interest payable Jan. and July 1. at Fidelity Title & Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,500,000. Outstanding — $4,242,000 (Nov. 1, 1918). Owned by Company — $474,000. Held in S. F. — $603,000. Denomination — Coupon, $1,000. Trustee — ^Fidelity Title & Trust Co., Pitta- burgh, Pa. Sinking Fund — $25,000 semi-annually Jan. and July 1, to redeem bonds. In 1912 all bonds in sinking fund were cancelled, and all bonds hereafter acquired are to be cancelled, but the interest on them is still to be paid into the sinking fund. Organization — Incorporated in Pennsylvania in 1899 as a consolidation. 097 Secured by a first mortgage on a large num- ber of breweries located in Pittsburgh and vicinity, with a capacity of 1,500,000 barrels of beer per annum. Year ended Oct. 31 Gross Net Interest 1918 $8,845,932 $1,326,041 $319,140 1917 7,663,428 1,126,990 319,140 1916 6,555,829 1,290,256 319,140 1915 4,744,864 677.710 333,140 1914 6,072,628 967,134 340,140 Ijsted on the Pittsburgh Stock Exchange. Market. New York — Hornblower & "Weeks, Moore, Leonard & Lynch. Pittsburgh — Wm. P. Lemley & Co., Moore, . Leonard & Lynch, Lyon, Singer & Co. Chicago — Hornblower & Weeks. Boston — Hornblower & Weeks. Price Range. Jan. 1, '08 to -Jan. 1, '19 1918 Bid Ask Bid Ask Hjgh.102% '09 104 '09 53% June 64 Aug. Low. 43 '17 49 '17 60 Jan. 51 Jan. PITTSBURGH, CANONSBUBG & WASHING- TON RAILWAY CO. 1st 6s. Due July 1, 1937.— F. Dated July 1, 1907. Interest payable Jan. 1 and July 1, at company's office, Pittsburgh. Default — Jan. 1, 1919, interest had not been paid as of March 1, 1919. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $750,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Safe Deposit & Trust Co., Pitts- burgh. Redeemable at 105 and interest on any in- terest date. Guaranteed as to principal and interest by endorsement by the Washington & Canons- burg Ry. Co. : also guaranteed principal and interest by the Pittsburgh Rys. Co. Control — Leased to the Washington & Can- onsburg Ky. Co. for 30 years from June, 1907, which company is controlled through ownership of its entire capital stock by the Pittsburgh Rys. Co., and its property is oper- ated under an agreement by the Pittsburgh Rys. Co. P., C. & W. Ry. Co. is also owned by the Pittsburgh Rys. Co. April 23, 1918, the Pittsburgh Rys. was placed in the hands of receivers. Receivership — See Pittsburgh Railways Co. Gen. 5s. Secured by a first mortgage on 12 miles of interurban railway from a Junction with the Pittsburgh & Charleroi St. Ry. about one mile south of Castle Shannon to Canonsburg. This line forms part of the road between Pittsburgh and Washington, Pa. The road is largely on private right-of-way and fran- chises are perpetual elsewhere. Market. Pittsburgh — R. B. Hutchinson & Co., George, Allen & Whitehouae, Safe Deposit & Trust Co. Philadelphia — S. K. Phillips & Co. Price Range. ■Ian. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.93 '16 96 '16 70 Dec. 75 Dec. Low. 70 '18 75 '18 and Oct. 1. at Company's office, Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1, 000, 000. Outstanding— $154,000 (June 3, 1919). Purchased and Canceled — $246,000. Denomination — Coupon, $1,000. Trustee — ^Fidelity Title & Tru^t Co., Pitts- burgh, Fa. Sinking Fund- 1% annually of bonds out- standing to be applied to their purchase at not exceeding par. If not so purchasable the fund shall revert to the company. Guarantee — Of the bonds issued $159,000 were guaranteed principal and interest one- half by the P. & L. B. R. R. Co. and one- half by the P., C, C. & St. L. Ry. Co. Organization and Control — Incorporated in Pennsylvania- in 1881. The entire capital stock is owned jointly by the Pitts., Cine, Chicago & St. L. R. R. Co., a subsidiary of the Penna. R. R. Co., and the Pittsburgh & Lake Brie R. R. Co., a subsidiary of the New York Central R. R. Co. Secured by a first mortgage on the 19.86 miles of road from McKees Rocks to Beech- mont. Pa., and branches. Legal for Cal., Me., N. H. and R. I. Market. Pittsburgh — R. B. Hutchinson & Co. New York — Taylor. Smith & Hard. Philadelphia — Chas. Fearon & Co., B. W. Clark & Co., Biddle & Henry, S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.96% '16 98% '16 80 Dec. Low. 80 '08 96% '16 PITTSBURGH, CHARTBERS & YOUGHIO- GIDBNY RAILWAY CO. Gen. 4b. Due April 1, 193«.— F. Dated April 1, 1892. Interest payable April PITTSBURGH, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY (now Railroad) Cons. 4%s, 48 and 3%8. — F. Dated Oct, 1, 1890. Authorized rSeries Outstanding Rate % $10,000,000 A $9,998,000 4% 10,000,000 B 8,774.000 4% 2,000,000 C 1,379,000 4% 6,000,000 • D 4,439,000 4 12,000,000 E 2,240,000 3% 10.000,000 F • 9.643,000 4 10,000,000 G 8,406,000 4 3,000,000 H 2,619,000 4 7,000,000 I 6,999,000 4% 3.494,000 J 3,492,000 4% Dated Interest Payable Due Oct. 1, 1890 A & O Oct. 1, 1940 Apr. 1, 1892 A & O Apr. 1, 1942 Nov. 1, 1892 M & N Nov. 1. 1942 Nov. 1, 1895 M & N Nov. 1, 1946 Aug. 1, 1899 F & A Aug. 1, 1949 Dec. 1. 1903 J & D Dec. 1, 1953 Nov. 1, 1907 M & N Nov. 1, 1967 Feb. 1. 1910 F & A Feb. 1, 1960 Aug. 1, 1913 F & A Aug. 1, 1963 May 1, 1914 M & N May 1, 1964 Interest payable dates as above, at Penn- sylvania R. R. Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, West Virginia, Indiana and Illinois. Authorized — $75,000,000. Outstanrting- $67,889,000 (Jan. 1. 1919). Retired by Sinking Fund — Series "A," $2,- 000; Series "B," $7,000; Series "D," $681,000 Series "E," $9,768,000; Series "F," $367,000 Series "G," $1,694,000; Series "H," $481,000 Series "I." $1,000; and series "J," $2,000. Total. $12,883,000. DOS Denomination — Coupon, {1,000. Reglsterable as to principal. Trustee — Farmers' Loan and Trust Co., New York. Sinking Fund — 1% per annum of the bonds •utstanding, plus the interest on bonds al- ready redeemed, to be applied to the purchase of these bonds at not exceding par. If not so purchasable the fund reverts to the com- pany. Assumed by the Pittsburgh, Cincinnati, Chi- cago & St, Louis R. R. Co. Guaranteed as to principal and interest by the Pennsylvania Co. by endorsement. Organization and Control — The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Co. (old company) was incorporated in Pennsyl- vania, "West Virginia, Ohio, Indiana and Il- linois in 1890. December 30, 1916, the Pitts- burgh, Cincinnati, Chicago & St. Louis Rail- road Co. was incorporated in same states, under agreement ' of merger and consolidation, effective Jan. 1, 1917, of following roads: Pitts., Cin., Chic. & St. Louis Ry., Vandalia R. R.. Pittsburgh, Wheeling & Kentucky R. R., Anderson Belt. Ry.,' and Chicago, Indiana & Eastern Ry. The lease of the Little Miami R. R. to the Pittsburgh, Cincinnati, Chicago & St. Louis Ry. and the lease of the Terre Haute & Peoria R. R. to the "Vandalia R. R. have been assumed by the consolidated com- pany. The purpose of the consolidation was to obtain the benefits resulting from the oper- ation, accounting, financing and general ad- ministration of these properties as a united corporation. The consolidated company as- sumed the outstanding indebtedness of each of the constituent companies with the excep- tion of $500,000 Chicago, Indiana & Eastern Ry. Co. 1st 5s' (all owned by the Pennsylvania Co.), which were exchanged at 50 for stock of the new company. The $1,000,000 stock of the Chicago, Indiana & Eastern Ry. Co. received merely a nominal amount ($100) of stock of the new company. The company owns 1,853 miles of road and operates under con- tract and jointly with other roads 546 miles additional. Of the line owned, 638 miles are double tracked, 113 miles has third track and 40 miles fourth track. As of Dec. 31, 1918, $65,117,335 of the $84,511,775 common stock was owned by the Pennsylvania Co., which is controlled through ownership of its entire capital stock by the Pennsylvania R. R. Co. Secured (all the above series equally) by direct mortgage on 1,143.68 miles of road, viz. : A first lien on 623.45 miles — Miles Pittsburgh, Pa., to Columbus, Ohio 189,72 New Cumberland Jet, to Chester, W. Va 22.19 Cadiz Jot. to Cadiz, Ohio 7.94 Rendcomb Jet. to Hamilton Jet., Ohio. 24.48 New River Jet., Ohio, to Richmond Div. Jot., Ind 39-27 Indianapolis to Jetlersonville, Ind 108.46 Ohio Falls to New Albany, Ind 4.61 Columbus to Madison, Ind 44.95 Columbus to Cambridge City, Ind 62.01 Rosslyn to Lewis Run Jet., Pa 0.99 Connecting O. C. Ry. and P. C. C. & St. L. Ry 2.68 Burgettstown to Atlasburg. Pa 4.19 Junction with Burgetts Br. to Cherry Vy., Pa 3.99 Junction New Albany Br. with Main Line. Jeffersonville, Ind 1.61 Langeloth to Studa, Pa 6. 5« A second lien on 620.23 miles — Covered by the first lien of the follow- ing: Chic, St. L. & Pitts. R. R. 1st Cona. 5s,- 1932 681.62 Chartiers Ry. Co. 1st 3%s, 1931 38.71 Prior I.icns — $1,492,000 Chic, St. Louis & Pitts. R. R. Cons. 5s, 1932. for retirement, of which bonds of this issue have been re- served and $625,000 Chartiers Ry. 1st 3^4s, 1931, which are practically all held by the Pennsylvania R. R. Co. In Insurance or Re- serve Funds. Year ended Dec. 31 Gross Net 'Charges tl918. .811,334,094 $11,558,297 $6,828,318 1917., 73,507,628 14,713,615 10,134,021 1916.. 64,036,497 15,769,036 8,903,644 •Hire of eauipment, rentals, interests and sinking funds. tCorporate Income Account-standard return under Federal control. I,esal for Bait.. Me., Mich., Minn., N. H., N. J.. R. I. and 'Wis. liisted on the New York and Philadelphia Stock Exchanges and Series "A," "B" and "D" on the London Stock Exchange. Market. Ne-w 'York — ^Active on N. Y. Stock Exchange. Philadelphia — ^West & Co., Graham, Parsons & Co., Lloyd & Palmer, Biddle & Henry, "U^heeler, Elliot & Mann, Montgomery & Co., S. K. Phil'.ips, E. B. Smith & Co., Chas. Fearon & Co., C. C. Harrison, Jr., & Co,, E. W. Clark & Co., Brown Bros. & Co., El- kins, Morris & Co., Welsh Bros., Harper & Turner, Rellly, Brock & Co., Thos. A. Biddle & Co. Boston — Harris, Forbes & Co, Cliicago — Harris Trust & Savings Bank. Omaha — City Trust Co. Pittsburgh — R. B. Hutchinson & Co., Lyon, Singer & Co., Uni n Trust Co,, Kean, Taylor & Co, Price Range— N. T. S. E. Jan. 1, l»4 Dec. 1917.. 13,184.430 4,468,394 3,494,680 Low. 123 Oct. 26, '11 100 Jan. 1916.. 12,123,276 4,587,824 3,363,637 1915.. 11,670,091 3.776,166 3,346,417 , ^„. .„ „ „ ♦Not including interest on Income Bonds. PITTSBURGH RAILWAYS CO. 40-Year Gem. OS. Due April 1. 1953. PITTSBURGH: ROIXS CORPORATION 1st Dated April 1. 1913. Interest payable c„„y_ g5. D„e j„iy i, 1932._F. April 1, and Oct. 1 at Guaranty Trust Co.. Dated Aug. 1, 1917. Interest payable Jan. ^"^iJ' '^°„'?\ 1 and July 1, at Philadelphia. Tax Status— 2% Federal Income Tax paid lax Status — 2% Federal Income Tax jatd by company without deduction. by company without deduction. Authonzea— $20,000,000. Tax exempt in Pennsylvania. Outstanding— $2,123,000. Authorized— $1,000,000. Oivnea by FhUadelphia, Co.— $416,000. Outstanding— $934,000 (Jan. 1, 1919). In Treasul-y- $3,416,000. Held in S. F.— $«6.000. Reserved to Retire Southern Traction 1st 5s Denomination — Coupon. $1,000. Reglsterable —$4,000,000 as to principal. Reserved for Ext. — $10,000,000. Trustee — Philadelplila Trust Co.. Philadel- Denominationt — Coupon $1,000. Reglsterable phia. as to principal. Redeemable at 105 and Interest on any In- Trustee — Guaranty Trust Co.. New York. terest date on 60 days' notice. Redeemable at 106 and interest on any in- Convertible into common stocic at par after terest date. Jan. 1, 1918. Organization and) Control — Incorporated in Sinlcing Fund — Annually. $25,000 plus In- Pennsylvania in 1871 as the Surety Contract terest on bonds acquired for the purchase or Co. and in October, 1900, the name was redemption of these bonds ■ at not over 105 changed to the Southern Traction Co., which and interest. The mortgage also provides company acquired the entire capJital stock of for an additional sum equal to one-half of the West End Traction Co. in 1900. The en- net earnings after a 7% dividend on preferred tire capital stock of the Southern Traction Co. stock, the fund, however, not to exceed $150,- was acquired by the Philadelphia Co. in 1901 000 in any one year, and when $500,000 bonds and its name changed to Pittsburgh Railways have been acquired for the sinking fund no Co. The company directly owns 3.83 miles fund is required except $25,000 annually plus ■of street railway and operates under leases interest on bonds acquired, or operating agreements 601.41 miles street Organization — Incorporated In Virginia July, railway in and around Pittsburgh, Pa. 1917. as successor to the Seaman-Sleeth Co.. Receivership — Receivers were appointed established in 1857. The company manufac- April 23, . 1918. tures chilled and sand iron rolls and pinions Secured by a direct mortgage on 3.83 miles ^^%^ '" rolling mills, of track in Pittsburgh, and a collateral lien Ssecured by a first mortgage on all the prop- by pledge of stocks, demand notes, and bonds ^'^^ °* *« company. The company's plant of various companies ownSng 138.59 miles of '= located in Pittsburgh, Pa., and covers an track in and around Pittsburgh. ^''^^ o' 153,000 square feet. Replacement cost Prior Liens — The following issues are prior °' "'a-"* ^^^ equipment, together with pig iron in lien either by direct mortgage or by prior J"? „!"^*'„™^'^' °" '^^^^' estimated as $1.- pledge of securities pledged hereunder: 625,930. Real estate appraised at $363,146. Year ended Dec. 31: .„ ^ „ „ „ ., Outstanding gross Net Int. & S. F. Allegheny. Belleville & PerrysVille 1918. . $2,145,966 $389,028 $86,000 T,^'''. ■'^' P^V,-''^^' VJo/'WVl JS""''""' Original Market— $1,000,000 ofEered July, Ben Avon & Emsworth St. Ry. Ist 1917_ by Wm. Morris Imbrie & Co.. New 5s. 1936 300,000 york and Chicago. East McKeesport St. Ry. 1st 6s, Market. 1329 260,000 Pittsburgh — Goddard, Hunter & Co., Lyon, Mount "Washington St. Ry. 1st 6s Singer & Co., Moore, Leonard & Lynch. 1933 1,600,000 New York — Moore, Leonard & Lynch, Mor- Pittsburgh, Canonsburg & Washing- ton Lachenbruch & Co., Baker, Carruthers ton Ry. 1st 6s, 1937 750,000 & pa'i, t. Hall Keyes & Co., Vilas & Hickey. Pittsburgh & Charleroi St. Ry. 1st Price Range 6s, 1932 2,446,000 Jan. 1. '17 to Jan. 1. '19 ' 1918 West Liberty & Suburban St. Ry. j3i^ j^sl^ 3j^ ^gj^ 1st 5s. 1938 260.000 High.90'18 97% '17 90 Dec. 95 Dec. United Traction Co. Gen. 5s. 1997 4.804,000 Low. 86 '18 93 '18 86 Mar. 93 Sept. Second Avenue Traction 5s, 1934.. 2,026,000 Washington & Canonsburg Ry 1st PITTSBURGH, SHAWMUT & NORTHERN 6s. 1932 ................ 475,000 RAILROAD CO. Receivers' Certificates. Washington Electric St. Ry. 6s, ,„^„„„ Dated Outstanding Due Rate 1927 ...................... 125,000 Junel, 1917 $16,000 June 1, 1919 6% Southern Traction Co^ 6s 1960 4,000,000 Aug, 1. 1917 1.600,000 Aug. 1, 1919 6% West End Traction Co. Cons. 6s, gept i_ 1917 200,000 Sept. 1. 1919 6% 1938 981.000 Mar. 1. 1918 $876,000 Mar. 1. 1920 6% Pittsburgh & West End Passenger ^^„ ^„„ Interest on all issues payable semi-annually ^■^"i ^\ ^i^^ „••■■;■;;■■■.; -.V W/ ^'^^•'""' 'rom date of bonds. Pittsburgh, Crafton & Mansfield St. Note.— These certificates were extended to Ry. 1st 63, 1924 176.000 the above dates from time to time as they matured. Total $18,926,000 xax Status — Payment of Federal Income Tax Underlies — $10,000,000 Income Bonds due not assumed by company. 1953. Tax exempt in Pennsylvania. 1004 Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Redeemable on any Interest date at par and Interest. Organization and iEaminga — See 1st 5s. Secured by a first mort^ag^e on 172 miles of railway and 26,000 acres of coal land de- scribed under 1st 5s and Ist 4a. Underlies — 1st Sa and Ref. 48. Original Market — Issue of June, 1917, first offered by Charles H. Jonea & Co., New York. Issue of Aug., 1917, by Kidder, Feabody & Co., Boston and New York, In 1910 at 96% and interest. Issue of*1916 by William Salo- mon & Co., and Khoadea & Co. of New York, at 97.84 and interest. Price Ramge 1918 — Ask 85 (Issue Mar., '18). Price Ranee. Jan. 1. '08 to Jan:. 1, '19 1918 . Bid Ask Bid Ask High.60 '11 65 '09 5f. Dec. lOf. Dec. Low. 4f.'17 7f.'18 7f. Feb. PITTSBURGH, SHAWMUT & NORTHERN RAILROAD CO. 1st 5s. Due Feb. 1, 1949.- Dated Feb. 1, 1899. Interest payable Feb. 1 and Aug. 1. In default since 1905. Tax exempt in Pennsylvania. Author ized—$ 1 2 , . . Oatstanding — $164,000 (Jan. 1, 1918). Deposited under P. & S. R. R. Co. Ist 5s of 1959— $58,000. Exclianged for Ref. 1st 4s of 1952 — $5,836,- 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest any time. Organization and Control — Incorporated in Pennsylvania and New York in 1899. Placed in receivers' hands in 1905. The lease of the Pittsburgh & Shawmut R. R. expired in 1916 and that property is now independently oper- ated. No plan of reorganization has as yet been proposed (March 1, 1919). Secured by second mortgage on 159.97 miles of road, viz. : Miles Hyde, Pa., to Wayland Jot., N. Y 144.61 Hazelhurst to Kasson, Pa 4.81 Clean to Prosser, N. Y 9 . 01 Weedville to Brown's Run-Mine, Pa.... 1.54 and on about 10.000 acres of coal lands In Blk County, Pa. Prior liiens — $2,590,000 receivers' certifi- cates. Foreclosure of Prior Lien — The Pacific Im- provement Co. (of California), which owns $650,000 bonds of the old Central New York & "Western R. R. Co. have been restrained from foreclosing on the 75 miles of road be- tween Glean and Wayland. Justice Taylor in Special Term of the Supreme Court at Buffalo on Jan. 8. '18, in restraining the Improvement Co. required the Railroad Co. (or its re- ceiver) to furnish a bond for $400,000 to pro- tect the Improvement Co. against loss through postponement of its right to foreclose and also to pay $1,500 into court to cover the cost of readvertising the sale. The bond issue in question originally amounted to $950,000, but $217,000 were bought in and believed to have been cancelled and $83,000 are held by Re- ceiver Frank Sullivan Smith personally. The bondholders of the Pittsburgh, Shawmut & Northern have opposed the proposal of the receiver to issue certificates to retire the debt to the Improvement Co. (Jan. 21, '18). UnderUes — Ref. 1st 4s of 1952. Market. Philadelphia — Louchhelm, Minton & Co., B. W. Clark & Co. New York — Louchheim, Minton & Co., Evans, Stillman & Co., Tobey & Kirk. PITTSBURGH, SHAWMUT & NORTHERN RAILROAD CO. Ref. 1st 4s. Due Feb. 1, 1952. Dated February 1, 1902. Interest payable Feb. and Aug. 1. In default since 1905. Tax exempt in Pennsylvania. Authorized — $15,000,000. Outstanding in Hands of Pabllc — $2,538,600. Deposited under the Pitts. & Shawmut 1st 6s — $11,953,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Organization — See 1st 5 s. Secared by a third mortgage on road de- scribed under the 1st 6 s above and a second mortgage on 12 miles of road from Paine Jet. to Cardiff, Pa. Further secured by a second mortgage on 16,000 acres of coal land In Blk and Clearfield Clountles. Pa. Prior Liens — $164,000 1st 6s on the railroad property and $2,590,000 receivers' certificates on the entire property. Market. New York— Wm. A. C. Bwen. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.40f.'10 42f.*10 If. Feb. 15f. Jan. Low. If.'lS 2f.'18 2f. Aug. (THE) PITTSBURGH, SHENANGO & LAKE ERIE RAILROAD CO. 1st 5s. Due Oct. 1, 1940.— F. Dated October 1 , 1890. Intereat payable April and Oct. 1, at Trustee's office. . Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3,000,000. Outstanding — $2,989,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed as to interest under terms of the lease of the Pittsburgh, Bessemer & Lake Erie R. R. Co. to the Bessemer & Lake Erie R. R. Co. The fulfillment of the terms of this lease are guaranteed by the Carnegie Steel Co. Control — ^Absorbed by the Pittsburgh, Besse- mer & Lake Erie R. R. Co. For further de- tails and earnings, see that company's 1st 6b. Secured by first mortgage on 119.71 miles of road, viz. : Miles Butler to "Wallace Jet., Pa 106.47 Branchton to Hilliards, Pa 10.40 Mercer Jet. to Mercer, Pa 0.82 Allegheny Jet. to Argentine, Pa 2.02 The line from Butler to Wallace Jet. 1b double tracked. Underlies — Pittsburgh, Shenango & Lake Erie Cons. 1st 5s of 1943. Pittsburgh, Besse- mer & Lake Brie Cons. 1st 5s of 1947 and Debenture 5s of 1919. Bonds are reserved under the P., B. & L. E. Cons. Mtge. to retire this issue. Legal for Me. and Mo. liisted on, the New York and Pittsburgh Stock Exchanges. Market. New York — Sam'l Goldschmidt, Hornblower & "Weeks, Miller & Co., Louchhelm, Mlntpn & Co., Morton. Lachenbruch & Co., Hartshorne 1005 & Batteile, F. J. Lisman & Co., B. & C. Ran- dolph, Callaway, Fish & Co.. Seasongood, Haas & Macdonald, F. H. Hatch & Co., I^iorn, Lehman & Co., Chas. W. Place, Taylor, 'Smith & Hard. Philadelphia — West & Co., Graham, Parsons & Co., F. R. Welsh, B. W. Clark & Co., E. B. Smith & Co., Chas. Fearon & Co., Gra- ham & Co., Harper & Turner, Welsh Bros., Biddle & Henry,. Huntoon & Co., Warren A. Reed, Wheeier, Blliot & Mann. Pittsburgh — Goddard, Hunter & Co., Ward- Darley-Lupold Co., R. B. Hutchinson & Co., Kean, Taylor & Co., Lyon, Singer & Co., Moore, Leonard & Lynch. liost-oii — Hornblower & Weeks, Spencer Trask & Co. Chicago — Hornblower & Weeks. Price Range — N. Y. S. E. Jan. 1, '08 to Jan. 1, '19 1918 High.120 Jan. 30, '06 99 Jan. 24 Low. 98 Dec. 26, '17 99 Jan. 24 (THE) PITTSBURGH, SHENANGO & LAKE ERIE RAILROAD CO. Cons. 1st 5s. Due July 1, 1943.— F. Dated July 1, 1893. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $4,800,000. Outstanding — $574,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co. , New York. Control and Guarantee — See 1st Ba. For other details see Pittsburgh, Bessemer & Lake Brie 1st 53. Secured by direct mortgage on 136.29 miles of road, viz. : A first lien on 16.58 miles — Miles Cranesville Jet., Pa., to Conneaut Har- bor, Ohio 14.40 Cascade to firie. Pa 2.18 A second lien on 119,71 miles — Covered by the Pittsburgh, Shenango & L. E. 1st Bs 119.71 Also secured on the terminals, dock and har- bor facilities of the company at Conneaut Harbor, Ohio. Prior Liens — $2,989,000 1st 5s of 1940. TJnderlies — Pittsburgh, Bessemer & Lake Brie Cons. 1st 5s of 1947. Bonds are re- served under the Consol. Mortgage to retire this issue. Legal for Maine, Listed on the New York and Pittsburgh Stock Exchanges. Market. New York — Sam'l Goldschmidt. Holmes. Bulkley & Wardrop, Morton Lachenbruch & Co.. Coffin & Co.. F. H. Hatch & Co., Taylor, Smith & Hard. Philadelphia — West & Co., Graham, Parsons & Co., F. R. Welsh, E. W. Clark & Co., Harper & Turner, Biddle & Henry, Huntoon & Co., Welsh Bros. Pittsburgh — R. B. Hutchinson & Co., Holmes, Bulkley & Wardrop, Lyon, Singer & Co. Price Range — N. Y. S, E. Jan. 1, '06 to Jan. 1. '19 1918 Bid High.113% Nov. 24, '11 96 Apr. Low. 97^/4 Dec. 13, '17 90 July Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $7,000,000. Outstanding — $3,490,000 (Jan. 1, 1919). Retired by Sinking Fund — $831,000. Pledged under Cons. 4V^s, 1945 — $2,300,000. None of these Cons. 4^s are in the hands of the public. Reserved to Retire West Side B«lt R. R. Ist 5s— $379,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Colonial Tmist Co., Pittsburgh, Pa. Sinking Fund — Annually a sum equal to eight cents a ton on all coal mined from the company's property. Organization and Control — Incorporated in Pennsylvania in 1 9 02. All of the stock is owned by The Pittsburgh & West Virginia Railway Co., which succeeded by forecloseure the Wabash-Pittsburgh Terminal Ry. Co. The Pgh. T. R. R. & Coal Co. owns practically the entire capital stock of the West Side Belt ,R. R. Co. That company owns 22 miles of road from Pittsburgh to Clairton, Pa., where it connects with the Wabash-Pittsburgh Ter- minal Ry, Secured by a first mortgage on 15,000 acres of coal land and 700 acres of surface land, situated on the line of the West Side Belt R. R. Co. and the Pittsburgh & West Virginia Ry. Co. The total coal tonnage is estimated at approximately 90,000,000 tons. Further se- cured by a first lien on $1,065,000 of the $1,080,000 stock of the West Side Belt R. R. Co. Underlies — Pittsburgh Terminal R. R. & Coal 1st Cons. 4^8 of 1945, which provide for the retirement of this issue. Market. New York — H. I. Nicholas & Co., Baker, Carruthers & Pell, Morton Lachenbruch & Co., E. & C. Randolph, John Davenport, J. S. Firlee & Co., F. H. Hatch & Co., F. J. Lis- man & Co. Pittsburgh — George, Allen & Whitehouse, R. B. Hutchinson & Co. , R. W. Evans & Co., Lyon, Singer & Co. Philadelphia — Chas. Fearon & Co., Harper & Turner, Graham, Parsons & Co., Welsh Bros., Biddle & Henry, Brown Bros. , Warren A. Reed. Price Range. Jan. 1, '08 to Jan, 1, '19 1918 Bid Ask Bid Ask High.io:^ '10 105 '09 98 June Low. 73 '16 83 '14 86^^ Mar. 95 Jan. PITTSBURGH TERMINAL RAILROAD & COAL CO. 1st S. E. 58. Due July 1. 1943.— F. Dated July 1, 1902. Interest payable Jan, and July 1, at Trustee's office, Pittsburgh, Pa. PITTSBURGH TERMINAL WAREHOUSE & TRANSFER CO. 1st Ref. 5s. Due Nov. 1, 1936.— F, Dated Nov. 1, 1906. Interest payable May and Nov. 1, at Pittsburgh Trust Co., Pitts- burgh, Pa., and Equitable Trust Co., New "York, N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,969,000. Denomination — Coupon, $1,000. Trustee — Pittsburgh Trust Co., Pittsburgh, Pa. • Organization — Incorporated in Pennsylvania in 1898. Secured by a first mortgage on warehouses, cold storage house, union freight station, dis- tributing depots for manufacturers, etc., cover- ing three city blocks, bounded by Carson, Third, Fourth and McKean Streets and the Monongahela River. These buildings, located 006 on the .South Side of Pittsburgh, have both rail and river facilities. ^ Year ended Dec. 31 Gross Net Interest 1918 $394,685 $163,188 $100,858 1917 348.943 151,649 100.498 1916 317.125 159,677 99,096 1916 327,206 192,096 96,282 1914 311,920 176,853 94,527 listed on the Pittsburgh Stock Exchange. Original Market — Offered in 1910 by Ussing, Scoville & Co., Pittsburgh, New York and Philadelphia. Market. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co., J. W. Sparks & Co., Newburger, Henderson & Loeb. New York — Newburger, Henderson & Loeb. John Davenport. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 -Bid Ask Bid Ask High.99Mi 11 1011/^ *13 95 Jan. 100 Jan. Low. 83 '18 85 '18 83 July 85 July PITTSBURdH TRACTION CO. 1st 5s. Due Oct. 1, 1987. — F. Dated 1887. Interest payable April and Oct. 1, at Fidelity Title- & Trust Co., Pittsburgh, Pa. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $750,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Fidelity Title & Trust Co., Pitts- burgh. Pa. Organization and Control — Incorporated in Pennsylvania in 1887, with power to construct and operate machinery for supplying motive power to passenger railways, and to lease, operate and purchase securities of companies which it supplies with power, or whose prop- erty it leases. The company has not the power to build railways, nor has it ever con- structed any. It leases for 999 years the prop- erties of the Pittsburgh, Oakland & East Lib- erty Ry. Co.. the Central Transit Co., and Bloomfield St. Ry. Co. and owns the entire cap] tal stock of each company. Leased for 950 years to the Consolidated Traction Com- pany of Pittsburgh, which ia controlled by the Philadelphia Company, and operated by the Pittsburgh Ry. Co. Lease provides for the payment of interest, taxes, operating and maintenance expenses and 7% per annum on the stock. Receivership — April 23. 1918, the Pittsburgh Rys. Co. was placed in the hands of receivers. Secured by a flrst mortgage on the power plants of the company (most of which are now probably in disuse) and a flrst lien on the entire $150,000 capital stock of the Pittsburgh, O. & B. L. Ry. Co. and the entire $100,000 capital stock of the Central Transit Co. The companies whose stock is deposited -own street railways from Market St. on Fifth Ave. to Shady Ave., on Shady and S. Hiland Aves. from Fifth Ave. to Penn. Ave., and on Atwood St. from Fifth Ave. to Boquet St. to Frazier St. to Ward St. to Atwood St. Fifth Avenue is one of the principal business streets in Pittsburgh and this line affords transit facil- ities between the heart of that city and the residential section in the East End, and also Wilkinsburg and other populous suburban towns. Franchises are perpetual. The mort- gage contains no provision preventing the com- panies whose stocks are deposited from placing a direct mortgage on their property. Note — The Pittsburgh, Oakland & East Lib- erty St. Ry. Co. owns 13.7 miles of track and has a perpetual franchise. The Central Tran- sit Co. owns 0.73 miles of track and has a 600-year franchise. Neither company has any mortgage debt. Listed on the Pittsburgh Stock Exchange. Market. Phialdelphia— F. R. Welsh, E. W. Clark & Co.. S. K. Phillips & Co. New York — Hornblower & Weeks, R, C. Megargel & Co. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Pittsburgh — Moore, Leonard & Lynch. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.105 '10 108 '10 75 Dec. Low. 75 '18 99 '17 PITTSBURGH. VIRGINIA & CHARLESTON RAILWAY CO. 1st 49. Due Nov. 1, 1943. Dated Feb. 1, 1904. Interest payable May and Nov. 1, at Penn. K. R. Co. office, New York, and Broad Street Station, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $6,000,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trusfee — Girard Trust Co., Philadelphia- Guaranteed principal and interest by the Pennsylvania R. R. Co. Assumed by the Penn. R. R. Co., Dec. 31. 1915. Control — Absorbed by the Pennsylvania R. R. Co. Secured by first mortgage on 90.74 miles of road, viz. : Miles Pittsburgh (McKean St. ) to south of Denbeau, Fa 57 . 43 West Brownsville Jet. to Redstone Jet., Pa 16.51 Branches 16.80 Underlies — Penn. R. R. Co. Gen. 4^s of 196 5, which provide to retire this issue. Legal for Cal. , Conn. , Me. , Mass. , Mich. . Minn.. Mo., N. H., N. J., N. T., R. L, Vt. and Wis. Listed on the New York and Philadelphia Stock Exchanges. framings included in those of Pennsylvania R. R. Co. Original Market — $ 6.000,000 offered May, 1904, by Harvey Fisk & Sons and Kuhn, Loeb & Co., both of New York. Market. Philadelphia — Graham, Parsons & Co., B. W. Clark & Co., Reed A. Morgan & Co., Welsh Bros., West & Co., Biddle & Henry, Chas. Fearon & Co., Warren A. Reed. Pittsburgh — R. B. Hutchinson & Co. Nmv York — Redmond & Co., Taylor, Smith & Hard. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.97 '16 98 '16 87 Dec. Low. 75 ^^ '18 96'16 75% July PITTSBURGH-WESTMORELAND COAL CO. Ist 58. Dne May 1, 1947. — F. Dated May 1, 1907. Interest payable May and Nov. 1, at Peoples' Savings & Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. 1007 Authorized — $6,000,000. Secnred by a first mortgage on 123 miles of Outstanding — $4,050,000 (Marcii 1, 1919). road from Ashtabula Harbor, Ohio, to Ken- Retired by S. F. — $126,000. wood. Pa.; Niles to Alliance Jot., Ohio, and Denomination — Coupon, $1,000. Eegisterable other branches, of which 62 miles are double- as to principal. tracked. These bonds are Outstanding at the Trustee — Peoples' Savings & Trust Co., Pitts- rate of $12,700 per miles, burgh. Pa. Underlies — Pittsburgh, Youngs. & Ash, lat Redeemable on any interest date at 102% Gen. 4a of 1948. Bonds are reserved under and interest. that mortgage for the retirement of these Sinking Fund — 5 cents per ton of run-of- bonds, mine coal. I^egal for Cal., Conn., Me., Mich., Minn., Organization and Control — Incorporated in Mo., N. H., N. J., R. I. and Wis. Pennsylvania in 1907 as a consolidation of the Listed on the New York and Philadelphia Pittsburgh & Westmoreland and other coal Stock Exchanges, companies. Receivers appointed in 1914. Jan., Market. 1917, the properties of this company were Philadelphia — West & Co., Graham, Parsons purchased by the Midvale Steel & Ordnance & Co., Brown Bros. & Co., Harrison & Co., Co. for $9,000,000. Biddle & Henry, Chas. Fearon, B. W. Clark Secured by a first mortgage on 11,600 acres & Co.-, Elkins, Morris & Co., Welsh Bros., of unmlned coal and a second mortgage on B. B. Smith & Co., Bauer, Starr & Co., War- 5,300 acres, including equipment. Also a first ren A. Reed. mortgage on 700 acres of surface and a sec- New York — Moore, Leonard & Lynch, B. & ond lien on 300 acres of ground. All of this C. Randolph, Wm. C. Orton, Struthers & His- property is located in Westmoreland, Greene coe, F. H. Hatch & Co., Chas. W. Place, Red- and Washington Counties, Pa. mond & Co., Taylor, Smith & Hard. Prior Liens — $592,000 Pittsburgh & West- Pittsburgh — ^Moore, Leonard & Lynch, R. B. moreland Coal Co. 1st 5s, due 192B, for the Hutchinson & Co., B. W. Bvans & Co., Lyon, retirement of which bonds of this issue have Singer & Co. been reserved. Market. Price Range. Philadelphia — Brown Bros. & Co., West & Jan. 1, '08 to Jan. 1, '19 1918 Co., Chas. Fearon & Co. Bid Ask Bid New York — Moore, Leonard & Lynch, C. H. High.lll '10 116 '10 100 Dec. Hensel, E. & C. Randolph, Morton Lachen- Low. 90% '17 97 '17 91% Jan. bruoh & Co.. Baker, Carruthers & Pell, H. I. Nicholas & Co. PITTSBURGH, YOUNGSTOWN & ASHTA- Fittsburgh — Duauesne Bond Corp., Moore, BTJLA RAILWAY CO. 1st Gen. 4s. Due Leonard & Lynch, Goddard, Hunter & Co., Jane 1, 1948. — F. George, Allen & Whitehouse, Ward-Darley- Dated June 1, 1908. Interest payable June Lupo'.d Co.. Wm. P. Lemley & Co., W. B. and Dec. 1, at Penn. R. R. Co., New York. Ballard. Lyon. Singer & Co. Tax Status — 2% Federal Income Tax paid Cleveland — Otis & Co. by company without deduction. Price Range. Tax exempt in Pennsylvania and Ohio. Jan. 1, '08 to Jan. 1, '19 1918 Authorized — $15,000,000. Bid Ask Bid Ask Outstanding — $4,316,000 (Jan. 1, 1919). High.88 '17 90 '12 83 Apr. 88 Mar. Redeemed by Sinking Fund— $235,000. Low. 60 '15 70 '15 80 July 82 July Reserved to Retire Prior Lien — $1,562,000. Denomination — Coupon, $1,000. Registerable PITTSBURGH, YOUNGSTOWN & ASHTA- as to principal. BULA RAILROAD CO. 1st Cons. 58. Due Trustee — Central Union Trust Co., New Nov. 1, 1927.— F. York. Dated Nov. 1, 1887. Interest payable May Sinking Fund — 1% of the bonds outstanding and Nov. 1, at Penn. R. R. Co., New York. annually to be applied to the purchase and Tax Status — 2% Federal Income Tax paid cancellation of these bonds at not exceeding by company without deduction. Par and interest. If not so purchasable the Tax exempt in Pennsylvania and Ohio. *"hd shall revert to the company. Authorized — Closed mortgage. Guaranteed as to principal and interest un- Outstanding — $1,647,000 (Jan. 1, 1919). der terms of lease to the Pennsylvania Corn- Retired by S. F. — $15,000. pany. Denomination — Coupon, $1,000. Registerable Organization and Control — See 1st Consol. 5s. as to principal. Secured by direct mortgage on 137.56 miles Trustee — Farmers' Loan & Trust Co., °' Toa.a, viz.: New York -*- first lien on 14.62 miles — Miles Sinking 'Fund-Annually, 1% of bonds out- Wampum Jet. to Homewood, Pa 6.27 standing to be applied to their purchase and Lawrence Jet. to New Castle, Pa 3.29 cancellation at not exceeding par and Interest. Coverts to Walford, Pa 6.06 If not so purchasable, fund shall revert to -A- second hen on 122.94 miles— the company. Covered by the first lien of the 1st Cons. Guaranteed principal and interest under 5s 122.94 terms of lease by the Pennsylvania Company. Prior liens— $1,562,000 Pittsburgh, Youngs- Organization and Control— Incorporated in 'own & Ashtabula R. R. 1st Cons. 5s of 1927. Pennsylvania and Ohio in 1906. The com- Legal for Cal., Conn., Me., Mich., Mmn., pany has outstanding $9,089,000 preferred N. H., N. J., R. L and Wis. stock and $2,100,000 common stock, of which Original Market— $900,000 offered in Aug., $5,774,600 of the preferred stock and all of ISCS, by Brown Bros. & Co., New York, and the common stock Is owned by tlie Pennsyl- Henry & West, Philadelphia, at 99 and inter- vanla Company, which leased the road at a est. $640,000 offered by the same firms in rental equivalent to interest, taxes, main- Sept., 1913, at 93 and interest, tenance and dividends of 7% per annum on Market. both classes of stock. New York — Hartshorne & Battelle, B. & C. This lease was assigned to the Pennsy'.vania Randolph, Wm. C. Orton, Morton Lachen- R. R. Co. Jan. 1. 1918. and the property is bruch & Co., Struthers & Hiscoe. F. H. Hatch now operated by the latter company. ^' Co., Taylor, Smith & Hard. 1008 Philadelphia — E. W. Clark & Co., Chae. Pearon & Co., Blkins, Morris & Co.. E. B. Smith & Co., West & Co.. Graham, Parsons & Co., Henry & Kirkbride, Brown Bros. & Co.. Biddle & Henry, Wheeler, EUiot & Mann. Hun- toon & Co., Warren A. Reed. Pittsbureh — R. B. Hutchinson & Co., God- dard, Hunter & Co., Ward-Darley-Lupold Co., Lyon. Singer & Co. r^ce Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 101 '09 101% '09 90 Feb. 92 Feb. Low. 83 *17 84 '18 83 July 84 July PITTSFIEI.D (MASS.) ELECXKIC CO. 15- Year 1st 6s. Dae Feb. 1, 1933.— F. Dated Feb. 1. 1918. Interest payable Feb. 1 and Aug. 1, in Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $400,000. Additional bonds can be issued only to an extent such that the total amount of bonds outstanding shall never be greater than the par value of the capital stock of the company at the time issued and outstanding, and de- voted to the purposes of the company and then only when net earnings of the company for a period of twelve consecutive months within the preceding fourteen months shall have been, in the aggregate, not less than two and one- half times the annual interest charge on the bonds then outstanding, including those pro- posed to be issued. Purpose of Issue — To provide for refunding $150,000 mortgage bonds maturing May 1, 1918, and for the funding of floating indebted- ness incurred in connection with additions and extensions. Denomination — Coupon, $1, 000. Hegisterable as to j^rincipal only or fully registerable. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable as a whole only on 60 days' notice on Feb. 1, 1923, and on any Interest date thereafter at 107 to and including Aug. 1, 1927, and thereafter at 104 to and including Aug. 1, 1930. Organization — Incorporated in Massachusetts in 1890. Outstanding Capital stock $444,800 Premium 69,950 Total paid In on stock $514,750 Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired, including the company's two power plants (total capacity, 8,050 h. p.), its traas- mlssion lines (31 milea high tension), its dis- tributing lines (884 milea) and real estate in the city of Pittsfield and neighboring towns. The company does the entire domestic and commercial electric light and power business in Pittsfleld, and in the towns of Dalton, Hins- dale, LanesboEO and Richmond, and supplies power in Lee (all in Massachusetts). Popula- tion served, 50,517. The company operates under Its charter rights granted by the State of Massachusetts. Locations for poles and transmission lines are granted by city and town authorities. Year ended Dec. 31 Bond Gross Net Interest 1917 $386,266 $99,011 $24,000 Original MJirket — $400,000 offered Feb., 1918, by Harris. Forbes & Co., Inc., Boston, at 100 and Interest. market. Boston — L. Sherman Adams. PLAINFIELD GAS & EIiEC3TBIC MGHT CO. Gen. 5s. Due April 1, 1940. — F. Dated April 1, 1900. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized — $500,000. Outstanding — $500,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Controlled by the Somerset, Union & Middle- sex Lighting Co. by merger. The last-named company is leased to the Public Service Corp. of New Jersey for 900 years from Dec. 31, 1903. which company agreed to p^ all ex- penses, taxes, interest and dividends on stock. In 1909 that part of lease relating to gas property was assigned to Public Service Gas Co. and in 1910 that relating to electricity to the Public Service Elec. Co. The entire stock of these companies is owned by the Public Serv. Corp. of N. J. Secured by a first mortgage on the gas and electric properties in Piainfield, N. J. Underlies — Somerset, Union & Middlesex Lighting Co. 1st 4s of 1943, which provide to retire this issue at maturity. Market. New York— W. E. R. Smith & Co., Van Sant & Legg. N«wark — J. S. Rippel, Post & Flagg. Pateorson — Francis K. McCuUy. Providence — Hornblower & Weeks. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Hligh.102 '16 103^^ '16 98 Mar. Low. 9S '18 103% '16 PLAINFIEIiD UNION WATER CO. Bef. Ist 58. Due May 1, 1931. — F. Dated April 10, 1911. Interest payable March and Sept. 1. at National State Bank, Elizabeth, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. ' Authorized — $3,000,000. Outstanding — $750,000 (March 31. 1918). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Newark. Redeemable on May 1, 1916, or any Interest date thereafter at 105 and interest. Organization — Incorporated in New Jersey In 1906 as a consolidation of the Piainfield "Water Supply Co. and the Union Water Co. Secured by a first mortgage on plant supply- ing water to Piainfield, N. J., and surrounding towns, under perpetual charter. Also supplies water to Elizabethtown Water Co., which fur- nishes water in Elizabeth. N. J. Population served, about 100.000. Franchise is perpetual. Market. Newark — J. S. Rippel, Fidelity Trust Co., Eisele & King. Price Range. Jan. 1, '16 to Jan. 1, *19 1918 Bid Ask Bid Ask High.102 '16 103 '16 97 Mar 100 Mar. Low. 97 '17 98^4 '18 98% Feb. PLATTSBURG (N. Y.) GAS & EliECTBIC CO. Ist 5s. Due Sept. 1, 1939. — F. Dated Sept. 1, 1909. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Tork. Authorized — $500,000. 1009 Outstanding— $360,000 (Jan. 1, 1919). Reserved for Extensions — $140,000. Denomination — Coupon, $1,000. Registerable as t-^ principal. Trustee — Bankers' Trust Co., New York. Organization — Incorporated in New York in 1908 as a consolidation of gas and electric properties. Secured by a first mortgage on plants sup- plying gas and electricity In Plattsburg, N. T. Property includes two hydro-electric plants on the 2aranac River with a combined capacity of 1.300 h. p. Population (1918) 11.138. Fran- chise in Plattsburg is perpetual. Year ended Dec. 31 Bond Gross Net Interest 1918* . . . $162,252 $28,484 $18,000 1917 156,711 48,405 18.000 1916 123,614 31,03 5 18.000 1915 111,465 25,973 18,000 1914 118.101 30.489 18,000 Original Market — Offered in Nov., 1909, by Perry, Coffin & Burr, Boston, at 97 and inter- est. Market. ISoston— Coffin & Burr, Arthur Perry & Co. New York — F. H. Hatch & Co Price Range. Jan. 1, '15 to. Jan. 1, '19 Bid Ask High.90 '15 95 '17 Low. 84 '16 88 '16 Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.95 '10 102 '09 78 Apr. 80 Dec. Low. 70 '17 80 '17 75 Jan. PLEASANT VAI.LEY COAX CO. 1st S. F. 5s. Due July 1, 1928.— N. Dated July 1, 1898. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment ol F^-doi-al Income Tax not assumed by company. Authorized — $1,250,000. Outstanding— $81^9.000 (May 1, 1919). Heth-?,1 by Sinkin-; Fund — $421,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable as a whole or in part for the sinking fund at 115 and interest on any inter- est date on 9 days' notice. Sinking Fund of two cents per ton of coal mined and sold, to be deposited with the Trus- tee within 30 days of every January. April. July and Oct. 1. to be applied March 1 an- nually, when $11,500 is available, to the pur- chase or redemption of these bonds at not over 115 and interest, or at company's discre- tion, , to the purchase of additional lands or improvements. Controlled by the Utah Fuel Co. through ownership of its entire capital stock, which company in turn is controlled by the Denver & Rio Grande R. R. Co. through ownership of its entire cap'ital stock. Secured by a first mortgage on all coal mines, other lands, property, machinery, build- ings, etc.. including 21,000 acres of land, esti- mated to contain 136.500,000 tons of coal; four operating mines with a capacity of 100, 000 tons of coal a month, and buildings, eaulp- ments, ovens, etc. Underlies — Utah Fuel Co. 1st 5s, due 1931. Earnings — See Utah Fuel Co. Listed on the New York Stock Exchange. Market. New York — Baker, Carruthers & Pell, Geo. S. Crap & Co., Sharretts & Young. Blodget & Co., Wm. C. Bwen. F. H. Hatch & Co., T. Hall Kej'es & Co.,' H. I. Nicholas & Co., Tay- lor & White. Boston — B'.odget & Co., Spencer, Trask & Co. POCAHONTAS COLLIERIES CO. Ist 5s. Due May 1, 1937.— P. Dated Nov. 1, 1904. Interest payable May and Nov. 1, at Kean, Taylor & Co., New York. Tax Status — 2% Federal Income Tax paid' by company without deduction. Authorized — $1,250,000. Outstanding— $595,000 (Jan. 1, 1919). Held in Sinking Fund — $655,000. Denomination — Coupon, $500. Trustee — Columbia Trust Co., New York. Sinking Fund payable from that of Poca- hontas Consolidated Collieries 1st 5s for the purchase of bonds of this issue. Control — ^Absorbed by the Pocahontas Con- solidated Collieries Co., which company was succeeded in 1917 by the Pocahontas Fuel Co., Inc. Secured by a first mortgage on all of .the property formerly owned by the Pocahontas Collieries Co., located in "Virginia and includ- ing 91 acres of coal land owned in fee, five mining plants, 1 0, 13 5 acres of coal lands leased and 820 acres of surface land owned. Underlies — Pocahontas Cons. Collieries 1st 5s. which provide for the retirement of this issue. Earnings — See Pocahontas Consolidated Col- lieries Co. Listed on the Philadelphia Stock Exchange. Original Market — Issued in exchange for col- lateral trust bonds of holding company, dollar for dollar, in Jan., 1905. Market. New York — McKinley & Morris, F. H. Hatch & Co., Baker, Carruthers & Pell, Herbert M. Salomon & Bros., B. & C. Randolph, H. I. Nicholas & Co., Phelps & Neeser, Redmond & Co. Fhiladelpliia — West & Co., Graham, Parsons & Co., H. D. Eoenning & Co., S. K. Phillips & Co., Chas. Fearon & Co. Price Range. Jan. 1, '15 to Jan. 1, '1!) 1918 Bid Ask Bid High. 98 '16 96 July L0W.S2 '15 83% '15 95 Nov. POCAHONTAS CONSOLIDATED COLLIER- IES CO. 1st S, F. 5s. Due July 1, 1957. Dated July 1, 1907. Interest payable Jan. and July 1, at New York Trust Co., New York, or at office of company. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Ontstanenomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co., Baltimore. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — ^Annually, $30,000 for the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be kept alive and interest added. It is esti- mated that this fund will retire about $390,000 bonds of this issue prior to maturity. Convertible into stock of the company at any time prior to May 1. 1917. at 125 or eight shares of stock for one bond. Organization — Incorporated in Maryland In 1914 as successor to Poole Engineering & Machine Co. Business established In 1843. The Dividends $180,000 200.000 PORT READING RAILROAD CO. 1st 5s. Due Jan. 1, 1941.— F. Dated January 1, 1891. Interest payable Jan. and July 1, at Reading Terminal. Phila- delphia. Tax Status — ^2 % Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorizied and Outstanding — $1,500,000. Denoniiiuition — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — The Pennsylvania Company for In- surances on Lives and Granting Annuities, Philadelphia. Guarantee — The guarantee of the old Phila- delphia & Reading R. R. Co. has not been assumed either by the P. & R. Ry. Co. or the Pi.eading Co. Organization and Control — Incorporated in New Jersey in 1890. The entire $2,000,000 capital stock of The Port Reading R. R. Co. is owned by the Reading Company, $1,555,000 being deposited under its General 4s of 1997 and $440,000 under its Jersey Central Col. 4s of 1951. Secured by a first mortgage on 21 miles of road extending from Port Reading Jet. to Port "Reading, N. J., and branch. This line affords the P. & R. Ry. Co. access to its extensive tidewater terminals at Port Reading, N. J., from which port the company ships a large amount of hard and soft coal to New York and New England points. No passenger service is operated over the line. Year ended Dec. 31 Net *Charges 1917 $667,650 $551,849 Year ended June 30 Net *Charges 1916 $820,064 $550,748 1915 793,004 657,313 1914 765.615 682,267 ♦Interest, rentals and taxes. Legal for Maine. Listed on the Philadelphia Stock Exch&,nge. Market. New York — Pyne, Kendall & Hollister, J. S. Farlee & Co., E. & C. Randolph, Newburger, Henderson & Loeb, Struthers & Hiscoe, W. C. 1011 Ewen, Abraham & Ce., Baker, Carruthers Gaaraateed principal and Interest by en- & Peil. Chas. W. Place, Taylor, Smith & dorsement by the Maine Central JR. R. Co. Hard. Assumed by the Maine Central R. R. Co. Philadelphia — West & Co., Graham, Farsona under terms of lease. & Co., Newburger, Henderson & Loeb, Biddle Organization and Control — Incorporated In & Henry, Chas. Fearon & Co., Huntoon & Co., Maine and New Hampshire In 1886. Leased Warren A. Reed. to the Maine Central R. R. Co. for 999 years Pittsburgh — R. B. Hutchinson & Co. at a rental equivalent to interest, taxes, main- Price Range. tenance and 2% on the stock ($4,392,538 now Jan. 1, '08 to Jan. 1, 'IM ' 1918 outstanding) and the payment of all Indebted- Bid Ask ' Bid Ask °^?,s- , ^ ^ ^ ^ ,„, „„ Hlgh.111% '12 IIL H 95 Dec. 102 Jan. Secured by a first mortgage on 101.79 miles Low 96 '17 100 '18 100 July °' ™^^ *™'" Portland, Me., to Lunenberg. Vt. This road forms part of the line between Portland and the White Mountain resorts, PORT VVTENTWOKTH TERMINAI, CORP. Montreal and Quebec. (SAVANNAH, GA.) 3-Year 7% Notes. legal for Cal., Conn., Me., Mass., Mich., Dae Oct. 1, 1920.— F. Minn., N. H., N. J., R. I. and Vt. Dated Oct. 1, 1917. Interest payable April Original Market — $2,119,000 offered in May, 1 and Oct. 1, in New York. 1908, by Kidder, Peabody & Co., R. L. Day Tax Status — zVo Federal Income Tax paid & Co. and Estabrook & Co., Boston, at 104?i by cumpany without deduction. and Interest. Authorized — $1,000,000. Market. Outstanding — $600,000. Boston — R. L. Day & Co., Bstabrook & Co. 'Denominations — Coupon, $1,000 and $500. New York — Estabrook & Co., Lee, Hlggln- Registerable as to principal. son & Co., Baker, Carruthers & Pell, Abraham Trustee — Franklin Trust Co., New Tork. & Co., P. H. Hatch & Co. Redeemable at 103 and Interest on four Portland, Me. — Maynard S. Bird & Co. Organization and Control — Owns about 3,000 i .no * i^'^'i ^mq^*' acres of terminal land and warehouse property Jan. 1, 09 to Jan. 1, 19 1918 at Port Wentworth, Ga. ; twelve miles ot belt ^^. ^ ,?„'"„„ j^r^ „ „„ ^'° „, •*■* line railroad tracks; all the common stock of a High.108 09 109% 09 93 Jan. 96 Jan. steamboat line connecting Savannah and Port L,ovr . 80 '17 SiVi '18 8814 July Wentworth. and also buildings, homes and other town developments. PORTIxAND & RCTtFORD FAIXS RAILWAY 'Capital Stock Authorized Outstanding cO. Cons. 1st 4s. Due Nov. 2, 1926.— N. Preferred (7% cum.) 5600,000 W00,000 Dated Nov. 2. 1896. Interest payable May Common ... . 6,000 shares 6,000 shares and Nov. 1, at First National Bank, Boston. 'All owned by the Savannah & Atlanta xax Status— Payment of Federal Income Tax Railway oo._ ^ ^.„ ^ ^ ^.^, ^ ^ not assumed by company. Participation Certificates are not entitled to Authorized $1 000 000 dividends, but all earnings available for divi- Outstanding— $876,boO '(June 2, 1919). dends must be distributed ratably among hold- Retired by Sinking Fund- $124,000. ers of such certificates in liamdation until the Denomination— Coupon, $1,000. Segisterable face amount of these certificates shall have ^s to principal been retired. These certificates or any unpaid Trustee-Old Colony Trust Co.. Boston. portion thereof are convertible after July 1, gi„^ Fund— Two-thirds of one per cent. J'^'/ HH ^ ^' f?'^"^'* stock or other „( ^alue of all bonds Issued to be applied funded obligations of the company of like par annually to purchase of these bonds at not Ts'sued beforeThafimT ■ """" "^^ "^^ "-"^ '"'«^^^*- « '>''°'^^ ^'^ ■"" '° issued tietore that time. purchasable, fund shall be invested in ap- Secnnty — ^A direct obligation of the company proved securities but not secured by a mortgage. The com- Guaranteed as to Interest by Portland & pany's property is unmortgaged and under the Runiford Falls R. R. under terms of lease. ^ ^ffn^rt L ^lf» 'IZ r "f '""'■ts^s^ °^° Organization and Control— Incorporated In while these notes are outstandfng "^"^ "^"""^ '° ""■ ^^^^^^ '° '"^ P""^"'* ^ «'"°- nl1J„Sf M^ltL .Tnn Ann ;, ., XT ^°^^ I'alls B. R. Co. for 1,000 years at a ,0?,^^ ^V S *~f^l''''"'? r?"'"'-?,* ^°'';' rental eauivalent to interest and sinking fund 1917 by Wm. Morris Imbrie & Co., New York on bonds. 8% per annum on $2,000,000 stock, nf,^^t^^,^L]2it^^ l^lunnl\.T^ "■ ''°""' «300 for organization expenses and taxes. The of 26% m participating certificates. latter company is leased for 999 years to the XT 1. I, Tjr„ marKei. . . „ ^ ^ Maine Central R. R. Co. at a rental of $328,- New \ork— Wm. Morris, Imbrie & Co., John oOO per annum. This latter lease provides that uayenport. .,!..»,-. upon the maturity of any bonds of leased com- Chicago— Wm. Morris Imbrie & Co. panics the Maine Central R. R. Co. will upon Price Ran ge 1918— Ask 92 'A Dec. ^ request of the Portland & Rumford Falls R. R. Co. guarantee any bonds issued for refunding PORTLAND Si OGDENSBURG RAILWAY CO. purposes. 1st iVzS. Due Nov. 1, 1928. — N. Secured by first mortgage on 63.95 miles of Dated Nov. 2, 1908. Interest payable May road, viz.; Miles and Nov. 1, at Second National Bank, Boston, Rumford Jet. to Rumford, Me 62.74 and First National Bank, Portland, Me. Canton to Chisholm's Mills, Me 9.58 Tax Status — Payment of Federal Income Tax Upper Yard Switch to Old Rumford Sta- not assumed by company. - tion, Me 1.63 Authorized— $3,000, 000. Legal for Cal., Conn., Me., Mass., Mich., Outstanding — $2,119,000. Minn., N. J. and Wis. Denomination — Coupon, $1,000. Reglsterable Market. as to principal. Registered, $1,000, $5,000 and New York — Burgess, Lang & Co., Estabrook $10,000. & Co., F. H. Hatch & Co. Trustee — Boston Safe Deposit & Trust Co., Boston — Burgess, Lang & Co. Boston. Chicago — Spencer, Trask & Co. 1012 Price Ranse. Jan. 1. '08 to Jan. 1, '19 Bid Ask High.97 '10 100 '11 Low. 86 '18 97 '09 1918 Bid 91 Jan. 86 July Market. New York — Burgess. Lang & Co., F. H. Hatch & Co. Boston — Burgesa, Lang & Co. PORTIAND & RUMFORD FAIXS RAtLWAlZ CO. Deb. S. F. 4s. Due Ang. 1, 1927. Dated Aug. 2, 1897. Interest payable Feb. and Aug. 1, at Trustee* a office and at First National Bank, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $350,000. Denomination — Coupon, $500 and $1,000. Trustee — Fidelity Trust Co., Portland, Me. Sinking Fund — ^Annually, on or before July 1, $5,000 to be invested by the Trustee In se- curities legal for Maine savings banks. Guaranteed aa to Interest by the Portland & Rumford Falls R. R. Co. under terms of lease. Control — See Cons. 4s of 1926. Security — An obligation of the company, but not secured by a mortgage. These debentures will be equally secured with any new mort- gage placed on the property of the company. Legal for Me. Market. New York — Burgess. Lang & Co., F. H. Hatch fe Cn. Boston — Burgess. Lang & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '10 97 "09 89 Jan. 94 Jan. Low. 75 '17 85 '17 76 July 85 Feb. PORTLAND & RUMFORD FALLS RAILWAY CO. Coll. Tr. 4s. Due Feb. 1, 1934.— F. Dated Feb. 1. 1904. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $298,500. Held in S. F. — $201,500. Denomination — Coupon, $500 and $1,000. Trustee — Fidelity Trust Co.. Portland, Me. Redeemable at par and interest on any Feb. 1. beginning 1924; redeemable until then for sinking fund on any Feb. 1 at 105 and inter- est. Sinking Fund — Annually, on Jan. 2. $10,000 In cash or these bonds of an equal face value. The company may purchase bonds at private sale at less than 105 and interest and deposit same with Trustee in lieu of cash payment. If not so purchasable the company shall call bonds by lot for payment on Feb. 1 at 105 and Interest. Bonds so acquired shall be kept alive and held by the Trustee and shall not be sold or transferred so long as the company makes no default under this mortgage, and ^uch a percentage of the bonds deposited as security for this issue shall be liberated to the company as the amount of bonds of this Issue held in sinking fund bears to the whole amount of bonds secured. Guaranteed as to interest by the Portland & Rumford Falls R. R. Co. under terms of lease. Control and Other Details — See Cons. 4s. of 1926. Secured by deposit of $394,000 Oxford Paper Co. 1st 6s of 1930, $46,000 American Tele- phone & Telegraph Coll. Tr. 5s of 1946 and $602 cash. Legal for Me. and N. H. PORTLAND (ME.) ELECTRIC CO. 1st S. F. 5s. Due Ang. 1, 1926.— F. Dated August 1. 1906. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status-*-2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $1,237,000 (Jan. 1, 1919). Held in Sinking Fund — $263,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Portland Trust Co., Portland, Me. Redeemable at 110 and Interest on any In- terest date on five weeks' notice, as follows: Nos. 1 to 125, on Aug. 1, 1911, or any Interest date thereafter; Nos. 126 to 250, on Aug. 1, 1916, or any interest date thereafter; Nos. 251 to 375, on Aug. 1, 1921, or any Interest date thereafter. Sinking Fund — Beginning Aug. 1, 1911, and semi-annual payments thereafter. In an amount equal to 1% of bonds outstanding, and includ- ing any bonds purchased or redeemed as pro- vided above. Organization and Control — The company was Incorporated on July 1, 1906, and formerly controlled the lighting and power business In Portland, Me., and owned all the capital stock of the Consolidated Electric Light Co. and controlled through ownership of the common stock the Portland Lighting & Power Co. .These companies were merged July, 1912, with the Cumberland County Power & Light Co. Management — B. "W. Clark & Co,, Philadel- phia. . Secured by a first mortgage upon a hydro- electric plant of 4,000 h. p. capacity, situated on the Saco River, about 20 miles from Port- land. Further secured by deposit of the en- tire common stock of the Portland Lighting & Power Co. and all the capital stock of the Consolidated Electric Light Co. of Maine. The former collateral company owned a hydro- electric plant on the Presumpscot River and the latter company owned generating plants and distributing system. In Portland, Me. Franchises perpetual. Prior Lien — $500,000 Portland Lt'g & P. 1st 4%s of 1921 and $500,000 Consolidated Elec- tric Lt, Co. Ist 4%s of 1925. Underlies — $500,000 2d 6s of 1926 (deposited as security for the company's $500,000 pre- ferred stoQjc) and Cumberland C^o. Power & Light 1st & Ref. 5s, due 1942, which provide for the retirement of this issue. Earnings — See Cumberland County Power & Light Co. Original Market — $4 00,000 offered In July, 1906, by A. B. Leach & Co., New York, Boa- ton and Chicago. An additional block offered by the same firm in 1910 al par and interest. Market. New York — Hornblower & Weeks, S. L. Snowden, Burgess. Lang & Co., Berdell Bros., F. H. Hatch & Co. Boston — Hornblower & "Weeks, Burgess, Lang & Co., F. W. Mason & Co., L. Sherman Adams Portland, Me. — Beyer & Small, M. S. Brown. Maynard S. Bird & Co., Fidelity Trust Co.. E. L. Wengren. Chicago — Hornblower & Weeks, Babcock, Rushton Jk Co. Price Range. Jan, 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '12 102 '16 90 Jan. 92 Jan. Low. 86 '18 90 '18 86 Aug. 90 Sept. 1013 PORTLAND (ORE.) GAS & COKE CO. 1st & Ref. 5s. Due Jan. 1, 1940.— F. Dated January 1, 1910. Interest payable Jan. and July l, at United States Mortgage & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $6,189,000. Reserved for Prior Liens — $3^1,000. Denominatioix — Coupon, $1,000. Kegiaterable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 110 and interest on Jan. 1, 1920, or any interest date thereafter. ImproTement Fund or Sinking Fund — The company shall pay to the Trustee for a special improvement fund on January 1 of each year, 1915 to 1919, inclusive, 1%; on January 1 of each year, 1920 to 1924, Inclusive, 2%; on January 1 of each year, 1925 to 1939, In- clusive, 3 % ; in each case of the total amount of bonds of the company then outstanding. If the net earnings for the twelve months ending on November 30 of any of the years 1924 to 1938, both Inclusive, shall equal or exceed three times the interest charges on all the First & Refunding Mortgage and Portland Gas Company bonds outstanding, then only 2% in- stead of 3% need be paid into the improvement fund in the next year. This improvement fund may be used either as a sinking fund for the purchase of bonds outstanding under the mort- gage at not exceeding 110 and interest or to pay for permanent extensions and improve- ments against which no bonds can be issued. Organization and Control — Incorporated in Oregon in Jan., 1910, and took over the prop- erties of the Portland Gas Co. and the East Portland Gas Light Co., and is controlled through ownership of entire common stock by the American Power & Light Co., which is in turn controlled by the Electric Bond & Share Co., the latter being controlled by the General Electric Co. Secured by a mortgage on plants supplying Portland, Ore,, and vicinity with gas. (Also wholesales gas to the Pacific Power & Light Co. for its Vancouver, "Wash., service.) Fur- ther secured by the deposit of $379,000 Port- land Gas Co. 1st 5s, 1950. Population served, 265,000. Franchises are unlimited as to time. Company also sells gag wholesale to the Pa- cific Power & Lt. Co. for Vancouver, Wash. Prior liiisii — $371,000 Portland Gas Co. 1st 5s of 1951 (closed mortgage), for the retire- ment of which bonds are reserved under this mortgage. Year ended Dec. 31 Gross Net Interest 1917 $1,361,150 $607,752 $336,015 1916 1,274,140 614,746 323,227 1915 1,246,532 611,256 302,202 1914 1,284,926 664,047 274.691 Original Market — $2,600,000 offered in June, 1910, by N. W. Harris & Co. and White, Weld & Co., New York and Boston, at par and interest. Market. Chicago — Paine, Webber & Co., Harris Trust & Savings Bank Babcock, Rushton & Co. New York — Paine, Webber & Co., Earle A. Miller & Co., J. A. Clark & Co., Coggeshall & Hicks. Moore & Co., A. H. Bickmore & Co.. Hanson & Doyle, E. & C. Rando]ph, T. L. Bronson. Harris. Forbes & Co., Kiely & Hor- ton, Berdell Bros., F. H. Hatch & Co., Lynch & McDermott, Low, Dixon & Co., Pynchon & Co., Taylor & White. White. Weld & Co. Boston — Harris, Forbes & Co., Paine, Web- ber & Co., White, Weld & Co. St. Louis — J. Nickerson, Jr. St. Paul— White, Grubbs & Co. Milwaukee — First National Bank. Portland, Ore. — ^Hall & Co. Price Range. Jan. 1. '10 to Jan. 1, '19 1918 Bid Asl£ Bid Ask High.lOO '12 101 '12 86 Dec. 90 Dec. Low. 81 '18 84 '18 81 Oct. 84 Mar. PORTLAND (ORE.) GAS CO. 1st 5s. Due Aug. 1, 1951.— P. Interest payable Feb. and Aug. 1, at Secur- ity Savings & Trust Co., Portalnd, Ore., or Franklin Trust Co., Brooklyn, N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding- $371,000. Deposited as CoUateral^$379.000. Control — Absorbed by the Portland Gas & Coke Co. Secured by a first mortgage on plant supply- ing gas in Portland, Ore. Population, 265,000. Franchise perpetual. Underlies — Portland Gas & Coke 5s of 1940, which mortgage provides for the retirement of this issue. Earnings — See Portland Gas & Coke 1st & Ref, 5s. Market. Portland, Ore. — ^Hall, & Co. Baltimore — Mackubin, Goodrich & Co. New York — Earle A. Miller & Co., Spencer, Trask & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOS '13 104 '08 90 Dec. 96 Dec. Low. 90 '18 96 '18 PORT! AND (ORE.) GENERAL ELECTRIC CO. ist 58. Due July 1, 1935.— F. Dated July 1, 1905. Interest payable Jan. and July 1, at Harris, Forbes & Co., N. Y. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding— $7,688,000 (Jan. 1, 1919). Retired by Sinking Fund— $312,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 107% and inter- est on any interest date on four weeks' notice. Sinking Fund — 1% annually of outstanding bonds on May 1, beginning 1915, for the pur- chase or redemption of these bonds at not over 107% and interest. Assumed by the Portland Railway, Light & Power Co. Organization and Control — Incorporated in Oregon in 1892 and in 1906 was absorbed by the Portland Railway, Light & Power Co. Management — E. W. Clark & Co., Philadel- phia. Secured by first mortgage on water power station on the Willamette River at Oregon City, Ore., with 779 acres of land and riparian rights for 3% miles, and 600 acres additional in Clackamas County, 2 steam stations and 3 sub-stations, transmission lines, etc., supplying electric light and power in Portland. Salem, Silverton, Woodburn and Oregon City. Ore., and Vancouver, Wash., together with 12 miles of street railway in Salem. The company sold its gas plant in Salem. In Portland its electric business is now subject to competition. Franchises are perpetual. Underlies — ^Portland Ry., Light & Power 1st & Ref. 5s, due 1942, which provide for the retirement of this Issue. 1014 Earnings — See Portland Ry., Lt. & P. Co. Listed on the New York Stock Exchange. Original Market — $4,000,000 offered in June, 1905, by N. W. Harris & Co. and Perry. Coffin & Burr, Boston, etc., at 103% and interest. Market. Boston — Coffin & Burr, Harris, Forbes & Co., Paine, Webber & Co., Arthur Perry & Co. Philadelphia — S. K. Phillips & Co. New York — Paine, "Webber & Co., Earle A. Miller & Co.. F. H. Hatch & Co., TCiely & Horton, J. jS. Bache & Co., Abbott, Johnson & Co.. E. & C, Randolph. Harris, Forbes & Co., Coffin & Burr, Berde'.l Bros. Chicago — Harris Trust & Savings Bank, Paine, Webber & Co., Spencer, Trask & Co. Portland, Ore. — Hall & Co. Providence — Hornblower & Weeks, Price Range — N. Y, S. E. Jan. 1, '06 to Jan. 1,.'19 1918 Bid Ask High. 101 'Dec 29. *16 89 Jan. 91 Jan. Low. 90% Jan. 31, '17 PORTLAND (ME.) LIGHTING & POWER CO. 1st 4i^s. Due April 1, 1921. Dated April 1, 1901. Interest payable April 1 and Oct. 1, at American Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $500,000. Denomination — Coupon, $1,000. Trustee — American Trust Co., Boston, Mass. Control — In 1912 the property of this com- pany was acquired by the Cumberland County Power & Light Co. Management — E. W. Clark & Co., Philadel- phia. Secured by a first mortgage on plant supply- ing electricity in Portland, Me., and suburbs. Property includes a hydro-electric plant on the Presumpscot River 14 miles from Portland, and transmission lines to that city. Popula- tion served. 80,000. Franchise perpetual. Underlies — Cuilxberland County Power & Lt. Co. 1st & Ref. 5s of 1942. Under this mort- gage bonds are reserved to retire this issue. Earnings — See Cumberland County P. & Lt. Co. Market. Boston — ^Hornblower & Weeks, Oeo. A. Fer- nald & Co., Burgess, Lang & Co. New York — Hornblower & Weeks, Burgess, Lang & Co.. F. H Hatch & Co. Portland, Me. — Fidelity Trust Co., E, L. Wengren & Co., Beyer & Small. Chicago — Hornblower & Weeks. Price Range. Jan. 1. '16 to Jan. 1. '19 1918 Bid Ask Bid ' Ask High.97 '16 98% '16 87^^ June 97^^ Dec. Low. 85 '18 90 '18 85 May 90 May PORTLAND (ME.) RAILROAb Ist Cons. 3^s. Due July 1, 1951. — F. Dated July 1, 1901. Interest payable Jan. and July 1, at Portland Trust Co., Portland, Me. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 3,000,000. Outstanding — $1,600,000. Deposited under First Lien and Consolidated Mortgage — $1,400,000. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — Portland Trust Co.. Portland, Me. Redeemable after July 1, 1931, at par and Interest. Guaranteed as to interest under terms of lease by the Cumberland County Power & Light Co. Organization and Control — Incorporated in Maine in 1860. Present name adopted in 1863. In 1915 acquired the properties of a number of subsidiaries. Leased to the Cumberland County Power & Light Co. for 99 years from Feb. 1, 1912. Rental, operating expenses and fixed charges. Management — E. W. Clark & Co., Phila- delphia. Secured by a first mortgage on 106,6 miles of street and interurban railway track, in- cluding the entire street railway systems in Portland and South Portland, Me., with su- burban lines to Westbrook, Gorham, South Windham, Cape Elizabeth, Saco. Old Orchard and Yarmouth, where connection is made with the lines of the Lewiston, Augusta & Water- ville Street Ry., an affiliated company. Popu- lation served being about 80,000. Franchise in Portland expires in 1938. Other franchises are mostly without limit as to time; none ex- pire prior to 1938. Underlies — 1st Lien & Cons. 5s of 1945, under which mortgage bonds are reserved to retire this issue. Earnings — iSee Cumberland County Power & Light Co. 1st & Ref. 5s. Atarket. Boston — Hornblower & Weeks, Hayden, Stone & Co. Portland, Me. — Fidelity Trust Co.. Beyer & Small, Maynard S. Bird & Co., Chester H. Pease. New York — Hornblower & Weeks, F. H. Hatch & Co., Lynch & McDermott. Chicago — ^Hornblower & Weeks. Price Range. Jan. 1. *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.87 '10 91 '10 70 Jan. 75 Jan. Low. 58 '18 65 '18 58 June 65 July 1»0RTLAND (ME.) RAILROAD CO. First Lien & Cons. 5s. Due Nov. 1, 1945. — F. Dated Nov. 1, 1915. Interest payable May and Nov. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company withi^ut deduction. Authorized — $7,500,000. Outstanding — $1,9 59,000. Reserved for Prior Liens — $1,600,000. Reserved for Ext. — $3,941,000. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Rodeemable at 105 and interest on any in- terest date on 60 days' notice. Guaranteed as to interest under terms of lease by the Cumberland County Power & Light Co. Organization and Control — See 1st Cons. 3^s. Management — E. W. Clark & Co. . Phila- delphia. Secured by a general mortgage on 106.6 miles of street and interurban railway track in and around Portland, Me. Further secured by deposit of $1,400,000 Cons. 3%s of 1951. Many frahchises are unlimited as to time, Franchises in Portland expire in 1938; none expire prior to 1938. Prior Lien — $1,600,000 1st Cons. 3%s of 1951 which this issue provides to retire. Earnings — See Cumberland County Power & Light 1st & Ref. 5s. Original Market — Offered In Nov.. 1915, by A. B. Leach & Co., New York, Philadelphia, Boston, etc.. and Charles H. Gilman & Co., Maynard S. Bird & Co.. Merrill Trust Co. 1015 and Fidelity Trust Co., all of Portland, Me., at 97 and interest. Market. Portland — Casco Mercantile Trust Co., Beyer & Small, Fidelity Trust Co., Union Safe De- posit & Trust Co. Bangor — ^Merrill Trust Co. New York — H. N. Whitney & Sons. Price Range. Jan. 1, »16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hi&h.lOO '17 101 '17 92 Jan. 98 Jan. Ijow.83 '18 85 '18 83 July 85 July Price Kange^N. Y. S. E. Jan. 1, *06 to Jan. 1, *19 1918 High.101% Apr. 24, '07 80 Oct. 99 May Low. 88% Nov. 6, '16 69 May PORTLAND (ORE.) RAILWAY CO. 1st & Ref. S. F. 5s. Due Nov. 1. 1930.— F. Dated November 1, 1905. Interest payable May and Nov. 1, at Redmond & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding^$7, 698.000 (Jan. 1, 1919). Held in Sinking Fiind^ — $825,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New Tork Trust Co., New Tork. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually on November 1st not less than $54,900 to and including Nov. 1. 1919, and $8^,300 annually thereafter to maturity for the purchase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be kept alive and In- terest added to sinking fund. Control — Absorbed in 1906 by the Portland Ry.. Lt. & Pow. Co. Management — E. W. Clark & Co., Phila- delphia. Secured by a mortgage on 140 miles of street railway track in Portland, Ore. Of this mileage this mortgage is a first lien on over 75 miles. Property covered by this mortgage includes 6 car barns and 9 acres of land in Portland; Shaw's Island, near Portland, containing 940 acres: 5,000 acres of timber land and valuable water rights. Some of the lines are on_ private right-of- way and principal franchise for other lines expire in 1932 and 1933. Prior Lien — $1,290,000 (closed) Cons. 4s of 1930, of City & Suburban Ry. Co. - Underlies — Portland Ry., Lt. & Pr. 1st & Ref. 5s of 1942. Bonds are reserved under the 1st & Ref. mortgage to retire this issue. Earnings — See Portland Ry. & Lt. & P. 1st & Ref, 5 s. Legal for Bait. Listed on the New York, Louisville and Philadelphia Stock Exchanges. Original Market — OfEered in Nov., 1905. by Redmond & Co., New York, at par and in- terest. Market. Baltimore — Sutton & Co., Hambleton & Co. PhiladelDhia — Bioren & Co. , "West & O'^. . Graham. Parsons & Co.. S. K. Phillips, B. W. Clark & Co. , H. Boenning & Co. , Bauer, Starr & Co., Chas. Fearon & Co., Huntoon & Co. , Warren A. Reed, New York — Hanson & "Doyle, ICiely & Hor- ton, .T. J. Levenson, Morton, Lachenbruch & Co., Rpdmond & Co.. E. & C. Randolph. Ber- dell Bros. , Abraham & Co. . Bauer, Starr & Co. , John Davenport. F. H. Hatch & Co. , Taylor & White. Louisville — John W. & D, S. Green, Marvin H. Lewis & Co., Lawrence Timmons & Co. Portland, Ore. — Morris Bros. , Inc. PORTLAND (ORE.) RAILWAY, LIGHT & POWER CO. 1st & Ref. S. F. Conv. Ss. Due Feb. 1» 1942.— F. Dated February 1, 1912. Interest payable Feb. and Aug. 1, at Lee, Higginson & Co., Boston, Columbia Trust Co., New York, Fidel- ity Trust Co., Philadelphia, and Higginson & Co., London. Tax Status — 2% Federal Income Tax iiaid by company without deduction. Pennsylvania State tax refunded. Authorized — $75,000,000. Outstanding^Sie, 116,200 (Jan. 1. 1919). Held in Sinking Fund — $947,800. In Treasury — $87,000. Reserved for Prior Liens — $17,813,000. Reserved for Ext. — $40,036,000. Denomination — Coupon, $1,000, $500 and $100, Registered, $50,000. $10,000, $5,000 and $1,000, interchangeable C. & R. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 105 and interest as a whole on February 1, 1922, or on any interest date thereafter, upon 60 days' notice. Convertible at any time upon 10 days' notice into common stock of the company at a price eo.ual to amount paid in on such stock plus $10 premium per $100 share. As the stock is now $75 paid in the present rate of conversion is $85 in bonds for each share of stock. Sinking Fund — 1% annually. May 1, from 1915 to 1926. inclusive, and 1%% from 1927 to 1941, of total amount of bonds issued, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds in sinking fund to be kept alive and interest added to fund. Organization — The company was incorporat- ed in Oregon in 1906 as a consolidation of the Portland Railway "Co., Portland General Electric Co, and the Oregon Water Power & Ry. Co. Also controls through stock owner- ship the Willamette Valley Southern Ry.. which owns 35 miles and the Yamhill Electric Co. Miles of track owned, 297.07; operated only, 1,300 miles; stock controlled, 35.00 miles. Total, 345.07 miles. Management — E, W. Clark & Co., Phila- delphia. Secured by mortgage upon the entire prop- erty of the company which owns 297.07 miles of track of which 184 miles are city lines and comprising practically all the street railways in Portland and 113 miles of inter- urban lines, 10 generating plants, 5 of which are hydro-electric of 42.880 k.w. and 5 steam of 22,000 k.w., supplying light and power in Portland and Oregon City, Ore. , and Van- couver, Wash., and street railway, gas and electric plants in Salem, Ore. Of the prop- erty covered this mortgage Is a first lien on steam plant in Portland, rolling stock and 115 miles of track, of which about 40 miles are within the city limits of Portland, water rights and developments on the Clack- amas River and terminal property four miles long on the east bank of the" Willamette River, and also on freight yards, wharves and real estate suitable for dockage and railroad terminal properties, and a general lien on the balance of the property. Popula- tion served, 360,000. 42 miles of city lines and the larger part of the interurban lines are on private right-of-way. Principal rail- way franchises in Portland expire in 1932; light and power in Portland and Salem are 1016 perpetual and in Vancouver expire in 1927. The company is now subject to competition in its electricity business in Portland. Prior Ujeni— $7,769,000 Portland General Blec. 1st 6s due 1935. $7,814,000 Portland Ry. 1st & Ret. 6s due 1930. and $1,290,000 City & /Suburban Ry. 1st 4s due 1930 for the retire- ment of which bonds of this issue have been reserved. Listed on the New York Stock Exchange. Year ended Dec, 31 Gross Net Int.. etc. 1918 $7,669,389 $2,640,094 $2,218,187 1917 6,023,610 2,446,917 2,162.062 1916 5,483,110 2,444.866 2.178.258 1915 6.511.345 2.969.067 2.739.706 1914 6.273.171 3.677,815 2.741,206 1913 6.723,742 3,866,761 2,449.931 Original Market — 116.000,000 offered in Feb., 1912, by Drexel & Co., Philadelphia and Lee, Higginson & Co., New York, Boston, etc., at 96 and interest. $1,064,000 offered by the same firm April, 1914, at 93 V4 and interest. Market. PlMladelnhia — Newburger, Henderson & Loeb. B. W. Clarke & Co., S. K. Phillips & Co., B. B. Smith & Co., Blklns, Morris & Co., H. Boenning & Co., Bauer, Starr & Co., Biddle & Henry, Chas. Fearon & Co., Huntoon & Co., Warren A. Reed. New York — Wm. C. Bwen, Kiely & Horton, J. S. Farlee & Co.. Martin Berwin & Co.. Dunham & Co.. B. & C. Randolph, Abraham & Co., Berdell Bros., F. H. Hatch & Co., Barle A. Miller & Co., Redmond & Co., Tay- lor & White. St. Panl — ^Kalman, Matteson & Wood. P. B. Megraw. New Haven — Chas. W. Scranton Co. Boston — J. S. Orler & Co. Detroit — Security Trust Co. l/onisville — ^Henning. Chambers & Co.. Portland, Ore. — Morris Bros., Ins., Hall & Co. San Franoisco — Blankenhorn-Hunter, Dulin Co. Los Angeles — Blankenhorn-Hunter, Dulin Co. Pasadena — Blankenhorn-Hunter, Dulin Co. St. Louis — J. Nickerson, Jr. Price Range — N. Y. S. E. Jan. 1, '12 to Jan. 1, '19 1918 Hish.66 Oct. 16, '12 68 June 21 Low. 62% Mar. 12, '18 62% Mar. 12 PORTLAND (ME.) TERMINAL CO. 1st 48. Due July 1, 1961.— P. Dated July 1. 1911. Interest payable Jan. and July 1. at New York. Boston and Trus- tee's office. Tax Status — 2% Federal Income Tax raid by company without deduction. Authorized — $10. 000. 000. Outstanding — $4,600,000 4s; $805,000 6s; total $5,306,000 (May 6, 1919). Reserved for E.xt. — $4,695,000. Denomination — Coupon. $1,000. Registerable as to principal. Registered. $1,000. $5,000. $10,000. $50,000. C. & R. interchangeable. Trustee — Fidelity Trust Co.. Portland. Me. Guaranteed as to principal and interest by the Maine Central R. R. Co. by endorsement. Organization — Incorporated in Maine in Peb. 1887. as the Portland Union Railway Station Co.. and name was changed to present title in March. 1911. Company is operated for the joint benefit of the Maine Central and Boston & Maine Railroads. Under the company's charter these roads must pay suflScIent to pay all expenses, interest on bonds and 5% on capital stock, auch payments to be considered part of operating expenses of the Railroad companies. Controlled by the Maine Central R. R. Co. through ownership of the entire $1,000,000 capital stock. Secured by a first mortgage on the freight and passenger terminals in the cities of Port- land, South Portland and Westbrook. Me., comprising 23 miles of main track, 9 miles of second track and 56 miles of sidings, in- cluding a belt railroad, union passenger sta- tion, freight station. warehouse storage buildings, round houses, etc. and 534 acres of real estate. Legal for Cal.. Conn.. Me.. Mass.. N. H. and Vt. Original Market — $4,600,000 offered in Nov.. 1912. by Kissel. Kinnicutt & (3o.. P. S. Mose- ley & Co. and Kidder. Peabody & Co., Wm. A. Read & Co., Blodget & Co., New York, at 92 and Interest; $806,000 5s offered May, 1919, by Kidder, Peabody & Co., Boston and New York, and R. L. Day & Co.. Boston, at 91%. Market. Boston — Hayden, Stone & Co., P. S. Mosely & Co., Kidder, Peabody & Co., Wm. A. Read & Co., Blodget & Co. New York — ^Wm. A, Read & Co.. Bstabrook & Co.. Baker. Carruthers & Pell. John Daven- port. Pittsburgh — B. B. Hutchinson & Co. Portland, Me.— H. M. Payson & Co., M. S. Brown. Price Range. Jan. 1. '18 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91% '12 92% '16 80 Jan. 86 Jan. Low. 70 '17 76 '17 74 July 80 .Tuly PORTLAND UNION RAILWAY STATION CO. S. F. 4s. Due Series "A," July 1, 1927; Series "B," Jan. 1, 1929.— N. Dated Series "A" 1887; Series "B" 1889. Interest payable January and July 1. at Fidel- ity Trust Co., Portland. Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 300,000. Outstanding — $166,000 "A" 78,000 "B" $244,000 (June 3, 1919). Heia.in/.S..r. — $34,000 "A" 22,000 "B" $66,000 Denomination — Coupon, $1,000. Trustee — Boston Safe Deposit & Trust Co., Boston. Sinking Eund — $2,000 per annum for Series "A" and $1,000 per annum for Series "B" to be applied to the purchase of bonds at 106 and interest; if not so purchasable to be otherwise invested. Guaranteed principal and interest by the Boston & Maine R. R. and the Maine Central R. R. Co, jointly. Control — See Portland Terminal Co. 1st 4s. Security — A direct obligation of the com- pany, but not secured by a mortgage. Market. New York — Baker, Carruthers & Pell. PORTO RICO RAILWAYS CO., Ltd.. 1st Bs. Due Nov. 1, 1936. — N. Dated Nov. 1, 1906. Interest payable May and Nov. 1. at Trustee's ofHce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $2,596,000 (Jan. 1, 1919). Retired by S. E.— $404,000. 3017 Denomination — Coupon. $500. Registerable a.s to principal. Trustee — Montreal Trust Co., Montreal and Halifax, Canada. Redeemable at 105 and Interest any inter- est date. Sinking Fund — Annually 1% of bonds Issued plus interest on bonds cancelled, for the pur- chase or redemption of these bonds at not exceeding 105 and interest. Bonds so ac- 4s. Due June 1, 1983. Dated June 1, 1903. Interest payable June and Dec. 1, at State Street Trust Co., Boston, Mass. PORTSMOUTH (OHIO) STREET RAILRO.AD & LIGHT CO. 1st 68. Due $25,000 each July 1 from 1918 to 1934 and $75,000 in 1935— N. Dated July 1, 1914. Interest payable Jan. 1 and July 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. OutstandinB — $475,000 (Jan. 1, 1919). Balance Retired. 1019 Denomination — Coupon, $100, $500 and $1,000. Kegisterable as to principal. Trustes — Guaranty Trust Co., New Tor^. Redeemable on any interest date at 1 02 % and interest on 30 days' notice. . Organization — Incorporated in Ohio in 1893. Leases 2% miles of road from the Ohio "Valley Traction Co. Stecored by a first mortgage on 14 miles of street railway track in and around Portsmouth, Ohio, and on plant supplying electricity in that city and vicinity. Population- served 30, 000. Street railroad franchise in Portsmouth ex- pires in 1937 and electricity in 1939. Fran- chise in Sciotoville expires in 1931. Year ended Dec. 31 Gross Net Int. etc. 1918 $467,059 $12 5,195 $47,371 1917 439,543 163,052 34,600 1916 312.430 145,609 Original Market — Offered in Jan., 1915, by John Nickerson, Jr., New York, and St. Louis, and Baker, Ayling & Co., Boston, at 100 and interest for 1918-20 maturities and 101 for the remaining maturities. Market, Philadelphia — H. Boenning & Co. , S. K. Phillips & Co. Wilmington, Del. — Laird & Co. New York — John Nickerson, Jr. Price Range 1918— Bid 90. Chicago — Hornblower & Weeks. Providence — Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.110% '09 110% '09 SSVi July 100 Jan. Low. 95 '18 97 '18 95 Nov. 97 Apr. POTOMAC EI^CTRIC POWER CO. Ist 58. Due June 1. 1939. Dated June 1, 1904. Interest payable June and Dec. 1, at Commercial Trust Co. of New Jersey, Jersey City. N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage.- Outstanding — $1,700,000. Denomination — Coupon, $1, 000. Tmstee — Commercial Trust Co. of New Jer- sey, Jersey City, N. J. Redeemable on any interest date at 110 and Interest on three months' notice. Organization — Incorporated in the District of Columbia in 1896. In 1902 acquired the prop- erty of the United States Electric Lighting Co. and in 1912 acauired a two-thirds interest in an undeveloped water power at Great Falls on the Potomac River. The company generates power jointly with the Washington Ry. & Elec- tric Co. Controlled through ownership of entire $6.- 000,000 capital stock by the Washington Ry. & Electric Co. Secured by a first mortgage on two power plants and eight sub-stations with a combined capacity of 120,800 *h.p. and distribution sys- tem supplying Washington, D. C. and vicinity with electric light and power. Population served, 425,000. Franchises are perpetual. TTnderlies — Cons. 5s of 1936, which mort- gage provides for the retirement of this issue; Gen. Imp. Deb. 6s of 1925 and Gen. 6s of 1923. Earnings — See Gen. 6s. Listed on the Washington Stock Exchange. Original Market — Offered in 1904 by Bversz & Co., Chicago, at 101 and interest. Market. Philadelpliia — ^West & Co., H. D. Boehning & Co., Brown Bros. & Co., S. K. Phillips & Co. Washington — Crane, Parris & Co. Now York — Hornblower & Weeks, F. H. Hatch & Co.. Brown Bros. & Co. Boston. — Hornblower & Weeks, Spencer, Trask & Co. POTOMAC EUECTRIC POWER CO. Cons. 58. Due July 1. 1936. Dated June 30, 1906. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed, except for refunding 1st 5s. Outstanding — $4,831,000 (June 1. 1919). Held in Sinking Fund — $469,000 of this issue and $942,000 Wash. Ry. & Elec. Co. Cons. 4s 1951. Reserved for Prior liiens — $1,700,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co. of New Jer- sey, Jersey City, N. J. Sinking Fund — From Jan. 1, 1908, 2% an- nually of outstanding bonds, plus interest on bonds acquired, such sums to be used from time to time by the Trustee as authorized by the Board of Directors to purchase bonds of this issue. First Mortgage bonds and Cons. 4s of the Washington Ry. & Elec. Co. First Mortgage bonds acquired are to be exchanged for bonds of this issue. Cons. 4s may be sold and proceeds invested in bonds of this issue. Bonds of this issue and first mortgage bonds are to be held alive, but are not nego- tiable. Guaranteed principal and interest by the Washington Ry. & Electric Co. Organization and Control — See 1st 5s. Secured by a mortgage on the entire prop- erty. See 1st 5s. Prior Lien — $1,700,000 1st 5s of 1929. for the retirement of which bonds are reserved under this mortgage. Underlies — Gen. 6s of 1923 and Gen. Imp. Deb. 6s of 1925. Earnings — See Gen. 6s. Listed on the Washington Stock Exchange. Original Market^$l. 300.000 offered in 1906, by Brown Bros. & Co., New York, Philadelphia and Boston, at 99 and interest. Market. Philadelphia — ^West & Co.. H. D. Boenning & Co., Brown Bros. & Co., S. K. Phillips & Co. Washington — Crane, Parris & Co. New York — Hornblower & Weeks, Brown Bros. & Co., F. H. Hatch & Co. Boston — Hornblower & Weeks, Spencer, Trask & Co. Baltimore — J. S. W^ilson, Jr., & Co. Chicago — ^Hornblower & Weeks. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '16 lOSVi '16 95% Feb. 96 Nov. Low. 91% '18 93^ ']8 91% June 93% Sept POTOMAC ELECTRIC POWER CO. 5-Year Gen. 6s. Dne July 1, 1933. Dated July 1, 1918. Interest payable Jan. 1 and July 1 in New York or Washington. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,00 0,000. Outstanding — $3,600,000 (June 1, 1919). Provisions of Issue — Of the $1,400,000 ad- ditional bonds authorized, bond's to the par value of $900,000 may be issued on or before Jan. 1, 1920, for not exceeding the cash cost 1020 of extensions, additiona and betterments; there- after bonds may be issued for 75% of the cash cost of extensions, additions and better- ments. No escrow bonds, however, may be issued at any time unless net earnings for 12 consecutive months out of the preceding 14 months shall have been at least equal to twice the annual interest charges on the funded debt including the interest on bonds proposed to be issued. I'urpose of iBsue — To finance the cost of a new 15,000 k. w. turbo-generator and of va- rious other improvements and extensions to the company' s properties. Denominatioii — Coupon $1,000, $500 and $100. $1,000 bonds are reglsterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at ] 01 and interest at any time on 8 weeks' notice. Maintenance and Depreciation Fund — Annu- adly , beginning with the calendar year 1918 (unless and until otherwise ordered by the Public Utilities Commission of the District of Columbia), at least 16% of the company's gross operating revenue is to be set aside for maintenance and depreciation. Organization and Control — See 1st 5s. Secured equally with $750,000 (closed) Gen- eral Improvement Debenture 6 s due 1925 by a direct mortgage on the entire property of the company. Prior liiens— $1,700,000 (closed) 1st 5s of 1929 and $4,882,000 (closed except as to bonds reserved to refund 1st 5s) Cons. 5s of 1936. Year ended Jane 30: Gross Net Interest 1918 $2,741,841 $1,455,941 $500,100 Original Market — $2,100,000 offered August, 1918, by the National City Co. and Harris, Forbes & Co., New York, etc., and Coffin & Burr. Boston, at 93 and interest. $1,500,000 offered May, 1919, by the Harris Trust & Savings Bank, Chicago ; Harris, Forbes & Company, New York and Boston ; National City Company, New York ; Coffin & Burr, Inc., Boston; Crane, Parris & Company and W. B. Hibbs & Company, Washington, at 98% and interest. Market. St. liouis — Bowman, Cost & Co. New lYork — Coffin & Burr, National City Co. Price Range 1918. Bid Ask High.97% Nov. 99 Dec. Low. 92% Aug. 93% Aug. POTOMAC VAIiLEY RAILROAD CO. 1st 58. Due Jan. 1, 1941.— N. Dated January 1, 1891. Interest payable Jan. and July 1, at National Bank of Com- merce, Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding— $1,027,000. Ownied by Western Maryland Ry. — $273,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Mercantile Trust & Deposit Co., Baltimore. Sinking Fund — ^Annually seven-tenths of 1% of the bonds outstanding shall be held by the company and Invested by it to secure the payment of principal and Interest of these bonds. Assumed by the "Western Maryland Ry. Co. Control — ^Acquired through foreclosure by the Western Maryland Ry. Co. in 1909. The latter company was succeeded in 1917 by a new company of the same name. Secured by a direct first mortgage on 14.30 miles of road from, Potomac Valley Jet., Md., to Cherry Run. W. Va. ; and a first lien on 16.60 miles from Porter Jet. to York, Pa.. by the deposit of the entire issue of Baltimore & Harrisburg, Eastern Extn, Ist 5s, and cap- ital stock. Underlies — ^Western Maryland R. R. 1st 4s of 1952 and new Western Maryland Ry. lat & Ref. 5s. Bonds are reserved under both mort- gages for the retirement of this issue. Legal for Me. Usted on the Baltimore Stock Exchange. Market. Baltimore — Sutton & Co., Jenkins, Whedbee & Poe. New York — Hornblower & Weeks, Baker, Carruthers & Pell. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104% '17 97 Dec. 100 Mar. Low. 90 '17 95 '17 92 Jan. 97 Jan. POTOSI & RIO VERDB RAILWAY 1st 68. Due Oct. 1, 1918. Dated Oct. 1, 1898. Interest payable April and Oct, 1, at office of Company in New York. Extension Plan — Subject to the acceptance of the plan by substantially the entire issue of bonds, it is proposed to extend the principal of the bonds for 10 years, 'to pay in cash the coupons which matured on Oct. 1, 1914, April 1, 1915, and Oct. 1, 1915, and to pay in scrip, bearing interest at 6 % , the remaining six coupons. Such scrip to be secured by the sur- rendered unpaid coupons, and to be payable in 10 years with the right of pnior redemption. Bondholders accepting this plan are re- quested to deposit their bonds with Oct. 1, 1914, and subseauent coupons attached with either Spencer, Trask & Co., New York, or Isaac Jackson, 5 Congress St. , Boston, de- positaries. Transferable receipts will be issued for deposited bonds. Tax Status — Information not available. Authorized — $15,000 per mile of road. Outstanding — $522,000. Held in Sinking Fund — $78,000. Denomination^Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 110 and interest. Sinking Fund — 5% of gross earnings per an- num to be invested in bonds at not exceeding 110 and interest. Bonds so acquired are kept alive and interest applied in like manner. Guaranteed as to principal and interest by Compania Metalurgia Mexicana. Organization and Control — Incorporated under the laws of New York and received a special charter from the Mexican Gov't. Com- pany is exempt from taxes and import duties for 15 years and has concessions to 1985, wlien the road will become the property of the Mexican Gov't. Secured by a first mortgage on 38 miles of railroad from San Luis Potosi to Alveraz Haci- enda, Mex., at the rate of $15,800 per mile. Market. New York — ^Wm. C. Ewen, Hanson & Doyle, F. H. Hatch & Co. (THE) POTTER COAL & CORE CO. 1st Serial 6s. Due each Nov. 1 as follows: $15,000, 1917 to 1919 inc.; $20,000, 1921 to 1927 inc., and $26,000. 1928 to 1931, inc. 1021 Dated Nov. 1, 1916. Interest payable May and Nov. 1. Tax Status — Information (Federal ) not avail- able. Tax free in Pennsylvania. Authorized — $300, 000. Outstanding— $270,000 (Jan. 1. 1919). Balance Retired. Denomination — Coupon, $1, 000. Reglsterable IS to principal. Trustee — Girard Trust Co., Philadelphia. Aedeemable at 101 and interest. If called in part the bonds so called must be of last maturity outstanding. Sinking Jb''und — Annually, 10c. for each gross ton of coal mined and shipped and 15c. for each net ton of coke manufactured and shipped. Organization — Incorporated in Pennsylvania July, 1916, and acquired its property from the estate of Joseph Wharton. Secured by a first mortgage on 1,501 acres of Freeport Seam Coal and 1,551 acres of Kittaning Seam, Coal, situated at Coral, In- diana County, Pa., 10 miles from the Blairs- ville intersection of the main line of the Penn- sylvania Railroad ; also on 333 acres of sur- face land, 86 houses, 300 coke ovens and equipment. Property is estimated to contain 17,000,000 tons of recoverable coal, and is re- ported owned in fee. Output for 1918 reported as 100,160 tons of coke and 29.167 tons of coal. Original Market — $ 300,000 offered Dec. 1916. by Townsend Whelen & Co., Philadel phia, at 100 and interest. Market. Fliiladelphia — Townsend Whelen & Co., Bid- die & Henry, POUGHKEEPSIE CITY & WAPPINGERS FALLS ELECTRIC RAILWAY 1st 6s. Due July 1, 1924. Dated July 1, 1894. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Informatiion not available. Authorized — $ 500.000. Outstanding — $339,000 (Jan. 1, 1919). Held in Sinking Fund — $77,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co.. New York. Sinking Fund — 1% per annum, for the pur- chase or redemption of bonds at not over 110. Organization — Incorporated 1893, as a con- solidation of various street railway lines in and suburban to Poughkeepsie. In June, 1917, the name of the company was changed to Poughkeepsie & Wappingers Falls Ry. Co. Secured by a first mortgage on property and franchises of company. Population served about 35,000. Franchises perpetual. TTnderlies — 2d 6s due 1937. Year ended June 30 Gross Net Int., Etc. 1918 $195,404 $25,184 $38,161 -1917 208,326 40,028 35.729 1916 197,952 55,189 29,754 1915 51,794 26,904 1914 65,573 26.848 New York— F. H. Hatch & Co. POWELL RIVER CO.. Ltd., 1st 6s. Dae an- nually each Jan. 1 as follows: 1919 and 1920, $250,000; 1921 to 1923, $300,000; 1924, .<^350,000; 1925, $349,000; 1926. $350,000; 1927, $400,000; 1928, $336,000; 1929, $14,000.— N. Dated January 1, 1913. Interest payable Jan. and July 1. at Cont'l & Com'l Trust & Savings Bank, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. OutstandSne— $2,949,000 (Jan. 2, 1919). Retired — $951,000. Reserved for Ext. — $1,100,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — ^Yorkshire & Canadian Trust, Ltd., Vancouver, B. C. Redeemable at 105 and interest on any in- terest date upon 60 days* notice. Sinking Fund — $2 for each 1,000 feet of all timber cut; this fund to be applied to the re- tirement of this issue. Guaranteed principal and Interest by D. P. Brooks. A. S. Brooks and M. J. Scanlon by endorsement. Organization — Incorporated in British Co- lumbia. Secured by a first mortgage on all the prop- erty of the company, including a hydro-elec- tric plant of 24.000 h. p., with ultimate ca- pacity of 34,000 h. p., modern fireproof con- crete paper mills, ground wood and sulphite pulp mills; leasehold rights in over 135,000 acres of timber land, on which are located over four billion feet of saw timber and vast additional amount of pulp wood timber and about 3,000 acres of land owned in fee on both sides of Poweil River. The above property ia valued at $9,000,000. The company is one of the largest manufacturers of newsprint paper on the American continent. The plant is lo- cated at Powell River, British Columbia, about 80 miles north of Vancouver. Favorable tide- water location of property enables company to manufacture and market product at a low cost^ The leases run for 30 years from Sept. 4, 1914, and are renewable for similar periods on the terms which may prevail at the date of ex- piration of the present lease. The company pays the Government under present lease 2c. per acre annually and about 35.7c. per 1.000 feet of timber used for pu^p wood. Original Market — $3,500,000 offered at 100 and interest in January, 1913. by the Con- tinental & Commercial Trust & Savings Bank, and McCoy & Co., Chicago, and the Mississippi Valley Trust Co.. St. Louis, A. B. Leach & Co., Chicago, New York and Boston. Market. Minneapolis — Minnesota Loan & Trust Co. Milwaukee — Marshall & Ilsley Bank. Chicago — Babcock, Rushton & Co. Boston — Estabrook & Co. New York — Estabrook & Co. Price Range. Jan. 1, '15 to Jan. 1» '19 Bid Ask High. 99 '17 102 '16 Low. 99 '17 99 '15 PREMIER MOTOR CORPORATION (of New York) 5-Year Conv. 6% Notes. Due Nov. 1. 1921.— N. Dated November 1, 1916. Interest payable May 1 and November 1 at Equitable Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $62 5,000. Denomination— Coupon, $1. 000. Trustee — Equitable Trust Co., New York. Redeemable, by lot, at 101 and interest on any interest date on 60 flays' notice. The indenture provides that these notes must be redeemed annually, by lot, at 100 and Inter- est as follows: one-tenth November 1, 1918; two-tenths November 1, 1919; three-tenths No- 1022 vember 1, 1920, and four-tenths Novemlier 1. 1921. Convertible, at par, at any time a.fter No- vember 1, 1918, unless called for redemption, into 7% cumulative preferred stock of the company. This stock is preferred as to as- sets and dividends and is redeemable at the option of the company at any time at 110 and accrued dividends. A sinking: fund is also provided for the redemption of the preferred stock. Orsranization — Incorporated in New York in 1916 to acquire the capital stock of a Dela- ware corporation of the same name, organized earlier in 1916. The latter company acquired all the assets and business of the Premier Motor Manufacturing Co. and the Mais Motor Truck Co., both of Indianapolis, Ind. The former company' s pleasure car has been on the market since 1902 and the latter com- pany' s trucks since 1909. Capital Stock Authorized Outstanding Preferred, 7% Cum. . .$2,000,000 $923,600 Common (shares) 50.000 20,050 Secured by a first lien on all the capital stock of the Premier Motor Corporation of Delaware, now owned or hereafter acquired. Neither company has any funded or lien In- debtedness other than these notes, and this indenture provides that no liens can be placed on the properties without the consent of the holders of three-fourths in amount of these notes outstanding. The indenture contains restrictions upon the right of the I>6laware corporation to issue additional stock and upon the right of either company to borrow money or Issue obligations of indebtedness. The com- bined net quick assets of both companies are required to be maintained at least equal to one and one-quarter times the principal amount of these notes outstanding. Original Market — $1,000,000 offered Novem- ber, 1916. by Duquesne Bond Corporation, Pittsburgh, New York and Buffalo, and Me- gargel & Co., New York, Boston and Chicago, at 96 and interest. Market. New York — Sam'l Goldschmidt, R. B. Hath- away & Co Cincinnati — A. & J. Frank, Wm. A. Neer & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 97% 'n 48 Sept. 81 Feb. Low. 48 '18 75 '18 75 Sept. PRESCOTT & EASTERN RAHiROAD CO, Ist 5s. Due April 1» 1938. — N. Dated April 1, 1898. Interest payable April and Oct. 1, at Central Union Trust Co, Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $500,000. Outstanding — $224,000. ♦Owned by the A., T. & S. F. Ry.— $151.- 000. •Pledged under Cal.-Ariz. Line 1st & Ref. 4%s. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Control — Absorbed by the California, Ari- zona & Santa Fe Ry. Co., which is controlled through stock ownership by the Atchison, To- peka & Santa Fe Ry. Co. Secured by a first mortgage on 26.4 miles of road from Prescott & Eastern Jet, to Ma- yer, Ariz. Underlies — A., T. & S. F. Ry. Cal.-Ariz. Lines 1st & Ref. 4%s. Bonds are reserved under that mortgage for the retirement of this issue. Market. New York— Frank P. Ward, Abraham & Co., F. H. Hatch & -Co. Pittsburgh — R. B. Hutchinson & Co. Price Ranige. Bid Ask High.99% '17 100 '17 Low. 98-U '17 PRESCOTT GAS & ELECTRIC CO. Ist 68. Due July 1, 1940. — F. Dated July 1, 1910. Interest payable Jan. and July 1, at "W. P. Bonbright & Co., New York and London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $250, 000. Denomination — Coupon, $ 5 and $ 1 , W 0. Trustee — Columbia Trust Co., New York. Redeemable at 105 and interest. Sinking Fund — May 15, 1915 to 1919, 1% per annum of all bonds issued: 1920 to 1939, 2% plus 6% on all bonds cancelled. Guaranteed principal and interest by The Arizona Power Co. Organization and Control — Incorporated June 1910, in Maine, Purchased from the Prescott Elec. Co. plants, furnishing light and power to Prescott, Ariz. Controlled by The Arizona Power Co. through ownership of entire capital stock. Secured by a first mortgage on company's property. Supplies electricity and gas to Prescott, Ariz. Franchises expire 1952. Year ended Dec, 31: Bond Gross Net Interest 1918 $104,718 $32,135 $14,425 1917 88.076 31,876 14.603 1916 69.911 22.312 14,750 1915 61,806 17,719 14.850 1914 69.096 21.308 15,000 Market. New York — Bonbright & Co. , Hanson & Doyle, Lynch & McDermott. Philadelphia — S. IC. Phillips & Co. Price Range. Jan. 1. '12 to Jan. 1, '19 1918 High.90 '13 93 '13 85 Jan. 90 Jan. Low. 85 '16 90 '16 PRICE BROS. & CO., Ltd., 1st 5s. Due Nov. 1, 1940.— N. Dated Nov. 1, 1910. Interest payable May 1 and Nov. 1, at Bank of Montreal. Fixed rate of exchange $4,86 2-3 to the £1. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,000,000. Outstanding— £1,062.860 (June 11. 1919). Retired by Sinking Fund — £169.920. Denomination — Coupon, $100, $500 and $1,- 000. Also £20, £100 and £200. Registerable as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable at 102% and interest as a whole on and after Nov. 1, 1915, and in part for sinking fund. Sinking Fund — Beginning May 1, 1915, and annually thereafter 2 % of bonds issued plus interest on bonds redeemed through sinking fund for the purchase or redemption of these bonds at not over 102^ and interest. Organization — Incorporated 1904 in Quebec, Canada. The company manufactures wood pulp, paper, etc. Secured by a first mortgage on all prop- erty of the company now owned and here- after acquired, including about 4,175,000 acrea of timber and pulp-wood lands located in the Province of Quebec. Lands contain 3,000,000,- 000 feet of standing timber and about 20,- 000,000 cords of pulp-wood, also about 15 mills, warehouses, employees ^dwelling houses, logging railroad with equipments, power plants, etc. Plants and properties fully in- sured against fire. Insurance policies de- posited behind this mortgage. year ended Feb. 28: Interest Net & S. P. 1918 $1,374,782 $636,330 1917 1,240,486 419.688 *1916 1,032,185 519,474 *15 months. Ijisted on the Montreal and London Stock Exchanges. Original Market — £1,000.000 offered in Nov., 1910. by Royal Securities Corp., Montreal, Toronto, etc., and Parrs Bank, London, at 86 and interest. Market. Montreal — Royal Securities Corp., Ltd., Mc- Cuaig Bros. & Co., Canada Securities Corp., Hanson Bros..' N. B. Stark & Co., Nesbitt, Thompson & Co. Toronto — G. A. Stinson & Co. Halifax — H. M. Bradford. New York — Hartshorne & Battelle, Lynch & McDermott. Price Range 1918. Bid Ask High. 80 June 82 June Low. 78 Feb. PRICE BROTHERS & CO., LTD., 6% CoU. Tr. Serial Notes. Due $100,000 annually from July 1. 1917 to July 1, 1921, inclu- sive. — N. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at Union Bank of Canada, Mon- treal, Quebec City, Toronto and London (at $4.86^ to the £1) or National Park Bank. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding— $300,000 (Feb. 28, 1919). Balance Retired. Denomination — Coupon, $1, 000. Trustete — Montreal Trust Co., Montreal. Redeemable as a whole at 102% and inter- est on three months' notice. Organization — See 1st 5 s. Security — ^A direct obligation of the company and secured by a first collateral lien, by pledge of a first mortgage, on the properties of the Shipshaw Power Co. The latter com- pany owns a water power plant with a pres- ent capacity of 10,000 h. p. on the Shipshaw River about two miles from Kenogami, Que. The company sells its power to Price Brothers & Co. for the operation of their mills at Kenogami and Jouquiere. The cash cost of this plant exceeds $600,000. The entire cap- ital stock of the power company is owned by Price Brothers & Co. Earnings — See 1st 5s. Original Market — Offered Aug., 1916, by the Royal Securities Corporation, Ltd., Montreal, at 100.48, 100.93, 100.68, 100.88 and 100.53 and interest for respective maturities. Market. Montreal — Royal Securities Corporation. PRINCESS IRON CORPORATION 1st Serial 7s. Due $100,000 annually from Feb. 1, 1919, to Feb. 1. 1923, inclusive— F. Dated Feb. 1, 1918. Interest payable Aug. 1 and Feb. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $500,000. Outstandinig — $400,000 (Mar. 1, 1919). Deniomination — Coupon, $l,0fl0. Trustee — Commercial Trust Co. , Phila- delphia. Redeemable at 103 and interest on 30 days' notice. Organization — This company acquired the properties formerly owned by the Princess Furnace Co., the Callie Mining Co. and the Circle Ore Co., a;".l located at Glen Wilton, Botetourt County, Va. Capital Stock Authorized Outstanding Preferred (8% cum.). . $1,000,000 $300,000 Common 1,500.000 1,500,000 Secured by a first mortgage on all the prop- erty of the company. The property covered comprises a complete and modern blast fur- nace of 100 tons daily capacity, valued at $500,000; 1446 acres of land, of which 40 acres are of limestone and the balance esti- mated to contain over 1,500,000 tons of brown hematite iron ore of high quality, valued at $1,500,000. Original Market — $500,000 offered Feb., 1918. by Frazier & Co., Philadelphia, at prices to yield from 8% on first three maturi- ties; 8%% on 4th maturity and 8%% on 5th maturity. PRINCETON & XOBTH WESTERN BAIL- WAY CO. 1st 3^8. Due Jan. 1, 1926. Dated Jan. 1. 1901. Interest payable Jan. and July 1, at Chicago & Northwestern Com- pany's office. New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,100,000. Outstanding — $1,940,000. Held in C. & N. W. Sinkins Fond— $160,- 000. Denomination — Coupon. $1,000. Registerable as to principal. Registered $1,000, $5,000 and $10,000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by, the Chicago & Northwestern Ry. Co. Control — Absorbed by the Chicago & North Western Ry. Co. Secured by first mortgage on 100.42 miles of road, viz. : Miles Princeton to Marshfield, "Wis 85.69 Grand Rapids to Nekoosa, "Wis 6.88 Red Granite Jet. to Red Granite. "Wis.. 7.85 Legal for Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. T.. R. I., Vt and Wis. Original Market — $1,940,000 offered in July, 1901, by Kuhn, Loeb & Co., New Tork, at a price to net 3.30%. Market. New York — Remick. Hodges & Co.. Esta- brook & Co.. Struthers & Hiscoe, Seasongood. Haas & Macdonald, Abraham & Co.. Baker, Carruthers & Pell, Chas. W. Place. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.93% '09 95 '17 89 Nov. Low. 82 '18 89 '18 82 Aug. 89 July (THE) PROCTOR & GAMBLE COMPANY Serial 5% Notes. Due $2,500,000 Oct. I, 1917; $2,500,000 Oct. 1, 1918, and $2,500,000 Oct. 1, 1919.— N. Dated Oct. 1. 1916. Interest payable April 1 and Oct. 1, at National Park Bank, New Tork. 1024 Tax Status — Payment of Federal Income Tax soapa, glycerine aiid foodstuffs manu^cturea not assumed by company. from vegetable fats, such as cottonseed and Aothorlzed — $7,500,000. cocoanut oils. Its best known products are Ontstandine — $2,600,000 (Jan. 1, 1919). Ivory Soap and Crisco. Balance Retired. The Proctor & Gamble Company owns the Denomination — Coupon, $10,000. Register- entire common stocks (except directors' qual- able as to' principal. ifyine shares) of the Proctor & Gamble Manu- Begistrar — Old Colony Trust Co.. Boston. facturing Company. The Proctor & Gamble OTganlzatlon — See 7% Serial Notes. Distributing Company, The Proctor & Gamble Secarity — ^A direct obligation of the com- Distributing Company of Canada, Ltd., The pany, but not secured by mortgage. The in- Proctor & Gamble Transportation Company denture provides that no mortgage can be and The Buckeye Cotton Oil Company. The placed on the 'property of the company with- plants of the Company and its subsidiaries, out the payment of these notes first being in addition to twelve cotton seed oil mills secured and that auick assets consisting of in the South, are located at Ivorydale, Ohio: ' cash, merchandise and receivables shall be Macon, Ga. ; Kansas City. Kans. ; Port Ivory, . maintained at all times to the extent of at Staten Island. N. Y.. and Hamilton. On- least twice the amount of all indebtedness, tario; all plants are modern, well constructed including these notes. Quick assets as of and advantageously located. June 30. 1917, were in excess of $45,000,000 Capital Stock Outstanding and total debt of company, including all open Preferred (8% cum.) $2,250,000 accounts about $10,000,000. The company has Common 14,598,468 no mortgage indebtedness. Security— A direct obligation of the Com- EariuiaES— -See 7% Serial Notes. p^ny^ ana excepting the 6% notes due Oct., Onginal Market — Offered Sept., 1916, by Old jg^g ^nd 1919. constitute its only obligations Colony Trust Co., and F. S. Moseley & Co., outstanding in the hands of the public. The Boston. indenture contains the following covenants: Market. .^ij^q Company will not mortgage or pledge New York — Moore & Co.. Bull & Bldredge. any of its assets or suffer or permit any con- Boston — F. ^. Mose'.ey & Co.. Hornblower stituent company to mortgage or, pledge any & Weeks. of its assets. Chicago — Curtis & Sanger. The Company and its constituent companies Cincinnati — Fifth-Third National Bank of will at all times maintain current assets in Cincinnati. A. & J. Frank. an aggregate amount equal to at least twice Grand Rapids — Howe, Snow. Corrigan & the amount of all direct liabilities and all Bertles. contingent liabilities as guarantor of the ob- ligations and for dividends of any corpora- tion, all as defined in the Trust Agreement. (THE) PROCTOR & GAMBLE CO. 7% Serial The Company will not sell or lease, or per- Notee. Due $5,000,000 each Marcll 1 ^n- any constituent company to sell or .lease. from 1919 to 192S, mclnsive. — F. ^ny substantial or essential part of its fixed Dated March 1, 1918. Interest payable properties, unless it applies or arranges for March 1 and Sept. 1, at Guaranty Trust Co. ^yie application of the proceeds of any such and National City Bank. New York. gale to the redemption of Notes, or to the Tax Status — 2% Feder.-il Income Tax paid acquisition of fixed property or properties of by company without deduction. at least equal value. Authorized — $26,000,000. The Company will not consolidate or merge Outstanding— $20,000,000 (April 1, 1919). ^jtii any corporation (other than a present Balance Retired. constituent company), unless prior thereto it Purpose of Issue — ^Proceeds of this issue secures these Notes by a closed first mort- were used to take up the Company's bank gage and lien on all its property and- the prop- loans, amounting to $18,500,000, and for other grty of its constituent companies, corporate purposes. This financing has been year ended .June 30 arranged in connection with the increased cost Gross *Net of raw materials and enlarged production under 1918 $176,920,619 $9,719,804 war conditions. 1917 128,549.649 7,056.494 Denomination-Coupon, $1,000. Registerable 1916 88.113,506 6,216,053 as to principal 1915 70,790,906 4,836,992 T™stee-<.ua;anty Trust Co., New York. l^"; .••.•.;••• ^^'j^^^'O^^ * 247 706 Redeemable on any mterest date upon 30 »Aftpr intorpct etc days' notice as a whole, or in series, in which '^.".^'^ . „ , 1 .„; „„„ „„„ „.,,,,. event it must call for redemption all the Original Market— $26,000,000 offered March, notes of one or more of the series last ma- 1918, by the Guaranty Trust Co,, The Na- turing, at 103 for Notes with 4 years or tional City Co. and The First National Bank, more to run: 102 for Notes with 3 years or New York, at the following prices for re- more but less than 4 years to run: 101% for spective maturities: 99%, 99%, 9.8%, S7% and Notes with 2 or more but less than 3 years 97 and interest, to run: 101 for Notes with 1 year or more Market. but less than 2 years to run: 100% for Notes Chicago— Babcock, Bushton & Co., Curtis & with less than 1 year to run. The Notes are ganger, Merrill, Lynch & Co. aTabre^p^ ic^s In'l^rent '"of "fh^e*', s'aL 'Tt ^ ^Tc'^-'Tr^ ^^c'r^n^b^f^^rT^^e^^'s'^'T^ any substantial or essential part of the prop- Tru,=t ^o^^o* N.^ Y., Hornblower^^ Weeks.^T. ^Organization— Incorporated in Ohio in 190S. son & Townsend, National City Co., B. & C, succeeding a New Jersey corporation of the Randolph. „,., ^ „ ... , „ , same name incorporated in 1890, and acquired Cmcmnati— Fifth-Third National Bank of the soap, candle oil and glycerine business Cincinnati, A. & J. Frank, "W, E. Hutton & of Proctor & Gamble established in 1837. Co. , , „ „.„. ^ „ „ The Company and its subsidiaries, are the I,oui8vill&-J. J. B. HUliard & Son, largest producers in the United States of Pittsburgh— Kean, Taylor & Co. 102s Prk e Range 1918 1930. Bid Ask High.lOlVi Dec. 101% Dec. Low. 98% Mar. ggVa Mar. 1921. High.l01V4 Dec. 102 ],9C. Low. ■ 38% Mar. 1922. High.102 Dec. 102*1 Dec. Low. 97% Mar. 1923. HiBh.103% Dec. 103% Dec. Low . 97 Mar, PRODUCERS TRANSPORTATION CO, 1st 6s. Due 1931.— F. Dated'1909. Interest payable Jan. and July 1, at Kountze Bros. & Co. , New York, and Los Angeles Trust & Savings Bank, Los An- geles. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,600,000. Outstanding— $545,000 (Jan. 1, 1919). Redeemed — $2,243,000, Owned by Union OU Co. — $712,000. Denomination — Coupon, $1,000. Trustee — Los Angeles Trust & Savings Bank, Los Angeles, Guaranteed principal and and interest by the Union Oil Co. of California. Control — The entire capital stock is owned by Union Oil Co. of California. Secured by a first mortgage on 315 miles of oil pipe line extending from the San Joaquin Valley Oil Fields to the tidewater terminals at Port Hartford with about 115 miles of feeding lines, also upon fifteen pumping sta- tions, steel tanks, etc. Earnings — See Union Oil Co. Original Market — OfCered to stockholders of Union Oil Co. at par with 100% bonus of stock. Market. San Francisco — E. F. Hutton & Co., Blank- enhorn-Hunter, Dulin Co. Los Angfles — E. F. Hutton & Co., A. H ^Vollacott, Perrin, Drake & Riley. Blanken- horn-Hunter, Dulin Co. New York — B. & C. Randolph, E. F. Hutton & Co.. Bernhard, Scholle & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100% '17 103 '16 100 Feb. 101 Feb. Low. 90 '18 98 '15 90 July 98% Aug. PROSPECT PARK & CONEY ISLAND RAIL- ROAD CO. 3nd (now 1st) 4^s and 6s. Due Feb. 1, 1926.— N. Dated Jan. 18, 1886. Interest payable Feb. 1 and Aug. 1, at U, S. Mortgage & Trust Co., New York. These bonds . were originally issued as 6s, but $340,000 were reduced to 4%% in con- sideration of a guarantee as to principal and interest by the Long Island R. R. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding^$340,000 4%s; $160,000 6a. Denomination — Coupon, $1,000. Registerable as to principal and fully registerable. Trustee — Bankers' Trust Co., New York. Guarantee — $340,000 4V6s are guaranteed as to principal and interest by the Long Island R. R. Co. Control — See Prospect Park & Coney Island Income 6s. Rec elver siiii) — See Brooklyn Rapid Transit Co. Secured by a first mortgage on 9% milea of main track, 9 miles of second track and 8% miles of sidings. $80,000 of the 6% bonds are owned by the Long Island R. R. Underlies — 3d mtge. 4%s and 6s. and In- come- 6 s. Market — 6s. New York — T, L. Bronson. Abbott, Johnson & Co.. Wm. Carnegie Ewen. PROSPECT PARK & CONEY ISLAND RAIL- ROAD CO. Income 6s. Due May 1, 1920. Dated 1880. Interest payable May and Nov. 1. (These bonds are receiving full in- terest. ) Tax Status — Payment of Federal Income Tax not assumed by company. Autliorized — $250,000. Outstanding — $250,000 ($171,200 owned by Long Island R. R.), Denomination — Coupon, $50, $100, $500 and $1,000. Organization and Control — Controlled by the Long Island R. R. through ownership of $172,- 600 of the $250,000 stock. Leased in 1899 for 999 years to the Brooklyn Heights' R. R., which company later assigned the lease to the South Brooklyn Ry. Both of these companies are subsidiaries of the Brooklyn Rapid Tran- sit Co. The annual rental is $45,000. Receivershiii — See Brooklyn Rapid Transit Co. Secured by a third mortgage on the line of the company, comprising 9V6 miles of main track, 9 miles of second track and 8% miles of sidings. Prior Liens — $700,000 4%s and 6a. Market. New York — Gilman & Clucas, "Wm. Car- negie Ewen, T. L. Bronson. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid High. 65 '16 40 Nov. Low. 40 '18 PROVIDENCE & SPRINGFIBLD RAILROAD CO. 1st 5s. Due July 1, 1922.— N. Dated July 1, 1892. Interest payable Jan. and July 1, at Lincoln National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $ 750,000. Denomination — Coupon, $1, 000, Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the New York, New Haven & Hartford R. R. Co. Guaranteed principal and interest by the New York & New England R. R. Co., suc- ceeded in 1895 by the New England R. R. Co. Latter company merged into the New York, New Haven & Hartford R. R. Co., 1908. Control — Merged into the New York, New Haven & Hartford R. R. Co. on Oct. 30, 1905. Secured by a first mortgage on 27.73 milea of main track from Providence to Douglas Jet., R. I. Legal for Me. Listed on the New York Stock Exchange. Market. New York — Remick, Hndges & Co., Abraham & Co., Baker. Carruthers & Pell, "Wm. C. Ewvn. F. K. Hatch & Co. Pittsburgh — R. B. Hutchinson & Co. Prcvidpnce — Hornblower & "Weeks, 1026 Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '10 High.99% Dec. 16, '14 Low. 99% Dec. 16, '14 PROVIDENCE & WORCESTER RAILROAD CO. 1st 4a. Due Oct. 1, 1947.— N. Dated June 1, 1897. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Trustee — Rhode Island Hospital Trust Co., Providence, R. I. Control— Leased to the N. T., N. H. & H. R. R. Co. for 99 years from July 1, 1892, at a rental of 10% on $3,500,000 stock, in- terest on bonds and $6,000 annually for vari- ous organization expenses. Secured by a first mortgage on 48 miles of road extending from Providence, R. I. , to Worcester, Mass., and branch extending from East Providence, R. I., to Valley Palls, R. I. Legal for Conn, and Mass. Listed on the Boston Stock Exchange. Market. ISoston — Hornblower & Weeks. New York — Hornblower & Weeks, Remick, Hodges & Co. , Abraham & Co. , Baker, Car- ruthers & Pell, P. H. Hatch & Co. Chicago — Hornblower & Weeks. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 Bid Ask High.94 '15 94% '16 Low. 80 '17 89 '18 1918 Ask 89 Dec. PROVIDENCE (R. I.) GAS CO. 5-Year Conv. 7% Notes. Due Jan. 1, 1923. Dated Jan. 1, 1918. Interest payable July 1 and Jan. 1, in Providence. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,100,000. Outstanding — $2,100, 000. Denominations — $50, $100, $1,000 and $10,- 000. Redeemable at 102 and interest on any in- terest date- on or after Jan. 1, 1920. Convertible on or after Jan. 1, 1920, into common stock in the ratio of one share of stock of the par value of $50 for each $50 par face value of notes. Organization — Incorporated in Rhode Island in 1847. Supplies gas to Providence and sur- rounding towns. Population served, 300,000. Authorized Outstanding Capital Stock $10,000,000 $7,500,000 Security — A direct obligation of the com- pany but not secured by a mortgage. The company has no other funded debt. Year ended Dec. 31 Gross Net Interest 1918 $2,281,882 $203,863 $92,456 1917 1.808,926 535.576 29.147 1916 1,629,272 670,605 65.736 1915 1,494.989 617.903 46,738 1914 1.462.922 466,090 37,332 Original iVIarket— Offered to stockholders of record Dec. 22, 1917. at 100 and interest in the proportion of $ 5 of notes for each 3 shares of $50. PROVIDENCE SECURITIES CO. 50-Year Deb. 48. Due May 1, 1957.— F. Dated May 1, 1907. Interest payable May and Nov. 1, at Equitable Trust Co., New York, and N. T., N. H. & H. R. R. Co. office, New Haven. ' Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $19,910,000. Outstanding — $16,758,000. Held in N. Y., N. H. & H. Treasury— $3,141,000. Denomination — Coupon. $1, 000. Regiaterable as to principal. Registered, $10,000. Reg- istered bonds exchangeable for Coupon Bond. Redeemable at 105 and interest May 1, 1917, or any interest date thereafter on eight weeks' notice. Guaranteed as to principal and interest by the New York, New Haven & Hartford R. R. Co. by endorsement. Assumed by the N. T., N H. & H. R. R. Co. Organization and Control — The Providence Securities Co. was chartered in Connecticut in 1883 under the name of the New England Loan & Trust Co., its name being changed to present title on Jan. 11, 1907. In January, 19 08, all its assets and property were sold to the New England Navigation Co.,- which company assumed all its liabilities/ Subse- quently the properties were transferred to the Rhode Island Co. , which did not, however, assume these bonds. In 1914 all of the stock of the Rhode Island Co. and the New Eng- land Navigation Co. was placed in the hands of boards of trustees, who are to sell the stock before July 1, 1919, if possible. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The Securities Co. was organized as a subsidiary of the . New York, New Haven & Hartford R. R. Co. to acquire the stocks and bonds of the Rhode Island Securities Co., which latter company had purchased or leased a large, street railway mileage in the State of Rhode Island. The Providence Securities 43 were exchanged for the stocks and bonds of the R. I. Sec. Co., which was dissolved. The Providence Securities Co. ' s operating subsi- diary is known as the Rhode Island Co. The latter, which operates 346 miles of road (39 miles owned and 3 07 miles leased) is owned by the N. Y., N. H. & H. R. R. Co. through stock ownership. This issue of debentures has, however, been assumed by the N. E. Nav. Co. The Rhode Island Co. operates in Providence, Pawtucket, Woonsocket, Central Falls and other cities and towns in Rhode Island. Fran- chises: Providence, 20 years from 1912; else- where, mostly perpetual. Listed on the New York and Providence Stock Exchanges. Original Market — $3,500,000 offered in Mar.. 1907, by Kissel, Kinnicutt & Co., and Clark, Dodge & Co., New York, and Parkinson &. Burr, Boston and New York, at 88 and in- terest. Market. New York — Gwynne Bros., J. S. Parlee & ^o., F. J. Lisman & Co., Hanson & Doyle, Coffin & Co., E. & C. Randc'ph, Kiely &. Horton, Abraham & Co., F. H. Hatch & Co. Providence — Davis & Davis, Providence Banking Co.. Hornblower & Weeks. Philadelphia — Warren A. Reed. New Hav^ — Stevenson & Co. r Price Range — N. Y. S. E. Jan. 1, '07 to Jan. 1, '19 1918 Bid Ask High.90 July 15, '07 35 Aug. 68 July Low. 55 Apr. 17, '14 44% Sept. PROVIDENCE TERMINAL CO. Ist 48. Due March 1, 1956.— F. Dated March 1, 1906. Interest payable March and Sept. 1, at New York; First Na- 1027 tional Bank, Boston, and Second National Bank, New Haven. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,500,000. OutstanrliJig — $ 4,000.000. Denomination — Coupon, $1, 000. Kegietered, $5,000, , Trustee— Rhode Island Hospital Trust Co., Providence, R. I. Assumed by the New Tork, New Haven & Hartford R. R. Co. These bonds also bear the endorsed guarantee of the latter company. Control — Absorbed by the New York, New Haven &> Hartford R. R. Co. Secured""' by a first mortgage on railroad from the ■ Union Station, Providence, to a con- nection with- the tracks of the Providence & "Worcester R. R. Co. at East Junction, R. I., about three miles,- which is double-tracked i and on the terminal facilities and passenger sta- tion of said company at Providence, R. I. , a tunnel 5,000 feet in length and a draw- bridge across the Seekonk River. This line affords the N. T., N. H. & H. R. R. Co. a direct entrance into Providence from Fall River, New Bedford and othfer points in south- eastern Rhode Island and Massachusetts. Legal for Me. Usted on the New Tork Stock Exchange. Original >Iarket — $1,000,000 offered in 1906 by the Rhode Island Hospital Trust Co. and Richardson & Clark, Providence. Market. New York — Remick, Hodges & Co., F. H. Hatch & Co., Blodget & Co., Wm. C. 'Ewen, Abraham & Co , Baker, Carruthers & Pell, John Davenport. Boston — Bstabrook & Co., Merrill, Oldham ■& Co., Blodget & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid High.lOl '09 102 '10 69»^ Dec. Low. 68 '17 85 '15 68 Jan. PROVIDENT I.OAN SOCIETY OF NEW YORK Twenty-Year Wss. Dae Sept. 1, 1931,~F. Dated September 1, 1901. Interest payable March and Sept. 1. at Society's office, 346 Fourth Ave., New York. Tax Status — 2 % Federal Income Tiix paid by company without deduction. Authorized — $ 2,000,000. -Dutstandins — $1,400,000 (Mar. 1, 1919). Turchased and Canoelled^$600,000. X>enomination — Coupon, $500 and $1,000. Registerable as to principal. Trustees of Society — George F. Baker, Jr., ^lobert W. de Forest, Frederic B. Jennings, George S. Brewster, Mortimer L. Schiff, James Speyer, Otto T. Bannard. Morgan J. O'Brien, David H. Greer, V. Bverit Macy, Percy A, Rockefeller, William Sloane, Harold T. White, George B. Hopkins, Frederick H. Ecker, all of New Tork. Redeemable at 102% and interest on three months' notice. Organization — Incorporated in New York in 1894. Security — A direct obligation of the . com- pany but not a mortgage. Company operates 12 loaning offices in Greater New York. Bonds were issued to provide funds to loan. The amount of bonds outstanding cannot be In ex- cess of four times the amount- of the. cer- tificates of contribution of the Society out- standing. The $7,200,000 certificates of Con- tribution which bear 6% annual interest were mostly Issued at par. The Snciety^owns build- ings, unencumbered by mortgages at 4th Ave. and 25th St., 736 7th Ave., Lexington Ave. and 124th St., 409 Grand St., Courtland Ave. and 148th St., 180 East 72nd St., 2365 8th Ave., and 223 East Houston St., New York; Cor. Smith & Livingston Sts.. 24 Graham Ave., and Rockaway and Pitkin Ave., Brook- lyn. These buildings together with one at 186 Eldridge St., New York, which is rented, are operated as loaning offices. Year ended Dec. 31 '' Gross Net Interest 1918 $1,374,980 $771,693 $496,933 1917 1,314,494 871,019 507.741 1916 1,319,291 857,693 522,059 liisted on the New York Stock Exchange. Original Market — Speyer & Co. Market. New York — Hanson & Doyle, Baker, Car- ruthers & Pell, F. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid" Ask Bid Ask High.99 '17 100 '11 99 Jan. 100 Jan. Low. 80 '13 93 '16 94 Dec. PROVINCIAL LIGHT, HEAT & POWER CO. 1st 5s. Due Sept. 1. 1946. Dated Sept., 1906. Interest payable Mar. and Sept. 1 , at Trustee'^s office, or at the Canadian Bank of Commerce, New York, Tax Status — Information not available. Authorized — $1,500,000. Outstandine— $1,204,000 (Feb. 1, 1919). Retired by S. F. — $142,000. In Treasury — $154,000. Denomination — Coupon, $1,000 or £200 9s 8d. Trustee — National Trust Co., Montreal. Redeemable at 105 and interest on- any in- terest date. Sinking Fund — Annually 1% of outstanding bonds from Sept. 1, 1911, to Sept. 1, 1928; 1 1-3% thereafter. Guaranteed as to principal and interest by endorsement by the Montreal Lt., Ht. & Pr. Co. under a contract which provides that dur- ing the life of the bonds the guarantor will take the power at such a price as will eaual operating expenses, interest and sinking fund charges. Organization and Control — Incorporated in 1901 as successor to the Canadian Electric Light Co. Company is controlled by the Mon- treal Light, Heat & Power Co. through own- ership of $475,000 of the $500,000 stock. Secured by a first mortgage on the com- pany's property, franchises, etc. Company owns rights to use surplus water of the Soul- anges Canal, Prov. of Que. The power is con- ducted to Montreal by a high voltage trans- mission line. Franchises expire in 1963, but may be extended indefinitely. Year ended April 30: Fixed Gross Net Charges 1918 $10,390,684 $4,583,746 $995,022 Original Market — First offered by the Do- minion Securities Corp. , Ltd. , Montreal, at 102 and interest. Market. Price Range 1918 — Bid 93. Toronto — Dominion Securities Corp., Ltd. New York — Berdell Bros. PUBLIC LIGHT & POWER CO. 1st S. F. 5s. Due rebrnar>' 1. 1945. Dated February 1, 1915. Interest payable February 1 and August 1, at. Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $1,650,00 0. IMedged to Secure 7% Notes — $450,000. 1028 Denomination — Coupon, $100 and $1,000. Registerable as to principal pnly. Trustee — Industrial Trust Co., Providence, R. I. Redeemable on any interest date at 105 and interest. Sinking^ Fund — Beginning January 1, 1918, 10% per annum of net earnings, after pay- ment of interest, to be applied to retirement of bonds. , Organization — Incorporated in Massachusetts In 1915 as a consolidation of several existing companies. Secured by a first mortgage on four hydro- electric plants and transmission lines and dis- tribution systems supplying eyectricity In 25 towns and cities located In the south central part of Tennessee and northern Alabama. The principal cities served are Tullahoma, Rock- wood, Winchester, Shelbyville and South Pittsburgh. The total population served la about 60.000. Franchises are reported as per- petual, and in the larger towns exclusive for either 20 or 30 years. Original Market — Offered in May, 1915, by Stranahan & Co., Providence. R. I., and Sawyer, Noble & Co., Blmira, N. T., at 90 and interest, with a 40% bonus of common stock. Market. Providence — ^3tranahan & Co. Detroit — D. L. Seymour & Co. New York — F. P. Ward, E. & C. Randolph. Worcester — W. E. Wardwell & Co. Price Range. Jan. I, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High,85 '17 92^^ '16 85 Jan. 87% Jan. Low. 80 '18 82% '18 80 Mar. 82% Mar. (THE) PUBI.IC SERVICE BUILDING CO. (BALTIMORE) 1st 5b. Due August 1. 1940.— F. Dated August 2, 1915. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $900,000. Outstanding — $900, 000. Denomination — Coupon, $500 and $1,000. Registerable as to principal only. Trustee— Mercantile Trust & Deposit Co., Baltimore. Redeemable on any Interest date at 105 and Interest. Sinlcing Fund — Not less than $10,000 per annum, beginning Feb. 1, 1921. Guaranteed as to principal and interest by endorsement by the Consolidated Gas Electric Light & Power Co. of Baltimore. Organization and Control — Incorporated In Maryland in 1915. The property is leased for 2 5 years to the Consolidated Gas El . Lt. & Pow. Co. of Baltimore at a rental sufficient to pay operating expenses, taxes, interest and dividends. Secured by a first nrortgage (subject to one small ground rent) on a lot 84 by 120 feet at the southeast corner of Liberty and Lex* ington Streets, Baltimore, and on a twenty- story office building erected thereon. The building is used for the executive, commer- cial, engineering and merchandise departments of the Consolidated Gas Electric Light & Power Co. of Baltimore, and for retail shops and general office purposes. Original Market — Offered In October. 1916, by J. S. Wilson, Jr., & Co., Baltimore. Market. Baltimore — J. S. Wilson, Jr., & Co. PUBLIC SERVICE CO. OF NORTHERN IL- LINOIS Ist & Ref. 58. Due Oct. 1. 1956. Dated October 1, 1911. Interest payable April and Oct. 1, at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — Unlimited. Outstanding— $17,722,000 (Jan. 1. 1919). Pledged to Secure 6% Notes— $4,666,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable at 110 and interest on October 1, 1921, or on any Interest date thereafter on 60 days* notice. Depreciation Reserve Fund — ^Annually, be- ginning with December 31, 1917, a deprecia- tion reserve fund is to be maintained out of eaminga. amounting to 2% of all bonds out- standing for the previous six months, wblch^ are not Issued to refund underlying bonds protected by Sinking Fund or Depreciation- Reserve provisions in the mortgages securlne them. Organization — The company was organized In 1911, and acquired the properties of the North Shore Electric Co., the Economy Light & Power Co., the Chicago Suburban Light & Power Co., the Illinois Valley Gas & Electric Co., the Kankakee Gas & Electric Co. and the Northwestern Gas, Light & Coke Co. The company operates in 15 counties in the north- eastern part of the State of Illinois, practic- ally surrounding Chicago, having a combined population of 759,665 (1910 census — Chicago excluded). The company serves gas, electric- ity, beating and domestic water to the entire suburban territory tributary to the city of Chicago. Includes Waukegan, Evanston, May- wood. Blue Island. Chicago Heights, Harvey, Riverside, etc. Secured by a first mortgage on all the, prop- erty formerly belonging to the Illinois Val- ley Gas & Electric Co. , the Chicago Sub- urban Light & Power Co. and the Evanston Heating Co. Further secured by deposit of $3,466,000 underlying bonds. Thus the mort- gage here described, in addition to being se- cured by a mortgage lien on all fixed prop- erty of the company, shares In the lien repre- sented by the deposited underlying bonds. Prior JAens — $11,200,500 bonds of constitu- ent companies not Including the $3,466,000 bonds deposited hereunder, viz.: $1,864,000 1st 5s of 1922 and $1,676,500 1st & Ref. 5s of 1940 of the North Shore Electric Co.; $171,- 000 La Grange Water, Light & Power Co. 1st 5s: $15,000 5% Water Fund Ctfs. of La Grange. 111.; $1,407':000 Economy Lt. & Pow. 1st 5s of 1956; $231,500 Kankakee Gas & Electric 1st & Ref. 5s of 1930; $128,500 Citi- zens' Gas Co. 1st 5s of 1932; $85,000 Pontiac Light & Water Co. 1st 5s; $500,000 Cicero Gas Co. lst-^6s of 1922; $3,365,000 Cicero Gas Co. Ref. & Gen. 5a of 1932; $1,747,000 Northwestern Gas, Light & Coke Co. Cons. Bs of 1928: $10,000 Stark County Power Co. 6s. for the retirement of all of the above issued bonds are reserved under this mort- gage. Underlies — Debenture 6s of 1919-22. Year «nded Dec. 31 Gross Net Interest 1918. . .$9,218,884 $3,632,930 $1,784,797 1917... 8.797,765 3.488,431 1,614,867 1916... 6,862.989 3.274.673 1,497.818 1915. . . 6.244,477 3.153.857 1,492,280 1914... 5,938,133 3,000.214 1,461,46& Legal for Me. Listed on the Chicago Stock Exchange. 1029 Original Market — $4,600,000 offered in Dec, 1911, by N. W. Halsey & Co., New York and Chicago, and Russell, Brewster & Co., Chicago and New York, at 97% and interest. An addi- tional $3,300,000 offered in April, 1912, at 99% and interest by the same lirm. Market. Chicago — Hornblower & Weeks. J. P. Hobbs & Co., King, Hoagland & Co., National City Bank, Ft. Dearborn Trust & Savings Bank, Northern Trust Co., Peoples Trust & Savings Bank, Russell, Brewster & Co., Chicago Sav- ings Bank & Trust Co., Union Trust Co., Cen- tral Trust Co., Curtis & Sanger, State Bank of Chicago, Taylor, Dodge & Ross, Halsey, Stuart & Co., H. T. Holtz & Co., Illinois Trust & Savings Bank, Merrill. Lynch & Co., Spencer Trask & Co. Boston — Hornblower & Weeks, Estabrook & Co.. Merrill. Oldham & Co., Kimball Russell & Co., Spencer. Trask & Co. New York — Halsey, Stuart & Co., Kiely & Horton, A. B. Benesch & Co., Garrison & Brown, A. H. Bickmore & Co., B. & C. Ran- dolph, Wm. R. Compton Co., Curtis & Sanger, Hornblower & Weeks, Estabrook & Co., Bab- cock, Rushton & Co., A. J. Leonard, Earle A. Miller & Co., Taylor & White. CiilGlnnatl — Rudolph Kleybolte & Co. Milwaukee — First National Bank. Philadelphia — Biddle & Henry, H. D. Boen- nlng & Co., F. Pierce & Co. Detroit — Nicol-Ford & Co. ProvideBee — Hornblower & Weeks. St. IjOUis — J. Nickerson, Jr. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99% '12 99% '12 87 Dec. 88 Dec. Low. 75 '18 77 '18 75 Sept. 77 Sept. Milwaukee — Second Ward Savings Bank, First National Bank. Chicago — Merchants Loan & Trust Co., Stanwood Co.. State Bank of Chicago, Illinois Trust & Savings Bank. Northern Trust Co., National City Co.. Halsey, Stuart & Co.. Rus- sell, Brewster & Co., McCoy &. Co.. Anderson, Hyney & Co., Curtis & Sanger. Boston — Merrill, Oldham & Co., McConnell & Co., Paine, Webber & Co. FoctlamI, Me. — Fidelity Trust Co. Omaha — Burns, Brinker & Co. 1.0S Angeles — Blankenhorn-Hunter, Du.in Co. Pasadena — Blankenhorn-Hunter, Dulin Co. PUBMC SERVICE CO. OF NORTHERN rLUNOIS Deb. 6s. Due $1,000,000 each March 1 from 1918 to 1923, inclnsive. Dated March 1, 1917. Interest payable Sept. i and March 1, in Chicago. Tax Status — 2% Federal Income Tax r£id by company without deduction. Authorib-^d — $5,000,000. Outstanding — $3,000,000 (April 1, 1919). Balance Retired. Denomination — Coupon, $1,000, $500 and $100 (1918 maturity, $1,000 only). Register- able as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable as a whole or any entire ma- turity on any interest date on a 5% income basis. Security — A direct obligation of the company but not secured by a mortgage. While the debentures are outstanding the company can- not create any new mortgages on the prop- erty now owned and cannot issue any bonds except under its First and Refunding Mort- gage. Prior Liens — $17,722,000 1st & Ref. 6s. due 1956, and $11,200,600 prior liens thereto. Earnings — See 1st & B.et. 6s. Original Market — Offered Feb., 1917, by Hal- sey, Stuart & Co., Russell, Brewster & Co., Lee, Higginson & Co., McCoy & Co., Illinois Trust & Savings Bank, Port Dearborn Trust & Savings Bank, Chicago, at 101.45, 101.41, 101.37, 100.88 and 101.07, for respective ma- turities. Market. New York — Halsey, Stuart & Co.. Lee, Hig- ginson & Co., E. & C. Randolph, A. H. Bick- more & Co., Babcock, Rushton & Co., Pynchon & Co. PUBLIC SERVICE CO. OF NORTHERN ILUNOIS 2-Year Coll. Tr. «% Notes, Series "A." Due Oct. 1, 1919.— F. Dated Oct. 1, 1917. Interest payable April 1 and Oct. 1, in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Additional notes may be issued on pledge at 75 of additional 1st & Ref. 5s. Outstanding — $1,500,000. Denomination — Coupon, $1,000, $600 and $100. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at any time at 100% and inter- est before April 1, 1919, and at 100 and in- terest on and after thfet date. Secured by pledge of $2,000,000 1st & Ref. 5 s. Earnings — See 1st & Ref. 6s. Original Market — $1,500,000 oflered Nov., 1917, by Lee, Higginson & Co., and Halsey, Stuart & Co., at 97% and interest. Market. New York — Mann, Bill & Co., Wm. A. Read 6 Co., E. & C. Randolph. Chicago — State Bank, Paul H. Davis & Co., Babcock. Rushton &. Co., Curtis & Sanger. Boston — Wm. A. Read & Co. Philadelphia — Wm. A. Read & Co. Detroit — Halsey, Stuart & Co. Price Range. Jan. 1, 'in to Jan. 1, '19 1918 Bid Ask Bid , Ask High.97% '17 99 '17 97% Dec. ,98% Dec. Low. 94% '18 97% '18 94% Jan. 97% Jan. PUBUC SERVICE CO. OF NORTHERN ILLINOIS 2-Year 6% Collat. Notes, Se- ries "B." Due Feb. 1, 1920. — F. Dated Feb. 1, 1918. Interest payable Feb. and Aug. 1, in Chicago. Tax Status — 2% Federnl Income Tax paid by company without deduction. Authorized — $1,773,000. Outstanding — $1,773,000. Denomination — Coupon, $100, $600 and $1,000. Registerable as to principal. Trustee — Illinois Trust & Savings Bank. Chicago. Redeemable at any time on 30 days' notice at 100% and interest prior to Aug. 1. 1919, and at 100 and interest on or after that date. Secured by pledge $133 1-3 par value of the company's First and Refunding 6s for each $100 par value of notes issued, the bonds thus being pledged at 75. Original Market — $1,773,000 offered Feb., 1918. by Halsey. Stuart & Co., Lee, Higginson & Co. and McCoy & Co. at 96% and interest. Market. Chicago — Babcock. Rushton & Co., Curtis & Sanger. Boston — Halsey, Stuart & Co. 1030 Bid Hig:h.96 Mar. Low. Price Ranee 1918. Ask 98% Dec. 95 July PUBIilC SERVICE CORPORATION OF NEW JERSEY Perpetual Interest Bearing 6% Certificates. — N. Dated May 1. 1903. Interest payable May and Nov. 1, at Fidelity Tr. Co., Newark. N. J. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in the State of New Jersey. Authorized — $20,200,000. Outstanding — $19,183,285. Deposited under Gen. 5s — $867,485. Denomination — Registered certificates, usual- ly .$100 and multiples, but may be issued in $1 and multiples. Trustee — Fidelity Trust Co., Newark, N. J. Organization and Property — See Gen. 5s. Secured, originally, by deposit of the follow- ing stocks received in exchange for these cer- tificates on the basis Jiere mentioned: Outstanding Deposited United El. Co. of N. J.$20,000.000 $19,604,500 Pnb'ic Serv. Ry. Co... 48.750.000 48,729,000 Orange & Passaic Val- ley Ry 1,000,000 923.500 $69,750,000 $69,257,000 In the Trust Deed it is stipulated that the stocks pledged shall not be increased in amounts nor shall any new liens be placed upon the properties whose stocks are here deposited, except to take up existing bonds, and other indebtedness now outstanding. The North Jersey St. Ry., the Bliz.. Plainfield & Cent. Jersey Ry. and the Jersey City, Hoboken & Paterson St. Ry. have been merged into the Public Service Rys. , which is the sub- sidiary operating the various electric railways controlled, leased or owned by the Public Ser- vice Corporation of N. J. In consequence $47,479,000 of the $48,750,000 capital stock of the P. S. Rys. has been substituted. Original Market — $2,000,000 offered in Jan.. 1905, by the Fidelity Trust Co. and Bisele & King. I^ewark, N. J., on a 6% basis at 110 and interest. Marlcet. Philadelphia — West & Co.. Graham, Parsons & Co. , Newburger, Henderson & Loeb, Ervin & Co.. Chas. Fearon & Co., Reilly. Brock & Co. , Elkins, Morris & Co., H. D. Boenning & Co. Baltimore — J. S. Wilson, Jr., & Co. New York — Active on N. Y. Stock Exchange. Newark, N. J. — J. S. Rippel, Fidelity Trust Co., Post & Plagg. Jersey City — Cutwater & Wells. Paterson — F, K. McCuUy. Price Range. Jan. 1. *15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106% *15 107^/^ '15 97 Jan. 99 Jan. Low. 85 '18 90 '18 85 Sept. 90 Sept. PUBLIC SERVICE CORPORATION OF NEW .IER8EY Gen. 58. Due Oct. 1, 1959.— P. Dated Oct. 1, 1909. Interest payable April and Oct. 1. at J. P. Morgan & Co., New York, or at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsylvania tax refunded. Anthorized — $50,000,000, OutRta.ndinK~$34.316.000 (Jan. 30. 1919). Held in Sinking Fund— $1 .684,000. Pledged to Secure 7% Notes — $14,000,000. 1031 Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co. of Newark, N.J. Redeemable as a whole at 105 and interest Oct. 1, 1919. or any interest date thereafter on- 8 weeks' notice, or for sinking fund on Oct. 1, 1913, and annually thereafter on 4 weeks' notice. Sinking Fund — $209,500 annually, beginning Aug, 1, 1913, for the purchase or redemption of these bonds at not over 105 and interest. This fund, with accumulation of interest on bonds purchased, it is estimated, will retire two-thirds of the authorized amount of bonds by maturity. Renewal or Depreciation Fund — The Corpor- ation is required under contract with the banker dated Sept. 27, 19 09, to provide out of its earnings the following amounts for depre- ciation, renewals, etc.: 1911, $400,000; 1912. $600,000; 1913, $800,000; 1914. and annually thereafter during the life of these bonds, $1,000,000. Under certain contingencies after 1914 this fund may be increased until the maximum of $1,500,000 for the year is reached. Organization — The Public Service Corpora- tion of New Jersey was incorporated May 6, 1903. under perpetual charter granted by the .State of New Jersey. Through subsidiary corporations it operates all the gas, electric and street railway business throughout the largest cities of the State, excepting the shore resorts, the Blizabethtown Gas Co. (operating in Elizabeth) and the street railway business of Trenton. The corporation serves a popula- tion of 2,130,000 in the railway branch of its business. 2,033,000 in its gas branch and 2.- 195,000 in its electric branch. Secured by a mortgage on all the property, franchises, leaseholds, etc., now owned or hereafter acquired, subject to $19,183,285 Per- petual Interest Bearing Certificates on a por- tion thereof. The bonds are secured by (1) A first lien upon leases for at least 900 years from their respective dates of the following gas and electric properties: Essex & Hudson Gas Co. Hudson County Gas Co. East Newark Gas Light Co. South Jersey Gas, Electric & Traction Co. The Paterson & Passaic Gas & Electric Co. Somerset, Union & Middlesex Lighting Co. The Gas & Electric Co. of Bergen County. -- United Electric Co. of New Jersey. The Nichols Electric Light & Power Co. of Nutley, N. J. Middlesex Electric Light & Power Co. Weehawken Contracting Co. Citizens' Electric Light. Heat & Power Co. Morristown Gas Light Co. Ridgewood Gas Co. Princeton Light. Heat & Power- Co. Burlington Electric Light & Power Co. Shore Lighting Co. Afo on operating agre-^m^nt between Plain- field Gas Light Co. and Public Seryice Corpor- ation of New Jersey. (2) A first lien upon the foyowing bonds deposited with the Trustee; Interest Amount Corporations Rate of Par North Jersey Street Ry 4% $7,230,000 Jersey City. Hoboken & Pater- son St. Ry 4% 1,498.000 United Electric Co. of N. J.. 4% 683,000 Eliz., Plain. & Cent. Jer. Ry. 5% 154,000 Orange & Passaic Valley Ry, . 5% 83.000 Somerset, Un. & Mid. Ltg, Co. 4% 573.181 Central Electric Co 5% 20,200 Somerset Lighting Co 5% 21.000 South Jer. Gas, Blec. & Trac. 5% 3,507,000 Bliz. & Raritan Riv. St. Ry. . B% 271,000 Middlesex El. Light & Power. 6% 21,000 The Gas & El, Co. of Ber. Co. 6% 1,656.000 Pub. Serv. Corp. of N. J. Per- petual Int. Bearing Ctfs 6% 867.485 $16,686,866 (3) A first lien upon the following shares of capital stock deposited with the Trustee: Total Shares Corporations Shares Par Value Issued East Newark Gas - Lti Co 1 J25 2,400 Somerset, Un. & M. Ltg. Co... 4,224 422,400 10,600 Mid. Elec. L. & P 1,745 174,500 1.750 Nichols El. L,. & P 496 24,760 600 Pater. & Pass. Gas & Elec.' Co. 2,697 269,700 60,000 Cit. El. L., H. & P 1,647 41,175 1,666 Pub. Service Gas. 140,989 14,098,908 141,000 Weehawken Con- tract. Co., pfd. 821 41,050 821 Weehawken Con- tract. Co., com. 1,389 69,450 1,400 Pub. Serv. Elec. .249,990 24.999,000 300,000 Morristown Gas Lt 7,343 367,150 7,350 N. J. & H. R. Rys. & Ferry Co., pfd 46 4,633 7,500 N. J. & H. R. Ry. & Ferry Co., com 24,463% 2,446,350- 25,000 Burl. El. L. & P. 341 17,050 351 Princeton Lt., Ht. & Pow. Co 2,317 115,860 2,460 Shore Lightg. Co. 1,049 104,900 1.120 Public Service R. R. Co 2,841 284,100 2,850 Pub. Serv. Ry. Co 12,600 1,250,000 $44,730,983 (4) A lien upon the following shares of cap- ital stock of the corporations hereinafter named, now owned by the corporation, but sub- ject to a prior pledge thereof under a certain agreement of pledge, dated June 1, 1903, made between Public Service Corporation of New Jersey and Fidelity Trust Co. to secure the payment of the interest upon securities known as Public Service Perpetual Interest Bearing Certificates, of which $20,047,370 are out- standing. Total Shares Corporations Shares Par Value Issued United Elec. Co. of New Jersey. 195, 945 $19,604,500 200,000 Orange & Passaic Valley Ry. Co. 9,236 923,500 10,000 Pub. Serv. Rys. Co 474,790 47,479,000 487,600 $68,007,000 (5) A lien upon all the real estate and per- sonal property of every character now owned by the P. S. Corporation of N. J. or that herRafter acquired by it. Franchises — The franchises of the Public Service Corporation of New Jersey, the Public Service Ry., the Public Service Gas Co., the Public Service Electric Co., and their under- lying companies, are perpetual, except as to a few minor grants. Prior Liens — $19,183,286 Perpetual Interest Bearing Certificates dated June 1, 1903. Also underlying bonds of leased and controlled properties. Year ended Dec. 31 (consolidated) Gross Net Int. & Rents 1918. .$52,997,839 $18,423,639 $16,603,209 1917.. 47,291.342 18,879,544 16,602,146 1916.. 42,548,775 19,003,986 16,062,119 1916., 37,471.228 18,147,432 16,176,180 1914.. 36,924,454 17,663,943 16,938,506 Listed on the New Tork and Philadelphia Stock Exchanges. Original Market — $8,000,000 offered In Nov., 1909, by J. P. Morgan &. Co.. New Tork, and Drexel & Co., Philadelphia, at 96% and inter- est; $13,860,000 in 1911 by the same firms at 94 and interest; $7,000,000 offered in March, 1913, at 9i and interest by Clark, Dodge & Co., New Tork, and Fidelity Trust Co., Newark, N. J. Market. Philadelphia — ^West & Co., Graham, Parsons & Co., Newburger, Henderson & Loeb, E. B. Smith & Co., Elkins, Morris & Co., Brown Bros, & Co., Sailer & Stevenson, Harper & Turner. Biddle & Henry, Ervin & Co., Chas. Fearon & Co. Newark — Fidelity Trust Co., J. S. Rippel, Clarence Hodson & Co., Post & Flagg, Eisela & King. New Tork — Active on N. T. Stock Exchange. Baltimore — J. S. Wilson, Jr., & Co. Jersey City — Edwin R. Case. Faterson — F. A. Peters. Francis K. McCully. Cleveland — Otis & Co. New Haven — The Chas. W. Scranton Co. Price Bange— N. T. S. E. Jan. 1. '10 to Jan. 1, '19 1918 High.96% Jan. 27. '11 83 Nov. 13 Low. 69% Dec. 2S. '17 73% Jan. 4 PUBLIC SERVICE CORPORATION OF NEW JERSEY 3-Year Secured Convertible 7% Notes. Due March 1, 1922. Dated March 1. 1919. Interest payable March 1 and September 1 at Fidelity Trust Co., Philadelphia, or at the agency of the com- pany in New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. , Authorized — $12,50 0,000. Outstanding — $12,600,000. Purpose of Issue — The proceeds of these notes and $10,000,000 new 8% preferred stock (offered to stockholders at par) to pay off ma- turing notes, discharge floating debt and pro- vide additional working capital. Approx- mately $32,000,000 has been expended on ex- tensions and betterments in the last five years: $5,500,000 of this amount has been financed by the sale of bonds, the remainder being rep- resented by $7,500,000 notes maturing March 1. 1919, $6,000,000 common stock of the cor- poration, and short term loans, etc. Denomination — Coupon $100, $500, $1,000 and $5,000, interchangeable. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Redeemable on 60 days' notice, at a pre- mium of one per cent, for each year, or any part thereof, of unexpired life, in each case with accrued interest. Convertible at any time prior to December 31, 1921, or until any earlier redemption, into 8% Cumulative Preferred Stock on the basis of 100% for the Notes and 101%% for the Stock, with adjustment of interest and divi- dends, upon thirty days' previous notice to the corporation of each such election to con- vert. Orga,nization — See Gen; -5s. 1032 Secured by pledge of $14,000,000 Gen. 5s. ' Price Bange. flue Oct. 1. 1959. and $5,000,000 capital stock Jan. 1. '16 to Jan. 1, '19 1918 of the Public Service Electric Co. Bid Ask Bid Ask Tlie balance of the stock of the latter com- High.lOO '16 101 '16 91 Mar. 96 Feb. pany is pledged under the Gen. Bs. Low. 83 '18 86 '18 83 Sept. 86 Sept. No pledged securities may be released from the Hen of the Notes except upon conversion into PUBLIC UTILITIES CO. (EVANSVII,IJB, Preferred Stock or upon redemption and can- IND.) 1(>-Year 1st & . Ref . 6s. Dae Jan- cellation of Notes or upon the deposit of cash uary 1» 1929. with the Trustee for such redemption and can- Dated January 1, 1919. Interest payable cellation, whereupon the proportionate amount July 1 and January 1 in New York, of each c:ass of pledged security may be re- Tax Status — 2% Federal Income Tax paid leased. by company without "deduction. . Original Market — $12,500,000 offered Febru- Authorized — $15,000,000. ary, 1919. by Bonbright & Co., New York, Outstanding' — $3,000,000. etc., Townsend. Whelen & Co.. Philadelphia. Reserved for Prior Liens — $2,680,000. and Fort Dearborn Trust & Savings Bank. Reserved for Ext. — $9,320,000. Chicago, at 98% and interest. Denomination — Coupon $1,000, $500 and $100. Registerable as to principal. Market. Trustee — Bankers Trust Co.. New York. Philadelphia — Graham. Parsons & Co. Redeemable on January 1. 1924, and on any Detroit — Joel Stockhard & Co. interest date prior thereto at 102 and interest. New York — Mann, Bill & Co. and on any interest date thereafter at 101 and St. Louis — Mercantile Trust Co. interest. General Reserve Fund — The company must ._ either expend in each calendar year- beginning ^'^^il^,f,?5^."i^= NEWARK TERMINAI, ^[fh the year 1919, or deposit in cash with RAILWAY Ist 58. Due June 1, 1955.— P. ^^^ Trustee in a General Reserve Fund, an Dated June 1, 1915. Interest payable June aggregate amount equivalent to the sum of S, t?i'^^i „„ „ ^ , , ~ ., 20% of gross earnings derived from the rail- Tax Status— 2% Federal Income Tax paid ^^^ properties, 15% of gross earnings derived by company without deduction. j^^^ ^■^^ electric light and power properties Tax exempt in New Jersey. Pennsylvania ^^^ ^2% of gross earnings derived from the State tax refunded upon application within 60 ^^^ ^^^^^ heating properties and of all days of payment of tax. „„„„„„„ other income. The aggregate amount, as Authorized and Outstanding— $6, OO'0, 000. ^ove calculated, may only be expended for Denommation— Coupon. $1,000. Registerable maintenance, repairs, replacements and renew- as to Pr'ncipal only. ^ . ^, , ,.t t als. for the purchase or cancellation of bonds Trost8e--Fidelity Trust Co., Newark. N. J. ^ ^^^^ j^^^^ ^„a unaerlying bonds, or for ex- Redeemable as a whole at 105 and interest ?^„gio„,, enlargements and additions to the on June 1 1920, or any Interest date there- ^pe^ty provided that such expenditures for fnt»r''«t" ' '""^ ""^ ^* "?^ *"^ eSensioAs enlargements and additions shall sfnkiAg Fund-Annually, on April 16. begin- °*^™i,^^^„^„^, '"^t"" on accTuiJt o?''Jwch"'no" ning in 1920. $30 000. plus interest on bonds in Cds°sha ," have"been"orran be i"s"ed ex° sinking fund, to be applied to the retirement of ', „ ,\:"%]Z"-, t!o=ot-vo tthtiiI is reim- bonds at not exceeding 102% and iljterest. . =:^/3,rto*the ° xTent' of m'one'ys^ur'd ot wit's. Guaranteed jointly and severally as to prin- ""'!"=" :c."',^„„fZ. \,„„y, ^^ysmi\itnrf^ cipal, interest and sinking fund by the Public S"-?,"'" *?%^.'!?"t .Jo.= f»r IS ?„df»na in Service Ry. Co. and the Public Service tor- ,„?!'«^*"'^*'»"^^rHr Poration_of New Jersey by endorsement. "J;lpUar sTock Authorized Outstanding Organization and Control — Incorporated in „ >-anii^*i 7.„ „ , Vi nnn nnn «■) ^^f. tnn New Jersey. Merged Jan., 1916, with the Preferred (6% cum.). $3,000,000 «'626.300 Piihlic Service -Rv Co Common' 3,000.000 3.000,000 S^urel by a first mortgage on a nine-story Controlled through ?™^"hip°f entire com- offloe and terminal building, located at Park ^o", ?""=S '"' '"^ ^a"'™ nf t^t Cnmmnn Place and Pine St. in the heart of the business B--ectric Co. , a subsidiary of the Common- section of Newark. N. J, This station is ^«^1"> ^P^^"^' Rfilway & L>sht Co. utilized as a distributing point for urban and Secured by a first mortgage on a portion of interurban traffic and also as an office building the interurban railway and on Ind and by for the operating subsidiaries of the Public ^ direct general mortgage the steam heat ng Service Corporation of New Jersey. system m Evansville, on all the remammg property of the company. Original Market — Offered in June, 1915, by r^^^ property covered includes plants sup- Drexel & Co., Philadelphia; Fidelity Trust Co.. plying electricity, gas and steam heat in Newark, and Clark. Dodge & Co., New York, Evansville. street railway system in the lat- at 96% and interest. t^^ „ity comprising 37 miles of track; and 32 Market ' miles of interurban railway track extending . „ ., \ .,^ „, ., „ , from Evansville to Princeton and Patoka. md. New York— Sam'l Go.dschmidt. Clark. Dodge ^^^ company also does an electric light and & Co.. B. & C. Randolph. Newburger. Hender- po,i,er business in several nearby communities, son & Loeb. Bauer. Starr & Co., John Daven- population served about 100.000. The com- port. F. H. Hatch & Co., W. B. R. Smith ^^^^ operates under an Indiana indeterminate * Co. permit. Certain portions of the interurban Philadelphia — C. D. Barney & Co., Sailer & mileage is on private right of way. Stevenson. Elkins. Morris & Co.. Graham, Prior Liens: Outstanding Parsons & Co.. Harper & Turner, K. D. Boen- Bvansvil'.e Elec. Ry. 1st 4s 1921 $1,200,000 ning & Co.. Chas. Fearon & Co.. Newburger, Evansville & Princeton Trac. 1st 5s Henderson & Loeb. Bauer. Starr & Co.. Biddle 1923 290,000 & Henry, Huntoon & Co., Warren A. Reed. Evansville Gas. & El. Lt. 1st & Kef. Newark— Fidelity Trust Co.. Post & Flagg. 5s 1932 1.190.000 Paterson — Francis K. McCully. Total $2,680,000 1033 The above mortgages are closed and bonds are reserved under this mortgage to refund the above issues at a par for par -basis. Underlies — $335,000 Debenture 6s, due 1942. 12 months ended Nuv. 30: Gross Net Interest 1918. . .$1,647,590 $595,941 $302,000 Original Market — $3,000, 000 offered Jan- uary, 1919. by the National City Co., NeW York, etc., on a 6.65% basis. Market. Chicago— H. T. Holtz & Co. PUBLIC UTILITIES CORP. (BOSTON) 6% Secured Notes. Due April 1. 1923. — F. Dated April 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 102% and interest on four weeks' notice. Organization — The company was incorporated Jan., 1910, in Maine. The company is char- tered to invest, do a general brokerage busi- ness and deal in securities and properties. Its policy has been to confine its transactions principally to the securities of public service companies and the directors are intinaately associated with the financing and operation of such corporations and properties, particularly those of electric light and gas companies. The acauisition of common stocks is preferred. Messrs. H. M. Byllesby & Co. of Chicago and the General Electric Co. interests are in con- trol of the property. Secured by deposit of the following collateral said to be valued at upwards of $650,000. Par Value American Gas & Blec. Co., stock $50,000 Amer. Power & Lt. Co., com. stock.. 100,000 Appalachian Power Co.. pfd. stock... 100,000 Buffalo General Electric Co.. stock... 100.000 Butte Elec. & Power Co., com. stock. 100.000 Helena (Mont.) Lt. & Ry. Co., com. stock 80,000 Pac. Gas & Elec. Co., com. stock 100,000 Philadelphia BIpc. Co., common stock 50.000 Southern Cal. Edison Co 100,000 Total par value $780,000 The trust indenture provides that the mar- ket value of the collateral for these notes must be at least 25% in excess of the par value of notes outstanding. The company has the right to withdraw the collateral and make substitutions therefor, subject to the approval of the Trustee. Year eiwled Feb. 38: GrOss Exp. & Taxes Interest 1919 $150,351 $9,007 $76,670 1918 145.556 10.3.32 69,179 1917 176.146 11,954 64,431 1916 131.668 8,787 78,806 Original Market — $500,000 ottered in 1912 at 101 and interest by Jackson & Curtis, Boston and New York. Market. Boston — Jackson & Curtis. New York — Jackson & Curtis, Bonbright & Co. Price Range 1918 — Bid 90. Ask 95. Tax Status— 2% Federal Income Tax raid by company without deduction. Authorized— $5,000,000. Outstanding — $1,000,000. Denomination — Coupon, $1, 000. Organization and Control — This company was formed in 1913 for the purpose of buying and selling the securities of public service corporations and of acquiring an interest in syndicates formed for the purpose of under- writing and disposing of securities in such corporations, The Board of Directors is made up of men interested in public utility compa- nies, including Stone & Webster, Bertron. GrisL-om & Co., J. G. White & Co., etc. The corporation will not engage in the operation of any properties, but will be strictly an in- vestment company, following the same general lines as the Scotch and English investment corporations. Security — These are debenture bonds and are not secured by mortgage. Original Market — First offered in 1913 in blocks of $1,000 Debentures, $500 6% pre- ferred stock and $500 common stock at $1,415 and interest by Wm. Morris Imbrie & Co., New York and Chicago, and by C. E. Mitchell & Co., New York. Market. New York — Martin, Berwin & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.73 '16 76 '16 64 Jan. Low. 64 'Ig 72 '17 PUBLIC UTILITY DEBENTURE CORPORA- TION 20-Year Deb. 5s. Due April 1, 1933.— F. Dated April 1, 1913. Interest payable April and Oct. 1. PUEBLO & SUBURBAN TRACTION & LIGHT- ING CO. 1st 5s. Due Oct. 1, 1922.— F. Dated Dec. 1. 1902. Interest payable April and Oct. 1, at Guaranty Trust Co., New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. ^ Autliorized — $3,500,000. Outstanding— $1,747,000 (Jan. 13, 1919). Retired by S. F. — $557,000. Reser^-ed for Prior Liens — $1,196,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — International Trust Co., Denver, Colo. Redeemable at 104 and interest on any in- terest date. Sinking Fund — $50,000 annually, to be ap- plied for the purchase or redemption of these bonds at not over 104 and interest. Organization and Control — Incorporated 1902 as a consolidation of the Pueblo Traction & Ltg. Co.. the Pikes Peak Power Co. and the La Junta Elec. Ltg. Co. In 1911 consclidated into the Arkansas Valley Ry., Lt. & Power Co.. together with the Colo. Lt. & Power Co.. Gold Belt Cons. Elec. Co., etc. The operation of these properties is in charge of H. M. Byl- lesby & Co.. of Chicago, and they are con- trolled by the Standard Gas & Elec. Co., a holding company. Secured by a first mortgage on the power plant, transmission lines, etc., serving In Cripple Creek District and points adjacent to Pueblo, and a second mortgage on the traction* lines in Pueblo. Franchises in Cripple Creek District expire in 1921 to 1936; in Pueblo, electric expires in 1936 and the street railway In 1940. Prior Liens — $980,000 Pueblo Traction & Ltg. Co. 1st 5s. Underlies — Arkansas Valley Ry., Lt. & Power Co. 1st Ref. 5s, due Nov. 1, 1931. Earnings — See Arkansas Valley Ry., Lt. & Pr. Co. 1031 Original Market — Offered In 1911 by H. F. Baohman & Co., Philadelphia. Market. Philadelphia— ,S. K. Phillips & Co., H. D. Boenning & Co., Cape'.le & Co. Chicago — H. M. Byllesby & Co.. Babcook, Rushton & Co. Colorado Springs — Newbold & Co. New York — ^H. M. Byllesby & Co., Kiely & Horton, Gilman & Cluoas, F. H. Hatch & Co., E. & C. Randolph, Lynch & McDermott. Denver — Newbold & Co., W. C. Packard. Milwankee — ^Morris P. Fox & Co.- Providence — R. S. Moore & Co. Kansas City — H. P. Wright Investment Co. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98 '17 99% '17 94 Jan. 98 Jan. Low. 87% '15 90 '15 90 June 96 Mar. (THE) PUEBLO (COLO.) GAS & FUEL, CO. 1st Ext. Os. Due Sept. -1, 1923. — F. Dated Sept. 1, 1902. Extended Sept. 1, 1917. with interest increased from 5% to 6%. Interest payable March 1 and Sept. 1, at Trus- tee's office, or First National Bank, New York. Tax Status — 2% Federal Income Ta.t paid by company without deduction. Authorized — Closed mortgage. Outstanding — $507,000 (Jan. 1, 1918). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. , Redeemable on any Interest date at 102% and Interest. Organization and Control — Incorporated in Colorado In 1902 as successor to the Pueblo Gas Light Co., and is controlled by the Cities Service Co. Management — Doherty Organization, New York. Secured by a first mortgage on plant supply- ing gas to Pueblo, Colo. Population served, 51,000. Franchise expires in 1936. Underlies — S. F. 5s, due 1928, which mort- gage provides for the retirement of this issue. PUEBLO TRACTION Ss LIGHTING CO. 1st 5s. Due Jan. 1, 1921. — ^F. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at International Trust Co., Den- ver, Colo,, and Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $970,000 (June 3, 1919). Retired by Sinking Fund — $130,000. Denomination — Coupon, $1,000. Trustee — International Trust Co., Denver, Col. Redeemable at 104 and interest. Sinking Fund — $10,000 per annum to be used to call bonds of this issue at 104 and interest. Control — Absorbed by the Pueblo Sub. Trac. & Light Co., which was taken over by the Arkansas Valley Ky., Lt. & Power Co., a sub- sidiary of the Standard Gas & Eleo. Co. Secured by a first mortgage on the com- pany's traction lines operating In the city of Pueblo. Colo. Total track. 33 miles. Also secured by a first mortgage on the company's power plant. Street railway franchise extends to 1940 and electric lighting franchise to 1936. Underlies — Pueblo & Suburban 1st Mtge. 5s, bonds of which issue are reserved to retire these bonds at maturity, and $3,715,000 Ar- kansas Valley Ry., Lt. & P. 1st and Ref. 5s. Earnings — See Arkansas Valley Ry., Lt. & P. Co. Original Market— Offered by B. H. Rollins & Sons, Boston, etc., and International Trust Co., Denver, Col., in April, 1901. Market. Chicago — H. M. Byllesby & Co. Denver — W. C. Parkard, Newbold & Co. Philadelphia — H. D'. Boenning & Co. New York — H. M. Byilesljy & Co., F. H. Hatch & Co.. Sharretts & Young. E. & C. Rando'.ph, Kiely & Horton. Colorado Springs — Newbold & Co. Providence — R. S. Moore & Co. Price Range. .Ian. 1, '15 to Jam. 1, '19 1918 Bid Ask Bid High.99% '17 101 '17 90 Dec. Low. 90 '18 96% '17 PUGET SOUND ELECTRIC RAILWAY CO. ist Cons. 5s. Due Feb. 1, 1932.— F. 'Dated February 2, 1903. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 500, 000. Outstanding— $3,446,000 (Feb. 19, 1919). Retired by Sinking Fund — $819, 0»0. Reserved tor Prior Liens — $1,236,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable as a whole at 110 and interest on any interest date on two months' notice. Sinking Fund — Annually, ' from January 1, 1907, 1% of all bonds certified, plus 6% per annum on bonds so purchased, to be used to retire bonds at not over 107 and interest. Bonds so purchased are to be cancelled. If bonds are not obtainable at 107, funds are to be invested in securities approved by Trustee. Organization and Control — Incorporated in New Jersey in 1902 to reorganize and take over the Seattle-Tacoma Interurban Ry. Co. Owns the entire stock except directors' shares of the Tacoma Ry. & Power Co. Practically the entire stock of this company is owned by the Puget Sound Traction, Light & Power Co., under the management of Stone & Webster. Secured by a first mortgage on 66 miles of interurban railway between Tacoma and Seat- tle, Wash. The line is almost entirely on private right-of-way. Further secured by a first lien on the entire $2,000,000 stock and $264,000 of the $1,600,000 bonds of the Ta- coma Ry. & Power Co. and all of the stock of the Pacific Traction Co. Prior Liens — $1,236,000 Tacoma Ry. & Pow- er Co. 1st 5s, for the retirement of which l3onds of this issue are reserved, and $500,000 Pacific Traction Co. 1st 5s of 1927, all of which are held in the treasury of the P. S. T.. L. & P. Co. Underlies — Puget Sound Tr. , Lt. & Power 6% Mtge. Notes, due 1919. Earnings — See P. S. T.. Lt. & P. 6s of 1919. Listed on the Boston Stock Exchange. Market. New York — Hornblower & Weeks, J. S. Far- lee & Co., Hanson & Doyle, Abraham & Co., P. H. Hatch & Co., Lynch & McDermott, H. F. McConnell & Co., McClure, Jones & Reed, Taylor & White. Philadelphia — H. D. .Boenning & Co., S. K. Phillips & Co., Biddle & Henry. Chicago — Hornblower & Weeks, Stone & Webster. Boston — Hornblower & Weeks, Stone & Web- ster. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99% '18 100% '18 99% July 100% July Low. 70 '18 76 '18 70 Sept. 76 Sept. 1035 f VGET SOUND POWER CO. 1st 6s, Dae June 1. 1933.— F, Dated June 1, 1903. Interest payable June -and Dec. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstaniding — $2,84-5,000 (June 5, '19). Betirea by S. F.— $468,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 110 and interest on any In- terest date as a whole (or in part for sinking fund) upon 70 days' notice. Sinking Fund — Annually, 1% of outstanding bonds, began in 1906, and is payable March 1, retiring bonds at not over 110 and interest. Guaranteed as to principal, interest and sinking fund by the Seattle Blec. Co. Assumied by the Fuget Sound Traction, Light & Power Co. Control — Seattle Electric Co., a subsidiary of the Puget Sound Trac Lt. & Power Co., owns the entire stock of the Puget Sound Power Co. The properties are managed by the Stone & Webster Management Association. Secured by a first mortgage on the entire property of the company, which owns and operates a hydro -electric plant on the Puyallup River, near Kepowsin, southeast of Tacoma. Supplies power to various traction and power companies (Seattle Elec. Co., Puget Sound Elec. Ry. and Paciflc Coast Power Co.), owned by the Puget Sound Trac, Lt. & Power Co. Underlies — Seattle Elec. Co. Cons. & Ref. 5s, due 1929, bonds of which are reserved . to retire by exchanging this issue. Also underlies indirectly the 6% notes, due 1919, of the Puget Sound Trac, Lt. & Power Co. Earnings — See P. S. T., L. & P. 7% S. F. Notes due June 1, 1921. Market. New York — B. & C. Randolph, McDonnell & Co. , Estabrook & Co. , Berdell Bros. , F. H. Hatch & Co., Lynch & McDermott. Boston — Estabrook & C, Stone & Webster, L. Sherman Adams, Paine, Webber & Co. Philadelphia — E. B. Smith & Co.. H. D. Boenning & Co., S. K. Phillips & Co. Baltimore — H. R. Taylor. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO^ '09 102 '12 87 Jan. 92 Jan. Low. 81 '18 88 '18 81 Apr. 88 Apr. PUGET SOUND TRACTION, LIGHT & POWER CO, 7% 3-Year fi. F. Mortgage Notes.. Due Jun© 1, 1931 — F. Dated June 1, 1918. Interest payable June 1 and Dec. 1 in Boston. New York and Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding— $14,091,000 (May 14. 1919). Reserved for Additions), etc. — (75%) $5,909,- 000. Purpose of Issue — To provide for the retire- ment by call at par Aug. 1, 1918. of $10,057.- 000 (entire issue) of th§ Company's 6% Mtge. Bonds due Feb. 1, 1919. and to reimburse company's treasury for additions to property recently made. Denomination — Coupon. $500 and $1,000. Registerable as to principal. Trustee — OM Colony Trust Co.. Boston. Redeemable as a whole or in part on any interest date upon 30 days' notice — during 1920 at par. Sinkinig Fund — Annually during 1919 and 1920. 1%% of notes outstanding', 1st payment to be made April 1, 1919. Sinking Fund to be applied to purchase notes at not exceeding Call price, or to call on next interest date if not so purchasable. Notes purchased or called to be cancelled. Organization — The corpany was incorporated in 1912 and took over the property of the Seattle-Tacoma Power Co. and the Paciflc Coast Power Co., Company controls through ownership of a majority of the stock the Seattle Electric Co., the Puget Sound Elec. Ry., the Whatcom County Ry & Lt. Co., and the Northwest Traction Co. Company oper- ates in Seattle, Tacoma, Bellingham, Everett, etc.. practically all of the traction lines. and Electric Lighting Power business. Electric Railway system comprises about 494 miles of track and 1,048 cars. Population served, 450,000. Interurban railways are chiefly on private right-of-way. Franchises, in munici- palities expire fi:om 1930 to 1952. Management — Stone & Webster Management Assn. Secured by first mortgage on substantially all property of the company formerly owned by the Seattle-Tacoma Power Co., comprising hydro-electric plant of 26,500 h. p.. and about 245 miles of transmission lines to Seattle, Ta- coma and Everett. Also secured, subject to prior liens, on properties formerly owned by the Pacific Coast Power Co., Seattle Electric Co. , puget Sound Power Co. and Whatcom County Ry. & Lt. Co. Purchase by City — On March 31, 1919, the street railway property operated by this com- pany within the city limits of Seattle, was con- veyed to the city free and clear, the mortgages thereon having been satisfied of record. Under the contract the City of Seattle has made pay- ment with $15,000,000 special fund. .5% Serial Bonds maturing in from three to twenty years. These bonds are a charge upon the gross earn- ings of the entire railway system of the city, superior to all other charges whatsoever, in- eluding charges for maintenance and operation, except charges on some $650,000 bonds of prior issues. These 5% City of Seattle Bonds are now held in trust pending agreement as to amounts to be deposited under the various bond issues affected, as substituted security for the rail properties. Prior Liens — $26,709,000 bonds of companies controlled through stock ownership. All are closed mortgages and none mature prior to the due date of these notes, except $825,000 due April 1. 1921. Year ended Dec. 31: Gross *Net' Interest 1917 $9,454,861 $3,600,842 $1,.979,061 1916 8.107.371 2,986.376 1,860.376 1915 7.559,582 2.804.819 1,878,779 1914 8,450,973 3,443.965 1,860,824 •After taxes. Original Market — Offered June, 1918, by Lee. Higginson & Co. , Harris. Forbes & Co. and Estabrook & Co., New York, Boston and Chi- cago, at 9^ and interest. Additional Offering — $1 . 841,000 offered No- vember, 1918, at 98Mt, by Lee. Higginson & Co., Harris, Forbes & Co., and Estabrook & Co. Market. Chicago — Babcock. Rushton & Co., Curtis & .Sanger. Stone & Webster. Boston — F. B. Bassett & Co.. Estabrook A Co.. Paine. Webber & Co. St. Louis — J. Nickerson . Jr. Louisville — J. J. B. Hllliard &. Son, 1036 New York— Kiely & Horton, H. P. McCon- neil & Co., McClure, Jones & Reed, McKinley & Morris, Mann, Bill & Co.. Earle A. Miller & Co.. W. C. Rauscher. Price Range — 1918. Bid Ask High. 98^ Dec. 99 ^^ Dec. -Low. 95^ Oct. 97 Oct. PUNTA A1.EGKE SUGAR COMPANY 1st Conv. 6s. Due July 1, 1935; — F. Dated July 1, 1915. Interest payable Jan- uary 1 and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,600,000. Outstandins: — $1,500,000. Denomination — Coupon, $1, 000. Regiaterable as to principal only. Trustee — Merchants' National Bank of Bos- ton. Redeemable after January 1, 1919, at 110 and interest. Sinking: Fund — Beginning in 1920, 10% of net profits of business annually, with minimum payments of 2% of outstanding bonds, to be applied to the purchase of bonds in open muT- ket at not exceeding 110 and interest, or re- demption by lot at that price. Convertible Into common stock at 115 after January 1, 1919. Organization — See Coll. Tr. 6s. Secured by a first mortgage on 28,000 acres of land near Caibarien, on the north coast of Cuba, and on large sugar mill with an ultimate capacity of 300,000 325-Ib. bags of sugar per year; and also on railroad and wharf property under construction. Earnings — See Conv. 6s. Original Market — Offered in August, 1915, by Hayden, Stone & Co., Boston and New York, at par and interest. Mark«t. Boston — ^Hayden, Stone & Co. ' PUNTA ALEGRE SUGAR CO. Coll. Tr. Conv, 6s. Due July 1, 1931.— F. Dated July 1, 1916. Interest payable Jan. 1 and July 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstandlner — $2,995,000. Issuable for Trinidad Stock — $4,800. Denomination — Coupon, $1,000. $500 and $100. Registerable as to principal. Trustee — Merchants' National Bank, Boston. R«deemable as a whole or in part for sink- ing fund at 106 and interest on any interest date on 60 days' notice. Improvement or Sinking Fond — Before de- claring any dividend for any fiscal year, the company is required to set aside from its own earnings or those of the collateral companies a sum not less than $100,000 to be used for additions and* improvements which might other- wise be capitalized or applied to the purchase or redemption of these bonds at not over 105 and interest. The obligation to set aside this fund is cumulative. Convertible into capital stock on the first of any month upon 30 days' prior notice thereof at 125% or 16 shares ($50 par value) for each $1,000 bond. Conversion privilege continues for 90 days after redemption date if bonds are called. Organization — Incorporated In Delaware Id 1915, and owns a large tract of land on the north coast of Cuba and has acQuired control of the Trinidad Sugar Co. and Florida Sugar Co. Capital Stock Authorized Outstanding Preferred $760,000 $760,000 Common 8,000,000 3,860,000 Secured by deposit of 99% of the capital stock of the Trinidad Sugar Co., which com- pany owns a sugar mill, together with about 10,626 and leases about 13,200 acres located at Trinidad in the Province of 3anta Clara, Cuba, with an annual output of about 100,000 bags (325 pounds each), and 100% of all the securi- ties of the Florida Sugar Co., which company owns a sugar mill, together with about 2,27T and leases about 4,653 acres located a]t Florida in the Province of Camaguey, Cuba, with an annual output of 300,000 bags; and further se- cured by a direct second mortgage on all the property of the Punta Alegre Sugar Co., which owns 28,918 and leases 7,821 acres, of which 6,000 acres are planted, located on the north coast company owns a mill with a capacity of 300,000 bags. By the provisions of the indenture no mort- gage lien can be placed on the properties of the collateral companies without the consent of three-fourths of this issue of bonds. Prior liien — $1, 500, 000 1st Conv. 6s, due 1935. Year ended May 31 (consolidated) Net Dep'n Int., Etc. 1918 $1,749,379 $381,694 $483,711 1917 869,812 323.246 276.979 Original Market — $ 3,000,000 offered July. 1916, by Hayden, Stone & Co., New York, Boston, etc., at 96 and interest. v Market. -Hornblower & Weeks, Hayden, New York- Stone & Co. Boston — Hornblower & "Weeks, Richardson,, Hill & Co. Chicago — ^Hornblower & Weeks. Philadelphia — Brown Bros. Price Range. Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Bid Ask- High.89 '18 93 '18 89 Dec. 93 Dec- Low. 83 '17 84% '18 84% Oct.. 1037 Q QUANAH, ACME & PACIFIC RAILWAY CO. ist 6s. Due Oct. 1, 1939. — P. Dated Oct. 1, 1909. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax pa-id by company without deduction. Authorized — Closed mortgage. Outstandine— $210,000 (April 1, 1919). Exchanged for St. I>.-S. F. Ry. Prior liien Bonds and Deposited — $1,548,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commonwealth Trust Co., St. Louis. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Guaranty — The St. Louis & San Francisco R. R. Co., which was foreclosed, guaranteed to pay off or redeem these bonds at 105 and interest on or before July 15, 1921, and also guaranteed all interest. Organization and Control — Incorporated in Texas in 1909. The St. Louis-San Francisco Railway Co., successor through foreclosure to the St. Louis & San Francisco R. R. Co., owns $100,000 entire capital stock of the com- -pany. Secured by first mortgage on 78.92 miles of road from Quanah to MacBain, Tex. Underlies — $100,000 capital stock of this company and $1,548,000 bonds of this issue are deposited under the St. L.-S. F. Ry. Prior Lien Mtge. 3Iarket. New York — Baker, Carruthers & Pell. QUEBEC-JACQUES CARTIER ELECTRIC CO. 1st Ref. 5s. Due Dec. 1. 1931. Bated Dec. 1, 1901. Interest payable June -and Dec. 1, at company's office, Quebec. The interest due Dec. 1, 1913, paid in the latter part of February. Interest due Dec. 1, 1914, was paid in the middle of Feb., 1915. Subse- quent interest, including Dec. 1, 1915, has been paid. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $849,000. D?nomination — Coupon, $ 1 and $1,000. Registerable as to principal. Trustee — Bciuitable Trust Co., New York. Redeemable at 110 and interest at any time upon six weeks' notice. Organization and Control — Incorporated in New Jersey in 1902. Controlled through own- ership of practically entire stock by the Que- bec Ry., Lt., Ht. & Power Co. Secured by a first mortgage on property of company, consisting of a hydro-electric plant located about 20 miles from Quebec, together with transmissioned distribution lines; also on a steam generating plant in Quebec. Fran- chise to supply electricity to Quebec is per- petual. Population served, about 112,000. Underlies — Quebec Ry.. Lt., Ht. & Power Co. Cons. 5s, under which issue the stock of this company is deposited as part security. Earnings — Quebec Ry.. Lt., Ht. & Pow. Co. Cons. 5s. Market. New York — Hanson & Doyle. E. & C. Ran- dolph. P. H. Hatch & Co., John Davenport. Montreal — Canada Securities Corp. . Hew R. Wood. Co. Wilmington — George P. Bissell. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask Hish.68 '18 76 *15 68 Dec. 72 Dec. Low. 55 '15 58 '15 60 June 66 June QUEBEC, MONTMORENCY & CHARLEVOIX RY. 25-Year 5s. Due June 1» 1923. — N. Dated June 1, 1898. Interest payable June and Dec. 1, at Montreal Trust Co., Montreal, Can.; Union Bank of Canada and Royal Bank of Canada, Quebec, Can. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $1,500,000. Authorized — $1,500,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — ^Montreal Trust Co., Montreal, Can. Organization and Control — Chartered in 1881 and road opened in 1889. Name changed to Quebec Ry., Lt. & Pow. Co. in 1899. The entire capital stock is owned by the Quebe Tj n„ „<• ivT T „„,„= oTo Outstanding — $1,295,000. ■The Central R. R Co. of N J owns 372 Denomination— Registered, $1,000. m.les of road from Jersey City to Bayslde and Tmstee-Glrard 'Trust Co., Philadelphia. ?ifl^V:fph^rLw°^ M^T^^n^f^^'^Q-^^nr^ Redeemable at 105 and interest on 30 days' and to PniUipsDurg, N. J., controls 29 mllea notice of branches and l^ses 192 miles of road from Orgknization-See Gen. 4s. Philhpsburg to ?^ilkes-Barre and Soranton Secured by deposit with the Trustee of $1,- Pa., and controls extensive anthracite coal ^gg ^^^ „„t „, $1,500,000 capital stock of the properties, 'This road furnisliesi an entrance ^v-ilmington & Northern R. R. upon which Pv° ^L^"^ J^thi^^^ul^^ii^i Sw^ I ^i^^n^ 3%% dividends are guaranteed by the Phlla- ™;vS^'H,f Ji tv,» .t^^JZ h-w „,^i ; ?L deloh'a & Reading Ry. Co. under 999 years- Dividends on the stock are being paid at the , .j,^ ^ ^ jj ^ ^ Co. owns 90.44 rate of 12% per annum and the market value ^^^^ „, ^„^a •„, ^.t,;^^ ^j ^i,^^ ^^^ a„„ble- LtocTil deposie" as security namely $160 t^^*^^' '^""^ Birdsboro, near Reading. Pa., ?er share^'Thf tvlr\gTannSkl"e\'?nings'a?- iL^'^TT.TiO^'n^r mn^"' '" '"°""'^"^'^ "' plioable to dividends in the past four years S-SIj t^ t>^,,IIt1Z'- „ o*„.,v -n-.^t.-^™ Bxppeded 20<7„ of the stock Usted on the Philadelphia Stock Exchange, exceeaea zu% 01 tne atocK. Original Market— Offered in 1904 at par and The Perkiomen R. R. Co. owns 38.23 miles . ^ * v -r. i «. r, T3i,-i«.j,^i„t,]„ of road from Perkiomen Jet. to Bmaus. near •»*«'^^=* "" ^^^""^^ ^ ^S'; Philadelphia. ar^bS pal'd ?n'"fhTs'''stoy\nd'"av™aS Philadelphia-Cassatt &'co.. Graham, Par- earnings ^PP^oabTe to %?v?d?nds*"havrbtfn' --/ C°' H^toon & Co., Sam'l K. Phillips equal to more than 12% per annum, on the ¥>«s„« i>o.„~« atnrlc rrice nanse. The Port Reading R. R. Co. owns 21.16 •>«"• 1- ^f* *» •"•"• ^- !"» "'» miles of road from Manville to Port Read- __. . ,«f, mo sk r» n ing. N. J., affording the tidewater outlet on t on 'M New Tork Harbor. Since 1909 annual divi- ^°''- °" "° dends of 12% have been paid on this stock, and earnings applicable to dividends have aver- READING COMPANY Equip. Tr. 4%s. Series aged more than 23% per annum on the stock. "E." Due $300,000 each Jan. 1 and July The company covenants not to sell or en- 1 to July 1, 1926, inclusive. cumber any of the stock pledged hereunder. Dated Jan. 1, 1916. Interest payable July that it will exercise its voting rights so as 1 and Jan. 1 at Trustee's office. to retain majority control (where stock pledged Tax Status — Payment of Federal Income Tax is a majority of the issue), and that it will not assumed by company, not permit any increase of same. Autliorized — $6,000,000. I/isted on the New Tork and Philadelphia Outstanding— $4,600,000 (Jan. 1, 1919). Stock Exchanges. Balance retired. Year ended Dec. 31 Trustee — Pennsylvania Co. for Insurance on Net •Deductions Lives & Granting Annuities, Philade'.phia. 1918 $16,792,961 $5,998,513 Secured by an eauipment agreement on the- 1917 15,696,168 5,915,925 following equipment contracted for in 1916, 1916.! 15.077,152 6,533,965 costing $7,280,728, viz.: •Taxes, rentals, interest, etc. 60 Mikado type Locomotives Original Market — $23,000,000 offered in 6 Mallet type Locomotives Feb., 1901, at 94 and interest by J. P. Mor- 5 Pacific type Locomotives gan & Co., New Tork, and Drexel & Co.. 2,600 Steel Hopper Coal Cars Philadelphia. 1,000 Steel Underframe Box cars Market. 500 Steel Underframe Gondola cars New York— A. H. Biokmore & Co., Cogge- 20 Steel Passenger cars shall & Hicks, B. & C. Randolph, Newburger, 10 Steel Combination Passenger and Bag- Henderson & Loeb, Seasongood, Haas & Mac- gage cars, donald. Original Market — $4,800,000 offered August. Philadelphia — ^B. B. Smith & Co., West & 1918. by Drexel & Co., Philadelphia, on a Co., Graham, Parsons & Co., Newburger, Hen- 6% basis.* 1047 Market. 000,000 P. & K. Hy. Co. purchase money New York — Evans, StiUman & Co. mortgage 6s, which are secured by a first Fhiladeluhia — Chas. Fearon & Co., Reilly, lien on 30 miles of branch and connecting Brock & Co. lines, a third mortgage on 167 miles of road from Auburn to Rockvllle, Lebanon Jet. to READING COMPANY Equip. Tr. 41/28, Series Brookside, Locust Summit to Herndon, Locust- "G." Due !M50,000 each July 1 and Jan- ale to St. Nicholas and branches, subject to uary 1, to January 1, 1927. inclusive. Prior liens at the rate of $38,100 per mile, Dated January 1, 1917. Interest payable and a fourth mortgage on 147 miles of road July 1 and January 1 at Trustee's office. from Philadelphia to Mt. Carbon and from Tax Status— Information not available. Reading to Harrisburg. subject to prior hens Authorized— $9,000,000. at the rate of $56,400 per mile. The entire Outstandln«— $7,200,000 (Feb. 14, '19). capital stock, $42,481,700 of the P. & R. Ry. Retired $1 800 000 ^°- *^ also deposited under this mortgage, as Trustee— Pennsylvania Company for Insur- '= practically the entire $8,600,000 capital ance on Lives and Granting Annuities, Phila- st??t »' t1« J- * K-. Terminal R. R Co.. delphia which owns the Reading Terminal and ap- Secured by an equipment agreement on the Preaches in Philadelphia, subject to $8,50-0,000 followink equipment contracted for during the bona?- ,/"'''''^'' =«« Reading Co. These bonds are also se- 2.0 fteel Hopper Co^^arl ^-^ ^^ ^ T^^ T^^^H^t^r.o^T^^lVZ 1 nnft Gf=«i ■n^^Z.^P^^^^ tj«^ n^^^ acres of coal land in the anthracite coal fields All t\tl\ Yrn^trfr^^! ^n^Hni^ p.r. ^t Pennsylvania and on first lien on the stocks 1,000 steel Underframe Gondola Cars „, , „,„ „* „„,,„„„i ««oi nr^-n%-naniao n-rrmaA 40 Steel Passenger Coaches w^t^^p^ * „ T * <=oal companies, owned 10 Steel Combination Coaches. ^J? \ ;, A , '^ ,■ , , ,y. Original Market— $7,200,000 ofliercd Febru- The following is a detailed list of the se- ary, 1919, by Drexel & Co. and Townsend, curities mentioned above: Whelen & Co.. Philadelphia, on a 5%% basis. The Reading Company pledges the foUow- Market, ing security: All real estate acquired from Philadelphia — Reir.y, Brock & Co. the old Philadelphia & Reading R. R. Co.; all its rolling stock and equipment, rail and marine: and all property acquired with pro- RBADING CO. AND THE PHILADELPHIA ceeds of this issue or appurtenant to the & READING COAL Si IRON CO. Gen. 48. mortgaged premises, together with the fol- Due Jan. X, 1997.— P. lowing securities: Dated January 5, 1897. Interest payable Allentown E. R. Stock $1,071,400 Jan. and July 1, at J. P. Morgan & Co., New Atlantic City R. R. 1st Cons. ■^ork- Mtge. Bonds 39, 000 Tax Status — 2% Federal Income Tax paid Atlantic City R. R. Pfd. Stock.. 998,650 by company without deduction. Atlantic City R. R. Common Stock 2,696,000 Tax exempt in Pennsylvania. Catasauqua & Fogelsville R. R. Authorized — $135,000,000. Stock 251.625 Outstanding — 893,717,000 (.Tan. 1, 1919). Catawissa' R. R. ist Cons. Mtge. Held in Treasury — $3,367,000. Bonds 185,000 Retired by Sinking Fund — $8,998,000. Catawissa R. R. 1st Pfd. Stock.. 11,400 Reserved for Prior Liens- $28,918,000. Catawissa R. R. 2d Pfd. Stock... 16.600 Denomination — Coupon, $1,000. Registerable Chester & Delaware River R. R. as to principal only or fully registerable. Reg- Stock (entire issue) 247,500 istered. $1,000, $5,000 and $10,000. City of Phila. 3l4s, 1921 100,000 Trustee — Central Union Trust Co.. New City of Phila. 3%s. 1934 400,000 York. Colebrookdale R. R. Bonds 693,400 Sinking Fund — In any year in which divi- Colebrookdale R. R. Stock 276,600 dends are paid upon its preferred or common Danville & Shamokin R. R. Stock stock, the Beading Co. shall also pay to the (entire issue) 245,000 Trustee as a sinking fund five cents per ton Delaware River Ferry Co. of N. J. upon all coal mined in the preceding year Stock (entire issue) 490,000 from the lands owned by the Coal Co. This East Mahanoy R. R. Stock 280,000 sum shall be applied to the purchase of these East Pennsylvania R. R. Stock.. 1,271,450 bonds at not exceeding par. If bonds are not Gettysburg & Harrisburg Ry. so purchasable fund shall be invested in se- Bonds 18,000 curities legal for New York Savings Banks. Gettysburg & Harrisburg Ry. Organization — Incorporated in Pennsylvania Stock 535,000 in 1871 as the Excelsior Enterprise Co. Pres- Middletown & Hummelstown R. R. ent title adopted in 1896 when the company Stock (entire issue) 170,000 acquired all of the property of the P. & R. R. Mill Creek & Mine Hill Nav. & R. Co.. with the exception of its railroad and R. R. Stock 47,500 appurtenances which were acquired by the Mine Hill & Schuykill Haven R. R. Philadelphia & Reading Railway Co., and all Stock 81.000 of the property except coal and iron lands and Mt. Carbon & Pt. Carbon R. R. their equipment, of the Philadelphia & Read- Stock 37.500 ing Coal & Iron Co. The company now con- Norristown Jet. R. R. Stock (en- trols through ownership of their entire capital tire issue) 17,500 stocks companies owning 2,218 miles of road. North East Pennsylvania R. R, The company also owns the entire capital stock Stock 315,000 of the P. & R. C. & I. Co. North Pennsylvania R. R. Stock. 670,950 Secured under a joint mortgage of the Read- Peoples' Ry. Bonds 36,000 ing Co. and the Philadelphia & Reading Coal Peoples' Ry. of Pottsville Stock... 53,500 & Iron Co. on a first lien on the efltire $20,- Perkiomen R. R. Bonds 161,100 1048 Philadelphia Belt Line R. R. Pfd. Stock 78,000 Phila. & Chester Valley R. R. Pfd. Bonds 25.000 Phila. & Chester Valley R. R. Non-Pfd. Bonds 47,000 Phila. & Chester Valley R. R. PH. Stock 205,100 Phila. & Chester Valley R. R. Com. Stock 460,000 Phila. & Frankford R. R. Stock (entire issue) 498,950 Phila., Harrisburg & Pittsburgh R. R. Bonds 1,472,000 Phila., Harrisburg & Pittsburgh R. R. Stocks (entire issue) 1,995,000 Phila., Newtown & New York R.R. Bonds 849,100 Phila., Reading & Pottsville Tele- graph Co. Bonds 200,000 Phila.. Reading & Pottsville Tele- graph Co. Stock 18,450 Phila. & Reading Ry. 6s. 1997 20,000,000 Phila. & Reading Ry. Stock (en- tire issue) 42,476,700 Phila. & Reading Coal & Iron Stock (entire issue) 7,995,000 Phila. & Reading Terminal R. R. Stock (entire issue) 8,497,500 Pickering Valley R. R. Bonds 332,300 Pickering Valley R. R. Stocks... 60,000 Port Reading R. R. Stock (en- tire issue) 1.555.000 Reading & Columbia R. R. Bonds. 1,045,000 Reading & Columbia R. R. Stock, 785.000 Reading Iron Co. Stock (entire issue) 998,000 Rupert & Bloomsburg R. R. Stock (entire issue) 48»000 Schuylkill & Lehigh R. R. Bonds. 109.000 Schuylkill & Lehigh R. R. Stock (entire issue) 598,000 Schuylkill Navigation Co. Loan. 1872 1.685.590 Schuylkill Navigation Co. Loan. 1882 3,940,646 Schuylkill Navigation Co, Loan. 1880 228.000 Schuylkill Navigation Co. Loan, 1895 1.181,000 Schuylkill Navigation Co. Boat & Car 1.320.060 Schuylkill Valley Navigation & R. R. Stock 61. 000 ^hamokin. Sunbury & Lewisburg R. R. Stock (entire issue) 1.995.000 Slatington R. R. Stock 19,600 Swedes Ford Bridge Co. Stock 9.000 Tamaqua, Hazleton & Northern R. R. Bonds 300.000 Tamaqua, Hazleton & Northern R. R. Stock (entire issue) 295,000 $112,587,261 Note. — The $8,497,500 stock ot the P. & R. Terminal R. R. is subject to prior pledge under the P. & R. R. R. Terminal 6s. due 1941. The P. & R. Ry. 6s, due 1997, are a lien, subject to $26,325,717 prior liens, upon prac- tically all the property and leaseholds of the Philadelphia & Reading Railway. The Coal & Iron Company pledges all its coal lands, iron lands and real esate; all railroads, branches and sidings; all collieries, buildings and the following securities: Preston Coal & Imp. Bonds Stocks Co $1,087,000 7s $2,832,350 Fulton Coal Co 317,535 Locust Gap Imp. Co 624,920* Tremont Coal Co 900,000 6s 2,957,850 Mammoth Vein Coal & Iron Co 209,000 83 603,860 Delaware Coal Co 259,160 Prior Liien^ — This mortgage provides for the retirement "of the following issues aggregat- ing $28,264,717. Phila. & Reading Coal & Iron Co., Phila. & Reading R. R. Coll. 43, 1932 930,000 P. & R. R. R. Bxtd. 1st 6s, 1933... 2,696.000 P. & R. R. R.-P. & R. Coal & Iron Co. Cons. 43, 1937 5,766,717 P. & R. R. R.-Term. 6s, 1941 8,500,000 P. & R. R, R. -Delaware River Term. 5s, 1942 600,000 P. & R. R. R. -Delaware River Term. Bxtn. 5s, 1942 634,000 P. & R. R. R. Impt. 4s. 1947 9.328,000 I/egal for Bait, Listed on the New York and Philadelphia Stock Exchanges. Original Market— $18,000,000 offered in 1911 by J. P. Morgan & Co., New York, and Drexel & Co., Philadelphia, at prices to yield 4 ys % . Market. New York — ^Active on N. Y. , Stock Exchange. Philadelphia — West & Co., Graham. Par- sons & Co., Newburger, Henderson & Xjoebt B. W. Clark & Co., B. B. Smith & Co.. Bl- kins, Morris & Co., Harper & Turner, Brown Bros. & Co., Wheeler, Elliot & Mann, Biddle & Henry. Pittsburgh — Mellon Natl. Bank, R. B. Hutchinson & Co. Price Range— N. Tl. S. E. Jan. 1. '06 to Jan. 1, '19 1918 Coupon ,High.l02% Jan. 9. '06 91% Nov. 12 Low. 80% Dec. 19. '17 80 ?i Sept. 20 Registered High.101% Jan. 6, '06 81'^ June 17 Low. 81% June 17. '18 81% June 17 BEADING TRANSIT Si MGHX CO. 2-Year Secured Notes. Due Aug. 1, 1919. — F. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,600,000. OutstandlnB — $2,450,000 (Mar. 18, 1919). Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal. •Tnistee — Equitable Trust Co., New York. Redeemable at 100% and interest on any interest date on 30 days' notice. Organization — Incorporated in Pennsylvania In 1917 as a consolidation of several com- panies, including the Reading Transit & Light Co.. incorporated in 1913. Operates through ownership or lease the street railway system in and about Reading, Pa., without compe- tion. Controls through ownership of entire common stock the Metropolitan Edison Co. (successor to the Metropolitan Electric Co.). Also controls through stock ownership the Oley Valley Ry. Co. and Neversink Mountain Ry. Co. Leases the Lebanon street railway system and the properties of the Reading Traction Co., Adamstown & Mohnsville Elec- tric Ry., Lebanon Valley Street Ry., Schuyl- kill Valley Traction Co. and the Reading & Southwestern Ry., which owns the systems of railways extending from Reading through Norristown to Philadelphia, excepting lines owned by the Reading Transit & Light Co. Capital Stock Authorized Outstanding Preferred $2,600,000 $1,700,000 Common 3,660,000 3,650,000 1049 Controlled by the Eastern Power & Light Corp. through ownership of the entire common stock and $1,511,000 preferred stock. Secured by pledge of all the outstanding 53.000,000 Gen. & Ref. 5s and on all the $3,000,000 common stock of the Metropolitan Edison Co, No new mortgage can be created without equally securing these notes. The Gen. & Ref. 5s are a direct mortgage on all the property of the company, subject to $8,- 624,000 subsidiary and divisional bonds and notes. Leases and Franchises — Principal leases contain options to purchase, also provisions for refunding underlying obligations. Fran- chises are without time limit and unrestricted with unimportant exception^. Year ended Dec. 31 (Combined): Gross Net Int. & Rent 1918 $3,855,228 $1,319,812 $1,090,569 1917 3,122,557 1,154.019 1,034,017 1916 2.621,599 1,125,006 979.659 1915 2,211,409 1.011,087 919.985 1914 2,178,705 1,046.787 898,149 Interest not reported. Original Market — Offered Aug. , 1917, by Wm, P. Bonbright & Co., Inc., New York, etc., at i)S\^ and interest. Price Range — 1918. Bid Ask High. 90 Sept. 9 8 .July Low. 96 Sept. KEMINGTON TYPEWRITER CO. 1st Conv. 6s. Due $550,000 aniiuaUy Jan. 1, 1917 to 1936, inclusive. — P. Dated Jan. 1, 1916. Interest payable Jan- uary 1 and July 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — $7,500,000. Outstanding— $1,877,500 (May 14, 1919). Redeemed— $1,577,000. Converted — $991,000. Reserved for Ext. — $2,000,000. Denominations — Coupon, $500 and $1,000. Registerable as to principal and exchangeable for fully registered bonds which are recon- vert ible. Trustee — Columbia Trust Co., New York. Redeemable as a whole or in part by earliest serial maturities at 102% and interest on any interest date upon six weeks' notice. Convertible after Jan. 1, 1918. into first pre- ferred cumulative 7 % stock, which will be redeemable at 110 and dividends. If bonds are called for redemption conver- sion privilege remains in force to 21 days prior to redemption date. Organization — Originally incorporated 1893 In New Jersey as the Union Typewriter Co. Reincorporated in New York 1909. In 1913 changed name to Remington Typewriter Co. after taking title to the plants of controlled companies, viz. : "Wyckoff, Seamans & Benedict, Yost Writing Machine Co., American Writing Machine Co., Monarch Typewriter Co., Smith* Premier Typewriter Co. and Densmore Type- writer Co. Company's plants are located at Ilion, N. Y., Syracuse, N. Y., and Bridgeport, Conn. Control of the company is vested in a voting trust consisting of five voting trustees. Secured by a first mortgage on the entire property of the company, including real estate, buildings, machinery and equipment, replace- ment value appraised December, 1915, at $4,990,000. Current assets as of June 30. 1916. amounted to over $9,900,000. Total value of physical property and current assets $14,- ■900.000. 1 Year ended Dec. 31 Bond Net Dep'n Interest 1918 $2,469,031 $286,500 $264,000 1917 2,256,134 282,000 297,000 1916 2,015,946 278,100 322,387 1915 1,127,667 324,797 273.761 Original Market — $5,500,000 offered January, 1916, by Wm. A. Read & Co., New York, Boston, etc., in the following bases: 1917 — 4%%, 1918—5%, 1919—5%%, 1920 to 1926 —6%. Market. Boston — Wm. A. Read & Co. Xew York — McGeorge & Vanderhoef. W. D, Lyon & Co., P. H. Hatch & Co., Foster & Adanis. L. A. Norton, Sharretts & Young, E. &, C. Randolph, Wm. A. Read & Co., Baker, Carruthers & Pell. Bull & Eldredge. Utica — W. D. Lyon & Co, Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOe '17 102% '17 95 Dec. 100 Dec. Low. 92 '18 94 '18 92 Jan. 94 Jan. RENO POWER, lilGHT & WATER CO. 1st Cons. 66. Due July 1, 1944. — N. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company, Autiiorlzed — Closed mortgage. Outstanding — $686,000 (June 15, 1919). Held in S. F.— $64,000. Trustee — ^Mercantile Trust Co., San Fran- cisco, Cal. Redeemable at 110 and interest, decreasing to 1 % and interest. Sinking Fund — 1.2 % of bonds issued per annum, payable April 1 , increasing to 1.7% by maturity. Organization and Control — Incorporated in Nevada in 1904. Controlled by Sierra Pacific Electric Co. through ownership of entire capi- tal stock. The Sierra Pacific Electric Co. is under the management of Stone & Webster. Secured by a mortgage on plants supplying electricity and water to Reno, Nevada. Pop- ulation served, 15,000. Franchise expires in 1954. Prior Liens — $216,000 Nevada Power, Light & Water 1st 6s of 1932. Year ended Dec. 31 (Sierra Pac. El.) Gross Net Int. & S. F. 1918 $721,297 $366,537 $82,696 1917 681,133 363.437 81.949 New York — F. H. Hatch & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 Bid Ask High.lOO '12 103 '08 Low. 90 '16 102 '13 RENSSELAER & SARATOGA RAILROAD CO. 1st 7s. Due May 1, 1921.— N. Dated May 1, 1871. Interest payable May and Nov. 1, at Delaware & Hudson Com- pany's office, 32 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstandine^$2. 000.000 Denomination — Coupon, $1,000. Registerable as to principal. Registered. $1,000. Trustees — H. C. Shields, T. Vail and Wm. L. Thompson. Guaranteed as to Interest under terms of lease by the Delaware & Hudson Co. Organization and Control — Incorporated In New York in 1832. The Delaware & Hudson Co. owns $800, 000 of the $10, 000, 000 stock 050 and leases the property into perpetuity at a rental equivalent to interest, taxes, mainte- nance expense, 8% per annum on the stock and $1,000 per year for organization expenses. Secured by first mortgage on 134.19 miles of road, viz. : Miles Troy to Ballston, N. Y ; 24.37 Saratoga Springs to "Whitehall, N. T. 40.73 "Wliitehall, N. Y., to New York-Ver- mont State Line 6.63 Rutland, Vt., to Eagle Bridge, N. Y. 62.46 This road forms a part of the D. & H. Co. ' s main line from Scranton, Pa. , and Binghampton, Albany and Troy, N. Y., along Lake Champlain to Montreal, Canada. Ijegal for Cal., Conn., Me., Mich., Minn., N. J., N. Y.. R. I. and Wis. JAsteA on the New York ^tock Exchange. Market. New York — Ambrose R. Clark, Coffin & Co., Estabrook & Co., Remick, Hodges & Co., Louchheim, Minton & Co., Wm, C. Ewen, Taylor, Smith & Hard, Remick, Hodges & Co. , Abraham & Co. , Baker. Carruthers & Pell, Redmond & Co., Vias & Hickey. Pittsburgh — R. B. Hutchinson & Co., Speer Bros. Boston — Estabrook & Co., Blake Bros. & Co. Philadelphia — Chas. Fearon & Co., Biddle & Henry. Price Range— N. Y. S. E. Jan. 1, '06 to Jam. 1, '19 1918 High.lSSMs Dec. 21, '06 103%, Sept. 30 Low.lOl'^ Aug. 21, '18 101^ Aug. 21 REPUBLIC IRON & STEEL CO. 10-30 Year S. F. 5s. Due April 1, 1940.— F. Dated April 1, 1910. Interest payable April and Oct. 1, at Central Trust Co., New York, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstaniding — $13,001,000 (Jan. 1, 1919). Retired by Sinking Fund — $6,868,000. Purchased and Held by Company — $60,000. Reserved for Ext.— $5,071,000. Denomination — Coupon, $1,000. Rcgi sterable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and multiples of $5,000. C. & R. interchangeable. Trustees — Central Union Trust Co., New York, and James N. Wallace. Redeemable for sinking fund at 105 and in- terest on any October 1st, or as a whole on any interest date beginning April 1, 1920, upon eight weeks' notice. Sinking Fund — $ 250,000 in cash or these bonds at face value annually on April 1, and in addition an amount equal to 2%% of all bonds issued over $10,000,000. The sinking fund is to be increased by the excess amount whenever the annual production of ore from the mines owned or leased by the company exceeds $500,000. This sinking fund is to be applied to the purchase of these bonds at not over 105 and interest, or to their redemption as above. Bonds so acquired to be cancelled. Organization — Incorporated in New Jersey in 1899. The company owns rolling mills and factories at Youngstown, Ohio. 6 plants; B. Chicago, Ind. ; Moline, III., and Muncie. Ind. ; blast furnaces at Youngstown. 2 plants, 6 stacks ; Saron, Pa. , 1 stack ; Newcastle. Pa. , 1 stack, and Thomas, Ala., 3 stacks; ore mines at Virginia, Minn., 3 mines; Gilbert, Minn.. 2 mines; Iron River, Mich., 2 mines; Negau- nee, Mich., 3 mines; Keewatin, Minn., Kinney, Minn., and Birmingham, Ala.. 5 mines; coal mines and coke plants at Republic, Gans and Martin, Pa., and Birmingham, Ala,, 4 plants, and limestone quarries at Birmingham, Ala. The annual capacity of the plants exceeds 1,- 000,000 tons of finished products and 1,170,000 tons of pig iron per annum. Secured by a first mortgage on all of the property of the company as described above, and on securities of numerous subsidiaries. Year ended Dec. 31 Gross 1918. .$75,224,110 1917. . 78,325,461 1916.. 52,844,018 1915.. 29.916.229 1914. . 21.366,249 Net $8,530,116 16,616,532 15,647,900 4,385,723 1.869.074 Interest $738,182 759,335 858.737 869,904 840,326 Listed on the New York Stock Exchange. Original Market — $5,000,000 offered in 1910 by Hallgarten & Co., and J. & W. Seligman & Co.. New York; $2,000,000 in Sept., 1912. by Blair & Co.. at market. Offered in April, 1915, by Blair & Co. at 93 and interest. Market. New York — Moore, Leonard & Lynch, E. & C. Randolph, J. S. Bache & Co., Morton Lach- enbruch & Co., Holmes, Bulkley & "Wardrop, Colgate, Parker & Co. , Baker, Carruthers & Pell, T. Hall Keyes & Co.. Lyon, Singer & Co.. McGeorge & Vanderhoef, Sam'l K. Phil- lips & Co. Pittsburgh — R. B. Hutchinson & Co. , The Safe Deposit & Trust Co., Moore, Leonard & Lynch, R. W. Evans & Co. Philadelphia — Capelle & Co. Chicago— Babcock, Rushton & Co.. Price Range — ^N. Y. S. E. Jan. 1, '10 to Jan. 1 .'19 1918 High.l02M! Nov. 21, '16 98^^ Feb. 23 Low. 88^4, June 16, '13 91 Dec. 26 REPUBLIC MOTOR TRUCK CO., INC., 1st & Coll. Tr. 7s. Due each Nov. 1, as fol- lows: $500,000, 1920; S500,000 1921; Sl,- 000,000, 1922, and ,*&1,000.000, 1923. Dated November 1, 1918. Interest payable May 1 and Nov. 1, in New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $ 3,000,000. Outstanding — $3,000,000. Purpose of Issue — To reduce current float- ing indebtedness and to provide additional working capital. Denomination — Coupon $1,000. Registerable as to principal. Trustees — Bankers Trust Co. . New York, and Guardian Savings & Trust Co., Cleveland. Redeemable in whole or in part, on any in- terest payment date on thirty days' notice at the following prices, plus accrued interest: 102 for notes with 4 years or more to run from redemption date. 101% for notes with 3 years or more but less than 4 years to run. 101 for notes with 2 years or more but less than 3 years to run. 100% for notes with less than 2 years to run. Organization^ — The business of the company was estab'ished in 1913, the corporate form being changed in 1916 from Michigan to New York. The company owns the entire common stock of the Torbensen Axle Company and through that company controls the M. & C. corporation, a gear manufacturing company at Detroit. It also owns the capital stock of the Republic Motor Truck Company of Cali- fornia, which operates an assembly pi ant on the coast. Capital Stock Authorized Outstanding Pref. (7% cum.). .$1,000,000 $950,000 Com. (no par) 100,000 shs. 100.000 shs. Secured by a first mortgage on all the fixed assets of the Republic Motor Truck Co,, Inc., now owned or hereafter acquired and by p'.edge 1051 of the entire common stock of~ the Torbensen Axle Co. The plant of the Republic Company is located at Alma, Mich. , and has an expanse of ap- proximately 40 acres; the Torbensen Axle Com- pany has a plant at Cleveland, Ohio, occupy- ing 4 acres, and the M. & S. Corporation a plant at Detroit, Mich. . which occupies 2 ^ acres. Company' s output in the fiscal year ended June 30, 1918, was approximately 17,000 trucks. Present manufacturing capacity is 25,000 to 30,000 trucks per annum. Prior Ijien— The Torbensen Axle Co. has out- standing $740,000 7% preferred stock, and $23,000 purchase money Obligations. Year ended June 30 (combined): Gross *Net 1918 $25,300,000 $2,201,503 *After $51,800 Torbensen Axle Co, preferred dividend and Federal taxes. Original Market — $3,000,000 offered Decem- ber, 1918, at 99%, 99, 98% and 98 and inter- est for respective maturities by Hallgarten & Co., Geo. H. Burr & Co. and A. B. Leach & Co., Inc., New Tork, etc. Market. Chicago — Babcock, Rushton & Co. Cleveland — H. W. Hosford. New York — Bull & Eldredge, M. Lachen- bruch & Co., Americus J. Leonard, Mann, Bill & Co. Louisville — J. J. B. Hilliard & Son. EEPUBUC RAILWAY & LIGHT CO. 3-Year 6% CoDT. Secured Notes. Due Jan. 15. 1930.— F. Dated Jan. 15, 1918. Interest payable July 15 and Jan. 15. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania (State tax refunded. Authorized — $2,500,000. Outstanding — $1,500,000 (Jan. 1. 1919). Additional notes issuable upon deposit with the Trustee of additional preferred stock equal In amount to the notes issued. Denomination — Coupon, $1, 000. Trustee — First Trust & Savings Company, Cleveland. Redeemable at any time upon 30 days' no- tice at 100% and interest. Convertible par for par into Mahoning & Shenango By. & Lt. Co. 7% cumulative pre- ferred stock, with interest and dividend ad- justment, between July 15 and Dec. 31, 1919, both inclusive. Guaranteed principal and interest by the Mahoning & Shenango Railway & Light Co. by endorsement. Organization — Incorporated in New Jersey on June 27, 1911. It owns all the outstanding common stock of the Mahoning & Shenango Railway & Light Co., which in turn owns directly or through stock ownership, electric urban and interurban railways (comprising 170 miles, about 40 miles of which is on pri- vate right-of-way), gas, steam heat, electric light and power properties, serving Youngs- town, O. , and Sharon and New Castle, Pa. , and the surrounding territory. Through recent consolidations 8 per cent, of the property of the Mahoning & Shenango Ry. & Lt. Co. formerly controlled through stock ownership is now owned in fee. Capital Stock Authorized Outstanding Preferred (6% cum.). . $10,000,000 $5,191,400 Common 7,500,000 6,206,000 Secured by deposit of $1,500,000 7 per cent. cumulative preferred stock ($10,000,000 author- ized; $6,139,000 outstanding) and $10,628,025 common stock (being all outstanding except 2 % shares) of the Mahoning & Shenango Railway & Light Co. No additional shares of preterred stock are issuable unless thb net earnings of the- company after paymen. of all interest charges are equal to at leas' double the amount of the dividends requirec for the preferred stock outstanding and that proposed to be issued. Franchises — Practically all Pennsylvania franchises are without limit as to time. Prin- cipal railway franchises in Youngstown were renewed/ in October, 1908, for twenty-five years. One of the most Important franchises In Youngstown, Including a large portion of the main business street, was renewed in 1917 for twenty-five years. The most important interurban franchises In Ohio expire from 1945 to 1950 and the principal Ohio lighting franchise expires in 1942. Prior Liene — $16,735,000 bonds of the Ma- honing & Shenango Ry. & Lt. Co., and its sub- sidiary and constituent companies. Year ended Dec. 31 (consolidated) Gross Net 'Charges 1918... $5, 548, 046 $1,526,709 $1,258,504 1917... $4. 889, 916 1,615.938 1.004.427 1916... 3,987,617 1,681,176 827,570 'Includes interest and subsidiary dividends. Original Market — $1,500,000 offered Jan., 1918, by Harper, Turner & Co., and RelUy, Brock & Co., Philadelphia, at 96% and in- terest. Market. Philadelphia — H. D. Boenning & Co., Rellly, Brock & Co. Price Range — 1918. Bid Ask High. 93% May 96 Aug. Low. 92 Aug, 95 Aug. RETSOF MINING CO. 1st Ss. Dnt Oct. 1, 1925.— N. Dated Jan. 1, 1895. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $2,500,000. Outstanding — $798,000 (Mar. 28. 1919). Purchased & Held by International Salt Co. — $1,702,000. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New Tork. Controlled by the International Salt Co. through ownership of the entire capital stock. Secured by a first mortgage on 640 acres of land and mining works and plants at Livonia, Greigsville and Retsof, N. T. Underlies — International Salt Co. 1st Cons. Coll. Tr. 5s. Earnings — See International ,Salt Co. Market. New York — Tobey & Kirk, Morton Lachen- bruch & Co., E. & C. Randolph, Geo. S. Crap & Co., Hallowell & Henry, Baker, Carruthers & Pell. F. H. Hatch & Co. Seranton, Pa. — Chas. E. Robertson. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.68 '17 73 '18 68 Nov. 73 Nov. Low. 53 '15 57% '15 65 Dec. 68 Oct. RHODE ISLAND CO. 5-Year 5% Secured Notes. Due March 1. 1931.— N. Dated March 1, 1916. Interest payable Mar. 1 and Sept. 1, at Old Colony Trust Co., Bos- ton, or Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Rhode Island. Authorized — $1,662,000. 1052 Oatstandine — $1,662,000. Denomination — Coupon, $1,000. Trustee— Industrial Trust Co., Providence, R. I. Redeemable at 101 and intereBt. Organization — Incorporated in 1902 and leases 362 miles of street railway in and around Providence, Pawtucket and "Woon- socket, R. I., for 999 years from the United Traction and Electric Co., the properties of the Union Railroad Co., the Pawtucket Street Railway Co. and the Rhode Island Suburban Ry. Co. Rental fixed charg^es and 5% divi- dends on lessor's $8,000,000 capital stock. Control — A majority of the capital stock of the Rhode Island Co., recently held by the New York, New Haven & Hartford R. R. Co., was transferred Nov. 7, 1914, by order of the U. S. Dept. of Justice to five trustees. These trustees are to use their best efforts to dispose of these holdings by July 1, 1919. Receivership — Three receivers were appointed for this company March 4, 1919. Seetired by deposit of $2,078,300 par value of the United Traction & Electric Co. stock, which has paid dividends since 1897 and divi- dends of 5% since 1913. The bond and stock issues of the latter company have been closed. Year ended June 30 Gross Net Int. & Rent *1918. . .$6,311,285 $702,818 $1,480,342 *1917... 6.000.602 941.832 1.454.681 1917. . . 5,913,074 1,461,971 1,402,068 1916. . . 5,484,875 1,555,642 1.402,068 1915... 5.084.137 1,294,908 1.410.337 *Year ended Dec. 31- Original Market — $1,662,000 offered June, 1916, by Providence Banking Co., Industrial Trust Co. and Bodell & Co., all of Providence, R. I., at 98^^ and interest. RHOD£ ISLAND SUBURBAN RAILWAY let 4s. Due Jan. 1, 1950. — F. Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Company's office. Providence, R. I. Tax Status — 2 % Federal Income Tax paid by company without deduction. Anthorized— $5.000. 000. Outstanding — $4,682,000. Reserved for Prior Liens — $318, 000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Union Trust Co., Providence, R. I. Guaranteed as to principal and interest by United Traction & Electric Co. Control — All of the stock is owned by the United Traction & Electric Co. and property leased to Rhode Island Co. for 999 years from 1904. Protective Committee — Michael F. Dooley. Edward B. Aldrich. Benjamin A. Jackson. George L. Shepley, Frederick S. Peck, George C. Clark. Jr.. and C. H. W, Mandeville, Sec- retary. 63 "Westminster Street, Providence, R. I. Depositaries— National Exchange Bank, Providence, and Bankers Trust Co., New York. See also Cumberland Street Railway Co. and Pawtuxet Valley Electric Street Railway Co. (April 15. 1919) Secured by a first mortgage on the former Oakland Beach Branch of the New York, New Haven & Hartford R. R. Co., which has been electrified, and also by deposit of 700 shares Cumberland St, Ry. stock, 3,985 shares Pawtucket Valley El. St. Ry. stock and 6,000 shares Barrington, Warren & Bristol Street Ry. stock. The total mileage of the company is 57 miles, and the company also owns an extensive power plant and distribution system. Prior Liens — $243,000 Pawtucket Valley Electric ^t. Ry. 1st 5s of 1918 and $69,000 Cumberland Valley St. Ry. 1st 6s. Bonds of this issue are reserved to retire the above issues. £amings — See Rhode Island Co. Listed on the Providence Stock Exchange. Market. Providence — Providence Banking Co., Davis & Davis, Brown, Lisle & Marshall, Hornblower & Weeks. New York— E. & C. Randolph. F. H. Hatch & Co.. Hornblower & Weeks, Lynch & McDer- mott. Boston — McConnell & Co., Walter S. Place. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.89 '12 92 '12 60 Oct. 85 Jan. Low. 60 '18 70 '18 70 Oct. (THE) RICHLAND CO. 7% Secured Notes. Due Feb. 1. 1920.— F. Dated Feb. 1, 1918. Interest payable Feb. 1 and Aug. 1, at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $75 0,000. Outstanding — $750,000. Denomination — Coupon $1,000. Trustee — The First Trust & Savings Co., Cleveland. Redeemable as a whole only on any Interest date at 101 and interest. ' Guaranteed principal and Interest by the Cities Service Co. by endorsement. Organization — Incorporated April 18, 1913, under the laws of the state of Delaware, under the name of the Public 'Utilities Bond Invest- ment Co. to deal in securities of public utility organizations. On Feb. 20, 1918, name was changed to tljp Richland Company. Control — The Richland Co. is a subsidiary of the Cities Service Co. Secured by pledge of $1,500,000 of The Rich- land Public Service Co. 1st & Ref. S. F. 5s, dated Oct. 1, 1917, due Oct. 1, 1937. Original Market — $750,000 offered March, 1918, by Otis & Co. and The First National Bank, Cleveland, 97% and interest. RICHMOND & ALLEGHENY RAILWAY CO. 1st Cons. 4s. Due Jan. 1. 1989. See Chesapeake & Ohio Ry.. Richmond & Alle- gheny Div. 1st Cons. 4s, 1989. RICHSIOND & ALLEGHENY RAILWAY CO. Second Cons. 4s. Due Jan. 1, 1989. See C. & O. Ry. Co.. Richmond & Allegheny Div. 3d Cons. 4s, 1989. RICHMOND & DANVILLE RAILROAD CO. Deb. 5s. Due April 1, 1927.— N. Dated April 1, 1882. Interest payable April and Oct. 1, at J. P. Morgan & Co., New York. Originally 6 % income bonds, but In- terest reduced and made a fixed charge in 1895. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $ 3,368,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. . New York. Control — Acduired under foreclosure sale In 1894 by the Southern Ry. Co. Secured by first mortgage on 140 miles of road from Danville to Richmond. Va. Underlies — Southern Ry. Cons, 6s of 1994, under which bonds are reserved for the re- tire ment of this issue and Dev. & Gen. 4s of 1956. Legal for Bait. Jjisted on the New York Stoclc Exchange. Market. New York^Sam'l Goldschmidt, E. & C. Randolph, clarit, Dodge & Co., Baker, Car- ruthers & Peli, Abraham & Co., Wm. Carnegie Evven, Redmond & Co., Taylor, Smith & Hard. Baltimore — Robt. Garrett & Sons, Poe & Davies, Baltimore Trust Co., Jenkins, Whed- bee & Poe, C. W. Place. Howard R. Taylor & Co. Ffailadelphia — Harrison & Co., Graham, Par- sons & Co. Richmond — Gaskie G. Burch & Co., Scott & Stringfe'.low. Boston — Blake Bros. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 tu Jan. I, '19 1918 High.ll4V4 Feb. 13, '06 95 Jan. 19 Low. 92 June 12, '08 96 Jan. 19 RICHMOND & MECKUENBURG RAILROAD CO. 1st 4s. Due Not. 1, 1948.— F. Dated November 1, 1898. Interest payable May and Nov. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $315,000, Denomination — Coupon, $1,000. Trustee — ^Virginia Trust Co., Richmond. Guaranteed as to interest under terms of lease by the Southern Ry. Co.. Organization and Control — Incorporated in Virginia in 1875. Leased in 1898 to the South- ern Ry. Co. for 50 years at an annual rental equal to the interest and taxes. Of the $362,703 capital stock of the Richmond & Mecklenburg R. R. Co. the Southern Ry. owns $300,000, all but $600 of which is pledged under its Dev. & Gen. 4s. Secured by a first, mortgage on 31.30 miles of road from Keysville to Clarksville, Va. Refunding — Bonds are reserved under the Southern Ry. Dev. & Gen. 4s of 1956 to re- tire this issue. Listed on the New York and Richmond Stock Exchanges. Market. New 'York — Chas. W. Place, Louchheim, Minton & Co. , Abraham & Co. , Baker, Car- ruthers & Pell, Wm. Carnegie Bwen, F. J. Lisman & Co. Philadelplila — Graham, Parsons & Co. Richmond — Gaskie G. Burch & Co., Scott & Stringfellow, Taylor, Smith & Hard. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High.65 'IS 80 '18 80 Jan. Low. 65 '17 66 '17 70 May RICHMOND & PETERSBURG RAILROAD CO. Cons, (now lst> 4^s. Due April 1, 1940.— F. Dated April 1, 1890. Interest payable April and Oct. 1, at Brown Bros. & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $300, 000. Denomination — Coupon, $1,000. Registerable as to principal, or fully registerable. Trustee — Central Union Trust Co., New York. Assumed by the Atlantic Coast Line R. R. Co. Control — Absorbed In 1900 by the Atlantic Coast Line R. R. Co. Secured by first mortgage on 26.87 miles of road, viz : Miles. Richmond to Petersburg, Va 22.33 Uiopton to James"* River, Va. _ 4.54 Underlies — A. C. L. Cons. 4s of 1952, Unified 4s of 1959, Gen. Unified 4s and 4%s. Bonds are reserved under the Gen. Unified mortgage of the A. C. L. R. R. Co. to retire this issue. Legal for Bait., Cal., Conn,, Mich., Minn., N. H., N. J., N. Y., R. I. and Wis. Market. New York — Remick, Hodges & Co., Abraham & Co., Baker, Carruthers & Pell, Taylor, Smith & Hard. Philadelphia — Graham, Parsons & Co., Chas. Fearon & Co. Richmond — Gaskie G. Burch & Co., Scott & Stringfe'.low. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1, '19 Bid Ask Hlgh.104 '09 Low, 85 '17 100 '17 1918 Bid SIM June RICHMOND. FREDERICKSBURG & POTO- MAC RAILROAD CO. Cons. 4^s. Due April 1, 1940.— F. Dated April 1, 1890. Interest payable April and Oct. 1, at Central Union Trust Co., New York, or Company's office, Richmond. Ta.\ Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $500,000. Denomination — Coupon,' $1,000. Registerable as to principal, or fully registerable. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated in Virginia in 1834. $947,200 of the $1,316,900 common stock is owned by the Richmond- Washington Co. Secured by a second mortgage on 81.92 miles of road (double track) from Richmond to Quan- tico, Va., branch, and terminals in Richmond. This line forms a part of the only railroad between Richmond, Va., and Washington, D. C. All passenger and freight traffic from points on the Atlantic seaboard south of Richmond to Washington, Baltimore, Philadelphia, New York and points north thereof, passes over this road. These bonds are outstanding at the rate of $6,100 per mile. Prior Liens — $500,400 R., F. & P. Guaran- teed Mtge. 6% & 7% stocks. Underlies — Gen. 3%s of 1943 which pro- vide to retire this issue and which are all deposited under the Richmond-Washington Col. 4s of 1943. Year ended Dec. 31 Gross Net Int. & Rent 1917... $5, 249, 407 $2,109,960 $741,649 1916... 3,721,202 1,769,667 660,636 •1916... 3,326,719 1,644,919 620,660 •1916... 2,907,830 1,142,449 610,381 •June 30. Listed on the Richmond Stock Exchange. Legal for Bait. Market. New York — ^Wm. C. Bwen, Sam'l Gold- schmidt, Abraham & Co., Taylor, Smith & Hard. Washington — Crane, Parris & Co. Richmond — Gaskie G. Burch & Co., Scott & Stringfellow. Pittsburgh — R. B. Hutchinson & Co. Philadelphia — Chas. Fearon & Co. Baltimore — Jenkins, Whedbee & Poe. 1054 Price Range. Jan, 1. '08 to Jan. 1, *19 1918 Bid Aak Bid Ask High. 106 '09 108 '08 90 Jan. 96 Jan, Low. 84 '18 88 '18 84 Sept. 88 Sept. RICHMONB LIGHT & RAILROAD CO. (STATEN ISLAND, N. Y.) Ist Coll. Tr. 4s. Due July 1, 1952. — F. Dated July 1, 1902. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^$2,500,000. Outstanding — $2,200,000. Reserved for Ext. — $300,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co.. New York. Organization — Incorporated in New York in 1902 as a consolidation. The company also owns the entire capital stock ($100,000) and bonds ($75,000) of the New Jersey & Staten Island Ferry Co.; also $260,000 stock of the New York Investment & Improvement Co. Secured by a first mortgage on 19 miles of electric railway from South Beach to Howland Hook and branches from Richmond Ave. to Bulls Head and Clove Road ; 1 2 miles of second track and sidings and plant supplying the Borough of Richmond, New -York Cfty, with electricity. Franchises are perpetual. Population served, 90,000. Year ended June 30 Gross Net Int. & Rent 1918 $448,691 $215,004 $163,060 1917 429.752 304,968 164,165 1916 407,550 305,039 155,264 Market, New York — Geo. S. Crap & Co., Berdell Bros.. P. H. Hatch & Co., Lynch & McDer- mott. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.6.S% '16 76 '15 54 Apr. 60 Apr. Low. 45 *18 52 '18 45 Dec. 52 Dec. RICHMOND flND.) LIGHT, HEAT & POWER CO. 2-Y«»ar 7% Guaranteed Notes. Due Mar. 1, 1931. Dated March 1, 1919. Interest payable March 1 and Sept. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $450,000. Outstanding — $ 450,000 Purpose of Issue — Issued to be exchanged for an equal of 5-year 6% notes which ma- tured March 1. 1919. Denomination — Coupon $1,000. Trustee — Pennsylvania Company for Insur- ance on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and interest by the United Gas & Electric Co. of New Jersey by endorsement. Organization and Control — Incorporated in Indiana in 1893, and is controlled through own- ership of its entire common stock by the United Gas & Electric Co. The company owns plants supplying natural gas to Richmond, Ind. The company operates under' an indeter- minate permit. Security — A direct obligation of the company but not secured by a mortgage. The company covenants that it will not execute any new mortgage on the property of the company with- out equally securing these notes under such mortgage. Prior Lien— $183,000 1st 6s of 1939. Year ended Dec. 31 Gross 1918 $172,776 1917 197.956 1916 158,648 1915 137,031 Net Int. & Rent $51,556 $45,767 64.553 47.257 17,470 49,191 6.270 45.029 Original Market — $450,000 offered February. 1919, at par for an equal amount of 6% notes due March 1, 1919. Holders of the latter is- sue also received a cash payment of 3%. RICHMOND LOCOMOTIVE & MACHINE WORKS Cons. 6s. Due April 1, 1929.— N. Dated April 1. 1889. Interest payable April and Oct. 1, at 30 Church Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 750,000. Outstanding — $432,000. Retired — $318,000. Trustee — Central Union Trust Co. , New York. Assumed by American Locomotive Co. Control — Absorbed by American Locomotive Co. Secured by a first mortgage on the" plant located at Richmond, Va., formerly belonging to the Richmond Loco. & Mach, Works, cover- ing 41 acres of ground. Market. New York — Spencer, Trask & Co. . F. H. Hatch & Co.. Taylor &, "White. Price Range — 1918. Bid A sk High. 9 6^4 Oct. 101 May Low . 9 5 May $4,000,000 RICHMOND-WASHINGTON COMPANY CoU. Tr. 4s. Due June 1, 1943. — F. Mortgage dated June 1, 1903. Interest pay- able June and Dec. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $11,000,000. Outstanding — $10,000,000. Issued in series, but all series being equally secured. Series Dated Amount A Aug. 15, 1903 Nov. 16, 1903 B June 1, 1904 2,500.000 C June 1, 1905 2,000,000 D Dec. 1. 1906 1.000,000 E Dec. 2, 1912 500.000 Reserved for Corporate Purposes — $1,000,- 000. Denomination — Coupon, $1,000. Registerable as to principal or exchangeable for registered bonds. Registered, $1,000 and multiples. C. & R. interchangeable. Trustee — New York Trust Co., New York Redeemable at 105 and interest on any inter- est date on 90 days' notice. Guaranteed jointly and severally as to prin- cipal and interest by the Pennsylvania R. R. Co., the Atlantic Coast Line R. R. Co., the Southern Ry. Co., the Chesapeake & Ohio Ry. Co., the Seaboard Air Line Ry. and the Balti- more & Ohio R. R. Co., by endorsement. Organization and Control — Incorporated in New Jersey in 1901, and owns $947,200 of the $1,316,900 voting common stock of the Rich- mond. Fredericksburg & Potomac R. R. Co. and the entire $4,000,000 stock of the Wash- ington-Southern Ry. Co. Controlled through the ownership of one-sixth of its capital stock by each of the following companies: Penna. R. R. Co., Atlantic Coast Line R. R. Co., Southern Ry. Co., Chesapeake & Ohio Ry. Co., Baltimore & Ohio R. R. Co. and Seaboard Air Line Ry. The company controls the only railroad between Washington, D. C, and Rlch- 1055 mond. Va., forming an important connection between the roads extending north fi:om the former and south from the latter city. Secured by collateral lien (practically a direct mortgage) on 112.96 miles of road, viz.: A first collateral lien on 31.04 miles — By deposit of $4,000,000 (entire issue) WashingtoniSouthern Ry , 1 st 4a, 1943; South end of Long Bridge near Wash- ington, D. C, to Quantlco Jet., Va., (double track) 31. 04 A third collateral lien on 81.92 mWes — By deposit of $2,680,000 (entire issue) Richmond, Fredericksburg & Poto- mac R. R. Gen. 3%a which cover this mileage by a third lien — Elba Richmond to Quantico, Va. (double track) 78.65 James River Branch 3.27 Also secured by deposit of the following stock: Deposited. Issued. Washington - South- ern Ry. stock $4,000,000 $4,000,000 Richmond, , Freder- icksburg & Poto- mac R. R. common stock 947,200 1,316,900 Richmond. Freder- icksburg & Poto- mac R. R. dividend obligations 2,680,000 3,600.100 $7,627,200 $8,917,000 Prior Liens — $500,400 Richmond, Fredericks- burg & Potomac Guaranteed Mortgage 6% and 7% stocks and $500,000 Cons. 4^^s of 1940. liOgal for Bait., N. H. and R. I. Original Market — $2,500,000 offered by Kuhn, Loeb & Co. in 1904: $2,000,000 offered by Lee, Higgineon & Co., Boston, Henry & West, Phila- delphia, and Clark, Dodge & Co., New York, Oct., 1905, at 103^ and interest: $1,000,000 offered by Lee, Higginaon & Co., and Henry & West in 1907. Market. New 'York — McKinley & Morris, Sharretts & Toung, Wood, Struthers & Co., J. S. Parlee & Co., Morton, Lachenbruch & Co., B. & Co. Randolph, Samuel Goldschmidt, F. J. Lisman & Co.. Taylor, Smith & Hard. Philadelphia^ — E. B. Smith & Co., West & Co., Graham, Parsons & Co., Henry & Kirk- bride, Brown Bros. & Co., Elkins, Morris & Co., Sailer & Stevenson, Chas. Fearon & Co., Warren A. Reed, Wheeler, Elliot & Mann. Boston — J. S. Drier & Co. Baltimore — Jenkins, Whedbee & Poe, H. R. Taylor & Co. Price Range. Jan. 1, '08 to Jan. 1, '1» 1918 Bid Ask Bid Ask High. 100^/^ '09 102% '09 85 Jan. 95 Jan. Low. 78% '18 85 '17 78V2 Aug. RINDGB LAND & NAVIGATION CO. 1st 5s. Due IPeb. 20, 1926.— N. • Dated Feb. 20, 1906. Interest payable April 30 and Oct. 20, at Los Angeles Truat Co., Los Angeles, Cal. Tax Staais — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding— $1,076,500 (June 15, '19). Retired by S. F. — $306,500. Reserved for Prior Liens — $117,000. Denomination — Coupon, $500, and $1,000. Trustee — Los Angeles Trust Co. , Los Angeles. Cal. Redeemable at 105 and interest. Sinking Fund — $25,000 per annum. Secured by a first mortgage on 8,000 acres and second mortgage on 12,000 acres of land located in San Joaquin and Contra Costa Countiea, Cal. The land has a frontage on the San Joaquin River of 40 miles, the river here being navigable by large river steamers. The A., T. & S. F. Ry. has four stations on the company's property. All of the land is rented and under cultivation. Prior Liens — $214,500 Middle River Nav. & Canal Co. bonds. Original Market — Offered by Wm. R. Staata & Co., Los Angeles, Cal., at 90 and interest in June, 1909. Market. Pasadena ~ Blankenhorn-Hunter-Dulin Co., Sutro Bros. & Co. Los Angeles — Perrin, Drake & Rjley, A. H. Wollacott, Blankenhorn-Hunter-Dulin Co., L. A. Crrsler & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '16 95 '17 90 Dec. 95 Dec. Low. 90 '18 93 '18 93 DeQ. RIO DE JANEIRO TRAMWAY, LIGHT & POWER CO., Ltd.. 1st 5s. Dae Jan. 1, 1935.— N. Dated Jan. 1, 1905. Interest payable Jan. 1 and July 1, at ofRces of. the Canadian Bank of Commerce, Toronto, New York and London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $25,000,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co., Toronto. Sinking Fund — Beginning, 1910, 1% of out- standing bonds annually. Bonds acquired are to be held alive and interest added to this fund. Dec, 1917, $2,434,087 cash and securi- ties were held in the fund. Organization and Control — Incorporated in Canada in 1904. Controlled through owner- ship of a majority of its stock by the Brazil- ian Traction, Light & Power Co., Ltd. Secured by a first mortgage on the prop- erties of the Company. Population served over 1,000,000. Gas franchise is exclusive to 1945; electric franchise is perpetual and exclusive for municipal lighting to 1945 and for private lighting to 1915. Telephone franchise in the city is exclusive until 1930. Telephone fran- chise in State of Rio runs to 1959, and is ex- clusive to 1929; other telephone franchises are perpetual or for long periods. Tramway fran- chises extend to 1970, being exclusive until 1940. Underlies — $26,000,000 2nd 5a of 1958. Earnings — See Brazilian Traction, Light & Power Co. Listed on the Montreal, Toronto, London and Brussels Stock Exchanges. Market. Toronto — G. A. Stimson & Co., A. B. Ames & Co., Goldman & Co., Dominion Securities Corp. New York — ^Abraham & Co. , Morton Lachen- bruch & Co., Philip Lynch. Montreal — Dominion Securities Corp. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.103 '12 105 '12 83 July Low. 75 '08 76 '08 81 Apr. 83 Jan. BIO GRANDE JUNCTION RAILWAY CO. 1st 5s. Due Dec. 1. 1939. — F. Dated December 1, 1889. Interest payable June and Dec. 1, at Maitland, Coppell & Co., New York. 1056 Tax Status— 2% I^ederal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Guaranteed as to principal and interest, jointly and severally by the Denver and Rio Grande R. R. Co. and the Colorado Midland RX- Co. (foreclosed) under the terms of lease. Organization and Control — Incorporated In Colorado in 1889, charter lasting 50 years. The Denver & Rio Grande R. R. Co. owns $1,958,300 out of $2,000,000 capital stock, of the Rio Grande Jet. Ry. Co.. and leases the road, jointly with the Colorado Midland Ry. Co, (foreclosed) until 1940 with renewal privi- lege to 1990 at a- rental of 30% of gross earn- ings. In Jan. 1918 the Denver & Rio Grande R. R. Co. , was placed in the hands of ■ receivers. Protective Committee — L. Edmund Zacher, J. Herbert Case and Edward C. Delafield with B. S. Blagden, Secretary, 46 Wall St., New York, Depositary. Secured by a first mortgage on 62.08 miles of road from Rifle Creek to Grand Junction, Colorado. The road forms part of the through linS over which trains between points on the Western Pacific Ry. and the Denver & Rio Grande R. R. and points east of Denver are operated. liisted on the New York Stock Exchange. Market. New York — P. J. Lisman & Co., Lochheim, Minton & Co., E, & C. Randolph. J. S. Farlee & Co., Baker, Carruthers & Pell. Wm. Car- negie Bwen. Philadelphia — E. V. Kane & Co. Price Range — N. Y. Jan. 1, '06 to Jan. 1, '19 High. 109 Dec. 31, '12 Low. 87^^ Sept. 6. '16 E. 1918 Bid Ask 82 Nov. 9 5 Jan. 62 Oct. 90 Sept. Net Int. & Rent $159,928 $183,852 187,407 204,174 176,445 198,458 138,616 202,505 151,574 200,430 189,726 203,588 Year ended Dec. 31 Gross tl918 1917... 633,120 1916. ., . 585.971 *1916.,. 562,622 •1915... 555.899 •1914... 646,021 •June 30. t Corporate Income Account-Standard return under Federal control. liisted on the New York Stock Exchange. Market. New York — B. & C. Randolph, F. J. Lisman & Co., S. Goldschmidt, Wm. Carnegie Ewen, Baker. Carruthers & Pell, J. S. Farlee & Co., F. H, Hatch & Co. Denver — W, C. Packard, Price Raijge — ^N, Y, S. E. Jan. 1. '06 to Jan. 1, *19 1918 Bid Ask High.80 Apr. 19, '09 40 Oct. 77 July Low.eii^ Apr. 26. '11 50 Jan. (THE) RIO GRANDE SOUTHERN RAILROAD CO. 1st 4s. Dne July 1, 1940. — F. Dated .Tuly 1, 1890^ Interest payable Jan. and July 1, at Maitland, Coppell & Co., New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding^$4, 510,000. $1,677,000 gjiar- anteed bonds owned by D. & R. G. R. R. Co. Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New Tork. Guaranteed — $2,277,000 are guaranteed, prin- cipal and interest by the Denver & Rio Grande R. R. Co. by endorsement. T^ote. — In Jan., 1918, the Denver & Rio Grande R. R. Co. was placed in the hands of receivers. Organization and Control — Incorporated in Colorado in 1889. Controlled by the Denver & Rio Grande R. B. Co. through ownership of $3,579,737 of the $4,510,000 capital stock. Secured by a first mortgage on 179.79 miles of narrow gauge road, viz: Miles. Ridgeway to Durango, Colo. .'. 162.60 Vance Jet, to Pandora. Colo 9.80 Spurs 7.39 10 J RIO GRANDE WESTERN BAH.WAY CO. Ist Trust 4s. Due July 1, 1939.— N. Dated July 1, 1889. Interest payable Jan. and July 1, at Guaranty Trust Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $15,190,000. In Treasury — $10,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Central Union Trust Co. , New Tork. Assumed by the Denver & Rio Grande R. R. Control — ^Absorbed by the Denver & Rio Grande R. R. Co. The latter company was placed in the hands of receivers in Jan., 1918. Secured by first mortgage on 411.49 miles of road, viz: Miles. Crevasse to Ogden 314. 61 Colton to Scofield 15.97 Midvale to- Bingham 14.23 Thistle Jet. to Manti ffl.63 Potter's Quarry Spur 5.05 These lines include practically the entire rail- road mileage in southeastern Utah, and fur- nish an important link between the "Gould Lines" east of Utah, including the Denver & Rio Grande lines, Missouri Pacific Ry. and Wabash R. R. Lines and the Western Pac. Ry. Underlies — Rio Grande Western 1st Cons. 4s of 1949; Denver & Rio Grande 1st & Ref. 5s of 1955, under which mortgage bonds are re- served to retire this issue, and the D. & R. G. Cum., Adj. 7s of 1932. Earnings — See Denver & Rio Grande R. R. Listed on the New Tork and London Stock Exchanges. Original Market — $6,000,000 offered in June, 1901, at 96 and interest by Euhn, Loeb & Co. and Spencer Trask & Co., New Tork, A block offered December, 1918, by Tilney, Ladd & Co., New Tork, at 74 and interest. Market. New York — Harris. Forbes & Co., E. & C. Randolph, Guaranty Trust Co., Baker, Car- ruthers & Pell. Boston — Harris, Forbes & Co. Ctiicago — Harris Trust & Savings Bank, Omaha — City Trust Co. Pliiladelphia — Harper & Turner, Thos. A. Biddle & Co., Chas. Pearon & Co. Denver — Boettcher. Porter & Co. Baltimore — Jenkins, Whedbee & Foe.- Frioe Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.iOO Jan. 22, -'06 75 Nov. 25 Low. 63 Aug. 26, '18 63 Aug. 26 BIO GRANDE WESTERN RAILWAY CO. 1st Cons. 4s. Due April 1, 1949. — F. Dated April 1, 1899. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $15, 080, 000. Held in Treasury — $1,395,000. Denomination — Coupon, $1, 000. Regiaterable as to principal, or fully regiaterable. Regis- tered, $1,000 or multiples. Trustee — Guaranty Trust Co., New York. Redeemable at par on any interest date upon six months' notice.- * Assumed by the Denver & Rio Grande R. R. Co. Control — See 1st 4s. . Secured by direct mortgage on 732.69 miles of road, viz: A first lien on 321.20 miles — Penitentiary to Park City 29.03 Spurs in and around Park City 4.68 Prpvo to Heber 26.00 Mounds to Sunnyside 17.38 Sunnyside to Mines 0. 4S Scofleld to Clear Creek {i.57 Roper to Penitentiary 3.26 Dalton to Lark 3.68 Roy to Hooper 4.02 Welby to Garfield 16.94 Bingham Branch to Extension 12.29 Manti to Marysville 70. 88 Springville to Silver City 43.76 Salina to Nioche 20. 00 Loline Jet. to Corprum 11.93 Nephi to Manti - 42.13 Spurs 10.29 A second lien on 411.49 miles — Covered by the first lien of the Rio Grande Western 1st Tr. 4s 411.49 Also secured by deposit with the Trustee of $10,000,000 total capital stock of the Utah Fuel Co. Prior liiens — $15,190,000 Rio Grande West- em 1st 4s of 1939. ^ Underlies — Denver & Rio Grande Cum. Adj. 5s of 1932 and 1st and Rfg. 5s of 1955. Bonds are reserved under the latter mortgage for the retirement of these bonds. Ijisted on the New York Stock Exchange. Original Market — $1,500,000 offered in 1899 by .Spencer Trask & Co., New York, and Lee, Higginson & Co.. Boston, at 87% and interest. Market. Chicago — ^Harris Trust & Savings Bank. Boston— Harris, Forbes & Co. New York — Sharretts & Young, J. S. Farlee & Co., Guaranty Trust Co.. Harris, Forbes & Co.. Baker, Carruthers & Pell, Sam'l Gold- schmidt. F. H. Hatch & Co. Denver — Boettcher, Porter & Co. Price Range — N. Y. S. E." Jan. 1. *06 to Jan. 1, '19 1918 High. 92 Jan. 20, '06 Glh^ Nov. 8 Low. 49 Dec. 28, '17 50 Apr. 15 RIORDON PULP & PAPER CO., Ltd., 1st Deb. 6s. Dne at 105% on June 30, 1943. Dated June 30, 1912. Interest payable June 30 and Dec. 31, at Royal Bank of Canada, Montreal and Toronto, and at Parrs Bank, Ltd., London. Fixed rate of exchange, $4.86 2-3 to the £. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding— $2,155,000 (June 23. 1919). Retired by Sinking Fund — $345,000. Denomination — Coupon. $100, $500, $1,000 and $5,000. Registered as to principal. Trustee — ^Montreal Trust Co., Montreal and London. Redeemable at 105 and interest on and after June 30. 1917, on six months* notice, and for Sinking Fund on and after July 1, 1914. Sinking Fund — Beginning July 1. 1914, an annual amount sufficient to retire these bonds at or before maturity. Bonds to be pur- chased or redeemed at not to exceed 105 and interest. Organization — See Gen. S. F. 6s. Secured by a first mortgage on 1,184 square miles of timber rights on the Rouge River, under license from the Province of Quebec. Annual rental $5 per sauare mile and dues on all timber cut. The following plants: pulp mill at Hawkesbury, Ont.. capacity 60,000 tons annually; pulp mill at Merritton, Ont., capacity . 9,000 tons bleached sulphite; water power on old Welland Canal; lumber mills -at Calumet, L'Annonciation and St. Faustlne, Que., with an annual capacity of 26,000,000 feet B. M. per annum: and valuable water power rights near the mouth of the Rouge River, partially developed and capable of ultimate development of 20.000 electrical h.p. Underlies — $4,000,000 Gen. S. F. 6s of 1929. Year ended Dec. 31 Bond Net Interest 1918 $1,008,534 $121,971 1917 1,153.096 120,153 1916 1,331,502 95,316 1915 292,550 91,304 1914 247,079 90.000 Listed on the Montreal Stock Exchange. Original Market — $750,000 offered in June, 1912, at 97 and interest by Parrs Bank, Lpn* don; $600,000 offered in Oct., 1912. at par and interest, by N. B. Stark & Co., Toronto. Market. Montreal — Royal Securities Corp., Jas. Rob- inson & Sons, Ltd., N. B. Stark & Co., Canada Industrial Bond Corp., Ltd. Toronto — Murray, Mather & Co. New York — ^W. S. Macomber, Morton, Lach- enbruch & Co.. Abraham & Co., Philip Lynch. Boston' — L.. Sherman Adams. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93 '18 95 '18 93 June 95 Dec. Low. 85 '17 90% '17 85 Feb. 90% Jan. (THE) RIORDON PULP & PAPER CO. 10- Year Gen. S. F. 6s. Due January 1, 1929. Dated January 1, 1919. Interest payable July 1 and January 1 at the International Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $4,000,000. Purpose of Issue — The company will acquire from the proceeds of this financing, together with other funds provided by the company, not '.ess than $5,000,000 par value of 7% cumu- lative preferred stock, and a majority of the common stock of the Kipawa Company, Lim- ited. Denomination — Coupon $1,000 and $500. Registerable as to principal. Trustee — Royal Trust Co. ^ Montreal. Redeemable on 60 days' notice at the fol- lowing prices and accrued interest; 105 to Dec. 31. 1920; 102 to June 30, 1927; and 101 there- after. Sinking; Fund — Annually, beginning January 1, 1922, amounts sufficient to retire by pur- 1058 chase or call, $100,000 par value of these bonds in 1922. $125,000 in 1923, $150,000 in 1924, $200,000 in 1925, $250,000 in 1926. $275,000 in 1927 and $300,000 in 1928. This sinking fund will retire $1,400,000 bonds be- fore maturity. Organization — Incorporated in Canada in 1912 as successor to the Riordon Paper Co.. I^td., founded in 1857, and G. H. Perley & Co., found in 1899. The company owns 60% of the capital stock of the Ticonderoga Pulp & Paper Co. and a majority of the capital stock of the Kipawa Co., Ltd. Capital stock Authorized Outstanding Pref. (7% cum.) $1,500,000 $2,000,000 Common 4,500.000 4,500,000 Secured by direct mortgage upon all freehold and '.easehold lands and waterpower rights and concessions, with minor exceptions, all timber licenses and leases and all buildings, plants and ma chinery . now owned or hereafter ac- quired by the company, and by direct lien upon 2.424 shares of the_ capital stock of the Ti- conderoga Pulp & Paper Company, and not less than $5,000,000 par value of preferred stock and a majority of the common stock of the Kipawa Company, Limited, and by a floating charge on all the other assets and properties of the company. The company covenants that additional securities of the Kipawa Company, Limited, will be issued only for new property or working capital. The company also cove- nants to continue to hold a majority of the capital stock of the Ticonderoga Company and a majority of the common ^ock of the Kipawa Company. The company owns a sulphite pulp mi'.I at Hawkesbury, Ontario, with a capacity of 54,- 000 tons of unbleached sulphite pulp a year; a sulphite pulp mill at Merriton, Ontario, with a capacity of 9,000 tons of bleached sulphite pulp a year; and several lumber mills in the Providence of Quebec, with a total capacity of 20,000,000 feet b.m. a year. The Hawkesbury plant of the Company Is located at the con- fluence of two great waterways, the Ottawa and the Rouge rivers, thereby insuring to the , Company for all time the most economical pos- sible transportation facilities for getting logs to its plants from the water-sheds of these rivers. The Company is constructing at Hawkesbury a bleaching p'ant designed to bleach about 100 tons of sulphite pulp a day. The Company controls about 1,300 square miles of timber limits on the Rouge River, Quebec, which empties into the Ottawa River about sixty miles west of Montreal. These limits are held under license from the Prov- ince of Quebec. The Ticonderoga Pulp & Paper Co, owns a soda pulp mill at Ticonderoga, N. T., with a capacity of 18,000 tons a year and mills for the manufacture of high-grade book papers with a capacity of 16.000 tons a year. The Kipawa Company. Ltd., as of January 31, 1919, had under construction at Lake Temiskaming. Quebec, a bleached sulphite pulp mill with a capacity of 30.000 tons of bleached au'phite pulp a year; together with electrolytic plant, bleachery, acid plant, and all neces- sary appurtenances. The company is also in- stalling the initial unit, with a capacity of 3,600 h. . p. of a hydro-electric development with an u'timate capacity of over 25,000 h. p. Prior Liengh— $2,155,000 1st 6s of 1942. Note — As of January 22, 1919, the Ticon- deroga Pulp & Paper Co. had outstanding $1,000,000 mortgage bonds of closed mort- gages. Earnings — See 1st Deb. 6s. Original Market — $4,000,000 offered January, 1919. by Wm. A. Read & Co.. Coffin & Burr. E. H. Rollins & Sons and Parkinson & Burr at 96 and interest. Market. Boston — Coffin & Burr. Toronto — Morrow & Jellett. RIVERSIDE (N. J.) TRACTION CO. Ist 5s. Due June 1, I960.— F. Dated June 1. 1910. Interest payable June 1 and Dec. 1, at West End Trust Co., Philadel- phia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt i» New Jersey. Authorized — $1, 500. 000. OotBtanding — $1,500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — West E3nd Trust Co., Philadelphia. Redeemable at 110 and interest any interest date. Control — The property of the company is leased to the Public Service By. Co. of New Jersey for 999 years from April 1, 1912. Rental, interest on bonds, also dividends on both common and preferred stock. ' Secured by a first mortgage on 31 miles of electric railway from Riverton, N.. J., to the business center of Trenton, N. J., and new power house near Burlington. N. J. The road on which these bonds are secured con- nects the lines of the Public Service Ry. Co. in Northern New Jersey with those controlled by that company in Camden and its vicinity, and furnishes that company with a through line between Camden and New York. Also secured by a first lien through the ^eposit of all of the stocks and bonds of two companies, on electric plants supplying Riverside, Beverly, Edgewater Park, Riverton, Palmyra and West Palmyra, and other towns in Burlington Co. and Bordentown, N. J. Population served, exclusive of Camden and Trenton, 30.000. Franchises are perpetual. Market. Philadelphia — Newburger, Henderson & Loeb, Merchants Union Trust Co., Sam'l K. Phillips & Co. New York — E. & C. Randolph, Newburger, Henderson & Loeb, W. E. R. Smith & Co.. John Davenport, F. H. Hatch & Co., Huntoon & Co.. B. H. & F. W. Pelzer. Van Sant & Legg. . Newark — ^Post & Flagg, Clarence Hudson & Co. Paterson — F. A. Peters, P. K. McCully. Price Range. *« f7an. 1, '15 to Jan. 1, '19 191S Bid Ask Bid Ask: High.93% '16 95 '16 85 Apr. 90 Feb.. Low. 75 '18 80 '18 75 July 80 Nov. ROANOKE (YA.) GAS UGHT CO. Isi Ss. Due April 1, 1927.— F. Dated April 1, 1912. Interest payable April and Oct. 1, at Trustee's office. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $2,000,000. "* Outstanding — $744,000. Reserved for Ext. — $1,266,000. Redeemable as a whole at 102 and interest as to principal. Trustee — ^Philadelphia Trust Co., Philadel- phia. Redeemable as a whole at 102 and interest on any interest date on four weeks' notice. Organization^Incorpo rated ln» Virginia In 1912. 3059 Secured by a first mortgage on plant supply- ing gas in Roanoke, Va. Population served. 45,000. Franchises expire September, 1928. Original Market — $500,000 ofEered in 1912 by Cassatt & Co., Philadelphia, and Baker, Ayling & Co,, Boston, at 96^/6 and interest. Market. Boston — Baker, Ayling & Young. Fliiladelphia — Baker, Ayling & Toung, Caa- satt & Co., H. Boenning & Co., Sam'l K. Phil- lips & Co. Baltimore — Sutton & Co. Springfield— Baker, Ayling & Toung. New York — Berdell Bros. Price Range.* Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask ■ Ask High.92 *15 96»^ '15 89H Nov. Low. 85 '17 ROANOKE RAILWAY & ELECTRIC CO. Cons. 5s. Due Feb. 1, 1953.— F. Dated Feb. 1, 1903. Interest payable Feb. and Aug. 1, at Real Elstate Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $613,000 (June 5, '19). Retired by S. F,— $S2,000. Denomination — Coupon, $1, 000. Registerable «,s to principal. Trustee — Real Estate Trust Co. , Philadel- phia. Sinking Fund — 1% of outstanding bonds an- nually until Feb. 1, 1920, and lVii% there- -after. Organization and Control — Incorporated in Virginia in 1898. All of the stock is owned by the Roanoke Traction & Light Co., a subsid- iary of the American Ry. Co. Secured by practically a first mortgage on the street railway system in and around Roa- noke, Va., comprising 32 miles of road and on a part of the plant and distribution system supplying that territory with electricity. Prac- tically all of the franchises are perpetual. Population served, 45,000. Prior liiens — $58,000 5s, due 1949. Underlies — Roanoke Trac. & Lt. 53 of 1958 secured in part by deposit of all of the stock of the Roanoke Ry. & Blec. Co. Year ended Dec. 31 Gross Net Int. & Rent 1916 $682,121 $319,641 $266,071 Market. Philadelphia — H. D. Boenning & Co., Bioren & Co., Sam'l K. Philips & Co. New York — B. & C. Randolph. Price Range. Jan. 1, 1916 to Jan. 1, 1919 Bid Ask High.93 '17 100 '16 Low. 93 '17 96 '17 ROANOKE TRACTION & MGHT CO. l8t & Coll. Tr. 58. Due Aug. 1, 1958.— N. Dated August 1, 1908. Interest payable Feb. and Aug. 1, at Baltimore or Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Ontstanding — $2,051,000. Reserved for Prior I^iens — $750,000. Reserved for Exrt. — $199,000. Denomination — Coupon, $1,000. Registerable ^B to principal. Trustee — Baltimore Trust Co., Baltimore. Redeemable at 105 and interest on any inter- est date. Sinking Fnnd — 1% annually of outstanding bonds from Feb. 1, 1919. to. 1928, and 1%% thereafter, to be applied to the purchase or redemption of these bonds at not over 105 and interest. Organization and Control — Incorporated in Virginia in 1908. Practically the entire cap- ital stock is owned by the American Rys. Co. Secured by a first mortgage on a part of the power plant supplying electricity to Roa- noke, Va,, and adjacent territory, arid on undeveloped water powers in the vicinity of that city. Further secured by a first lien on all of the stock of the Roanoke Ry. & Blec. Co. , (for details of that company' s property, see Cons. Bs). Prior Liens — $627,000 Roanoke Ry. & Elec- tric Co. 1st Cons. 5s of 1953. and $58,000 1st 5s of 1949, for the retirement of which bonds of this issue have been reserved Year ended Dec. 31 Net Int., etc. 1917 $3 02,848 $99,869 1916 220,804 100,358 Original Market — $200, 000 offered in Feb., 1910, at 95 and int-erest by Bioren & Co., Philadelphia. Market. Philadelphia — H. D. Boenning & Co., New- burger, Henderson & Loeb, Bioren & Co. New York — Newburger, Henderson & Loeb. Boston — Moors & Cabot. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92^ '13 96 '12 73 Jan. 80 Apr. Low. 73 '18 80 '18 ROCHESTER & PITTSBURGH COAL & IRON CO. Helvetia Property Purchase ^loncy 1st 6s. Due May 1, 1946.— N. Dated May 1, 1896. Interest payable May and Nov. 1, at A. Iselin & Co., 36 "Wall Street. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $1,100,000. Outstanding — $668,000 (Dec. 1, 1918). Retired by Sinking Fund — S432.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co.. New York. Redeemable for sinking fund upon four weeks' notice, at 110 and interest, on any Nov. 1. Bonds so redeemed to be cancelled. Sinking Fund — Four cents per ton of coal mined from the property covered by this mort- gage during each year ending May 1, to be applied to drawing by lot these bonds at 110 and interest on the following Nov. 1. Organization and Control — See JDeb. 5s. Secured by a first mortgage on about 1,700. acres of coal lands and on coal rights in about 5,500 acres in JefCerson and Clearfield Counties, Pa. Further secured by a first lien on $450,000 stock of the Mahoning Valley R. R. Co., owning two miles of' road from Stanley to Helvetia, Pa. The railroad is- leased In perpetuity to the Buffalo, Rochester & Pitts- burgh Ry. Co. at an annual rental of $15,066 per annum. Earnings — See Debs. 5s. Listed on the New York Stock Exchange. Market. New York — Baker. Carruthers & Pell, Shar- retts & Toung, A. Iselin & Co., F. H. Hatch & Co. Philadelphia — Sam'l K. Phillips & Co. Price Range. Jan. 1, '08 to Jan, 1, '19 1918 Bid Ask Bid Hlgh.lOO '12 102 '17 98 Jan. Low. 95 '17 101 '17 1060 ROCITESTER & PITTSBURGH COAX. & IRON CO. Ist S. F. Wss. Due Aug. 1, 1933. Dated August 1, 1903. Interest payable Feb. and Aug. 1, at A. Iselin & Co., 36 Wall Street, New York. Tax Status — 2%. Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,000,000. Outstanding — $1,210,000. Held in Sinking Fund — $790,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable on any interest date at 105 and interest upon six weeks' notice. Sinking TunA — Commencing Dec. 1. 19 07, five cents per ton of coal mined during each year ending June 30, with a minimum payment of $50,000, to be applied to the purchase of these bonds at not excceeding 105 and in- terest: bonds so purchased to be held alive and interest thereon added to annual sinking fund. Organization and Control — See Deb. 5s. Secured by a first mortgage on about 8,~300 acres of land and coal rights in Clearfield, Jef- ferson and Indiana Counties, Pa., and the Adrian Furnace property at Falls Creek, Pa. Further secured by a first lien on $400>000 Cons. Coal & Iron Co. 1st 4%s of 1932; $248,- 500 of $250,000 capital stock of the Indiana Coal Co.: of $1,497,900 of $1,500,000 capital stock of the Jefferson & Clearfield Coal & Iron Co. The Adrian Furnace property may be re- leased from the lien hereof upon retirement of $600,000 of these bonds. Earnings — See Deb. 5 s. Market. New York^-Baker, Carruthers & Fell, H. I. Nicholas & Co., A. Iselin & Co., F. H. Hatch & Co., Baker, Carruthers & Pell, Philadelphia — H. p. Boenning & Co., Sam'l K. Phillips & Co. Price Range. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid High.94 '12 95 '11 96 Dec. Low. 90 '17 95 '11 90 Dec. ROCHESTER & PITTSBURGH COAL & IRON CO. Deb. 5s. Due $50,000 each IVIay and Nov. 1st to Nov. 1. 1918, inclusive, and $75,000 each May and Nov. 1. thereafter, to Nov. 1, 1928. Inclusive. — N. Dated May 1, 1912. Interest payable May and Nov. 1, at A. Iselin & , Co., 36 Wall Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $2,000,000. Outstanding~$719,000 (Jan. 1. 1919), R«tired — $981,000. H^d in Treasury — $300,000. Denomination — 'Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co.. JNew York. • Redeemable at 101 and Interest on any inter- est date on one month's notice. Organization and Control — Incorporated in Pennsylvania in 1881. The entire capital stock IS owned by the Mahoning Investment Co., and deposited under the Buffalo, Rochester & Pitts- burgh Ry. Company's General Mortgage. The Mahoning Investment Co. is controlled by the same interests as the BufCalo, Rochester & Pittsburgh Ry. Co. Security — ^A direct obligation of the company but not secured by a mortgage. No mortgage may be placed upon any property without securing these bonds equally with bonds that may be issued under such mortgage. For description of property see 1st 4^3 and Helvetia 1st 6s. Year ended Dec. 31 Net Int.&Taxes *S. F., etc. 1917 $2,768,937 $759,398 $919,710 •Includes bond redemption. Market. New York — A, Iselin & Co., Baker, Car- futhers & Pell. ROCHESTER & PITTSBURGH RAILROAD CO. 1st 68. Due Feb. 1. 1931.— N. Dated February 1, 1881. Interest payable Feb. and Aug, 1, at A. Iselin & Co., 38 Wall Street, New York, , Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $1,300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Buffalo, Rochester & Pitts- burgh Ry. Co. Control — ^Absorbed by the Buffalo, Roches- ter & Pittsburgh Ry. Co. Secured by a first mortgage on 109.34 miles of road from Rochester to Salamanca. N. Y. Underlies — R. & P. Cons, lat 6s of 1922; the B., R. & P. Gen. 5s; and Cons. 4%s, , Bonds are reserved under the latter mortgage to retire this Issue at maturity. Legal for Cal., Conn., Me., Mich., Minn.. N, H., N. J., y. Y,, R. I. and Wis. Listed on the New York Stock Exchange. Market. Boston — Estabrook & Co. New York — Ambrose R. Clark, McKinley & Morris, Hemick, Hodges & Co, , Estabrook & Co, , Wood, Struthers & Co. , Low, Dixon & Co.. A. Iselin & Co., C, W. Place, Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey, Baker, Carruthers & Pell. Philadelphia — Graham, Parsons & Co., Cas- satt & Co.. Sam'l K. Phillips & Co. Pittsburgh — ^R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.124 Apr. 26, '06 103 Feb. 1 Low. 101 Nov. 30, '18 101 Nov. 30 ROCHESTER & PITTSBURGH RAILROAD CO. Cons. Ist 68. Due Dec. 1. 1932.— N. Dated December 1, 1882. Interest payable June and Dec. 1, at A. Iselin & Co., 36 Wall Street. New York. Tax Statns — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $3, 920, OOO. Denomination — Coupon, $1, 000. Registerable- as to principal. Trustee — Union Trust Co., New York. Assumed by the Buffalo, Rochester & Pitts- burgh Ry. Co. Control — Absorbed by B. R. & P. Ry. Co. Secured by a direct mortgage on 234,33 miles of road, viz. : Miles. A first lien on 124.99 miles — Buffalo to Ashford, N. Y 45.16 East Salamanca to Howard Jet., Pa.. 20.72 Clarion Jet. to A. & W. Jet., Pa 59.11 A second lien on 109.34 miles — - Covered by the first lien of the Roch. & Pitta, lat 6s...; 109.34 1061 Prior I.ien — $1,300,000 R. & P. 1st 6s. Underlies — B., R. & P. Gen. 5fi and Cons. 4%s. Bonds reserved under the latter mort- gage provide for the retirement of this issue. Legal for Cal., Conn., N. H.. N. T. and R. I. liisted on the New York Stock Exchange. Market. Boston — Bstabrook & Co. New York — Sharretta & Young. J. S. Far- lee & Co., Jos. Walker & Sons. Taylor, Smith & Hard, ■ Ambrose R. Clark, Remick, Hodges & Co., Wood, Struthers & Co., Low, Dixon & Co., A. Iselin & Co., Abraham & Co., C. W. Place. Vilas & Hickey. Pittsburgh — ^R. B. Hutchinson & Co. Philadelphia — Graham, Parsons & Co., Bid- die & Henry, Chas. Fearon & Co., Sam'l K. Phillips & Co. Price Range — "S. Y, S. E. Jan. 1. '06 to Jan. 1, '19 1918 High.1283^ Feb. 23, '06 103^ Apr. 18 IjOW. 99% Apr. 9, '18 99% Apr. 9 Price Range — 1918. Bid Ask High. 59 Dec. 60 May Low. 56 Oct. ROCHESTER & SYRACUSE RAILROAD CO.. INC., 1st Conv. 5b. Due May 1, 1957.— N. Dated May 1, 1917. Interest payable Nov. 1 and May 1 at Trustee's office or Lee, Hig- ginson & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $2, 500, 000. In Treasury — $500,000. Reserved for Ext. (80%) — $2,000,000. Denominations— Coupon, $1,000 and $500. Registerable as to principal. Trustee — Trust & Deposit Co.^of Onondaga, Syracuse, N. Y. Redeemable at 105 and interest on any in- terest date on or after May 1, 1922. on six weeks' notice. Convertible on May 1st, 1919, and at any time thereafter and prior to May 1. 1929, Into preferred stock par for par. This provision may be terminated by merger with any other company, or if the property is leased to any other company. Organization — Incorporated In New York, Sept. 17, 1917, and acquired the property of the Rochester, Syracuse & Fastem Railroad Co. through foreclosure. Capital Stock Authorized Outstanding Pref. (6% cum.) $3,000,000 $2,500,000 Common 1,500,000 1,500,000 Management — Peck-Shannon-Cherry, Inc., Syracuse. Secured- by a first lien on all the property of the company now owned or hereafter ac- quired and Including 80 miles of double- tracked interurban railway from Rochester to Syracuse, N. Y, The entire road, except in towns. Is on pri- vate right-of-way. Franchises In towns are perpetual. The company purchases electric current from the Niagara, Lockport & Ontario Power Co. Year ended Dec. 31 Bond Gross Net Interest 1918 $882,096 $129,005 $125,000 Original Market — Depositing bondholders of Rochester, Syracuse & Eastern R. R. Co, 1st 5s received 50% In bonds of this Issue, 50% in preferred stock and 20% in common stock, together with $100 In cash per $1,000 bond for overdue Interest to May 1, 1917. Market. Syracuse — Hudson & Eddy, First Trust & Deposit Co. New York— ,S. Goldschmidt. F. H. Hatch. ROCHESTER GAS & EUECTEIC CO. 2nd Cons. Wzs. Due March 15, 1920. — N. Dated March 15. 1900. Interest payable March and Sept. 15, at Security Trust Co., Rochester, N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $1. 000, 000. Outstanding — $972,000. Denomination — Coupon, $1,000. Trustee — Security Trust Co. , Rochester, N. Y. Redeemable on any interest date at par and interest on three weeks' notice. Comtrol — Absorbed by Rochester Ry. & Light Co. For details see that company's Cons. 6s. Secured by a first mortgage on the gas plants and on an Important part of the electric plant supplying Rochester, New York. Fran- chises perpetual. Underlies — Rochester Gas & Elec. Imp. 4^s and Cons. 5s of 1954 and Gen. 7s of 1921 of the Rochester Railway & Light Co. Earnings — See R. Ry. & Lt. Co. Listed on Rochester Stock Exchange. Market. New York — F. H. Hatch & Co., Spencer Trask & Co. Rochester — Ford & Fnos. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOli/4 '10 102 '09 9Q Jan. 0S% Sept. Low. 85 '09 90 '09 93Vi Dec. 96 May ROCHESTER GAS & ELECTRIC CO. Im- provement 4^8. Due July 1> 1D21. — N. Dated July 1, 1901. Interest payable Jan- uary and July 1, at New York State Rya. office. Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $700, 000. Denomination — Coupon, $1. 000. Trustee — Rochester Trust & Safe Deposit Co., Rochester, N. Y. Redeemable on any interest date at par and interest. Control — See Cons. 4%s. ' Secured by a lien junior to that of the 2nd 4% a, on the property described under those bonds above. Prior Liens— r$972, 000 2nd 4%s. Underlies — Cons. 5s of 1954 and Gen, 75 of 1921 of the Rochester Railway & Light Co. Eamings^See Rochester Ry. & Light Co. Cons. 5s. Listed on the Rochester Stock Exchange. Market. Rochester — ^Ford & Enos. New York — Spencer Trask & Co. ROCHESTER (N. Y.) RAILWAY & LIGHT CO. Cons. 6s. Due July 1, 1954. — ^F. Dated June 15, 1904. Interest payable Jan. and July 1, at New York State Rys. Co. office. New York, or Trustee's office, Rochester. Tax Status — 2 7o Federal Income Tax paid by company without deduction. Tax exempt* in New York State. Authorized — $16, 000. 000. Outstanding — $10,881,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Security Trust Co. , Rochester. N. Y. 1062 Redeemable at 11-0 and Interest iens — $176,000 Rochester City & Brighton R. R. Co. 1st 6s of 1919, and $2,700,000 1st Cons. 5s of 1930. Underlies — New York State Rys. 4%s of 1962. Bonds are reserved under that latter mortgage to retire this issue. Earnings — See New York State Rys. Co. 4^4 s. Market. Philadelphia — B. W. Clark & Co., H. Boen- ning & Co., Graham, Parsons & Co., Capelle & Co.. Bauer, Starr & Co. liOuisville — J. W. & D. S. Green, J. J. B. Hilllard & Son, Wood, Johnson & Co. New York— Miller &. Co., F. H. Hatch & Co., B. & C. Randolph, Bauer, Starr & Co., Spencer Trask & Co. BofTalo — John T. Steel. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hlgh.lOS '09 106 '10 93 Jan. 97 Jan. Low. 84 '18 89 'IJ 84 July 89 July ROCK ISLAND & PEORIA RAILWAY CO. Cons. Ist 6s. Due July 1, 19S5. — N. Dated July 1, 1885. Interest payable Jan. and July 1, at First National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $460,000. Denomination — Coupon, $1,000. Bxchange- able for registered bonds. Registered, $6,000. Trustee — Metropolitan Trust Co. , New -York. Control — Absorbed by the Chicago, Rock Island & Pacific Ry. Co. Secured by first mortgage on 112.86 miles of road. viz. ; Miles Rock Island to Peoria, 111 90.49 Milan to Cable, 111 22.37 Underlies — C, B. I, & P. 1st & Ref. 4s. Bonds are reserved under the 1st & Ref. mortgage to retire this issue. Legal for Me. Market. New York — F. J. Lisman & Co. Pittsburgh— R. B. Hutchinson & Co. Price Range. ,Ian. 1, 1908 to Jan. 1, 1019 Bid High.120 '09 Low. 100 '13 ROCK ISLAND, ARKANSAS & LOUISIANA RAILROAD CO. 1st iVzB. Due March 1, 1934.— F. Dated March 1, 1910. Interest payable March and Sept. 1, at First National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $30,000,000. Outstanding — $11,000,000. Held in Treasury — $1,965,000. Reserved for New MUeage— $8,489,000. Reserved for Additions — $8,546,000. Denomination — Coupon, $100, $500 and $1,000. Registerable ($600 and $1,000) as to principal. Registered, $500, $1,000, $5,000 or multiples of $5,000. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date upon 60 days' notice. Guaranteed principal and interest by the Chicago, Rock Island & Paoiflo Ry. Co. by endorsement. Organization and Control — Incorporated in Arkansas and Louisiana in 1905. The entire capital stock is owned by and property leased for 999 years to the Chicago, Rock Island & Pacific Ry. Co. Secured by first mortgage on 363.86 miles of road, viz. ; Miles Haskell, Ark., to Eunice, La 266.04 Tinsman to Crossett, Ark 43 . 27 Main Line "Y" at El Dorado, Ark 0.21 Malvern to Kent, Ark 64 . 82 Connections with St. L., I. M, & So. Ry, at Camden, Ark 0,62 Also secured on 37.89 miles of track- age rights. Paokton to Pineville, La. 35.20 Alexandria, La., to Red River Bridge. 2.69 Listed on the New Yorlc and London Stock Exchanges. Original Market — OfEered in March, 1910, by Speyer & Co., New York, at 96 and interest; Market. New York — Active on N. Y. Stock Exchange, Wm. M. C.arke. Hartshorne & Battelle. Boston — Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank. Price Range— N. Y. S. E. Jan. 1, '10 to Jan. 1. '19 1918 High.95% Mar. 28, '10 73 Nov. 29 Low. 54% May 15, '16 62 Feb. 18 ROCK ISLAND-FRISCO TERMINAI/ RAIL- WAY CO. 1st 5s. Due Jan. 1, 1987.— F. Dated Jan. 2, 1907. Interest payable Jan. and July 1, at Mercantile Trust Co., St, Louis, Mo., or Bquitable Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $3,390,000 (March 20, 1919). Reserved for Ext. — $1,610,000. Denomination — Coupon, $1,000. Reglstcralile as to principal. Trustee — Mercantile Trust Co., St. Louis. Guaranteed jointly and severally as to prin- cipal and interest by the Chicago, Rock Island & Pacific Ry. Co. and the St. Louis & San Francisco R. R. Co. (now St. Louis-San Fran- cisco Ry. Co.) by endorsement. Control — The entire capital stock is owned jointly by the guarantors and the property leased to them. Secured by a first mortgage on terminal facilities, located on three large tracts of land in St. Louis. Mo. Original Market — $3,000,000 offered in Mar., 1907, at 102 H and interest by First National Bank of Chicago. A. G. Edwards & Sons, and the Mercantile Trust Co., of St. Louis. 1064 Market. Chicago — First National Bank. New York — F. J. Lisman & Co.. Balcer, Carruthers & Pell, Potter. Cboate & Prentice. Sam'l Goldschmldt, F. H. Hatcii & Co.. Abra- ham & Co., Baker, Carruthers & Pell, John Davenport. N. T. St. I,oui8 — ^A. G. Edwards & Sons, Mercan- tile Trust Co.. Stix & Co. Price Range. Jan^ 1. '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '10 103% '10 85 Dec. 93 Deo. Low. 76 '17 82 "18 79 Jan. 82 Jan. ROCKFOBD & FREEPOBT ELECTRIC RAIL- WAY 1st 59. Due May 1, 1923.— N. Dated May 1, 1903. Interest payable May and Nov. 1, at A. B. Leach & Co., New York or Chicago. Tax Status — Payment of Federal Income Tax not assumed by company, Antiiorized — Closed mortgage. Outstanding — $561,000 (Jan. 1, 1919). Retired by Sinking Fund^ — $74,000. Denomination — ^Coupon, $600 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest. Sinking Fund — 5% of gross earnings of Preeport Division annually, beginning Feb. 1, 1910. Assumed by the Rockford & Interurban By. Co. Control — ^Absorbed by the Rockford & Inter- urban Ry. Co. All of the stock of that com- pany is owned by the Union Ry., Gas & Elec. Co.. a subsidiary of the 'Commonwealth Power Ry. & Lt. Co. Secured by a. first mortgage on 28 miles of electric railway from Rockford to Freeport. 111. Line is built on private right-of-way except in cities. Population served, 72,500, Underlies — Rockford & Interurban 5s of 1922. Original Market-MDffered by Farson, Leach & Co., Chicago, New York, etc., in April, 1904. Market, New York — A. B. Leach & Co., Farson, Son & Co., E & C. Randolph, Francis Jewett John- son, Hodenpyl, Hardy & Co., Inc., J. S. Far- lee & Co., Lynch & McDermott. Chicago — Hodenpyl. Hardy & Co.. Inc.. A. B. Leach & Co. Philadelphia's. K. Phillips & Co.. H. D. Boenning & Co. Boston — A. B. Leach & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93 '16 97'/4 '12 80 June 87 June Low. 80 '17 85% '17 85% June ROCKFORD & INTERURBAN RAILWAY CO. 1st 5s. Due Oct. 1, 1922.— N. Dated October 1. 1902. Interest payable April and October 1. at First National Bank, New York, and at Trustee's office. Tax Status — Payment ot Federal Incc^jne Tax not assumed by company. Authorized — $3,000 000. Outstanding — $1,835,600 (June 12, '19). Held in Sinking Fund — $336,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago, Redeemable at 105 and interest on any in- terest date upon 30 days' notice. Sinking Fund — Annually, 5% of the gross earnings of the system, exclusive of the Rock- ford & Freeport, and Rockford, Beloit & Janes- ville divisions, to be applied to the purchase of these bonds. Bonds so acauired are held alive and interest added to the sinking fund. .4ssumed~$984,000 by the Rockford City Traction Co. which operates local lines in Rockford. Organization and Control — Incorporated in Illinois in 1899. The company operates 35 miles of street railway in Rockford and 75 miles of interurban railway radiating from that city. All of its stock is owned by the Union Ry.. Gas & Electric Co., a subsidiary of the Commonwealth Power, Ry. & Lt. Co. Secured by a first mortgage on 36 miles of street railway, comprising the entire local system in Rockford, 111., and on 13 miles of interurban railway between that city and Bel- viderc. Also secured by a second mortgage on 61 miles of interurban railway between Rockford and Freeport, 111., and Rockford and Janesville, Wis. Population served, 120,000. Franchises in cities extend beyond the ma- turity of these bonds. Outside of cities the road is located on private right-of-way. Prior Liens — $564,000 Rockford & Freeport Electric Ry. 1st 6s of 1923 and $985,000 Rockford, Beloit & Janesville R. R. 1st 6s of 1930. Earnings — See Union By. Gas & Electric Co. Original Market — $100,000 offered in Janu- ary, 1903, by Farson, Leach & Co,, New York, at 101 and interest; also offered in Nov., 1912, by Farson, Son & Co., New York and Chicago, at 96 and interest. $230,000 offered by Hoden- pyl. Hardy &. Co., Inc., at 96 in Feb.. 1913. Market. New York — Morton Lachenbruch & Co., A. B. Leach & Co., Hodenpyi, Hardy & Co., Newhall, Churchman & Co., -Bauer, Starr & Co.. Lynch & McDermott, Chicago — Hodenpyl, Hardy & Co., Inc., A. B. Leach & Co. Philadelphia — B. TV. Clark & Co., H. Boen- ning & Co., Parrish &. Co., R. M. Stinson & Co., Bauer. Starr & Co., S. K. Phillips & Co. Boston — A. B. Leach & Co, Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 94 '12 98 '12 80 June 92 Jan. Low. 80 '18 SO Nov. BOCKFOBD, BELOIT & .JANESVILLE RAIL- WAY Ist 5s. Due Oct. 1. 1930.— F. Dated Oct. 1, 1905. Interest payable April and Oct. 1, at Continental & Commercial Trust & Savings Bank, Chicago, and First .National Bank of New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $977,000 (June 12, '19). Held in Sinking Fund — $23,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 102% and interest. Sinking Fund — 2% of gross earnings of this division annually, beginning June 30, 1915. Guaranteed principal and interest by the » Rockford & Interurban Ry. Co. Control — Absorbed by the Rockford & Inter- urban Ry. Co. All of the stock of that com- pany is owned by the Union Ry., Gas & Elec. Co., a subsidiary of the Commonwealth Power Ry. & Lt. Co. Secured by a first mortgage on 35 miles of 106.T eleptric railway between Rockford, III., and Janesville. "Wis. Built on private right-of- way, except in cities where franchise extends for from 20 to 50 years. Population served. 8,2.000. Underlies — ^R. & I. Ry. 5s of 1922. Market. New York — ^Farson, Son & Co., Wm. C. Ewen, E. & C. Randolph. Hodenpy:, Hardy & Co.. Inc., A. B. Leach & Co., Bauer, Starr & Co., Lynch & McDermott. Chicagro — ^Hodenpyl, Hardy & Co., Inc., A. B. Leach & Co. Portland, Me. — Chester H. Pease. Philadelphia — S. K. Phillips & Co., H. Boen- ningr & Co.. Bauer, Starr & Co. Boston — A. B. Leach & Co. Price Rangre. Jan. 1. '08 to .Ian. 1. '19 1918 Bid Ask Bid Ask High.95'11' 97% '11 80 Nov. 87 Nov. Low. 80 '17 85 '18 86 Dec. ROCKFORD (ELIi.) SI/ECTRIC CO. Ist & Ref. 5s. Due March 1, 1939.— F. Dated March 1, 1909. Interest payable Mar. and Sept. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,500,000. Outstanding — $1,709,000 (June 1, '19). Retired by S. F. — $94,000. Reserved for Ext. (80%)— $6,697,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date on four weeks' notice. Sinking Fund — 1% annually of outstanding boQds, payable in cash or these bonds taken at 105 and Interest, beginning March 1, 1914. cash fund to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds acauired to be cancelled. Improvement Fund — 1% annually of out- standing bonds, beginning March 1, 1919. Pay- ments not expended during the year to be added to the sinking fund. Organization and Control — Incorporated in Illinois in 1896. Present title adopted in 1907. Controlled by the American Gas & Electric Co. through ownership of the entire capital stock, which company is controlled by the Gen- eral Electric Co. interests. Secured by a first mortgage on plants sup- plying electricity and steam heat in Rockford, Illinois. The company has had the contract for city lighting for 15 years and has also a cintract extending to April 15. 1919, for fur- nishing the power for the operation of the lines of the Rockford & Interurban Rai'.way system operated within a radius of 30 to 40 miles of Rockford. Population served, 55,000. Franchise extends to 1958. Year ended Dec. 31 Gross Net Interest 1916 $629,656 $301,278 $111,662 1915 548,263 317,001 109,196 1914 491,481 281,987 76,853 Original Market — Offered In 1909 by Miller & George, Providence, R. I., at 98% and In- terest: also offered in March, 1912, by Wm. A. Read & Co., New York, etc., at 96% and interest. Market. New York — ^Kiely & Horton. E. & C. Ran- dolph, Merrill, Lynch & Co., Berdeli Bros., F. H. Hatch & Co., Lynch & McDermott, Pynchon & Co. Kansas City, Mo.— H. P. Wright Invest. Corp. Chicago — Merchants' Loan & Trust Co., Babcock, Rushton & Co. Boston — Tucker, Anthony & Co., Kimball, McKinney & Co., Wm. A. Reed & Co. Milwaukee — Krst National Bank, Second Ward Savings Bank, Wisconsin Trust Co. Philadelphia — ^H, D. Boennlng & Co., Bioren & Co., S. K. Phillips & Co, Providence — Hornb.ower & Weeks. Price Range, Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid Ask Hish.98%'17 100 '16 90 Apr. 95 Apr. Low. 82 '18 89 '18 82 Mar. 89 Mar. ROCKFORD (Il/Ii.) GAS LIGHT Si COKE CO. Ist 6s. Due March 1, 1950. — P. Interest payable March and Sept. 1. at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $600,000. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by Ameri- can Gas Co. Organization and Control — Incorporated in Illinois In 1861. Controlled by American Qas Co. through ownership of all stock. Secured by a first lien on plant auplying gas to Rockford, 111. Population served, 65,000. Franchise perpetual. Underlies — $1,021,000 1st Ref. & Cons. 6s. Market. New York — B. & C. Randolph. Berdeli Bros., J. S. Farlee & Co., F. H. Hatch & Co. Phlladelpbta — ^Bioren & Co., E. B. Smith St Co., H. D. Boenning & Co., S. K. Phillips & Co. Wilmington — Geo. P. Bissell. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High:97% '16 100 '17 82% June 87% June Low. 82% '18 87% '18 ROCKFORD (ILI..) GAS UGHT & COKE CO. Ist Ref. & Cong. Ss. Due March 1, 1959. Dated March 1, 1909. Interest payable March and Sept. 1, at Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $2,500,000. Outstanding — $1,021,000. Denomination — Coupon, $1,000. Trustee — Central Trust Co. of Illinois, Chi- cago. Guaranteed as to principal and interest by Amierican Gas Co. OrganSzation and Control — See 1st 6s. Secured by second mortgage on property de- scribed under 1st Ss. Prior IJens — $600,000 1st Bs. Original Market — $300,000 offered Dec, 1916, by Bioren & Co. and E. B. Smith & Co., Philadelphia, at 96% and interest. Market. Philadelphia— E. W. Clark & Co.. H. D. Boenning & Co.. Bioren & Co., E. B. Smith &. Co. New York— F. H. Hatch & Co. Wilmington — Geo. P. Bissell. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High. 96% '16 98% '17 LDW.96% '17 97 '17 1066 ROCKINGHAM COUNTY UGHT & POWEE CO. Morteage Ss. Due July 1, 1936. Dated July 1, 1916. Interest payable Jan- uary 1 and July 1, in New York and Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $750,000 (Jan. 1, 1919). Reserved for 'Ext, — $2S0,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — New York Trust Co., New York. Redeemable at 106 and interest on any in- terest date. Organization and Control — Incorporated in New Hampshire in 1901, the entire $1,000,000 capital stock is owned by the New Hampshire Electric Railways. Secured by a first mortgage on all the prop- erty of the company, subject to an indenture given to the Massachusetts Northeastern Street Railway Co. to secure performance of its con- tract with that company. The company owns a steam-power plant on tide water in the city of Portsmouth, N. H., of 14,050 h. p. capacity and supplies that city and the neighboring towns of Newcastle, Rye, North Hampton, Greenland and Newingham, N. H,, and Kittery and Eliot, Me., with electric light and power. The company also owns ninety miles of high tension transmission lines, mostly on private right-of-way, together with transforming sta- tions, etc. The greater part of the company's business consists in supplying power to a num- ber of street railways and electric lighting companies under long term contracts. Original Market — OtCered July, 1916, by Merrill, Oldham & Co., Boston, at 91 Vt and interest. A block offered by the same firm July, 1917, at 92% and interest. ' Market. Boston — Merrill, Oldham & Co, Price Range, Jan. 1, '17 to Jan. 1, '19. 1918. High. 92% '17 87% Aug. Low. .87% '18 ROCKLAND (N. Y.) UOHT & POWER CO. 1st Ss. Due Not. 1, 1938,— F. Dated Nov. 2, 1908, Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized— $1, 000, 000, Outstanding — $710,000 (Dec. 1. 1918). Reserved for Bxt. — $290,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in New York In 1899. Management — Chas. H. Tenney & Co., Bos- ton. Secured by mortgage on plants supplying electricity throughout Rockland County, N. Y., and on plant supplying gas to Nyack, N. Y., and vicinity. A large part of the franchises are perpetual, and of the remainder none mat- tures prior to 1941. Prior I/ien — $172,600 Rockland Electric Co. 1st 5s of 1953. Year ended Dec. 31 Int. Gross Net & Tax. 1917 $337,109 $136,564 $43,613 1916 306,156 130,196 43,678 1915 301,888 136,054 43,892 Original Market — $600,000 offered Dec, 1908, at par and interest by Perry, Coffin & Burr, Boston, and Harris, Forbes & Co., Bos- ton and New York. Market. New York — ^Harris, Forbes & Co.. Coffin & Burr, F. H. Hatch &' Co., Berdell Bros., Mc- (ieorge & Vanderhoef. Chicago — Harris Trust & Savings Bank. Boston — Harris, Forbes & Co., Coffin & Burr, Arthur Perry & Co., C. H. Tenney & Co. PMce Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid High.97 '15 99 '15 85 Oct. Low. 85 '18 96 '15 ROCBXAND. THOMASTON & CAMDEN STREET RAILWAY 1st 48. Due Jan. 1, 1921. — N. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Union Safe Deposit & Trust Co., Portland, Me. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $800,000. Denomination — Coupon, $500 and $1,000. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Organization — Incorporated in Maine in 1891, and is a consolidation of the Thomaston Street Ry. Co., Camden & Rockport Street R. R. Co., Rockland Street Ry. Co. and Knox Gas & Electric Co. On April 1, 1919, the name of this company was changed to Knox County Electric Company. Controlled by the Maine Rys., Lt. & Pr. Co. through stock ownership. Secured by a first mortgage on 24 miles of track from "Warren through Thomaston, Rock- land and Rockport to Camden, Me. Power is purchased from the CJentral Maine Power Co. Population served, 30,000. Franchises are perpetual. Year ended June 30 Gross Net Interest 1918 $263,693 $58,549 $34,973 1917 241,255 70,954. 33.600 1916 224,521 76,055 33,062 Market. New York — ^Hornblower & Weeks, Burgess. Lang & Co. Portland, Me. — Marynard S. Bird & Co.. Union Safe Deposit & Trust Co., Beyer & Small. Boston — Chas. A. Day & Co., Burgess, Lang & Co., Homblower & Weeks. CliiGago — Hornblower & Weeks, Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High.91% '17 94 '16 93% Oct. Low. 87 '17 92 '18 92 Dec. BOCKVILI/B GAS & ELECTRIC CO. Ist 58. Due May 1, 1936. — ^F. Dated May 1, 1906. Interest payable May and Nov. 1, at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $300,000. Trustee — Equitable Trust Co., New York. Redeemable on and after May 1, 1916, at 107% and interest. Control — Absorbed by the RockviUe-Willi- mantic Lighting Co. Secured by a first mortgage on plants supply- ing eas and electricity in Rockville, Conn., and vicinity, including a steam generating plant. Electricity is not being generated, but is pur- chased and distributed by this company. Fran- chise perpetual and exclusive. Underlies — $200,000 Rockville-Willimantio Deb. 6 s. 1067 EaminETS — See RockvUle-Willimantlc Light- ing Co. Original Market — Offered by H. C. "Warren & Co., New Haven, Conn., at 102 and Interest in Aug., 1906. Market. New York— P. H. Hatch & Co. New Haven — H. C. Warren & Co., The W, T. Fields Co., Stevenson & Co. Trite Range 1918— Bid 90. ROCKVILLE-WILUMANTIC LIGHTING CO. G% Debentures.. Due Jan. 1. 1923. — ^N. Dated July 1, 1913. Interest payable Jan. and July 1, at Mechanics Bank, New Haven. Conn. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in Connecticut. Authorized — $250,000. Outstanding — $250,000. Denominations — Coupon. $500 and $1,000. Trustee — The Union & New Haven Trust Co., New Haven, Conn. Redeemable on any Interest date at 102% and Interest on 60 days' notice. Organization — Incorporated in Connecticut in 1909 with special powers and perpetual fran- chise to carry on the business of supplying gas. electric light and power in counties of Wind- ham and Tolland, Conn. The company has acquired the properties of the Rockvllle Gas & Electric Co. and the Willimantic Gas & Elec- tric Co. and owns steam, electric and gas ?>lant« at Rockville and Willimantic and water power plant at Stafford Springs. The company also owns a high tension transmission line on its own right-of-way to the Massachusetts bor- der where it connects with the transmission line of the New England Power Co. Popula- tion served, 30,000. Security — A direct obligation of the com- pany, but not secured by mortgage. The in- denture provides that if any further mortgage is placed ^ upon the property these debentures are to participate in the security of any such mortgage upon equal terms with all the other evidences of indebtedness; also that payment can be demanded at the option of the holder of these debentures, at par and interest out of the first proceeds of any mortgage bonds that may be heteafter issued. Prior Liens — $300,000 Rockville Gas & Elec- tric 1st 5s. due May 1. 193-6. and $300,000 Willimantic Gas & Electric 1st 5s, due Jan. 1, 1923. Year ended June 30 Gross Net Int., Etc. 1916 $206,565 $66,980 $45,180 Original Market — A block offered July. 1916. by H. C. Warren & Co., New Haven, Conn., at par and interest. Market. New Haven — H. C. Warren & Co. ROCKWOOD & COMFANT 1st Cs. Due S32.- 500 each Nov. 15 from 1918 to 1936, In- clusive, and $357,500 Nov. 15. 19S7.— .F Dated Nov. 15. 1917. Interest payable May 15 and Nov. 15. at S. W. Straus & Co.. Inc.. New York or Chicago. Tax Status — 2 9r Federal Income Tax paid by company without deduction. AnthoriT^ — $ 650,000. Outstanding — $612,08.'^. Itnlanre Retired. Denomination — Coupon, $1,000. $500 and $100 (1927 maturity only). Trustee — S. W. Straus & Co., Inc.. New York. Redeemable after one year at 102 and inter- est. Organization — Incorporated in New York in 1903. Business founded In 1886. The com- pany manufactures cocoa and chocolate. Capital Stock Outstanding 1st Pref $901,7000 2d Pref 125.000 Common 375,000 Secured by a first mortgage on the com- pany's plant valued at $1,148,800. located in Brooklyn, N. Y. No dividends can be paid which will reduce the surplus below $600,000. The company agrees to maintain quick assets equal to at least 150% of ail outstanding liabilities, including these bonds. Original Market — $650,000 offered Dec, 1917, by S. W. Straus & Co., New York, etc.. at 100 and interest. ROCKY MOUNTAIN COAL & IRON CO. 1st 5s. Due May 1, 1951.— N. Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $420,000 (June 1. 1919). Retired by S. F. — $330,000. Denomination — Coupon, $1,000. Trustee — Columbia Trust Co., New York. Sinking Fund — Annually, on or before May 1, 5 cents per ton of 2,000 pounds of mer- chantable coal mined; the entire proceeds from the sale of land; $2.00 per 1,000 feet on all common merchantable timber, and 10% on the selling price at the mill on all. second cIeCss lumber. Minimum- annual payment. $15,000. This fund is to be applied to the purchase or redemption of these bonds at not over 100 and interest. Bonds acquired are to be cancelled. Guaranteed as to principal and interest by the Colorado Fuel & Iron Co. Controlled by the Cdlorado Fuel & Iron Co. Secured by a first mortgage on 254.000 acres of coal, timber, agricultural and grazing lands. Market. New York — H. I. Nicholas & Co.. Baker, Carruthers & Pell. Philadelphia— S. K. Phillips & Co. Price Range. Jan. 1. '16 to Jan. 1, *19 1918 Bid Ask Bid High. 88 '18 90 'Ifi 88 Dec. Low. 80 '17 90 'H^ ROGERS (\VM. A.), Ltd.. 1st 6s. Due each Feb. 1 as follows: §35,000. 1918 to 1922. inc.; S40.000. 1923 to 1927, inc., and S45.000, 1928 to 1932, inc.— F. Dated Feb. 1. 1917. Interest payable Feb. 1 and Aug. 1, at Bank of Nova Scotia, New York, Chicago, Toronto or Montreal. Tax Status — '2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — S 900.000. Outstanding— S599. 930 (Mar. 1, 1919). Redeemed — $70,000. Additional bonds issuable for 66 2-3% of the cost of additions to fixed assets when net earn- lng:s for previous two fiscal years have aver- aged three times interest charges on bonds out- standing and to be issued. Denomination — Coupon. $1,000. Eegisterable as to principal. Registered. $1,000. C. & R. interchangeable. Trustee — Bankers' Trust Co.. Buffalo, N. Y. Redeemable as a whole at 105 and interest on Feb. 1. 1920, or any interest date there- after on 60 days' notice. Organization — Incorporated in Ontario in 1901 and is a consolidation of Wm. A. Rogers 106S of New York, established in 1890; the Niagara Silver Co. of Niagara Falls. N. T., established in 1893, and E. E. "Wood Cutlery Co. of North- ampton, Mass. In December, 1917, purchased the business of Simeon L. and George H. Rog- ers Co. of Hartford and Wallingford, Conn. Also owns 2,500 shares (50%) of the common stock of Canadian Wm. A. Rogers, Ltd. The company manufactures and sells silverplated flatware and hoUowware and cutlery. Secured by a first mortgage on real estate, water power, factory and eauipment at North- ampto_n, Mass. ; factory, plant and equipment at Niagara Falls, N. T., and branch ofllce equipment at New York and Chicago, valued at $918,939. Net current assets as of Dec. 31, 1916. $1,163,371. Total net assets (not includ- ing proceeds of this issue), $2,082,310. Year ended Dec. 31 Bond Net Interest 1918 def. $5,209 * $74, 226 1917 81.855 19,422 1916 190.649 1915 164,810 1914 85,468 1913 260,381 ♦Interest on bonds and bank loans. Original Market — $600,000 offered March. 1917, by A. E. Ames & Co., Toronto, at 100 and interest. Market. Toronto — A. E. Ames & Co. N«w York — B. & C. Randolph. Pittsburgh — R. W. Evans & Co. ROGERS-BROWN IRON CO. 1st & Ref. Bs. Due at 103V2 and interest. Due $316,000 annually to Jan. 1, 1920; $314,000 annual- ly to Jan. 1, 1940. — F. Dated January 3, 1910. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $8,000,000. Outstanding — $4,451,000 (March 6, 1919).- Retired — $1,516,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable at 1 02 % and interest on any interest date on 60 days' notice as a whole or for sinking fund on July 1, annually. Sinking Fund — 25 cents per ton of ore mined from the ore lands at Hibbing, Minnesota, be- ginning Jan. 1, 1913, with a minimum equal to the amounts required to meet the maturing serial installments. Payments in excess of the minimum requirements must be applied on July 1 of each year to the redemption by lot of bonds at 102% and interest. Organization and Control — Incorporated in New York in 1909. Controlled by partners of Rogers, Brown & Co. Secured by a first mortgage on about 3 acres of land, two new furnaces, and other equipment, adjoining the tlant at Buffalo;, and by a second mortgage, equally with $1,500,000 Buffalo & Susquehanna Iron Co. debentures on the entire plant formerly belonging to the latter comparv. Prior IJens — $1,900,000 Buffalo & Susque- hanna Iron Co. Serial 1st 6s of 1932. Year ended Dec, SI Net Int. & S. F. 1918 $1,371,338 $621,669 1917 1,371,530 642.033 1916 2,207,873 723,336 1915 954,611 710,564 Original Market — $.4,500,000 offered in March, 1910, by "William Salomon & Co. and Brown Bros. & Co., New York, on a 5,30%, 5.507d basis, and $400,000 offered January* 1912, by Brown Bros. & Co, on a 5%% basis. Market. Boston — Hotchkin & Co., Parkinson & Burr. Buffalo — John T. Steel, 0"Brian . Potter & Co. Cincinnati — Fifth-Third National Bank. Philadelphia — Brown Bros. & Co. New York — Sam'l Goldschmidt, H. T. Carey & Co., Hotchkin & Co., Morton Lachenbruch & Co., E. & C. Randolph, Morgan & Finlay, Hanson & Doyle, Holmes, Bulkley & Wardrop, Baker, Carruthers & Pell, Brown Bros., Wm. Salomon & Co. Cleveland — Otis & Co. Chicago — Babcock, Rushton & Co. Buffalo — Baker, Mandeville & Co., Gardner, Penn & Co. Price Range. Jan. 1. '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93 '12 102 '16 .90 May. 100 May Low. 75 '14 82 '15 85 Jan. 89 July rogue: river (ore.) electric CO. Prior Lien 5s. Du« July 1, 1937. — N. Dated July 1, 1907. Interest, payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $700,000. Outstanding — $632,000 (June 15, 1919). Retired by S. F. — $68,000. Denomination — Coupon, $500 and $1,000, Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on six weeks*^ notice. Sinking Fund — Beginning July 1, 1909, $7,000 per annum for the purchase of bonds at not to exceed 105 and interest or redemption' of bonds in numerical order at same price. Organization and Control — Incorporated in' Oregon in 1907. The entire stock is owned by the- California-Oregon Power Co. The latter company was unable to meet in— terest on its 1st & Ref. 6s in Jan., 1916, and' bondholders agreed to waive interest for five- years. It is reported that earnings are suffi- cient for underlying bonds, including this issue.. Secured by a first mortgage on hydro-electric plant on the Rogue River in Oregon, trans- mission lines and distribution systems supply-- ing electricity in Central Point, Gold Hill, Grant's Pass, Jacksonville and Medford, Ore. (population, 18,000), and to companies for dis- - tributlon in Ashland, Phoenix and Talent (pop- ulation, 8,000). Bonds numbered from 1 to 250 have priority over other bonds of this- issue. Original Market — Offered in Oct., 1909, by E. H, Rollins & Sons, New York, Boston, etc., at prices yielding 5%% to 6%; $100,000 ott- ered by the same firm in Aug., 1911. Market. New York — Oilman & Clucas, Hanson & Doyle. Morgan & Finlay, F. H. Hatch & Co. ROLAND PARK ELEC. & WATER CO. Ist 5s. Due February 1, 1937. — F. Dated February 1, 1907. Interest payable February 1 and August 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. 1069 Trustee — Continental Trust Co., Baltimore, Md. Guaranteed as to principal and interest by the Consolidated Gas Electric Light & Power Co. of Baltimore. Organization — Incorporated in Maryland In ■•904. All of the stock is owned by the Con- solidated G. E L. & P. Co., which leases the electric plant. Secured by a first mortgage on plants sup- plying- electricity and water to Lake Roland and other suburban communities in the vicin- ity of Baltimore. Market. New York — Hornblower & Weeks. Boston — Hornblower & Weeks. Chicago — ^Hornblower & Weeks. Montreal— C. E. Mejedith & Co. Baltimore— Mackubin, Goodrich & Co. Price Range 1918 — Bid 85 Oct. ROLIAND PAPER C0.» Ltd., 1st 6s. Due July 1, 1937. Dated July 2, 1912. Interest payable Jan. and July 2, at Bank of Montreal, Montreal and Toronto, Can. Tax Status — Information not available. Authorized — $500,000. Outstanding — $439,500 (June 6, 1919). Retired by Sinking Fund — $60,500. Denomination — Coupon, $500 and $1,000. Trustee — Royal Trust Co., Montreal. Can. Sinking Fund— 2% per annum, of outstand- ing bonds, beginning in 1916, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Secured by a first mortgage on two large paper mills operated by water power. One la located at St. Jerome, the other at St. Adele, both in Canada. Original Market — Offered by C. Meredith & Co.. Montreal, Can., and London, Eng., at par and Interest in Aug., 1912. Market. Montreal — J. M. Robinson & Sons, C. E. Meredith & Co.. Hew R. Wood & Co. ROLPH NAVIGATION & COAl CO. 1st Serial 7b. Due $133,000 each March 15, 1920 to 1939, and $134,000, 1930 to 1934. Dated March 15, 19ia. Interest payable March and September 15th at Trustee's office, San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $2,000,000. Outstanding — $2,000,0 00. Purpose of Issne — Proceeds to' pay balance of indebtedness incurred in purchase of vessels. Denominations — Coupon $100, $500 and $1,000. Trustee — Anglo-California Trust Co., San Francisco. Redeemable — As a whole or in part on any interest date upjn thirty days' notice at 1021/4. Organization — Incorporated. 1914, company owns and operates steamships on the Pacific Coast, also is engaged in wholesale coal busi- ness. Secured by a first mortgage on all the prop- erty of the company including .three steamers of 2,750 tons dead weight, two steel sailing vessels and one steel barge 3.500 tons each, one three-masted barkentine and two four- masted barkentines. Original Market — Offered March. 1919, by Anglo & London Paris National Bank, San Francisco, and Blankenhorn-Hunter-Dulin Co., Dos Angeles, at par and interest. BOMi:, GAS, EI^ECTRIC LIGHT & TQWER CO. 1st 5s. Due June 1. 1931.— N. Dated 1901. Interest payable June and Dec. 1, at Union Trust Co., Detroit. Mich, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Union Trust Co., Detroit, Mich. Organization and Control — Incorporated in New Tork in 1901. Controlled by National Gas, Electric Light & Power Co. througli own- ership of entire $400,000 capital stock. Secured by a first mortgage on plants sup- plying gas and electricity to Rome, N. T. Franchise perpetual. Population served, 20,- 000. Market. Philadelphia — Bioren & Co. New York— W. D. Lycn & Co., F. H. Hatch & Co. Utica — A. James Eckert, W. D. Lyon & Co. Price Range. Jan, 1, *16 to Jan. 1. ^19 1918 Bid Bid High.93 '16 80 Apr. Low. 80 '18 ROMS (GA.) RAir.WAy & LIGHT CO. let S, F. 59. Due April 1, 1946.— F. Dated April 1, 1916. Interest payable April 1 and Oct. 1, at Spencer Trask & Co., New York, or Trustee' s office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $3. 000, 000. Outstanding— $850,000 (March 11, 1919). Additional bonds issuable for 80% of cash, cost of improvements, etc., when net earnings for 12 consecutive months of preceding 14 months are twice interest charges on total issue. Denominations — Coupon, $ 5 00 and $1,000. Registerable as to principal. Trustee — Fidelity & Columbia Trust Co., Louisville. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Improvement and Sinking Fund — ^Annually, beginning Oct. 1, 1917, 1% of outstanding bonds to be invested In permanent improve- ments, etc. , or for the purchase or redemption of these bonds, at not over 105 and Interest. Bonds acquired to be cancelled. Organization — Incorporated in Georgia in 1906. Secured by a first mortgage on all the prop- erty of the company including plant supply- ing electric light and power in Rome, Ga., and 12 miles street railway line in that city. Pop- ulation served, about 25,000. Franchises ex- tend to 1885. Year ended Dec. 31 Gross Net Charges 1918 $200,496 $59,292 $42,500 1917 181.709 60,737 42,500 1916 189,790 81,472 40,422 1915 179,449 -86,291 37.500 1914 198,100 67.955 36,425 .1913 194,423 67.-555 35.500 Original Market — $850,000 offered June, 1916. by Spencer Trask & Co.. New Tork, etc., at 96^% and interest. ; Market. Now York — Foster & Adams, F. H. Hatch & Co. ..< ■ . Price Range. Jan. 1. '16 to Jan. 1. '19 1918 Ask Ask High. 105 '16 Low. 78 '18 78 Sept. 1070 BOAIE, WATKRTOWN & OGDENSBUBG RAILROAD CO. 1st Codb. 68, 4s and 3»/4s, Due July 1, 1938.— N. Dated July 1, 1874. Extended November 4, 1891, with interest reduced from 7%. Interest payable April and Oct. 1» at Grand Terminal Station, New Torkr Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstandine^$9,076,000 5s; $419,000 48: $500,000 3%a. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — rParmers* Loan & Trust Co., N. Y. Assumed by the New York Central B. R. Co. Control — Absorbed by the New York Central R. R. Co. Secured by first mortgage on 411.62 miles of road, viz. : Miles Syracuse to Norwood, N. Y 148.04 Rome to Richland, N. Y 45.32 Suspension Bridge to Pulaski, N. Y... 175. 27 Watertown Jet. to Cape Vincent, N. Y. 24.10 DeKalb Jet. to Ogdensburg, N. Y 18.89 Also secured on the railroad bridge of the company in the City of Oswego, N. Y., in- cluding appurtenances, realty, etc. Underlies— N. Y. C. & H. R. R. R. 3%a of 1997: Cons. 4s of 1998; Lake Shore Collater- als; Michigan Central Collaterals and Deben- tures secured by the Cons. Mtge. , and Ref . & Imp. 4^s of 2013. Under latter mortgage bonds are received to retire this issue. Legal for Cal., Conn., Me., Mass., Mich., Minn.. Mo. N, H., N. J.. N. Y., R. L. Vt. and "WiSi Listed (5s) on the New York Stock Ex- change. Market. New York — Herbert M. Solomon & Bro., Louchheim, Mmton & Co., Coggeshall & Hicks, Chas. H. Jones & Co., Taylor, Smith & Hard, ^Vm. C. Ewen, J. S. Farlee & Co., Estabrook & Co., Remick, Hodges & Co., Ambrose R. Clark. Abraham & Co., Wm. Carnegie Ewen, C. "W, Place, Redmand & Co., Vilas & Hickey. Boston — Harris, Forbes & Co. Chicago — ^Harris Trust & Savings Bank. Baltimore — Jenkins, Whedbeo & Poe. Utica — A. James Bckert. Philadelphia — Graham, Parsons & Co. Pittsburgh — R. B, Hutchinson & Co. Price RanKC — N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 5s. High.118 Mar. 3, '06 98% Dec. 17 Low. 05% Sept. 19, '18 95% Sept. 19 RUMFORD FALLS & BANGELEY LARES RAILROAI> CO. 1st S. F. 58. Due Oct. 1, 1937.— N. Dated Oct. 1. 1897. Interest payable April and Oct. 1, at Trustee's ofRce. Tax St:itus — Payment of Federal Income Tax not assumed by company. Authorized — $400,000. Outstanding — $330,500 (June 4, 1919). Held in S. F.— $69,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Sinking Fund — $3,000 per annum to pur- chase bonds at a price to be agreed upon; or if not so purchasable, to be Invested in se- curities which are legal investment for sav- ings banks in Massachusetts. Guaranteed as to interest under terms of lease by the Maine Central R. R. Co. Organization and Control — Incorporated In Maine in 1894. Controlled by Portland & Rumford Palls Ry. Co., through stock own- ership. The latter company is leased for 1,000 years to P. & R. F. R. R. Co., the property of which is leased for 999 years to Maine Central R. R. Co., which is conrtolled by Boston & Maine R. R. Co. through stock own- ership. Secured by a first mortgage on 27 miles of road from Rumford Falls to Bemls, Me., and Houghton branch. Underlies — $300,000 4s of 1923. Legal for Me. ' Market. Pittsburgh — R. B. Hutchinson & Co New York— F. H. Hatqh & Co., Baker, Car- ruth ers & Pell. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid High. 7 8 '16 Low. 70 '17 RUMFORD FALLS & RANGELBY LAKES RAILROAD Mtge. 4s. Due Nov. 1. 1933. Dated Nov. 2, 1903. Interest payable May ,1 and Nov. 1, at Trustee's ofilce. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $300,000. Outstanding — $ 300,000. Denomination — Coupon, $500 and $1,000. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Redeemable on any interest date at 102% on three weeks' notice. Guaranteed as to interest under terms of lease by the Maine Central R. R. Co. Organization — See 1st S. F. 5s. Secured by a mortgage on 35.97 miles of road, viz. : A first lien on 8.97 miles — Miles Bemia to Oquassoc, Me 8.97 A second lien on 27 miles — Rumford Falls to Bemis 27,00 Prior Liens— $4,000,000 1st 5s of 1937. Legal for Me. RUMFORD FALLS (SIE.) POWER CO. 1st S. F. 4s. Due Oct. 1, 1945.— N. Dated October 2, 1905. Interest payable April 1 and October 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstandl!ne^$958,000 (June 4, 1919). Held in S. F. — $42,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Safe Deposit & Trust Co., Portland, Me. Redeemable on interest date at 105 and in- terest. Sinking Fund — $10,000 per year, beginning Oct. 1, 1915, payable in cash or bonds at par. If paid in cash. Trustee shall apply same to redemption of these bonds at 105 and Interest. Organization — See General 4%s. Secured by a first mortgage on property described under Gen. 4%s. (Not secured on P. & R. F. Ry. Stock), Underlies — Gen. 4^s of 1929. Market. New York — Hornblower & Weeks, Coffin & Burr. F. H. Hatch &. Co. Portland, Me. — Maynard S. Bird & Co., Beyer & Sma'l. Boston — Chas. A. Day & Co., Hornblower & Weeks, L. .Sherman Adams. Chicago — ^Hornblower & Weeks. Philadelphia's. K. Phillips & Co. 1071 Price Ranee. Jan. 1, '15 to Jan. 1, 'IS Bid Ask High.90 '16 93 '16 Low.SG '17 90 '16 RUMFORD FALLS (ME.) POWER CO. {Sen. iVsS. Due Dec. 1, 1929.— F. Dated Dec. 1, 1909. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by conapany without deduction. Authorized — $2,000, 000. Outstanding — $1,300, 000. Reserved for Ext. — $700,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — State Street Trust Co., Boston. Redeemable at 100 and interest on and after Dec. 1, 1919. Organization and Control — Incorporated in Maine and controlled by same interests as Portland & Rumtord Falls Railroad Co. Secured by a second mortgage on hydro- electric plant supplying eelctricity to the Rum.i ford Falls Light & "Water Co., which owns the plant for the distribution of electricity in Rumford Falls. Me. The company furnishes water power to the plant of the International Paper Co. at Rumford Palls, which is one of the largest paper mills in America. Further secured (the $1,300,000 outstanding only) by a first lien on $760,000 8% stoclt of the P. & R. F. Ry. Co. Upon the redemption of any of the present outstanding bonds, a proportionate amount of this stock may be released from the mortgage. The P. & R. F. Ry. is leased to the P. & R. F. R. R. Co. for 1,000 years^ at an annual rental of 8% dividends and interest charges. The latter is leased for 999 years to the Maine Central R. R. Co. Prior Liens — $1,000,000 4s of 1946. Legal for Me. Original Marlcet — Offered in Jan., 1910, by the Portland Trust Co., Portland, Me. Offered in April, 1916. by Perry, Coffin & Burr, Bos- ton, at 96 and interest. Market. New Yorlt — Burgess, Lang & Co., Coffin & Burr. Portland. Me. — Maynard S. Bird & Co. Boston — Burgess, Lang & Co.. Coffin & Burr. Price Range, Jan. 1. '16 to Jan. 1, 'la Bid Ask High. 94 '16 97% '16 Low. .93^4 '17 97% '16 RUTLAND-CANADIAN RAILROAD CO. Ist 48. Due July 1, 1949.— F. Dated July 1. 1899. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $1,360,000. Onstanding — $1,326,000. Owned by Rutland R. R. — $25,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Assumed by the Rutland R. R. Co. Control — Absorbed by the Rutland R. R. Co. (For further details see Rutland R. R. 1st Cons. 4%s.) Secured by a first mortgage on 41.86 miles of road from Burlington. Vt., crossing Lalce Champlain to Canada-New York State Line and branch to Rouse's Point, N. T. A large part of the road is built on islands in Lake Champlain. Legal for Cal. and Me. Listed on the New York and Boston Stock Elxchanges. Market. New York — F. J. Lisman & Co., Hornblower & Weeks, F. H. Hatch & Co., Harris, Forbes & Co., E. H. Rollins Sons, Wm. Carnegie Ewen. Boston — Harris, Forbes & Co., B. H. Rol- lins & Sons, Hornblower & Weeks. Baltimore — Jenkins, Whedbee & Poe. Cliicago — Hornblower & Weeks. Price Ranee — ^N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.96 Feb. 26, '07 70 Jan. 15. Low. 70 Jan. 15, '18 70 Jan. 16 RUTLAND RAILROAD CO. 1st Cons. 4%s. Due July 1, 1941. — N. Dated July 1, 1891. Interest payable Jan. and July 1. at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,600,000. Outstanding — $3,494,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Trust Co., New York. Organization! and Control — Incorporated in 1867 in "Vermont. The company owns 397 miles of road, and leases 18 miles. These lines extend from Bellows Falls, Vt., and Chatham, N. Y.. to Burlington, Vt., and Noyan Jet., Quebec, just across the United States-Canadian boundary. The N. Y., N. H. & H. R. R. Co. owns $2,352,050 and the New York Central R. R. Co. owns $2,341,760 Of the $9,057,600 preferred stock. There is also outstanding $189,600 common stock. Secured by a first mortgage on 120.23 miles of road from Burlington to Bellows Falls, Vt. Year ended Dec. 31 Gross Net Int. & Rent •1018 $1,023,883 $1,141,880 $598,405 tl918 4.640,689 49,446 1918 4.325,369 1,058,997 611.248 1916 4.035,666 1,336.099 692,037 1916.... 3.549.591 1,056.803 600,033 1914 3.526.096 758.148 768,148 •Corporate Income Account — Standard return under Federal control. tFederal Income Account. Legal for Cal. and Me. lasted on the New York and Boston Stock Exchanges. Original Market — Offered in 1900 by E. H. Rollins & Sons, Boston, New York. etc. Market. New York — Hornblower & Weeks, F. J. Liaman & Co., E. H. Rollins & Sons, Harris, Forbes & Co., S. Goldschmidt, Burgess, Lang & Co., Wm. Carnegie Ewen. F. H. Hatch & Co., Abraham & Co., C. W. Place, Baker, Carruthers & Pell. Boston — ^Hornblower & Weeks, McConnell & Co., Harris, Forbes & Co., Burgess, Lang & Co. Chicago — Hornblower & Weeks, Harris Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. ■Ian. 1. '06 to Jan. 1, '19 1918 High.inS Sept. 16, '08 83 Nov. 16 Low. 67% Jurte 10, '18 67% June 10 1072 RUTI.AND RAILROAD CO. Eduip. Tr, 4%B. Due annually $34,000 each May 1st to and inclndins 1927. — N. Dated May 1, 1912. Interest payable May and Nov. 1, at Trustee's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $272,000 (May 15, 1919). Balance Retired, Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control and Earnings — See 1st Consol. i%a. Secured by an equipment trust agreement on 500 steel freight box cars, 6 locomotives and 4 steel passenger cars. Original Market — Offered in 1912 by E. H. Rollins & Sons, New York, at prices to yield 4.25% to 4.65%, according to maturity. Market. New York — Evans, StiUman & Co. RUTLAND (VT.) RATLWAY, tIGHT & POW- ICR CO. 1st S. F. 5s. Due March 1. 1946. Dated March 1, 1906. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $1,973,000 (Jan. 1. 1919). Retired by S. F.— $27,000. Denominaticni — C"upin. Sl.OOfi. Rogisterable as to principalk Registered, $1, 000. Trustee — Lincoln Ttust Co., New York. Redeemable at 110 and interest on any in- terest date in amounts of not less than $50,- 000. Sinking Fund — % of 1% annually of out- standing bonds from March .1, 1916, to 1923; 1% from 1923 to 1930; 1^% from 1930 to 1938. and 2% thereafter, to be applied to the purchase or redemption of these bonds at not over 110 and interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated in Vermont in 1906 as a consolidation. Prac- tically all of the stock is owned by the Gen- eral Gas & Electric Co. Management of the W. S. Barstow Mgt. Ass'n. Inc., New York. Secured by a first mortgage on 28 miles of street railway, including the local system in Rutland, Vt.. and lines to nearby towns, and on plants supplying gas and electricity in the same territory. The company controls valu- able water power sites and generates its power by hydro-electric plants. Population served, 22,000. Franchises are perpetual. r ended Dec. 31 Gross Net Int.. Etc. 1918. . . . $477,924 $152,046 $110,477 1917. . . 429.617 141,675 110,730 1916. . . 403.474 146,066 107,296 1915. . . 357.962 115,032 106,976 1914. . , 333,477 128,733 106,380 1913. . . 356,440 164,807 104,277 Legal for Me. Original Marltet^ll, 500,000 ottered in Dec, 1908, by Redmona & Co., and "W. A. Read & Co., New York, and Warner, Tucker & Co.. Boston, at 96 and interest. Market. New Yorli — J. Willet Hall & Co., Redmond & Co.. B. & C. Randolph, F. H. Hatch & Co., Morton Ijachenbruch & Co., Berdell Bros. Boston — H. C. Spi'.ler & Co., F. B. Bassett & Co., C. A. Day & Co. Wilmington — Geo. P. Bissell. Philadelphia — Thos. A. Biddle & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.83 '16 88 '16 60 Apr. 75 Jan. Low. 45 '18 55 '18 45 Sept. 55 Sept. RUTIAND, TOtUCA & NORTHERN RAII> ROAD 1st 4s. Dae Oct. 1, 1930.— F. Dated. Oct. 1, 1910. Interest payable April and' Oct. 1, at Northern Trust Co., Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and OutstandiiLg — $226,000. Denomination — Coupon, $100 and $1,000. Kegisterable aa to principal. Trustee — Northern Trust Co., Chicago. Redeemable — On any interest date on 90 days' notice. Guaranteed aa to principal and intereat by the Chicago & Alton R. R. Co. Organization and Control — Incorporated in Illinois in 1909. Leased for 999 yeara to the Chicago & Alton R. R. Co., which company owns the entire $97,000 capital stock. Secured by a first mortgage on 26.97 miles of railroad from Granville to Rutland, 111. Original Market — Offered by Eversz & Co., Chicago, in Aug., 1911. Market. New York — ^Finch & Tarbell, F. J. Liaman & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid High.76 '16 Low. 40 '17 1073 SACRAMBNTO GAS CO. Ist 6s. Dne each Oct. 1; $6,000 from 1917 to 1921: $10,000 from 192S to 1924; $16,000 from 1926 to 1939 and $120,000 in 1940.— F. Dated Oct. 1, 1915. Interest payable April 1 and Oct, 1, in San Francisco and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized— $1,500,000. Outstanding — $390,000 (Jan. 1, 1919). Redeemed — $10,000. Denomination — All maturities coupon $1,- 000. Registerable as to principal only. 1940 maturity also includes coupon bonds of $100 and $500 registerable as to principal only. Trustee — Anglo-California Trust Co., San Francisco. Redeemable at 103 and interest on any In- terest date. Sinking Fnnd — A sum equal to 1 % % of all bonds issued in excess of $400,000, payable annually in cash or bonds at par, cash pay- ments to be applied to purchase of bonds in open market at not exceeding 103 and in- terest, or, if not so purchasable to redemp- tion of bonds by lot at 103% and interest. Organization — Incorporated in California in 1897. Secured by a first mortgage on plants sup- plying a mixture of artificial and natural gas to Sacramento and artificial gas to Lodi, Cal. The two towns are some 40 miles apart and the plants are independent of each other.. The company owns eight natural gas wella in the vicinity of Sacramento. The company's franchises are without limit as to time, under constitutional rights, but it has franchises In Sacramento City extending to 1947, in Sacra- mento County to 1959 and in Lodi to 1956. Population served (1910), Sacramento, 44,- 691: Lodi, 2.697. Yftar ended Dec. 31 Gross Net Int., Etc. 1918 $185,776 $55,617 $27,655 1917 156,034 66,765 30,3 87 1916 139,623 57,079 27,489 1915 128,0 43 5 5.932 24,618 Legal for Cal. Original Market — Offered in November. 1915, by E, H. Rollins & Sons, Boston, New York, Chicago, etc, , at par and interest. Market. New York — McDonnell & Co. Lios Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '16 103 ■17. 93 Jan. 96 Jan. Low. 90 '18 96 '18 90 Apr. SACRAMENTO VAI/LEY POWER CO. let 6s. Due May 1. 1929.— N. Dated May 1, 1909. Interest payable May and Nov. 1, at Anglo-California Trust Co., San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Anthorized — $500,000. Outstanding — $400,000. Cancelled — $100,000. Trustee — Anglo-California Trust Co., San Francisco. Redeemable in 1919 or thereafter at 105 and interest. Sinking Fund — 2%% per annum of bonda outstanding from May 1, 1912. Bonds acquired are to be kept alive and Interest added to this fund. ConlaTol — ^Absorbed by Northern California Power Co. Consolidated in 1912. Secured by a first mortgage on two hydro- electric plants, water rights and transmission lines in Shasta County, Cal. Underlies — S. V. F. lat & Ref. 6b of 1941 and Northern Cal. Power Co. Cons. Ref, & Cons. 5s of 1948 and Debenture 6s. Earnings — See Northern California Power Co. Ref. & Cons. 5s. Market. New York — Bernhard, SchoUe & McDonnell & Co. San Diego — Stephens & Co. Eos Angeles — Stephens & Co, Price Range. Jan, 1, '15 to Jan. 1, '19 Ask High. 99 '15 Low. 81 '17 SAFETY INStJEATED WIRE & CABEE CO. Ist 6s. Due May 1. 1942. — P. Dated May 1, 1902. Interest payable Feb., May, Aug., and Nov. 1, at Trustee's office. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $1,250,000. Outstanding — $ 1,045,000. Retired by S. F. — $305,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable on any interest date at 105 and interest. Sinking Fund — ^Annually, within ten days of Feb. 1 the sum of $10,000 payable out of net earnings for the purchase or redemp- tion of these bonds at not over 105 and in- terest. Bonds acquired are to be cancelled. Organization — Incorporated in New Jersey in 1902. Secured by a first mortgage on plant at Bay- onne, N. J., where the company manufactures seamless rubber insulations, cables, etc. Market. New York— F. H. Hatch & Co. SAGINAW-BAY CITY RAIEWAY 1st & Raf. 58. Dne March 1, 1935. — F. Dated March 1, 1910. Interest payable March and Sept. 1, at Hodenpyl, Hardy & Co., Inc., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $5,000,000. Outstanding — $1,133,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Michigan Trust Co., Grand Rapids, Mich. Organization and Control — Incorporated in Michigan in 1910. All of the stock is owned by the Commonwealth Power Ry. & Lt. Co, Secured by a first mortgage on street rail- ways in Bay City. Mich., and second mort- gage on street railways in Saginaw, Mich.. and interurban lines between Bay City and Saginaw. Total, 63 miles of track. Popu- lation served, 100.000. Franchises expire be- tween 1923 and 1937 and some are perpetual. Prior Eiens — $627,000 Saginaw Valley Trac. 5s of 1920. 1074 Market. New York— E. & C. Randolph, P. P. Ward, Hodenpyl, Hardy & Co., Inc. Philadelphia— E. W. Clark & Co. Grand Rapids — Howe. Snow, Corrigan & Bertlea. Beading — George A. Rick. Price Range. Jan. 1, '10 to Jam. 1, '19 1^18 Bid Ask Bid Ask High. 90 '11 95 '11 75 Jan. 82 Jan. Low. 70 '17 80 '17 SAGINAW YALUEY TRACTION CO. Ist 6s. Due Feb. 1, 19S0.— N. Dated Jan. 10, 1899. Interest payable Feb. and Aug. 1, at Boston Safe Deposit & Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $850,000. Outstanding — $627,000 (March 1. '19). Retired by Sinking Fund — $223,000. Denomination— Coupon, $1, 000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston, Mass. Sinking Fund — $8,500 per annum for five years from Feb. 1, 1907, and $17,000 annually thereafter to be invested In these bonds at not exceeding 107% and interest.* Control — Absorbed by Saginaw-Bay City Ry., all of whose stock is owned by the Common- wealth Power, Ry. & Lt. Co. Secured by a first mortgage on the street railways in Saginaw. Mich., and interurban line between that city and Bay City. Fran- chises expire In 1923 and 1937 and some are perpetual. Population served, 100,000. Underlies — Saginaw-Bay City Ry. 1st & Ref. 5s of 1935. Market. New York — E. & C. Randolph, Hodenpyl, Hardy &. Co., F. H. Hatch & Co. Chicago — Hodenpyl, Hardy & Co. Philadelphia — Capelle & Co. , H. D. Boen- ning & Co., S. K. Phillips & Co., Huntoon & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99% '17 100 '13 "94 Feb. 96^^ Mar. Low. 90 '18 96 '18 90 June 96 June ST. ANDREWS BAY LUMBER COMPANY 1st Serial 7b, Series "A." Due $135,000 each June 1, 19^ to 1929, inclusive. Dated June 1, 1919. Interest payable June and Dec. 1, at Empire Trust Company, New York. Third National Bank, Atlanta, or Se- curity Sales Company. Atlanta. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,3 50,000. Additional bonds issuable for new timber properties acQuired at 80% of cash cost there- of, provided t^iis does not exceed $5.00 per thousand feet of stumpage. Outstanding — $1,350,000. Purpose of Issue — To complete the pkyraenta made to the Alien Property Custodian for the property covered and to provide funds for im- provement, etc. Denominations — Coupon, $1, 000 for all ma- turities, $500 for 1922-1S29 maturities, $100 for 1924-1929 maturities. Trustee — Third National Bank, Atlanta. Redeemable on any interest date upon 6 days' notice at 105 and interest, provided that equal amounts of the next and last due matur- ity are cal.ed at the same time. Sinking Fund — Quarterly payments to Trustee of sum eaual to $6.00 per thousand feet cut of all timber subject to the lien of this mortgage. This sum may be increased to $10 at the discretion of the bankers and the Trustee. These payments shall constitute a re- demption fund which must be applied solely to the payment of principal of these bonds at or before maturity. Organization — Incorporated in Delaware May. 1919, and acquired property formerly owned by the German-American Lumber Com- pany, Millville, Fla. Capital Stock Authorized Outstanding Common stock $6,000,000 $3,500,000 Pfd. stock (8% cum.).. 1,000,000 600,000 Secured by a direct first mortgage on all property of the company now owned or here- after acquired, including 147,357 acres owned ' in fee simple in Washington, Jackson, Cal- houn and Bay Counties, Fla.; 326,000,000 ft. standing long leaf yellow pine timber ; 5,000,000 ft. cypress timber; 67 miles standard gauge railroad, 9 locomotives, 281 dwellings, mills at Millville, Fountain and Sherman, Fla., and other equipment. Appraised Value May -24. 1919, $4,091,035. Net current assets $463,828. Company covenants that it will not declare or pay any cash dividends on its common stock during the life of these bonds; Original Market — Offered May, 1919. by Securities Sales Company, Atlanta, Ga., at prices to yield from 7% to 7.50% for various maturities. ST. CLAIK COUNTY GAS & ELECTRIC CO. 1st Cons. 5s. Due March 1, 1969. — F. Dated March 1. 1909. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $1,810,000. Reserved for Prior Liens — $693,000. Reserved for Ext. — $2,497,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. 111. Guaranteed principal and interest by the American Gas Co. by endorsement. Organization and Control — Incorporated In Illinois in 1907. All of the stock is owned by the American Gas C&. Swured by a first mortgage on the gas plant of the company, located on 11 acres oi land between Bast St. Louis and ..Belleville, 111. , and a second mortgage qn the plants for the distribution of gas in those cities, and on plant supplying Belleville with electricity. Gas franchises are perpetual; electric franchise ex- pires in 1932. Prior Liens — $429,000 East St. Louis Gas Lt. 1st 5s of 1922 and $263,000 Belleville Gas & Elec. 1st 5s of 1922. for the retirement of which bonds of this issue are reserved. Original Market — OfCered in Sept., 1903, by Spencer Trask & Co., New York, etc., at 93% and interest and also offered In Philadelphia by Wurts, Dulles & Co. Market. New York — E. & C. Randolph, Hanson & Doyle, Bauer, Starr & Co., Berdell Bros., F, H. Hatch & Co. Philadelphia — H. Boenning & Co., Battles & Co.. S. K. Phillips & Co.. Wurts, Dulles & Co. 1075 Frice Range. Jan. 1, '13 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '12 96 '12 70 Jan. 80 Sept. Low. 70 '18 75 '18 75 Jan. ST, CLAIR FURNACE CO. 1st 58. Due $100,000 annually each Aug. 1 to 1939, inclusive. — F. Dated Aug. 1, 1901. Interest payable Feb. and Aug. 1, at Colonial Trust Co,, Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Outstanding — $2,080,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Pittsburgh Trust Co.. Pittsburgh Pa. Guaranteed as to principal and interest by ■the Crucible Steel Co. of America and the United States Steel Corp. Control — ^Absorbed by the Clairton Steel Co. All of the stock of this company is owned by the "United States Steel Corp. Secured by a first mortgage on about 60 acres of mill property on the west bank of the Monongahela River, including three blast fur- naces and comprising a complete plant for the manufacture of pig iron. Market. New York — C. H. Hansel. Moore, Leonard & Lynch, Baker. Carruthers & Pell, Morton Lachenbruch & Co., F. H. Hatch & Co.. H. I. Nicholas & Co., Tobey & Kirk. PbUadelphia — E. W. Clark & Co., E. B. Smith & Co.. West & Co., Montgomery & Co.. Barclay, Moore & Co. , Robt. Glendinning & Co.. Graham. Parson & Co., S. K. Phillips & Co. Pittsburgh — Lyon,. Singer & Co., Moore, Leonard & Lynch, Goddard, Hunter & Co. . Jaa. Carothers & Co., George, Allen & White- house, W. E. Ballard, Kean. Taylor & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 ' 1918 Bid Ask Bid Ask High.99^4 '17 103 '17 99^i Feb. Low. 96 '18 981,^ '18 96 Dec. 98% Mar. St. Liouis — Whitaker & Co., Abraham & Co. Price Range. Jan. 1, '15 to Jan. 1, U9 1918 Bid Ask Bid High.70 '17 85 '16 65 Dec. Low. 60 '18 73 '17 60 Jan. ST. CI4AIR, MADISON & ST. I^UIS BELT • RAILROAD 1st 48. Due Jan. 1, 1951. Dated Jan. 1. 1901. Interest payable Jan. and July 1, at St. Louis Union Trust Co., St. Louis. Mo. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $800,000. Ontstnnding — $746,250. Held in Treasury — $54,750. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — St. I^ouis Union Trust Co. , St. Louis, Mo. Redeemable at 105 and Interest. Control — Absorbed by Missouri & Illinois Bridge & Belt, R. R. Co., which is controlled through stock ownership by C. C, C. & St. L. Ry., Lou. & Nash. R. R.. Mo. Pac. R. R., C, R. I. & P. Ry.. M.. K. & T. Ry., Chi. & E. 111. R. R.. Vandalia R. R.. Wabash Ry., Chi.. Peoria & St. L. Ry. and B. & O. R. R. Secured by a first mortgage on bridge 2,100 feet long over Mississippi River between Al- ton, 111., and West Alton, Mo., and two miles of track constituting the approaches. Market. New York— P. J. Whiten, Baker. Carruth- ers & Pell, Lisman & Co.. A. G. Edwards & Sons. ST. CliAIR STEEIi CO. 1st 5s. Due $100,000 annually each Jan. 1 to 1925, IncluslTe. Dated Jan. 1, 1901. Interest payable Jan. and July 1, at Union Trust Co., Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Outstanding— $600,000 (Feb. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Pa. Guaranteed as to principal and interest by the Crucible Steel Co. of America and the United States Steel Corp. Control — Absorbed by the Clairton Steel Co. All of the stock of the latter company is owned by the United States Steel Corp. Secured by a first lien on an Important part of the Clairton Works of the United States Steel Corp. Market. New York — Moore, Leonard & Lynch, Mor- ton Lachenbruch & Co., Holmes, Bulkley & Wardrop. , Pittsburgh — Moore, Leonard & Lynch, God- dard, Hunter & Co.,- Goldsborough & Ham- mond. Kean, Taylor & Co.. Lynn, Singer & Co. Philadelphia — Oraham, Parsons & Co., West & Co., E. W. Clark & Co., W. E. Ballard, Robt. Glendenning & Co., S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOl '16 98 May 99% Apr. Low. 96% '18 99^ '18 96% Apr. 99^4 Mar. ST. CLOUD PUBLIC SERVICE CO. Ist 6s. Due Nov. 1, 1934.- F. Dated November 1, 1914. Interest payable May 1 and November 1. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Minnesota. Authorized — $4,000,000. Outstandinc— $1,317,600 (Jan. 1, 1919). Reserved for Ext. — $2,682,400. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal onTy. Trustee — Chicago Savings Bank & Trust Co.. Chicago. Redeemable on any interest date on or be- fore November 1. 1920, at 105 and interest, at 104 and interest from May 1, 1921 to No- vember 1, 1925, and at 103 and interest there- after. Sinking Fund — Cumulative annual sinking fund, beginning May 1, 1919, amounting to 5 % of gross earings for preceding year, plus interest on bonds acquired by sinking fund, to be applied to the purchase or redemption of these bonds. Organization — Incorporated in Minnesota in 1915 as a Consolidation, Secured by a first mortgage on street rail- way system in St. Cloud, Minn., and extend- ing to Sauk Rapids and Waite Park, and on plants supplying gas and electricity in .St. Cloud. The company owns two-hydro-electric plants and a steam generating plant, and leases from the St. Cloud Water Power Co., its hydro-electric plant of 1,150 k. w. capac- ity, for 99 years, at a rental of $36,000 per year, which rental may not be increased with- 1076 out the consent- of the Trustee of this mort- gage. Franchises in St. Cloud extend to De- cember, 1935. Population served: St. Cloud, 15.000; Sauk Rapids. 2,000; other towns, 26,- 000. Year ended Dec. 31 Gross Net Interest 1918 $341,998 '$160,385 $74,242 1917 363.419 151,773 62,213 1916 299.946 122.850 49.568 1915 246,573 108,011 1914 217.772 79.812 Origrinal Market — Offered in August, 1915. by the Chicago Savings Bank & Trust Co. and Blston, Clifford & Co., Chicago, and Baker, Ayling & Young. Boston, at par and interest. Market. New York — J. A. Clark & Co. Chicago — J. P. Hobbs & Co., Chicago Sav- ings Bank & Trust Co., Elston & Co. Milwaukee — John E. De Wolf Co. Boston — Baker, Ayling & Young. Philadelphia — Baker, Ayling & Young. Springfield — Baker. Ayling & Young. Price Range. Jan. 1, *16 to Jan. 1, *19 Bid Ask High.96 '16 101% '17 Low. 96 '16 98 '18 1918 Ask 98 July ST. CI.OUD WATER POWER CO. Iflt 68, Due annually April 1, 1916, to 1936. — F. Dated April 1, 1911. Interest payable April and Oct. 1, at Trustee's office. Chicago. Tax Status — Payment of Federal Income Tax not assumed by cnmt)any. Authorized — $300,000. . OntRtanding — $280,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon. $500 and $1,000. Trustee — Central Trust Co. ot Illinois, Chi- cago. Redeemable after April 1, 1914, at 103 and interest in reverse of numerical order. Guaranteed wr'ncip"! f^ncl inter'='st bv Public Service Co. of St. Cloud by endorsement. Assumed bv the St. Cloud Public Service Co. Organization and Control — Incorporated In 1911 in Minnesota. Entire property is leased to the St. Cloud Public Service Co. (successor of the Public Service Co. of St. Cloud) from Aug., 1915. to Dec. 31. 2010. Rental, $36,000 per annum. Secured by a first mortgage on hydro-electric plant and water rights on the Mississippi River at St. Cloud, Minn. Original Market-~First offered by the Co- lonial Trust & Savings Bank, Chicago, at par and interest in April, -1911. Market. Chicago — Chicago Savings Bank & Trust Co. New York — J. A. Clark & Co,, Morton Lach- enbruch & Co. Price Range, 1918 — Ask 100. ST. CROIX PAPER CO. 1st Serial 5r. Due each Sept. 1, $115,000 in 1915. ^20,000 in 1916, $125,000 in 1917 and $130,000 annually thereafter to 1932. inclusive; $100,000 annually to 1937, inclusive. — F. Dated September 3, 1912. Interest payable March and September 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $1,820,000 (Jan. 1. 1919). Retired — $680,000. In Treasury — $500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co. , Boston. Redeemable . on any interest date on a 4%% income basis, upon four weeks' notice. Organization — Incorporated in Maine in 1904. Secured by a first mortgage on about 235,- 000 acres of timber land, located in Maine and New Brunswick, valuable water power sites on the St. Croix River, power plant, three pulp and paper mills. Original Market — Offered in 1912 by Kidder, Peabody & Co. and Estabrook & Co., New York and Boston, on a 5% to 5%% basis. Market. New York — Louchheim, Minton & Co., Blod- gpi- & Co., Estabrook & Co. Boston — Kidder, Peabody & Co., Estabrook & Cu. , Blodget & Co. , Francis Henshaw & Co.. L. Sherman Adams. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.90^ '17 98% '17 Low. 92 '17 ST. CROIX POWER CO. 1st 5s. Due Oct. 1. 1929. Dated Oct. 1, 1899. Interest payable April 1 and Oct. 1, at Emerson McMillln & Co., 120 B'way, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $750,000. Denominaiton — Coupon and Registered, $1,000. Trustee — Equitable Trust Co., New York. Guaranteed as to principal and interest by endorsement by the St. Paul Gas Light -Co. Organization — Incorporated in Wisconsin In 1899. Practically all the stock is owned by the American Light & Traction Co. The en- tire output of the company is delivered to the St. Paul Gas Light Co. Secured by a first mortgage on a hydro-elec- tric plant of 5,000 h. p. at Apple River Falls, 27 miles northeast of St. Paul, 24 miles trans- mission line and 3 miles of underground con- duits into St. Paul, together with modern power houses, transforming plant, reservoir 2% miles in length, and dam of modern con- struction, etc. Franchises are perpetual. Original Market — $750,000 offered in 1901 at 101 and interest by Emerson McMillin & Co., New York, and H. L. Crawford & Co., Chi- cago and New York. Market. New York — Louchheim. Minton & Co., E. & C. Randolph, Berdell Bros. & Co., Theo. L. Bronson, Wm. Carnegie Ewen, F. H. Hatch & Co. St. Paul — White. Grubbs & Co., Kalman, Matteson & Wood. Milwaukee — Marshall & Ilsley Bank. Philadelphia — H D. Boenning & Co. Boston — G. W. Walker & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93^ '17 95 '15 88% Dec. Low. 81% '18 8814 '18 81% Apr. 88% May ST. JOHNSBUteY & LAKE CHAMPLAIN RAILROAD CO. 1st 5s. Due March 1. 1944.— N. Dated March 1, 1894. Interest payable March and Sept. 1, at Company's office, Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by company. 1077 Authorized — $2,500,000. OutStandinir — $1,328,000. Owned by B. & M. R. B. and B. & li. R. R. Corp. — $1,172,1)00. No interest ia being paid on these bonds, but is accumulatinir as a lien against the p-rbperty, which lien will be prior to that of the^principal In the event of the coupons not being paid prior to maturity. . Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — American Trust Co. , Boston. Guaranteed as to the $1,328,000 held by the public, principal and Interest, by the Boston & Maine R. R. Organization and Control — Incorporated In 1880 in Vermont. A majority of the common stock is owned by the Boston & Lowell R. R. Corp., which is leased to the Boston & Maine R. R. The Maine Central R. R. Co. leases the line between liunenburg and St. Johnsbury, Vt. Rental, $20,000 per annum, with provi- sions for additions and betterments. Secured by a first mortgage on 120.55 miles of road from Lunenberg to Swanton, Vt., and North Concord to Victory, Vt. The road ex- tends across the northern part of Vermont, forming part of a through line from Portland, Me., to Lake Champlaln. Legal for Me. New York— F. H. Hatch' & Co., Baker. Car- ruthers & Pell. Price Range. Jan. 1, 1908 to Jan. 1, 1919 Bid High. 120 '10 Low. . 80 '08 1918 Ask 60 Oct. ST. JOSEPH & GRAND ISLAND RAILWAY CO. 1st 4s. Due Jan. 1, 1947.— F. Dated Jan. 1, 1897. Interest payable Jan. and July 1, at Central Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5, 000, 000. OntBtandlns — $4,000,000. Reserved for Ext. — $1,000,000. Denomination — Coupon. $1,000. Registerable as to principal, or fully registerable. Trustee — Central Union Trust Co., New Tork. Organization and Control — Incorporated in Kansas and Nebraska in 1897. The Union Pacific R. R. Co. owns 70% of the stock of the company. Secured by first mortgage on 267.93 miles of road, viz. : Miles St. Joseph, Mo., to Grand Island, Neb.251.14 Stouts to Highland, Kan 6.79 Also secured by deposit of the following: Deposited Issued St. Joseph Terminal R. R. Stock $125,000 $300,000 St. Joseph Union De- pot Stock 1,000 10,000 Year ended Dec. 31 Gross Net Int. & Rent *191S $373,811 $379,480 $270,311 1917 2,346.814 def. 67.459 250.093 1916 2.133,425 6 67,898 219.089 •Corporate Income Account-Standard return under Federal control. Legal for Me. Listed on the New Tork and Boston Stock Exchanges. Market. New York — Louchheim, Minton & Co., Sam'l Goldachmidt. E. & C. Randolph. P. J. Lisman & Co., Wm. Carnegie Bwen. Abraham & Co., Baker, Carruthers & Pell. Spencer Trask & Co.. Vilas & Hickey. Philadelphia — Chas. Fearon & Co. Pittsburgh — R. B. Hutchinson & Co. Prioe Range— N. Y. S. £. Jan. 1, 1906 to Jan. 1. 1919 1918 High.97 Apr. 20, '09 71% Dec. 4 Low. 59 Feb. 18, '16 63 Aug. 28 ST. JOSEPH (MO.) GAS CO. Ist 6s. Dae July 1. 1937.— N. Dated July 1, 1897. Interest payable Jan. and July 1, at Emerson McMUlin & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New Tork. Redeemable on any interest date at 110 and interest. Organization — Incorporated in Missouri in 1897. Over 99% of the stock is owned by the American Light & Traction Co. Secured by a first mortgage on artificial gas plant and on distribution system, through which the company Is supplying natural gas purchased from the Kansas Natural Gas Co. Franchise perpetual. Population served, 80,- 000. Earnings — Not reported. Market. New York— Klely & Horton. F. H. Hatch & Co.. J. J. Levenson, B. & C. Randolph, Bab- cock, Rushton & Co., Berdell Bros. Philadelphia — ^H. D. Boenning & Co., Hun- toon & Co., S. K. Phi:iips & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.96 '09 100 '09 72 Feb. 78 Mar. Low. 67 '17 75 '18 71 Mar. 75 Aug. ST. JOSEPH (MO.) RAILWAY. LIGHT, HEAT & POWER CO. 1st 5s. Due Not. 1. 1937. Dated November 1, 1902. Interest payable May and Nov. 1, at ofilce of Company in St. Joseph, Mo., or at Redmond & Co., New York. Tax Status — Payment of Federal Income Tax by company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Equitable Trust Co. , New Tork, and Missouri Valley Trust Co. , St. Joseph. Mo. Organization and Control — See 1st & Ref. 5s. Secured by a first mortgage on 48 miles of street railway track, comprising the entire system in St. Joseph, Mo., and, on plant sup- plying electricity and steam heat in St. Jos- epth. Mo. . and on 250 acre amusement park. Population served. 94,000. Franchise for prin- cipal street railway lines and electricity are perpetua'.. Franchise for heating expires 1944. Other street railway franchises expire between 1935 and 1958. Franchise Litigation — As a result of a breakdown in this company' s service the County Prosecutor has filed suit in the Circuit Court at St. Joseph, Mo. . which has as its object the revocation of the company's fran- chise. The petition asks that the company be ousted and barred from further operation or attempt at operation (Jan. 24. '19). 1078 Underlies — 1st & Ref. S. F. 5s of 1946, un- der which bonds are reserved to retire this issue. Earnings — iSee 1st & Ref. 5s. Listed on the New York, Louisville . and Philadelphia Stock Exchanges. Original Market — $3,500,000 offered by Red- mond & Co.. New York, and Graham & Co., Philadelphia, in Jan., 1903. at 192^! and in-' terest. Market. New York — Plympton, Gardiner & Co., E. & ■ C. Randolph. Kiely & Horton, Gude, Winmill & Co., F. H. Hatch & Co., Paine. Webber & Co.. Barle A. Miller & Co.. Redmond & Co., Redmond & Co., Bauer, Starr & Co., Berdell Bros. , Jno. Nickerson, Jr. Louisville — ^Henning Chambers & Co. , B. Hilliard & Son. J. W. & D. S. Green. St. Louis — John Nickerson. Baltimore — Strother, Brogden & Co. , Sutton & Co. Boston — Paine, Webber & Co.. G. W. Walker & Co. Philadelphia — Graham, Parsons & Co., West & Co., E. W. Clark & Co., H. Boenning & Co., S. K. Phillips & Co.. Warren A. Reed. FroTideDce — Hornblower & Weeks. Price Range. — 'N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1019 1918 Bid Ask High.lOSH Oct. 31, '06-' 86 May 100 May Low. 95 Mar. 31, '16 81 Dec. 95 July ST. JOSEPH each August iBt to August 1, Also a first mortgage on certain equipment 1920. — F. purchased since July 1, 1896. Dated August 1, 1910. Interest payable Feb. Also secured by pledge of First Mortgage and Aug. 1. at Company's office. 120 Broad- Bonds of the following companies; way. New York. St. L., Ark. & Tex. Ry. of Mo.... $456,000 Tax Status — 2% Federal Income Tax paid St. L., Ark. & T^. Ry. of Ark..., 666,000 by company without deduction. Joplin Ry 266,000 Original Issue — $1,460,000. : Outstanding — $218,000 (April 2, 1919). $1,286,000 Balance Retired. Prior Liens — $9,863,000 prior Hens as fol- Secured by an equipment trust agreement on lows: ^ 25 consolidation locomotives,* 5 Pacific loco- St. L. & 8. F. M. & Wn. DIv. 1st motives, 10 switching locomotives, 6 10-wheel 6s 1919 $68,000 locomotives, 7 Mallet locomotives, 2 observa- S, L. & S. F. Ist Tr. 6s 1920 99,000 tion cafe cars, 3 steel underframe combination St. L. & a. F. Gen. Ss and 68 1931 9,367,000 passenger and mail cars, 2 steel underframe St. L. Wich. & Westn. let Ss 1919 213,000 baggage cars, 4 steel underframe coaches, 6 St. L & S. F. Coll. 5s 1987 126,000 gasoline electric motor cars and 260 steel Note — Additional bonds of the above issues frame automobile and furniture cars, are deposited under the Prior Lien Mortgage. Original Market — Offered in 1910 by Speyer 1083 & Co., New York, and offered at prices to yield 6%. Market. See Series "S." ST. rOUIS & SAN FRANCISCO RAILROAD CO. Equip. Tr- 5s. Series *'S." Due $74,000 semi-annually on April and Oct. 1st each year to Oct. 1, 1933. — F. Dated October 1 , 1911. Interest payable April and Oct. 1, at Company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,776,000. Outstanding— $666,000 (April 2, 1919). Balance Retired. Denomination' — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Secured by an equipment trust agreement on 20 Pacific lo.eomotivea, 12 switching locomo- tives, 4 steel buffet cars, 9 steel dining cars, 25 steel passenger cars, 17 steel baggage and mail cars and 500 steel underframe refrig- erator cars, costing $1,968,834, of which $192,- 834 was paid in cash. i Original Market — Offered in 1911 by the Guaranty Trust Co., New York, at par and interest. Market. New York — Coggeshall & Hicks, Freeman & Co., Bull & Eldredge, Evans. Stillman & Co. Philadelphia — Graham, Parsons & Co., "West & Co., Montgomery & Co., E. "W. Clark & Co., E. B. Smith & Co.. Brown Bros. Baltimore — Nelson, Cook & Co. Toledo — Secor & Bell. St. Louis — ^^Stix & Co. ST. LOUIS & SPRINGFIELD RAILWAY CO. Ist 5s. Due Dec. 1, 1933. — F. Dated Dec. 1, 1903. Interest payable June 1 and Dec, 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Ontstaniding — $261,000 (Jan. 1, 1919). Cancelled — $1,069,000. Held in S. F. — $190,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 107 ^ and interest on 60 days' notice. Sinking Fund — 10% of net earnings of pre- ceding 12 months annually, commencing Dec. 1, 1908. Minimum amount not less than 1% of certified bonds any year. Guaranteed as to principal and interest by the Illinois Traction Co. Control — Consolidated Dec, 1909, into the St. Louis, Springfield & Peoria R. R. Co. All of the common stock of this company is owned by the Illinois Traction Co. Secured by a first mortgage on 63 miles of electric interurban track from Springfield, 111., to Staunton, 111., forming part of the main line of the Illinois Traction Co. from Spring- field to St. Louis. Population served, Spring- field, 55,000; remaining territory, 17,000. The road is built entirely on right-of-way, ekcept in cities, where franchises extend to or beyond 1952. Underlies— ,St. L., S. & P. R. R. Co. 1st & Ref. 5s of 1939 and Gen. 5s. Bonds are re- served under the former mortgage to exchange for bonds of this Issue. Original Market — First offered by Julius Christensen & Co., Philadelphia. Market. Philadelphia— S. K. thillips & Co., R, M. Stinson & Co., H. Boenning & Co., Harper & Turner, S. K. Phillips & Co. New York — E. & C. Randolph, F. H. Hatch & Co., Lynch & McDermott. Boston — Merrill, Oldham & Co. Springfield — ^Mobdy Bros. & Co. Price Range. Jan. 1. '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.lOO '17 103 '15 91 June 95 Jan. Low. 90 '17 95 '17 90 Dec. ST. LOUIS & SUBURBAN RAILWAY CO. 1st Cons. 5s. Due Feb. 1, IDSl.^N. Dated May 27, *1891. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanding— $1,987,000 (Jan. 1, *18). Denomination — Coupoiv $1. 000. Registerable as to principal. , . Trustee — American Trust Co., Boston. Redeemable at 105 and interest on any in- terest date. Control — Absorbed in 1906 by the United Rys. of St. Louis. Receivership — See United Railways of St. Louis Gen. 1st 4s. Secured by a first mortgage on 39 miles of street railway (measured as single track), ex- tending from the center of St. Louis at 6th and Locust Streets to Florrisant. The com- pany has fifteen miles of private right-of-way, largely within the city. Franchise expires in 1936. Underlies — Gen. 5s of 1923; U. Rys. Gen. 1st 4s of 1934, and St. L. Transit Co. Imp. 53 of 1924. Earnings — See United Rys. Co. Listed on the St. Louis Stock Exchange. Original Market — $600,000 offered in Janu- ary, 1915, by Altheimer & Rawlings Invest- ment Co. and Mississippi Valley Trust Co., St. Louis, at 99 and interest. Market. New York — Newborg & Co., Morton Lachen- bruch. Baltimore — Mercantile Trust & Deposit Co. St. Louis — ^Mississippi Valley Trust Co., A. G. Edwards & Sons, Stifel, Nicolaus Inv. Co., Whitaker & Co., Stix & Co., Herrick J. Gray & Co., Mark C. Steinberg & Co., A. G. Ed- wards & Sons. E. A. Gessler. Price Range. Jaib. 1, '08 t« Jan. 1, '19 1918 Bid Ask Bid Ask High.104% '10 105 '09 91 Dec. 97 Jan. Low. 91 '18 94 '18 94 Dec. ST. LOUIS & SUBURBAN RAILWAY CO. Gen. 5s. Due April 1, 19S3.— F. Dated April 1, 1903. Interest payable April and Oct. 1, at Trustee's office. Autliorized — $7,500,000. Outstanding — $4,500,000 (Jan. 1, '18). In Treasury — $1,000,000. ' Reserved for Prior Liens — $2,000,000. Denondination — Coupon, $1,000. Registerable as to principal. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. ^ Redeemable at 105 ahd interest on any in- terest date. Guaranteed — Principal and interest by the United Rys. Co. by endorsement. Protective Committee — The following com- mittee requests deposits: Herman C. Stifel, A. C. F. Meyer. Sidney H. March, Wm. G. Lackey and John L. Johnston, Depositary, 1084 Mississippi Valley Trust Co., St. Louis. See United Rys. Co. of St. Louis Gen. 4s. Control — Absorbed in 1906 by the United Rys. Co. of St. Louis. The latter company is controlled by the North American Company. Secured by a mortgage on 107 miles of street railway, of -which 40 miles are in the city of St. Louis. 1 miles of the lines within the city and 5 miles outside of the city are on private right-of-way. Further se- cured by deposit of $1,000,000 St, Louis & Merimac Ry. Co. 1st Mtge, bonds, secured on 18 miles of track- acquired May, 1916, by ex-- change for a like amount of this issue. The lines in the city include a road into the center of the business district. Franchises in the city expire in 1936. Prior Liens— $1,987,000 1st 5s of 1921. Underlies — U. Rys. of St. L. Gen. 4s of 1934 and St. L. Transit Imp. 5s of 1924. Earnings — iSee United Rys. Co. IListed on the St. Louis Stock Exchange. Original Market — First offered in 1903 at 97 and Interest by the Mississippi Valley Trust Co, , St. Louis, Mo. Market. New York — B. & C. Randolph, Xewborg & Co.. Morton Lachenbruch & Co. Albany — John J. Hart. St. Louis — Mark C. Steinberg & Co., Her- rick J. Gray & Co., W. E. Orthwein, Stifel, Nicolaus Inv. Co. , Whitaker & Co. , Stix & Co., A. G. Edwards & Sons. E. A. Gessler, I. M. Simon & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 95% '09 96 '09 63% Jan. L0W.53V2 '18 55. '18. 53 »^ Nov. 55 Oct. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.84% '16 86V^ "16 66 June 68 Feb. Low. 62 '18 64 '18 62 Dec. 64 Oct. ST. LOUIS BREWING ASSOCIATION 1st 68. Bue July 1, 1939.— N. Dated June 1, 1914. Interest payable Janu- ary 1 and July 1, at Trustee's office, or New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorizefl — $4, 500,000. Outstandinig — $4,236,800 (Jan. 1, 1919). Retired by S. F. — $263,200. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal anly. Trustee — Mississippi Valley Trust Co., St, Louis, Mo. Redeemable on any interest date at 105 and interest upon 30 days' notice. Sinking Fund — $50,000 bonds per annum, purchasable in the open market at not exceed- ing 105 and interest or drawn by lot if not so purchasable and cancelled. Organization — Incorporated In Missouri in 1889. All of the stock is held in trust for the St. Louis Breweries, Ltd., an English corporation. Secured by a first mortgage on all of the company's property in Missouri and a first col- lateral lien, through the deposit of first mort- gages, on all of the property in Illinois, These plants include ten breweries (two not in use), an ice plant and four depots and a malt house. Original Market — Offered in 1914 by the Mississippi Valley Trust Co. and Altheimer & Rawlins Investment Co., St. Louis, in exchange for maturing bonds, holders making the ex- change receiving $20 in cash in respect to each $1,000 bond exchanged. Market. St. Louis — Stifel, Nicolaus Inv. Co,, "Whit- aker & Co., Herrick J. Gray & Co., E^ A- Gessler. New York — Jno. Nickerson, Jr. ST. LOUIS BRIDGE CO. Ist 78. Due April 1, 1929.— F. Dated April 1, 1879. Interest payable April and Oct. 1, at J. P. Morgan & Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding — $5,000,000. Denomination — Coupon, $500 and $1,000 and £100 and £200. Registerable as to prin- cipal. Trustees — Jacob C. Rogers and Charles B. Tracy, Boston. Guarantieed by the Terminal R. R. Associk- tion of St. Louis as to principal and interest by endorsement. It is agreed in the lease that the interest on these bonds is a charge against the income of^ the Terminal R. R. Association prior to all other charges except interest on the S7,000.000 1st 4%s. ■ Organization and Control — Incorporated in Illinois and Missouri in 1878. All of the com- mon stock is owned by and the property leased in perpetuity to the Terminal R. R. Associa- tion of St. Louis at an annual rental equiva- lent to 6 % dividends on first preferred and 3% on second preferred stocks and-- interest on outstanding bonds, together with $2,500 or- ganization expenses. The lessee agrees to re- deem or refund bonds at maturity. Secured by a first mortgage on bridge and approaches 6,430 feet long over the Mississippi River between St. Louis, Mo., and East St, Louis, 111. Original Market — Offered originally by Drex- el, Morgan & Co., New York. Market. New York — McKinley & Morris, J. S. Farlee & Co., E. & C. Randolph, F. J. Lisman & Co., Newborg & Co., Baker, Carruthers & Pell, Coffin & Co., Abraham & Co., J. Davenport, Newborg &. Co., J. Nickerson, Jr., Vilas & Hickey. St. Louis — Whitaker & Co., Stix & Co., Bow- man. Cost & Co., A. G. Edwards & Sons, ,S. Goldschmidt. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.135 '10 138 '10 107 Dec. 110^/i Nov. Low. 102 '18 106 'ISf 102 Nov. 106 June ST. LOUIS CAR CO. 1st 6s. Due May 21, 1923.— F. Dated May 21. 19 03. Interest payable May and Nov. 21, at Mississippi Valley Trust Co., St. Louis, Mo. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $85 8,0 00. Held in Treasury — $142,000. Denomination — Coupon, $500 and $1,000. Trustee — Mississippi Valley Trust Co., St. Louis, Mo. Redeemable at 105 and interest on any in- terest date. Organization — Incorporated In Missouri In 1887. In 1903 acquired the Laclede Car Co. The company has also absorbed the Kobusch Automobile Co. Secured by a first mortgage on plant for the manufacture of cars, trucks and railroad sup- plies, located in St. Louis. Mo. Book value if plant, equipment, etc., as of Dec. 31, '18, $2,394,211. 1085 Market. St. Louis— H. M. Noel & Co., A. G. Ed- wards & Sons. Price Range. Jani. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid AbIc High.95 '12 100 '12 90 Dec. 95 Dec, Low. 60 '09 60 '10 (THE) ST. rOUIS COUNTY GAS CO. 1st 58. Dae April 1, 1951.— F. Dated April 1, 1912. Interest payable April and Oct. 1, at North American Company's office, 30 Broad St., New York. Tax Status — 2% Federal Income Tax bald by company without deduction. Authorized — $30, 000, 000. Outstanding — $721,800. - In Treasury — $198,200. Denomination — Coupon, $1,000. Reglsterable as to principal. Trnstees — ^Harris Trust & Savings Bank, Chicago, and Festus J, "Wade, St. Louis. Redeemable at 105 and interest on any In- terest date upon four weeks* notice. Organization and Control — Incorporated in Missouri in 1912. Controlled by the North American Co. through ownership of its entire capital stock. Secured by a first mortgage on plants sup- plying gas to a number of cities and towns in the vicinity of St. Louis, Mo. Part of the gas sold is purchased from the Laclede Gas Co. Population served, 60, 000. Principal franchise is reported to extend to 1954. Year ended Dec. 31 Gross •Net Interest 1918 $403,165 $84,702 $49,377 1917 324.601 108.974 46.513 1916 272.479 89,597 40.307 1915 263,264 97,421 41,851 1914 241.690 88,280 46,561 1913 215,837 84,800 41,304 *After depreciation. Original Market — $700,000 offered in May, 1912, by Harris, Forbes & Co., New York; N. "W. Harris & Co., Inc., Boston, and Harris Trust & Savings Bank, Chicago, at par and interest. Market. Chicago — Harris Trust & Savings Bank, W. R. Compton Co. Boston — Harris, Forbes & Co. New York — Harris, Forbes & Co. Pittsburgli — Wm. P. Lemley & Co. Indianapolis — Fletcher-American National Bank. St. Louis — A. G. Edwards & Sons. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.94 '16 99 '16 75 Ju'.y 85% Jan. Low. 75 '18 85% '18 ST. LOUIS, IRON MOUNTAIN & SOUTHERN RAILWAY CO. UiOfled & Ref. 4s. Due July 1, 1939.— P. Dated July 1, 1899. Interest payable Jan. and July 1, at Mo. Pac. R. R. office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $40,000,000. Outstanding — $30,551,000. Reserved for Corporate Purposes — -$9,443,775 Denomination — Coupon, $1,000. Registerable as to principal only or fully registerable. Reg- istered, $1,000 and multiples. Trustees — Metropolitan Trust Co., New York, and Robert H. Hutchinson. Organization and Control — Incorporated In Missouri and Arkansas in 1874. In March. 1917, the Missouri Pacific R. R. Co. was in- corporated in Missouri as successor through foreclosure to the Missouri Pacific Ry. Co. and St. L., I. M. & S. Ry. Co. Secured by direct mortgage on 2,038,99 miles of road, viz. : A first lien on 611.46 mlles^ Miles Argenta to CoflEeyville, Kan 322 .25 Connections along the above line 4.89 Ft. Smith to Van Buren, Ark 4.04 El Dorado to Vidalia, La 159 . 59 Connections at Vidalia, La 0.36 Hope to Nashville, Ark 25.61 Smithton to Pike City, Ark 33 . 01 Luna to Crossett, Ark 50.'95 Batesville to PfeifCer Quarry. Ark 4.79 Other branches 6.87 A second lien on 1.427.63 miles, being the mileage covered by the first lien of the St. L.. I. M. & S. Ry. Gen. Cons. & Land Grant 5 s, except the line from Pine City to Brlnkley, Ark., 23.01 miles, and from. Helena to Claren- don, Ark., 47.57. Also secured by deposit of the following se- curities: St. L., I. M. & S. Ry. Gen. Cons. & Land Grant 6s, 1931 $35,000 Texas & Pacific 2d Income 6s, 2, 000.23,703,000 Baring Cross Bridge Co. 1st 7? 200,000 Little Rock Jet. Ry. stk 397,100 American Refrigerator Transit stk.. 285,100 Prior Liens — $43,090,000 St. L., L M. & &. Ry. Gen. Cons. & Land Grant 5s, 1931. Underlies — Mo. Pac. R. R. 1st & Ref. Mtge. and Gen. 4s of 1975. Bonds are reserved under the former mortgage to retire this issue. Listed on the New York Stock Exchange. Market. New York — Seasongood, Haas & Macdonald, P. J. Lisman & Co., Sam'l Goldschmidt, Coffin & Co., B, & C. Randolph, Baker, Carruthers & Pell, -Curtis & Sanger. McKinley. & Morris, Vilas & HJckey, "Wood, Struthers & Co. Prioe Range — "S, Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High.93% May 28, '06 83 Nov. 13 Low. 61 Aug. 18. '15 72% Jan. 23 ST. LOUIS. IRON MOUNTAIN & SOUTHERN RAILWAY CO. Gen. Cons. Ry. & Land Grant 6s. Due April 1, 1931. — N. Dated March 15, 1881. Interest payable April and Oct. 1, at Missouri Pacific R. R. office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $46,000,000. Outstanding— $43,090,000 (Jan. 1, 1919). Retired by S. F. — $1,572,000. Issuable — $190,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Sinking Fund — The net proceeds of all sales of land are to be applied, either to pay in- terest on these bonds when net earnings are insufficient; or. if net earnings are sufficient to purchase bonds at not exceeding 110; but If bonds are not so purchasable, payments may be applied to current interest, on this issue. Guaranteed — $5,984,000 of these bonds are guaranteed as to principal and Interest by the Missouri Pacific Ry. Co. (foreclosed) by en- dorsement. Organization and Control — See Unifying & Ref. 5s above. Secured by first mortgage on 1.498.11 miles of road, viz. ; Miles Levee and Plum Sts., St. Louis to Tex- arkana, Tex 489.99 086 In St. Louis, Mo. (First & Convent Sts, to 4th St. & Choteau Ave. and from Van Buren & Davis Sts. to Vulcan & Tesson Sts.) 0.58 Bismarclc to Belmont, Mo 120.30 Allenville to Jackson. Mo 16.31 Poplar Bluff to Bird's Point. Mo 70.77 Neeleyville to Doniphan, Mo 20.60 Knobel to Helena, Ark 139.01 Diaz to Cushman, Ark 39.39 Bald Knob to West Memphis. Ark 88. IB Fort Smth to Greenwood, Ark 17.63 Little Rock to Arkansas City, Ark 114.27 McGehee, Ark., to , Alexandria, La 189 . 81 Trippe Jot. to Warren, Ark 49 . 40 Gurdon to Eldorado, Ark 66.13 Pine City to Brinkley, Ark 23.01 Helena to Clarendon, Ark 47 . 57 Mineral Point to Potosi, Mo 3.72 Several small connections and spurs.... 1.57 Also secured on the entire ($593,800) capital stock of the Arkansas Central R. R., owning 41.80 miles of road from Ft. Smith to Paris, Ark,, upon which no bonds are outstanding:. Also secured on the acreage remaining un- sold of the Cairo & Fulton Land Grant. Dnderlies — St. L., I. M. & So. Ry. Unifying & Ref. 4s of 1929 and Missouri Pacific R. R. Co. 1st & Ref. Mtge. and Gen. 4s of 1975. Bonds are reserved under the 1st & Ref. Mtge. to retire this issue. I/egal for Bait., Me. and Mo. liisted on the New York Stock Exchange. Market. New York — Seasongood, Haas & Macdonald. Kean. Taylor & Co.. ^am'l Goldschmidt. A. H. Bickmore & Co., Potter, Choate & Prentice, Moore & Co., Coggeshall & Hicks, E. & C. Randolph, Wm. Salomon & Co., Struthers & Hiscoe, Newborg & Co.. Baker. Carruthers & Pell. Redmond & Co.. Vilas & Hickey. Wood, Struthers & Co. Chicago — Kean. Taylor & Co. Hartford — Richter & Co. Omaha — City Trust Co. Philadelphia^ — Graham. Parsons & (To. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.117% Jan. 20, '06 98 Dec. 2 Low. 90 Dec. 21. '17 90% Jan. 2 Guaranteed. High.111% Apr. 6. '09 Low. 100 Apr. 1, '08 ST. LOUIS, IRON MOUNTAIN & SOUTHERN RAILWAY CO. River and Gulf Div. 1st 4s. Due May 1, 1933.— P. Dated May 1. 1903. Interest payable May and Nov. 1, at Bankers' Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 50.000.000, Ontstanding — $34,548,000. Reserved for Imp., Etc. — $15,348,000, Denomination — Coupon, $1,000, Registerable as to principal. Registered, $1,000 and mul- tiples, C. & R. interchangeable. Trustees — Bankers' Trust Co., New York, and William K. Bixby, Organization and Control — See Unifying & Ref. 4s, Secured by direct or collateral mortgage on 789,20 miles of road, viz.: A iirst lien on 772 miles — Miles Batesvllle, Ark,, to Carthage, Mo 239,33 McGehee to New Latour. Ark 81.64 Halley (Trippe Jet.), Ark., to Clayton Jot., La 140.66 Eudora, Ark,, to Calvit. La 37.49 Valley Jet. (B. St. Louis) to Thebes, 111.119.26 Gorham to Benton, 111 40.76 Crane to Springfield. Mo 35.24 Bush to Johnson City (South). Ill 19.27 Bridge Jet., 111., to Marianna, Ark 42.90 Des Peres Bridge Jet. to top of ferry incline, near Docks, Mo 0.54 Dupo Jet.. III., to top of ferry incline. . . 4.08 Vulcan to Bixly, 111 2.32 Connections at Herrin, 111 1.00 Connections at Thebes 1.44 Chalk Jet. to Johnson City. Ill 4.82 Connections at Johnson City 1 . 09 Coal Belt Ry. connection at East Car- terville. 111 0.16 A first collateral lien on 17.10 miles — Through pledge of $1,000,000 (entire issue) Union Ry. Co. of Memphis First Mortgage Bonds — In and around Mem-- phis. Tenn 17.10 Also secured by deposit of $1,000,000 West- ern Coal & Mining Co. First Mtge. Bonds of 1933 and $299,600 capital stock" of the Coal Belt Electric Ry. Underlies — Missouri Pacific R. R. 1st & Ret. Mtge. and Gen. 4s of 1975. Bonds are re- served under the former mortgage to retire this issue. Legal for Me. and Mo. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, Britton, Rol- lins & Co., McKinley & Morris, Seasongood, Haas & Macdonald, F. J. Lisman & Co., E. & C. Randolph, Struthers & Hiscoe, Ladd & Wood. Baker. Carruthers & Pell. Redmond & Co., Vilas & Hickey. Philadelphia — E. B. Smith & Co.; West & Co. St. Louis — Bowman. Cost & Co. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1. 1919 1918 High,96 Feb. 28, '06 78% Dec, 27 ■Low. 51 Aug. 27, '16 66^4 Mar. 27 ST. LOUIS. IRON MOUNTAIN & SOUTHERN RAILWAY CO. Eonip. Tr. Ss, Series "2." Due S14S,000 each May and Not. 1 to Nov, 1, 1921, inclusive. — F. Dated Nov. 1, 1911. Interest payable May and Nov. 1, at company's oflice. 165 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,900,000. Outstanding — $726,000 (May 2. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New York. Redeemable as a whole at any time on 60 days' notice. Secured by a conditional bill of sale on 11 locomotives, 21 passenger cars. 900 steel un- derframe stock cars, 500 steel underframe flat cars and 2,000 steel underframe gondola cars, costing $3,235,736.85. of which $335,735.86 was paid in cash. Original Market — Offered in 1911 by Speyer & Co., New York, on a 6.20% basis. Market, Philadelphia — Graham, Parsons & Co., E. B. Smith & Co., Biddle & Henry, S, K. Phil- lips & Co New York — Freeman & Co,. Evans. Sti'.lman & Co. 1087 ST. LOUIS. IRON MOUNTAIN & SOUTHERN RAILWAY CO. Car. Tr. 5s, Ser. "V/' Due $44,000 each June 1 from 1915 to 1919 and $45,000 from 1920 to 193;:.— F. Dated June 1. 1913. Interest payable June 1 and December 1, at Townsend Whelen & Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $399,000. Outstandingr — $135,000 (June 2, 1919). Balance Retired. Secured by an equipment trust agreement on 17 locomotives, 3 pile drivers and 1 derrick. Original Marltet — $399,000 offered in June, 1913, at 99.78 to 98.24 by Townsend "Whelen & Co., Philadelphia. Market. Philadelphia — Townsend Whelen & Co., Gra- ham, Parsons & Co., S. K. Phillips & Co. New York — Freeman & Co., Evans,' Stillman & Co. ST. LOUIS, IRON MOUNTAIN & SOUTHERN RAILWAY CO. Equip. Tr. 58, Series "3." Due $25,000 each March 1 and Sept. 1 to March, 1923, and $22,000 Sept. 1, 1923. Dated March 2, 1914, Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $472,000. Outstanding— $222,000 (Mar. 2. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Philadelphia Trust, Safe Deposit & Insurance Co., Philadelphia. Guaranteed principal and interest by the St. Louis, Iron Mountain & Southern Ry. Co. Secured by an equipment agreement on 25 locomotives, costing $524,264, of which $52.- 264 wan paid in cash. Original Market — $472,000 offered Feb., 1914, by Townsend "Whelen & Co., Philadel- phia, at prices to yield 4.80%. Market. New York — Evans, Stillman & Co., Freeman & Co. Philadelphia — Biddle & Henry, S. K. Phil- lips & Co. ST. LOUIS, IRON MOUNTAIN & SOUTHERN RAILWAY CO. Eauip. 5s, Series "4." Due $20,000 each June 1 and Dec. 1, from June 1, 1915. to Dec. 1, 1924.— N. Dated Dec. 1, 1914. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — Payment of Feder^il Income Tax not assumed by company. Authorized — $400,000. Outstanding— S220, 000 (June 2. 1919). Balance Redeemed, Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Girard Trust Co., Philadelphia. Secured by a first lien on 41 new all-steel cars for passenger service, costing $454,496, of which $54,496 was paid in cash. Original Market — Offered in Nov., 1914, by Townsend Whelen & Co., Philadelphia. Market. New York — Freeman & Co., Coggeshall & Hicks. Stir.man & Co. Fhiladelpliia — Biddle & Henry, Graham, Par- sons & Co., S. K. Phillips & Co. ST. LOUIS, MEMPHIS & SOUTHEASTERN RAILROAD CO. Ist 46. Due Jan. 1, 1952. Dated Jan, 1, 1902, Interest payable Jan. 1 and July 1, at Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding— $168,200 (April 1, 1919). Pledged under St. L.-S. F. P. L. Mtge.— $8,982,000. 'Reserved for Prior Liens, Etc. — $146,000. *$6,000 are held by the Old Colony Trust Co. to acquire $4,500 Southern Missouri & Arkansas 1st 5s of 1939, and $140,000 are held by the St. Louis Union Trust Co. to acQUire a like amount of Chester, PerryviUe & St. Genevieve Ry. Co. 1st 5s ($26,800 are owned by the company). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any In- terest date upon 3 months' notice. Control — The company deeded its property to the St. Louis & San Francisco R. K. Co. in 1907. In 19-16 the latter company was suc- ceeded through foreclosure by the St. Louis- San Francisco Ry, Co. Secured by direct mortgage on 434.90 miles of road, viz. : A first mortgage on 341.90 miles — Miles Southeast Jet. to Cape Girardeau, Mo.. 123. 50 Shepley, Mo., to Luxora, Ark 110.00 ■Hayti to Grassy Bayou, Mo 15.70 Mingo, Mo., to Hoxie, Ark 82.00 Talipoosa to Wardell, Mo 10.70 A second mortgage on 93 miles — Cape Girardeau to Hunter, Mo 93.00 This mileage is covered by the first lien of the Southern Missouri & Arkansas 1st 5s. $1,970,500 of a total issue of $1,975,000 are deposited hereunder. Prior Liens — $4, 500 .Southern Missouri & Arkansas 1st 5s of 1939. Bonds are reserved under this issue to retire the above. Underlies — St. Louis-San Francisco Ry, Prior l:ien 4s & 5s of 1950; Adjustment Income 6s of 1955, and Income 6s of 1960. Bonds are reserved under the Prior Lien Mortgage to retire this issue. Market. New York — Baker. Carruthers & Pell. ST. LOUIS MERCHANTS BRIDGE CO. 1st 6s. Due Feb. 1, 1929.— N. Dated Feb. 1, 1889. Interest payable Feb. and Aug. 1, at Farmers' Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 110 and interest. Guaranteed as to interest by the Terminal R. R. Assoc, of St. Louis. Organization and Control — Incorporated in Illinois in 1886. The entire capital stock Is owned by the St. Louis Merchants Bridge Ter- minal Ry. Co. (see below), which leases the property. Secured by a first mortgage on bridge over the Mississippi River at St. Louis, Mo. Length, with approaches, two miles. Refunding — Bonds are reserved under the Terminal R. R. Association of St. Louis Gen. Mortgage to retire this issue. Market. St. Louis — Herrick J. Gray & Co., A. G. Edwards & Sons, Bowman, Cost & Co., G. H. 1088 "Walker & Co.. Whitaker & Cu., E. A. Geesler. New York — Abraham & Co., Taylor, Smith & Hard, Baker, Carruthers & Pell. F. J. L,is- man & Co., Newborg & Co., J. Nickerson, Jr. Price Range. Jsm. 1, '08 to Jan. 1, '10 . Bid Ask High.112 '12 113 '12 Low. 100 '17 104% '15 ST. LOUIS MERCHANTS BRIDGE TERMI- NAL RAILWAY CO. 1st 6b. Due Oct. 1, 1930.— N. Dated October 1, 1890. Interest payable April and Oct. 1, at Trustee's office and Farm- ers' Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $3,500,000. Denomination — Coupon, $500 and $1,000. Trustee — St. Louis Union Trust Co. , St. Louis, Mo. Guaranteed as to principal and interest by the Terminal R. R. Association of St Louis by endorsement. Organization and Control — Incorporated In Missouri in 1887. Owns the entire capital stock of the Madison, Illinois & St. Louis Ry. and the St. Louis Merchants Bridg:e Co.. and leases their properties and that of the Granite. City & Madison Belt Line R. R. $2,939,300 of the $2,939,500 outstanding stock is owned by the Terminal R. R. Assoc, of St. Louis. Secured by a first mortgage on 4 miles of road, including an elevated double-track steel trestle 1 % miles long constituting an approach to the St. Louis Merchants Bridge. Refunding — Bonds are reserved under the Terminal R. R. Association of St. Louis Gen. Mortgage to retire these bonds. Year ended Dec. 31: Gross Net Int. & Rent 1917 $3,166,033 $1,370,530 $1,226,955 1916 2.552,782 1,320,737 1.210,83 Legal for Conn, and R. I. Listed on the New York Stock Exchange. Market. New York — Morgan & Finlay, J. S. Farlee & Co., E. & C. Randolph. F. J. Lisman & Co., Struthers & Hiscoe, Baker, Carruthers & Pell. Abraham & Co., J. Davenport, Korn, Lehman & Co.. Newborg & Co., C. "W. Place. Boston — Estabrook & Co. Fhiiadelphia — Chas. Fearon & Co., Biddle & Henry. St. Louis — Herrick J. Gray & Co., Whitaker & Co., Stix & Co., A. G. Edwards & Sons, E. A. Gessler. Pittsburgh — R, B. Hutchinson & Co. Price Range. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid Ask Higrh.lll June 22, '06 90% Dee. 101% Jan. Low. 95% July 5, '17 89% June 92% Dec. ST. LOUIS NATIONAL STOCK YARDS 1st 4s. Due July 1. 1930.— N. Dated July 2, 1900. Interest payable Jan. and July 1, at Continental & Commercial Trust & Savings Bank, Chicago, and First National Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $2,500,000. Denomination — Coupon and registered, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Organization — Incorporated In Illinois in 1872. Secured by a first mortgage on stock yards covering over 600 acres of ground in E. St. Louis, Mo. Listed on the' Boston and Chicago Stock Exchanges. Original Market — First offered by First Na- tional Bank, Chicago, and Lee. Higginson & Co., Boston, in Sept., 1901, at 99% and inter- est. Market. New York — Hornb'.ower & Weeks, Sharretts & Young, BJodget f& Co., E. & C. Randolph, Abraham & Co.; J. Davenport. Chicago — First National Bank, Lee, Higgin- son & Co., First Trust & Savings Bank, Horn- blower & Weeks. Bostoni — Hornblower & Weeks, Chas. A. Day & Co., Blodget & Co., Lee, Higginson & Co. St. Louis — ^Bowman, Cost & Co. Milwaukee — Morris P. Fox & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid A.sk High.'89 '09 93 '08 76 Feb. 80 Feb. Low. 70 '18 75 '18 70 July 75 July ST. LOUIS, PEORIA & NORTHWESTERN RY. 1st 5s. Due July 1. 1948.— N. Dated July 1, 1913. Interest payable Janu- ary and July 1, at Chicago & Northwestern Ry. Co. office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $9,884,000. He.d in C. & N. W. Sinkhig FundsT-$116.-. 000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered $1,000, ?5,000 and $10,000. C. & R. interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Guaranteed as to principal and interest by the Chicago & Northvfestern Ry. Co. by en- dorsement. Assumed Dec., 1913, by C. & N, W. Ry. Co. Organization and Control — Incorporated in lUinoi s in 1911. Property conveyed to Chi- cago & Northwestern Ry. Co. Dec, 1913. Secured by a first mortgage on 114.64 miles of road from Peoria south to Benld, 111. The road gives the C. & N. W. Ry. access to its coai mines in Macupin County, 111. The road extends to within 40 miles of St. Louis, Mo., which city is not now served by any line of the Northwestern System. Listed on the New York Stock Exchange. Legal for Cal., Conn,, Me., Mich., Minn., Mo., N. H., N. J. and R. I. Original Market — $10,000,000 offered in Oct., 1913, on a 4.80% basis by Kuhn, Loeb & Co. and William Salomon & Co., New York. , Market. New York — Seasongood, Haas & Macdonald, Ambrose R. Clark & Co., Clark, Dodge & Co., E. & C. Randolph, Struthers & Hiscoe, Wood, Struthers & Co., Low, Dixon & Co., Baker, Carruthers & Pell, Redmond & Co., Vilas & Hickey. boston — R. L. Day & Co. Price Range— N. Y. S. E. Jan. 1, 1913 to Jan. 1, 1919 1918 High.109 Jan. 28, '16 98% Nov. 15 Low. 92 Oct. 9, '18 92 Oct. 9 ST. LOUIS RAILROAD CO. Ist Extd. Wza. Due May 1, 1930.— N. Dated May 5, 1890, and extended from May 1, 1910, with interest reduced from 5%. In- terest payable May 1 and Nov. 1, at Missis- sippi Valley Trust Co., St. Louie. 1089 Tax Status — Payment of Federal Income I'ax not assumed by company. Authorized — Closed mortgage. Outstanding— $1,948,000 (Jan. 1. '18). Denomination — Coupon. $1, 000. RegisteraDIe as to principal. Trustee— St. Louis Union Trust Co., St. Louis, Mo. Control — Merged with the United Rys. Co. of St. Louis. Receivership — See United Rys. of St. L. Gen. 4s of 1934. Secured by a first mortgage on 20 miles of track extending through the center of the busi- ness district of St. Louis and known as the "Broadway Line." Franchise expires in 1939. Underlies — United Rys. Co. of St. Louis Gen. 1st 4s of 1934, and St. Louis Transit Impv't 5s. Bonds are reserved under the former mortgage to retire this issue, £amings — See United Rys. Co. Listed on the St. Louis Stock Exchange. Market. St. Louis — Herrick J. Gray & Co., Mark C, Steinberg & Co., Mississippi Valley Trust Co.. Whitaker & Co., Stix & Co.. A. G. Edwards & Sons, E. A. Gessler. New York — E. & C. Randolph. Price Range. Jan. 1. '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98% '16 100% '16 95 July 95^^ Jan. Low. 90 '18 94 '17 90 Dec. 94 Dec. ST. LOUIS. ROCKY MOUNTAIN & PACIFIC CO. 1st 58. Due July 1, 1955.— P. Dated July 1, 1905. Interest payable Jan. and July 1, at Bankers' Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $8,699,000. Issued — $7,699,000. Outstanding — $4,907,000 (Jan. 1. 1919). Retired by Sinking Fund — $405,000. Fxchanged and Cancelled — $2,387,000. Reserved for Imp. — $1,000,000. As of Feb. 1, 1918, it was reported that out- standing bonds would be reduced to $4,294,000 by application of remaining $613,000 Atchison 4% 50-year bonds secured by a first mortgage on the railway of the Rocky Mountain & Santa Fe Ry. Co. In hands of trustee. Denomination — Coupon, $1,000. Registerable aa to principal or fully registerable. Regis- tered, $1,000, $5,000 and $10,000. C. & R. interchangeable. Trustee — Metropolitan Trust Co., New York. Redeemable for sinking fund purposes at par and interest. Sinking Fund — Annually, April 1. an amount equal to three cents per gross ton on all coal mined from the property pledged under the mortgage for the .purchase of bonds at par and interest. In 1912 amount was raised to three cents per ton. Organization— Incorporated in New Mexico In 1905. In March, 1915. with the consent of all security holders, all the securities of the St. Louis, Rocky Mountain Railway Co. for- merly owned by this company were acquired by the Atchison, Topeka & Santa Fe Ry. Co. in consideration $50,000 in cash and $3,000,- 000 4% 50-year bonds secured by a first mort- gage on the railway of the Rocky Mountain & Santa Fe Ry. Co. and a direct obligation of the Atchison, Topeka & Santa Fe Ry. Co. The bonds acquired by the compaTiy have been ex- changed for bonds of this issue as above indi- cated. Secured by a first mortgage on coal lands In Colfax County, N. M., and coal mining and coking plants in operation and located on these \ands. of which the company owns in fee 206,- 488 acres and coal rights in 344,837 acres- additional, with surface necessary for mining plants. Further secured by a first lien on $613,000 A.. T. & S. F. — Rocky Mountain Div. iBt 4s of 1965, remaining in hands of Trustee- as of Feb. 1, 1918, and which are a first mort- gage on 106 miles of road from Des Moines to- Ute Park, N. M., and branches to Raton and Koehler. Year ended Dec. 31: Gross Net Int., etc. 1918 $4,944,891 $1,469,000 $557,10& Year ended June 30 Gross Net Int., Etc 1917 $3,179,756 $831,580 $256,059 1916 2.663,636 616,328 283,201 1915 2,672.967 746,195 414.004 Listed on the New York Stock Exchange. Original Market — First offered in 1905 by Fisk & Robinson, New York. $532,000 offered by the same firm May, 1912. at 84 and inter- est. Market. New York-— Baker, Carruthers & Pell, Mc- George & Vanderhoef. L. F. Rothschild & Co.. Britton. Rollins & Co., Robinson & Co.. F. H. Hatch & Co.. E. & C. Randolph, C. H. Hensel. Boston — McConnell & Co, St. Louis — Stifel, Nicolaus Inv. Co.. A. G. Edwards & Sons. Albany — John J. Hart. Baltimore — Robt. Garrett & Sons. Price Range — N. Y. S. E. Jan. 1, 1906 t« Jan. 1, 1919 1918 Stamped. High.88'^ Jan. 14, '16 81 Nov. 13 Low. 75 Jan. 7. '15 80 Apr. 5 ST. LOUIS-SAN FRANCISCO RAILWAY CO. Prior Lien Series "A" 4s, "B" 5s, and "C" 6s. Dated Due "A" July 1. 1916 July 1. 1950 "B" July 1, 1916 July 1, 1950 "C" July 1, 1918 July 1, 1928 Interest payable January and July 1. at Trustee's office. Tax St-atus — 2% Federal Income Tax paid by company without deduction. Authorized — $250,000,000. Outstanding — $84,239,125 "A" 4h 24,950.000 "B" Ss 10.598,000 "C" 6s $119,787,125 (Dec. 31, '18). Held in Trust for Refunding — $9,069,375 "A." Held In Insurance Reserve — $90,000 "A" 50.000 "B" $140,000 Reserved for Corporate Purposes — $5,533,- 500. Reserved for Refunding Eanipment Obliga- tions — $2,216,000. Reserved for Gen. 5s & 6s — $9,484,000. Reserved for Ext., etc. — $72,596,000. Reserved for Equipment — $31,174,000. Denomination — Coupon, $100, $250, $500 and $1,000. Registerable as to principal. Registered $1,000, $5,000 and $10,000. C. & R. ($1,000) interchangeable. Trustee — Central Union Trust Co., New York, and Daniel K. Catlin. Redeemable — Series "A" at par and inter- est and Series "B" at 106 and Interest on sixty days' notice. 1090 Sinking: Fund — No sinking fund la provldea for Series "A," "B" or "C." Organization — Incorporated Augrust, 1916, as a reorganization under foreclosure *of the St. Louis & San Francisco Railroad Co. The company leases the Kansas City, Fort Scott & Memphis Railway, and operates either di- rectly or through subsidiaries a total of 6,204 miles of road, of which 3,549 miles are owned in fee. 1,665 miles are controlled through ownership of substantially all the capital stock, and 205 miles are operated under track- age rights. Secured upon the entire property of the company, railroad, equipment, appurtenances, leaseholds, trackage rights, s'ecurities, etc., and on all property hereafter acquired with the proceeds of this issue, the Adjustment Mortgage bonds or the Income Mortgage bonds. A first direct lien on 1,630.69 miles — Miles Oklahoma City to south bank of Red River near Eldorado, Okla 174.85 Bolivar to Kansas City, Mo 146.90 Blackweli to south bank of Red River near Davidson, Okla.; Sapulpa, Okla,, to Connection with M., K. & T. Ry. at State Line Jet 192.66 Scullin to Sulphur Springs, Okla 8.72 West Tulsa to Avard, Okla 175.26 Gulf Jet. to Leachville, Ark 118.20 Van Duser to Gibson, Mo 58.00 Zalma to Aquilla, Mo 18.40 Kenneth to Haytl, Mo 18.30 Warden to Deering, Mo 12.10 Clarkten to Maiden, Mo 7.30 Hope to Ardmore, Okla 210.10 Kiersey to Texas Jot,, Okla 9.24 Fayetteville, Ark., to Okmulgee, Okla. 14 3. 90 A first lien on 94.29 miles by deposit of total issues as follows: (St. Louis, San Francisco & Texas Ry.)— Texas State Line to Ft. Worth, Tex.. 63.89 Red River to Vernon, Tex 12.75 (Brownwood North & South Ry.) — Brownwood to May, Tex 17.66 A second direct lien on 917.39 miles — (Covered by the first lien of Cons. 4s, 1996) — Sapulpa, Okla., to Oklahoma City, Okla 104.09 In Oklahoma City 1.60 Bridge Across Arkansas River at Van Buren ,1.34 Rogers, Ark., to Grove, Okla 47.16 Beaumont Jet., Kan., to Blacikwell, Okla 79 . 73 Cuba to Salem, Mo., and Branches.... 69.64 (Covered by first lien on N. W. Div. 1st 4s, 1930— "' Wichita to Ellsworth, Kan 106 . 40 (Covered by the St. L.. Mem. & S. B. R. R. 1st 4s, 1962)— S, B. Jet., Mo., to Luxora, Ark 241.70 Mingo, Mo., to Hoxie, Ark 73.90 Cape Girardeau to Hunter, Mo 93.00 Hayti to Grassy Bayou, Mo 16 . 70 Talipoosa to Wardell, Mo 10.70 (Covered by first lien of Coll. Tr. 6s of 1987)— Springfield, Mo., Belt Line 2.98 Red River, Okla., to Paris, Tex 16.94 Jenson to Mansfield, Ark 18.34 Pittsburgh to Weir City, Kan 10.48 Patrick to PetUgrew, Ark 15.71 (Covered by 1st lien of the Chester, Perryvllle & St. Genevieve Ist 6s, 1919) — Perryvllle to Cape Girardeau, Mo 18,23 A third lien on 769.67 miles — St. Louis to Seneca, Mo 326.28 Seneca, Mo., to Sapulpa, Okla 111.22 Granby to Granby Mines, Mo 1.60 Springfield to Boliva, Mo 38.79 Springfield to Chadwick, Mo 34.86 Fayetteville, Ark., to Red River, Okla.. 214. 61 Fayetteville to Patrick, Ark 26.61 Joplin to Carl Jot., Mo 6.70 A fourth lien on 327.54 miles — Pierce City, Mo., to Wichita, Kan 217.40 Oronogo to Joplin, Mo 9.32 Monett, Mo., to Fayetteville, Ark 71.18 Carl Jet., Mo., to Girard, Kan 29.64 Also secured on $16,660,000 common stock (entire issue), on $7,683,400 preferred stock (total issue, $15,000,000) and on the leasehold of the company in the Kansas City, Fort Scott & Memphis Ry., which owns or controls 1,211 miles of road. This Interest Is subject to the K. C, F. ,S. & M. Ry.'s bonded indebt- edness of $54,919,670. The company agrees that this bonded debt shall at no time exceed $75,000,000. Also secured on 205 miles of trackage rights. Also secured by deposit of the following securities: Bonds and Obligations. Fledged Issued St. Louis & San Fran. Ry.— Mo. & Western Div. 1st 6s, 1919 $877,000 $936,000 Trust 6s, 1920 776,000 876,000 Trust 6s, 1987 973,000 1,099,000 Gen. 6a, 1931 6,488,000 12,291,000 Gen. 6s, 1931 4,126,000 7,807,000 Northwestern Div. 1st 4s. 1930 1,292,000 1,300,000 St. Louis & San Fran. Cons. 4s. 1996 1.107,300 1.668,000 Southwestern Div. 1st 5b 1942 989,000 1,600,000 Cent. Div. 1st 4s. 1929 1,915,000 1,962,000 Kansas City, Ft. Scott & Memphis 4% ctfs. 7,861,100 15,000,000 St. Louis, Wichita & Western Ry. — First 6a, 1919 1,787,000 2,000,000. Income Gtd. 63 750, 000 Muskogee City Bridge Co. — First 6s, 1942.. 69,000 100,000' Chester, Perryvllle & Ste. Genevieve Ry. — First 6a, 1919 16,600 129,800- Quanah, Acme & Pac. Ry. — First 6s 6,540,000 1,928,000- St. Louis, San Fran. & Tex Ry. — First 4s 200,000 Ft. Worth & Rio Grande Ry. — First 4s, 1928.. 3,060,000 4,467.000) Red River, Tex. & South- ern Ry. — First 4s 815,000 Blackweli, Enid & Tex. Ry.— First 4s 173.000 St. Louis, Ark. & Tex. Ry. (of Mo.) — ^First 7s 600.000 600,000 St. Louis, Ark. & Tex. Ry. (of Arkansas) — First 7s 600,000 600,000 Joplin R. R. — First 7s. 300,000 300,000 Springfield Connecting Ry. — First 6s 64,000 Fayetteville & Little Rock R. R. — First 6s 164,000 Little Rock & Texas Ry. — First 5s 307,000 1091 Paris & Great Northern Co. and Guaranty Trust Co. at 90 and interest. R. R. — First 6s 339,000 $10,598,000 Series "C" 6s ottered December, Pittsburg & Columbus 1918, by Lee. Higginson & Co.. New Yorlt. Ry. — First 6s 176,000 Boston, etc., and Guaranty Trust Co., New The Brownwood North & Yorlc, at 9 6 and interest. iSouth Ry. — First 6s.. 91,000 Market. St. Louis, Memphis & New York — ^Active on N. Y. Stock Exchange. Southeastern R. R. — Boston — Lee, Higginson & Co. First 4s, 1952 8,982,000 9,188,000 I.OS Angeles — Stephens & Co. Southern Missouri & Baltimore — Robt. Garrett & Sons. Ark R. R. — First 6s. 1,970,500 Philadelphia — Harper & Turner, West & Co. West Tulsa Beit Ry. — Chicago — Kean, Taylor & Co.. First 53 30,500 Pittsburgh — Lyon, Singer & Co., Goddard, cL j> .n .X , r.. . Hunter & Co. Shares of Capital Stock. St_ I^mis— Francis Bros. & Co. „.^ „ „ Pledged Price Range— N. Y. S. E. Kansas City, Ft. Scott & Memphis Ry. ja.n, 1, 1916 to Jan. 1, 1919 1918 Ry. Co. — 4s "A " Preferred 7.767 High.73%Nov. 6, '16 ' 67% Nov. 8 Common . . 16.660 Low. 6314 Deo. 26, '17 55H Jan. 17 Springfield Connecting Ry. Co 2,000 gg "B " Payetteville & Little Rock R. R, Co... 3,800 High 90% Nov. 2, '16 ' 82% Nov. 12 Little Rock & Texas Ry. Co 6,400 Low. 63% Dec. 20, '17 66 Jan. 16 Paris & Great Northern R. R. Co 6,000 ^ Pittsburg & Columbus Ry. Co 1,800 gT. LOtflS-SAN FRANCISCO RAILWAY CO. Fort Worth & Rio Grande Ry. Co 29,283 Cumulative Adjustment Mtge. 6s, Series St. Louis, San Fran. & Texas Ry. Co.. 8,040 ^ jj^g July 1 1955 F The Brownwood North & South Ry. Co. 2,260 Dat4d July 1, 1916. Interest payable (from Terminal Railroad Assn. of St, Louis.. 2,058 available net income) April 1 and Oct. 1, at Rook Island-Frisoo Terminal Ry. Co... 2,000 Company's office, 120 Broadway, New York. Birmingham Belt R. R. Co. (entire is- Payment of Interest— 3%, Oct. 1, 1917: 3%, sue) .......... BOO April 1, 1918; 3%, Oct. 1, 1918; 3%, April 1, Birmingham Terminal Co 250 1919 Kansas City Terminal Ry. Co. (Trust Tax Status— 2% Federal Income Tax paid „.."?;' ;;•.■■•••■••:••,•■■■••■ '2;. by company without deduction. Wichita Union Terminal By. Co 260 Authorlz-d— $76,000,000. Frisco Refrigerator Line 60 ''Outstanding- $38,763,093 (April 1, 1919). Frisco Construction Co.. 50 .^n additional $1,784,726 have been issued Quanah, Acme & Pacific Ry. Co 600 t^ reorganization managers to be applied in west lulsa Belt Ry. Co.............. 250 p^rt for the refunding, payment or acauisition Prior Liens— Subject to the following in ^j $7,138,900 St. L. & S. F. R. R.— Kansas hands or public; ..„„„„„. City, Fort Scott & Memphis preferred stock St. L. & S. F. Gen. 6s, 1931 $6,708,000 t^ust certificates -St. L. & S. F. Gen. 6s, 1931. 3,659,000 Denominations— Coupon. $100, $260, $500 S; T , o. V, S^' .t^' 450,700 and $1,000": Registerable as to principal. i 10^7 Southwestern Div. Bonds in denomination less than $1,000 are 5s, 1947 495.000 exchangeable in aggregate of $1,000 for coupon St. L. & S F. Central Div. 4s, 1929 47.000 bonds of $1,000 denomination. '. \n„„ Northwestern Div. Trustees— Bankers' Trust Co., New York, „ '^' 1?30 8,000 and Edward F. Swinney. St. L. & S. F. Coll, 6s, 1987 118,000 Redeemable at 100 and interest on any Jan. St. L. & S. P. Trust 6s, 1920.... 92,000 1 or July 1 on 60 days' notice. ^'io'^Q ^ ^' ^' ^°' * ^"' ^^^' ^^' Secured by a mortgage on all the property ^^1^ 58,000 of the company, subject to the liens of the St. Louis, Wichita & Western 1st "Prior Lien Mortgage" and prior liens thereto. 5S' 1915 213,000 For d'etails see Prior Lien Mortgage. Muskogee City Bridge Co. 1st 6s, Prior Liens— $119,792,126 Prior Lien 4s, 6s 1^*2 31,000 and 6s. And also the liens prior thereto. '.St. Louis, Memphis & Southeastern Underlies— Non-Cum. Inc. 63 of 1960. 1st 4s, 1952 168,200 Listed on the New York Stock Exchange. ^'i^'^^ls ^ ^'° ^'■^"''^ ^''- ^'* 1 in7 nn. Tear *hded Dee. SI r^ • II ■ • • •/ ",; ■ • W 'WVa • tSI' m Gross 'Net tinterest Quanah, Acme & Pacific 1st 6s 210,000 tl918 .. $13,316,671 $13,011,017 $12,885,430 Chester Perryville & St. Genevieve 111918 .. 72.476,313 10,737.409 12,885,430 1st 5s, 1919 108,200 1917.. 69.676.667 16,1)61,153 12,813.365 ^^, ,,„ „„„ ,„„ 1916.. 63,119,999 14,637,628 12,939.185 Total J1Z.77J.100 'After hire of eaulpment, rentals and sink- Also eauipment trust obligations amounting ing funds, to $2,143,000 Jan. 1, '19. tincludes interest on Income bonds; interest Sufficient bonds of this issue have been re- for 1916 is on the basis of the present cap- served to retire all of the above, also $7,138,- italization. 900 Trust Certificates for Kansas City. Ft. ^Corporate Income Account-Standard return Scott & Memphis Ry. pref. stock and $3,426,- under Federal control. ■000 underlying bonds. IIPro-Forma Statement combining the income Underlies — Cumulative Adjustment 6s of account of Federal management with that of 1955 and Income 6s of 1960. the company, eliminating the "Standard re- Listed on the New York Stock Exchange. turn." Market. Earnings — See Cum. Adj. 6s, 196 6. New York — Active on N. Y. Stock Exchange. Original Market — Offered in 1916 under plan Prioe Range — N. Y. S. B. of reorganization to holders of securities of the Jan. 1, 1916 to Jan. 1, 191B 1918 •old St. L. & S. F. R. R.. $8,616,000 B. 6s Hlgh.89% Nov. 1, '16 76 Nov. 8 offered November, 1916, by Lee, Higginson & Low. 54 Dec. 26, '17 60 Jan. 18 1092 ST. IX)UIS-SAN FRANCISCO RAILWAY CO. Income Mtge. 6s. Series "A." Due July 1. I960.— F. Dated July 1, 1916. Interest payable Oct. 1, out of the available net income of the com- pany for the fiscal year ended June 30, after interest payment on the Cumulative Adjust- ment 6s and is not cumulative. Payment of Interest — 3%, Oct. 1, 1917; 6%, Oct. 1, 1918, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $76, 000, 000. Outstanding — $35,192,000. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Union Trust Co., New York, and Fay Herndon Smith, St, Louis, Redeemable — Series "A" on any Oct. 1 or April 1 at 100 and unpaid accrued interest to the preceding June, and 6% interest from said June 30 to date of redemption on 60 days' notice. Secured by a mortgage, junior in lien to the Prior Lien Mortgage and the Cumulative Ad- justment Mortgage, on ail the property of the company. Prior liens — $119,792,125 P, L. 4s, 5s and 6s. $38,763,093 Cum. Adj. 6s. also liens prior thereto. liisted on the New Yoric Stoclc Exchange. Market, New York — Active on N. Y. Stock Exchange. Price Range — N. Y. S. E. Jan. 1. 1916 to Jan. 1, 1919 1918 Hlgh.65Nov. 1, '16 65 Nov. 12 Low. 39 May 19, '16 43 Deo. 26 ST. rOUIS SOUTHERN RAILROAD CO. 1st 48. Due Sept. 1, 1931. — F. Dated 3ePt. 1. 1886. Interest payable March and Sept. 1, at Illinois Central office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. I Outstanding — $538,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Control — Merged into the St. Louis, Alton & Terre Haute R. R. Co. in 1897. The latter company was merged into the Illinois Central R. R. Co. in 1904. Secured by a first mortgage on 22.93 miles of road from Pinckneyville to Murphysboro. Ill, Underlies — 111. Cent. St. Louis Div. & Ter- minal 33 and 3%s and Ref. 4s of 1955. Under both of the above mortgages bonds are re- served to retire this issue. Legal for Me. Listed on the New York Stock Exchange. Market. New York — Callaway. Fish & Co.. Abraham & Oi.. Simon Borg & Co., C. W. Place. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 High.98 July 27. '08 80 Feb. 19 Low. 80 Feb. 19. '18 80 Feb. 19 ST. LOUIS SOUTHWESTERN RAILWAY COMPANY. Incorporated in 1891 in Missouri. The com- pany owns 616 miles of road from St. Louis, Mo., to Texarkana, Tex., and branches,' and controls through ownership of the entire cap- ital stock of companies owning the road, 695 miles of road and leases 261 miles. The com- pany also has trackage rights over some 241 miles of road. These lines extend from St. Louis, Mo., to Fort Worth, Tex., with numer- ous branches. The company has outstanding $20,000,000 B% non-cumulative preferred stock and $16,- 500,000 common stock. Dividends on the pre- ferred stock were inaugurated in 1909, 2% was paid in 1909, 6% in 1910, 4% In 1911. 6%% in 1912, 4%% in 1913 and 1%% in 1914. In July, 1914, dividend payments were discontinued. The company has outstanding on the road as described above, not including trackage rights, bonds at the rate of $37,100 per mile. In the past two years net income has ex- ceeded twice the interest charges on the entire funded debt. Year ended Dec. 31 Gross Net 'Charges 1917... $17,309, 667 $7,159,500 $3,698,902 1916... 13,850,130 5,438,929 3,216,764 •Interest, rentals and sinking fund. ST. LOUIS SOUTHWESTERN RAILWAY CO. 1st Cons. 4s. Due June 1. 1932. — F. Dated June 1, 1902. Interest payable June and Dec. 1, at Bauitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $25,000,000. Ontstandinig — $22,261,760. Reserved to Acquire 24 Mtge, Income 5s — $2 738.250. Denomination — Coupon, $1,000, Registerable as to principal or fully registerable. C. & R. interchangeable. Trustee — ^Bauitable Trust Co., New York. Secured by direct mortgage on 622.03 miles and by collateral trust on 753.37 miles of road. viz. : A first Hen on 35.47 miles — Miles Stuttgart to Gillett, Ark 35.47 A first collateral lien on 111.34 miles — Through pledge of $280,000 St. L. & S. W Ry. of Texas. Dallas Branch 1st 5s. 1933 — Addison to Dallas, Tex 12.13 Through pledge of $292,000 St. L. S. W Ry. of Texas, Lufkin Extn. 5s, 1933— Lufkin to White City, Tex 41.61 Through pledge of $199,500 (of a total issue of $200,000) capital stock and $126,000 (total issue) 1st 5s, 1928, of the Pine Bluff-Arkansas River Ry. — Rob Roy to Waldstein, Ark 26.40 Through p'edge of $222,900 ($223,700 to- tal issue) capital stock and $731,000 (total issue) 1st 5s. 1933, of the Dal- las Terminal Ry. & Union Depot Co. — In Dallas, Texas 1-90' Through pledge of $453,500 (of a total issue of $454,600) capital stock of the Eastern Texas R. R. (No mortgage may be placed on the property of this company) — Lufkin to Kennard, Tex... 30.30- A third lien on 586.66 miles — Covered by the first lien of the 1st 4s (entire issue deposited under the 1st 4% Ctfs.) and by a second lien of the Second Income 4s (entire issue depos- ited under the Second Income 4% Ctfs.) 586. 5ff A third collateral lien on 642.03 miles, be- ing a second lien on the two entire issues of bonds pledged with the Trustee of the St. L. S. W. 2d Inc. 4% Ctfs.. viz.: St. L. S. W. Ry. of Texas 2d Inc. 43, 1989 $4,722,500 Tyler Southeastern Ry. 2d Inc. 4s, 1989 330,000 1093 Miles Texarkana to Gatesville 305.88 Mt. Pleasant to Ft. Worth, Tex 154.37 Commerce to Sherman, Tex 62.28 Corsicana to Hillsboro, Tex 40.20 Tyler to Lufkin, Tex 89 . 30 Also secured by pledge of the following se- curities : Deposited Issued St. . L. S. W. Ry. 2d Inc. 4% Ctfs., 1989. $6,967,600 $10,000,000 St. L. S. W. Ry. Equip. Trust Obligations 6,646,833 pt. L. S. W. Ry. of Texas Stock 2,496,600 2,760,000 Prior Iiiens — $23,042,600 prior liens as foi- st. 1,. S. W. Ry. 1st Mtg. 4% Bond Ctfs $20, 000, 000 2d Mtg. 4% Bond Ctfs 3,042,500 Underlies — 1st Terminal & Unifying 6s of 1952, a sufficient amount of which are re- served to retire this issue. liisted on the New York Stock Exchange. . Market. New York — CofBn & Co.. Guaranty Trust Co., W. M. Clarke. Vilas & Hickey. Price Range — ^N. Y. S. B. Jan. 1, 1906 to .Ian. 1, 1919 1918 High.84V4 Apr. 19. '12 68% Nov.lS Low. 51% Aug. 27, '16 67 Apr. 26 ST. LOUIS SOCTHWBSTBEN EAILWAY CO. l6t Terminal & Unifying 5s. Due Jan. 1. 1952.— P. Dated January 1. 1912. Interest payable Jan, and July 1, at Guaranty Trust Co., New York. Principal and interest of all bonds payable in New York, and principal of coupon bonds in London at £205 15s 2d sterling; in Amsterdam, 2,490 guilders; in Berlin at 4,200 marks, and in Paris at 6,180 francs for each $1,000. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $100,000,000. Outstandinig — $8,155,000. In Treasury — $4,114,000. Reserved for Prior Xiiens — $36,880,000. Reserved for Add., Etc.— $60,861,000. Denomination — Coupon. $1,000. Registerable as to principal and fully registerable. Regis- tered, $1,000 and multiples. C. & R. Inter- changeable. Trustees — Guaranty Trust Co., New York, and Walker Hill, St. Louis. Secured by first lien upon terminal proper- ties and improvements at St. Louis, Mo., cost- ing $2,000,000, and terminal property at Ft. Worth, Tex., costing $260,000. Also secured by deposit of the following se- curities; Deposited Issued St. L. S. W. Ry. of Tex. 1st 4s, 1989 $9,446,000 $9,445,000 Tyler & Southeastern Ry. 1st 43, 1989 660.000 660.000 Gray's Point Terml. Ry. 1st Ref. & Ext. 6 s. 1956 843,000 843,000 Gray's Point Term. Ry. Stock 499,600 600,000 Stephenville N. & S. Tex. Ry. 1st 6s, 1940. 184,000 2,607,0-00 Stephenville N. & S. Tex. Ry. Stock 137,400 138,300 phreveport Bridge & Term. Co. Stock 47,500 60,000 Central Arkansas & Eastern R, R. Stock.. 149,500 160,000 Note. — The St. L. S. W. Ry. of Tex. 1st 4s. 1989. and Tyler Southeastern Ry. 1st 4s. 1989, are subject to prior pledge under St. L. S. W. 1st i% Ctfs., 1989. Prior I/iens — $45,304,250 as follows: St. Louis Southwestern 1st i% Ctfs.. 1989 {20,000,000 St. Louis Southwestern 2nd 4% Ctfs., 1989 3,042,500 St. Louis Southwestern 1st Cons. 4s, 1932 22,261,760 Also subject to the following, being the bonds of the companies whose stock is pledged, as follows; Gray's Point Terminal Ry. 1st 63. 1947 500.000 Shreveport Bridge & Terminal Co. 1st 6s. 1966 460,000 Central Arkansas & Eastern R. R. 1st 6s. 1940 1.086.000 Stephenville North & South Texas Ry. 1st 6s. 1940 2,607,000 liisted on the New York Stock Exchange. Original Marltet — $7,500,000 offered In May, 1912. by the Guaranty Trust Co.. Wm. Salo- mon & Co., and Rhoades & Co., New York, at 90% and Interest. Market, New York^Hanson & Doyle, E. & C. Ran- dolph, Wm. Salomon & Co., Guaranty Trust Co.. J. Davenport, Vilas & Hickey. Philadelplila — E. B. Smith & Co. St. liOuis — Herrick J. Gray & Co. New Orleans — Hibernia Bank & Trust Co. Price Range— N. Y. S. B. Jan. 1. 1912 to Jan. 1. 1919 1918 Hlgh.72Nov. 1, '16 ,66 Nov. 8 Low. 62 Mar. 27, '18 52 Mar. 27 ST. lOUIS SOUTHWESTERN RAILWAY CO. Ist 4% Bond Certificates. Doe Nov. li 1989.— F. Dated Nov. 1, 1890. ' Interest payable, from interest received on $20,000,000 bonds de- posited hereunder, on May and Nov. 1. at Guaranty Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized and Outstanding — $20,000,000. Denomination — Coupon. $1,000. Registerable ' as to principal. Trustee — Central Union Trust Co., New York. Secured by first collateral lien on 1,228.69 miles of road, viz. ; Miles Through pledge of $9,896,000 (total is- sue) St. L. So. Westn. Ry. Co. 1st 4s, 1989 — Delta, Mo., to Ark.-Texas State Line at Texarkana, Tex 412 . 43 Bird's Point to Maiden, Mo 67.32 New Madrid to Lilbourn, Mo 6 . 09 Altheimer to Argenta, Ark 43 . 02 McNeil to Magnolia, Ark 6.40 Lewlsville, Ark., to Shreveport, La.... 61.30 Through pledge of $2,496,600 (of a total issue of $2,760,000) capital stock and $9,446,000 (total issue) 1st 4s, 1989, of the St. L. Southwestern Ry. of Texas — Texarkana to Gatesville, Tex 305.88 Mt. Pleasant to Ft. Worth, Tex 164.37 Commerce to Sherman, Tex 62.28 Corsicana to Hillsboro, Tex 40.20 Through pledge of $660,000 (total issue) Tyler Southeastern Ry. 1st 4s. 1989 — Tyler to Lufkin, Tex 89 . 30 Underlies — St. Louis Southwestern Ry. 2nd Inc. 4% Bond Certificates of 1989; 1st Cons. 4s of 1932 and 1st Term. & Unif. 6s of 1962. Legal for Me. Listed on the New York Stock Exchange. Market. New York — 3easongood. Haas & Macdonald, 1091 E. & C. Randolph, Newburger, Henderson & Loeb. St. Louis — Bowman, Cost & Co. Philadelphia — Newburger, Henderson & Loeb. Price Range— N. Y. S. E. JIan. I, 1906 to Jan. 1, 1919 1018 Hiffh.99% Jan. 23, '06 77 Nov. 15 Low. 63% July 24, '18 63% July 24 ST. LOUIS SOUTHWESTERN RAILWAY CO. 2d Income 4% Bond Certf». Due Nov. 1, 1989.— P, Dated Nov. 1, 1890. Interest payable Jan. -and July 1, if earned and non-cumulatlve. a,t Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Interest at the rate of 4% has been regu- larly paid.. Authorized — $10,000,000. Outstanding — 13,042.500. Deposited under the St. L. S. W. 1st Cons. Mtge. — $6,957,500 Denomination — Coupon, $500 and $1,000. .Registerable aa to principaL. Trustee — Bankers' Trust Co., New York- Secured by a second collateral lien on the 1,228.59 miles of road described under the 1st 4s above, by the deposit of $10,000,000 second mortgage income bonds of the three ■companies mentioned thereunder, and also by a second lien on the stocks enumerated under -that issue. Prior Lien— $20,000,000 St. L. S. W. 1st Mtge. Ctfs. 4s of 1989. Underlies — 1st Cons. 4s of 1932 and 1st Term. & Unif. 5s of 1952. Listed on the New York Stock Exchange. Market. New York — Plympton, Gardiner & Co., Baker, Carruthers & Pell. Price Range — ^N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 High.89 June 7, '06 57 Nov. 15 Low.SO^^ Jan. 24, '18 50% Jan. 24 ST. LOUIS SOUTHWESTERN RAILWAY CO. Special Eauip. Tr. 5s. Series "C." Due $33,000 each June 1 and December 1, to June 1. 1923. inclusive. — F. Dated June 1, 1913. Interest payable June 1 and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid Tjy company without deduction. Authorized — $660,000. Outstanding — $297,000 (Jan. 1. 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable ^s to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Guaranteed principal and interest by the St, Louis Southwestern Ry. Co.- by endorse- -ment. Secured by an equipfment trust agreement on 20 locomotives, 5 steel underframe parlor and dining cars, and 200 steel underframe coal ■cars. Market. New York — Freeman & Co., Evans, Stillman &■ Co. ST. LOUIS SOUTHWESTERN RAILWAY CO. Eanip. Tr. 5s, Series "E." Due $85,000 each Oct. 1 and April 1, to April 1, 1934, inicIusiTe. Dated April 1, 1914, Interest payable April ■and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid Ijy company without deduction. Authorized— $1,700,000. Outstanding— $362,000 (April 1, 1919). Balance Retired. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at par and interest. Secured by an equipment agreement on 1,- 500 steel underframe box cars; 400 steel un- derframe flat cars and 100 steel underframe and steel frame coal cars, costing $1,900,- 000, of which $200,000 was paid In cash. Original Market— Offered April. 1914, by the Guaranty Trust Co., New York, at par and interest. Market. New York — Freeman & Co., Evans, Stillman & Co. ST. LOUIS SOUTHWESTERN RAILWAY CO, Equip. Tr. Wss. Series "F." Due »31,- 000 semi-annually from March 15, 1917* to September 15, IQ'Zii, inclusive. Dated Sept. 1, 1916. Interest payable Mar. 15 and Sept. 15 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $420,000. Outstanding — $315,000 (April 1. 1919). Balance Retir^. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Secured by an equipment agreement on eight ten-wheeled passenger locomotives and twelve consolidated freight loc .motives, costing $516,- 600. of which $96,600 was paid by the com- pany in cash. Original Market — Offered September, 1916, by Guaranty Trust Co., New York, on a 4.75% basis for average maturities. Market. New York — Freeman & Co., Evans, Stillman & Co. Pliiladelphia — Graham, Parsons & Co. ST. LOUIS, SPRINGFIELD & PEORIA RAIL- ROAD 1st & Ref. 58. Due Dec. 1, 1939. Dated September 1, 1909. Interest payable June and Dec. 1, at Chase National Bank, New York, or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $5,045,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000 and mul- tiples. C. & R. interchangeable. Trustee — Illinois Trust & Savings Bank, Chi- cago. Redeemable at 105 and Interest on any in- terest date. Organization and Control — Incorporated in Illinois in 1909. All of the common stock is owned by the Illinois Traction Co. Guaranteed aa to principal and interest by the Illinois Traction Co. by endorsement. Secured by a first mortgage on about 85 miles of interurban railway from Mackinaw to Lincoln, Staunton to Venice -and Staunton to Hillsboro, and a second mortgage on 126 miles of interurban railway from Peoria to Bloomington and Lincoln to Carlinville, all In Illinois. Through cars are operated be- tween Peoria and St, Louis, entering the lat- ter city over a bridge owned by a subsidiary company of the Illinois Traction Co. The distance between the cities Is 173 miles, and the running time is six and one-half hours. This is as fast as the tlm.e on one of the steam roads, and only one hour longer than the time taken by the other road. The steam railroads operate only one train a day in each direction, while this company operates seven, including a sleeping car. Population In, cities 1095 on line mortgaged: Springfield, Peoria and Bloomington, 150,000; other territory, 80,000. The road is built on private right-of-way, ex- cept 17 miles in cities, where franchises ex- tend at least to 1953. Prior Liens — $284,000 St. Louis & Spring- field Ry. 1st 5s of 1933; $145,000 Springfield & Northeastern Traction 5s of 1936 and $280,- 000 Peoria, Bloomington & Champaign Trac- tion 1st 5s of 1936. Bonds are reserved un- der this mortgage to retire the above issues. Underlies — Gen, 5s of 1939. Listed on the Chicago Stock Exchange. Original Market — Offered in Jan., 1910, by N. W. Halsey & Co., New York/ etc., at 99 and interest. Market. New York — Hornblower & Weeks, Miller & Co., Geo. H. Burr & Co., Wm. C. Ewen, Han- son & Doyle, Estabrook & Co., F. H. Hatch & Co., S. L. Snowden, The National City Co., Berdell Bros. , S. Goldschmidt, Lynch & Mc- Dermott, J. Nickerson. Jr. Boston — Merrill, Oldham & Co., Estabrook & Co., Richardson, Hill & Co., Hornblower & Weeks. Chicago — Hornblower & Weeks, Abraham & Co., Babcock, Rushton & Co. Portland. Me. — Fidelity Trust Co. Price Range. Jan. 1, '11 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97 '13 100 '13 75 Jan. 89^ Jan. Low. 65 '18 , 70 '18 65 Dec. 70 Dec. ST. LOUIS TRANSIT CO. Guar. Imp. 20-Year 5s. Due Oct. 1. 1934.— F. Dated October I, 1904. Interest payable April and Oct. 1, at North American Co., 30 Broad St., New Tork, or Trustee's office. Payment of Interest — Qn June 7, 1919, the receiver was authorized by the Court to pay all interest due on these bonds. Tax Status — Company refunds the Federal Income Tax up to 2%. Authorized — $10,000,000. Outstanding — $9,800,000. Held in Treasury — $200,000. Denominaffon — Coupon, $1,000. Reglsterable as to principal. Trustee — Mercantile Trust Co., St. Louis, Mo. Guaranteed principa 1 and interest by the United Rys. Co. of St. Louis, by endorsement. This guarantee is secured by a lien on the property of the company junior to that of the U. Rys. of St. Louis Gen. 4s. Organization and Control — The company was organized in 1899, and leased the United Rys. of St. Louis, but on Oct. 31, 1904, through a readjustment, the lease was cancelled and the United Rys. Co. re-entered upon the operation of its property Nov. 1, 1904, and the $17,- 264,300 stock of the Transit Co. was ex- changed for common stock of the United Rys. Co. at the rate of $500 of Transit Co. stock for $200 United Rys. Co. stock. In 1915 the Circuit Court of St. Louis held the United Rys. Co. and several individuals liable to this company for unpaid subscriptions to - its stock to the amount of $11,000,000. The United Rys. Co. is controlled by the North American Co. through ownership of a ma- jority of its capital stock. Receivership — See United Rys. of St. Louis Gen. 4s of 1934. Protective Committee — The following com- mittee Invites deposits: Edwin M. Bulkley, chairman ; Edwards Whitaker, F. J. Lisman, Charles S. Ludlam, George L. Edwards with W. Lome Scovil, 25 Broad St., New Tork, secretary, and the Bankers' Trust Co., New Tork, and Mercantile Trust Co., St. Louis, depositaries. See also United Rys. Co. of St. Louis Gen. 4s. Independent Protective Committee — Holders of the above bonds are rsaueati^d to depo-sit same under a bond-holders agreement to be dated April 22, 1919. by the following com- mittee: ^ ^ William P. Gest, Chairman, Le Roy W. Baldwin, Oscar Fenley, Harrison Nesbit. J. C. Van Riper, with T. Homer Atherton, Secre- tary. N. E. Corner Broad and Chestnut Streets. Philadelphia. Depositary, Empire Trust Company, New Tork City. Sub-Depos- itaries, Fidelity Trust Company, Philadelphia, American Trust Company, St. Louis, Mo., Fi- delity & Columbia Trust Company, Louisville, Ky. Secured by a general mortgage on the entire street railway system in St. Louis and vicin- ity, including 461 miles of track, of which 350 miles are in the city. Population served, 700,000. Franchises expire between 1936 and 1948. Prior Liens — United Rys. of St. Lrf)uis Gen. 4s of 1934 and liens prior thereto. Earnings — See United Rys. Co. Listed on the New Tork and St. Louis Stock Exchanges. Original Market — $1,000,000 offered in 1905 at 97% and interest, by Harvey Fisk & Sons, New York. Market. New York — J. S. Bache & Co.. E. & C. Ran- dolph, Kiely & Horton, F. H. Hatch & Co., Newborg & Co., Morton Lachenbruch & Co., J. Nickerson, Jr. Philadelphia — Brown Bros. & Co., H. D. Boenning & Co., Warren A. Reed. St. Louis — Stix & Co., Mark C. Steinberg & Co.. Mercantile Trust Co., Whitaker & Co., J. M. Simon & Co., ^tifel, Nicolaus Inv. Co., A. G. Edwards & Sons. Louisville — ^Henning Chambers & Co. Price Range— N. Y. S. E. Jan. 1. 1906 to Jan. 1, 1919 1918 Ask High.96% Apr. 12, '06 69% Jan. Low. 50 Feb. 14, '17 51 June G£ & TERMINAL RAILWAY CO. 1st 6s. Due Jan. 1, 1929.— F. Dated April 1, 1909. Interest payable Jan. 1 and July 1, at First Trust & Savings Bank, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. ' Tax exempt in Minnesota. Authorized — $500,000. Outstanding — $400. 000. In Treasury — $100,000. Denomination — Coupon, $1, 000. Trustee — First Trust & Savings Bank. Chi- cago. Guaranteed as to interest by the St. Paul Union Stock Yards Co. Organization — Incorporated in Minnesota In 1908, and d6es all the switching business be- tween all railroads entering St. Paul and the St. Paul Union Stocks Yards Co. under a contract expiring in 2009. Secured by a first mortgage on all properties of the company, including all equipment. trackage and bridge across the Mississipl River between South St. Paul and St. Paul, Minn. The company owns 6.68 miles of road from HofCman Ave., St. Paul, to South St. Paul and operates under lease 23 miles of terminal tracks from the St. Paul Union Stock Yards Co. Market. St. Paul — Wight,. Kibbee & Co., Kalman. Matteson & Ward. Price Range 1918 — Bid 95. Ask 100. (THE) ST. PAUL CITY RAILWAY CO. Cons. Cable 58. Due Jan. 15, 1937. Dated January 16, 1887. Interest payable Jan. and July 15, at Trustee's office. New York. Tax Status — By a resolution of the Board of Directors of the Twin City Rapid Transit Co. on May 14, 1919. the 2% Federal Income Tax will be refunded to bondholders. This resolution is to continue in effect for one year, but is to apply to April 1, 1919 coupons. Authorized — Closed mortgage. Out8tandlin«— $3,708,000 (Jan. 1, 1919). Reserved for Prior Liens — $680,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee— Farmers' Loan & Trust Co., New York. Controlled by the Twin City Rapid Transit Co. through ownership of practically all its capital stock. Guaranteed — $1,138,000 of thes^ bonds are guaranteed principal and interest by the Twin City Rapid Transit Co. by endorsement. Secured by a mortgage on the street railway system of St. Paul, Minn. Prior Liens — $224,000 1st 6s of 1932 and $456,000 1st Cons. 6s of 1934, for the retire- ment of which bonds of this issue have been reserved. Underlies — ^Minneapolis St. Ry. Co. and St. Paul City Ry. Co. Cons. 5s of 1928. Earnings — See 1st Cons. 6s of 1934. Legal for Bait. Listed on the New York Stock Exchange. Market. New York — P. H. Hatch & Co.. Miller & Co., Merrill, Lynch & Co., Wm. C. Ewen, Wm. A. Read & Co., E. & C. Randolph, Earle A. Mil- ler & Co.. Taylor & White. St. Paul— White. Grubbs & Co.. Kalman, Matteson & Wood. Chicago — Merrill, Lynch & Co. Boston — Wm. A. Read & Co. Minneapolis — ^Wells-Dickey Co. Price Bange— N. Y. S; E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.110% Nov. 23, '06 Low. 100 Aug. 21, '15 Ask 100 May ST. PAUL CITY RAILWAY Ist 68. Due April 1, 193S. Dated April 1, 1882. Interest payable April and Oct, 1, at Farmers' Loan & Trust Co., New York. Tax Status — By a resolution of the Board of Directors of the Twin City Rapid Transit Co. on May 14, 1919, the 2% Federal Income Tax will be refunded to bondholders. This resolution is to continue in effect for one year, but is to apply to April 1, 1919 coupons. Authorized — Closed mortgage. Outstanding— $224,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan and Trust Co.. New York. Exchangeable for 1st Cqus. 6s of 1934, at 105 for these 6s and par for the 5s. Controlled through stock ownership by Twin City Rapid Transit Co. Secured by a first mortgage on valuable real estate and important street railway lines and franchises in St. Paul, Minn, Underlies — 1st Cons. 6s of 1934; Cons. Cable 6s of 1937 and Minneapolis Street Ry. & St. Paul City Ry. Cons. 5s of 1928. Earnings — See Cons. 63 of 1934. 1099 Market. St. Paul — White, Grubbs & Co.. Kalman, Matteson & Wood. Minneapolis — ^Wells-Dickey Co. New Vork — F. H. Hatch & Co. Price Range. Jan. 1, '15 to Jan. 1, 'X9 1918 Bid Ask Bid High.lll '17 112% '17 100 Jan. -Low. 96 '18 108 '17 95 Sept. ST. PAUL, CITY RAILWAY 1st Cons. 6s. Dne »Oct. 1, 1934. Dated Oct. 1, 1884. Interest payable April and Oct, 1, at Farmers' Loan & Trust Co., New York. Tax Status — By a resolution of the Board of Directors of the Twin City Rapid Transit Co. on May 14, 1919, the 2% Federal Income Tax will be refunded to bondholders. This resolution is to continue in effect for one year, but ia to apply to April 1, 1919 coupons. Authorized — $1,000,000. OntstandinE — $456,000. Denomination — Coupon, $1,000. Registerable &B to principal. Trustee— Farmers' Loan & Trust Co., New- York. Secured by a mortgrage on a portion of the -street railway lines in St. Paul, Minn. For further details see 1st 6 s above. Prior liiens — $224,000 1st 6s. Underlies — Cons. Cable 6s of 1937 and M. St. Hy. & St. P. C. By. Cons. 6s of 1928. Year ended Dec. 31 (T. C. R. T. Co.) Int., Gross Net Rent, Etc. 1918... $9,695,979 $1,770,769 $1,034,428 1917... 10,181,867 2,667.997 1,029,947 1916... 10,188,064' 3,261,738 1,014,191 1916... 9,453,964 2,726,808 1,013,634 1914... 9,284.220 2,874,384 986.743 Market. St. Paul — ^White, Grubbs & Co., Kalman, Matteson & Wood. Minneapolis — -Wells-Dickey Co. New York — B. & C. Randoipn, F. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.118 '10 118 '12 100 Jan. Low. 96 '18 108 '17 -95 Sept. ST. PAUL EASTERN GRAND TRUNK R-AIL- WAY CO. 1st Wzs. Due Jan. 1, 1947. Dated Jan. 1, 1913. Interest payable Jan. and July 1, at C. & N. W. Hy. Company's ■office. New York. Tax Status — 2% Federal Income Tax paid lay company without deduction. Authorized — $1,120,000. Outstanding — $1,120,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. $6,000 and $10,000. C. & R. interchangeable. Trustee — Central Union Trust Co.. New York. Assumed by the C. & N. W. Hy, Co. Control — Merged in 1913, with the C. & N. 'W. Ry, Co, Secured by a first mortgage on 66 miles of Toad from Oconto to Clintonville, Wis., to- gether with 4 miles of spurs. Legal for Cal,. Conn., Me,, Mich., Minn,, Mo,, N. H. N. J., H, I. and Wis. Listed on the New York Stock Exchange, Original Market — Underwritten Jan., 1913, by Kuhn, Loeb & Co., New York. Market. New York — Hhoades & Co., Sam'l Gold- schmidt, Kuhn, Loeb & Co,, Abrahpm & Co., Baker, Carruthers & Pell, F, J, Lisman & Co,, Redmond & Co,, Vilas & Hlckey. Phlladelphla^E. W, Clark & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid High.98'/4 '16 lOO'A '16 94 Nov. Low,92 '17 96 '15 93% Oct. ST. PAUL GAS UGHT CO. Gen. 5s. Due March 1, 1944. Dated March 1, 1894. Interest payable March and .Sept, 1, at Emerson McMillin & Co., 120 B'way, New York, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $5,000,000 (Jan. 1, 1919), Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Organization — See Cons. Ext. 6s. Secured by a first mortgage on plants sup- plying gas and electricity in St, Pau:, Minn. Population served, 226.000. Franchise expires in 1932. Original Market — $650,000 offered by Wm. A. Read & Co., May, 1915, at 99% and in- terest. $600,000 offered June, 1918. by Hal- sey, Stuart & Co., Chicago, etc., at 88% and interest. Market. New York— B, & C. Randolph, Wm. C. Ewen, Berdell Bros,, J, Davenport, F, H, Hatch & Co,, Lynch & MoDermott, J, Nicker- son, Jr, , Spencer Trask & Co., Taylor & White, St. Paul — F. E. Megraw, Stevens, Chapman & Co., White, Grubbs & Co., Kalman, Matte- son & Wood. Merchants Trust & Savings Bank, Minneapolis — Wells & Dickey Co., W, E, Neiler & Co, Chicago — Babcock, Rushton & Co,, Halsey. Stuart & Co, Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High,99% '16 100% '16 90% Dec, 92 Nov. Low. 82 '18 84 '18 82 June 84 Sept. ST. PAUL, MINNEAPOLIS & MANITOBA RAILWAY CO. Cons. 6s, 4%s & 4s. Due July 1, 1933.— N. Dated May 1, 1883, Interest payable Jan.- and July 1, at Great Northern Ry. Company's office, 32 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $13,344,000 6s 21,024,000 ■4%s 8,098,000 4s $42,466,000 (Jan. 1, '19), Retired by S. E.— $7,534,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registered, $1,000, Trustee — Central Union Trust Co,, New York. Sinking Eund — Proceeds of all land sales are pledged to the payment of interest and to the redemption of principal of these bonds at low- est market price. Bonds purchased are to be cancelled. Assumed by the Great Northern Hy, Co, Control — Merged into the Great Northern Ry. Co, in 1907. Secured by direct mortgage on 2,542,16 miles of road, viz. : 1100 A flrat lien on 2,641.35 miles — Milea St. Paul. Minn., to International Bound- ary north of Noyea, Minn 392.66 East St. Cloud to Hinckley, Minn 66.60 St. Cloud to "Wlllmar, Minn 65.66 Sauk Center to Park Rapids, Minn... 90.96 Barnesville, Minn., to Grand Forks, N. D ' 100.34 Grand Forks, N. D., to International Boundary north of Neche, N. D.... 81.35 Minneapolis, Minn., to Aneta, N. D... 328. 73 Clearwater Jet. to St. Cloud. Minn... 63.10 Casselton to Larimore. N. D 74.87 Fosston to Redland, Minn 46.06 Crookaton to Red River at East Grand Forks, Minn 24.64 Minn.-N. D. State Line at Grand Forks to N. D.-Mont. State Line 350.64 Fair Ground Spur, St. Paul, Minn 0.60 Elk River to Milaoa, Minn 31.79 Spur to Dam St. Cloud, Minn 2.67 Bast St. Cloud to Sauk Rapids. Minn. 2.43 Evansville to Tintah, Minn 32.01 Fergus Falls to Pelican Rapids, Minn,. 21.66 Red Lake Falls to Thief River Falls, Minn 20.14 St. Hilaire to Wylie, Minn , 7,49 Hopkins Jet. to Hopkins, Minn 3.57 Spring Park Jet. to Hutchinson, Minn. 43.90 Benson, Minn., to Watertown, S. D... 91.88 Morris to Lake Traverse, Minn 48.60 Yarmouth, Minn,, to Ellendale, N. D. 106. 07 Rutland, N. D., to Aberdeen, S. D 63.91 Wahpeton, N. D., to Moorehead, Minn. 43.48 Moorehead to Redland, Minn 66.05 Addison to Chaffee, N. D 11 . 78 Mason Jet. to Portland Jet., N. D 32.62 Grafton to Walhalla, N. D 48.10 Larimore to Hannah, N. D 94.95 Church's Ferry to St. John, N. D 66.31 Rugby Jet. to Bottineau, N. D 38.95 A second lien on 2.47 miles — Covered by the first lien of the Min- neapolis Union Ry. 1st 5s and 6s, 1922 2.47 Also secured on land grants, of which there remain unsold 94.660 acres. Also a flrat lien on the following securities; St. Paul Union Depot Co. Stock $103,600 $932,400 Minnesota Transfer Ry. Stock 7,000 70.000 Prior liiens — $2,800,000 Minneapolis Union Ky. 1st 5s and 6s of 1922 on the 2.47 miles under the second lien thereof. Underlies — Great Northern Ry. 1st & Ref. 4%s of 1961, under which mortgage bonds are reserved for the retirement of this issue. Ijegal for Bait.. Cal., Conn., Me.. Mass., Mich.. Minn., N. H.. N. J., N. T., R. I., Vt. and Wis. ^Listed on the New York Stock Exchange. Original Marlcet — Offered, $2,916,000 4s in 1910 by Clark, Dodge & Co., New York, White, Weld & Co., New York and Chicago, and Blodget & Co., New York and Boston. Market. New Tork — Chas. W. Place, Seasongood, Haas & Macdonald. Struthera & Hiscoe, Re- mick, Hodges & Co.. Clark, Dodge & Co., Bs- tabrook & Co., Harris, Forbes & Co.. Harts- horne & Battelle, B'.ake Bros. & Co., Wood. Struthera & Co., Kissel, Kinnicutt & Co., Mor- ris & Co.. Low, Dixon & Co., Baker, Carruth- ers & Pell. Redmond & Co. Boston — ^R. L. Day & Co., Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. Portland. Ore, — Morris Bros., Inc. Price Range— N. Y. S. E. Jan. 1, 1906 to .Ian. 1. 1919 1918 6s. High.137% Jan. 31, '06 111 Nov. 11 Low. 106 Oct. 9, '18 106 Oct. 9 i'Aa. Hlgh.ll2% Jan. 27, '06 95 May 1 Low. 90 Dot. 27, '17 Sl'A Aug. 11 4s. High.lOO Apr. 14, '10 89% Apr. 29 Low. 86% Mar. 2, '18 86% Mar. 2 ST. PAUI,, MINNBAPOMS & MANITOBA RAILWAY CO. Montana Extension 1st 4b. Due Jiine 1, 1937.— N. Dated June 1, 1887. Interest payable June and Dee. 1, at Great Northern Ry. Company's office. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $10,185,000 (Jan. 1, 1919). Deposited under Paciilc Extension Mtge. — $11,602,000. Denomination — Coupon, $1,000. Regiaterable as to principal only, or fully registerable. Registered, $1,000 and $6,000. Trustee — Central Union Trust Co.. New York. Assumed by the Great Northern Ry. Co. Control — ^Merged in 1907 into the Great Northern Ry. Co. Secured by direct mortgage on 1,086.25 ml'.es of road, viz. : A first lien on 836.27 miles — Miles N. D.-Mont. State Line to South Side of Sun River, near Great Falls. ... 411 . 64 Great Falls to Old 3and Coulee Jet 1.18 Fair Grounds Spur, Great Falls B. & M. Smelter Branch, Great Falls.. 5.09 Paolflo Jet. to Idaho State Line 401.22 Columbia Falls to Kalispell 14.90 Rexford to North Switch 0.28 A second lien on 249.98 miles — Covered by the first lien of the Mont. Cent. 1st 5a and 6s : 249.98 Prior I/lens — $10,000,000 Montana Central 5s and 6s of 1937. Underlies — St. P., M. & M. Pacific Exten- sion 4s and the Great Northern 1st Ref. 4%8 of 1961. under which mortgage bonds are re- served for the retirement of this issue. Legal for Bait., Cal., Conn., Me.. Mass... Mich., Minn., Mo.. N. H., N. J., N. Y., R. I... Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — Colgate, Parker & Co., J. S:_ Farlee & Co., E. & C. Randolph, Taylor. Smith & Hard. Remiek. Hodges & Co.. Wood, Struthers & Co.. Seasongood, Haas & Macdon-- ald, Blake Bros. & Co., Low, Dixon & Co.,, Ambrose R. Clark & Co.. Redmond & Co. Boston — Harris. Forbes & Co. Chicago — Harris Trust & Savings Bank,. Portland. Ore. — Morris Bros.. Inc. Pittsburgh — ^R. B. Hutchinson & Co. J Philade'phia — Bldd'e & Henry. " Price Range — N. Y. S. E. f Jan. 1. 1906 to Jan. 1. 1919 1918 High.104% Jan. 18. '06 90 Dec. 13 Low. 81% Jan. 16. '18 81% Jan. 16 ST. PAUL, MINNEAPOLIS & MANITOBA RAILWAY CO. Pacific Extension 1st 48. Due July 1, 1940. — N. Dated July 1, 1890. Interest payable Jan. and July 1, at Company's office. New York, and at Baring Bros., London. Prinblpal and Interest payable In Sterling at the rate of $4.8434 per f. 1101 Tax Status — Payment of Federal Income Tax not assumed by company. Authorized-^£6,000,000. Outstanding— £6,854,100 (Jan. 1. 1919). Denomination — Coupon, £100 and £1,000 each. Registerable aa to principal, or fully reeisterable. Registered, £1,000 and £5.000. Trustee — Central Union Trust Co., New York. ABSumed by the Great Northern Ry. Co. Control — Merged into the Great Northern Ry. Co. in 1907. Secured by direct mortgage on 848.95 miles of road, viz. : A first lien on 432.55 miles — Miles Idaho-Mont, State Line near Newport to Everett, Wash 432.55 A. second lien on 416.40 miles — Covered by the first lien of the St. P., M. & M.-Mont. Ext. 1st 4s 417.03 Also a first lien by deposit hereunder on $11,602,000 (out of $21,687,000 St. P., M. & M.-Mont. Ext. 1st 4s) secured upon 1,086.25 miles of road in Montana. Prior liiens— $10,185,000 St. Paul, Minn. & Manitoba-Montana Ext. 4s, 1937. Underlies — Great Northern 1st & Ref. 4^s of 1961, under which mortgage bonds are re- served for the retirement of this issue. Iiegal for Bait., Cal., Conn.. Me., Mase., Mich.. Minn., Mo.. N. H., N. J., N. T,, R. I., Vt. and Wis. Usted on the New York and London Stock Exchanges. Original Market — £1,000,000 offered in 1905 at 104^ and interest by Clark, Dodge & Co. and First National Bank, New York; also in Jan., 1910, £2,000,000 by Baring Bros. & Co., London. Market. New York — Kean, Taylor & Co., McKInley & Morris, Remick, Hodges & Co., Wood, Struthers & Co.. F. J. Lisman & Co., Kissel, Kinnicutt & Co., Seasongood, Haas & Macdon- ald. Baker. Carruthers & Pell, Simon Borg & Co. Chicago — Kean, Taylor & Co. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. -Jan,. 1, 1906 to Jan. 1, 1919 1918 Bid High. 92% Mar. 28, '11 76% Nov. Low.85^^ Nov. 8, '15 76% Dec. ST. PAUL UNION DEPOT 1st 68. Due May 1, 1930.— N. Dated May 1, 1880. Interest payable May and Nov. 1, at Central Union Trust Co., New York. Tax Status — Paynaent of Federal Income Tax not assumed by company. Authorized and Outstanding — $250,000. Denomination — Coupon, $1, 000. Trustee — Central Union Trust Co. , New York. Guaranteed as to Interest by controlling companies (see below). Organization and Control — Incorporated in 1879 In Minnesota, for 100 years. All of the stock is owned equally by the Northern Pacific Ry. ; Chi., Mil. & St. Paul Ry. ; Gt. Nor. Ry. : Chi., St. P., Minn. & O. Ry. ; Chi. Gt. West. R. R. ; C. B. & Q. R. R. ; Minn., St. P. & S. Ste. M. Ry.; Minn. & St. L. R. R. and C. , R. I. & P. Ry. These are all of the railroads entering St. Paul. Secured by a first mortgage on a Union Station in St. Paul, Minn., with nine miles of terminal track. Underlies — Cons. 4 and 5s of 1944. Market. New York — Baker, Carruthers & ham & Co., J. Davenport, Korn, Co., C. W. Place, Taylor. Smith & St. Paul— White, Grubbs & Co., Matteson & Wood. Price Range. Jan. 1, '08 to Jan. 1, '19 Bid Ask High.113 '12 113% '17 Low. 92^^ '18 112 '17 Pell, Abra- Lehman & Hard. Kalman, 1918 Bid 99 June 92% Nov. ST. PAUL UNION DEPOT Cons. 4s & 6b. Due May 1. 1944.— N. Dated May 1, 1894. Interest payable May and Nov. 1, at Northwestern Trust Co., St. Paul. Minn. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 500.000. Outstanding — $150,000 5s; $100,000 4a. Denomination — Coupon, $1, 000. Trustee — Northwestern Trust Co., St. Paul, Minn. Guaranteed as to interest by controlling com- panies. (For these and other details, see lat 63 above, ) . Prior Liens — $250,000 1st Ss. St, Paul — ^Whlte. Grubbs & Co., Kalman, Matteson & Wood, New York — Abraham & Co., C. W. Place. Taylor, Smith & Hard. Price Range. Jan. 1, '08 to Jan. 1, '19 4s. Bid Ask High.90% '17 100 '09 Low. 88% '17 69. High.lOS*/^ '17 107^/^ '17 Low. 92 '17 Q8V2 '14 (THE) ST. PAUL UNION DEPOT CO. 5-Year 5Vk% Guaranteed Notes. Due December 15, 1923. Dated Dec. 15, 1918. Interest payable June 15 and Dec. 15 in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 8,000.000. Outstanding — $8,000,000, Puniose of Issue — The proceeds of this issue to be used in part in the retirement of float- ing indebtedness, heretofore incurred in acauir- ing land for the Terminal and for construction work and in part in providing the company with funds to complete its program for 1919. Denomination — Coupon $100, $1,000 and $5,000. Registerable as to principal. Truatee — Northwestern Trust Co., St. Paul, Minn. Redeemable as a whole at 101 and interest on any interest date on 60 days' notice. Guaranteed principal and interest. Jointly and severally, by endorsement by the following companies: Chicago, Milwaukee & St. Paul Railway Co. Chicago, St. Paul, Minneapolis & Omaha Railway Co. Chicago, Burlington & Quincy Railroad Co. Minneapolis, St. Paul & Sault Ste. Marie Railway Co. Great Northern Railway Co. Northern Pacific Railway Co. Chicago Great Western Railroad Co. Minneapolis & St. Louis Railroad Co. Chicago, Rock Island & Pacific Railway Co. Organization, etc. — See 1st 6s. Security — A direct obligation of the company but not secured by mortgage. The trust in- 1102 denture provides that while these notes are outstanding no security will be created rank- ing ahead of these notes. Prior Liens— $250,000 1st 6s of 1930 and $250,000 Cons. 4s and 5s of 1944. Original Market — $8,000,000 offered Decem- ber. 1918, by J. P. Morgan & Co., First Na- tional Bank. Kuhn, Loeb &. Co., and National City Co., New York, at 99 and interest. Market. Cliicago — Babcock, Rushton & Co., Curtis & Sanger. H. T. Holtz & Co., Pynchon & Co. New York — Bull & Eldredge, J. Davenport, Equitable Trust Co. of N. Y., Mann, Bill & Co., Nat'l City Co., J. Nickerson, Jr. Louisville — J. J. B. Hilliard & Son. St. Paul — Kalman, Matteson & Wood, Mer- chants' Trust & Savings Bank. ST. PAUL UNION STOCK YARDS CO. 1st 5s. Due Oct. 1, 1946.— F. Dated Oct. 2, 1916. Interest payable April 1 and Oct. 1, at St. Paul. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Minnesota. Authorized — $2,500,000. Outstanding — $1,500,000 (May 16. 1919). Retired by S. F. — $66,000. Pledged Under 3-Year Notes — $934,000. Reserved for Ext. (75%) — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Northwestern Trust Co., St. Paul, Minn. Redeemable at 103 and interest Oct. 1, 1921, or any interest date thereafter on 90 days' notice. Sinking Fund — Annually beginning Oct. 1, 1917, 2 % of bonds certified for the purchase or redemption of these bonds at not exceeding 103 and interest. Bonds so acquired are to be cancelled. Organization — Incorporated in Minnesota in 1886. Secured by a first mortgage on all the prop- erty nf the company. The property covered includes 230 acres of land, modernly equipped stock yards located in South St. Paul, on the Mississippi River, and 18 miles of railroad track. All the railroads entering St. Paul have access to the yards. Year ended Dec. 31 Gross Net Interest 1918 $1,084,823 $408,524 $75,000 1917.... 863,093 371,100 75,000 1916 791.298 363.254 93,525 1915 672,539 457,948 106,816 1914 495,794 319,834 109,167 Original Market — $200. 000 offered Sept., 1916, by Wight, Kibbee & Co., St. Paul, at 100 and interest. Market. St. Paul — Wight, Kibbee &• Co:, Kalman. Matteson & Wood, Merchants Trust & Savings Bank. Minneapolis — Minnesota Loan & Trust Co. New York— Abraham & Co.. F. H. Hatch & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Ask High.lOO '17 101% '17 95 Jan. Low. 95 '18 ST. PAUL UNION STOCKS YARDS COM- PANY 3-Year 6% Secured Notes. Due May 1. 1922. Dated May 1, 1919. Interest payable May and -Nov. 1, at Merchants' Trust & Savings ESinki' St. Paul. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $747,00 0. Outstanding — $747,000. Denominations — Coupons, $100, $500 and $1,000, registerable as to principal. Trustee — Merchants' Trust & Savings Bank, St. Paul. Minn. Redeemable upon 45 days' notice at 102 on Nov, 1, 1919 and May 1, 1920, and at 101 on Nov. 1. 1920 and May 1. 1921. Organization — See 1st 5s. Secured by pledge of $934,000 face value 1st 5s, due Oct. 1. 1946, which bonds are a first mortgage on the entire property of the com- pany. Earnings — See 1st 5s. Origina.1 Mai:ket — $249,000 offered May, 1919, by Merchants' Trust & Savings Bank, St. Paul; Minnesota Loan & Trust Co., and Wells-Dickey Co., Minneapolis, at par and in- terest. ST. PETERSBURG (FLORIDA) LIGHTING CO. let 6s. Due June 1, 1945. — F. Dated June 1, 1915. Interest payable June 1 and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $750,000. Outstanding — $400,000 (Jan. 1, 1918). Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Pennsylvania Co. for Insurances oo Lives & Granting Annuities, Philadelphia. Redeemable as a whole or for the sinking funs after June 1, 1920, at 105 and interest. Sinking Fund — 1% per annum of outstand- ing bonds from June 1, 1920 to 1925, inclu- sive, 1%% from 1926 to 1930 and 2% from 1931 to 1945. Organization — Incorporated in Florida In 1899 as St. Petersburg Electric St. & Pr. Co.; name changed to present title in 1915. Control and Management — Controlled through stock ownership and operated by the General Utilities & Operating Co. of Baltimore, Md. Secured by a first mortgage on steam gen- erating plant and distribution system supply- ing electricity in St. Petersburg, Fla. The company has a ten-year city lighting contract. Franchise expires in 1995. Population, 1910, 4,672. City estimate, 1914, 11,655. Ag the city is a winter resort the population in the winter months is much larger. Year ended Dec. 31 Gross $153,402 135,131 103.535 Original Market — $300, 000 offered in July, 1915, by Henry & West, Philadelphia, at 97% and interest. Market. Philadelphia — West & Co., Investment Reg- istry of America. New York — Sam'l Goldschmidt, Lynch & Mc- Dermott. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 95 *16 100 '17 87 Mar. 95 Jan. Low. 80 '18 90 '18 80 July 90 July 1918. 1917. 1916., Net Interest $39,137 S29,845 51,476 23,795 46,902 18.000 SAI.EM & PENNSGROVE TRACTION CO. Ist SO-Year 6s. Due Dec. 1, 1935.— F. Dated Dec. 1, 1915. Interest payable June 1 and Dec. 1, at Trustee's. Tax Status — 2 % Federal Income Tax paid by company without deduction. 1103 Tax refunded in Pennsylvania. Aathorized — $750,000. Outstanding — $398,700 (Jan. 1, 19'l9). Retired by S. F.— $33,700. Denomination — Coupon, $100, $500 and $1,000. Regristerable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities. Redeemable on aiiy interest date at 100 and interest. Redemption Fund — Beginning July 1, 1917, all net earnings after interest, but not " ex- ceeding $50,000 in any one year for the pur- chase or redemption of four-fifths of these bonds ani^ one-fifth of second mortgage bonds. Paytnents to be reduced to 2% of outstanding bonds when one-half of second mortgage bonds and all but $225,000 of tliese bonds have been retired. Convertible — Bondholders of called or ma- turing bonds have privilege of all cash or half cash and half stock in the company. Organization — Incorporated In New Jersey in 1915. Secured by a first mortgage on the entire property of the company and including about 14 miles of electric railway from Pennsgrove Ferry through new villages developed by > the B, I. du Pont de Nemours & Co. plants through city of Salem, N. J. Population served, 42.950. Underlies — $93,000 20-Tear 2nd S. F. 63. Year ended Dec. 31 Gross Net Bond. Int. 1918 $231,341 $82,884 $31,601 1917 190,536 57,212 31,479 All fare divisions in operation from May 1, 1917. Original Market — Offered by Martin & Co., Philadelphia, March. 1916. Market. Philadelphia — Martin & Co., Huntoon & Co. Price Ranse 1918 — Ask 95. SAI.INA (KAN.) WGHT, POWER A GAS CO. iHt es. Due May 15, 1930. Dated Ma;/ 15, 1918. Interest payable May 15 and Nov. 15 at the Union Trust Co.. Chi- cago. Tax Stutus — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstandine; — $490,000. Reserved for Ext. <80%)— $200,000. Purpose of Issue — To retire $200,000 Gen. 53 due 1931 and to pay floating debt incurred in making recent additions, etc. Denomination: — Coupon $100, $600 and $1,- 000. Registerable as to principal. Trustee — Union Trust Co., Chicago. Redeemable upon 30 days' notice on or be- fore Nov. 15, 1919, at 101 and interest. Organization — Incorporated in Kansas in 1910. Capital Stock Autl^orlzed Outstanding Common $500,000 $500,000 Controlled through ownership of entire cap- ital stock by the Cities Service Co., except di- rector's qualifying shares. Management — H. L. Doherty & Co., New York. Secured by a first mortgage on all the prop- erty of the company, including p'.ants supply- ing gas and electric light and power in Salina. Kan. Population served about 15,000. Fran- chise runs for 20 years to July 27. 1930. The company sells power under contract to the lo- cal street railway company. 12 months ending: Sept. 30: Gross Net Interest 1918 $235,258 $58,371 'Original Market — $450,000 offered November, 1918, by Taylor, Bwart & Co., Union Trust Co. and Ames, Emerich & Co., Chicago, and Sweet, Causey & Foster, Denver, at 97% and interest. Market. Chicago — Ames, Emerich & Co. Dofl SALINE COUNTY COAL CO. 1st 6s. Oct. 15> 1933. Dated Oct. 15, 1908. Interest payable April 15 and Oct. 15, at Trustee's office. Tax Status — Information not available. Outstanding — $607,500. Additional bonds issuable for 80% of the cost of extensions and Improvements. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Truustee — Central Trust Co. of Illinola, Chicago. Redeemable at 103 and interest on any in- terest date. Sinking Fund — The mortgage provides for a sinking fund on all coal mined for the pur- chase or redemption of these bonds at not over 103 and interest. Secured by mortgage on all the property of the company, comprising 9,200 acres owned or under 99-year lease, 1,000 acres in small holdings adjacent to the properties, together with mining equipment. The company operates three mines. Property is located near Har- rlsburg. 111. Year ended March 30 Int. & Net Dep'n, etc. S. F. 1917 $298,561 $137,932 $58,952 Original Market — Offered Oct., 1910, by W. "W. Armstrong Co., Aurora, III., at 100 and interest.. SALINE ELECTRIC CO. Ist S. F. 68. Doe Sept. 1. 1926.— F. Dated Sept. 1, 1916. Interest payable Mar. 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $590,300 (Jan. 1, 1919), Reserved for Ext. — $2,409,700. Denomination — Coupan, SlOO, $500 and $1,000. Registerable as to principal and In- terchangeable. Trastee — Illinois Trust & Savings Bank, Chicago. Assumed by the Southern Illinois Light & Power Co. Redeemable at 101 and Interest on any In- terest date on 60 days' notice. Sinking Fund — Annually, beginning Nov. 1, 1917, an amount either In cash or In bonds of this Issue at par, an amount eaual to not less than 1% of bonds Issued. The cash fund Is to be applied to the purchase or redemption of these bonds at not over 101 and interest. Bonds so acdulred to be cancelled. Organization andi Control — Incorporated in Illinois in 1915. In 1918 propertv of this com- pany was acquired by the Southern Illinois Light & Power Co. Secured by a first mortgage on all the prop- erty of the company. The company owns electric generating plants in Du Quoin, Eldo- rado, Nashville. Sparta, Chester and Pinck- neyville, 111., together with 91.5 miles of trans- mission and distribution lines and artificial ice plants in Du Quoin, Nashville, .Sparta, Chester and t*inckneyville. In addition to the towns mentioned the company serves Enfield, Equality, Ridgway, St. Johns, Coulterville, Ashley, AddievIUe, Huegely and other towns. Population served, about 29,000. Franclllflea 1104 in Sparata and Pinckneyville expire in 1921 and 1926. respectively ; a majority of them run to 1933 or a later date, and the balance beyond the maturity of these bonds Underlies — Southern ir.inois Light & Power Co. 1st 6s of Jan. 1. 1931. Earnings — See Southern Illinois Light & Power Co. 1st 6s. Original Market — Offered Oct., 1916, by Dul- lard, Hetherington & Co., Chicago,- at 100 and Interest. Aforket. Chicago — Lawrence J. Mills & Co., Bullard, Hetherington & Co. Xos Angeles — Perrin, Drake & Riley. Milwaukee — Edgar. Ricker & Co. SALISBURY & SPENCER RAKLWAY 1st 58. Due May 1, 1945.— P. Dated May 1, 1905. Interest payable May and Nov. 1, at Michigan Trust Co., Grand Rapids, Mich., and Equitable Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $1, 000. 000. Outstanding — $831,000 (Jan. 1. 1919). In Treasury — $61,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — -Michigan Trust Co., Grand Rapids, Mich. Redeemable at 105 and Interest on six months' notice. Guaranteed principal and interest by the North Carolina Public Service Co. Organization and Control — Incorporated in North Carolina in 1859. Present name adopted in 1903. Majority of stock owned by and property leased to North Carolina Public Service Co. Secored by a first mortgage on 9.40 miles of street railway track in Spencer, Salisbury and Concord, N. C, and plants supplying gas and electricity in Salisbury, Spencer and East Spencer, N. C. Population served, approxi- mately 25,000. Franchises run for 60 years from 1901 . Company has ten-year city con- tracts for lighting in Spencer and Salisbury and fifteen-year contract for lighting in East Spencer. Earnings — See North Carolina Public Service Co. Original Market — ^Flrst offered by H. P. Bachman & Co. , Philadelphia, at par and Interest. Market. New York — Robinson & Co., Kiely & Hor- ton, Gilman & Clucas, Dunham & Co., Mar- tin, Berwin & Co., E. & C. Randolph. Albany- — ^Henry J. Prince. Philadelphia — H. P. Bachman & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 92 '17 99V4. '17 73 Nov. 87% Mar. Low. 65 '18 82 '17 65 July 85 Jan. SALMON RIVER POWER CO. 1st 6s. Due Ang. 1, 1952.— P. Dated August 1, 1912. Interest payable Feb. and Aug. 1, at Trustee's ■ office, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt In New York. Authorized — $5,000,000. Outstanding — $4,383,000 (Dec. 1. 1918). Held in S. F.— $162,000. Deposited under N. L. & O. P. Co. 6% Notes— $455,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and interest on any in- terest date on six weeks' notice. Sinking Fund — 1% of bonds issued per an- num, beginning Aug. 1, 1916, to be applied to the purchase or redemption of these bonds at not exceeding 110 and interest. All bonds so acquired shall be held alive in sinking fund and interest added thereto. Guaranteed principal and interest by the Niagara, Lockport & Ontario Power Co. by en- dorsement. Organization and Control — Incorporated In New York in 1905. Merged Jan., 1918, into the Niagara, Lockport & Ontario Power Co. Secured by a first mortgage on 8,000 acres of ground, 42 miles from Syracuse, on the Salmon River, and hydro-electric plant of 35, 000 h. p. and transmission line to Syra- cuse. Underlies— $1,300,000 N., L. & O. P. 6% Notes, due Feb. 1, 1920, secured in part by pledge of $1,980,000 (new) N., D. & O. P. Ref. S. P. 6s. due 1958. Earninsrs — See Niagara, Lockport & On- tario Power Co. Original Market — Offered in Sept., 1912, by Wm. Salomon & Co., New York, and J. C. Dann & Co., Buffalo, at 91 and interest. Market. New York — Earle A. Mil'er & Co., Joseph & Wiener, Dunham & Co.. E. & C. Randolph, Martin, Berwin & Co., F. H. Hatch & Co.. Berdell Bros.. Hotchkin & Co., Kiely & Hor- ton. Miller & Co., Pynchon & Co.. J. Nicker- son, Jr. , Phelps & Neeser, T. Hall Keyes & Co.. Blodget & Co., Bauer, Starr & Co.. J. Davenport. McGeorge & Vanderhoef. New Haven — Chas. W. Scranton Co. Buffalo — John T. Steel, A. L. Chambers & Co.. Gardner, Penn & Co.. O'Brian. Potter & Co. Chicago — Emery, Peck & Rockwood, Yard & Taylor, Babcock. Rushton & Co. Boston — McConnell & Co., Kimball, McKiri- ney & Co.. Blodget & Co., L. Sherman Adams, F. B. Bassett & Co. Providence — Stranahan & Co., Hornblower & Weeks. Philadelphia — ^Martin & Co.. Lloyd & Pal- mer, H. D. Boenning & Co., Harper & "Turner. Welsh Bros.. Huntoon & Co.. S. K. Phillips & Co. Wilkes-Barre — H. B. Schooley. Portland — Merle S. Brown, H. M. Payaon & Co. Worcester — W. E. Wardwell & Co. Price Range. Jan. 1. '15 to Jan. 1. '18 1918 Bid Ask Bid Ask High.91 '17 100% '17 ST'^ Dec. 91 Dec. Low. 75 '18 80 '18 75 Mar. 80 Sept. SALT LAKE & OGDEN RAILWAY CO. 1st 5s. Due Feb. 1, 1934.— P, Dated Feb. 1, 1909. Interest payable Feb. and Aug. 1. at Chicago. Tax Status — 2%- Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,500,000. Reserved for Extensions — $500,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Harris Trust & Savings Bank, Chi- cago. 1105 Redeemable as a whole at 105 and interest on any interest date. Organization — Incorporated In Utah in 1896, Name changed to Bamberger Electric R. R. Co. In Aug., 1917. Owns 50% of the stock of the Salt Lake Terminal Co. and with the Salt Lake & Utah R. R. , which owns the other 50% of stock, operates the property un- der a 50-year lease. These two companies jointly and severally guarantee principal and interest on lessor's First Mortgage Bonds. Secured by a first mortgage on 36 miles of interurban railway from Salt Lake City to Ogden. Utah. Population served: Salt Lake City, 125,000; Ogden, 35,000; remaining terri- tory, 15,000. Practically the entire road is built on private right-of-way. Elsewhere shortest franchise extends to 1955. Year ended Dec. 31 Bond Gross Net Interest 1918 $499,625 $149,904 $75,000 1917 509,796 199.407 7S,000 1916 454.171 164,780 75,000 Original Market— Offered in 1911, by Harris Trust & Savings Bank, Chicago, Harris, Forbes & Co., New York, and N. W. Harris & Co., Inc., Boston, at 98% and interest. Market. New York — Hanson & Doyle, B. & C. Ran- dolph, Harris, Forbes & Co.. S. L. Snowden. Boston — Harris, Forbes & Co. CMcago — Harris Trust & Savings Bank. Milwaukee — Marshall & Ilsley Bank. Philadelphia — "Welsh Bros. Price Range. Jan. 1, '15 to Jan, 1, '19 1918 Bid Ask Bid Ask High.95'^ '17 98 '16 85 May 90 Nov. Low. 85 '18 86 '17 and SALT LAKE & UTAH (ELECTRIC) RAII^ ROAD Ist 6s. Due April 1, 1944. — F. Dated April 1, 1914. Interest payable April 1 and Oct. 1, at Trustee's office, or First National Bank, New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $1,250,000 (Jan. 1, '19). Pledged to Secure 7% Notes— $750. 000. Denomination — Coupon, $100, $500 $1,000. Registerable as to principal only. l^usjee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date at 102 and interest. Sinking Fund — A sum equivalent to 1% per annum of outstanding bonds from 1919 to 1923, 1%% 1924 to 1933 and 2%. thereafter, to be applied to the retirement of these bonds. Organization — Incorporated in Maine in 1912. Owns 50% of the stock of the Salt Lake Terminal Co. and with the Bamberger Electric R. R. Co., which owns the other 50% stock, operates the property under a 50-year lease running to December, 1963. These com- panies jointly and severally guarantee princi- pal and interest on lessor' s first mortgage bonds. Secured by a first mortgage on 67 miles of Interurban railway from Salt I^ake City to Pay.s'n, Utah; 9 miles branch from Granger to Matjna; 2 miles of street railway track in Provo; also a lien on equipment and all other property of the compi^iv Popu'ation served: Salt Lake City. 110,000; rpmaining territory. 20,000. A large part of the road is on pri- vate right-of-way. Franchises in Utah County and Provo extend to 1960, in Salt Lake City and County to 1962, and in Lehi City and American Fork and Pleasant Grove to 2010, and to 2012 in Springville, Spanish Fork and Payson. In addition to- the property covered by this mortgage, the company operates one nille of track in Salt Lake City, owned by the Salt Lake Terminal Co. Year ended Dec. 31 Gross Net Interest 1918. .-. $546,020 $171,617 1917... 487,926 171,153 1916. . . 411,638 151,061 1915, . . 279,953 101,706 Original Market— Offered In Jan., 1915, by E. H. Rollins & Sons, Boston, New York, etc., at 98 and interest. $250,000 offered March, 1916, by International Trust Co., Denver, at 100 and interest. Market. Boston — F. B. Bassett & Co. Denver — International Trust Co, New York — J. Nickerson. Jr. Salt Lake City — Palmer Bond & Mtg. Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 ji gir A.sk High.lOO '16 91% Nov. Low. 91^ '18 SALT LAKE & UTAH (ELECTRIC)- RAII^ ROAD CO. 3-Year 7% Secured Notes. Due Aug, 1, 19«1. Dated Aug. 1. 1918. Interest payable Feb. 1 and Aug. 1 at Salt Lake City, Chicago or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized — $1,000,00 0. Outstanding — $562,500 (Jan. 1, '19). Reserved for Corporate Purposes — $437,500. Purpose of Issue — To fund indebtedness in- curred for permanent extensions and improve- ments. Denomination — Coupon $100, $500 and $1,- 000. Trustee — Northern Trust Co.. Chicago. Redeemable at 101% and interest to Aug. 1, 1919, and thereafter at 101 and interest to Aug. 1, 1920, and thereafter at 100 and inter- est to Aug. 1, 1921. Organization — See 1st 6s. Secured by pledge of $750,000 ($2,000,000 is- sued) 1st 6s. due 1944, at the ratio 133 1-3% bonds to notes. Additional notes issuable upon pledge of additional bonds in the same ratio when net earnings are 1% times the interest on all the bonds and notes outstanding. Earnings — See 1st 6s. Original Market — $562,500 offered December; 1918. by Wilson, Cranmer & Co.. International Trust Co., and E. H. Ro'.lins & Sons. Denver, at 98% and interest. Market. Salt Lake City — Palmer Bond & Mtg. Co. iioa SALT LAKE CITY UNION DEPOT & RAIL- ROAD 1st 6s. Due Nov. 1. 1938. — F. Dated Nov, 1, 1908. Interest payable May 1 and Nov. 1, at Bankers' Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. OutstandinB— $992,000 (Jan. 1, 1919). Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New Tork. Redeemable on May 1, 1923, or any interest date thereafter, at 105 and interest. Organization and Control — Incorporated in Utah in 1907. The $200,000 stock Is eaually owned by the Denver & Rio Grande R. R. Co. and the Western Pacific Ry. Co. Secured by a first mortgagre on union pas- senger station and approaches in Salt Lake City. Market. New York— J. S. Farlee & Co., Baker. Car- ruthera & Pell, J. Davenport. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97% '10 100 '10 80 Jan. 90 Jan. Low. 70 '17 82% '17 77% Sept. 86 Dec. SALT XAKEi, GARFIELD & WESTERN RAILWAY CO. 1st 6s. Due each Septem- ber 1 from 1919 to 1941, inclnsiTe. — F. Dated September 1, 1916. Interest payable March 1 and September 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $300,000. Additional bonds issuable for 80 % of cost of extensions, etc., when net earnings for the previous year are twice interest on bonds out- standing and to be Issued. Denominations — Coupon, $100j $600 and $1,000. Trustees — Continental & Commercial Trust & Savings Bank. Chicago, and Zion's Savings Bank & Trust Co., Salt Lake City. Redeemable in reverse numerical order at 104 and interest on any interest date on sixty days' notice. Maintenance Fund — 22 % of gross earnings monthly for maintenance and renewals. An additional 3% monthly for accident reserve fund. Residual cash balances may be In- vested annually in bonds of this issue, or ex- pended for capital account. Organization — Incorporated in Utah in 1891. as Saltair Railway Co. In 1892 name changed to Salt Lake & Los Angeles Railway Co. Present name adopted October, 1916. Secured by a first mortgage on all the prop- erty of the company comprising seventeen miles of steam railroad (to be electrified) from Salt Lake City, Utah, to the property of the Saltair Beach Co. on Salt Lake; terminal property in Salt Lake City, comprising fifteen acres ; also a first mortgage on the Saltair Beach Co.'s property, comprising 1,500 acres fronting one and one-quarter miles on Salt Lake and on steel frame structure built in the lake. Prom the proceeds of these bonds it is proposed to electrify the system, extend the line three miles from Saltair to Garfield, purchase new electrical rolling stock and any residue to be applied to the liquidation of indebtedness. The road does both a freight and passenger business and has physical con- nection with the Denver & Rio Grande, Ore- gon Short Line. Western Pacific and Los An- geles & Salt Lake. Year ended Dec. 31 Gross Net Int., etc. 1918 $114,419 $16,958 $12,978 Original Market — $300,000 offered February. 1917, by C. F. Chllds & Co., Chicago, to yield 5.75%. Market. Chicago — C. F. Chllds & Co. Salt Lake City — Palmer Bond & Mortgage Co. Price Range 1918— Ask 95-97. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $350,000 (Jan. 1, 1919). Reserved for Ext. (80%)— $660,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only. Trustee — International Trust Co., Denver, Colo. Redeemable on any interest date at 102 and interest on 35 days' notice. Sinking Fund — ^Annually 1% of issued bonds from 1920 to 1924, 1%% from 1925 to 1929, and 2% 1930 to 1934. inclusive, for the pur- chase ox redemption of these bonds at not over 102 and ^interest. Bonds acquired to be cancelled. Guaranteed as to principal and interest jointly and severally by the Bamberger Elec- tric R. R. Co. and Salt Lake & Utah R. R. Co. Organization and Control — Incorporated In Utah in 1913. The stock is owned in equal parts by the Salt Lake & Ogden Ry. Co. and the Salt Lake & Utah R. R. Co. and the property leased to these companies for 5 years to Dec. 31, 1963. Secured by a first mortgage on terminal property in Salt Lake Ci.ty, Utah, consisting of four and one-half blocks of double track and two blocks of single track on First West St. . from near South Temple St. to Sixth South St. , with passenger and freight ter- minals in the business section of the city. The northern end of the line makes connection with the Bamberger Electric R. R. Co. and the southern end with the Salt Lake & Utah R. R. Co. Passenger terminals include 90.000 square feet, and freight terminals 109, 000 square feet. The terminals are one block apart. The road Is built to handle the heav- iest traflSc. Franchise granted in January, 1914. runs for 50 years. Original Market — Offered in October, 1915. by the International Trust Co., Denver, at 101 and interest. Market. New York — Baker, Carruthers & Pell, E. & C. Randolph, J. Davenport, Lynch & McDer- mott. Denver — Sweet, Causey, Poster & Co.. Inter- national Trust Co. Salt I^ke City — Palmer Bond & Mortgage Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1018 Bid Ask Bid Ask High.:02 '16 103 '17 93M! May 100 Jan. Low. 90 '17 95 '18 90 Oct. 95 Oct. SALT LAKE (UTAH) TERMINAL CO. Ist 68. Due June 1, 1935. — F. Dated June 1, 1915. Interest payable June 1 and Dec. 1, at Bankers' Trust Co., New York, and International Trust Co., Denver, Colo, SAN ANGELO (TEXAS) WATER, LIGHT & POWER CO. Ist 6s. Due Feb. 1, 1934. Dated Feb. 1, 1912. Interest payable Feb. and Aug. 1, at Continental & Commercial Trust & Savings Bank, Chicago, and First National Bank, New York, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $750, 000. Outstanding— $429,500 (April 1. 1919). Retired by S. F.— $20,500. Denomination — Coupon, $ 5 and $1. 000. Reglsterable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on any interest date, as a whole, at 105 and Interest. Sinking Fund — 1916 to 1919. 1%% of out- standing bonds per annum; 1920 to 1924, 2%%: 1925 to 1928, 3%; and 1929 to 1933, 4%. 1107 Organization and Control — Incorporated In Texas in 1884. Entire common stock and $75,000 of $100,000 preferred stock owned by the Interstate Electric Corporation. Secured by a first mortgage on plant supply- ing water and electricity to ,San Angelo, Texas. Population served, 12,000. Franchise expires in 1957. iEamings included in those of Interstate Electric Corp. Original Market — $470,000 offered in 1912 at par and interest by Spitzer, Rorick & Co. and A. E. Fitkin & Co., New York. Market. Toledo — Spitzer, Rorick & Co. Chicago — Spitzer, Rorick & Co. New York — Spitzer, Rorick & Co., F. H. Hatch & Co. Boston — ^A. E. Fitkin & Co. SAN ANTONIO & ARANSAS PASS RAIL- WAY CO. 1st 48. Due Jan. I» 194S. — N. Dated December 20, 1892. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $21,600,000. Outstanding — $17,644,000. Reserved for Ext. — $2,700,000. Cancelled under order of Railroad Commis- sion of Texas — $1,356,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. Trustee — Central Union Trust Co.. New York. Guaranteed as to principal and interest by the Southern Pacific Co. by endorsement. Organization and Control — Incorporated for 50 years in Texas in 1884. The Southern Pa- cific Co. , formerly owned a majority of the stock, but in 1903 the Railroad Commission held this control to be illegal. The company has outstanding $8,101,202 notes, of which $3,898,000, owned by the Southern Pacific Co., are receiving no interest. The Southern Pa- cific Co. also owns $2,705,842 of the remain- ing notes. Secured by first mortgage on 723.80 miles of road, viz. : Miles San Antonio to Houston 238.00 Yoakum to Waco 170.60 3an Antonio to KerrviUe 70.60 Austin Jet. to Liockhart 54.50 Kenedy to Corpus Christi 87.90 Skidmore to Falfurias 80.70 Rockport to Gregory 21 . 50 The mortgage provides that it shall be se- cured on all extensions until the total mileage subject to its lien is 800 miles. Itisted on the New York Stock Exchange. Original Market — Offered. in 1893 by Heidel- bach, Ickelheimer & Co., J. Kennedy Tod & Co., Speyer & Co. and Hallgarten & Co., New York. Market. New York — Hartshorne & Battelle, Coffin & Co. , Freeman & Co. . Americus J. Leonard, Baker. Carruthers & Pel'.. Philadelnbla — r. Pearnn & Co. Price Range — N. Y. S. E. Jan. 1. 190G to Jan. 1. '19 1918 High. 92% Feb. 11. '09 68% Dec. 21 L.ow.54l^ Sept. 10. '18 54% Sept. 10 SAN ANTONIO BEX.T & TGRMINAI^ RAII#- WAY CO. 5-Year 1st 6». Due April 1» 1934. Dated April 1, 1919. Interest payable April I and October 1 in St. Louis or New York. Tax Status — Information not available. Autliorized — $ 1,850.000. Outstanding — $1,850,000. 1 Purpose of Issue — To retire $1,750,000 3- Year 1st 6s, due April 1, 1919, and to partly cover cost of improvements. Denomination — Coupon $1,000. Trustee — Mercantile Trust Co., St. Louis. Redeemable on any interest date at -the fol- lowing ,pTices with interest, viz. : April 1. 1919, to April 1, 1920, at 102 April 1, 1920. to April 1, 1921, at 101% April 1, 1921. to April 1. 1922, at 101 April 1. 1922, to April 1, 1924, at 100% Guaranteed principal and interest, by the Receiver of the Missouri. Kansas & Texas Railway under orders of the United States Dis- trict Court for the Eastern Division of the Eastern District of Missouri and by the Re- ceiver of the Missouri, Kansas & Texas Rail- way of Texas under orders of the United States District Court for the Northern District of Texas. These orders provide that said Courts will reserve jurisdiction of the properties for the purpose of enforcing compliance with these guarantees. Organization and Control — Incorporated in Texas in 1912. All the capital stock outstand- ing except 9 shares directors' stock. The prop- erty is leased to the Receiver of the Missouri, Kansas & Texas Railway of Texas. Rental, interest and expenses. Secured by a first mortgage on all the prop- erty of the company, including freight and passenger terminals, terminal yards and real estate. As of March. 1919, the terminals rep- resented an actual cash investment of $2,462,- 000. Original Market — $1,850,000 offered March. 1919, by the Mercantile Trust Co. and the Mississippi Valley Trust Co. of St. Louis at 98% and interest. SAN ANTONIO WATER SUPPLY CO. 1st & Ref. S. F. 5s. Due Aug. 1. 1933.— F. Dated August 1 , 1908. Interest payable Feb. and Aug. 1, at New York or St, Louis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding— $1,311,000 (Feb. 1, 1919). Held in Sinking Fund— $189,000. Reserved for Prior Liens — $1,000,000. Denomination — Coupon, $1. 000. Registerable as to principal. Trustee — Mississippi Valley Trust Co., St. Louis. Redeemable at 105 and interest on Aug. 1, 1913, or on any interest date thereafter on three months' notice. Sinking Fand — $24,000 per annum, com- mencing Aug. 1, 1913, payable $12,000 semi- annually Feb. and Aug. 1, for the purchase or redemption of these bonds at not exceed- ing 105 and interest. Bonds so redeemed to be kept alive and Interest added to sinking fund. Organization — Incorporated in Texas in 1906 as successor to the San Antonio Water Works Co. Secured by a first mortgage on the part acquired since 1906 and a second and third mortgage on the remaining parts of the plant supplying water in San Antonio, Texas, in- cluding some 70 acres of land, 17 artesian wells, and three pumping stations. .Franchise expires in 1956. Prior lAens — $999,000 1st and 2nd 6s of 1922 of The San Antonio Water Works Co. for the retirement of which bonds of this is- sue have been reserved. 10? Year ended Dec. 31 Gross Net Interest 1918 $612,501 $325,876 $139,828 1917 541,648 321,058 135.651 1916 468,801 299,806 139,589 1915 435.013 290,024 139,842 1914 391.889 257,095 123,924 Original Market — ¥1,047,000 offered in Hay, 1911, by Wm. A. Read & Co., New York and Chicago, and A. G. Edwards & Sons, New York and St. Louis, at 91 and interest. Market. New York^Wm. A. Read & Co., P. H. Hatch & Co.. H. C. Spiller & Co.. Taylor & White. Chicago — Wm. A. Read & Co. Boston — H. C, Spiller & Co., Chas. A. Day & Co.. Wm. A. Read & Co. St. liOuis — A. G. Bdwards & Sons, Missis- sippi Valley Trust Co.. ,Stix & Co. Price Range. Jan. 1. '13 to Jam. 1, '19 1918 Bid Ask Bid Ask High.91% '16 97 '17 85 Dec. 90 July Low. 81 '16 86 '14 84 Jan. 87 Dec. SAN BERNARDINO VAIXEY TRACTION CO. 1st & Ref. 5s. Dae Sept. 1. 1933. . Dated Sept. 1, 1903. Interest payable March and Sept. 1. at Los Angeles Trust & Savings Bank, Loa Angeles. Cal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstandinig — $750,000 (Jan. 1, 1919). Retired by S. F. — $63,000. Denomination — -Coupon and registered, $1.- 000. Trnstee — Los Angeles Trust & Savings Bank, Los Angeles, Cal. Redeemable at 105 and interest. Sinking Fund — The company agrees to pur- chase or redeem bonds of this issue annually Sept. 1, as follows: $12,000. 1913 to 1915, inc.; $13,000, 1916; $14,000. 1917; $15,000. 1918 to 1927, inc.; $37,000, 1928 to 1930, inc.; $38,000, 1931 to 1932, inc. Bonds are to be purchased or redeemed at not over 105 and interest. Control — ^Absorbed by the Padflc Electric Ry. Co. All of the stock of this company is owned by the Southern Pacific Ry. Co. Secured by a mortgage on 40 miles of elec- tric railway in Redlands. San Bernardino, Col- ton - and Highlands, Cal. Population served, 30, 000. Franchise provides for payment by company of 2 % of gross earnings of lines built under franchises granted since Jan. 1, 1899. Prior Ijlens — $121,000 bonds of constituent companies. Underlies — Pac. El. Ry. Ref. 5s of 1961. Slamiflgs — See Pacific Electric Ry. Co. Market. New York — ^McDonnell & Co., Bernhard, Scholle & Co. San Francisco — Wm. R. ^taats & Co. Los Angeles — Torrance, Marshall & Co. SAN DIFGO (CAL.) CONSOLIDATED GAS & ELECTRIC CO. 1st 5s. Dae March 1, 1939.— F. Dated March 1, 1909. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $6,000,000. Outstanding — $4,630,000. Pledged to Secure 6% Notes — $687,500. Reserved for Ext. — $682,500. ' Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Harris Trust & Savings Bank, Chicago and Los Angeles Trust Co., Los Angeles, Cal. Redeemable at 105 and interest on any in- terest date. Depreciation and Renewal Fund — 3 % per annum of the outstanding bonds from 1910 to 1914, inclusive, and 5% from 1915 to 1938, inclusive, to be applied to replacements and renewals of the plants and properties. Organization and Control — Incorporated in California in 1905. Controlled by the Stand- ard Gas & Electric Co. through ownership of all of the common stock. Management- H. M. Byllesby & Co.. Chi- oago. Secured by a first mortgage on gas and elec- tric generating plants and comprehensive dis- tributing systems, supplying San Diego, Coro- nado Beach. National City and vicinity. Pop- ulation served, 115,000. Franchises are un- limited as to time. Year ended Dec. 31 Gross Net Interest 1918 $2,185,739 $702,848 $292,124 1917 1.602,174 727,017 266.516 1916 1.541.490 729.112 245,205 1915 1,542,654 739.394 239,098 1914 1,377.721 668,971 235,730 Legal for Cal. Original Market — $1,650,000 ottered in April, 1909, at 98 by N. W. Harris & Co., New York, and Harris Trust & Savings Bank. Chi- cago ; also offered by the same bankers in Dec, 1912. at 98%. Market. New York — J. J. Levenson, Miller & Co. , Morton Lachenbruch & Co., Merrill, Lynch & Co.. F. H. Hatch & Co.. Berdell Bros., Har- ris, Forbes & Co., Low, Dixon & Co., McDon- nell & Co.. Gude. Winmill & Co., H. M. Byl- lesby & Co., Kiely & Horton, J. M. Byrne & Co., Bernhard. Scholle & Co. Chicago — Harris Trust & Savings Bank, H. M. Byllesby & Co.. Merrill, Lynch & Co., Bab- cock, Rushton & Co. Boston — Harris, Forbes & Co., F.. B. Bas- sett & Co. Providence — R. S. Moore & Co. Milwaukee — ^Marshall & Ilsley Bank, First National Bank. F. A. Bartlett Co. San Diego — jStephens & Co. Philadelphia— ,S. K. Phillips & Co. Los Angeles — Perrin. Drake & Riley, A. H. Woollacott. Price Range. Jan. 1, '09 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97i^ '10 99 '11 86 May 90 Nov. Low. SO '18 83*18 80 Sept. 83 Sept. SAN DIEGO (CAL.) CONSOLIDATED GAS & ELECTRIC CO. 6% Deb.. Due December 1, 1922.— N. Dated December 1, 1912. Interest payable June 1 and December 1, at Continental & Commercial Trust & Savings Bank, Chicago. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $ 706.000. Denomination — Coupon. $1, 000. Registerable as to principal. Trustees — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 101 and Interest. Organdzation and Control — See 1st 5s. * Security — ^A direct obligation of the company but not secured by a mortgage. The company 1109 covenants not to place any additional mort- gage on the property now owned without equally securing these bonds with any bonds to be issued under such mortgage. Property and Haminge — See 1st 5s. Original Market — First offered by Bonbright & Co., New York. Offered in March, 1915, by H. M. Byllesby & Co., Chicago and New York, at 98 and interest. $483,000 offered De- cember, 1918, by Blyth, Witter & Co.. Los An- geles and San Francisco, at 95% and interest. Market. New York — H. M. Byllesby & Co., McDon- nell & Co. Chicago — H. M. Byllesby & Co. Providence — R. S. Moore & Co. San Francisco — Blyth, Witter & Co. Los Amgeles — Blyth, Witter & Co., L. A. Crisler & Co.. A. H. WooUacott. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98 '17 100 '17 91 Dec. 96 Dec. Low. 85 '17 95 '17 85 Jan. 95 Jan. SAN DIEGO (CAI..) CONSOLIDATED GAS & ELECTRIC Co. Coll. Tr. 6% Gold Notes. Due July 1, 1923. Dated July 1, 1918. Interest payable Jan- uary and July 1 at Trustee's office, San Diego (Cal.). Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $ 1,100.000. Outstanding — $293,500 (Jan. 1, 1919). Reserved to Retire »4(K>,OaO 3-Year Notes — $256,500. - Denominations — $50, $100, $500 and $1,000. Trustee — Southern . Trust . and Commerce Bank. San Diego (Cal.). Organizationi. etc. — See 1st 5s. Redeemable as a wiho'.e or in part on any interest date on 30 days' notice, at 102 and interest. Secured — A direct obligation of the company and secured W deposit with the trustee of $687,500 1st 5s. due 1939. Earnings — See 1st 5s. Original Market — Offered in August. 1918. by the Southern Trust and Commerce Bank, San Diego (Cal.) at 97% and interest. Market. New York — H. M. Byllesby & Co., Inc.. Sutro Bros. & Co. Providence — R. S. i^oore & Co. SAN FRANCISCO & SAN JOAQUIN VAIXEY RAILWAY CO. 1st 5s. Due Oct. 1. 1940. Dated October 1, 1896. Interest payable April and Oct. 1, at the A. T. & S. F. Ry. offlCe, New York, and Union Trust Co. , San Francisco. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $6,000,000. Outstanding— $5,940,000 (June 2, 1919). Retired by S. F. — $33,000. In Treasury — $27,000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Redeemable for sinking fund beginning Jan. 1, 1916, at 110. Sinking Fund — From Jan, 1. 1916 to 1920, 1% of net profits per annum; 2% per annum to 1925: 3% per annum to 1930; 4% per an- num to 1935, and 5% per annum thereafter, for the purchase or redemption of these bonds at not exceeding 110 and Interest. Control — Absorbed by Atchison, Topeka & Santa Fe Ry, Co. in 1901. Secured by a first mortgage on 374.60 miles of road in California, viz. : Miles Bakersfield to Ferry Point (opposite San Francisco) 306 . 53 Corcoran to Calwa 68 . 07 This line affords the Atchison, Topeka & Santa Fe an entrance into San Francisco and other cities in Central California. Underlies — ^Atchison, Topeka & Santa Fe Gen. 4s of 1995 and Adjmt. 4s of 1795. Listed on the San Francisco Stock & Bond Exchange. Legal for Cal., Conn., Me., Mass.. Mich., Minn., N. H., N. J., R. L. Vt. and Wis. Market. New York — Chas. W. Place, H. & C. Ran- dolph, Sharretts & Young. Blodget & Co. , Sutro Bros. & Co., Struthers & Hiscoe, Mc- Donnell & C^o., Coffin & Co., J. M. Byrne & Co.. Bernhard. Scholle & Co., Abraham & Co., Baker. Carruthers & Pe'.l, S. Goldschmidt. Wood, Struthers & Co. Baltimore — Jenkins. Whedbee & Poe. Los Angeles — ^A. H. Woollacott. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.117 '09 117% '09 100 Feb. 103 Feb. Low. 89 '18 93 '18 89 Sept. 93 Sept. SAN FRANCISCO ELECTRIC RAILWAYS 1st 5s. Due Jan. 1, 1933. — F. Dated July 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $1, 065, 000. Retired by Sinking Fond — $351,000. Reserved for Ext. — $8,584,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco, Cal. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Annually from Dec. 31, 1914, $100,000 to 1918; $150,000, 1919 to 1923, in- clusive, and $200,000 thereafter, for the pur- chase or redemption of these bonds at not over 105 and interest on other approved securi- ties. Guaranteed as to principal, Interest and sinking fand by the United R. R.'s of S. F. under terms of lease. Organization and Control — Incorporated in California in 1909. Owns $10,000,000 stock of the United R. R.'s of San Francisco. All of the stock of the S. F. El. Rys. Co. is owned by the California Ry. & Pr. Co., a sub- sidiary of the United Rys. Investment Co. The property is leased to the United R. R.'s of S. F. Secured by a first mortgage on property and franchises formerly of the Park Side Electric Ry. and the Vlsitacion Valley Electric Ry. in San Francisco, Cal. Listed on the ^an Francisco Stock and Bond Exchange. SAN FRANCISCO GAS & ELECTRIC CO. Gen. 4^s. Due Nov. 1, 1933.— F. Dated Nov. 1, 1903. Interest payable May and Nov. 1, at Harris, Forbes & Co., New York; Harris Trust & Savings Bank, Chicago, or Harris. Forbes & Co., Inc.. Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10, 000, 000. Outstanding — $6,839,000 (Jan. 1, 1919). Retired by Sinlcing Fund — $1,300,000. Held in Other Sinking Funds — $117,000. 1110 Retired and Deposited under P. G. & E. Gen. Mtgre. — $105,000. Denomination — Coupon. $1,000. Registerable as to principal or fully regiaterable. Trustee — Union Trust Co. of San Francisco. Redeemable at 105 and interest for sinking fund only. Bonds numbered from 1 to 4000 inclusive only are callable. Sinking: Fund of $105,000 annually to re- tire $100,000 of these bonds at 105 and in- terest. , AflBumed by the Pacific Gas & Electric Co. Organization and Control — Incorporated In California In 1896. Absorbed In 1911 by the Pacific Gas & Electric Co. Secured by a first mortgage on both the gas and electric generating plants and five of the electric sub-stations, together with a large portion of the company's distributing systems, and a general mortgage on the remaining prop- erty of the company. These plants supply gas and electricity in San Francisco, Cal., and include a steam plant with a present rated capacity of about 66,000 h. p., nine sub-sta- tions, all of fireproof construction, and oil and water gas plants with a total daily ca- pacity of 36,000,000 cubic feet, with ten hold- ers with a total capacity of 11,853,000 cubic feet. The company has a total of 831 miles of gas mains serving all sections of the city. Population served. 5 80,000. Franchises per- petual. The company has competition in the electric business. Prior lAens — $499,000 Pacific Gas Improve- ment 4s of 1920; $623,000 Edison Light & Power 63 of 1921; $1,148,500 Metropolitan Gas Corp. 5s of 1941 and $178,000 Mutual Electric Lt. Co. 5s of 1934. Underlies — Pac. Gas & Elec. Gen. & Refg. 5s of 1942, which provides to retire this Issue. EamSngs — See Pacific Gas & Electric Co. Legal for California. Original Market — OfCered in 1911 by Harris, Forbes & Co., New York, Harris Trust & Savings Bank, Chicago, and N. W. Harris & Co., Boston, at 94 and Inteerst. Market. New York — Kiely & Horton, F. H. Hatch & Co., Harris, Forbes & Co., B. & C. Randolph, McDonnell & Co., S. L. Snowden, J. M. Byrne & Co., Bernhard, Scho'.le & Co., Berdell Bros., J. Nickerson, Jr., Taylor & White. Philadelphia — ^Welsh Bros.. S, K. Phillips & & Co. Chicago — Harris Trust & Savings Bank. Boston — ^Harris, Forbes & Co., Merrill, Old- ham & Co. Milwaukee — First National Bank. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97% '16 98 '16 85 Feb. 90 Feb. Low, 77 '18 83 '18 77 May 83 May Not Callable. High. 83 Nov. 86 Feb. Low. 80 Jan. 82 July SAN FRANCISCO* NAPA & CAXISTOGA RAFLWAY CO. 1st S. F. 68. Due Dec. 1. 1936.— F. Dated Nov. 20, 1911. Interest payable June and Dec. 1, at Trustee's office or E. H. Rol- lins & Sons. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $1,000,000. Outfitandins— $564,900 (Jan. 1. 1919). Held in Sinking Fund — $35,100. In Treasury — $33,000, Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal. Trustee — Mercantile Trust Co,, San Fran- cisco, Cal. Redeemable at 105 and interest any interest date. Sinking Fond — Annually beginning 1914, 1% of outstanding bonds to be applied to the purchase or redemption of these bonds at not to exceed 105 and interest. Bonds so acquired to be held alive and interest added to this fund. Organization — Incorporated In California In 1911. Secured by a first mortgage on 44.5 miles of electric railway from Calistoga to Vallejo, Cal. , where it connects with steamers for San Francisco, Population served. 45,000; 21 miles are on private right-of-way. Franchises else- where expire in 1952 or later. The company purchases power from the Great Western Power Co. Underlies — $610,000 Income Debentures. Year ended Dec. 31 Gross Net Interest 1918.... $326,915 $164,559 $64,203 1917 245.390 96,725 65,829 1916 212.443 70,101 67,106 Original Market — $600,000 offered Dec, 1911, by E. H. Rollins & Sons, Boston and New York, at 102 and interest. Market. New York — E. H. Rollins & Sons, Bern- hard, Scholle & Co.. McDonnell & Co. San Francisco — E. H. Rollins & Sons. Boston — E. H. Rollins & Sons. Philadelphia — E. H. Rollins & Sons, S. K. Phillips & Co. Chicago — E. H. Rollins & Sons. Denver — E. H. Rollins & Sons. IjOS Angeles — B. H. Rollins & Sons. Lob Angeles — A. H. "Woollacott. Price Range. Jan. 1. '16 tfl Jan. 1, '19 1918 A3k Ask High. 100 '16 79 Jan. Low. 79 '18 SAN FRANCISCO, OAKLAND & SAN JOSE CONSOLIDATED RAILWAY CO. Gen. Cons. S. F, 58. Dae May 10, 1938. — ^N. Dated May 19, 1908. Interest payable May and Nov. 19, at company's office, Oakland, Cal., or Wells Fargo Nat'l Bank, San Fran- cisco, Payment of Interest — Jan. , 1917, coupons of the various Issues of the San Francisco- Oakland Terminal Rys. will be paid as rap- Idly as funds permit. The company not being able to meet May 19, 1917, coupons of this issue and July. 1917, coupons of other issues, a syndicate of San Francisco banks have agreed to purchase them. Bondholders de- siring to sell their coupons may do so on or after the maturity date at the Mercantile Trust Co., San Francisco. Coupons must he accompanied by a bill of sale, together with income tax certificates. This action is taken pending settlement of franchise in Oakland. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,500,000. Outstanding — $3,000,000. Reserved for Prior Liens — $4,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco, Cal. Sinking Fund commences May 19, 1915, which it Is estimated will retire $4,345,000 of these bonds before maturity. Annual payments increase from $35,000 In 1915 to $400,000 In 1111 1937 for the purchase or redemption of bonds at not over a 4% basis. Assumed by the San Francisco-Oakland Ter- minal Rys. Organization— Incorporated in California in 1908 as a consolidation. Control — In March, 1912, the properties of this company were taken over by the San Francisco -Terminal Rys. Reorganization — Plans are under way for the complete readjustment of the outstanding securities of the San Francisco-Oakland Ter- minal Rys. Secured by a mortgage on about 35.18 miles of street railway track (16.67 miles of road) in Oakland and interurban extensions from that city; also on five ferryboats connecting railway at Oakland with San Francisco and including piers, etc. Franchises expire in 1951 and 1960. Prior liiens — $3,000,000 San Francisco, Oak- land & San Jose Ry. 1st 5s of 1933 and $1,600,000 2nd 5s of 1933, for the retirement of which bonds are reserved under this mort- gage. Year ended June 30 (S. F.-O. Term. Rys.) Int., Etc., Gross Net (Net) tl917. . . $4,598,620 $1,309,269 $1,369,118 1917.. . * 4, 472, 176 1,146.445 1.091,125 1916... 4,417,848 1.150,184 1,019,461 1915. . . 4,353.891 1,232,022 1,025,583 1914... 4,562,113 1,447.158 832.206 •Includes "other income" which is included in "Net" in other years. tTear ended Dec. 31. Ifieted on the San Francisco Stock and Bond Exchange. Original Market — $1,500,000 offered in 1912 by Smith-Tevis-Hanford Co. (now Tevis-Han- ford & Co.). New York, at 93^ and interest. Market. New York — ^McDonnell & Co., J. M. Byrne & Co. Los Angeles — A. H. "WoUacott. Price Range. Jan. 1, '08 to Jan, 1, '19 1918 Bid Ask Ask High.95 '10 96 Ml '09 50 Aug. Low. 34% '16 39 '17 40 Jan. SAN FRANCISCO TERMINAL 1st 4s. Due Apr. 1, 1950. See Southern Pacific Co., San Francisco Terminal 4s. SAN JOAQUIN LIGHT & POWER CO. Ist 5s. Due June 1, 1945. — N. Dated 19 05. Interest payable June and Dec. 1, at Union Trust Co., San Francisco, Cal. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage, Outstajiding— $2,545,000 (Jan. 1. 1919). Held for S. F. Purposes — $47,000. Held in S. F.— $38,000. Denomination. — Coupon, $1,000. Register- able to principal. Trustee— Union Trust Co., San Francisco, Cal. Redeemable at 110 and interest. Sinking Fund— June 1, 1910, to 1919. 1%% per annum of outstanding bonds ; 1920 to 1940, 2%. Control — Absorbed by San Joaquin Lt. & Pr. Corp. Secured by a mortgage on hydro-electric plants, steam generating plants and gas plants supplying Bakersfield and Kern, Cal. . and other towns in the vicinity and street railway lines in Bakersfleld and Kern. The trans- missicn lines embrace 500 miles of line and the distribution system includes some 400 miles and 20 substations. Franchises in cities are perpetual, elsewhere extend beyond life of bonds. Population served, 190,000, Prior Liens — $25,000 San Joaquin Power Co. 1st 5s; $73,000 Power, Transit & Light Co. 1st 5s; $43,000 Bakersfield & Kern Electric Ky, 1st 5 s. Underlies — San Joaquin Lt. & Pr. Corp. 5 b and 6s of 1950, which Effovide for the retire- ment of this issue. Ejarnings — See S. J. Lt, &. F. Corp 1st & Ref. 6b and 5s of 1950. Market, New York — ^McDonnell & Co., B. P. Hutton & Co., The National City Co., Bernhard, Scholle & Co.. Kiely & Horton, Estabrook & Co., P. H. Hatch & Co., J. Nickerson, Jr., Sutro Bros. & Co. Boston — ^Merrill, Oldham & Co. San FranclBCO — B. F. Hutton & Co, Sutro & Co. Lob Angeles — E. F. Hutton & Co., A. H. WoUacott, San Diego — Stephens & Co. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.100% '16 10114 '16 94 Mar. 95 Dec. Low. 89 '18 90^6 '18 89 June 90% Mar. SAN JOAQUIN LIGHT & POWER CORPO- RATION 1st & Ref. S. F. Series "A" 6s; Series "B" 5s and 68; and Series "C" 6s. Due Aug. 1, 1950. Dated August 1, 1910. Interest payable Feb. and Aug. 1, at Trustee's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $25,000,000. Outstanding — $1,420,000 Series "A" 6s 799,000 Series "B" 5s 2.125,000 Series "B" 6s 4,202,000 Series "C" 6s $8,546,000 (Jan. 1. •19). Held in S. F.— $80,000 Series A 6s. Reserved for Prior Liens — $2,920,000. Reserved for Ext. — $13,454,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Redeemable — Series "A" at 102% and in- terest and all other series at 105 and interest, on any interest date. Sinking Fund — $100,000 on Aug. 1, 1915, $145,000 per annum from 1916 to 1919, in- clusive; $150,000 from 1919 to 1924. inclusive; 2%% of outstanding bonds annually from 1925 to 1930; 3% to 1934; 3^% to 1939; 4% to 1944, and 4%% thereafter. One-half of the payments may be applied to additions and the remainder to the retirement of Series ' 'A' ' bonds if they can be purchased at not exceed- ing 1 02 % and interest ; and if not to Series "B" bonds at not exceeding 105 and interest. Bonds acquired to be kept alive and interest added. Organization — Incorporated in Cal. in 1910 as a consolidation of San Joaquin Light & Power Co., Power, Transit & Light Co. of Bakersfield, and Merced Falls Gas & Electric Co. The Midland Counties Public Service Corp., controlled in same interest, purchases all of its power from this company. Secured by a general mortgage on 5 hydro- electric plants, a steam reserve plant in Fresno, and a modern steam turbine plant in 1112 Betteravia, having a combined capacity ot Denomination — Coupon, $1,000. Regiaterable 67,210 h. p.; on 740 miles of high-tenaion as to principal. transmission lines. 33 substations. 2.606 miles Trostee — Security Trust & Savings Bank, of distributing lines, supplying electricity for Los Angeles, Cal. lighting, power and pumping purposes through- Redeemable at 102 and interest at any time out the San Joaquin Valley. Cal.. including the prior to May 1, 1922, and thereafter at 101 cities of Merced. Madera, Fresno, Selma, Han- and Interest. ford and Bakersfield. and about 50 towns and Organization and Property — See 1st & Ref. small cities; also on gas plants supplying 6s and 6s. Bakersfield, Kern. Merced and Selma; street Security — A direct obligation of the corn- railway systems in Bakersfield and Kern and Pany, but not secured by a mortgage. The plants supplying water for domestic purposes indenture provides: (1) The proceeds of this in Selma and Madera. Population served issue are to be used for additions and im- (eleotricity). 260.000.' Franchises in cities are provements; (2) no additional underlying bonds without time limit; outside corporate limits. will be issued; (3) a total amount of deben- with two exceptions, extend beyond the life of tures and floating debt of the corporation the bonds; about one-half total length of trans- will not exceed at any time $4,800,000; (4) no mission lines are on private right-of-way. further or other mortgage can be placed on Prior lAeas — $2,646,000 S. J. Lt. & P. Co. the property that exists May 1, 1917, and no 1st 5s ot 1946; $25,000 S. J. Power Co. 1st dividends in excess of the present rate at any 6s; $73,000 Power Transit & Lt. Co. and time when its floating debt exceeds $300,000. $43,000 Bakersfleld & Kern Electric Ry. 1st Prior Liens — $8,646,000 1st & Ref. Cs and 5s. Bonds are reserved under this mortgage Bs. due 1950, and also prior liens thereto, to retire the above Issues. Earnings — See 1st & Ref. 6s and 5s. Year ended Dec. 31 (combined) Original Markets— $1.00u,000 offered May, Gross Net Int.. etc. 1917, by Torfance, Marshall & Co., Los An- 1918 $2,668,864 $1,166,298 $686,962 geles, Cal., at 100 and interest. 1917 2,134,168 1,238,532 648,924 $1,000,000 Series "B" offered in June. 1919. 1916 1.838,464 1.101,487 491,437 at 93 and interest to net 7%, by Gervin & 1915 1,779,832 1.093,201 618,739 Miller. Torrence. Marshall & Co.. Stephens 1914 1.849,302 1,146,060 521,092 & Co.. Blankenhorn-Hunter-Dulln & Co.. and 1913 1.760,471 916.822 442,538 Frank & Lewis, San Francisco and Los An- Original Market — Offered in 1910. Series ge'.es. "A." by N. "W. Halsey & Co.. New York, Market. Chicago, etc.. at 101 and interest and in 1911, Los Angeles — Torrance. Marshall & Co. Series "B," at 93 and interest. Chicago — Babcock. Rushton & Co. Market. „ . Chicago— Halsey, Stuart & Co. ^""^ Kange. New York — Halsey, Stuart & Co., Hanson & Jan, 1, '17 to Jan. 1, '19 Doy'.e. B. & C Randolph. McDonnell & Co.. Ask B. F. Hutton & Co.. The National City Co., High.lOO '17 J. M. Byrne & Co.. Bemhard, .Scholle & Co.. Low. 99% '18 Babcock. Rushton & Co. , Berdell Bros. , J. Nickerson, Jr., Sutro Bros. & Co.. Kiely & Horton. SAN PEDRO, LOS ANGELES & SALT LAKE St. Louis — John Nickerson. Jr. , Bowman, RAILROAD CO. 1st 4s. Dne July 1, 1961. Cost & Co. Dated July 1, 1911. Interest payable Jan. San Francisco — B. F. Hutton & Co., Blan- and July 1, at Trustefe's office. kenhorn-Hunter-Dulin & Co. Tax Status — 2% Federal Income Tax paid Los Angeles — Perrin. Drake & Riley, B. F. by company without deduction. Hutton & Co.. A. H. Woollacott. Authorized — $70,000,000. San Diego — Stephens & Co. Outstanding — $67,053,000 ($28,526,000 owned Pasadena — Blankenhorn-Hunter-Dulin Co. by Oregon Short' Line R. R. Co.). Philadelphia — S. K. Phillips. Reserved for Ext. — 12,947,000. Price Range. Denomination — Coupon, $1,000. Registerable _ - ,-„, . , ^ ,-,n ' -tnto as to principal. Registered, $1,000 and mul- Jan. 1, '17 to Jan. 1, '19 1918 tiples Bid Ask ^ Bid Ask Trustee— Guaranty Trust Co.. New York. ,,. ,- ,„o ,■,„ ,«oi/ ^'i- „^i/ T .„„ r, ,- Redeemable as a whole at 105 and interest ^^^^■^Sr.U ^iV'^ U i^^" ?^"- ^22 S""- on any interest date on 90 days' notice. Low. 94 18 96 18^ 94 June 95 Nov. Sinking Fund— $10,000 annually for the pur- ,^, . „ „ „ , ®f !"• ^n' , , « , . chase or redemption of these bonds at not ^^"•1? L' t\, }l II -l"'^ li„ '^"f- over par and interest. Low. 64 18 80% 18 ^ 64 Jan. 80i4 July Organization and Control— Incorpo;-ated in „ . ,, ROAD CO. 1st 4s. Due Nov. 1, 1989.— N. Dated Nov. 1, 1889. Interest payable May and Nov. 1, at Bankers* Trust Co., New York, or at company's office, Philadelphia. Tax Status — Payment of Federal. Income Tax not assumed by company. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Assumed by the Norfolk & "Western Ry. Co. Control — Merged with the Norfolk & "Western Ry. Co. Secured by a first mortgage on 127.46 miles of road from Columbus to Coal Grove, Ohio, near the Ohio River. This road affords the N. & W. Ry. an entrance into Columbus, Ohio, and the southern coal fields of that state. l^nderlies — Norf. & West. 1st Cona. 43 of 199G, Under which mortgage bonds are reserved for the retirement of this issue; and the Norf. & West. Div'l 1st Lien & Gen. Lien 4s of 1944. Legal for Balt^, Cal. , Conn. , Me., Mass., Mich., Minn., Mo.. N. H.. N. J., N. T,. R. I.. Vt. and Wis. Listed on the New York Stock Exchange. Market. New York — McGeorge & Vanderhdef, McKin- ley & Morris, Remick, Hodges & Co.. Reason- good, Haas & Macdonald. Sharretts & Young, W. J. Wollman & Co., E. & C. Randolph, "Van Sant & Legg. Wm. C. Ewen, Taylor, Smith & Hard, T. L. Bronson, Sam' 1 Goldachmidt, Wood, Struthers & Co., Hartshorne & Battelie. Low Dixon & Co. , Abraham & Co. , Baker> Carruthers & PeU. Baltimore — Jenkins, Whedbee & Poe, Macku- bin, Goodrich & Co- Philadelphia — Graham, Parsons & Co., Brown Bros., Huntoon & Co., Wheeler, Elliot & Mann. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.103 Apr. 7. '06 80 Nov. 22 Low. 72 Oct. 8, '18 72 Oct. 8 SCIOTO VALLEY TRACTION CO. 1st 58. Due Sept. 1, 1923.— F. Dated Sept. 1, 1908. Interest payable March and Sept. 1, at Harris Trust & Savings Bank, Chicago, 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4, 000, 000. Outstanding — $1,488,000 (Jan. 1, 1919). Retired by Sinking Fund— $112,000. Reserved for Ext. — $2,400,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Harris Trust & Savings Bank, Chi- cago. Sinking Fund — 1% per annum of bonds out- standing from 1913 to 1917 and 2% per annum thereafter. Orgaization — Incorporated- in Ohio in 1899 and road opened Aug. 1, 1904. Secured by a first mortgage on 70 miles of third rail electric railway between Columbus and Lancaster and Columbus, Circleville and Chillicothe, Ohio. Population served, Colum- bus, 185,000; remaining territory, 55,000. Practically all the interurban lines are on private right-of-way and franchises for re- maining lines extend beyond 1923. Year ended Dec. 31 1918 $1,023,108 $269,287 $75,498 1917 744,232 248.887 76,543 Listed on the Cincinnati Stock Exchange. Original Market — First offered by Harris Trust & Savings Bank, Chicago: N. "W. Harris & Co., New York and Boston, at 96% and interest in September, 1906. Market. New York— F. H. Hatch & Co., J. S. Bache & Co., Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank, Babcock. Rushton & Co. Boston — Harris, Forbes & Co. Columbus — Fred. W. Freeman, Claude Philadelphia— S. K. Phillips & Co.. H. D. Boenning & Co., Huntoon & Co. Price Range. Jan. 1. '08 (o Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '10 101 '09 92 Dec. 96 Dec. Low. 85 '18 91 '18 85 July 91 July SCOTT STEAMSHIP CO. 1st 6s. Due $50,000 each Aug. 1, 1924. — P. Dated Aug. 1, 1914. Interest payable Feb. 1 and Aug. 1, at Trustee's offlce. 11S2 Tax Status — 2% Federa'. Income Tax paid by company without deduction. Antfaorized — $500,000. Outstandine — $300,000 (Jan. 1. 1919). Balance Retired. I>enoniinatioiL — Coupon, $1,000. Trustee — Superior Savings & Trust Co., Cleveland, Ohio. Redeemable on any interest date at par plus 1% for each year bonds have to run, but not less than 2%. Organization — Incorporated in Ohio in 1914. Secured by a first mortgage on the three steel freight steamers Edward A. Uhrig, J. J. Turner and Edward V, ^Sanders, Jr. These steamships were built some six years ago by the American Shipbuilding Co. for th.e Com- monwealth S. S. Co. In 1914 the latter com- pany woti a suit against the shipbuilding com- pany for the setting aside of the sale and received a verdict for $1,295,000, representing approximately the cost of the ships. Original Market — Offered in Aug.. 1914, by the Superior Savings & Trust Co.. Cleveland, Ohio, at par and interest. 8CRANT0N & BINGHAMTON (EU&CTRIC) RAHiROAD CO. Ist 6s. Dae Jane 1> I960.— F. Dated June 1, 1910. Interest payable June and Dec. 1, at Trustee's office. Default — Coupons due June 1, 1918, not paid. Tax Status — 2% Federa". Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $3,000,000 (Jan. 1. '18). Reserved for Ext. — $4,000,000. Reserved for Northern Electric Ry. Bonds — $1,200,000. In Treasury — $1,779,100. Denomination — Coupon, $100, $500 and $1,000. Trustee — Miners' Savings Bank, "Wilkea- Barre, Pa. Redeemable at 105 and interest on any In- terest date. Sinking Fund — $50,000 out of surplus earn- ings annually, beginning June 1, 1917, for the purchase or redemption of these bonds at not over 105 and interest. Receivership — On application of the Bing- hamton Ry. Co. (a constituent company) the Scranton & Binghamton Railway Co. was placed in the hands of R. W. Day and C. R. Bedford as receivers June, 1918. Protective Committee — G. Tracy Rogers, Chairman: H. G. Dunham. P. W. Wollerton. "William L. Foster, "W. L. Cornell. F. L. Ful- ler, with G. R. Bedford. Wilkes-Barre, Pa., at- torney for the committee. Organization and Control — Incorporated In Peimsylvania in 1910. Owns the entire stock of the Scranton & Binghamton Traction Co. , 98% of the stock of the Binghamton Ry. Co., a majority of the stock of the Northern Elec- tric Ry. Co. and $600,000 of the $1,200,000 1st 5s of the Northern Electric Street Ry. Co., whose stock is owned by the Northern Electric Ry. Co. and whose property is leased for 900 years from 1910 to the Scranton & Binghamton Traction Co. Controlled through ownership of entire capi- tal stock of the Scranton & Binghamton Ry. Co. (of Delaware). Secured by deposit of the entire stock of Scranton & Binghamton Traction Co. and a majority of the stock of the Northern Electric Ry. Co. These subsidiaries own and operate about 31 miles of interurban railway from Scranton to Brooklyn, Pa., and branch to Lake "Winola, Pa. The company through its other subsidiaries controls about 48 miles of street railway in Binghamton, N. T.. and lines ex- tending' from that city. It Is proposed to con- neot the lines of these two systems. Franchises in Binghamton are perpetual; others are re- ported to extend beyond maturity of these bonds. Year ended Jane 30 CS. & B. Ry.) Gross Net 1917 $1,009,614 $374,717 1916 886,743 348,116 1915 802,542 317,601 Miirket. New York— A. H. Bickmore & Co., E. & C. Randolph. Pittsburgh — "Wm. P. Lemley & Co, Scranton — W, D. Runyon. C, B. Robertson. Fric^ Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask .. Bid Ask High, 71 '17 14 Oct. 16 Oct. Low. 14 '18 16 '18 SCRANTON & PITTSTON TRACTION CO. 1st 68. Due Oct. 1. 1923. — N. Dated Oct. 1, 1893. Interest payable Aug. and Oct. 1, at Merchants' Union Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized — $525,000. Outstanding — $355,500 ($60,000 owned by American Rys. Co.) Denomination — Coupon, $500 and $1,000. Reglsterable as to principal. Trustee — Merchants' Union Trust Co., Phila- delphia. Guarantee — The bonds not owned by the Scraftton Ry. Co. are guaranteed as to prlnl- pal and interest by that company. Control — Absorbed by Scranton Ry. Co., which is controlled by American Rys. Co, by ownership of entire capital stock. Secured by a first mortgage on 13 miles of electric railway connecting Scranton, Pittston and Avoca, Penna. Population served. 175,000. Underlies — Scranton Ry. Gen. 6s of 1920 and 1st & Ref. 5s of 1947. Earnings — See Scranton Ry. Co. Market. Philadelphia — Graham, Parsons & Co.. H.. Boenning & Co., S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.106 '09 112 '09 95 Feb.. Low. 95 '18 100 '17 1123 SCRANTON & WILKES-BARBE TRACTION. CORP. 1st Ref. 58. Due Aug. 1, 1951. Dated July 1, 1913. Interest payable Feb. 1 and Aug. 1, at Trustee's ofHce. Tax Status — 2% Federal Income Tax paid/ by company without deduction. Tax exempt in Pennsylvania. "^ Authorized — $3, 000, 600, Outstanding — $2,079,000 (Jan. 1. 1919T. Reserved for Prior Liens — $873,000. Held in S. F. — $48,000. Denomination — Coupon, $1, 000. Reglsterable as to principal only. Trustee — Guaranty Trust Co., New Tork. Redeemable on any interest date at 105 and interest. Sinking Fund — Ms % of bonds outstanding and reserved for refunding, plus Interest on bonds which have been acquired by the fund, is to be paid annually on Nov. 1, beginning 1917, for the purchase or redemption of these bonds at not exceeding 105 and Interest. Organization — Incorporated in Virginia in 1913 as a reorganization of the Lackawanna & Wyoming Valley Rapid* Transit Co. fore- closed. Controls the Lackawanna & * Wyom- ing Valley R. R. Co. " " Secured by a second lien on practically the entire capital stock, $1,848,750, and the en- tire issue ot $6,000,000 1st Mortgage Bonds of the Lackawanna & Wyoming Valley R. R. Co., which company owns 23 miles of double track interurban railway on private right-of- way, from Wilkes-Barre to Scranton, enter- ing the business centers of each city. Popu- lation served, 200,000. The company Is re- ported as doing 90% of the passenger business between the two cities. Prior Lien — $873,-000 Lackawanna & Wyom- ing Valley Rapid Transit Co. Coll. Tr. 6s of 1951 secured by a first lien on collateral mentioned above. Underlies — Coll. Tr. 6s of 1934, Year ended Dec. 31: Gross Net Interest 1918 $310,243 $303,232 $209,500 1917 305"489 300.245 210,000 1916 321.295 316,760 210,000 1915 288,373 284,120 210,000 Original Market — $2,000,000 offered by Har- ris, Forbes & Co., New York and Boston, and Perry, Coffin & Burr, Boston, in May, 1914, at 95% and interest. Market. New York — Harris, Forbes & Co. , S. L. Snowden, Newburger, Henderson & Loeb, E. & C. Randolph. Chicago — Harris Trust & Savings Bank. Philadelphia — Battles & Co., Newburger, Henderson & Loeb, S. K. Phillips & Co., H. D, BoennJng & Co. ' Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.95 '16 97 '16 86 Dec. 89 Jan. Low. 80 '17 84 '18 80 July 84 Dec. SCRANTON & WIKES-BARRE TRACTION CORP. CoU. Tr. S. F. 6s. Due AprU 1, 1934.— N. Dated April 1, 1914. Interest payable April 1 and Oct. 1 at New York. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State tax refunded.' Authorized — $1,000,000. Outstaiiidinig— $960,000 (June 2, 1919). Held in S. F. — $40,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 100 and interest on any inter- est date. Sinking Fund — Annually, commencing 'March 1, 1916, a sum in cash equal to 1 % of all bonds issued, or $10,000 in bonds. Interest on bonds held in the sinking fund shall be added to these payments. Fund to be ap- plied to the purchase or redemption of these bonds at not over 100 and interest. Bonds acquired are kept alive. Organization' — See 1st Ref. 5 s,' Secured by a third collateral lien on" the securities pledged under the 1st Ref. 5s. Prior Liens — $2,079,000 Scranton & Wilkes- Barre Traction Co. 1st Ref. 5s of 1951 and $873,000 Lackawanna & Wyoming Valley Rapid Transit Co. Coll. Tr. Bs of 1951. FamJngs — See 1st Ref. 5s . Original Market — $1,000,000 offered April, 1914, by Bioren & Co., Philadelphia, at 96 and Interest. Market. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. SCRANTON (PA.) ELECTRIC CO. 1st & R«f, (Now 1st) 6s. Due July 1, 1937.— F. Dated July 1, 1907. Interest payable Jan. and July 1, at Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $5,524,000. Retired by Sinking Fund — $353,000. Reserved for Ext. — $4,123,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Reedemable at 110 and interest on any in- terest date. Sinking Fund — 2 % annually of outstanding bonds, beginning July 1, 1910. Organization and Control — Incorporated in Pennsylvania in 1907 aa a consolidation. All of the common stock is owned by the American Gas & Electric Co. , which is controlled by interests identified with the General Electric Co. In 1913 the S. E. Co. acquired the property of the Economy Light, Heat & Power Co., supplying steam heat in Scranton. Secured by practically a first mortgage on the plants supplying electricity in Scranton, Carbondale, Dunmore, Avoca, and other towns in Lackawanna County, Penna. Further se- cured by a first lien on all of the stock and bonds of the Lackawanna Light Co. Popula- tion served, 329,886. Franchises are perpetual, with one exception, which expires in 1935. Underlies — 3 year 6% secured notes of 1920. Year ended Dec. 31 Gross Net Interest 1916 $1,451,029 $808,547 $318,137 1915 1,270,720 769,912 292,213 1914 1,139,434 698,818 236;511 No later information obtainable from this company. Original Market — Offered in 1910 by N. W. Harris & Co., New York, Boston, etc., at par and interest, $234,000 offered in Aug., 1912, by Harris, Forbes & Co.. New York, N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago, at 103 and interest. $659,000 offered by Harris, Forbes & Co., April. 1919, at 95 and interest. Market. Philadelphia — E. B. Smith & Co., Reed A. Morgan & Co., Graham, Parsons & Co., West & Co., Biddle & Henry, Battles & Co.. Ca- pelle & Co. . Newburger, Henderson & Loeb, Harper & Turner. Reilly. Brock & Co., Elkins, Morris & Co. , H. Boenning & Co. . S. K. Phillips & Co.. W. A. Reed. Hartford — ^Richter & Co. New York — Low, Dixon & Co. , Harris, Forbes & Co. , Kiely & Horton, Newburger, Henderson & Loeb, S. L. Snowden, J. Nicker- son, Jr. , Morton Lachenbruch & Co. , Bauer, Starr & Co.. Berdell Bros.. F. H. Hatch & Co. Pittsburgh — The Safe Deposit & Trust Co., Gloner & MacGregor, Colonial Trust Co., Kean, Taylor & Co. Boston — Harris, Forbes & Co., L. Sherman Adams. Portland — Chester H. Pease. Chicago — Harris Trust & Sav. Bank, Bab- cock, Rushton & Co. New^Haven — The W. T. Fields Co. Scranton — C. E. Robertson. Providence — Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask ' High.1021^ '12 104 '11 95 Feb. 98 Dec. Low. 87 '18 92 '18 87 Apr. 92 Apr. 124 SCRANTON EUECTRIC CO. 3-Year 6% Se- cured Notes. Dne Oct. 1. 1930. — N. Dated Oct. 1, 1917. Interest payable April 1,- and Oct. 1, at Trustee's Office. Tax Status — Payment of Federal Income Tax- not assumed by company. Tax exempt In Pennsylvania. Authorized — $1, 000, 000. OutstaodiDK — $ 613,000. Reserved for Ext, — J387.000 . Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable at 100 H and interest. Organization — See 1st & Ref, 5s. Secured by an agreement which has the ef- fect of giving these notes a lien on the prop- erties of the company. Prior Lien— $5,524,000 1st & Ref. 59 of 1937. Earnings — See 1st & Ref. 5s. Original Market — $613,000 offered by Harper & Turner and B. B. Smith & Co., Philadel- phia, at QlVi and interest. Market. Philadelphia — E. B. Smith & Co., Mont- gomery & Co. Scranton — C. E. Robertson. New York — Bauer, Starr & Co. Price Range — 1918. Bid Ask High. 96% Nov. 9SV2 Nov. Low. 97 Jan. SCRANTON (PA.) GAS & WATER CO. Ist 6s. Dne Jan. 1, 1923. — N. Interest payable Jan. 1 and July 1, at First National Bank, Scranton, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000 . Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Lackawanna Trust & Safe Deposit Co., Scranton, Pa. Redeemable at par and interest any interest date. Organization — Incorporated in Pennsylvania In 1854. The company owns all of the entire $1,329,750 stocks .of twenty subsidiary water companies, which own plants supplying water in Scranton and numerous communities In that locality, subject to $1,626,000 bonds. Population served, 250,000. Secured by a first mortgage on plants sup- plying gas in Scranton, Hyde Park. Dunmore, Pa., and other cities and towns in the vicin- ity. Underlies — $ 1,550,000 5% Debentures. liisted on the Philadelphia Stock Exchange. Market. Scranton — W. D. Runyon, Chas. E. Robert- son. Philadelphia — Graham, Parsons & Co. Wilkes-Barre — Morris & Rice. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hilrh.102% '16 103% '16 100 Jan. Low. 95 '18 97I^ '18 95 Oct. 97% Nov. SCRANTON GAS & WATER CO. Purchase Money 6s. Due April 1, 1920. — N. Dated April 1, 1900. Interest payable April and Oct. 1, at First National Bank, Scranton, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized and Outstanding — $600,000. Trustee — Lackawanna Trust & Safe Deposit Co., Scranton, Pa. Redeemable at par and interest. Secured by a first mortgage on plant for- merly belonging to Providence Gas & Water Co. For description of Scranton G. & W. Co. property, see 1st 5s. Underlies — $1,550,000 Debenture 6s. Market. Scranton — Brooks & Co., W. D. Runyon, Charles E. Robertson. Philadelphia — Graham, Parsons & Co., New- burger,. Henderson & Loeb. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.102% '16 103 '16 98% Mar. Low. 96% '18 100% '17 96% Aug. SCRANTON GAS & WATER CO. Debenture 6s. Due April 1, 1930.— N. Dated April 1, 1900. Interest payable April and Oct. 1, at First National Bank, Scranton, and Lackawanna Trust & Safe Deposit Co., Scranton. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Pennsylvania. Authorized and Outstanding — $400,000. Trustee — Lackawanna Trust & Safe Deposit Co., Scranton. Redeemable at par and interest. Security — A direct obligation of the com- pany but not secured by a mortgage. For details see 1st 5s. Market. Scranton — Chas. E. Robertson. Philadelphia — Graham. Parsons & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '16 103 '16 95% Nov. 97 Nov. Low. 95 '18 97 '18 95 Nov. SCRANTON GAS & WATER CO. Debenture . 6s. Due Jan. 1. 1935.— N. Dated Jan. 1, 1905. Interest payable Jan. and July 1, at First National Bank, Scranton, Pa. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt In Pennsylvania. Authorized and .Outstanding — $600,000. Trustee — Lackawanna Trust & Safe Deposit Co., Scranton, Pa. Redeemable at par and interest. Security — ^A direct obligation of the com- pany, but not secured by a mortgage. For details see 1st 5s. Market. Scranton — Chas. B. Robertson. Philadelphia — Graham, Parsons & Co., New- burger, Henderson & Loeb: Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102% '16 103 '16 95 Nov. 98 July Low. 95 '18 97 '18 97 Nov. SCRANTON RAH-WAY CO. 1st Cons. 6s. Due Nov. 1, 1932.— F. Dated Jan. 1, 1897. Interest payable Jan. and July 1, at Company's office, or at Mer- chants Union Trust Co., Philadelphia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $1,100,000. Denomination — Coupon. $1,000. Trustee — New York Trust Co., New York. 1125 Organization and Control — See 1st & Ref. Es. Secured by a mortgrage on street railways in Scranton, Pa., constructed and owned at date of execution of mortsagre. Franchises per- petual. Prior IJeng — See 1st & Ret. Ss. Underlies — Sen. 6s of 1920 and 1st & Ref. 6s of 1947. ' Eamings — See Ist & Ref. 6s. Market. New York — Newburger, Henderson & Loeb, Lynch & McDermott. Fbiladelphla — E. W. Clark & Co., New- biireer, Henderson & Loeb, Chas. Fearon & Co., H. Boenning & Co., West & Co., S. K. Phillips & Co. Scranton — Chas. E. Robertson. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102 '10 103 '10 80 Nov. 90 Oct. Low. 76 '18 82 '18 76 June 82 July SCBANTOX RAILWAY CO. Gen. 6s. Doe Not. 1, 19«0.— F. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $1,000,000. Outstanding — $1,000,000. l>enomlnation — Coupon, $1,000. Registera- ble as to principal. Trustee — Contlnental-Eaultable Trust Co., Philadelpiha. Redeemable at 102 and interest any interest date. Organization and Control — See 1st & Ref. 6s. Secured by a mortgage on 102 miles of street railway in Scranton, Pa., and vicinity, including lines to" Carbondale and Pittston. Population served, 200,000. Franchises are perpetual. Prior Liens — See 1st & Ref. 6s. Underlies — 1st & Ref. 6s of 1947. Earnings — See 1st & Ref. 6s. Original Market — $1,000,000 offered in Octo- ber, 1910, at 97H and interest, by Bioren -& Co., and Newburger, Henderson & Loeb, both of Philadelphia. Market, Philadelphia — Newburger. Henderson & Loeb H. Boenning & Co. Scranton — C. B. Robertson. ■ New York — Coffin & Co.. B. & C. Randolph. Price Bance. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.SS^i '17 100 '14 92 Jan. 96 Jan. Low. 80 '18 90 '18 80 Apr. 90 Apr. Organization and Control — Incorporated in Pennsylvania in 1897. ' „ .. » ., Authorized Outstanding Capital stock.. $4,600,000 $2,000,000« •All owned by the American Rys. Co. Secured by a mortgage on all the property of the company comprising about 90 miles of street and Interurban lines in and around Scranton, Pa. Franchises are perpetual. Prior tiens— $4,955,500 as follows: $1,000,- 000 Scranton Traction Co. 1st 6s, due 1932; $100,000 Scranton Passenger Ry. Ist 6s, due 1920; $200,000 People's St. Ry. 1st 68, due 1918; $100,000 People's St. Ry. Gen. 6s, due 1921; $1,100,000 Scranton Ry. Co. Mtge. 6«, due 1932; $1,000,000 Scranton Ry. Co. Gen. 68, due 1920; $160,000 Scranton & Carbon'da,le Ist 6s, due 1923; $366,600 Scranton & Pittston Traction Co. 1st 6s, due 1923; $160,000 Car- bondale Traction Co. 1st 6s, due 1922; $800,- 000 Carbondale Ry. Co. Gen. 6s, due 1933. Under the provisions of this mortgage all the above bonds must be paid at maturity and all mortgages are closed; also bonds are reserved under this mortgage for the retirement of above issues. Year ended Dec. 31: Gross Net Interest 1918 $1,606,426 $471,161 $398,143 1917 1,529,865 617,962 388,836 1916 1,462,254 516,769 309,070 1916 1,403,480 479,521 300,378 Original Market — $2,600,000 offered Jan- uary, 1917, by Newburger, Henderson & Loeb and Bioren & Co., Philadelphia, at 94 and in- terest. Market. New York — Barclay, Moore & Co. Philadelphia — Merchants' Union Trust Co., Sailer & Stevenson, Newburger, Henderson & Loeb, H. D. Boenning & Co., Investment Reg- istry of America, Inc., B. V. Kane & Co., S. K. Phillips & Co. Price Range 1918 — Ask 94-73. Due SCRANTON (PA.) RAILWAY CO. 1st & Ref. SO-Year Guar. 6s. iJue Feb. 1, 1947. — P. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1 in Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Aathorized — $15,000,000. Outstanding — $2,500,000. Reserved tor Prior Uens — $4,966,500. Reserved for Improvements — $7,644,600. Denomination — Coupon, $1,000. Registera- ble as to principal or fully reglsterable. Trustee — Merchants' Union Trust Co., Phila- delphia. Redeemable at 102^ and interest on any interest date after Feb. 1, 1922. Guaranteed principal and interest by tHe_ American Railways Co. by endorsement. SCRANTON TRACTION CO. 1st 6s. Nov. 1, 1938.— F. Dated 1892. Interest payable May and Nov. 1, at Merchants-Union .Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania, Aathorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Trustee — Merchants Union Trust Co., Phila- delphia. Control — Absorbed by Scranton Ry. Co. Secured by a first mortgage on an important part of the street railway system in Scranton, Pa. Franchises perpetual. Prior Uens — $100,000 Scranton Pgr. Ry. 6s. Underlies — Scranton Ry. 1st Cons. 6s of 1932, Gen. 6s of 1920 and 1st & Ref. 5s of 1947. Earnings — See S. Ry. Co. 1st & Ref. 6s. Listed on the Philadelphia Stock Exchange. Market. Scranton — C. E. Robertson. Philadelphia — Elkins, Morris & Co., F. R. Welsh, H. Boenning & Co.. Welsh Bros.,- Robt. Glendinning & Co., Graham, Parsons & Co., S. K. Phillips & Co., W. A. Reed. Price Range, to Jan. 1, '19 .Ian. 1. Bid Ask High.116 '09 116% '09 Low. 03 '18 98 '18 L'6 1918 Bid Ask 98 Jan. 102 Jan. 93 Aug. 98 Aug. SCTJI>UN-GAL,IAGHEK IRON & STEEL CO. Ist Serial SV&s. Dne each Feb. 1, as follows: — F. 1918 J55,000 1922 $61, BOO 1919 58,000 1923 88,000 1920 61,000 1924...... 76,000 1921 64,500 1926 337,000 Dated February 1, 1910. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2 % Federa". Income ■ Tax paid by company- without dteduetiori.'- -"t-^' Anthorized — Closed mortgage. Outstanding — $677,000 (Feb. 16, 1919). Balance Retired. Denomination— Coupon, $500. Registerable as to principal. Trustee — Mercantile Trust Co., St. Louis. Redeemable at 102% and interest on any Interest date upon 30 days' notice. Organization — Incorporated in Missouri - In 1899. Name changed to Scullin Steel Co. in 1918, a close corporation. Secured by a first mortgage on plant occupy- ing 80 acres of land in St. Louis, Mo., where the company is engaged in the manufacture of steel castings. It is reported to be the largest plant of this kind in the world. Net quick assets must always be at least one-half the amount of outstanding bonds. Year ended Dec. 31 Net Interest 1917 $992,788 $47,657 1916 755,825 44,880 1916 215,895 60,284 1914 140,083 61,764 Later earnings not reported. Original Market — $600,000 offered in March, 1910, at 100 and interest by the Mercantile Trust Co., St. Louis; $500,000 offered in Jan- uary, 1913, at the same price. Market. St. Louis — Mercantile Trust Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 -1918 High.llO May 22, '06 9Hi May 31 Low. 91% May 31, '18 91>A May 31 SEABOARD & ROANOKE RAILROAD CO. 1st Bs. Due July 1, 1926. — N. Dated July 1, 1886. Interest payable Jan. and July 1, at office of Blair & Co., 24 Broad St., New York. Tax Status — Payment of Federal Income Tax. not assumed by company. Anthorized and Outstanding — $2,600,000. Denomination — Coupon, $1,000. Hegisterable as to principal. Registered, $1,000. Trustee — ^Mercantile Trust & Deposit Co., Baltimore. Assumed by the Seaboard Air Line Ry. Control — Merged into the Seaboard Air Line Ry. In Sept., 1911. Secured by a first mortgage on 81.30 miles • of road from Portsmouth, Va., to Weldon, N. C, and branch. This road affords the S. A. L. Ry. access to tidewater on Hampton Roads. Underlies — S. A. L. 1st 4s, Adjustment Bs, Ref. 4s and 1st & Cons. 6s of 1945. Bonds are reserved under the latter mortgage to re- tire this issue. Legal for Bait. Listed on New Tork and Baltimore Stock Exchanges. Market. New- York — J. S. Farlee & Co., Homblower & Weeks. Abraham & Co., Baker, Carruthera & Pell. Sam'l Goldschmidt. Baltimore — Strother, Brogden & Co., Foe & Davies. Hambleton & Co., Sutton & Co., Bal- timore Trust Co., Robt. Garrett & Sons, Jen- kins. Whedbee & Foe, Howard R. Taylor & Co. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Norfolk, Va. — Mottu & Co. SEABOARD AIR LINE RAILWAY COMPANY,. Incorporated in Virginia in 1900 as Seaboard Air Line Ry. In Jan., 1908, on the application of the company, receivers were appointed, who operated the property until 1900;- -When, the-" finances of the company having been read- justed, the property was returned to the com- pany for operation. On Oct., 1915, th% Sea- board Air Line Ry. and the Carolina, Atlantic & Western Ry. were consolidated into the Seaboard Air Line Ry. Co. The company owns 3,393.20 miles of road and operates 3,461.34 miles from Richmond and Norfolk, Va., to Columbia, S. Car.; Sa- vannah, Ga., and Jacksonville and Tampa, Fla., with branches to Wilmington and Dur- ham, N. C, ; Atlanta, Columbus and Albany, Ga. : Birmingham and Montgomery, Ala., and numerous points in North and South- Carolina, Georgia, Florida and Alabama. The Seaboard Air Line Ry. Co. has out- standing $23,894,100 4% non-cumulative pre- ferred stock, entitled to 2% extra after com- mon stock has reoeived 4%; $37,300 6% non- cumulative preferred stock and $37,019,400 common stock. Year ended Dec. 31 "Int., Gross Net Rent, Etc. 1917.. .$30,346,146 $7,629,257 $6,908,616 1916... 26,184,487 7,889,431 6,499,622 1915... 22,640,876 6,429,784 6,182,535 •Included $1,260,000 interest on Adjustment 6s. SEABOARD AIR LINE RAILWAX. CO-—. FLORIDA CENTRAL & PENINSIH,AR R.\ILROAD CO. Ist (Eltendsd) 69. Due July 1, 1923 — N. Dated July 12. 1888. Extended at maturity July 1 1918. interest being increased from 6%. Interest payable Jan. 1 and July 1 in. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. ... Outstanding — $3,000,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Secured by a first mortgage on 5 74,18 miles of road. viz. ; Miles Pernandina to Cedar Keyes. Fla 16 6.70 Jacksonville to River Jet., F'.a 209.08 Yulee to Jacksonville, Fla 26.60 Wado to Plant City, Fla ^. 132.94 Drifton to Monticello, Fla 4.38 Tallahassee to St. Marks, Fla 20.36 Wildwood to Tavares. Fla 22.00 Sumterville Jet. to Sumterville, Fla.. 2. 28 Silver Springs Jet. -to Silver Springs, Fla ■.'.'..'...' 1.90 Underlies — Florida Central & Peninsular R. R. 1st Ext. 5s of 1930, 1st Cons. 6s of 1943, and. Seaboard Air Line Ry. 1st 4s of 1950. Ref. 4s of 1959. Adjust. 6s of 1949. 1st and Cons. 6s of 1945. Bonds are reserved under the S. A. L, 1st and Cons, mortgage to retire this issue. Legal for Bait. Listed on the New York Stock Exchange. Original Market— The extension of this issue was unlerwritten June, 1918. by the National City Co. and Guaranty Trust Co., New York. 1127 SEABOARD AIB J,INE RAILWAX CO.— At- 'lEinta-Birminsham Division Co. let 4s. ' Due May 1, 19S3. — F. Dated May 1, 1903. Interest payable March 1 and Sept. 1. at Blair & Co., New York. Tax i^tatns — 2% Pedera: Income Tax paid' by company witjiout deduction. Authorized — Closed mortgage. Outstanding — $6,910,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New Torlc, and Frederick Bldridge. Organization — Merged into the Seaboard Air Line Ry. in 1909. Secured by first mortgage on 217.57 miles of road, viz. : Howells (near Atlanta), Ga., to Birming- ham, Ala 163.27 Rockmart to Cartersville, Ga 22 . 84 Coal City to Pell City, Ala 8.66 Jacksonville to Tredegar, Ala 3.29 Spurs 19.62 This road affords the Seaboard Air Line Ry. an entrance into the Birmingham coal and iron territory. Also secured on trackage rights over the "Western & Atlantic Ry. from Howells to At- lanta, Ga., 3 miles. Underlies — Seaboard Air Line Ry. Ref. 43 of 1959, 1st & Cons. 63 of 1946, under which bonds are reserved to retire this issue, and Adj. Income 5s of 1949. Listed on the New York Stock Exchange. Market. New York — J. S. Farlee & Co.. Britton, Rollins & Co., .Shuman & Seligman. J. A. Joseph, Jr., & Co., B. & C. Randolph, F. J. Lisman & Co.. McGeorge & Vanderhoef. Struthers & Hiscoe. Abraham & Co.. Korn, Lehman & Co.. Redmond & Co. St. I*ouis — Bowman, Cost & Co. Chicago — Kean, Taylor & Co. Baltimore — Poe & Davies. Atlanta — J. H. Hilsman & Co. Milwaukee — Second Ward Savings Bank. Price E«nB»— N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 97 Jan. 24. 'OS 74 Jan. 16 Low. 73 Mar. 4, '18 73 Mar. 4 SEABOARD AIB I-INB RAILWAY 1st 49. Due April 1, 1950.— F. Dated April 1, 1900. Interest payable April and Oct. 1, at office of Blair & Co., 24 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $12,775,000. Deposited under Ref. Mtge.— y$27,000.000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Registere* $1,000 and multiples. Trustee — The Continental Trust Co. of Bal- timore. Redeemable on any interest date at par and Interest upon three months' notice. Secured by direct mortgage on 2,485.44 miles of road, viz. ; A first lien on 279.91 miles — Miles Acca. Va., to Norlina, N. C 102.10 Hamlet. N. C, to Columbus. S. C 105-.88 Franklinton to Louisburg, N. C 10.00 Montcure to PIttsboro, N. C 11.20 Lawrenceville to LogansviUe. Ga 10.33 Belt Jet. to Howells, Ga 8,10 Lewiston, N. C, to Va. State Line 32.30 A second lien on 1,535.95 miles — Covered by the first lien of the foUow- in.g: Carolina Cent. 1st Cons. 4s, 1949 271.03 Durham & Northern 1st 6s, 192? 41.40 Georgia & Alabama Cons. 6s, 1945 398.78 Georgia, Carolina & Northern 1st 5s 266.10 Raleigh & Augusta Air Line 1st -6s, 1926 96.60 Raleigh & Gaston 1st 6s. 1947 98.74 South Bound R. R. 1st 6s, 1941 138.66 Florida Central & Peninsular 1st Cons. 6s, 1943 141.37 Georgia & Alabama Terminal 1st 5s. 1948 2.08 Seaboard & Roanoke 1st 6s, 1926 81.30 A third lien on 95.40 miles — Covered by the first lien of the Florida, Cent. & Peninsular 1st Bxtn. 53, 1930 95.40 A fourth lien on 674.18 miles — Covered by the first lien of the S. A. L.- Fla. Cent. & Peninsular Ist Bxt. 6s, 1923 574.18 Further secured by deposit with the Trustee of the following securities. Deposited Issued Durham & Northern Ry. 1st 6s, 1928 $50,000 $150,000 Georgia & Alabama Termi- nal Co. capital stock 300,000 300,000 Seaboard & Roanoke R, R. Deb. 6s 405,000 690,000 Richmond - Washington Co. capital stock ._445,000 2,670,000 Prior Liens — $30,042,000 prior liens as fol- lows; Carolina Cent. R. R. l3t 4s, 1949 .. .$3,000,000 Durham & Northern Ry. 1st 6s. 1928 100,000 S. A. L.-Fla: Cent. & Peninsular R. R. 1st Ext. 6s. 1923 3,000,000 Florida Cent. & Peninsular R, R. 1st Bxtn. 5s. 1930 392,000 Florida Cent. & Peninsular R. R. 1st Cons. 5s. 1943 4,372,000 Georgia & Alabama Ry. Cons. 5s, 1945 6.085,00( Georgia & Alabama Terminal Co. Ist 5s. 1948 1,000,000 Georgia, Carolina & Northern Ry. 1st 6s, 1929 6,360,000 Raleigh & Augusta Air Line R. R. 1st 6s. 1926 1,000,000 Raleigh & Gaston R. R. 1st 6s, 1947 1,200.000 Seaboard & Roanoke R. R. 1st 6s. 1926 2,500,000 South Bound R. R. Co. 1st 63. 1941. 2.033.000 Underlies — ^Ref. 4s, Adj. 6s and 1st & Cons. 6s of 1945. Bonds are reserved under the latter mortgage to retire this issue. Listed on the New York, Philadelphia, Bal- timore and Richmond .Stock Exchanges. Market. New York — Hornblower & Weeks, New- burger. Henderson & Loeb. Low. Dixon & Co., Vilas & Hicke.v. Baltimore — ^Hambleton & Co., Poe & Davies, Ns'son, Cook & Co., Jenkins. Whedbee & Poe. Boston — Hornblower & Weeks. Chicago — Kean. Taylor & Co., Hornblower & Richmond — Gaskle; G. Burch & Co.. Scott & Strlngfellow. Philadelphia — Newburger, Henderson & Loeb. Price Ranee — N. Y. S. E. Jan. 1. 190S to Jan. 1. 1919 1»1« High.92 Jan. 17, '06 76% Dec. 9 Low. 43% Mar. 2, '08 67 July 26 Stamped. High.90 Jan. 2, 'IS 75y4 Nov. 22 Low. 68% July 24. '18 68% July 24 SEABOARD AIB LINE RAILWAY Ref. 48. Due Oct. 1. 1959.— P. Dated Oct. 1. 1909. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. 1128 Tax Status — 2% Pedera: Income Tax paid Thalmann & Co., New York, at 83% aifd in- by company without deduction, terest. Aothmized — $125,000,000. Market. Oiitstanding— $19,350,000. New York— Active on N. T. Stock Exchange. Ueuosited under 1st & Cons. 6s — $36,661,000. Philadelphia — West & Co., Harper & Turner. "Reserved for Prior lAaas and Extensions — Baltimore — Mackubin, Goodrich & Co.. Mid- $66,808,000. dendorf, ■Williams & Co., Nelson Cook & Sons, •AH bonds so Issued will be pledged under Townsend Scott & Son. the 1st & Cons. 6s of 1945. Cliicago — Halsey Stuart & Co., First Trust Denomination — Coupon, $100, $500 and & Savings Bank. $1,000. Resisterable as to principal only. Richmmid — Scott & Stringfellow. Registered, $1,000, $6,000, $10,000 and multl- Price Range— N. Y. S. E. pies of $10,000. The $500 and $1,000 coupon ,Ian. 1, 1909 to Jan.. 1, 1919 1918 bonds are -fully registerable. C. & R. bonds High. 83 Jan. 2, '12 66 Nov. 12 of the denomination of $500 and $1,000 are Low. .61% Apr. 23. '18 51% Apr. 23 interchangeable, Trustees — New York Trust Co. and Morti- mer N. Buckner. SEABOARD AIR UNE RAILWAY Adjustment Redeemable as a whole on any interest date ^^- !•"« O"*- !> 1949. — P. at 105 and interest upon 90 days' notice. Dated October 1, 1909. Interest payable, if Secured by direct mortgage on 3,047.26 miles earned, on Feb. 1 and Aug. 1, from Aug. 1, of road, viz.: 1910, at office of Blair & Co., 24 Broad Street, A first lien on 278.22 miles — Miles New York City. Cumulative from Nov. 1, Dickinson to Oxford, N. C 4.51 1909, and payable in installments of not less Spence to Great Falls, S. C .. .. 21 . 43 '^an 1 % % . St. Mark's Jet. to Waylonzo, Fla 38.83 Interest Payment — Interest at the rate of Plant City to Welcome, Fla 13.13 6% is being regularly paid on this Issue. Starke to Wannee, Fla 66.76 Tax Status — 2% Federal Income Tax paid Early Bird to Dunellon, Fla 14.40 by company without deduction. Buda to Norviile, Fla 9.84 Authorized — $25,000,000. Edison Jet. to Agricola, Fla 12.34 Outstanding — $26,000,000. Fruitville to Venice, Fla 16.53 Denomination — Coupon, $1,000. Registerable Connection with Campe Ry. to Iverness, as to principal. Fla 16.23 Trustees — Fidelity Trust Co., Baltimore, and Keysville to Nichols, Fla .. 4^70 Van Lear Black. Mulberry to Pembroke, Fla 17.16 Redeemable as a whole at par and interest, Bartow to Baynard 22.04 " any, on any interest date upon 90 days' Spurs 30.32 notice. . „„ „., ,. ceo crt ™-i Secured by a lien junior to that of the Re- Cover^ed°Syrfl?st'uerorthlTollowing: rdt;"?ha^Ts's1fe"' ™ '"' """''*" """"''" S. A. L. 1st 4s of 1960 279.91 p^;^^ Lien»— Ist 4s, Ref. 4s and prior liens of ios's ^*1^"'^-™'^™'"S''^'» 1=' ^= thereto. Interest on the 1st & Cons. 6s is a Covered by the fl^sV Uen 'of Vh'e Florida ' L^^l'!!* °" '?^^ i",';™! °' *''' '^"'"P^"^ ^^'°'' *° West Shore 1st 5s of 1934. interest on this issue, ,, t ., A- third lien on 1,535.96 miles- „^'f^J.%?r^ ^tl^^^^^k.^lt ' Covered by the second lien of the S. A. =^"^ Amsterdam Stodt^Exchanges. L. 1st 4s of 1950 1.536 . 96 j,^^ York— Active on N.' Y. Stock Exchange. A fourth lien on ,95.40 miles — Richmond— Gaskie G. Burch & Co., Scott & Covered by, the third lien of the S. A. Stringfellow. L. 1st 4s of 1950 95.40 Philadelpliia— O. B. Lansinger & Co. A fifth lien on 674.18 miles — Baltimore^ — Poe & Davies. Covered by the fourth lien of the.S. A. Price Range^N. Y. S. E. L. 1st 4s of 1960 674.18 Jan. 1, 1909 to .Jan. 1, 1919 1918 Also a first lien upon $27,000,000 (of a total High. 84% Jan. 8. '12 61 Nov.- 12 issue of $39,776,000) S. A. L, 1st 4s of 1350 Low.42yi Nov. 16. '17 49 Mar. 26 and a second Uen on the securities described under the S. A. L. 1st 4s of 1960. SEABOARD AIR LINE RAILWAY CO. 1st & Further secured by a first lien on leasehold Consol. 6s. Series '*A." Due Septem- interest in 57 miles' of road from Meldrim to ber 1, 1945. — N. Lyons, Ga. Dated September 1, 1915. Interest payable The mortgage provides that all bonds to be March 1 and September 1, at Trustee's office, issued under the First Mortgage shall be de- Tax Status — Payment of Federai Income Tax posited hereunder. not assumed by company. Prior Liens — Subject to $49,482,000 prior Authorized — $300,000,000, liens, viz.: Outstajiding — $27,273,500. S. A. L. 1st 4s. 1950 $12,775,000 Pledged to Secure 6% Notes— $5,334,000. Prior liens thereto 30,042,000 Pledged for Loans— $260,000. Florida West Shore Ry. 6s, 1934.. 766,000 Held in Treasury — $600. S. A, L. Atlanta-Birmingham 4s, Reserved for Prior Liens — $72,779,000. 1933 5,910,000 Reserved for Imp.— $194,333,000. These are all closed mortgages and sufficient Denomination — Coupon, $100, $500 and of the 1st & Cons. 6s are reserved to retire $1,000, Registerable as to principal. Regls- them. tered, $1,000, $6,000, $10,000 and authorized IJnderlies — Adj, 6s of 1949. multiples. Coupon and Registered interchange- Refunding — Bonds are reserved under the 1st able. & Cons. Mtge. to retire this Issue. Trustee — Guaranty Trust Co. and William Listed on the New York, London and Am- C. Cox, New York, sterdam Stock Exchanges. Redeemable as a whole or in lots pf not less Original Market — $19,000,000 offered In than $1,000,000 at 107% and interest on any April, 1911, by Blair & Co. and Ladenburg, interest date. 1129 -. Orgajiization — T,he Seaboard Air Line Rail- way Company was incorporated in 1915, as a consolidation of t ^he ■ S^aiWard Air Line Rail- way dnJ'tEie Carolina; -Atlantic & Western Railw^:iCa.... ..: -.'Secure'd Eiyja; diiFect mortgage on 416 miles of -T^Jad; yi^'iJ ::_''. A first lien on 416 miles — . Miles Kamlet, N.- C, ■ to' Hutchinson's Island (Savannah), Ga 254 Connections^ with A. C. L, Line at Lanes to- 'Georgetown, 'S. C 36 Postftn to McBee, S. C-.-. . ; 70 Hartsville to Sumter, S. C 39 Lydia to Timmonsville, S. C 17 Also secured by deposit of $36,661,000 (total issue, $50,511,000) Seaboard Air Line Ry. Hef. 4s, 1969. This mortgage will also be secured on all Ref. 4s hereafter issued. Also secured by - deposit of . the following stock : Deposited Issued Raleigh & Charleston R. R. $574,500 $574,500 Tampa Northern R. R 750,000 750,000 Tampa Union Station Co.. 10,000 30,000 Tampa & Gulf Coast R. R. 250,000 250,000 East & West Coast Ry 260,000 250,000 The Tampa & Gulf Coast and the Bast & West Coast are subject to prior pledge with the Continental Trust Co., Baltimore. Prior Liens — The $30,507,000 Seaboard Air Line Ref. 4s, 1959, deposited under this issue are subject to $49,482,000 prior liens. See description of Ref. 4s, 1959. No more of these prior liena may be issued unless they are pledged hereunder and sufficient of these bonds are reserved to retire them at maturity. Sufficient of these bonds are also ' reserved to retire the following: Tampa Northrn R. K. 1st 63, 1936 .. $1,258,000 Macon, Dublin & Savannah R. R. 1st 6s, 1947 1,505,000 Raleigh & Charleston R. R. 1st P. L. 4s. 1956 350,000 Raleigh & Charleston Cons. 4s, 1966 200,000 Original Marlcet — Offered by the Guaranty Trust Co.. National City Bank and William A. Read & Co., New York, and Harper & Turner, Philadelphia, at 99%% and interest in Decem- ber, 1915. Market. Cleveland — Otis & Co. Boston — Kimba'.I. Russell & Co. Philadelphia — Lloyd & Palmer, Sailer & Stevenson. Bioren & Co., Newburger, Hender- son & Loeb. Harper & Turner. Capelle & Co.. Barclay, Moore & Co.. Investment Registry of ■ Anierica. Inc., W. A. Reed & Co. Pittsburgh — Lyon, Singer & Co., Colonial Trust Co. 'Baltimore — Hambleton & Co.. Jenkins. Whedbee & Poe. Denver — International Trust Co., Boettcher, Porter & Co, Pasadena — Blankenhorn-Hunter-Dulin Co. Uos Angeles — Blankenhorn-Hunter-Dulin Co. Columbus — P. W. Freeman. Atlanta — Trust Co. of Georgia. Augusta — John W. Dickey. New Orleans — Interstate Trust & Banking Co. Indianapolis — Fletcher-American National . Bank. ' Seattle — Oscar P. Dix. Springfield — Moody Bros. & Co. Chicago — Babcock, Rushton & Co. St. Louis — Bov-man, Cost & Co. . Birmhigham, Ala. — Caldwe'l & Garber. Norfolk — i:o;iu & Co. 1818 Price Range. Jan. 1, '16 to 3aa. 1, 'IB ,/ Bid , Ask Bid Ask High.99% '16 100 '16 91 Nov. 97 Nov. Low. 79 '18 82 '18 79 Aug. 82 Sept. SEABOARD AIR LINE RAILWAY g-Year 6% Secured Notes. Due Sept. 15, 1919 — N. Dated Sept. 16, 1917. Interest,' payable March 1 and Sept. 1, in New York. Tax Status — Payment oj FSijIeral Income Tax not assumed by company. Authorized — $4,000,000. . Outstanding — $4,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guaranty Trust Co., New York. . Redeemable at 100% and interest at any tim'e on 30 days' notice. Secured by pledge of ^6,334,000 1st & Cons. 6s, due 1945, or in. the principal amount of 133 1-3% of notes outstanding. The bonds pledged are a direct first lien on 416 miles of road and a collateral lien on about 3,057 miles,' being the remaining mileage owned by the company. Original Market — $4,000,000 offered Sept., 1917, by the National City Co. at 98 and interest. Market. Philadelphia — Sailer & Stevenson. Pittsburgh — Lyon, Singer & Co. Baltimore — Robt. Garrett & Sons, Hambleton & Co., Baltimore Trust Co. New York — Hemphill, White & Chamberlain, Mann, Bill & Co., Chas. W. Hill. Guaranty Trust Co., Bull & Bldredge, J. Nickerson, Jr. Chicago — Ba-bcock, Rushton & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96% '18 98 '17 96% July 98 Sept. Low. 93 '17 94 '17 93% Oct. 96 Aug. SEABOARD AIR UNE RAILWAY CO. Elinip. 4%s, Series "N." Due $76,000 each Feb. and Aug. 16th to Aug. 15, 1921, inclusive. Dated September 6, 1911. Interest payable Feb. and Aug. 15, at Blair & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,600,000. Outstanding — $375,000 (Feb. 16, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable as a whole on any interest date at 102% and interest on 30 days' notice. Secured by an eauipment trust agreement on 25 locomotives, 9 passenger and baggage, mail and express cars, 1,000 box cars, 200 steel phosphate cars and 30 cabooses, costing $1.- 776,650, of which $275,660 was paid in cash. Original Mal*et — Offered in 1911 by Blair ft Co., New York. Market. See Series "P." SEABOARD AIR LINE RAILWAY CO. Eanlp. 4%s, Series "O." Due $103,000 each Jan. and July 15th to July 15, 1982, Inolusive. Dated July 16, 1912. Interest payable Jan. and July 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,060,000. Outstanding — $721,000 (Jan. 16. 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. 1130 Bedeemable as a whole at 102% and interest on any interest date on 40 days' notice. Secured by an equipment trust agreement on 26 locomotives, 10 passenger coaches, 6 dining cars, 14 combination passenger and baggage and mail and baggage cars, 2 express cars, 2 steam cranes, 1,000 box cars, 200 coal cars and 26 caboose cars, costing $2,300,581, of which $240,581 was paid in cash. Original Market — Offered in 1912 by Wm. A. Read & Co., New York. Market. See Series "P.** SEABOARD AIR MKE RAILWAY CO. Equip. 5s, Series "P." Due S95,000 each Feb. and Aug. 16 to Aug. 15, 1923, inclusive. Dated August 15, 1913. Interest payable Feb. 16 and Aug. 15, at Blair & Co.. 24 Broad St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1. 9 00. 000. Outstanding — $855,000 (Feb. 16, 1919). Balance Retired, Denomination — Coupon, $1,000. Trustee — Equitable Trust Co.. New York. Bedeemable as a whole at 102% and interest on any interest date on 40 days' notice. Secured by an equipment trust agreement on 46 locomotives. 10 steel passenger cars, 5 din- ing cars, 2 express cars. 500 box cars, 250 flat cars and 250 coal oars, costing $2,373,282, of which $473,282 was paid in cash. Original Marliet — $1,900,000 offered In July, 1913, on a 6% basis by Brown Bros. & Co., New York, Philadelphia, etc., and the Equita- ble Trust Co. and Kean, Taylor & Co., New York. Market. New York — Coggeshall & Hicks, Freeman & Co., Evans, Stillman & Co. Philadelphia — Graham. Parsons & Co.. West & Co.. Harper & Turner. Pittsburgh — Kean, Taylor & Co. SEABOARD AIR UNE RAILWAY CO. Eanlp. 58, Series "Q." Due $72,000 each Jan. 1 and July 1 to July 1, 1924.— N. Dated July 1, 1914. Interest payable Jan. 1 and July 1, in New York and Philadelphia. Tax Status — Payment o£ Federal Income Tax not assumed by company. Authorized — $1,440,000. Outstanding — $792,000 (Jan, 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Guaranteed principal and interest by the Sea- board Air Line' Ry. Co. by endorsement. Secured by an equipment trust agreement on 45 steel passenger cars, 325 steel underframe ventilated box cars and 25 locomotives, cost- ing $1,600,000, of which $160,000 was Paid in cash. Original Market — $1,440,000 offered in June, 1914, by Harris, Forbes & Co., New -York; N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago, on a 'a .i% to 4.55% basis for 1915 to 1917 maturities and on a 4.60 basis for other maturities. Market. See Series "P." SEABOARD AIR LINE RAILWAY CO. Equip. Tr. 4%s, Series "R." Due $25,000 semi- annually each Jan. 1 and July 1 from Jan. 1917, to July 1, 1926, inclusive. — N. - Dated July 1, 1916. Interest payable Jan. 1 and July 1, in New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $384,000 (Jan. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Guaranteed principal and interest by the Sea- board Air Line Ey. Co. by endorsement. Secured by an equipment trust agreement on 5 mountain type locomotives, 15 all-steel ex- press cars, 60 steel frame, steel underfranie caboose cars, 2 steel electric motor cars and 5 all-steel dining oars, costing about $600,000, of which the company paid $90,000 in cash. Original Market — $600,000 offered June, 1916, by Harris, Forbes & Co., New York and Boston, at prices to yield from 3.50% on first maturity to 4.45% on last eleven maturities. Market. See Series "P." SEABOARD AIR LINE RAILWAY CO. Equip. Tr. 6s, Series "S." Due $60,000 each June 1 and Dec. 1 from Jane 1, 1918, to Dec. 1, 1927, inclusive. Dated Dec. 1, 1917. Interest payable June 1 and Deo. 1. in New York and Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,200,000. Outstanding— $1,080,000 (Jan. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by the Sea- board Air Line Ry. Co. by endorsement. Secured by an equipment agreement on 16 Mallet type and 10 Santa Fe type locomotives, costing $1,718,730, of which the company paid $618,730 in cash. Original Market — $1,200,000 offered Decem- ber, 1917, by the Guaranty Trust Co. and the National City Co., New York, at prices to yield from 6 % % to 7 % for various maturities. Market. See Series "P." SEACOAST RAILROAD CO. Prior Lien 68. Due April 1, 1948. — F. Dated April 30. 1898. Interest payable April and Oct. 1. at Reading Terminal. Philadelphia. , Tax Btatns — 2% Federal Income Tax paid by company without deduction. Tax exempt In New Jersey. Authorized — $350, 000. Outstanding — $360,000 ($42,000 owned by the Reading Co.) Denomination^ — Coupon. $1,000 and «100. Reglsterable as to principal. Trustee — Girard Trust Co., Philadelphia. Control — Absorbed by the Atlantic City R. R. Co., which is controlled by the Reading Company through ownership of practically the entire capital stock. Secured by a first mortgage on 68.15 miles of road, viz.: Miles Winslow Jot. to Cape May, N.J 66.80 Tuokahoe to Sea Isle City, N. J 12.35 This road affords the Reading System access to the seashore resorts of New Jersey south of Atlantic City. Underlies— Seacoast R. R. Series "A" Gen. 6s, Series "B" 5s of 1948, and Atlantic City R. R. 1st Cons. 4s of 1951. Bonds are re- served under the latter mortgage to retire this issue. Legal for Me. Market. Philadelphia — Chas. Fearon & Co., West & Co., Graham, Parsons & Co., Huntoon & Co., W. A. Reed. 1131 Jan. Price Range. 1, '08 tegal for Bait. Listed on the Boston and Louisville Stock Exchanges. Original Market — Offered in 1900 at 9Si% and interest by Lee, Higginson & Co., Boston, New York, etc. Market. New York — Paine, Webber & Co., F. H. Hatch & Co., Kiely & Horton, G. B. de Chade- nedes & Co., J. S. Farlee & Co., Hanson & Doyle, Blodget & Co.. Estabrook & Co.. Lee, Higginson & Co., Berde'.l Bros., Earle A. Mil- ler & Co., Abraham & Co., Lynch & McDer- mott, J. Nickerson, Jr., Pynchon & Co. Baltimore — Mackubin, Goodrich & Co.. How- ard R. Taylor & Co. Philadelphia — E. B. Smith & Co.. Biddle & Hpnry, S. K. Phillips & Co. Bostoni — Estabrook & Co., Lee, Higginson & Co., F. B. Bassett & Co., Stone & Webster, Paine, Webber & Co., Curtis & Sanger. Ernest E. Smith & Co., L. Sherman Adams, Paine, Webber & Co. Chicago — Paine, Webber & Co. . Curtis & Sanger, Babcock. Rushton & Co. Seattle, Wash. — Geo. H. Tilden & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.106 '09 107% '09 92 Nov. 96 Dec. Low. 85 '18 90 '18 85 Aug. 90 Apr. (THE) SEATTI.E ELECTRIC CO. 1st S. F. Bs. Due' Feb. 1, 1930.— N. Dated February 1, 1900. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $3,573,000 (June 10, '19). Held in S. F. — SI. 427,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable at 110 and Interest on any inter- est date. Sinking Fund — 1% annually of bonds cer- tified, payable Feb. 1st. Assumed by the Puget Sound Traction, Light & Power Co. Control and Management — Absorbed by the Puget Sound Traction. Light & Power Co., which is under the management of Stone & Webster. (THE) SEATTLE ELECTRIC CO. Cons. & Ref. S. F. 58. Due Aug. 1, 1929.— F. Dated August 1. 1907. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage except for re- funding. OntstandlTig— $5,616,000 (Jan. 1, 1919). Held in Sinking Fund — $772,000. Reserved for Prior Lien — $6,934,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — Old Colony Trust Co.. Boston. Redeemable at 105 and interest on any in- terest date in amounts of not less than $500,- 000 or smaller amounts for sinking fund. Sinking Fund — On and after Oct. 1. 1909, 1% annually of the total amount of outstand- ing bonds to be used In putchasing these bonds at not over 105 a nd interest. Assumed by the Puget Sound Traction, Light & Power Co.' Control and Management — See Ist 5s. Secured by a mortgage junior to that secur- ing the 1st 5s, on the property described under that issue above. Further secured by a first 1132 lien on all of the stock of the Puget Sound Power Company which owns the hydro-electric plant supplying the company with power, and on all of the " stock of the Seattle-Everett Traction Co., which owns 65 miles of inter- urban railway between Seattle and Everett, Wash., principally on private right-of-way. Th' railway franchises expire In 1934, and the electric franchise in 1952. The Seattle- Everett interurban line is chiefly on private right-of-way: none of its franchises expire be- fore 1950. Substituted Security — See 1st S. F. 5s. Prior liiens — $3,693,000 Seattle Electric Co. 5s of 1930, $356,000 Seattle Ry. Co. 6s of 1921 and $2,920,000 Puget Sound Power Co. 6a of 1933. Underlies — Pug. S. T., L,. & P. 63 of 1919. Earnings — See P. S. T., L. & P. Co. Original Marlset — $1,500,000 offered in June, 1907, by Lee, Higginson & Co., N. W. Harris & Co., Inc.. and Estabrook & Co., New Tork. at 92% and interest; $2,500,000 offered in May, 1908, by the same Arms at 93% and interest, and $2,721,000 offered in Jan., 1911, at 98% and interest. Market. New York— F. H. Hatch & Co., Earle A. Miller & Co., L. A. Norton, E. & C. Randolph, Harris, Forbes & Co.. Lee, Higginson & Co., Blodget & Co., Estabrook & Co., Miller & Co., Berdell Bros.. Kiely & Horton, J. Nlckerson, Jr.. Taylor & White. Boston — Lee, Higginson & Co., Harris, Forbes & Co., Estabrook & Co., Kidder, Pea- body & Co., F. B. Bassett & Co., Stone & Web.gter, L. Sherman Adams. Baltimore — Mackubin, Goodrich & Co., How- ard R. Taylor & Co. Chicago — Harris Trust & Sav. Bank, Bab- cock, Rushton & Co. Seattle — Wm. D. Perkins & Co., Dexter- Horton National Bank. PhUadelDliia— S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99% '09 101 '17 88 Nov. 92% Deo. Low. 78 '18 81% '18 78 Aug. 81% Aug. Secured by a first mortgage on 65 miles of interurban railway from Seattle to Everett, Wash., and from Bellingham to Mt. Vernon and Sedro-Wooley, Wash. Further secured by a first lien on the $200.- 000 (entire issue) capital stock of the Puget Sound International Ry. & Power Co., and $500,000 (entire outstanding) Cons. 6s of 1941 of the Everett Ry., Light & Water Co., which latter company owns the local street railway in Everett, and plants supplying that city wtlh electricity and water. Population served, 310,- 000. Franchises in Everett expire in 1944 and 1950. in Bellingham in 1941. Underlies — Puget Sound T., L. & P. 6s of 1919. Earnings — See P. S. T., L. & P. Co. Original Market — $1,600,000 offered in April, 1909, by Lee, Higginson & Co., New Tork, Boston, etc., at 98% and interest; $1,600,000 offered by same firm in May, 1911, at 98 and Interest. Market. New York — B. & C. Randolph, Hanson & Doyle, Lee, Higginson & Co., EstabrooK & Co., McGeorge & Vanderhoef, Kiely & Horton, Lynch & MoDermott, Pynchon & Co.. Taylor & White. Boston — Lee, Higginson & Co., Stone & Web- ster. L. Sherman Adams. Philadelphia — E. B. Smith & Co.. Ji. D. Boenning & Co. Detroit — First and Old Detroit National Bank. Price Range. ■Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98% '10 100 '09 85 Nov. 90 Nov. Low. 74 '18 78 '18 74 Aug. 78 Aug. SEATTI^ EI^CTBIC CO. — Seattle-Everett 1st 5s. Dae March 1, 1939. — F. Dated March 1, 1909. Interest payable March and Sept. 1, at Trustea's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $2,875,000 (June 13, '19). Held in Sinking Fund — $226,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000 and $10;- 000. C. & R. interchangeable. Trustee — Old Colony Trust Co., Boston. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Sinking Fund — ^Annually, commencing March 1, 1914, 1% of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and interest. Bonds acquired to be kept alive and interest added to fund. Guarantee — The Pacific Northwest Traction Co. has agreed to pay the principal, interest and sinking fund payments "on these bonds, and has mortgaged its entire property as se- curity. Assumed by the Puget Sound Traction, Light & Power Co. Control — Absorbed by the Pacific Northwest Traction Co., all of whose stock is owned by the Puget Sound Light, Power & Traction Co. M«-nnffement — Stone & Webster Management Assn. , SEATTUE UGHTING CO. Bef. 5s. Due Oct. 1. 1949.— P. Dated October 1, 1909. Interest payable April and Oct. 1, at Harris, Forbes & Co., New York, or at Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $5,726,600 (Jan. 1, 1919). Retired by S. T. — None. Additional bonds issuable for 80% of cash cost of improvements provided net earnings are 1% times interest charges on outstanding bonds of this issue, including those to be is- sued and also including underlying bonds. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Harris Trust & Savings Bank, Chi- cago. Redeemable at 102% and interest on any in- terest date. Sinking Fund — $100,000 per annum from 1910 to 1915, to retire bonds of this issue, or to reimburse the company for expenditures on account of permanent extensions and ad- ditions, for which no bonds may be issued. Organization — Incorporated in Washington in 1904. Secured by a second mortgage on plant sup- plying gas to- Seattle, Wash., and vicinity. Population served, 275,000. Franchises per- petual in Seattle; to 1951 in Ballard. Prior Liens — $358,000 1st 6s of 1944. Underlies — $2,000,000 Debentures. Year ended Dec. 31 ?ond Gross Net Interest 1918 $1,665,636 $649,917 $412,046 1917 1,113,754 497,183 404,812 1916 1,016,692 490,102 402,622 1915 1,011,287 489,518 380,631 1914 1,003,576 462,081 337.126 1913 930,088 410,891 326,376 1133 Original Market — $1,200,000 otCered in Bee, 1909, at 97^4 and interest by N. W. Harris & Co., New Yorlc and Boston, and the Harris Trust & Savings Bank, Chicago; $107,000 of- fered in February, 1915, by the same firms at 91% and interest. Market. New York— P. H. Hatch & Co., Kiely & Horton, Earle A, Miller & Co., G. B. de Chadenedes & Co., H. D. Boenning & Co., Li. a. Norton, Callaway, Fish & Co., Wm. Wheatley, Geo. H. Burr & Co., Dunham & Co., A. H. Bickmore & Co., E. & C. Randolph, J. A. Clark & Co., Harris, Forbes & Co., Ber- dell Bros., Pynchon & Co. Boston — llarris. Forbes & Co., L,. Sherman Adams. ■ Chicago — Harris Trust & Sav. Bank, Na- tional Bank of the Republic, Union Trust Co., J. P. Hobbs & Co., A. L. Baker & Co., Bab- cook, Rushton & Co., H. T. Ho'.tz & Co. Philadelphia — Harper & Turner. H. Boen- ning & Co. Mllwankee— First National Bank. Albany — Henry J. Prince. iieattle — Dexter-Horton National Bank. Providence — Hornblower & Weeks. Price Range, Jan. 1. '10 to Jan. 1, 'lU 1918 Bid Ask Bid Ask High.96 '11 98 '11 83 Dec. 87 Dec. Low. 'fa '18 80 '18 72 Sept. 80 Sept. SEATTU; UGHTING CO. Deb. 68. Due Jan. 1, 1920.— F. Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee's ofHce, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 101 and interest on any in- terest date. Security — A direct obligation of the com- T)any, but not secured by mortgage. The com- pany covenants that no new issue of mortgage 33onds or debenture bonds can be placed upon -the property while these debentures are out- standing. For description of property, see Ref. 5s below. Prior- Liens — $358,000 1st 5s of 1944, and $5,726,600 Ref. 6s of 1949. Earnings — See Ref. 5s. Original Market — $300,000 ofEered in Dec, 1910, by H. T. Holtz & Co., Chicago, at 98 -and interest. Market. Chicago — Chas. S. Kidder & Co., J. P. Hobbs & Co., Powell, Garard & Co., Babcock, Hushton & Co., H. T. Holtz & Co. Boston — H. L. Nason & Co., Moors & Cabot, L. Sherman Adams, Seattle — ^Wm. D. Perkins & Co. New York — B. & C. Randolph, Joseph & Wiener. Kiely & Horton, McGeorge & Vander- hoef. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97% '17 99 '17 96 Dec. 98% Dec. Low. 89% '18 93% '17 ,89% May 94 Aug. ^f. Dec. 4f. Dec. Low. lf.'17 3f.'17 1 f. Jan. 3f. Jan. Pittsborgh— Duquesne ■ Bond JI!Orp; "^ ' New Yorls — Hbrnblower- ^& -Weeks, ' C. H. Hensel. '• .' r - . . Boston — Hornblower- & Weeks. Chicago — Hornblower & Weelis. Philadelphia— S. K. Phillips & Co.. ! SECOND AVENUE RAIUtOAD CO. 6% Rec Ctfs. Due Oct. 1, 1919. Dated October 1, 1918. Interest ■ payable April 1 and October 1 in New York. _ Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,200,000. Outstanding — $3,140,000. Denomination — Coupon, $1,000. Redeemable at par and interest on April 1, 1918. Organization — See 1st Consol, 5s. Secured by a first mortgage on the property described under the 1st Consol. 5s above. The order of the Supreme 'Court of New York, under which these certificates were issued, expressly provides that no additional Receiver's Certificates can be issued on' this property unless they shall be subordinated in lien to this issue. Eamingg^ — See 1st Consol 6s. Original Market — Exchanged par for par for certificates due Oct. 1, 1917, through the Guaranty Trust Co. Market. '^' New York — Guaranty Trust Co., Mann, Bill & Co., Sam'l Goldschmidt, Redmond & Co. Baltimore — Middendorf, Williams & Co.' PhiladelpWa — E. W. Clark & Co. SECOND AVENUE TRACTION CO. (PITTS- BURGH) 1st 5s. Due July 1. 1933.— F. Dated July 1, 1893. Interest payable Jan- uary 1 and July 1 at "I^rugtee's office. . De^faalt — July 1, 191sMiitefest. I'ax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized-^$500.000., Outstanding — $499,000 ($80,000 pledged un- der 1st 5s of 1934). Denomination — Coupon, $1,0.00. Trustee — Pittsburgh Triist Co. . Pittsburgh. Receivership — See Pittsburgh Railways Co. Gen. 5s. Control — See 1st 5s of 1934. Secured" by a mortgage on all the property including leases dated May 18, 1893, and also 10,057 share's of. stock j^entire issue) of the Second Ave. Passenger Railway Co. The mortgage contains "ho covenant prohibiting the Second Ave. Passenger Ry. Co. from placing a mortgage on its property. Note — See note under 1st 5s of 1934. Underlies — $6,830,000 Second Ave. Trac. Co. 5s and United Trac. Co. Gen. 6b. Market. (THE) SECOND AVENUE TRACTION C6. (PITTSBURGH) Ist Ss^ Due liec. 1. 1934. Dated Deo. 1, 1894. Interest payable Jun$ and- Dec. 1, at Brown Bros.' & Co., New Yprk. Default — Dec. 1, 1918, .interest. ;_^ - "Tax Status — 2% Federal Income Tax"'p,aid by company without deduction. Tax exempt in Pennsylvania. Authorized — $2,600,000. Outstanding — $2,026,000. Denomination— Coupon, $1,000. Registera- ble as to principal. Trustee — ^Maryland Trust Co. , Baltimore, Md. Control — ^Absorbed by the United Traction Co. of Pittsburgh. All of the common sto(^ and 58,999 shares of the preferred stock of that company are owned and its railways are operated by the Pittsburgh Rys. Co. un- der an agreement providing . for the payment of all taxes, rentals, and other charges. Receivership — On. April -23, 1918, receivers were appointed for the Pittsburgh Rys. Co. Secured by a mortgage on 65 miles bf street railway on 4th Ave. from Liberty Ave. to Grant St., on Grant St. from 2nd Ave, to Water St., -and on 3rd Ave. from Market St. to Ferry St., to 4th Ave. From 10th Street, at the S. 10th St. Bridge on 2nd Ave. to the north side of Glenwood Highway Bridge and from the south side of the bridge through Hays Borough, and Dravoeburg ■ to McKees- port and Reynoidton. In McKeesport (lines described in mortgage) on Sinclair St> to Cen- ter St. to Ruth S±. to Bridge .St. to Sinclair St. ; on Sinclair St. from Center St. to Ann St. to High St. to Rebecca St. ; on Sinclair St. from Ann St. to Market St. to 5th Ave. to the Youghiogheny River ; on Market St. -from 5th St. to 9th St.; on 5th Ave. from Market St. to Walnut St. to the south side of McKeesport; on 5th Ave. from Walnut St. to Evans Ave. to Huey St., and on 5th Ave. from Evans Ave. to the eastern line of McKeesport. From the South end of the Glenwood High- way Bridge on 8 th Ave. through West Home- stead and Homestead to the eastern ' line of Homestead. The line in Homestead, on 8th Ave. from the western to the eastern lines.. of the borough, are also described as being sub- ject to the lien of the Monongahela St. Ry. Co.'s 1st mortgage. Also from 2nd Ave, on Greenfield Ave. to Murray Ave. The company has trackage rights, over the Pittsburgh & Birmingham Traction Co.'s roadr f rom S. 10th St. bridge on 2nd Ave. to Grant St. to 4th Ave., and over the tracks of the Pittsburgh, Oakland & East Liberty St.- Ry. Co. from Grant .St. on 3rd Ave. to Market St. Several additional lines, described in the mortgage have not been built, while others have apparently been abandoned. Further secured on the leases of the Second Ave. Passenger Ry. Co., Glenwood & Dravoe- burg El. St. Ry. Co. and McKeesport & Rey- noidton Passenger Ry. Co., 18,000 shares of stock of Second Ave. Trac. Co., 1,080 shares of Glenwood & Dravoeburg El. St, Ry. ..{en- tire Issue); 2,800 of 4,000 shares of Glenwood Highway Bridge Co. $175,000 of ths.-$20O,O00 1st mortgage bonds of the McKeesport & Rey- noidton Passenger Ry. Co.; 5,350...BhaTes lof McKeesport & Reynoidton Passenger Ry. Co. j 1135 400 shares, of Pittsburgh, Glenwood & Home- Htead Passenger Ry. Co. and $80,000 Second Ave. Trac. Co. 1st 5s of 1933. Population ;3erved (iniGluding wards traversed in Pittsburgh, but jiot the remaining part of that city), 150,000, Franchises are perpetual. Note — This mortgage expressly provides that the above described property is conveyed to the Trustee subject to the (Second Ave. Traction Co. Mortgage of 1893. Underlies — % 4,804,000 United Traction Co. Gen. 53, liisted on the Philadelphia and Baltimore Stock Exchanges. Market. Philadelphia — H. D. Boenning & Co.. E. W. Clark & Co., Chas. Fearon & Co., Barclay, Moore & Co.. S. K. Phillips & Co. Pittsburgh — Goddard, Hunter & Co,, Moore, Leonard & Lynch. New York — Morton Lachenbruch & Co,, Hornblower & "Weeks, B. & C. Randolph. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.107 -OS 107l^ '10 65f. Feb. 79^^f. Feb. Low.60f.'18 65f. '18 60f. Apr. 65 f. Sept. SECURITIES CO. OF NEW YORK Cons. 4s. Series "A" and "C." — N. Dated March 1, 1899. Interest payable March 1 and September 1, at Company's of- fice. 24 Broad St,, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $3,000,000. Denomination — Registered, $100, $500 and $1,000. Redeemable as a whole at 105 and interest on any interest date. Organization — Incorporated In New York in 1899 and absorbed the Eciuitable Securities Co. Security — A direct obli 'Ration of the com- pany but not secured by nnrtgaere. There is no collateral securing them. They have no fixed maturity date. Market. New York — Geo. S. Crap & Co., Tobey & Kirk. R. F. Westerfield. F. H. Hatch & Co. Boston — H. C. Spiller & Co. Price Range. Jan. 1, M5 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 62 '18 64 '18 62 Feb. 64 Feb. Low. 48 '18 52 '18 48 May 52 May SECURITY CEMENT & LIME CO. 1st S. F. 6s. Due Nov, 1, 1939. — F. Dated Nov, 1, 1909. Interest payable May and Nov. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Anthorized — $1,000,000. Outstanding — $695,000 (Jan. 1. 1919). Retired by Sinking Fund — $184,000. In Treasury — $75,000. Denomination — Coupon. $1, 000. Registera- ble as to principal. Trustee — Safe Deposit & Trust Co., Balti- more, Md. Redeemable as a whole at 105 and interest -on 90 days' notice. Sinking Fund — Semi-annual cash payments May 1 and Nov. 1 beginning Nov. 1, 1911, as follows: 5c for each barrel of Portland cement manufactured by the company; 3c for each ton of crushed stone, lime, pulverized quick lime and hydrated lime mined or manufac- tured; 5c for each ton of fluxing stone mined and manufactured by the company during the six months previous to each May 1 and Nov. 1. Minimum -annual payments on account of the $650,000 bonds originally issued shall be suiflcient to redeem and retire $36,000 bonds annually and an additional amount sufHcient to retire one additional bond annually for every $18,000 bonds Issued in addition to the original issue of $650,000. Fund to be ap- plied to the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired to be cancelled. Organization — Incorporated in West Virginia in 1909. Secured by a first mortgage on 150 acres of cement and shale rock lands, and 150 acres of additional land, and cement plant at Berkeley, W. Va. Underlies — $356,000 2nd 5s of 1932. Original Market — $650,000 offered Dec. 1909, by J. S- Wilson, Jr., & Co,, Whelan, Duer & Lanahan (now Lanahan & Co,), and Ham- bleton & Co., all of Baltimore, at 98% and interest, with a bonus of 30% common stock of the company. Market. Baltimore — J. S. Wilson, Jr., & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Bid High. 9 5 '18 95 Oct. Lbw.90'16 SEN SEN CinCLET CO. 30-Year S. F. 6s. Due June 14, 1Q29. Dated June 14, 1909, Interest payable June and Dec. 1, at Guaranty Trust Co., New York. Tax Status-^Payment of Federal Income Tax not assumed by company. Pennsylvania State Tax refunded. Authorized — $2,700,000. Outstanding— $2,161,000 (Feb. 18, 1919). Retired by Sinking Fund— $539,000. Denomination — Coupon and registered, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable for the sinking fund at 107% and interest at any time. Sinking Fond — $50,000 per annum to be ap- plied to the purchase of bonds at not exceeding 107%. Organization and Control — Incorporated in Maine In 1909. The American Chicle Co. ac- quired the property and assets of this com- pany in 1914. Secured by a first lien on all trade marks and securities of the company. Including the entire capital stocks of T. B. Dunn Co., Rochester, N. Y. ; Frank H. Fleer & Co., Inc., Philadelphia; Curtis & Son Co., Portland, Me.: The Grove Co.. Salem, Ohio; Frank H. Fleer & Co., Toronto; C. R. Somerville & Co., Lon- don, Ont., and After Dinner Gum Co., Roch- ester, N. Y. These companies are engaged in the manufacture of chewing gum. Year ended Dec. 31 (American Chicle Co.): Net Interest Dep'n 1917 $1,092,713 $177,272 $234,404 1916 727.527 134,776 26,306 Market. New York— F. F" Hatch & Co.. E. & C. Randolph, Geo. S. Crap. Philadelphia — S. K. Phillips & Co. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.80 '15 85 '18 75 Dec. 85 Dec. Low. 69 '16 72 '16 69 Apr. 75 Apr. SHAFFER OIL & REFINING CO. 1st S. F. 6s. Due June 1, 1929. Dated June 1, 1919. Interest payable June and Dec. 1. in New York and Chicago. Tax Status— ^2% Federal Income Tax paid by company without deduction. 3136 Authorized — $15,000,000. Outstanding — $12,000,000. Reserved for Ext. (75%) — $3,000,000, Purpose of Issue — To acquire the oil prop- erties of the C. D. Shafter partnership, Theta Oil Company, the Consumers Keflniiig Company and the State Lands Oil Company, and to es- tablish a cash fund in the treasury of the Shaffer Oil & Refining Company of over $4,- 000.000 for working capital, construction, etc. Denominationis — Coupons, $100, $500 and $1,000, regristerable as to principal. Regis- tered $1,000, $5,000 and $10,000. C. & R. in- terchangeable. Trustees — Continental & Commercial Trust & Savings Bank. Chicago, and W, P. Knopf, Chicago. Redeemable In whole or in part for the sink- ing fund on four weeks' notice at 103 and in- terest for the first 5 years, 102% and interest jEor the following 2% years and thereafter at 102 and interest. Sinking Fund — Beginning Dec. 1. 1919, semi- annual payments to the Trustee equal to the following percentages of $12,000,000 principal amount of this issue: Dec. 1, 1919, to June 1. 1921, incl. 4% Dec. 1, 1921. to June 1. 1923. incl. 4%% Dec. 1, 1923, to June 1, 1925, incl. 5% Dec. 1. 1925, to June 1, 1927. incl. 5%% Dec. 1, 1927, to Dec. 1, 1928, incl. 6% On above basis not less than $11,280,000 will be provided for retirement of this issue before maturity. A ny further issues of these Bonds will be retireable in a similar manner. All bonds purchased or redeemed through this fund to be cancelled. Convertible — At any time before maturity at par into participating preferred 7% cumulative stock of the company at 105, subject to ad- justment of interest and dividends. If called for payment convertible privilege extends to the day before redemption date. Guaranteed principal, interest and sinking fund by endorsement of Standard Gas and Electric Company, which owns a controlling stock interest in the company. Organization — Incorporated in Delaware, 1919. to acquire the oil interests of C. B. Shaffer, also the State Lands Oil Company. Controlled through ownership of a majority of the common stock (which has sole voting pow- er) of Standard Gas & B'.ectric Company. Capital Stock Authorized Outstanding- Participating Pfd. 7% Cum. $100 per share.$50,000,000 $11,000,000 Com. (Shares of no par Value) 500,000 200,000 Secured by a first lien on company's entire system of oil properties either by direct first mortgag-e or through deposit of first mortgage collateral. The Trust Agreement covers all properties now owned or hereafter acquired. Property covered Includes 6,789 acres oil-bear- ing lands and 51, 058 acres undeveloped oil land_s in Oklahoma, Kansas and Texas, a por- tion of which is owned in fee. Company owns 391 producing wells with an average daily pro- duction of 4,200 barrels, 1 6 producing gas wells, 52 miles of main pipe line for 100 miles of gathered lines, 25 steel storage tanks of total capacity 1,375.000 barrels. Company also owns 508 modern steel tank cars free and clear of mortgage or other indebtedness. The Consumers Refining Company owns re- finery having daily capacity of 6,000 barrels and distributing stations in 70 towns In nine western states. & State Lands Oi'. Company holds 1,2 48 acres 1137 in Oklahoma with 4 wells producing oil and natural gas. Appraised value of all the above properties over $24,000,000 (May, 1919). Original Market— Offered May, 1919, by Montgomery & Company, New York and Phi4a- delphia: Bonbright & Company and H. M. Byl- lesby & Company, Inc. , New York, Chicago, etc., at 95 and interest. SHAJUOKIN, SUNBURY & liEWISBURG RAILROAD CO. Ist 4s. Dae July 1, 1925. Dated May 1, 1882. Extended on May 1, 1912, with interest reduced from 5% Interest payable May and Nov. 1, at Reading Termi- nal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1, 000, 000, $937,000 owned by the Reading Co. Denomination — Coupon, $1,000. Registerable $1,000. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed as to principal and interest by the Reading Co, by endorsement. Also guaran- teed as to interest under terms of lease by the Philadelphia & Reading Ry. Co. Organization and Control— Incorporated in Pennsylvania in 1882. All of the stock la owned by the Reading Co. and the property was leased for 999 years from 1883 to the Philadelphia & Reading R. R., which lease was assumed by the Philadelphia & Reading Ry. Co. Rental, interest on bonds and 6% on stock. Secured by a first mortgage on 32.11 miles of road from Shamokin to West Milton, Pa. This road forms part of the main line of the Philadelphia & Reading Ry. between Philadel- phia and Williamsport, Pa. Underlies — $1,000,000 S., S. & L. 2d 6a of 1925. Legal for Cal., Conn., Me., Mich., Minn., N. H., N. J.. R. I. and Wis. lasted on the Philadelphia Stock Exchange. Market. Philadelphia — Graham, Parsons & Co., Biddle & Henry. Elkins. Morris & Co. . C. Fearon & Co., Huntoon & Co., Reed A. Mor- gan & Co., S. K. Phillips & Co. • Pittsburgh — R. B. Hutchinson & Co. New York — Abraham & Co. , Baker, Car- ruthers & Pell. Taylor. Smith & Hard. Price Range. Jan. 1. '16 to Jan. 1, '19 Bid High. 94 '16 Low. 80 '17 SHAMOKIN, SUNBURY & LEVVISBURG RAILROAD CO. 2d 6s. Due July 1, 1926. Dated July 1, 1890. Interest payable Jan. and July 1, at fteading Terminal, Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $1,000,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed as to Interest under terms of lease by the Philadelphia & Reading Ry, Co. Control — See 1st 4s above. Secured by a second mortgage on 32.11 miles of road from Shamokin to West Milton, Pa. Prior Liens — $1,000,000 Shamokin, Sunbury & Lewlsburg R. R. 1st 4s of 1925. Listed on the Philadelphia Stock Exchange. Market. Philadelphia — Graham, Parsons & Co., West & Co., B. W. Clark & Co., E. B. Smith & Co., Klkins, Morris & Co., Welsh Bros., C. Fearon & Co., Huntoon & Co., Reed A. Morgan & Co., W. A, Reed. Pittsburgh — ^R. B. Hutchinson & Co. New York — Abraham & Co., Baker, Carruth- ers & Pe:i. Price Range. Jan. 1, '08 to Jan. 1. '19 Bid Ask High.118 '09 118 '12 Low. 95 '17 105 '17 SHANNON-ARIZONA RAILWAY CO. Ist S. F. 6s. Due Nov. 1, 1919.— F. Dated Nov. 1, 1909. Interest payable May and Nov. 1, at "iTrustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $558,000 ($447,000 owned by the Shannon Copper Co.) Retired by S. F.— $42,000. Denomination — Coupon, $1, 000. Registerable aa to principal. Trustee — Boston Safe Deposit & Trust Co., Boston, Mass. Redeemable at par and interest any interest date. Sinking Fund — On and after Nov. 1, 1912, '2% of outstanding bonds annually for purchase or redemption of bonds at not exceeding par and interest. Guaranteed as to principal and interest by the Shannon Copper Co. Organization and Control — Incorporated in Arizona in 1909. All of the stock is owhed by the Shannon Copper Co. Secured by a first mortgage on about 1 miles railroad from the mines of the Shannon Copper Co. to its smelter. Practically its en- tire business is the handling of ore from the Shannon Copper Co.'s mines. liisted on the Boston Stock Exchange. Original Market — Underwritten in 1909 by Hayden, Stone & Co.' and Paine, Webber & Co., Boston. Offered to stockholder's of the Shannon Copper Co. at par and interest. Market. New York-;— Martin, Berwin & Co. Boston — R. Ij. Day & Co. SHARON & NEW CASTIiE RAILWAYS 1st 5s. Due July 1. 1931.— F. Dated July 1, 1901. Interest payable Jan. and July -1, at New York Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by 'Company without deduction. Authorized — $500,000. Outstanding — $253,000 ($150,000 additional bonds owned by Mahoning & Shenango Ry. & Lt. Co. are deposited as collateral). Retired by Sinlcing Fund — $97,000. Denomination — Coupon, $1,000. Trustee — New York Trust Co., New York. Redeemable on any interest date at 115 and inter£at. Sinking Fund — 1% per annum of outstand- ing bonds from 1906 to 1915 and 1%% there- after to be applied to the purchase of bonds to yield at least 3%%, bonds to be kept alive in the fund and interest added thereto. Organization and Control — Incorporated in New Jersey and owns all of the stocks and bonds -of the Sharon & New Caatle Ry. Com- panies of Pennsylvania and Ohio. Is controlled by ownership of Its entire capital stock by the Mahoning & Shenango Ry. & Lt. Co., Which is controlled through stock ownership by the Re- public Ry. & Lt. Co. Secured by a first lien on about 30 miles of street and interurban railway from New Castle to Sharon and ShsLrpsville, Pa. Between cities roa4 is on private right-of-way; else- where franchises are perpetual. Population served, 60,000. Underlies — Mahoning & Shenango Ry. & Lt. 1st & Cons. 6s of 1920. Earnings — See Republic Ry. & Lt. Co. Original Market — First offered by Lawrence Barnum & Co., New York, at 102 and interest in Nov., 1901. Market. Philadelphia — Graham, Parsons & Co., H. Boenning & Co., Harper & Turner. S. K. Phillips & Co. New York — H. I. Nicholas & Co. Pittsburgh — Lyon, Singer & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '09 102 '08 97^^ Jan. Low. 88 '18 92% '08 88 Feb. 93% July SHARON RAILWAY CO. 1st 4^s. Due June 1, 1919.— F. Dated June 1, 1889. Interest payable June and Dec. 1, at Farmers' Loan & Trust Co. , New York- ■ Extension — As of June 1, 1919, arrange- ments were being made to extend this issue. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — Closed mortgage. Outstanding — $16 4,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co. , New York. Organization and Control — Incorporated in Pennsylvania in 1873. Leased for 9 00 years from 1900 to the Nypano R. R. Co. at a rental equivalent to interest on bonds and 6% per annum on stock. In 1901 the property was sublet to the Erie R. It. Co. Secured by a first mortgage on 16.02 miles of road from Pymatuning to West Middlesex, Pa., and branches. Refunding — Bonds are reserved under, the Erie R. R. Cons. Gen. Lien 4s of 19S6 to retire this issue. Legal for Conn., Me., Mich., Minn., N. J., R. I. and "Wis. Market. Pittsburgh — R. B. Hutchinson & Co. - Philadelphia — S. K. Phillips & Co., W. A. Reed. SHAWINIGAN COTTON CO., Ltd., 1st 6s. Due Dec. 1, 1949. — N. Dated Dec. 1, 1909. Interest payable June and Dec. 1, at Trustee's office or at Canadian Bank of Commerce, London. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $1,026,500 (June 1. 1919). Retired by S. F. — $139,500. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — National Trust Co., Montreal. Redeemable at 106 and interest. Sinking Fund — Beginning June 1, 1913, an amount sufficient to redeem not less than $10,000 par value of bonds per annum. This sum is to be . Increased aa further bonds are issued, until annual amount equals $40,000, and is to be applied to the purchase or re- .demption of bonds at not exceeding 105 and interest. 1138 Organization — Incorporated in Canada in 1909. Secured by a first mortgage on plants lo- cated at Shawinigan Falls, Quebec, where the company is engaged in the manufacture of cotton yarns. The company owna the Oxford Knitting Co. of Woodstock, Ontario. Original Market — $100,000 offered Nov.. 1911, by Hanson Bros., Montreal, at 95 and interest with 20% bonus of stock. Market. Montreal — J. M. Robinson & Sons, Canada Securities Corp., Hanson Bros., Greenshields & Co. SHAWINIGAN WATER & POWER CO. Cons. 1st 5s. Due Jan. 1. 1934. — N. Dated Jan. 1, 1904. Interest payable Jan. and July 1, at Bank of Montreal, Montreal and- New Tork, or Bank of Scotland, London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $4,313,000 (Jan. 1. 1919). Held in Sinking Fund— $687,000. Trustee — Royal Trust Co., Montreal. Redeemable at 110 and interest on three months' notice. Sinking Fund — 1% of outstanding bonds per annum since June -1, 1909, to be applied to the purchase of bonds at not exceeding 110 and interest. Bonds so acquired to be held alive and interest added to sinking fund. Organization — ^Incorporated in Quebec under a, special charter in 1898. Authorized Outstanding Capital Stock $20,000,000 $16,342,500 Owns and operates one of the largest and most successful hydro-electric systems on this continent. Properties are located on and about the St, Maurice River. At Shawinigan Falls, 85 miles from Mon- treal, 75 miles from Quebec and 20 miles from Three Rivers, P. Q., the company owns by purchase from the Government 1.100 acres of land. This includes all water rights, controll- ing one of the greatest natural water powers in existence, the river at this point falling a distance of over 150 feet. Here are operated two stations, with present capacities of 60.000 and 90,000 horsepower, respectively. A dam constructed in 1912 and 1913 a short distance above the falls, enabling a better control of the river flow, makes available a total amount equivalent to 190,000 horsepower, which it is expected will be further increased upon the completion in 1918 by the Province of Quebec of a large storage. reservoir at La Loutre near the headwaters of the river. Through contracts with Laurentide Power Co., Ltd., (in which the Shawinigan Co. has a substantial stock interest and whose plant at Grand Mere, about 12 miles above Shawinigan Falls, is operated by the Shawinigan Com- pany), this company is able to obtain at un- usually low prices 50,000 horsepower, with an option until July 1, 1918, on 50,000 additional horsepower. The Shawinigan Co, has recently purchased in fee the lands, water rights, etc. , at Gres Falls, on the St. Maurice River, four miles below Shawinigan Falls, which are capable of an ultimate develoiiment of 60,000 to 70.000 horsepower. The property is held by the Gres Falls Development Co., Ltd., all of the bonds and stocks of which are owned by the Shawin- igan Water & Power Co. In addition, the company owns $4,000,000 of the capital stock of the Montreal Light, Heat & Power' Consolidated, which controls, through ownership of practically the entire capital stocks the Montreal Light, Heat & Power Co., serving Montreal, and the Cedar Rapids Mfg. & Power Co., which has developed 110,000 horsepower on the St. Lawrence River and has the right to take sufficient water from the river to develop 160,000 horsepower. Through the control, and in some cases a complete ownership, in the stocks of various subsidiary manufacturing and distributing com- panies, the Shawinigan Water & Power Co. has obtained a diversity factor in the sale of its power. Among such companies are the following: Canadian Electric Co., Ltd., Sha- winigan Electro Metals Co., Ltd., Continental Heat & Light Co., Laval Electric Co., North Shore Power Co., St, Maurice Light & Power Co., Canada Carbide Co., Three Rivers Trac- tion Co., Public Service Corporation of Quebec. Jointly with the Canadian Pacific and Can- adian Northern Rys., the company owns the entire capital stock of the Shawinigan Falls Terminal Ry. Co. Besides a substantial power market among industrial plants at Shawinigan Falls, the company's system embraces over 700 miles of transmission lines covering a radius of 100 miles east, west and south from Shawinigan Falls, including Montreal, Quebec, Three Riv- ers, Thetford Mines and 30 other smaller cities or towns in the Province of Quebec, from which there Is a constantly increasing and un- usually diversified demand for electric power. Secured by a first mortgage on all the prop- erty of I he company now owned or hereafter acquired. Underlies — Perpetual Cons. Mtge. 4^/4% De- benture Stock and $7,000,000 Notes. Year ended Dec. 31 Gross Net Interest 1918 $3,621,074 $2,335,053 $824,959 1917 2,902.210 2.149,368 698,503 1916 2,325,873 1,897,945 544,208 1915 1,920,143 1.695.105 526,072 1914 1,805.217 1,560,622 499,155 Listed on the London Stock Exchange. Original Market — First offered by A. B. Leach & Co., New York, Chicago, Boston, etc., and in England by the Bank of Scotland, London. Market. New York — J. A. Clark & Co.. McGeorge & Vanderhoef, Sutro Bros. & Co., Earle A. Miller & Co., McKinley & Morris, Sam'l Goldschmidt, W. S. Macomber, Foster & Adams, Miller & Co., J. J. Levenson, Curtis & Sanger. Chas. H. Jones & Co.. Finch & Tarbell, E. & C. Ran- dolph, F. H. Hatch & Co., Spencer Trask & Co. , Abraham & Co. , Bauer. Starr & Co. , Berdell Bros., W. C. Ewen, T. Hall Keyes & Co. . Morton Lachenbruch Co. . Lynch & Mc- Dei;mott. J. Nickerson, Jr., Pynchon & Co. Philadelphia — H. Boenning & Co., F. R. Welsh, J. W. Sparks & Co.. S. K. Phillips & Co.. Biddle & Henry, J. W. Gross. Toronto — Dominion Securities Corp. Montreal — McCuaig Bros. & Co., Nesbitt, Thompson & Co,, W. Graham, Browne & Co., N. B. Stark & Co., Dominion Securities Corp., Hpw R. Wood Co. Boston — F. B. Bassett & Co., Spencer Trask & Co., Curtis & Sanger. L. Sherman Adams, Painp, Webber & Co.. White, Weld & Co. Chicago — Spencer Trask & Co,. Curtis & Sanger. Babnock, Rushton & Co. Portland^ Me. — M. S. Brown. Price Range. Jan. 1, •!."> to Jan. 1. '19 1918 Bid Ask Bid Ask High,104»^ '16 106 '16 94^^ Dec. QQ^ July Low. 88 '17 91% '17 89 Mar. 92 Mar. 1139 (THE) SHAWINIGAN WATER & POWER CO. 3-Year 6% Conv. Notes. Due Dec. 15, 1919.— N. Dated Dec. 15, 1917. Interest payable June 15 and Dec. 15, in New York and Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Principal and Interest held by residents of the United States, payable without deduction for present or future taxes of any nature Imposed by any taxing authority in Canada. . Authorized — $4,500,000. ■ Outstanding — $3,582,900 (Jan. 1, 1919). Converted— $917,100. Purpose of Issue — Proceeds of this issue will be sufficient to complete the construction work now in progress and to pay all present floating debt. Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on 60 days' notice at 101 and Interest on or prior to Dec. 15, 1918, and at 100% and interest thereafter, but if so called convertible if presented at least ten days be- fore the redemption date. Convertible at any time into common capital stock of the company at the rate of $110 in notes for each $100, of stock. Organization — See Cons. 1st 5s. Security — ^A direct obligation of the company but not secured by a mortgage. The indenture provides that no further mortgages or liens can be placed on the company's property or assets unless these notes shall thereby be retired. Prior IJens— $4,382,500 (closed) Cons. 5s of 1934; $5,476,261 4%% Perpetual Debentures Stock. Original Market — $4,500,000 offered Dec, 1917, by Brown Bros. & Co., Alex. Brown &. Sons, Lee, Hlgginson & Co. and Jackson & Curtis, at 97% and interest. Market. New York — Abraham & Co. , Berdell Bros. , Brown Bros., Bull & Eldredge, "W. C. Ewen, Kiely & Horton, Lynch & McDermott, McKin- ley & Morris, Barle A. Miller & Co. Chicago — ^Illinois Trust & Savings Bank, National City Bank, Babcock, Rushton & Co. Philadelphia — Graham, Parsons & Co., Bar- clay. Moore & Co. , H. D. Boenning & Co. , Brown Bros., J. "W, Gross. Boston — ^Paine, Webber & Co. , Stone & Webster, Bertram A. Unger Co. Montreal — Hew R. Wood Co. Price Range — 1918. Bid Ask High.104 Sept. 105 Dec. Low. 89 June 92 June. SHEBOYGAN EliECTRIC CO, Ref. & Imp. 6s. Due July 1, 1946.— P. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's office or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Ontsaanding — $1,580,500. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Wisconsin Trust Co., Milwaukee. Redeemable at 105 and Interest on July 1, 1921, or any interest date thereafter. Sinking Fund — SenjI-annual payments Jan. 1 and July 1 as follows: 1% per annum of out- standing bonds from Jan. 1, 1920 to 1930, In- clusive: 1%%, 1931 to 1940; 2%, 1941 to 1945. This fund may be used to retire these bonds at not over 105 and Interest or for improve- ments. Organizati'-n — Incorporated in Wisconsin In 1916 as a confaolidation. Absorbed in 1917 by the Eastern Wisconsin Electric Co. Management — Kelsey, Brewer & Co.. Grand Rapids, Mich. Secured by a mortgage on plant supplying electric light and power in Sheboygan and on 33 miles of street and interurban railway in and around that city. The company sells power to local distributing companies in She- boygah Falls, Plymouth and Elkhart Lake, Wis., and operates under a twenty-five year lease the line between Plymouth and Elkhart Lake. Electric light and power business in Sheboygan is operated under a Wisconsin in- determinate permit; street railway franchise is perpetual. Total population served, about 40,000. Prior Liens — $101,500 Sheboygan Ry. & Elec- tric Co. Ref. & Imp. 5s of 1926, for the retire- ment of which bonds of this issue are reserved. Underlies — Eastern Wisconsin Electric Co. 1st & Ref. 5s of 1947, under which bonds are reserved to retire this issue. Earnings — See Eastern Wisconsin Electric Co. Original Market — Offered Oct., 1916, by the Wisconsin Trust Co., Milwaukee, at 96% and interest. Market. Boston — Paine, Webber & Co. Chicago — Paine, Webber & Co. New York — Paine, Webber & Co., E. & C. Randolph, Kiely & Horton, J. S. Bache & Co. Philadelphia — H. F. Bachman & Co. Price Range. Jan. 1. '17 to Jan.. 1. '19 1918 Bid Ask Ask High. 95 '17 97 '17 86 Nov. Low. 86 '18 SHEFFIELD IRON CORPORATION 1st 15- Year S. F. 6s. Dne Sept. 1, 1932.— F. Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company with-^ut deduction. Authorized — $1,100,000. Outstanding — $550,000. Retired by S. F. — None. Reserved for Ext. — $550,000. Denominations — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co,, New York, Redeemable at 105 and interest on any in' terest date on 30 days' notice. Sinking Fund — Annually, beginning Nov. 1, 1918, an amount from net profits (gross com- bined earnings, less all operating expenses, in- cluding taxes, insurance, adequate expendi- tures for maintenance and allowance for de- preciation) for the first twelve of the fourteen calender months inunediately preceding such date, sufficient to reti re at least $100,000 principal amount of these bonds at not over 105 and interest. Under the provisions of the indenture the operation of this fund may be waived on the written issent of holders of 75% of outstand- ing bonds; unless waived no dividend shall be declared or paid by the company in any year unless and until the company shall have re- tired at least $100,000 in principal amount of bonds for that year and each preceding year from the date of this indenture; after making the required payment the Board of Directors shall not declare or pay a dividend in excess of 6 % per annum on the common stock of the company until all the bonds are retired. Organization — Incorporated in New York Aug. 15, 1917. as successor through fore- closure of the Sheffield Coal & Iron Co. 1140 Capital Stock Outstanding Pref. (7% non-cum.) $675,000 Common (no par) 20,500 shares Secured by a first mortgage on all the prop- erty of the company now owned or hereafter acquired. The property covered includes the following: Seventy acres of land at Sheffield, Ala., and furnace plant thereon owned in fee; 6,604 acres of ore properties in Alabama and Tennessee owned in fee; mineral rights in 6,815 additional acres of land in Alabama and Ten- nessee; 40 acres of land and 30O beehive coke ovens at Jasper, Ala., owned in fee, using coal from the Pratt Consolidated Coal Co. Annual capacity of the furnace plant has been unofficially reported as 100,000 tons of foundry and forge pig iron. The properties have not been actively operated since 1910. . The pro- ceeds from the $5 50,000 bonds were used to rehabilitate the plant. Original Market — Underwritten and placed privately by Luke, Banks & Weeks, New Tork. SHERBROOKE BAILWAY & POWER CO. Ist Cons. S. F. 58. Dae Jnly 1, 1940.— N. Dated July 1, 1910. Interest payable Jan. and July 1, at any Sastern Township branch of the Canadian Bank of Commerce. Canada, or at London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding— $1,442,500 (June 11, '19). Retired by S. F. — $57,500. - Denomination — Coupon, $500. Regristerable as to principal. Trustee — Montreal Trust Co.. Montreal, Can- ada. Redeemable as a whole or for sinking fund at 105 and interest on and after July 1, 1916. Sinking Fund — ^Annually, beginning July 1, 1916, 1% of all bonds issued, plus interest on bonds which have been cancelled, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Organization and Control — Incorporated in Canada in 1910 and controlled through owner- ship of practically all its common stock by the Southern Canada Power Co., Ltd. Secured by a mortgage on 10 miles of street railway in Sherbrooke, Que., and three miles of interurban line connecting that city with Lennoxville, and on plant supplying those cities and other towns in the vicinity with electricity, including two hydro-electric plants. Population served, 40,000. Franchises expire in 1950, but city has the right to take over property in 1930. Prior Lien — $100,000 Sher. St. Ry. 1st 5s of 1927. Earnings — See Southern Canada Power Co., Ltd. Original Market — $600,000 offered in June. 1910, by McCuaig Bros., Montreal, at 95 and interest with a bonus of 40% stock. Market. Montreal — McCuaig Bros. & Co., Eastern ■Sec. Co., Ltd.. Hew R. Wood Co. SHERMAN. SHREVEPORT & SOUTHERN RAILWAY CO. 1st 58. Due June 1, 1943. Dated June 1, 1893. Interest payable June and Dec. 1, at company's office, 61 Broadway, New York. Default — Dec. 1, 1916, and subsequent Inter- est. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $1,689,000. Deposited under M.. K. Si T. 1st Mortgage — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Guaranteed principal and interest by the M., IC. & T. Ry. Co. by endorsement (now in receivership). Assumed by the Missouri, Kansas & Texas Itv Co of Texas Control— Merged in 1901 into the M., K. & T. of Texas (now in receivership). Protective Committee — R. Walter Leigh, chairman ;. Secretary, Jos. S. Dale, 52 Will- iam St., New York. Depositary, Columbia Trust Co., New York. Secured by a first mortgage on 181.72 miles of road from McKinney to Wascom, Tex. The company leases the road from Wascom to Shreveport, La., 17 miles, for 26 years. Listed on the New York Stock Exchange. Original Market — $600,000 offered in Nov., 1900, at 97% and Interest by H. W. Poor & Co., New York. Market. New York — J. P. White & Co., Baker, Car- ruthers &. Pell, P. H. Hatch & Co., McGeorge & Vanderhoef, W. C. Orton. Philadelphia — S. K. Phillips & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 Ask High. 110 H Apr. 22, '09 66 Dec. Low. 50 Sept. 16, '16 60 Jan. (THE) SHERWIN-WILLIAMS CO. OF CAN- ADA, Ltd., 1st & Ref. S. F. 68. Due July 1. 1941.— N. Dated July 1, 1911. Interest payable Jan. and July 1, at Bank of Montreal, New York, Montreal or London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4,000,000. Outstanding — $1,838,500 (Aug. 31, 1918). Retired by Sinking Fund — $169,200. In Treasury — $5,000. Reserved for Prior Liens — $437,300. Reserved for Ext. — $1,550,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Royal Trust Co. , Montreal, Can- ada. Redeemable at 110 and interest on any in- terest date after July 1, 1921. Sinking Fund — 2% per annum, commencing July 1, 1915, of all outstanding bonds, plus interest on all bonds redeemed or purchased, to be applied to the purchase or redemption of these bonds at not over 110 and interest. Organization — Incorporated In Canada in 1911 as a consolidation. Secured by a first mortgage on plant cover-. Ing four acres In Montreal, Canada, on which are located 15 buildings, and a second mort- gage on a second plant in Montreal and oxide mine at St. Malo, Quebec, and on plant cover- ing four acres in London, England. The com- pany manufactures paints and varnishes and has branch offices and warehouses in Toronto, Winnipeg, Calgary, Vancouver and Halifax, Canada, and Sydney, Australia. Prior Liens — $340,667 Canada Faint Co. 1st 5s of 1920, and $96,633 Lewis Berger & Sons, Ltd., Debentures, due 1919, for the retirement of which bonds of this issue have been re- served. Year ended Aug. 31 Bond *Net Interest Dep'n 1918 $1,162,951 $128,581 $121,024 1917 945.272 133,092 80,746 1916 846,944 136.470 76,710 1915 577,304 139.323 53,485 •Before Canadian War Taxes. 1141 liisted on the Montreal Stock Exchange. OrUrinal Market — Offered in Feb., 1912 by Spencer Traak & Co., New York, on about a 6% basis. Market. New York — Morton Lachenbruch &" Co., Hotchkin & Co., Hanson & Doyle, E. & 0. Randolph. Abraham & Co., F. H.. Hatch & Co., Spencer Trask & Co. Boston — Hotchkin & Co. .Toronto — ^A. E. Ames & Co., Goldman & Co., Murray, Mather & Co., G. A. Stinson & Co. Montreal — C. E. Meredith & Co., McCualg Bros. & Co.. N. B. Stark & Co., Canada Se- curities Corp.. Hew R. Wood Co. Price Rang:e. Jan. 1. *15 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig:h.99 '16 lOlV^ '15 94 June 97 June Low. 87 '18 94 '18 87 Sept. 94 May SHOAL CREEK COAt CO. 7% Collateral Notes. Due S36,000 each Jan, 8, from 1931 to 1933, inclusive, and $33,000 Jan. 2. 1924. Dated Dec. 3, 1918. Interest payable Jan. 2 and Ju'.y 2 at Fort Dearborn Trust & Sav- ings Bank. Chicagro. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized^lSO.OOO. Outstandlns— $140,000 (Mar. 7, 1919). Reserved for Refunding — $40,000. Purpose of Issue — To retire bank loans and to provide additional working capital. The balance, $40,000 of the authorized issue of these notes, can only be issued to refund $40,000 6% notes due Jan. 2, 1920. Denomination — Coupon. $100, $500 and $1,- OOOr Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable at 101% and interest on any in- terest date on 60 days' notice. Sinking Fund — Monthly $3,000 in cash to re- tire maturities as they become due. Organization — Incorporated in Maine. Secured by pledge of $210,000 First Mort- gage 6 % Bonds. These notes together with $40,000 notes maturing Jan. 2, 1920, and $91,- 000 First Mortgage 6% Bonds constitute the only funded indebtedness of the company. Un- der the terms of this indenture no collateral wi'-l be released until the payment of the en- tire issue, excepting at the discretion of the Trustee, and net quick assets must at all times during the life of this issue be main- tained in an amount of $100,000. Property — The company owns about 13,000 acres of coal rights and 300 acres in fee, lo- cated in the southern part of Montgomery County, 111., on the Toledo. St. rK)uis & West- ern Railroad. The mine has a daily capacity of 3,000 tons. About 50% of the entire out- put is sold to the Railroad Company under a contract expiring in 1933, which contract has been approved by the United States District Court. The property, inc'.uding improvements, equipment, etc., is valued in excess of $2,000,- 000. 13 months ended Nov. 30: Net Interest Dep'n 1918 $187,141 $17,136 $64,121 Original Market — $140', 00 offered Dec, 1918. by F.irt Dearborn Trust & Savings Bank, Chicago, at 100 and interest for all maturi- ties. SHORE LIGHTING CO. 1st 5s. Due April 1. 1951.— F. Dated April 1, 1911. Interest payable April and Oct. 1, at Fidelity Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $400,000. Denomination — Coupon, $500. Trustee — Fidelity Trust Co., New York. Organization and Control — Incorporated in New Jersey in 1911. All of the stock Is owned by the Public Service Corporation of New Jersey. Gas properties leased to Public Service Gas Co. and electric properties to Pub- lic Service Electric Co., rental being all charges and 5% per annum on stock. Secured by a mortgage on plants supplying gas and electricity to Red Bank and South Amboy, N? J., and vicinity.' Population served, 17,000. Franchise in Red Bank is perpetual. Market. New York— W. E. R. Smith & Co. Philadelphia — "West & Co.. Robt. Glendinning & Co. Newark, N. J. — Fidelity Trust Co. Paterson — F. A. Peters. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid High. 93 '16 Low. 91 '17 (THE) SHREVEPORT BRIDGE & TERMINAL CO. 1st 5s. Due Aug. 1. 1955.— F. Dated A.ugust 1, 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 500,000. Outstanding — $450,000. Denomination — Coupon, $1,000. Hegisterable as to principal. Trustee— St. Louis Union Trust Co., St. Louis. Guaranteed principal and Interest by St. Louis Southwestern Ry. Co, by endorsement. Organization and Control — Incorporated In Louisiana in 1897. Controlled by the St. Louis Southwestern Ry. Co. through ownership of entire $50,000 capital stock. Secured by a first mortgage on the bridge over the Red River at Shreveport, La., to- gether with approaches. Original Market— $350,000 ofCered Nov., 1905. at 101% and Interest by A. G. Edwards & Sons and the Commonwealth Trust Co., both of St. Louis. Market. New York — F. J. Lisman & Co. . Baker, Carruthers & Pell. F. H. Hatch & Co. St. I/onis — Bowman, Cost & Co. , A. G. Edwards & Sons, Stix & Co., Abraham & Co., J. Davenport. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98% '10 101 '09 80 Nov. Low. 50 '17 76 '18 70 Dec. 75 Jan. SHREVEPORT GAS, ELECTRIC UGHT & POWER CO. 1st 5s. Dae Oct. 1, 1922. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Grand Central Trust Co. of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $392,500 (Jan. 1. '19). Retired by S. F. — $15,500. Denomination — Coupon , $500. 1142 Trustee— Central Trust Co. of Illinoia. Chi- cago. Redeemable at 105 and interest. Sinking Foud — Annually, begrinning Oct. 1, 1917. 3% of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and interest. Bonds acquired are cancelled. Control — ^Absorbed by the Southwestern Gas & Electric Co. Secured by a first mortgage on plant stipply- Ing natural gas and electricity to Shreveport, La. Population served. 30,000. Natural gas franchise runs beyond 1932; artificial g^s and electricity to 1987. Underlies — Southwestern Gas & Blec. 1st & Ref. 5s and Deb. 6s. Earnings — See Southwestern Gas & Electric Co. Market. Chicago — Chas, S. Kidder & Co.. Babcock. Rushton & Co., H. T. Holtz & Co. Milwaukee — Morris P. Pox & Co. Philadelphia— S. K. Phillips & Co. Texarkana — R. S. Cheatham. Price Range. Jan. 1. '16 to Jan. 1, '19 Bid Ask High.97% "17 Low. 93 '17 97 '16 SHRBTBPORX (liA.) RAILWAYS Ist 5b. Due each July 1, $10,000 1918 and 1919, $15,- 000 1920 and 1931, $20,000 1932 to 1927, $25,000 1928 to 1932, $30*000 1933 to 1937, $25,000 1938 to 1942, $20,000 1943, and $210,000 1944. Unissued bonds are dae $5,000 1925 to 1937, $15,000 1938 to 1942. $20,000 1943. and remainder of is- sue 1944. — P. Bated July 1, 1914. Interest payable Jan. 1 and July 1, at Trustee's ofiice. Tax Status — 2% Federa'. Income Tax paid by company without deduction. Authorized — $3,000.0OO. Outstanding — $790,000 (Jan. 1, 1919). Retired — $10,000. Reserved for Ext. — S2. 200.000. Denomination — Coupon $1,000 (except $60,- 000 $500 bonds and $20,000 $100 bonds due 1944). Registerable as to principal. Trustee — Hibernia Bank & Trust Co., New Orleans, La.- Redeemable on July 1. 1918. or any interest date thereafter at 1 03 and interest. Maintenance Fund — Monthly after July 1, 1914, a sum equal to 12%% of gross earn- ings. Organization— Incorporated In Louisiana in 1914 as successor to Shreveport Traction Co. Secured by a first mortgage on street rail- way system in Shreveport. La., comprising 32 miles of track and eauipment. Population served, 40.000. Franchises extended in 1912 to 1954. Year ended Dec. 31 Gross Net Interest 1918 $322,774 $100,055 $47,653 1917 312.641 88,210 47,673 1916 290,829 92.785 45,432 Original Market — Offered in July. 1914, by the Hibernia Bank & Trust Co., New Orleans, at prices to yield 5.15%. Market. New Orleans — Hibernia Bank & Trust Co., Claude M. Smith & Co. New York — Redmond & Co. Price Range. Jan. 1. '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High.98 '17 101 '17 90 Jan. 100 Jan. Low. 85 '18 95 '18 85 Nov. 95 Nov. SHULTS BREAD CO. 30-Year 6s. Due March 1, 1940.— F. Dated March 1, 1910. Interest payable March and Sept. 1, at Trustee's ofiice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $2,800,000 (June 6. '19). Retired by S. F.— $100,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Peoples' Trust Co., Brooklyn. Red^mable at par and interest. Sinking Fund — Monthly payments equal to at least . $50,000 per annum for the purchase or redemption of these bonds at not over 100 and Interest Organization — Incorporated in New York in 1910 as a consolidation of several bread bak- eries in and around New York City. Secured by a mortgage oh the bakeries and other property of the company. Including four bakeries in Brooklyn, three in New York, one in Mount Vernon, N. Y., and two in Hoboken. The real estate of the company is valued at more than $3,000,000 and Includes ground and buildings at 23-29 Jackson St., 269-273 Monroe St., 372-376 Madison St., 328-336 and 337 75th St. and 62d St. & "West End Ave., Manhattan, New York; new plants at Jamaica, L. I.; 166th St. & Park Ave., Borough of Bronx, New York, and Staten Island, New York. Market. New York — Geo. S. Crap & Co., F. H. Hatch & Co.. McDonne'l & Co. Price Range. Jan. 1, 'Ifi to Jan. 1, '19 1918 Bid Ask Bid Ask High. 88 '16 88 Dec. 93 Sept. Low. 82 '17 93 '18 SIERRA & SAN FRANCISCO POWER CO. 1st 5s. Due Aug. 1, 1949.— F. Dated August 1, 1909. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $30,000,000. Outstanding — $7,500,000. Reserved for Ext. — $22,500,000. Denomination — Coupon,, $1,000. Registerable as to principal or fully registerable. Regis- tered. $1,000. C. & R. interchangeable. Trustee — United States Mortgage & Trust Co., New York. Redeemable at 110 and Interest on any in- terest date. Organization — ^Incorporated In California in 1909 and took over the Stanislaus Electric Power Co. and the Tuolomne Water Power Co., both foreclosed. In Oct., 1917, purchased La Grange Division of the Yosemite Power Co. The property acquired comprises a water right on the Tuolumne River near Indian Bar, a water conduit 17 miles long and a 900 k. w. hydro-electric plant at La Grange, a trans- mission and distributing system and the elec- tric lighting and industrial power business in Stanislaus County east of the San Joaquin River south of the Tuolumne River and north of the Merced River, Including the towns of Turlock, Denair, Ceres, Hughson, Hickman, Waterford and La Grange. Controlled by the California Ry. & Power Co. through ownership of entire $20,000,000 capital stock, which company is in turn con- trolled by the United Railways Investment Co, Secured by a first mortgage on hydro-electric plants in Tuolumne County, Cal., 140 miles from San Francisco, and on a steam plant in San Francisco, and on about 500 miles of 1143 transmission lines. The company furnishes all the power used by the United Railroads of San Francisco under a forty-four year con- tract, dated 1910. The net earnings from this oontract are deposited as part security for this mortgage, and according to estimates based on past requirement, will be more than sufficient to pay the interest on these bonds. As of June 30, 1917, the proportion of the gross business of the company outside of the sale of- power to the United R. Rs. had in- creased from 39% in 1916 to 42.4%. It should, however, be noted that the franchises of the Railroads Company expire between 1929 and 1952, and that the city of San Francisco has already in operation municipal street rail- way lines on some streets. Underlies — $9,463,000 2d mortgage 5s and 6s of 1949. Vear ended June 30 Gross Net Interest 1918 $1,694,474 $1,030,941 $859,357 1917 1,438,047 1,002,274 845,77.8 1916 1,364,853 974,302 806,487 Listed on the New York Stock Exchange. Original Market — $6,500,000 offered in July, 1910, by N. W. Harris & Co., New York, Bos- ton and Chicago, and Perry, Coffin & Burr, Boston, at 93% and interest. New York — Kiely & HoVton. Miller & Co., J. W. Howell & Co., McDonnell & Co., Gude, Winmill & Co. , Joseph & Wiener, Berdell ■ Bros., Fred H. Hatch & Co.. Harris, Forbes & Co., E. & C. Randolph, Bernhard, Scholle & Co., Morton Lachenbruch & Co. Chicago — Harris Trust & Savings Bank, Ames, Emerich & Co. Boston — Merrill, Oldham & Co. , Harris, Forbes & Co. , Arthur Perry & Co. , R. L. Day & Co. Albany — Henry J. Prince. St. liOais — Bowman, Cost & Co. Portland, Me. — Fidelity Trust Co. Bros., S. K. Phillips & Co. Los Angeles — A. H. "WooUacott. Price Range — ^N. Y. S. E. Jan. 1, 1910 to Jan. 1, 1919 1918 Ask High.92% Oct. 27, '16 93% Jan. Low. 92% Feb. 27. '14 SLBRRA & SAN FRANCISCO POWER CO. 2d 6s, Series "A." Due January 1, 1949. Interest payable Jan. and July 1, at Trus- tee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Secured equally with $8,500,000 Series "B" bonds by a second mortgage on property de- scribed under the 1st 5s above. Prior Lien— $7,500,000 1st 5s. Earnings — See 1st 6s. Market. New York — E. & C. Randolph, Tucker, An- thony & Co., McDonnell & Co. , Bernhard, Scholle & Co., Kiely & Horton, Berdell Bros., Morton Lachenbruch & Co., McGeorge & Van- derhoef. Boston — Tucker, Anthony & Co. Philadelphia — H. D. Boenning & Co., Welsh Brns., S. K. Phillips & Co. IjOS Angeles — A. H. Wollacott. Price Range. Jan. 1, *16 to Jan 1, '19 Bid Ask High. 56 '17 67 '16 Low. 41 "17 44 '17 SIERRA & SAN FRANCISCO POWER CO. 2d 5s, Series *'B." Due Jan. 1, 1949.— F. Dated Jan. 1, 1909. Interest payable Jan. and July 1, at Trustee's office. Up to Jan. 1, 1916, interest may be paid either in cash or bonds. Interest was paid in bonds and an amount equal to interest invested in the com- pany's property in 1916 and in cash since Jan. 1, 1916. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $8,500,000. Outstanding — $8,463,000. In Treasury — $37,000. Denomination — Coupon and registered, $1,000. Trustee — Columbia Trust Co., New York. Organization — See 1st 5s above. Secured equally with $1,000,000 Series "A" 6s, in a second mortgage on property described under 1st 5 s above. Prior Liens — $7,500,000 1st bs. Earnings — See 1st 5s. Market. New York — Tucker, Anthony & Co.. B. & C. Randolph, Hanson & Doy'.e, McDonnell & Co., Bernhard, Scholle & Co., Berdell Bros., Mor- ton Lachenbruch & Co., McGeorge & Vander- hoef. Boston— Tucker, Anthony & Co., Edward Aspinwall. Philadelphia. — ^Welsh Bros. IjOS Angeles — ^A. H. "Wollacott. Price Range. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.46% '16 52 '16 45 Nov. 51^ Dec. Low. 25 '18 40 '18 25 Sept. 40 Sept. (THE) SILVERSMITHS CO. 6% Certiacates. Due annually $100,000 July 1 to 1019 and $1^00,000 July 1, 1920.— N. Dated July 1, 1910. Interest payable Jan. and July 1, at Rhode Island Hospital Trust Co., Providence, R. I. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $1,046,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon and registered $1,000 and $5,000. Organization — Incorporated in New York in 1892, Owns practically the entire capital stock Issues of the "Whiting Co,, "W. B. Kerr Co. , W. B. Dungin Co. , and Gorham Manu- facturing Co., the latter company owning all of the stock of the Gorham Co. These com- panies are engaged in the manufacture of sil- verware and silver-plated ware. Security — A direct obligation of the com- pany, but not secured by a mortgage. Year ended March 1 Net Interest 1917 $525,755 $79,534 1916 470,524 88,785 1915 434.959 97,491 1914 586,537 85,923 Market. Providence — Davia & Davis. SINCLAIR OIL & REFINING CORP. 3-Year First Lien 7% S. F. Notes. Due Aug. 1, 1920.— N. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1. Tax Status — Payment of Federal Income Tax not assumed by company. Pennsylvania State tax refunded. Authorized — $20,000,000. Outstanding— $18,886,000 (Feb. 1. '19). Retired by S. F. — $1,115,000. 1144 Purpose of Issufr— To refund the Corpora- tion's floating obligations and to provide for recent and contemplated acquisitions and ex- tensions. Denominations — Coupon, $100, $500 and $1,000, Trustee — Central Union Trust Co. , New York. Redeemable on or before Aug. 1. 1918. at 105 and interest; thereafter on or before Aug. 1, 1919. at 102% and Interest; and thereafter at 100 and interest. Sinking l^nd— $500,000 May 1, 1918; $500,- 000 Nov. 1, 1918; $750,000 May 1, 1919 and $750,000 Nov. 1. 1919. Fund to be applied to the purchase or redemption of these notes. The proceeds from, the exercise of Stock Op- tion Warrants must also be so applied. Stock Option Warrants — £]ach $l|000 note is accompanied by a negotiable stock option warrant entitling the holder to buy from the Corporation 25 shares of stock at $45 per share if purchased on or before Aug. 1. 1918; at $47. 50 per share if purchased thereafter on or before Aug. 1. 1919; and at $50 per share if purchased thereafter on or before Feb. 1. 1920. Organization — Incorporated in New York in 1916 as a holding company and owns the en- tire capital stocks and bonds of the Sinclair Oil & Gas Co. (producing subsidiary), Sinclair- Cudahy Pipe' Line Co. (transportation subsi- diary), Sinclair Refining Co. (refining and mar- keting subsidiary), and Exchange Oil Co. The properties of subsidiaries include large re- fineries, extensive pipe lines (including eight- inch line to Kansas City, and to Chicago, fin- ished Feb., 1918), and oil producing lands. Secured through pledge of collateral by a first lien (except for $ 3 , 0, 00 Equipment Notes) on all property of the Corporation now or hereafter owned or acquired and includ- ing property valued as of Aug. 1, 1917, at over $80,000,000. The Mortgage provides that so long as there is no continuing event of default under the mortgage it shall not cover any of the current assets of the Corporation or its controlled cor- porations, which said current .assets are de- fined: "Cash, Oil, By-products. Accounts re- ceivable. Bills receivable, and notes of ma- turity not exceeding one hundred eighty-five (185) days"; but the Corporation covenants that none of such current assets shall be pledged >r hypothecated to secure any obliga- tion of the Corporation other than the notes thereby secured. Year ended June 30 Net ..Dep'n Interest 1918. .$11,062,343 $3,639,703 $1,888,782 1917.. 10,143,805 1,631,228 807,058 Listed on the New York Stock Exchange. Original Market — $20,000,000 offered Aug., 1917, by Montgomery, Clothier & Tyler, Phila- delphia, etc., at 102 H and interest with stock option warrants and 96 ^^ and interest with- out such warrants. Market. New York — Sam'I Goldschmidt, Blodget & Co., Hemphill, White & Chamberlin, E. & C. Randolph, A. B. Leach & Co., John Muir & Co., White, Weld & Co. Fliiladelphia — ^Montgomery & Co., Graham. Parsons & Co. , Lloyd & Palmer, Crawford, Patton & Cannon, H. D. Boenning & Co. Baltimore — Hambleton & Co. Kansas City — H., P. Wright Investment Co. Cincinnati — Breed, Elliot & Harrison. Pittsburgh — R. B. Hutchinson & Co., Glover, & MacGregor, Kean. Taylor & Co. Denver — Newbold & Co. Colorado Springs — Newbold & Co. Boston — Blodget & Co. Price Range— N. Y. S. E. Jan. 1. '17 to Jan. 1, '19 1918 With Warrants. High. 102 Sept. 17, '17 100 Dec. 24 Low. 77 Dec. 21. '17 86 Jan. 7 Without Warrants. High.99 Sept. 25, '17 ' ' 96 Dec. 13 Low. 77 Dec. 21, '17 84^^ Jan. 10 SINCIJlIR REFINING CO. First I^ien Equip. 6s, Series A. Due $150,000 each July 1 and Jan. 1 from July 1, 1918, to Jan. 1, 1»S0, inclusive, and $300,000 July 1, 1930. and $200,000 Jan. 1. 1931. Dated Ian. 1, 1918. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000,000. Outstanding — $700,000 (Jan. 15, 1919). Denomination — Coupon. $1, 000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest and all other covenants of this indetnure by the Sin- clair Oil & Refining Corporation by endorse- ment. Secured by an equipment agreement on 900 steel tank cars, of which 750 are of 8,000 gal- lons capacity and 150 are of 6,000 gallon capacity. The purchase price for the cars, contracted for in. the Pall of 1916, was $1.- 488.967. Original Market — $1,000,000 offered Feb., 1918. by Kissel, Kinnlcutt & Co... New York, at prices to yield 7%. Market. Philadelphia-^West & Co. New York — Evans, Stillman & Co. SIOTTX CITY & PACIFIC RAttROAD CO. 1st 3^s. Due Aug. 1, 1936. — N. Dated Aug. 1, 1901. Interest payable Feb. and Aug. 1, at Chicago & Northwestern Com- pany's office. New Ydrk. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4. 000, 000. Outstanding — $3,926,000 (June 15. 19). Held in Sinking Fund— $74,000. Denomination — Coupon, $1,000. Fully reg- isterable. Registered, $1,000. $5,000 and $10,- 000. Trustee — Farmers' Loan & Trust Co., New York. Assumed by the Chicago & Northwest. Ry. Co. Control — Consolidated into the Chicago Northwestern Ry. Co. in 1903. Secured by a first mortgage on 121.58 miles of road, viz.: Miles Sioux City to California Jet.. la 69.81 Blair to Fremont, Neb 31 . 77 Moville to Sargents Bluff, la 20.00 liOgal for Cal. . Conn. , Me. , Mass. . Mich. , Minn.. Mo., N. H., N. J., N. Y., R. I.. Vt. and Wis. Original Market — Offered in 1901 by Kuhn, Loeb & Co., New York. Market. Boston — Estabrook & Co. New York — Ambrose R. Clark & Co.. Rem- ick, Hodges & Co., Chas. H. Jones & Co.. E. & C. Randolph, Hemphill, White & Chamber- lin, Estabrook & Co. , Struthers & Hiscoe, Abraham & Co., Baker. Carruthera & Pell, C. W. Place. 1145 Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.90% '09 92 '12 78% Dec. 85 Jan. Low. 71 '18 76 '18 71 Apr. 76 Oct. SIOUX CITY (la.) SERVICE CO. 1st & Bef. S. F. 5s. Due Jan. 1. IDSS.^F. Dated J anuary 1, 1910. Interest payable Jan. and July 1, at Chase National Bank. New Tork or Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $5,000,000. Outstanding— $2,181,000 (July 1, 1919). Retired by S. F. — $190,00. Reserved for Ext. — $2,629,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Illinois Trust & Savings Bank. Chi- cago. Redeemable at 105 and interest on any In- terest date upon four weeks' notice or any July 1st for sinking: fund. Improvement and Sinking Fund — Annually ".n May 1, 1915, $50,000; 1916; $50,000; 1917, $50,000; 1918, $70,000; 1919, $80,000; 1920, $80,000: 1921, $90,000; 1922, $90,000; 1923, $100,000; 1924. $100,000; 1925. $110,000; 1926, $120,000; 1927, $130,000, half of which is to be applied to the purchase or redemption of bonds annually on July 1 , at not exceeding 105 and interest, and the balance to be ap- ' plied to permanent extensions and improve- ments. Bonds so redeemed to .be cancelled. Organization — Incorporated in New Jersey in 1905 as successor to the Sioux City Traction Co. Secured by a first mortgage on jplant sup- plying electricity and steam heat' in Sioux City, la., including a new generating station, and the 51 miles of street railway compris- ing the system- in that, city. Population served, 61,774, Seven mi'.es of the railway is on private right-of-way. ,Some of the franchises, granted in 1889, expire in 1939, . while others, granted in 1908. expire in 1933.. These later franchises provide for five cent fare, free transfers and payment of 2 % of gross earnings to the cit^,, where, population exceeds 75,000. Year ended May 31 Int., Gross Net Tax, etc. 1917 $927,280 $314,341 $149,955 1916 852,838 320,050 150,389 Original Market — OfCered in June, 1910, by N. W. Halsey & Co., New York, etc., at 97" and interest, and by the 1st Nat'l Bank, Mil- waukee, in June, 1914, at 97 and interest. $880,000 offered June, 1919, by Halfeey,, Stuart & Co., Chicago and New York at 89 and interest. Market. New York — Halsey. Stuart & Co., Hanson & Doyle, Hotchkin & Co., P. H. Hatch & Co. Boston — Merrill, Oldham & Co., Hotchkin & Co. Portland, Me. — Fidelity Trust Co. Chicago — King, Hoagland & Co. , Halsey, Stuart & Co. Milwaukee — P. A. Bartlett Co. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 96 '13 99 '13 92 Nov. Low. 80 '17 86 '18 83 Jan. 86 May (THE) SIOUX CITY (lA.) STOCK YARDS 1st 5S. Due July 1. 1931.— N. Dated July 1. 1901. Interest payable Jan. . and July 1, at Drovers' Trust & Savings Bank, Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $600,000. Outstanding — $208,000 (Jan. 1. 1919). Retired by Sinking Fund — $392,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Drovers' Trust & Savings Bank, Chicago. Sinking Fund — $10,000 annually. As of Dec. 31, 1918, the Trustee held $134,515 to be ap- plied to the retirement of this issue. Organization — See 1st Ref. 5s. Secured by a first mortgage on stock yards and buildings covering 150 acres of gr'ound in Sioux City, la. The property is located about one mile and a half from the center of ^the city and Includes railroad rights-of-way to various packing houses. Underlies — 1st Ref. 5s of 1930, under which mortgage bonds are reserved to retire this Is- sue. Earnings — See 1st Ref. 5 s. Market. New York— P. H. Hatch & Co. Boston — H. C. Splller & Co., C. A. Day & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Bid High. 98 '17 95 May Low. 90 '18 90 Nov. (TME) SIOUX CITY (lA.) STOCK YARDS CO. 1st Ref. 6s. Due July 1. 1930.— F. Dated July 1. 1910. Interest payable Jan. and July 1, at Trustee's office or at Blodget & Co., New York and Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,068,000 (Jan. 1. 1919). Reserved for Ext. — $714,000. Reserved for Prior Liens— $218,000. Denomination — -Coupon oi* registered, $1, 000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and Interest on three months' notice. Organization — Incorporated In Iowa In 1894 and acquired the property and business of the Union Stock Yards Co. Controls Yankton (S. D.) Stock Yards Co. Secured by a second mortgage on property described under. 1st 5s. Prior Liens — $218,000. 1st 5s of 1921. Year ended Dec. 31 Gross Net Interest 1918 $874,534 $382,284 $81,041 1917 719.393 371.140 71.852 ♦1916 819.091 490,415 77,699 •15 months. Original Market — Offered; July, 1911, at 96% and interest by the Fort Dearborn Trust & Savings Bank, Chicago; offered Jan., 1912, at 96 and interest, by Blodget & Co.. New York and Boston. Market. New York— P. H. Hatch & Co.. Blodget & Co., J. Davenport, Boston — Blodget & Co.. C. A. Day & Co. Omaha — Burns, Erinker & Co. Price Range. Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 96 '12 97 '37 85 Jan.' 8$ 'Jan. L0W..75 '15 85 '15 70 Dec. 85 Dec. 1146 SIOCX CITY (lA.) TELSPHONi: CO. 68. Due March 1, 19184. — N. Dated 1904. Interest payable March and Sept. 1. .It Central Trust Co. of Illinois, Chi- cago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — -$500, 000. OutstandluE — $482,000. In Treasury — $18,000. Trustee — Central Trust Co. of Illinois, Chi- cago. Secured by a first mortKage on an Inde- pendent telephone system in and around Sioux City. la., serving a population of 62,000. Franchise expires in 1929. Year ended Dec. 31 Int. Gross Net & Rent 1916 $243,679 $76,967 $41,722 1915 219,637 67,797 39,117 Market. Omaha — Burns, Brinker & Co. New York — Oilman & Clucas. SIOCX CITY TRACTION CO. Ist 6s. Due July 1, 1919.— P. Dated July 1, 1899. Interest payable Jan. and July 1, at Bank of Montreal, Chicago, or New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Oatstanding — $760,000. Denomination — Coupon, $1,000. Registerable as to principal. Control — ^Absorbed by Sioux City Service Co. Secured by a first mortgage on the street railway system In Sioux City. la., embracing 61 miles of track, of which 7 are on private right-of-way. Original franchises run to 1939, others to 1933. The latter provide for 6 cent fares, free transfers, and payment to the city of 2-% of gross earnings when population of city exceeds 75,000. Population served, . 61,- 774. Underlies — Sioux City Service Co. 1st & Ref. 6s of 1928. Earnings — See Sioux City Service Co. 1st & Ref. 6 s. Original Market — First offered by Mason, Lewis & Co. (now Lewis Bros. & Co., Boa- ton), Boston and Chicago, at 103 H and In- terest in May, 1900. Market. ... New York — Hotchkin & Co.. E. & C. Ran- dolph. P. H. Hatch & Co. Philadelphia — H. D. Boennlng & Co. Boston — H. C. Spiller & Co,, Hotchkin & Co. Wilmington — George P. Bissell. Price Bange. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask Hlgh.981^ '17 101 '16 95 June 9S% Nov. Low. 90 '13 94 '13 90 Feb. SLOSS IRON & STEXX. CO. let 68. Due Feb. 1, 1980.— N. Dated Feb. 1, 1887. Interest payable Feb. and Aug. 1, at "Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by, company. Authorized and Outstandins — $2,000,000. Denomination! — Coupon, $1,000, Registerable as to principal. Trustee — Central Trust Co., New York. Assumed by the SIoss-ShefBeld Steel & Iron Co. Control — Absorbed by the Sloss-Sheffleld Steel & Iron Co. in 1899. Secured by a mortgage on 47,000 acres of coal and iron lands, four blast furnaces, coke, ovens, etc. Years ended Dec. 31 and Nov. 30 Int.. Net Dep'n, etc. 1918. , $6,196,528 $720,497 •1917 3.045,614 893,341 1916 2,200,674 288,050 1916 805,430 283,042 1914 761,327 271,188 *13 months to Dec. 31. Listed on the Richmond, Va., Stock Ex- change. Market. New York— Curtis & Sanger. E. & C. Ran- dolph, Hanson & Doyle, Sam'l Goldscbmidt, Holmes, Bulkley & Wardrop, P. H. Hatch & Co., Tobey & Kirk. Birmingham, Ala. — Caldwell & Garber, Geo. B. Ward. Boston — G. W. Walker & Co, Price Bange. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.107 '10 110 '08 98% June 101 Dec. Low. 93 '18 98 '18 93 Jan. 98 July SMART-WOODS, Ltd.. 1st 6s. Due $30,000 each Aug. 1, from 1917 to 1921 inclusive, and $36,000 from 19%% to 1931 inclusive. Dated Aug. 1, 1916. Interest payable Aug. 1 and Feb. 1, at Peabody, Hougbteling & Co., Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $440,000 (Jan. 1, 1919). Balance Retired, Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — ^The Royal Trust Co., Montreal. Organization — Incorporated In Canada in 1912 as a merger of the Sinart Bag Co., of Montreal, and Woods, Ltd., of Ottawa. Name changed March 1, 1918, to Woods Manufactur-' ing Co., Ltd. Company manufactures jute and cotton bags, tents, tarpaulins, etc. Con- trols the Renfrew Knitting Mills. Secured by a first mortgage on all the prop- erty of the company. Including plants at Mon- treal, Toronto, Hull, Winnipeg and Welland. By the provisions of the mortgage the com- pany is reauired to maintain its net working' capital at a minimum of $760,000 during the life of these bonds and maintain a special re- serve fund double the amount necessary to meet Interest and principal of the bonds be- coming due during the next fiscal year. Total value of real estate plants, etc., $2,500,268 as of Dec. 31, '18. Year ended Dec. 31 Bond •Net Interest 1918 $642,201 $27,460 1917 580,072 29,250 1916 401,651 7,417 • After war tax, depreciation, etc. Original Market — Offered Aug., 1916, by Peabody, Houghteling & Co., Chicago, at par and Interest except first and second maturities, which were offered respectively on a 6% and 5%'% basis. Market. New York — Garrison & Brown. Chicago — Peabody, Houghteling & Co. (HOWARD) SMITH PAPER MILLS 1st S.JF. 68. Due June 1, 1934. Dated June 1, 1919. Interest payable June and Dec. 1. Principal and -interest payable In gold at Royal Bank of Canada, Montreal and .Toronto, and agency of the bank in New York City. Tax Status — Information not available. Authorized — $1,600,000. Outstanding — $800,000. 1147 Reserved for Ext. — $700,000. Additional bonds iaauab'.e for 75 % of coat of property extensions, only if net earning-s for preceding fiscal year are three times in- terest on bonds outstanding and to be is- sued. Purpose of Issue — To retire outstanding bonds, repay Bank advances for capital ex- penditures already made, and provide for required plant extensions and additional work- ing capital. ■ Denominations — Coupon $100. $500 and $1,- 000, registerable as to principal. Trustee — Montreal T^u'st Companly, Mon- treal. Redeemable — On any interest date upon 60 days' notice at 105 and Interest. Sinking Fund — Annually on June 1 sums equal to the following percentages of out- standing bonds plus a sum equal to the an- nual . interest on bonds retired by this fund, viz: 2%,' 1921 to 1923 inclusive; 3%, 1924 to 1926 inclusive; 4%, 1927 to 1929 inclusive and 5%, 1930 to 1933 inclusive. This fund is to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be cancelled. Organi»a.tlon— ^Inoorporajtied in 1912, suc- ceeding Ho ward Smith Paper Company, Ltd. In 1916 acquired paper mill of Edwin Crab- tree & Sons, Ltd., of Crabtree Mills, Que. Company manuf actureis hi^h-grado . sulphite bond and writing papers. Secured by a first mortgage on entire prop- erty of the company now owned or hereafter acquired, including paper mill at Beauhar- nois. Que., of brick construction, with daily capacity of 20,000 pounda, aisd mill at Crab- tree Mills, Que., of daily capacity of 44,000 pounds. Appraised value, Dec. 31, 1918, $1,- 680,144. Year ended Dec. 31— *Net. 1918 $197,116 1917 169,790 1916 116,318 •' Before war taxes. Original Market — Offered May, 1919, by Nes- bitt, Thomson & Co., Ltd., Montreal, and A. B. Ames & Company, Toronto, at 93 sCnd in- terest to yield 6%%, Price Range. Jan. 1, '15, to Jan. 1, 19 1918 Bid Ask Bid Ask High 90 '17 95 '16 90 Jan. 92% June Low 80 '18 90 '18 80 Dec. 90 Dec. SODUS BAY & SOUTHBRN RAILROAD CO. Ist 5a. Due July 1, 1934.— F. Dated July 1. 1884. Interest payable Jan. and July 1, at Penna. R. R. Co.. New York and Philadelphia. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in New York. ■ Authorized and Ontstanding — $500,000. Denomination — Coupon, $1,000. Tnistice — Central Union Trust Co. , New York. Assumed by the Elmira & Lake Ontario R. R. Co. Control — Consolidated In 1886 into the Sll- mira & Lake Ontario R. R. The entire cap- ital stock of this company la owned by the Northern Central Ry. Co.. and property Is operated by the Pennsylvania R. R. Co. Secured by a first mortgage on 34.06 mtlea of road from Stanley to Sodus Point. New York. This road forms part of the line of the Northern Ceijtral Ry. Co. from Baltimore to Lake Ontario. liisted on the New York and Philadelphia Stock Exchanges. Market. Philadelphia — Drayton. Penington & Colket, New Yorlt — F. J. Lisman & Co. SOIiVAY COIXBERIES CO. Ref. & Dev. 5Va8. Due March 1, 1931.— P. Dated March 1, 1911. Interest, payable March and Sept. 1. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — Closed mortgage. Outstanding— $728,000 (Jan. 1, 1919). Denomination — Coupon, ' $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Organization and Control — See Joint Gen. Ss. Secured by a mortgage on 2,250 acres of land, of which 1,300 are coal lands, and two fully equipped mining plants, at Big Sandy and Marytown, W. Va. Also by a first lien on leasehold Interest In 3,400 additional acres, of which 2,200 are underlain with coal, this land being located at Kingston, W. Va. Com- pany has coal supply edntracta with Solvay Process Co. and By-Products Co. Corp. Underlies — S. C. Co. and Kingston Land Co. Joint Gen. 6s of 1945. Earnings — ^ee Joint Gen. 6a. Market. New York — Baker Carruthers & Pel',. Syracuse — Syracuse Trust Co. Price Range. Jan. 1, '16, to Jan. 1, 19 1918 Bid Ask Bid High 98 '16 103 '17 96 Feb. Low 96 '17 101 '17 SOLTAY COI^I^IERIES CO. AND KINGSTON I/AND CO. Joint Gen. 6s. Dae May 1, 1945.- F. Dated May 1, 1915, Interest payable May 1 and Nov. 1. Tax Status — 2% Federal Income Tax paid by Company without deduction. Aathorized — $5,000,000. Outstanding — $1,342,500 (Jan. 1, 1919). In Treasury — $279,500. Reserved to Retire Notes — $70».000. Reserved for Prior Uens — $728,000. Reserved for Imp. — $205,000. Reserved for Acquisitions — $1,740,000, Deniominations — Coupon< $500 and' $1,000. Registerable as to principal. Trustee — Bankers Trust Co., New York. Redeemable at 110 and Interest on and after May 1. 1920. Sinking Fund — -Annual payments aufficieht to redeem bonda at maturity. An additional payment la to be made ih caae tonnage ex- ceeda the proportionate quantity mined. Organization — The Solvay Collieries Co. waa incorporated In West Virginia In 1900 as the Big Sandy Coal & Coke Co. ; present name adopted in 1910. Owns all the $200,000 stock of the Kingston Land Co. Control — Except 42 shares the entire cap- ital stock of the Collieries company is held by The Solvay Process Co., the Semet-Solvay Co. and the By-Products Coke Corp. Secured by a mortgage on the coal mining properties of the companies, consisting of 2,295 acres -at Marytown and Big Sandy, one group, and 7.801 acres at Kingston and Westerly, a second group, all held in fee; also a third group near Welch, W. Va., consisting of leased lands at Warwick. Harvard and Orkney mines, at which ownership of buildings, mine plant and eauipment rests with the Solvay Collieries Co. , and in this same group a new mine, Exeter is being developed; also a fourth group 1148 comprising the Tolland mine (leased), near Orinoco, Ky. Capacity in 1918. 1,730.000 net tons per annum which ia expected to be in- creased to 2,350,000 net tona per annum by the end of 1920. Property owned in fee as above valued at $1,657,713. Total value of real estate and plants- is, $2,962,969. Output is largely contracted for by controlline com- panies. Prior Uett— $728,000 Ref. & Dev. 5Hs of 1931. Year ended Dec. 31: Gross • Net Dep'n 1918 $831,440 $706,619 $138,768 1917 577.013 443.138 95.848 1916 311.636 210.770 95,848 1915 285,211 223,261 80,887 1914 252,692 171.985 75;678 •After interest. Original Marlcet — $500,000 offered In 1917 by the Syracuse Trust Co. at 103 and interest. Mariiet. New York — Hornblower & Weeks. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Syracuse — The Syracuse Trust Co. Price Range, 1918 — Ask 97 Nov. Price Ranee. Jan. 1, '16 to Jan. 1, '19. Bid Ask High. .S9Vi '17 101 '17 Low.. -.99 '16 101 '17 SOLVAY PROCESS CO. 1st 58. Due Aug. 1. 1938.— P. Dated Aug. 1, 1908. Interest payable Fel). and Aug. 1, at Rhode Island Hospital Trust Co., Providence, R. I., Brown, Shipley & Co., London, Eng. ; and Soclete Generale de Bel- giaue, Brussels, Belgium. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $4,000,000. Outstanding— $3,995,000 (June 23. 1919). Held in S. F.— $5,000. Denomination — Coupon. $1,000 and $10,000. Registerable as to principal. Trustee — ^Rhode Island Hospital Trust Co., Providence, R. I. Redeemable on Aug. 1, 1923, or any interest date thereafter at 105 and interest. Sinking Fnnd — ^Annually, beginning Aug. 1, 1909, the sum of $71,320 which with interest at 4% will equal $4,000,000. Payments shall be proportionately reduced upon the redemp- tion or cancellation of any bonds. If the com- pany shall on or after Aug. 1, 1923, redeem any of these bonds, the Trustee shall pay to the company such sum as shall be repre- sented by bonds prepaid or cancelled. This fund shall be invested and reinvested by the Trustee in such interest hearing securities as the company, with the consent of the Trustee, shall direct, and the fund shall remain pledged to be applied to the redemption of the principal of these bonds as they shall mature. The company may redeem any and all bonds on or after Aug. 1, 1923, or any interest date at 105 and interest. The company shall give notice to the Trustee, stating serial numbers of bonds which are to be redeemed. Bonds acquired are to be cancelled. Organization — Incorporated In New York In 1881. Allied Companies: Semet-Solvay Co. and Solvay Collieries Co. Secured by a first mortgage on the plants at Solvay, near Syracuse, N. Y.. and Detroit, Mich. The company ia engaged in the manu- facture of soda and its by-products. Market. Chicago — John Burnham & Co. New York— P. H. Hatch & Co. Syracuse — First Trust & Deposit Co. ; The Syracuse Trust Co. SOM:eRS£T railway CO. Cons. (Now 1st) 4s. Due July 2, 1950.— N. Dated July 2, 1900. Interest payable Jan. and July 2, at National Shawmut Bank, Bos- ton. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $420,000. Outstanding — $172,600. Reserved to Retire Ist 5s (Paid) — $247,500. Denomination — Coupon, $500 and $1,000. Trustee — Maine Trust & Banking Co., Gardi- ner. Me. Assumed by the Maine Central R. R. Co. Control — See 1st & Ref. 4s.. Secured by a first mortgage on 42.03 miles of road from Oakland to Bingham, Me. Underlies — Somerset Ry. Ist & Ref. 4s of 1955. Legal for Cal., Conn., Me.. Mass., Mich.. Minn.. N. H.. N. T., R. I.. Vt. and Wis. SOMERSET RADLWAY CO. 1st & Ref. 4s. Due July 1, 1955.— N. Dated July 1, 1905. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $1,500,000. Outstandings— $864,000. Denomination — Coupon. $1,000. Trustee — American Trust Co.. Boston. Assumed by the Maine Central R. R. Co. Control — Merged, 1911, into the Maine Cen- tral R. R. Co. Secured by mortgage on 92.04 miles of road viz. : Miles A first mortgage on line of road — ^Austin Jet. to Kineo rStation, Me 49 . 96 A second mortgage on 42. 08 miles — Covered by the first lien of the Cons. 4s 42.08 Prior Lien — $172,500 Somerset Ry. Cons. 4s of 1950. Legal for Conn., Me., Mass.. N. H.. R. I. and Vt. Original Market — First offered by George A. Pernald & Co.. Boston. Market, Boston — R. L. Day & Co. Price Range. Jan. 1, '15 to Jan. 1, 19. 1918 Bid Ask Bid High 84 '16 96 '15 80 Jan. Low 80 '18 83 '15 SOMERSET, UNION & MIDDLESEX LIGHT- ING CO. 1st 4s. Due Dec. 1. 1943. — N. Dated Dec. 1, 1903. Interest payable Juno and Dec. 1. at Fidelity Trust Co., Newark. N. J. Tax Status — Payment of Federal Income Tax not assumed by Company. Tax exempt in New Jersey. Authorized — $2,750,000. Outstanding — $1,974,000 ($573,000 owned by the Public Service Corp. of New Jersey). Denomination — Coupon. $1,000. Registerable ag to principal. Trustee — Fidelity Trust Co.. Newark. N; J. Control — Leased in 1903 to Public Service Corp. of New Jersey for 900 years, rental being all interest and taxes and dividends on stock increasing to 4% in 1911 and there- after. Lease of gas properties assigned to 149 Public Service Gas Co., of electric plants to Boston — R. L. Day & Co. Public Service siectric Co. Fittabareh — R. B. Hutchinson & Co. Secured by a mortgage on plants supplying Price Ranee— N Y 8 B gas and electricity to Somerville, Flainfleld and j^„ j .Qg j„ j^^ i '19 ' ' " ' 1918 New Brunswick N. J., and vicinity. Popula- High.lis^i Feb. 10. 'OS 99 Apr. 22 tlon served, 60.000. ^ ^ , , Low. 98'4 July 24. -17 99 Apr. 22 Prior Uens — $1,300,000 bonds o( merged ' companies. Market. SOUTH & NOBTH ALABAMA RAILBOAD New York — B. & C. Randolph, Newburger, CO. Gen. ConB. 50-Year SB. Due Oct. 1, Henderson & Loeb, W. B. R. Smith, Van 1963. — F. Sant & Legg. Dated October 1, 1913. Interest payable Newark — Fidelity Trust Co., Post & Flagg, April 1 and October 1. Clarence Hodson & Co., Blsele & King. Tax StatUB — 2% Federal Income Tax paid Philadelphia — Wm. G. Hopper & Co., New- by Company without deduction, burger, Henderson & Loeb. Anthorized — $26,000,000. Jersey City — Bdwin R. Case. OntBtanding — $7,400,000. Paterson— F. A. Peters. F. K. McCully. Held by t. & N. — $3,277,000. Price Range. Reserved for Prior Uens — $10, 000, 000. Jan. 1, '08 to Jan. 1, '19 1918 Reserved for Ext. — $4,323,000. Bid Ask Bid Ask Denomination — Coupon, $1,000. Registerable High.81 '12 83 '12 73 Jan. 75 Feb. as to principal or exchangeab'.e for registered Low. 60 '08 65 '08 60 Oct. bonds. Registered,. $1,000, $5,000, $10,000 and $60,000. C. & R. Interchangeable. Tmstee— United States Mortgage & Trust SOUTH & NORTH ALABAMA RAILROAD Co., New Tork. CO. Cons, (now 1st) 6s. Dne Ang. 1, Assumed by the L. & N. R. R. Co. 1936. — F. Guaranteed as to principal and interest by Dated April 10, 1886. Interest payable Feb. the Louisville & Nashville R. R. Co. by en- and Aug. 1, at L. & N. office. New York. dorsement. Tax Status — 2% Federal* Income Tax paid Organization — See Cons. 5s. by Company without deduction. Secured by a second mortgage on the 200.46 Anthorized — $10,000,000. miles of road covered by the first lien of the Outstanding — $9,292,000. Cons. 6s. tn Treasury of L. & N. B. R. Co. — $208,000. Prior Lien — $10,000,000 Consol. 5s of 1936. Deposited with Farmers' Loan & Trust Co. Legal for Cal., Conn., N. H. and R. I. as Security for Georgia B. B. Lease — $500,000. Listed on the New York Stock Bxchange. Denomination — Coupon, $1,000. Registerable Original Market — $7,400,000 offered at 104% as to principal. and interest in 1914 by J. P. Morgan & Co., Trustee — Central Onion Trust Co., New National City Bank and First National Bank, York. New York. Guaranteed principal and Interest by the Market. Louisville & Nashville R. R. Co. by endorse- New York — Sam'l Goldscbmldt, McKinley & ment. Morris. J. S. Farlee & Co.. B. & C. Randolph, Assumed by the L. & N. R. R. Co. Season^od, Haas & Macdonald, Abraham. 3c Organization and Control — Incorporated in Co. : Baker, Carruthers & Pell. Taylor, Smith Alabama in 1864. Absorbed in 1914 by the & Hard, Vilas & Hickey. L. & N. R. R. Co. Baltimore — Jenkins, Whedbee & Poe. Secured by a direct mortgage on 200.46 Chicago — ^Kean, Taylor & Co. miles of road, viz.; Miles Price Range— N. Y. S. E, Decatur to Montgomery, Ala 182.70 jan. 1, 1913 to Jan. 1, 1919 1918 Hogeland to Bl Vista, Ala 0.98 High.105 Apr. 1. '14 93% Jan. 11 Fedora to Indio, Ala 2.96 lqw. 93% Jan. 11, '18 93% Jan. 11 Helena to Acton. Ala 7.60 Blmore to Wetumpka, Ala 6.23 Fifty-three miles are double-tracked and the SOUTH BEND & MISHAWAKA (IND.) GAS balance of the main lines is being double- CO. Cons. 5s. Dne Jan. 1, 1926. — ^F. tracked. This road forms an important part Dated Jan. 2, 1906. Interest payable Jan. 1 of the main line of the Louisville & Nash- and July 1, at Central Trust Co. of Illinois, ville R. R. and it is reported that the train Chicago. movement between Birmingham and Decatur is Tax Status — 2% Federal Income Tax paid heavier than that on any other part of the by Company without deduction, system. Authorized — $1,618,000. Underlies — Gen. Cons. 6s of 1963, under Ontsianding — $1,131,000 (Jan. 1, 1918). which mortgage bonds are reserved to retire Reserved for Prior Liens — $487,000. this issue. Trustee — Central Trust Co. of Illinois and Legal for Cal., Conn., Me., Mass., Mich., w. Irving Osborne, Chicago, 111. Minn.. N. H., N. J., R. I., Vt. and Wis. Redeemable on any Interest date at 105 and Listed on the New York Stock Bxchange. Interest on three weeks' notice. Market. Control — ^Absorbed in 1911 by the Northern New York — J. A. Joseph, Jr., & Co., Miller Indiana Gas & Electric Co. by merger. The & Co., J. S. Farlee & Co., E. & C. Randolph, United Gas Improvement Co. is interested in Sharretts & Young, Sam'l Goldscbmldt. Sea- latter company, songood. Haas & Macdonald, Abraham & Co. : Secared by a first mortgage on plant supply- Baker. Carruthers & Pell: Ambrose R. Clark Ing gas in Mishawaka and River Park, Ind.. & Co.; C. W. Place; Redmond & Co.; Taylor, and a second mortgage on plant supplying gas Smith & Hard. in South Bend. Ind. Philadelphia — Graham, Parsons & Co., Har- Prior Lien — 324.000 S. B. Fuel & Gas Co. rison & Co.. Wheeler, B.liot & Mann, S. K. 6s of 1920. Phillips & Co. Underlies — Nor. Ind. G. & E. 1st Ref. 6s. Baltimore— Robt. Garrett & Sons. Jenkins, Original Market — First offered by Cramp, Whedbee & Poe, Baltimore Trust Co. Mitchell & Shober, Philadelphia, 1150 Market. Philadelphia — ^West & Co., H. D. Boennlns & Co., Reed A. Morgan & Co., Harper & Turner, Irvin & Co., Robt. Glendinningr & Co., Huntrcn & Co.. S. K. Phillips & Co.: W. A. Reed. New Yoris — ^Lynch & McDermott. Price Range. Jan. 1, 'Og to Jan. 1, '19 1B18 Bid Ask Bid AsIc HiE:h.98 '09 99 '11 90 Jan. 96 Dec. Low. 80 '18 88% '18 80 July 88% Apr. SOUTH BBND & SOUTHERN MICHIOAN RAILWAY CO. 1st 58. Dae October 1, 1987.— F. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction, Anthorized — $760, 000. Outstanding — $675,000 (June 1, '19). Held in Sinking Fund — $93,000. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee— Harris Trust & Savings Bank, Chicago. Goaranteed as to principal and interest by the Indiana Hy. Co., which has been absorbed by the Chicago, S. Bend & Nor. Ind. R. R. Co. Redeemable at 107% and interest. Sinking Fund — $5,000 annually plus Interest on bonds in sinking fund for purchase or re- demption of these bonds at not over 107% and Interest, This fund became operative Jan, 1, 1907. Control — Consolidated Into the Southern Michigan Ry. Co. Secured by a first mortgage on 35 miles of electric railway from South Bend, Ind., to St. Joseph, Mich. Population served, 100,000. Franchises' in South Bend are perpetual; in Niles expire between 1932 and 1936, in Berrien Springs in 1935 and in St. Joseph In 1936. Underiies — Southern Michigan Ry. Co. 1st Cons. 5s of 1931, under which mortgage bonds are reserved to retire this issue. Year ended Dec. 31 (S. M; Ry.) Gross Net Interest 1918..., $209,642 $72,639 $58,866 1917 234,299 95.194 69.232 1916 232,980 99,748 68,950 Original Market — First offered by N. W. Harris & Co. (now Harris, Forbes & Co.). New York: N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago. Market. Fhiladelphia— S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High 93 '16 97 '16 Low 92 '17 90 '17 to be applied to the purchase of these bonds at not exceeding a 4% basis. - Bonds acauired to be cancelled. During 1918, $25,000 bonds were retired. Control — Merged into the South Bend & Northern Indiana Gas & Electric Co., which company was absorbed in 1911 by the North- ern Indiana Gas & Electric Co. The United Gas Improvement Co. is interested in latter company. Secured by a first mortgage on plant sup- plying gas in South Bend. ' Ind. Underlies — S. B. & M. G. Co. 6s and U. I. a. & E. Co. 5s. Market. Philadelphia — S. K. Phi.llps & Co., Reed A. Morgan & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 High. 98% '17 Low. 95 '18 SOUTH BEND FUEL Si GAS CO. 1st 68. Due Nov. 1, 1980.— P. Nated November 1, 1900. Interest payable May 1 and November 1, at Central Trust Co. of Illinois. Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. At«thorizcd — $500, 000. Outstanding — $324,000 (Jan. 1, 1919). Retired by Sinking Fund — $176,000. Trustee — Illinois Trust & Savings Bank, Chicago. Sinking Fund — Annually, beginning Nov. 1, 1910, a sum equal to 5% of the gross income of the company for the year last past. Fund 1918 96 Nov. SOUTH BEND HOME TELEPHONE CO. Ist 68. Due July 16, 1932.— F. Dated July 15, 1902. Interest payable Jan. and July 15, at Citizens' Loan, Trust & Sav- ings Co.. South Bend, Ind. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $400, 000. Outstandins- $373, 000. Retired by Sinking Fund — $27,000. Denomination — Coupon, $600 and $1,000. Trastee — Citizens' Loan, Trust & Savings Co., South Bend, Ind. Redeemable at 105 and interest. Sinking Fund — 2 % % annually of outstand- ing bonds; began in 1908, Secured by a first mortgage on a telephone system furnishing local and toll service in and between South Bend, Mishawaka, New Car- lisle, River Park and Granger, Ind. Popula- tion served, 82.000. Franchise expires in 1937. Underlies — $365,000 1st & Ref. 6s of 1936. which provide to retire this issue. Market. Chicago — Marshall, Decker & Co. New York — Gilman & Clucas. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.. 96 '17 102 '16 Low. .. 99 '17 SOUTH BEND WATCH CO. 3-Year 6% Notes. Due March 1, 1982. Dated March 1, 1919. Interest payable March and September 1, at Trustee's offlce. Tax Status — Information not available. Authorized — $414,000. Outstanding — $414,000. Denomination — Coupon, $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable — On any - interest date at 101 and interest. Security — A direct obligation of the Com- pany, but not secured by mortgage. Com- pany covenants that while any of these notes are outstanding no mortgage lien shall be put on any of the Company's assets. Company has no mortgage indebtedness. Year ended Dec. 31. •Net 1918 $123,941 1917 67,411 • After interest. Original Market — Offered March, 1919, by John Burnham & Co., Chicago, at 97% and interest. 1151 SOUTH BOUND RArLROAD CO. 1st 6s. Doe Listed on the New York Stock Exchange. April 1, 1941.— N. Orisrinal Market— $2,126,000 offered May Dated May 1, 1891. Interest reduced from 1919 by Bull & Bldredge, New York at 99% 6%. Interest payable April and Oct. 1, at and interest. Blair & Co., 24 Broad Street, New York, or Market ^*™?'™S*®^'^ °^'^^- **ew York— Sam' 1 Goldschmidt, Seasongood, Tax Status — Payment of Federal Income Tax Haas & Macdonald, Callaway, Fish & Co , not assumed by Company. McDonnell & Co., E. & C. Randolph, Chas. Authorized— Closed mortgage. W. Place, Baker, Carruthers & Pell. Outstanding— $2 033,000. Philadelphia— Graham. Parsons & Co., Har- Denomination— Coupon, {1,000. Registerable rison & Co., Wheeler, Elliot & Mann. as to principal. Atlanta— J. H. Hilsman & Co. Trustee— The Mercantile Trust & Deposit Co. Baltimore— Baltimore Trust Co., Jenkins of Baltimore. Whedbee &. Poe. Assumed by the Seaboard Air Line Railway. Price Range N Y S E Control— Merged in 1901 into the Seaboard Jan. 1, 1906 to Jan. 1, 1919 ' ' ' 1918 Air Line Ry The latter company has been High. 108% Feb. 6, '06 98% Dec. 2 consolidated into the Seaboard Air Line Ry. Low. 95 Nov. 13, '07 96'% Apr. 25 Secured by a first mortgage on 138.55 miles of road from .Savannah, Ga., to Columbia, SOUTH CAROLINA LIGHT, POWER & BAH/- S. C. This road forms part of the main line WAYS CO. 1st S. F. 58. Due May 1, of the S. A. L. Ry., connecting the northern 1937. — F. and southern lines of the system. Dated November 1, 1912. Interest payable Underlies — S. A. L. 1st 4s of 1960; Refund- May and Nov. 1, at A, B. Leach & Co., Inc., Ing 4s of 1959; 1st & Cons. 6s of 1946, a New York. sufficient ^amount of which is reserved to retire Tax Status — 2 % Federal Income Tax paid this issue and Adjmt. 5s of 1949. by Company without deduction. Legal for Bait. Pennsylvania State tax refunded. Listed on the Baltimore and Richmond Stock Authorized — $5,000,000. Exchanges. Market. Outstanding — $3,497,000. New York — Sam'l Goldschmidt, Gilman & In Treasury — $166,000. Clucas, Chaa. H. Jones & Co., E. & C. Ran- Reserved for Ext. — $1,348,000. dolph, Taylor, Smith & Hard, Abraham & Denomination — Coupon, $1,000. Registerable Co.: Baker, Carruthers & Pell; W. C. Ewen. as to principal. Baltimore — Hambleton & Co., Robt. Garrett Trustee — New York Trust Co., New York. & Sons, Poe & Davies, Sutton & Co., Balti- Redeemable as a whole or in part for sink- more Trust Co., Lanahan & Co., Howard R. ing fund at 105 and interest on any interest Taylor & Co. date upon 60 days' notice. Pittsburgh — R. B. Hutchinson & Co. Improvement and Sinking Fund — Beginning Price Range Nov. 1, 1915, and annually thereafter, a sum Jan. 1, -08 to Jan. 1, '19 ' 1918 f«"^' t° ^7" "' ?•" ^onds outstanding, either Bid Ask Bid Ask cash or in bonds at 105 for the. purchase or High.108% '12 110 '11 9 6 Dec. 99 Deo. redemption of bonds at not exceeding 105 and Low. 88 '08 90 '08 91 Sept. 93 Jan. Interest. Bonds so aoauired to be cancelled Extensions and additions to the property be- ' ing deemed to the advantage of the bondholders SOUTH CAROLINA & GEORGIA RAILROAD as well as the company itself, the mortgage CO. 1st B^/is. Due May 1, 1989. provides that their acauisition may be in lieu Dated May 12. 1894. Extended May 1, 1919 of any sinking fund payment to the amount of Interest payable May and Nov. 1, at J. P. their actual cost, when the facts and' costs of and interest increased f ropi 6 % to 5 % % . the additions are properly certified to the Trus- Morgan & Co., New York. tee and have not been made the basis for the Tax Status — 2%' Federal Income Tax paid issuance of any bonds or any other sinking by company without reduction. fund payment, provided the new property be- Authorized — Closed mortgage. comes subject to the lien of the mortgage. Outstanding — $5,250,000. Organization — Incorporated in Massachusetts Denoniiinvfioln — Coupon, ,$1,0K)0, Registeil- in 1912 as a consolidation. . able as to principal. Secured by a first mortgage on hydro-electric Trustee — Central Union Trust Co., New Plant of 12,000 h. p. at Gaston Shoals, auxil- York. '^"^y steam generating plant of 4,600 h. p. in Redeemable — On any interest date at 107% Spartanburg, 70 miles of transmission lines and interest. together with sub-stations, etc., supplying elec- Guaranteed principal and interest by *"° "sht and power in Spartanburg, Gaffney, Southern Railway Co. by endorsement. S" '^'™^; woodruff, Blacksburg and Pacolet, Control — Consolidated into the Southern Ry. °- '^■.' ^'^° °n Eas plant and distribution sys- Carolina Division in 1902, the entire capital '«"? '" Spartanburg and street and interurban .stock and all the bonds of which are owned by railwa,y system of 21 miles operating in and the Southern Ry Co. around Spartanburg and further secured on Secured by a first mortgage on 240.32 miles ''^''^^ undeveloped water powers. Franchises of road, viz: Mi'.es are reported to extend beyond maturity of bonds. Charleston. S. C to Augusta, Ga 136.92 Year ended Dec. 31 Branehville to Columbia, S. C 66.30 Gross Net Interest IClngville to Camden, S. C 37.10 1918 $655,776 $316,807 $196,938 This road affords the Southern Ry. Co. its 1917.... 623,613 192,679 172,632 only entrance into Charleston, S. C. 1916 433,983 178,704 163,006 Underlies — Southern Ry., Carolina Division, 1916.... 444,564 233,462 160,000 Oen. 4s of 1962. all of which are deposited 1914.... 417,763 207,995 ISoioOO under the Southern Ry. Dev. & Genera! 4s. Listed on the Pittsburgh Stock Exchange' Refunding — Bonds are reserved under the Original Market — $3,000,000 ofCered in Janu- Southern Ry. Dev. & Gen. 4s to retire this ary, 1913, by A. B. Leach & Co., New York Issue. Boston and Chicago, at 92% and interest 1152 Market. • New York — Hornbiower & AV.eeks, Hotch- kin & Co.. E. & C. Randolph, A. B. X^each & Co., S. L. Snowden, Berdell Bros., F. H. Hatch & Co., Lynch & McDermott. Boston — ^Hornbiower & "Weeks, Hotchkin & Co., A. B. Lach & Co., F. B. Bassett & Co. Detroit — JoeK Stockard & Co. Chieaso — ^Hornbiower & "Weeks, A. B. Leach Philadeliihia. — H. D. Boenning & Co.. S. K. Phillips & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid ifsk High.85 '17 90 '17 80 Jan. 85 Jan. Low. 65 '17 70 '18 65 July 70 Mar. SOUTH CAROLINA LIGHT, POWER & RAIL- WAYS CO. 3-Year 7% Notes. Due Sept. I, 1921. Dated Sept. 1, 1918. Interest payable March 1, June 1, Sept. 1 and Dec. 1, in New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $750,000. Outstanding — $450,000. Purpose of Issue — To provide for the pay- ment of floating indebtedness and for new working capital. Denomination — Coupon $1,000. Trustee — New York Trust Co., New York. Redeemable on any interest date at 103 in the years 1918 and 1919, 102 in 1920 and 101 until June 1, 1921. Organizatioii, etc. — See 1st S. F. 5s. Security — A direct obligation of the com- pany but not secured by a mortgage or col- Original Market — $450,000 offered Oct. 1918, by A. B. Leach & Co., New York. Chicago, etc., at 97% and interest. SOUTH FERRY RAILROAD 1st 58. Due April 1, 1919.— N. Dated April 1, 1889. Interest payable April and October 1, at Treasurer's office. New York Railways- Co.. New York. Tax Status — Payment of Federal Income tax not assumed by Company. l'_ Authorized and Outstanding — $350,000. Denomination — Coupon, $1,000. Control — Absorbed by New York Rys. Co., which is controlled by Interborough Consoli- dated Corp. Receivership — See New York Railways Co. Protective Committee — C. W. Beall and P. C. Krauthoff, with Frederick S. Burroughs. Secretary, 56 William ^t.. New York. De- pository. Central Union Trust Co., New York. 1st R. E. & Ref. 4s. Secured by a first mortgage on one mile of street railway from South Ferry to Church and Vesey Sts.. New York City. Underlies — New York Rys. 1st R. E. & Ref. 4s of 1942, which provide to refund this issue and Adj. 5s of 1942. Earnings — See N. Y. Rys. Co. Market. New York — ^Remick, Hodges & Co. . J. A. Clark & Co., "Wm, C. Ewen, B. & C. Ran- dolph. Callaway. Fish & Co. , Abbott, John- son & Co., Theo. L. Bronson. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.99% '16 101 '17 90 May Low. 70 '11 90 '11 86 Nov. (THE) SOUTH GEORGIA RAILWAY CO. Ut 5s. Dae Jan. 1, 1933.^N. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Hanover National Banl^,. New York, or company's office, Quitman, Ga. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $250,000. Outstanding — »1 u 9 , uu 0. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Savannah Trust Co,, Savannah, <3a. Organization — Incorporated in Georgia in 1896, and name changed to present one in 1902. Secured by a first mortgage on 51 miles of road froni Adel, Ga., to Greenville, FJa. The company also leases the property of the West Coast Ry. Co. , comprising 31 miles from Greenville to Hampton Springs, Fla. Total mileage operated, 82, Year ended Dec. 31 Gross Net Int. & Rent 1917 $242,391 $85,029 $48,076 *1916 207,657 56,394 46,405 *19i5 189.086 49.540 38,366 •June 30. Original Market — Offered June, 1911, at 94 and interest by Middendorf, "Williams & Co., Baltimore. Market, Baltimore — Middendorf, AVilliaras & Co., Jenkins, AVhedbee & Poe. SOUTH JERSEY GAS. ELECTRIC & TRAC- TION CO. 1st 5s. Due March 1, 1953. Dated March 1, 1903. Interest payable March and Sept. 1, at Tru.stee's office. Tax Status — Payment of Federa". Income Tax not assumed by Company. Tax exempt in New Jersey. Authorized — $15,000,000. Outstanding — $9,385,000. Owned by P. S. Cori).— $3, 507.000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Newark, N. J. Organization and Control — Incorporated in „New Jersey in 1900. Leased for 900 years to the Public Service Corp. of N. J. The leases of the gas properties, electric properties and traction properties have been assigned to the respective operating companies of the P. S. Corp. of N. J. The lease provides for the payment of interest, taxes, etc., and dividends at the irate of 8 % per annum on the com- pany's stock, now $6,000,000. None of the stock of the South Jersey G.. E. & T. Co. Is owned by the P. ,S. Corp. of N. J. The S. J. G., B. & T. Co. owns all of the stock of the Camden, Gloucester & "Woodbury Ry., which owns a street railway system of 28 miles from Camden through Gloucester to Mantua and Blackwood. Secured by a first mortgage on plants sup- plying gas and electricity in Camden, Mt. Holly, Woodbury. Haddonfield, Gloucester, Moorestown, Merchantvillet Collingswood, Pen- nington, Lawrenceville, Bordentown, Edge- water Park, Beverly, Riverton, Riverside and Palmyra, N. J., and a second mortgage on plants supplying gas and electricity in Trenton and gas in Burlington, all in New Jersey, Population served: Electricity, 190, 000; gas, 165,000: railways. 25.000. -Practically all franchises are perpetual. Prior Liens — $2,000,000 Trenton Gas &. Elec- tric Co. 1st 5s of 1949 and $100,000 Burling- ton Gas Light Co. 1st 5s of 1921, for the re- tirement of which bonds of this issue have been reserved. Original Markets $7,553, 000 offered in 1904. 1153 by Henry & West. Philadelphia, and Elsele & SOUTH PITTSBUBGH WATER CO. 68. Due King, Newark. N. J., at 101 and Interest. Aub. 1, ^95S. — ^F. Market Date^ Aug. 1. 1905. Interest payable Feb. New York— Morton Lachenbruch & Co., B. ^^ -^-^s- !■ ^t Colonial Trust Co., Pittsburgh, &. C. Rando'.ph. ■ W. B. K. Smith & Co., J. '^^- „. , „„„, .-r „„, Davenport, Van- Sant & Lege. ^ ^^'^ Status-2% Federal Income Tax paid Philadelphia— H.- D. Boenning & Co.. West by Company without deduction. & Co., Graham, Parsons & Co... Reilly. Brook T^J^^''?'"?', '° ??S"=7'^*°'*- & Co., Geo. S. Fox & Sons. C. Fearon & Co., ^"P^T* 'i,"?VXSn Huntoon & Co., S. K. Phillips & Co., W. A. Outstanding:— $2 120^00. p ^ Reserved to Retire Prior Iiiens — $1,000,000. Paterson_F. A. Peters, F. K. McCully. Beserred for Imp.-n,880 Oqo. Newark— Fidelity Trust Co.. Post & Flagg, ?»°»":!°f"''"— '=°"»''°' ^^^ ^"l"'''""- Bisele & King Trustee — Colonial Trust Co., Pittsburgh. Jersey City-^Dutwater & Wells, B. K. Case. r™?^*""!" ^1 i^^f*^"J.f Sl*'?„°i'„„„ .f„„t >= Providence— Hornblower & Weeks Control— A majority of the common stock is troviaence— wornoiower & weeKS. owned by the American Water Works & Eleo- Price Range. trio Co. Jan. 1, '08 to Jan. 1. '19 1918 Secured by a mortgage on plants supplying Bid Ask Bid Ask water to some twenty-five communities located High.lOO '10 101, '16 90 Mar. 92 Mar. south of Pittsburgh, Pa. Population served. Low. 80 '18 86 'IS '80 Sept. 86 Sept. 160.000. Company owns 280 miles of mains. Prior Ueng — 1500,000 St. Clair Water Co. SOUTH PACI^C COAST RAILWAY CO. 1st ^1,^? S'o.if \fT92*,""-""'' '^"^'"^^^ ^^"^'' 4s. Due July 1, 1937.— N. Year ended April SO Dated July 1, 1887. Interest payable Jan. Gross Net Interest and July 1. at office of Southern Pacific Co., j^gjg $614,121 $273,251 $161,109 '^^Ji' ^S'''^: „ .-„„,, ™ • 1917 482.746 312.376 158.168 Tax Status — Payment of Federal Income Tax 1916 424 675 278 782 155 689 not assumed by Company. 1915:'.!: 4001117 26B,"667 154,'501 Authorized— $6,600,000 1914,... 377.431 269,404 165,621 Outstandine— $4,046 000 (April 1. '19). Original Market— First offered by Municipal Retired by Sinking Fund— $1454.000. ^ Corporation Securities Co.. Pittsburgh, at Denomination— Coupon. $1,000. par and interest in May, 1906. Trustee — Farmers' Loan & Trust Co.. New Market. """staking r„nd-$250.000 annually, beginning wm'^P^Sl^ey Tco ^'wardtDaTley-tupoM July 1. 1912. in Quarterly installments for the ^'"- GToverTMacGrcgo;. Lyon, slnge'^Tco* Ind^Tre^sl "•l?;o't°p^?chLab.'e ITTh^lrfct: , T"^^^''' ' °°- ''""""'" ^ ''°- '"rVZf^^ if ir.-n;,'"»'njTnt/r°J,t'^h"v'?h; New Yori^C. H. Hensel, B. & C. Ran- Guaranteed principal and interest by the Hotchkin & Co.. Otto Billo. F. H. Southern Pacific Co. (ratt^h a Cn Organization and Control — Incorporated in „„°j„„ ^'t„v,t,,„ » r.„ xi r. o„iii=, n. California in 1887. The entire $6,000,000 cap- „ Bostonj-Hotchkin & Co.. H. C. Spiller & ital stock of the South Pacific Coast Ry. Co. '^°-- *-■ •*■• "^^- „ ,„ „ „„„ is owned by and its property leased for fifty- ■^„ i -lo ' loia five years from 1887 to the Southern Pacific •'*"• %,/" *° f^J' ^' ^" „,. ^^^^ . ^ i?g fSi^^ai^rlrents"" '°°''' '"'''=""' ''°''- High.9f'16 ota, 82^4 Aug. 87^Mar. Secur^b^aflrst mortgage on 96.72 miles I'OW.Tg'lS 83 '18 79 Mar. 83 Dec. (10 miles double-tracked) of road. viz. ; Blmhurst to College Park (Main Line).. 32.83 SOUTH SHORE Si BOSTON STREET RAIL- Alameda Mole to Oakland (14th St.).... 4.16 WAY 1st 59. Due Aug. 1, 1929. N. — College Park to Santa Cruz 34.77 Dated Aug. 1, 1899. Interest payable Feb. Campbell to Almaden Crossing 9.12 ^nd Aug. 1. at American Trust Co.. Boston. Felton to Boulder Creek 7. 50 Mass. Newell Creek to Shingle Mills ...1.64 Extension— Under reorganization plan of And also the ferryboat line from San Fran- [he Bay State Street Rys. Co.. this issue Cisco to Alameda Mole. A portion of this line ^^s extended from Aug. 1. 1919 to Aug. 1. forms part of the main line of Southern ^929 Pacific Co. between San Francisco and Los ^ax Status— Payment of Federal Income Tax Angeles ,,, ^ ,,. »t ii j uot assumed by company, Legal for Cal.. Mich., Minn., N. H. and Authorized— $1,000,000. ^■,?\ , X,. „ ,r , o» , ,=, ,. Outstanding— $335,000. Listed on the New York Stock Exchange. Denomination— Coupon. $1,000. Market. Trustee — American Trust Co.. B^st.-r., Mass. New York — Sam'l Goldschmidt. McDonnell & Redeemable until Feb. 1. 1924, at 103 and Co.. B. & C. Randolph. Hartshome & Battelle. interest, thereafter at 101 and interest. J. M. Byrne & Co.. Bernhard. Soholle & Co., Assumed by Eastern Massachusetts Street Abraham & Co., Baker, Carruthers & Pe'.l; jjy c McKinley & Morris, Redmond & Co.. Taylor. Control— Absorbed by Bay State Street Ry.. Smith & Hard. which Company was succeeded through fore- San rrancisco--A. H Woollacott. closure by the Eastern Massachusetts Street Pittsburgh — B. B. Hutchinson & Co. jjy q^ [„ 1919. Philadelphia— C. Fearon & Co. Secured by a mortgage on 69 miles of street Price Range — N. Y. S. E. rai'.way. ■Ian. 1. 1908 to Jnn. 1. 1919 1918 Prior Liens — $166,000 bonds of absorbed Bid Ask companies. High. 97 Apr. 28. '16 90% Dec. 94'/4 June Underlies — Eastern Massachusetts Street Low 88V4 Apr. 22. '09 88V4 Feb. 92 Jan. Ry. Co. Serial Cs. 1151 Market, Boston — Hayden, Stone & Co., E. M. Ham- lin & Co. Trice Range. Jan. 1, 1909 to Jan, 1, 1919 High.lOO '09 101% '13 Low. 96 '13 100 '16 SOUTH SHOBS GAS & KLIK^TRIC CO. Gen. 5s. Due Dec. 1, 1933. — F. Dated December 1, 1903. Interest payable June and December 1, at Central Trust Co. of 111.. Chicago. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — 12,000,000. Outstandins— $680,000 (Jan. 1, l9l9). Reserved for Prior liiens — $236,000. This mortgage has been closed except for refunding. Denomination — Coupon. $1,000. Registerable as to principal. Trustees — Central Trust Co. of Illinois, Chi- cago, and Lawrence O. Murray. Redeeqiable at 105 and interest on any in- terest date upon 60 days' notice. Control — Consolidated in 1909 with the Northern Indiana Gas & Ellectric Co., in which company The United Gas & Improvement Co. is interested. Secured by a first mortgage on plants sup- plying gas and electricity in Indiana Harbor, East Chicago and Robertsdale, Ind. ; electricity in Hammond, Ind., and gas in Whiting, Ind., and a second mortgage on plants supplying gas in Hammond and electricity in Whiting. Prior Liens — $220,000 Hammond Illuminat- ing Electric Light Co. 1st 5s of 1913-1926 and $16,000 Whiting Electric Light Co. 1 at 5s of 1923, for the retirement of which bonds of this issue have been reserved. Underlies — ^Northern Indiana Gas & Electric Co. 1st Ref, 6s of 1929, a sufficient amount of which bonds have been reserved to retire this issue. Original Market — $150,000 offered in Aug.. 1906, at 97 and interest by Crawford, Dyer & Cannon (now Crawford, Patton & Cannon), New York; $200,000 offered May, 1907, at 95 and interest by H. T. Holtz & Co., Chicago. Market. New York — E. & C. Randolph, Berdell Bros., J. Davenport. H. T. Holtz & Co. , Pynchon & Co. Philadelphia — Reed A. Morgan & Co., H. D. Boenning & Co., S. K. Phillips & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '15 to Jan. 1, 19 1918 Bid Ask Bid Ask High.98% '15 99U '15 83 Dec. 88 Dec. Low. 83 '18 88 '18 SOUTH SIDE ELEVATED RAILROAD CO. 1st 41^8. Due July 1, 1924. Dated July 1, 1904. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized and Outstanding — $8,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chi- cago, 111. Redeemable at JOti and interest any interest date. Controlled by tne Chicago Elevated Rys. Co. through stock ownership. Secured by a firtii mortgage on 15 miles of double-tracked elevated electric railway from Congress St. on State St. to 39th St. via pri- vate right-of-way to 63d St and on 63d St. from S. Park Ave. to Jackson Park Ave., with branches via private right-of-way from 39th St. and Indiana Ave. to the lake front at 42d St., and from 59th St. via private right-of- way to State St. to 59th St. to 63d St. to Loomis St. and on private right-of-way from 63d St. to 69th St. The Company leases from the Chicago Junction R. R. Co. two miles of double- tracked elevated railway from, its line at 39th St. to the Chicago Stock Yards on pri- vate right-of-way. At Congress St. connects with loop line, over which cars run through the center of the retail section of Chicago. Franchises expire in 1938. Earnings — See Chicago Elevated Rys. Listed on the Unlisted Department of the Chicago Stock Exchange. Original Market — Offered in Oct., 1904. by N. W. Halsey & Co. . New York, Chicago^ etc., et 103 and interest. Market. New York — Halsey, Stuart & Co., Freeman & Co., Babcock, Rushton & Co, Chicago — First Nat. Bank, Union Trust Co., Merchants Loan & Trust Co., Babcock, Rush- ton & Co., Halsey Stuart & Co., National City Bank, Curtis & Sanger, 111. Trust & Savings Bank. Philadelphia — Brvin & Co. Milwaukee — First National Bank. Minneapolis — Stevens, Chapman & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig^h.Se^A '09 96% '09 80 Jan. 85 Mar. Low. 76 '18 78 '18 76 May 78 July Due SOUTH YUBA WATER CO. Cons. 68. July 1. 1923.— N. Dated July 1, 1893. Interest payable Jan. and July 1, at Farmers' Loan & Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $1,500,000. Outstanding— $1,455,000 (Jan. 1, 1919). Held in Sinking Funds (Allied Companies) — $24,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co.. New York. Redeemable at 110 and interest. Control — ^Absorbed by Pacific Gas & Hlec. Co. Secured by a first mortgage on all the prop- erty formerly owned by the company, com- prising IS storage lakes and reservoirs, 12* distributing reservoirs, over 500 miles of ca- nal and pipe lines and 46,000 acres of land^ with rights. These plants supply water to Navada City, Grass Valley, Auburn, New- castle, Penryn, Loomis, Redding, Roseville, Brown's Valley, Dutch Flat, Alta and Towle,. located in Nevada, Placer and Yuba Counties. Cal. Population served, 25,000. Underlies — Pac. Gas & Elec. Gen. & Ref.. 5s. of 1942 under which bonds are reserved! to retire this issue. Earnings — See Pacific Gas & Electric Ca^ Listed on the New York Stock exchange. Market. New York — P. H. Hatch & Co., McDonnell & Co., J. P.. White & Co., E. & C. Randolph, Bernhard, SchoJle & Co. Boston — C. A. Day & Co., H. C. Spiller & Co. Los Angeles — A. H. Woolocott. Price Range, Jan. 1, '08 to Jan. 1, *19 19lg Bid Ask Bid High.]06 '13 107% '13 103 Nov. Low. 99 '08 100 '08 100 May n5 SOUTHEAST & ST. LOUIS RAILWAY CO. 1st 55. Due March 1, 1921. See Louisville & Nashville R, R. Southeast & St. Louis Ry. Co. 1st 6s. SOUTHEAST & ST. LOUIS RAILWAY CO. Sd 3s. Due March 1. 1930. See Louisville & Nashville R, . R., South- east & St. Louis Ry. Co. 2a 3s. SOUTHERN BELL TELEPHONE & TELE- GRAPH CO. 1st S. F. 5s. Due Jan. 1, 1941.— F. Dated January 2, 1911. Interest payable Jan. and July 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $50,000,000. Outstandings— 116.910.000 (July 1. 1919.. Retired by Sinking Fund — $1,090,000. Reserved for Corporate Purposes — $3,400,- ooo. Reserved for Ext. — $28,600,000. Denomination — Coupon, $500 and $1,000. ' Registerable as to principal or fully register- able. Registered, $500, $1,000, $5,000 and multiples of $5,000. C. & R. interchangeable. Trustee — Bankers' Trust Co. , New York, and John H. Parsons. Redeemable as a whole only at 105 and in- terest on Jan. 1, 1916, or on any interest date thereafter on eight weeks' notice. Sinking' Fund — Annually on December 1, 1% of the bonds issued, to be applied to the pur- chase and cancellation of bonds at not ex- ceeding par and interest. If bonds are not purchasable payment shall be credited to fol- lowing year. Organization and Control — Incorporated in New York in 1879. Practically the entire ■capital stock is owned by the American Tel. & Tel. Co. Secured by a first mortgage on the entire Bell Tel iphone system in North and South Carolina, Georgia, Alabama and Florida. Population served, 10,000.000. Further se- cured by a first lien on $980,700 stock of local ■companies and $11,076,500 of the $11,080,150 stock of the Cumberland Tel. & Tel, Co., ■which owns the Bell jSystem in Southern Il- linois and Indiana, Kentucky, Tennessee, Mis- sissippi and Louisiana, subject to $16,000,000 bonds. Dividends have been paid on this stock continuously from 1892, and from 1909 to 1913 at the rate of 8% per annum; 1914, 7%: 1915 and 1916, 6s. The physical property of the :Southern Bell Tel. & Tel. Co. is valued at more than $21,000,000, and of the Cumber- land Tel. & Tel. Co. at more than $29,000,- OOO. Year ended Dec. 31 Int., Gross Net Rent, etc. *1918. . .$6,498,838 $2;212.443 $895,055 1917... 8,009.404 2,674,602 1,065,001 1916... 7.340,075 2.815,956 1,069.642 *7 months ended Ju.y 31. Listed on the New York and Boston Stock Exchanges. Original Market — $10,000,000 offered in 1910 by Kidder. Peabody & Co.. and N. "W. Harris & Co . New York and Boston, at 96 and in- terest. $3,000,000 also offered in September, 1912, by the Robinson-Humphrey-Wardlaw Co., Atlanta, Georgia. Market. New York — Hornblower & Weeks, Merrill, T.ynch & Co., Wm. C. Bwen. E. & C. Ran- dolph. Sharretts & Younp. Harris. Forbes & Co., Gilmnn & Clucaa. F. H. Hatch & Co., Hlgginaon & Co,. Kidder, Peabody & Co., Low, r)ixon & Co. Boston— Harris, Forbes & Co., Merrill, Old- ham & Co., Kidder, Peabody & Co., Horn- blower & Weeks, J. W. Bowen & Co. Atlanta — J. H. Hilsman & Co. Chicago — Merchants' Loan & Trust Co., Harris Trust & Savings Bank, Hornblower & Weeks. Baltimore — Robt. Garrett &. Sons. Philadelphia — Harper & Turner. Milwaukee — Marshall & Ilsley Bank. Price Range— N. Y. S. E. Jan. 1. 1911 to Jan. 1. 1919 1918 High. 102 Oct. 30 '16 97 Nov. 19 Low 86 Aug. 21 '18 86 Aug. 21 SOUTHERN BOULEVARD RAILROAD 1st 6s. Due July 1, 1945.— F. Dated July 1. 1895. Interest payable Jan. and July -1. at Central Union Trust Co.. New York. Tax Status — 2% Federal income Tax paid by Company without deduction. Authorized and Outstandine — $250,000. Denomination — Coupon, $1,000. Trustee — Centra. Union Trust Trust Co., New York. Guaranteed by the Union Ry. Co. Organization and Control — Incorporated in New York in 1885, All of the stock is owned by the Third Avenue Ry, Co. by stock owner- ship. Secured by a first mortgage on 5 miles of double-track street railway in the Borough of the Bronx, New York City. Earnings — See Third Avenue Ry. Co. Market. New York — Hanson & Doyle, E. & C. Ran- dolph, J. Davenport. W. C. Ewen. Price Range. Jan. 1, '08 to Jan. 1. '19 191« Bid Ask Bid Ask High.90 '08 100 '14 55 June 85 Mar. Low. 55 '18 65 '18 65 Nov. SOUTHERN CALIFORNIA EI>ISaN CO. Gen. 5s. Due Nov. 1, 1939. — F. Dated Nov. 1, 1909. Interest payable Jan. and July 1, at Bankers' Trust Co., New York; Harris Trust & Savings Bank, Chicago, or Los Angeles Trust & Savings Bank, Los An- geles. Tax Status — 2% Federal Income Tax pait. by Company without deduction. Tax exempt in California. Authorized — $30,000,000. Outstanding — $13,600,000. Note. — Under the terms of the Gen. & Ref. 6s no more of these bonds may be issued un- less deposited thereunder. Denomination — Coupon, $1,00 0. Registerable as to principal. Trustees — Harris Trust & Savings Bank, Chicago, and Los Angeles Trust & Savings Bank, Los Angeles. Redeemable at 105 and interest on any in- terest date. Improvement and Sinking Fund — Annually 2% of the amount of bonds outstanding under this mortgage and underlying mortgages to be deposited with Harris Trust & Savings Bank for expenditures on account of permanent ex- tensions and additions, for which no bonds may be issued, or to retire outstanding bonds of this Issue or prior liens. Organization — See Gen. & Ref. 6s. Secured by a general mortgage on all the property of the company. Fir details see Gen. & Ref. 6s. Further secured by the de- posit of $9,710,000 underlying bonds. Fran- chises are unlimited as to time. 1156 Prior Liens— $19,023,000 prior liens, viz.: Ediaon Blec. Co. 1st & Ref. 5s of „ 1^22 $2,743,000 Edison Elec. Co. 1st 5s, 1929 390,000 Edison Elec. Co. 6a of 1927 48,000 United Elec. Gas & Power Co. 1st Cons. 5s. 1920 30,000 Pacific Light & Power Corp. 1st Ref. 5s. 1951 7,807.000 Pacific Light & Power Co. 1st 5s, 1942 6,860,000 San Gabriel Blec. Co. 1st 6s, 1828.. 253,000 Mentone Power Co. 1st 5s, 1931.... 37,000 Ventura County Power Co. 6s. 1936 683,000 Ventura Water, Light & Power Co. 1st 6s ; 172,000 Underlies — Conv. Deb. (now Mtge.) 6s of 1920 and Gen. & Ref. 6s. Series 1919. Bonds may be issued under the latter mortgage to retire this issue and the above prior liens. Earnings — See Gen. & Ref. 6s. Irfgal for Cal. and R. I. Original Marliet — First offered Dec, 1909, at 97% and interest by N. W. Harris & Co., Boston, and Harris, Forbes & Co., New York; and Harris Trust & Savings Bank, Chicago, E. H. Rollins & Sons, Boston, New York, etc., and Perry, Coffin & Burr, Boston; $1,000,000 offered Dec. 1911, by the above firms, at 96% and interest. $518. 000 offered in January. 1915, by Harris, Forbes & Co., New York, N. "W. Harris & Co., Boston, Harris Trust & Savings Bank, Chicago, and B. H. Ro'.lins & Co., Boston, New York. Chicago, etc. at 92 and interest. Market. New York — Paine. "Webber & Co. , J. A. Clark & Co., F. H. Hatch & Co.. J. S. Bache & Co., A. B. Benesch & Co., Garrison & Brown, Dunham & Co., Philip Lynch, Miller & Co.. Martin, Berwin & Co., Finch & Tar- bell, Harris, Forbes & Co., Low. Dixon & Co.. McDonnell & Co., Bonbright & Co.. Barle A. Miller & Co. , Coffin & Burr, Bernhard, Scholle & Co., Kiely & Horton, Berdell Bros., H. F. McConnell & Co., McClure, Jones & Reed, McGeorge & Vanderhoef, J. Nickerson, Jr. , Parkinson & Burr, Pynchon & Co. Philadelphia — Newhall, Churchman & Co. , Capelle & Co. Baltimore — Stein Bros. , Mackubin, Goodrich & Co. Boston] — Merrill, Oldham & Co.. E. H. Rol- lins & Sons, Parkinson & Burr, F. B. Bassett & Co.. Paine. "Webber & Co., Arthur Perry & Co., Coffin & Burr, J. S. Orler & Co., Ernest E. Smith & Co., Kimball, Russell & Co. IiOS Aji«eles — Torrance. Marshall & Co. , A. H. "Woolacott, Perrin, Drake & Riley. Blankenhorn. Hunter-Dulin Co., L. A. Cris- ler & Co. Providence — Brown, Lisle & Marshall. Horn- blower & "Weeks. Milwaukee — First Savings & Trust Co. Albany — ^H. J. Prince. Pasadena — Blankenhorn-Hunter, Dulin Co. San Diego — Stephens & Co. Chicago — 'Harris Trust & Savings Bank, Steere & Co., "Webber & Co., Babcock Rushtort & Co., Merrill, Lynch & Co. Fri^e Range. Jan. 1. '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 98 '16. . 99. '16 88% June 91 Dec. Low. 82 'is' . 83 ''18 82 July 83 Sept. Tax Statusf — 2% Federal Income Tax paid by Company without deduction. Authorized — $5,000,000. Outstanding — $1,978,000 (Jan. 1. 1919). Denomination — Coupon, $1,000, Registerable as to principal only. Trustee — Los Angeles Trust & Savings Bank, Los Angeles, Cal. Redeemable at 101 and interest on any in- terest date. Convertible into common stock on the basis of 11 shares of stock ($100 par) for each $1,000 bonds. Organization, Property, Earnings, etc. — See Gen. & Ref. 6s. Security — These Debentures were not orig- inally secured by a mortgage. They are now equally secured with the Gen. & Ref. 6s. Prior Liens — See Gen. & Ref. 6s. Original Market — OfCered in May, 1915, by E. H. Rollins & Sons, Boston, New York, Chicago, etc., at par and interest. Market. Boston — E. H. Rollins & Sons, Parkinson & Burr, L. Sherman Adams, F. B. Bassett & Co., Arthur Perry & Co. New York — E. H. Rollins & Sons, McDon- nel & Co.. F. H. Hatch & Co.. Berdell Bros., H. F. McConnell & Co. , McClure, Jones & Reed. Philadelphia — B. H. Rollins & Sons. Chicago — B. H. Rollins & ' Sons. Denver — B. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Los Angeles — B. H. Rollins & Sons, L. A. Crisler & Co. Price Range. Jan. 1, '16 to Jan. 1. 19 1918 Bid Ask Bid Ask High. 104 '16 106 '17 98 Oct. 100 Oct. Low. 94 '18 96 '18 94 Sept. 96 Apr. SOUTHERN CALIFORNIA EDISON CO. Con- vertible Debs. 6s. Due Mar. 15, 1930. — P. Dated March 15, 1915. Interest payable March 1 5 and September 15 in New York, Chicago and Los Angeles. 1 SOUTHERN CALIFORNIA EDISON CO. Gen. & Ref. 25-Year 6s, "Series of 1919." Due February 1, 1944. Dated July 1, 1917. Bearing interest from February 1. 1919. Interest payable Feb. 1 and Aug, 1, in New York, Chicago or Lost Angeles. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax Exempt in California. Authorized — $136,000,000. Outstanding — $8,000,000. Provisions of Issue — The mortgage provides for a total authorized issue of $136,000,000. Bonds of different series may be issued, but only upon the retirement of the bonds of pre- ceding series. No additional tmderlying bonds can be issued unless pledged as additional security for the General and Refunding Mort- gage bonds. Escrow bonds may be issued for only 75% of expenditures for acquisitions, extensions and additions to the Company's properties, provided net earnings for the preceding twelve months have been at least one and three- quarters times the (annual interest charges on all mortgage bonds outstanding, including in- terest on those bonds for which application is made. Escrow bonds may also be issued, dollar for dollar, for the retirement of un- derlying bonds and also for the retirement of $1,978,000 Debentures of 1915, due March 15, 1920. which are secured equally with .the General and Refunding Mort^rage Bonds. Denomination — Coupon $1, 000, $500 and $100. Registerable as to principal. Regis- tered $1,000 and multiples thereof. Trustees — Harris Trust & Savings Bank, Chicago, and Los Angeles Trust & Savings Bank, Los Angeles. 157 Redeemable at 105 and interest on any in- Ventura County Power Co. 6s of terest date up to and including Feb. 1, 1942, 1936 683,000 and at 102 and interest on any interest date Ventura Water, Light & Power Co. thereafter. 1st 6s 172,000 Special Trust Fund— Semi-annually, March No additional bonds are issuable under the 1 and September 1, cash equal in each case to above mortgages unless p'.edged as security 1% of outstanding bonds of the company, in- under this mortgage. Bonds are reserved eluding bonds of this issue and aU under- under this mortgage to retire the above issues, lying bonds and Debentures of 1916 outstand- Underlies— $8,000,000 Debenture 7s due an- ing in the hands of the public, after pro- nually to 1928, inclusive. viding for sinking fund payments of under- Year ended Dec. 31 T t A- lying mortgages. This fund is applicable for ^'^^' * acQuisitions, additions, etc., against which no Gross Net Amort. General and Refunding Bonds shall be issued, 1918 J8,736,458 $5,387,035 $2,943,569 or for the purchase or redemption of these 19" 8,260,382 6,320,427 2,*"'S5* bonds or the purchase of underlying bonds. "16 8,390,424 5,030,994 2,284,396 . ^. ^ ^ ^ . ' ,.^ , . 1915 7,982.861 4,780,686 2,360,786 Organization — Incorporated in California in 1914 7 680 395 4 320 632 2 199 798 1909. In 1917 acquired these properties of the Note— The above figures ire the combined Paciflo Light & Power Corp. and Ventura earnings, etc. of the Southern California County Power Co. Controls through stock g,^,^„„ ^o. and Eaciflc Light & Power Corp. ownership Santa Barbara Gas & B.ectrio Co. ^ ^ ^ i^^, 3^ ^^^^ earnings or expenses and Mt. Whitney Power & Blec. Corp. „j subsidiary companies. Capital stock Outstanding Original Market — $8,000,000 offered Jan- . 1st Pref. (5% cum.) $4,000,000 iiary, 1919. by National City Co., Harris, 2d Pref. (6% cum.) 12,029,900 Forbes & Co. and B. H. Rollins & Sons, Common 12,870,172 New York, etc., at 98 and interest. Secured equally with $1,978,000 Conv. Deb. Market. 6s, due 1920, by a direct mortgage on all New York — CofHn & Burr, Bquitable Trust the property of the company; also by deposit Co. of New York, National City Co. of over 90% of the stock of the Santa Bar- los Angeles — Blankenhorn, Hunter Dulin bara Gas & Electric Co. and over 94% of Co., Blyth, Witter & Co,, L. A. Crisler & Co.. the stock of the Mt. Whitney Power & Elec- Perrin, Drake & Riley, • trie Corp. Pasadena — Blankenhorn, Hunter, Dulin Co. The properties of the company and sub- Chicago — First Trust & Savings Bank, Bab- sidiaries includes 17 hydro-electric plants with cock, Ruston & Co. an aggregate capacity of 168,920 h.p. and 8 Rock Island — Litten & Roberts, steam p.ants with an aggregate capacity of Boston — Paine, Webber & Co. 143,510 h.p. Also 1,600 miles of high-ten- Wooster — W. C. Wardwell & Co. sion transmission lines, 158 sub-stations and San Diego — Stephens & Co. 8,000 miles of distributing lines. Gas prop- touisville, Ky. — Geo. T. Wood & Son. erties are operated in Santa Barbara and Veniura counties and water properties in SOVTHISBN CAUFOKNIA EDISON CO. De- Ventura County. The company supplies dec- benture 7s. Due $1,000,000 each Jan- tricity in over 160 cities and towns, either „ary 15 from 1921 to 1928 iuclnsive. directly or at wholesale, the most important Dated January 15, 1919. Interest payable being Los Angeles, Pasadena, Riverside, San January 15 and July 15 in New York, Chi- Bernardino, Santa Barbara, Long Beach, ^^go or Los Angeles, Santa. Monica, Red'.ands, Oxnard, Ventura, ^ax Status— 2% Federal Income Tax paid Visaiia, Tulare and Porterville. The City of ^y Company without dedutcion. Los Angeles has the right to purchase the Authorized $8,000,000. local distributing system of the company for Outstanding $8 tfo'o 000. $9,000,000, plus expenditures for extensions Purpose of Issue— To enable the company subsequent to Jan. 1, 1917. If the city exer- ^^ reduce by $2,000,000 the amount of its cises the right to purchase it agrees to pur- outstanding General and Refunding Mortgage chase power for a long term from -the com- bonds and to pay off practically all of its Pany. „.^ ! , , ^ ' floating debt. Sale of Plant to City — ^An agreement has Denomination — Coupon $1,000, $600 and been reached between the City Council of jjqq Begisterable as to principal. Los Angeles and this company whereby the Trustee— Bankers Trust Co., New York, latter has agreed to sell its distributing sys- Redeemable on the fifteenth day of any tem to the City for $11,000,000. month on 60 days' notice at the following The proposed purchase contract was ap- prices with accrued interest: proved by the voters at the general election 155^ having 4 years or more to run; held June 3, 1919. 104, having less than 4 years and 3 years Prior Liens — $32,383,000 prior liens, viz.: or more to run; Southern California Edison Gen. 5s 103, having less than 3 years and 2 years of 1939 $13,360,000 or more to run; Edison Blec. Co. 1st & Ref. 5s 102, having less than 2 years and more than of 1922 2,743,000 six months to run; Bdison Blec. Co. 1st 5s of 1929.. 390,000 101. having six months or less to run. Bdison Blec. Co. 6s of 1927 48.000 Organization — See Gen. & Ref. 6s. United Elec, Gas & Power Co. 1st Security — A direct obligation of the com- Cons. 5fl of 1920 30.000 pany but not secured by a mortgage. TJn- Paciflc Ligrtit & Power Corp. 1st der the provisions of the trust agreement Ref. 6s of 1961 7,807,000 these debentures will share in the security Pacific Light & Power Co. 1st 5s of any new mortgage made by the company, of 1942 6,860,000 the lien ot which is junior to that of the San Gabriel Blec. Co. 1st 6s of Genera', and Refunding Mortgage of July 1, 1928 263,000 1917. The trust agreement permits the issue Mentone Power Co. 1st 6s of 1931 37,000 ot bonds under the latter mortgage as it now 1158 exists or as it may be at any time amended by supplemental agreement. Prior Liens — Subject to the General and Refunding Mortgage bonds and all prior liens thereto. Earnings — See Gen. & Ref. fia. Original Market — $ 8.000,000 offered Jan- uary, 1919. by the National City Co. , Naw York, etc., at 100 and interest. Market. Chicago — Babcock, Rushton & Co. Rock Island — Litten & Roberts. Los Angeles — Blankenhorn, Hunter, Du'.in Co., Blyth, Witter & Co., L. A. Crisler & Co., Perrin, Drake & Riley. Pasadena — Blankenhorn, Hunter, Dulin Co. San Francisco — Blyth, Witter & Co. New York — Coffin & Burr. Equitable Trust Co. of New York, McDonnell & Co., Barle A. Mi:ier & Co., National City Co. Boston — Paine, Webber & Co., Arthur Perry & Co. San Diego — Stephens & Co. SOUTBQBBN CALIFORNIA GAS CO. 1st 6s. Dae Nov. 1, 1950. — P. Dated Nov. 1, 1910. Interest payable May aid Nov. 1. at Equitable Trust Co., New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $10,000,000. Outstanding — $2,500,000. In Treasury — $618,000. Reserved for Ext. — $6,534,000. Denomination — Coupon, $1, 000. Registerable aa to principal. Registered, $1,000 and mul- tiples. C. & R. Interchangeable. Trustee — Equitable Trust Co., New York. Redeemable as a whole only (or in part for sinking fund) at 105 and interest upon 60 days' notice. Sinking Fund — Annually from 1921 to 1949, amounts ranging from $60,000 to $140,000, total of $3,000,000 during the life of bonds. One-half to be used to retire bonds and the balance for new construction, etc., under same restrictions as for Issuance of escrow bonds. Organization — Incorporated in California In 1910 as successor to the Domestic Gas Co. of Los Angeles. In 1911 purchased the prop- erties of the Riverside Light & Fuel Co. and also purchased the gas plants and distributing system of the San Bernardino Gas & Electric Co. in Los Angeles and Riverside. Secured by a first mortgage on plants sup- plying artificial and natural gas to a consider- able portion of Los Angeles. Riverside, San Bernardino and other towns in .Southern Cali- faria.. Distributing system comprises 700 miles of mains serving directly 38,866 con- sumers, not including the wholesale business of the company. Population served, 675, 000. Franchises are unlimited as to time. Cojn- pany obtains gas from the Kern County fields. Prior Liens — $30,000 Riverside Light & Fuel Co. 1st 5s of 1923. Year ended Dec. 31 Gross Net Interest 1918 $2,101,151 $616,818 $233,704 1917 1,411,099 559,973 221,693 1916 979,404 433,948 228,294 Original Market — $ 2,500,000 offered June, 1917, by the National City Co., New Tork, etc., at 100 and interest. A block offered by the same company Sept., 1917. at 99 and In- terest, A block of $800,000 offered in April, 1919, by Cyrus Pierce, San Francisco, and Secur- ity Mortgage & Company, Blyth. Whitter & ■ Company, San Francisco, and Security Mort- gage Company, Los Angeles. Market. Chicago — J. P. Hobbs & Co., Harris, Wln- throp & Co. San Diego — Stephens & Co. Los Angeles — A. H. Woolacott, L. A. Cris- ler & Co. St. Louis — John Nickerson, Jr. New York — Hanson & Doyle, A. D. Converse & Co., Chas. H. Jones & Co., Harris. Win- throp & Co., Morgan & Finlay, McDonnell & Co., Berdell Bros.. W. M. Clarke, F. H. Hatch & Co., National City Co., J. Nickerson, Jr., Taylor & White. Philadelphia — Reir.y, Brock & Co., S. K. Phillips & Co. Boston — Kimball, McKinney & Co. Price Range. Jan. 1, '16 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 '17 100 '17 90 Dec. 96^^ Dec. Low.86'^ '18 89 '18 86V4 Apr. 89 Apr. SOUTHERN CALIFORNIA TELEPHONE CO. 1st & Ref. 5s. Due May 1. 1947. Dated May 1, 1917. Interest payable May 1 and Nov. 1 in Los Ange'.es and New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $12,000,000. Outstanding — $6,565,000 (Jan. 1, '19). Reserved for Prior Liens — $1,994,000. Reserved for Corporate Purposes — $ 3,441,- 000. Purpose of Issue — To finance the purchase of the properties of the Home Telephone & Telegraph Co. and the properties of the Pacific Telephone & Telegraph Co. in and around Los Angeles. Denomination — Coupon $1,000. Register- able as to principal. Trustee — Los Angeles Trust & Savings Bank, Los Angeles. Redeemable at 105 and interest on May 1, 1922, or on any interest date thereafter. Sinking Fnnits aris- ing under the Constitution of California, the balance of the property operated under long- term franchises. 1160 Year ended Dec. 31 Gross Net Int.. etc. 3918 $1,506,012 S420,497 $223,631 1917 961,190 261,693 188.663 OriEinal Market — Offered May, 1916, by B. H. Rollins & Sons, Boston, New York, etc.. and Powell, Garard & Co.. Chicago, par and interest. $826,000 offered Jan. 1919, by First Na- tional Bank. Milwaukee, at 90 and interest. Market. Chicago — National City Bank. Babcock, Rushton & Co., Central Trust Co. of 11'., H. T. Holtz & Co. Los Aneeles — ^A. H. Wool'.acott, Perrin Drake & Riley, Blankenliorn-Hunter-Dulln Co. New York — McDonnell & Co.. B. & C. Ran- dolpli, Sutro Bros. & Co. Pasadena — B'.ankenhorn-Hunter-Dulin Co. San Francisco — Blankenhem-Hunter-Dulin Co. Milwaukee — First National Bank, Morris P. Fox & Co.. Second "Ward Savings Bank. San Diego — Stephens & Co. Price Range. Jan. 1. '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High.96 '17 100 '17 85 Dec. 96 Ijec. Low. 82 '18 86 '18 82 Nov. 86 May SOUTHERN ILLINOIS LIGHT & POWER CO. 1st 6s. Due Jan. 1, 1931 P. Dated April 1, 1913. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $5,000,000. Outstanding — $1,330,800 (Jan. 1, 1919). In Treasurs' — $30,000. Retired by Sinking Fund — $80,600. Reserved for Ext. — $3,588,600. Denomination — Coupon, $100, $500 and $1,- 000. Registerable as to principal only. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Sinking Fund — 1% per annum to 1915 and 2% thereafter of outstanding bonds to be ap- plied to the purchase or redemption of bonds at not exceeding 106 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in Illinois in 1913 as a consolidation. Secured by a first mortgage on plants sup- plying electricity to Hillsboro. Raymond, Eag- erville. Carbon, Harvel, Morrisville, Palmer, Irving, "Witt, Coffeen, Fillmore, Donnellson, Panama, Butler. Greenville, Caseyville, Mary- ville, Pocahontas. Gillespie, Sawyerville, Mt. Clare, Taylor Springs, Schram City, O'Pallon, Litchfield, Collinsville, Benld. Troy, Marine, St. Jacobs, and Pierron, in the central part of "Western Illinois; on street railway systems in Hillsboro, Taylor Sp*ngs and Schram City: on gas plants in Hillsboro, Schram City and Litchfield: steam heating plants in Hillsboro ■and Morrisville and ice plant in Hillsboro. Also secured by a second mortgage on the property covered by the Saline Electric Co. 1st. 6a.. which see for detail. Transmission lines are largely on private right-of-way. and all franchises extend well beyond maturity of bonds. Prior Lien — $590,300 Saline Electric Co. 1st. 6s. of 1926. Net Interest $302,947 $120,326 167.617 71,065 143.662 63,463 99,621 47.160 86,269 41,474 80,490 30.000 Year ended Dec. 31 Gross 1918 $977,105 1917 415.239 1916 333.871 1915 26^,820 1914 251,100 1913 221,346 Original Market — $500,000 offered in 1913, by E. H. Rollins & Sons, at par and interest. Market. Chicaeo — Taylor, Dodge & Ross, E, H. Rol- lins & Sons, Port Dearborn Trust & Savings Bank, Powell, Garard & Co., Lawrence Mills & Co., Babcock. Rushton & Co. Boston — E. H. Rollins & Sons, Hotchkin & Co. Denver — E. H. Rollins & Sons. lios Angeles — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. New York — E. H. Rollins & Sons. J. Nick- erson. Jr. Philadelphia — E. H. Rollins & Sons. St. JLouis — Bowman. Cost & Co. Price Range. Jan. 1. 'l.'j to Jan. 1. '19 1918 Bid Ask Bid Ask High.lOli^ '16 103 '16 94 Dec. 96 Mar. Low. 87 Vi '18 87*/i Oct. SOUTHERN INDIANA POWER CO. let 68. Due Jan. "2, 1931. Dated Jan. 1, 1911. Interest payable Jan. and July 1, at Fletcher Savings & Trust Co., Indianapolis. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $800,000. Outstanding — $633,000 (June 9, ,'19). Retired by Sinking Fund — $167,000. Denomination — Coupon, $ 5 00. Registerable as to principal. Trustee — Fletcher Savings & Trust & Co. Ind. Redeemable on any interest date at 105 and interest. Sinking Fund — Annually, beginning Jan. 1, 1913. 3% of total bonds issued from .1913 to 1921 and thereafter 4%, for the purchase or redemption of these bonds at not over 105 and interest. Bonds acquired are to be cancelled. Organization — Incorporated in Indiana in 1910 as successor to the Bedford Power Co. Controlled through stock ownership by the Interstate Public Service Co., a subsidiary of the Middle "West Utilities Co. Secured by a first mortgage on hydro-elec- tric and steam generating plants on White River, at Williams. Ind., supplying electric- ity to Bedford, Ellettsville and Oolitic. Fran- chises extend to 1961. Population served, 10,- 000. Earnings — Not reported. Listed on the Indianapolis Stock Exchange. Original Market — $500,000 offered in 1911 at 101 and interest by the Fletcher-American National Bank, and Jos. T. Elliott & Sons, all of Indianapolis. Market. Indianapolis — Fletcher-Amer. National Bank. Chicago — Finney & Co., Babcock, Rushton & Co. SOUTHERN INDIANA RAILWAY Ist 48. Due Feb. 1, 1951. — N. Dated February 1, 1901. Interest payable Feb. and Aug. 1 , at First National Bank, New York, or First Trust & Savings Bank, Chicago. Tax Status — Payment of Pederal Income Tax not assumed b.v Company. Authorized — Closed mortgage. Out»tandin.g — $7,534,000. 1161 Ontstanding — $7,634,000 (Jan. 1, 1918). In Treasury — $3,000. Denomination — Coupon. $1,000. Registerable as to principal, Tmstee — Girard Trust Co., Pliiladelphia. Control — ^Absorbed, 1910, by the Chicago, Terra Haute & Southeastern Ry. Co; Secured by direct mortgage on 231.36 miles of road. viz. : A first lien on 227.17 miles — Miles Indiana-Illinois State Line to Westport, Ind 183.78 Blaokhawk to Sullivan, Ind 18.62 Shady Grove to Mile Post 91, Ind 0.91 Mile Post 6.08 to Glendora, Ind 6.69 Iiatta to Hawton, Ind 8.09 West Clinton to Crown Hill, Ind 6.08 Coxton to Giberson Quarry, Ind 3.20 A second lien on 4.19 miles — Covered by the Bedford Belt Hy. Bs — Bedford to Oolitic, Ind ,. 4.19 Prior liens — $260,000 Bedford Belt Ey. 1st 6s, 1938. Underlies— C. T. H. & S. B. 1st & Ref. 6s of 1960 and Income 6s of 1960. Earnings — See Chicago. Terre Haute & Southeastern Ry. Co. Original Market — Offered in 1901 by King, Hodenpyl &' Co., New York, and George A. Fernald & Co., Boston. Market. New York — J. S. Stubbs & Co., lK>uchheim, Minton & Co., Hotchkin & Co.. E. & C. Ran- dolph, Britton. Rollins & Co.. J. ,S. Farlee & Co.. Callaway, Fish & Co.. J. S. Bache & Co., F. J. Llsman & Co., Hayden, Stone & Co., Potter, Choate & Prentice, J. Davenport. F. H. Hatch & Co.. Klely & Horton. Chicago — First National Bank. First Trust & Savings Bank. Pynchon & Co. Philadelphia — B. R. Barnard. E. V. Kane & Co.. O. B. Lansinger & Co.. Barclay. Moore & Co.. Capelle & Co.. Newburger. Henderson & Loeb. Baker, Carruthers & Pell, H. D. Boenning & Co., Huntoon ' & Co.. S. K. Phil- lips & Co. Boston — Hayden, Stone & Co., Chas. A. Day & Co.. H. C. Spillers & Co. Portland, Ore. — ^Morris" Bros. Price Range. Jan. 1. '08 to .Tan. 1, '19 1918 Bid Ask Bid Ask High.84 '12 86 '10 60y4 Nov. 62% Nov. Low. 40 '08 55 '18 60 Jjn. 66 Jan. (XHE) SOUTHERN NEW ENGLAND TEI.E- PHONE CO, 1st Ss. Due Dec. 1, 1948.— N. Dated December 1, 1898. Interest payable June and Dec. 1, at Merchants National Bank, New Haven, Conn. Tax Status — Payment of Federal Income Tax not assumed by Compaiiy. Tax exempt in Connecticut. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $500 and $1,000. Trustee — Union & New Haven Trust Co., New Haven, Conn. Organization and Control — Incorporated In Connecticut in 1882. Secured by a first mortgage on the entire Bell Telephone System in Connecticut, except- ing in the town of Greenwich. Year ended Dec, 31 Gross Net Int., Etc. •1918.... $2,928,837 $612,820 $106,732 1917 4,787.865 987.446 176,712 1916 4,656,689 886,061 76,004 1916 4,019.432 908.102 60.262 1914 3,782,971 793,222 66,711 . m jnths ended July 3X. Legal for Conn. Market. New Haven — Chas, W. Scranton & Co., H. C. Warren &. Co., Stevenson & Co. Boston — J. W. Bowen & Co. Hartford — Richter & Co., Conning & Co. New York — Oilman & Clucas, F. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.114 '12 116 '16 98 Jan. 100 May Low. 90 '08 97 '18 94 Apr. 97 Apr. SOUTHERN NEW YORK POWER Si RAIL- WAY CORP. 1st 6s. Due April 1, 1928. Dated April 1, 1918. Interest payable April and Oct. 1. at New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in New York. Pennsylvania State tax refunded. Authorized— $S. 000.000. Outstandinrg — $1,000,000, Reserved (or Ext. — (80%) $4,000,000. Denominations — Coupon $100. $500 and $1.- 000, registerable as to principal. Trustee — Equitable Trust Company, New York. Redeemable on any interest date at 105. Organization — Incorporated December. 1908, in New York as the Otsego and Herkimer Railroad: name changed to present title July, 1916. In 1917 acquired by purchase and con- solidation the Colliers Light, Heat & Power Company. Deposit Electric Company and Southern New York Power Company. Secured by a direct first mortgage on entire property of the company now owned or here- after acquired, including 62 miles electric rail- way and equipment. 6 hydro-electric or steam power stations, having total capacity of 6,000 k.w.. 70 miles of high-tension transmission lines, etc. Company owns and operates electric inter- urban railroad between Oneonta and Mohawk, connecting with Cooperstown, and has track- age rights to Utica and Herkimer, all in New York State. Supplies electric light and power without competition to over twenty-five communities In New York State with popula- tion of over 50.000. Franchises are either perpetual or expire after 1960. Year ended Dec. 31 — Gross Net Interest 1918 $411,186 $94,635 $57,000 1917.... 377.616 104.270 Original Market — Offered May, 1919, by P. W. Brooks & Company, New York. Philadel- phia and Boston. 1162 SOUTHERN OHIO TRACTION CO. 1st Cons. 5s. Due May 1, 1920. — F. Dated May 1. 1900. Interest payable May and Nov. 1. at Trustee's office or Guaranty Trust Co., New York. Default — May 1. 1918, interest. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $2,000,000. Outstanding — $1,3 60^00. Denomination — Coupon. $1,000. Registerable as to princlpa'.. Trustee — Cleveland Trust Co.. Cleveland. 0. Control — Consolidated into the Cincinnati, Dayton & Toledo Traction Co., 19 02. The property of the latter company was leased to the Cincinnati Northern Traction Co., in 1906 and in 1908 said lease was transferred to the Ohio Electric Ry. Co. In 1915 the Ohio Elec- tric Ry. Co. defau'ted In payment of rental. In June. 1917. the property of the Cincinnati Dayton & Toledo Traction Co. was sold under foreclosure subject to $2,300,000 underlying bonds. includiniT this issue. On April 26, 1918, the Cincinnati & Dayton Traction Co. -was in- corporated as successor to the C. , D. & T. Trac. Co. Protective Committee — R. M. Stinson, Chair- man, and Liivingston E. Jones, Philadelphia, with Edward E. Newman of the Cleveland Trust Co., Secretary, and the Cleveland Trust Co., C.eveland, depository, and Girard Trust Co. , Philadelphia, gub-depository. Statut) — The bondholders' protective com- mittee fixed Aug. 15, 1918, as the latest date for the deposit of these bonds. A circular says that the committee now represents more than $1,000,000 par value of bonds of this Issue: that the $400,000 Cincinnati & Hamil- ton Electric ,Street Railway 1st 6s, due July 1, 1918, have not been paid; that the Cin- cinnati & Dayton Traction Company, new operating company, has created a new mort- gage for $250,000 on the equity in the Ham- ilton & Lindenwald property which is covered by the lien of this mortgage; that a new mortgage for $500,000 has been created on the central power station; that the commit- tee, all of whom own bonds of this issue; do not approve the proposed plan to share their present security with junior lien holders. Secured by a mortgage on 58 miles of elec- tric railway from Dayton to College Hill, O. Prior Liens — $250,000 Dayton Traction Co. 1st 5s of 1916 and $400,000 Cin. & Hamil- ton Elec. St. Ry. Co. 1st 6s of 1918. $250,000 Hamilton & Lindenwald Electric Transit 1st 5s of 1922. Xiisted on the Philadelphia Stock Exchange. Majriket. New York — Hornblower & "Weeks, P. H. Hatch & Co., Theo. L. Bronson. CIneinnaM — TV. E. Hutton & Co., Chas. C. Murray & Co. Philadelphia — R. M. Stinson & Co., S. K. Phillips & Co. Cleveland — Hayden, Miller & Co. Chicago — ^Hornblower & "Weeks. Boston — ^Hornblower & Weeks. Price Range. Jan. 1, '08 t06 to Jan. 1, 1919 1918 High.85 .lu]y 15. ' 09 73 Nov. 8. Low. 56% Dec. 24, '17 59 Jan. 7 SOUTHERN RAILWAY CO. Memphis Div. 1st 58. Due July 1, 1996.— F. Dated March 4, 1898. Interest payable Jan. and July 1, at J. P. Morgan & Co., New Tork. Tax Status — 2 % Federal Income Tax paid by Company without deduction. Authorized — $8,000,000. Outstanding — $6,883,000. Reserved for Ext. — $1,117,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered, $1,000 and multiples. Trustee — Guaranty Trust Co., New York, Secured by a direct or collateral first lien en 293.15 miles of road. viz. : Direct first mortgage on 259.05 miles of road as follows: Miles Memphis, Tenn., to the Tenn. -Miss. State Line, near Chewalla. Tenn.... 86,70 Miss. -Ala. State Line, near Margurum, to Stevenson, Ala 150.95 Moscow to Somerville, Tenn 13.10 Tuscumbia to Sweetwater, Ala 8.80 A first collateral lien on 34.10 miles of road — ^Miss. -Tenn. State Line, near Chewalla, to the Miss. -Ala. State Line, near Margurum, being a first lien upon all the bonds and practically entire capital stock of the Memphis & Charleston Ry. of Miss. Also secured upon the road now under con- struction from Stevenson, Ala., to Chatta- nooga, Tenn., being a first lien on all the bonds and practically the entire capital stock of the Memphis-Chattanooga Ry. Co. The Memphis Division road affords the Southern Ry. its only entrance into Memphis. Tenn. Underlies — Southern Ry. Memphis Div. 2d 5s of 1996 (all of which are deposited under the S. Ry. Dev. & Gen. 4s) and the Dev. & Gen. 4s of 1956. Bonds are reserved under the latter mortgage to retire this issue. Legal for Cal. Listed on the New York Stock Exchange. Market. Now York — Keyes, Haviland & Co., Shar- retts & Young, Gude. Winmill & Co., Chas. W. Place, E. & C. Randolph, Clark, Dodge & Co.. Redmond & Co. , Struthers & Hiscoe, Wood, Struthers & Co.. Baker, Carruthers & Pell. Denny. Pomroy & Co.. Abraham & Co.. W. E. Ewen, Taylor, Smith & Hard. Simon Borg & Co. Baltimore — Jenkins, Whedbee & Poe. Philadelphia — F. R. AVelsh. Harrison & Co., Price Range— N. Y. S, E. Jan. 1, 1906 to Jan. 1, 1919 1918 High. 119% June 8. '06 97 July 18 Low. 85 Dec. 5, '17 87 Jan. 13 1172 SOUTHERN RAILWAY CO. Aiken Branch 1st 4s. Due July 1, 1998. — P Dated September 1. 1898. Interest payable Jan. and July 1, at J. P. Morgan & Co., New Tork. Tax Status— 2% Federal Income Tax paid' by Company without deduction. Authorized — Closed mortgage Outstanding — $150,000. Denomination — Coupon, $500. Tmstee — Metropolitan Trust Co., New Tork. Secured by a first mortgage on 23.57 miles of road from Aiken to Edgefield, 5. C. Underlies — Southern By. Dev. & Gen. 4s of 1956. Bonds are reserved under the latter mortgage for the retirement of this issue. Legal for Cal. Market. New York — ^W. A. C. Bwen, Spencer Trask & Co., \Vm. Carnegie Ewen. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid ■ Ask Bid High.70 '15 72 '16 60 July , Low. 60 '18 70 '16 \/ SOUTHERN RAILWAY CO. 3-Year 67o Se- cured Notes. Due March 1, 1922. Dated March 1, 1919. Interest payable March 1 and Sept. 1, in New York and Chicago. Tax Status — Payment of Federal Inconie Tax not assumed by Company. Authorized — $25,000,000. Outstanding — $25,000,000. Purpose of Issue — To retire $25,000,000 2- Year 5% notes maturing March 2, 1919. Denomination — Coupon , $1,000. Register- able as to principal or exchangeable for fully registered notes. Registered $1,000. $5,000 and $10,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 101 and interest upon 60 days' notice. Secured by" pledge of $43,500,000 Develop- ment and General Mortgage 4s, due 1956. Original Market — $25,000,000 oifered Febru- ary. 1919, by Halsey, Stuart & Co., Chicago, New York, etc., and Continental & Commer- cial Trust & Savings Bank, Chicago, at 99^ and interest. Market. New York — Equitable Trust Co. of New York, Mann Bill & Co. Pittsburgh — Kean, Taylor & Co. Richmond — ^Scott & Stringfellow. Detroit — Joel Stockard & Co. Louisville, Ky. — Geo. T. Wood & Son. SOUTHERN RAILWAY CO. Equip. Tr. 4%s» Series "L." i>ue $3OO,0nO each Aug. and Feb. 1 to Feb. 1, 1921, inclusive. — ^F. Dated February 1, 1906. Interest payable February and August 1, at Trustee's office, Philadelphia. Tax Status— 2 ?{, Federal Income Tax paid by Company without deduction. Authorized — 19,000.000, Outstanding — $1,200,000 (Mar. 1, 1919). S^lance Retired. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia, Pa. Guara nteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 100 locomotives. 7,500 box cars, 1,000 steel coal cars and 1,500 steel gondola cars, costing $10,279,845. of which $1,279,845 was paid In cash. Original Market — Offered in 1906 by Lee. Higginson & Co., Boston, on a i%% basis. Market. See Series "S." Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $5,200,000. Outstanding— $520,000 (April 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. # Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 75 locomotives, 3.620 steel coal and coke cars, 1,000 box cars, 150 stock cars and 10 passen- ger and baggage cars, costing $6,532,535, of which $1,332,535 was paid in cash. Original Market — Offered in 1910 by Potter. Choate & Prentice, New York. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. 4»^8, Series "O." Due $75,000 each Nov. and and May 1, to May 1, 1921, inclusive. — P. Dated May 1, 1911. Interest payable May and Nov. 1. at Trustee's office, Philadelphia. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $1,500,000. Outstanding — $300,000 (May 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and Interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 63 locomotives and 69 passenger-train cars, costing $1,836,885, of which $336,885 was paid in cash. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. Wzs. Series "P." Due $75,000 each June and December 1, to December 1, 1921, inclus- ive. — F. Dated December 1 , 1911. Interest payable June and December 1, at Trustee's office. Phil- adelphia, Tax Status — 2 % Federal Income Tax paid by Company without deduction. Authorized — $1,500,000, Outstanding— $37-5,000 (June 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 1,700 steel gondola cars, 500 steel unaerrrame box cars and 250 steel flat cars, costing $1,- 807.000, of which $307,000 was paid in cash. Market. See Series "S." SOUTHERN RAILWAY CO. Equip. Tr. 4%s, Series "N." Due $260,000 each October and April 1, to April 1. 19S0. inchifiive. Dated April 1, 1910. Interest payable April and October 1, at Trustee's office. Philadelphia. SOUTHERN RAILWAY CO. Equip. Tr. 4»^s. Series "Q." Due $75,000 each Dec. 1 and June If to June 1, 1922, inclusive. — F. Dated June 1, 1912. Interest payauie June 1 and December 1, at office of Trustee, Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $1,500,000. Outstanding — $450,000 (June 15. 1919). Balance Retired. 7H Denomination — Coupon, $1,000. Reglsterable aa to principal. Trustee — Pennsylvania Co. for Inaurances on Lives and Granting Annuitiea, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 45 locomotives, 30» passenger-train cars, 425 box cars and 100 flat cars, costing $1,808,130, of which $308,130 was paid in cash. Market. See Series "S." SOUTHEIRN RAILWAY CO. Eauip. Tr. 5s, Series "R." Due $88,000 each February 15 and August 15. to August 15, 1923, in- ciusive. — F. Dated August 15, 1913. Interest payable February 15 and August 15, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $1,760,000. Outstanding— $792,000 (Feb. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — ^Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment trust agreement on 25 locomotives, 1,220 steel double drop bottom gondola coal cars, 500 steel hopper bottom coal cars and 150 steel underframe stock cars, cost- ing $2,200,248, of which $440,248 was paid in cash. Original Marlcet — $1,760,000 offered in Aug., 1913, on a 5%% basis by Potter, Choate & Prentice. Market. New York — Potter, Choate & Prentice, Cog- geshall & Hicks. Philadelphia — Drexel & Co., Cassatt & Co., Henry & West, Townsend, Whelen & Co., Brown Bros. , Reed A. Morgan & Co. , S. K. Phillips & Co. SOUTHERN RAILWAY CO. Equip. Tr. 58, Series "S." Due $215,000 each Oct. and April i, to April 1, 1924. inclusive. — N. Dated April 1, 1914. Interest payable April and Oct. 1, at office of Trustee. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $4, 300, 000. Outstanding — $2,050,000 (April 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Regi sterable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured under terms of equipment lease cov- ering 45 Mikado type freight engines, 15 Pacific type passenger engines, 15 switching engines, 3,250 thirty-ton steel underframe ventilated box cars, 500 fifty-ton steel flat cars, 100 steel underframe stock cars, 25 steel underframe poultry cars, 200 cabooses, 2 dynamometer cars, 35 passenger coaches, 6 passenger bag- gage cars, 4 dining cars, 5 mail baggage cars and 5 baggage express cars. Total cost of this equipment is $5,422,885, of which $1,122,885 was pai3 in cash by the railway company. Original Market — First offered by Drexel & Co., Philadelphia, Market. New York — Evans, StiUman & Co., Wm. A. Mitchell, Rhoades & Co., Freeman & Co.. Seaaongood, Haas & Macdonald, Bull & El- dredge. PhUadelphia— rBrown Bros. & Co., West & Co., Graham. Parsons & Co., Biddle & Henry, Casaatt & Co., Blkins, Morris & Co., B. B. ^mith & Co., Reed A. Morgan & Co., B. W. Clark & Co,, Wurts, Dulles & Co. Boston — Baker, Ayling & Toung. SOUTHERN RAILWAY CO, Equip. Tr. 4%s, Series "T.** Due $235,000 each Nov, and May 1, to May 1, 1926, inclusive.— N. Dated May 1. 1916. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $4,700,000. Outstanding— $3,290,000 (May 15, 1919). Balance Retired. Denomination — Coupon, $1,000, Regieterable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and interest by the Southern Ry. Co. by endorsement. Secured by an equipment agreement on 30 Santa Fe type freight locomotives, 16 Moun- tain type passenger locomotives, 25 steel pas- senger cara, 10 steel passenger and baggage cars, 10 steel mail and baggage cars, 10 steel baggage and express cars, 6 steel club cars, 1,500 50-ton flat bottom steel gondola cars, 1,007 30-ton steel center sill plain box cars, 500 30-ton steel center sill plainauto cars and 100 caboose cars, costing $5,633,000, of which the company paid $933,000 in cash. Original Market — First offered by Drexel & Co.. Philadelphia. Market. Philadelphia—Brown Bros., S. K. Phillips & Co., Wurts, Dulles & Co. SOUTHERN RAILWAY CO. Equip. Tr. 4^8, Series "U." Due $255,000 each May 15 and Not. 15, to Not, 15. 1926, inclusive. Dated Nov. 15, 1916. Interest payable May 15 and Nov. 15, at Trustee's office. Philadel- phia. Tax Status — Payment of Federal Income Tax not assumed by Company. Authorized — $6,100,000. Outstandine^$3, 825,000 (June 1. 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia. Guaranteed principal and Interest by the Southern Ry. Co. by endorsement. Secured by an equipment agreement on 25 Santa Fe type freight engines and tenders, 8 Mountain type passenger engines and tenders, 12 Mallet articulated compound freights en- gines. 1,300 50-ton steel fiat bottom gondola cars, 100 ateel center sill caboose cars, 200 steel underframe stodk cars and 1,236 30-ton steel center sill plain box cars, coating $6.- 061,908, of which amount the company paid $951,908 in cash. Original Market — Pirat offered by Drexel & Co., Philadelphia. Market. Philadelphia — Brown Bros., S. K. Phillips & Co., Wurts. Dulles &. Co. (THE) SOUTHERN SIERRAS POWER CO. Ist S. F. 6s. Due Sept. 1, 1936. — F. Dated Sept. 1. 1911. Interest payable Jan. and July 1. at Guaranty Trust Co., New York, Chicago, and Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — Closed mortgage. 1174 Outstandiiig^-$1.919,000 (Jan. 1. 1919). Retired by S. F. — $45,000. Owned by Nev.-Cal. Elec. Corp, — $686,000. Denomination — Coupon, $100, $500 and $1,- 000. Registerab'.e as to principal. Trustee — International Trust Co., Denver, Col. Redeemable at 105 and interest on any inter- est date upon 60 days' notice. ..Sinking fund — Beginnini: Jan. 1. 1917, 20% of the net earnings, after the deduction of fixed charges, for preceding six months, must be aet aside as a sinking fund for the pur- chase or redemption of these bonds at not over 105 and interest. The company shall not pay dividends on its capital stock in excess of 6% per annum, unless at the same time it shall deposit with the trustee for the sinking fund a sum equal to the aggregate amount of any dividend so declared and paid in excess of 6 % said payment into the sinking fund to be concurrent with the payment of said divi- dend. Guaranteed principal and interest uncon- ditionaUy by the Nevada-California Power Co. Organization and Control — Incorporated in Wyoming in 1911. Controlled by the Nevada- California Electric Corp. through ownership of its entire capital stock. Secured by a first mortgage on two hydro- electric plants near Bishop, Gal. , with aggre- gate capacity of 5,000 k.w. and high tension steel tower double transmission line from Bishop to San Bernardino, Cal. (at Bishop transmission lines connect with those of the Nevada-California Power Co. ) ; steam gener- ating plant of 9,000 k.w. at San Bernardino, Riverside and other towns in San, Bernar- dino and Riverside Counties. Cal. Population served, about 75,000. The franchises of the company expire between 1961 and 1966. Power Contracts — At Bishop the company contracts the surplus power of the Nevada- California Power Co., wholesales power to - Holton Power Co.; also has an agreement for interchange of power with the Southern Cali- fornia EJdison Co. (physical connection at Col- ton, Cal. ) Underlies — 1 st & Ref . 6s of 1966, all of which are deposited under the Nevada-Califor- nia Electric Corp 6s of 1946, under which bonds are reserved to retire this issue. Eartiings— See Nevada-California Electric Corp. . Original Market — $2,000,000 offered in July, 1912, by the Continental & Commercial Trust & Savings Bank, Chicago; Ussing, Scoville & Co., Pittsburgh, and A. B. Leach & Co., New York, at 10 and interest. Offered' in June, 1914, by Boettcher, Porter & Co.. Sweet, Causey, Foster & Co. and International Trust Co., Denver, at 99 and interest. Market. New York — ^B. & C. Randolph, Spitzer, Rorick & Co., A. B. Leach & Co., Hotchkin & Co., Lee, HIgginson & Co., John D. Curtis & Co.. McDonnell & Co., E. F. Hutton & Co.. -Berdell Bros. Philadelphia — H. D. Boenning & Co., Elkins & Co., S. K. Phillips & Co. Denver — Boettcher. Porter & Co., Gregg. Whitehead & Co., W. C. Packard, The Inter- national Trust Co., Bosworth. Chanute & Co. Boston — F. B. Bassett & Co. liOS Angeles — Torrance, Marshall & Co., A. H. Woollacot. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102 '17 103 '16 97 Jan. 99 Jan. Low. 90 '18 94 '18 90 Dec. 94 Dec. SOUTHERN TRACTION^ CO. (PITTSBURGH. PA.) 1st & Coll. Tr, 5s. Due Oct. 1, 1950. Dated Oct, 1, 1900. Interest payable April and Oct. 1, at Trustee's office. Default— Oct. 1, 1918. interest. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Pennsylvania. Authorized — $4,000,000. Outstanding — $4,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Union Trust Co., Pittsburgh. Organization and Control — Incorporated In 1900 in Pennsylvania. Name changed to Pitts- burgh Rys. Co. in 1901. Operates all of the street railway properties of the Philadelphia Company in and around Pittabrfrgh, Pa. All of the stock is owned by the Philadelphia Co. In 1913 the company sold its power plant to the Duquesne Light Co., another subsidiary of the Philadelphia Company, and is now buying power from that company. RecelTerehig — Receivers were appointed for the Pittsburgh Rys. Co. April 23, 1918. Forcdosur© Proceedings — Bondholders have begun legal proceedings for the foreclosure of mortgage securing the above issue. Protective Committee — T. H. Given, H. C. McEldowney, Jas. C. Chaplin, all of Pitts- burgh and F. R. Welsh, Philadelphia, with R, S. Wilson, Secretary. Farmers Deposit Trust Co. , Pittsburgh and the Union Trust Co. and Farmers Deposit Trust Co., Pitts- burgh, and Fidelity Trust Co. , Philadelphia, Depositaries. Secured by a third mortgage on street rail- way lines from Fifth Street on Penn. Ave. to Water St. over the Point Bridge to Carson St. to western boundary of city; on Fifth Ave. from Market St. to Penn. Ave. ; on Carson St. from Smithfield St. Bridge to the Point Bridge; on Steuben St. from Carson St. to Chartiera Ave. ; on Main St. from Carson St. to Wabash Ave, to Woodville Ave. to Woodstock St. and on McCartney St. from Wabash St. to Nobles- town Road to City Line. Further secured by a first lien on 50,000 shares of preferred stock and 50.000 shares of common stock of the West End Traction Co., which controls the road described above; the entire capital stock (120 shares) of the Virginia Ave. St. Ry. Co., owning road on Virginia Ave. from Kearsarge St. to Shiloh St. (in 19th Ward of Pgh.); entire capital stock (100 shares) of the Car- negie Bridge Co. and the entire capital stock Issues of the following companies, which have never built or operated any roads, or obtained any franchises: McKees Rocks & Ingram St. Ry. Co., 400 shares; McKees Rocks & Neville's Island St. Ry. Co. , 300 shares ; Craf ton & Chartiers Valley St. Ry. Co., 120 phares, and Pittsburgh, Banksville & Mt. Lebanon St. Ry. Co., 400 shares. Further secured by the sec- ond lien on the following stocks, in each case the entire Issue, subject to the West End Trac- tion Co.'s General 5s: 30,000 shares Pitts- burgh & West End Passenger Ry. Co., which owns the road described in the first paragraph above, subject to $343,000 bonds; 2,000 shares Pittsburgh, Neville Island & Coraopolls St. Ry. Co., which owns the street railway from Pltts- burgh-McKees Rocks boundary in McKees Rocks on Munson St. to Catherine St, to Helen St. to George St. to Island Ave. (Stowe Town- ship) to Neville Island, across Island from; north to south and over bridge to mainland, and to Coraopolls, also on Chartiers Ave. (In McKees Rocks) to Singer St. to Dorman St. to Broadway to Park St. to Chartiers Ave., the above . described railway being free f roni debt; 10,000 shares Pittsburgh, Crafton & Mansfield St. Ry. Co., owns street railway from Steuben St. on Chartiers Ave. (20th Ward, Pittsburgh) through Ingram and via Idlewood Ave. (Grafton) and Main St. to Car- negie, and on Noblestown Road from the Pitts- burgh City lilne (20th Ward) to junction with above line at Ridge Ave. and Bradford Ave. in Crafton, subject to $176,000 bonds (for detail of route, see description of that issue); 600 shares Carnegie, Heidelberg & Brldgeville St. Ry. Co., owning a street railway from Car- negie to Heidelberg and Brldgeville; 240 shares West End, Mt. Washington & Banksville St. Ry. , owning street railway from WoodvlUe Ave. on Woodstock St. (20th Ward, Pitts- burgh) to WoodrufC Ave. to Kearsarge St. (19th Ward), and 229 shares Coraopolls & Neville Island Bridge Co., owning a bridge over the Back Channel of the Ohio River at the north end of Neville Island. The lines on which these bonds are secured Include prac- tically all of those south of the Ohio River and west of the junction of the Monongahela and Allegheny Rivers, as well as an important line into the heart of Pittsburgh. There is no provision in the mortgage prohibiting the com- panies whose stocks are deposited hereunder from mortgaging their properties. Prior Uens — $981,000 West End Traction Co. Gen. 5s of 1933, $176,000 Pittsburgh, Craf- ton & Mansfield St. Ry. 1st 5s of 1924 and $343, .000 Pittsburgh & West End Passenger Ry, 1st 6s of 1922. ■ Underlies — Pittsburgh Rys. Co. 6% Income Debentures, all owned by the Philadelphia Co., and Pittsburgh Rys. Co. Gen. 5s of 1953. Karnlngs — See Pittsburgh Rys. Co. Gen. 5s. Original Market — -$3,000,000 first publicly offered In October, 1900, at 105 and Interest by the Farmers' Deposit National Bank of Pittsburgh, Pa. Market. New York — Barle A, MU'.er & Co., J. A. Clark & Co., C. H. Hensel. Philadelphia — P. R. Welsh, Barclay, 'Moore & Co., Newburger, Henderson & Loeb, S. K. Phillips, B. W. Clark & Co., Geo. S. Fox & Sons, H. D. Boenning & Co., Huntoon & Co., Warren A. Reed. FUtsbnrgh — Goddard, Hunter & Co., George, Allen & Whitehouse, A. E. Masten & Co., Moore, Leonard & Lynch, Speer Bros. & Co, Price Range, Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High. 101% '08 102'A '08 60 Jan, Low. 32f. '18 66 '15 32f. Aug. SOUTHERN TJIIUTIES CO. 1st S. F. 68. Doe April 1, 1933.— F. Dated April 1, 1913. Interest payable April 1 and Oct. 1, at Guaranty Trust Co., New York and London, or at Trustee's olfice. Tax Status — 2% Federal Income Tax paid by Company without deduction. Pennsylvania tax refunded. Authorized — $20,000,000. Outstanding— $2,300,000 (Jan. 1, 1919). In Treasury — $151,000. Held in S. F.— $77,000. Reserved for Prior I/iens — $53,500. Reserved for Ext $17,418,500. Denomination — Coupon, $1,000. (Mortgage provides for $600 bonds also.) Fully register- able in amounts of $10,000. Trustee — United States Mortgage & Trust Co., New York. Redeemable on any Interest date at 105 and interest. Sinking Fund — Beginning April 1, 1916, sum eaual to % of 1% of outstanding bonds to be applied to retirement of bonds, and like amount to be expended for additions and bet- terments for which no bonds may be issued. Bonds acquired are to be kept alive and mterest added to sinking fund. Improvement Fund — Annually, beginning 1915, the company must expend an amount equal to % of '1% of outstanding bonds for additions or extensions to the physical prop- erty against which no bonds shall be issued. Organization — Incorporated in Florida in 1913. Management — J. G. White Management Corp., New York. Secured by a first mortgage on the plants of the following companies, located in Florida and Georgia: Arcadia Ice & Electric Co., Cor- dele Electric Co., supplying Cordele and Tifton, Qa. ; Crystal Ice Co., Sanford. Fla.; Feman- dina Ice Co., Fort Lauderdale Ice & Electric Co., Ft. Myers Ice & Electric Co., Lake City Ice Co., Lakeland Ice Co., Live Oak Ice & Electric Co., Manatee Electric Co., Miami Ice & Cold Storage Co., City Ice & Cold Storage Co., Palatka Ice Co., Pensacola Ice Co., Punta Gorda Ice Co., St. Augustine Ice Co., Sanford Ice & Water Co.. Tarpon Springs Ice & Electric Co., Tifton Ice & Power Co.. Tltus- ville Ice Co.. Palatka Gas, Light & Fuel Co., Okeechobee Ice Co. and Warrington Ice Co. Also secured by a second mortgage on prop- erty of the Arlston Ice & Electric Co., West Palm Beach, Fla., and Sanford Light & Fuel Co. The combined population served is about 95,000. . Prior Liens — $36,000 Sanford L. & F. Co. and $10,000 Arlston Ice & El. Co. bonds. Underlies — $500,000 Conv. Deb. 7s of 1922. Year ended Dec. 31 Gross Net Int., Etc. 1918 $1,554,484 $168,366 $185,970 1917 1,260.240 334,615 232,302. 1916 1,163,356 378,912 184,997 1915 1.059,620 310,259 144,870 Original Market — Offered in April, 1915, by Engineering Se'curitles Corporation, New York and Chicago. Market. Philadelpllia — H. D. Boenning & Co., Elkins, Morris & Co., Reilly, Brock & Co., C. Cloth- ier .Tones & Co., Capelle & C^. New York— J. A. Clark & Co., Morton Lach- enbruch & Co., F. H. Hatch & Co., Earle A. Miller & Co., E. & C. Randolph, J. Nickerson, Jr . J. G. White &. Co. Boston — H. C. Gibbs & Co. Chicago — R. E. Wilsey & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '17 100 '17 87 Jan. 92 Jan. Low. 77 '18 80 '18 77 July 80 Oct. SOUTHERN UTILITIES CO. Conv. Deb. 7% Notes, Due July 1, 1922. Dated April 1, 1919. Interest payable April and October 1, in New York. Tax Status — Information not available. Authorized — $500,00 0. Outstanding — $500,000. Purpose of Issue — To pay floating debt and provide for additions to plants. Denominations — Coupon $100, $500 and $1,- 000, registerable as to principal. Trustee — Columbia Trust Company, New York. 1176 . Bedeeraable as a whole or In part after April 1. 1920 at 101 and interest. Convertible upon maturity at the option of the holder at par into 7% preferred stock at par with a bonus of 25% in comnnon stock. . Organization — See 1st S. F. 6s, due 1933. Security — A direct obligation of the company b.ut n':t secured by mortgage. Prior Liens — $2,346,000 1st S. P. 6a, due April 1. 1933 and $46,000, priqp liens thereto. Ei^rnings — See'- Southern Utilities Co., 1st S.P. 6s. Due April 1, 1933. Original Market — Offered April. 1919, by Battles .& Company, Philadelphia, at 97 and interest. SOUTHERN WISCONSIN ELECTRIC CO. 1st 6s. Due Jan. I, 1936. — F. Dated Jan. 1, 1916. Interest payable Jan. and July 1. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $1, 000, 000. Outstanding — J441.600 (Jan. 1. 1919). Additional bonds Issuable for 75% of expen- ditures for improvements, etc., when net earn- ings for 12 consecutive months in previous 14 months arc equal to ' at least 1 2-3 times interest on bonds outstcinding and to be issued. Denominations — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustees — Central Trust Co. of Illinois, Chi- cago, and William T. Abbott. Redeemable at 102^ and Interest on any interest date on 60 days' notice. Depreciation and Renewal Fand — ^Annually, beginning 1919, the company is required to spend a sum equal to at least 5% of annual gross earnings derived from the mortgaged property either for permanent improvements, or for the purchase or redemption of these bonds at not over 102% and interest. Bonds acquired to be cancelled. Organization and Control — Incorporated in Wisconsin in 1915, The entire capital stock is owned by the Middle West Utilities Co. Secured by a first mortgage on plants sup- plying electric light and power in Lake Geneva, Walworth, Delavan, Genoa Junction, Darien, Williams Bay, Fontana, Clinton and Sharon, Wis. The company also wholesales power to the McHenry County Light & Power Co., serv- ing Richmond and Hebron, 111. , and to the Chicago, Harvard & Geneva Lake Ry. Co., operating 13 miles of interurban lines. The company purchases all its power from the Wisconsin Gas & Electric Co. under a long term contract that runs to June 1, 1936, and provides for flve-year renewal periods there- after. The rate for current is on a sliding scale between Ic and 1.25c per k. w. h. and the company In 1917 was using about 600 k. w, of the 1,000 k. w. called for in the contract. The company operates under an in- determinate permit from the State of Wis- consin. Population served, 20,000. Year ended Dec, 31 — Bond Gross Net Interest 1918.;.. $142,593 $45,971 $26,326 1917 157.245 49.535 25,052 1916 119,396 34.907 18,559 Original Market — Offered Feb., 1917, by the First National Bank and Morris P. Fox & - Co., Milwaukee, at 100 and interest. Market. Milwaukee — Morris P. Fox & Co., First Na- tional Bank. Cleveland — Otis & Co. Price Range. 1918 — Ask 100. SOUTHERN WISCONSIN POWER CO, 1st S. F. 5s. Due Oct. 1, 1938. Dated October 1, 1908. Interest payable April and Oct. 1, at Continental & Commercial Trust & Savings Bank, Chicago, 111. Tax Status— Payment of Federal Income Tax not assumed by Company. Authorized — $2,500,000. Outstandintr— $2,054,000 (Dec. 1, 1918). Retired by S. F,-— $103,000. . In Treasury — $164,"000. Reserved for Ext. — $179,000. Denomination— Coupon, $1,00D. Registerable as to principal.' Trustees — The" Continental & Commercial Trust & .Savings Bank and Frank H. Jones, Chicago. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — On July 20, ' 1914, and an- nually thereafter, to and including Ju'.y 20, 1923. a sum equal to 1% of outstanding bonds and 1%% annually thereafter, payable in cash or these bonds at par. If payment is in cash It shall be applied to the purchase or redemp- tjon of these bonds at not over 105 and inter- est. Bonds so redeemable to be cancel'.ed. ■ Organization — Incorporated in Wisconsin in 1906. Colore! — $1,030,000 of $1,500,000 capital stock was acquired in 1918 by the North West Utilities Co. and is pledged under that com- pany's 6% Serial Notes. Secured by a first mortgage on a hydro- electric plant of lO.OdO h.p. capacity on the Wisconsin River at Kilbourn. Wis., and on a duplicate transmission line 70 miles long to Watertown, Wis. The company has long ternA contracts for the sale of practically its entire output, inc'.uding one for 25 years with the Milwaukee Elec. Ry. & Light Co.. the income from which Is alone sufficient to pay all oper- ating expenses, depreciation and fixed charges. Original Market — Offered in 1910 by Devitt, Tremble & Co. , Chicago, etc. . and the Mil- waukee Trust Co.. Milwaukee, on about a 5^4% basis. $500,000 offered in 1912 on a 5.40% .basis by Devitt, Tremble & Co. and McCoy & Co., Chicago. Market. New York — E. & C. Randolph. Kiely & Horton. Berdell Bros. FhiladelpMa— S. K. Phillips & Co., H. D. Boenning & Co. Detroit — Joel Stockard & Co. Milwaukee — First National Bank. Boston — Chas. A. Day & Co. Price Range. Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91 '14 94 '14 68 Dec. 75 Mar. Low. 61 '18 72 '17 61 June SOUTHWEST MISSOURI (ELECTRIC) RAIL- ROAD Gen. & Ref. 5s. Due Sept. 1. 1931. Dated Sept. 1, 1906. Interest payable March & Sept. 1, at Harrisburg Trust Co.. Harrisburg. Pa., or National Bank of Com- merce, New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $5,000,000. OutNtanding — $1,027,000. Reserved for prior liens — $1,350,000. Reserved for Ext. — $2,623,000. Denomination — Coupon, $1,000. Trustee — Harrisburg Trust Co., Harrisburg, Pa. Organization' — Incorporated in Missouri in 1906 under the general railroad law. Secured by a first mortgage on 20 miles and a second mortgage on 56 miles of electric rail- 1177 way in and between Carthage. "Webb City, Oronoga, Purcell, Alba, Prosperity, Johnstown, 'Duenweg and Joplin, Mo., and Galena, Kan. Population served, about 100,000. Prior Liens — 200,000 Webb City Northern Elec. R.R. 1st 6s o£ 1923 and $1,160,000 Southwest Missouri Elec. Ey. Bef. & Ext. Ba of 1923. ¥ear ended Aug. 31 Gross Net Interest 1918 $741,727 $246,981 $126,388 1917 747,820 333,861 114,536 1916 811,562 443,846 112,600 1915 584,129 286,892 112,600 Market. Philadelphia— H. D. Boenning & Co., S. IC. Phillips & Co. Wilmington — George P. Bissell. New Xork— P. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '09 101 '09 75 July 91 June IjOW. 75 '18 91 '18 SOUTHWEST MISSOURI IXECTBIC BAIL- WAY CO. Bef. & Ext. 68. Due Se[>t. 1, 1983.— F. Dated Sept. 1, 1903. Interest payable March, and Sept. 1, at National Bank of Com- merce, New York. Tax Status — 2% Federal" Income Tax paid by Company without deduction. Autiiorized — $1,600,000. Outstanding — $1,150,000. Denomination — Coupon, $1,000. Trustee — Harrisburg Trust Co., Harrisburg, Pa. Control — ^Absorbed by Southwest Missouri R. R. Co.. in 1906. Secured by a first mortgage on 46 miles of electric railway between Galena, Kan., and Carthage, Joplin and Webb City, Mo., Popu- lation served, 70,000. Underlies — "R. R." Gen. & Ref. 6s, of 1942 a sufficient amount of which are reserved to retire this issue. Earnings — See S. W. M. R. R. Market. Philadelphia — -Chandler & Co., Elkins, Mor- ris & Co., S. K. Phillips & Co., H. D. Boen- ning & Co. Wilmington — George P. Bissell. New York — P. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High, 101 '09 102 '10 90 Apr. 92 Sept. r^ow. 86 '18 92 '18 86 Sept. SOUTHWESTERN COAL & IMPROVEMENT CO. 1st 6s. Due July 1, 1929. — N. Dated July 1. 1889. Interest payable Jan. and July 1, at M., K. & T. Ry. Company's office, 61 Broadway, New York. Default — Jan., 1916, interest and sinking fund. Tax Status — Payment of Federal Income Tax not assumed by. Company. Authorized — $1,000,000. Outstanding — $ 743,000. Retired by Sinking Fond — $267,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable for sinking fund at 126 and interest. Sinking Fund — One-half of 1% of outstand- ing bonds payable semi-annually, Jan. and July 1, to be applied to the purchase of bonds at not exceeding 126 and interest when directed to do so by the Board of Directors. Assumed by the M., K. & T. Ry. Co. Control — Absorbed by the Missouri, Kansas & Texas Ry. Co., now in hands of receivers. Secured by a first mortgage on coal land leases in Oklahoma, and on about 2,360 acres of coal land owned in Cherokee Co., Kan., together with plant and eauipment: also se- cured by deposit of all the $305,000 capital stock and all the $1,000,000 Denisou & Washita Valley Ry. Co. 1st 6s. Original Market— $600,000 offered in 1901, by Lawrence Barnum & Co., New York, Phila- delphia, etc., at 125 and interest. Market. New York — P. H. Hatch & Co., Baker, Carruthers & Pell, Martin, Berwin & Co., B. & C. Randolph, Harris," Winthrop & Co., Tobey & Kirk, Barrium, Mildon & Co., Sam'l Goldschmidt, Flilladelphia — Chas. Fearon & Co. Chicago — ^Harris, Winthrop & Co. Buffalo — John T. Steel. Price Range. ,Ian. 1, '08 to Jan. 1, '19 1918 Bid Ask Ask High.llS '09 116 '09 60 Jan. Low.35f. '17 ■42f. '17 , SOUTHWESTERN GAS & BIECTRIC CO. Ist & Ref. S. F. 5s. Due August 1. 19J2. — P. Dated October 1, 1912. Interest payable Feb. and Aug, 1, at Central Union Trust Co., of Illinois, Chicago. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $7,500,000. Outstanding — $3,091,600 CJan. 1, 1919). Retired by S. F. — $376,000. Reserved for Prior Liens — $836,000. Reserved for Ext. — $3,197,600. Denomination — Coupon, $6001 and $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois. Chi- cago. Redeemable at 102% and Interest on any interest date. Sinking Fund — $76,000 per annum from October 1, 1913 to 1922, and $60,000 annually thereafter. This fund is to be applied to retiring these bonds, or for extensions, enlarge- ments and additions, on account of which no new bonds may be issued. Organization — Incorporated in Delaware in 1912 and' acquired the properties of the Shreveport Gas Electric Light & Power " Co., Texarkana Gas & Electric Co. and Caddo Gas & Oil Co. Secured by a first mortgage on part of the plants, and a second mortgage on the re- mainder of the plants supplying gas and electricity in Shreveport, La., and Texarkana, Tex. -Alii. These plants include artificial gas plants and natural gas wells; the company at present is supplying natural gas. The company plans to build an artificial gas plant so located that both cities may be served by the one plant. Further secured by a mort- gage on the street railway system in Tex- arkana. Population served, Texarkana 20,- 000, Shreveport 30,000. Franchises in Tex- arkana expire in 1952. Electric franchise in Shreveport expires in 1987, gas franchise in 1930. Prior Liens — $397,500 Shreveport Gas Elec- tric Lt. & Pow. 1st 6s of 1922 and $443,500 Texarkana Gas & Electric Co. 1st. 6s of 1930. Bonds are reserved under this mort- gage to retire both issues which are also closed. 3178 Underlies — Deb. 6s. of 1922. Year ended Dec. 31 Gross Net Interest 1918 $1,369,076 $43 8,281 $292,949 1917 1.219,920 501,820 289.341 1916 1.078.988 465.782 273.701 1915 995.605 413,207 255,360 1914 1,033,574 477,698 234,600 Original Market — $2,133,000 offered in No- vember. 1912, by Cooke, Holtz & Co., Na- tional City Bank and Union Trust Co., Chi- cago, at 9 3 % and interest. Market. New York — John Burnham & Co., E. & C. Randolph. Ivan Goldsmith & Co., F. H. Hatch & Co. Chicago — Powel'., Garard & Co., The Peo- ples' Trust & Savings Bank, National City Bank, Union Trust Co. . Chas. S. Kidder & Co. , Central Trust Co. of 111. , Baboock, Rushton & Co., H. T. Holtz & Co. Philadelphia — R. M. Stinson & Co., S. K. Phillips & Co., H. D. Boenning & Co. Erie, Pa. — Joseph L. Pelton. St. Iionis — A. G. Edwards & Sons. Milwaukee — John E. De Wolf & Co. Texarkana — R. S. Cheatham. Price Range. Jan. 1, *12 to Jan. 1, '19 1918 Bid Ask Bid - Ask High.93% '12 94% '12 85 May 86 Dec. Low. 78 '18 82 '18 78 Feb. 82 Feb. SOVTHWESTBBN GAS & EUSCTBIC COM- PANY Mtge. Deb. 6s. Due Dec. 1, 1923.— F. Dated December 1, 1912. Interest payable June 1, and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — $2,000,000. Outstanding — $1,695,000 (Jan. 1, '19).- Beserved for corporate purposes — $305,000. Denominiation — Coupon, $500/ and $1,000, Registerable as to principal. Trustee — Central Trust Co. of Illinoia, Chi- cago. Redeemable on any interest date at 101 and Interest. Secured by a mortgage junior to that of the 1st & Ref. 5s on the property described under that issue above. Prior JAenB — $3,091,500 1st & Ref. 5s and also prior liens thereto. Earnings — iSee 1st & Ref. 5s. Original Market — $1,000,000 offered by S. M. Earling & Co., Chicago, in 1913 at par and interest. . Market. Chicago — Powei:, Gerard & Co., Babcock, Rushton & Co., H. T. Holtz & Co. Erie — Joseph L. Pelton. Philadelphia — Barclay, Moore & Co., H. D. Boenning & Co. Milwaukee — First National Bank. St. Louis — Herrick J. Gray & C&. New York — Hanson & Doyle, F. H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Aak High.95 '16 99 '17 91 Dec. 95 Dec. Low. 80 '18 88 '17 80 Aug. SOUTHWESTERN POWKR & LIGHT CO. (N. Y.) 1st Lien 5s. Due Jane 1, 1943.— Dated June 1, 1913. Interest payable June 1, and December 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by Company without deduction. Authorized — Open mortgage. Outstanding — $3,797,000. Retirwl by S. F. — None. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal only or fully "registerable. Trustee — Banker's Trust Co., New York. Redeemable on June 1, 1918 or any interest date thereafter at 105 and interest. Sinking Fund — Annually on June 1, 1% from 1918 to 1922, 1%% 1923 to 1927 and 2% thereafter, of outstanding bonds, to be ap- plied to the purchase of bonds at not ex- ceeding 105 and interest, or for improvements and additions. Organization and Control — Incorporated in Maine in 1912 as a holding company and does not operate any properties. It controls through stock ownership the Texas Power & Light Co. , the Port Worth Power & Light Co., El Paso Gas Co.. Galveston Gas Co., Wichita Falls Electric Co. , Wichita Falls Water Co., West Texas Electric Co., Sweet- water Ice & Cold Storage Co., Paris Transit Co., International Electric Co.. Eagle Pass W^ater Co., The Hutchinson Gas & Fuel Co.. and Newton Gas & Fuel Co, All of the sec- ond preferred and common stocks are owned by the Southwestern Utilities Corp., which is controlled by the American Power & Light Co., a subsidiary of the Electric Bond & Share Co. Secured by a Urst Hen on plants supplying electricity in Wichita Falls, Sweetwater, Big Spring and Eagle Pass, Texas and Piedras Negras, Mex. , water in Wichita Falls and Eagle Pass, ice in SyT^eetwater and the street railway system in Paris, Tex., by the deposit of the entire capital stock and bond issues of seven companies owning the properties. Further secured by a first lien on all of the common stock of the Texas Power & Light Co. which owns plants supplying gas and electricity in Brownwood, Cleburne, Denl- son, Paris and Waco. Texas and electricity in Bonham, Gainesville, Hellsboro, Lancas- ter. Palestine, ^ Sherman. Taylors, Temple, Tyler and Wax'ahachle and numerous smaller towns in central and northern Texas. Fran- chises expire from 1936. Further secured by a first lien 93% of the common stock of the Ft. W. Power & Lt. Co. ■ which owns plant supplying electricity 'to Ft. Worth. Texas. Franchises expires in 1937. Further secured by a first lien on all of the common stock of the El Paso Gas Co. owning plants supply- ing gas and electricity in El Paso, Tex., and Juarez, Mex.. serving a population of 40.000. Gas franchises extend to 1944, electric to 1917. Years ended Dec. 31 Gross Net Interest 1918 $5,691,832 $784,929 $289,859 1917 4,677.378 879.793 259,603 1916 4,193,265 1,091,884 220,861 Original Market — $933,000 offered at 91% and interest in October. 1913, by N. W. Hal- sey & Co.. New York, etc. Market New York— Earle A. Miller & Co.. Halsey, Stuart & Co., Kiely & Horton. Gllman & Chocas, A. B. Benesch & Co.. Chas. H. Jones & Co., Miller & Co., A. H. Bickmore & Co., Bonbright & Co., Leonard Snider & Co., K. & C. Randolph, F. H. Hatch & Co.. John Muir & Co.. Callaway, Fish & Co., Sharetts & Young, Hanson & Doyle, The Na- tional City Co., Sam'l Go'.dschmidt, McGeorge & Vanderhoef. Philadelphia — F. Pierce & Co. , Capelle & Co.. Cassatt & Co.. S. R. Phillips & Co. Portland, Me. — Fidelity Trust Co. Wilmington — Laird & Co., Geo. P. Blssell. 1179 Chicago — Halsey, Stuart & Co., Babcock, wells, 9 oil wells, -about 41,000 - acres, about Ruahton & Co. ■Providence — Hornblower & "Weeks. BostoiK — Kimball, McKinney & Co. Price Ranse. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Aak Hi&h.92»^ '17 94 -16 Si^/i Dec. 88 Dec. Liow.78 '18 81V4 '17 78 Feb. 81^ Jan. SatJTHWESTERN SHIPBUILDING CO. Ist Serial 68. Due monthly as follows: $25.000 — April 1 to Sept. 1, 1919, incl. 40^000 — Oct. 1, 1919. to March 1. 1920. incl. eOiOOO— April 1 to Sept. 1. 1920, incl. Dated April 1, 1918. Interest payable Oct. and April 1 and on each series at its matur- ity at Merchants National Bank. Los Angreles, Union Trust Company, San Francisco, and Liberty National Bank. New York. Tax Status — 2% Federal Income Tax paid by Company without deduction. Tax exempt in Ca'.ifornia. Authorized — =$ 7 G 0, . OutetandinBT — 1650,000 (June 15, 1919). Balance Retired. Denomination — Coupon $1,000. Trustee — Hellman-Commercial Trust & Sav- ings Bank, liOs Angeles. Redeemable — As a whole or in part at 101 and interest on any interest date. Organization and Control^ — Incorporated in California. Plant at Bast San Pedro, Loa Ang-eles, consists of about 76 acres held under concession from the United States Government and municipal lease expiring 1 9 SB". Rental reauirements have been discharged and satis- fied for the entire term, and municipal lease confirmed under the State laws. Company has capital stock issued and out- standing of $1,000,000. As of April 22, 1918. company had contract from United gtates Shipping Board for ten 8800 ton steel ships at $1,620,000 each. Secured — A direct obligation of the company and secured by a first lien on its entire prop- erty. Further secured by deposit of the Trus- tee of $100,000 (entire tissue) capital stock of Southwestern Wharf Company, which hag no funded debt. Original Market — Offered April, 1918, by Perrin, Drake & Riley. Los Angeles, Cal., at prices to yield about 7%. SOUTHWESTERN UTIUTIES CORPORA- TION First tien 30-Year S. F. 6s. Due July 1, 1936. — F. Dated July 1, 1916. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by Company without deduction. Authorized — $600,000. Outstanding— $600,000. Denomination — Coupon. $600 and $1,000. Trustee — Columbia Trust Co., New York. Redeemable as a whole at 107% and interest at any time to July 1, 1926, and thereafter at 110 and interest. Sinking Fund — Semi-annually payments be- ginning Ftb. 1. 1918, $30,000 per annum for the purchase or redemption of bonds at not over 105 and interest. Organization^ — Organized as a holding com- pany. Secured by deposit of all the securities of the Gas Pipe Line Corporation and the Sachem Oil Co., which companies own producing oil and gas properties, and leases in the counties of Montgomery. Chautauqua, Elk. Conley and Butler in the State of Kansas, being in the Mid-Continent Field, and including 144 gas 50 miles of trunk line, 9 and 10 inches 90 miles of connecting branch fines and 2 com- pressor stations of a combined capacity of 1,800 h. p. The company sells gas to the Kansas Natural Gas Co. and oil to the Prairie Oil & Gas Co. Original Market — $600,000 offered July, 1916, by Douglas Penwick & Co.; New York at 96 and interest. Market. New York — Douglas Fenwick & Co. Price Range, Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Aak High. 90 '17 100 '17 93 Nov. Low. 93 '18 SPANISH-AMERICAN IRON CO. 1st S. F. 6s. Dae July 1, 1937.— F. Dated July 1, 1907. Interest payable Jan. and July 1, at Guaranty Trust Co. , New York. Tax Status — 2% Federal Income Tax paid by Company without ' deduction. Authorized — $5,000,000. Outstaoding — $2,037,000 (July 2, '19). Retired by Sinking Fund — $2,963,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 102% and interest on any interest date and "for sinking fund at 100 and interest. Sinking Fund — 30 cents per ton payable monthly, to be applied each Jan. and July to the redemption of these bonds at not to ex- ceed 100 and interest. Minimum payments to 1998. shall be sufficient to retire $275,000 bonds, and $240,000 in 1927. . Guaranteed as to principal, interest and sinking fund by endorsement by the Penn- sylvania Steel Co. of New Jersey (dissolved). Assumed by the Bethlehem Steel Co. Organization and Control — Incorporated in West Virginia. Controlled by the Bethlehem Steel Co. through ownership of $2,400,0^0 (entire) capital stock. Secured by a first mortgage on 27.870 proved acres of ore land at Mayari, Cuba, owned In fee and as mining rights. Estimated to con- tain 600,000,000 tons of iron ore of estab- lished duality, and upon 20 miles of railroad and other equipment. The company had a contract running to 1928 with the Pennsylvania Steel Co. (assumed by Bethlehem Steel Co.) under which the latter company agrees to purchase suflflcient ore *and at such prices as will enable the Spanish-American Iron Co. to pay the interest and sinking fund payments of this issue. This contract has been sub- jected to the lien of the mortgage. Vndelrlies — Bethlehem; Steel Co. Purchase money & Imp. 5s of 1936 a sufficient amount of which are reserved to retire this issue. Listed on the Philadelphia Stock Exchange. Original Market — $1,000,000 offered in Aug. 1907. at 9S% and interest by Lee. Higginson & Co.. Estabrook & Co., both of Boston, New York, etc.. and Henry & West of Philadel- phia. Market. New York — Lee. Higginson & Co.. Brown Bros. & Co.. F. H. Hatch & Co.. E. & C. Randolph, Morton Lachenbruch & Cn. Philadelphia — E. B. Smith & Co.. Parrish & Co., Chas. Fearon & Co., Reed A. Morgan & Co.. Blkins. Morris & Co., Harper & Turner. West & Co., Graham, Parsons & Co., Brown Bros. & Co.. Montgomery & Co., Bar- clay, Moore & Co. . Lloyd & Palmer. New- 1180 burger, Henderson & Loeb, Biddle & Henry, Robt. Giendennine & Co. Baltimore — J. S. "Wilson, Jr., & Co., Alex. Brown & Sons, Jenkins, Whedbee & Poe. Price Range. Jan. 1. 08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.1041^ '09 105 '09 99% Dec. lOlMar. Low. 98 '17 99% '17 98% July 99% Oct. SPANISH RIVBB PULP & PAPER MILLS Ltd., 1st S. F. 66. Due Dec. 1* 1931. Dated Dec. 1, 1910. Interest payable Jan. 1 and July 1, at Royal Bank of Canada, Mon- treal, and branch oftices; National Park Bank and Maitland, Coppell & Co., New York; also at London & Southwestern Bank, London. Fixed rate of exchange, $4.86 2/3 per £. Payment of Interest — Interest payments were resumed on all bonds, including Lake Su- perior Co., Sept. 1, 1916, and Jan. 1, 1917. Under arrangements postponing interest pay- ments (see below) bond holders are entitled pro rata to 10% of the profits from time to time available for distribution. Tax Slatas — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstandiag — $2,327,013. Retired by S. F.— $172,981 Denomination — Coupon, £100 ($486.66) and £200 ($973.32). Registerable as to principal. Trustee — Montreal Trust Co., Montreal. Redeemable at 110 and interest on any in- terest date. Sinking Fund — ^Annually on and after 1912 ^ % of outstanding bonds to be applied to the "Tchase or redemption of bonds of this issue. a iiot exceeding 110 and interest. ISlnkJnjg Fund postponed in 1914 for five years, begins again in 1919. Organization — Incorporated in Ontario in 1911. In 1912 acquired the properties of the Ontario Pulp & Paper Mills, Ltd., owning mills at Sturgeon Falls, Ont., and timber conces- sions on 27 square miles in Ontario, subject to $1,399,100 bonds, which were assumed. In 1913 acquired the entire capital stock of the Lake Superior Paper Co. It also guaran- tees principal and interest of the latter com- pany's $5,000,000 1st 6s of 1941. In Decem- ber, 1914, the following resolutions were unan- imously adopted by the bondholders: 1. Sanctioning and assenting to certain pro- posed modifications or alterations of the rights of the holders of the 6% First Mortgage Sink- ing Fund Gold Bonds of the company against the company and against its property and of the provisions contained in the said Trust deeds for the purpose of postponing the pay- ment of the interest on the said bonds falling due in the years 1915 and 1916 until the 1st day of Oct., 1922, or until previously thereto the company shall give six calendar months' notice of its intention to pay the same and of cancelling for a period not exceeding five years commencing with the year 1914 the operation of the provisions contained in the said trust deed and the said supplemental trust deed of the 2d day of Oct., 1911, relating to the formation of a sinking fund for the re- demption of the said bonds and otherwise as . expressed in the draft supplemental trust deed referred to in the next following resolution. 2. Authorizing Montreal Trust Company as such Trustee as aforesaid to concur in and exe- ' cute a supplemental trust deed, embodying such modifications in the terms of the draft which will be submitted to the meeting. 3. Authorizing Montreal Trust Company as such Trustee as aforesaid and all other neces- sary parties to concur in and execute all such further assurances, inetruments and documents as may be necessairy for giving effect to the resolutions passed by the meeting. Secured by a mortgage on a pulp mill with a daily capacity of 140 tons of dry pulp, and a 21-years' concession from the Province of Ontario from Oct.. 1909, to cut timber on 6,000 acres of land. Prior Lien— $1,399,100 Ontario Pulp & Paper Co. 1st 6s of 1931. Underlies— $1,606,000 2d Mtge. Deb. 6s of 1924. Year ended June 30 (combined) Net Dep'n Interest 1918 $1,729,231 $344,137 $807,519 1917 .*.. 2.117,734 269,821 718,409 1916 1,342,390 145,172 765,927 •Includes Lake Superior Paper Co. Listed on Montreal and London Stock Ex- changes. , Original Market — $1,300,000 offered in Mar., 1911, at 97% and interest by the London & Southwestern Bank, London, and the Dominion Bond Co., Montreal; $800,000 offered in Nov., 1911, by the Dominion Bond Co. Market. Toronto — Murray, Mather & Co. , Goldman & Co. Montreal — N. B. Stark & Co., McCuaig Bros. & Co., Canada Sec. Corp.. Ltd., Canada In- dustrial Bond Corp, Ltd., Dominion Securities Corp., Ltd. New Xork — Tobey & Kirk, W. S. Macomber B. & C. Randolph, Lynch & McDermott. Price Range — 1918. Bid Ask High. 85 Feb. 95 Feb. Low. .75 June 81 June SPARTANBURG, UNION & COLUMBIA RAII/- ROAD CO. 1st 4s. Due Jan. 1, 1D95. — F. Dated November 11. 1895. Interest payable Jan. and Juty 1. at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by CLjmpany without deduction. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Central Union Trust Co., New York. Guaranteed as to interest by The Asheville & Spartanburg R. R. Co. by endorsement. The latter company certified that its guarantee is additionally secured by a first mortgage on its railroad and also by the guarantee of the Southern Ry. Co. to pay its obligation in this respect. Control — The property of this company was purchased in 189 5 by the Asheville & Spartan- burg Ry. Co., which was consolidated in 1902 into the Southern Ry., Carolina Division, all of whose stocks and bonds are owned by and road leased to the Southern Ry. Co. Secured by a first mortgage on 133.! of road, viz. : Alston to Spartanburg, S. C... Spartanburg Jet., S. C, to Biltmore, N. C 65.90 This road forms part of a direct line between the Atlantic Ocean at Charleston, S. C, and the Blue Ridge Mountains. Underlies^$5,000,000 Southern Ry., Caro- lina Division, Gen. 4s of 1952. all ol w.iich are deposited under Southern Ry. Dev. & Gen- eral 4s. Bonds are reserved under the latter mortgage to retire this issue. Market. New York — F. J. Lisman & Co., Chas. "W. Place, Wood, Struthers & Co., Coffin & Co., Baker, Carruthers & Pell, Wm. Carnegie E3wen-, Abraham & Co., Taylor, Smith & Hard. ISl 3 miles Miles .. 67.93 Price Ran ere Jan. 1, '08 to Jan. 1, '19 191S Bid Ask Bid Ask Hi&h.84'12 90 '08 78% Dec. 81 Nov. Low. 60 '17 80 '14 70 Jan. SP£RRY IXOXJR CO. 1st 6s. Due Feb. 1, 1934. Dated Feb. 1, 1919. Interest payable Feb. 1 and Aug. 1, at New York or Anglo-Cali- fornia Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstandiiisr — $3,000,000. Purpose of Issue — Issued to retire $1,500,000 30-year 6s, which are to be called for pay- ment May 1, 1919, and also to provide for additions, etc. Denomination — Coupon $1,000. Registerable ■as to principal. Trustee — Ang-lo-Caiifornia Trust Co., San, Francisco. Redeemable at 102% on any interest date upon 30 days' notice. Sinking Fund — $100,000 of these bonds are to be retired annually. Organization — Incorporated in California in 1892. Capita] Stock Outstanding Pfd. (7% cum.) $600,000 Common 3,600,000 Secured by a first mortgage on all the prop- erty of the company. Under the provisions of the trust agreement the company is required at all times to maintain an excess of current assets over all current liabilities equal to at least 125% of these bonds outstanding. The property covered includes plants in Spokane, Creston and Tacoma, "Wash. ; Stockton, Val- lejo, Fresno and Los Angeles, Cal. Year ended June 30: Gross Net 1918 $38,926,450 $2,031,252 1917 22.624.983 1.947.819 Original Market — $3,000,000 ofEered Febru- ary, 1919, by National City Co., New York, etc., and Blyth. Witter & Co., San Francisco, at 98 and interest. Market. San Francisco — Blyth, "Witter & Co. Los Angeles — Blyth, "Witter & Co. SPOKANE & INLAND EMPIRE RAILROAD CO. 1st & Ref. 5s. Due May 1, 1936. — ^F. Dated May 1, 1906. Interest payable May and Nov. 1, at Trustee's office, Chicago, or First National Bank, New York. Default — Nov. 1, 1918. interest. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding — $3,688,000 (June 9, 1919). Retired by Sinking Fund — $348,000. Reserved for Prior Liens— $964,000. Reserved for Ext. — $10,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 107^ and Interest on any interest date to Nov. 1, 1915, and on any in- terest date thereafter at 105 and interest on 60 days' notice. Sinking Fund — Beginning Nov. 1, 1911, an annual amount equal to 1 % of outstanding bonds to Nov 1, 1915, inclusive; 1%% from 1916 to 1920, inclusive, and 2% from 1921 to 1925, inclusive. Organization — Incorporated In Washington In 1906. 11 Note — ^Early In 1917 the Washington Legis- lature passed an act empowering the Wash- ington Water Power Co. to lease the property of this company. The Act will be availed of as soon as this company' s affairs have been set in order. Control — The Great Northern Ry. Co. owns a substantial interest in the capital stock of this company. Receiver Appointed — On Jan. 10, 1919, on petition of the First Trust & Savings Bank, Chicago, as trustee, F. E. Connors of Chi- cago was appointed receiver by the IT. S. Dis- trict Court at Spokane, Wash. Forecli^ure — Foreclosure proceedings under this mortgage were filed Jan. 10. 1919, In connection with proceedings for receiver. Protective Committee — ^Albert W. Harris, chairman: E. D. Adler, Chester A. Cook, Holmes .Forsyth, George H. Taj^lor, with Chester Corey, 115 West Monroe St., Chicago, Secretary, and Jflrst Trust & Savings Bank. Chicago, Depositary. Secured' by a first mortgage on 126 miles of interurban railway extending from Spokane to Colfax, Wash., and Spring Valley, Wash., to Moscow, Idaho, and on hydro-electric plant of 20,000 h. p., and a second mortgage on 24 miles of street railway In Spokane, including valuable terminal property and 43 miles of interurban line from Spokane to Coeur d'Alene, Idaho. Outside of Spokane the road is on pri- vate right-of-way, and built to steam railroad standards. Further secured on plant supply- ing electricity in Spokane and neighboring towns. The total length of track operated is 290 miles. Population served, Spokane, 140,000; remaining territory, 35,000. Electric franchise in Spokane extends to 1946. Rail- way franchises expire between 1928 and 1939. Prior Xiiens — $96,000 Spokane Traction 1st 5s. due annually to 1926; $442,000 Coeur d'Alene & Spokane Ry. 1st 5s of 1929, and $188,500 Spokane Terminal 1st 5s. due an- nually to 1930. Bonds of this issue are re- served to retire the above prior liens. Gross Net Interest 1918 $1,143,015 def.$97.594 $527,059 1917 1,226,910 38.935 500.937 1916 1.242.005 113.778 473.731 Original Market — $2,743,000 offered in Nov., 1906, by E. H. Rollins & Sons, Boston and New York; N. W. Harris & Co., New York and Chicago, at 100 and interest. Market. New York — F. H. Hatch & Co., McKinley & Morris, Joseph & Wiener. Hanson & Doyle, Morton Lachenbruch & Co.. Harris, Forbes & Co., S. L,. Snowden. St. IjOuIs — Bowman, Cost & Co. Baltimore — Howard R. Taylor & Co., W. W. Lanahan & Co. Boston — E. H. Rollins & Sons. Harris, Forbes & Co. Chicago — Ames. Emerich & Co.. King, Hoa»- Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask High. 99 '10 101 '10 65 Jan. 70 Jan. Low. 50 '18 55 '18 50 Apr. 55 Aug. SPOKANE FAIiliS & NORTHERN RAIXWAT CO. Ist 6s. Due July 1» 1939. — F. Dated July 1, 1889. Interest payable Jan. and July 1, at Great Northern office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. AuthoriEed — Closed mortgage. Outstanding — $229,000 (Jan. 1 1919) S2 Held by Trustee of Great Nortbern Ist & Ref. 4%8 — $2,683,000. Denomination — Coupon, $1,000. Registerable as to principal. Tmstee — Bankers' Trust Co., New York. Assumed by the Great Nor. Ry. Co. Control — Absorbed in 1907 by the Great Nor. Ry. Co. Secured by a first mortgage on 130.04 miles of road from Dean, Wash., near Spokane to the International Boundary Line and branch. Underlies — Great Northern 1st & Ref. iVta of 1961. under which mortgage bonds are re- served for the retirement of this issue. Ijeeal for Bait., Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. T., R. I., Vt. and Wis. Market. Boston — B,. li. Day & Co. Pittsburgh — ^R. B. Hutchinson & Co. New York — Taylor, Smith & Hard, Remlck, Hodges & Co., Peck, Rasmus & Truesdale, Knauth, Nachod & Kuhne, Wm. Carnegie Ewen. Abraham & Co. ; Baker, Carruthers & Pell, C. W. Place. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High. 125 '16 128 '16 98 Jan. Low.. 96 '18 111 '17 96 Oct. SPOKAXE INTERNATIONAL RAILWAY CO. Ist 5s. Due July 1, 1955.— P. Dated July 1, 1905. Interest payable Jan. and July 1, at American £jxchange National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $4,200,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Organization and Control — Incorporated in Washington and Idaho in 1905. The Canadian Pacific Ry. Co. owns $3,909,700 of its $4,200,- 000 capital stock. Secured by a first mortgage on 142.80 miles of road from Spokane, Wash., to Sastport, Idaho, together with all other property Includ- ing 18 acres of terminal property in the heart of Spokane. Connects at Bastport with the Canadian Pacific Ry. Co. The company leases 22 miles of road additional. Year ended Dec. 31 Gross Net 'Charges 1918 $1,011,604 $358,798 $329,662 1917 999.221 385.980 335.109 1916..,. 877.944 345.916 377.040 •Includes Interest and taxes. Listed on the New York Stock Exchange. Original Market — Offered in 1906 by Day & Heaton and by Pouch & Co., New York. Market. New York — Sam'l Goldsohmidt, Brltton, Rollins & Co., F. H. Hatch & Co., J. S. Farlee & Co.. B. & C. Randolph. Baker, Car- ruthers & Pell, Phelps & Neeser. B. & C. Ran- dolph. Hanson & Doyle, Davies. Thompson & Co. Price Range — N. Y. S. B. Jan. 1, 1906 to Jan. 1, 1919 1918 Ask High. 108 Sept. 28, '09 96 Jan. Low,. 88 Oct. 22. '15 81 Oct. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding— $188,600 (Jan. 1, 1919). Retired — $161,500, Unissued bonds to mature in 1930. Denomination -^ Coupon, $500 and $1,000. Registerable as to principal. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 105 and interest on any inter- est date. Assumed by the Spokane & .Inland Empire B. R. Co. Control — Merged into the Spokane & Inland Empire R. R. Co. Receivership — See Spokane & In:and Empire K. R. 1st & Ref. 6s. Secured by a first mortgage on valuable ter- minal property in central part of Spokane, Wash. : passenger and freight depots, three miles of standard railroad track and two double-track bridges across the Spokane River. The freight yards have track connections with all the railroads entering Spokane. Underlies — Spokane & Inland Empire R. R. Co. 1st & Ref. 6s of 1926, under which mort- gage bonds are reserved to retire this issue. Earnings — See Spokane & Inland Empire Market. Boston — E. H. Rollins & ,Sons. Baltimore — H. R. Taylor & Co. New York — E. H. Rollins & Sons, Morton Lachenbruch & Co. Philadelphia — E. H, Rollins & Sons. Chicago — Peabody, Houghtellng & Co., E. H. Rollins & Sons. Denver — B. H. Rollins & Sons. Los Angeles — E. H. Rollins & Sons. San Francisco — B. H, Rollins & Sons. SPOKANE TERMINAL CO. Ist 5s. Due $12,500 annually Aug. 1 to 1929, Inclusive, and $100,000 on Aug. 1, 1930.— F. Dated Aug. 1, 1906, Interest payable Feb. and Aug, 1, at Trustee's office or First Na- tional Bank, Boston. SPOKANE TRACTION CO. 1st 6s. Dae $15,000 each July 1, to 1924, and re- mainder in 1925. — F. Dated July 1, 1906, Interest payable Jan. and July 1, at Title Guarantee & Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $96,000 (Jan. 1, 1919). Redeemed — $67,000. Denomination — Coupon and registered, $1,000. Trustee — Title Guarantee & Trust Co., New York. Redeemable as a whole at 105 and Interest. Control — Absorbed by Spokane & Inland Em- pire R. R. Receivership — See Spokane & Inland Empire R. R. 1st & Ref. 53. Secured by a first mortgage on about 22 miles of street railway in Spokane. Wash. 'Underlies — Spokane & Inland Empire 1st & Ref. 5s of 1926. a sufficient amount of which Is reserved to retire this Issue. Earnings — See Spokane & Inland Empire R. R. Original Market — First offered by E. H. Rol- lins & Sons, Boston. New York, etc., at par and interest in Sept., 1905. Market. New York — B. H. Rollins & Sons. Boston — E, H. Rollins & Sons. ' Philadelphia — B. H. Rollins & Sons. Chicago — E. H. Rollins & Sons. Denver — B. H. Rollins & Sons, Los Angeles — E. H. Rollins .& Sons. San Francisco — B. H. Rollins & Sons. 1183 SPRING BROOK WATER SUPPLY CO. 1st 1st 5s. Due April 1, 19^6. Dated April 1, 1896. Interest payable April and Oct. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without dedxiction. Tax exempt in PennsylVania. Authorized and Ou'tBtanding — $5,000,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee— New York Trust Co., New York. Organization — Incorporated in Pennsylvania in 1896 and owns, controls or operates sub- sidiary companies supplying water for domestic or industrial purposes. Secured by a first mortgage on plants sup- plying water to Scranton, Wilkes-Barre and Pittgton, Pa., and other cities in the vicinity. Population served, about 300,000. Franchises perpetual. Bankings — Not reported. Market. New York — P. H. Hatch & Co.. Callaway, Pish & Co. Scranton — C. E. Robertson. W. D Runyon. - Philadelphia — Graham, Parsons & Co., H. D. Boenning & Co.. 'E. W. C.ark & Co.. Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. Wilkes-Barre — H. B. Schooley. Price Range. Jan. 1. '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 1041^ '09 Ifis '08 97 Jan. 100 Jan. Low.. 90 "IH 97^^ '18 90 June 97% Nov. SPRING RIVER PO^\'ER CO. 1st 5s. Due $35,000 anmiall.v. 1915 to 1918; $45,000, 1919 to 1922; $50,000. 1923 to 1928; S80,- 000 in 1929 and $125,000 Nov. 1, 1930. Dated Nov. 1, 1905. Interest payable May and Nov. 1. at Merchants' Loan & Trust Co.. ■ Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed. Outstanding — $685,000 (Jan. 1. 1919). Balance Redeemed. Denomination — Coupon. $1, 000. Registerable as to principal. Trustee — Merchants' Loan & Trust Co., Chi- cago, and Leon L. Loehr, Chicago. 111. Redeemable at 105 and interest upon 30 days notice. Organization and Control — In 1919 the Em- ' pire District Electric Co. acquired the stock of the Spring River Power Co. and in 1917. the property and franchises. Secured by a first mortgage on about one mile of entire bed of Spring River, at Lowell, Kan., hydro -el ectrio and steam generating plants and distributing systems, supplying part of the electricity to "Webb City, Joplin and other towns in Missouri and Galena, Kan., as well as to two electric railways. ' . Underlies — Empire District Electric Co. 1st 5s of 1949. flamings — Not reported. Market. New York — H. L. Doherty & Co., W. S. Macomber, Berdell Bros. Chicago — Devitt. Tremble & Co. Kansas City — H. P. Wright Inv. Co. PPhiladelphia — H. D. Boenning & Co. Price Range. ,Ian. 1, '17 to Jan. 1, '19. Bid Ask High. 94 '17 97 '17 Low. .75 '17 85 '17 SPRING VALUBY WATER CO. (SAN FRAN- CISCO) Gen. 4s. Due Dec. 1, 1923.— P. Dated Dec. 1, 1903. Interest payable June and Dec. 1, at Bank of California, San Fran* Cisco, or at Laidlaw & Co., New York, or Frankfort-on-Main. Tax Status— 2% Federal Income Tax paid by company without deduction. Authorized — $28,000,000. ' Outstanding— $17,859,000 (Jan. 1, 1919). Pledged— $4,685,000. In Treasury — $2,109. OOu. Reserved for Ext. — $3,347,000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., San Francisco, Cal. . Organization — Incorporated in California in 1903. The city of San Francisco proposed to buy the property and offered $37,000,000 for it, which was refused. J. G. White & Co. esti- mated the value, not including franchises, good will and similar assets, at more than $63,000,- 000. On April 20. 1915, the voters of San Francis- co, at a special election, refused to authorize the purchase of the company's property, less some 12,000 acres of ground, for $35,000,000. Secured by a first mortgage on plant supply- ing water in San Francisco. San Mateo, Alameda and Santa Clara Counties, Cal. Population served,- 500,000. Franchise expires in 1953, but is renewable every 5 years. The property includes 19 pumping stations and ■extensive reservoirs. Year ended Dec. 31 Gross 1918. . 1917. . 1916. . Net S:',531,389 2.444,002 2,171.456 Interest $920,171 790-,862 792,032 J. & W. Co.. E. P. Hut- J. M. Byrne & .S4. 107. 785 . 3.899,191 . 3,693,549 Original Market — First offered by Seligman & Co.. New York. Market. New York — Sutro Bros. & ton &. Co., McDonnell- & Co,, Co.. Bernhard. Scholle & Co.. C. A.; Day. & ,Co. San Francisco — E. F. Hutton &" Co.. Sutro & Co. IjOS Angeles — Torrance, Marshall & Co., B. H. Hutton & Co., A. H. Woollacott. Boston — H. C. Spiller & Co. Price Range. Jan. 1, '16 to Jan. 1, '19. 1918 Bid Ask Bid Ask High. 97 '17 98 '16 91 Feb. 94 Feb. LOW.89H '18 89^ '18 89% May 89% May SPRINGFIELD (MASS.) & EASTERN STREET RAII.WAY CO. 1st 5s. Due Jan. 1, 1923. — N. Dated Jan. 1. 1902. Interest payable Jan. and July 1 . at Trustee* s office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $330,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Springfield Safe Deposit & Trust Co. . Springfield, Mass. Redeemable — 105 and interest on 60 days' notice. Assumed by the Springfield Street By. Co. Control — Conso3idated into the Springfield Street Ry. Co. Control of latter company is _ owjied by the Springfield Ry. Cos, which is 'controlled through stock ownership by the New England Investment & Security Co Secured by a first mortgage on 44 miles of street railway in Palmer, Monson, "Ware, Wil- braham and Brimfleld, all in Mass. Popu- lation served 25,000. 1184 Underlies — Springrfield St. Ry. 4s of 1923 in above towns. Earnings — See Springfield Street Ry. 1st 4a. ]l>egal for Mass. Original Market — Offered in 1902 at 109 and Interest by N. W. Harris & Co. (now Har- ris, Forbes & Co.) New York, N. W. Harris & Co., Boston and Harris Trust & Savings Bank, Chicago. Market. New York — Harris. Forbes & Co. Boston — Harris, Forbes & Co. Providenice — Hornblower & Weeks. SPRINGFIELD CITY 5"0- to 7.10% for various maturities. Redeepiable at 105 and interest on four 10 18. weeks ' notice. Bid Sinking Fund — $17,500 or more at option of 99% Mar. company annually, tq be applied to the pur- 91 June chase or redemption of bonds at not exceeding 105 and interest. Bonds so acquired to be cancelled. Organization — Incorporated in New Jersey in 1900. Control — Property of this Company acquired by the American Chain Co. Nov., 1916. Secured by a first mortgage on 13 plants for the manufacture of iron and steel chains and other products. The plants, are located at Carlisle, Pittsburgh and' York, Pa. ; Columbus, Mansfield and St. Marys, Ohio, and Marion, Ind. Original Market — $150,000 offered Dec, 1900, at par and interest by Henry Sproul & Co., Pittsburgh. Market. New York — Morgan & Finlay, F. H. Hatch & Co. Pittsburgh — Duquesne Bond Corp., George, Allen & Whitehouse, Lyon. Singer & Co. Price Range. Jan. 1. '16 to Jan. 1, '19 1918 Bid Ask Bid High.lOO '17 102 '17 100 Mar. Low. 95 '16 102 '17 STANDARD CHAIN CO. 1st 6s. Due Feb. 15. 1920.— N. Dated Feb. 15, 1900. Interest payable Feb. 15 and Aug. 15, at U. S. Mortgage & Trust Co.. New York. Tax Status — Payment of Federa'. Income Tax not assumed by company. Authorized — $700, 000. Outstanding — $366,000. Retired by Sinking Fund — $304,000. Denomination — Coupon, $1,000. Registerable as to prihcipal. - ' . Trustee — George M, Cumming, and John W. Flatten, Naw York, STANDARD ELECTRIC CO. OF CALIFORNIA 1st 5s. Due Sept. 1. 1939.— N. Dated September 1. 1899. Interest payable March and Sept. 1. at Bankers* Trust Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $5, 000, 000. Outstanding — $2,112,300 fJan. 1. 1919). Retired and deposited under Cal. G. & "E. and Pac. G. & E. Mortgages — $2,601,000. Held Alive in ' Various Sinking Fund^^ $286,700. Denomination — Coupon, $1,000 and $ 1 0. Trustee — Savings Union Bank & Trust Co., San Francisco. Guaranteed principal and interest by the~ California Gas & Electric Corporation by en- dorsement. Assumed by the Pacific Gas & Electric Co. Control — ^Absorbed in 1904, by the Califor- nia ,Gas & Electric Corporation, which comc pany has since been consolidated with the Pacific Gas & Electric Co. Secured by a first mortgage on hydro-electric plant on Blue Lake in Amador County. Cal.. and transmission lines to San Francisco, Oak- land, Stockton, iSan Jose and other cities in that vicinity. Further secured by a second mortgage on plant supplying water In Stock- ton, Cal. Prior Liens — $713,000 Blue Lakes "Water Co. 1st 6s of 1938. Underlies — California Gas & Electric Corp, Unifying & Ref., 5s of 1937. and Pacific Gas & Electric Co. Gen. & Ref. 5s of 1942. Bonds are reserved under the Pacific G. & E. Co. Gen. Refg. mortgage to retire this issue. Earnings — See Pacific Gas & Electric Co. Legal for Cal. Market. New York — J. M. Byrne & Co., Bernhard, Schni:e & Co.. F. H. Hatch & Co., McDonnell & Co. San Francisco — Sutro & Co., Wm. R. Staats Co. Cliicago — Ames, Emerich & Co. Price Range. Jan. 1. 'IG to Jan. 1. '19. 1918 Bid Ask Bid Ask High. 97 '18 100 '18 97 May 100 May Cow. 93% '17 100 '17 '. 1189 STANDARD GAS & EI^ECTRIC CO. Coht. S. F. 6s. Due Dec. 1, 1926. Dated December 1, 1911., Interest payable June and Dec. 1, at Trustee's ofHce. or Guar- anty Trust Co., New York, Tax Status — Payment of Federal Inoume Tax not assumed by company. Pennsylvania State Tax refunded. Authorized — $30,000,000. Outstanding — $7,113,000 (April 1, '19). Retired by SinMns Fund — $673,600. Retired by Sale of Fledged Collateral and trom Treasury Cash — $4,013,S00. Reserved for Acquisitionis — $18,200,000, Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — The Philadelphia Trust, Safe De- posit & Insurance Co,, Philadelphia. Redeemable at 105 and interest on any in- terest date on 30 days' notice. Convertible at any time into the preferred stock of the company at 110, unless called for redemption, but when so called are convertible upon giving to the Trustees written notice of intention to convert, at least 10 days prior to the date set for redemption. Sinking Fund — Commencing Dec. 1. 1913. ^nd semi-annua'.ly thereafter, to June 1, 1916, one-half of 1% of all bonds issued, to June 1, 1921, five-eighths of 1% and thereafter threfe-fourths of 1% to be applied to the pur- chase or redemption of these bonds at not over 105 and interest. Bonds so redeemed to be cancelled. Organization and Control — Incorporated in Delaware, in 1910. as a holding company, and owns bonds, stocks and other securities of 13 public service corporations situated in various parts of the country, and serving 463 com- munities with a total popu'.ation of approxi- mately 2.200,000. The company is under the control and management of -H. M. Byllesby & Co.. Chicago, 111. Secured by a first lien on the following se- curities, as of Dec. 31, 1918. Par Value . BONDS Pledged Mobile Electric Co. 1st Ss $224,000 Muskogee G, &. B. Co. 1st & Ref. 5s 196,000 Southwestern General Gas Co. 6s.. 444.000 Ark. Valley Ry.. Lt. & Pow. Co. 6s 3,666.000 Enid Electric & Gas Co. Bonds 20,000 Pt. Smith Lt. & Trac. Co. 1st 5s.. 160.000 Total $4,699,000 The total amount of bonds outstanding un- der the above mortgages is $10,077,600. and there are also $3,036,500 bonds outstanding under prior mortgages. Pledged STOCKS Preferred Common Puget Sound Gas Co... $112,300 $449,100 Mobile Electric Co 277.500 864.200 No. State Pow. Co 498.200 769.600 Ottumwa Ry. & Lt. Co. 234.600 630.200 Tacoma Gas & Fuel Co, 274.000 1.181.000 Southwestern Gen. Gas Co 26.000 i.noo.ooo Ark. Val. Ry., Lt. & Pow. Co 3.499.400 Pt. Smith Lt. & Trac. Co 798.700 949,900 West. States Gas & Elec. Co. (Del.) 103.400 3.145.700 Okla. Gas & Elec. Co. 980.800 3.692.000 San Diego Consol. Gas & Elec. Co 2.607.300 Total $3,304,400 $18,778,300 There is outstanding a total of $25,660,900 preferred stock and $27,254,000 common stock of the above Issues. There must always be deposited cash or bonds of public service corporations of a par value equal to the amount of outstanding bonds of this issue. No bonds may be issued to acquire a minority interest in the stock of any company, except those in which the S, G, & E. Co. already has holdings. The company has the right to sell deposited se- curities, and must pay over to the Trustee the proceeds from such sales^o be applied to the -purchase of additional securities or re- demption of bonds. year ended Dec. 31 (5rosa •Net Interest 1918 $1,618,667 $1,674,927 $786,184 1917 1,620,343 1,666,061 792,746 1916 1,712,927 1,976,057 789,763 1915 1,618,467 1,576,441 833,064 1914 1,476,029 1,435,605 815.484 •Includes $100,000 "Other Income" for 1917 from financial services rendered subsidiaries and $311,858 ' Other Income" for 1916. profit on subsidiary bonds called for redemption. Listed on New York and Philadelphia Stock Exchanges. Original Market — $7,500,000 offered in Nov., 1911, by White, Weld &. Co., New York and Chicago, and Montgomery. Clothier & Tyler. Philadelphia, at 100% and interest. $1,500,000 offered March, 1919. by Wm. A. Read & Co.. White, Weld & Co., Montgomery & Co.. Bonbright & Co., and H. M. Byllesby & Co., at 96% and interest Market. New York — Kiely & Horton. Babcock, Rush- ton & Co., B. & C. Randolph. Bonbright & Co., White, Weld & Co., Potter, Choate & Pren- tice, Low, Dixon & Co., Howe, Norris & Co,, Barie A. Miller & Co., Low, Dixon & Co., Samuel' Goldschmidt, Berdell Bros,, H. M. Byllesby & Co., H. F. McConnell & Co.. .1. Nickerson, Jr., Pynchon & Co, Chicago — Ft. Dearborn Trust & Savings Bank, State Bank, - Illinois Trust & Savings Bank, Babcock, Rushton & Co. Baltimore — J, S. Wilson, Jr., & Co. Fhiladelplila — H. D. Boenning & Co., West & Co., Martin & Co., Brown Bros. & Co., Reed A. Morgan & Co., E'.kins, Morris & Co., Harper & Turner, Huntoon & Co., S. K. Phil- lip & Co, Providence — R. S. Moore & Co. Boston — McConnell & Co. Pittsburgh — George, Allen & Whitehouse. Price Range — N. Y. S. E. Jan. 1, 1912 to Jan. 1, 1919. 1918 Bid Ask Ask High.102% May 16 '16 91 May 27 Low. 88% Jan. 12 '15 90 June 27 STANDARD GAS & EI^CTBIC CO. Deb. 6b. Due Oet. 1, 1935.— P. Dated Oct. 1, 1916. Interest payable April 1 and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax oaid by company without deduction. Authorized — $16,000,000. Outstanding — $6,841,200 (Jan. 1, 1919). Denomination. — Coupon. $60, $100, $600 and $1,000. Keglsterable as to principal only. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date at 103% and interest. Organization — See Conv. 6a. Security — ^A direct obligation of the com- pany, but not secured by a mortgage Earnings — See Conv. 6a. Original Market — Offered to the shareholders at 90% and accrued interest, subscription to be made before Oct. 16, 1916. 1190 Market. New York— J. p. White & Co.. Dunham & Co., Bonbright & Co., John Muir & Co.. H. M. Byllesby & Co., Hanson & Doyle. Martin, Berwin & Co., H. N. Whitney & Sons. B. & C. Randolph, J. D. Curtis & Co., Berdell Bros.. Kiely & Horton, Bauer. Starr & Co.. H P. McConnell & Co.. McClure. .Tones * Reed Chicago — H. M. Byllesby & Co., Babcock, Rushton & Co FroTidence — R. S. Moore & Co. Philadelphia — Wurts, Dulles & Co. . Chaa. Fearon & Co., Newburger, Henderson & Loeb. New Haven — Henry H. Burgess. Boston — McConnell & Co.. J. S. Orler & Co.. P. B. Baaaett & Co. Seattle — Oscar P. Dix & Co. Buflfalo — O'Brian, Potter & Co. Portland, Me. — Beyer & Small. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask HIgh.93 '17 96 '17 80 Dec 85 Dec. Low. 68 '18 71 '18 68 .Jan, 71 Jan. STANDARD GAS & ELECTRIC CO. 3-Year 7% Coil. Tr. Notes. Due Sept. 1. 1921. Dated Sept. 3, 1918. Interest payable March 1 and Sept. 1 in New York or Chicago. Tax Status — 2 % Pederal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $ 750.000. Outstanding — $ 750,000. Purpose of Issue — The proceeds of this issue used to reimburse the company for ad- vances to its subsidiaries for extensions and improvements. Denomination — Coupon $1,000, $500 and $100. Regisjerable as to p^i^cipal. Trnstee — New York Trust Co.. New York. Redeemable at any time on 60 days' notice at 101 and interest prior to Sept. 1, 1920. and at 100^ and interest on Sept. 1 , 1920- or thereafter. Organization — See Conv. S. P, 63 Secured by pledge of the following securi- ties of subsidiaries: Par Appraipp'r) Bonds Value Value Arkansas Valley Ry. , L-t. & Power Co. 1st & Ref. 5s $50,000 40.000 Port Smith Lt. & Trac. Co. 2d Mtge. 5s 400.000 340,000 Mountain States Power Co. 1st & Ref. 5a... 200.000 170.000 Ottumwa Ry. & Lt. Co. Gen. 6s 100.000 90. 000 Stocks Arkansaa Valley Ry.. Lt. & Power Co., 7% Pret 400.000 340.00(1 Louiaville Gaa & Elec- tric Co. 6% Pref. . . 125.000 100.000 Oklahoma Gaa & Electric Co. 7% Pref 100,000 95.000 Western Stales Gas & Electric Co. 7% Pref.. 125.00.0 100.000 Oklahoma Gas & Elec- ectric Co. Common, , 250.000 225.000 San Diego Consolidated Gas & Elec. Co. Com- mon 250,000 300.000 Total $2,000,000 $1,800,000 Under the provisions of this Indenture all bonds and stocks pledged as collateral may be withdrawn at the appraised valuation shown above, provided the company presents to the Trustee, either an amount of thea» notes for oancellatinn which at their redemption price at that time equals the appraised value of the collateral to be withdrawn, or cash equal to the appraised value -"if the collateral to be withdrawn, which cash must be applied solely to the redemption of these note.*! Earnings — See Cons. S. P. 6s. Original Market — $750,000 offered Oct., 1918. by Bonbright & Co.. New York, and H. M. Byllesby & Co., Chicago, at 07% and in- terest. Market. Chicago — Babcock, Rushton & Co., Dodge & Ross. New York — H. M. Byl'.esby & Co. Providence — R. S. Moore & Co. Price Range — 1918. Bid Ask High. 9 5 '^ Dec. 98l^ Dec. Low.. 97^ Oct. STANDARD GAS CO. (OF NEW JERSEY) Ist S. r. 68. Due May 1, 1946.— F. Dated May 1, 1916. Interest payable May 1 and Nov. 1. Tax Status — 2% Pederal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsylvania tax refunded. Authorized — $1,000,000. Outstanding — $ 608,600.. Cancelled — $3, 400. Additional bonds Issuable for 80% of the cost of improvement, etc.^, when net earnings for twelve months preceding are at least twice interest chargea on bonds outstanding and to be issued. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal. Trustee — Girard Trust Co.. Philadelphia. Redeemable at 105 and interest at any time on 30 days' notice. Depreciation Fund — Annually 6% of gross earnings. Such expenditures shall not be made the basis of the further issuance of bonds. Sinking Fund — Annually aa follows: H % of outstanding bonds from July 1, 1917, to July 1, 1921. inclusive; 1% July 1, 1922, to July 1, 1940, inclusive and 1%% of bonds outatandlng from July 1, 1941, to July 1, 1945 inclusive. Fund to be applied to the purchaae or re- demption of theae bonds at over 105 and in- terest. Organization — Incorporated in 1899 in New Jersey and in 1913 absorbed the Atlantic High- lands Gas Co. In 1916 absorbed the Freehold Gas Light Co. Controlled through stock ownership by the Monmouth Shore Gas Co. Secured by a firat mortgage on all the prop- erty of the company, including plants supply- ing gas to Atlantic Highlands, Freehold, High- lands, Rumaon, Middletown, Keansburg, Key- port, Matawan and other communities in Mon- mouth County, N. J. Permanent population aerved over 30,000 and during aummer months over 45,000. The company's plant ia aituated in Atlantic Highlanda from which gaa is dis- tributed through 121.9 miles of mains. Fran- chises are either perpetual or extend to 1960. Year ended Dec. 31 Gross Net Int., etc. 1917 $133,233 $54,217 $35,716 1916 131,470 67,561 38,402 Original Market — Offered June, 1916, by Montgomery, Clothier & Tyler. Philadelphia, New York and Pittsburgh, at 96 and interest. Market. Philadelphia- — Montgomery & Co. New York- -Montgomery, & Co., Tobey ^ Kirk. 1191 ■ '. "'": "■ "?;,'""""-':Prii^e ■ Range. Jan. 1.^1' to Jan. 1, '19 ;. ;^id' Ask " High'. 94''17 9^ '17 '' Low! 89 '18 96 '17 >'■ ^ ■ ■ STANPARP GAS LIGHT CO. OF NEW YORK 1st 6s. Due May 1, ifeSQ. — N. Dated May 1. 189 0. Interest payable May and Nov. 1, at Bankers' Trust Co. , New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1, 5 00, 0. Outstanding — % 1 , 1 9 S . 00 0. Denomination — Coupon, $1. 000. Trustee — Bankers' Trust Co., New York. Organization and Control — Incorporated in New York in 1886. Controlled through own- ership of $4,796,200 of $4,895,700 common stock and $4,096,100 of $4,295,700 preferred stock of common and preferred stock are owned by the Consolidated Gas Co., of New York, Secured by a first mortgage on plant supply- ing gas in Borough of Manhattan, New York City, above Thirteenth St., including extensive works on Bast River at foot of 115th St., 203 iniles of mains and five gas holders. Year ended Dec. 31 Gross Net Interest 1918. ..$2,060,681 $106,270 .. $71,861 1917 1,912,010 339,186 70,791 1916, .. 1,823,986 548.919 72.330 1915 1.686.509 588.829 79.819 ■1914 1,760.400 589,595 90.414 New York — H. M. Byll'esby & Co., T. L. Bronson, T'obey & Kirk, Low Dixon & Co. , Abbott, Johnson & Co., Wm. Carnegie Ewen, Theo. L. Bronson, J. Davenport, F. H. Hatch & Co. Chicago — H. M. Byllesby & Co. , Berde:i Bros. Philadelphia— F. R. Welsh. Price Range Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask 'Hlgh.105 '11 109% '09 93 Nov. 95 Nov. Low. 85 '17 91 '18 85 Aug. 91 Sept. STANDARD MILLING CO. 1st 6s. Due Nov. 1, 1930.— P. Dated November 1, 1900. Interest payable May and Nov, 1, at Metropolitan Trust Co., New York, Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $6,250,000. Outstanding — $2,699,000 (Jan. 1. 1919). Retired by Sinking Fund — $765,000. Camcelled— $3,338,000. Reserved for Prior Liens — $1,448,000. Denomination — Coupon, $1,000. Register- able as to principal. Trustee — Equitable Trust Co., New York. Sinking Fund — Mortgage provides for sink- ing fund of $45,000 per annum. Organization and Control — Incorporated In New Jersey, In 1900, as a holding company. Reincorporated in 1916 to acquire the assets of the old company and the Colonial Flour Mill- ing Co. . Secured by a first mortgage on the plants owned In fee Including one mill at Buffalo, N. Y., with a dally capacity of 2,200 barrels of flour, seven at Minneapolis, Minn., capacity 18,000 barrels and two at Supe'ri9r, 'Wis., with a capacity of 5.000 barrels, on warehouses in Minneapolis, and a warehouse and eight con- crete grain bins in Superior, and 17 concrete grain bins in Kansas City,"; which are all being 1918 ' operated. Bid Further secured by a first lien on the follow- 89 May ing securities: Bntire capital stock .(reported, to have coat $3,537,105) and $868,000 of the $2,316,000 Ist nitge. bonds of the Hecker-Jonea-Jewell Co. The company owns a mill In Manhattan, N. Y. City, with a daily capacity of 8, 500 barrels of fiour daily and a warehouse on Staten Island. Entire capital stock (reported to have cost $2,145,850) of the Northwestern Consolidated Milling Co., owning five mills at Minneupolla. with a daily capacity of 18,600 barrels, free from mortgage debt. Entire capital stock reported to have cost $714,213. of The Southwestern Milling Co.. Inc., owning 2 recently completed mills In Kansas City, Kan., with a capacity of 7,200 barrels, free from debt. Prior Liens — $1,448,000 Hecker-Jones-Jewell Co. 1st 6s of 1^22. Underlies — $567,000 Conv. Debt. 6s of 1926. Year ended Aug. 31 *Net 1918 $1,931,227 1917 1,668,298 1916 1,437.845 1915 1.168,069 *After interest, etc. Listed on the New York Stock Exchange. Market. New York — Saml. Goldschmidt, Moore & Co., Baker, Carruthers & Pell, Joseph "Walker & Sons, Tobey & Kirk. Low, Dixon & Co.. E. Bunge & Co., F. H. Hatch & Co., Holmes, Bulkley & Wardrop," T. Hall. Keyes & Co. Price Range — N. Y. S, £. Jan. 1, 1906 to Jan. 1. 1919 1918 High. 101 Teb. 16 '17 93^ June 21 Low. 83% July 14 '13 88 Jan. 5 STANDARD REFRACTORIBS CO. 1st S. F. 6s. Due Apr. 1, 1929. Dated April 1. 1919, Interest payable April and Oct. 1st, at Trustee's ofllce. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $500,000. Outstanding — $ 500,000. Purpose of Issue — 'To retire $125,000 1st mortgage bonds ; to purchase real estate at cost of $85,000; liquidate bank loans and in- crease cash working capital of the company. Df'nominations — Coupon $500 and $1,000, rfigi.sterable as to principal. Trustee — Union Trust Company of Pitts- burgh. Redeemable as a whole or in part at any interest date on thirty days' notice at 102^ and interest. Sinking Fund — $1 per thousand brick manu- factured, with minimum of $30,000 per an- num, payab'.e to Trustee monthly. Bonds to be drawn by lot semi-annually, beginning Oct. 1. 1919, if not purchaseable in the open market. Organization — Incorporated in Pennsylvania. March, 1914. Manufactures refractory prod- uts in use in open hearth steel furnaces, by- product coke ovens, gas retorts, copper smelt- ers, etc. The company owns a plant at Claysburg, Pa., having capacity of 140.000 brick per day of nine inch, equivalent, gen- eral office bul'.ding, employes' dwellings, two ganister rock properties and coal property, etc. Replacement value of company's prop- erty is estimated in excess of $1,500,000. Secured by a first mortgage on all the prop- erty of tWe company now owned or hereafter "1192 acquired, doihpany covenants to maintain net current assets amounting to 33 1-3% of bonds outstanding. . Original Market — Offered in March, 1919, by Glover & MacGregor, Pittsburgh, and P, N. Risser & Company, Bedford, Pa., at 97^/^ and Interest. STANDARD STi:£I. WORKS CO. 1st S. F. 6». Due Jan. 1, 1938. — F. Dated January 1, 1908. Interest payable Jan. and July 1, at Trustee's office, Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized— $5,000,000. Outstanding — $2,800,000 (Jan. 1. 1919). Retired by Sinking Fund — $2,200,000. Denomination — rCoupon, $1,000. Registerable as to principal or fully registerable. Trustee — Pennsylvania Co. for Insurances on Lives &. Granting Annuities, Philadelphia. Sinking Faiid — An annual sinking fund of $200,000 payable on each January 1 in cash or securities taken at a valug not greater than thei^ par value, acceptable to the Trus- tee. Cash payments to be applied to the pur- chase of bonds at not exceeding 105 and in- terest. Bonds acquired are to be cancelled. Organization — Incorporated in Pennsylvania in 1907. All of the stock is owned by the Baldwin Locomotive Works. Secured by a first mortgage on plant sit- uated at Burnham, near Lewiston, Pa., com- prising about 87 acres, including modern fur- naces, tire mills, iron and steel foundries, spring shops and 11 miles of railway and equipment. The capacity of the plant Is In excess of 200,000 tons of finished products and open hearth steel per annum. Sarnin^s — See Baldwin Locomotive Works 1st S. F. 5s. liisted on the Philadelphia Stock Exchange. Original Market — $1,764,000 offered in Dec, 1909, by Brovn Bros, & Co. and Henry & West, Philadelphia, at par and interest. Market. FtiiladelpMa — West & Co., Graham, Parsons & Co., S. K. Phillips & Co., H. D. BoenAing & Co., B. B. Smith & Co., Caasatt & Co., Reed A. Morgan & Co., Brown Bros. & Co., Barclay, Moore & Co., Harper & Turner, Par^ rish & Co. Price Range Jan. 1. 15 to Jan. 1. '19 1918 Bid Ask Bid High. 102 '15 103 '15 98% Dec. Low. 96^4 '18 102% '15 ^6% Aug. STANDARD VARNISH WORKS, Inc., Ist 6s. Due annnaliy eacli November 15 as fol- lows: »ZS,O0Of 1916 and 1917; $50,000. 191S to 1930, inclusive; $60,000, 1921 to 1935, inclusive. — P. Dated Nov. 15, 1915. Interest payable May *15 and November 15, at S. W. Straus & Co., Chicago and New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding— $400,000 (Jan. 1, 1919). Balance Redeemed. Denominations — Coupon, $1,000 and- $500i Trustee — S. W. Straus, Chicago. Redeemable at 102% and interest. Organization — Business established in 1870. Incorporated in New Tork in 1887, Secured by a first inortgage on the entire property of the company. Company's plants are- located at Staten Island, N. T.j- Chicago, 111., and Toronto, Ont. The company agrees to njaintain net quick assets at not less than 1% times all liabilities except bonded debt. Plants valued at $997,698 as of December, 1915. Original Market — Offered December, 1915, by S, W. Straus & Co., Chicago and New York, at par and interest. IVIairket New York — S. W. Straus & Co. Chicaeo — S. W. Straus & Co. STANFIJBr-D'S. LTD., Ist 68. Due Jan. 1, 1931. Dated Jan. 1, 1906. Interest payable Jan. and July 1. ^ Tax Status — Paynrent of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $388,450 (Jan. 1, 1918). Retired by Sinking Fund — {111,550. Denomination — Coupon and Registered, $100, $500 and $1,000. Coupon bonds are regis- terable as to principal. Trustee — Eastern Trust Co., Halifax, N. S. Redeemable for the sinking fund at 105 and Interest, Secured by a first mortgage on knitting iniUs at Truro, Nova Scotia. Year ended Dec. 31 ; 'Net 1917 $95,832 1916 109,689 ♦After interest and sinking fund. Market. Montreal — P. B. McCurdy Sec. Co., Ltd. Halifax — J, C. Mackintosh McCurdy & Co. St. John — Eastern Securities Co, Co., Eastern Co., F. B. STARK COUNTY TELEPHONE CO. Ist 58. Due Oct. 1, 1920.— N. Dated Oct. 1, 1900. Interest payable April and Oct. 1, at Citizens' Savings & Trust Co., Cleveland, Ohio. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $238,500. Held in Sinking Fund — $143,500. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Citizens* Savings & Trust Co.. Cleveland, Ohio. Sinking Fund — Annual amounts applied to acquire these bonds. Bonds acquired held alive and interest added to this fund. Organization and Control — Incorporated In Ohio in 1900. Absorbed by the Ohio State Telephone Co- Secured by a first mortgage on independent telephone system in Alliance and Canton, Ohio. Population served, 70,000. Subscribers, 12,- 000. Franchises perpetual. Underlie^ — $5,000,000 Ohio State Tel, Gen. 3s-5s. Earnings — See Ohio State Telephone Co. Market. New York — Gilman & Clucas. Cleveland — Roland T. Meacham, Borton & Borton. W. S. Snyder & Co. Fhiladelphia — S. K. Phillips & Co. Price Range. ,Ian. 1. '15 to .Jan. 1, '19 1918 Bid Ask Bid Hlgh.99 '17 90 Feb. Low.. 81% '15 86% '15 J 193 STARK ELECTRIC BAII.ROAD Ist 5s. Due STATEN ISLAND RAILWAY CO. Ist 4V2S. Jan. 1, 1928.— B". Dne June 1, 1943.— N. Dated Jan. 1, 1903. Interest payable Jan. Dated June 1, 18S3. Interest payable June and July 1, at Citizens' Savings & Trust Co., and Deo. 1, at Coal ' & Iron National Bank, Cleveland, Ohio. New Tork. Tax Status — 2 % Federal Income Tax paid Tax Status — Payment of Federal Income Tax by comuany without deduction. not assumed by company. Authorized — $1,000,000. Authorized — Closed mortgage. Outstanding — $866, 000 Outstanding — $611, 000. Retired by Sinking Fund — $134,000. Denomination — Coupon, $1,000. Kegisterable Denomination — Coupon, $1,000. as to principal. Trustee — Citizens' Savings & Trust Co., Trustee — Bankers' Trust Co., New York. Cleveland, Ohio. Organization and Control — Incorporated In Redeemable at 105 and interest. New York in 1872, Practically the entire cap- Sinking Fund — $10,000 per annum from 1910 ital stock is owned by the B. & O. B, R, Co, to 1915 and $20,000 thereafter. Since July 1, 1916, this road has been oper- Organization — Incorporated in Ohio in 1902. ated as a part of the Staten Island Rapid Secured by a first mortgage on 34 miles "of Transit Ry. Co. electric railway from Cailfton to Salem, Ohio, Secured by a first mortgage on 12,65 miles including local lines in Alliance, Interu'rban of road from Clifton to Tottenville, Staten line built entirely on private right-of-way. In- Island, N. Y., of which 10 miles are double- eluding that part located in cities. This prl- tracked. The road parallels the eastern shore vate right-of-way extends from within seven of Staten Island, which forms "the Borough of blocks of the public square in center of Can- Richmond of the City of New Tork. The busl- ton to within 300 feet of the business center ness of the company is almost entirely passen- of Salem, Population served. Alliance, 20,- ger traffic. 000; remaining territory, 76,000. Refunding — B, & O. Gen, & Ref. 6s of 1995 Year ended Dec. 31 Int., provide for the retirement of this issue. Gross Net & Taxes Year ended June 30 Int. 1918 $494,161 $119,560 $69,474 Gross Net & Rent 1917 396,185 156,476 68.685 1916 $400,361 $67,113 $42,609 1916 350.900 160,426 65,446 1915 367,456 45,600 42,310 Market Later earnings Included in operation of tha Cleveland— Hayden, Miller & Co.. Borton & ^'j'^" Island Rapid Transit Ry. Co. Borton. Legal for Me. Columbus- F. W, Freeman. Listed on the New York Stock Exchange, l^ew York — ^Hornblower & Weeks, Market. Chicago — Hornblower & Weeks. New York— J, S. Farlee & Co., F. H, Hatch Boston — ^Hornblower & Weeks, & Co,. Sam'l Goldschmidt, Burgess, Lang & Co., Tobey & Kirk, Oilman & Clucas, Baker, * Carruthers & Pell, Abraham & Co. STATE LINE & SULLIVAN RAILROAD CO. Boston— Burgess. Lang & Co. 1st 4yas. Due Jan. 1, 1929.- F. Price Range— N. Y. S. B. Dated December 12. 1898, Interest payable J»n- 1' 19«« *» Ja"- 1> 1919 1918 Jan. and July 1, at Trustee's office. Ask Bid Bid Tax Status — 2% Federal Income Tax paid Hlgh.95 Nov. 17. '11 86 Nov, by company without deduction. Low. 91 June 6, '12 Tax exempt in Pennsylvania, Out'sSnil$°2°72!°0°00. STEEL & RADIATION CO. 1st 6s. Due AprU a»'?o"p"rTnclpar~'"'"''°"' ^'•'"'°- ^"^'^'"■■^"^ Dated April 1. 1911. Interest payable April Trustee— Union Trust Co.. New York, f"^ °^^- 1' ^' ^o^.^l Bank of Canada, Toron- Bedeemable at par and interest, ^°* ^j. ^ -, ^„t^^,t n. Sinking Fund- An amount equal to any div- ?^'"' Status--Payment of Federal Income Tax Idend or distribution of profits paid by the "°' 'ifsumea ^^°°™'^}'^- company shall be paid to the Trustee to be ^"J'^P^j- ~~*V^^?',?^?'„ applied to the purchase or redemption of bonds. „" *°?";^~i,^'P '. °; ..„ Control— Leased for -60 years from May 1, Reserved for Ext.- $600,000 1884, to the Pennsylvania & N. Y, Canal & Denominafion- Coupon, $1,000, Registerable B. R, Co, at $40,000 per annum and is oper- as to principal, „ , . „ ated by the Lehigh Valley R, R. Co.. which Trustee— Montreal Trust Co., Montreal. Can. owns the entire stock of the Penna, & N. Y. Organlzbtion— Incorporated !in Ontario In Canal & R. R. Co. 1»1>'- ,,.,,,. . , , Secured by a first mortgage on 24.06 miles Secured by a first mortgage on two plants in of road from Monroeton to Bernice, Pa,, and Toronto and plant covering 36 acres In St, about 6,000 acres of coal lands, which are Catharmes, Ont,. where company is engaged leased to the Connell Anthracite Mining Co. '" manufacturing hot-water boilers and radi-. Legal tor Me. ators, metal lath, etc. Listed on the Philadelphia Stock Elxchange, "*' ended Dec. 31 Gross "Nef . , . . 1917 $556,306 $213,617 T,,.., , . I.- ^,.1? „ ^ .-, ,. 1916 467,390 303,601 Philadelphia— ChasPearon & Co., Graham, 1915 -342,346 123.086 Parsons & Co., E. W, Clark & Co., Harrison 1914 , 774 231 13 797 & Co.. Barclay, Moore & Co., Huntoon & Co., jgjg 1148*728 108*131 ^•„?.. f'''"i'"'„* S°-iTYl7™ \ n^^'^- "After 'interest 'but 'before depreciation, 'etc. Pittsburgh — R. B. Hutchinson & Co, Market. Price Range. Toronto — Heron & Co., Aemillus Jarvis & Jan. 1, '08 to Jan. 1, '19 1918 Co, Bid Ask Bid Ask New York — Louchheim, Minton & Co,, W. S. High. 98 '13 100 '12 85 Jan. 92 Jan. Macomber, B. Bunge & Co., Sam", Gold- Low. 80 '08 90 '18 90 Sept. Schmidt, Lynch & McDermott. 1194 Price Range. Jan. 1, '17 to Jan. 1, '19 191S Bid Ask Bid Ask Hi&h.55 '18 65 '17 55 June 60 June Low. 40 *18 55 *18 40 Feb. 55 Dec. (THE) STEEL & TUBE CO. OF AMERICA 3-Year 7% Secured Conv. Notes. Due July 1, 1921. . . Dated July 1, 1918. Interest payable Jan. 1 and July 1 in New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,500,000. Outstanding — $5,000,000. Reserved for Corporate Purposes — $2,500,000. Denomination — Coupon $1,000 and $500. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable as a whole or in amounts of not less than $500,000 by lot at 102% and interest at any time on 30 days' notice. Convertible at any time, dollar for dollar, into General Mortgage S. F., Series "A." 7% boods, due 1943. If called for redemption, privilege to convert may be exercised at any time up to 10 days prior to redemption date. Sinking Fund — The General Mortgage pro- vides for an annual sinking fund, beginning 1921. of 3% of the amount of Series "A" bonds issued, to ca'.I bonds annually at 105 and interest if not obtainable by purchase at or below that price, which will retire ap- proximately two-thirds of all Series "A" bonds by maturity. The terms of the sinking fund for other series of bonds are to be de- termined by the company at the time each aeries is created, except that a minimum an- nual sinking fund of 1% shall be provided. Organization — Incorporated in Delaware, June, 1918. as a consolidation of the Iroquois Iron Co. and the Mark Manufacturing Co. The Iroquois Iron Co.. established In 1899, produced merchant pig Iron, with plant lo- cated at South Chicago. The Mark Manufac- turing Co. was established in 1889 and manu- factures steel tubular goods, with plants at Evanston, 111., Zanesville. O., and Indiana Harbor, Ind. The company's combined annual capacity is about 750,000 tons of pig iron and 450,000 tons of steel and steel products. The company has a controlling Interest In iron ore mines and has long term favorable contracts for additional iron ore; has contracted for the entire coke output from a by-product coke plant of 120 ovens now nearing completion adjacent to the company' s Indiana Harbor properties and under option of purchase at cost by the company ; and thriiugh . ownership of 95% of the stock controls zinc mining and refining concerns. Secured by pledge of $5,000,000 (total is- sued) Gen, S. F. 7s, Series "A," due July 1. 1943. The pledged bonds are secured by a general mortgage on the entire property of the company now owned or hereafter acquired. During the life of the notes no additional bonds can be issued other than those pledged for these notes, except upon like reduction in existing indebtedness. Thereafter in addition to bonds for refunding purposes, bonds may be issued at par for not exceeding 75% of the certified cash cost of additions and Improve- ments to the property covered by the lien of the mortgage, but only when available net earnings for twelve consecutive months have been equivalent to at least three times annual interest on all funded debt of the company outstanding. Under the terms of the Trust Agreement the company covenants to maintain net work- ing capital, as defined, of at least $7,500,000 at all time.s during the life of the Notes. Thereafter, under the terms of the General Mortgage, no dividends can be paid unless this amount of n-^t working capital is maintained. As of July, 1918, working capital was. ap- proximately $10,000,000. Prior Liens — $12,256,110 bonds as follows: Irpquois Iron Co. Ist 5s, 1918-1929$1. 532.000 Iroquois Iron Co. Ref. 6s, 1922-1932 626.000 Mark Manufacturing Co. 1st 6s, 1919-1939 4.000.000 Mark Manufacturing Co. 6% Notes, 1920 ■■ ■ 6,000,000 Mark Manufacturing Co. R. E. Mtge. 98.110 Under the provisions of this mortgage no additional bonds are issuab'.e under the above mortgages, and bonds of this issue are re- served for the retirement of the various Ir- sues. Original Market — $5,000,000 offered July, 1918, by Wm. A. Read & Co., New York, etc., and Continental & Commercial Trust & Sav- ings Bank, Chicago, at 97% and interest. Market. Chicago — Babcock, Rushton & Co. Baltimore — R. Garrett & Sons. Grand Rapids — Howe, Snow. Corrigan & Bertles. Now York— T. Hall Keyes & Co. Boston — "Wm. A. Read & Co. Detroit — Joel Stockard & Co. Price Range — 1918 — Ask 97% 98%. (THE) STEEIi COMPANY OF CANADA, I*td., 1st & Coll. Tr. 68. Due July 1, 1940. Dated July 1, 1910. Interest payable Jan. 1 and July 1, at Bank of Montreal or Parr's Bank, Ltd., London. Fixed rate of exchange. $4.86 2-3 to the £. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $10, 000, 000. Oat8tandlng^$7,801.247 (June 10, 1919). Retired by S. r.-r$548.753. Reserved for Ext.-^$1,160,000. Reserved for Prior Uens — $500,000. Denomination—Coupon, $100, $500 and $1, 00, and Sterling equivalents. Register- able as to principal. Trustee — Royal Trust Co., Montreal. Redeemable as a whole at 110 and Interest on and after July 1. 1915. on 6 months' notice, or in part for sinking fund at same price on and after July 1, 1916. Sinking Fund — ^Annually, beginning July 1, 1916, 2% of ^onds outstanding plus Interest on bonds redeemed. It is estimated that this fund will retire $6,000,000 bonds at maturity. Organissation — Incorporated in Canada in 1910 and acquired the properties of The Ham- ilton Steel & Iron Co. , Ltd. , The Montreal Rolling Mills Co., Ltd.. Canada Screw Co., Ltd., Dominion Wire Mfg. Co. and Canada Bolt & Nut Co., Ltd. Capital Stock Authorized Outstanding Pref. (7% cum.) $10,000,000 $6,496,300 Common IB.000,000 11,500.000 Secured by a first mortgage on plants cover- ing 100 acres at Hamilton, Ont.. including two blast furnaces, open hearth steel furnaces, rolling mills, etc., two plants covering 16 acres adjacent to the Lachlne Canal at Mon- treal, formerly of the Dominion "Wire Manu- facturing Co. and Montreal Rolling Mills Co., one screw cutting plant In Hamilton and six plants, formerly of the Canada Bolt & Nut Co. in Toronto, Brajitford, Belleville and Ganaoque, Ont., and a second mortgage on rolling mills In Montreal. 1195 Prior I^ienB' — $500,000 Montreal Rolling Mills Ltd., 1st 6s for the retirement of which bonds of this issue are reserved. Underlies — $180,000 6% Conv. Notes due 1919-1920. "Year ended Dec. 31 Gross Net Int. & S. F. J.918 $5,367,126 $3,129,982 $700,224 1917 6.040,318 1,206.000 692.734 1916 5.021,391 601.626 691,273 1915 3,230,452 400,000 619,500 1914 539,811 521,138 Listed on the London, Montreal and Toron- to Stock S^cchanges. Original Market — $488,000 offered in July, 1910, by the Royal Securities Corp., Montreal, Toronto, etc., at 101% and interest, and- $850,000 April, 1914, at 92% and interest. Market. Montreal — Manning & Co., Royal Securities 'Corp. , Ltd. , McCuaig Bros. & Co. , N. B, Stark & Co., Nesbitt, Thompson & Co,, Can- ada Industrial Bond Corp., Canada Sec. Corp., Ltd., Dominion Securities, Hew R. Wood Co. New York — "W. S. Macomber. Abraham & 'Co. Toronto — ^A, B. Ames & Co., Goldman & Co., G. A. Stimson & Co., Aemilius Jarvls & Co., F. H. Deacon & Co. Price Range. Jail. 1, *15 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '17 101 '17 94 Dec. 98 Feb. Low. 84 '18 88% '15 84 Jan. 89 Jan. STEINWAy RAII.WAY Ist 6s. Due July 1. 1932.— N. Dated July 1, 1892. Interest payable Jan. and July 1, at Guaranty Trust Co., New York. ' Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control — Absorbed by New York & Queens County Ry. Co.', which is controlled through pwnership of all stock by the Interbo rough Rapid Transit Co. ■ Secured by a first mortgage on 18 miles of street railway in Long Island City and vicin- ity. ' Underlies — N. Y. & Q. C. 1st & Ref. 4b. framings — See N. Y. & Q. C. Ry. Market. New York — B. & C. Rando:ph, Sharretts & Young, T. L. Bronson, Geo. S. Crap & Co., T6bey & Kirk, F. H. Hatch & Co.? Low, Dixon &; Go., "Wm. Carnegie Ewen, Berdell Bros., J. Davenport. Philadelphia — Canadian Bond Corp. Price Range. Jail. 1. '08 to Jan. 1. '10. 1918 Bid Ask Bid Ask High. 107 '09 112 '09 . ^T June 82 June Low. 60 '17 -65 '17 60 Aug, 70 Aug. STEPHBNSON CO. (JOHN) 1st 6s. Due Dec. 31, 1936, Interest payable Jan. and July 1, at Guar- anty Trust Co., New York. Tax StatuH — Payment of Federal Income Tax not assumed by company. Outstanding— $325,000 (Dec. 31. 191SJ. Purchased and Cancelled — $75,000. Note — Preferred stock (7% cum.) of the J. G. Brill Co. has been deposited In trust to provide for the payment of these bonds. Under the provisions of issue of the preferred stock no funded debt in addition to these bonds may be created -Without the approval of 75 p. c. of the preferred stock. Redeemable on any interest date at 105 and Interest. Control — ^Absorbed by the J. G. Brill Co. This Is the only -issue of bonds of the Brill Co. or any of its subsidiaries. Secured by a first mortgage on 89 acres of ground and modern car building plant in Bllza- beth, N. J. Year ended Dec. 31 (J. G. Brill & Co.) Gross 'Net' 1918 $16,761,155 $916,311 1917 7,706.099 994,189' 1916 6,180,896 93.268 1915 4,403,117 116,326 1914 4,903,511 158.884 ■* After interest, depreciation, - etc., and Fed- eral taxes. Market. New York— F. H. Hatch & Co. Philadelphia — Chas. Fearon & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Bid High. 80 '18 Low. .67 '17 80 Apr. STEPinENVII.IJB. NORTH & SOUTH TEXAS RAILWAY CO. 1st 5s. Due July 1. 1940. Dated July 1, 1910. Interest payable Jan. and July 1. at Guaranty Trust Co., New York, and at Trustee's oflice. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10, 000, 000. Outstanding — $2,607,000. Owned by St. Ij. S.-W. and Deposited as Collateral — $184,000. Reserved for Ext. — $7,209,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Commercial Trust Co., St. Louis. Redeemable at 105 and interest on any in- terest date on do days' notice. Guaranteed as to principal and Interest by the St. Louis Southwestern Ry. Co, by en- dorsement. Organization and Control — Incorporated in Texas In 1907. All of the stock is owned by, and property leased to, the St. Louis South- western Ry. Co. of Texas, Secured by a first mortgage on 105.73 miles of road, viz. : Miled Comanche to Gatesville, Tex — 68 . 63 Edson to Stephenville, Tex 37.10 Refunding — Bonds are reserved under St. Loiiis Southwestern Ry. 1st Term. & Unlf. 53 of 1952 to retire this Issue. Original Marlcet — Offered in March, 1912, by the Guaranty Trust Co. and Rhoades & Co., New York, at 97% and interest. Market. New York — Burgess, Lang & Co., Martin. Eerwin & Co., W. J. WoUman & Co., F. J. Lisman & Co.. Spencer Trask & Co., A. B. Leach & Co., Rhoades & Co., e! & C. Ran- dolph. Baker. Carruthera & Pell, W. C. Rauscher. Detroit — Security Trust Co., First and Old Detroit National Bank. St. liOuis — Bowman, Cost & Co. Chicago — King, Hoagland & Co. Baltimore — Riggs & McLane. Boston — Burgess, Lang & Co. Albany — John J. Hart. Price Range. Ja-n. 1, *12 to Jan. 1, '19 1918 Bid Ask Bid Ask Highj95 '13 97% '13 65 Dec. 70 Dec^ Low. 45 '17 55 '17 45 Feb. 55 Feb. 1106 ;gTEBUlfG^PYIN TBANSIX CO. 1st 68. Dae Jan. 31, 1938. — N. . Dated Feb, 1, 1908. Interest payable Feb. 1 and Aug. 1, at Bank of Montreal. Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized — $500,000, plus $20,000 per mile. Outstanding — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Guaranteed as to principal and interest by the Winnipeg Electric Ry. Co. by endorsement. Organization and Control — Incorporated in Manitoba in 1902. Controlled by the Winni- peg Electric Ry. Co. through stock ownership. Secured by a first mortgage on the property of the company, including 21.25 miles of track from Winnipeg to Headingly. Year ended Dec. 31 Gross Net Interest 1918.... $146, 230 $4,655 $38,943 1917 139,316 17.204 38.224 1916 82.639 6.047 ' 32.664 Original iHarket — First offered by the Domin- ion Securities Corp., Toronto, Montreal, ^ etc., and Baker, Ayling & Co., Boston, at 9B and interest. Market, Montreal — Dominion Securitites Corp., Ltd. SUFFOI/K & CABOUNA RArLBOAD 1st Cons. Ss. Due July 1, 1952. — F. Dated July 1. 1902. Interest payable Jan. and July 1, at Trustee's office, Baltimore. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $660,000. Pledged nnder Norfolk Southern 1st & Bef. 5s— $60,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Baltimore Trust Co.. Baltimore. Redeemable at any time at 110 and interest. Assumed by Norfolk Southern R. R. Co. Control — In 1904 merged with several other companies into the Virginia & Carolina Coast R. R., which company was merged into the Norfolk & Southern Ry. Co., which latter com- pany was succeeded by the Norfolk Southern R. R. Co. Secured by a, first mortgage on 73.52 miles of road, viz.: Miles Suffolk, Va., to Edenton, N. C BO. 23 Beckford Jet. to Elizabeth City, N. C. 23.29 Underlies — Norfolk Southern Igt & Ref. Bs of 1961, under which latter mortgage bonds are reserved for the retirement of ■ tills issue. lilsted on the Baltimore Stock Exchange. Market. New York — Baker, Carruthers & Pell. P. J. Lisman & Co., P, H. Hatch & Co., Gilman & Clucas. Wood, Struthers & Co. Baltimore — ^Middendorf, Williams '& Co., J, Harmanus Fisher & Son, Jenkins, Whedbee & Poe. Price Range. . Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Ask Hlgh.lOl '13 106 '13 76 Mar. Low. 70 '17 76 '18 76 Oct. SUIXIVAN COUNTY BAELBOAD 1st 4s. Dae April 1, 1984.— N. Dated March 31. 1894. Interest payable April and Oct. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $400,000. Outstanding — $367,000. Denomination — Coupon and Registered, $1,000, and interchangeable. Trustee — Boston Sate Deposit & Trust Co., Boston, Organization and Control — Incorporated in New Hampshire in 1846. The entire $500,000 capital stock is owned by the Vermont Valley R. R. Co., a subsidiary of the Connecticut River R. R. Co., which latter company is a subsidiary of the _ Boston & Maine R. R. Co. Secured by a first mortgage on 26.04 miles of road from Bellows Palls. Vt., connecting with Vt. Val. R. R., to Windsor, Vt., con- necting with Cent. Vt. R. R. This road forms part of the main line of the Central Vermont Ry. between Montreal and New London, Conn., that company having trackage rights over this line. Year ended June 30 Gross 1917 $642,059 1916 600,784 1915 614,859 1914 647,282 Legal for Conn., Me., Mass., and N. J. Net $250,139 260,020 143,465 128,406 Int. & Rent $40,006 38.330 37,183 37,310 Mich., Minn. SUN COMPANY S. F. Deb. 6s. Due May 1, 1929. Dated May 1, 1919. Interest payable May and Nov. 1. in Philadelphia and New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $20,000, 000. Outstanding — $6,000,000. ' Reserved (or Ext.— (76%) $14,000,000. Purpose of Issue — To extend and develop the company's properties and provide addi- tional working capital. Denominations — Coupon, registerable as to principal, and fully registered. $500, $1,000 and $5,000. C. & R- interchangeable. Trustee — Commercial Trust Company. Phila- delphia. Redeemable as a who'e or in part on any interest date at 101 and interest; redeemable for sinking fund at par and interest. Sinking Fund — Beginning Nov. 1, 1919, semi- annual payments to the Trustee sufficient to retire these debentures in the following per* 1199 csntoges: Pirat.year, 3%: second year, 6%; SUN SHIPBUIIiMNG CO. Ist Ss. Due each third year, 6%; fourth year, 8%; fifth year, Jan. 1, as follows: $66,000, 1918; S6J.- »%«! ^KtiiT siear, .11^.1. seventh year, 12%: 000, lOli); $133,000, 1920 and 1921; $134,- eiBiilft year. 14%; ninth year, 16%ratid tenth 000, 1932; $200,000, 1923 to 1926, Indus- Sfeai*!- 17%: a total of'. 1-00%'.- ive, .an4 $661,000, 1927.— F. ■ -Cfrea-nizatidn-^Incorpoxated in . New. Jersey Dated -Jan. 1, 1917, Interest payable Jan, May 4i 1901,' as successor to. the Sun OH and July 1, at Trustee's office. Oompany., an Ohio corporation, lOi^gani^ed 1893. Tax IStatuu — 2% Federal incbriie Tax paid Company ' directly' or . through: subsidiaries is by cpmpany withput deduction. . engaged in ths' business of p'rodu'oiag, jeflnine, . jTax e:^empt in Pennsylvania, transportation and marketing of petroleum Authorized — $2,500,000. and its products. -Owns directly or through -,-,. Outstanding — $1,867,000 (Jan. 1, 1919). Subsidiaries producing and undeveloped oil Retired — $133,000. leases, pipe lines, tank ships, refineries, tank :. flteserved for Improvement — $500,000. cars and distributing, stations, being indepen- •Issuable for 50% of cost, or 1^% of cost dent of outside facilities front Oil lease to con- if net earnings are 3 ^ times interest charges sumer except for the purchase in part of on total Issue. crude oil. . ' ' - ' . Denominations-Coupon, $1,000. Kegisterable Authorized Outstanding as to principal. Capital stock $7,920,000 $6,890,000 - .TruBtee-:-Commerclal Trust Co., Phiiadel- The Sun Company controls the following Phla. . :; . subsidiaries through ownership of the indicated Bedeemable at 102 and interest on 60 days' percentages of their capital " stocks : notice. Delaware River & Union Railroad Co.. 99.5% Organization — Incorporated in Pennsylvania The Twin State Oil Co 99.4% i" May, 1916, to manufacture freight vessels Sun Pipe Line Co. . .'//.'.'.'/.'.'.'.'.'.'.'//, 9 5.' 8% ^^^ tank steamers. The company proposes to The Sun Oil Line Co . 99 6% establish a standard design and confine its op- Hardwood Package Co . .'........'...'.. . 94! 5% eratlons largely to that method of building. The Sun Oil Co 92 5% Plants are on or near the Delaware River at Sun Shipbuilding' ' Co .'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. '. 79.0% Chester, Pa. It has a river frontage of 1,600 O'Connell Oil Co 69.0% ieet. Capital stock (issued for cash at par), Augusta Wood Products Corp 60.0% $2,600,000. . , , „ ^. Properties include the fo.lowlng: Secured by a first mortgage on all the prop- ■ Producing wells in Oklahoma, Kansas, ^^ ".' "^e company now owned and future vK'.?ni»°'"°' ^°"'='^"^' Kentucky and West ^'"'^^iZ Marltet-$2,000,000 offered Jan., iReflneries at Marcus Hook, Pa.; Toledo. O. ; "S'' ">' ?'^'°=' f°"'^ ^ ■="•• Philadelphia. Yale. Okla.; Avoy,' Okla. ^' l"" ^""^ '"'erest. Floating £;qnivment — 7 Steel Screw Ocean- Market. going Tankers tota:iing 64,800 D. W. tons, 3 Philadelphia — West & Co., Graham. Parsons barges. & Co., Geo, S. Fox & Sons, Montgomery & Railroad Facilities and Eauipment at Mar- Co., Blkins, Morris & Co., C. Fearon & Co., cus Hook, Pa. Ijloyd & Palmer, S. K, Phillips & Co. Pipe Lines in 'Te.xas and Ohio. Price Range. Oil Leases in Oklahoma, Kansas, Texas, Jan. 1, '17 to Jan. 1, '19 1918 Ohio, West Virginia, Indiana, Louisiana, Ken- Bid Ask Bid tfi'pky, Colorado and New Mexico. High.90 '18 100 '17 90 Jan, 775 Steel Tank Cars. Low. 98% '17 Barrel Plant at Marcus Hook, Pa. ■Timber lands in Virginia, and distributing SUNBURY & I,EWISTOWN RAILWAY CO. stations, sales ofHces, etc., in a'.l of the prin- jgj 4g j)„g j„iy j^_ 1936. — F. cipal distributing centers of the United Dated July 1. 1896. Interest payable Jan. States. and July 1, at Broad Street Station, Phila- '^ Appraised value as of May, 1919, of all oil delphia. properties, refineries, pipe lines, etc., over Tax Status — 2% Federal Income Tax paid $25,000,000, and all ship tanks and tank cars. by company without deduction. $12,265,000. Net current assets as of Dec. Authorized — Closed mortgage. 31, 1918 (including proceeds of this issue). Outstanding — $600,000. ' $14,575,782. Denomination — Coupon, $1,000. Registerable Security-A direct obligation of the com- =-\'?„"/t'e"elGuarantee Trust & Safe Deposit pany but not secured by a mortgage. Trust ^^ Philadelphia agreement provides that during the life of Assumed by the Pennsylvania R. R. Co. these debentures the Sun Company vjui not Organization and Control— Incorporated in create or permit to be created any mortgage Pennsylvania in 1896, and in 1900 consolidated or deed of trust or hen upon any of the plants ^j^^ ^^^^^ ^.^^^j^ j^j^ ^^^^ Schuylkill & Juniata or properties now^owned by it .or .by any of ^ ^ ^o., which latter company was merged the . subsidiaries above mentioned except the ^^^^ ^j^^ Pennsylvania R. R. Co. in 1902. Sun Shipbuilding Company, O Connell Oil Secured by a first mortgage on 66.71 miles Company and the Augusta Wood Prpducts Cor- ^j ^.^^^^ ^j^ . jjj[gg poratlon. Selinsgrove Jet. to Lewistown Jet., Pa. 44.57 Company further covenants that none of the Lewistown to Milroy, Pa 11.14 companies included above will pay any divi- Underlies — Pennsylvania R. R, Gen. 4%3 of dends on their stock or otherwise distribute 1965, which provide to retire these bonds, profits so as to reduce their combined quick I,eeal for Bait., Cal., Conn., Me., Mass., assets (less all liabilities except these deben- Mich., Minn., Mo., N. H., N, J., N. T., R. I., tures) below 125% of the principal amount of Vt. and Wis. these debentures at the time 1 outstanding. liisted' oii' the 'New York Stock Exchange. Original Market — Offered May,, 1919, by Market. Montgomery & Company, Phi'.adeiphia, New Philadelphia — West & Co., Graham, Parsons York and Chicago, at 98% and interest. & Co., E. W. Clark & Co., Reed A. Morgan '12OU " & Co., Biddle & Henry, C. Fearm & Co., Hun- toon & Co., Warren A. Reed. New York — Coffin & Co., Baker, Carruthers & Pell, Abraham & Co. Pittsburgh— R. B. Hutchinson & Co. Price Range. Jan. 1, 1908 to Jan. 1, 1919 1918 Bid Ask Bid High.100% '09 101 '09 84'/i Jan. Low. 70 '17 95''08 75 Mar. SUNBUKY, HAZEIiTON A WILKES-BABRi: RAILWAY CO. 1st 5b. Dae IVIay I, 192S. Dated May 1, 1878. Interest payable May and Nov. 1, at Broad Street Station, Philadel- phia.- Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. ♦Outstanding — $397,700 (Jan. 1. 1919). , Held in Sinking Fund — $668,900. *$56,000 held in Pennsylvania Lines' In- surance Fund. Denomination — Coupon, $100. $500 and «1,000. Trustee — Fidelity Trust Co., Philadelphia. Redeemable for sinking fund at par and interest. Sinking Fund — Annually, May 1, one-half of 1% of the bonds of Series A, together with the interest on the bonds in the sinking fund at the time, shall be applied to the purchase of this series at not exceeding par. Bonds so purchased to remain alive In the sinking fund. Assumed by the Pennsylvania R. R. Co. Dec. 31, 1915. Organization and Control — Incorporated in Pnnnsylvania In 1878 as a reorganization of the Danville, Hazelton & "Wilkes-Barre Ry. Co. and was merged with several other roads into the Schuylkill & Juanlta R. R. Co. in 1900. The latter was merged into the Penn- sylvaia R. R. Co. in 1902. Secured by a first mortgage on 43.81 miles of road from Sunbury to Tomhicken, Pa. This road serves an important part of the anthra- cite coal field, and forms a part of the Penn- sylvania R. R. ' s line into "Wilkes-Barre, Pa. Underlies — 2d Bs and the Pennsylvania R. R. Gen. 4%s of 1965, which latter mortgage pro- vides to retire this issue. Legal for Bait. , Cal. , Conn. , Me. . Mass. , Mich., Minn., Mo., N. H., N. J., N. T., R. I., Vt. and Wis. liisted on the Philadelphia Stock Exchange. Market. Philadelphia — Graham. Parsons & Co., West & Co., Brown Bros. & Co., Chas. Fearon & Co., Reed A. Morgan & Co., Elkins, Morris & Co., E. B. Smith & Co., Biddle & Henry, H. D, Boenning & Co., Huntoon & Co., Barclay, Moore' & Co, New York — Blodget & Co., F. J. Lisman & Co. , Abraham & Co. , Baker, Carruthers & Pe:i, Taylor. Smith & Hard, Vilas & Hickey, Callaway. Pish & Co.. Chas. "W. Place, Pittsborgh — R. B. Hutchinson & Co. Price Range. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Eld Ask High.10114 '12 106 '17 96 Apr. 101 Sept. Low. 90 '17 100 '14 95 Jan. SUNBURY, HAZELTON & WILKFS-BARRE RAILWAY CO, 3d 6s. Due May 1. 1938. Dated May 1, 1878. Interest payable May and Nov. 1, at Broad Street Station, Philadel- phia. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $1,349,500. Denomination — Coupon, $1,000, $500 and $100. $1,000 bonds are fully registerable. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Pennsylvania R. R. Co. Dec. 31. 1915. Organization and Control — See 1st 5s. Secured by a second mortgage on 43.81 miles of road from Sunbury to Tomhicken, Pa, Prior Liens — Sunbury, Hazleton & "Wilkes- Barre Ry. Co. 1st 5s of 1928. Underlies — Pennsylvania R. R. Gen. 4%s of 1965, which mortgage provides to retire this issue. Legal for Bait. , Cal. . Conn. . Me., Mass. , Mich., Minn., N. H.. N. Y.. R. X. and Vt. Listed on the Philadelphia Stock Exchange. Market. New York — Taylor, Smith & Hard. Chas. W. Place. Blodget & Co., Coflin & Co., Abraham & Co., Baker, Carruthers & Pell, Huntoon & Co. Fhiladelphia-^West & Co., Graham, Parsons & Co., Brown Bros. & Co., Newburger, Hen- derson & Loeb, Chandler & Co.. Reed A. Mor- gan & Co., Chas. Fearon & Co.. B. B. Smith & Co.. Biddle & Henry, H. D. Boenning & Co., Barc'.ay, Moore & Co. Pittsburgh — R. B. Hutchinson & Co., God- dard. Hunter & Co. Price Range. Jan. 1. '08 to Jan. 1. '1» 1918 Bid ■ Ask Bid Ask High,112 '16 116 '14 98 Apr. 105 Apr. Low. 83^^ '11 85 '11 95 Jan. 100 July SUPERIOR SHORT LINI! RAILWAY CO. Ist 5s. Due June 1, 1930. — N. Dated June 1, 1895. Interest payable March and Sept. 1, at C, St. P., M. & O. Ry. Co. ofllce. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Central Union Trust Co. , New York. Assumed by the Chicago, St. Paul, Minne- apolis & Omaha Ry. Co. . Control — Absorbed by the Chicago, St. Paul, Minneapolis & Omaha Ry. Co. Secured by a first mortgage on 10 miles of main track from a point near Lake Ave., Du- luth, Minn., to a junction with the C, St. P., Minn. & Omaha Ry. Co. in Superior. Wis., and 33 miles of side track, Including lands owned in Superior and Duluth, together with all wharfs and buildings. This line affords the Chicago & Northwestern System its only entrance Into Duluth, Minn. Underlies — Chicago, St. Paul. Minneapolis & Omaha Cons. 6s and 3^s of 1930 and Deben- tures. Legal for Bait. , Cal. , Conn. , Me.. Mich., Minn.. Mo.. N. H.. N. J.. R. I. and Wis. Listed on New York Stock Exchange. Original Market — $1,500,000 offered in April, 1911, by Rhodes & Co., New York, at 109% and interest. Market. Minneapolis — Minneapolis Trust Co. Pittsburgh — R. B. Hutchinson & Co. New York — Struthers & Hiscoe, B. & C Randolph, Wm. C. Ewen, Baker, Carruthers & Pell, Abraham & Co., Redmoni & Co. Price Range — N. Y. S. K. Jan. 1, 1906 to Jan. 1, 1919 1918 Bid High.l05Mt Nov. '6, '16 95 ]\1ay S2 Low. 95 May 22 '18 95 May '22 9-m SUPERIOR (WIS.) WATER, UGHT & POW- ER CO. iBt S. F. 4b. Due May 1, 1931. Dated May 1, 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Stntus — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanding — $1,545,000 (July 1, 1919). Held in Sinking Fund — $245,000. In Treasury — $110,000. Reserved for Ext. — $100,000. Denomination — Coupon, $1,000. Trustee — U. S. Mortgage & Trust Co., New York. Redeemable at 103 and interest at any time. SinluiiE I^nd — Annually, beginning May 1, 1910, 1 % of bonds outstanding plus interest of bonds redeemed to be applied to the pur- chase or redemption of bonds at not exceed- ing 105 and interest. Organization — ^Incorporated in "Wisconsin in 1889 and is a consolidation. Secured by a first mortgage on plant sup- plying Superior, "Wis., with gas, water and electricity. Popu'ation served, about 60,000 Company purchases gas from Zenith B*urnace Co. of Duluth. Gas and electric franchises are perpetual. "Water franchise expires In 1917, with 30-year renewal privilege. Underlies — Kef. 5s of 1929 and 1st Cons. 63 of 1965. fear ended June 30 Bond Gross 'Net Interest 1918 $509,325 $201,446 $81,600 1917 433,434 169,999 81,600 1916 426,537 169.255 80,691 1915 408,374 164,130 79,887 1914 394.879 158,784 78.785 ♦After depreciation. Original Market — $1,500,000 offered Nov., 1909, at 81 and interest by Redmond & Co., New York, and "Warner, Tucker & Co., Boston. New York— F. H. Hatch & Co.. Abbott, Johnson & Co., B. & C. Randolph, Redmond & Co., Berdell Bros. St. Paul — ^White, Grubba & Co. PldladelpMa — B. "W. Clark & Co., S. K. PhiUlps & Co., Barclay, Moore & Co Boston — H. C. Spiller & Co., Hotchkin & Co., P. B. Bassett & Co.. C. A. Day & Co. Price Range. .Ian. 1. '08 to Jan. 1, '19 1918 Bid Ask ' Bid Ask High.84'16 90 '16 75 Muy, SI Feb. Low. 60 '08 60 '08 70 J>oc. 76 A;;r. SUSQUEHANNA, BLOOMSBURG & BER- WICK RAILROAD 1st 5s. Due Oct. 1, 1952. — F. Dated Oct. 1, 1902. Interest payable April and Oct. 1, at Fidelity Trust Co.. Philadel- phia. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstandinjr — $700,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Fidelity Trust Co., Philadelphia. Assumed by the Pennsylvania R. R. Co. Organization and Control — Incorporated in Pennsylvania in 1902. The property of this company was acquired by the Pennsylvania R. R. Co. in April. 1918. Secured by a first mortgage on 41.83 miles of railroad from Watsontown to Berwick, Pa., and branch. Underlies — Pennsylvania R. R. Co. Gen. Mtge. of 1965, under which mortgage bonds are reserved to retire this issue. liCgal for Ba".t., Cal. ; Conn., Me., Mich., Mo., N. H., N. J., N. T., R. I., Vt. and Wis. Market. Philadelphia — "West & Co., Samuel K. Phil- lips & Co., C. D. Barney & Co., E. W. Clark & Co., Geo. S. Fox & Sons, Reed A. Morgan & Co., Abraham & Co., F. H. Hatch & Co. New York — Chas. 11. Jones & Co.. E. & C. Randolph, H. D. Boenning* & Co., C- Fearon & Co. Boston — Hotchkin & Co, Price Range. Jan. 1, '15 to Jan. 1. '19 Bid Ask High.98% '15 103 '15 Low. 50 '17 75 *17 1918 Bid 92 July 1202 SUTTER BASIN CO. Ifit 7s. Dae $1,000,000 each May 1 from 1924 to May 1. 1928> inclasive. — F. Dated May 1. 1918. Interest payable May 1 and Nov. 1, at Continental & Commercial Trust & Savings Bank, Chicago, and Anglo- California Trust Co., San Francisco. Tax Status — 2% Federal Income Tax paid by com,pany without deduction. Tax exempt in California. Authorized — $5,000,000. Outstanding — $5,000,000. Purpose of Issue — To refund $3,800,000 Col- lateral Trust Notes maturing May 1, 1918, and pay other indebtedness of the company incurred in financing Reclamation District No. 15O0. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Co-Trustee — Anglo-California Trust Co., San Francisco. Redeemable on any interest date at 100 and interest. Organtzation — Incorporated in California April 28, 1913, and owns approximately 54,- 000 acres of land In the Sacramento Valley In Sutter County, California, approximately 22 miles above the city of Sacramento, in what is known as the "Sutter Basin," lying between the Feather and Sacramento Rivers at their confluence. The land is rich and a Very large portion of It equal in fertility to the best soil in the State. Without reclamation this land was subject to overflow during the high water stage of the rivers on its boundaries for a period of four to flve months each year. By special act of the Legislature of California, approved April 30, 1913, Reclamation District No. 1500 was formed, comprising a net area within its boundaries of 63,942 acres. The physical work of reclamation and drainage has been in progress since. As of May. 1918, the levee system was 90% completed, the drainage system 75%. The final closure of District levees was made in December, 1918. and the levees will be completed to grade and cross section during the year of 1919. This closure prevented overflow of these lands dur- ing flood season of 1918-1919, and permitted the company to place under intensive cultiva- tion all of its land lying within the District, amounting to 44,424 acres. In addition the company owns directly about 9,400 acres, lying within the Sutter by-pass, which is an arti- flcia! channel created to carry off surplus overflow waters and which will be subject to rultivation fpr summer crops. The Sutter Basin Company owns all of the capital stock of the Chicago-California Development Co. and of the Sutter Basin Improvement Com- pany, which in turn owns approximately 5,000 acres lying adjacent to but without District No. 1500. Authorized Issued Capital Stock $6,000,000 $6,000,000 Secured by a first mortiraire on 44,424 acres reclaimed lands and approximately 9.400 acres of lands in the by-pass, all of which have been appraised by three independent appraisers at an averaire valuation of about $12,000,000 when reclamation is completed. The 6,000 acres hereinabove referred to, owned by Sut- ter Basin Improvement Company* are not in- cluded in any of these appraisals, although all the stock . of Sutter Basin Improvement Company, repreisenlting^ Sutter Basin Com- pany's eauity in said land, will be deposited with the Trustee. The company covenants that warrants or bonds issued or to be Issued by Reclamation District No. 1600, to the full amount of assessments against the lands owned by the company, also all other war- rants of the District which have been or may be acQuired by the company, will be deposited with the Trustee under the mortgage. None of- such warrants or bonds shall be sold except upon condition that' the company retires all of this issue. As of Jan, 1, 1919, the company owned $3,016,030 of such warrants, which. with interest accumulated, but not due, totals $3,660,000. Of the foregoing approximately $632,000 represents a lien, secured by assess- ment, upon lands within the district other than those of this company, which sum will be increased as the worK progresses, until upon completion of reclamation it is expected it will amount to approximately $977,636. In addition the company owns or is under con- tract to acquire from the Sacramento and San Joaquin Drainage District (State Reclamation Board), without further expenditure on the company's part, warrants which will be a lien upon assessment against lands other than its own. which, with interest accumulated, but not due, amount to approximately $469,- 000. The mortgage will also cover hereafter acquired property in the nature of additional lands or improvements. The mortgage provides that the company will pay and discharge, as the same become due and payable, all taxes, a ssessments and governmental charges lawfully imposed upon its property to the end that the priority of this mortgage shall be fully preserved in re- spect to all of Its property. Provisions for the release of lands are based upon a scale of payments to the Trustee sufficient to pro- vide a fund substantially 40% in excess of the entire principal amount of the bonded debt. If land Is sold, the entire amount necessary to release shall be deposited with the Trustee to be used either for the retirement of bonds or for the acquirement of other real property within District No. 1500, which will also be subject to the Hen of the mortgage. Fur- ther covenant is made to the effect that no dividends to stockholders shall be paid as long as any of these bonds are outstanding, StockholderB' liability — The stockholders of the company have contracted with It, and the company in turn with the Reclamation District, to provide funds with which to complete the project, and they will deposit readily market- able securities, in character and amount to be approved by the bankers, to be held In escrow for this purpose by the Continental and Com- mercial Trust and Savings Bank. The stockholders of this company are liable under the laws of the State of California for their proportionate share of all indebtedness incurred, and will file with the Trustee waivers of any right which might limit their liability. The principal stockholders are: Mr. J. Ogden Armour, President, Armour & Com- pany, and associates, of Chicago, and Mr. W. E. Gerber. President, California National Bank, and associates, of Sacramento, who own 93% of the stock of the company. Mr. Armour personally owning 60%. The stock- holders will retain ownership and deposit all of the stock with the Trustee to be held by it until all bonds have been retired. Income — In 1917 about 20,000 acres, partly owned by Sutter Basin Company and partly by Sutter Basin Improvement Company (or less than 35% of the total acreage of the two companies), were under cultivation for summer crops only. The net revenue from this land was approximately $1,200,000, of which the net earnings on a crop share basis amounted to $507,469 after liberal reserve for income taxes. During the year 1918 approxi- mately 40.000 acres were under cultivation. Original Market — $5,000,000 offered May, 1918. by the Continental & Commercial Trust & Savings Bank and Halsey, Stuart & Co., Chicago : Anglo-London-Paris National Bank, Blyth, "Witter & Co. and Bond & Goodwin, San Francisco, at 97^, 97^, 97. 96% and 96% and interest for respective maturities. Market. Chicago — Babcock. Rushton & Co., Halsey, Stuart & Co. New York — Sutro Bros. & Co. SWIFT & CO. 1st 58, Due July 1. 1944.— P. Dated July 1, 1914. Interest payable Jan- uary 1 and July 1, In New York and Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding— $30,926,000 (.Tan. 1. 1919). Retired by Sinking Fund — $2,444,000. Reserved for Corporate Purposes — $1,630,- 000. Reserved for Add, — $15,000,000. Denomination — Coupon, $600 and $1,000. Registerable as to principal. Registered, $1,000 and $10,000. C. & R. ($1,000) Inter, changeable. Trustee — First Trust & Savings Bank and Emile K_ Bolsot, Chicago. Redeemable at 102% and Interest upon ans Interest date on 3 months' notice. Sinking Fund — Annually, beginning July 1. 1815, an amount in cash or bonds of thia issue equal to 2% of all bonds Issued. Tha cash fund is to be applied to the purchase o? redemption of these bonds at not over 102^ and interest. Bonds acquired are to be can-" celled. Organization — Incorporated In Illinois in 1885, as successor to G. P, Swift & Co. Secured by a first mortgage on all of the packing houses and other property of the com- pany located in Chicago, E. St. Louis, S. Omaha, Kansas City, S. St. Joseph, S. St. Paul. New York. Philadelphia, Denver. Mil- waukee and St. Louis, and distributing branch houses In many other important cities. The company covenants not to reduce Its surplus below $25,000,000 and to maintain net quick assets equal to the amount of bonds outstand- ing. Year ended Sept. 25 and 3P •Gross tNet Dividends tl918. $21,157,277 $9,000,000 1917.. R7S. 000.000 42.318,381 10.000.000(10) 1916. . 575.000.000 20,465,000 6.000.000 (8) 1915.. 500,000,000 14,*087.500 5,437,500 7% 1914. . 425,000,000 9.450.000 5,250,000 (7) •Business done exceeded these amounts. tAfter Interest. jThirteen months ended Nov. 2. 1203 Listed on Boston and Chicago Stock Ex- changes. Original Marliet — Offered to stockholders ahd holders of maturing bonds at 96 and interest. W'0,'000;000 offered ih February, 1916, by Potter, Choate & Prehtice and White, Weld & Co., New York, and First Trust & Sayings Bank, Chicago, at 96 and Interest. Alarket.' Chicago — J. P. Hobbs & Co., Illinois Trust & Savings Bank, Hornblower & Weeks, North- ern Trust Co.. Stanwood Co., First Trust & Savings Bank, Merrill, Lynch & Co., C. F. Chllds & Co., Curtis & Sanger, A. B. Leach .&Co., Merchants' Loan & Trust Co.^ Wm. A. Read & Co., Babcook, Rushton & Co., Conti- nental & Commercial Trust & Savings Sank, Harris, Winthrop & Co., First National Bank, ^brt Dearborn Trust & Savings Bank, Kean. .Taylor & Co. ' Philadelphia — Graham, Parsons & Co. , New York — Babcock. Rushton & Co.. A. B, iLeach & Co., Potter, Choate & Prentice, Kean, Taylor & Co., Hornblower & Weeks, Klely & Horton, Williamson & ,Saulre. A. H. Bickmore & Co.. Gude. Winmill & Co., B. & C. Ran- dolph, Holmes, Bulkley & Wardrop, Bstabrook & Co. . Samuel Goldschmidt. Boston — Old Colony Trust Co.. A. B. Leach & Co., White, We.d & Co., Bstabrook & Co. Hartford — Richter & Co. New Haven — The Chas. W. Scranton Co. Worcester. Mass. — Kinsley & Adams, Omaha — Burns. Brinker & Co. Sail Diego — Stephens & Co. St. liouis — Bowman. Cost & Co: tos Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — Blankenhorn-Hunter-DuIin Co. Minneapolis — Wm. W. Eastman Co. Providence — Hornblower & Weeks. Price Range. Jan. 1, '15 to Jam. 1, '19 1918 Bid Ask Bid Ask High.102 '17 102V4 '17 96% Dec. 97% Dec. Low. 90% '18 d3 '17 90% Aug. 94 Oct. SWIBT & COMPANY XVa-Year 6% Notes. Due Aug. 15, 1921. Dated February 15, 1919, Interest payable August 16 and February IB, at ir.lnois Trust & Savings Bank, Chicago, or American Ex- change National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $26,000,000. Outstanding — $26,000,000. Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable as a whole or in multiples of $1,000,000, upon 30 days' notice, on August 15, 1919, at 102 and interest; on February IB, 1920, at 101% and interest: on August Ib', 1920, at 101 and interest: and on Feb- ruary 15, 1921, at 100% and interest. Organizatiom — See 1st 5s. Security — A direct ob'.igation of the com- pany but not secured by mortgage. The trust agreement contains the following provisions: That while any of these notes are outstand- ing and unpaid, no new mortgages, except purchase money mortgages for the acquisition of additional properties, shall be placed on the property and assets of the Company, but this shall not prevent the emission of the authorized and unissued First Mortgage 6% Sinking Fund Gold _ ponds of the Company and the execution of such supp'emental mort- gages as miy be renuired under the terms of said First Mortgage. That so long as any of these notes are out- standing the Company will at all times main- tain its current assets to an aggregate amount equal to at least one and one-half times all its current liabilities. Bamings — See 1st 5 s. Original Market — $26,000,000 offered Febru- ary, 1919, by the Illinois Trust & Savings Bank, First Trust & Savings Bank, Mer- chants Loan & Trust Co. and Continental & Commercial Trust & Savings Bank, Chicago, and First National Bank, Milwaukee, at 99% -and interest. Market. Los Angeles — Blankenhorn-Hunter-Dulin Co. Pasadena — B'.ankenhorn-Hunter-Dulin Co. , Pittsburgh — Kean, Taylor & Co. SYRACUSE & SUBURBAN RAILROAD 1st Ss. Due Aug. 2, 19a7.— F. Dated August 2, 1897. Interest payable Feb. and August 1, at Fidelity Trust Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $400,000, Denomination — Coupon, $500 and $l,a'00. Trustee — ^Fidelity Trust Co., Philadelphia. Organization — Incorporated in New York In 1896. Secured by a first mortgage on 18.62 nailes of electric railway from Syracuse to Edward's Falls, N. Y., with branch. Franchise per- petual. ' Undwlies — Cons. 6s of 1953. Year ended Dec. 31 Gross Net Interest 1917 $161,039 $40,041 $34,111 1916 144,521 42,879 34,019 1916 137,616 43,270 34,900 Market. New York — J. S. Farlee & Co., F. H. Hatch & Co. Philadelphia — Capelle & Co. SYRACUSE (N. Y.) GAS CO. 1st 5s. Due ' Jan. 1. 1946.— F. Dated Jan. 1, 1896. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,600,000. Denomination — Coupon, $1,000. Registera- ble as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the Syracuse Lighting Co. Control — Absorbed by the Syracuse Lighting Co. The Syracuse Light & Power Co. owns a majority of the capital stock of the latter company. The United Gas Improvement Co. is interested in the Syracuse Light & Power Co. Secured by a first mortgage on the property formerly owned by the Syracuse Gas Company which includes the gas plant in the City of Syracuse and the BaldwinsviUe Natural Gas plant with a pipe line to Syracuse. Underlies — Syracuse Ltg. Co. 5s of 1951: Ext. & Imp. 6s of 1929 and Deb. 6s of 1927 and Syracuse Light & Power Co. Coll. Tr. 6s of 1954. Original Market — First offered by Battles & Co., Philadelphia. Market. New York — Harris, Forbes & Co., Tobey & Kirk. W. D. Lyon & Co., Chandler Bros. & Co., B. & C. Randolph, 'Williamson & Squire, Hodenpyl. Hardy & Co., Inc., Miller & Co., Joseph & Wiener, Bauer, Starr & Co., Berde'.I Bros., J. Davenport, W. C. Ewen. F. H. Hatch & Co., J. Nickerson, Jr.. Redmond & Co. 1204 BoBfori — Harris, Forbes & Co. Baltimore — Riggs & MoLane, Mercantile Trust & Deposit Co., Mackubin, Goodrich & Co., Colston, Boyce & Co., Sutton & Co., Jenkins, Whedbee & Poe. Chicago — ^Harris Trust & Savings Bank, Ho- denpyl. Hardy & Co., Inc. Fhiladelpliia — ^West & Co., H. D. Boenning & Co., Reed A. Morgan & Co., Chandler & Co., e; -w: Cl£(rk & Co., Battles & Co.. Huntoon & Co.. S. K. Phillips & Co.. Warren A. Reed. Albany — H. J. Prince. Utica — A. James Eckert, W. D. Lyon & Co.. Burr L. Tibbits. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 102^4 '11 106 '09 95 Dec. 96% Dec. Low. 72 '17 75 '17 85 Oct. 90 Oct. SYRACUSE, l.AKE SHaRE & NORTHERN RAHiROAD Ist 5b. Due May 1. 1947. Dated May 1, 1907. Interest payable May and Nov. 1, at Truatee'^s Office. Tax Status — 2% Federal Income Tax paid by company without Reduction. Tax exempt In New York State- Authorized' and Outstanding — $2,500,000. Denomination — Coupon $1,000. Reg:isterable as to principal. Trustee — Columbia Trust Co., New York. Redeemable at 110 and interest on any in- terest date upon 60 days notice. Control — Absorbed by the Empire United Rys. Co. The latter company was succeeded through foreclosure by the Empire State R. R. Corp. in 1917. Secured by a first mortgage on 74.73 miles of - electric railway track from Syracuse to Oswego, N. Y., and including city lines in Oswego and Fulton. Tlie property is con- structed entirely on private right-of-way owned in fee or under easement, except within cor- porate limits, where the company has fran- chises without time limitation. Underlies — $200,000 Empire State R. R. Corp. 3 year 6% notes due 1920. Original Market — $450,000 offered in June. 1909, by J, H. Fertig & Co., New York, and Timberlake & Webb, Portland, Me., at 96 and interest; also offered In Nov., 1912, by B. H. Rollins & Sons, Boston, New York, etc, at a price to yield 5.15%. Market. New York — Morgan & Finlay, Dunham &. Co., F. H. Hatch & Co., Spencer Trask & Co.. Chas. D. Barney & Co. , E. H. Rollins & Sons, B. & C. Randolph, Eastman, Dillon & Co., Hotchkin & Co., Pynchon & Co. Boston — F. "W. Mason & Co., E. H. Rollins & Sons. Buffalo — John T. Steele. Albany — Henry J. Prince. Price Range. Jan.. 1, *10 to Jan. 1, 1919 1918 Bid Ask Bid Ask High.96 -13 97% '13 65 Feb. 75 Feb. Low. 57 18 62 '18 58 Dee, 62 Selpt. SYRACUSE TIGHT & POWER CO. Coll. Tr. S. F. 5s. Due July 1, 1954 — F. Dated July 1, 1907. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $10,000,000. Outstandinig — $6,675,040 (Jan. 1, 1919). Held in S. F.— $364,700. Reserved for Acanlsition of Stocks and Bonds of Syracuse lighting Co. — $2,960,360. Denomination — Coupon, $1,000, $500 and $1'00. ■ Registerable' as to principal. Trustee — Equitable Trust Co.; New York. Redeemable for sinking fund only at 105 and interest on and after July 1, 1915, on six weeks' notice. Sinking Fund — 1% annually, commencing July 1, 1915, of outstanding bonds, to be in- vested in bonds at not over 105 and interest; bonds so redeemed to be kept alive in sinking fund. Organization and Control — The Syracuse Light & Power Co. was organized in 1907 as a holding company and has acquired the stock and securities of the Syracuse Lighting Co. and holds no other securities or stocks. The authorized capital stock is $1,000,000, of which $578,400 is outstanding. The United Gas Im- provement Co. is interested in the last named company Secured by a first lien on the following se- curities of the Syracuse Lighting Co.: $2,- 962.800 (par value) out of $3,000,000 common stock, $975.4»0 fpar value) out of $1,000,000 preferred stock. $2,004,000 (total outstanding) out of an authorized amount of $2,500,000 6 % 10-year Extension & Improvement bonds, due 1929, and $1,000,000 (entire issue) 6% 20-year Gold Debentures, due 1927. Prior Ijiens — $2, 500, 000 Syracuse Lighting 1st 5s of 1951 and $2,500,000 Syracuse Gas Co. Ist 5s of 1946. lilsted on the New York Stock Exchange. Market. New York — Kiely & Horton. J. J." Levenson, Jogeph Sf. Wiener, Dunham & Co., J. S. Bache &■ Co.-, Chandler Bros. & Co., P. H. Hatch & Co., Redmond & Co.. E. & C. Randolph, Bauer. Starr & Co., Berdell Bros.. J. Daven- pprt, Earle A. Miller & Co. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co., Thos. A. Biddle & Co., Capelle & Co.. Battles & Co., C. Clothier Jones & Co., Newburger, Henderson & Loeb. "West & Co.. E. "W. Clark & Co.. B. V. Kane & Co., Reed A. ilorgan & Co., Ervin & Co.. Chandler & Qo., O. B.. Lansinger & Co., Elkins, Morris & Co!. Barclay, Moore & Co., Irvin & Co.. C. Fearon & Co., Huntoon & Co. Price Range — "S. Y. , Jan. 1, 1907 to Jan. 1. 1919 High:87'4 Mar. 15 '17 Low. 70 Nov. 16 '18 B. 1918 70 Nov. 70 Nov. SYRACUSE UGHTING CO. 1st 5s. Due June 1. 1951.— F. . Dated. June 1. 1901. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,500,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Equitable Trust Co.. New York. Organization — Incorporated in New York in 1901 and absorbed the Electric Light & Power Co. of Syracuse and the Underground Wire Co. and in 1902 absorbed the Syracuse Gas Co. Controlled by the Syracuse Light & Power Co. through ownership of a majority of the stock. The United Gas Improvement Co. is interested in the latter company. Secured by a first mortgage on plant supply- ing electricity in Syracuse, N. Y.. and vicinity and a second mortgage on plant supplying gas in the same territory. Population served. 164,560. Prior liien — $2,500,000 Syracuse Gas Co. 1st 5s of 1946. Underlies — $1,000,000 20-year Debenture 6s of 1927 and $2,004,000 10-year Extension & 1205 Improvement 6s of 1929, which are deuoaited under the Syracuse Light & Power Co. Coll. Tr. 6s of 1954. Iiisted on the New York Stock Exchange, Qtriginal Market — Offered Jan., 1902, by Redmond & Co., New York. New York— F. H. Hatch' & Co., Sam'l Gold- sohmidt, W. D. Lyon & Co.. Miller & Co., Moore & Co., E. & C. Randolph, Redmond & Co., Chandler Bros. & Co., Williamson & Squire, Berdell Bros., J. Davenport, Barle A. Miller & Co., J. Nickerson, Jr. Philadelphia — Reed A. Morgan & Co., E. W. Clark & Co., West & Co., Cape:ie &. Co., Huntoon & Co. Baltimore — Colston, Boyce & Co., Strother, Brogden & Co., Sutton & Co. Syracuse — ^Syracuse Trust Co. tJtica — W. D, Lyon & Co.. A. James Eckert, Buro L. Tibbets. Portland, Me. — Casco Mercantile Trust Co. Boston— G. W. Walker & Co. Price Range— N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.l02^4 Nov. IB '16 85V4 Deo. 90 June Low. 91M May 18, '17 71 Mar. SYRACUSE RAPID TRANSIT BATLWAY CO. 1st 6s. Due March 1, 1946. — N. ' Dated March 1, 1896. Interest payable March .and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $2,600,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Guaranty Trust Co., New York. Assumed by the New York State Rys. Control — ^Merged in 1912 into the New York State Rys. Secured by a mortgage on 45 miles of double tracked street railway, comprising practically the entire local system in Syracuse, N. Y. Population served, 160,000. Franchises per- petual. Prior Men — $760,000 Peoples' R. R. Co. 1st Ba of 1921. Underlies — 2d 6s of 1930 and New York State Rys. Co. Cons. 4^a of 1962, which latter mortgage provides to retire this * issue and its prior lien. Earnings — See N. Y. State Rys. !Llsted on the Philadelphia and Cleveland Stock Exchanges. Market. New York — Earle A. Miller & Co., Horn- blower & Weeks, W. D. Lyon & Co., J. J. Levenson, Morgan & Finlay, Wm. C. Ewen, B. & C. Randolph, F. H. Hatch & Co., Tobey & Kirk, Chaa. H. Jones & Co., Foster & Adams, Miller & Co., Berdell Bros., J. Daven- port. Lynch & McDermott, Taylor & White. Philadelphia — ^West & Co., H. D. Boennlng & Co., Biddle & Henry, Chandler Bros. & Co. Buffalo — John T. Steele; Baltimore — Baker, Watts & Co., Jenkins, Whedbee & Poe, Mackubin, Goodrich & Co. Syracuse — Syracuse Trust Co. Utica — A. James Eckert. W. D. Lyon & Co., Burr L. Tibbets. Boston — Hornblower & Weeks. Chicago — ^Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104 '09 107 '09 90 Mar. 92 Mar. Low. 82 '17 90 '18 86 Jan. 90 May Reglsterable Trust Co., SYRACUSE RAPID TRANSIT RAILWAY CO. aa 6s. Due Jan. 1, 1930.— N. Dated Jan. 1, 1900. Interest payable Jan. and Jiily 1, at .Citizens' Savings & Trust Co., Cleveland, Ohio, and First National Bank. N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $750,000. Outstanding — $664,000. In Treasury — $96,000. Denomination — Coupon, $1,000. as to principal. Trustee — Citizens' Savings & Cleveland, O. Redeemable on any Interest date. Assumed by New York State Rys. Co. Control — See lat 5s. Secured by a Acond mortgage on property described under 1st 6s above. Prior liiens — $2,600,000 1st 5s. Underlies — ^New York State Rys. 1st Cons. 4%3 of 1962, which provide for the retirement of this issue. Earnings — See N. Y. State Rys. lilsted on the Cleveland Stock Exchange. Market. New York — ^W. D. Lyon & Co., F. H. Hatch & Co., Morgan & Finlay, E. & C. Randolph, ■ Mil'.er & Co.. Taylor & White. Philadelphia — Chandler Bros. & Co., H. D. Boennlng & Co. Utica — W. T>. Lyon. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '11 102 '09 83 Apr, 89 Apr. Ixiw.78 '18 84 '18 78 Dec. 84 Deo. 1206 T TACOI\IA EASTERN RAII.ROA]> l8t 5s. Due Jan. 1, 1923.— F. Dated Jan. 1, 1903. Interest payable Jan. and July 1. at Harris Trust & Savings Bank, Chicago, and Harris, Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $884,01)0. Additional bonds issuable at the rate of $13,000 per mile. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Il'.inois Trust & Savings Bank, Chicago. Redeemable at 110 and interest. Assumed ($884,000) by the Chicago, Mil- waukee & St. Paul Ry. Co. Organization and Control — Incorporated in Washington in 1890. The Chicago, Milwaukee & St. Paul Ry, Co. owns the entire capital stock, and the road is operated as a part of that company' s system. Secured by a first mortgage on 91.60 miles of main track from Morton to Tacoma, "Wash., with branches and 25.99 miles of yard tracks, sidings and spurs. This road affords the Chi- cago, Mi'.waulcee & St. Paul system an en- trance into Tacojna from the south. Year ended Dec. 31 Int. Gross Net & Rent tl918 $133,525 $151,218 $200,624 11918 574.498 40,721 None 1917 450,711 153,586 152,019 *1916 513.855 164,806 189,543 ♦1915 405.162 104,622 214.871 t Corporate Income Account — Standard re- turn under Federal control. JFederal Income Account. ♦June 30. . Original Market — Offered by N. W. Harris & Co., New York, Chicago and Boston, at par and interest in March. 1903. Market. New York — Harris, Forbes & Co. , F. H. Hatch & Co. Boston — Harris. Forbes & Co. Chicago — Harris Trust & Savings Bank. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Ask High.97 '17 99 '17 90 Jan. Low. 90 '18 TACOaiA (WASH.) GAS & EI^CTRIC WGHT CO. Ist 5s. Due May 1, 1926. — F. Dated May 1, 1905. Extended in 1915 to 1926. Interest payable June and Dec. 1, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $416,000. Control — Absorbed in 1909 by the Tacoma Gas Co. The properties of the latter company were sold under foreclosure in 1918, subject- to this issue of bonds, and acquired by the Tacoma Gas & Fuel Co., a subsidiary of The Standard Gas & Electric Co. Secured by a first mortgage on part of the plants supplying gas to Tacoma, Wash. Fran- chises expire in 1934. Market. New York — Hotchkin & Co., E. & C. Ran- dolph, Philadelphia — Montgomery & Co. TACOMA RAILWAY & POWER CO. 1st 6b. Due AprU 1, 1939.— N. Dated April 1, 1899. Interest payable April and Oct. 1, at Old Colony Trust Co,, Boston, Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. Outstanding — $1,500,000 ($264,000 owned by Puget Sound Electric Ry. Co.) Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Organization and Control — Incorporated In 1899 in New Jersey and acquired the street railway properties in Tacoma, Wash. The entire $2,000,000 capital stock is owned by the Puget Sound Electric Ry., which company Is controlled through stock ownership by the Puget Sound Traction, Light & Power Co. Management — Stone & Webster, Boston. Secured by a first mortgage on the entire street railway system in Tacoma, Wash., com- prising about 130 miles of track, and also on power plant and on distribution system sup- plying electric light and power to a part of Tacoma. Population served (1910), 83.74S. Principal railway franchise expires In 1939 and electric light and power in 1930. Refunding — Bonds are reserved under the Puget Sound Electric Ry.* Co. First Consoli- dated Mortgage to retire this issue. Earnings — See Puget Sound Tr,, Lt. & P. Co. Original Markef^~$200,000 offered In 1909 by Hayden, Stone & Co., New York, Boston, etc., at 102 and interest. Market. New York — F. H. Hatch & Co.. Oilman & Clucas, E. & C. Randolph, Hayden, Stone & Co.. Berdell Bros., J. Nickerson, Jr. Baltimore — J. S. Wilson, Jr., & Co., H. R. Taylor & Co. Boston — Stone & Webster. ^ Tacoma — J. B. McFarland. Price Range. Jan, 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99% '10 102 '10 80 Mar. 85 Mar. Low. 78 '18 84 '18 78 Dec. 84 Jan. TAMPA & GULF COAST BAILBOAD 1st 6s. Due April, 1953.— F. Dated April 1, 1913. Interest payable April and Oct. 1, In New York and Baltimore. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $750,000. Reserved for Ext. — $4,250,000. Denomination — Coupon. $1,000. Trustee — Continental Trust Co., Baltimore. Guaranteed principal and Interest by en- dorsement by the Seaboard Air Line Ry. Co. Organization — Incorporated in Florida In 1913 and acaulred the property of the Tampa & Gulf Coast Ry. Controlled through ownership of a majority of the capital stock by the Seaboard Air Line Ry. Co. Secured! by first mortgage on 79.10 miles of road from Gulf Coast Jet,, near Tampa, Fla., to St. Petersburg, Fla., and branches to Tar- pon Springs, Port Richey and Indian Beach. Some twenty miles additional are to be con- structed with the proceeds of bonds already sold. Further secured by pledge of 50-year trafflc agreement with the Tampa Northern 1207 R. R.. giving the company entrance into Tampa Florida in 1899 and acquired the street rail- and use of Tampa terminals. * Market. New York — Geo. S. Crap & Co., Baker, Car- ruthers & Pell. Abraham & Co., P. H. Hatch & Co. Baltimore — Townsend Scott & Son, Jenkina, Whedbee & Poe. Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High.85% '16 92 '16 Low. 50 '17 75 '17 TAMPA & JACKSONVILLE RAILWAY iBt 5s. Due Oct. 1, 1949. — F. Dated April 1, 1909. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Default — Oct. 1, 1914, and subsequent cou- pons. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $10,000 per miles of road. Outstandine — $480,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in Florida in 1907 as a consolidation of the Gainesville Ry. Co. and the Tampa & Jacksonville Ry. Co. Protective Committee — Henry L. Cohen, chairman; Graham Adams, 61 Broadway, New York, secretary. Secured by first mortgage on 56 miles of road from Sampson City to Smathla, Fla. Year ended Dec. 31: Gross Net Int., etc. 1918 $88,332 $17,181 $45,856 1917.... 74.494 18,684 38,721 Year ended June 30 Gross Net Charges 1916 $63,583 $13,292 $36,786 1915 71,276 8,503 40,631 1914 99.242 32,330 41.293 Original ^Market — First ofCered by P. J. Lis- man & Co., New York. Market. New York — Britton. Rollins & Co.. Hotch- kin & Co. Boston — Hotchkin & Co. Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1. 1909 to Jan. 1, 1919 Bid Ask High. 90 '13 95 '13 Low. 70 '13 75 '17 TAMPA SLECTRIG CO. 1st 5s. Due June 1. 1933.— F. Dated June 1, 1908. Interest payable June and Dec. 1, at American Trust Co.. Boston. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $966,500 (Jan. 1, 1919). In Treasury — $173,500. Retired by Sinking Fund — $90,000. Reserved for Extension — $770,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — ^American Trust Co., Boston. Riedeemable at 105 and interest on any in- terest date as a whole or in part for sinking fund. Sinking !Fund — 1% annually of bonds out- standing, payable August 1st, for the purchase or redemption of these bonds at not over 105 and interest. Organization and Control — Incorporated In way and electric light and power properties in and around Tampa, Fla. In April, 1913, pur- chased at foreclosure the property of the Tampa & Sulphur Springs Traction Co. The Public Service Investment Co. owns $101,700 of $2,244,000 capital stock. Management — ^Stone & Webster, Boston. Secured by a first mortgage on plant supply- ing electric light and power to Tampa, Fla.; on 52.71 miles of street and interurban rail- way track, embracing the entire street rail- way system of Tampa and extensions from that city to Port Tampa and Sulphur Springs. Population served, over 60,000. Franchises are for 999 years from 1899. Year ended Dec. 31 Gross Net Int &S. P. 1918.. .$1,062,546 $442,270 $61,433 1917. . . 1.001,311 437,772 56,119 1916.. 967,086 439,368 62,415 1915.. 981,049 478,148 62,346 1914.. 981,000 460,922 64.488 OrieiAal Market — $600,000 offered in June, 1908. by Kedmond & Co., New York; Stone & Webster and Warner, Tucker & Co., Boston, at 93% and interest, and $300,000 offered in 1911 by Stone & Webster at 98 and interest. Market. New York— F, H. Hatch & Co.. E. & C. Randolph, Stone & Webster, Redmond & Co., Estabrook & Co.. Moore, Leonard & Lynch. Taylor & White. ' Baltimore — Howard R. Taylor & Co., Jen- kins, Whedbee & Poe. Boston — Stone & Webster, R. L. Day & Co., P. B. Bassett & Co., L Sherman Adams. Philadelphia — H. D. Boenning & Co. Providence — Hornblower & Weeks. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.gg '14 102 '12 88 Dec. 94 Jan. Low. 85 '17 93% '17 85 Jan. 91 Dec. (THE) TAMPA (FIA.) GAS CO. Ist 5s. Dae May 31, 1937.— P. Dated 1907. Interest payable May and Nov. 1. at Pidelity Trust Co.. Philadelphia. *• Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1,000,000. Outstanding — $992,000 (Jan. 1, 1919). Reserved for Ext. — $8,000. Denomination — Coupon. $1,000. Trustee — Pidelity Trust Co., Philadelphia. Redeemable on any interest date at 105 and interest. Organization — -Incoi^uu^ated in Florida In 1896. Secured by a first mortgage on plant supply- ing gas to Tampa, Fla., and vicinity. Popula- tion served. 50.000. Franchise expires in 1994. Year ended Dec. 31 Gross $307,735. 266,491 243,803 219,866 210,414 172.473 Original Market — $100,000 by Robert Glendinning & Co., Philadelphia, on a 6.40% basis. $100,000 offered May, 1916, by Battles & Co.. Philadelphia, at 96 and interest. Market. Philadelphia — H. D. Boenning & Co., Battles & Co., Harper & Turner, Robt. Glendenning & Co.. Huntoon & Co. New Y'ork — Morton Lachenbruch & CO.; Lynch & McDermott. 1918. . 1917. . 1916.. 1916.. 1914.. 1913 Net Interest $81,412 $67,439 124,011 68.645 123,027 55.161 103,816 44,570 102,664 40,046 89.607 31,230 D Offered in 1914 1208 1918 Price Range. Jan. 1, '12 to Jan. 1, '19 Bid Ask Bid Ask- Hi&h.97 '17 98 '17 85 Dec. 93 Dec. Low. 80 '18 85 '18 80 Sept. 85 Sept. TAMPA NORTHERN RAILROAD CO. 1st 5s. Dae July 1. 1936. — P. ■ Dated July 1, 1906. Interest payable Jan, and July 1, at Old Colony Trust Co., Boston. Tax Status — 2% Federal Income Tax paid by company without deduction. " Authorized-^S5, 000, frOO. - Outstandins — $1,258,000. .Reserved for Ext, — 13,742,000. ' Denomination — Coupon, $1,006. Registerable as to principal. Trustee — Continental Trust Co;,- Baltimore". - Redeemable on any interest date ^t 106 ^nd interest.. . -. . - . ., ■ Organization and Control — -Incorporated In Florida in 1906 and entire preferred and com- mon stock acquired by .Seaboard Air Line Ry. Co. and pledged -under '-Ita 1st- & Cons. mtge. Secured by first mortgage on entire property, 58.74 miles of road: Tampa to BrookviUe,' Fla 46 . 44 Tooke Lake Jet. to Tooke Lake, Fla... 12.30 Note — Under the' provisions of the S. A. L'. By. Co. 1st & Cons. Mtge. its lien is to be extended to the property covered ■ by the lien of this mortgage when and if a merger is completed. ' -* Refunding — Provision for the retirement of these bonds is made in the Seaboard Air Line Ry. Co. 1st & Cons. Mtge. Original Market — Offered in Sept., 1908, by Baker, Ayling & Co., Boston and Philadelphia. Market. New York — F. J. Lisman & Co., Morton Lachenbruch & Co., Hotclikln & Co., Baker, Carruthers & Pell, Abraham & Co., J. Daven- port, F. H. Hatch & Co. Boston — F. W. Mason & Co., Hotchkin & Co., J. S. Orler & Co, Baltimore — ^Jenkins, Whedbee & Poe. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High.82 '13 90 '16 55 Nov. 70 Nov. Low. 50 '17 51 '18 50 Sept. 51 Jan. TAYLOR-WHARTON IRON & STEEL CO. Ist S. F. 6s. Due Sept. 1» 1942.— P. Dated September 1, 1912. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey and Pennsyl- vania. ' Authorized — $2,000,000. Outstanding— $1,807,000 (Jan. 1, 1919). Held in Sinking Fund — $138,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any in- terest ■ date. Sinking Fund — 2% of bonds outstanding payable semi-annually for the purchase or re- demption of these bonds at not over 105 and -interest. Bonds so acquired to be held alive and interest added to this fund. With increase in amount of bonds outstanding sinking fund payments are to be ratably increased. Organization — Incorporated in New Jersey In 1891 as the Taylor Iron & Steel Co., successor to Taylor Iron Works. Present name adopted in 1912, when the company took over the prop- erty of the "Wm. Wharton, Jr., & Co., Inc., and in 1913 the Tioga Steel & Iron Co. prop- erties. Also owns the entire capital stocks of the Manganese Steel ^afe Co. of High Bridge, N. J.; Wm. Wharton, Jr., & Co., Inc., Easton, Pa. ; Phi'.adelphia Roll & Machine Co. of PJiiladelphia, Jersey Electric Co. and the Hunterdon Electric & Power Co. of Utah Bridge, N. J. The company is engaged in the manufacture of alloy steel and iron castings and forgings. - Of these specialties manganese steel is the principal one. Secured by a first mortgage on plant at High Bridge, N. J., formerly owned by the Taylor Iron & Steel Co., and further . secured by deposit of the entire CE^pital stocks of the Manganese Steel Safe Co., Philadelphia Roll & Machine Co., TiogA" Stsei & Iton Co. and Hun- terdon Electric & Power Co, and the entire capital stock and bonds of the Wm, Wharton, Jr,, & Co., Inc. Prior Liens — $240,500 Philadelphia Roll & Machine Co. 5s, due 1932. Underlies — $800,000 Conv. 5s of 1921. Year ended Dec, 31 Net Interest 1918 $1,397,830 $266,167 1917 1,209,569 211.053 1916 359,374 147,500 .1915 253,614 99,525 Original Market — $1,250,000 offered Oct., 1912, at 100 and interest by Wm. Morrig Imbrie & Co. and the Equitable Trust Co., New York. Market. . New York — E. & C. Randolph, Martin, Ber- win & Co., Callaway, Fish & Co., Parkinson & Burr, McGeorge & Vanderhoef, Baker, Car- ruthers & Pell, Bauer. Starr & Co.. F. H. Hatch & Co., T. Hall Keyes & Co.. Kiely & Horton, Morton, Luchenbruch & Co. Baltimore — J. S. Wilson. Jr., & Co. Philadelphia — S. K. Phillips & Co., Bar- clay, Moore & Co., Elkins, Morris & Co., H. D. Boenning & Co., West & Co.. Huntoon & Co. Price Range. Jan. 1, '15 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102 '16 10.^ '16 95 Dec. 98% June Low. 90 '17 95 '18 90 Mar. 95 Mar. 1209 TAYLOR-WHARTON IRON & STEEL CO. 5-Year Conv. Bb. Due July 1, 1921. — F. Dated July 1, 1916. Interest payable Jan. 1 and July 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 500, 000. Outstanding — $800,000 (Jan. 1. 1919). Additional bonds issuable only with consent of bankers. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable on any interest date on four weeks' notice at 101 and interest. Convertible par for par into common stock at any time on and after July 1, 1918. The company has oustanding $1,876,300 of $2,- 000,000 authorized 7% cumulative preferred stock and $1,600,000 of $4,000,000 common stock. Organization — See 1st S. P. 6a of 1942. Security — A direct obligation of the company but not secured by a mortgage. The company covenants that no new mortgage shall be placed on its property or the property of its subsidiaries while these bonds are outstanding. Prior Liens — $1,807,000 lat 6s of 1942 and $240,500 Philadelphia Roll & Machine Co. 6a of 1932. Earnings — Sf*e 1st 5s. Original Market — $800,000 offered July, 191S, by William M&rris Imbrie & Co., Callaway, Fish & Co. and Parkinson & Burr, New York, at 97^ and interest. Market. New York — Callaway, Fish & Co., Parkin- son & Burr, "Wm. Morris Imbrie & Co., P. H. Hatch & Co. Boston — Parkinson & Burr. Philadelphia— S. K. PhiHips & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid High. 93 '17 97^ '17 92% Dec. L.ow.921^ '18 96 '17 TX:MPI;E coal CO. Ist & Coll. Xmst 6s. Due July 1, 1924.— P. Dated July 1, 1914. Interest payable Jan. 1 and July 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In Pennsylvania. Authorized — $2,500,000. Ontstandins — $ 989,000. Retired by S, F.— $1,331,000. Reserved for Corporate Purposes — $180,000. Denomination — Coupon, $1,000. Reiristerable as to principal. Trustee — ^Pennsylvania Co. for Insurance on Lives & Granting Annuities, Philadelphia. Redeemable as a whole on any interest date at or in part for the sinking fund on any April 1 and October 1 .at 101 and interest. Sinking Fund — 20 cents per ton of coal mined and shipped for the purchase or redemp- tion of these bonds at not over 101 and interest. Organization — Incorporated in Pennsylvania in 1914 to take over the coal properties of the Temple Iron Co., In accordance with the decree of the United States Circuit Court, affirmed by the United States Supreme Court in the so-called "Anthracite Coal Case." Secured by a first mortgage or a tlrat lien through deposit of all of the stocks of sub- sidiary companies, whose properties are free from funded or floating debt, on extensive coal properties in the Wyoming coal field of the Pennsylvania anthracite district. These prop- erties are located in and around Wilkes-Barre, Scranton and Carbondale. Original Market — OfEered in July, 1914, by Brown Bros. & Co., New York, Philadelphia, etc. Mf^ket. Philadelphia — ^Wtlsh Bros. , Graham, Par- sons & Co., Chas.' Pearon & Co., S. K. Phil- lips & Co., Brown Bros. & Co., Reed A. Morgan & Co., Biddle & Henry, H. D. Boen- ning & Co. , Robt. Glendenning & Co. , Hun- toon & Co. Scranton' — Chas. E. Robertson. New York — Peck & Co., Baker, Carruthera & Pe'.l, P. H. Hatch & Co., H. I. Nicholas & Co. Price Range. Jan. 1, '15 to Jan. !► '19 1918 Bid Ask Bid Ask High.lOl '16 102 '16 lOO^A Nov, 101 Nov. Low. 99 '17 100 '18 99 Mar. 100 Aug. TENNESSEE COAL, IRON & RAILROAD CO. Gen. S. F. 6s. Due July 1, 1051.— P. Dated July 1, 1901, Interest payable Jan. and July 1, at 71 Broadway, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $15,000,000. Outstandinig— $6,653,000 (Jan. 1. 1919). Retired by Sinking Fund— $1,035,000. In Treasury or Owned by the tJ. 9. Steel Corp. — $5,115,000. Reserved for Prior Liens — $2,197,000. Denomination — Coupon, $1,000. Registerable aa to principal. Trustee — Central Union Trust Co., New York. Sinking Fund — 1% of the bonds outstanding to be paid annually on Jan. 1 to the Trustee from the surplus earnings of the preceding year to be applied to the purchase of these bonds at not exceeding 105 and interest. If not purchasable at this figure the funds to revert to the company. Controlled by the United States Steel Cor- poration through ownership of practically the entire capital stock. Secured by a general mortgage on all the property of the company, comprising 7 plants located in Alabama and Tennessee and em- bracing 1 6 blast furnaces, 2 Bessemer con- verters, 9 open hearth furnaces, 2 blooming mills, 1 rail mill, 3 additional rolling mills, 2 foundries and 1 fertilizer plant. Also 136,- 594 acres of coal rights, 180,444 acres of coal rights and surface and 8,924 acres of surface and including 7 coal mining plants with 22 operating mines, 11 coal washing plants and 7 coking plants, comprising 2,947 coke ovens. Further secured by deposit of $120,000 stock of the Bessemer Rolling Mill Co. and $560,000 common stock of the Alabama Steel and Ship Building Co. Prior Liens — $892,000 Cahaba Coal Mining Co. 1st 6s of 1922 and $730,000 Alabama Steel & Shipbuilding Co. 1st 6s of 1930. For the retirement of both Issues bonds are reserved under this mortgage. Listed on the New York Stock Exchange. Market. New York — Baker, Carruthers & Pell, A. H. Bickmore & Co., Hartshorne & Battelle. Gude. Winmill & Co., Holmes, Bulkley & Wardrop. Coffin & Co.. McKinley & Morris, H. I. Nicho- las & Co. Price Range — N. Y. S. E. Jan. 1, 1906 to Jan. 1, 1919 1918 High.l05?4 Dec. 23. '08 97% Jan. 25 Low. 80 Nov. 7, '07 d2% May 6 TENNESSEE COPPER CO. 10-Year 1st Conv, S. F. 6s, Series "A" and "B." Due Nov. 1, 1925.— N. Dated Nov. 1, 1915. Interest payable May 1 and November 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3, 000, 000. Outstanding — $1,409,000 (June 1. 1919). Owned by the T. C. & C. Corp.^-$79,000. Retired by S. F.— $512,000. Pledged — $1,000,000 Series "B." Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York, and Fred. I. Kent. Redeemable as a whole or in part on any Interest date on and after Nov. 1, 1918, at 110 and interest. Convertible on and after November 15, 1917. into common stock (par $25) at $40 a share (or at the rate of $160 of bonds for $100 stock). Called bonds must be converted on or before the 10th day preceding date of re- demption. Sinking Fund — On the basis of $2,000,000 bonds outstanding annual payments on or be- fore March 1, 1917, of an amount equal to not less than 30 cents on each gross dry ton (2,240 lbs.) copper ore mined during the pre- ceding calendar year. If prior to Sept. 15. 1918, bonds cannot be purchased at not ex- ceeding. 110 and Interest, the fund must be invested In securities agreed upon by the com- 1210 pany and trustees. After Nov. 1, 1918, bonds are to be called at 110 and interest, subject to the right to convert into stock on or before the 10th day preceding the rate set for re- demption. Organization and Control — Incorporated In New Jersey in 1899. The company does a large business In sulphuric acid, which is used extensively in the manufacture of fertilizers and munitions. In Oct., 1916, the Tennessee Copper & Chem- ical Corp. was incorporated in New York to acquire by exchange the stock of this company. As of Dec. 31, 1918. 192,947 shares of 200.- 000 shares had been acquired. Secured by a first mortgage on the entire property of the company, comprising 12, 626 acres of mineral and timber land owned in fee, which property includes the London. Burra Burra, Eureka, Culchote and Boyd mines, and leases on 210 acres, including the Folk County mine and the Austral Quartz quarry; 14 miles of railway and equipment, connecting mines with smelters; smelting works, consisting of 7 copper blast furnaces, 4 converter stands, 3 Dwight-Lloyd sintering machines, power house, etc. ; also the largest plant in the world for the manufacture of sulphuric acid from blast furnace fumes. Year ended Dec. 31 Net Dep'n Int., Etc. 1918 $922,681 $350,000 $216,109 1917 1,346,082 200.000 234,932 1916 834.571 200,000 246,913 liisted on the New York Stock Exchange. Original Market — Offered December, 1916, by Sutro Bros. & Co., New York. Market. New York — Hartshorne & Battelle, Morton Lachenbruch & Co., Baker, Carruthers & Pell. Price Range (Series "A") — N, Y. S. E. Jan. 1, *15 to Jan. 1, '19 1918 High.136 Oct. 21 '15 95^ Oct. 30 Low. 80 Nov. 21 '17 88 Jan. 11 lat TENNESSEE EASTERN ELECTRIC CO. 5b. Due Feb. 1, 1943.— F. Dated Feb. 1, 1913. Interest payable Feb. and Aug. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. Outstanding — $812,00 (Jan. 1, 1919). In Treasury — $74,000. Retired by Imp. Fund — $9,000. •Reserved for Ext. — $2,105,000. •Issuable for 80% of cost when net earnings (except for additional $105,000) are twice In- terest charges on total issue. Denominations — Coupon, $1,000 and $ 5 0. Registerable as to principal. Trustee — American Trust Co., Boston. Redeemable at 105 and interest on any In- terest date up to Aug. 1, 1937, and thereafter on a 4% basis. Improvement Fond — Annually, beginning Feb. 1, 1918, 1% of bonds outstanding for Improvements or for purchase and cancellation of these bonds. Organization — Incorporated In Massachusetts In 1912. Owns the entire capital stock of the Johnson City Traction Corp. Capital Stock Authorized Outstanding Preferred (6% cum.). . $750,000 $600,000 Common 1.500,000 1,275,000 Secured by a first mortgage on all the prop- erty of the company. Including a modern con- crete dam and hydro-electric station on the Nolichucky River, near Greenville, Tenn., with an ultimate capacity of 10,000 k. w. ; a steam plant of 1,100 k. w. at Johnson City ; 6 4 miles of high voltage transmission lines and substations; electric distribution systems In Johnson City. Jonesboro and Greenevllle, Tenn. Further secured by deposit of entire $150,000 capital stock and indebtedness of the Johnson City Traction Corp., owning 5.85 miles of street railway In and about Johnson City. Year ended Dec. 31 Gross Net Interest 1918 $163,631 $84,907 $39,213 1917 146. 6M 82,570 37,926 1916 133.399 77,630 35,128 Original Market — Offered April, 1916, by Warner, Tucker & Co. Market. Portland. Me. — Chas. H. Gilman & Co. TENNESSEE POWER CO. 1st 59. Due May 1. 1962,— N. Dated May 1, 1912. Interest payable May and Nov. 1, at Bankers' Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax refunded in Pennsylvania. Authorized — $50,000,000. Outstanding — $7,936,000 (Jan. 1. 1919). Pledged to secure notes held by the T. Ry. Lt. & P. Co. — $3,975,000. Retired by S. F.— $35,000. Reserved for Ext. — $38,054,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustees — Bankers' Trust Co., and F. W. B. Close, New York, Redeemable at 107^ and interest on any In- terest date upon 12 weeks' notice. Improvement and Sinking Fund — Annually beginning May 1, 1917, 1% of outstanding bonds and those to be issued, to be used to reimburse the company for the cost of per- manent extensions, renewals, additions, etc., or for the purchase of these bonds at not -exceeding 107% and interest, all bonds pur- chased to be cancelled. Guarant«ed principal and interest by the Tenn. Ry. Lt. & Power Co. which has 'pledged a majority of the stock of the Chattanooga Ry. & Lt. Co. as security for its guaranty. Organization and Control — Incorporated Id Tennessee in 1912 as a consolidation of the Eastern Tennessee Power Co. and the Great Falls Power Co. Entire stock is owned by the Tennessee Ry. Light & Power Co. Secured by first mortgage upon entire prop- erty of the company including two hydro- electric plants and a steam station on the Ocoee River at Parkesville, Tenn., and a new hydro-electric plant at Great Falls, near Rock Island, Tenn., with 534 miles of transmission lines on private right of way extending to Chattanooga, Cleveland, KnoxviUe, Nashville, Tenn., and a connection with the Georgia Ry. ^ Power Co. Hydro-electric plants have a combined capacity of 44.000 k. w. and steam 13,000 k. w. Year ended Dec. 31 Gross Net Interest 1918 $2,237,151 $877,149 $629,266 1917 1,940,124 682,029 605.485 1916 1,636.716 769.845 454.919 1915 1,066,206 504.636 465.598 Original Market — $7,500,000 offered in April, 1912, by E. W. Clark & Co., Philadelphia, Wm. P. Bonbrlght & Co., Hodenpyl, Hardy & Co., New York, and H. M. Byllesby & Co., Chicago, on a 5.90% basis. Market. New York — Morton Lachenbruch & Co., Mc- Kinley & Morris, Parkinson & Burr, Harris, Winthrop & Co.. J. W. Howell & Co.", Martin, Berwin & Co., Dunham & Co., Clark, Dodge & Co., Hanson & Doyle. Gilman & Clucas, E. 1211 & C. Randolph, Swartwout & Appenzellar, Bonbright & Co.. Curtis & Sanger. Berdell Bros., Kiely & Horton, F. H. Hatch & Co.. H. F. McConnell & Co., McClure. Jones & ■Reed, McGeorge & "Vanderhoef. J. Nicker- son, Jr. Pliiladelpliia— E. W. Clark & Co.. H. D. Boenning & Co., S. K. Phillips & Co., Capelle & Co., Newburger, Henderson & Loeb, Reed A. Morgan & Co.. Baue^ Starr & Co.. Huntoon & Co., Warren A. Reed. liOuisville — J. J. B. Hilliard & Sons. Chicago — Harris. "Winthrop & Co.. Babcoclj:. Rushton & Co.. H. M. Byllesby & Co. Nashville — Henry S. Frazer, Thos. Platej- & Co. Providence — R. S. Moore & Co. Boston — F. B. Bassett & Co., Moors & Ca- bot, Parkinson & Burr. Price Range. Jan. 1, 1912 to Jan. 1, 1919 191^ Bid Ask Bid Ask High.85 '16' 87% '16 66 Nov. 50 Jan. Low. 42 '18 50 '17 42 Jan. TENNESSEE RAILWAY, LIGHT & POWER CO. 7% Coll. Tr. Notes. Due June 1, 1920. Dated Dec. 1, 1918. Interest payable June 1 and Dec. 1 at E. W. Clark & Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000.' Outstanding — $2,500,000: Reserved for Corporate Purposes — $1,500,000. Purpose of Issue — $2,500,000 issued in ex- change for 5% notes which matured June 1. 1918. Denomination — Coupon $1,000 and $10,000. Registerable as to principal. Trustee — Bankers Trust Co., New York, Redeemable at 100 and mterest upon 30 days' notice. Organization — Incorporated in Maine in 1912 as a holding company. Owns practically all of the $4,000,000 common stock, and $335,300 of the $2,500,000 preferred stock of the Nash- ville Railway & Light Co. ; practically all of the $3,000,000 common stock and $2,000,000 preferred stock of the Chattanooga Railway & Light Co.. and also the $20,000,000 capital stock of the Tennessee Power Co. Secured ' by deposit of the following securi- ties: $2,500,000 Tennessee Power Co. 1st 5s and $2, 500,000 common stock of the Nash- ville Railway & Light Co. Pro rata amounts of stocks and bonds of the above issues must be deposited with the trustee to secure any notes issued in addition to the original amount, $2,500,000. Year ended Dec. 31 (combined): Gross Net Interest. 1918 $6,146. 6f9 $2,282,988 *$1, 469,302 1917 5,258,659 1,-798,923 1,510.051 1916 4.883,636 2,094,256 1,340.172 1915 3.947,268 1,679,874 1,320,263 ♦Interest on Chatt. Rys. Cons. 5s, accrued after May 1, 1918 — $72,167, not included In 1918 as default was made Nov. 1, 1918. Original Market — $2,500,000 offered Decem- ber 30. 1918, in exchange for $2,500,000 5% notes due June 1, 1918. of the same face value together with cash eciuivalent to 1% ,of the overdue notes exchanged. $125,000 April 1, 1931, and $725,000 April I. 193?. Dated April 1, 1917. Interest payable April X and ..October 1 at Citizens Savings & Trust Co.. ''tr.eveland. , . Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,750,000. Outstanding — $1,750,000. Denomination — Coupon. $1,000. $500 (ma- turities from 1925 to 1932 inclusive) and $100 (1932 maturity only). ] Trustee — Citizens Savings & Trust Co., bleveland. Redeemable at 102 and interest. Organization — Incorporated in Ohio. Secured by a first mortgage upon the com- pany's leasehold estate in the land fronting 200 feet on the Public Square, with a depth of 233 feet along the south side of Superior Avenue, and 197 feet on West Third Street, containing in a'.l about 46,000 square feet. This lease calls for a flat rental of $105,000 per annum for 99 years, with an option to pur- chase. A one thousand room hotel was erected on the site at a cost of $3,759,000, exclusive of furnishings and equipment, upon which these bonds constitute less than a 50% loan. The property is leased to The Hotel Cleve- land Co. for 30 years at an annual rental of about $401,000. plus taxes, insurance and re- pairs. The ownership of the real estate is vested in land trust certificates, aggregating $1.- 800,000, which are owned by several of the larger banks ,and trus.t companies of the city. Fire insurance is maintained for the benefit of the bondholders. Original Market — $1,750,000 offered January, 1919, by The Tillotson & Wolcott Co., Cleve- land, at prices to net 7%. (THE) TERMINAL HOTELS COMPANY (CLEVEIw\NI>, O.) First Mortgage Leaseliold 6s. Due $75,000 each April 1 from 1920 to 1938 inclusive: $100,000 April 1, 1939; $125,000 April 1, 1930: TERMINAI^ RAILROAD ASSOCIATION OF ST. LOUIS 1st 4%s. Due Oct. 1, 1989. Dated October 1, 1889. Interest payable April and Oct. 1, at J. P. Morgan & Co., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $7,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed as to interest by proprietary companies. Organization and Control — Incorporated in Missouri in 1889 and owns and operates ex- tensive terminals indluding belt lines and bridges. In the interest of the following com- panies which own the entire stock: Cleveland, Cincinnati, Chicago & St. Louis Ry., the Louisville & Nashville R. R. , the Missouri Pacific R. R., the Wabash R. R.. the Balti- more & Ohio R. R., the P. C. C. & St. L. R. R., the St. Louis-San Francisco R. R., the Chicago, Rock Island & Pacific Ry., the Chi- cago & Alton R. R., the Chicago, Burlington & Quincy R. R., the Missouri, Kansas & Texas R. R.. the Southern Ry., the Illinois Central R. R. and the St. Louis Soufhwestern Ry. Under a proprietary agreement, each of the companies covenants to pay one-fifteenth of the interest, taxes and other charges, in case of deficiency. Secured by first mortgage upon entire prop- erty of company, including Union Passenger Station and extensive freight terminals in the centre of St. Louis, Mo. Further secured by deposit with the Trustee of the entire capital stock of the Union Ry. & Transit Co; of Illinois and the Terminal R. R. ot ;1212 East St, Louis throusrh which they are a first lien on railroad yards and real estate in East St. Louis, operated for the interchange of ■ freight and passenger traffic. Underlies — Cons. 6s, of 1944, and Gen. Ref. 4s, of 1953, which provide for the retire- ment of this issue. Year ended June 30 Net Int. & Rent 1918 $2,733,263 (2.639,181 1917 3,266.188 2,366,779 1916 3,010,220 2,377,619 1915 2.618,459 2,486,395 1914 2,271,778 2,230,858 Lieeal for Conn, and R. I. Listed on the New Tork, Boston and St. Louts Stock Exchanges, Original Miaitket — $7,000,000 offered Feb. 1892. at 96% and Interest by J. P. Morgan & Co., New York, and J. S. Morgan & Co., London. Market. New York — Harris, Forbes & Co., J. S. Farlee & Co., Buli, & .Bldredge,. CofBn & Co.. Estabrool^ ,.^ . Co., - Redmond & Co., Spencer Trask & Co., Tobey & Kirk, Struthers & Hiscoe, Holmes, Bulkley & Wardrop, Baker. Carruthers & Pell. Callaway. Fish & Co., Peck & Co.. J. Davenport. Wm. C. Ewen, J. Nick- erson. Jr., Taylor, Smith & Hard, Vilas & Hickey, Morton Lachenbruch & Co.. Season- good. Haas & MacDonald, Kean. Taylor & Co. , Pynchon & Co. Chicago — Harris Trust & Savings Bank, Kean, Taylor & Co. Boston — Estahrook, & Co., Harris, Forbes & Co. Philadelphia — B. B. Smith & Co., Brown Bros. & Co. St. liOuis — ^Whitaker & Co., Stix & Co. Lonisvllle — J. J. B. Hilliard & Sons. Price Range — N. Y. S. B. Jan. 1. '08 to Jan. 1. '19 1918 Hlgh.112 Jan. 16. '16 87% Dec. 24 Low. 85% May 4 '18 85% May 4 TERMINAL RAILROAD ASSOCIATION OF ST. LOUIS 1st Cons. 6s. Doe Ane. 1, 1944.— P. Dated Nov. 10. 1894. Interest payable Feb. and Aug. 1, at J. P. Morgan & Co.. New Tork. Tax Status — 2% Federal Income Tax paid 'by company without deduction. Authorized — Closed mortgage. Outstanding — $6.000,000.. Denomination — Coupon, $1,000. Registerable as to principal. • Trustee — Guaranty Trust Co. , New York. Guaranteed as to interest by proprietary -companies. See 1st. 4%s. Organization, etc. — See 1st 4%s above. Secured by second mortgage upon entire terminal property of company, subject to the 1st 4%s. and further secured by pledge of $1,789,000 sdares of stock of the St. Louis ■Merchants Bridge Terminal Ry. Co. $35,000 Hstock and $1,500,000 bonds of the St. Louis Terminal Ry. Co., and $500,000 stock of the Bast St. Louis Belt R. R. Co. Prior Liens — $7,000,000 1st 4%s of 1939. ■ Underlies — Gen. Kef. 4s due 1953, which provide for the retirfeliieiit of this issue. Earnings — See-4st 4%8- above. Legal for Conn, and R. I. Listed on the New Tork and St. Louis Stock Exchanges. Original Market — $4,500,000 offered May. ,1896, at 92 and interest, by J. P. Morgan & Co., New York and J. S. Morgan & Co., Lon- don; also offered in 1911 by Harris, Forbes & Co., New York, at 112% and interest. Market. New York — Seasongood, Haas & Macdonald, Morton Lachenbruch & Co., A. H. Bickmore & Go,, E. & C. Randolph, J. S. Farlee & Co.,' Peck & Co., Redmond & Co., Coffin & Co., Harris, Forbes & Co., Estabrook & Co., Struthers & Hiscoe, Holmes. Bulkley & War- drop. Calla.way, Fish & Co., J. "Davenport, Taylor, Smith & Hard. Boston — Harris, Forbes & Co. Chicago — Harris Trust & Savings Bank, Kean, Taylor & Co.. Pynchon & Co. St. Lonis-^Stix & Co.. Mississippi Valley Trust Co.. Whitaker & Co. Louisville — J. J. B. Hilliard & Sons. Philadelphia — Brown Bros. & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High. 120% Feb. 5, ''06 95 Feb. 8 Low.. 90 Oct.30, '10 90 Oct. 30 TERMINAL RAILROAD ASSOCIATION OF ST. LOUIS Gen. Ref. 4s. Due Jan. 1, 1953.— P. Dated Jan. 1, 1903. Interest payable Jan. and July 1, at J. P. Morgan & Co., New York. • ■ Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding — $21,700,000 (Jan. 1. 1919). Retired by S. F. — $1,300,000. Held by Company — $4,463,000. Reserved to retire prior liens — $12,000,000. Reserved to refund St. L. Merch. Bridge -6S' and St. L. Merch. Bridge & Term. 6s — $6,000,000. Reserved for Ext. — $5,537,000. Denominations-Coupon, $1,000. Registerable as to principal. Registered, $1,000 and mul- ■|>ples thereof. C. & B. interchangeable. Trnstees-^Gentral Trust Co., New York, and Wm. Taussig, St. , Louis, Mo. Iledeemable at 110 and interest on any in- terest date on and after Jan. 1, 1910^ on 60 days' notice. Sinking Fund — To retire $100,000 of these bonds annually on and after July 1, 1906, at .not to exceed 110 and interest. Guaranteed as to interest and sinking fund by proprietjiry companies. See 1st 4%s. Organization, fte. — See 1st 4%s. Secured by mortgage upon entire property of company, and by a first lien on the follow- ing stocks: Bast St. Louis & Carondelet Ry.. $420,, 000 St. Louis Belt & Terminal Ry.... 1,936.000 Granite City & Madison Belt Line R.R 100,000 Illinois Transfer iR.R 600,000 ■Terroinal Realty Co 100,000 St. Louis Merchants Bridge Terminal By 1,159.300 1213 $4,215,300 Prior Liens — $7,000,000 Terminal R. R. As- sociation 1st 4%s of 1939, and of $5,000,000 Term. R. R. Assoc. 1st Cons. 5s of 1944. for the, retirement of which bonds' of this issue have been reserved. Earnings — See 1st 4%s. Legal foi: Conn, and R. I. , Xisted. on the Neiy Tork and Boston Stock 'Ehcchanges. . Original Market — Oftered in 1911, by Lee, Higginson & Co.," at 97% .and interest. .:jaark«t. New York ; — -Seasongood, Haas & Mac- donald, Morton, ' Lach'enl)ruch & Co., E. & c. liandolph, Harris, Forbes & Co., Curtis & SSng'^r. .Lee, Higgijison & Co., P. J. Llsman Co., Clark, Dodge & Co., Bernhard, Scholle & Co.. Struthers & Hiscoe. Baker, Carruthera & Pell, J. Davenport, J. Nickerson, Jr., Red- mond & Co.. Vilas & Hickey. • St. lionis — Bowman, Cost & Co., Stix & Co., Whitaker & Co,, Mississippi Trust Co. Boston^ — Harris, Forbes & Co., Lee, Hl^sin- son & Co. Wilkes-Barre — Morris & Rice. Philadelphia — Harris, Forbes & Co., Brooke. Stokes & Co., Wa'.ter B. Pollock. Chicago — Kean, Taylor & Co., Harris, Trust & Savings Bank, Pynchon & Co. Price Range— X. ¥. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.lOO^ Feb. 26, '06 82^ Jan. 29 Low. 61 Sept. 24 '18 61 Sept. 24 T£RR£ HAUTE & IKDIAXAPOIJS RAI1> ROAD CO. Cons'. Ist 5s. Due July 1. 1925.— N. Dated July 1, 1885. Interest payable Jan. and July 1, at Penna. R. R. Co., New ToJ-k. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $1, 899,000. Denomination — Coupon, $1,000. Trustee — Farmers' Loan '& Trust Co., N. Y. Assumed by the P. C. C. & St. L. R. R. Co. Control — Consolidated in 19 05 into the Van- dalia R. R. Co. , which was merged with other roads Jan. , 1917, Into the Pittsburgh, Cincinnati & St. Louis R. R. Co. Secured by a first mortgage on 103.12 miles of road, viz: Indiana-Illinois State Line near Far- rington to Indianapolis, Ind 80.21 Knightsville to Centre Point, Ind 8.16 Brazil to Saline City, Ind 11.80 Terre Haute to Dewey, Ind 2.9B This road forms part of the main line of the Pennsfylvania system into St. Louis. Underlies — Vandalia R.R. Cons. 4s, which mortgage provides to retire this issue. Legal for Me. Market. New York — Spencer Trask & Co., Baker, Carruthers & Pell, Kiely & Horton, Harts- home & Battelle, Abraham & Co.. F. J. Lis- man & Co., Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid High.108 -ll 109 '09 90 Jan. Low. 85 '18 103 '14 85 Dec. TERRE HAUTE & PEORIA RAILROAD CO. 1st Cons. 5s. Due Sept. 1. 1942.— N. Dated Sept. 1, 1892. Interest payable March and Sept. 1, at Penna. R, R. Co., New York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $2,280,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Union Trust Co., New York. Guaranteed principal and interest by the Terre Haute^ & Ind. R. R. Co., by endorse- ment. Assumed by the Pittsburgh, Cincinnati, Chi- cago & St. Louis R. R. Co. Organization and Control — Incorporated In Illinois in 1887 as successor to the Illinois, Midland R. R. In 1892 property was leased for 99 years to the Terre Haute & Indiana- polis R. R. at a rental of 30% of gross earn- ings, taxes, interest and rentals to be de- ducted. In 1905 latter company was mersed into the Vandalia R. R. which assumed this lease. __Qf_Jthe $1,837,400 preferred stock of the Terre Haute & Peoria, $646,700 is owned by the Pittsburgh, Cincinnati, Chicago & St. Louis R. R. Co., and $1,168,200 by the Penn- sylvania Co.. which controls the P. C. C. & St. L. R. R. The P. C. C. & St. L. R. R Co. $268,800 of the $1,926,800 common stock. In Jan.. 1917, the Vandalia R. R. Co. with other companies was merged into the F. C. C. ft; St. L. R, R. Co., a new company, which assumed the above lease. Secured by a first mortgage on 145.07 milf? of road, viz: Farrington to Hervey City, lU 76.85 Hervey City to Decatur, 111 *7 . 52 Maroa to Farmdale, 111 60.70 •Owned jointly with the Illinois Central R. R. Co. Ijegal for Cal., Me., Mo. and Oro, Market. New York — Chas. W. Place, Hartshorne & Battelle, E. & C. Randolph, F. J. Lisman & Co., Baker. Carruthers & Pell, Abraham & Co., Taylor, Smith & Hard. Baltimore — Jenkins, Whedbee ft Po6. Philadelphia — Frazier & Co., Huntoon & Co. FittBbargh — ^R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Roe. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid High.113% '09 118 '09 90 Jan. Low. 80 '17 100 '08 83 Nov. TERRE HAUTE & WESTERN BAILWAT CO. 1st 58. Due Nov. 1. 1937.— F. Dated Nov. 1, 1907. Interest payable May X and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — New England Trust Co., Boston, Guaranteed as to principal and interest by endorsement by the Terre Haute Traction & Light Co. Control — The property is leased to the T. H. T. & L. Co. for 999 years from Nov., 1907, and the property of the latter company U leased for 999 years to the T. H. I., & H. T. Co. The entire $150,000 preferred and $200.- 000 common stock of the T. H. & W. Ry. Co. is owned by the Terre Haute, Indianapolis & Eastern Traction' Co. Secured by a first m.ortgage on 11 miles of electric railway from near Sanford, Ind., to Paris. III. Except in towns of Vermillion and Paris, 111., road runs on private right-of- way. Franchises run for 20 years and 50 years respectively in these towns. Year ended Deo. 31 Gross Net Int. etc. 1918 $50,880 $15,04» $12,500 '1917 54,580 23,015 12.500 Original Market. — First offered at 95 and interest by Hunt, Saltonstall & Co., Boston, and Ervin & Co., Philadelphia. Market. New York — F. H. Hatch & Co. . Philadelphia — Ervin & Co. TERRE HAUTE ELECTRIC CO. 1st 5s. Due July 1. 1939.— F. Dated July 1, 1889. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,500,000. 1214 Denomination — Coupon. $1,000. Regiaterable as to principal. Trustees — Union Trust Co., Indianapolia, Ind., and Boston Safe Deposit & Trust Co., Boston^ Guaranteed as to< interest under terms of lease by the T. H., Ind. & Eastern Ry Co. Assumed by the Terre Haute Traction & Light Co. Control — ^Absorbed in 1904 by the Terre Haute Traction & Light Co. The entire 52,- 000,000 common stock of the latter company is owned by and its property leased for 999 years from 1907 to the Terre Haute. Indiana- polis & Eastern Traction Co. The latter com- pany pays as rental 6% on $1,000,000 pre- ferred stock and 6% on $2,000,000 common, interest on bonds and $1,000 organization ex- penses. Secured by a first mortgag-e on plant sup- plying Terre Haute, Ind. , with electric light and power. Population 63, 000. Principal franchises are perpetual and others average 30 years from Jan., 1906. Underlies — T. H. Trac. & Lt. Co. let Cons. 5s of 1944, under which mortgage bonds are reserved to retire this issue. EamingB — See Terre Haute Traction & Light Co. liifited on the Boston Stock Eitchange. Market. New York — F. H. Hatch & Co., Hornblower & "Weeks, Estabrook & Co.. Berdell Bros.. Kiely & Horton. Taylor & White. Baltimore — Baker, "Watts & Co., Jenkins, Whedbee & Poe, J. S. Wilson, Jr. , & Co., Mackubin, Goodrich & Co., H. R. Taylor & Co. Boston — Hornblower & Weeks. Philadelphia — Ervin & Co. Gbicago — ^Hornblower & "Weeks. Providence — Hornblower & Weeks. Price Range. Jan. 1, '08 to Jan. 1. '10 1918 Bid Ask Bid Ask High.lOO '13 102 '13 90 Dec. 95 Dec. Low. 85 '18 89 '18 85 Jan. 89 July TBRRE HAUXS, INDIANAPOUS & EAST- ERN TRACTION CO. 1st & Ref. S. F. 6s. Due April 1, 1945. — F. . Dated) April 1, 1910. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $8, 000, 000. Outstanding — $5,736,000 (Jan. 1, 1919). Held in Sinking Fund — $764,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Redeemable as a whole at 105 and Interest on any interest date. Sinking Fond — $55,000 annually from Feb, 1, 1911, to 1915. inclusive, and $106,676 an- nually on Feb. 1 thereafter, to be applied to the purchase or redemption of these bonds at not over 1 02 % and interest. Bonds so redeemed to be kept alive and Interest added to sinking fund. Orgamowtion — Incorporated In Indiana. March 23, 19 07. Consolidation of the In- dianapolis Coal Traction Co., the Richmond Street & Interurban Railway Co. , the In- dianapolis & Eastern Railway Co. and the Indianapolis and Western Railway Co.' In 1907, leased the Terre Haute Traction and Light Co., the Indianapolis & Northwestern Traction Co., and the Indianapolis & Martins- ville Rapid Transit Co.; in 1912, leased -the Indianapolis. Crawfordsville & DansvlUe Elec- tric Railway Co. Owns (with the exception of Directors' shares) the entire capital stock of Indianapolis & Martinsville Rapid Transit Co., the entire common stock of Indianapolis & Northwestern Traction Co, and Terre Haute Traction and Light Co. ; also the entire capi- tal stock of the Indianapolis Traction and Terminal Co. The Terre Haute, Indianapolis & Eastern Traction Co. controls and operates 551 miles of street and interurban railway. embracing the entire street railway systems in Indianapolis, 141 miles. Terre Haute 27 miles and Richmond, Ind. 13 miles, and com- prising a continuous route from Paris, III., through Terre Haute and intermediate towns to Indianapolis and thence to Richmond, Ind.. together with other lines radiating from Terre Haute, Indianapolis and Richmond. In May, 1918, purchased the stock of the West Indiana "LTtilities Co., which operates lighting plants at West Terre Haute and Brazil. Ind. Secured by a direct lien on 157 miles of rail- way, including lines between Indianapolis and Brazil, Indianapolis and Richmond, and In- dianapolis and Danville, also the Richmond city lines, together with the equipment and power plants therefor, being a first Hen on about 101 miles and a lien on the remaining mileage, subject only to $103,000 underlying bonds ($55,000 in cash is deposited In trust to retire $55,000 of these bonds and the re- maining $48,000 will be retired by sinking fund before 1920). Additionally secured by' pledge (except the directors' shares) of the entire capital stock of the Indianapolis Trac- tion and Terminal Co. and the entire common stocks of the Indianapolis & Northwestern Traction Co., the Indianapolis & Martinsville Rapid Transit Co. and the Terre Haute Trac- tion and Light Co. The great majority of franchises extend well beyond the maturity of these bonds. Franchises in Indianapolis expire in 1933. Year ended Dec. 31 Gross Net •Charges 1918.. $7. 456. 015 $2,333,852 $2,612,895 1917.. 7.110,342 2.317,417 2.255.868 1916.. 6.970,395 2,568,574 2,325,222 1915.. 6,436,315 2,322,101 2,30e.20& 1914.. 6,667,263 2.406,101 2,265,33& ♦Includes rentals, interest and sinking funds. listed on the Indianapolis Stock Exchange. Original Market — $6,500,000 offered in May, 1910, by Drexel & Co., Philadelphia. Lee, Hlg- ginson & Co.. Estabrook & Co., Boston, etc., at 95 and Interest. Market. New York— F. H. Hatch & Co., E. & C. Randolph, Estabrook & Co., Bauer, Starr & Co., Berdell Bros. IndiaimpoUs — J. F. Wild & Co., Breed, El- liott & Harrison, Otto P. Haueiaen & Co. ,. Meyer-Kiser Bank. Philadelphia — Henry & Kirkbride, Graham, Parsons & Co., Biddle & Henry, S. K. Phil- lips & Co., H. D. Boenning & Co., West & Co., Cassatt & Co., E. B. Smith & Co., Par- rish & Co., Geo. S. Fox & Sons, Blkins, Mor- ris & Co., Ervin & Co., Chas. Fearon & Co.. Sailer & Stevenso"n, Bauer, Starr & Co., Hun- toon & Co., Warren A. Reed. Boston — Lee, Higginaon & Co.. Estabrook & Co. Price Range. Jan. 1, '10 to Jan. 1, *19 1918 Bid Ask Bid Ask High.97% '12 98% '13 82% Nov. 87 Nov. Low. 77 '18 81 '18 77 Feb. 81 Feb. 1215 tsrre: haute xbaction & ught co. let Cons. 6b. Due May 1, 1944.— F. Dated May 1, 1904. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without i-'eduction. ' Authorized — $5,000, 000. Outstandins: — $3,077,000 (July 1, 1919). Retired by S. F. — $423,000. Reserved for Prior ly&ens — $1,500,000. Denomination — Coupon, $1, 000. Trustees — State Steel Trust Co.. Boston, and United States Trust Co. , Terre Haute, Ind. Redeemable as a whole at 110 and Interest on any interest date. Sinking Fund — Semi-annual cash payments, beginning: May 1, 1906 of an annual sum equal to 1% of outstanding bonds. Fund to be applied to the purchase of bonds of this issue at not exceeding 110 and interest and if not so purchasable the Trustee shall invest fund in its discretion In these bonds at a higher price or in first mortgage bonds of street rairway or lighting companies in the United States. Bonds acquired are to be can- celled. Guaranteed as to interest under terms of lease by the Terre Haute, Indianapolis & Eastern Traction Co. Organization and Control — Incorporated In Indiana in 1903 as the Terra Haute Electric Traction Co. and present name adopted in 1904 and acquired the property of the Terre Haute Electric Co. Leases the property of the Terre Haute & Western Ry. Co. for 999 years from 1907 and guarantees principal and Interest on that company's $250,000 1st 5s, also 6% on $150,000 preferred stock, 5% on $200,000 common stock and $500 per annum organization expenses. The entire $2,000,000 common stock is owned by the Terre Haute, Indianapolis & Eastern Ry. Co. and is de- posited under that company's 1st and Ref. 5s. The property is also leased to the lat- ter company for 999 years from 1907. Rental interest on bonds 6% on $1,000,000 preferred stock and 5% on $2,000,000 common stock Call owned as above) and $1,000 per' annum drganization expenses. Secured by a first mortgage on 87 miles of street and interurban railway track, including 27 miles of street railway track in Terre Haute, Ind., and interurban extensions ra- diating from that city; a second mortgage on sfeam heating plant and plant supplying elec- tric light and power in Terre Haute and Brazil and a lien on 999 years leasehold In 11 miles of interurban track. Franchises for lighting are unlimited in time; railway in Terre Haute, Brazil and Clinton expire In J9Fi^, other franchises in 1930. 1949. 1952 and 1955. Interurban lines are largely on private right-of-way. Prior Lien — $1,500,000 Terre Haute Electric Co. Ist 53 of 1929 for the retirement of which bonds are reserved under this mortgage. Year ended Dec. 31 Gross Net Int. & S.F. 1918 $1,572,977 $520,415 $302,893 1917 1.490.638 650.860 296,460 1916 1.410,370 657.342 2^8.380 1915 1.297,157 578.401 300,300 1914 1,420.173 644,911 301,028 Market. Boston — Merrill, Oldham & Co., Bstabrook & Co., F. B. Bassett & Co., G. W. "Walker & Co. Baltimore — Baker, Watts & Co. . .Fliiladelphia — H. D. Boenning & Co. New York— F. H. Hatch & Co., Miller & Co., B. & C. Randolph, Estabro'ok & Co., Joseph & Wiener. Price Range. Jan. 1, '08 to Jan. 1, '18 1917 Bid Ask , Bid Ask High.gs^^ '17 100 '14 88 Jan. 93 Jan. Low. 80 '18 85 '18 80 Aug, 85 Aug. T£RKE HAUTE WATER WORKS COMPANY 1st 6s. Due June 1, 1924. { Dated May 31, 1919. Interest payable June 1 and Dec. 1, at Trustee's office, Indianapolis. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $500,000. Purpose of Issue — To finance in part ma- turity of $1,042,000 1st 4%s, due June 1, 1919. Denominations — Coupon, $1,000, registerable as to principal. Trustee—Fletcher American National Bank of Indianapolis. Organization — Incorporated in Indiana in 1871. Secured by a first mortgage on plants sup- plying water to Terre Haute, Ind. Appraised value May. 1919, $1,269,000. Population served 69,000. Company surrendered its fran- chise in 1913 and is now operating under an indeterminate permit under the Public Utility Law of Indiana, Year ended Dec. 31: Gross Net Int., etc. 1918 $205,461 $91,143 $44,965 1917 177,152 90,557 46.220 1916 172,820 91,143 47,728 1915 193,549 110.510 58,015 Original Market — $500,000 offered May, 1919. by Fletcher American Company, Indianapolis, at 99% and interest. TEXARKANA GAS & ELECTRIC lilGHT CO. Ist 5s. Due July 1, 1930.— F. Dated July 1, 1905. Interest payable Jan. and July 1, at Central Trust Co., of Illinois, Chicago. 1% Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $443,500. Denomination — Coupon, $ 5 00. Registerable as to principal. Trustee — Central Trust Co. of 111., Chicago. Redeemable on any interest date at 105 and Interest. Control — Absorbed by the Southwestern Gaa & Electric Co. and Is the Texarkana Division of that company. Secured by a first mortgage on plants sup- plying natural gas and electricity to Texar- kana, Ark., and 13 miles of street railway In that city. Population served, 22,000. Fran- chises expire in 1950. Natural gas is ob- tained from the Caddo field in Louisiana and is also used in generating electricity. Underlies — Southwestern G. & El. 1st & Ref. 5s of 1932, which provides to retire this Issue. . Earnings — See Southwestern Gas & Electric Co. Original Market — First offered by Charles S. Kidder & Co., Chicago, at par and inter- est. Market. New York — J, S. Bache & Co., Eastman, Dillon & Co. Chicago — Chas. S. Kidder & Co., Peoples' Trust & Savings Bank. H. T. Holtz & Co. Milwaukee — Morris P. Fox & Co. 216 Srie, Pa, — Jos, L. Felton. FroTidence — Bodell & Co. Texarkana — ^R. 3. Cheatham. Price Range. Jan. 1, '15 to Jan. 1, '1» X91S Bid Ask Bid Ask Hlgh.97 *16 100 '16 90 Dec. 95 Dec. Low. .81 '18 90 '17 81 July 90 Jan. TBXAS & NEW ORI^EANS RAILROAD CO. Cons. 5s. Due Juiy 1, 1943. — N. Dated July 1. 1893. Interest payable Jan. and July 1, M Southern Pacific Company's office. New York. ' ' Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $4,196,000. Ootstandinp^$l. 620, 000. Reserved for iHirporate purposes — $2,575,000. Denomination — Coupon, $1,000. Bee^sterable as to principal only, or fully registerable. Trustee — Guaranty Tmst Co., New York. OrgaJil^ation and Control — ^Incorporated in Texas in 1874 as a reorganization of the for- mer Texas & New Orleans' R. R. Co. $4,- 999,100 of $5,000,000 capital stock is owned by the Southern Pacific Co. Secured by second- mortgage equally with $2,575,000 Sabine Div. 1st 6s on 103 mites from Sabine Pass to Rockland, Texas, and by second mortgage on 104 miles from Hous- ton to Orange, Texas. Prior JAens — $2,575,000 Sabine Div. 1st 6b of 1942 and $862,000 T. & N. O. 1st 6s of 1935, all of which are owned by the South- ern Pacific Co, or held in Sinking Funds. Year ended June 30 Gross * Net Int. & Rent *1917 $6,410,077 $2,a47,987 $1,005,919 1916 4,500,474 1.096,091 1.145,835 1915 3,910.706 551,628 1,142,646 •Year ended Dec. 31. liisted on the New York Stock Exchange. Market. New York — F. J. Lisman & Co., Abraham & Co., Baker, Carruthers & Pell. Baltimore — Jenkins. Whedbee & Poe. Pittsburgh — R. B. Hutchinson & Co. Price Range — ^N. Y. S. S. Jan. 1, '06 to Jan. 1. '19 1918 Bid Ask High. 110 Apr. 10, '06 80 Dec. 85 Dec. Low. 95 Nov. 20, '16 78 Nov. 80 Oct. TEXAS & NEW ORLEANS RAILROAD CO. Dallas Div. 1st 4s. Due Aug. 1, 1930. . Dated August 1, . 1900. . Interest payable Feb. and Aug. 1, at 165 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000 per mile. Outstanding — $580,000. Owned by S. P. Co. — $696,000. Owned by S. P. R. R. Co. — $953,000. Held in various sinking funds — $1,768,000. Denomination — Coupon, $1,000. Registerable as to principal, or fully registered. Trustee — Central Union Trust Cd., New York. Controlled by the Southern Pacific Co. See , Cons. 68. above. Secured upon 217.30^ miles of road as fol- lows: A first lien on 210.60 miles Bonita Jet. to T. & P. Crossing, Dal- las, Tex 162.71 Rockland to Dorr Jet., Te.x 47.S9 A second lien on 6.70 miles from Orange to Sabine River, Tex.- covered by the first lien of the First (Main Line) 6s 6.70 Prior Liens— $862,000 1st (Main Line) 6s of 1936, all of which are owned by the Southern Pacific Co. or held in sinking funds. Ramlngs — See Gons. 5s. Market. New York — Tobey & Kirk, Redmond & Co.. Spencer Trask & Co. . Baker, Carruthers & Pell, Abraham & Co. , F. J. Lisman & Co.-, Taylor, Smith & Hard. ^ Pittsburgh — R. B. Hutchinson & Co. Philadelphia — Paul & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid ' Ask High.93 '08 94 '09 70 Jan. 86»A Dec. Low. 60 '17 75 '17 TEXAS & OKLAHOMA RAILROAD CO. 1st 5s. Due Sept. 1, 1943. — F. Dated Sept. 1, 1903. Interest payable March and Sept. 1, at Company's office, 61 Broadway, New York. Default— March 1, 1916 and subsequent in- terest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $2,347,000. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Central 'Union Trust Co., New York. Assumed by the M., K. & T. Ry. Co. Guaranteed principal and interest by en- dorsement by the Mo., Kan. & Texas Ry. Organization and Control — Incorporated in Oklahoma in 1902 and in 1903 was merged into the Mo., Kan. & Oklahoma R. R., which was consolidated with the Mo., Kan. & Tex. Ry. in 1904, now in hands of receiver. Protective Committee — F. N. B. Close, Chair- men, John W. Hamer, R. "Walter Leigh, Wil- liam "W. McGIench, and J. "W. Stedman, with P. D. Bogue, Secretary, 16 Wall St., New York and Bankers Trust Co, depository. Secured by first mortgage on 118.65 miles from Oklahoma City to Coalgate, Okla. Underlies — M., K. & T. Ist and Hef . 4s. due 2004; Gen. 4%3 due 1936 and the Consolidated 5s due 1940, all of the bonds outstanding un- der the latter issue being deposited as secur- ity for $19,000,000 notes and bank loans. Listed on the New York Stock Exchange. Original Market — $2.347,o6o'offered in Sept., 1904, by Clark, Dodge & Co., New York, and Lee, Higginson & Co., Boston, at 99' and interest. Market. New York — Redmond & Co., Blodget & Co., Spencer Trask &. Co., McGeorge & V^^j^derhoet, .Sam-I.. Goldsqhmidt, Baker, Carruthers & Pell, Hartshorne & Batt^Ue. Baltimore — ^W. W. Lanahan & Co., Hamble- ton & Co. Philadelphia — Cassatt .& Co. , Warren A. - Reed. Boston— F. R; Keith & Co. Price Range — N. Y.S, E. Jan. 1, '06 to Jan. 1, '19 1918 High.111% Feb. 2,..'09 40 Jan. 2 Low, 30 Nov. 12, '18 30 Nov. 12 TEXAS & PACnraC RAILWAY CO. Ut Cons. 5s. Due June 1, SOOO. — F. Dated February 1, 1888. Interest payable June and Dec. 1, at Bankers' Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $25,000,000. Outstanding — $25,000,000 (Jan. 1. 1919). Denomination — Coupon, $1, 000. Registerable as to principal or fully registerable. 1217 Trustee — Fidelity Trust Co., Philadelphia, Pa. Organization — Incorporated under Acts of Congress in 1871 and reorganized under fore- closure in 1887. Beoeiversliip — In 1916 Pearl Wight and J. L. Lancaster were appointed receivers as a re- sult of an action started by B. F. Bush, re- ceiver for the St. Louis, Iron Mountain & Southern R. R. to enforce payment of a Judg- ment of $410,000. Secured by first mortgage on 1,394.60 miles of road. New TDrleans to Shreveport, La 326.03 Texarkana to Ft, Worth, Tex. via Mar- shall 245.13 Texarkana to Ft. Worth, Tex. via Whitesboro 244,26 Ft. Worth to Sierra Blanca, Tex 623.11 Retsor (near Lucas) La. ' to Marshall, Tex 34.26 Plaquemine to Indian Village, La 7.12 Addis to Port Allen, La 8,40 Mingus to Thurber, Tex 6.29 Also a first lien on warehouses, terminal properties in Westwego, Gouldsboro and New Orleans, coal mines at Gordon, equipment, etc. Underlies — $25,000,000 2nd Cons. Income 6s due 2000 of which $23,703,000 are de- posited under the St. Louis, Iron Mt. & Southern Unifying and Kef. 4s. Year ended Dee, 31 Gross Net Int & Rent 1918. . .$27,294,833 $4,824,680 $2,955,215 1917... 22.714.007 6,871.787 2.636.715 1916... 20,858,657 6,133,636 2,646,266 1916... 18,496,245 3,898,244 2,514,016 I,egal for Bait, and Texas. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Hanson & Doyle, Wm. C. Ewen, Redmond & Co., Tobey & Kirk. Wm. A. Read & Co.. Low, Dixon & Co., Gilman & Clucas, Baker. Carruthera & Pell, Abraham & Co., Taylor, Smith & Hard. Villas & Hiokey. Philadelphia — Chas. Fearon & Co. Baltimore — Jenkins, Whedbee & Foe. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.124 May 17 '06 92% Nov. 12 Low.79% Sept. 25 '18 79% Sept. 26 TEXAS & PACmC RAILWAY CO. 2nd ConB. Income 5s. Due Deo. 1, 8000. — P. Dated Feb. 1, 1888. Interest payable March 1 If earned, at Trustee's office. Record of in- terest payments: 1% — 1900; 4 — 1901: 5 — 1902: 6 — 190-3; 6 — 1904; 6 — 1906; 5 — 1906; 6 — 1907: 3% — 1908; 0—1909 to 1918. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 25,000,000. Outstanding — $969,000 (Jan. 1. 1919). Held in Treasury — $338,000. Exchanged for and deposited under the St. Louis, Iron Mt. & Southern Ry. Co. Unifying & Ref. 4s of 1929— $23,703,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registered. Trustee — Bankers' Trust Co.. New York. Organization, Earnings, etc. — See 1st 6s, 2000 above. Secured by a second mortgage on 1,394.60 miles of road covered by the first lien of the 1st 5s. Prior Lien — $25,000,000 1st 5s of 2000. Listed on the New York ^tock Exchange. 1 Market, New York — Seasongood, Haas & Macdonald, MoKinley & Morris, Sam'l. Goldschmidt, Mar- tin. Berwln & Co, ' Phlladelplila-^Chas.' Fearon & Co., Cassatt & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High,102 Jan. 9, '06 46% Feb. 18 Low. 29 May 20, '^5 41 Sept. 20 TEXAS & PACIFIC RAILWAY CO.— Louis- iana Div. Branch Lines Ist SB. Due Jan, 1, 1931.— F. Dated January 1, 1901, Interest payable Jan. and July 1, at Bankers' Trust Co,, New York. . Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — ^$7,000,000. Outstjlnding — $4,970,000 (Jan. 1, 1919). In Trea8ury-^$713,000. Reserved for Ext. — $1,317,000. Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Trustee — Bankers' Trust Co., New York, Organization, Earnings, etc. — See 1st 6s, above. Secured by a first mortgage on 456.33 miles of road, viz ; Cyprus, via Shreveport. La., to Texar- kana, Tex 162.05 Heisor to Lucas, La 8.10 Port Allen to Perriday, La 101.60 Melville via Simmesport and Bunkie to Eunice, La 84. 69 Junction to Marksville, La 8.85 Donaldsville to Napoleonville, La 15.50 Dona'dsville to Thibodeaux, La 28.60 Melville to Crowley, La 57.04 Legal for Texas. Listed on the New York Stock Exchange. Market. New York — Sam'l. Goldschmidt, Baker, Car- ruthera & Pell, Abraham & Co. Baltimore — Jenkins, Whedbee & Poe. PlUladelphia — Chas. Fearon & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.llO Feb. 28, '06 86 May 28 Low. 86 May 28. '18 86 May 28 TEXAS & PACIFIC RAILWAY CO., Eanlp. Tr. 6s, Series "BB." Due $30,000 each Dec. and Jude Ist to Dec, 1, 1981, In- ciusive. — P. Dated June 1, 1912. Interest payable June and Dec. 1, at Blair & Co., 24 Broad Street, New York City. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600,000. Outstanding — $210,000 (Jan. 1, 1919). Balance Retired. Denomination — $ 1,000. Trustee — Bguitable Thrust Co., New York. Secured by first lieii on 20 locomotives, 1 combination baggage and mail car, 1 steel underframe private car, 8 steel underframe chair cars, 7 steel underframe coaches and 200 all steel gondola cars, costing $694,750 of which $94,760 was paid in cash by the com- pany. Market, New York — Freeman & Co., Coffin & Co., Evans. Stlllmar & Co. Philadelphia — Graham, Parsons & Co, ;i8 TEXAS St PACIFIC RAILWAY CO. Eaaip. Tr. 58. Series "DD." Dae $2S,000 each Jan. and July 1 to July X, 1926, Inc. Dated July 1, 1916. Interest payable Jan. and July 1 at Blalr & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Aathorized — $600, 000. Outstanding — 5375.000 (Jan. 15, 1919). Balance Retired. . Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Secured by an eauipment a^rreement on 8 locomotives, 100 steel underframe ballast cars, and 8 steel combination ha.esa.B& and mail cars costing $615,026. Alarket. See series "BB." above. TEXAS tl PACIFIC BAIIiWAY CO. 3. I<. lAncaster and Pearl Wight, Receivers. Equip. Tr, 5s. Series "EE." Dae Seo.OOO eacii Feb. 1 and Aue. If to Feb. 1, WSI, inclusive. — N. Dated Feb. 1, 1917. Interest payable Feb. 1 and Aug. 1 at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized— $1,200,000. Outstanding — $960,000 (Feb. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Equitable Trust Co., New York. Redeemable as a whole at 100 and interest on any interest date upon 60 days' notice. Secured by an equipment agreement on 12 Santa Fe type freight locomotives, 7 Pacific type passenger locomotives, 5 all-steel dining cars, 16 all-steel coaches, 5 all-steel combina- tion baggage and express cars, 2 all-steel combination coach and baggage cars, 1-120 ton steam wrecker, and 1 combination crane and pile driver, costing $1,603,852, of which $303,- 852 was paid in cash. Original Market — Offered Feb., 1917 by Kuhn, Loeb & Co., and Blair & Co., New York. Market. New York — Evans. Stlllman & Co. TEXAS CENTRAL RAILROAD CO. Ist 6a and 4s. Dae April 1, 1923. — F. Dated April il, 1893. Interest pSyable April and Oct. 1, at Fanners' Loan & Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 000, 000. Outstanding — $1,850,000 53; $160,000 4s. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Redeemable at 110 and Interest on any inter- est date upon four weeks' notice. Organization and Control — Incorporated in Texas In 1892 and acquired the main line of the Texas Central Ry. sold under foreclosure. Practically the entire Preferred and Common Stocks are owned by the Missouri, Kansas & Texas Ry. which has pledged same under its Consolidated Mortgage. The property was leased to the Missouri, Kansas & Texas Ry. of Texas in 1914. Secured by a first mortgage on 308.72 miles of road, viz; Miles Waco to Rotan, Tex 268.02 De Leon to Cross Plains, Tex 40.70 Befundlng — Provision to refund these bonds is made in the M., K. & T. Cons. Mtge, Original Market— $798,000 offered in 1911 by F. J. Lisman & Co., New York, etc. Market. Now York — Hanson & Doyle. Oilman & Clucas, F. J. Lisman & Co.. Baker. Carruth- ers & Pell. Chas. W. Place. Price Range. Jan. 1, '08 to Jan. 1, 'IB 1918 Bid Ask Bid Ask High.106 '10 106 '12 80 Aug. 93 Jan. Low. 76 '17 90 '16 THE TIIXAS CO. Conv. Deb. 6s. Doe Jan. 1, 1931.— F. Dated January 1, 1911. Interest payable Jan. and July 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $15,416,000 (Jan. 1, 1919). Retired by Sinking Fund — $1,685,000. Unissued — $3,000,000. Denomination— Coupon, $1,000. Registerable as to principal. Trustee — The Equitable .Trust Co., New York. Redeemable at 105 and interest January 4, 1915. or on any interest date thereafter, but not less than $100,000 in any single instal.. ment (except for sinking fund) on 20 days' notice. Convertible privilege expired on Dec. 31, 1914. Sinking Fund — 2% of outstanding bonds annually on Oct. 1, 1915 to 1917, inclusive, 4% from 1918 to 1920, inclusive, 6% 1921 to 1923, Inclusive, 8% 1924 to 1926, Inclusive, and 10% 1927 to 1929, inclusive, to be ap- plied to the purchase or redemption of these bonds at not exceeding 105 and Intrest. Security — ^A' direct obligation of the com- pany, not secured by a mortgage. No new mortgage can be placed on the property of the company while these debentures are outstand- ing. Year ended June 30 Gross ♦Net tl918 $44,522,600 $15, 994.892 1918 80,260.634 34.873.403 1917 54.339.050 19.724,526 1916 37.708,382 13,898,861 1916 26.391,745 6,393,327 1914 25,924,405 6,186,976. *After charges and depreciation. tSix months ended Dec. 31, 1918. Listed on the New York Stock Exchange. Original Market — Underwritten in 1911 by Blair & Co., and Harris, Wlnthrop & Ck>,, New York, and offered to stockholders at par and interest. Market. New York — Jenks, Qwynne & Co.. Harris, Wlnthrop & Co., Baker, Carruthers & Pell, Rhoades & Co. Houston, Tex. — Sherwood & King, Neuhaus & Co. Philadelphia — West & Co. Chicago — Harris. Wlnthrop & Co. Price Range — N. Y. S. B. Jan. 1, '11 to Jan. 1, '19 19ig High.106% Jan. 29. '17 102% Dec. 31 Low. 94 Oct. 18, '11 96% Jan. 2 TEXAS ELECTRIC RAILWAY CO. 1st & Ref. 30-Year 5s. Due Jan. 1, 1947. — N. Dated Jan. 1, 1917. Interest payable Jan. 1 and July 1, in Chicago and New York. Tax Status — Paym -nt of Federal Income Tax not assumed by company. Aathorized — See "Provision of Issue " Outstanding — $6,443,000 (Feb. 1, 1919). Held in Treasury — $62,000. J 219 -Held' by Trustees as a S;iecial Accidcnf liiid Damage Fund — $75,000.- . ... ■ Provisions of Issue — ^Additional bonds Issu* able for 75% of cost of additions, etc., when net earnings for previous twelve months are equal to at least twice annual interest charges on total issue. ■ Provision is also made for refunding prior liens. Denomination — Coupon, $500 and- $1,000. Register able as to principal. Trustee — Harris Trust & Savings Bank, Chi- cago. • Redeemable on any interest date to and In- cluding Jan. 1, 1942, at 105 and interest and thereafter at 102^ and interest. Maintenance Fund — The company agrees . to expend or set aside annually for maintenance the following percentages of gross earnihgs: 11% 1917: 12%, 1918; 13%, 1919; 14%, 1920; 15%, 1921; and each year thereafter. Any part of • this fund not so used may be expended for extensions, etc., which shall not be the 1>asls- for Issuing additional bonds. Improvement and Sinlcing Fund — ^Annually, beginning April 1, 1912, an amount in cash ecLual to 1% of bonds ..of this issue and under- lying bonds outstanding on the previous Dec. '31 after making allowance for underlying sinking fund payments during the preceding year. This fund may be used for improve- ments or for the retirement of this issue or underlying 'bonds. - . Organization — ^Incorporated in Texas, July, 1916, and acquired the properties of the Texas ^Traction' Co. and the Southern Traction Co. QQ^^.tes 259 miles of main track. Owns 249 _&iles of main, track (267 miles single track jefluiyalent). Capital Steele Authorized Outstanding -Ist iPfd. (7% cum.). $1,500,000 $1,500,000 ■2d Pfd. (7% cum.). 3,000.000 3.000,000 Common 6,00,0,000 6,000.000 "- Secured by a mortgage on 269". 40 miles of street and interurban railway track, including the street railway systems In Waco, Denison, Sherman, Corsicana, Waxahatchle and Mc- ICinney as follows: A first mortgage on 180.42 miles of track from Dallas to Corsicana, and Dallas via Waxahatchle to Waco; a mortgage ^subject to prior liens on 88. 9 8 miles from Dallas via McKinney and Sherman to Denison. further secured by deposit of $620,000 Texas Traction Co. 1st 5s of 1937. Enters Dallas over the tracks of the Northern Texas Trac- tipn- "C,o. and Dallas Consolidated Electric street Ry. Co. The company purchases power under long term contracts from the Texas Power & Light Co. Interurban lines are on private right-of-way either owned' in fee or held under perpetual easements. City iran- chiaes with two unimportant exceptions ei^tend well beyond' the riiaturity of the bonds. Prior Ijienis — $1,409,000 (closed mortgaged ■"bonds, viz.: $1,258,000 Texas Traction Co. 1st S. F. 53. due Jan. 1, 1937, and $161,000 Denison & Sherman Ry. Co. 1st 5s, due July 1, 1927. for the retirement of which bonds are reserved under mortgage. Underlies — $2,160,000 25-year Conv. Deb. 6a of 1942. Year ended Dec. 31 Gross Net Interest 1918 ... $2,381,475 $951,721 ' $473,919 1917 2.138,268 990.636 474,788 1916 1.829,009 804,871 512,491 Original Market — $4,804,000 offered Jan., 1917, by B. H. Rollins & Sons, William R. Compton & Co., Harris Trust & Savings Bank, Harris, Forbes & Co.. Coffin & Burr and G. H. "Walker & Co. at 94% and interest. Market. - New York — Coffin & "Burr, Harris. Forbes & Co., E. & C. Rando'.ph. E. H. Rollins & Sons, Berdell Bros., F. H. Hatch- & Co.. Earle A. Miller & Co.. Taylor & White.- - Boston — Coffin & Burr. Harris, Forbes ft Co.» Brooke C. Ulman & Co., W. L. Raymond ft Co., E. M. Hamlin & Co., E. H. Rollins ft Sons, L. Sherman Adams. St. liouis— Mississippi Valley Trust Go.. Wi.liam R. Compton Co., G. H. Walker & Co. Chicago — E. H. Rollins & Sons, Union Trust Co., Harris Trust & Savings Bank, Babcock. Rushton & Co. ^ ■ Philadelphia — ^E. H. Rollins & Sons, Harris, Forbes & Co., Newburger, Henderson & Ijoeb. Denver — E. H. Rollins & Sons. liOS Angeles — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. • -'-Indianapolis—- Fletcher American National Bank. ^ *. ■ ' Texarkana — R. S. Cheatham. . Detroit — Joel Stockard & Co. Milwaukee — P. A. Bartlett Co. . -.'■; i ■ Price Range. Jan. X, '17 to Jan. 1,^ '19 1918 ^ Bid Ask Bid Ask High.84 '18 94% '17 84 Dec. 89 Jan. Low. 84 '17 85 '18- - " 85 Dec. TEXAS ELECTRIC RAILWAY Conv. Deb. 6s. Due Jan. 1, 1943.~N. Dated Jan. 1. 1917. Interest payable ,Jan. 1 and July 1. in New York or Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $3.000, 000. Outstanding — $2,160,000. Reserved for Corporate FQl*pose&-^$M0,000. Denominations — Coupon, $500 and $1,000. Registerable as to principal. ^Trustee — St. Louis Union Trust Co., St. Louis. ' Redeemable at 102% and interest on 30 days' notice on Jan.. 1, 1922,- or any interest date thereafter. " Convertible par for par after Jan. 1, 1921!; into first preferred 7% cumulative stock of the company. If debentures are called con- version privilege extends to the date of re- demption. •--'.Or^inization, Etc. — Sfee 1st & Hefl 5s. -- - Security^— A. direct obligation of the company Wat not secUTred by a mortgage. The company covenants that in case any new issue of mort- gage bonds is created these -debentures will either be called for payment- or be made to share ratably in the security of the new mort- gage. Prior liien — $5,428,000' 1st &-Ref. 5s of 1947. $1,258,000 Texas Traction 1st S. F. 5s of l-t»37 and $151,000 Denison & Sherman Ry. 1st 5s of 1927. ■ - Earnings — See 1st & Ref. 5s. Original Market— r2; 16 0,000 offered Feb., 1917, by B. H. Rollins & Sons, Boston, etc., at a price to yield 7%. Market. Boston — E. H. Rollins & Sons, Bond & Goodwin, McConnell & Co., F. B. Bassett & Co. Chicago — Babcock, Rushton & Co. Prtce Raifige — 1918— -Ask 82-91 H. TEXAS PO^VER & I.IGHT CO. 1st 5s. Due June 1, 1937.— F. Dated June 1, 1912. Interest payable June and Dec. 1, at Trustee's office. ., Tax Status — 2% Federal Ipcome Tax paid by company without deduction. Authorized — $30,000,000. '-i Outstanding— $10,205,000 (Jan. 1. 1919); 1220 Denomination — Coupon, $1,000. Registera,ble as to principal. Trustee— Banliers' Trust Co., New Torlf. Redeemable as a whole at 105 and interest on any interest date on or after June 1, 1917, or in part for sinlting fund on and after June 1. 1915. Sin)(ing Fund — ^Annually, on June 1, tlie fol- lowing amounts: 1916 to 1917, inclusive, 1% of bonds outstanding; 1918 to 1920, inclusive, 1%%; 1921 to 1936, inclusive, 2%. This fund ia to be used for permanent additions or im- provements or for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Texas in 1912 and acquired the gas and electric properties in Texas formerly controlled by the American Railway & Lighting Co. and including the Waco Electric & Gas Co., Cleburne Electric & Gas Co.. Hillsboro Biectrii: & Gas Co., Waxa- hachie Electric & Gas Co., Temple Electric Light Co., Sherman Electric & Gas Co., Bon- ham Electric & Gas Co. and Denison Electric & Gas Co. , Controlled through ownership of capital stock by the Southwestern Power & Light Co., which is controlled by the Southwestern Util- ities Co., a subsidiary of the American Power & Light Co., which in turn is controlled by the Electric Bond & Share Co.. a subsidiary of the Opneral Electric Co. Secured by a first mortgage on plants doing the entire commercial electric light and power business in 86 communities, including Waco, Denison, Sherman, Paris, Temple, Palestine, Tyler, Cleburne. Gainesville, Brownwood, Wax- ahachie. Hillsboro, Ennis and Taylor, in Texas and artificial gas business in Paris, Cleburne and Brownwood and distributes natural gas In Waco and Denison. Supplies wholesale electric light and power service for Corsicana and other communities. Population served, over 300,000. Property covered by this mortgage includes over 835 miles of transmission lines. 893 miles of distributing line and also 160 miles of gas mains. Franchises with mTnor. exceptions extend to 1952. Transmission lines are largely on private right-of-way. Year ended Dec. 31 (combined) Gross Net Interest 1918 $3,248,180 $1,077,949 $663,215 1937 2.600,816 1,011,299 552,094 1916 2,253,846 1,007,296 426,707 1915 1,900,702 726,042 340,314 Listed on the New Orleans Stock Exchange. Original Market — Offered in 1912 by Harris. Forbes & Co., New York: The Harris Trust & Savings Bank, Chicago: N. W. Harris &, Co.. Inc., and Perry. Coffin & Burr. Boston, at 97 and interest. Offered by same iirms in 1913 at 91 and interest. $700,000 offered by the ^'ame firms in December. 1914, at 91, and in February,. 1915, by Perry, CofUn & Burr, Bos- ton, at 9ZV>. and interest: $1.?50.000 offered Dej?ember. 1918. by Harri.s. Forbes & Cj. and Harris Trust & Savings Bank. r' Market. New York— F. H. Hatch & Co., Kiely & Hnrton, Paine, Webber & -Co.. Babcock, Rufih- ton &Co., Coggeshall & Hicks, W. J. Woll- man & Co.; Martin, Berwin & Co. .Dunham & .Co.. Gude, Wimmill & Co., Parkinson & Burr, H. F. McConnell & Co., H. N, Whitney & Sons. E. & C. Randolph, Harris. Forbes & Co., Low. Dixon & Co., Miller & Co.. Chand- ler Bros. & Co., Berdell Bros., S. L. Snowden, John n. Curtis & Co., Ear'.e A. Miller & Co., Cilfffn & Burr. Boston — J. S. Orler & Co., Parkinson & Burr, H. L. Nason & Co., Harris. Forbes & Co., F. B. Bassett & Co., A. Perry & Co., Paine, Webber & Co.", Coffin & Burr. L. Sher- man Adams, Kimball, Russell & Co., RlcbaTd- son. Hill & Co. . I.'. Baltimore^-Nelson, Cook & Co. ' . Cliicaeo — Baboock, Bushton & Co.. Harris Trust & Savings Bank, Ames, Bmerich ,& Co.. Paine^ Webber & Co. St. liOuis — John Nickerson, Jr. Providence, K. I. — Miller & George. New Orleans — ^Edwin D. Cohn. Claude M. Smith & Co. Philadelphia — ^Harper & Turner, H.' D. Been-' nins & Co., Prazler & Co, < New Haven — Chas, W. Soranton Co. Milwaukee — ^Marshall & Ilsley Bank, Second Ward Savings Bank, P. A. Bartlett Co. Kansas City — Commercial Trust Co. Price Range. Jan. 1,! '12 to Jan. 1, '19 1918 Bid • Ask Bid Ask i High.96% '12 98 '13 86 Nov. 90 Nov., Low.79 '18 82 '17 79 Aug. 82 Sept. TEXAS PUBMC SERVICE CO. 1st 68. Due July 1, 1933.— F. Dated July 1,' 1913. Interest payable Jan. 1 and July 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deductioi\. Authorized — $500,000. Outstanding — $418,000. Denomination — Coupon, $1,000. Registerabie as to principal only. Trustee — Spitzer-Rorick Trust & Saving* Bank. Toledo, O. Redeemable as a whole on any interest date at 103 and interest. Organization — Incorporated July, 1913 in Texas. Secured by a first mortgage on plants sup- plying electricity and ice in Vernon, Mount Pleasant, Gilmer and Bay City, Texas. These towns, ' which are all county seats, had a com- bined population in 1910 of 11,100. Mt. Pleas-, ant and Gilmer are located about 30 miles apart in the northeastern part of the State. Vernon is near the center of the northern border, and Bay City is in the south central section, near the Gulf of Mexico. Franchises extend for 50 years except one, which expires In 1938. Year ended June 30 Oross Net Interest 1917 $128,492 $39,863 ■• $23,145. ■19in.... 116,427 40.852 20 418 Original Market — Offered in January, 1915, by Snitzer. Rorick & Co., New York, Chicago and Toledo, at 101 and interest. " Market. ' , New York — J. A. Clark & Co., Spitzer, Ro- rick & Co. ,. - Price Range. Jan. 1. '17 to Jan. 1. '19 1918 Bid Ask Bid AsIc High.JOO '17 103 '17 98 Jan. 100 Jan. Low. 97 '18 97 Jan. TEXAS TRACTION COMPANY 1st 5s. Due Jan. 1, 1937.— P. D4,ted January 1, 1907. Interest payable Jan. and July 1,. at Old Colony Trtlst Co.. Boston. , ' .' , Tax Status — 2% Federal Income Tax paid by company without deduction. . ,. Authorized — Closed mortgage. Outstanding- $1,258,000 (Apr. 1. 1919).' ' Held in Sinking Funfl— »288.000. ~ Deposited under T. El. Ry. 1st & Ref. 5s — $e'>o.ooo.. . ,'. ''l)enomination — Coupon, $1,000. Registerabie as'tb-principai. Trustee — Old Colony Trust Co., Bostttn. i2Sl Redeemable at 110 and interest on any In- terest date on 30 days' notice. Slnkine Fund— Annually, from July 1. 1912, 6% of the gross income for the preceding year to be applied to the purchase or redemp- tion of these bonds at not over 110 and inter- est. Bonds so acauired to be Icept alive and interest added to sinking fund. Assumed by the Texas Electric Ky. Co. Organization and Control — Incorporated in Texas in 1906. Began operation July 1. 1908. April, 1911, acauired the properties of the Denlson & Sherman Ry. Co. In 1916 merged into the Texas Electric Ry. Co. Secured by a mortgage on 88.98 miles of interurban railway track between Dallas and Denlson, Tex., and street railway in Denison, Sherman and McKinney, and of this mileage it is a first lien on 71.39 miles and a second lien on 17.59 miles, formerly owned by the Denison & Sherman Ry. Co. The company has trackage rights into Dallas. Franchises ex- pire in 1956 on streets and highways and the balance of the road is built on private right- of-way. Prior liiens — $151,000 (closed mortgage) D. & S. Ry. 1st 5s of 1927. Underlies — Texas Electric Ry. 1st & Ref. 5s of 1947 and Conv. 6s of 1942. Provision is made in the 1st & Ref. Mtge. for the refund- ing of this issue. Earnings — See Texas Electric Ry. Co. Original Market — Offered in 1911 by Harris, Forbes & Co., New York, and 5^. W. Harris & Co., Inc., and Perry, Coffin & Burr, Boston, at 95 and interest. Market, New York — F. H. Hatch & Co., Hanson & Doyle, Abbott, Johnson & Co., Berde'.l Bros., Sharretts & Young, B. & C. Randolph. Harris, Forbes & Co. Boston — Arthur Perry & Co., Harris. Forbes & Co., F. B. Bassett & Co. Houston, Tex. — Sherwood & King. New Haven — Henry B. Burgess. Philadelphia — Frazler & Co.. S. K. Phillips & Co. New Orleans — Edwin D. Cohn, Claude M. Smith & Co. Chicago — Curtis & Sanger. Price Range. Jan. 1. '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '17 104 '17 83 Dec. 86 June Low. 81 '18 86 '18 81 June THIRD AVBNTIB RAILROAD CO. Ist 6s. Dae July 1, 1937.— F. Dated July 1, 1887. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $5,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Organization and Control — Incorporated in New York in 1853. Leased in 1900 for 999 years to the Metropolitan Street Ry. Co. This lease was subseauently cancelled. In March, 1910, the property was sold under foreclosure and acauired by the Third Avenue Railway Co, Secured by a first mortgage on the entire property of the Third Avenue Ry. Co., For de- tails see 1st & Ref. 4s below. Underlies — Third Avenue Ry. 1st & Ref. 4s, which provide for the retirement of this issue and Adjustment Income 5s of 1960. Year ended June 30 (combined) Gross Net 'Deductions 1918.. $10, 234, 989 $2,222,819 $2,674,322 1917.. 8,972,648 1,055,283 2,6!7.610 1916.. 11,136,370 3,637,924 2,646,861 1915.. 10.886,859 3,259,773 2,565,730 1914.. 10,858,216 3,196,612 2,570,306' •Includes all interest charges (including in- come bonds), rentals and sinking fund. liBgal for Bait. Listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, J. S. Far- lee & Co., Harvey Fisk & Sons, Denny, Pom- roy & Co.. Abbott, Johnson & Co., Wm. Car- negie Bwen, Berdell Bros., W. M. Clarke, J. Davenport. Chicago — White, Weld & Co. Price Range— N. Y, S. E. Jan, 1, '06 to Jan. 1, '19 1918 High.119 Jan. 11, '06 97 Dec, 13 Low. 90 Aug. 30, 'IS 90 Aug.:30 THIRD AVENUE RAILWAY CO. 1st Ref. 4s. Due Jan, 1, 1960. — F. Dated January 1, 1910. Interest payable Jan. and July 1, at company's ofBce. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York. Authorized — $40,000,000. Oatstanding — $21,990,500. Reserved for Ext. — $6,930,500. Reserved to Retire Prior Liens or Exchange for Subsidiary Bonds — $12,079,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Registered, $600, $1,000 and multiples of $1,000. C. & H. interchangeable. Trustee — Central Union Trust Co.. New York. Redeemable on any interest - date after July 1, 1914, at 105 and interest upon three months' notice. Organization — Incorporated in New York in 1910 for the purpose of acauiring the proper- ties and franchises of the Third Avenue Rail- road Co., sold under foreclosure, and succeed- ed that company on Jan. 1, 1912. Secured by mortgage upon entire property and franchises of company, including 35^ miles of street surface railway in New York City, extending from Park Row along Third Ave. to 130th St. and Harlem River, from the East River across 125th and 130th Sts. to the North River, and from 125th St. to Fort George, together with real estate, power houses, depots, etc. . Further secured by pledge of the following stocks: $2,000,000 Union Ry. Co\ $1,671,000 Forty-second Street, Manhattan- ville & St. Nicholas Ave. Ry. Co., $1,128,700 Dry Dock, East Broadway & Battery R. R., $8,600 Kingsbrldge Ry. Co., $992,600 Yonkera R. R., $500,000 Westchester Electric R. R. Co., $248,300 Southern Boulevard R. R. and $1,382,000 Forty-second Street, Manhattanville & St. Nicholas Ave. Ry. Co. 2d Mtge. Incomes, $1,750,000 1st 6s and $734,000 stock of the Belt Line Ry. Corp. and $1,702,000 bonds and $4,221,000 stock of the N. Y. City Interborough Ry. Co. Prior liens— $5,000,000 Third Ape. R. R. 1st 5s, due 1937, and $7,079,000 bonds of controlled companies, for the retirement of which bonds of this issue are reserved. Underlies — Adjustment Income 5s, due Jan. 1, 1960. Earnings — See 1st 53 above. Legal for Bait. Listed on the New York Stock Exchange, 1222 Market. New York — Harvey Fisk & Sons, Season- good, Haas & Macdonald, Ambrose R. Clark & Co. Price Banffe— N. Y. S. E. Jan. 1, '10 to Jan. 1, *19 1918 Hieh.86% Dec. 4, 'H 59 Aug. 21 Low. 51% Dec. 28, '18 5lH Dec. 28 THIBD AVENUE RAILWAY CO. Adjastment Income 5s. Dne Jan. 1, 1960. — F. Dated Jan. 1, 1910. Interest payable when earned on April and October lat .of .each, year from surplus earnings for the preceding six months ending Dec. 31 and June 30. After Dec. 31, 1912, Interest cumulative. Interest has been paid on these bonds as follows: April, 1913, 1^%; Oct., 1913, to Oct. 1, 1917, 2%% semi-annually ; April 1, 1918, none; Oct. 1, 1918, none; April 1, 1919, none. Voting Power — Until all accumulations and 5% interest has been paid for five successive years, holders of these bonds have the right to vote at stockholders' meeting on the basis of one vote for each $100 bond. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in State of New York. Authorized — $22, 536, 000. , Outstanding — $22,636,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal or fully register- able. Registered, $500. $1,000 and multiples. C. & R. Interchangeable. Also registerable for voting purposes only. Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole at par and interest on the first day of any month on three months' notice. Secured by a mortgage on the property described under lat Ref. 4s above. Prior IJen — $21,990,500 Third Ave. Ry. 1st Ref. 4s of 1960, $5,000,000 Third Ave. 1st 6s of 1937 and $7,079,000 bonds of controlled companies, all of which in the determination of interest, payable, on these bonds are classed as prior liens. Earnings — See 1st 5a. liisted on the New York Stock Kxchange. fllarket. New York — Seasongood, Haas & Macdonald, McKinley & Morris, Tobey & Kirk. Price Range — ^N. Y. S. E. Jan. 1. *10 to Jan. 1, *19 1918 High.84^ Feb. 9, '14 37% Nov. 12 Low. 27 Nov. 19, '17 27^ Mar. 2 THIRTEENTH & FIFTEENTH STREETS (PHUiABELPHIA) PASSENGER RAIL- WAY Cons. 3^s and 5s. Dne Jan. 1, 1934.— P. Dated 1894. Interest payable Jan. and July 1, at Fidelity Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $500,000. Outstanding — $400,000 5s, $36,000 3%s. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed principal and interest by the Philadelphia Traction Co. Control — ■ Originally- leased to Philadelphia Traction Co. for 999 years from 1892, at rental' increasing to $12 per share per annum on entire $334,529- outstanding capital stock and all taxes, interest, etc., and mortgages when they mature. Lease transferred to the Union Traction Co. In Oct., 1895, and trans- ferred to the Philadelphia Rapid Transit Co. in 1902. Secured by a first mortgage on 15 miles of street railway extending from League Island on Thirteenth and Fifteenth Streets to Erie Ave. , Philadelphia. Prior Lien — $55,000 real estate mortgages. Market. Philadelphia — H. D. Boennlng & Co., Chas. Fearon & Co., Biddle & Henry, Wurts, Dulles & Co., Welsh Brothers, Lloyd & Palmer, S. K. Phillips & Co. Price Range — 3%s. Jan. 1, *16 to Jan. 1, '19 1918 Bid Ask High.88% '16 104 '17 Low. 103 '17 THIRTY-FOURTH STREET (N, Y. CITY) CROSSTOWN RAILWAY CO. 1st 5s. Due AprU i; 1996.— N. Dated April 1, 1896. Interest payable April and Oct. 1, at Treasurer's ofRce, 'New York Rys. Co., N. Y. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co., New York. Guaranteed as to principal and interest under terms of operating agreement by the New York Rys. Co. Organization and Control — Incorporated in New York in 1896 as a consolidation of the 34th St. R. R. Co. and 34th St. Ferry & Eleventh Ave. R. R. Co. The company is con- trolled by the New York Rys. Co. through ownership of the $1,000,000 capital stock, and ■is operated by that company under an agree- ment dated Dec. 1896. Receiversliip — See New York Railways Co. Secured by a first mortgage on one-half mile of double track street railway on 34th St.. New York City. Operated by imderground transmission. Market. New York — ^Wm. C. Ewen, Tobey & Kirk, T. L. Bronson, Morgan & Finlay, Gilman & Clucas, Abbott, Johnsan & Co.. Befdell Bros., J. Davenport. F, H. Hatch & Co. Price Range. Jan. 1. 'OS to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO '13 105 '12 60 Aug. 70 Aug. Low. 50 '18 65 '18 50 Nov. 65 Feb. THOMPSON-CONNELLSVTLIJE COKE CO. 1st 5s. Due June 1, 1931. — F. Dated June 1, 1906. Interest payable June 1 and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized — $3,000,000. Outstan-ding— $1,917,000 (Jan. 1, 1919). Retired by Sinking Fund — $1,083,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Colonial Trust Co., Pittsburgh. Sinking Fund — 25 cents per ton of coke, and 15 cents per ton of coal, shipped for the pur- chase or redemption of these bonds or to ac- quire additional coal lands: ' Organization — 'Incorporated in Pennsylvania in 1906. Secured by a first mortgage on 1,600 acres of coal and coke lands- in Fayette County, Pa., and 800 coke ovens. * Year ended Dec. 31 Gross Net Int., Etc. 1917 $4,039,845 $1,613,000 $126,620 Original Market — Offered in May, 1906, at par and interest by the company itself. 1223 Market. FiftbburBli — Moore. Leonard & Lynch. Ward- Darley-Lupoia Co.; Jas. Carothers & Co., Wm. P. Lemley & Co., Qoddard, Hunter & Co., "W. E. Ballard. Lyon, Singer- & Co. New York — Baker, Carruthers & Pell, Moore, Leonard & Lynch, E. & C. Randolph. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid „ Aak Bid Ask High.87% '17 S8% '17 84 Aug. 88 Aug. Low. 66 " '16 65 '16 78 Mar. New York— F. H. Hatch & Co., Earle A. Miller & Co.,BerdelI Bros. Price Range. Jan. 1, '16 to Jan. I. '19 • 1918 Bid Ask Ask High.94 '16 96 '16 95 Apr. Low. 86 '18 86 Mar. TIDEWATER POWER CO, 1st 5s. Due Jan. 1, 1949.— F. Dated Jan. 1, 1909. Interest payable Jan. and July 1, at Trustee's office. • ■ Tax Status — 2% Federal Income Tax paid by company without deductinn Pennsylvania State tax refunded. Authorized — $2,000,000. Outstanding — $895,000 (June 1, 1919). Retired by S. F.— $42,000. - .- , ■ Note — During the life of 'th&' 3-yeap 'Gen. 6a, due Aug. 1. 1920.- only $200-,'00O 'additional bonds are issuable under this mortgagre. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — ^Pennsylvania Co. for Insurances on Lives & Granting Annuities, Philadelphia. Pa. Redeemable a,s a whole at 105 and interest on fdur weeks' notice or in part for sinking fund. Sinking Fund — Annually, beerinning Jan. 1, 1914, 1% of outstanding bonds for the pur- chase of these bonds at not over 105 and interest. If not so purchasable fund may be Invested in securities legal for savings banks In New York or Massachusetts, Bonds ac- auired to be cancelled. Organization^ — Incorporated in North Caro- lina in 1907. In April, 1917, acquired the property of the Consolidated Rys., Light & Power Co. for controlled by gtock ownership and lease. Secured by a first mortgage on a part of the plants supplying gas and electricity to "Wilmington, N. C, and vicinity and on about 14 miles of electric railway track, and a second mortgage on the remainder of the gas and electric properties in Wilmington and five miles of street railway in that city, together with ten miles of interurban railway track from Wilmington to Wrightsvllle Beach. Of the mileage owned, 1.5 in Wilmington is leased to the Atlantic Coast Line R. R, until 1936. Franchises are without time limit and street railway exclusive until 1937. Prior !Liens — $476,600 (closed mortgage) Consolidated Rys., Lt. & Pow. Co. 1st S. P. 5s. due 1932. Underlies — 3-year Gen. es of 1920. Year ended Dec. 31 Gross Net Bond Int. 1918 $619,849 $182,575 $113,541 1917 529,118 209,302 108,580 1916 474.247 176.777 66.723 1915 440.802 150,676 61,090 1914 466,084 166,545 54,176 Original Market — Offered in 1911 by Baker, Ayling & Co., Boston, Philadelphia, etc.. at 96 and interest. OfCered by Robt. Glendlnnlng & Co. in 1913 on about a 5.40% basis. Market. Boston — Baker, Ayling & Young. Baltimore — ^Robt. Garrett & Sons. PhUadelphia— S. K. Phillips & Co., H. D. B-enning & Co., Robt. Glendlnnlng & Co., Huntoon & Co. TIDEWATER POWER CO, (Wilmington, N. C.) 3-Year Gen. Gs. Due Aug. 1, 1980. Dated Aug. 1, 1917. Interest payable Feb. 1 and Aug. 1, at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York (stamped). Authorized — $500,000. . Outstanding — $350,000 (Jan. 1. 1919)..,, Reserved for Ext. — $150,000. Denomination — Coupon, $1,000. Hegisterable as to principal. Trustee — Guaranty Trust Co., New York, Redeemable at 101 and interest at any time on 60 days' notice. Organization, £tc. — See 1st 6s. Secured by a general mortgage on the entire property of the company. For detail see 1st 6 s. Prior LieniS'~$895.000 1st 5s of 1949. $476,- 600 (closed) Consolidated Rys., Lt. & Pow. 1st 5s of 1932. Under provisions of this mortgage^ additional prior lien bonds, not exceeding' $200,000, may be issued. Earnings — See 1st 55. Original Market — $350,000 offered Sept., 1917, by John Nickerson. Jr., New York, on a 7% basis. Market. New York — Chas. H. Jones & Co., John Nickerson, Jr. St. IjOuis — John Nickerson, Jr. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '17 SSVi '18 96 Apr. Q&Vi Dec. Low. 92% '18 95 "18 92% Dec. .95 Mar. (THE) TIMKEN-DETROIT AXI£ CO. 1% Serial Notes. Due as follows: Series "A," $675,000, June 1. 1919: Series "B," Se.'JO.OOO, -nine 1, lO-iO. and Series "C," $676,000, June 1. 1921.— F. Dated June 1, 1918. Interest payable June 1 and Dec. 1, at the National City Bank, New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding — $1,250,000 (June 2, 1910). Purchased and Held — $75,000. Balance Retired Purpose of Issue — To fund notes payable and to Increase cash resources. Dmomination — Coupon, $1,000. Trustee — Farmers' Loan & Trust Co., New York. Redeemable on any Interest date on 30 days' notice, as a whole or In series (In which event all the notes of one or more series last matur- ing must be called), at 101% for notes with 2 years or more to run; 101 with 1 year or more, but leas than 2 years, to run, and 100% with less than 1 year to run. Organization — Incorporated in Ohio in June, 1909, and manufactures axles for motor ve- hicles. The company has the perpetual and exclusive rights in the United States for the manufacture, lease or sale of the special worm drive gear machinery of David Brown & Sons, Huddersfield, England. Three of the com- pany's plants are located in Detroit, Michigan (two at Clarke Avenue and other at Waterloo Avenue), and a fourth at Canton, Ohio. 1224 Capital Stock Outstanding Preferred (7% cum.) $1,700,000 Common 2,900,000 Security — ^A direct obligation of the com- pany, but not secured by a mortgage. The company has no funded debt and covenants in the Trust Agreement as follows: It will not mortgage or pledge any of Its fixed assets without providing for priority of payment of these notes, and will not consoli- - date or merge with any corporation unless prior thereto it secures these notes by a closed first mortgage on all its fixed property. It will at all times maintain current assets equal to at least twice the amount of all its liabilities.v direct or contingent, as defined in the Trust Agreement. It will not dispose of any substantial or essential part of its fixed properties unless it applies the proceeds to. the acquisition of fixed property of at least equal value or to the re- demption of notes of this issue. It will keep its property in thorough repair and. .adequately insured. It will not declare or pay any cash divi- dends on its common stock except out of earn- ings subsequent to December 31, 1917. Year ended Dec. 31 Gross Net Sales Income 1918 *$1. 715,805 1917 24,797,260 *2. 068, 42 5 1916 18,656,730 2,954,656 1915 12,326,617 2,270,111 1914 4,711.123 756,883 1913 6.036,405 1.089.918 1912 4,880.991 1,183,718 •After interest and Federal taxes. Original Market — ■ $2,000,000 offered May. 1918, by the National City Co., New York, at 100, 99^ and 99 and interest for respective maturities. Market. New York — Bull & Eldredge, National City Co. Price Range — 1918 — Ask 100. Year ended Dee. 31: •Net 1917 $223,153 1916 249.998 •After interest depreciation, etc., but sub- ject in 1917 to Federal taxes. Original Market — $600,000 offered May, 1918, by West & Co., Philadelphia, at prices from 96% to 92% and interest according to maturity. TINDEL1>M0RRIS CO. G% Secured Notes. Due $100,000. May 1 and Nov. 1, 1921; $150,000 May 1 and Nov. 1, 1932, and 8150,000 May 1, 1923. Dated May 1, 1918. Interest payable May 1 and Nov. 1. at Philadelphia and Pitts- burgh. Tax Statug — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $600,000. Outstanding — $600,000. Trustee — Union Trust Co., Pittsburgh. Redeemable at 101 and interest on any in- terest date upon 30 days' notice. Organization — Established in 1862 and in- corporated in Pennsylvania in 1901. The company makes 'a specialty of ship forglngs. As of May, 1918, the plants of the company were largely engaged in Government work, such as steel crank shafts, ship shafting, forgings for submarines and for scout cruis- ers. - naval anti-aircraft ordnance and steel bottles or cylinders of every description. Outstanding Capital Stock $590,600 .Secured by deposit of $750,000 First Mort- gage 6% 20-year bonds, secured by a first lien upon the real estate, buildings, machinery. equipment, etc., now owned or hereafter ap- quired. This note issue is the only indebted- ness of the company except current bills and accounts. No additional bonds are issuable while any of these notes remain outstanding. Company's plants are ■ located at Eddystone, Pa. V2 TINTERN MANOR WATER CO. Ist 58. Due April 1, 1930.— F. Dated April 1, 1900. Interest payable April and Oct. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,000,000. Outstanding— $1,500,000. Denomination — Coupon and Registered, $1,000. Trustee — Guaranty Trust Co., New York. Organization — Incorporated in New Jersey In 1901 as a consolidation of the Long Branch Water Supply Co. , MIddletown "Water Co., Deal Water Co. and Seabright Water Co. Controls two large water sheds in Monmouth County, N, J. Secured by a first mortgage on water plants supplying water to Long Branch, N. J., and vicinity. Population served, 250.000. Fran- chise perpetual. Market. Philadelphia — Chas. Fearon & Co. Boston — Chas. A. Day & Co. Scranton — First National Bank. TIOGA RAILROAD CO. Ist Extended 5s. Due Nov. 1, 1935. Dated April 24, 1852. Extended May 1, 1872. interest being reduced from 7% and again extended Nov. 1. 1915. Interest pay- able May and Nov. 1. at Brie R. R. office New York. " ' Tax Status — Company refunds the Federal Income Tax up to 2%. Authorized — Closed mortgage. ■ Outstanding — $227,500. Held by Company— $12,000. Denomination — Coupon, $1,000 and $500. Trustees — Theodore Dehon. Alfred S. Frazer and Watts Sherman. Redeemable or any Interest date at 101 and interest. Repurchase Provi^on — Under the 1915 ex- tension agreement the Erie R. R. Co. agrees to purchase or cause to be purchased an- nually, beginning Nov. 1, 1916, $12,000 par value of these bonds at 100 and interest if and when requested by the holders of these bonds. Bonds so purchased to be stamped as subordinate in lien to the remainder of bonds not so purchased. Guaranteed principal and interest by the Brie R. R. Co. under 1915 extension agree- ment. Controlled by the Erie Railroad Co., through ownership of its entire capital stock, which is deposited under its Cons, Mtge. of 1996. Secured by a first mortgage on 34,11 miles of road from Lawrenceville. via Blossburg to Morris Run, Pa. Underlies — $125,000 Tioga, R. R. 3d Rail 7b. Due Nov. 1. 1896. all of which are held by the Trustee of the Brie R. R. Cons. Mtge. of 1996. Refunding — An equal amount of the Erie R. R. Cons. Gen. Lien 4s of 1996 is reserved to retire this issue, liBgal for Me. Original Market — 1915 extension underwrit- ten by Drexel & Co., Philadelphia. Market. Fhiladelpliiii — W. H. Newbold's Son & Co., S. K. Phil'.lpa & Co. New York — F. H. Hatch & Co. TOLEDO & INDIANA TRACTION CO. Ist 6s. Due Jan. 2, 1931. Dated Jan. 2, 1911. Interest payable Jan. and July 2, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without _ deduction. ■ Authorized and Outstanding — $400,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Columbia Trust Co., New York. Redeemable on any interest date at 102% and interest. Assumed by the Toledo & Indiana R. R. .Co. Control — Absorbed by the Toledo & Indiana R. R. Co. in June, 1911. Secured by a first mortgage on 56 miles of electric railway between Bryah and Toledo, Ohio, 48 miles being on private right-of-way. Franchises elsewhere are perpetual, except for one for road crossings in Fulton County, which expires in 1935. Company has traffic agreement for entering Toledo over lines of Toledo Ry. & Lt. Co. Year ended Dee. 31 (T. & I. B. B.) . Bond Gross Net Interest 1918 $295,698 $39,923 $25,484 1917 272,533 44,687 20,000 1916 260,847 77,316 20,000 1916 236,247 77,976 20,000 1914 225,822 68,712 20,000 !Legal for Me. Original Market — ^First offered by Spitzer, Rorick & Co., New York, Chicago and Toledo, at par and interest in May, 1911. Market. New York — Lynch & McDermott. Spitzer, Rorick & Co. Portland, Me. — Fidelity Trust Co. PWladelphia^-H. D. Boenning & Co. Price Range. Jan. 1, '11 to .Jan. 1, '19 1918 Bid Ask Bid Ask High.98 '16 100 '16 94 Jan. 96 Jan. Low. 90 '18 90 Mar. TOLEDO & OHIO CENTRA! RAILWAY CO. Ist 5s. Due July 1, 1935.— F. Dated July 1, 1885. Interest payable Jan. and July 1, at Central Union Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $3,000,000, Denomination — Coupon, $1,000. Registerable as to principal only, or fully registerable. Note — Registerable as to principal at Cen- tral Trust Co. and fully registerable at Grand Central Terminal New York. Trustee — Central Union Trust Co., New York. Organization and Control — Incorporated In Ohio in 1886 as successor to the Ohio R. ,R. Co. and operates throughout the soft coal dis- , trict of southern Ohio. In 1914 the company purchased <8, 947,900 of the $9,000,000 stock of the Kanawha & Michigan Ry. Co. from the Chesapeake & Ohio Ry. *Co. and the Lake Shore & Mich. Southern Ry. , which had been ordered sold by the United States Circuit Court. The T. & O. C. Ry. Co. gave its de- mand note for $8,720,000 In payment for this stock. Also owns all stock and bonds of the ZanesviTe & Western Ry, Practically all the capitn.l stock of the T. & O. C. Ry. Co. is owned by the N. Y. C. R. R. Co. V. Voting Power — These bonds carry voting power on the basis of one vote for each $100 in bonds. Secured by first lien on 197,27 miles of road, viz: Toledo to Bremen, 160.57 New Lexington to Corning, 12,33 Thurston, O. to Alum Creek (near Co- lumbus, O.) 24.37 Underlies — Tol. & Ohio Cent. West Div. 6s, of 1935 and Gen. 63 of 1935. Year ended Dec. 31 Gross Net Int. & Rent 1917 $8,088,541 $2,294,473 $1,379,783 1916 6,203,847 2,209,234 1,464,933 1916 4,722,362 1,477,884 1,434,771 1914.:.. 4,930,626 1,049,621 1,356,237 Legal for Me. Listed on the New York Stock Exchange. Market. New York— Chas. W. Place, J. Wlllet Halt & Co., F. J. Lisman & Co., Shuman & Selig- man, B. & C. Randolph, Kean. Taylor & Co.. Taylor, Smith & Hard, Oilman & Clucas, Finch & Tarbell, Redmond & Co., Tobey & Kirk, Spencer Trask & Co., Vilas & Hickey. Philadelphia — Wheeler, Elliot & Mann, Louchheim, Minton & Co. PSttsWurgh — I,yon, Singer & Co,, R. B. Hutchinson & Co. Cliicago — Kean, Taylor & Co. Price Range. .Ian. 1, '06 to Jan. 1, '19 1918 High.115% Feb. 9,, '06 93 Jan. 9 Low. 90 Nov. 14, '17 90 Jan. 6 TOLEDO St OHIO CENTRAL RAILWAY CO. Westemi Div. 1st 5s. Due Oct. 1. 1935. Dated Oct. 1, 1892. Interest payable April and Oct. I, at Centra'. Union Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,500,000. Outstanding — $2,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co,, New York. Control — See 1st 5s, Secured by direct mortgage on 394.97 miles of road, viz: A first, lien on 137,74 miles — "Whitmore via Columbus to Truro Jet,, 137,74 A second lien on 197.27 miles — Covered by the first lien of the T. & O. C. 1st 5s 197.27 A third lien on 59.96 miles — Covered by the first lien of the T. & O. C.-St. Mary's Div. 1st 4s Peoria to St. Mary's, 59.96 Prior Liens — $4,000,000 prior liens as fol- lows: Toledo & Ohio Central 1st Bs 1935. $3,000,000 Toledo & Ohio Cent. -St. Mary's Div. 1st 4s, 1961 600,000 Toledo & Ohio Cent,-St. Mary's Div, lat Pfd, Inc. 4s 1961 600,000 Underlies — Toledo & Ohio Cent. Gen. 53 of 1935. Earnings — See 1st 5s above. Listed on the New York Stock Exchange. Market.. Sew York — Sam'l. Goldschmidt, McKinley & Morris, Tobey & Kirk, Kean, Taylor & Co,, Shuman & Seligman, Chas. H. Jones & Co,, Qilman & Clucas, Holmes, Bulkley & Ward- rop, W. S. Macomber, J. S. Farlee & Co., B. & C. Randolph, Wm. C. Bwen. Redmnnd & Co.. F. J. Lisman & Co.. Spencer Trask & Co., Wood, Struthers & Co., Taylor, Smith & Hard. 20 Fittsbareh — R. B. Hutchinson & Co., Lyon, Singer & Co. Philadelphia — Louchheim. Minton & Co. Chicago — Kean, Taylor & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High,112 June 17. '09 92 Dec. 18 Low. 89 Dec. 17. '18 89 Dec. 17 TOLEDO & OHIO CENTBAIi BAIIiWAY CO. Gen. 5s. Due June 1, 1935. — F. Dated June 1, 1894. Interest payable June and Dec. 1, at Central Union Trust Co., New Yoric. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New Tork. Control — See lat 5s. Secured by a direct mortgage on the 394.97 miles of road covered by the T. & O. C. Western Div. 1st 5s but junior thereto. Prior liens — $6,500,000 prior liens as fol- lows: Toledo & Ohio Cent. 1st 6s 1935 $3,000,000 Tol. & O. C.-St. Mary's DIv. 1st 4s 4s 1951 500,000 Tol. & O. C.-St. Mary's Div. 1st Pfd. Inc. 4s 1951 500,000 Tol. & O. C. -Western Div. 1st 5s 1935 2.500,000 Earnings — See 1st 5a. listed on the New York Stock Exchange. Market. New York — Sam'l Goldschmidt, F. J. LIs- man & Co., J. S. Parlee & Co., Jos. Walker & Sons, Redmond & Co., Baker, Carnithers & Pell. Simon Borg & Co. Price Rang»— N. Y. S. E. Jan. 1. '06 to Jan. 1. *19 1918 High.] 09 May 25. '06 93 Oct. 19 Low. 85^^ Dec. 18, '16 93 Oct. 19 TOLEDO & OHIO CENTRAL RAILWAY CO. St. Mary's Div. Ist 4s. Due Feb.' 1, 1951. Dated February 1, 19 01. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Ontstandinff — $500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Control — See 1st 5s. Secured by a first morgtage on 59.90 miles of road from Peoria to St. Mary's, Ohio. Und^lies — T. & O. C. St, Mary's Div. 1st Pref. Inc. 4s of 1951, T. & O. C. Westn. Div. 1st 6s of 1935, and Gen. 5s of 1935. Earnings — See 1st 5s. Legal for Me. Market. New York — Coffin & Co., Struthers & His- coe. F. H. Hatch & Co., F. J. Lisman & Co., Abraham & Co., Baker. Carruthers & Pell, J. S. Parlee & Co. Portland, Me. — Chester H. Pease. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.92 '09 95 '10 70 Jan. 70^A Mar. Low. 40 '17 65 '18 65 Jan. TOLEDO & OHIO CENTRAL RAILWAY CO. St. Mary's Div. 1st Preference Income 4s. Due Feb. 1, 1951.— N. Dated February 1, 1901. Interest payable Oct. 1, when earned and declared at Central Union Trust Co., New York, No interest has ever been paid on these bonds. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000. Outstanding — $272,000, Held by Company — $228,000. Denomination — Registered $1, 000. Trustee — Guaranty Trust Co., New York, Control — See 1st Bs. Secured by a second mortgage on 60 miles of road from Peoria to St. Mary's, Ohio, sub- ject to a prior lien at the rate of' $8,300 per mile. These bonds are outstanding at the rate of $8,300 per mile. Prior Lien — $500,000 St. Mary's Div. 1st 4s of 1951. Underlies — Toledo & Ohio Cent. Westn. Div. 1st 5s of 1935 and Gen. 5s of 1935. Market, New York— F. H. Hatch & Co.. Struthers & Hiscoe. Philadelphia — Barclay, Moore & Co. TOLEDO & OHIO CENTRAL RAILWAY CO. Equip. Tr. 4%s. Dae $120,000 each Jan. 1 from 1918 to 1927, inclusive.— N Dated Jan. 1, 1917. Interest payable at Trustee's office, Philadelphia or Grand Cen- tral Terminal, New York. Tax Status — Payment, of Federal Income Tax not assumed by company. Authorized — $1,200,000. Outstanding — $1,080,000 (June 15, 1919). Balance Retired. Denomination — Coupon. $1,000. Register- able as to principal. Trustee — Commercial Trust Co., Philadel- phia. Guaranteed principal and interest by the Toledo & Ohio Central Ry. <2o. by endorse- ment. Secured by an eauipment agreement on 1,000 steel hopper cars costing $1,527,380 of which the company paid $327,380 in cash. Original Market — $ 300,000 offered March. 1917, by Evans, Stillman & Co., at 100 and Interest for average maturities. Market. Philadelpliia — Biddle & Henry. New York — Hemphill, White & Chamberlin, Evans, Stillman & Co., Bull & Eldredge, Free- man & Co. TOLEDO & WESTERN RAILWAY 1st 5s. Due July 1, 1926,— N. Dated July 1, 1901. Interest payable Jan, and July 1, at Cleveland Trust Co., Cleveland, Ohio, or National Bank of Commerce, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,250,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — Cleveland Trust Co., Cleveland. O. Control — Property acquired under foreclos- ure sale by the Toledo & Western R. R. Co. The entire $2,000,000 capital stock is owned by the Toledo Traction, Light & Power Co. and deposited under its 1st lien 2-year 73 due Jan. 1. 1920. Management — The Doherty Organization. Secured by a mortgage on that portion of the main line which runs between Toledo and Fayette, a distance of about 44 miles; and a (irst mortgage on the entire length of branch line, from Allen Junction. Ohio, to Adrian, Mich., a distance of 21 miles. The Company owns twelve franchises in Ohio and Michigan, five of which are unlim- ited as to time, and the remainder expire be- 1227 tween 1923 and 1931. Also has trackage rights in Toledo and Adrian. Und^lies — 1st Cons. & Ref. 6s of .1930, all owned by the Toledo Traction, Light & Power Co., and deposited under its 1st Lien 2-year .7s due Jan. 1, 1920. Earnings — See Toledo Traction, LigW . & Ppwer Co. 1st Lien 7a. Original Marlcet — Offered by W. J. Hayes & Sons; Cleveland, Ohio, at, 9;0 and- Interest with 50%- bonus of common stocic in 1902. Market. New Yorlt— Tilney, Ladd & Co. Toledo — Seoor & Bell. Albany — J. J. Hart.,,- Price Kange. J»0. 1. '08 to Jan. 1, '19 1818 Bid Ask Bid Ask H:igh.74% '09 79 '08 46 Feb. 63 Feb. Low. 30 'IS 40 '18- SO^-Dec. "40 Dec. (THE) TOaLEDO, BOWMNG GREEN & SOUTHERN TRACTION -CO. 1st 6s. Due May 1,- 1981.^N, " Dated May 1, 1901. Interest payable May arid Nov. 1, at Trustee's office. .Tax Status — Payment of Federal Income Tax not assumed by company. Autljorized — 11,600, 000. Outstanding — $1,018,600. Reserved for prior liens — $276,000. Denomination — Coupon, $500 a^nd $1,000. Registerable as to principal only. Trustee — Central Trust & Safe Deposit Co., Cincinnati, Ohio. -Organization — I^ncorporated in ,Ohio in 1901 as ' a tidnsolidatioii of the Pindla,y Street Ry. Co,, Toledo, Bowling Green & -Frernont Ry.Co. ' arid Hancock Light & Power Co. of Pindlay,, . (5. ' The pi*op6rty "of this coiripany was for- , mprly leased to the Toledo. IJrban &-InterUr-' l>an Ry. Co. but lease cancelled In. 19.08 on default of rental. The property of the latter^ company was acquired under foreclosure l)y the Toledo & Findlay Ry. .Co. and subsequently- a'cquired' by this company. ;' • ..,: Secured by a first* mortgage on electric ligfat plant in Findlay, O,, and on 25 miles of elec- tric- railway and a second mortgage on the lialance. The- property cove/ed -includes 71 miles of electric railway track from Toledo, City limits to Findlay . -.a,nd. Perrysburg, Ohio*.' In.. February, ,19;16, a- .franchise . was granted, fol^" 25" years in Findlay. 'Population served,- Toledo, 170,000: remaining , territol^, 40,'000. trior Liens — $480,000 Toledo & Findlay Ry. Co. .6s of 1935 and $275,000 Findlay Street' Ry. 1st Cons. 5s of 1924. Bonds are reserved, under this mortgage to retire this latter issue. Vear ended Dec. 31: Gross Net Int. Tax, etc. 1918 $490,101 $166,631 $124,826 1917 486,101 166,176 119,418 1916 459,969 206,234 116,609 . Listed on the Cincinnati Stock Exchange. ,> Original Market— First offered by the Frank- lin Bank, Cincinnati, Ohio, at par and in- terest in April, 1901. Market. Cincinnati — W. B. Hutton & Co.. Claude Ashbrook & Co., A. & J. Frank. New York — ^W. B. Hutton & Co. Toledo — Secor & Bell. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.80'11 96 '09 65.1uly 72 July Low. 65 '18 67% '18 67% Aug. TOLEDO, CANADA SOUTHERN & DETROIT RAILWAY CO. 1st 48. Due Jan. 1, 1966. Dated Jan. 2, 1906. Interest payable Jan. and July 1, at Grand Central Terminal, New York. .„ Tax Status — 2% Federal Income Tax paid by company without deduction. Autllorized — $4,500,000. Outstanding— $3,100, OQO. Reserved for Ext. — $1,400,000. Denomination — Coupon, $1,000. Registerable" as to principal. Registered, $1,000, $6,000, $10,000, $60,000. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Assumed by the Michigan Central R. R. Co. The bonds also bear that company's en- dorsed gua-rantee of principal and interest. Organization and Control — Incorporated in 1872 in Michigan as a consolidation of the Detroit & State Line R. B. and Junction Ry. Co. On Sept. 27, 1916, this company was merged into the Michigan Central R. R. ,. Secured- by first mortgage on 69.22 miles of road from West Detroit to Canada So. Junc-. tion on ,the' Toledo Beit Ijine. .:Legal for Cal., Me., Mich., Minn., Mp., N. J. an9 "Wis. ' " " ** ; r Original Market-^$1, 600, 000 underwritten in. 1906 by J. P. Morgan & Co., New York. - - ' Market. Niw York^— Baker, Carruthers & Pe'.l, Abra-- ham * Co.. F.' H. Hatch & Co. t*itt'sburgli— R. B. Hutchinson & Co. Price Range. Jan. 1, 'OS* to Jan. 1, '19 1918 . Bid Bid High:9'8 '09 " 75 Deo. r>0Wr. 6 5- '18t 65 Mar. TOLEDO, FAYETTE & WESTERN RAILWAY 1st 5s. Due July 1, 19«7.— N. Dated Nov. -' 1,' 1902.-- Interest payable Jan. and July 1, at Trustee's office or National Bank of Commerce, New York. Tax Status — Payment of Federal Income Tax not assumed by ctwrHWin-y.- Authorized and Outsiandini;-^$250,000. , -Denomination — Coupbri, ^1,000.. Registerable ad to principal. , Trustee — Cleveland Trust .Co.. Cleveland. O.' Redeemable at par and Interest. - Guaranteed principal aiid' Interest by To- ledo & 'Western By. Co. Control — Th6 - entire capital of stock was originally oiS'ned by the. Toledo & Western Ry. Co. In 19 07 the property of the latter com-" pany, including stock holdings, was acquired under foreclosure sale by the Toledo & West- ern R. R. Co., and the latier company Is controlled W the Toledo Traction, Light & Power Co. -through ownership of entire capital stock. Management — The ' Doherty Organization. Secured by a first mortgage on that portion of main line of present* system which runs be- tween Fayette and Pioneer. Ohio, a distance o.f kbout 14' miles; built principally on private" right-of-way. Population served. 26.000. not including Toledo. Earnings — See" Tftledo Traction, Light & Power Co. 1st Lien 2-year 7s. Market. Toledo — Secor & Bell. New York— F. H. Hatch & Co. TOLEDO, FREMONT & NORWALK RAIL- ROAD CO. 1st 5s. Due Jan. 1, 1920.— N., , Dated Jan. 1, 1900. Interest payable Jan. and July 1, at Union Trust Co., Detroit, Mich. ' - ',Tax Statu!) — Payment of Federal Income Tax not assumed by company. Authorized — $1,500,000. . Outstanding-^$i;i98.000 (Jan. 1, 1919). Held in S. F. — $302,000. Denomination — Coupon, $500 and $1,000. Regristerable as to principal, i Trustee — Union Trust Co., Detroit. Mich. Redeemable on any Interest date at 110 and interest on 90 rfiays' notice. Sinking Fund — ^Annually, beginning in 1906 aa follows: 1906 to 1910, $10,000; 1911 to 1915, $20,000 and thereafter $30,000 payable out of net earnings. The fund may be used for the purchase or redemption of these bonds at not over 110 and interest or loaned to any Savings or National Bank, or invested in any securities legal for Savings banks in Ohio or Michigan. Guaranteed as to principal and interest by the Lake Shore Electric Ry. Co. by endorse- ment. Control — Absorbed by the Lake Shore Elec- tric Ry. Co. in 1901. Secured by a first mortgage on 65 miles of high-speed electric railway between Toledo and Norwalk, Ohio. Large part of the line Is on private right-of-way; elsewhere franchises are for from 10 to 21 years. Population served, Toledo, 240,000; remaining territory, 60.000. Underlies — Lake Shore Electric Ry. Co. 1st Cons. 5s of 1923 and Gen. 5a of 1933. Bonds are reserved under the 1st Cons, mortgage to retire this issue. Bamings — See Lake Shore Electric Ry. Listed on the Cleveland Stock Exchange. Market. New York — Hornblower & Weeks. E. & C. Randolph, Merrill, Lynch & Co., Ca'loway, Pish & Co., .Bigelow & Co., Berdell Bros., Lynch & McDermott. PhiladelplUa — ^H. D. Boenning & Co., B. M. Stinson & Co., Chas. D. Barney & Co., Hun- toon & Co., S. K. Phillips & Co. Cleveland — Hayden, Miller & Co.. Borton & Borton. Baltimore — ^Howard R. Taylor & Co. Detroit — "W. A. Hamlin & Co., Joel Stockard & Co. Boston — ^Hornblower & Weeks. Chicago— Hornblower & Weeks, Merrill, Lynch & Co. Price Range. Jan. 1, *08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.99 '10 101 '11 95 Ju'.y 98 July Low. 90 '08 94 '18 90 Jan. 94 Sept. TOLEDO GAS, ELECTRIC & HEATING CO. 30 year 5s. Dae Oct. 1, 1935. — ^N. Dated Sept. 11, 1905. Interest payable April and Oct. 1, at Ohio Savings Bank & Trust Co., Toledo, Ohio, and National Bank of Commerce, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,500,000. Outstanding — $2,013,000. Reserved for prior Liens — $486,000. Denomination — Coupon, $100, $500 and $1,000. Trustee — Ohio Savings Bank & Trust Co., Toledo, Ohio. Guarantee principal and Interest by To- ledo Railways & Light Co, by endorsement. Control — The property of this company wan purchased June 15, 1907 by the Toledo Rail- ways & Light Co. 92% of the stock and most of the bonds of the Toledo. Rys. & Lt. Co. are owned by the Toledo Trac, Lt. & Power Co. (which company is controlled through stock ownership by the Cities Service Co.) and de- posited under the latter company's 1st Lien 2-year 7s due Jan. 1, 1920. Management — H. L. Doherty & Co., New Tork. Secured by a mortgage on plants supplying artificial gas and steam heat in Toledo, O. and suburbs. The gas business is subject to natural gas competition. Population served over 200,000. Franchises, are unlimited as to time. trior liiens — $150,000 Toledo Gas -Light & Coke Co. 5s, due Nov., 1908, and indeflaitely extended and $336,000 Toledo Heating & Light- ing Co, 6s due 1921. Bonds are reserved under this mortgage for the retirement rof both issues. Both of the above ■ issues are guaranteed as to principal and interest by the Toledo Rys. & Light Co. iEarnings — See Toledo Traction, Light & Power Co. Orl^nal Market — Offered in 1900 by Secor & Bell, Toledo, at 97% and interest with 25% bonus in stock. Market. New York — F. H. Hatch & Co. , Morton Lachenbruch & Co. Toledo— Secor & Bell. Providence — Hornblower & Weeks. Price Range. Jan. 1. '08 to Jan. 1. '19 1018 Bid Ask Bid Ask High,73 '16 76 '16 60 Feb. 65 Feb. Low. 45 '17 55 '11 50 June 60 Dec. TOLKDO, PEORIA & WESTERN RAILWAY CO, 1st 48. Due July 1, 1917.— F. Dated July 1. 1887. Interest payable Jan. and July 1, at American Exchange National Bank, New York. Default — The company defaulted on both principal and Interest July 1, 1917. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $4,895^,000. Note — Of the outstanding bonds the Penn- sylvania Co. owns $1,248,000. Denomination — Coupon .$1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Organization — Incorporated In Illinois in 1887 as a reorganization of the Toledo, Peoria & West. R. R. Controlled jointly by the Pennsylvania Com- pany and the Chicago, Burlington & Quincy R. R. Co., each owning $1,939,850 of the $4,- 076,900 outstanding stock. Receivership — President E. N. Armstrong was appointed receiver by the U. S. Circuit Court, Danvine. 111., July 2. 1917. Protective Committee — Thomas Denny, Adrian Iselin, Jr., and Henry R. McHarg. De- pository, Farmers Loan & Trust ■ Co., New York. Secured by first mortgage on 230.70 miles or road, viz : BfCner, near Indiana-Illinois State Line to Peoria. Ill 110.90 Hollis to Warsaw. Ill 108.80 La Harpe to Iowa Jet., Ill 10.40 Hamilton & Keokuk Bridge (owned jointly with the Wabash) 0.60 Year ended Dec, 31 Gross Net Int. & Rent 1917 $1,289,433 $268,117 •$172,221 1916 1,217.695 306.458 289,934 1915 1.182,907 117,162 292.122 •Includes interest to June 30. 1917, only. Listed on the New York Stock Exchange. Market. New York — Plympton, Gardiner & Co., Han- son & Doyle, Wood. Struthers & Co., F. H. Hatch & Co.. Blodget & Co. Philadelphia — J. "W. Sparks & Co. 1229 Price Eange— N. Y. S. E. Jan. 1. '0« to Jan. 1, '19 1918 Bid Ask Bid Ask High. 94% May 16, '12 36 Dec. 50 Jan. Low. BO Apr. 26, '16 36 Jan. TOXXIDO RAILWAYS & LIGHT CO. Eanip. Tr. 6s. Due $16,000 each March 1 and $17,000 each Sept. 1, from March 1, 1917, to Sept. 1. 1926, inclusive. — P. Dated Sept. 1, 1916. Interest payable March 1 and Sept. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid ' by company without deduction. Authorized — $330,000. Outstanding — $248,000 (April 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Begisterable as to principal. Trustee — Glrard Trust Co., Philadelphia. Guaranteed principal and interest by the Toledo Rys. & Lt. Co. Controlled through stock ownership by the Toledo Traction, Light & Power Co. Secured by an equipment agreement on 60 steel closed motor passenger cars of the latest type with front entrance and center exit, cost- ing $397,351. Original Marltet— Offered Sept., 1916, by Townsend Whelen & Co., Philadelphia, from 100.86 for first maturity to 103.81 for last maturity. Market. New Yorlc — Freeman & Co. PhiiadfiSpliia — Biddle & Henry, Townsend "Whelen & Co. . TOLEDO, ST. LOUIS & WESTERN RAIL- ROAD CO. Prior Lien 3%s. Dae July 1, 1935.— F. Dated July 1, 1900. Interest payable Jan. and July 1, at Columbia Trust Co., New York. Payment of Interest — Interest due Jan. 1. 1919. was paid Feb. 13, 1919. Tax Sfatus — 2% Federal Income Tax paid hy company without deduction. Authorized — $10,000,000. Ontstandine — $9,576,000. l)enomination — Coupon, $1,000. Bxchange- -able for fully registered bonds In denomina- tions of $1,000 and $6,000 each, but registered bonds are not exchangeable for coupon bonds. Kegistered, $1,000 and $5,000. Trustee — ^Farmers' Loan & Trust Co., New "York. Organization — Incorporated in Indiana in 1900 as a reorganization of the Toledo, St. X.ouis & Kans£LS City R. R. and in 1907 ac- quired control of the Chicago & Alton R. R. Co. In Oct., 1914, W. L. Ross, president, was appointed receiver on application of creditors. Previous to August, 1914, the com- pany had been paying 4% interest on $11,- 527,000 collateral trust bonds, secured by Chicago & Alton common and preferred stocks on which little income had been received, and none since 1912. Payment of interest on these bonds, amounting to $461,000 per an- num, was defaulted in on August 1. 1914. Owns jointly with the Grand Trunk Western Ry., all the stock of the Detroit & Toledo Short Line Ry., jointly guaranteeing the lat- ter company's 4% bonds. Secured by a first mortgage on 450.68 miles of road from Toledo, Ohio, to Hast St, Louis, 111. Underlies — $6,500,000 1st 4s due 1960, which provide for the retirement of this issue. Year ended Dec. 31 Gross Net Int. & Rent 1917 $7,041,662 $1,812,903 $1,703,002 1916 5,958,987 2,011,180 1,579,327 1915 5,138,721 1,410,369 1,618,286 Legal for Me. and Mo. Listed on the New York Stock Exchange. Market. • New York — Hartshorne & Picabia, Coffin & Co., McKinley & Morris, Miller & Co., Moore & Co., Baker, Carruthers & Pell. Boston — Walter S. Place. Price Range — N. Y. S. E. Jani. 1. '06 to Jan. 1, "19 1918 High. 92% Dec. 20, '08 84 Nov. 9 Low. 72% Aug. 11. '16 77 Oct. 14 TOLEDO, ST. LOUIS & WESTERN RAIL- ROAD CO. 1st 4s. Due April 1, 1950. Dated July 1, 1900. Interest payable April and Oct. 1, at Company's office, 60 Wall St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16,500,000. Outstanding — $6,500,000. Reserved (or prior liens — $10,000,000. Denomination — Coupon, $1,000. Exchange- able for registered bonds. Registered, $1,000 and $5,000. Trustee — Equitable Trust Co., New York. Redeemable on any interest date after July 1. 1925, at par and interest, on six months' notice. Organization, Receivership, etc. — See Prior Lien 3%s. Protective Committee — Alvin W. Krech, Chairman. Harry Bronner and Charles H. Jones, with O. S. Herring, Secretary, 37 Wall St., New York, and Equitable Trust Co.. New York, depository. Secured by a second mortgage on 450.58 miles of road from Toledo, Ohio, to East St. Louis, III. Prior Liens — $9,575,000 Toledo, St. Louis & Western R. R. Prior Lien Shia of 1925. Earnings — See P. L. 3 Vis. Listed on the New York Stock Exchange. Market. Philadelphia — West & Co. New York — Redmond & Co., F. J. Lisman & Co. Priee Ranee — N. Y. S. E. .Ian. 1, '06 to Jan. 1. '19. 1918. High. 88% Jan. 15. '09 56% Nov. 14 Low. .40 Deo. 24, '14 46 Apr. 15 TOLEDO, ST. LOUIS & WESTERN RAIL- ROAD CO. Coll. Tr. 4s (Series "A" and "B"). Due Aug. 1, 1917.— F. Dated Aug. 1, 1907. Interest payable Feb. and Aug. 1, at Company's office. New York. Default. — Aug:. 1, 1914, and subsequent in- terest in default. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $12,000,000. Outstanding — $6,480,000 "A"s and $5,047,- 000 "B"s. Note. — Of the outstanding bonds the Ch., R. I. & Pac. owns $400,000 Series A and all of Series B. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Central Union Trust Co.. New York, Organization, Earnings, etc. — See Prior Lien 3%s. Protective Committee — Edwin G. Merrill (Pros. Union Trust Co. of New York); R. Wal- ter Leigh (Maltland, Coppell & Co.); Robert Walker (White & Case) and A. V. Morton 1230 (Vice-Pres. Penna. Co. for Ins. on Lives & Grant. Ann. , Phila. ). Secretary, G. K. B. Wade, 80 Broadway, N. Y. Depository, Cen- tral Union Trust Co., New York. Secured by a first Hen on $6,480,000 of the $19,444,000 4% non-cuxnulative preferred stock and $14,420,000 of the $19,642,900 common stock of the Chicago & Alton H. R. Co. No dividends have been paid on any of these stocks since 1912. , Usted (series "A") "n the New York and Amsterdam Stock Exchanges. Market. New York — Baker, Carruthers & Pell. Price Range— N. Y» S. K. Jan. 1, '07 to Jan. i, 'lU. 1918. High.86 Feb. 1. '10 18 Aug. 13 Low .18% Mar. 29. 'IS 18 Aug. 13 Ctfs. of Deposit. High. LiOW. . 23 Nov. 28, '16 18 Au^^ 13, '18 TOLEDO, ST. LOUIS & WESTEKN BAII#- BOAD COMPANY 6% Receivers' Collate- ral Notes, Series "A," 1916. Due August 1, 1918, or npon termination of receiver- sniii. Dated August 1. 1916, interest payable Feb, 1st and August 1st, at Empire Trust Co., New York. Tax Status — Information not available. Authorized — $500,000. Outstanding — $100,000. Issued on order of the District Court of the United States for the Northern District of Ohio, Western Division entered July 6th, 1916. Denomination — Coupon, $1, 000. Trustee — The Guardian Trust & Savings Bank of Toledo, Toledo, Ohio. Redeemable at par and accrued Interest on any interest payment date after one year from their date. Secured by a first lien on $714,000 (50%) of the capital stock of the Detroit & Toledo Shore Line R. R. Co. and a general Hen, subject to Prior Lien 3%s and 1st 4s on the property of the T. St. L. & "W. R. R. Market. See 5% Freight Car Eq. Notes, series 1914. TOLEDO, ST. LOUIS & WESTEKN BAIL- ROAD COMPANY, 5% Freight Car Eauip- ment Notes, Series 1914. Due $12,636.18 on the 16th of each and every month to April 16, 1921, inclusive. Dated April 16, 1914. Notes Include prin- cipal and interest and are payable to the Haskell & Barker Car Company,. Michigan City, Indiana. ■ Tax Status — Information not available. Authorized and issued — $1,060,599.12. Otitstanidinff^?316,654.50 (April 1, 1919). Balance Retired — Denomination — $12,625.18. Guaranteed as to principal and interest by the Toledo, St. Louis & Western Railroad Company, . Secured by an eauipment lease on 1,000 box cars costing $888,962.83. There Is also de- posited as collateral with the First Trust & Savings Bank, Chicago. III-. $200,000 par value of this Company's Prior Lien 3% % bonds. Ma^et. New York— Bull & Eldredge. Coffin & Co.. Freeman & Co., P. S. Lisman & Co., J. S. Stubbs & Co. TOLEDO TEBMINAL BAILBOAD CO. 1st 4V2S. Due Nov. 1, 1957.— F. Dated November i, 1907. Interest payable May and Nov. 1, at Trustee' s office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $ 4,200,000. In Treasury — $100,000. Beserved for Ext. — $1,700,000. Denomination — Coupon, $1,000. Registerable as to principal. Registered. $1,000. Trustee — Columbia Trust Co., New York. Organization and Control — ^Incorporated In Ohio in 1907 as a reorganization of the To- ledo Ry. & Terminal Co. and Is controlled jointly by The Michigan Central R. R. Co., the New York Central R. R. Co., the Penn- sylvania Co., the Grand Trunk Western Ry. Co.. the Toledo, St. Louis & Western R. R. Co.. the Baltimore & Ohio R. R. Co., Pere Marquette Ry. Co., Hocking Valley Ry. Co., and the Toledo & Ohio Central Ry. Co., which owns the entire stock. Guaranteed as to interest by the proprie- tary companies as follows : Pere Marquette Ry. Co. . and the Baltimore & Ohio R. R. Co., 16.12% each: the other .proprietary com- panies, 9.68% each. Secured by first mortgage upon entire prop- erty of company, including 31 miles of single track belt road around Toledo, O., with branches to the union passenger and freight station. Market, New York— F. H. Hatch & Co., Sam'l. Gold- schmidt. E. & C. Randj ph, Baker, Carruth- ers & Pell, P. J. Lisman & Co., Holmes, Bulkley & Wardrop, Spencer Trask & Co., Coffin & Co., Abraham & Co., J. Davenport, J.- S. Farlee & Co. Boston — Burgess. Lang & Co. Philadelphia — Barclay. Moore & Co., E. V. Kane & Co. " ' Price Range. Jan. 1, 1908 to Jan. 1, 1919 ., , 1918 Bid Ask Bid Ask High.97 '09 99 '09 75 Nov. 80 Nov. Low. 60 '17 70 '17 65 Feb. 70 Juiie TOLEDO TBACTION. LIGHT & POWEB CO. 1st Lien 2-year 7s. Due Jan. 1, 1920. Dated Jan. 1, 1918. Interest payable Jan. 1 and July 1 in New Yoric. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax Refunded through the Pennsy'.vania Company for Insurance on [jives and Granting Annuities, Philadelphia. Authorized — $13,000,000. Outstanding — $10,5 00,000. Beceived for Ext. (75%)— $2,500,000. Purpose of Issue — Proceeds to be applied to the retirement of $8,699,000 bonds of the com- pany maturing Feb. 1. 1918, and to cover in part cer,tain construction costs in connection with the now Acme power station. Denomination^ — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable on four weeks' noticce at 1 01 and interest prior to Jan. 1, 1919, and there- after at lOO';^ and interest. Organization — Incorporated January 30, 1913, under the laws of Maine, owns all the two major bond issues (excepting $3,000 of a total of $11,999,000 face value of bonds), and over 92% of the capital stock of The Toledo Railways and Light Company, which does practically the entire electric light and power business, the entire local street railway and artificial gaa and a hot water boating busi- 1231 Tildss in 'the cityof "Poledd. Ohio,' and suburbs. It also owns all' the bonds ($3,200,000 face ■value) and all the 'capital- stock (excepting directors' 'shares) of the Acme Power Com- pany, which owns and operates a modern "ateam generating station on the Maumee River at Toledo, with an installed capacity of 20,000 k. w. and ultimate capacity of 200,000 k. w., designed to increase the power supply of The Toledo Railways and Light Company system. The Toledo Traqtion. Light and Power Com- pany like\Yise owns certain bonds and the 'en- tire capital stbcks (excepting directors' shares) of four iriterurban railway companies. The Cities Service Company owns $6,404,400 pre- ferred stock, and $7,574,328 common stock of the Toledo Traction Lgt. & Power Co. Capital Stock Authorized Outstanding Common $9,200,000 $7,868,998 Preferred (6% cum.).. 8,000.000 6,661,675 Secured by a first collateral lien on prac- tically The entire electric light and power and street railway business of Toledo, O. ; also by a collateral lien, subject to divisional bonds on the artificial gas and heating plants and certain interurban lines aggregating 121 miles of track. The following ■collateral is deposited. All the $5,999,000 5% (now 0%) Consoli- dated Gold Bonds of The Toledo Traction Company ; $5,997,000 of the $6,000,000 i% (now 6%) Consolidaled First Mortgage Gold Bonds of The Toledo Railways and Light Conapany; All the $3,200,000 7% First Mortgage Gold Bonds of the Acme Power Company; $108,000 of the $2,013,000 Toledo Gas, Elec- tric & Heating Co. 5s of 1935; Over 92% of the $13.875,00u ol capital stock of The Toledo Railways and Light Com- pany; All the $3,200,000 capital stock (excepting directors' shares) of tho Acme Power Com- pany; All the capital stocks (excepting directors' shares) and certain bonds of the Toledo and Western Railroad Company, the Maumee Val- ley Railways and Light Company, the Adrian Street Railway Company and the Toledo, Ot- tawa Beach and Northern Railway Company. Under the provisions of this indenture the street railway property of the company may be released from the lien crea'pd by the in- denture upon payment to the Trustee for the redemption and cancellation of these bonds of cash to an amount equal to 40 % of what- ever-valuation is fixed upon such street rail- way property in connection with any new street railway franchise vVhich may be ac- cepted by the company, provided, however, that the amount of cash so to be paid shall in no event be less than $4,000,000. Franchises — The principal street railway franchises in Toledo have expired and the company is negotiating for a new franchise. The electric, gas and heating franchises are unlimited in time. Interurban roads operate almost entirely over private right-of-way, and franchises with the exception of three, extend until at least 1929. Prior !LienH — $4,194,000 (closed mortgages) bonds of constituent companies. All but $3,000 are secured only by liens on the gas and heat- ing properties and a small electric station in Toledo. Underlies — $1,200,000 2nd Lien 7s. due Jan. 1. 1921. Elarnings — Not reported. Original Market — $10,500,000 offered Jan., 1918, by the National City Co., Harris. Forbes & Co., and B. H. Rollins & Sons at 98^ and interest. Market. - New York — Earle A. Miller. & Co., Hanson & Doyle, Berdell Bros., Curtis & Sanger, F. H. Hatch & Co., H. F. McConnell & Co., Mc- Clure, Jones & Reed, McKinley & Morris, Mann, Bill & Co.. Nafl City Co.., J. Nickerr son, Jr. Philadelphia — West & Co. Chicago — Ames, Bmerich & Co., Babcock, Rushton & Co., Curtis & Sanger, Pynchon & Go. Boston — L. Sherman Adams, A. Perry & Co, Portland — M. S. Brown. Price Range — 1918. Bid Ask High.99 Nov. 100 Nov. Low. 96 Aug. 98 Aug. TOL-EDO TRACTION. MGHT & POWER CO. 2nd Lien 3-Year (ConT.) 7s. Due Jan. 1, 1921.— F. Dated Jan. 1, 1918. Interest payable Jan. 1 and July 1 In New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $1,200,000. Outstanding — $1,200,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Redeemable on four weeks' notice at 101 and Interest prior to Jan. 1, 1919; 100^ and inter- est prior to Jan. 1, 1920, in event that First Lien 7s, dated Jan. 1, 1918, are simultaneously called ; and 100 and interest thereafter. Convertible at any time from July 1, 1920, to Dec. 1, 1920, both inclusive, into $86 par value of preferred stock and $16 par value common stock of Cities Service Co. for each $100 principal amount of bonds. Organization, Etc. — See First Lien 7s. Secured, subject to the First Lien 7a, by pledge of $16,829,000 bonds and $20,587,600 par value stocks. For detail see First Lien 7s. Prior IJens — $10,600,000 First Lien 7a of 1920 and $4,194,000 (closed mortgages) bonds of constituent companies. Original Market — $1,200,000 offered Feb., 1918, by Henry L. Doherty & Co., New York, at 97 and interest. Market. Chicago — Babcock, Rushton & Co. New York — Berdell Bros.. Henry L. Doherty & Co.. F. H. Hatch & Co., H. F. McConnell & Co., McClure, Jones & Reed, Earle A. Mil- ler & Co. Philadelphia — H. D. Boenning & Co. Price Range — 1918. Bid Ask High. 100 Dec. 105 Dec. Low. 93 Sept. 96 Aug. TOLEDO, WALHONDING VAIJ^Y & OHIO RAILROAD CO. 1st 4b and 4^8. Due Series "A." July 1, 1931: Series "B," July 1, 1933: Series "C." Sept. 1. 1942. Dated July 1, 1891. Interest payable. Series "A" and "B," Jan. and July 1; Series "C* March and Sept. 1, at Penna. R. R. Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Ohio. Authorized — $4,000,000. Outstanding — Series ' * A, " 4 % s. $1.494. 000 ; Series "B," -4%s, $969,000; Series "C," 4s. $1,178,000. Total. $3,641,000 (Jan. 1. 1919). $314,000. Retired by Sinking Fund — Series "A," $6,- 1232 000; Series "B." $39,000. and Series "C." 1272.000. Denomination — Coupon. $1,000. Registerable as to principal. Trusttae — Farmers' Loan & Trust Co.. N. Y. Sinking Fund — ^Annually, beginning Oct. 1, 1892, 1% of bonds outstanding, to be applied to their purchase at par. If not purchasable at this price, the fund for that year shall lapse into the company's treasury. Gnarairteed as to principal and interest by the Pennsylvania Co. by endorsement. Organization and Control — Merged in 1911 into the Toledo, Columbus & Ohio River R. R. Co.. which from Jan. 1, 1918, is leased to and operated by the Pennsylvania K. R. Co.- Westem Lines at a rental eauivalent to net earnings. The Pennsylvania Co. is owner of the entire capital stock. The Pennsylvania Co. is controlled through ownership of its entire stock by the Pennsylvania R. R. Co. Secured by a first mortgage on 234.26 miles of road, viz. : Toledo Jet. to Toledo, 80.66 Loudonville to Coshocton, O ^ 46 . 41 Sandusky to Columbus, O 108.29 I^eeai for Cal., Me., Mich., Minn., Mo., N, H.. N. J. and R. I. listed on the New Tork Stock Exchange. Market. New York — Seasongood, Haas & Macdonald, McKinley & Morris, Sam'l Goldschmidt, Chas. W. Place. E. & C. Randolph, Sharretts & Toung, Vickers & Phe'.ps, Wm. Salomon & Co. , Hartshorne & Batteile, R. B. Hathaway & Co.. Coffin & Co., Wood, Struthers & Co., Spencer Trask & Co.. Redmond & Co.. Bata- l)rook & Co. Plilladelpliia — Harrison & Co., F. R. Welsh. Louchheim, Minton & Co., Biddle & Henry, H. D. Boenning & Co., Chas. Fearon & Co., Wheeler, Elliot & Mann, S. K. Phillips & Co. Pittsburgh — R. B. Hutchinson & Co. Price Sange — N. Y. S. £. Jan. 1. '06 to Jan. 1. '19 1918 Series "A." Bid Ask High.103 Aug. 8, '07 87*4 May 98 Jan. Low. 96% Aug. 26. '15 75 Jan. 90 Dec. Series "B." High.102% Nov. 7, '12 87% May 92 Jan. Low. 92 Dec. 11, '17 75 Jan. Series "C." High. 95% Oct. 8, '12 82% Jan. Low .S8% Sept. 14, '17 73^ Feb. TOPEKA (KAN.) EDISON CO. 1st 5s. Due Sept. 1. 1930.— F. Dated Sept. 1, 1905. Interest payable Jan. 1 and July 1, at Trustee's ofClce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,250,000. Outstandinff— $836,000 (Jan. 1. 1919). Retired by Sinking Fund — $150,000. Trustee — Cont'l & Com'l Trust & Sav. Bank, Chicago. Redeemable as a whole on Jan, 1, 1915, or any interest date thereafter at 105 and interest on 90 days' notice. Sinking Fund — $15,760 annually on Dec. 15 from 1909 to 1929, inclusive, for the redemp- tion of bonds at 105 and Interest in numerical order. Bonds so acquired to be cancelled. Organization and Control — Incorporated in Kansas in 1905 as successor to the Edison Electric Illuminating Co. of Topeka. In 1910 the Illinois Traction Co. acquired the entire capital stock. In 1916 the Topeka Railway & Light Co. was incorporated in Maine as a holding company and acquired the entire cap- ital stocks of the Topeka Edison Co. and the Topeka Railway Co. and lias deposited them under its 1st Lien & Ref. Mtge. The Topeka Ry. & Lt. Co. Is a subsidiary of the Illinois Traction Co. Secured by a first mortgage on steam heat- ing plant and plant supplying electric light and power to Topeka, Kan. Also sells power to the Topeka Ry. Co. Population served, 43.000. Franchises expire in 1935. Underlies — Topeka Ry. & Lt. Co. 1st Lien & Ref. es of 1933, a sufficient amount of which are reserved to retire this issue. Bamings — See Topeka Ry. & Lt. Co. 1st Lien & Ref. 5s. Original Market — Offered in Sept., 1905, at 100 and interest by E. H. Rollins & Sons. Boston, New York, etc. Market. New York— F. H. Hatch & Co.. B. H. Roll- ins & Sons, H. I. Nicholas & Co. Chicago — Union Trust Co., B. H. Rollins & Sons. Boston — Hayden. Stone & Co., F. B. Bassett & Co. Providence — Hornblower & Weeks. Philadelphia's. K. Phillips & Co. Price Range. Jan. 1, *08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98»^ '16 100 '16 93 Jan. 96 Jan. Low. 85 '18 90 '18 85 July 90 July TOiPSKA RAILWAY & UGHT CO. 1st lien & Ref. 5s. Due Feb. 1, 1933. Dated Aug. 1. 1916. Interest payable Feb. 1 and Aus. 1, at Trustee's office. Tax Status — Company refunds 1% of the- Federal Income Tax. Authorized — $7, 500, 000. Outstanding— $1,410,000 (March 1, 1919). Held in S. F.— $40,000 Reserved to Acquire or Retire Prior Liens- —$1,921,000. • Reserved for Ext. — $4,129,000, Denomination — Coupon. $1,000, $500 an*) $100. Registerable as to principal. Regis- tered, $1,000, $5,000 and multiples. C. & R. ($1,000) interchangeable. Trustee — New Tork Trust Co.. New Tork. Redeemable at 105 and interest on any inter- est date. Sinking Fund — ^Annually, from Aug. 1, 1917" to 1929, inclusive, cash payments amounting- to 1%% and annually thereafter 1% of the- total amount of bonds outstanding, including underlying bonds, less a sum equal to the amounts paid on account of the sinRing fund' requirements of the underlying mortgages. This fund may be applied to the acquisition' of underlying bonds at not exceeding 100 and' interest and the balance of fund. If any, for- the purchase or xedemption of these bonds at not over 105 and interest. Bonds are kept alive and Interest added to this fund. Maintenance and Depreciation Fund — Begin- ning with the two-year period ending May 31, 1918, and during each two-year period there- after, the company covenants under this mort- gage to cause the subsidiary companies to^ provide for maintenance and depreciation an amount averaging 12% of their combined an- nual gross earnings. Any part of this- amount not actually expended must be de- posited in cash with the Trustee as a special' fund to be used subsequently for maintenance, repairs and renewals. Pending such expendi- ture, the moneys in the fund may be invested? in bonds of this issue. Guaranteed principal and interest by the- Illinois Traction Co. Organization and Control — Incorporated in Maine in 1916 and acquired the entire capital stocks of the Topeka Edison Co. and the:- 1233 Topeka Railway Co. The company is a sub- sidiary of the Illinois Traction Co. Secured by pledge of all the capital stocks, and excepting the prior lien issues mentioned below, all the bonds of subsidiary companies. For detail on property, etc., see Topeka Edison Co. 1st 5s and Topeka Hailway let 5s. Prior liieius — $836,000 Topeka Edison Co. 1st 5s of 1930 and $1,085,000 Topeka Railway- Co. 1st Bs of 1930. Year ended Dec. 31 Gross Net Interest 1918 $931,345 $271,745 $160,435 1917 894,862 328,772 160,916 1916 803,196 332,493 Original Market — $1,284,000 oftered Jan., 1917. by the National City Co., New York, at 9 4 and interest. Market. ' Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. " Ne^v York — H. F. McConnell & Co., Mc- Clure, Jones & Reed, Taylor & White. Price Range — 1918. Bid Ask High. 81^ Nov. 87 Dec. Low. 77 Sept. 81 Apr. (THE) TOPEKA RAILWAY CO. 1st 58. Due Jan. 1, 1930.— F. Dated December 31, 1904. Interest payable 'Jan. and July 1, at Cont'l & Com'l Trust & Sav. Bank, CJiicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,250,000. Outstanding— $1,085,000 (Jan. 1. 1919). Retired by Sitiking Fund — $165,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Continent#,l & Commercial Trust & Savings Bank, Chicago, and Frank H. Jones. Redeemable as a whole on Jan.. 1916, or any interest date thereafter at 105 and in- ■ terest. Sinking Fund — From Jan. 1, 1909, $16,000 of these bonds to be redeemed annually at 105 and interest. Bonds to be called In numerical order, beginning with No. 1. Organization and Control — Incorporated in Kansas in 1892 and purchased the Topeka Rapid Transit Co. and the Topeka City Rail- ways, and in 1903 acquired the property of the Vinewood Park Railway Co. In 1910 the Illinois Traction Co. acquired the entire cap- ital stock of this company. In 1916 the Topeka Railway & Light Co. was incorporated in Maine and acquired the entire capital stocks of this company and the Topeka Edison Co. The Topeka Ry. & Lt. Co. is a subsidiary of the Illinois Traction Co. Secured by a first mortgage on 39 miles of street railway track In and around Topeka, Kana. Population, about 43, 000. " Franchises in Topeka expire June, 1933; in Shawnee County, Aug., 1933, and March, 1934, and elsewhere are perpetual. Underlies — Topeka Ry. & Lt. Co. 1st Lien & Ref. 5s of 1933, a sufficient amount of which are reserved to retire this issue. Year ended Dec. 31 Gross Net Interest lf)18 $450,080 $124,417 $67,969 11)17 457,781 164.211 61.750 1916 -^22.395 158.669 56.683 Original Market — $1,000,000 offered in Feb., 1905, by B. H. Rollins & Sons, Boston, and American Trust & Savings bank, Chicago, at par and interest. Market. New York— National City Co., F. H. Hatch & Co.. E. H. Rollins & Sons, H. I. Nicholas ■& Co.. Tay'.or & White. Baltimore — Riggs & McLane, Jenkins, Whed- bee & Poe, Portland, Me. — Fidelity Trust Co. Chicago — E. H. Rollins & Sons. Philadelphia — H. D. Boennlng & Co., E. H. Rollins & Sons, S. K. Phillips & Co. Boston — E. H. Rollins & Sons. Denver — E. H. Rollins & Sons; Ixis Angeles — E. H. Rollins & Sons. San Francisco — E. H. Rollins & Sons. Price Range. ^ Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.98% '16 IC'O '16 90 Dec. 92 Dec. Low. 84 '18 88 '18 84 Oct. 88 May TORONTO & YORK BADIAI. RAILWAY CO. 1st 5s. Due Oct. 1, 1919. Dated Oct. 1, 1904. Interest payable April 1 and Oct. 1, at Bank of Montreal, Toronto and New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $20,000 per mile. Outstanding — $1,640,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — National Trust Co., Toronto. Guaranteed as to principal and interest by the Toronto Ry. Co. Control — Entire capital stock acquired ^n 1902 by The Toronto Ry. Co. and the road is operated by that company. Secured by a first mortgage on 72 miles of main line electric railway and 10 miles of sid- ings connecting Toronto, Thornhlll, Aurora, Richmond Hill, Newmarket, Jackson. Sutton, Ont., and branches. Original Market — $250,000 offered in Oct.. 1904, at 102.66 and interest by the Dominion Securities Corp., Toronto. Market. Toronto — ^A. E. Ames & Co., G. A. Stinson, Dominion Securities Corp., Aemelius Jarvls & Co., Oxford Securities Corp., Ltd. Montreal — Royal Securities Corp., Ltd., Do- minion Securities Corp., Nesbitt, Thompson & Co. New York — Sam'l Goldschmldt, W. S. Ma- comber, Lynch & McDermott. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97^ '16 99% '17 dO% Mar. 97% Jan. Low. 90 '17 92 '17 90 Feb. 92 Feb. TORONTO ELECTRIC LIGHT COI\IPANY 3- Year 6% Secured Notes, Due July 1, 1923. Dated July 1, 1919. Interest payable Jan. and July 1. at New York and Toronto. Tax Status — 2% U. S. Federal Inccme Tax paid by company without deduction. Authorized — $ 1 ,000.000. Outstanding — $1,000,000. Denomination — Coupon $1,000. Trustee — National Trust Company, Ltd., To- ronto. Redeemable as a whole at 101% and interest on 60 days' notice. Sinking Fund; — Beginning October, 1919, quarterly payments of $30,000 to be applied to the purchase of these notes at not exceed- ing par and interest if so purchaseable. Notes so purchased to be cancelled. Organization — Incorporated in Ontario, Can., in 1883, and supplies electric :ight and power to the city of Toronto. Controlled by tha Toronto Power Company, Ltd. , through own- ership of entire capital stock. Security — A direct obligation of the com- pany and secured by pledge of $1,000,000 (en- 1234 ■tire issue) 1st 20-Tear 6s, due 1939, which TORONTO, HAMILTON & BUFFAXO KAIL- ^re secured by direct ciosed 1st mortgage on WAY CO. Cons. 4^s, Series "A." Due the entire property, assets and income of the Aug. 1» 1966. ■company now owned or hereafter acquired. Dated Aug. 1, 1916. Interest payable Feb. -Appraised value June, 1919, $8,212,100. 1 and Aug. 1, at New York. Franchise is perpetual. Tax Status — Payment of Federal Income Tax year ended Dec, 31: °°i M''"'?^ j *'^.,"=„°?„'„^J!f;, Gross Net Interest ^"*''"*5?*— ^^-'Si'^'J- igiS. . . .$1,693,324 $667,634 Outstanding— $2,000,000. ,,„„„„„„ 1917 1 522 664 636 629 Reserved for Prior l^iens— $3, 280,000. 1916 l'32o'o65 564620 Reserved for Ext., Etc. — $4,720,000. Original' iiarket-^Offered in March, igib'. by ^"™"f "' *?!!"~™^=^ ?,°,'"i=„ „T„ A^^ '^^^f Wm. X. Read & Co., New York, etc., at 99% ^"^ «°"^ ^t 90% of par {$2,000000). The -,v,^ ;«+=^an+ +« ««+ ahniif a onw proceeds were used to reimburse the treasury and interest, to net about 6.20%. ,^^ expenditures for construction of a branch line, Smithville to Dunnville, 14.90 miles, and TORONTO, HAMILTON & BUFFAtO RAIL- other additions and betterments and to provide WAY CO. 1st 4s. Due June 1, 1946, — N., 'or future corporate purposes of the company. Dated June 1, 1896. Interest payable June Denomination — Coupon, $1,000. Registerable and Dec. 1, at Lincoln National Bank, New as to principal or fully registerable. Kegls- Tork, or Trustee's office. tered, $1,000, $5,000 and multiples of $5,000. Tax Status — Payment of Federal Income Tax C. & R, interchangeable, not assumed by company. Trustee—Guaranty Trust Co., New York. Authorized and Outstanding- $3,280,000. Redeemable as a whole at 110 and Interest Denomination— Coupon. $1,000. Registerable on any interest date upon 90 days' notice, as to principal or fully registerable. Regis- „ <'"*'*"^T?'°'^^''^ ^^^ York Central R. tered $1,000. C. & R. interchangeable. R- Co., Michigan Central R. R. Co., Canada Trustee— American Trust Co., Boston. Southern Ry. Co and Canadian Paoiflo Ry. Organization and Control — The Toronto, ^o. were to join in a guaranty of the interest Hamilton & Buffalo Ry. Co. was incorporated on this issue and provide a sinking fund in m Canada in 1892. Jan. 30, 1916, absorbed P'"°P?''''°" '°„ '^^i"; /''^.^.^"'S'v. '"l^""^^'^ therein the Brie & Ontario Ry. (20 miles). In Aug., J"' '" ^^'''*.', 1?"' *^ 9?'° Supreme Court 1916, purchased all the capital stock of the held that while the New York Central might Toronto, Hamilton & Buffalo Navigation Co., guarantee such of these bonds as it may itself which owns a steel car ferry. Of the $4,612,- owp " acquire it is not permitted under the £00 capital stock $1,676,600 is owned by the Ohio law to make a joint guaranty with the N. Y. C. R. R. Co., $984,200 by the Michigan other proprietary companies. Central Ry. Co., $627,100 by the Canada Organization and Control— See 1st 4a Southern Ry. Co. and the balance. $1,224,600, Secured by direct mortgage on 100.01 miles by the Canadian Pacific Ry. Co. of road, viz. : Guaranty Fund- The four companies men- „ ■^,?''?,' ''f " ™ .^°-,^'. ™"?^ , ,„ „ tioned above agree to set aside if necessary ??"'*'^'"^ *° ^°''''"^'".?,"*'c,.°?.* ■••;,■ V ^I'll 25% of. their entire gross earnings upon the Dunnville Jot. to Dunnville Station, Ont. 0.60 traffic interchanged with the T., H. & B. Ry. ^ -*• ^^oond hen on 79.88 miles- Co. as a fund to meet the Interest on these Covered by the Toronto, Hamilton & jjQjj^g Buffalo 1st 4s — Waterford Jet. via Secured by -a first mortgage on 79.88 miles Hamilton to Welland Jet., Ont.... 79 88 of road from Waterford via Hamilton to ^ ^'"T , ^'^"^T*^f°'r.'L ^ reserved to retire this Issue. Earnings — iSee Trenton Street Ry. Co. Market. New York — Tobey & Kirk, Coffin & Co., F. J. Lisman & Co., "W. E. R. Smith & Co. Philadelphia — Graham. Parsons & Co., "West & Co., H. D. Boenning & Co., Chas. Fearon & Co.. Geo. S. Fox & Sons. Newark. N. J. — J. S. Bippel, Clarence Hod- son & Co. Paterson, N, J. — ^F. A. Peters, F. ^K. Mc- Cully. Price Range. Jan. 1, *11 to Jan. 1. '19 1918 Bid Aek Bid Ask High.114% '18 118 '12 105 Jan. Low. 95 '18 102% '18 95 Aug. 102% Mar. TRENTON, PENNINGTON & HOPEWELI. STREET RAILWAY CO. Ist 6s. Due June 1. 1943.— F. Dated June 1, 1903. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Authorized and Outstanding — $360,000. Denomination — Coupon, $1,000. Trustee — Fidelity Trust Co., Newark, N. J, Assumed by the Trenton & Mercer County Traction Corp. Note — In Jan., 1918, the T. & M. C. T. Corp. failed to pay rental on the properties of the Trenton Street Ry. Co., but was granted successive extensions of time to July 1. 1918. and April 1. 1919, respectively. Guaranteed as to principal and interest by endorsement by the Trenton St. Ry. Co. Controlled by the Trenton St. Ry. Co. throu'^h ownership of the entire $250,000 capi- tal stock. This company also leases, the prop- erty for 999 years. This lease was suspended October, 1910, and a new lease made to the Trenton & Mercer County Traction Corp. The Trenton Street Ry. Co. is controlled by the United Power & Transportation Co. of New Jersey. Secured by a first mortgage on about 13 miles of road from Trenton to Pennington and Hopewell. Earnings — See Trenton Street Ry. Co. Original Market — $350,000 offered, 1905, at 105 and interest by "W. B. R. Smith & Co.. New York. Market. New York — Batabrook & Co., F. H. Hatch & Co., "W. B. R. Smith & Co. Paterson, N. J. — F. K. McCuUy Philadelphia — Graham, Parsons & Co. Boston — Estabrook & Co. Chicago — Estabrook & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 Bid Ask High.lOO '09 102 '09 Low. 90 '14 92 '17 TRENTON w. 70 '18 75 '18 70 Nov. 75 Nov. TROY LAUNDRY MACHINERY COMPANY, LTD., 7% S. F. (Conv.) Notes. Due as follows: $75,000 each January 1 from 1920 to 1935, inclusive, and $300,000 January 1, 1926. Dated January 1. 1919. Interest payable January 1 and July 1, at Central Trust Co. of Illinois, Chicago, or Chandler & Co., Inc., New York. Tax Status — 2% Federal IncDme Tax paid by company without deduction. Autliorlzed — $750, 000. Outstanding — $750,000. Denomination — Coupon, $1,000. Registerab'.P as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 102% and interest on any interest date upon 30 days* notice. Sinking !Fand — ^Annually 2 5 % of net sur- plus as defined in the Trust Agreement to be applied to the purchase or redemption of notes of the series last "maturing at not more than 102% and interest. In the event that this payment in any years shall be insufficient to retire the entire outstanding amount of the series last maturing, notes sufficient to ex- haust the sinking fund shall be called by lot from the series last maturing. Convertible (except the first series) oh Janu- ary 1, 1921, or at any time thereafter prior to or at the date of their maturity or re- demption, upon 20 days' written request, par for par, into 8 % cumulative preferred stock. The notes maturing January 1 , 1920, are convertible at maturity on the same basis upon 2 days' written notice to Chandler & Co., Inc. Organization — Incorporated in New York in 1882. The company manufactures and sells laundry machinery, and deals in. laundry sup- plies. The machinery produced is used by laundries, hotels, textile concerns, sugar re- fineries and public institutions. The company's plant is located at La Sa!le and 23rd Streets, Chicago. Capital Stock Authorized Outstanding Pfd. (8% cum.) $1,000,000 ♦$250,000 Common 2,500,000 .2,104.300 •$675,000 reserved to meet Note conversion. Security — A direct obligation of the com- pany, but not secured by mortgage. The company covenants in the Trust Agreement not to mortgage or pledge any of its fixed assets or suffer any mortgage, lien or other 1242 charge to be imposed thereon, and will at all times maintain a balance of current assets over all current liabilities, as defined in the Agreement equal to at least 200% -of the out- standing notes. The company will not issue any other funded obligations until these notes have been paid in full. Year ended Nov. 30: •Net. 1918 — $410,855. •Before taxes, interest, etc., but after de- preciation. Original Marlcet — $750,000 offered February, 1919, by Chandler & Co., Inc., New York, etc., and Central Trust Co. of Illinois, Chicago, at prices ranging from 100 to 97.30 and interest for various maturities. (THE) TRUMBULIi PUBUC SERVICE CO. 1st S. F. 6s. Due June 1, 1929. — F. Dated June 1, 1911. Interest payable June and Dec. 1 , at First National Bank, New Tork, and Trustee's office. Tax Status — 2 % Federal Income Tax paia by company without deduction. Authorized — $1,500,00. Outstanding— $1,126,100 (Mar. 15, 1919). Retired by S. F.— $109,900. Boserred tor Ext. — $264,000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Monthly payments, commenc- ing June 1, 1914, an annual sum equal to 2% of outstanding bon,ds* to be applied to their purchase or redemption at not over 102 and interest. In lieu of cash payments, delivery of bonds secured hereby to an amount at their face value equal to said sinking fund require- ments, exclusive of premium or payments may be made part in cash and part in bonds. Organization and Control — Incorporated in Ohio in June, 1911, as a consolidation of gaa, electric and water properties. 86.66% of the $1,500,000 common stock is deposited under the Consolidated Cities T^ight, Power & T.rac- / tion Co. 1st Lien 5s, due 1962. by Cities Serv- ice Company, through ownership of entire common stock except directors' qualifying shares. Management — The Doherty Organization. Secured by a first mortgage on plants sup- plying electric light and power in Warren, Niles, Newton Falls, Leavittsburg, Garretts- ville, Hiram and Windham. O. , and plants supplying water and artificial gas in Warren. Property includes three hydro-electric plants of combined capacity of 900 k, w. in addition to steam generating plant of 23,260 k. w. capacity. Population served, 41,680. Fran- chises — electric in Warren ■ expires August, 1933; gas,. June, 1926, and water, April, 1930. Underlies — $1,200,000 3-year 7% notes of 1921. 12 months ended Feb. 28: Bond Gross Net Interest 1919 $946,688 $304,204 $67,566 1918 544.368 171.035 66,861 Original Market — $700,000 offered in June, 1911, by Otis & Hough (now Otis & Co.). Cleveland, at par and interest. $150,000 offered in 1914 by Pingree, McKinney & Co., Boston, at par and interest. Market. Cleveland— Oti a & Co. New York — Howe, Norris & Co., Gude, Win- mill & Co., Berdell Bros. Boston — Kimball, McKinney & Co. Wheeling — Geo. W. Baron. Philadelphia — Wurts, Dulles & Co. Pittsburgh — C. M. Barr & Co. Price Range. > Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Ask High.lOO '17 101 ■'17 96% Feb. Low. 93 '18 93 Mar. TRUMBTJLI. PUBLIC SERVICE CO. 3-Year 7% Mortgage Notes. Due Nov. 1, 1921. Dated Nov. 1, 1918. Interest payable April 1 and Nov. 1, at New Tork. Tax Status — 2% Federal Income Tax paia by company without deduction. Pennsylvania State Tax refunded. Authorized — $3,000,000. Outstanding — $1,200,000. Denomination— Coupon $1,000, registerable as to principal Trustee — First Trust & Savings Bank, Cleveland. Ohio. Redeemable — At any time prior to Nov. 1, 1919, at 101 and interest, thereafter and at any time prior to Nov. 1, 1920, at ""OO^ and interest, and thereafter at any time before maturity at par and interest on three weeks' notice. Convertible — ^At the option of the holder, these notes will become convertible par for par into the 7% Cumulative Preferred Stock of The Trumbull Public Service Company, upon and after the approval by the Public Utilities Commission of Ohio of the issuance of such Preferred stock. Organization — See 1st 6s, due 1929. Secured by a second mortgage on all the property of the company. For details see 1st 6s. Prior liien— $1,126,100 1st 6s, due 1929. Earnings — See 1st 6s. original Market — Offered In March, 1919, by Otis & Company. Cleveland, and Henry L. Doherty & Company, New York, at 98^A and interest. TUCKERTON RAELROAD 1st 5b. Due July 1, 1930.— F. Date Extended from July 8, 1910, interest being reduced from 6%. Interest payable Jan. and July 1, at Camden ^afe Deposit & Trust Co., Camden, N. J. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $100,000. Denomination — Coupon, $500 and $1,000. Trustee — Camden Safe Deposit & Trust Co., Camden, N, J. Redeemable after July 1, 1920, at 105 and interest. Organization — Incorporated in New Jersey in 1866 and reorganized in 1880, Operates under contract the Philadelphia & Beach Haven R. R. 12.14 miles for the Pennsylvania R. R. Co. Secured by first mortgage on 29 miles of road from Tuckerton to Whiting' s Station. Line serves several seashore resorts In New Jersey. Year ended Jtine 30 Fixed Gross Net Charges 1916 $83,085 $19,165 $10,279 1915 78,250 12,i06 10.041 Market. Philadelphia — Chas. Fearon & Co. , S. K. Phi'.lips & Co. New York — F. H. Hatch & Co., Morgan & Pinlay. 1243 Price Range. Jan. 1, '16 to Jan. 1. ''19 Bid Ask High.89 '16 9214 '17 Law. 80 'U 81 '17 (THE) TULSA (OKIA.) CORP. let S. F. Ss, Due May 1. 1932. — F. Dated May 1, 1912. Interest payable May and Nov. 1, at P. W. Brooks & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $425,200 (Jan. 1, 1919). Retired by Sinking Fund — $24,800. Denomination — Coupon, $100, $500, and $1,000. Registerable aa to principal. Trusto? — Bankers' Trust Co^, New York. Redeemable in part at 105 and interest on and after May 1. 1915, or as a whole at 102% and interest. Sinking Fund — 1-% of outstanding bonds an- nually for four successive years following May 1, 1914. 1%% for succeeding four years and 2% until maturity for the purchase or redemption of bonds of this issue at not over 105 and interest. Organization, and Control — In 190.6 this com- pany took over the franchises and property of the Peoples' Gas Co. of Tulsa. Controlled through stock ownership by the Middle West Utilities Co. through its subsidiary. Public Service Co. of Oklahoma. Secured by a first mortgage on plant sup- plying electric light and. power in Tulsa, Okla., and on ice plant with a daily capacity of 140 tons. Population served, about 60,000. Franchise expires March, 1935. Underlies — Public Service Co. of Oklahoma 1st & Ref. 5s of 1933. Year ended Dec. 31 Gross Net Interest 1918 $595,307 $162,643 $21,260 1917 414,059 140,391 21,600 1916 ,355,647 158,077 21,825 1915 272,507 118,651 22,100 Original Market — $450,000 offered in July. 1912, at 94 and Interest by P. W. Brooks & Co., New York and Boston. Market, Now York — P. W. Brooks & Co.. Dunham & Co., .Hanson & Doyle, F. H. Hatch & Co. Boston — Marshall & Co. Philadelphia — P. W. Brooks & Co., H. D. Boenning & Co., S. K. Phillips. Milwaukee — Morris F. Fox & Co. Price Range. Jan. 1. '12 to Jan. 1, *19 1918 Bid Ask Bid Ask High.97 '16 100 '17 88 Apr. 96 Feb. Low. 87 '15 98 '18 87 Deo. 90 Sept. not over 102 H and interest. In lieu of cash 1918 the company may . silver bonds at par. Bid Bonds acquired to be cancelled. 80 Dec. Organization — Incorporated in Oklahoma in 1905. Line open for traffic 1907. Secured by a- flrat mortgage on- the prop- erty of the company Including J.2,27 miles of street railway in Tulsa, - Ok],a. -. Power is purchased from the Public Service Co. of Oklahoma. Franchise is indeterminate but the city reserves the right to purchase the property in 1927, or at the end of any ten year period thereafter either free from 'or sul>^ ject to mortgage liens. The mortgage pro- vides that in the first event the company shall receive these bonds at 102% and In- terest, and in the latter the bondholders may demand immediate payjnent at that price. Year coded Dec. 31 Gross Net Interest 1918.,., $281„256 $63;606 $28,345 1917.... 283,907 74,538 ' 26,372 Year ended Jane 30 Gross Net Interest 1916 $141,008 $58,306 $25.00a 1915 133,406 41,980 24;823 1914 131.409 34.257 21,250 Original Market— $400,000 offered Feb„ 1917 by Kean, Taylor & Co., New York and ' Chi- cago, and BuUard, Hetherington & Co., Chi- cago at par and interest. TULSA STREET RAILWAY CO, 1st 6s. Dae serially each Feb. 1, from 1918 to 1937 inc. — F. Dated Feb. 1, 1917. Interest payable Feb. 1, and Aug, 1, in Chicago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $400,000. - Denominations — Coupon, - $1,000 (1936 and 1937 maturities $500 and $100 respectively). Registerable as to principal. Trustee — Illinois Trust & Savings Bank, Chicago. Redeemable at 102 % on any Interest date. Sinking Fund — Annually on Fteb. 1, subse- quent to the first Issuance of escrow bonds (due Feb. 1. 1942), 2% of certified escrow bonds for their purchase or redemption at TUSCALOOSA RAILWAY & UTILITIES CO. 25-Year 1st 6s. Due July 1. 1940.— F. Dated July 1, 1915. Interest payable Jan- uary and July 1st at Trustee's office. Tax Stataet — 2% Federal Income Tax paid by company without deduction. Pennsylvania and Maryland State taxes re- funded. Authorized — $1,000,000. Outstanding— $729,300 (Jan. 1. 1919). Pledged under Tuscaloosa Ry. & Utilities Securities Co. 3-year 7% notes of 1921 — $240,000. Additional bonds issuable for 80% of cost of extensions and improvements. Denomination — Coupon, $1,000, $560 and $100. Registerable as to principal. Trustee — Republic Trust Co., Philadelphia. Redeemable at 102 and interest, on July 1, 1918, or any interest date thereafter. Organization — Incorporated in Alabama in 1915, as a conso'.idation and controlled by stock ownership, by the Tuscaloosa Railway & Utilities Securities Co. Secured by a first mortgage on a belt rail- way in Tuscaloosa for both , freight and pas- senger traffic, operated by electricity; on plant supplying that city with gas, and on plants supplying Tuscaloosa, Northport, Kaul- ton and Holt with electricity. Property cov- ered by mortgage also includes ice plant with a daily capacity of 90 tons. Company pur- chases 65,000 cubic feet of gas per day from the Semet-Solvay Company at the rate of $10 per day. Price to consumer $1.00 per thousand cubic feet. Also purchases electric current from the Alabama Power Co. and maintains its own generating plant for emer- gencies. Railway franchise perpetual; elec- tric franchise In Tuscaloosa for 35 years; gas for 30 years. Population Tuscaloosa 12,486. remaining territory 9,000. Year ended Dec. 31 Gross Net Interest 1918 $244,192 $85,611 $58,158 1917. . . . 229.839 87,186 58,158 1916 208,963 91.114 54,972 Original Market — Offered July, 1915, by Morris Brothers & Co., Philadelphia, at 97% ind interest. -1244 Market. Phi ladelj) Ilia — Morris Bros. Co. Boston — J. S. Orler & Co. TUSCAXOOSA RAILWAY & UTII.ITIES SE- CDRITIBS CO, 3-Year 7% Notes. Dae Jnly 10. 1991. Dated July 10, 1918. Interest payable Jan. 10 and July 10. Tax Status — 2% Federal Income Tax paid by company wltho.ut deduction. Pennsylvania State Tax refunded. Authorized — $240,000. Outstanding: — $240,000. Denominations — Coupon $500 and $1,000 registerable as to principal. Trustee — First National Bank, Birmingham, -Ala. Convertible on and after Jan. 10, 1920 for Tuscaloosa Railway & Utilities Co. Ist 6a, due July 1, 1940, at 100 and interest for the notes and 97 arid interest for the bonds. Organization — Incorporated in Alabama Nov. 11, 1918, and is a holding company only. Secured by pledge of $240,000 Tuscaloosa Railway & Utilities Co. 1st 6s, due July 1, 1940. and $187,500 of $300,000 capital stock of same company. Earnings — See T. Ry. & U. Co. 1st fis. Original Market — Offered by Morris Broth- ers Co., Philadelphia, at 99 and interest. TWENTY-THIRD STREET RAILWAY CO. (New York City) Imp. & Ref. 5s. Due Jan. 1. 196».— N. Dated Jan. 1, 1912. Interest payable. Jan. 1 and July 1 at Treasurer's office, N. T. Rya. Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. AuthoHzed and OatBtanding-^$l,500,000. Denomination — Coupon, $1. 000. Registerahle as to principal only. Trustee — Bankers Trust Co., New York. Redeemable at 107 and interest on any in- terest date. Sinking Fund^$l,102.85 payable semi-an- nually Jan. 1, and July 1. Bonda acquired are kept alive and interest added but when $400,000 bonds have been acquired they shall be cancelled and sinking fund payments shall Organization and Control — Incorporated in New York in 1872, and . leases Bleecker St. and Fulton Ferry R. R. Co., and is in turn leased to the New York Rys. Co. for 979 years from 1893, at a rental equal to 18% per annum on $600,000 stock. The New York Rys. Co., which is controlled through stock ownership by the Interbo rough-Metro- politan Co., has purchased $507,500 of the $600,000 stock of the Twenty-third St. Ry. Co. BeceivCTship — See New York Rys. Co. Secured by a second mortgage on two miles of underground electric double-tracked street railway on Twenty-Third St. from the Hud- son River to the East River, and on horse railway on Twenty-eighth and Twenty-ninth Sts. between First and Second Aves. The company has practically a perpetual franchise to operate a connecting branch on Second Ave. from Twenty-third St. to Twenty-ninth St, and on First Ave. from Twenty-eighth St. to Thirty-fourth St. These bonds are fur- ther secured on 99-year lease from 1876 of the lines of the Bleecker St. & Fulton Ferry R. R., of which two miles of track, Twenty- third St. and the Hudson River along Marginal St. to Fourteenth St. to Fourth Ave., with trackage rights to Avenue D is operated by electricity and 2% miles from Fourteenth St. via Hudson and Bleecker St. to Broadway are operated by horse. The company has also .trackage on Broadway from Bleecker St. to Fulton St. Prior Lien — $250,000 1st 6a due 1909, all but $50,000 of which are owned by the New .York Rya. Co. and deposited under its Ref. Mtge. which provides for the retirement of the $50,000 outstanding and $700,000 B. S. & P. F. R. R. 4s. Earnings — See New York Rys. Co, Listed on the New York Stock Exchange. Original Market — $1,500,000 offered in May, 1914, by the Guaranty Trust Co., New York, at 99 \^ and interest. Market. New York — Guaranty Trust Co., Season- good, Haas & Macdonald, T. D. Bronson, J. Davenport, Wm. C. Ewen, F. H. Hatch & Co. Price Range. Jan. 1, '15 to Jani. 1, '19 1918 Bid Ask Bid Ask High.99 '15 101 '15 75 July 85 July I.ow.53 '18 60 '18 53 Dec. 60 Dec. TWIN CITY TELEPHONE CO. 1st 5s. Due $35,000 annually July 1, 1916 to 1920, in- clusive; $40,000 annually July 1. 19^1 to 19^5, incLnsive, and $500,000 July 1, 1926. Dated July 1. 1901. Interest payable Jan. and July 1, at Trustee's office or Kountze Bros., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,000, GOO. Outstanding — $770,000 (Jan. 1, 1919). Balance Redeemed. Denomination — Coupon, $100, $500 and-$l,- 000. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 105 and interest any interest ■ date. Control — Absorbed ' by the Tri-State Tele- phone & Telegraph Co. in 1906. This latter company owns and operates independent tele- phone systems in Minnesota. Secured by a first mortgage on independent telephone systems in St. Paul, Minn. Oper- ates under an indeterminate p'ermit issued by the state. Year ended Dec. 31 ■Gross Net Interest 1918. .-. .$2,160,603 $601,947 $2S3.0t22 1917 1.764,007 466,33"6 166,971 1916...; 1,747,492 672,547 102,879 Original Market — First offered by Trow- . bridge & Niver Co. , Chicago. Market. New York — Kiely & Horton, Gilman & Clu- cas. St. Paul — "White. Grubbs & Co., F. E. Me- graw, Kalman, Matteson & Wood, Merchants Trust & Savings Bank. Minneapolis — Wells-Dickey Co., Wm. W. Eastman Co. (THE) TWIN STATE GAS & ELECTRIC CO. 1st & Ref, 4»/^s. Due Oct. 1, 1926.— F. Dated Oct. 1, 1906. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid hy company without deduction. Authorized — Closed mortgage. Outstanding — $794,000 {Jan. 1. 1919). Denomination — Coupon $500 and $1, 000. Trustee — Columbia Trust Co., New York. Guaranteed as to principal and interest by the National Light, Heat & Power Co. Organization and Control — Incorporated in Connecticut in 1906 to acquire public utility 1'245 properties. A large majority of the capital stock is owned by the National Light, Heat & Power Co., a hoidinir company, which is con- trolled through stock ownership by the Middle West Utilities Co. Secured by a direct mortgage on plants supplying gas, electric light and power to Dover, N. H., Brattleboro and Bennington, Vt. : on street railway system in Brattleboro, and on plants supplying electric light and power to Rochester, Somersworth, Hinsdale, South Berwick, North Berwick and Lebanon, Me., and Hoosick Falls, N. T. Population served about 90,000. Principal franchises are perpetual. Property includes both hydro-elec- tric and steam power plants. Central stations are located in Dover, Brattleboro, Bennington, Berlin, St. Johnsbury, N. H. and Hoosick Falls and are operated jointly. by water power and steam plants. Prior Uens — 1105.000 Dover Gas Light Co. Ist 53 of 1925, $66,000 Brattleboro Gas Light Co. 5s of 1923, $80,500 Bennington Electric Co. 4%s, $64,000 Bennington Water Power & Light Co. 6s of 1924, and $12,600 2d 5s of 1929, same company, and $71,000 Hoosick Fal'.s Illuminating Co. 6s. $65,000 Hoosick Palls Blec. Co. 6s of 1930. All closed mort- gages. Underlies — 1st & Kef. 6s of 1963, which mortgage provides for the retirement of this issue and prior liens. Earnings — See 1st & Ref. 6s of 1963. Original Market — Offered in 1907 by A. H. Bickmore & Co., New York, at 90 and inter- est and in 1911 by the same firm at 92 and interest. Market. New York — Barle A. Miller & Co.. Morgan & Finlay, John J. Levenson, Farson, Son & Co., Martin, Berwin & Co., B. & C. Randolph, A. H. Bickmore & Co., Hotchkin & Co., Bauer. Starr & Co. Boston — H. C. Spilier & Co., Hotchkin & Co.. J. S. Orler & Co., F. B. Bassett. Chicago — Farson, Son & Co. Philadelphia — Francis R. Welsh, Martin & Co., H. D. Boenning & Co. Price Range. Jan. 1, '08 to Jani. 1, '19 1918 Bid Ask Bid Ask High.89 '17 92 'X'7 85 Jan. 92 Jan. Low. 73 '13 75 '12 73 June 86 June (THE) TWIN STATE GAS & EIECTMC CO. 1st & Ref. 68. Due Oct. 1, 1953. Dated Oct. 1. 1913. Interest payable April and Oct. 1. in New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax refunded in Pennsylvania (application must be made within 60 days of paying four mills State tax). Authorized — $10,000,000. OntstandinE — $1,940,600. In Treasury — $360,000. Reserved for Prior Liens — $1,268,000. Reserred tor Ext. — $6,441,500. Additional bonds may be issued to retire underlying bonds and (or 8,0% of cash cost of improvements, provided net earnings for pre- vious nire months are at least one and one- half times interest charges on bonds outstand- ing and to be certified. Denominations — Coupon $100, $500 and $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable on Oct. 1, 1923 or on any inter- est date thereafter at 106 and interest on 60 days' notice. Reserve Fund — Beginning Dec. 31, 1918, and annually, thereafter, 6% of gross earnings for the preceding year. Organization — See 1st & Kef. 4%B of 1926. Security— See 1st & Kef. 4%s of 1926. Prior lilens— $794,000 1st & Ref. 4%s of 1926 and prior liens thereto. All closed mort- Year ended Dec. 31 Gross 1918.. 1917. 1916. 1916.. 1914., Original .$769,961 . 714,746 . 648.274 . 643,821 618,724 Net $282,522 266,606 281,865 248,664 240,266 Interest $157,791 162,986 144.953 136,269 130,336 Market — $998,100 offered «*« - May, 19r6, 'by"william P. Bonbright & Co., New York, McCoy & Co., Chicago and H. P. Taylor & Co.. Pittsburgh at 92 and interest. Market. New York — Morton Lachenbruch & Co., Mor- gan & Finlay. Bonbrlght & Co.. Martin. Ber- win & Co., Harris, Winthrop &■ Co., W. S. Macomber, B. & C. Randolph. John Muir & Co , A. H. Bickmore & Co., F. H. Hatch & Co.. Lynch & McDermott. Taylor & White. Chicago — Harris, Winthrop & Co., Russei, Brewster & Co. „ „ .. Boston — L. Sherman Adams. F. B. Bassett & Co. . ^ Philadelphia — H. D. Boenning & Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 91 '17 92% '17 72 Dec. 85 Mar. Low. 66 'IS 75 '18 65 Dec. 75 Dec. 1246 u CJI/STER & DELAWARE RAIUCOAD CO. 1st Co.. Wood. Struthers & Co., Kedmond & Co., Cons. 58. Due June 1, 1928. Spencer Trask & Co., Baker, Carruthers & Dated June 1, 1888. Interest payable June Pell, and Deo. 1, at Trustee's office. Price Range. N. If. S. E. Tax Status — 2% Federal Income Tax paid Jan. 1, '06 to Jan. 1, '19 1918 by company without deduction. Ask Authoriaed and Outstanding — $2,000,000. Hig:li.94% Aug. 13, '06 70% Feb. Denomination — Coupon, $1,000. Begisterable Low. 58 Sept. 24 '17 S3 Jan. as to principal. ■ Trustee — Central Union Trust Co., New UNDERGROUND ELECTRIC KAII,WAYS CO. York. OF LONDON, LTD., 4%s. Due Jan. 1, Organization — Incorporated originally in 1933, — N. 1875 in New York as successor to the New Dated Sept. 1, 1908. Interest payable Jan. York, Kingston & Syracuse R. R. Co., sold and July 1, at London County and "Westmin- under foreclosure. Reincorporated in 1902 un- ster Bank, Ltd. London, and New York Trust der same name as a consolidation. Co., New York, at the Hxed rate of exchange Secured by first mortgage on 100.56 miles of $4,866 per £, of road, viz: Miles Tax Status — Company pays interest free of Kingston Point to Hobart 77. B7 British Income Tax. Payment of U. S. Fed- Hunter to Phoenicia, N. Y 14.29^ eral Income Tax not assumed by company. Hobart to Bloomville. N. Y. (to extent Authorized — $15,000,000, (£3,000,000.) of $125,000) 8.70 Outstanding— $8,650,000. (£1.806.000.) Underlies — Ulster & Delaware 1st Ref. 4s Redeemed — $5,443,600. of 1962. Denomination — Coupon, £20, £100 and £200. Earnings — See 1st Ref. 4s. Trustee — London County & Westminster Listed on the New York Stock Exchange. Bank, London. Market. Redeemable at par at option of company. New York — Seasongood, Haas & Macdonald, The company may sell with the approval of Sam'l Goldschmidt, Morton Lachenbruch & the Trustee all or any part of the collateral Co., Spencer Trask & Co., Redmond & Co., deposited as security for these bonds and use Hodenpyl, Hardy & Co., Inc., Abraham & Co., the proceeds towards redemption of bonds. Baker, Carruthers & Pell, Organization — Incorporated April, 1902, In Cllicago — Hodenpyl, Hardy & Co., Inc. England. Reorganized May, 1908. Pittsburgh — ^R. B. Hutchinson & Co. Secured by a first collateral lien on the fol- Price Range — ^N. Y, S. B. lowing stocks and shares having a par value Jan. 1. '06 to Jan. 1. '19 1918 of £13,664,965:— Bid Ask Bid Metropolitan District Ry. ordinary £1,781,500 High.113% Feb. 19 '06 89^ Dec. 13 Metropolitan District Ry., assented Low. 85 Oct. 21 '19 85 Oct. 21 Ist preference 90,000 Metropolitan District Ry. assented ULSTER & DELAWARE RAILROAD CO. Ist 2d. preference 1,470,000 Ref. 4s. Due Oct. 1, 1952. — P. London Blec. Ry. 4% preference Dated October 1, 1902. Interest payable stock 460,566 April and Oct. 1, at Central Trust Co., New London Elec. Ry. ordinary stock... 7,900,020 York. London United Tramways, Ltd. Tax Status — 2% Federal Income Tax paid ordinary stock 15,000 by company without deduction. City & So. London ordinary shares. 1,460,360 Authorized — $3,200,000. London & Suburban Tr. Co., Ltd.. Outstanding — $1,000,000. preference shares 76,885 Reserved for prior ilens — $2,000,000. London & Suburban Tr. Co., Ltd., Reserved for Ext. — $200,000. ordinary shares 420,734 Denomination — Coupon, $1,000. Registerable as to principal and fully registerable. Total - £13,664,965 Trustee — Guaranty Trust Co., New York. it is provided in the trust deed that in the Organization — See 1st Cons. 5s, event' of default in payment on four consecu- Secured by a direct mortgage on 128.88 tive coupons, the principal becomes due, and (total owned) miles of road, viz: upon the demand of over 60% of the bond- A first lien on 28.32 miles — holders the trustees shall dispose of the ool- Bloomville to Oneonta, N. Y 20.76 lateral. KaatersklU Jet. to Kaaterskill, N, Y. . 7.56 prfor Liens— Approximately the following A second lien on 100.66 miles — bonds of owned or controlled companies are Covered by the Ulster & Delaware 1st outstanding: London Elec. Ry. £4,191,106 4% Cohs 5s 100.56 Deb. Stock; City & South London Ry., £681,- Prior Liens — $2,000,000 Ulster & Delaware g29 4% Debs.; London Suburban 'JTraction Co. 1st Cons 5s of 1928, provision for the re- and Subsidiaries, £2,624,008 4%, 4%% and tirement of which is made in this issue. 5% Deb. Stocks; and £1,000,000 Income Year '19 Bid High. 95 '16 Low. 80 '17 UNION ELECTRIC LIGHT & POWER CO. (ST. LOUIS, MO.) 1st 30-Year 59. Due Sept. 1, 1932.— F. Dated Sept. lA. 1902.. Intere'st payable March and Sept. 1, at North American Co. office, New York, and Trustee's office. 1249 Tax Status — 2% Federal Income Tax paid by company without deducUon. Authorized — Closed mortgage. Outstanding — $6,202,000.. Denomination — Coupon, $1,000. Registerable as to principal. Turstee — Mississippi Valley Trust Co., St. Louis. Organization and Control — Incorporated . in Missouri in 1903, as a consolidation of the Union Elec. Lt, & Power Co. and the Mis- souri-Edison Co. In Jan., 1917, merged with the Perry County Public Utilities Co., under old name and acquired the Electric Co. of Missouri, . Controlled by North America Co., by own- ership of nearly the entire stock. Secured by a mortgage on plants supplying electricity in St, Louis, Mo. Has a contract to supply the city with its public electric light- ing until. Sept. 1, 1920. Population served 750, OOO*". Franchises expire in underground district in 1940, and are perpetual elsewhere. A large part of power used is purchased from the Mississippi River Power Co. Prior liiens — $600, 000 Mo. Electric Lt. & P. 6s of 1921, and $3,198,000 Mo. Edison Co. 1st 5s of 1927. Underlies — Ref. & Ext. 5s of 1933. Bonds of the latter issue are reserved to retire this issue at maturity. Year ended Dec. 31 (combined) Gross Net Interest 1918... $6, 599, 666 $1,689,261 $1,139,245 1917. . . 5,941,551 1,652.600 1.039,607 1916... 5,720.551 1,716,157 1,005,519 1915... 3,408,869 1,42^,182 901,318 1914... 3,634,815 1,495.584' 864,711 Listed on the New York Stock ^Exchange. Original Market — First offered by N. W. Harris & Co., Chicago, New York and Boston. Market. New York — Kiely & Horton, Barle A. Miller & Co., F. H. Hatch & Co., Parkinson & Burr, John Nickerson, Jr., J. S. Farlee & Co., Coflln & Co., Joseph & Wiener, B. & C. Randolph, Wm. C. Ewen, Harris, Forbes & Co., Calla- way, Fish & Co., Spencer Trask & Co., Low, Dixon & Co., S. L. Snowden, Newborg & Co., Berdell Eros., Taylor & "White. St. liOniS — ^A. O. Edwards & Sons, Bowman. Cost & Co., Stifel, Nicolaus Inv. Co., J. H. Blessing & Co.. Whitaker & Co., John Nicker- son, Jr., Stix & Co. Boston — F. B. Bassett & Co., Harris, Forbes & Co., Parkinson & Burr. Chioago — Harris Trust & Savings Bank, Spencer Trask & Co.. Babcock, Rushton & Co. Providence — W, W. White & Co. , Brown, Lisle & Marshall, Hornb'ower & Weeks. Philadelphia — C. Clothier Jones & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.102 Jan. 25 '07 90 Nov. 25 Low. 90 Nov. 25 '18 90 Nov. 25 UNION ELECTRIC LIGHT & POWER CO. (ST. LOUIS, MO.) Ref. & Ext. 25-Year 5s. Due May 1, 1933.— F. Dated May 1, 1908. Interest payable May and Nov. 1. at company's office. New York, or Harris, Forbes & Co. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding— $9,600,000 (Jan. 1. 1919). Reserved for Prior Liens — $10,000,000. Reserved for Ext.— $28,900,000. Fledged to Secure 6% Notes — $1,500,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee^ — Bankers' Trust Co., New York, apd Breckenridge Jones, St. Louis. Redeemable at 110 and interest on any inter- est date on six weeks' notice. Organization and ControI^See Ist 6s. Secured by a mortgage on all the property, rights and franchises of . the company now owned or hereafter acquired, subject to prior liens mentioned below. For description of property see description ,of 1st 30-year 5s. . Prior Liens — $6,202,000 1st 5s of 1932; $600,000 Mo. Electric Lt. & P. 6s of 1921 and $3,198,000 Mo. Edison Co. 1st 6s of 1927. Earnings — See 1st 5s above. Listed on the New York Stock Exchange. Original Market — $2,500,000 offered in May. 1908. by N. W. Harris & Co.. New York, and $5,000,000 offered in 1911 by Harris, Forbes & Co.. New York, N. W. Harris & Co., Boston, and Harris Trust & Savings Bank, Chicago, at 96% and interest: $692,000 offered by same firms in March, 1913, at 96% and interest; $2,529,000 offered July, 1917, by the same firms at 91 and" interest. Market. New York— Earle A. Miller & Co.. F. H, Hatch & Co., Berdell Bros., Newborg & Co.. Taylor & White. J. Nickerson, Jr., E. & C. Randolph^ Harris, Forbes & Co., S. L. Snow- den, FroTidoKee — Brown, Lisle & Marshall, Horn- blower & Weeks. Chicago — Harris Trust & Savings Bank, Union Trust Co., McCoy & Co., Ames, Eme- rich & Co., Babcock, Rushton & Co. St. Louis — Whitaker & Co., Stix & Co., J. Nickerson, Jr., Bowman, Cost & Co., Francis Bro. & Co., G. H. Walker & Co., Stifel, Nicolaus Inv, Co, Boston — ^Parkinson & Burr, Harris, Forbes & Co, Milwaukee — First National Bank. Albany — Henry J. Prince. Indianapolis — -Union Trust Co., Fletcher American National Bank. Detroit — Joel ,Stockard & Co. Philadelphia— H. D. Boenning & Co. Price Range — ^N. Y. S. E, Jan. 1. '08 to Jan. 1, '19 1918 Ask High.101% Nov. 17 '16 85% Mar. Low. 89 Jan. 29 '16 84 June UNION ELECTRIC LIGHT & POWER CO. 12-Year 6% Secured Notes. Due March 16» 1930. Dated March 15, 1918. Interest payable March, June, Sept. and Dec. 15, in St. Louis or New York. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Missouri. Authorized — $2,000,000. Outstanding — $1, 000,000. Purpose of Issue — To retire floating indebt- edness incurred for extensions. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Mercantile Trust Co., St. Louis. Mo. Redeemable at 101 and interest on any in- terest date upon 30 days' notice. Organization, Property, Etc. — See 1st 6s. Secured by pledge of $1,500,000 Ref. & Ext. 5s, due 1933. Original Market — $1,000,000 offered March. 1918, by Mercantile Trust Co. , Mississippi Valley Trust Co., Third National Bank, Stifel- Nicolaus Inv. Co. and Mark C. Steinberg & Co.. St. Louis, at 97% and interest. 1250 Market. Chicago — Babcock, Rushton & Co. St. liouis — Bowman, Cost & Co., Mercantile Trust Co.. Stix & Co. Trice Range — 1918. Bid Ask High. 9 7 Dec. 38% Nov. Low. 96% Oct. Babcock, Rushton & Co., L- A. Norton, Coffin & Co., McGeorge & Vanderhoef, T. L. Bron- son, J. Davenport, F. H. Hatch & ^Co. Price Range. Jan. 1, '08 to Jau. 1, '10 1918 Bid Ask Bid Ask High.lOlt '14 102 '14 92 Dec. 95 May Low. 69 '12 65 '12 88 May (THE) UNION ELECTRIC LIGHT & POWER CO. 2-Year G% Secured Notes. Due June 15, 1920. Dated June 15, 1918. Interest payable June 15 and Dec. 15 in New York. Tax Status — Information not available. Authorized — $500,000. Ontstandine-r-$500,000. Fumose of issue — To provide funds for con- struction work on the property of the Union Colliery Co. Denomination — Coupon $1, 000. Regiaterable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 1 % and interest upon 8 days' notice. Sinking Ii*und — The Union Colliery Company. after the first 100,000' tons of coal shall have been produced and shipped from its property, will appropriate for each ton of coal shipped thereafter fifty (50) cents to retire that com- pany' s debt to the Union Electric Light & Power Company, and the sum so appropriated is to be applied toward retiring this issue of notes. OrganizaUon — See 1st 5s. Seonrity — ^A direct obligation of the Union Electric Light & Power Co. and secured by pledge of $500,000 (entire authorized) 1st 6s due June 15, 1920, and $240,000 of the $250,000 capital stock of the Union Colliery- Co. The latter company was incorporated in Missouri in 1917 in the interest of the Union Electric Light & Power Co. and has acaulred coal mining property in the Duquoin (Illinois) field, about 80 miles from St. Louis. This coal mining property includes mineral rights in 979 acres, leases in 1,764 acres and op- tions in 400 acres; total 3,143 acres. The mine, when present development is corrfpleted, will have a daily capacity of 5,000 tons. Original Market — $500,000 offered July. 1918, by Equitable Trust Co., New York, at 96% and interest. UNION FERRY CO. Ist 58. Due Nov. 1, 1920.— N. Dated Nov. 1, 1890. Interest payable May and Nov. 1, at Corn Exchange Bank, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2, 200, 000. Outstanding — $1,200,000 ($700,000 and $300,000 purchased in open market and can- celled in 1908 and 1910). Later information not available. Denomination — Coupon. $100, $500 and $1,000. Redeemable at 110 and interest. Secured by a first mortgage on company' s property consisting of ferry houses in Brook- lyn and 1 9 ferry boats. Company operates three ferry lines on the East River between New York and Brooklyn. Prior to June, 1912. five lines were operated, but the number was decreased owing to the completion of the tube, additional bridges, etc. Ferry houses in New York are rented by the company. Market. New York — "Wm. C. Ewen, Geo. S. Crap & Co., McDonnell & Co., Williamson & Squire, UNION GAS & ELECTRIC CO. (BLOOMING- TON. ILL.) l^t 56. Doe Sept. 1, 1935. Dated 3ept. 1, 1905. Interest payable March and Sept. 1, at First Trust & Savings Bank, Chicago. 111. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $750,000. Outstanding — $591,000 (Jan. 1, 1919). Retired by S. K. — $66,000. . Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — First Trust & Savings -Bank, Chi- cago, 111. Redeemable at 105 and interest on any In- terest date. Sinking Fund — 5% of annual gross earnings for purchase of bonds in open market or by lot at not exceeding 105 and interest, or for additions, betterments and extensions. Organization and Control — Incorporated 1899 In IllinoiB, as a consolidation of the Blooming- ton Gas Light & Coke Co. and the Citizens' Gas Light & Heating Co. Controls the entire gas business of Bloomington and Normal, 111. Controlled by the United Gas & Electric Corp. of Connecticut through ownership of stock. ' Secured by a first mortgage on plants, mains, etc., owned and operated by the com- pany. Population served, 33,000 and upwards. Franchises extend to 1998. Year ended Dec. 31 Int. Gross Net & Rent 1918 $212,701 $58,545 $30,854 1917 175.905 48,953 32.757 1916 182.713 73,425 31.591 1915 177.782 83.324 31,053 Original Market — First offered by MacDon- ald, McCoy & Co., Chicago, at 101 and Interest in Nov., 1905. Market. Chicago— Chas. S, Kidder & Co. Louisville — J. J. B. Hilliard & Son. New York — Hanson & Doyle, Bertron, Gris- com & Co. Philadelphia — S. K. Phillips & Co.. H. D. Boenning & Co. Ifrice Range Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.95y4 '17 96% '16 80 July 90 July Low. 80 '18 90 '18 UNION IRON WORKS DRY DOCK CO. 6s* Due Oct. 1. 1929.— F. Dated Oct. 1, 1909. Interest payable April and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding — $514,867 (Jan. 1. 1919). In Treasury — $1,600. "^ Retired by 8. F.— $483,533. Trustee — Union Trust Co. , San Francisco. Sinking Fund — Annually, $6,000 for the pur- chase or redemption of these bonds. Organization and Control — Acquired the prop- erty of the San Francisco Dry Dock Co. in 1908 for $1,812,500 cash and bonds. Merged into Union Iron Works Co. , which is con- trolled through stock ownership by the Bethle- hem Steel Corporation, and whose property la 3251 leased and operated by the Bethlehem Ship- building: Corp. Secured by a mortgage on an extensive dry dock and other property of the company located in ^an Pranciaco. Prior laens— $495,000 San Francisco Dry Dock Co. 1st 5s. Market. New York — Holmes, Bulkley & Wardrop. San Francisco — Sutro & Co. Prioe Range. Jan. 1, 'le to Jan. 1, *19 Bid High.lOO '16 Low. 99% '16 UNION MGHT, HEAT & POWEB CO. (COV- INGTON» KY.) 2-Year 6% First Mortgage JLien Notes. Due Feb. 15, 1920. — ^P. Dated Feb. IB, 1918. Interest payable Aug. 15 and Feb. 15, at Central Trust Co., Cincin- nati, at the Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,560,000. Outstanding — $1,660,000. Denominations — Coupon, $100, $500 and $1,000. Trustee — Central Trust Co., Cincinnati. iRedeemable on 30 days' notice on any inter- ■^st date at 100% and interest to and including :Peb. 15, 1919, and thereafter at 100 and Interest. Guaranty — The Columbia Gas & Electric Co. in its lease of the property of the Cincinnati, Newport & Covington Light & Traction Co. guarantees to the lessor the payment of the interest and principal of tlie Union Light, Heat ■&. Power Co. First Mortgage Bonds and of "these notes secured thereby. Organization — Owns the Covington Gas Light Co., Newport Light Co., Dayton Ellectric Light Go. and Suburban Electric Co. and controls Control — The Cincinnati, Newport & Coving- ton Light & Traction Co. owns the entire cap- ital stock, the property of the latter company (including property of U. Lt., H. & P.) is leased to the Columbia Gas & Electric Co. for 45 years from 1907. Secured by a first lien on all the property, ■of the company through pledge of $1,560,900 1st 4s, due May 1, 1920 (extended from May 1. 1918). This company does the entire gas, electric light and power business of Covington, New- port and other Kentucky communities adjacent to the city of Cincinnati under franchises of "property, most of which are unlimited as to time. The electric lighting and power business -is done in 14 seperate municipalities and the gas business in 7 municipalities, while the water business is done also in 3 municipalities. The total population served with gas and electric service is approximately 125,000. The gas distribution system includes over 150 miles of gas mains, a large part of which has been installed in recent years. Natural gas is purchased from the Columbia Gas & Electric Company. The electric generating sta- tion, situated at Newport, is connected with the Cincinnati Gas & Electric Company's gen- erating station in Cincinnati by means of a bigh tension transmission line, enabling this company to purchase additional power when ■necessary. Underlips — $320,000 50- year 5s of 1965. Year ended Dec. 31 Gross Net Interest 1918 $1,296,777 $263,709 $115,992 1917 ... 1,231,066 303,974 109,654 1916 1,056,757 274,629 1915 . . . 931,804 236,022 Original Market — $1,560,000 offered Feb., 1918, by A. B. Leach & Co., Inc., New York, etc.; Field, Richards & Co. and Fifth-Third National Bank of Cincinnati at 96% and interest. Market. New York — Berdell Bros. Cincinnati — The Fifth-Third National Bank of Cincinnati. Grand Rapids — Howe, Snow, Corrigan & Bertles. Bid High. 9 3 Au£ Low. Price Range Ask 97 Aug. 96% Feb. -1918. UNION NATURAL GAS CORPORATION 6s. Due $500,(M)0 Annually April 1, to 1926. Dated April 1, 1913. Interest payable April and Oct. 1, at Trustee's office. Tax Statils — 2% Federal Income Tax paid by company without deduction. Authorized — $6,000, 000. Outstanding — $2,656,000 (Jan. 1, 1919). In Treasury — $1,344»000. Retired — $2,000,000. Denomination — Coupon, $1,000. Trustee — Colonial Trust Co., Pittsburgh, Pa. Organization — Incorporated 1902 in Dela- ware, Controls and, operates the Athena (Ohio) Gas Light and Elec. Co., Bellevue (Ohio) Gas Co., Buckeye Gas Co. of Circleville, Ohio; Citizens Gas Light & Coke Co., Findlay. Ohio; Citizens Gas & Electric Co., Lorain and Elyria, Ohio; Fremont Gas, Electric Light . & Power. Co., Fremont, Ohio; Logan Natural Gas & Fuel Co., Columbus, Ohio; Manufacturers' Gas Co., Bradford, Pa.; Marion (Ohio) Gas Co., Newark (Ohio) Natural Gas & Fuel Co., Warren & Chautauqua Gas Co.,. "Warren, Pa., and Preston Oil Company, Columbus, Ohio; also owns one-half interest in Reserve Gas Co. and Connecting Gas Co. Leases gas de- partment to Consolidated Gas & Light Co., Tiffin, Ohio. Secured by deposit of stocks of above named companies, subject ta their $994,000 bonds. Operating companies control 707,959 acres of oil and gas lands in Eastern Ohio and Penn- sylvania, and one-half interest in 56,023 acres in West Virginia, together with pipe lines, gas plants, oil we.la, etc. Serves gas to 156,444 consumers.. Company has paid dividends of from 8% to 10% on $10,000,000 stock prac- tically since incorporation. Prior Lien — $994,000 ($345,000 owned by this' company) bonds of subsidiary companies, including $523,000 bonds of Citizens Gas & Electric Company of Lorain and Elyria, Ohio. Year endpid Dec. 31 (consolidated). Gross Net Interest 3 918 $7,560,97 6 $2,872,679 $268,697 1917 8,076,613 3,574.677 266,812 Listed on the Pittsburgh Stock Exchange. Market. Pittsburgh — Moore, Leonard & Lynch, Ward- Darley-Lupold Co. . Goddard, Hunter & Co. . Wm. P. Lemley & Co., W. E. Ballard, Lyon. Singer & Co. New York — Hornblower & Weeks, Moore. Leonard & Lynch, B. & C. Randolph, McDon- nell & Co. Boston — Hornblower & Weeks, Chicago — Hornblower & Weeks. . Price Range. Jan. 1, '16 to Jan. 1, '19 Bid Ask High. 101 '16 102 '17 Low. 99 '17 100% '17 1252 CNION OIL CO. OF CALIFORNIA 1st Lien 20-Year S. F. 5s. Due Jan. 2, 1931. Dated January 2, 1911. Interest payable Jan. and July 2, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $20,000,000 Outstanding — $9,094,000 (Mar. 26, 191&). Retired by Sinlsin? Fund — $4,066,000. In Treasury — $438,000. Reserved for Prior Ijens — $2.392i000. Reserved for Ext. — $4,010,000. Denomination — Coupon. $1,000. Registerable as to principal. Registered, $1,000. C. & R. interchangeable . Trustees — Bciuitable Trust Co., New York, and Los Angeles Trust & Savings Bank, Los Angeles. Redeemable as a whole only at 105 and in- terest on any interest date on 30 days' notice, or ca'.lable for sinking fund at 102% and in- terest. Sinking Fund — ^Annually, since May 1, 1912, a sum sufficient to retire at least- $260,000 of these bonds at 102% and interest, with pro- portionate increase for all" bonds in excess of $5,000,000 issued. Organization — Incorporated 1890 in Califor- nia. Secured by a lien on the property directly owned and operated, including asphalt lands owned in fee. mineral rights, subject only to a small amount of purchase money mortgages and purchase money contracts; secured also by a collateral lien on various stocks of import- ant subsidiary companies. The Union Oil Co. of California owns land in 10 counties In the 4 great oil producing sections of California, and has leases in "Wyoming. Texas and Mexico, together with upwards of 841 miles of pipe lines, 3 large refineries, 19 tankships, barges, etc., with a capacity of over 565,000 barrels, about 250 storage tanks, with a capacity of ap- proximately 12,000,000 barrels of crude oil, dis- tributing stations in the various Pacific States, British Columbia, Hawaii, Chili, Panama, etc. Properties controlled in various oil fields, over 200,000 acres. No dividends shall be paid on the stock in any year unless net in- come is twice the interest charges on this issue. Prior Liens — $2,237,000 bonds of constitu- ent companies, which will be retired with bonds of this issue, and $589,791 Purchase Money Mortgages. Listed on the San Francisco and Los An- geles Stock Bxchanges. Year ended Dec. 31 (combined): Gross Net Int., Etc. 1918 $43,863,562 $6,583,992 $560,853 1917 33.870,889 8.276.227 633.943 1916 27.745,009 7,850,711 626,147 3915 19,248,143 3.524,907 705,778 1914 20.096.659 '3.491,639 756,114 Listed on the New York Stock Exchange. Original Market — $5,000,000 offered in June, 1911, by Hallgarten & Co. and William Salo- mon & Co., New York, at 91 'A and interest. Market Los Angeles — E. F. Hutton & Co.. A. H. "Woollacott, Torrance. Marshall & Co., Perrin, Drake & Riley. W, R. Staats & Co., Blanken- horn-Hunter-Dulin Co. , L. A. Crisler & Co. , Stevens. Page & Sterling. Philadelphia — Cossatt & Co. New York — McDonnell & Co.. Sutro Bros. & Co., Sam'l Goldschmidt. Curtis & Sanger. Harris. Winthrop & Co.. E. & C. Randolph, B. F. Huttnn & Co., Bernhard, Scholle & Co., J. M. Byrne & Co., Abraham & Co., T. Hall Keyes & Co., J. Nickerson, Jr. San Francisco — B. F. Hutton & Co., Wm. R. Staats & Co., Blankenhorn-Hunter-Dulin Co., Sutro & Co, Chicago — Curtis & Sanger, Harris, "Winthrop & Co., "W. R. Staats & Co.. Babcock, Rushton & Co. San Diego — Stephens & Co. Pasadena — Blankenhorn-Hunter-Dulin Co. Price Range — N. Y. S. E. Jan. 1. *1I to Jan. 1, '19 1918 High.90 Oct. 15 '18 90 Oct. 21 Low. 90 Oct. 15 '18 90 Oct. 15 UNION PACIFIC RAILROAD COMPANY. Incorporated in Utah In 1897 as successor to the "Railway" Company of the same name. The company owns 3,559 miles of road, of which 836 miles are double-tracked, extending from Kansas City and Omaha to Denver, Col., and Ogden, Utah. The company Also owns all of the stock of the Oregon Short Line R. R. Co., which company in turn controls the Ore- gon-Washington Railroad & Navigation Co. These two companies own 3,955 miles of road from Salt Lake City and Ogden, Utah, to Spo- kane and Seattle, Washington, and Portland, Ore. , with numerous branches. The Oregon Short Line R. R. Co. owns one-half of the stock of the San Pedro. Los Angeles & Salt Lake Railroad Co., owning 1,000 miles of road from Salt Lake City to Los Angeles, Cal., and San Pedro, the port of Los Angeles. Prior to 1913 the Oregon Short Line R. R. Co. owned a controlling interest in the stock of the Southern Pacific Co., but in accordance with a decree of the United States Supreme Court, and with the approval of the District Court for Utah, the $126,000,000 Southern Pacific Co. stock was disposed of, $38,300,000 being exchanged for Baltimore & Ohio common and preferred stock owned by the Pennsylvania R. R. Co. and the balance ofCered to stock- holders of the Union Pacific R. R. Co. a t about $88 per share in the ratio of 27% of their holdings of Union Pacific R, R. Co. stock. Subsequently the Union Pacific R. R. Co. distributed the B. & O. R. R. Co. stock received from the Pennsylvania R. R. Co. among its stockholders. The Union Pacific R R. Co. has outstanding $99,543,500 4% non-cumulative preferred stock and $222,293,100 common stock. Dividends have been paid on the preferred stock since 1898, and since 1901 the full 4% has been paid. Dividends on the conunon stock have been paid since 1899. .Since 1906 the rate has been 10% per annum. In January, 1914, the company decided to distribute the B. & O, R. R. Co. stock received In exchange for Southern Pacific Co. stock, pro rata, among the common stockholders, as well as an extra cash dividend of $3 per share. It was figured that the income on the distribution received by the holder of each share of Union Pacific R. R. stock would be about $2 and the execu- tive committee recommended that the dividend on the Union Pacific R. R. stock be reduced from 10% to 8% per annum. The dividends had formerly been paid 6% from operation of road and 4% from investments. Year ended Dec. 31 Gross Net Int. & Rent *1918.$38.416.111 $47,104,102 $14,501,898 tl918.158,845.176 50,643,512 743.506 1917.130,101,864 57,525,376 16.000,501 1916.114.412,607 58,642,868 15,471.082 1915. 91.952.244 46,812.361 15.237,751 ♦Corporate Income Account — Standard re- turn under Federal control. tFederal Income Account. 1253 UNION PACIFIC RAILROAD CO. 20-Year Conv. 4s. Due July 1, 1927. — F. Dated July 1, 1907. Interest payable Jan. and July 1, at company's office, 165 Broadway, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $75, 000, 000. Issued — $73,762,000. Converted into Common, Stock — $46,926,775. Outstandine — $26,835,225. Denomination — Coupon, $1,000 and $500. Registerable as to principal or fully register- able. Registered, $500 and multiples. C. & R. interchangeable. Trustee — Bankers' Trust Co., New York. Redeemable as a whole only at 102% and interest on any interest date upon 9 days' notice. If called prior to the termination of the conversion privilege bonds may, however, be converted to within 30 days of the date of redemption. Convertible (expired) at any time before July 1, 1917, into the company's common stock at $175 per share unless called for redemption. Security — These bonds are a direct obliga- tion of the company, but are not secured by any mortgage. Legal for N. H. and R, I. liisted on the New York and Boston Stock Exchanges. Original Market — Underwritten in 1907 by Kuhn, Loeb & Co., New York, and offered for subscription to the stockholders at 90. Market. New York — Active on N, Y. Stock Exchange. Baltimore — Alex, Brown & Sons, Philadelphia — Harper & Turner, A. B. Leach & Co. Boston — Curtis & Sanger, Spencer Trask & Co., A. B. Leach & Co. Chicago — Curtis & ganger, A. B. Leach & Co., Babcock, Rushton & Co. Pittsburgh — Lyon, Singer & Co. , R. B. Hutchinson & pCo, , Price Range— N. Y. S. E. Jan. 1, '07 to Jan. 1, *19 1918 High.124% Aug. 16 '09 91 Dec. 16 Low. 78% Oct. 24 '07 r82% Mar. 30 UNION PACIFIC RAILROAD CO. 1st R. R. & Land Grant 4s. Due July 1, 1947. — F. ' Dated July 1, 1897. Interest payable Jan, and July 1, at company's office, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $100,000,000. Denomination — Coupon, $1,000 and $600. Registerable as to principal or fully register- able. Registered, $500 and multiples of $500. Trustees — Bankers' Trust Co., New York. Secured by first mortgage on 2,085.37 miles of road, with appurtenances, viz. : Council BlufCs, la. , to Ogden, Utah, via South Omaha (762.19 miles double track) 1,004.23 Ogden to 5 miles West of Ogden, Utah 5,00 Kan. City, Mo., to Denver, Col. (66.88 miles double track) 639.13 Pullman Jet., Colo., to Corlett Jet., Wyo 99.33 Speer to Borie Jet. , Wyo 6.37 Kearney to Callaway, Neb 65.79 Echo to Park City, Utah 27.59 Leavenworth to Lawrence, Kan 31 . 49 Junction City _ to Concordia, Kan 70.86 Lawrenceburg to Belleville, Kan 17.15 Solomon to Beloit, Kan. 56.97 Salina to McPherson, Kan 35.46 Brighton to Boulder, Colo 27.00 Cheyenne & Fort Russell, Wyo. (owned jointly with and operated by Colo. & So. Ry.) 2.04 Further secured by first lien -on $4,993,000 1st 4s and $99,400 of the $100,000 stock of the Union Pacific Land Co. All proceeds from sale of lands, property arid securities pledged under this Railroad & Land Grant mortgage are applied in payment for expenditures for betterments, improvements, equipment, etc. To Dec. 31, 1918, $23,286,091, had been so ap blied and cash on hand amounted to $106,626 Underlies — 1st Lien and Refunding 4s, under which bonds are reserved to retire this issue at maturity, and Conv. Deb. 4s. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J-., N. Y., R. I., Vt. and Wis. Listed on the New York ■ and Boston Stock Exchanges. Market. New York — Active on N. Y. Stock Exchange. Portland, Me. — Chas. H. Oilman. Chicago — Northern Trust Co., Harris Trust & Savings Bank, Kean, Taylor & Co., Illinois Trust & Savings Bank, Baltimore — Mercantile Trust & Deposit Co. . Philadelphia — Montgomery & Co., Newburg- er, Henderson & Loeb. Boston — Harris, Forbes & Co. Cincinnati — A. E. Aub & Co, Price Range— N. Y. S. E. Jan. 1. '06 t4} Jan. 1, *19 1918 High.106% Jan. 9 '06 91 Nov, 12 Low. 84 July '18 84 July 13 Registered. High.106% Jan. 17 '06 86 Jan. 17 Low. 83 Aug. 10 '18 83 Aug. 10 UNION PACIFIC RAILROAD CO. 1st Lien & Ref. 4s. Due June 1, 2008. — F. Dated June 1, 1908. Interest payable March and Sept. 1 , at company' s office. New York, and in London. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $200, 000, 000. Outstanding — $ 65,655.910, In Treasury — $33,498,000. Reserved for Prior Liens — $100,000,000. Reserved for Corporate IPurposes — $846,000. Denomination — Coupon, $1,000, $500, £200 and £100. Registerable as to principal or fully registerable. RegfsTered, $1, 000. $500, £200 and £100. C. & R. interchangeable. Trustee — Equitable Trust Co., New York. Redeemable as a whole only at 107^/4 and interest on Sept. 1, 1918, or on any interest date thereafter upon three months' notice. Secured by direct lien on 3,558.36 miles of road (836 miles double tracked), with equip- ment, appurtenances, etc., and all other prop- erty now owned or hereafter acquired, viz.: , A first lien on 1,472.99 miles — Lane Cut-off Summit to Lane, Neb., via South Omaha (double track) 11.61 Julesburg to La Salle, Col 151 . 53 Sand Creek Jet. to La Salle Jet., Colo.. 45.26 Valley, Neb., to Manhattan. Kan. .... .189.10 Valparaiso to Central City, Neb.." 75.28 Blue Springs Jet. to Blue Springs, Neb. 0.67 Columbus to Norfolk. Neb 50.00 Oconee to Albion, Neb 34.54 Genoa to Spalding. Neb 44 . 42 Grand Island to Ord, Neb 60.77 Scotia Jet. to Scotia, Neb 1.37 St. Paul to Loup City. Neb 39.40 Boelus to Pleasanton, Neb 22,09 Callaway to Stapleton. Neb 36.87 O'Fallon' s to 1 ^^ miles west of Haig, Neb 153,95 Thayer to Superior, Wyo g , 05 1254 Gunn Jet., 'Wyo.. to right-of-way 0.14 Leavenworth to Miltonvale, Kan 165.37 Mencken to Garden, Kan 69.82 Detroit to Enterprise, Kan 1.96 Salina to Oakley (via Colby), Kan 225.35 Parkdale to Puritan, Col 3.07 Johnson to McKissick, Col 0.97 Greeiy Jet. to Briggsdale, Col 26.17 Cleverly to Hungerford. Col 14,15 Rock Springs to 13 5 miles north of Re- liance Jot., "Wyo 6.63 Reliance Jet. to Reliance Mine, Wyo 2.06 Lion Jci. to Lion, Wyo 2.53 Grant Jet. to Russell Mine, Col 1.45 Dent to Ft. Collins, Col 25.24 Diamond to Baum, Col 1.16 Shamrock to Branch, Col ; 1.01 A second lien on 2.085.37 miles covered by the first mortgage R. R. & L. G. 4a, 1947. Prior Liens — $100,000,000 Union Pacific 1st Mtge. & Land Grant 4a, which will be retired by bonds o.f this issue at maturity. Underlies — Convertible Debenture 4s. Legal for Bait., Cal., Conn., Me., Mass., Mich.. Minn., Mo., N, H., N. J.. N. T., R. L. Vt. and Wis. Listed on the New York Stock Exchange, Original Market — $50,0'00,000 offered In June, 1908, by Kuhn, Loeb & Co., Kew York, Baring Bros. & Co., Ltd., and Glyn, Mills, Currie & Co., London, at 95% and interest. Market. New York — Active on N. Y. Stock Exchange. Philadelphia — Harris, Forbes & Co. , West & Co., Harper & Turner. Boston — Tucker, Anthony & Co., Parkinson & Burr, Harris, Forbea & Co., Lee, Hlgginson & Co. Chicago — National City Bank, Harris Trust & .Savings Bank, Union Trust Co., Merchants Loan & Trust" Co. Baltimore — Robt. Garrett & Sons, Alex. Brown & Sons. Price Range— N. Y. S. E. Jan. 1, '08 to Jan. 1, '19 1918 High. 100 June 1 '09 87% Nov. 9 Low. 75% Jan. 23 '18 75% Jan. 23 UNION PACIFIC RAILROAD CO. 10-Year 6% Secured Bonds. Due July 1. 1928. Dated July 1. 1918. Interest payable Jan. 1 and July 1 at company's office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $20,000,000. Denomination — Coupon $1,000. Registerable as to principal. Registered $1,000 and au- thorized multiples. C. & R- interchangeable. Trustee — United States Mortgage & Trust Co., New York. Security — ^A direct" obligation of the com- pany and secured by pledge of the following collateral : $2,000,000 Chicago & Northwestern Ry. Gen. Mtg. 4s, due 1987. 2,500,000 Chicago & Northwestern Ry. Gen. Mtg. 5s, due 1987. 3,000,000 N. Y. Central R. R, Co. Ref. & Impt. Mtg. 4%s, due 2013. 1,000,000 Pennsylvania R. R. Consol. Mtg. 4%s, due 1960. 2,500,000 Pennsylvania R. R. Co. Gen. Mtg. 4%s, due 1965. 6.000,000 Southern Pacific R. R. Co. First Ref. Mtg. 4a, due 1955. 4,000,000 Baltimore & Ohio R. R. Co. Ref. & Gen. Mtg. 5s, due 1995. 5,000,000 Illindls Central B. R. Co. and Chicago, St, Louis & New Oi> leans R. R. Co. Joint first Ref. Mtg. Bs, due 1963. 4,000.000 Denver Union Terminal Ry. 1st M. 4%s, due 1964 (guaranteed jointly and severally by the Union Pacific R. R. Co., Chi- cago. Burl. & Quincy R. R. Co., Atchison, Topeka & Santa Fe R. R. Co. and others). Listed on the New York Stock Exchange. Original Market — $20,000,000 offered June. 1918, by a syndicate headed by Kuhn, Loeb & Co, at 98 and interest. Market. New York — Bull & Eldredge, McKinley & Morris, Mann. Bill & Co., National City Co., J. Nickerson, .Tr., Redmond & Co. Louisville, Ky. — J. J. B. HUliard & Son. Philadelphia — Graham, Parsons & Co. Chicago — Pynchon & Co- Price Range — N. Y. S. E. High.lOSVi Dec. 3 '18 Low. 101% Sept. 13 '18 UNION PASSENGER RAILWAY (PHILA- DELPHIA) Ist 48. Due Mar. 31, 1961. Extended from March 31, 1911. Interest payable Apr. and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsylvania. Authorized and Outstanding— $500,000. Denomination — Registered, $100 and $500, Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities. Guaranteed as to interest by the Philadel- phia Rapid Transit Co. under terms of lease, Organization and Control — Incorporated Apr. 8, 1864. Leased to the Philadelphia Rapid Transit Co. for 999 years at a rental of $286,- 000, and all interest, taxes and other expenses, Secured by a first mortgage on 56.5 miles of street railway track located in Philadelphia. Underlies — $250,000 2d 4s, Market. New York — National City Co. Philadelphia — "West & Co.. Lloyd & Palmer, S. K. Phillips & Co. UNION PASSENGER RAILWAY (PHILA- DELPHIA) 2A 48. Due Mar. 31, 1960. Date extended from Mar. 31. 1910. Interest payable Apr. and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2^0,000. Denomination — Coupon, $1,000 and $500. Trustee — Land Title & Trust Co.. Phila. Guaranteed as to interest by the Philadel- phia Rapid Transit Co. under terms of lease. Organization and Control — See 1st 4s above. Secured by a mortgage on 56.5 miles of track, subject to the 1st morgtage bonds. Prior Liens — $500,000 1st 4s, due 1961. Market. Philadelphia — "West & Co.. Barclay, Moore & Co., Lloyd & Palmer. UNION RAILWAY, GAS & ELECTRIC CO. Coll. Tr. Convertible 5s. Due July 1, 1939. Dated July 1, 1909. Interest payable Jan- uary and July 1, at Hodenpyl, Hardy & Co., Inc., New York, or B. W. Clark & Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania, State tax refunded. Authorized — Unlimited. Issued, Series "A" — $5,200,000. ' Outstanding — $4,000,000. Pledged to Secure 6% Notes — $728,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — (Commercial Trust Co., Phila. 1255 Redeemable at par and interest any interest date on 60 days' notice. Organization and Control — Incorporated In New Jersey, 1909, as a holding company. Controlled through a large majority stock ownership by the Commonwealth Power, Ry. &, Light Co. The Union Ry., Gas & Elec. Co. owns a large majority of the stocks of the Springfield (HI.) Gas & Electric Co., Spring- field (111.) Consolidated Ry. ^Co., Central Illi- nois Light Co., Rockford & Interurban Ry., Janesville Traction Co., De Kalb-Sycamore & Interurban Traction Co. and the Public Util- ities Co. (Evansville, Ind.) These companies are mostly mergers of a number of smaller companies. Management — Hodenpyl, Hardy & Co.. New York, and E. W. Clark & Co., Philadelphia. Secured by pledge of the entire common stock and $1,872,000 preferred stock of the Central Illinois Light Co., and the entire com- mon stock and $1,500,000 of the preferred stock of the Rockford & Interurban Ry., and the entire common stock and $980,500 pre- ferred stock of the Public Utilities Co. (Evans- ville, Ind. ) Further secured by a first lien on the bonds and stocks of other companies. The Union Ry., Gas & Elec. Co. operates the street railways in Springfield and Rockford, III.; Janesville, Wis., and Evansville, Ind., and interurban lines connecting Rockford, Pree- port and Belvedere, Sycamore and De Kalb, 111. ; Beloit and Janesville, Wis. , with Rock- ford, 111. ; Evansville, Princeton and Patoka, Ind., etc. This totals about 236.66 miles of track, including interurban lines. Supplies gas, electric lighting, power, etc., to Peoria, Springfield and Pekin, 111., and Evansville, Ind., and th'3 electric lighting business of De Kalb, Sycamore, Princeville, Cuba, Wash- ington, and various other small towns in Illi- nois. Population served, over 375,000. Franchises expire as follows: Street rail- way, Springfield, 1928; Rockford, 1923. Elec- tricity, Peoria, 1947; Pekin, 1925; Springfield, unlimited; Evansville. 1934; DeKalb, 1922, and Sycamore, unlimited. Gas, Evansville, un- limited. Year ended Dec. 31: Fixed Gross Net Charges 1918 $6,545,321 $2,286,263 $1,763,398 1917 5,756,378 2.464.485 1,624,612 Listed on the Louisville Stock Exchange. Original Market — Offered in July, 1909, by Hodenpyl, Walbridge & Co. (now Hodenpyl, Hardy & Co. , Inc. ), New York, at 95 and interest. Market. New York — E. & C. Randolph, Hodenpyl, Hardy & Co.. John D. Curtis & Co.. Miller & Co., Berdell Bros. Philadelphia — Chandler & Co., Reed A. Mor- gan & Co., E/ W. Clark & Co., H. D. Boen- nins & Co.. Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. Louisville — J. J. B. Hilliard & Son, Law- rence J. Timmons & Co., J. W. & D. S. Green. Chicago — Hodenpyl, Hardy & Co., Inc. Boston — Moors & Cabot. New Havon — The Chas. W. Scranton Co. Price Range. Jan. 1. '09 to Jan. 1, '19 Bid Ask Hieh.94% '12 95^ '13 Low. 79 '17 Authorized — See "Provisions of Issue." Outstanding — $1, £00, 000. Provisions of Issue — Additional notes may be issued to the extent of 75% of the par value of additional bonds of the Issues now pledged or bonds of any underlying company bearing not less than 5 % interest, provided earning of the collateral company available for interest on bonds is one and one-half times the annual interest charges on funded debt. Provision is also made for the substitution of collateral under similar restrictions. ]>enominiatuon6 — Coupon $500 and $1,000. Registerable as to principal. Trustee — Bankers Trust Company, New York. Redeemable as a whole or in amounts of not less than $250,000 on three weeks' notice, prior to Ju!y 1, 1920, at 101 and interest; thereafter at 100% and interest. Organization and Control — See Coll. Tr. 5s, due July 1, 1939. Secured — By pledge of — U. R. G. & E. Co. Coll. Tr. 5s $728,0'00 Springfield Ry. & Lt. Co. Coll. Tr. 5s 1,100,000 De Kalb-Sycamore & Interurban Traction Co. 1st Ref. 5s 382,000 De Kalb-Sycamore Electric Co. 1st 5s 40,000 Earnings — See Coll. Tr. 5s. Original Market — Offered to holders of 3- year 6% notes, due April 1, 1919. VNION RAILWAY GAS & ELECTRIC CO. 3- Yeiir 6% Secured Notes. Due Jan. 1, 1922. Dated .Tan. 1, 1919. Interest payable Jan. and July 1st. at company's ofllce. New York. Tax Status — Payment of Federal Income Tax not assumed by company. UNION RAILWAY OF NEW YORK 1st 5s. Due Aug. I, 1942, — F. Dated Aug. 1, 1892. Interest payable Feb. and Aug, 1, at Trustee's ofilce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Trustee — Central Union Trust Co. , New York. Organization and Control — Incorporated in 1892 in New York as a consolidation of the N. 3rd Ave. & Fleetwood Park Ry., the Mel- rose & West Morrisania Ry. and the Harlem Bridge, Morrisania & Fordham Ry. Controls the Bronx Traction Co. Controlled by the Third Ave. Ry. through ownership of entire ($2,000,000) capital stock. The railway com- pany was in receivers' hands from 1908 until 1912. During receivership, company defaulted on about $4,842,700 notes, but did not default on this issue of bonds. Secured by a first mortgage on 92 miles of track located largely in the Borough of the Bronx extending northward from 129th St. and 3rd Ave. Including the Bronx Traction Co., Westchester Electric R. R. and Southern Boulevard R. R., operates 170 miles of track. Refunding — A suflicient amount of Third Ave. Ry. Co. 1st Ref. 4s of 1960 have been reserved to retire this issue. Market. New York — B. & C. Randolph, T. L. Bron- son, L. A. Norton, Tobey & Kirk, Abbott. Johnson & Co.. Wm. Carnegie Ewen, Oilman & Glucas, Berdell Bros., J. Davenport, Spencer Trask & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.104 -13 107 '13 80 Dec. 85 Nov. Low. 65 '18 75 '18 65 Aug. 75 Aug. UNION SAND & MATERIAL CO. 1st & Ref. 6s. Due $80,000 each May 1 from 1916 to 1929 and $380,000 in 1930.— F. Dated May 1. 1915. Interest payable May 1 and November 1. 256 Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $968,000 (Jan. 1, 1919). Redeemed — $240,000. Reserved for Prior liens — $75,000. In Treasury — $217,000. Denomination — Coupon. $1,000. Registerable as to principal only. Trustee — St. Louis Union Trust Co., St. Louis, Mo. Redeemable at 102% and interest on any interest date. Organization — Incorporated in Missouri In 1900 as the New Union Sand Co. Name changed to Union Sand & Material Co. in 1906. Subsequently acquired the properties and business of the St. Louis Portland Cement Co. and Kansas City Portland Cement Co. In 1917 name again changed to Missouri Port- land Cement Co. Secured by a first mortgage on the sand, gravel and ballast plant, at Memphis, Tenn., certain property of the company in St. Louis City and County, and all boat^, barges, dredges, cars, etc., of the company, and a second mortgage on Portland cement works in St. Louis City and County and on Portland cement plant at Kansas City, Mo., subject to $90,000 bonds, $30,000 of which are retired by sinking fund annually, and the balance due in 1919. The capacity of the cement plants is 2,000,000 barrels per annum. Prior Liens — $90,000 6s of 1919. Original Market — Offered in April, 1915, -by Francis Bro. & Co. and G. H. Walker & Co., St. Louis, at par and interest. Market. St. liOuis — Mississippi Valley Trust Co. , Whitaker & Co., A. G. Edwards & Sons, G. H, Walker & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.100% '17 106 '18 100% Apr. 106 May Low. 97 '16 102 '17 102 Apr. UNION STEBt CO. 1st & Coll. Tr. 5s. Due Dec. 1. 1953.— F. Dated December 1, 1902. Interest payable June and Dec. 1, at New York Trust Co.. New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $45,000,000. Outstanding — $25,338,000. Held in Sinking Fnnd — $18,568,000. Reserved for Prior Uens — $231,000, Reserved for £]xt. — $362;000. Denomination — Coupon, $1,000. Registerable as to principal. Registered, $1,000, $5,000, $10,000, $20,000, $50,000, $100,000. C. & R. Interchangeable. Trustee — New York Trust Co., New York. Redeemable at 110 and interest on any inter- est date upon four weeks' notice. Sinking Fund — ^Annually (since Oct. 1, 1903), 2% of all bonds outstanding to purchase bonds at not to exceed 110 and interest. The bonds so purchased are to be held alive in the sink- ing fund and the interest thereon is to be likewise used to acquire additional bonds. Guaranteed principal and interest by the United States Steel Corporation by endorse- ment. Organization and Control — Incorporated in 1902 as a consolidation of the Union Steel Co., the Sharon Steel Co. and the Sharon Sheet Steel Co. The United States Steel Corporation owns the entire $20,000,000 stock of the Union Steel Co. Sec'iired by a mortgage on the Donora and Sharon plants, also on about 7,250 acres of coal lands, also the .Sharon and Penobscot mines (in fee) and the Donora and Sweeney mines on the Mesaba Ranges, Minnesota, esti- mated to contain 40,000.000 tons of ore, and two large steel ore steamers. The company owns extensive plants located at Sharon and Donora, Pa. ; also 5 blast fur- naces, 2 8 open-hearth furnaces, together with a large number of tin plate, wire and nail, sheet, rod and other mills and plants, and coal, coke and other properties mentioned above. Prior Liens — $160,000 Sharon Coke Co. 1st 5s, due 1931. Original Market — $5,000,000 offered in 1903, by the Union Trust Co. and Mellon National Bank, Pittsburgh, Pa., and Charles D. Barney & Co., New York and Philadelphia, at 101 and interest. Market. New York — E. &. C. Randolph, McKinley & Morris. Coftin & Co.. Moore, Leonard & Lynch, C. H. Hensel, Holmes, Buckley & Wardrop, F. H. Hatch & Co. , Morton, Lachenbruch & Co. , McGeorge & Vanderhoef , H. I. Nicho'.as & Co. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co., West & Co., Harper & Turner, E. B. Smith & Co., Elkins, Morris & Co., Chas. Fearon & Co., S. K. Phillips & Co., Warren A. Reed. Pittsburgh — Moore, Leonard & Lynch, God- dard. Hunter & Co., R. W. Evans & Co., Glover & MacGregor, Mellon National Bank, Union Trust Co., Moore, Leonard & Lynch, Safe Deposit & Trust Co. , Lyon. Singer & Co., W. E. Bar.ard, Kean, Taylor & Co., Speer Bros. Boston — Francis Henshaw & Co., G. W. Walker & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.107 '17 108 '17 101 Jan. 103 Jan.. Low. 90 '08 93 '08 98 Dec. 100 Dec. UNION STOCK YARD & TRANSIT CO. (CHI- CAGO) Deb. 4^s. Due Jan. 1, 1920.— F. Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $500,000. Trustee — First Trust & Savings Bank, Chi- cago. Redeemable at 105 and Interest on any inter- est date upon 90 days' notice. Organization — Incorporated in Illinois. Con- trolled by the Chicago Junction Ry. and Union Stock Yards Co. (98% stock ownership). The latter company in turn is controlled by the Chicago Stock Yards Co. Security — These debentures are a direct obli- gation of the company, although hot secured by any mortgage. No mortgage may be placed on the property while these debentures are out- standing. About 470 acres of lands in Chi- cago are owned by this company, including one mile of river frontage, also railway tracks and various buildings. Underlies — $13,085,000 of the $13,200,000 stock of this company is deposited as part security for the $10,000,000 5s and $4,000,000 4s of Chi. Jet. Rys. & Union Stock Yards Co. Original Market — Offered in 1910 by the First Trust & Savings Bank, Chicago. Market. New York — Morton Lachenbruch & Co, 1257 UNION STOCK YARDS CO. OF OMAHA let 5s. Due May 1, 1931.— F. Dated May 1, 1911. Interest payable May and Nov. 1, at Continental & Commercial Trust- & Savings Bank, Chicago. Tax Status — 2 % Federal Ihcome Tax paid by company without deduction. Autliorized — $ 5,000,000. Outstanding — $700, 000. Reserved for £xt. — $4,300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustetss — Continental & Commercial Trust & Savings Bank and Frank H, Jones, Chicago. Redeemable at 105 and' interest on any in- terest date. Organization — Incorpo rated 1887 In Nebras- ka. Secured by a first mortgage on the property of the company, consisting of 220 acres of land at South Omaha, Neb., together with buildings, sidings, etc. Year ended Nov. 30 Gross *Net Dividends 1918. .$3,710,180 $798,835 $599,704 (8) 1917.. 2,840,755 697.572 599,704(8) 1916. . 2,335,524 760,858 599.704(8) 1915.. 2,065.523 551,602 449,778(6) 1914.. 1,801,920 452.952 449,778(6) ♦After interest and depreclafton. Market. New York — F. H. Hatch & Co., Baker. Car- ruthers & Pell. Omalia — Burns, Brinker & Co. Chicago — First Trust & Savings Bank, F. M. Zeiler & Co. Price Range. Jan. 1. '16 to Jan. 1. '19 Bid Ask High.lOO '17 103 '17 Low. 99% '16 UNION STREET RAILWAY (NEW BED- FORD, MASS.) 1st 4V28. Due Jan. 1, 1934.— N. Dated Jan. 1, 1914. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $250,000. Denomination — Coujpon, $1,000. Redeemable at 110 and interest, beginning 1919. Trustee— Old Colony Trust Co. Organization — Incorporated in Massachusetts, 1887. Absorbed the Dartmouth & Westport St. Ry. in 1910, Secured by a first mortgage on 55.53 miles of electric railway in New Bedford, Mass., and vicinity and between I^ew Bedford and Fall River, Mass. Total miles operated, 63.69. Year ended Dec. 31 Gross ' ♦Net Interest 1918 $1,I45.113 $187,488 $43,792 1917 1,155,864 191.106 21,801 New Bedford — Sanford & Kelly. UNION TANK LINE CO. Equip. Tr. 58. Due Sl.SaO.OOO each. Aug. 15 and Feb. 15, from Aug. IS, 1918. to Aug. 15. 1920, inc. Dated Aug. 15, 1917. Interest payable Aug. 15 and Feb. 15. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,500,000. Outstanding — $4,500,000 (Mar. 18, 1919). Balan<-e Retired — Denomination — Coupon, $1,000. Trustee — Equitable Trust Co., New York. Organization — Incorporated In 1891 in New Jersey and was controlled by the Standard Oil Co. of New Jersey until its "dissolution in 1911. The company owns about 20,000 tank cars, which it leases to shippers of crude and refined oils. Secured by an equipment -agreement on -4, 500 master car builders standard tank cars,- cost- ing about ns, -500,000. Original Market — $7,500,000 offered Aug., 1917, by the Equitable Trust Co., New York, on a 6% basis for average maturities. Market. New York — Colgate, Parker & Co., Freeman & Co., Evans, Stillman & Co. UNION TERMINAI. CO. (DALIAS. TEXAS) 1st S. F. 5s. Due April 1, 1942. — N. Dated April 1, 1912. Interest payable April and ^Oct. 1,^ at Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,000;000. Outstanding — $5,000,000. Denomination — Coupon, $1, 000. RegiSterable as to principal. Trustee — Continental & Commercial Trust & Savings. Co., Chicago. Redeemable at 105 and interest on any in- terest date after April 1, 1922. Guaranteied by assignment to the Trustee of agreement whereby each of the eight com- panies using the terminal agrees to pay its proportionate share of the principal ahd inter- est. If any of the companies default, the otliers will assume their proportionate part of the defaulted payments. The companies party to the guarantee are the Gulf, Colo. & Santa Fe. (Atchison, Top. & S. F.): Houston & Tex. Cent. R. R. (Southern Pacific) e Trinity & Brazos Valley Ry. (Colo. & So. and Chi., R. I. & Pac); Texas & Pacific Ry. ; Miss., Kansas & Texas Ry. (of Texas); St. Louis, San Fran. & Tex. (Frisco System); C, R. I. & Gulf Ry. (Rock Island System); St. Louis Southwestern Ry. (of Texas). Organization and Control — Incorporated In Texas. The entire capital stock is owned by the companies mentioned above. Secured by a first mortgage on property of the company which provides the sole passenger terminal facilities In Dallas for all the rail- roads entering the city. These railways have a total niileage of 54,000 miles. Original Market — $2,193,000 offered April, 1914, by Wm. Salomon & Co., New York and Chicago, at 99% and interest. Market. St. Louis — G. H. "Walker & Co., Stlx & Co. Milwaukee — Second Ward .Savings Bank. - Chicago — McCoy & Co. , Union Trust Co. , Babcock, Rushton & Co., Central Trust Co. of Illinois. New York — Mortpn Lachenbruch & Co., Baker, Carruthers & Pell, J. S. Bache & Co., E. & C. Randolph. Sam'l Goldschmidt. Abra- ham & Co., J. Davenport. P. H. Hatch & Co., "Wm. So'.omon & Co. Philadelphia — Walter B. Pollock. Price Range. Jan. 1, *16 to Jan. 1. '19 1918 Bid Ask ■ Bid Ask High.gs^A '17 102 '17 86 Nov. 97 Jan. Low. 79% '18 87^ '18 79%. Oct. 87^ Dec. UNION TRACTION CO. OF INDIANA 1st Ext. Gen. 6s, Due July 1, 1922. Dated July 1, 1899. Interest payable Jan. and July 1. at Trustee's office. Extended July 1, 1919. Interest increased from' 5%. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. 1258 Outstanding — $4,623,000 (Jan. 1. 1919). Denomination — Coupon, $1, 000. Reeisterable' aa to principal and fully registered. C. &. R. lntercha,nseable. Truste« — Equitable Trust Co., New York. Redeemable on any interest date at 101 i^ and interest. Organization and Control — This company was originally incorporated in 1899 in Indiana and in 1903 absorbed the Indianapolis North- ern Traction (incorporated 1902). Merged with the Indiana Union Traction Co. in 1912 into the present Union Traction Co. of Indiana. The latter company owns 316% miles and leases 136% miles; mileage largely inter urban. Secured by a first mortgage on 120% miles of street (14 miles) and interurban electric railway from Indianapolis via Anderson to Muncie, from Anderson via Alexandria, through Marion, from Alexandria through Slwood and from Anderson to Middletown; a second mort- gage on 16 miles of- street railway in Muncie, Ind., and 14% miles of street railway in Marion. The company has trackage rights into the central business district of Indian- apolis. Carries both passengers and freight. Franchises run largely for 50 years. Prior Liens — $328,000 Marion City R"y. 1st es. due 1919, and $36,000 Citizens St. Ry. (Muncie) 6s, due 1927. Vear ended Dec. 31 Gross Net •Charges 1918 $3,198,821 $845,051 $943,590 1917 3,066,467 916,799 934,448 1916 2,789,342 1.053,893 921.666 1915 2,422,842 914.572 857,239 •Includes interest, rentals and sinking funds. Listed on the Philadelphia and Indianapolis Stock Exchanges. Mailcet. Philadelphia — ^West & Co., Graham, Parsons & Co., H. D. Boenning & Co., Barclay, Moore & Co.. Newburger, Henderson & Loeb, Ervin & Co., Geo. S. Pbx & Sons, Reed A. Morgan & Co.. Huntoon & Go,. S. K. Phillips ■& Co.. Warren' A. Reed. New York — E. & C. Randolph, Bauer, Starr & Co.. F. H. Hatch & Co. Indianapolis — Breed, Elliott & Harrison, J. P. Wild & Co., Fletcher American National Bank, Meyer-Kiser Bank. Price Bange. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96% '12 98 '08 85 Jan. 90 Jan. Low. 70 '18 80 '18 70 Sept. 80 Sept. (TH£) UNION TRACTION COMPANY (OF KANSAS) 1st- 5s. Dae Jan. 1, 1937.— F Dated Jan. 1, 1907. Interest payable Jan and July 1, at National City Bank, New Torli ; Commercial National Bank, Chicago, ' and Tradesmen's National Bank, Philadelphia, and- at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,000, 000. Outstanding — $949, aOO (June 1, 1919). Retired by S. F. — $51,000. Denomination — Coupon, $1,000. Trustee — Warren Trust Co.. "Warren, Pa. Redeemable on any interest date at 105 and interest. Sinking Fund — Annually, before Nov. 1, be- ginning in 1911, 10% of net earnings for the next preceding 12 calendar months for the pur- chase or redemption of these bonds at not over 105 and interest. Bonds acquired are can- celled. Organization — Incorporated in 1906 In Kan- sas. Secured by a. first mortgage on the property of the company, which consists of, 67 miles of road, jncludipg , seven miles In Independence, Kan., and .interurban line 50 miles in length on private right-of-way between Coffeyville, Independence, Cherry ville and Parsons, Kan. Franchises, expire 1957. Population served, 40,000. Underlies — $100,000 2d 6s, due- 1921. Year ended Dec. 31: Gross -Net Interest 1917.,. .$382,059 $100,034 $73,905 Market. New York — P. J. Lisman & Co., F. H. Hatch & Co. Philadelpliia — H. D. Boenning & Co.. S. K. Phillips & Co. Piice Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Ask High. 82 '16 85 '16 80 June Low. 80 '18 UNION TRACTION CO. (PHELADEI/PHIA) Electric & Peoples' Traction 4% Stock Trust Certificates. Due Oct. 1, 1945. Dated October 1 . 1 8^ 5 . Interest payatde April and Oct. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. * Tax exempt in Pennsylvania. Authorized — $29,735,940. Outstanding — $29,730,114. These certificates were issued by the Penna, Co. for Insurances on Lives and Granting Annuities, Philadelphia, to acquire shares of the Electric Traction Co. and Peoples* Trac- tion Co. (both of Philadelphia). The Union Traction C!o. guarantees the issue. Denomination — Registered $1,000, £100, £200. £300 and £500. Trustee— Pennsylvania Co. of Insurances on; Lives & Granting Annuities, Philadelphia. Redeemable on any interest date on and after Oct. 1, 1945, at par and interest. Guaranteed principal and interest by the Union Traction Co. Organization — The company was Incorpor- ated in September. 1895, In Pennsylvania for the purpose of taking over the stocks of the Philadelphia Traction Co., the Electric Trac- tion Go, and the Peoples* Traction Co, Leased the property of the Philadelphia Traction Co. for 999 years from Oct. 1, 1895, at an annual rental of 8% on the capital stock, and as- sumed that company's $145,000 collateral Trust 4% bonds. Leases the Electric Traction Co. and Peoples* Traction for 998 years and 3 months from July 1. 1906. Is leased for 999 years from July, 1902 by the Philadel- phia Rapid Transit Co. at a rental of 6% per annum. Leases In. addition to or through the companies named above a number of com- panies , among which are the Catherine & Bainbrldge St. Ry. : Citizens Passenger Ry. ; Continental Passenger Ry. (9 9 years from 1880); Empire Passenger Ry. ; Fairmount Park & Haddington Passenger Ry. (999 years); Frankfort & Southwark, Phila. Cy. Passenger Ry. ; Germantown Passenger Ry. ; Hestonvllle, Mantua & Fairmount Pass. Ry. ; Lehigh Ave. Ry. (999 years); Peoples Passenger Ry. (998 years, 3 months) Phila. & Gray's Ferry Pass. Ry. ; Phila., Cheltenham & Jenkintown Pass. Ry.: Phila. City Pass. Ry. ; 17th & 19th Sts, Pass. Ry. (99 years from 1879) 13th & 15th Sts. Pass. Ry. : Uniorf Passenger Ry. ; West Phila. Pass. Ry. ; etc. AH of the leases ex- cept where enumerated are for 999 years. Secured by deposit of the entire $8,750,000 stock of the Electric Traction Co. and the $6,000,000 stock of the Peoples' Traction Co. Interest is payable out of dividends of these 1259 eemable on and after July 1, 1919, te-t 101 and interest. Maintenance Fund — ^Annually, on or. before April 15, 2%% of outstanding bonds to be used for extensions, etc., against which no bonds are to be issued, or for the purchase or redemption of these bonds. Organization — Organized in Canada in 1905 to distribute natural gas purchased from a producing company, whose fields are about 40 miles from Hamilton. In 1913 the company .purchased the physical assets of the Hamilton Gas Light Co. (an -artificial gas company, or- ganized in 1850). Authorized Outstanding Capital Stock $1,000,000 $1,000,000 Secured by a first mortgage on plants sup- . plying artificial and natural gas in Hamilton, Ont. As of July, 1918, the company's artifi- cial coal and water- gas plant had a capacity of, 2, 800, 000 cu. ft. per day, which was to- be increased to 3,500,000 cu. ft.; distribution sys- t'gm comprised 393.5 miles of street mains. The company operates un,der a perpetual franchise, allowing present charge (July, 1918) of 40c. per M cu. ft. for natural gas (minimum franchise rate 37%c.), and 90c. for artificial gas, and containing a reservation of the right to purchase by the municipality in 1924 at a. price fixed by arbitration, Popula- tion served 112,000. The contract for 'natural gas extends beyond- the maturity . of these bonds and provides for a division of .revenue in the ratio of 6 % to the producing com- pany and 40% to the United Gas & Fuel Co. Year ended Dec. 31: 1918 $743,489 $214,242 $57,783 1917 744.453 231,816 63,489 1916 605,039 185,830 63,485 1915 530,298 163.276 64.357 Original Market — $ 1,050,000 ofCered July, 1918, , by Central Trust Co. of Illinois, Chi- cago; Baker, Ayling & Young, Boston; Brown, Lisle & Marshall, Providence, and the Mer- cantile Trust Co., St. Louis, at 96 and in- terest. Market. Chicago — Elston & Co. Price Range — 1918 — Bid 94%, Ask 97%. UNITED GAS IMPROVEMENT CO. 1-Year 6% Notes. Due Feb. 1, 1920. Dated Feb. 1. 1919. Note Renewal — On Feb. 1, 1919. the com- pany exercised its option to exchange the 1918 notes for a like amount of new notes bearing the same rate of interest. Holders of each note so refunded received the sum of $12.00 in cash. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $7,500,000. Outstanding — $7,500,000.; Purpose of Issue — ^Proceeds to be advanced to subsidiaries to meet requirements for capi- tal accounts. Original Market — $7,500,000 offered Feb., 1918. by Montgomery & Co., Philadelphia and New York, at a price to yield 7%. Market. Philadelphia— "Warren A. Reed. UNITED HOME TEI^EPHONE GO. (Muske- gon. Mich.) 1st 6s. Due November 1, 1934.— F. Dated November 1, 1914. Interest payable May 1 and November 1. Tax Status — 2% Federal Income Tax paid by company without deduction. 1266 Tax exempt in Michigan. ^ Aathorized — $ 500,000. ■ Outstandimff— $251,000 (June 15, 1919). Held in S. F. — $10,500. Denomination — Coupon, $100, $500 ^nd $1.- 000. Regristerable'as to principal only. Trustee — Grand Rapids Trust Co., Grand Rapids, Mich. Redeemable on any interest date at 102 and interest. Sinkine Fond— Commencing in 1917, not lesa than 2% per annum par value of out- standing bonds, to be applied to the retirement of these bonds, investment in other bonds, or to reimburse the company for actual expenses on the property. Organization — Incorporated in Mictiigan in 1908. and has subsequently absorbed several companies. Secured by a first mortgage on independent telephone systems in Muskegon, Ludington, Hart, Pentwater and eleven smaller towns, and on 754 miles of toll circuits between Man- istee and Grand Rapids. Mich. Population of Grand Rapids, $140,000; served by ex<:hunges. 55, 000. Franchise in Muskegon expires in pany operates under state franchise, unlim- ited as to time. Year ended Dec. 31 Gross Net Int. etc. 1918 $187,732 $55,470 $18,179 1917 183,838 56,998 18.857 Original Market — $200,000 ofEered in May, 1915, by Howe, Snow, Corrigan & Bertles, and Grand Rapids Trust Co., Grand Rapids, Mich., at par, and interest. Market. Grand Rapids — Howe, Snow, Corrigan & Bertles. UNITED ELIMINATING CO. (NEW HA- VEN) Ist 4s. Due Feb. 1. 194Q.~N. Interest payable Feb. and Aug. 1. at Mer- chants' National Bank; New Haven. Tax Status — Payment of Federal Income Tax not assumed by company. Aathorized — $2,000,000. Outstanding — $1,625,000. Denomination — Coupon, $500 and $1,000. ■ Trustee — New Haven Trust Co., New Haven, Conn. Organization — Incorporated in 1899 in Conn, as a consolidation of several electric light companies of New Haven, Bridgeport and intervening towns. Secured by a first mortgage on the plants supplying electricity to New Haven and Bridge- port, Conn., and Intermediate towns. Popula- tion served, 200,000. Franchise perpetual. Market. New Haven — H. C. Warren & Co., The Chas. W. Scranton Co., The W. T. Fields Co., Root, Stevenson & Co., Henry E. Burgess. Hartford — Richter & Co., F. R. Coo'.ey & Co. New York — Baker, Carruthers & Pell, E. & C. Randolph. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Retired by Sinking Fund— $1,900,000. Reserved for Corporate Purposes — $4,- 360,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at par and interest on 30 days' notice. Sinking Fund — The following amounts in cash of this issue at par: $200,000 annually from April 1, 1911 to 1915; $300,000 to 1921; $400,000 to 1926: $500,000 to 1932; $600,000 to 1937 and $700.- .000 thereafter. For the purchare of these bonds at not exceeding par and intereKf, bonds so acquired to be cancol'^d. ' Organization and Control — Incorporated In New Jersey In 1903 and owns plants for the manufacture of lead products at New York, Phila. , Baltimore, Cincinnati, Cleveland, Chi- cago, St. Paul, Omaha, St. Louis, Boston, Perth Amboy, Granite City, Atlanta and Keo- kuk. Controlled by the National Lead Co. through ownership of entire capital stock. Security — These bonds are a direct obliga- tion of the company but are not secured by a mortgage. Property of the company cannot be mortgaged without written consent of one- quarter in amount of outstanding debentures. Market. New York — C. H. Jones & Co.. Morton Lachenbruch & Co., Gilman & Clucaa, Hanson & Doyle, Holmes, Bulkley & Wardrop,. E. & C. Randolph, Dunham & Co.. Geo. S. Crap & Co., F. H. Hatch & Co.. Tobey & Kirk. Philadelphia — Newburger, Henderson & Loeb. Price Range. Jan. 1, *15 to Jan. 1, *19 1918 Bid Ask Bid Ask ' High.79 '16 82 '16 75 Feb. 78 Feb. Low. 72 '17 74 '15 72 July T4% July Bid High. 98 '16 Low. 83 '08 Ask 98^^ '16 86 '18 Bid 86% Dec. 83 June Ask 90 Dec. 86 June UNITED UBAD CO. Deb. 68. Doe July 1. 1943.— F. Dated July 1, 1903. Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15, 000, 000. Outstanding — $8,740,000 (Jan. 1, 1919). UNITED MGHT & RAILWAYS CO. 1st & Ref. 5. Due June 1, 193it.^-lE!. ^.- ^ Dated June 1, 1912. Interest payable . June and December 1, at Company's agencies. New York or Chicago, Tax Status — 2% Federal Income Tax paid by company without deduction. " Authorized — Unlimited. Outstanding— $8,749,100 (Jan. 1. 1919). Pledged to Secure Notes — $6,000,000. In Treasifry — $138,500. Denomination! — Coupon, $1,000. Registerable as to principal. Bonds may also be issued In denominations of $500 and $100, but not reg- isterab'e. Registered, $1,000, $5,000, $10,000 or multiples of $10,000. C. & R. interchange- able. Trustees — The New York Trust Co. , and Mortimer N. Buckner, New York. ■ Redeemable at 102% and interest on any interest date upon 60 days' notice. Depreciation Fund — Beginning 1917, and each year thereafter, the company agrees to pay to the Trustee or to expend in better- ments, and improvements and new property for which no bonds are issuable, an amount equal to 2% of the bonds which have been outstanding for six months. Any payments so made may be applied to the redemption of bonds. As of Dec. 31, '18, reserve established, $1,877,046. Organization — Incorporated in Maine in 1910 and has acquired the properties of 15 com- panies cont rolling the street railway, electric light and power, gas. Interurban lines, etc., of a number of cities of the Middle West with' an aggregate population of about 570,000. Secured by a first mortgage upon plants sup- plying gas to Cedar Rapids, Marion, Ottumwa, A267 Fort Dodge, la., and La Porte, Ind., and elec- tric light and power to Fort Dodge and La Porte. Further secured by deposit of $173,800 of $3,000,000 preferred stock, $8,915,900 of $9,000,000 common stock and $6,277,000 of the $9,939,000 1st & Ref. bonds of the Tri- City Ry. & Lt. Co.; entire $100,000 stock and $100,000 (a'.l) First Mortgage bonds of the Cadillac Gas Co.; $478,100 of the $500,000 pre- ferred stock, all of the $750,000 common stock and $6,000 of the $524,000 First Mortgage bonds of the Chattanooga Gas Company $584,801 of the $650,000 stock and $184,000 (total outstanding) First Mortgage bonds of the Cedar Rapids & Marion City Ry. Co. ; and the entire $1,200,000 stock and $2,000 of the $1,500,000 First Mortgage bonds of the Grand Rapids. Grand Haven & Muskegon Ry. Co. , entire issue $200,000 preferred stock and $436,000 common of Peoples' Gas & Electric Co., Mason City. la. ; entire issue $400,000 stock of the Mason City & Clear Lake R. R. Co., Mason City, la. Gas franchise in Fort Dodge is perpetual, in Ottumwa, la., expires in 1924, in Marion, la., in 1931, in Cadillac, Mich., in 1948, in Cedar Rapids, la., in 1938, in La Porte, Ind., in 1943, in Mason City, la., in 1938, and in Chattanooga, Tenn., in 1953. Electric franchise in La Porte is perpetual, in Fort Dodge expires in 1942, and in Mason City, la., in 1938. Prior laens — There are outstanding in the hands of the public about $13,798,500 bonds of controlled companies. Year ended Dec. 31 (Confiolidated) : Gross *Net Interest 1918 $9,176,443 $1,857,267 $801,499 1917 7,853.909 1,907,621 703,050 ♦After subsidiary interest and dividends on stock not owned. Original Market — $4,300,000 offered in July, 1912, by N. W. Halsey & Co., RusseU. Brew- ster & Co., New York and Chicago, and Con- tinental & Commercial Trust & Savings Bank, Chicago, at 92 Mi and interest. $500,000 offered in May, 1919, by Bonbright & Co., Inc., at 90\^ and interest. Market. Chicago — John Burnham & Co., Fort Dear- born Trust & Savings Bank, Russell, Brew- ster & Co.. \V. R. Compton Co.. King, Far- num & Co., National Bank of Republic, Bab- cock, Rushton & Co, , Halsey, Stuart & Co. , Berdell Bros., Curtis & Sanger, Merrill, Lynch & Co. N«w York — McKinley & Morris, F. H. Hatch & Co., Morton Lachenbruch & Co., Kiely & Horton, Halsey, Stuart & Co., J. S. Bache & Co., Dunham & Co., Bonbright & Co., Han- son & Doyle, Miller & Co., Martin, Berwin & Co., John Muir & Co., Engineering Securities Corp.. A. H. Bickmore & Co., Taylor & "White, H. P. McConnell & Co. , McClure, Jon^s & Reed, Barle A. Miller & Co., "W. C. Rauscher. Philadelphia — H. D. Boenning & Co. , P. Pierce & Co. , Capelle & Co. , Bauer, Starr & Co. Boston — P. B. Baasett & Co., Moors & Ca- bot. Tj, Sherman Adams. Cincinnati — Rudolph K!eybolte & Co. Grand Rapids — Howe, Snow, Corrigan & Bert-les. Wilmington — Geo. P. Bissell & Co. Denver — International Trust Co. Buffalo — W. A. Pennell & Co. Pittsburgh — Go!dsborough & Hammond. Rock Island — Litten & Roberts. Price Range. Jan. 1, '12 to Jan. 1, *19 1918 Bid Ask Bid Ask F-IIgh.92 '12 921^ '13 85 Dec. 88 Dec. Low. 72 '17 75 '18 72 Jan. 75 Jan. UNITED LIGHT & RAILWAYS CO. 6% Notes. Due $730,000 Jan. 1, 1918. and $1,500,000 Jan. 1, 1920.— F. Dated Jan. 1, 1915. Interest payable Jan. 1 and July 1, in New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $3, 000, 000. Outstanding — $1,500,000. Retired — $750,000. Denomination — 1918 Notes. Coupon, $1,000. 1920 Notes. Coupon, $100, $500 and $1,000. Notes of both maturities are registerable as to principal ' only. Trustee — New York Trust Co., New York. Redeemable — 1918 notes at par and interest and 1920 notes at 101 and interest at any time. Organization. Earnings, etc. — See 1st & Ref. 5s above Secured by deposit of $2,000,000 1st & Ref. 6s. (For description, see above.) The amount of notes outstanding at any time may not exceed 75% of the bonds deposited. Original Market — Offered in Jan., 1915, by N. W. Halsey & Co.. New York, Philadelphia, etc, on a 6%% basis. Market. Chicago — ^Halsey, Stuart & Co. , Babcock, Rushton & Co. Boston — Moors & Cabot. New York — Halsey. Stuart & Co., J. W. Howell & Co., Bonbright & Co., B. & C. Ran- dolph, The National City Co.. Joseph & Wiener, Berdell Bros., H. F. McConnull & Co. Philadelphia — H. D. Boenning & Co. , 'F. Pierce & Co., Capelle & Co. St. Louis — Mercantile Trust Co, Pittsburgh — Goldsborough & Hammond. Grand Rapids — Grand Rapids Trust Co.. Howe, Snow. Corrigan & Bertles. Rock Island — Litten & Roberts. Price Range. Jan. 1, '15 to Jan. 1, '19 ' 1918 Bid Ask Bid Ask High.lOO '17 101 '16 98 Jan. 100 Jan. Low 92 '18 93 '18 92 Feb. 93 Sept. UNITED LIGHT & RAILWAYS COMPANY 10-Year 6% Convertible Debentures. Due November 1. 1926. Dated November 1, 1916. Interest payable May 1 and Nov. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — Limited to aggregate principal 9.mo\mt not to exceed 75% of total par value of First Preferred Stock outstanding. Outstanding — $2,000,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal in amounts of $1,000 and multiples. Inter- changeable. Trustee — New York Trust Co., New York. Redeemable — On any interest date on 60 days' notice at 102 and interest if called for redemption prior to Nov. 1, 1921, or at 101 and interest subseauent thereto. Convertible — At option of holder after Nov. 1, 1918, and prior to Nov. 1, 1923, into the First Preferred 6% Cumulative Stock of the company at the rate of 11% shares (par value, $1,126) for each $1,000 par value of Debentures so surrendered. Organization, etc. — See 1st & Ref. 6s. Security — A direct obligation of the com- pany, but not secured by a mortgage. Market. New York — Plympton. Gardiner & Co.. H. D. Robbins & Co., E. & C. Randolph. Hanson & 126S Doyle, John Muir & Co., H. P. MoConnell & Co,, McClure, Jones & Heed. Chicaso — Babcock, Rushton & Co. Philadelphia — P. Pierce & Co. Price Kanee. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97% '17 99 '17 86 Jan. 92 Mar. Low. 80 '18 84 '18 80 May 84 May UNITED UGHT & EAILWAYS CO. Secured Notes, Series "A" 6s and Series "B" 7s. Dated Due "A" Nov. 1, 1917 May 1, 1920 "B" April 1. 1918 April 1, 1923 Interest payable — Series "A" May 1 and Nov. 1; Series "B" April 1 and Oct. 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $5,000,000. Ontstandinie — $1,760,000 "A" 6s; $1,600,000 "B" 7s; $3,250,000 (Jan. 1, 1919). Additional notes of this series ("A") or sub- sequent series on deposit 1st & Ref. 5s at 75. Subsequent series may bear such dates, ma- turities and rates of interest as may be de- termined, but may not mature earlier than Series "A" nor later than Nov. 1, 1927. The amount of notes outstanding at any one time may not exceed $5,000,000. Denominations — Coupon, $100, $500 and $1,000. Registerable ($500 and $1,000) as to principal. Trustee — New York Trust Co., New York. Redeemable on any interest date upon 4 weeks' notice as follows: Series "A" at 100%; Series "B" -at 101 and interest prior to Oct. 1, 1920, 100% thereafter and prior to Oct. 1, 1922, and thereafter at 100 and interest. Organization-^See 1st & Ref. 5s. Secured by pledge of 1st & Ref. 6s of 1932 in a principal amount of 133 1-3% of the par value of notes outstanding. Original Market — $1,600,000 series "A" of- fered Nov., 1917, by Bonbright & Co., New fork, etc., at 96% and interest. $1,250,000 series "B" dftered July, 1918, by the same firm at 96 and interest. Market. New York — National City, Co., John Muir & Co., Berdell Bros,, McCIure. Jones & Reed. St, lAuis — Mercantile Trust Co. Bock Island, lU.^Litten & Roberts. Chicago — Babcock, Rushton & Co. Salt I.ake City^Palmer Bond & Mortgage Co. Bid High, 96 July Low. .92 Jan. High. 95 Aug. Low. . Price Range — 1918. Series A Ask 98 July 96 Aug. Series B. 98% Nov, 96 Aug. UNITED NATIONAI, tJTIMTIES CO. 6% Secured Notes. Due March 1, 1920. — ^F. Dated March 1, 1917. Interest payable Sept. 1 and March 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $1,800,000. Outstanding — $1,800,000. Denomination — Coupon, $1,000. Trustee — Pennsylvania Company for Insur- ances on Lives and Granting Annuities, Phila- delphia. Redeemable at 101 and interest on any in- terest date. Organization — Incorporated in Delaware Feb. 29, 1917, to acquire the entire common stock of the National Properties Co., which controls the American Rys. Co., which in turn is to acquire the National Gas, Electric Light & Power Co., the Jersey Central Traction Co., the Monmouth County Lighting Co. and sub- sidiary companies. Capital Stock Outstanding Preferred 6% $2,500,000 Common 3,000,000 Secured by deposit of $2,500,000 (entire) common stock of the National Properties Co. and $670,000 Coll. Tr. 6s of the American Rys. Co. Note^On May 24, 1918, directors of the American Rys. Co. took no action on 1918 dividends. Original Market — Offered March, 1917, by Bioren & Co., Philadelphia, at 100 and inter- est- Market, Philadelphia — Sailer & Stevenson, Geo. 3. Fox & Sons. Boston — A. B. Conant & Co. Pittsburgh — Goddard, Hunter & Co. UNITED NEW JERSEY RAILBOAD & CA- NAI. CO. Gen, (now first) 4s and 3V&B. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New Jersey. Mortgage dated April 20, 1871. Authorized and Outstanding — $20,000,000. Dated Due Rate % Outstanding 1883 Feb. 1, 1923 4 $1,824,000 1889 Sept. 1, 1929 4 6,020,000 1894 Mar. 1, 1944 4 6,646,000 1901 Mar. 1, 1961 3% 5,669.000 1908 Sept. 1, 1948 4 841,000 Interest payable at Penna. R. R. Co. Broad St. Station, Philadelphia, or 85 Cedar St., New York. 1923 maturity, Feb. and Aug. 1. 1929 maturity. Mar. and Sept. 1. 1944 and 1951 maturities. Mar. and Sept. 1. 1948 maturity. Mar. and Sept. 1. Denomination — Coupon, $1,000 (except ' 1923 maturity). Registerable as to principal and fully registerable except 1929 maturity which is fully registerable only. Registered, $1,000 — all maturities. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed as to principal and interest by the Pennsylvania R. R. Co. under terms of lease. Organization and Control — Incorporated In New Jersey in 1872 as a consolidation of the Delaware &, Raritan Canal, Co., the Camden & Amboy R. R. & Transportation Co. and the New Jersey R. R. and Transportation Co. In 1871 the property was leased for 999 years to the Pennsylvania R. R. which as- sumed all obligations and guaranteed 10% on stock. Secured by a direct first mortgage on 160.69 miles of road (all in N. J.) viz: New Jersey-Penna State Line at Trenton to Jersey City, N. J 56.72 Camden to South Amboy, N. J 61.22 Monmouth Jet. to Kingston, N. J....' 4.31 Monmouth Jet. to Jamesburg Jet. N. J. . 6.45 Princeton Jet. to Princeton, N. J 3.06 Trenton to Bordentown, N. J 6.08 Millstone Jet. to East Millstone, N. J. . 6.69 Other branches and connections 17,16 Further secured on terminal property in Jer- sey City: and on the canal extending from 1269 New Brunswick to Bordentown, N. J., with feeder, 66 miles. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn., N. H.. N. J., N. T.. R. I.. Vt. and Wis. liisted 1944 maturity on the New York and Philadelphia Stock Exchanges. 1923 maturity on the Philadelphia Stock Exchange. Market. New York — Samuel Goldschniidt, J. A. Joseph, Jr. & Co., Wm. C. Ewen, J. S. Farlee & Co., John r). Curtis & Co., Freeman & Co., Ambrose R. Clark & Co., Wood, Struthers & Co., Clark, Dodge & Co., Coffin & Co., Tobey & Kirk, Struthers & Hiacoe, Redmond & Co., A.braham & Co.. Redmond & Co., Taylor, Smith & Hard, Vi'.as & Hickey. Philadelphia — Graham, Parsons & Co., West & Co.. E. B. Smith & Co., E. W. Clark & Co., Reed A. Morgan & Co., Brown Bros. & Co., Chas. Fearon & Co., Frazler & Co., Har- per & Turner. Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. Newark — J. S. Rippel, Clarence Hodgon & Co. Pittsburg — R. B. Hutchinson & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask 4s 1923 High.103 '10 104% '08 95^ June 98% Dec. Low. 93 '17 96 *17 93 Jan. 96 Jan. 4s 1929 High.104% '09 105 '09 92 Jan. 94 Oct. Low. 85 '17 94 18 89 Oct. 3%s 1951 High. 9Z% '10 . 81 Feb. Low. 73 '18 80 '18 73 Nov. 80 Apr. 4s — 1944- -N. T. S. E. Bid High.106% July 22 '09 86% Sept. Low. 92 Dec. 29 '17 80% Jan. UNITED PtJBIJC UTILITIES CO. (DEXA- WARE) Ist lien Coll. Tr. 6s. Due Jan. 1, 1943.— F. Dated Jan. 1, 1913. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Outstanding — $444,000 (Jan. 1, 1919). Retired— $294,000. Reserved for Ext. — $4,262,000. Denomination — Coupon. $500 and $1,000. Reglsterable as to principal. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on 90 days' notice. Organization — The U. P. U. Co. was Incor- porated in Delaware, and is a holding com- pany. Controls through stock ownership the following companies: Defiance Gas & Electric Co., Maumee Valley Electric Co. and the Swanton Light & Power Co. Secured by pledge of all of the capital stock of the Maumee Valley. Elec. Co., owning a hydro-electric power station supplying the To- ledo Bys. & Lt. Co. under contract; all of the capital 'stock of the Defiance Gas & Elec. Co. owning plant supplying gaa and electric- ity in the town of Defiance, and electricity in Maumee and Perrysburg, O.. including the hydro-electric property, formerly Auglaize Power Co., lately purchased and merged into Defiance Gas & Electric Co. , and all of the capital stock of The Swanton Light & Power Co. of Swanton, O. Franchises perpetual. Prior X-iens — $1,000,000 Defiance Gas & Elec- tric Co. 1st 5s of 1942. Original Market — $657,000 offered in Feb., 1913, at par and interest by Crawford, Pat- ton & Cannon, New fork and Philadelphia, and H. L. Crawford & Co., New Tork. Market. New York — Crawford, Patton & Cannon. Price Range. Jam. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 88 '18 98% '16 88 Jan. 90 Jan. Low. 82% '17 85 Dec. 87 Dec. UNITED PUBLISHERS CORPORATION Coll. Tr. 6s. Due May 1, 1941.— F. Dated May 1, 1911. Interest payable May- and Nov. 1, at Guaranty Trust Co., New Tork Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,250,000. Outstanding — $1,800,000. ,:, , Retired by Sinking Fund — $450,000. Denomination— Coupon, $1,000. , Registerable as to principal. Trustee — Guaranty Trust Co., New Tork. Sinking Fund provides for retirement of $75,000 annually, beginning May 1, 1912. Organization — Incorporated In Delaware in 1911 and controls companies mentioned below.- David "Williams Co. are publishers of iron and steel papers, including "Iron Age," "Hard- ware Age," "Metal Worker" and "Building Age." Root Securities Co. are publishers of dry goods papers, including "Dry Goods Econo- mist." "Boot & Shoe Recorder," "Dry. Goods Reporter" and "Drygoodsman." Class Jour- nal Co. , publishes automobile papers. Includ- ing ' 'Automobile, ' ' ' 'Motor Age, ' ' ' 'Cominer- cial Vehicle" and "Blue Book." Secured by deposit of two-thirds of the stock of each of the following companies: David Williams Co., Root Securities Co. and Class Journal Co. Year ended April 30 Gross Net . Int. etc. 1917 $4,687,605 $796,945 $116,573 1916 3,606.589 638,424' , 123,894 1915 3,536,914 440,478 140,984 1914 3,618,028 551,645 130.553 Market. New York— H. I. Nicholas & Co., "W. A. C. Bwen, Wm. Carnegie Ewen, F. H. Hatch & Co. UNITED RAII.ROADS OF SAN FRANCISCO Gen. 1st S. F. 4s. Dae April 1. 1927.— F. Dated April 1, 1902. Interest payable April and Oct. 1 , at Company' s office, San Fran- cisco, or Ladenburg, Thalmann & Co., New Tork. Defanlt — Oct. 1, 1916 Interest. Tax Status — 2%- Federal Income Tax paid by company without deduction. Anthorized— $3 5. 275. 000. Issued — $26,409,000. OutStandinig^$23. 854,000 (Jan. 1, 1919). Retired by or Held in Sinking Fund — $1,505.- 000. Held In Treasury — $50,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Union Trust Co., San Francisco, Cal. Sinking and Improvement Funds — ^Annually from Jan. 1. 1905. 2% of the gross earnings, with a minimum payment of $100,000 a year; and all surplus over and above 6% per annum on the common stock must be applied as a sinking fund or for Improvements. Organization and Control — Incorporated in California In 1902, and acauired the proper- ties of the Market St. Ry., the Sutter St. Ry., the Sutro R. R. and the San Francisco & San 1270 Mateo Electric Ry. Companies, and leaaed the property of the San Francisco Electric Rys. Co. and Gough Street R. R. Co. Company has outstanding $5,000,000 1st Preferred S20.- 000.000 2d Preferred and $17,948,600 Common Stock all of which is owiied by the California Ry. & Power Co., except $9,997,500 which la owned by the San Francisco Elec. Hys. Con- trolled through stock ownership by the United Rya. Investment Co. i r ' Reoriranization — :No plan of reorganization has been adopted as of June 1, 1919. Preyt^ ously announced p'.ans are now being modified. Secured by mortgage upon entire property of company operating 271 miles ,of electric, street railway in and about the City of San Francisco of which about 228 miles are owned. Franchises for 11.54 miles have or will ex- pire before 1929 and franchises for the re- mainder of the mileage will expire between 1939 and 1952. Prior Xiens — $7,098,000 Market St. Ry. Cons. 5s of 1924; $1,800,000 Market St. Cable Ry 1st 6s extended to Oct. 15. 1916, $2,000,000 The Omnibus Cable Co. 1st 6s of 1918; $400,- 000 Ferries & Cliff House Ry. 1st Gs of 1916, and $1,000,000 Sutter St. Ry. 1st 5s of 1918. Year ended June 30 Gross Net Int & Rent 1918. . .$6,261,999 $425,585 $2,103,276 191'!'. . . 7.458,142 2.369,061 2,105,5«2 1916. . . 7,751,743 2.516.234 2.119,496 1915. . . 8,024.095 2.958.327 2,150.800 Listed on the New York and San Francisco Stock Exchanges. Original Marlcet — Offered In 1904, by Brown Bros. & Co., New York. Market. New Yoric — Sutro Bros., & Co., F. H. Hatch & Co.. John D. Curtis & Co., L. A; Norton, McDonnell & Co. Wolff & Stanley, McDonnell & Co. San IVancisGO — Sutro & Co. IjDS Angeles — A. H. "Woolacott. Price Bange— N. Y. S. E. Jan. t, *06 to Jan. 1. '19 1918 High. 90 Feb. 2, '06 25 May 16 Low. .25 May 16. '18 25 May 16 Union Tr. Co. Ctfs. of I>ep. High. 37% Apr. 30, '17 26% May 22 Low. .22 Apr. 24. '18 22 Apr. 24 Inter. Ctfs. of Dep. High. 38 Sept. 25. '17 27 May 18 Low, .22 JuJy 10. '18 22 July lO UNITED RAILROADS OF YUCATAN (MEX- ICO) let 5s. Due April 1. WSO.—F. Dated April, 1910. Interest payable Apr. and Oct. 1, at J. Henry Schroder & Co., Lon- don, Eng., or at holder's option at Ladenburg, Thalmann & Co. , New York, at the rate or exchange of $4.86 per £, in Mexico at $9.72 per £, in Germany at M20.40 per £, and in Holland at Fl.12.05 per £. Payment of Infcerest — Deferred interest pay- ments with 5% interest to date of payment have been made as follows: Oct, 1, 1915. paid March 1-6. 1917: April 1. 1916. paid May 7. 1917: Oct. 1, 1916, paid June 7. 1917: April 1. 1917. paid Ju'y 1. 1917. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding^ — £825,000. Denomination — Coupon, £50, £100, £200 and £500. Trustees — Baron Bruno Schroder, Morritz Rosenthal and Ernst Thalmann. Redeemable at par and interest on April 1, 1913, or on any interest date thereafter; or as a whole or in part at 101 and Interest at company's option on April 1, 1920, or on any interest date' thereafter. Sinking Fund is cumulative and calculated to be sufficient to retire all bonds by maturity. Money is to be applied to the purchase or redemption of bonds at not exceeding par and Interest. " - Orga-nizatiion — Incorporated under the laws of Yucatan in 1902 as a consolidation of three railway and two pier companies. Securec) with permision of the Mexican Government by a first mortgage upon prac- ticaly the entire property including 503 miles of railway in the States of Yucatan and Campeche. Property mortgaged comprises six concessions granted by the Federal Govern- ment, one of which is perpetual and the others expire in and after 1970. On the termination of these concessions the railroads comprised therein revert to the Government free from ' mortgage. Original Market — £825,000 offered in June, 1910, at 96, by J. Henry Schroder, London, Eng. ; Schroder, Gebruder & Co., Hamburg; and Lippthan, Rosenthal & Co., Amsterdam. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE Cumulative Income 4s. Due at Option of the Company after Mar. 1, 1949.— N. Dated Mar. 1, 1899. Interest payable June and Dec. 1. at Alexander Brown & Sons, Baltimore, Md., if earned. In June. 1911, 2% was paid on these income l>onds, and has been paid each six months since. Funding of Unpaid Coupons — In 1906 un- paid coupons from June, 1904 to June, 1906 were paid in ' 'Income Funding 5 % Bonds, ' ' and all subseauent coupons to and including Dec. 1, 1910, were paid in a like manner. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $14,000,000. Outstanding^l3, 977,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Maryland Trust Co., Baltimore. Organization and Eamings^See 1st Consol. 4 s below. Secured by mortgage upon the entire prop- erty of the company. See 1st Cons. 4s. Prior liiens — $26,450,000 1st Cons. 4s of 1949,- and also prior Hens thereto. Listed on the Baltimore Stock Exchange. Market. Baltimore — Poe & Davies, Robt. Garrett & Sons, Jenkins, Whedbee & Poe, Townsend Scott & Son, Strother, Brogden & Co., Ham- bleton & Co., J. Harmanus Fisher & Son, Sutton & Co., Alexander Brown & Sons. Philadelplila — Brown Bros. & Co.. Barclay, Moore & Co. New York — E. & C. Randolph, Hambleton & Co, Price Range. Jan. 1, '0« to Jan, 1, »19 1918 Bid Ask , Bid ' Ask High. 69% '16 70 '16 57 Nov. ,57% Nov. Low. .45 '08 45% '08 52 Sept. 52% Sept. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE 1st Cons. 4s. Due Mar. 1, 1949.— F. Dated March 6, 1899. Interest payable Mar. and Sept. 1, at Alq^c. Brown & Sons, Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $38,000,000. Outstanding — $26,450,000 (Jan. 1, 1919). Held in Treasury — $3,000,000. ' Reserved for prior liens — $8,650,000. 1271 Denomination — Coupon, $1,000. Registerable a.s to principal. Trustee — Continental Trust Co., Baltimore, Md. Organization — Incorporated in Maryland in 1899 as a consolidation of a number of rail- way companies controlling the entire pas- senger railways of Baltimore City and Bal- timore County, and extend into Anne Arundel County and Howard County. Secured by first mortgage on 182 mllss of ■street railway track in the City of Baltimore and on car and machine shops and by general mortgage on remainder of property of com- pany, including 222 miles of track. Prior lilens — $8,550,000 prior liens as fol- lows: •City & Suburban Ry. Co. 1st 5s of 1922 $3,000,000 Baltimore Traction Co. 1st 5s of 1929 1,500.000 •Central Ry. Co. Cons. 5s of 1932.. 700,000 'Central Ry. Co. Extension & Impt. 5s of 1932 600,000 Lake Roland Elevated Ry. Co. 1st 6s 1942 1.000,000 Baltimore Traction Co. N. B. Div. 5s 1942 ' 1,750,000 Bonds of this issue have been reserved to retire all of the above issues. Underlies Income 4s due 1949, Income Fund- ing 5s due 1936 and Notes. ■year ended Dec, 31 Gross Net Int. & Rent 1918. . .$11,929,701 $3,416,003 $3,083,351 1917. .. 10.560,837 3,781,777 2,906.191 1916... 9,914,051 3,947,558 2,839,435 1915..., 9,028,L44 4,893,778 3,066,832 !Legal for Bait. Listed on the Baltimore and Philadelphia Stock Exchanges. Original Market — 518,000,000 ■ offered in Mar., 1899. at 102%:, and interest . by Alex. Brown, & Sons, and Mercantile Trust Sf..- De- posit Co., Baltimore, and Brown Bros. & Co., New York, Philadelphia, etc. Market. Baltimore — Robt. Garrett & Sons, Jenkins, Whedbee & Poe, Hambleton & Co., Sutton & Co., Alex. Brown & Sons, Poe & Davies. J. Harmanus Fisher &, Son, Townaend Scott & Son. Strother, Brogden & Co, New York — Hornblower & Weeks, E. & C. Randolph, Hambleton ,& Co. Philadelphia — Barclay, Moore & Co., Brown Bros. & Co. Boston — Hornblower, & "Weeks. Chicago — Hornblower & "Weeks. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid ' Ask Bid Ask High. 97 *08 98^ '08 77 Nov. 77% Nov. I.OW. .71 '18 71% '18 71 Sept. 71% Sept. UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE Income Funding 5s. Dne June 1, 1936.— F. Dated 1906. Interest payable June and Dec. 1, at Alexander Brown & Sons, Baltimore, Md. Tax Status — 2% Federal Income Tax paid ■by company without deduction. Authorized — $3,920,000. OntBtanding— $3,871,680 (Jan. 1, 1919). Held by Trustee — $48,320. Denomination — Coupon,* $100, $500 and ■$1,000. Trustee — Maryland Trust Co., Baltimore. Redeemable on any interest date at par and interest. Organization and Earnings — See 1st Consol. 4s below. Listed on the Philadelphia Stock Exchange. Original Market^^Issued to holders of In- come 4s. to fund unpaid interest coupons. Market. Baltimore — Hambleton & Co., Poe & Daviea, Jenkins, "Whedbee & ' Poe, Townsend Scott & Son, Strother, Brogddn & Co.. Alexander Brown & Sons. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 89% '12 90% '12 79% Feb. 80 Feb. Low. .70% '08 71 '08 73 July 75 Ju'.y UNTED RAILWAYS & ELECTRIC CO. (BALTIMORE)— 5-Year 5% Notes. Dne Feb, 1, 1981.— F. Dated Feb. 1, 1916. Interest payable Feb. 1 and Aug. 1, at Alex. Brown & Sons, Balti- more. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,750,000. Outstanding — $1,222,000 (Jan. 1. 1919). Exchanged for 5% Com. Notes due 19S2 — $1,528,000. Purpose of Issue — To retire $500,000 under- lying bonds, due July 1, 1916, $1,000,000 note due June 1, 1916. and to provide funds for cairtain capital improvements during the next five years. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Safe Deposit & Trust Co., Balti- more. Redeemable at 101 and interest on 30 days' notice. Security — A direct, obligation of the com- pany but. not secured by mortgage. , The com- pany agrees that no new mortgage secured by lien on its present property shall be created while this issue is outstanding, without equally securing these notes with bonds issued unde- such new mortgage. Original Market--Offered by Alex. Brown i Sons, Baltimore, Feb., 1916, at 99 and in terest. Market. Baltimore — Hambleton & Co., Alex. Browi. & Sons. Price Range — ^1918. Bid Ask High. 91 Apr. 93 Apr. Low. .90 May 91 May UNITED RAILWAYS & ELECTRIC CO. OF BALTIMORE 5-Year Conv. 6% Notes. Due Aug. 16, 1922.— N. Dated Aug. 15, 1917. Interest payable Aug. 15 and Feb. 15 at Alex. Brown & Sons, Bal- timore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $5,750,000. Outstanding — $3,000,000, 6s $1,528,000, 53 $4,528,000. ♦Reserved to be exchanged at par for Notes due Feb. 1, 1921 — $1,222,000. *If not so used to be cancelled. If issued to bear 5% interest. Denominations — Coupon $100. $500 and $1.- 000. Registerable as to principal. Trustee — Safe Deposit & Trust Co.. Balti- more. Redeemable at 100 and interest on 30 days' notice. Convertible into common stock of the, com- pany (par $50) at $30 per share during the first two years, $32 during the third year, $34 during the fourth year and $36 during the fifth year until Feb. 15, 1922. on five days' 1272 notice. Privilege expires five days prior t( redemption date if notes are called. Convertible — The Maryland Public Servici Commission on Oct. 4, '17, modified the com pany's plans for the conversion of these note; into the common stock In order to protec itself against being put in the position o": having placed a value on the common stock while the investigation into affairs of the com- pany are pending. Under the Commission's order the notes may be converted into the common stock at $ 3 per share within one year after Aug. 15, 1919, and at $33 per share thereafter. Organization, Earnings, etc. — See 1st Cons. 43. Security — A direct o'bligation of the com- pany, but not secured by a mortgage. Original Market — $3,000,000 offered Aug.. 1917, by Alex. Brown & Sons and Hambleton & Co., Baltimore, at 97% and interest. Market. Philadelphia — Prazier & Co. Baltimore — Robt. Garrett & Sons. Baker, Watts & Co., Poe & Davies. St. liOnis — Stix & Co. Price Range — 1918. Bid Ask High. 95% Dec. 97% Jan. Low. .92 May 92% May Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 79% '09 80 '09 60 Jan. 65 Jan. Low. .56 '18 58 '18 56 Oct. 58 Oct. UNITED RAILWAYS (UNITED POWER & TRANSPORTATION CO.) Gold Tr. 4% Certificates. Due July 1, 1949, at option of holders, or on any January or July 1, thereafter, at option of United Power & Transportation Co. Dated May 1. 1899. Interest payable Jan. and July 1. at Real Estate, Title Insurance & Trust Co., Philadelphia. Tax Status — Under a Government ruling the income from these Certificates is not subject to normal Federal Income Tax. Authorized — $8,000,000. Outstanding— $5,372,889 (Jan. 1. 1919). Purchased and Cancelled — $2,616,450. Denomination — Coupon, $1,000, $500 and $100. Trustee — New York Trust Co., New York. Guaranteed as to principal by the United Power & Transportation Co. Organization and Control — Incorporated in New Jersey in 1899 and ia a holding company owning practically the entire stocks of the company below, which in turn control a num- ber of railway and traction companies. Con- trolled through stock ownership by Inter- State Rys. Co. Security — The Certificates are issued by the Trustee under an agreement with the United Power & Transportation Co. , and are secured by deposit of the following stocks ; 19,953 shares of the Trenton S t. Ry . Co. , 39,993 shares of the Wilmington & Chester Traction Co., 5,089 shares of the Wilmington City Elee. Co., and 49,911 shares of the Wilkea- Barre & Wyoming Valley Traction Co. Year ended Dec. 31 (U. P. & T. Co.) Gross Net Interest 1918 $523,963 $452,871 $219,529 1917 742,242 696.411 329.613 1916 821,564 785,971 $356,676 1915 816,740 775,886 356,676 1914 814,633 780,614 356,676 liistcd on the Philadelphia Stock Exchange. Market. Philadelphia — Chas. Pearon & Co. , Robt. Glendinning & Co. Baltimore — Townsend Scott & Son. New York— E. F. Hutton & Co. UNITED RAILWAYS CO. OF ST. LOUIS Gen. 1st 4s. Due July 1, 1934.— F. Dated July 1, 1899. Interest payable Jan. and July 1, at Trustee's office, or at office of No. American Co. , New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $42,000,000. Outstanding — $30,350,000. In Treasury— $1,881,000. Reserved for Prior Liens — $9,769,000. Denomination — Coupon, $1,000. Registerable as to principal. ■ Trustee — St. Louis Union Trust Co., St. Louis, Mo. Organization and Control — Incorporated in Missouri in 1898 as successor to the Central Traction Co. of St. Louis. Controlled through ownership of a majority of its stock by the North American Co. Receivershiii — RoUa Wells was appointed re- ceiver by Judge Dyer in the U. S. District Court of St. Louis April 12, 1919. Protective Committee— Breckinridge Jones, Chairman; David R. Francis, Jr., A. G. Hoyt, A. H. S. Post. F. H. Ecker. N. A. McMillan, Chairman ; Edwin G. Merrill, Edward Mal- linckrodt, J. Herndon Smith, M. Kotany. Counsel — Byran Wi'.liams & Cave, St. Louis. Depositaries — Mississippi Valley Trust Com- pany, St. Louis; St. Louis Union Trust Com- pany, St. Louis; Central Union Trust Company, New York; Farmers' Loan &. Trust Company, New York ; Girard Trust Company, Philadel- phia: Mercantile Trust & Deposit Company, Baltimore. Secured by mortgage on 461 miles of track comprising the entire street railway system in the City of St. Louis and practically the entire system in the County of St. Louis, being a first lien on 151 miles and a general mortgage, subject to the prior liens below on the balance. Also a first mortgage on real estate power houses, etc. in the City of St. Louis. Franchises expire up to 19 48. The lines on which these bonds are secured as a first mortgage include the following : On 3rd St., from Chateau to Franklin; on 7th St., from Broadway to Chestnut; on Jefferson Ave., from Geyer to Hebert; Grand Ave., front Meramec to Florissant ; Chateau, from 3rd St, to 18th St.; St'. Auge Ave., from Chateau to Park Ave , , to 1 8th St. ; 1 8th St. and Chateau Ave. to Park Ave., to Mississippi Ave., to Lafayette Ave., to Grand Ave.; Laclede Ave., from 3rd St. to Kingshighway; on Manchester Ave. , from Laclede Ave. via Old Manchester Road and Kingshighway to- Devonshire Ave., to Southampton Ave. ; Gra- vois Ave. , from near City Line to Spring Ave. (two blocks from Grand Ave. ) ; from Euclid and Chateau Aves. on Chateau to Clay-^ Meramec to Florissant; Chateau, from Srd* St. to Walton Ave. , to McPherson Ave., to Kingshighway, to McPherson Ave. , to De Giverville Ave., to .Skinner Road, to junction with Clayton Line; Morgan St., from 3rd, to Garrison Ave., to Easton Ave., Franklin Ave., from 3rd St. to Easton Ave., to Hodiamont Ave., to Etzel Ave., to Page Blvd.; Delmar Blvd.. from Balviere Ave., via Olive St. Road, to crossing of St. Louis Terml. R. R., to Page Ave., to City Line and branches. These- lines extend generally from the western out- skirts of the city to its center, including moat 1273 important streets, and the franchises for these lines expire in 1948, In 1914 the company purchased 52.9% of its power from the Mississippi River Power Co., direct, 40.5% from the Union Electric Lt. & Pr, Co. (which also obtains a large part of its- powei*. from the Mississippi (River Power Co.), and generated 6.6% (during rush hours) at its own stations. Prior Liens — $17,248,000 prior liens as fol- lows: Cass Ave. & Fair Grounds Ry. 1st Ext. 4%B of 1922 $1,800,000 Compton Heights Union Depot & Merchants Terml. R. R. 1st Extd. 5s 1923 1.000,000 liindell Ry. 1st 4%a of 1921 1,500,000 St. Louis R. R. 1st 4'%s of 1920.. 1,948,000 Union Depot R. R. 6s of 1918 3,500,000 St. Louis & Suburban Ry. Gen. 5s 192^3 5,500,000 St. Louis & Suburban Ry. Ist 5s 1921 2,000,000 Bonds are reserved under this mortgage to retire the first Ave issues. Underlies — $10,000,000 St. Louis Transit Imp. 5s. Year ended Dec. 31 Gross Net Int., etc. 1918. . .$13,439,618 $2,140,573 $3,540,871 1917. .. 13,125,560 3,166,206 2,523,230 1916... 12,641,294 3,432,119 2,544.614 1915. . . 11,681,200 2,853,495 2,587,168 1914... 12.450,925 3,126,296 2.618,255 liisted on the New York, Philadelphia and St. Louis Stock Exchanges. Original Market — $1,500,000 offered in April, 1909. by Mississippi Valley Trust Co., and Francis Bros. & Co., St. Louis, and McCoy & Co.. Chicago, at 86 and interest. Market. liOuisviUe — J. J. B. HilMard & Son. St. liOuis — Herrick J, Gray & Co.. Mark C. Steinberg & Co., "W. E. Orthwein. John Nick- erson, Jr., Whitaker & Co., A. G. Edward & Sons, G. H, "Walker & Co.. Stifel, Nicolaus, Inv. Co.. Stix & Co., B. A. Gessler. J. W. & D. S. Green, I. M. Simon & Co., G. H. Walker & Co. Baltimore — Mercantile Trust & Deposit Co., Jenkins, "Whedbee & Poe. New York — Sharretts & Young, Newborg & Co., J. Nickerson, Jr. Philadelphia — Brown Bros. & Co. Price Range— N. IT. S. E. Jan. 1, '06 to Jan. 1, »19 1918 High. 88^ Jan. 13. '06 55^4: Apr. 12 Low. .49 Dec. 21, '18 49 Dec. 21 UNITED RAILWAYS INVlCSTMENT CO. 1st Lien Coll. Tr. S. F. 5s. Due May 1, 1926. Dated May 1, 1906. Interest payable May and Nov. 1, at Guarantee Trust & Safe De- posit Co., Philadelphia, or Trustee's ofilce. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — $20,250,000. Outstanding — $15,924,000. , Held in Sinking Fund — $2,226,000. Reserved to acquire additional stock of the Philadelphia Co. — $2,100,000. Denomination — Coupon, $1,000. Reglsterahle as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest on any in- terest date on 60 days* notice. Sinking Fund — ^Annually 1% of bonds out- standing, beginning May, 1912, for the pur- chase or redemption of bonds at not more than 105 and Interest. Bonds so purchased to be kept alive in sinking fund and Interest added. Organization — Incorporated in New Jersey in 1902 to acquire, hold or deal in stocks and bonds of other corporations. Owns or con- trolls all the Preferred and Common -Stock of the California Ry. & Power Co. and all the stock of The Railroads & Power Devel- opment Co., $24,200,000 of the $42,943,000 Common Stock of the Philadelphia Company, and other miscellaneous securities. Through the ownership of these stocks the company controls the street railways in San Francisco and Pittsburgh and the gas and electric plants in the latter city. Secured by pledge of $24,200,000 capital stock of the Philadelphia company. Prior liiens — The following issues of the Philadelphia Co. $15,148,000 Cons. & Coll. Tr. 5s of 1951, $6,500,000 1st & Coll. Tr. Ss of 1949, $9,795,000 Conv. Deb. 5s of 19i2. $1,- 957,000 Conv. Deb. 5s of 1919 and $7,500,000 notes. Year ended June 30 (after subsidiary). Gross Net Interest 1918. . .$1,703,508 $1,613,238 $1,072,523 1917. . . 1.891.583 1.807,142 1,092,339 1916. .. 1,766,226 1,692,483 1,115,321 1915... 1,584,788 1,672,088 1.182.168 Listed on the New York and Philadelphia Stock Exchanges. Philadelphia— S. K. PhiV.ips & Co., J. W. Sparks & Co. , Reed A. Morgan & Cq. . Chas. Pearon & Co.. Warren A. Reed. New York — B. F. Hutton & Co:, B. & C. Randolph, J. S. Farlee & Co., F. H. Hatch & Co. Price Range — ^X. Y. S. S. Jan. 1, '06 to Jan. 1, '19 1918 High. 86% Apr. 19. '12 66 Oct. 24 Low. .58 Feb. 19, '18 58 Feb. 19 UNITED STATES BREWING CO. (CHICAGO) Ref. 5s. Due Sept. 1> 1938. — F. Dated Sept., 1, 1908. Interest payable March and Sept. 1, at, Illinois Trust & Savings Bank. Chicago. TaXi Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3,000,000. • Outstanding — $1,923,000. Acquired and Held in Treasury — ^867,000. Retired by Sinking Fund — $210,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustees — Illinois Trust & Savings Bank and Frederick T. Haskell, Chicago. Redeemable on any interest date at 105 and Interest upon 60 days' notice. Sinking Fund — $30,000 per annum to pur- chase bonds at not exceedihg 105 and interest. If bonds cannot be obtained in the market. they may be redeemed. Controlled through stock ownership by Mil- waukee & Chicago Breweries, Ltd. Secured by a first mortgage on breweries In Chicago and Milwaukee. Year ended Dec. 31 (M. & C. Bws. Co.) Gross Net *Charges 1917 $939,696 $912,688 ^665,003 1916 1,104.225 1,096,951 730.341 1915 788.701 795,172 579,134 1914 1,132,064 1.111,440 668,186 ♦Includes interest, depreciation, etc. UNITED STATES ENVELOPE CO. 1st 5s. Due $50,000 each Dec. 1. to 1934; $100,000 each Dec. 1, 1925 to 1939. and $160,000 each Dec. 1, 1930 to 1934, Inclusive. — N. Dated December 1. 1908. Interest payable June and December 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authortze-d — $2,500,000. 1274 Outstanding — $1,550,000 (Jan. 1, 1919). Retired — $450,000. Reserved for Ext. — $500,000. Denomination^— Coupon, $1,000. Beglsterable as to principal. Trustee — Old Colony Trust Cp., Boston. Redeemable at 104 arid interest any time after Dec. 1, 1919, upon six weelcs' notice. Organization — Incorporated. in 189& in Maine and has purcliap'ed Logan. Swift & Brigliam Envelope Co., the Whitcomb Envelope Co. and the W. H. Hill Envelope Co. of Worchester, Mass. ; the Morgan Envelope Co., P. P. Kellogg & Co., ^rid the Springfield Envelope Co. of Springfield, Mass. ; the Holyoke Envelope Co. of Holyoke, Mass. ; the Plimpton Manufactur- ing Co. of Hartford, Conn., The "White, .Corbin & Co. , of Rockville, Conn. In 1913 opened new plant at " San Francisco as the Pacific Coast Envelope Co. Division. In 1916 pur- chased th** National Envelope Co. of Wau- kegan, III., and the Independent Envelope Co. of Indianapolis, known as the Central States Bnvplope Division. Secured by first mortgage on all lands, build- ings and machinery of company. Plants have a capacity of over 20,000,000 envelopes a day. Year ended Dec. 31.. Net " Dep'n Interest 1918 $913,619 $196,727 $79,792 1917 892,519 20,779 82.292 1916 1.861,329 705,842 84,791 Original Market — Offered in 1908. by H. W. Poor & Co., New York and Boston, on about a 5 % % basis. Market. New York — Paine, "Webber & Co., Barle A. Miller & Co., F. H. Hatch & Co., Hotchkin & Co., Curtis & Sanger. Boston — Geo, A. Fernald & Co., Hotchkin & Co. . Jackson & Curtis, Paine, Webber & Co.. I^. Sherman Adams. Hartford — Richter & Co., Conning & Co., Francis R. Cooley & Co. Springfield. Mass. — TifCt Bros. Worcester — ^Kinsley & Adams. Chicago — Paine, Webber & Co.- Price Range. Jan. 1, '0& to Jan. 1, '10 1918 Bid Ask ' Bid Ask High. 101 '10 104% '12 95 Jan. 100 Jan. Low.. 92 '18 96 *18 j92 Sept. 96 Oct. UNITED STATES GI^SS CO. Ist 5s. Due Sept. 1. 1923.— F. Dated Sept. 1 , 1903. Interest payable March & Sept. 1, at Colonial Trust-Co., Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. , Tax exempt in Pennsylvania. Authorized — $500,000. Outstanding — 1^390,000 (Jan. 1. 1919). Cancelled — $110,000. Denomination — Coupon, $100 and $1,000. Trustee — Colonial Trust Co., Pittsburg, Pa. Redeemable — $50,000 per annum at par, after Sept. 1, 1914. Organization — Incorporated in Pennsylvania in 1891. Secured by a first mortgage on eight glass factories in and around Pittsburgh, Pa., one in Tiffin, Ohio, and one in Gas City, Indiana, Year ended June 30 Gross Net Interest 1918 $3,947,674 $257,125 $25,909 1917 3,715,905 350.709 32,919 Original Market — Issued to preferred stock- holders in exchange for stock $110 in bonds for each $100 share of stock, on which divi- dends of 56% had accumulated. ^ Market. New York— B'.odget & Co., J. H. Hatch & Co. Pittsburgh — Duauesne Bond Corp., Goddard, Hunter & Co., Ward-Darley-Lupold Co., W. E. Ballord, Lyon, Singer & Co. Boston — Blodget & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid . Ask Bid Ask High. 95% '16 97% '16 89 Sept. 90 Mar. Low. .88 '18 89 '17 88 Apr. UNITED STATES GYPSUM CO. 6% Notes. Due Sept. 1, 1931. Dated Sept. 1, 1916. Interest payable March 1 and Sept. 1, at A. G. Becker & Co., Chi- cago. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $1,000,000. Denominations — Coupon, .$1,000 and $5,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 102 and interest, first two years, and at 101 and interest thereafter on 60 days' notice. Organization — Incorporated in New Jersey in 1901 and mines gypsum from deposits owned and controlled and manufactures gypsum prod- ucts of all classes. Properties are located in 15 states. Security — A direct obligation of the company but not secured by a mortgage. Net quick assets shall be maintained in the amount equal to the face amount of outstanding notes. Year ended Dec. 31 Net Dep'n Int. etc. 1918.. ..$1,320,661 $679,625 $81,604 1917. . . , 1,209,947 40,fi,280 70,431 1916.. .. 1.092,178 347,332 94,411 Original Market — Offered Sept., 1916, by A. G. Becker & Co., Chicago. U. , S. MGHT & HEAT CORP. 1st 6s. Due June 1, 1935. — F. Dated June 1, 1915. Interest payable June 1 and December 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstandin^g — $1,000,000. Denomination — Coupon, $100, $500 and $1,- 000, Registerable as to principal only. Trustee — Guaranty Trust Co., New York. Redeemable on any interest date- at 106 and interest. Sinking Fun4 — Annually, beginning June 1, 1920, 5 % of outstanding bonds for the pur- chase or redemption of these bonds at not over 105 and interest. Bonds acquired are to be cancelled. .,, . Organization — Incorporated in New York in 1915, as a reorganization of the United States Light & Heating Co., of Maine. Secured by a first mortgage on the plant of the company located at Niagara Falls. At this plant the company manufactures devices for electrically lighting railway cars,, generat- ing current from motors on the axles. Com- pany also manufactures automobile starting and lighting systems and is a large manu- facturer of storage batteries of all' kinds. Year ended June 30 Gross Net Int., etc. •1918 $7,030,039 $497,092 $146,594 1917 3,017,874 91,131 78,277 1916 1,751,365 def. 211,397 37,009 *18 months ended Dec. 31. 1275 Original Market — Offered to depositing stock- holders of the predecessor company at 87 h/^ and interest, with a 100% bonus of common stock in June, 1915. Market. Boston — H. C. Spiller & Co., Percy G. Crocker & Co. New York — Baker, Carruthers & Pell, Stuart Robson & Co., F. H. Hatch & Co.. E. & C. Randolph. Dunham & Co.. T. Hall Keyes & Co. Price Range, Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 75 '16 90 '16 65 Apr. 75 May Low. .65 '18 71 '18 7i Apr. UNITED STATES PUBIIC SERVICE CO. First Lien 6s. Due Feb. 1. 1937.— F. Dated Feb. 1, 1917. Interest payable Feb. 1, and Aug. 1, at Wm. P. Bonbright & Co., Inc., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized — Issuable for 80% of cost or value (whichever Is less) of additions, etc., when net earnings for 12 consecutive months in preceding 14 months are at least twice interest charges on bonds outstanding and to be Issued. Outstanding — $2,750,000. Denominations — Coupon $100, $500 and $1,- 000, each interchangeable and registerable as to principal. Registered, $1,000. C. ($1,000) and R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 105 and interest on any in- terest date on six weeks' notice. Maintenance and Improvement Fund — An- nually, 1918 to 1922 inclusive, the difference between 10% (and after 1922, 12%) of the gross operating revenue for the preceding year and the amount expended during such year for maintenance and improvments. Such por- tions of this fund as are not required for main- tenance may be expended for improvements. Such expenditures shall not be made the basis for issuing additional bonds. Organization — Incorporated in Delaware In 1913. Owns all of the outstanding securities in- cluding bonds and stocks of the following companies: Missouri Public Utilities Company (Missouri), Texas Utilities Company (Texas). Monmouth Public Service Company (Illinois), Mitchell Power Company (South Dakota), Ober- lin Gas & Electric Company (Ohio), Ravenna Gas & E31ectric Company (Ohio), Danville Light, 'Power & Traction Company (Kentucky), Paris Gas & Electric Company (Kentucky). In addition, all the outstanding bonds on plant and property at Millersburg, Ohio, to be transferred to the Buckeye Utilities Co. , a new company, all the securities of which are to be pledged. These companies supply electricity, gas, wa- ter or miscellaneous service in thirty-six cities and towns whose combined population Is esti- mated at 150,000, Secured by deposit with the Trustee of all outstanding bonds and stocks of the subsidiary companies, excepting $50,000 preferred stock of the Oberlin Gas and Electric Company and $65,500 preferred stock of the Monmouth Pub- lic Service Company, which st6cks must be acciuired and pledged, or canceled within one year. The securities so pledged amount to $2,871,000 principal amount of bonds and $3,- 218,200 par value of preferred and common stocks. All further bonds and stocks of subsidiary companies must be pledged under this Inden- ture except that bonds of an after-acquired subsidiary which are not redeemable, or upon which the redemption premium exceeds 5 % , may remain outstanding and unpledged to an amount not exceeding 25% of the value of the physical property and equipment of such sub- sidiary, but the principal amount of all such bonds so left outstanding may never exceed 10% of the principal amount of First Lien Gold Bonds of the United States Public Service Company at the time outstanding. Franchises with minor exceptions extend beyond the life 'of these bonds. Year ended Dec, 31 (Combined): Gross Net 1918 $1,101,819 $251,386 1917 1,048,791 353,176 1916 917,482 401,843 1915 692,997 310,990 1914 634,537 262,108 ■1913 569,210 220,455 Interest, etc., not reported. Original Market — Offered March, 1917, by Wm. P. Bonbright & Co., Inc., at 98% and interest. Market. New York — Bonbright & Co., John Mulr & Co., H. D. Robbins & Co. Philadelphia — Baker, Ayling & Young, F. Pierce & Co., Newburger, Henderson & Loeb. Boston — Baker, Ayling & Young. Springfield— ^Baker, Ayling & Young: Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97H '17 99 '17 90 Nov. 96 Jan. Low. .85 '18 93 '18 85 Aug. 93 July 12' UNITED STATES RADIATOR CORP. 1st 6s. Due annually Jan. 1, to 1927, inclusive. Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office or Chase Na- tional Bank, New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1,000,000. Outstanding^$660,000 (Jan. 31, 1919). Balance Retired. Balance due as follows — $65,000, 1920; $70,- 000. 1920; $75,000, 1922; $80,000. 1923; $85, < 000, 1924; $90,000, 1925; $95,000. 1926; $100.- 000, 1927. DenfomlnatdMo — Coupon, $500 and $1,000. Reglsterable as to principal. THistee — Citizens' Savings & Trust Co. , Cleveland, Ohio. Redeemable at 103 and interest any interest date. Organization — Incorporated in New York in 1910 as a consolidation of the United States Radiator Co., Dunkirk, N. Y. ; U. S. Heater Co.. Detroit, Mich.: U. S. Radiator & Boiler Co., Corry and West Newton, Pa.; Iterrendeen Mfg. Co., Geneva, N. Y. ; The Boiler & Radia- tor Department of the J. L. Mott Ii.'on Works Co., New York, and the Central Radiator & Foundry Co., Paola, Kan, Secured' by first mortgage upon six radiator plants located at Dunkirk and Geneva, N. Y., Corry,- Pa., West Newton, Pa., Bdwardsville^ Til. , and Paola, Kan. Indenture provides that company must maintain net quick assets equal to amount of bonds outstanding. Year ended Jan. 31 Gross Net Interest 1919 $1,075,402 $631. '411 $115,331 1918 1.227.459 779,128 139,918 1917 708.173 915,377 140,598 1916 238.978 78,386 132,895 !7G Original Market — Pirat offered July, 1910. at par and interest by the First National Bank, Detroit. Market, Detroit — First & Old Detroit National Bank. UNITED STATES REALTY & IMPROVE- MENT CO. 20-Year Conv. Deb, 5s, Due July 1, 1924.— F. Dated July 1, 1904. Interest payable Jan. and July 1, at Company's office, 111 Broad- way, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $13,506,000. Outstanding — $11,930,000. Retired and Cancelled — $1,354,000. Denomination — Coupon, $1,000, Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 105 and interest, any interest day, on three weeks' notice. Convertible privilege has expired. Organization — Incorporated in New Jersey in 1904 as successor to the U. S. Realty & Con- struction Co. Company owns a controlling in- terest in the Flaza Operating Co. , Cedar Street Co. , Century Investing Co. and Geo. A. Fuller Co. Last report showed the follow- ing schedule of real estate owned: Productive — Trinity Building, 111 Broadway; United States Realty Building, 115 Broadway: Whitehall Building, Battery Place: Fuller Building, Fifth Ave. 22d and 23d Sts.; Mer- cantile Building, 23d St. and Fourth Ave. ; Victor Building, Spring and Mercer Sts. : Jauncey Building, "Wall and Water Sta. : 67-69 Wall Street : O' Neill Building. Sixth Ave. , 20th and 21st Streets; House. 112-118-122-124- 126 W. 21st Street. "Value of above proper- ties $34,705,041; mortgages thereon, $16,185,- 000. Unproductive — 494-6-8 Seventh Ave. and 200-208 West 37th St.; interest in Jamea Es- tate properties; 45 East 22d Street; 41 East 22d Street; Crane Estate lots; miscellaneous parcels. Value of above properties, $1,294,872 mortgages thereon, $325,600, In March. 1918, the Carolina Shipbuilding Corp, was organized to establish a shipyard at Wilmington. N. C. The $100,000 capital stock of this latter company is owned by the George A. Fuller Co. Security — ^A direct obligation of the com- pany but not secured by a mortgage. The company covenants that it will not execute any General Mortgage upon the assets of the com- pany, without first securing the payment of principal and Interest of these bonds, by a mortgage or Deed of Trust of such assets. 'Year ended April 30 Bond Gross Net Interest 1919.... $3. 774,019 $2,076,696 $596,500 1918 2,417,173 1,371.921 696,600 1917 2,432,243 1,089,892 596,500 1916 2,600,237 1,197,348 696,600 Listed on the New York Stock Exchange. Market. New York — Seasongood, Haas & Macdonald, Farson, Son & Co., Baker, Carruthers & Pell. Price Range— N. Y. S. E, Jan. 1. *06 to Jan. 1. '19 1918 High. 99 Jan. 20, '06 68 Nov. 15 Low. .45 Mar. 5, '18 45 Mar. 5 UNITED STATES RUBBER CO. 1st & Ref. 6s, Series **A." Due Jan. 1, 1947. — N. Dated Jan. 2, 1917. Interest payable Jan. 1 and July 1. Tax Status — Payment of Federal Income Tax not assumed by company. ♦Authorized— $97,250,000. •Limited to the amount of capital stock ex- cept to the extent of any increase consented to by the preferred and common stock. Outstanding; — $59,207,000 (Mar. 1. 1919). Retired by S. F.--^$793.000, Pledged under 7% Notes — $9,000,000. Reserved for Corporate Purposes — $10,000.- 000. Reserved for Prior Liens — $2,600,000. Additional bonds (except for refunding) is- suable for additions, etc. (including subsidiar- ies) at 75% of cost, or not more than one- third issuable for other securities and stocks at 60% of cost provided net income for three previous years are twice interest charges on entire debt, including subsidiaries. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Registered $500, $1,000, $5,000, $10,000 and multiples of $10,000.. C. & R. interchangeable. Trustees — Central Union Trust Co. and J. N. Wallace. New York. Redeemable as a whole at 105 and interest on any interest date on and after Jan. 1. 1920 on 90 days' notice. Sinking Fund — Annually, beginning Jan. 1, 1919. 1% in cash outstanding bonds, plus the amount retired by the sinking fund for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in New Jersey in 1892. On Feb. 14. 1917. stockholders voted to acquire the properties of the Revere Rubber Co.. Rubber Regenerating Co.. Naugatuck Chemical Co., Eureka Fire Hose Mfg. Co., American Rubber Co., Joseph Banigan Rubber Co., Boston Rubber Shoe Co., L. Candee & Co., Goodyear' g India Rubber Glove Mfg. Co., Goodyear' s Metallic Rubber Shoe Co., Hastings Wool Boot Co., National India Rub- ber Co., Shoe Hardware Co. and Woonsocket Rubber Co. Owns a large majority or entire capital stocks of a number of companies, in- cluding the Canadian Consolidated Rubber Co. and General Rubber Co. (owns the largest rubber plantation in the world in Sumatra). Directly or through subsidiaries produces rub- ber footwear, rubber soled shoes, waterproof clothing, druggists' rubber goods, hard rubber products, insulated wire, tires, belting, pack- ing, hose and other mechanical rubber goods, there being over 40 mills in operation situated in Connecticut, Illinois. Massachusetts, Michi- gan, New Jersey, Indiana, Rhode Island. Pennsylvania, Ohio and Canada; 110 branch offices in the United States, 23 in Canada and representatives in other countries. Capital stock Authorized Outstanding lat pfd. (8% non-cum.). $70,000,000 $60,233,900 2d pfd. (6% non-cum.). 10,000,000 420,300 Common 40,000,000 36,000,000 Secured upon the properties owned or con- trolled by the company by direct mortgage or by pledge of mortgage bonds of the companies owning or controlling same, or by pledge under this mortgage or under the mortgages securing the bonds so pledged, of shares of stock of the companies owning or controlling the same, with a covenant not to permit mortgages thereupon. Net unencumbered quick assets of subsidiary companies, excluding General Rub- ber Co., at all times are to equal at least $30,000,000 of which at least $20,000,000 is to be in companies whose stock is to be di- rectly pledged under this mortgage. No cash dividends can be paid unless unencumbered quick assets of the company and its subsid- aries shall exceed their aggregate debt. Pro- vision is made for the release from the lien of this mortgage of the stock of the General Rubber Co. 1277 Prior Ijiens — Subject to prior liens as fol- lows : Canadian Cons. Rubber Co. 6s 1946 2.600,000 Bonds of this issue are reserved to retire these bonds. Year ended Dec, 31 Gross . Net Interest 1918. ..$215,398,425 $20,191,096 $4,119,055 1917. . . 176,159,694 21.923,964 3.117,857 1916... 126.759.129 13,915,760 3,517.565 1915. . . 92,861,016 11,148.196 2,790,616 1914. . . 83,678.812 9,776^874 1.908,650 Utisted on the New York Stock Exchange. Original Market — Underwritten by Kuhn. Loeb & Co. and offered by Wm. A. Read & Co.. Hornblower & Weeks, National City Co., Kinsley & Adams and other firms at 96% and interest. Market. St. Ixrais — Bowman Cost & Co. New York — Curtis & Sanger, McKinley & Morris. Philadelphia — Elkins, Morris & Co. Milwaukee — Second Ward Savings Bank. Pittsburgh — R. W. Evans & Co. Provid^ce — Hornblower and Weeks. Price Range — iN. Y. S. E. Jan. 1, '17 to Jan. 1, '19 1918 High. 92% Mar. 29, '17 88% Nov. 12 Low. .74 Dec. 18. '17 76 Mar. 23 UNITED STATES RUBBER CO. 5-Year 7% Secured Notes. Due Dee. 1, 1933. Dated Dec. 1. 1918. Interest payable June 1 and Dec. 1 in New York City. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $6,000,000. Outstanding — $6,000,000. Purpose of Issue — To provide funds to retire at maturity Dec. 1, 1918. $9,000,000 General Rubber Co, 5% Debentures, the balance needed for that purpose being provided from the cur- rent funds of the company. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Industrial Trust Co., Providence, R. I. Redeemable as a whole only on any interest date on or after Dec. 1, 1920, at a premium equal to 1% of the principal amount thereof for each six months between the redemption date and the date of maturity together with «.ccrued interest, upon six weeks' published notice. Organization — See 1st & Ref. Bs. Secured by deposit of $9,000,000 1st & Ref. Bs, Series A, due Jan. 1, 1947. The indenture also provides that pledged bonds may be released upon the deposit with the Trustee in cash of an amount equal to 66 2-3% of the bonds to be released, and a further amount equal to interest on such de- posited cash at the rate of seven per cent, per annum from the preceding interest date to Dec. 1. 1923: such cash to be applied to the purchase of notes in the market at a price not exceeding the principal amount with ac- crued interest to the date of maturity. The indenture also provides that the com- pany may purchase any outstanding notes, and upon the surrender thereof with all un- matured coupons may obtain from the Trustee a re". ease of pledged bonds for a principal amount pqual to 150% of the principal amount of the notes so surrendered and cancelled. Earnings — See 1st & Ref. 5s. liist^d on the New York Stock Exchange. Original Market — $6,0D0,000*offered October, 1918, by Kuhn, T.,oeb & Co., ^ New York, in exchange to holders of General Rubber Co. Debentures with a cash payment of $1B for each $1,000 Debenture. Market. Chicago — Babcock, Rushton & Co. New York — Mann, Bill & Co., J. Nickerson, Jr. New York — Bull & Bldredge. Price Range — N. Y. S. E. High. 102% Dec. 23, '18 Low. .101 Dec. 2, '18 UNITED STATES SMELTING, REFINING & MINING CO. 10-Year 6% Conv. Notes. Due Feb. 1, 1926.— F. Dated Feb. 1, 1916. Interest payable Feb. 1 and Aug. 1, at First National Bank, Boston, and Hanover National Bank, New York. Tax Status — 2% Federal Income Tax paid .by company without deduction. Authorized — $12,000,000. Outstanding — $12,000,000. Purpose of Issue — ^The proceeds of these notes together with other funds will retire $4,000,000 5% notes of the company and $10,- 000,000 6% notes of the Utah Company guar- anteed by this company and called for redemp- tion on June 1 and April 1, 1916, respectively, thus reducing the funded and guaranteed debt to $2,000,000. Denomination — Coupon $500 and $1,000. Registerable as to principal. Trustee — First National Bank, Boston. Redeemable as a whole at 110 and Interest on any interest date on 60 days' notice. Convertible at any time into common stock of the company on the basis of $75 in notes for each share (par $50). Organization — Incorporated in Maine In 1906 as a holding company and controls through stock - ownership the United States Smelting Co., United States Stores Co., Mammoth Cop- per Mining Co., Centennial Eureka Mining Co., United States Metals Refining Co., Niagara Mining Co., Needles Mining & .Smelting Co., Gold Road Mines Co.. Compania de Real del, Monte y Pachuca of Mexico and Utah Co. Directly and through subsidiaries the company owns or controls mining properties In Califor- nia. Arizona, Nevada, Utah, Mexico and Alas- ka. The company has copper smelter and re- finery at Chrome, N. J., lead refinery at B. Chicago. Ind. , copper and lead smelters at Mldvale, Utah, copper smelter at Kennett, Cal.. mills at Pachuca, Mex. , zinc smelters in State of Kansas and Salt Lake City. In 1915 the company became a large producer of spelter. Production of Metals: 1918. Lead 96.567,485 lbs. Zinc 18,771,684 lbs. Copper 20,359,378 :bs. Silver 15.337,465 ozs. Gold 137.315 ozs. Security — A direct obligation of the com- pany. This company and its subsidiaries have HO mortgage-^ debt except the Utah Company and no mortgage can be placed on the prop- erties of the company or that of the subsid- iaries which it controls by ownership of a majority of the stock without equally securing these notes, except on the coal properties of the Utah Co. and on the Utah Railway. Prior Liens — $514,500 bonds of subsidiaries not owned in the consolidation. 1278 \ Year ended Dec. 31 •Net 1918 $4,775,090 1917 4.197,815 1916 8,898,464 1915 6,592,324 1914 2,265,641 •After depreciation and interest. Listed on the New York and Boston Stock Exchanges. Original Market — $12,000,000 sold Feb.. 1915, by Lee, Higginson & Co., and Horn- blower & Weeks, New York, Boston, etc., and First National Bank, Boston, at 103^ and In- terest. Market, New York — Active on New York Stock E3k- change. Boston — Hornblower & Weeks,. A. B. Leach & Co. .Chicago — Hornblower & Weeks, A. B. Leach & Co., Babcock, Ruahton & Co. Philadelphia — A. B. Leach & Co., Warren A. Reed. Price Range — N. Y. S. E. Jan. 1, '16 to Jan. 1, *19 1918 (Higrh.ll5»/i June 12. '16 100% Dec. 2 Low.. 92% May 3. '18 92% May 3 Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 114% '09 116 '10 102 Jan. 107 Jan. Low. .100 '17 100% '18 100 Dec. 100% Dec. UNITED STATES STEEL CORPORATION 50-Year 58. Dne April 1. 1961.— F. Dated April 1, 1901. Interest payable Series "A," Jan. and July 1; Series "B," Feb. and Aug. 1; Series "C," March and Sept. 1; Series '*D." April and Oct. 1; Series "B," May and Nov. 1; Series "F," June and Dec, 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $304,000,000 viz.: Series "A," $54,000,000; Series "B," $50,000,000; Series. "C," $50,000,000: Series "D," $50,000,000; Series "B," $50,000,000; Series "F," $50,- 000,000. Outstanding — $236,575,000 (Jan. 1, 1919). Held in Sinking Ftind — $67,425,000. Denomination — Coupon, $1,000 and $5,000. Registerable as to principal or fully register- able. Registered, $1,000: $5,00Q> $20,000, $50,000. 4100.000. Trustee — United States Trust Co., New York. Redeemable .Series "A," "C" and "B," at 115 and interest on any interest date; Series "B," *'D" and "F" are not redeemable. Sinking Fund — $3,040,000 annually to be used in purchasing these bonds at not over 115 and interest; it not i so purchasable, Series "A." "C" and "E" only niay be drawn at 115 and interest; the other bonds cannot be drawn. Bonds so redeemed to be kept alive and interest added Sinking B^md. Secured by first lien, through the deposit of all of the stocks and bonds of the company, on the property of the Carnegie Steel Co., and a first lien on stocks of other subsidiary com- panies, representing control of all of the plants, mines and railroads controlled by the United States Steel Corporation. Underlies — United States Steel Corp. Sink- ing Fund 5s of 1963. Market. New York — D. T. Moore Bulkley & Wardrop, Moore & Co., Moore, Leonard & Lynch, C. H. Hensel. Callaway, Fish & Co.. Morton Lochenbruch & Co., J. Nickerson, Jr. Pittsburgh — Goddard, HUBter & Co., Wm. P. Lemley & Co. , Moore, Leonard & Lynch, ,^ean, Taylor & Co., Lyon, Singer & Co. Baltimore — Alex, Brown & Sons. Philadelphia — Newburger, Henderson & Loeb, Harper & Turner. Co., Holmes, Co.. Coffin & UNITED STATES STEEL CORPORATION 10-60-Year S. F. 5s. Due AprU 1, 1963. Dated April 1, 190,3. Interest payable May and Nov. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $250,000,000. Ontstanding^$176.435,000 (Jan. 1, 1919). Head in Sinking Fund — $23,565,000. Reserved to exchange for preferred stock — ' $60,000,000. Denomination — Coupon. $1,000 and $5,000. Registerable as to principal or fully register- able. Registered, $500. $1,000, $10,000, $50,^ 000 or other multiples of $5,000. C. & R. Interchangeable. Trustee — United States Trust Co., Nevi York. Redeemable at 110 and interest on any in- terest date. Sinking Fund — The sum of $1,010,000 to be paid annually to Messrs. J. P. Morgan. & Co.., Sinking Fund Trustees to be applied from April 1. 1904 to April 1, 1913 when directed by the Steel Company to the purchase of these bonds at not exceeding 110 and interest or other specified securities. On and after April 1, 1913 all moneys in the Sinking Fund are to be applied to the redemption of bonds by lot at 110 and interest, all coupon bonds out- standing to be redeemed before registered bonds. All bonds acquired are to be held alive and continue to draw interest for the Sinking Fund. It has been calculated that the sink- ing fund will retire the entire issue of bonds ■ at 110 and interest, prior to maturity. Secured by a lien on all the property, bonds, stocks, etc. , of the Company now owned or hereafter acquired, subject to the Company's 50-year 5s of 1951. Prior Licn!S^$236, 575,000 United States Steel 50-year 6s of 1911. Listed on the New York and Boston Stock Exchanges. Original Market — $20,000,000 offered in 1903 by a syndicate headed by J. P. Morgan & Co.. New York. Market. New York — Active on N. Y. Stock Bxchange. Boston — Parkinson & Burr. Pittsburg — R. B. Hutchinson & Co., Moore, Leonard & Lynch. Chicago — Kean Taylor & Co., Pynchon & Co, Baltimore — Robt. Garrett & Sons. Price Range — N. Y. S. E. Jan. 1, *06 to Jan. 1, '19 1918 High.l08^^ Aug. 9. '09 101 Dec. 10 Low.. 78% Nov. 20, '07 96 Sept. 27 Registered. High. 107% Aug. 10, '09 100% Dec. 9 Low.. 78% Nov. 30, '07 96 Sert. 26 (THE) UNITED STATES TEUEPHONE CO. 1st Extended 7s. Due Dec. 1, 1931. Dated Dec. 1. 1918. Interest payable June 1 and Dec. 1 at Cleveland Trust Co., Cleve- land, and J. P. Morgan & Co., New York. Extension — This issue was originally dated Jan. 2, 1899, and due Jan. 1, 1919, but was extended fnr three years from December 1, 1918 (interest increased from 5%). by express approval of the Postmaster General. - ■ . Tax St-atus — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $2,156,000. 1279 Dennminatioiii — Coupon $1,000. Registerable as to principal. Trustee — Cleveland Trust Co., Cleyeland. Assumed by The Ohio State Telephone Co. Organization and Control — Incorporated in 1S98 and was absorbed in 1914 by The Ohio State Telephone Co. Secured by a first mortgage on all the prop- erty formerly owned by the company and including- 34,000 miles of long distance wire connecting the exchanges of independent com- panies in Ohio and with the toll lines of companies operating in Pennsylvania, Ken- tucky, Indiana, Michigan and "West Virginia and serving about 3, 000 cities and towns in that territory. Franchises o re perpetual. Underlies— ^Ohio State Telephone Co. Cons. & Ref. 5s of 1944 under which bonds are reserved to retire this issue. Earnings — See Ohio State Telephone Co. Cons. & Ref; 5s. Original Market — Offered December, 1918, by Otis & Co., Cleveland, at 99^^ and interest. Market. Baltimore — Pee & Davies. New York — E. & C. Randolph. Toledo — Secor & Bell. UNITED STATES WINDOW GLASS CO. 1st Serial Gs. Due $40,000 each July and Jan. 1, from Jnly 1, 1919 to Jan. 1, 1934, inclusive. Dated January 1, 1919. Principal and in- terest payable at the office of the Trustees, Cleveland. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed Mortgage. Outstanding — $400,000. Purpose of Issue — To fund other Indebted- ness and provide additional working capital. Denominations — Coupon $500 and $1,000. . Registerable as to principle. Trustees — Citizens Savings & Trust Co., and Wilbur M. Baldwin, Trustees, Cleveland. Redeemable — Redeemable (in whole or in part) in the reverse order of their maturity and serial numbers at 103 and accrued in- terest on any interest date upon previous notice pub'.ished four consecutive weeks. Sinking Fund — Beginning January 10, 1919, monthly deposits with Trustee of an amount equal to one-sixth of the next interest and principal payment. Organization — Incorporated 1913 in West Virginia. Acquired by purchase plants and property of the AV. R. Jones Glass Company and the Marilla Window Glass Company, both of Morgantown, W. Va. Also owns $38,000 par value (total issue $45,000) capital stock of the Decl'*IIOHAWK \AULEY RAILWAY CO. Mtge.'^'ttyas. Dae Sept. 1, 1941.— F. Dated Sept. 1, 1901. . Interest payable Mar. and Sept. 1, at Harris. Forbes & Co., New York. Tax Status — 2% Federal Income Tax paid ■by company without deduction.. Authorized — Closed mortgage. Outstanding — $2,268,000, Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New York Trust Co., N. Y. Assumed by the New York State Rys. Control — Merged with the New York State Rys. Co., Oct., 1912. The latter company is ■controlled by the New York Central R, R. Co. Secured by a first mortgage on 80.34 miles •of single track electric railway from Utica to Ilion, from the suburbs of Utica to Rome and from New Hartford to Clinton, N. Y. : also a lien, 'subject to prior liens on about 9 miles of track in Utica and suburbs: 15.48 miles of single track between Herkimer and Little Falls: 10.10 miles of single track con- necting Herkimer, Mohawk, Ilion and Frank- fort, and on 15.41 miles of leaseholds. Prior liiens — $150,000 Herkimer, Mohawk, Ilion and Frankfort Electric Ry. Co. 1st 5s 000, 1924 to 1929, inclusive. Dated Jan. 1. 1919. Interest payable Jan. 1 and July 1 at First Trust & Savings Co.. Cleveland. Tax Status — Information not available. Authorized — $750,000. Outstanding — $750,000. Purpose of Issue — Issued in part payment for the purchase of property from the Mar- shall Foundry Co. Denomination — Coupon $1,000. Trustee — First Trust & Savings Co. Cleve- land. • Redeemable at 102 and Interest on any in- terest date. Organization — Incorporated In New York in 1917 to acquire the property of the Valley Mould & Iron Co., ^harpsville, Pa. The com- pany has foundries at Sharpsville and West Middlesex. Pa. , and a blast furnace at Sharpsville, all on land owned in fee. The principal business of the company is the mak- ing of ingot moulds, which are used to form the steel ingot from liquid steel, and the mak- ing of stools on which the moulds are set. The cnmpany has contracts t^lth blast fur- naces by which It is supplied with molten metal, and contracts with steel plants for the supp'.y of their moulds. Capital Stock '"mtstanding Pfd. (7% cum.) $2,000,000 Common (no par value) 100.000 shs. Secured by a first mortgage on the property acquired from the Marshall Foundry Co. con- sisting of a leased foundry in Pittsburgh, Pa., and a foundry in Black Lick, Pa., the prop- erty at Black Lick containing about 19% acrea. As of Dec. 29, 1917, the property covered was appraised at $1,150,000. Funded Debt — In addition to this issue the company has outstanding $1,500,000 1st 7a, due July 1, 1924. 11 months ended Nov. 30: Gross *Net 1918 $15,639,978 $1,907,237 ♦Before a'lowance for taxes. Original Market — $50 0,000 offered March, 1919, by the First National Bank and Otis &, Co., Cleveland, on a 7^/4% basis. VANDALIA COAL CO. 1st 68. Due July 1, 1930.— P. Dated July 1, 1905. Interest payable Jan. and July 1, at Union Trust Co.. Pittsburgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $3, 000, 000. Outstanding— $2,124,000 (Jan. 1. 1919). Retired by S. F. — $8,505,000. Purchased and Cancelled — $25,500. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Pittsburgh, Pa. Redeemable at 110 and interest on any in- terest date. SSnikine* Fund — Quarterly payments, Jan. 20',' April 20, July 20 and Oct. 20, of a sum equal to 5 cents per ton of run-of-mine coal mined from the mortgaged premises during the next preceding three months, lyith an an- nual minimum payment of $25,000, for the purchase or redemption of these bonds at not over 110 and interest.- Bonds acquired are cancelled. o Organization — Incorporated in New Jersey in 1905. Secured by a first mortgage on 24,000 acres of coal land owned in fee, and leasehold in- terest, 9,000 acres additional, and on 9 op- erating plants having a capacity of 10,000 tons dally. The properties of the Company- are located in Indiana. UnderUes— $488,000 2nd 6s of 1938, $469,400 Gen. 6s of 1934. Original Market — $3,000,000 offered In 1905 by the Union Trust Co., Pittsburgh, at 106% and interest. Market. Pittsburgh — R. B. Hutchinson & Co. New York— Baker, Carruthers & Pell, H. I. Nicholas & Co., W. Sturgls Macomber. Price Range. Jan. 1. '09 to Jan. 1. '19 Bid Ask HIgh.79 '17 105 '09 Low. 75 '17 85 '17 VAN'DALIA RAILROAD CO. Cons. Series "A" & "B" 4s. Duo Series "A." Feb. 1, 1955; Series "B/* Nov. 1, 1957.— F. Dated, Series "A,*' Mar. 16, 1905; Series "B," Nov. 1, 1907. Interest payable Series "A,'' Feb. and Aug. 1; Series ."B," May and ■ Nov. 1 at Penna. R. R. Co.. New York. 1289 Tax Statna — 2% Federal Income Tax paid Price Range — ^N. Y. S. B. by company without deduction, Jan. 1, '06 to Jan. 1, '10 1918 Tax exempt in Indiana and Illinois. Series "A." Authorized — Closed mortgage. Hlgh.106 Jal^ 16 '06 80 Jan. 22 Outstanding— $9,787,000 "A" Low. 80 Jan. 22 '18 80 Jan. 22 6,477,000 "B" Series "B." High. 99 - Dec. 7 '09 80% June 8 $16, 264, 000, (April 1, '19) i Low. 80% June 8 '18 80% June 8 Retired by S. r. — $213,000 "A" ^•^^^•OIO "B" VENTURA COUNTY POWER CO. iBt 6b. Due II lie nnn N"''- !• 1936.— N. li.liio.ouu Dated Nov. 1, 1906. Interest payable May Denomination-T-Coupon, $1,000. Begisterable and Nov. 1, at Los Angeles 'Trust ,& Savings as to principal only, or fully reglsterable. Bank, Los Angeles and Liberty National Bank, Registered, $1,000. C. & R. Interchangeable. New York. Trustee — Farmers' Loan & Trust Co., New Xax Status — Payment of Federal Income Tax York. not assumed by company. Sinking Fund^Annually beginning April, Authorized — $1,000,000. 1910, 1% of the bonds outstanding to be ap- Outstanding — $683,0.po (Jan. 1, 1919). .', plied to their purchase at not exceeding par. Retired by Slnkins Fund — 1145,000. If the bonds cannot be purchased at this Reserved for Prior Liens — $172,000. price, the funds for that year shall revert to Denomination-7-Coupon, $1,0(10. Reglsterable the Company. as to principal. Assumed by the Pittsburgh, Cinoinrtati. Chi- Trustee — Title Insurance & Trust Co., Los cago & St. Louis R. R. Co. (new company). Anpeles. Organization and Control — Incorporated in Redeemable on any Nov. 1 at 101 and inter- Illinois and Indiana—in 1904, and is a con- gg^, solidation of the , Terre Haute &, Indianapolis Sinking Fund — Annually 2% of outstanding R. R. , the St. Louis, Vandalia & Terre, Haute bonds. R, R., the Terre Haute & Logansport Ry., the Organization and Control — Incorporated In Logansport & Toledo, Ry. and the Indianapolis California in 1906 as a oorisolldation. In & Vincennes R. R. Dec, 1917, the physical properties of, this ,Dn Jan. 1. 1917, this company and several company were taken, over by the, Southern others were consolidated into the Pittsburgh, California Edison Co. Cincinniti, Chicago & St. Louis R. R. Co. Secured by a mortgage on plants formerly Secured by direct mortgage on 6B0.79 miles owned by this company supplying gas and of road owned 22.49 miles of leaseholds, viz: electricity in Ventura County, Cal., and water A first lien on 547.62 miles — to Ventura. Franchises expire from 1951 on. lU.-Ind. State Line near Farrington to Prior Uens — $172,000 Ventura Water, Light. East St. Louis, 111 157.66 & Power 1st 6s of 1921 for the retirement Rockville to South Bend, Ind 159.93 of which provision is made in this mortgage. Logansport to Butler, Ind 93.10 Underlies — S. Cal. Edison Cio. Gen. & Ref. Indianapolis to Vincennes. Ind 117.99 6s of 191^. Bushrod, Ind. to Coal Mines 19.06 Earnings — See Southern California Edison A second lien on 103.17 miles — ^°- Covered by the first lien of the Terre Legal for California. Haute & Indianapolis Cons 1st Bs 103.17 Original Market — Offered in 1906 by Adams Also secured on leasehold interest of the Co., Los Angeles, at 1.01 and interest. Company in the road from Terre Haute to Market. Rockville, Ind. 22.49 miles. New York — Bernhard, Scholle & Co. Prior Liens — $1,899,000 Terre Haute & In- I*s Angeles — Torrance, Marshall & Co., aianapolis 1st 5s of 1925 for the retirement of •*■. H. WooUacott. which bonds of this issue have been reserved. San Francisco — Wm. R. Staats & Co. Legal tor Bait.. Cal., Mo. and Ore. Price Range. Listed on the New York Stock Exchange; Jan. 1, '08 to Jan. 1, '19 1918 Series "B" on London Stock Exchange. Bid Ask Bid Ask Original Market— $7,000,000 Series "A" of- High.100'11 100 '13 96 May 98 May fered May, 1905, at 103% and interest by Low. 94 '15 98 '15 Speyer fr Co., New York, and Speyer Bros., Lohdon; $5,000,000 Series "B'' offertd by the VERA CRUZ & PACIFIC RAILROAD CO. 1st same firms April, 1910, at 97%, and interest. 4^s. Due July 1, 1934. F Market. Dated July ,1, 1904. Interest payable Jan. -- _, , ,r ^ ,. o T.. i^ ., ^ o « and July 1, at office National Rys. of Mexico, New Yorlt— Hartshome &. Battelle, E. & C. jjew York, or Trustee's office. Randolph, McKinley & Morris, Seasongood, Default--July 1 1914 Haas & Macdonald Coffin & Co., Redmond^ft 5,^^ Status— 2% Federal Income Tax paid Co.. Low, Dixon & Co^, Sam'l. Goldschmldt, ^y company without deduction. Bernhard Scholle & Co Abraham & Co., Authorized and Outstandingu_$7,000,000. Baker, Carruthers & Pell, The Bauitable Denomination— Coupon, $1,000. Reglsterable Trust Co. of New York, Wood, Struthers & ^g ).„ principal Co., Tay'.or. Smith & Hard. Trustee— Safe Deposit & 'Trust Co., Baltl- Phlladelphla — E. W. Clark & Co., Harrison more. .& Co., Barclay Moore & Co., Biddle & Henry, Bedeemable prior to July 1, 1924, at 110 and Chas. Fearon & Co., Blkins, Morris & Co., interest and thereafter at par and interest. Warren A. Reed. Guaranteed as to principal , and Interest by Boston — Parkinson & Burr. .i the National Rys. of Mexico. Baltimore — Jenkins, Whedbee & Poe. , Organization and Control — Incorporated In Chicago — Kean, Taylor & Co. Mexico in 1898 and reorganized in 1908 as the Pittsburgh — R. B, Hutchinson & Co. .Vera Cruz & Isthmus R. R., the entire stock Denver — Bosworth, Chanute & Co. of which is ow«ed by the National Rys. of Houston — Sherwood & King. Mej^^cp. 1290 Secor^ by a first mortgage on 262.71 miles o£ road, viz. : Cordoba to Santa Lucretia 202 . 31 Los Cocos to Tiera Blanca 60. 4 Forms, with connections, a through line from the Atlantic to the Pacific. Listed on the New York, London and Am- sterdam Stock Exchanges. Original Market — Offered in 1904, by Speyer & Co., New York. Market. New York — ^F. J. Lisman & Co., Zimmer- man & Forshay, Baker, Carruthers & Pell, F. H. Hatch & Co. Price Range — N. Y. S. E- Jan. 1, '06 to Jan. 1. '19 High. 98 Sept. 13 '06 Low. 35 Sept. 14 '17 VERDIGRIS VALLEY. INDEPENDENCE & WESTERN RAILROAD CO. 1st 6s. Due March 1, 1926.— N. Dated Feb. 1, 1886. Interest payable March and Sept. 1, at Missouri Pacific. Tax Statns — Payment of Federal Income Tax not assumed by company. Authorized — $ 10,000 per mile o f completed road. * Outstanding — $ 806,000. Denomination — Coupon, $1,000. Trustee — Bankers' Trust Co., New York. Organization and Control — Incorporated In Kansas in 1885 and In 1891 was merged Into the Kansas & Colorado Pac, Ry,, which was merged into the Missouri Pacific Ry, Co. The latter company was reorganized by foreclosure in 1917 as the Missouri Pacific R. R. Co. Secured by a first mortgage on 84.24 miles of road from Le Roy to Deerlng, Kans., and branch. Underlies — ^Missouri Pacific R. R. Co. (new) 1st & Ref. Mtge., which provides to retire this issue and (new) Gen. 4s of 1975. Legal for Me. and Mo. Listed on the New York Stock Exchange. Market. New York — Chas. W. Place, E. & C. Ran- dolph, Wm. A. C. Bwen, F. J. Lisman & Co., Baker, Carruthers & Pell, Wm. Carnegie Bwen. Price Range— N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 191S Bid High.107% Apr. 13 '06 86 Aug. Low. 87 Sept. 21 '15 VERMONT & MASSACHUSETTS RAILROAD CO. Plain Currency 3^s. Due May 1, 1923.— N. Dated May 1, 1903. Interest payable May and Nov. 1, at Fitchburg R. R. Company's office, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $772,000. Outstanding — $772,000. Denomination — Coupon and Registered >1 , - 000. Guaranteed principal and interest, by the Fitchburg R. R. Co. under terms of lease, which has been assumed by the Boston & Maine R. R. Control — Leased for 999 years to the Fitch- burg R. R. Co., which Is leased to the Boston & Maine R. R. until 1999. Security — A direct obligation of the Com- pany, but not a mortgage. The company owns 59 miles of road, from Fitchburg to Greenfield, Mass., and branches. Legal for Conn, and Mass. Market. Boston — Walter S. Place. Pittsburgh — R. B. Hutchinson & Co. VERMONT POWER & LIGHTING CO. 1st 5s. Due March 1» 1937.— F. Dated March 1, - 1907. Interest payable March and Sept. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 500,000. Outstanding — $400,000 (June 1, 1919). Retired by S. F, — None. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Equitable Trust Co., New York. Sinking Fund — Annually 2% of outstanding bonds for the purchase or redemption of these bonds at a price not to exceed a 4% basis, or with the consent of Spitzer, Rorick & Co., the Company may expend the sinking fund money for extensions, Unprovements, etc. Assumed by the Montpelier & Barre Light & Power Co. Guaranteed as to principal and interest by endorsement by the Consolidated Lighting Company of Vermont. Control — Entire property acquired by the Montpelier & Barre Light & Power Co. Management — Charles H. Tenney & Co. Secured by a first mortgage on hydro -electric plant and steam auxiliary plant located near Montpelier, Vt., on transmission lines extend- ing to Middlesex and to Barre, Vt., and on distribution systems In both Montpelier and Barre. Franchises are perpetual. Population served about 30,000. Underlies — Montpelier & Barre Light & Power Co. 1st Ref. 6s. Xiamings — See Montpelier & Barre Lt. & P. Co. Ori^nal Market — Offered in 1907, by Spitzer & Co. (now Spitzer, Rorick & Co.), New York, at 100 and interest. Market. New York — Spitzer, Rorick & Co., Hotchkln & Co.. F. H. Hatch & Co. Detroit — First and Old Detroit National Bank. Boston — Chas. A. Day & Co., P. B. Bassett & Co.. Chas. H. Tenney & Co. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.99 '09 100 '09 95 Jan, 97 Jan. Low. 85 '18 95 '18 85 Dec. 95 Aug. VERMONT POWER & MANUFACTURING CO. Ist 5s. Due May 1, 1928.— F. Dated May 1, 1903. Interest payable May 1 and November 1, at Trustee' s office, and Chase National Bank, New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $250,000. Denomination — Coupon $1,000. Reglsterable as to principal only. Trustee — Mercantile Trust & Deposit Co., Baltimore, Md. Organization and Control — Incorporated In Vermont in 1903. In 1916 the property of this company was conveyed to the Public Electric Light Co- Secured by a first mortgage on hydro-elec- trlc plant and on distribution system supply- ing electricity In St. Albans and Farfax,- Vermont. The franchise is for 99 years. Year ended Dec. 31 (P. E. L. Co.) Gross Net Interest ■ 1916 $63,838 $38,800 $13,888 Original Market — $151,000 offered In May, 1915, by Damon, Bolles & Co., Boston, at 95% and Interest. 1201 Market. New York— P. W. Brooks & Co., P. H. Hatch & Co., Wm. Wheatley. Fluladelphla — P. W. Brooks & Co. Boston — P. B. Bassett & Co., Chas. A. Day & Co. Price Ranpe. Jan. I, '16 to Jaiu. 1, '19 1918 Bid Ask Bid High.SS '17 92 '17 87 Mar. r^ow.SS '16 VERMONT VAMJEY RAILROAD 1st 4%s. Due Oct. 1, 1940 N. Dated October 1, 1910. Interest payable April and Oct. 1, at Trustee's ofllce, Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination — Coupon, $1,000. Registered, $1,000. Trustee — Boston Sate Deposit & Trust Co., Boston. Guaranteed under the terms of lease as to interest by Boston & Maine R. R. Control — Connecticut River R. R. Co. owns the entire $1,000,000 capital stock of the Ver- mont Valley R. R. The Conn. River R. R. Is leased until 1992 to Boston & Maine R. R. Sept., 1912, the stockholders of the Conn. River R. R. Go. voted to acquire the prop- erty of the Vermont Valley R. R. Co. , Receiversliip — James H. Hustis receiver of the Boston & Maine R. R. was appointed re- ceiver for this company Aug. 30, 1916. Secured by a first mortgage on 24.72 miles of road from Brattleboro, Vt., to Bellows Palls, Vt. : further secured by deposit with Trustee of $700,000 of the $2,600,000 Conn. & Passumsic River R. R. Co. preferred stock and $100,000 of the $800,000 Massawippi Val. Ry. Co. stock: on both of which 6% dividends are guaranteed by B, & M. R. R. X.egal for Me. and Mass. Original Market — $1,500,000 offered Sept., 1910, at 104^/^ and interest by Lee, Higginson & Co., New York, Boston and Chicago. Market. Boston — Parkinson & Burr. New Vork — Baker, Carruthers & Pell, Esta- brook & Co., Remick, Hodges & Co., Coffin & Co.. Lee, Higginson & Co. Price Range. Jan. 1. '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 105% '11 106% '11 88 Jan. 90 Nov. Low. 80 '17 87% '18 87% Feb. YICKSBURG Si MXXIDIAN RAILROAD CO. Ist es. Due April 1, 1921. — N. Dated April 1, 1881. Interest payable April and Oct. 1, at Central Union Trust Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co., New York. Sinking Fund — The mortgage provides for a cumulative sinking fund. The balance in fund amounted to $360,867, June 30, 1917. Of this fund $216,633 is invested in securities matur- ing during the life of the fund and the re- mainder is In cash. Control — The road vfq sold under fore- closure in February. 1899, and reorganized under the title of Alabama & Vicksburg Ry., which is controlled by the Sterling Trust, Ltd., an English holding company, through owner- ship of 66.62% of its stock. Secured by first mortgage on 142. 66^iles of road from Vicksburg to Meridian, Miss. trnderiies — Alabama & Vicksburg Ry. Cons. 6s of 1921 which provide for the retirement of this issue and Alabama & Vicksburg Ry. 2d 6s of 1921. Barnings — See Alabama & Vicksburg Ry. Legal (or Mich., Minn., N, H., N. J., B. I., and Wis. Market. New York — Baker, Carruthers & Pell, Chas. W. Place, Taylor, Smith & Hard, P. J. Lis- man & Co., MoKinley & Morris, Sam'l Gold- schmidt, Abraham & Co. Philadelphia — Graham, Parsons & Co., Bid- die & Henry. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.112 '09 116 '09 98 Dec. 109 Sept. Low. 97 '17 300 '18 97 Jan. VICKSBURG (MISS.) LIGHT & TRACTIOT* CO. Ist 68. Due July 1, 1938. — P. Datfd July 8, 1912. Interest payable Jan. and July 1, at Trustee's ofnce. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 600, 000. Outstanding — $794,500. Reserved for Ext. — $706,600. Denominatiou — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Central Trust Co. of Illinois, Chi- cago. Redeemable at 106 and interest on any In- terest date upon three weeks' notice. Organization — Incorporated July 1, 1912, taking over the street railway and electric lighting systems in the city of Vicksburg, Miss. , and suburbs. Secured by a first mortgage on plant sup- plying electric light and power to Vicksburg, Miss., and vicinity and on street railway sys- tem comprising 11 miles of track. Population, Vicksburg (1910) 20,814. Street railway fran- chises expire in 1948; lighting in 1946. Out- side the city railway has grant from the United States Government. Underlies — $278,000 Deb. 63 due 1922. Year ended Dec. 31: Gross Net Interest 1918 $209,713 $63,628 1917 198,888 59,268 1916 187,436 72,108 $59,328 1915 167,392 63,360 68,260 1914 187,019 74,057 52,017 Original Market — $600,000 ofilered July, 1912, at 95 and interest by Chas. S. Kidder & Co., H. T. Holtz & Co., Hornblower & Weeks, Ft. Dearborn Trust & Savings Bank, Yard, Otis & Taylor, Central Trust Co. of lUiBOIs and Peoples' Trust & Savings Bank, all of Chicago. Market. Chicago — Peoples' Trust & Savings Bank, Chas. S. Kidder & Co.. J. P. Hobbs & Co., Central Trust Co. of Illinois, Babcock, Rush- ton & Co. New York — Barle A. Miller & Co., Coleman & Reitze, B. & C. Randolph, Kie;y & Horton, Pynchon & Co. Philadelphia — J. W. Sparks & Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 id Ask Ask Hlgh.88'17 93% '17 74 Apr. Low. 70 '18 70 Mar. 1292 VICKSBURG. SHREVEPORT & PACIFIC RAILROAD €0. Prior Lien 58. Dae Nov. 1. 1940. Dated Nov. 25. 1885. Extended Nov. 1. 1915, with interest reduced from 6%. Interest pay- able May and Nov. 1, at Central Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding — $1,323,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Central Trust Co., New York. Organization and Control — Incorporated in Louisiana in 1901 as a reorganization of the Vicksburg-, Shreveport & Pacific Ry. Co. Con- trolled through ownership of 97% of its stock is owned by the Sterling Trust, Ltd. , an English holding company. Secured by a first mortgage on 188.47 miles of road from Delta through Shreveport to Waskom, Texas. Underlies — Vicksburg, Shreveport & Pacific Ry. Gen. 5s of 1941, which provide to retire this issue. Year ended Dec. 31: Gross Net Int. & Rent •1918 $337,948 $457,821 $274,026 tl918 2,689,104 332,216 1917 2.206. 558 747.238 172,851 1916 1,805.138 633,630 181.362 1915 1.473.379 409.347 197,071 ^Corporate Income Account — Standard re- turn under Federal control. IFederal Income account. Market. New York — Coffin & Co., Chas. W. Place, Kcan. Taylor & Co., E. & C. Randolph, F. J. Lisman & Co. , Abraham & Co. . Simon Borg & Co. , J. Davenport, Korn, Lehman & Co. . Taylor. Smith & Hard, Vi'.aa & Hickey. Baltimore — Jenkins. Whedbee & Poe, P. H, Goodwin & Co. Chicago — Kean, Taylor & Co. Texarkana — R. S. Cheatham. Philadelphia — Chas. Fearon & Co, Pittsburgh — Kean. Taylor & Co. Price Range. Jan. 1., *I6 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 101 '16 102 '16 93 Dec. 96 Nov. Low. 85 '17 90 '18 85 Aug. 90 Aug. VICKSBURG. SHREVEPORT & PACIFIC RAILWAY CO. Gen. 59. Due May 1, 1941. Dated May 1. 1901. Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not'assumed by company. Authorized — $3,500,000. Outstanding — $1,922,000 ($1,613,000 owned by the Sterling Trust. Ltd.), In Treasury — $255,000. Reserved by Prior Liens — $1,323,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Farmers' Loan & Trust Co... New York. Control — jSee prior lien 6s. Secured by a second mortgage on 188.47 miles of road from Delta, La., to "Waskom, Texas. Prior Liens — $1,323,000 Vicksburg, Shreve- port & Pacific R. R. prior lien 6s extended to 1940, provision for the retirement of which is made in this issue. Earnings — See P. L. 5s. Listed on the New Orleans Stock Exchange. Market. New York — Morton Lachenbruch & Co., Sharretts & Young, J. A. Joseph, Jr.. & Co.. Abraham & Co.. J. Davenport, Korn, Lehman- & Co., F. J. Lisman & Co. Chicago — ^Kean, Taylor & Co. Texarkana — R. S. Cheatham. Pittsburgh — R. B. Hutchinson. Baltimore — Jenkins, Whedbee & Poe. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Ask High. 103 '11 105 '14 95 Jan. Low. 85 '17 90 '18 90 Apr. VICTOR-AMERICAN FUBL CO. Ist & Ref, S. E. 68. Due Feb. 1, 1940.— F. Dated Feb. 1, 1910. Interest payable Feb. and Aug. 1, at Guaranty Trust Co., New York, Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,000,000. Issued — $3,226,000. Outstanding — $2,744,000. Held in Sinking Fund — $482,000. Reserved for Prior Lien — $1,774,000. Denomination — Coupon, $100, $500 and $1,000. Registerable as to principal or fully registerable. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at 110 and interest on any inter- est date upon eight weeks' notice. Sinking Fund — Began July 1, 1911, and pro- vides for payments of 2 % cents per ton of coal mined with a minimum payment of $50.- 000 per annum for the purchase or redemp- tion of these bonds at not over 110 and inter- est. Assumed by the Gallup-American Coal Co. Organization — Incorporated in Maine In 1909 and purchased the properties of the Victor Fuel Co. of Colorado and the American Fuel Co. of New Mexico. The properties covered by this mortgage are located in Fremont, Huerfano and Las Animas Counties. Col., and McKinley County, New Mexico, and are estimated to contain 543,462.000 tons of coal. The company operates 10 mines with a com-, bined capacity of 12,000 tons per day and owns 445 coke ovens with an annual capacity^ of 180.000 tons. Also owns the entire $100,- 000 capital stock and $300,000 bonds of the- Colorado & South Eastern R, R. Co. owning 15 mines and leasing 15 miles of road, con- necting mines at Delagua and Hastings wltlk the Colorado & Southern, the Denver & Rio- Grande and the Atchison. Topeka & Santa Fe Rys. Secured by a first mortgage on 31,867 acre3= of coal land and by a second mortgage on 19,653 acres of coal land subject to the Victor Fuel Co. 1st 5s. Note — The 20,835 acres of coal land in New Mexico covered by the first lien of this mort- gage was sold, subject to this mortgage, July 1, '17, to the Gallup-American Coal Co. The Company also sold to same purchasers 11.032: acres of coal lands adjoining the above lands and the latter property was also placed under the lien of this mortgage. Purchase price re- ported, $3,000,000. Prior Lien — $1,774,000 Victor- Fuel Co. 1st Bs of 1953 which thi s mortgage provides to -retire. Year ended June 30 Gross Net Bond Int. 1917 $3,552,224 $391,737 $250,715 1916 2,732,200 197,335 248,765 1915 2.360.448 313.362 245,173 1914 2.375.939 176.916 240.917 1913 3.458.169 484.115 227.008 Original Market — $2,100,000 offered In April 1910. by Hayden, ^tone & Co., New York and L>93 Hoaton, anr' 'li-nranfy TruKl & Co.. Morton Lachenbruch & Co. Boston — McConnell & Co. Philadelphia — Chaa. Fearon & Co. Price Range — N. Y. S. E. ^an. 1, '06 to Jan. 1, '19 1918 Ask High. 9 31^ Feb. 28 '07 80 .Tune Low. 73 Apr. 29 '14 70 Nov. VINCENNES WATER SUPPLY CO. 1st 6s. Due July 1, 1936. Dated July 1. 1916. Interest payable Jan. and July 1, at Fidelity Trust Co.. Phila- clelphia. Titx Status — 2% Fed-eral Income Tax paid by company without deduction. Pennsylvania State tax refunded. Authorized— $500,000. Outstanding-^$317.000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Fidelity Trust Co.. Philadelphia. Redeemable on and after July 1. 1921, at 102 and interest. Organization — Incorporated in Indiana in 1885. Secured by a first mortgage on plant sup- ■plying water to Vlncennes, Ind. Population •served, 18,000. Franchise Is indeterminate. Year ended June 30: Gross 1918 $60,307 1917.... 59,888 1916 69,793 1915 55.569 Market. Boston — F. W. Mason & Co. Philadelphia — Wm. G. Hopper & Co. Net Bond Int. $19,526 $19,020 30,772 10.110 32,307 11.250 31,265 11.250 VINTON-BOANOKE WATER CO. 1st 6s. Due Dec. 1, 1936.— F. Dated Dec. 1. 1916. Interest payable June 1 and Dec. 1. at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded, Anthorized — $750. 000. Outstanding — $300,000. Additional bonds issuable for 80 % of cost of additions, etc.. when net earnings for pre- vious twelve months are at least 1 % times interest charges on bonds outstanding and to be issued. Denominations — Coupon, $ 5 00 and $1,000. Registerable as to principal. Trustee — Commercial Trust Co.. Philadel- phia. Redeemable at 102 and interest on any in- terest date on 40 days' notice. Guaranteed iirincipal and interest by the Roanoke Water Works Co. by endorsement. Control — This company and the Roanoke Water Works are controlled by the same interests. Secured by first mortgage on the entire prop- erty of the Vinton-Roanoke Water Company which includes Falling Creek Reservoir with a capacity of 125,000.000 gallons, water-shed, tunnels, etc., located approximately eight miles east of the City of Roanoke, Va. The mort- gage also covers the transmission and dis- tributing system, extending to and serving the business and manufacturing center of Roanoke, as well as the City of Vinton, Va. The com- pany controls the Beaver Dam Creek water- shed (all of which is covered by this mort- gage), where the construction of a new res- ervoir will be started in the near future. Through the use of tunnels already available, it will be possible to bring this additional water supply to the City, through the trans- mission system now installed. Population served 50,000. Franchises of both companies are perpetual. Original Market — Offered March. 1917, by Geo. S. Fox & Sons, Philadelphia, at 100 and interest. Market. Philadelphia — Geo. S. Fox & Sons. H. D. Boenning & Co.. S. K. Phillips & Co. VIRGINIA & SOUTHWESTERN RAILWAY CO. 1st 5s. Due Jan. 1, 3003. — F. Dated Sept. 18. 1902. Interest payable Jan. and July 1. at Guaranty Trust Co.. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Autliorized and Outstanding — $2,000,000. Denomination — Coupon. $1, 000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Control — See 1st Cons. 5s. Guaranteed as to principal and interest by the Virginia Iron, Coal & Coke Co., and as to interest by the Southern Ry. Co. under terms of lease. Organization and Control — See 1st Cons. 5s. Secured by a first mortgage on 189.06 miles of road, viz. : Miles Mountain City Tenn. to St. Charles, Va 161.30 1204 Moccasin Gap, Va., to Persia Jet., Tenn. 37.76 Underlies^lst Cons. 5s of 1958, Vhich pro- vide to retire this issue. Legal for California. liisted on the New York Steele Exchange. Market. New York — Redmond ,& Co., Spencer Trask & Co., Baker, Carruthers & Pell, Hanson; & Doyle, Abraham & Co., "Wm. C. Elwen. Baltimore — Jenkins, "Whedbee & Po^. Philadelphia — Graham, Parsons & Co., John D. Howard & Co. Price Range — N. Y. S. E. Jan. 1. '06 to Jan. 1. '19 1918 Hieh.117%. Jan. 9 '09 81% Sept. 17 Low. 81% Sept. 17 '18 81% Sept. 17 VIRGINIA & SOUTHWESTERN RAILWAY Co. l8t Cons. 5s. Due ApHl 1, 1958. — F. Dated April 29, 1908. Interest payable April and Oct. 1, at Trustee's office'. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $7,000,000. Outstanding — $5,000,000. Reserved for Prior I^iens — $2,000,000. Denomination — Coupon $1,000. Registerable as to principal or fully regiaterable. Regis- tered, $1,000 and multiples. C. & R. inter- changeable. Trustee — Guaranty Trust Co., New York. Guaranteed as to interest by the Southern Ry. Co. under terms of lease. . , Organization and Control — Incorijorated in Virginia in 1899 and is controlled through ownership of its entire stock by the Southern Railway Co. July 1. 1916, the latter com- pany leased the property from year to year. Rental maintenance taxes and interest charges. Secured by a second mortgage on the 189.06 miles covered by the first lien of the 1st 5s. Prior Liens — $2,000,000 1st 5s of 2003 which this issue provides to retire. , Listed on the New York Stock Exchange, Original Market — Offered in Dec, 1908, by Redmohd & Co., New York, at 98^^ and inter- est. Market. New York — Redmond & Co., Strong, Sturgis & Co., Spencer Trask & Co.. Hanson & Doyle. Abraham & Co. Philadelphia^— E. W. Clark & Co. Price Range — N. Y. S. E. Jan. 1, '08 to Jan. 1, '19 1918 High. 100 June 9 '09 72% Jan. 4 Low. 67% Sett. 4 '18 67% Sept. 4 VIRGINIA & SOUTHWESTERN RAILWAY CO. Series "E" Eauip. Tr. Wzs. Due S25,000 each May and Nov. 1st, to Nov. 1. 1921.— P. Dated November 1, 191i. Interest payable May and Nov. 1, at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $500,000. Outstanding— $125,000 (May 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustees — Bankers' Trust Co., New York. Secured by an equipnient agreement on 7 freight locomotives, 600 steel coal cars and 65 steel underframe box cars costing $640,850, of which $140,850 was paid in cash. Original Market — Offered in Oct.. 1911, by Potter, Choate & Prentice. New York, at prices to yield 4.75%. Market. New York — Potter, ChOate & Prentiqe, , Spen- cer Trask & Co., Coggeshall & Hicks,, Free- man & Co., Bull & Eldredge, Evans, StiUman & Co. , Freeman & Co. Philadelphia — Graham, Parsons & Co. . Fittsbnrgh — Colonial Trust Co. VIRGINIA & SOUTHWESTERN RAILWAY CO. Series "F" Equip. Tr. 59. Due $21,- 000 each Dec. 15 and $22,000 eagh June 15 to June 16. 1918. and $21,000 each Deo. 15 and June 16 to June 15. 1023. Dated June 16, 1913. Interest payable June and December 15, a Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 425,000. Outstanding — $168,000 (June 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Bankers Tru.st Co., New York. . Secured by an equipment agreement on 3 freight locomotives and 445 steel, coal cars costing $500,230, of which the company paid $75,230 in cash. Original Market — Offered June 1913 by Pot- ter, Choate & Prentice, New York, 5^^% basis. Market. See Series "E, " aboye. VIRGINIA & SOUTHWESTERN RY. Eauip. Tr. 5s. Series "G." Due $23,000 each Sept. 1 and $24,000 ,,eacU March 1 to March 1, 1921, and $23,000 each March and Sept. 1 to March 1. 1924, inclusive. ■ . Dated March 2, 1914. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $467,000. Outstanding— $232,000 (Mar. 15, 1919). Balance Retired. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co. Secured by a first lien on two Mikado type locomotives, 650 fifty-ton steel double drop bottom gondola coal cars and one ten-wheel passenger locomotive, costing $550,346, ot which $83,346 was paid in cash by the Rail- way Company. Original Market — Sold by Potter, Choate & Prentice, New York in March, 1914, on 5%% basis. Market. See Series "E," above. \aRGINIA AIR LINE RAII.WAY CO. 1st 58. Due May 1. 1952.— F. Dated May 1, 1907. Interest , payable May and Nov. 1. at C. & O. Ry. office. New York. Tax Status — 2% Federal Income Tax paid by company without deduction- Authorized — $900,000. Outstanding- $822,000 (June 1, 1919). Held in S. F.— $78,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Franklin Trust Co, , Brooklyn, N. T. Redeemable at 110 and interest on any inter- est date after four weeks' notice. Sinking Fund — $7,000 per annum, beginning May 1. 1909, to be applied to the purchase of these bonds at not to exceed 110 and accrued interest. Bonds so purchased to be kept, alive in the sinking fund and interest thereon added to the fund. Assumed by the C. & O. Ry. Co. Organization and Control — Incorporated In 1906 and was merged with the Chesapeake & Ohio Ry. Co. by deed dated July 12, 1912. 1295 Secured by first ipiortga&e at the rate of $28,0,00 per mile on 3"Q miles of road extend- ing from a connection with the Ches. & Ohio By. at Lindsay to a' connection with the Jamefi River Div. of that road at Strathmore. Va. IJnderlies — C. & O. Gen. Fund. & Imp. 5s of 1929 and 1st Lien & Imp. .,_5s of 1930. All the bonds of the latter issue are pledged to secure Conv. 5s of 1946. • '- - Original Market — Patter, Choate & Prentice. Market. ^ New . .York— Potter, Choate '.'& Prentice, BEiker, ' Catr'uthers & Pell. Abraham & Co. Baltimore — Jenkirig, Wihedtoee & Poe. Price Kange. Jan. 1, '16 to Jan. 1, '19 Bid High. 92 '16 Low. 75 '17 VIROINIA ALBEBENB CORPORATION 6% Secureld Notes. Due $80,000 each March 1 from 1017 to 1931 and $500,000 March 1. 1932.— N. Dated March 10, 1916. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status* — Payment of Federal Income Tax not assumed by company. Pennsylvania state tax refunded. Authorized — $900,000. Outstanding— $740,000 (Jan. 1, 1919). Balance Rethred. Denomination — Coupon. $1,000. Trustee — Philadelphia Trust Co., Philadel- phia. Redeemable on any interest date at 102 and interest. Organization — This company was organized as successor of the Virginia Soapstone Co. Manufactures laundry tubs, sinks, laboratory equipment, operating table tops. The com- pany's products enter Into the construction of switchboards, electrical appliances and spe- cial construction for chemical plants. The company' a products a re marked under the trade name "Alberene." This company owns the entire capital stock of the Alberene Stone Company, which is the selling organization. Secured by a mortgage on all the property of the company. Including 4,000 acres of land containing soapstone deposits, located in Nel- son and Albemarle Counties, "Va.; two mills, two general stores, about 200 dwellings for employees, warehouses and two water-power developments with a generating capacity of 550 horsepower. Further secured by deposit of the entire capital stock of the Alberene Stone Co., which company owns, free of en- cumbrances, property No. 223 Bast 23d street. New York City, used as ^a general office. Exclusive of soapstone deposits the above property is appraised at $1,084,773. It is estimated that the company's mineral deposits will furnish an adequate' stipply of raw material for 25 years. Prior Lien — $358,000 (Closed mortgage) Vir- ginia Soapstone Co. 1st 4s of 1922. Year ended Dec. 31: Gross *Net Bond Int. 1918 $865,689 $185,216 $59,260 1917 929,576 215,228 64,303 ♦Before depreciation. Original Market — $900,000 offered by Brown Bros. & Co. and Henry & West, Philadelphia, at 100.96 and 100.93 and interest for 1917 and 1918 maturities and 100 and interest for other maturities. Market. Philadelphia — West & Co. , Brown Bros. & Co., H. D; Boenning & Co. Trice Runffe 1918— Ask 99. VIRGINIA-CAROMNA CHEMICAL CO. 1st 15-Yei** OS. Due Dec. 1, 1933. — F. Dated November 2, 1908. Interest payable June and Dec. 1, at Central Union Trust Co., New York. , , Tax Status— 2 % Federal Income Tax paid by company without deduction._^ ' Anthoiized-^$15, 000,000: Outstanding — $12,000,000 (Feb.'l, 1919). Retired by Sinking Fund — $3,000,000. Denomination — ^Coupon, $1,000. Registerable as to principal. Registered, $1,000,' $5,000. $10,000. C. & R. Interchangeable. Trustee — Central Union Trust Co., New York. -, . I . , -r , Redeemable as a whole' at IDS and interest on any interest day on 30 days' notice or any part for sinking fund at 102^ and interest on two weeks' notice. Sinking Fund — On the let of December each year the company agrees to deliver to the Trustee $300,000 of these bonds, or deliver an amount of money sufficient to redeem at that time $300,000 bonds at 102% and interest. All bonds acquired to be cancelled. Organization^ — Incorporated in New Jersey in 1895, and owns all the capital stock of the Southern Cotton Oil Co. and the Charleston Mining & Manufacturing Co. Also owns a controlling interest in the Einigkelt (Potash) Co. I and the Chemical Works, Schonebeck, Ltd., both in Germany, which cost the com- pany over $3,000,000 and owns the entire com- mon stock of the Consumers' Chemical Corp. and guarantees 7% dividend on its $500,000 preferred stock. The latter company has erect- ed a fertilizer plant at Carteret, N. J. Secured by a first mortgage on all its prop- erty, plants, machinery, etc., and by pledge of its holdings of stock in other companies at the date of this mortgage and including the entire $10,000,000 capital stock, of the South- ern Cotton Oil Co. and the entire $2,219,200 capital stock of the Charleston (3. C.) Mining & Manufacturing Co. together with a con- trolling interest in the Einigkeit (Potash) Co. and the Chemical Works, Schonebeck, Ltd. No mortgages, debentures, notes, etc., can be issued by any of the above companies, except purchase money bonds of notes for the ac- quisition of additioftal property. The South- ern Cotton Oil Co. owns and operates cotton seed oil refineries at Charlotte, N. C, Augusta, Atlanta and Savannah, Ga., Montgomery, Ala., New Orleans, La. , Little Rock, Ark. , and Memphis, Tenn. Also owns over 82 Crude ' Oil Mills, 94 ginneries, seed houses, etc., and over 350 tank cars, etc. The Charleston Min- ing & Manufacturing Co. owns in fee 68,352 acres • of phosphate lands and mineral rights in over 6,000 additional acres, together with 64 miles of railroad, mines and equipment. There is no outstanding bonded indebtedness nor mortgage indebtedness on any of the prop- erty of the company or its subsidiaries except the bonds of this issue. Underlies — Deb. 6s of 1924. Farnings — See Deb. 6s. Listed on the New York Stock Exchange. Original Market — $12,000,000 offered in Nov., 1908. by Blair & Co., and Hallgarten & Co., New York, at 94^2 and interest. Market. New York — Active on N. Y. Stoclt Exchange. Chicago — First National Bank. Price Range— N. Y. S. E. Jan. 1, '08 to Jan. 1. '19 1918 High. 102 Feb. 3 '11 97% Feb. 8 Low. 89 Feb. 24'15''' 90 Jan. 2 129G VIRGINIA-CABOLINA CHEMICAIi CO. Conv. Debenture 6s. Dae May 16, 19S4. — N. Dated May 16, 1914. Interest payable April 15 and October 15. except that last Install- ment will be payable on May 15. T^x Status — Payment of Federal Income Tax not assumed by cotnpany. Authorized — $10,000'. doo: Outstanding— $4,346,440 (Feb. 1, 1919). Retired by S. F. — $602,060. Converted into Preferred Stoclc — $167,600. Reserved for Corporate Purposes — $5,000,- ODD. Denomination — Coupon, $1,000. Kegisterable as to principal. Registered, $1,00(),, $6,000 and multiples of $5,000. ' ' Trustee — Bauitable Trust Co., New York. Redeemable from October 15, 1916, or for the sinking fund on October 15, 1915, or any interest date to October 1, 1922, at 102 and interest,' and thereafter at par. and .interest, Sinlcing Fund — 2 % % per annum of out- standing bonds, payable in cash, debentures or debenture scrip. Convertible after ten days' notice in writ- ing to the company, on any interest date up to and including October 16, 1922, into pre- ferred stock of the company in the ratio of $110 of bonds for each $100 share of stock. The preferred stock is now receiving. 8% divi- dends. Security — ^A direct obligation of the com- pany but not secured by a mortgage. For a description of the property, etc., 1st 5b of 1923. Prior lAea — 1st 5s of 1923. Year ended May 31 Net Interest, etc. 1918 $10,193,268 $1,808,699 1917 6,900.260 1,248,863 1916 5,667,847 1,160,298 1916 4,979,960 1,266,740 1914 4.073,766 1,623^379 I.isted on the New York Stock Exchange. Original Market — $5,000,000 offered in May, 1914, to the stockholders at par and interest in amounts eaual to 10.42% of their stock. The bonds not taken by stockholders were offered in July, 1914, by Blair & Co. and Hallgarten & Co., both of New York, at pai and interest. Market. New York — Sam'l Goldschmidt, Colgate, Parker & Co., Ambrose R. Clarke & Co., New- borg & Co. Price Range — N. Y. S. E. Jan. 1, '14 to Jan. 1, '19 1918 High.l03>4 Feb. 4 '16 101% Dec. 13 Low. 94H Jan. 29 '18 94% Jan. 29 VIRGINIA IRON, COAL St COKE CO. 1st 5s. Due March 1, 1949 — N. Dated March 1, 1899. Interest payable March and gept. 1, at Bank of Manhattan Co., New York. , Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $10,000,000. Outstanding — $3,693,000 (Jan. 1, 1919). Retired— $6,015,000. Reserved for Prior tiens — $292,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co.. New York. Organization — Incorporated In Virginia in 1899 as a consoldiation of a number of iron industries of Southwestern Virginia. The company was in the hands of receivers from 1901 to Jan. 1, 1903. . Secured by a mortgage on 7 blast furnaces, 985 coke ovens, 32.000 acres of coal land owned in tee, mining rights in 48,000 addi- tional acre^ in Virginia, 65,000, acres of coal lands in Kentucky and 40,000 acres of ore land in Tennessee. Prior I.iert — $292,000 Carter Coal & Iron Co. S. F. 6s due Oct, 1, 1938, Bonds are re- served under this mortgage to retire that issue. . Year ended June 30 , Gross Net tDeductlons 1:1918 $13,083,072 $1,836,593 $1,666,251 •1917 5,314,324 1.337,260 464,071 1917 7,676.856 1,663,944 629,680 1916 4,308,698 490,981 739,081 1915 2,844,165 434,016 678,738 1914 4,262,608 612,110 629,716 ♦Six months ended Dec. 31. tincludes taxes depreciation, interest, etc. tYear ended Dec. 31. listed on the New York Stock Exchange. Market. New York — Seasongood, Haas & Macdonald, Baker, Carruthers & Pell, Martin, Berwin & Co., E, & C. Randolph. Hanson & Doyle, F. H. Hatch & Co., H. I. Nicholas & Co. Philadelphia — Newburger, ■ Henderson & Loeb. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 HiBh.100% Sept. 25 '08 86% Dec. 27 Low. 77% Nov. 6 '07 83 Jan. 23 VIRGINIA MIDLAND RAILWAY CO. 4th Series "D" Ss. Due March 1, 1921. — N. Dated March 1, 1881. Interest payable March and Sept. 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $960,000. Denomination — Coupon, $1,000, $500 and $100. Trustees — Guaranty Trust Co., New York, and Charles Wehrhane. Control — Property acquired by the Southern Ry. Co. in 1898. Secured by first mortgage on 182.78 miles of road, viz. : Charlottesville to Lynchburg, Va 69.90 Alexandria to Gordonsville, Va 85.88 Calverton to Warrenton, Va 8.90 Charlottesville to Orange Court House, Va 28.10 The 9.40 miles of road from Orange to Gordonsville is leased to the C. & O. Ry. Co. Underlies — Va. Mid, Ry. Co. 6th Series 6a of 1926; Gen. 5s of 1936; So. Ry, Cons. 6s of 1994 which provide to retire this issue and Dev. & Gen. 4s of 1956. Legal for Bait, and Cal. , Listed on the New York and Baltimore Stock Exchanges. Market. Philadelphia — Geo. S. Fox & Sons, Graham, Parsons & Co., Harrison & Co., Chas. Fearon & Co. Baltimore — Baker. Watts & Co., Jenkins, "Whedbee & Poe. Townsend Scott & Son, Sut- ton & Co., Strother, Brogden & Co., Alex. Brown & Sons. Hambleton & Co., Poe & Davies, H. R. Taylor & Co, New York — Hornblower & Weeks, Abraham & Co., Wm. C. Ewen. Redmond & Co., Taylor, Smith & Hard. Boston — Hornblower & Weeks. Chicago — Hornblower & Weeks. Price Range — N. Y. S. E. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask High.lOaVz Dec. 12 '06 95% Nov, Low. 102 Apr. 18 '16 93 Sept. 95 Dec. 129T VIEGINIA MIDLAND RAILWAY CO. Sth Series "E" 68. Due March 1, 19a6.— N. Dated March 1, 1881. Interest payable March and Sept. 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,776,000. Ontstandine — {1.774.000, Denomination — Coupon, $1,000, $B00 and $100. , ,,, ]. I Trustees— iCjuar'anty Trust Co., New York, and Charles jWehrhane. Control — See Series D. Secured by direct mortgage on 29B. 67 miles of road. viz. : A first lien bri 112.89 miles — Manassas to Harrisonburg, Va 112.89 A second lien on 182.78, miles — Covered by the 'Virginia Midland "D" 5s 182,78 Prior liens — $960,000 Virginia Midland 4th Series "D" 6s of 1921. Underlies — Va. Mid. Ry, Co. Gen. fes of 1936; South Rs;. Co. ,9pns. 6s of 1994 which provide to retire this ' issue and Dev. & 6en. 43 of 1966. Legal tor Bait, and Cal. Listed on the New York and Baltimore Stock Exchanges. Market. Baltimore — B, Warren Corkran & Co., Stro- ther, Brogdte & Co., Jenkins, "WTiedbee & Poe; Alex. Brbwn & Sons, P. H. Goodwin' & Co., Hambleton & Co., Poe & Davies, H. R. Tay- lor & Co. New York — Sam'l Goldschmidt, Hornblower & "Weeks, Abraham ' & Co., Wm. C. Ewen, Redmond & Co., Taylor. Smith & Hard. Philadelphia — Graham, Parsons & Co., Har- rison & Co., Chaa. Pearon & Co. Boston — Hornblower & Weeks. Chicago — Horhblower & Weeks. Price Range — N. Y. S. E. .Ian. 1. '06 to Jan. 1, '19 1918 High.109 July 20 '09 93 Apr. 17 Lo^v. 93 Apr. 17 '18 93 Apr. 17 . Price Range— N. Y. S. E. Jan, 1, '06 to Jan. 1, '19 1918 High. 108% Mar. 10 '10 93 May Low. 104 Mar. 24 '13 90 June VIRGINIA MIDLAND RAILWAY CO. 6th Series "F" 59. Due March 1, 1931. — N. Dated Marcli 1, 1881. Interest payable March and September 1, at Safe Deposit & Trust Co., Baltimore. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,310,000. Denomination — Coupon, $1,000. Trustees — Guaranty Trust Co., New York; and Charles Wehrhane. Organization and Control — See Gen. 6s. Secured by a first mortgage on 72.40 miles of road, viz. : Miles Lynchburg to Danville, Va 66 j 30 Franklin Jot. to Pittsville, Va 7.10 Underlies — ^Va. Mid. Ry. Gen. 6s of 1936, South. Ry. Co. Cons. 5s of 1994, which pro- vide for the retirement of this issue, and Dev. & Gen. 43 of 1966. Legal for Bait, and Cal. Listed on the New York Stock Exchange. Market. New York — Coffin & Co., Blake Bros. & Co., Abraham & Co., Wm. C. Ewen, Redmond & Co.. Taylor. Smith & Hard. Philadelphia — Geo. S. Fox & Sons, Graham, Parsons & Co.. Frazier & Co.. Chas. Fearon & Co. Baltimore — Strother, Brogden & Co., Jen- kins, Whedbee & Poe, Alex. Brown & Sons, Poe & Davies, H. R. Taylor .St Co. TIRGINIA MIDLAND RAILWAY CO. Gen. 6s. Due May 1, 1936.— N. Dated May 1, 1886. Interest payable May and Nov. 1, at J. P. Morgan & Co., New York. Tax Status — -Payment of Federal Income Tax not assumed by' company. Authorized — Closed mortgage. Outstanding — $4,869,000. Denomination — Coupon, $1,000. Registerable as to principal. . , Trustee — Central Union Trust C^.', New York, , ' ,' ,_ Organization and Control — Incorporated In Virginia in, 1881 and in 189S prpperty was deeded to ^ the Southern Railway' Companj^, , Secured fc'y' direct mortgage on'' 368.47 miles of roadi viz. : A first lien on 0.40 miles — Union St. Branch in Alexandria, Va. .40 A second lien on 186.29 miles — Covered by the following: Virginia Midland 6th Ser. "B" 5s. 11 2. 8 9 Virginia Midland 6th Ser.' "F" 6s. 72.40 A third lien on 182.78 miles — Covered by the Virginia Midland 4th Ser. "D" 53 182.78, Prior Llens^-$4,034, 000 prior liens as fol- lows; Virginia Midland Ser. "D" 5s 1921.. $960,000 Virginia Midland , Ser. "B" 6s 1926. .1,774,000 Virginia Midland Ser. "F" 6s 1931 . .1,310, 000 Underlies — South. Ry. Co. Cons. 5s of 1994. which provides for the retirement of this issue and prior liens, and Dev. & Gen. 4s of 1956. Legal for Bait, and Cal. Listed on the New York and Richmond Stock Exchanges. Market. New York — Gude, Winmill & Co., Wm. A. C. Ewen, Baker, Carruthers &. Pell, Blake Bros. & Co., Vickers & Phelps, E. & C. Ran- dolph, Abraham & Co., Chas. W. Place, Red- mond & Co., Taylor, Smith & Hard. Baltimore — Baker, Watts & Co., Robert Gar- rett & Sons, Townsend Scott & Son, Jenkins. Wihedbee & Poe, Alex. Brown & Sons. Poe & Davies, H. R. Taylor & Co. Philadelphia — Geo. S. Pox & Sons, Chas. Pearon & Co. Boston — Parkinson & Burr. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.114% Jan. 16 '06 98 Dec. 4 Low. 93 Apr. 10 '18 93 Apr. 10 VIRGINIA RAILWAY & POWER CO. 1st & Eef. Bs. Due July 1, 1934.— P. Dated July 1. 1909. Interest payable Jan. and July 1. at New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $16,000,000. Outstanding — $11,797,000 (Jan. 1, 1919). Held in 8. E. — $487,000. In Treasury — $780,000. Reserved for Prior Liens — $68,000. Reserved for Ext, — $1,868,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bauitable Trust Co. of New York. Redeemable at 105 and Interest on any Interest date upon 60 days' notice. Sinking Fund — One-quarter of i% payable semi-annually, of outstanding bonds from Jan., 1914, through Jan. 1, 1918, and one-half of 1288 1% thereafter to be applied to the purchase or redemption of these bonds at not over 105 and interest. Bonds so acquired to be held alive and interest added to sinking: fund. D^reciation or Renewal Fund — Not less than $100,000 annually until June, 1916. Organization — Incorporated in Virginia in 1909 as successor to the Virginia Passenger & Power Co. sold at foreclosure. In July, 1911, acquired the property of the Norfolk & Portsmouth Traction Co. and the lease to that company of the Norfolk Ry. & Light Co. for 99 years from June, 1906. Also ac- quired the entire $100,000 capital stock and $1,000,000 bonds of the Norfolk & Ocean View Ry. Co. owning 19 miles of road and major- ity of capital stock of the City Gas Co. of Norfolk. In 1914 the company acquired the property of the former Richmond & Henrico Ry. Co. at foreclosure sale. The V. Ry. & P. Co. owns or controls through lease prac- tically the' entire street railway, electric light and power business in Richmond, Petersburg and Norfolk, together with Interurban lines. Also gas plant in Norfolk and electric light plant in Suffolk, Va. The railway property comprises 260 miles of track. Secured by a mortgage on plants supplying electric light and power in Richmond and Pe- tersburg, Va., street railway systems in these cities and interurban line connecting them. The property covered Includes hydro-electric plants at Richmond and Petersburg. The rail- way properties covered comprise about 112 miles of track. The Manchester & Peters- burg Ry. franchises are perpetual. Principal railway franchises in Richmond expire in 1926 and 1931. Interurban railway franchise ex- pires in 1981. Water power rights are per- petual. Principal lighting franchises in Rich- mond expire in 1927 and 1-928 and in Man- chester in 1931. Lighting franchise In Peters- burg is perpetual. Street railway franchises in Portsmouth expire in 1926. 1927 and 1932, and in Norfolk In 1944. Klectrlc Lighting in Suffolk expires In 1945. Gas In Norfolk is perpetual. Prior liiens — $17,000 (closed) Richmond Ry. & Elec. 1st 5s of 1920. Funded Debt, — On the property owned there are also outstanding $6,250,000 Norfolk & Portsmouth Traction Co. 1st 5s of 1936 and $487,000 Norfolk & Atlantic Terminal lat 5s of 1929. On property controlled there are outstanding $4,600,000 bonds. Year ended June 30 (consolidated): Gross Net •Deductions 1918.. .$7,457,530 $3,006,729 $1,578,281 1917. . . 6.044.495 2,813,921 1.621,834 1916 5.645,158 2.737.958 1.483.841 1915 5.109.622 2.422,916 1,400.413 1914 5.166,048 2.462.938 1.391,033 •Interest, rentals, sinking funds, amortiza- tion, etc. Listed on the New York, Philadelphia. Rich- mond and Baltimore Stock Exchanges. Original Market — $2,600,000 offered in May, 1911. by Middendorf, "Williams & Co.. Balti- more. Md., N. W. Halsey & Co., New York, and Chandler Bros. & Co., Philadelphia, etc., at 57% and interest. Market. Baltimore — Middendorf, "Williams & Co.. Hambleton & Co.. Sutton & Co.. Nelson, Cook & Co., Howard R. Taylor & Co., Alex. Brown & Sons, Mackubln, Goodrich & Co., Poe & Davles, Strother. Brogden & Co. . Jenkins, Whedbee & Poe. New Haven — (The) "W. T. Fields Co.. Tay- lor & White. New York — Morton Lachenbruch & Co. , Hornblower & Weeks, Kiely & Horton. Miller & Co., B. & C. Randolph. Tobey & Kirk, Earle A. Miller & Co.. The National City Co., Bauer, Starr & Co.. Berdell Bros., J. Nickerson, Jr. PhUadelphia— Chandler & Co., Elkins, Mor- ris & Co., Capelle & Co., Newburger, Hender- son & Loeb. Harper & Turner, Bauer. Starr & Co., S. K. Phillips & Co. Cliicago — Halsey, Stuart & Co,, Hulburd, Warren & Chandler, Hornblower & Weeks. Richmond — Gaskle G. Burch & Co., John L. Williams & Sons, Scott & Stringfellow. Boston — Hornblower & Weeks. Price Range— N. Y. S. E. Jan. 1. '09 to Jan. 1, '10 1918 High.97^ June 18 '12 80^ Jan. 11 Low. 77 May 31 '18 77 May 31 (THE) VIRGINIA-WESTERN POWER CO. Ist 68. Bue July 1, 1933. — F. Dated June 10, 1913. Interest payable Jan. and July 1. in Chicago or New Tork. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $1,500,000. Outstanding — $934,600 (June 1, 1919). Retired by S. F.— $38,800. Balance Unissued. Denomination — Coupon, $100, $600 and $1, 000. Registerable as to principal. Trustee — Chicago ^Savings Bank & Trust Co. and Harold T. Sibley, Chicago. Redeemable at 105 and interest on any In- terest date. Sinking Fund — Annually beginning Jan. 1, 1916. 5% of gross earnings for the past year. Organization — Incorporated In Virginia In 1913, to take over four electric light and power properties. Controls through stock own- ership the Blue Ridge Power Co. owning a hydro-electric plant of 3,000 h. p. at Balcony Falls, Va., and serves Hinton and Avis. W. Va. Secured by a first mortgage on one steam generating plant at Clifton Forge, 2,000 h. p. two hydro-electric plants, 1.000 h. p., at Buena Vista and Lexington and transmission lines and distributing lines supplying electric , light and power to Clifton Forge, Buena Vista, Covington, Lexington. Iron Gate. Va.. Natural Bridge. Buchanan, Glascow, Eagle Rock. Va.. and Roncetvere, Lewisburg Alderson. W. Va.. and adjacent territory. Population served 30.- 000. Franchises expire 1935, 1937. 1940 and 1943. Year ended Dec. 31 : Gross Net Interest 1918 $262,007 $127,829 $52,896 1917 217,298 92,170 60,681 1916 181.391 91,811 48,091 1915 148,468 75,274 34.929 Original Market — $ 325.000 offered July. 1913, by the Chicago Savings Bank & Trust Co. . Chicago, and J . A. Clark & Co. , New York, at 99^/4 and interest. A block offered by same firms June, 1916, at 101 and inter- est. Market. New York — J. A. Clark & Co. Chicago — Chicago Savings Bank & Trust Co.. Harris, Winthrop & Co., Central Trust Co. of Illinois. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Ask High. 98 '17 101 '16 98 July Low. 98 '18 1299 4 Feb. 84% Nov. Low73% '16 76% '16 80% Sept. 81% Sept. WASHINGTON CENTRAI. RAILWAY CO. 1st 4s. Due March 1, 1948. — F. Dated June 1, 1898. Interest payable quar- terly, March, June, Sept. and Dec. 1, at Bank- ers* Trust Co., New Tork. Tax Status — 2% Federal Income Tax paid' by company without deduction. . Authorized — (Closed mortgage). Outstanding — $1,853,000. $1,026,000 held by Northern Pacific Ry, Denomination — Coupon, $1,000 and $600. Registerable as to principal only, or fully registerable. Registered, $100 and multiples. Trustee — Columbia Trust Co., New York. Organization and Control — Incorporated in- Wash, in 1898. Formerly leased to the North- ern Pacific Ry. Co., but absorbed by that com- pany in 1914. 130S Secured by a first mortgage on 129.76 miles ■of road from Cheney to Coulee City, and Adrian, Wash. Underlies — Nor. Pac. Imp. & Ref. 4%s of 2047 which provides for the retirement of this Issue. Legal for Bait. liisted on the New York ,Stock Exchange. Market. New Ifork — "Wood, Struthers & Co., Redmond ■& Co., Baker, Carruthers & Pell, Ambrose R. Clark & Co., Coffin & Co., Remlck, Hodges & Co., Hanson & Doyle, Sam'l Goldschmidt. Wm. C. Bwen, F. J. Lisman & Co.. Taylor, Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 Bid Ask High.93 May 9 '06 68^ Dec. 85 Dec. Low. 81% Deo. 2 '13 59 Sept. 76 May WASHINGTON COUNTY RAILWAY CO. 1st 3%s. I>ue Jan. 1, 1954.— N. Dated Jan. 1, 1904. Interest payable Jan, and July 1, at Portland, Me., and Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $20,000 per mile. Outstanding — $2,213,000. ' Owned by Maine Central — $223,000. In Maine Central Sinking Fund — $64,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole at par and interest on Jan. 1, 1924, or thereafter on 60 days' no- tice. Guaranteed principal and interest by en- dorsement by the Maine Central R. R. Assumed by the Maine Central R. R. at con- solidation. Organization and Control — Incorporated in Maine in 1903 as successor to the Washing- ton County R. R. Co. and in 1911 was merged into the Maine Central R. R. Co. Secured by first mortgage on 138.03 miles of road, equipment and future acquisitions — Calais to Washington Jet., Me 102.49 Ayer's Jet. to Eastport, Me 16.48 St. Croix Jet. to Princton, Me 17.85 Woodland Jet. to Woodland, Me 1.21 Legal for Cal., Conn., Me., Mass., Mich., Minn.. N. H., N. J., N. T., R. I., Vt. and Wis. '' Original Market — First offered by Lee, Hig- ginson & Co, Boston, New York, etc. Market, Boston — Geo. A. Fernald & Co., F. W. Mason & Co., Estabrook & Co. Portland, Me. — Maynard S. Bird & Co.. Fidelity Trust Co. New York — Blodget & Co., Baker, Carruth- ers & Pell. Estabrook & Co., F. J. Lisman & Co., Abraham & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.861^ '10 89 '08 60 Jan. 70 Sept. Low. 60 '17 63 '18 63 Dec. Deneiaination — Coupon, $500. Registerable as to principal. Trustee — American Security & Trust Co., Washington, D. C. Organization — Incorporated under Act of Congress in 1848. Secured by a first mortgage on plants sup- plying gas to Washington, D, C. , and vi- cinity. Year ended Dec. 31: Gross Net Int., etc. 1918 $3,435,747 $534,748 $283,557 1917 2,498,528 682,809 247,017 1916 2,346,117 883,647 217,663 1915 2.515,809 898,412 217,504 Listed on W^ashington Stock Exchange, Market. Philadelphia — Graham, Parsons & Co. , Huntoon & Co. Washinjgton — Thos. L. Hume. Baltimore — Robert Garrett & .Sons, J- S. Wilson, Jr., & Co. New York — Hambleton & Co., J. Nickerson, Jr. Prwidence — Hornblower & Weeks. Boston^G. W. W^alker & Co. Price Range. Jan. 1, *16 to Jan. 1. '19 1918 Bid Ask Bid Ask High.107% '16 1071/4 '16 98V4. Dec. 99% Dec. Low. 94 '18 95^! '18 94 July 95% July WASHINGTON (D. C.) GAS-LIGHT CO. Gen. 5s. Bue Nov. 1, I960.— F. Dated Nov. 1, 1910. Interest payable May and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $5,200,000. Outstanding— $5,200,000 (Dec. 31, 1918). WASHINGTON-IDAHO WATER, LIGHT & POWER CO. 1st S. F. 68. Due May 1. 1941.— F. Dated May 1, 1916. Interest payable May and Nov. 1, at Equitable Trust Co., New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Pennsylvania State Tax refunded. Authorized — $5,000,000. Outstanding — $600, 000. Additional bonds issuable for 85% of cost of improvements when net earnings are twice interest charges on total issue. Denominations — Coupon $500 and $1,000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Redeemable at 105 and interest on any in- terest date. Sinking Fund — Annually, beginning May 1. 1926, 1% of outstanding bonds for their pur- chase or redemption at not over 105 and in- terest. Bonds acquired are cancelled. Organization — Incorporated in Massachusetts April, 1916. Capital Stock Authdrized Outstanding Preferred $2,000,000 $200,000 Common 1,000,000 200,000 Secured by a first mortgage on two hydro- electric plants, furnished with water from Asotin Creek, two steam plants in Clarkson, three sub-stations, high tension lines connect- ing Lewiston, Clarkston, Asotin and Port La- pai. and distributing lines for power and light exclusively serving these cities; distributing system supplying Clarkston. The company also has water pipe lines in adjacent territory to which water is sold at wholesale. Fran- chises in Clarkston and other cities in Wash- ington run for 50 years. In Lewiston, oper- ates under the Public Service Act of Idaho. Underlies — $60,000 6%. notes. Original Market — $600,000 offered Jan. 1, 1917, by Liggett, Hichborn & Co.. New York and Boston, at par and interest. Market. New York — Liggitt, Drexel & Co. Boston — Liggett, Drexel &. Co., F. B. Bas- sett & Co. Philadelphia — S. K. Phillips & Co. 1309 Price Ranee, Jan. 1, '17 to Jan. 1, '19 1918 Bid Aslc Bid Aslt HiEh.95 '17 98 '18 95 Jan. . 98 Jan. Low. 94 '18 94 '17 94 Aug. WASHINGTON, OHIO & WESTERN RAIL- ROAD CO. 1st 4s. Due Feb. 1, 1984,— F. Dated May 28, 1884. Interest payable Feb. and Aug. 1, at J. P. Morgan & Co., New Torlc. Tax Status — 2% Federal Income Tax paid by coinpany witliout deduction. Authorized — Closed mortgage. Outstanding — $1,250,000 (including $225,000, pledged under So. Ry. 1st Cons. Mtge., whicli provides that no more of these bonds can be issued. Denomination^ — Coupon. $1,000 and £200. Registerable as to principal. Trustee — Central Union Trust Co., New York. Guaranteed principal and interest by the Richmond & Danville (foreclosed). Organization and Cohtrol — Incorporated in Virginia in 1882 and leased in 1886 to the Richmond & Danville. Properties of both com- panies have been deeded to the Southern Rail- way Co. Secured by first mortgage on 50.12 miles from Alexandria to Round Hill, Va. Underlies — Southern Ry. 1st Cons. 5s of 1994, which provide for the retirement of this issue and Dev. & den. 4s of 1956. I/egal for Bait. Listed on the New York Stock £lxchange. Market. New York — Spencer Trask & Co., ,Wm. Car- negie Bwen, J. S. Farlee & Co.. Abraham & Co., Baker. Carruthers & Pe'.l, F. J. Lisman & Co.. Redmond & Co., Taylor. Smith & Hard. Pittsburgh — R. B. Hutchinson & Co. Baltimore — Jenkins, Whedbee & Poe. Philadelphia — Lloyd & Palmer. Chas. Fea- ron & Co. Price Ranee — N. Y. S. E. Jan. 1, '06 to .lani. 1, '19 1918 Bid Ask High.96% Jan. 19 '07 86 Dee. 92 Dec. Low. 90 Mar. 11 '12 78% Jan. WASHINGTON RAILWAY & ELECTRIC CO. Cons. 4s. Due Dec. 1, 1951. — F. Dated March 1, 1902. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. , Authorized — $17,600,000. Outstanding — $11,642,360. Reserved for Prior Liens — $6,875,650. Denomination — Coupon, $1,000 and $600. Registerable as to principal. Trustee — United States Mortgage & Trust Co., New York. Redeemable as a whole at 105 and interest on any interest date on three months' notice. Organization — Incorporated under special act of Congress in 1892 as the Washington & Great Falls Electric Ry. Co. Present name adopted in 1902 when it acquired the proper- ties of the Columbia Ry. Co. and the Metro- politan R. R. Co. and the securities of other railway and electric companies. In 1912 ac- auired the properties of the Anacosta & Po- tomac River R. R. Co. and the Brightwood Ry. Co. Also, owns the entire capital stock of the Potomac Electric Co. of Washington and prac- tically the entire capital stock of companies owning 72 miles of street and interurban lines. Secured by mortgage on about 102 miles of street railway track, 53 of which is operated by underground conduits and located in the District of Columbia. The company also con- trols, through stock ownership, an additional. 72 miles, 11 of which is operated by under- ground conduits, and located in the District of Columbia. Of the 174 mile? owned and controlled, about 68 miles are suburban lines. Prior Liens — $1,860,000 Metropolitan E. R. 1st 6s of 1925 and $2,979,000 Anacosta & Potomac R. R. 1st 6s of 1949. Bonds are re- served under this mortgage to retire both Underlies— 6-Year Gen. 6s of 1923. Year ended Dec. 31 Gross Net Int., etc. 1918 $7,035,600 $1,994,703 $1,320,691 1917 6,492,359 1,738,298 1,224,160 1916 6,539,466 2,286,489 1,19^,036 1915 6,191.627 2,204,883 1,187,997 1914 5,048,436 2,218,690 1,177,117 1913 4,943,316 2,283,665 1,126,916 Legal for Bait. IVIarket. Washington — Crane, Parris & Co. New York — F. H. Hatch & Co., Brown Bros. & Co., Taylor & White. Baltimore — Alex. Brown & Sons, Poe & Davies, Colston, Boyce & Co., Mercantile Trust & Deposit Co., Hambleton & Co., Jenkins, Whedbee & Poe. Hartford — Conning & Co. Pliiladelphia — Graham, Parsons & Co., Brown Bros. & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.89% '09 89% '09 73 Dec. 74 Dec. Low. 67% '18 68% '18 67% Apr. 68% May WASHINGTON (D. C.) RAILWAY Si ELEC- TRIC CO. B-Year Gen.. 68. Due Dec. 1, 1923. Dated Dec. 2. 1918. Interest payable June 1 and Dec. 1. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $6,000,000. Outstanding — $1,000,000. Issuable— $160,000. Resjerved for Ext. (issuable for cash cost on or before Jan. 1, 1920) — $500,000. Reserved for E.vt. (76% of cash cost) — $3,- 350.000. Purpose of Issue — The proceeds of the pres- ent issue ($1,000,000) are to be used for the purchase of 50 new double-truck semi-steel prepayment cars, costing $620,000, and to re- imburse the company for capital expenditures. Denomination — Coupon $1,000 and $600. Registerable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Redeemable as a whole or in part at 101 and interest at any time on 8 weeks' notice. Organization' — See Cons. 4s. Secured by a direct mortgage on the entire property of the company.. For detail see Cons. 4s. Prior Liens — $16,471,360. as follows; Metropolitan R. R. 1st 6s 1926 $1,850,000 Anaoostia & Potomac River R. R. 1st 6s. 1949 2,979,000 Washington Ry. & Eleo. Cons. 4s. 1961 11.612.350 No additional bonds can be issued under the above mortgages during the life of this issue. Earnings — See Cons. 4s. Listed — Application will be made to lisi this issue on the Washington Stock Exchange. Original Market — $1,000,000 offered Dec, 1918. by J. S. Wilson. Jr., & Co., Rober' 131() Garrett & Sons, and Mercantile Trust & De- posit Co.. Baltimore, at 96 and Interest. Market. Baltimore — iRobert Garrett & Sons, J. S. Wilson, Jr., & Co. WASHINGTON TERMINAI^ CO. 1st 3^s and 4s. Due Feb. 1, 1945. — P. Dated February 1, 1905; Interest payable Feb, and Aub. 1. at Trustee's office, New York, and at Company office, "Washington. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $12,000,000. Outstanding— $10,000,000, 3^s; $2,000,000 4s. Denomination — Coupon, $1,000. Registerable as to principal or fully reelsterable. Regis- tered, $1,000 and multiples. Trustee — United States Trust Co., New York. Guaranteed Jointly and severally as to prin- cipal and interest by endorsement by the Bal- timore & Ohio R. R. Co. and the Philadelphia. Baltimore & "Washington R. R. Co. Organization — Incorporated under Act of Congress in 1901. Control — The entire $4,250,000 outstanding capital stock is owned equally by the Balti- more & Ohio R. R. Co. and the Philadelphia, Baltimore & "Washington R. R. Co. and the property leased to these two companies and the Southern Ry. Co., the Chesapeake & Ohio Ry. Co. and the Washington Southern Ry, Co, Rental at least 1-3 of 1% of the cost of the entire property, together with maintenance, taxes, etc. Secured by a first mortgage on the entire property of the company including the larcn union passenger statloVi in Washington, D. C, and about 55 miles of terminal track. This Is the only passenger ralljvay station In Wash- ington. liCgal for Bait., Conn.. N. J, and R. I. Listed on the New York Stock Exchange. Original Market — $10,000,000 3%s offered In May, 1905, at 97% and Interest by Brown Bros. & Co., Harvey Fisk & Sons, New York, and Alexander Brown & Sons, Baltimore, and $2,000,000 4s offered in July, 1909, at 102% and interest by Brown Bros. & Co. and Harvey Fisk & Sons, New York. Market. New York — Harvey Fisk & ^ons. Brown Bros. & Co., Coffin & Co.. Harris, Forbes & Co.. Lee, Higginson & Co.. Tobey & Kirk. Redmond & Co., Baker, Carruthers & Pell. Seasongood, Haas & Macdonald, Shuman & Seligmann. Peck & Co., Saml. Goldschmldt, Morton Lachenbruch & Co., Kiely & Horton. E. & C. Randolph. J. S. Farlee & Co., P. J. Lisman & Co., Wood. Struthers & Co., "Wm. C. Ewen. J. Davenport. Philadelphia — Brown Bros. & Co., Graham. Parsons & Co., Elkins, Morris & Co., West & Co., Barclay, Moore & Co., B. B. Smith & Co., Chas. Fearon & Co., Reed A. Morgan & Co., "Wheeler, Elliot & Mann, Biddle & Henry, H. D.- Boenning & Co.. S. K, PhiUips & Co. Boston — Harris, Forbes & Co. Baltimore — Alex. Brown & Sons, J. S. "Wil- son, Jr., & Co, Chicago — Harrii^ Trust & Savings Bank. Pittsburgh — R. B. Hutchinson & Co. Price Range— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High. 93% Feb. 17 '09 Low. 75% July 25 '17 4s. High.lOO Oct. 23 '12 82 Aug. 26 Low. 82 Aug. 26 '18 82 Aug. 26 WASHINGTON WATER POWER CO. (SPO- KANE. WASH.) 1st. Ref. S. F. 58. Due July 1, 1939.— F, Dated July 1, 1909. Interest payable Jan, and July 1, at Trustee's office.. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstanding— $6,006,000 (Mar. 24, 1919). Retired by Sinking Fund — $1,055,000. Pledged to Secure 6% Notes — $3,500,000. In Treasury — $400,000. Reserved for Ext. — $3,800,000, Reserved for Prior Liens — $239,000. Denomination — Coupon, $1, 000. Registerable as to principal. Registered, $1,000. C. & R. Interchangeable. Trustee — Farmers' Loan & Trust Co., New York. Bredeemable as a whole at 110 and Interest any Interest date on six months' notice. Siiddng Fund — 2% per annum of bonds out- standing, payable auarterly, from Sept. 1, 1909. for the purchase of bonds at not over 110 and Interest. Bonds cannot be drawn and are cancelled as acquired. Organization — Incorporated in "Washington In 1889, and has acquired the property, rights, privileges and franchises of the Edison Elec- tric Illuminating Co. of Spokane, Spokane Street Railways Co., Spokane Falls Cable Railway Co., Spokane Electric Railway Co., City Park Transit Co. of Spokane. Falls City Land & Improvement Co. of Spokane, The Nat- atorium Co. of Spokane, Ross Park Street Ry. Co. and in 1913 and 1914 acquired the properties of the Idaho- Washington Lt. & Pr. Co., the Big Bend Lt. & Pr. Co. and in 1915 acquired the Spokane County Electric Co., owning distributing systems and franchises In a number of small towns in Idaho and Wash- ington, Secured by a mortgage on 111 miles of elec- tric railway track including 87 miles of street railway track in Spokane and 24 miles of in- terurban extensions from that city; on hydro.- electric plants at Spokane, Wash., Post Falls, Idaho, and Little Falls, Wash., with a com- bined present capacity of 91, 000 h. p., and hydro-electric plant at Long Lake, Wash., of 37,500 h. p. (ultimate capacity 75,000 h. p.), completed in 1915, and on transmission lines and distribution systems supplying light and power to Spokane and a number of smaller towns in Washington and Idaho within a ra- dius of 90 miles of that city. Franchises for electric light and power expire In 1941 and street railway average 20 years from 1911. Prior Liens— $239,000 Coll. Tr. 5s of 1929, which this mortgage provides to retire. Year ended Dec. 31 Gross Net Interest 1918 $2,927,379 $1,454,902 $512,709 1917 2,856.213 1.405,321 433,754 1916,... 2,685,024 1.356,355 428,253 1915 2,750,485 1,510,980 440,872 1914 2,976.426 1.613,828 254,093 Listed on the New York Stock Exchange. Original Market — $4,000,000 offered In April. 1909, by Lee, Higginson & Co. and Moffat &^ White (now White, Weld & Co.), New York, Boston, etc., at lOiS and interest. Market. New York — White, Weld & Co.. Lee, Hig- ginson & Co., Low, Dixon & Co., C. C. Per- pall & Co.. F. H. Hatch & Co., M. J. Hoey & Co.. Berdeir Bros., B. Bunge & Co., Morton, Lachenbruch & Co., J. Nlckerson, Jr., Spencei Trask & Co., Taylor & White. Boston — Lee, Higgirson & Co., White, Weld & Co. , Old Co'ony Trust Co. , L. Sherman- Adams. H. C. Spiller & Co. 1311 llaltimore — Colston, Boyce & Co. Philadelphia — S. K. Phillips & Co., H. D. Boenning & Co. ChicaBO^Spencer Trask & Co.. J. P. Hobbs & Co., A. L. .Baker & Co., Francis Jewett Jotinson, Babcock, Kushton & Co. St. Iiouls — John Nlokerson, Jr. Price Range— N. Y. S. E. Jan. 1, '09 to Jan,. 1, '19 1918 High.104 May 28 '12 92% Deo. 11 Low.90% AUB. 6 '18 90% Aug. 6 -Y^ar ended WASHINGTON WATER POWER CO. l-¥ear 6% Coll. Tr. Notes. Due Febmary », 1»!S0. Dated Feb. 3, 1919. Interest' payable quar- terly. May 2, Aug. 2, Nov. 2 and Feb. 2 In New York. Tax Status — Information not avai.able, Authorized — $3,600,000. Outstanding— $2,892,000 (Mar. 24, 1919). ■ Purpose of Issue— To refund 6 % Ntttes 'dut Feb. 2, 1919, and for additions to the generat- ing system. Denomination — Coupon $1,000 and 15,000. Trustee — Central Union Trust Co.. New York. Organization — See 1st Ref. 5s. Secured by pledge of 1st Ref. 5s, of 1939. in the amount of $1,200 par value of bonds for each $1,000 par value of notes issued. Earnings — See 1st Ref. 6s. Original Market^$2,900,000 offered Janu- ary, 1919, by "White, Weld & Co., New York, etc., at 9914% and interest. WATERLOO (lA.) CEDAR FALLS & NORTH- ERN RAILWA'r CO. 1st S. r. "58. Due Jan. 1, 1940.— F. Dated January 1, 1910. Interest payable Jan. and July 1, at Trustee's ofBce. Default — July 1, 1918, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized— $ 6 , 0, 0.. Outstanding— $5,775,00,0 (Sept. 15, 1918). Retired by S. F. — None. Reserved for Ext.— $1,225,000. Denomination,— Coupon, $1,000., Eegisterable as to principal. ' ^ Trustees — First Trust & Savmgs Bank, Chi- cago, and Louis Boisot. Redeemable at 105 and interest, January 1 1916, or any interest date thereafter upon 60 days' notice. ^ ^ ^ » Sinking Fund — 2% annually of bonds out- standing, in cash or bonds at' par, commencing not later than December 31, 1912, lor the pur- chase or redemption of bonds or lor improve- ments, etc. . ^ , T • lOOC Organization — Incorporated in Iowa m 189 6 a a the "Waterloo & Cedar Palls Rapid Transit Co. and present name adopted in 1904. jjote — This road is under Federal control. Secured by a first mortgage on 136.56 miles of main line track and 18.93 miles of sidings and comprising the street railway systems in "Waterloo and Cedar Falls, Iowa, and interur- ban line between these two cities, eittension from "Waterloo to Cedar Rapids, la., together with other branches, and , also including a terminal and belt line in "Waterloo and oper- ates in connection with the Illinois Cen. R. R., Chicago, Great "West. Ry., Chicago, Milwaukee & St Paul Ry. , Chicago & Northwest. Ry. and Chicago, Rock Island & Pacific Ry. Co. The road is operated by both steam and electrical eauipment. Population served, over 100,000. Franchise in "Waterloo runs for 25 years from Dec, 13, 1917. Interburban lines are largely on private right-of-way. Underlies — $410,000 2d Mtge. bonds. 1917 1916 1915 Original Market- ,1910, by McCoy Dec. 31 Gross $828,524 819,478 736,387 Net Interest $283,723 $288,650 392,908 271,318 387,080 .218,658 $1,300,000 ottered in April, Co.. Chicago, at 97 and interest. Also offered in 1911. by the same firm and Deyitt. Tremble & Co., Chicago, at 96 and interest. Ottered in February, 1915, by the same firms at 92% and Interest. Market. New York — F. J. Lisman & Co., Cotfin & Co., Kiely & Horton. F. H. Hatch & Co., Hotchkin& Co., Bauer, Starr & Co., Berdell Bros.. J. S. Farlee & Co., Ernest Smith. Chicago — Babcook, Rushton & Co. St. Louis — ^^Franois Bros. & Co. Boston — F. W. Mason & Co., Hotchkin & Co., J. S. Drier & Co. Philadelphia — Wm. M. Canby, •. Barclay, Moore & Co., Chas. Fearon & Co., Edward y Kane & Co.j Fincke, Bangert & Co., Bauer. Starr & Co., H. D. Boenning & Co., Huntoon & Co., S. K. Phillips & Co. Pittsburgh — Gordon & Co., G. M. Barr & Co, Detroit — Devitt, Tremble & Co. Price Range. Jam. 1, '10 to Jam. 1. '19 1918 i Bid Ask Bid Ask High. 97 '10 98 '10 66 Jan. 70 Jan. Low. 40 '18 60 '18 40 May 60 May WATBRTOWN (N. Y.) LIGHT & POWER CO. 1st SB.. Due Jan. 1, 1959. — F. Dated January 1, 1909. Interest payable Jan. and July 1. at Trustee's oflice. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in New York State. Authorized — Closed mortgage. Outstanding — $1,664,500. Retired by S. F. — None (June 19. 1919). Denomination — Coupon, $600 and $1,000. Registerable as to principal. Trustee — Empire Trust Co., New York. Redeemable at 105 and interest lor sinking fund only. Sinking Fund — Annually one-half of 1% or outstanding bonds, from Jan. 1, 1919, to 1924, inclusive, and 1% annually thereafter, to be applied to the purchase of redemption of these bonds at not over 105 and interest. Organizatioii — Incorporated in New York in 1908 as a consolidation of the gas and elec- tric light and power properties in Watertown and the H. Remington & Son's Pulp & Paper Co. Absorbed in 1914 by the. Northern New York Utilities, Inc. Secured by a first mortgage on plants sup- plying gas and electric light and power in "Watertown, N. Y. , on pulp and paper mill and hydro-electric plant of 3,600 h. p. at Black River, together with 6 miles of transmission line to "Watertown, 7 miles of transmission line extending to Dexter and 26 miles to Nat- ural Bridge. Population, "Watertown, 27,000. Transmission lines are on private rlghts-olr way. Franchises in "Watertown are perpetual. Underlies — Nothern New York Utilities 1st & Ref. 5s of 1963, which provides for the re- tirement of this issue. i Year ended Dec. 31 (Northern N. Y. U.); Gross Net Interest 1918.. . . $989,853 $456,945 $178,164 1917. . . 718,659 303,177 148,830 1916. . . 657,220 333,034 137,308 1916. . . 606,087 243,618 138,969 Original Market — $1,167,000 offered in July, 19 09, by Potter, Choate & Prentice and Spen- cer Trask & Co., New York, at 99 and inter- est. 1313 Market. New York— Spencer Trask & Co.. Earle A. Miller & Co., E. & C. Randolph, J. A. Clark & Co., R. C. Mayer & C, Berdell Bros., F. H. Hatch & Co., Taylor & "White. Bositon — E. H. Rollins & Sons. Utica — ^A. Jamea Eckert. Price Range. Jan, 1, *15 to Jan. 1, '19 1918 Bid Ask Bid High.lOO '16 lOlH '17 86 Feb. Low. 83 '18 96 '17 83 June WAUKESHA (WIS.) GAS & ELECTRIC CO. 1st OS. Dae Jan. 1, 1959. — F. Dated Jan. 1. 1909. Interest payable Jan. and July 1, at Girard Trust Co., Philadelphia. , Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $600, 000. Outstanding — $485,0 00. Reserved for Ext. — $115,000. Denomination — Coupon, $1,000. Trustee — Girard Trust Co.. Philadelphia. Guaranteed principal and interest by Amer- ican Gas Co. Controlled by the American Gas Co. through ownership of entire capital stock. Secured by a first mortgage on electric plant and gas plant supplying Waukesha, Wis. Pop- ulation served, 9,000, Operates under an in- determinate franchise granted by Public Serv- ice Commission of Wisconsin. Market. Philadelphia — Bioren & Co., Ni?wberger, Henderson & Loeb. H. D. Boenning & Co. New York— E. & C. Randolph, F. H. Hatch & Co. Price Range. Jan. 1, '16 to Jan. 1. '19 Bid Ask Hi&h.92 '16 95 '16 Low. 75 '18 1918 Ask 75 Sept. WAYAGAMACK PULP & PAPER CO. 1st S. F. 6s. Due Feb. 1, 1941. — N. Dated Feb. 1, 1911. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — S 5.000.000. Outstanding— $3,395,000 (Jan. 1, 1919). Retired by S. F. — 2105,000. Reserved for Corporate Purposes — $1,500,- 000. Denomination — Coupon, $100. $500, and $1,000. Registerable as to principal. Trustee — Quebec Savings & Trust Co., Mon- treal. Redeemable as a whole at 105 and interest on and after Feb, 1, 1916, or in part for sinking fund after Feb. 1, 1917. Sinking Fund — Annually, beginning Feb. 1, 1917, 1 % of outstanding bonds plus interest on bonds redeemed. Fund is to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. Organization^ — Incorporated in Canada to take over the business of Alexander Baptist, Three Rivers, Que. "■ Secured by a first mortgage on 1,120 square miles of pine and spruce timber land hnld un- der Government license and estimated to con- tain 497,000,000 feet of white pine, 706.000,- 000 feet of spruce and about 5,000,000 cords of pulp wood located in the St, Maurice River Valley; also on pulp and paper mills and other real estate on Baptist Island, which is owned in fee. Year ended Nov. 30: Bond Net Dep'ri Interesi 1918 $1,057,742 $160,000 $208,000 1917 966.349 160,000 210,000 Market. Montreal — Dominion Securities Corp. , Ltd. , Greenshields & Co., McCuaig Bros. & Co., Royal Securities Corp.." Nesbitt. Thomson & Co., Hew R. Wood Co. New York — W, S. Macomber. Toronto — oxford Securities Corp., Ltd. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.75 '17 83 '17 75 Feb 83 Feb. Low. 73% '16 75 '16 82 Feb. WAYNE COAIi CO. 1st S. F. 6s. Due March. 1, 1937. —F. Dated March 1, 1917. Interest payable March 1 and Sept. 1 at office of Trustee. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax refunded in Pennsylvania. Authorized — $7. 000, 000. Outstanding— $3,399,300 (Feb. 28, 1919). Retired by S. F. — $268,700. Reserved for Extensions — $3,332,000. Denominations — Coupon $100 and $1,000. Registerable as to principal. Trustee — The Colonial Trust Co., Pittsburgh, Pa. Redeemable at 105 and interest on any interest date on 30 days' notice. Sinking Fund — Beginning March 1. 1917, 10 cents per ton of run-of-mine coal mined, 2,000 pounds to the ton, for the purchase or redemption of these bonds at not over 105 and interest. Organization — Incorporated in Delaware in January, 1917. Capital Stock . . . , Authorized Outstanding Par $5.00 $14,000,000 $1,000,000 Secured by a first mortgage on all property now owned or hereafter acquired. As of March, 1917, the company had 30,000 acres under option of which 9,000 acres were to be ac- quired in fee simple. Property is located in Harrison, Jefferson and other counties in Ohio. The property is underlaid with the Pittsburgh No, 8 coal seam, the Freeport Vein and other coal. The company is engaged in mining coal by the open cut or stripping method. Original Market — Offered March, 1917, by the Duquesne Bond Corporation, Pittsburgh, New York and Buffalo, at 97^ and interest with a 50% stock bonus. Market. New York — Baker, Carruthers & Pell , T. Hall Keyes & Co., Morton Lachenbruch & Co.. A. J. Leonard, J. Nickerson, Jr. . Wm. C. Orton. Pittsburgh — Wm. P. Lemley & Co., Lyon. Singer & Co. Philadlelphia^ — Barclay, Moore & Co., H. D. Boenning & Co., Huntoon & Co., Townsend & Whelen & Co., Paul & Co., S. K. Phillips & Co. Price Range — 1918. Bid Ask High. 82 Oct. 87 Oct. Low. 77 Dec. 80 Nov. (THE) WEATHERFORD, MINERAJL WELLS & NORTHWESTERN RAILWAY CO. 1st 5s. Due Aug, 1. 1930.— P. Dated November 1, 1902. Interest pay- able Feb. and Aug. 1. at Bankers' Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. 1313 Authorized — $1,354,000. 'Outstanding — $66 0,000. 'Held' in Treasury— $120,000. ' Re'served for Ext. — $574,000. Denomination^— Coupon, $1,000. Reglsterable as to principal only, or fully registerable. Re^istere'd 11,000. C. & R. interchangeable. ■ Ti-ustee-^-N^w York Trust Go.,' New York. ■ 'Guaranteed princit)al and interest -by en- dorsement of the Texas & Pacific Ry. Co. Controlled by the Texas & Pacific Ry. Co. through ownership of over 94% of thfe $100,- 000 capital stock.' ' Secured by a first mortgage, on 41.20 miles of road from Weatherford, via Mineral "Wells, to Grafbrd, Texas. > ' - Xtsted on the New York' 3tock Exchange. Market. ,>New York-^J. F. Lisman ^ & Co., Baker,, Carruthers & Fell, Shuman & Seligman. Price Range. Jan. 1, '15 to Jam 1. '19 1918 Ask Ask High.lOO '15 ■'■ 80 Jan. Low. 60 '17 WEBlf CITY NORTHERN ELECTRIC RAIL- ROAD 1st, 5s. Due Sept. t, 1923.— F. Dated Sept/ 1, 1905^. Interest payable March and 'Sept.' 1, at Safe Deposit & Trust Co., of Pittsburgh, Pittsburgh, Pa. ' Tax Status — 2 % ■ Federal Income Tax paiid by company without deduction. Authorized— $200, 000. .Outstanding — $200,000. Denomination — Coupon, $1, 000. Trustee — Safe Deposit & Trust Co., of Pitts- burgh. Organization — Incorporated In Missouri in 1905 under the general rail road law, Ccmtrol — Absorbed by The Southwest Mis- souri R. R. Co. Secured by a First Mortgage on 10 miles of electric railway between Webb City, Mo., and Oronogo, Purcell and Alba, Mo, TTnderlies — Southwest Missouri R. R. Gen. & Ref . 5s of 1931, which provides for the retirement of this issue. Earnings — See Southwest Missouri R. R. Gen. & Ref. 6s. WEBSTER COAL & COKE CO. Ist Cons. 5s. Due March 1, 1942. — F. Dated March 1, 1902. Interest payable March 1 and Sept. 1, at Trustee's office. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $3,000,000. Outstanding — $2,618,000 (Jan. 1, 1919). Retired by Sinking Fundi — $382,000. Denomination — Coupon, $1,000. Trustee — Guaranty Trust Co., New York. Sinkinig Fund — Began March 1, 1907, 2 % cents per ton of coal mined for the purchase of these bonds at not exceeding 110 and in- terest. If not so purchasable, to be drawn by lot In amounts of $60,000. Assumed by the Clearfield Bituminous Coal Corp. Control — The property of this company \vas acquired in 1911 by the Clearfield Bitumin- ous Coal Corp, which ia controlled through entire stock, owtiei-shiTp by the New York Central R. R. Co. The developed properties of the company are leased to the Pennsylvania Coal & Coke Corp. for all the coal in the property at a minimum annual rental of $225,000 as modified April, 1913. Secured by a mortgage on 56,000 acres of bituminous coal lands in Cambria, Blair and Indiana Counties, Pa., together with mines, equipment, etc. Market. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co., Reilly, Brock & Co., Bat- tles & Co., BarcLay, Moore & Co., Biddle & Henry. Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. , New York — F. J. Lisman & Co.. H. I. Nicholas & Co., Earle A. Miller & Co., Baker. Carruthers & Pell, Tobey & Kirk, Bull & Eldredge, Callaway, Fish & Co., F, H. Hatch & Co., Morton Lachenbruch & Co., J. Nick- erson, Jr. Scraniton — C. B. Robertson. - Pittsburgh — Wm. P. Lemley & Co. Price Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97 '16 99 '16 92 Jan, 95 Jan. Low. 75 '11 78% '10 85 Nov. 93 Oct. WELLSTON IRON FURNACE COMPANY 5- Year 7% Notes. Due March 1, 1924. Dated March 1, 1919. Interest payable March and Sept. 1 , at Trustee' s offlce, Cin- cinnati. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $400,000. Outstanding — $400, 000. Denominations — Coupon $500 and $l,000i registerable as to principal. Trustee — Central Trust Company, Cincin- nati, Ohio. Redeemable as a whole or in part on any interest date upon 30 days' notice after March 1, 1920, at 102 and interest. Sinking Fund — Fifty cents per ton of pig iron and ten cents, per -barrel of cement manu- factured, to provide for interest and for pur- chase or redemption of these notes. Guaranteed principal and interest by en- dorsement by Morris L. and Samuel B. ,Steph- enson of Jackson, Ohio, whose net worth is estimated at $1,000,000. Organization — Manufactures pig- iron and Portland cement. Head office, Jackson, Ohio. Furnace property at Wellston, Ohio, includes two modern pig iron furnaces with capacity of 120,000 tons per year. Cement property at Superior, Ohio, comprises 750 acres with modern cement plant of capacity of 2,000 bar- rels per day. Security — A direct obligation of the com- pany, but not secured by mortgage. Company covenants that so long as any of these notes are outstanding no mortgage can be made upon any of its property or assets and that it will not incur any indebtedness having a longer maturity than nine months. Company agrees to maintain at all times net current assets equal to at least 100% of these notes out- standing. J Original Market — Offered March. 1919, ■ by Field, Richards & Company, Cincinnati, at 99% and interest. Due WTELSBACH COMPANY Coll. Tr. 5s. June 1, 1930. — N. Dated June 1, 1900. Interest payable June and Dec, 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax free in New Jersey. Authorized — $7, 000. 000. Outstanding — $2,372,000 (Mar. 20. 1919) Held in Sinking Fund— $4,613,000. In Treasury— $16,000. Denomination — Coupon. $100, $600 and $1 - 000. Registerable, as to principal. 1314 Trustee — Provident Life & Trust Co.. Phila- delphia. Sinking Fund — ? 105,360 annually from March 1, 1901, for the purchase of bonds not to exceed par and interest. Organization — Incorporated in New Jersey in 1900 to acquire the capital stocks of the "Wels- bach Light Co. and the Welsbach Commercial Co. The United Gas Improv. Co. is interested in this company. Secured by a first mortgage on all property, rights, leases, etc., directly owned by the com- pany and further secured by deposit of stock of the Welsbach Light Co. and the "Welsbach Commercial Co. The company's plants are located at Gloucester City, N. J. Year ended Dee. 31 Net Int. & S. F. 1918 $741,734 J452,622 1917 1,112,068 450,110 1916 829,469 445,663 1915 717.688 445.360 liisted on the Philadelphia Stock Exchange. Market. Philadelphia — Reed A, Morgan & Co.. Chas. Fearon & Co., Biddle & Henry. West & Co., Barclay, Moore & Co., Thos. A. Biddle & Co., H. D, Boenning & Co., S. K. Phillips & Co. New ¥it3,l Btock. ■ Secured- by a first "mortgraire on 28,000 acres of coal lands in Crittenden, Webster and Un- ion Counties, Kentucky, and eigrht operating mines with a capacity of from 500,000 to ]. 000, 000 tons per annum. It is estimated that the land contains 386,000,000 tons of merchantable coal. The company owns and operates coal yards at Memphis, Tenn., and Paducah, Ky. ; also owns a fleet of barges and steamers for river transportation. Year ended Dec. 31 Gross Net Interest 1918 $3,856,832 $511,753 $110,568 1917 2,451,478 330,749 110.064 1916 1,952,076 240,500 113,932 1915 1,954.198 218,356 117,968 Original Market — OfCei-ed In Oct.. 1905, at 95 and interest, by Spencer Trask & Co. and F. S. 3mithers & Co., New Tork, and Francis Bros. & Co., St. Louis. Market. New York — Baker, Carruther? & Pell, E. & C. Randolph. Spencer Trask & Co., Blodget & Co., F. H. Hatch & Co., H. I. Nicholas & Co.. "W. . C. , Rauscher, Taylor & White. Philadelphia—^. K. Phillips & Co.. H. D^ Boenning & Co., Chas. Fearon & Co, Boston — Chas. A. Day & Co. . Blodget & Co. Price Range. Jan. X, '11 to Jan. 1, '19 1918 Bid Ask Ask High.80 '11 84 '16 78 Nov. Low. 70 '17 79 '15 75 Dec. WEST PENN POWER CO. 1st 5s and 6s. Due Series "A" 5s, March 1, 1946, and Series "C" 6s, June 1, 1958. Dated March 1, 1916. Interest payable March 1 and Sept, 1, Trustee's office. New Tork or Continental & Commercial Trust & Savings Bank. Chicago. Tax Status — 2% Federal Income Tax paid by compa.ny without deduction. > Tax exempt in Pennsylvania. Authorized — Additional bonds issuable at par to the extent, of 75% 'of the actual cost of permanent improvements and provided net earnings are' not less than twice interest charges on- total issue. Outstanding — $8,500,000 A 5s: $5,223,000 C 6s. Total $13,723,000 (Jan. 1. 1919). Cancelled — $2,223,000 "B" 6s. Denomination — Coupon , $1,000, Registerable as to principal or exchangeable for fully reg- istered bonds. Registered $1,000. C. & R. imte rcha ngeabl e . Trustee — BQuitable Trust Co., New Tork. Redeemable on four weeks' notice as fol- lows : Series ' 'A' ' at 105 and interest on March 1, 1921. or on any interest date there- after: Series "C" at 106 and interest on June 1, 1923, or on any first day of March, June. Septeniber or December thereafter. Maintenance Fun*l— Annually 1%% of bonds outstanding from Dec. 31, 1916, to 1920 inc.; 2% 1921 to 1925 inc.. and 2%% thereafter. Depreciation Reserve Fund — Annually, be- ginning in 1916, 2% of outstanding bonds. "The sums credited to this fund are to be ex- pended for permanent improvements and ad- ditions. Organization! — Incorporated in Pennsylvania, March 1, 1916. to acquire and consolidate the electric light and powers properties formerly belonging to the West Penn Traction Co. Controlled through ownership of $6,000,000 of the $10,000,000 common stock-of the "West Penn Rys. Co. Secured by a first mortgage on all the prop- erty of the company, comprising six electric generating stations with combined capacity of 3,4,561 k. w., 74 substations, having a transformer capacity of 97,725 k. w. and 439- pole miles of light tension transniisslon lines, exclusive of distributjon lines, and serving 81 cities and towns surrounding Pittsburgh, -with,, a total population of over 400,000. Addition-, ally secured by deposit of entire capital stock, bonds and notes of the But'.er Light, Heat & Motor Co.,. and $565,000 First Mortgage Bonds of the Pittsburgh Beaver Light Qo. The. com- pany covenants, in this rnortgage,. to construct or. -acquire not later than January 1, 1921, .a new power plant or plants having an aggregate generating capacity, of not . less than 40,000 k. -w., and such plant or plants shall be sub- ject to the first lien of this mortgage. The- company ^leases the power plant of the West Penn Railways Co. at Connellsville, Pa^i with? a capacity of about 56,875 k. w. Franchises — Unlimited except as to a- feW from whicli company derives less than 5 % of its- gross earnings. Year ended Dec. 31 (consolidated) Gross Net Int. & Rent. 1918. .-. .$0,357,488 $2,137,837 $992,042 ■ 1917 -3.871,555 1. 446,558 666,355 Listed on the New Tork Stock Exchange, Original Market — Offered March, 1916, by A. B. Leach & Co., N. W. Halsey & Co. and Continental & Commercial Trust & Savings Bank, at 95% and interest. -'$2,223,000 "C" 6s offered July, 1918, by Halsey. Stuart & Co.. Continental & Commer- cial Trust & Savings Bank and A, B. Leach & Co. at 98 and interest; $3,000,000 "C" '6s offered December, 1918, by same firms at 99 and interest. Market. Philadelphia-^H. D. Boenning & Co.. Wurts, rmiles ' & Co., Martin & Co.. Newburger. Henderson & Loeb. Barclay. Moore & Co., Reed A. Morgan & Co.,' Capelle & Co., El- kins, Morris & Co., Harper & Turner, E. B. Smith & Co., Biddle & Henry. Ervin & Co., Huntoon & Co., Ed V. Kane & Co., F. Peirce & Co., S. K. Phillips & Co., Warren A. Reed. New York — Babcock, Rushton & Co., J, A. Clark & Co., Morton Lachenbruch & Co., Hal- sey. Stuart & Co., Moore, Leonard & Lynch.^ Barle A. Miller & Co., A. B. Leach & Co.t Dunham & Co.. Hanson & T)oy\e, Low, Dixon & Co., The National City Co., Kiely & Hor- ton, Bauer, Starr & Co., Berdell Bros.. Wm. M. Clarke. Phelps & Neeser, J. Nickerson. Jr. Chicago — Babcock. Rushton & Co., Conti- nental & Commercial Trust & Savings Bank. A. B. Leach & Co.. Halsey. Stuart & Co. Pittsburgh — Moore. Leonard & Lynch, Ward- Darley-LupQld Co. , Wm- P- Lemley & Co. , Spddard* Hunter & Co., Glover & MacGregor," Lyon, "Singer & Co, Boston — A. B. Leach & Co., F. B. BaSsett & Co. Grand Rapids — Howe, Snow, t^orrigan ' & Bertles. Price Range. Jan. 1, '17 to Jan. 1. '19 1918 , ■ Bid Ask Bid Ask High.98'17 100 '17 91 Nov. 95, Nov. Low. 81 '18 H2% '18 81 Sept. 82'% Sept. WEST PENN POWER CO. 2-Year 7% Col- lateral Notes. Due Feb:- 1, 1920. — F, Dated Feb. 1, 1918. Interest payable Aug. 1 and Feb. 1 In New Tork or Chicago. , Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylavania. 1319 Authorized — $1,500,000. Outstanding — $1,600,000. Purpose of Issue — To provide funds for im- provements and extensions to the properties of tliis company and tlie West Penn Rail- ways Co. A substantial part of tlie proceeds will be expended upon the Connellsvllle generat- ine station of the West Penn Rys. Co., which is leased by this company. Denominations — Coupon $600 and $1,000. Registerable as to principal. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable on 30 days' notice at any time on or before Aug. 1, 1919, at 100% and in- terest, and at 100 and interest thereafter. Control — The entire $10,000,000 common stock of this company is owned by the West Penn Power Go. Security — ^A direct obligation of the com- pany and secured by pledge of $2,250,000 par value West Penn Railways Co. First and Re- funding Mortgage 5% Bonds, the bonds thus being pledged in the ratio of $160 par value of bonds for each $100 par value of notes is- sued. Prior liiens — West Penn Power Co. 1st 5s of 1946. The West Penn Rys. Co. 1st & Ref. 5s are subject to prior liens amounting to $14,469,500. Orielnal Market — $1,600,000 offered in Feb., 1918, by Halsey, Stuart & Co., A. B. Leach & Co., Inc., and Continental & Commercial Trust & Savings Bank, Chicago, and Mark C. Steinberg & Co., St. Louis, at 98.66 and in- terest. Market. New York — Berdell Bros^, Earle A. Miller & Co., Bull & Eidredge. Boston — Pearson, Brhard & Co., Arthur Perry & Co. Chicago — Continental & Commercial Trust & Savings Bank, Insurance Trust Co., Bab- cock, Rushton & Co., Halsey, Stuart & Co. Philadelphia — Lloyd & Palmer. St. Louis — Mississippi Valley Trust Co., Mark C. Steinberg & Co. San Francisco — Cyrus Peirce & Co. Pittsburgh — Glover & MacGregor, Goldsbor- ough & Hammond. Milwaukee — F. A. Bartlett Co. Grand Rapids — ^Howe, Snow. Corrigan & Berties. Price Range — 1918. Bid Ask High. 98% Dec. 100 Dec. Low.96%Mar. 9 7 '4 Mar. WEST PENN RAILWAYS CO 1st 5s. Due Jan. 1, 1931. Dated April 1, 1905. Interest payable April and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax free in Pennsy'.vania. Authorized — $6,000,000. Outstanding — $5,667,000. Reserved for Underlying Bonds — $333,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trwstee — Equitable Trust Co., New York. Organization and Control — Incorporated in 1904 as a conso'.idation of a number of trac- tion companies and 10 electric lighting com- panies in Western Pennsylvania. In 1910 con- trol of this Company was acquired by the West Penn Traction Co. On June 15, 1917, this Company and the West Penn Traction Co. were consolidated under the name of West Penn Rys. Co.. which company also acquired the properties of the Brownsville Street Ry. Co. ; Greensburg & Southern E'.ectrio St. Ry. Co. ; Latrobe street Ry. Co. ; Latrobe-Hecla St. Ry. Co. ; Masontown-Morgantown St. Ry. Co. ; Pittsburgh, MoKeesport & Connellsville Ry. Co. ; Uniontown Radial Street Ry. Co. ; West Penn Interurban Ry. Co. ; McKeesport & Irwin . Ry. Co. ; Pittsburgh, McKeesport & Greensburgh Ry. Co. and White Electric Trac- tion Co. All of the common stock of the W^est Penn Rys. is owned by the West Penn Trac- tion & Water Power Co., a subsidiary of the American Water Works & Electric Co. Secured by a direct lien on the power station Connellsville, 183.41 miles of slng'.e track, 144 passenggegr cars, 39 miscellaneous cars, car bams and repair shops at Conne'-lsville. Mc- Keesport, Greensburg and Latrobe, park property at Olympia and Oakford Parks, ter- minal at Uniontown ELnd other miscellaneous property: also secured by deposit of the fol- lowing stocks and bonds: Company Stock Bonds Latrobe St. Ry. Co $100,000 McKeesport & Duauesne Bridge Co. Pfd $167,160 McKeesport & Duauesne Bridge Co. Common... 82,000 Kittanning & Leechburg Rys. Co 600,000 Oakda'.e & McDonald St. Ry. Co 150,000 90,000 Pittsburgh & Allegheny Valley Traction Co 350,000 360,000 Allegheny Val'.ey St. Ry. Co 2.000,000 West Penn Power Co... 6,000,000 $9,249,600 $640,000 Prior Liens — Subject as to the direct lien of the mortgage to $4,675,000 bonds, viz.: Connellsvir.e Suburban' St. Ry. 1st 6s, 1932 .- $176,000 Pittsburgh. McKeesport & Connells- ville Ry. 1st Cons. 6s, 1931 2,912,000 Pittsburgh. McKeesport & Greens- burg Ry. 1st 5s. 1931 1,500,000 Versailles Traction Is 5s, 1927 88,000 Underlies — $5,465,000 West Penn Traction Co. 1st 6s of 1960 and $2,260,000 West Penn Rys. (new company) 1st & Ref. 5s, all of which are pledged to secure $1,500,000 West Penn Power Co. 7% notes, due Feb. 1, 1920. Year ended Dec. 31 (consolidated) Gross Net •Int., etc. 1918 $9,352,906 $3,462,768 $2,114,946 1917 7.526,841 3,031,615 1,895,768 ♦Includes dividends on subsidiary stocks not owned. Listed on the Philadelphia. Louisville, Pitts- burgh and Baltimore Stock Exchanges. Original Market — $2,600,000 offered in May. 1906, at 101 and interest by N. W. Halsey & Co., New York, Philadelpiiia, Chicago, etc., and J. S. & W^. S. Kuhn, Inc., Pittsburgh. Market. New York — Otto Bii:o, Earle A. Miller & Co., Moorn, Leonard & Lynch, Morton T,ach- enbruch & Co. . Kiely & Horton. Hornblower & Weeks, C. H. Hensel, J. D. Curtis & Co., Montgomery & Co., M. J. Hoey & Co., B, & C. Randolph. Berdell Bros., F. H. Hatch & Co. Philnd'elpliia — Capelle & Co., Montgomery & Co., West & Co.. H. D. Boenning & Co., Geo. S. Fox & Sons. Elkins, Morris & Co., Barclay, Moore & Co., "Wurts. Dulles & Co., Harper & Turner. Robt^ Glendenning & Co., Huntoon & Co.. S. K. Phillips & Co. Baltimore — Mackubin, Goodrich & Co., How- ard R. Taylor & Co., Sutton & Co. Pittsbnrgli — Ward-Darley- Lupoid Co., Jas. Carothers & Co., Wm. P. Lemley fe Co., God- 1320 dard. Hunter & Co., Safe Deposit & Trust Co.. Moore, Leonard & Lynch, Lyon, Singer & Co.. Glover & MacGregor, R. W. Evans & Co.. Speer Bros. LnulsviUe, Ky. — Lawrence J. Timmons & Co., J. J. B. Hi'.ilard & Son, J. W. & D. S. Green, Geo. T, "Wood & Son. Chicago — Hornblower & "Weeks, Babcock, Rushton & Co. Boston — J. D. Curtis & Co., Hornblower & "Weeks. Frice Range. Jan. 1, '08 to Jan. 1. '19 1918 Bid Ask Bid Ask High.102 '13 102 '13 93 May 96 May Low. 79 '18 89 '17 79 Oct. 90 July WEST PENN TRACTION CO. 1st (Coll Xr.) .58. Due Jnnje 1, 1900. — F. Dated June 1, 1910. Interest payable June and Dec. 1. at Trustee's office. Tax Status — 2% Federal Xnoome Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized! — $25,000,000. Outstanding — $5,465,000. Reserved for Prior I/lens — $9,176,000. Reserved for Ext. — $10,360,000. Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — E3qui table Trust Co.. New York. Organization and Control — Incorporated in Pennsylvania to take over the entire $3,250,000 common stock of the "West Penn Rys. Co. In 1917 this Company, together with the "West Penn Rys. Co. and other companies, were con- solidated into the "West Penn Rys. Co., a new company. For further details, see West Penn Rys. Co. 1st 6s. Secured by pledge of the following securi- ties: Company Stock Bonds Brooke Electric Co $1,000 Wheeling Traction Co. ." 2,319,200 $170,000 Steubenville Railway Co 10,000 Steubenvi;le Bridge Co. Pfd 500 Steubenville Birdge Co. Common 13,260 Hancock County Electric Co 12,000 Wellsburg Electric Lt., H. & Pr. Co 50,000 100.000 Steubenvil'e, "Wellsburg & "Weirton Ry. Co 1,300,000 West Penn Power Co. Common 4.000,000 (Old) "West Penn Rys. Co. Ref. & Coll. Tr. 5s. 1931 •2.926,000 Total $7,705,950 $3,196,000 •Entire outstanding. Prior Uens Outstanding "West Penn Rys. Co. 1st 6s, 1931 ... $5,667,000 ■West Penn Power Co. 1st 5s. 1946.. 8.500,000 West Penn Power Co. 1st 5s, 1968.. 6,223,000 Wheeling Traction Co. 1st 5s, 1931 2.500,000 Pitts., McKeesport & Connells'vine 6s, 1931 2,912,000 Connellsville, Suburban St. Ry. 6s. 1932 175,000 Pitts., McKeesport & Greensburg Ry. 6s, 1931 1,600,000 Versailles Traction 6s, 1927 88,000 Underlies — $2,250,000 West Penn Rys. Co. (new company) 1st & Ref. 6s, all of which are pledged to secure $1,600,000 West Penn Power Co. 7% notes, due Feb. 1, 1920. Earnings — See "West Penn Rys. 1st 6s. Listed on the Ba.timore, Pittsburgh and Louisville Stock Exchanges. Original Market — Offered in Oct., 1910, by J. S. and W. S. Kuhn, Inc., of Pittsburgh, and in 1911 by H. B. Hollins & Co., New York, .It 97 and interest; also oitered in April, 1913, bv J. S. & W. S. Kuhn at the same price. Market. Pittsburgh — C. M. Barr & Co., R. W. Evans & Co.. Lyon, Singer & Co., Wm. P. Lem'.ey & Co., Colonial Trust Co., Moore, Leonard & Lynch, Gordon & Co., Glover & MacGregor, Speer Bros. "New York — Otto Billo. Kiely & Horton, C. H. Hensel, Hornb'.ower & Weeks, Morton Lachenbruch & Co., Moore, Leonard & Lynch, Chandler Bros. & Co., A. B. Leach & Co., Low, Dixon & Co.. Berdell Bros., P. H. Hatch & Co.. Phelps & Neeser. Baltimore — Nelson, Cook & Co., Mackubin, Goodrich & Co., Townsend Scott & Son. Jen- kins, Whedbee & Foe. Philadelphia — West & Co., H. D. Boenning & Co., Capelle & Co., Newburger, Henderson & Loeb. Barclay, Moore & Co., Harper & Turner, Elkins, Morris & Co., Bauer, Starr & Co., Huntoon & Co., S. K. Phillips & Co. Portland, Me. — H. M. Payson & Co. Boston — Hornb'.ower & Weeks, A. B. Leach & Co. liODisville — Lawrence J. Timmons & Co., Geo. T. Wood & Son. Chicago — Hornblower & Weeks. Babcock, Rushton & Co. Price Range. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96% '11 97% '11 72 Nov. 85 Nov. Low. 65 '18 69 '18 65 Jan. 69 Jan. WEST PHILADELPHIA PASSENGER RAIL- WAV 1st 3%s. .Dne April 1, 1956. — F. Extended from April 1, 1906, with interest reduced from 6%. Interest payable Apr. and Oct. 1, at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $260, 000. Outstanding — $246, 000. Denomination — Coupon, $1,000. Trustee — Girard Trust Co., Philadelphia. Organization and Control — Incorporated in Pennsylvania in May 14, 1867. Leased to the Philadelphia Traction at a rental of $160,000 (20% on stock) and interest, taxes, etc. The Phila. Trac. Co. owns $392,960 of the $750,000 stock of the "W. Phila. Pass. Ry. The Phila. Traction Co. is leased to the Union Traction Co.. which is in turn leased to the Philadel- phia Rapid Transit Co. Secured by a first mortgage on the 27 miles of track o'wned by the company. Underlies— $750,000 2d 5s due 1926. Market. Philadelphia — H. D. Boenning & Co., S. K. Phillips & Co., Lloyd & Palmer. WEST PHrLADEIiPHIA PASSENGER BAII^ WAY 2d 5s. Due May 1, 1926.— P. Dated May 1, 1886. Interest payable May and Nov. 1, at Land Title & Trust Co., Phila. Tax Status — 2% Federal Incom-3 Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $760,000. Outstanding — $750,000. Denomination — Coupon, $1,000. 1321 TrugtecN-Pennsylvania Co. for. Insurances on Lives ::an5, -Granting Annuities, Philadelphia. Organization, etc — See 1st 3%s. •SpBured by a second .mortgage on 27 miles of- -tr.sick. Pripr Xien^$246,000 1st 3%a of 1956. - Market. - .New Ifork — Brown Bros. & Co. Philadelphia — H. D. Boenning & Co., Brown Bros. & Co., Chas. Fea^ron & Co., Lloyd & Palmer, S. K. Phillips & Co. Price Range. Jan. 1, '08 to Jan. 1, *19 1918 Bid Ask Bid Ask. Hi&h.llO^i '09 111 '10 95 Jan. 100 Jan. Low. 91 '18 98 '18 - 91 Apr. 98 Feb. WEST SACRAMENTO (CAL.) CO. 1st S. F. 68. Due July 1, 1930.— F. Dated July 1, 1910. Interest payable Jan. and July 1. ■ Tax Status — 2% Federal Inc;ome Tax paid by company without deduction. Authorized — $2,000,000. Outstanding— $1,261,000 (Jan. 1, 1919). Balance Retired by S. F. — Denomination — Coupon, $1,000. Trustee — Mercantile Trust Co., San Fran- cisco. * Redeemable on any interest date at 105 and interest. Sinking Fund — Beginning July 1, 1916, will retire bonds as follows: 1/14 in 1916; 1/13 in 1917: 1/12 in 1918; 1/11 in 1919; and an amount thereafter sufficient to retire the en- tire issue by maturity. Organization — Incorporated February, 1910, in California. Secured by a first mortgage on 11,200, acres of land situated opposite to Sacramento on the . Sacramento Kiver, with a levee system, dock^, etc. The tract is being developed for warehouse and factory sites, wharfage facili- ties, residential sites, truck gardens ,and other agricultural purposes, etc. 50% and upwards of all amounts received from the sale of -property is to be deposited with the Trustees .to be applied towards the redemption of these bonds. Original' Mlarket — First offered by Louis Sloas & Co. , San Francisco, at par. Market. New York — Bernhard, Scholle & Co. WEST ST. LOUIS WATER & LIGHT CO. 1st S. F. 5s. Dri^ Aug. 1. 1928. Pated Aug. 1, 1908. Interest payable Feb. 1 and Aug. 1, at Trustee's office or Guaranty Trust Co., New York. Tax Statush7-2% Federal Income Tax paid by company without deduction. Authorized — $ l,-2 00,000 (may be increased to ' $2,000,000 on vote of stockholders). Outstanding— $1,103,500 (June 15, 1919). Held in S. F.— $96,500. Denomination — Coupon $100 and $1,000. Registerable as to principal. ' , Trustee — Mississippi Valley Trust Co., St. Louis. Redeemable on or after Aug. 1, 1913, at 105 and interest. Sinking Fund — Annually beginning Nov. 1-, 1913, one-fifth of surplus earnings after in- terest for the purchase or redemption of these bonds at not exceeding 105 and interest. Bonds so acquired are to be held in fund and inter- est added. Organization — Incorporated in Missouri In 1902 and is a consolidation of several water companies. . ^. Secured by a first mortgage on the entire property of the ' company which includes plants supplying water to a number of subur- ban communities surrounding St. Louis, Mo., on the north, west and 3outh. Population served, about 100, 000. Power and pumping plant is located on the Missouri River 12 miles west of St. Louis. Stand-pipes are lo- cated at Kirkwood, Strattmann Hill and Nor- mandy Hill. Company' owns 265.16 miles of pipe lines and in addition distributes through 100 miles of pipe main not owned by, the coni- pany. Replacement value as of Januai'y, 1915, estimated at about $1,994,815. Franchises in St. Louis county are unlimited as to time; in University City- expires Aug., 1929, and in'Maplewood expires Aug., 1930. The com- pany &,lsD sells water under long term con- tracts to manufacturing i concerns Snd the municipalities of Webster Groves and Kirk- wood. Year ended April 30 Gross Net Interest 1918 $282,078 $157,462 $60,000 1917 263,728 161,950 60,000 1916 216,574 108,281 53,035 1915 219,534 118,660 58,919 1914 203,068 86,378 55,787 Original Market — First offered by Shapker, Waller & Co., Chicago. A block offered 1915 by Union Trust Co., Detroit, and Luce & Co., at 93% and interest. Market. Chicago — Shapker, Waller & Co. Philadelphia — S. K. Phillips & Co. Detroit — Union Trust Co. WEST SHORF RAIUIOAD CO. 1st 4b. Due Jan. 1. 2361.— N. Dated December 5, 1885. Interest payable Jan. and July 1, at Grand Central Station, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $50,000,000. Outstanding — $49,994,500. Balance Retired. Denomination — Coupon, $1,000. Fully regis- terable. Registered, $500, $1,000, $10,000, $50,000. Trustee — Central Union Trust Co., New York, Guaranteed principal and interest by the . N. Y. C. & H. R. R. R. Co. by endorse- ment. Assumed by the New York Central R. R. Qo. Control — Leased to the New York Central & Hudson River R. R. Co. , (merged into New York Central R. R. Co. !n 1914), in 1886, for 47 5 years, with privilege of extension for a further period of 500 years, at an annual rental of 4% on $50,000,000 bonds. Entire capital stock owned by the New York Central R. R. Secured by a first mortgage on 409 miles of road; from Weehawken, N. J., to Buffalo, N. Y., and branches, from Ravena to Ken- wood Jet., N. Y., from Congers to Rockland Lake, N. Y., and from Syracuse to Earlville, N. Y., together with terminals at Weehawken, N. J., lands, elevators, etc. Main line is double tracked. liegal for Bait., Cal., Me., Miclj., Minn., N. J. and R. I. , Listed on the New York and Philadelphia Stock Exchanges Market. New York — Sam'l. Goldschmidt, Sharretts & Young, Coggeshall & Hicks, Wood, Struthers & Co., Matt H. Gonnell. J. S. Farlee & Co., Redmond & Co.^ Coffin & Co. , Ambrose R. C'.ark & Co.. Struthers & Hiscoe, Hartshorne & Battelle. Tobey & Kirk. Seasongood, Haas & Maodonald, Robinson & Co., Vilas & Hickey. 1322 Boston — Harris. Forbes & Co. Chicago — Harris Trust & Savings Bank. Philadelphia — Graham. Parsons & Co., B. B. Smith & Co. Price Banee— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918 High.109 Jan. 26 '09 82% Nov. 15 Low, 71% Sept. 23' '18 71% Sept. 23 Registered. High.107% Jan, 4 '06 80 Nov. 14 Low. 70 Oct. 2 '18 70 Oct. 2 WEST SIDE BEI,T BAII^ROAD 1st 5s. Due Sept. 1, 19S7.— F. Dated Sept. 1. 1897. Interest payable Mar. and Sept. 1, af Colonial Trust Co., Pitts- burgh, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1, 000, 000. Outstanding — $379,000. Retired — $621,000. Denomination — Coupon, $1,000. Kegisterable as to principal. Trustee — Union Trust Co.. Pittsburgh. Organization and Control — Incorporated in Penn. in 1895. Practioaliy the entire stock is owned by the Pittsburgh Terminal H. K. & Coal Co., which is controlled by the Pittsburgh ■ & West Virginia Ry. Co. ~ Secured by a first mortgage on 22 miles of railroad from Pittsburgh to Clalrton, Pa. Market. New York — Morton Lachenbruch & Co.. Cal- laway, Fish & Co., Louchheim, Mlnton & Co., F. J. Lisman & Co.. J. Davenport. Pittsburgh — R. B. Hutchison. Goddard, Hunter & Co.. Lyon, Singer & Co. Philadelphia — Louchheim, Hinton & Co., Chas. Pearon & Co., Huntoon & Co., Warren A. Reed. Price Range. Jan. 1, '08 to Jan. 1, -19 1918 Bid Ask Bid Ask Hlgh.lOl '09 90 Feb. 95 Jan Low. 73 '16 95 '18 84 Nov. WEST SIDE BELT RAILROAD CO. Receiv- ers' Equip. Ss Series "A." Due $85,000 March IS, 1917 and $42,000 each Sep- tember 15 and $43,000 each March IS to September 15, 19%S, and $42,000 March 15, 1926 N. Dated March 15. 1916. Interest payable March 15 and September 15, at Trustee's or Blair & Co., New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $860,000. Outstanding — $680,000 (Jan. 1, 1919). Balance Retired. Issued by authority of the United States District Court of Western District of Penn- sylvania. Denomination — Coupon $1,000. Trustee — The Colonial Trust Co., Pittsburgh. Secured by a conditional sale agreement on 550 all-steel gondofa cars of 100,000 pounds capacity each and 200 composite gondola cars of 110,000 pounds capacity, costing $1,033,322. Title to eauipment remains in Blair & Co., New York, as vendors. Original Market — Offered February, 1916, by Blair & Co., New York, and Colonial Trust Co., Pittsburgh, at par and interest for aver- age maturities. Market. New York — Freeman & Co, Philadelphia — Brown Bros. & Co. WEST SIDE BELT RAILROAD Equip. Tr. SS. Series "B." Due $75,000 each Oct. 1 and April 1, from Oct. 1, 1917, to AprU 1, 1927, inclusive. — N. Dated AprU 1, 1917. Interest payable April 1 and October 1, at Trustee's office, Tax Status — Payment of Federal Income Tax . not assumed by company. Authorized — $1,600,000 Outstanding — $1,275,000 (Jan. 1, 1919). Balance Retired. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Guaranteed principal and interest by The Pittsburgh & West Virginia Ry. Co. Secured by an equipment agreement on 1,- 000 steel hopper cars and 3 locomotives, costing $1,746,140, of which $246,140 paid in cash by the company. Original Market — Offered April, 1917, by Brown Bros. & Co., at prices to yield from 4 % % to 5 % % on respective maturities. Market. New York — Brown Bros. & Co., Freeman & Co. Pittsburgh — Colonial Trust Co. Philadelphia — Brown Bros. & Co., Harper & Turner. 1323 WEST SIDE LUMBER CO, 1st 6b, Due $175,000 March 15, 1918, September IS, 1930, March 15, 1923 and September IS. 1925, Dated September 15, 1916. Interest payable March 15 and September 15 at Chicago Title & Trust Co., Chicago. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $900,000. Outstanding — $525,000 (Jan. 1, 1919). Redeemed — $175,000. Held in Treasury — $200,000. Denomination — (boupon $500 and $1, 00(^. Reglsterable as to principal only. Trustees — Chicago Title & Trust Co., and Wm. C. Nlblack, Chicago. Redeemable on any interest date at 102% and interest. Siiddng Fund — -All Sugar Pine and Califor- nia "White Pine above 900.000,000 feet may be removed without payment of sinking fund. (Estimate places amount of these woods at ' time of execution of mortgage at 1.021,000,.00O feet,) Thereafter company shall pay $2 per thousand feet for further releases, such pay- ments to be applied to the payment of bonds aa they mature, and any surplus to be ap- plied to purchase of bonds in the open mar- ket at not exceeding 102% and interest, or, if not so purchasable, to redemption at that price. Guaranteed as to principal and interest, jointly and severally, by Charles J. Canileld, Chicago, 111, : W, R. Thorseri, San Francisco, Cal., and George W. Johnson, Tuolumne, Cal. Organization — Incorporated In California. Secured by a first mortgage on 37,95d acres of timber lands and timber In Tuolumne County, Cal., about 98% of which is owned in fee, upon which it is estimated that there is 1,021,000,000 feet of Sugar Pine and Cali- fornia White Pine, and also Red Fir, White Fir and Cedar, and on a saw mill at Tuo- lumne, Cal., with' a capacity of 50,000,000 feet per annum, dry kilns, planing mill, box factory, electric plant and other, equipment; ' Further secured by a first lien on the en- tire capital stock of the Hetch-Hetchy & Yose- mlte Valley Railway Co., owning some 36 miles of logging railw^. Original Market — OKered in December, 1916, i)y Lyon, Gary & Co., and F. B. Hitchcock & Co., Cliicago, at par and Interest. Market. Chicago — Lyon, Gary & Co,, F. B. Hitch- cock & Co. Fittsbureh — Lyon, Singer & Co. WEST VIRGINIA & PITTSBURGH RAILr ROAD CO. l8t 4s. Due April 1, 1990. Dated April 1, 1890. Interest payable April 1 and Oct. 1, at the office of the Baltimore & ■ Ohio R. R. Co., New York. Interest was re- duced In 1899 from 5% to 4%. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 4,000,000. Outstanding — $3,972,000 4s; $9,000 5a. Deposited under B. & O., P., L.. E. & W. Va. 48. — $19,000. In Sinking Fund — $117,000. Denomination — Coupon, $1,000. Beglsterable as to principal. Trustee — Mercantile Trust & Deposit Co., Baltimore. Sinking Fund — $1,500 semi-annually on April and Oct. 1, beginning Oct. 1, 1895, to purchase bonds at not to exceed 110 and int. If not so purchasable to be invested in other securities approved by the company. Bonds so acquired to be held alive. Assumed by the Baltimore & Ohio R, R. Co. Organization and Control — Incorporated in "West Virginia in 189 and in 1912 was merged with the Bait. & Ohio R. R. Co. Secured by a first mortgage on 177.13 miles of road, viz. : Miles Clarksburg to Richwood, W. Va 120.99 F.atwoods to Sutton. W. Va 6.63 Macpelah Jet. to Pickens, W. Va 60.61 Further secured upon about 134,842 acres of timber, coal and mineral lands in Pocahon- tas, Webster and Nicholas Counties, West Virginia. Underlies — B. & O., P., L. & W^. Va. Ref. 4s and B. & O. Ref. & Gen.' 5s of 1996. Bonds are reserved under latter mortgage to retire this issue. Legal for Bait., Cal.. Conn., Mass., Mich., Minn., N. H., N. J., N. T., R. L, Vt. and Wis. Original Market — First offered by Brown Bros. & Co., New York, Philadelphia and Bos- ton. Market, New York — Sam'l Goldschmidt, Merrill, Lynch & Co., McDonnell & Co., F. J. Llsman & Co.. Matt H. Connell, J. S. Parlee & Co., Brown Bros. & Co. , .Spencer Trask & Co. , Coffin & Co., Redmond & Co., Tobey & Kirk, Abraham & Co.. Baker, Carruthers & Pell, Wm. C. Bwen, Pinch & Tarbell, J. Nickerson, Jr.. Taylor. Smith & Hard, Vilas & Hickey. Baltimore — John D. Howard & Co., Jen- kins. Whedbee & Foe. Pittsburgh — B. B. Hutchinson & Co. Philadelphia — S. K. Phillips & Co. Boston — Geo. H. Burr & Co. Chicago — Merrill, Lynch & Co. Price Range. Jan. 1, '08 to Jan. 1, '10 1918 Bid Ask Bid Ask High.96 '11 98% '11 80 Nov. 83 Nov Low. 66 '17 72 '18 69 Mar. 72 Mar. Default — Principal and interest due May 1, 1919. Tax Statue — 2% Federal Income Tax raid by company without deduction. Pennsylvania State tax refunded. Authorized — $2,000,000. Outstanding — $1,800,000. In Treasury — $200,000. Denominations — Coupon $1,000, $600 and $100. Registerable as to principal. Trustee — New York Trust Co., New York. Redeemable at 100% and interest on 40 days' notice. Organization — Incorporated in West Virginia in 1912. Owns and operates electric and water supply systems in Elm Grove. W. Va., and neighboring towns; an electric railway from Wheeling, W. Va., through Elm Grove connecting adjacent towns; electric, gas and water systems in Morgantown, W. Va. These contribute 80% of the net revenue. The sys- tem serves 29 communities with railway and electric service, 26 with water and 25 with natural gas. Population served: electric and water 23,000; railways 68,000 and gas 36,000. Protective Committee — The following com- mittee invites deposits: G. H. Walbridge. Vice-President, Bonbright & Co., Inc., New York. R. U. Lansing, Vice-President, National City Bank, Chicago. A. V. Morton, Vice-President, Pennsylvania Company for Insurance on Lives and Granting Annuities, Philadelphia. J. O. Sheldon, Vice-President, Bank of Gouverneur, Gouverneur, N. Y. J. A. Van Mater, New Jersey Zinc Com- pany, New York. B. G. Curts, Secretary, 26 5road Street, New York. The New York Trust Company, Depositary, 26 Broad Street, New York. Controlled by Eastern Power & Light Co., through stock ownership. Secured by deposit of $2,600,000 (total out- standing) Gen. & Ref. 2o-Year 6s, secured by a general mortgage on the property of the company, subject to $3,862,000 divisional bonds (including $226,000 in sinking funds). These notes will retire $1,5000,000 notes, due June 1, 1917, and provide for extensions, etc. Year ended Dec. 31 Gross Net Int & Rent 1918 $1,143,952 $448,265 $365,896 1917 1,060,961 464,830 364,676 1916 979,656 480,130 334,008 1916.-... 898,595 438,766 326,262 Original Market — $1,800,000 offered May 1, 1917, by Wm. P. Bonbright & Co., New York, etc., at 98% and interest. Market, New York — Bonbright & Co., Joseph & Wie- ner, Martin, Berwin & Co., Merrill. Lynch & Co., John Muir & Co., Berdell Bros. Philadelphia — Newburger. Henderson & Loeb. Pittsburgh — Goldsborough & Hammond. Chicago — Merrill, Lynch & Co., National City Co., Union Trust Co. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Ask High.97 '17 98% '17 98% Jan. Low. 86 '18 86 Dec. WEST VIRGINIA TRACTION St ELECTRIC CO. 2-Year 0% Secured Notes. Due May 1, 1919.— F. Dated May 1, 1917. Interest payable May 1 and Nov. 1, at Trustee's office. WEST VIRGINIA WATER & ELECTRIC CO. 5-Year 1st 6s. Due Sept. 1, 1928.— F. Dated Sept. 1, 1917. Interest payable March 1 and Sept. 1, at First Nat'l. Bank, New York, or Trustee's office. Tax Status — 2% Federal Income Vo.x paid by company without deduction. 1324 Tax refunded in Pennsylvania. Authorized — $3,000,000. Outstanding — $i. 250. 000. *Re&erved for Ext. (80%)— $1,750,000. ♦Issuable when net earnings for 12 con- secutive months within 14 months immediately preceding shall have been at least equal to twice annual interest charges on bonds out- standing and those to be issued. Denomination — Coupon $1,000, .$500 and $100. Registerable as to principal. Trustee— Central Trust Co. of Illinois. Chi- cago. Redeemable at 101 and interest on any in- terest date upon 60 days' notice. Sinking and Improvement Fund — ^Annually, beginning Sept. 1, 1918. 10% of gross earnings for the following purposes: Maintenance, re- placements and renewals of property; addi- tions to property which have not and shall not be made the basis for issuance of reserve bonds; for purchase or redemption of bonds. Organization—Incorporated in West Vir- ginia aa successor to the Kanawha "Water & Light Co. Capital Stock Authorized Outstanding Preferred (cum. 7%). . .$1,000,000 $555,600 Common 3,000.000 3,000.000 Secured by a first mortgage on all the property of the company now owned or here- after acquired. The company owns and op- erates without competition plants supplying water and electric light and power in Char- leston, W. Va. , and vicinity. The property includes two steam-driven water pumps, hav- ing a total rated capacity of 10.000,000 gal- lons per day; about 74 miles of water mains: steam electric senerating plant of 3. 750 k. w. and electric distributing system of about 44 miles of overhead lines. Population served 33,000. Electric franchises expires Feb.. 1945, Water franchise expires Nov., 1963, subject to the right of the city on Nov. 6. 1933, and each five years thereafter to purchase the company's water system at a fair valuation. Year ended Jan. 31 Gross Net Int., etc. 1918 $322,318 $181,490 *$75,000 ♦Interest on outstanding bonds. Original Market — $1,250,000 offered Jan., 1918, by Northern Trust Co.. Central Trust Co., Powell, Garard & Co., Blston & Co., all of Chicago, at 96 and interest. Market. Chicago — Hanchett Bond Co., Ed. A. Wal- ter & Co. , Babcock, Rushton & Co. , Central Trust Co. of r.linois, Blston & Co., The Peo- ples Trust & Savings Bank. Milwaukee — Second Ward Savings Bank, Pittsburgh — Wm. P. Lemley & Co. Grand Raplus — Howe, Snow, Corrigan & Bertles. Price Range — 1918-^Ask 96. WESTCHESTER (N. Y.) ELECTRIC RAIL- WAY 1st 5s. Due July 1, 1943.— N. Dated July 1, 1893. Interest payable Jan. and July 1, at Bankers' Trust Co. , New York. Tax Status — Paym-^nt of Federal Income Tax not assumed by c:omt):i,ri>. Authorized and Outstanding — $500,000. Denomination! — Coupon, $1,000. Tmstee — Bankers' Trust Co.. New York. Guaranteed principal and interest by Union Ry. Co, of New York. Controlled by the Third Avenue Ry. Co. of New York City, through ownership of all capi- tal stock of the Union Ry. Co. Secured by a first mortgage on 30 miles of street railway. Company operates 37 miles of road includmg seven miles of trackage. Market. New York — Hanson & Doyle, Tobey & Kirk, Low. Dixon & Co. , Wm. Carnegie Ewen, Ber- dell Bros. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.96 '13 100 '12 75 Aug. 90 Jan. Low. 60 '12 70 '12 60 Dec. 80 Dec. WESTCHESTER LIGHTING CO, Ist 6s. Dae Dec. 1. 1950.— F. Dated December 1, 1900. Interest payable June and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $1(1000,000. Outstanding — $8,560,000 (Mar. 19, 1919). Reserved for Ext. — $1,210,000. Reserved for Prior Liens — $230,000. Denomination — Coupon, $1, 000. Registerable as to principal. Trustee — Equitable Trust Co., New York. Guaranteed as to principal and interest by the Consolidated Gas Co. of New York, by endorsement. Organization and Control — Incorporated 1900 in New York, Controlled by the Consolidated Gas Co. of New York through ownership of entire stock. Secured by a mortgage on the entire prop- erty, subject only to $815,000 prior liens, enumerated below. The Westchester Lighting Co. is operating under franchises, practically all perpetual, for the distribution of gas and electricity in a large portion of the Borough of the Bronx, New York City, also in the principal cities and towns, etc., in Westchester County including Yonkers, Mount Vernon, New Rochelle. Port Chester, Rye, Mamaroneck, Kingsbridge, Harrison, Mount Kisco, Pelham, Pelham Manor and other adjoining villages and towns. Population served directly about 277,000. Owns six gas plants and seven hold- ers, together with three electric stations. Company through its control of the Northern Westchester Lighting Co. and the Peeksklll Lighting & R. B. Co. serves also Ossinlng, Briarcliff Manor, Phillipse Manor. Croton. Cortland, Peekskill, etc. Prior Liens — $230,000 New York Suburban Gas Co. 5s of 1949, for the retirement of. which bonds of this issue are reserved; $335,- 000 White Plains Lighting Co. 5s of 1935 and $250,000 Hudson River Gas & Electric- Co. 5s of 1929. Underlies — N. Y. & Westchester Lighting Co. General 4s due 2004 and N. Y. & West- chester Deb. 5s of 1954. also $580,000 West- chester Lighting Coll. Tr. 5% notes. Listed on the New York and Philadelphia . Stock Exchanges. Market. New York — H. N. Whitney & Son, Theo. L. Bronson, B. & C. Randolph, Kean. Taylor & Co., Redmond & Co., Tobey & Kirk, Low,. Dixon & Co., Abbott. Johnson & Co., Wm.- Carnegie Ewen, Berdell Bros., J. Nickerson, Jr. Philadelphia — Graham, Parsons & Co., West & Co., J. W. Sparks & Co., Reed A. Morgan & Co. , Cassatt & Co. , Brown Bros, & Co. , Warreh A. Reed. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1, *19 191S High.lOa% Feb. 7 '06 89% Dec. 21 Low. 89»^ Dec. 21 '18 89% Dec. 21 WESTCHESTER LIGHTING CO. CoU. Tr 5% Notes. Due Dec. 1, 1930. — F. Dated Dec. 1, 1910. Interest payable June and Dec. 1, at Columbia Trust Co. 1325 Tax Status — -2% Federal Income Tax paid by company without deduction. Authorized — $ 580,000. Outstandins — $680,000. Denomination — Coupon, $1, 000. Regiaterable as to principal. Secured by deposit with the trustee of the entire $804,000 stock of the Northern "West- chester Lighting Co. (serves Ossining, Briar- cliff Manor, Cortlandt, etc.): $75,000 of the 6% cumulative preferred stock (one-half) and the entire issue of $500,000 common stock of the Peekskill R. R. & Lighting Co. The cost of these securities was about $665,000. See description of Westchester Lighting Co. under 1st 6s. Original Market — Offered in Feb., 1913, at 98 and interest by the National City Bank, New York. Market. New York — Kean, Taylor & Co. WESTERLY UGHT & POWER CO. Ist S. E. 5s. Due June 1. 1937. Dated June 1, 1907. Interest payable June and December 1, at Trustee' s office. Tax Status — Payment uf Federal Income Tas not assumed by compaay. Tax exempt in Rhode Island. Authorized — $500,000. Outstanding— $398,000 (June 1, 1919). Held in S. E.— $48,000. Reserved for Ext. — $54,000. Denomination — Coupon, $500. Registerable as to principal. Trustee — Union Trust Co., Providence, R. I. Redeemable at 105 and interest on any interest date upon three weeks' notice. Sinking Eund — $5,000 annually, since July 1, 1912, and each January 1st thereafter, to '.be applied to the purchase or redemption of these bonds at not over, 105 and interest. Bonds so acquired to be kept alive and interest .added to the sinking fund. Organization — Incorporated May, 1907, in Rhode Island, succeeding the "Westerly Gas ^ Elec. Co. Control—In 1916 The Naragansett Electric liighting Co. acquired a majority of the capi- tal stock. Secured by a first mortgage on plants sup- -jplying gas and electricity to "Westerly, R. I. and Pa wcatuck, Conn. , and in addition elec- .tricity to Watch Hill, Ashaway and Avondale, ja. I. ; Stonington, Mystic, "West Mystic and Noank, Conn. Electric plant ia located at "Westerly, R. I. Franchises perpetual. ¥ear ended Dec. 31 Gross Net Interest 1918 $225,324 $62,885 *$^3,483 1917 194,339 66,939 35.214 1916 164.901 69,171 *30,5 46 1915 150.303 60.720 22,834 1914 139.770 65.046 22,174 ^Includes depreciation. Legal for Rhode Island. Original Market — Offered in 1909 by Bodell & Co., Providence, R. I. Market. Providence — Brown. Lisle & Marshall, Bo- dell & Co., Hornblower & Weeks. Price Range. Jan. 1. '15 to Jan.. 1, '19 1918 Bid Ask Bid Ask High.lOl '16 102 '16 00 Jan. 95 Jan. Low. 90 '17 95 '17 Tax Status — Payment of Federal Income Taa not assumed by, company. Authorized — $1,09 5,000. Outstanding — $814,243 (Jan. 1. 1919). Held in Sinking Eund— $280,757. Denomination — Coupon, $486.66 or £100. Registerable as to principal. Trustee — Montreal Trust & Deposit Co., Montreal. Redeemable at 105 and Interest. Sinking Eund — ^Annually, beginning March 1, 1909, an amount sufficient to redeem about 70% of these bonds before maturity. Bonds may be bought in the open market up to 105 and interest or called at that price. Organization — Incorporated 1905 in Ontario. Secured by a first mortgage on all of the property as of March 1, 1908. The company owns a large mill at Winnipeg, Man., also mills at Brandon, Man., and Goodrich, Ont., with a daily capacity of 10,000 barrels. There are also owned 86 elevators, with a storage capacity of 4,000.000 bushels of wheat. Underlies — 1st & Ref. 6s of 1931, sufficient of which are reserved to retire this issue at maturity. Year ended Aug. 31 Net Bond. Int. 1918 $543,845 $87,890 1917 418,023 91,664 1916 376,261 93,500 1915 340,063 96,865 1914 315.246 100,470 Listed on Toronto and London Stock Ex- changes. Original Market — First offered in May, 1908, at par and interest by the Royal Securities Corp. , and the Dominion Securities Corp. , Montreal, etc. Market. Toronto — Murray, Mather & Co.. A. E. Ames & Co,, Dominion Securities Corp., Gold- man & Co. Montreal — ^Rene T. LeClerc, Royal Securities Corp., Ltd., N. B. Stark & Co., J. M. Robin- son & Sons, Hew R. Wood Co. New York — Hotchkin & Co., Sutro Bros. & Co., Baker, Carruthers & Pell. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High.105 '10 106% '09 99 Mar. 102 Dec. Low. 97 '18 100 '18 97 Dec. 100 Feb. WESTERN CANADA ELOUR MIIXS CO. LTD., 1st 6s. Due March 1, 1928. — N. Dated March 1 . 1908. Interest payable March and Sept. 1, at Canadian Bank of Commerce, Toronto, New York and London. ^VESTERN CANADA FLOUR MILLS CO., LTD., 1st & Ref. S. E. 6s. Due Sept. 1, 1931.— N. Dated Sept. 1 , 1911. Interest payable March and Sept. 1, at Canadian Bank of Com- merce, Toronto, Montreal and London. Tax Status — Payment of Federa' Income Tas not assumed by company. Authorized — $ 2,500,000. Outstanding — $625,684 (Jan. 1, 1919).. Retired by Sinking Eund — $150,316. Denomination — Coupon, $100, $500, and $1,- 000 and £ Sterling. Redeemable as a whole at 105 and interest on and after Sept. 1, at 1916 on six weeks' notice or for sinking fund. ■ Sinking Fund — Annually, since Sept. 1, 1912, an amount sufficient to redeem the en- tire outstanding issue by maturity. Secured by a first mortgage on properties acquired since the execution of the first mort- gage. Also secured on the properties covered by that mortgage subject thereto. See 1st 6s above for description of the property. Prior Liens — $814,243 1st 6s of 1928. Original Market — $750,000 ofEered in Nov., 1911, at par and interest by the Dominion Securities Corp., Montreal. 1326 Market. Boston — J. W. Bowen & Co., Hornblower Toronto — Murray. Mather & Co., Dominion & Weeks, Lee, Hlgginson & Co., F. S. Mose- Seourities Corporation, A. E. Ames & Co., ley & Co., Old" Colony Trust Co., Parkinson Goldman & Co., G. A. Stinson & Co., Aemillua & Burr, White, Weld & Co. Jarvis & Co. New York — Hornblower & Weeks, Lee, Hig- Montreal — N. B. Stark & Co., F. B. Mo- ginson & Co., Curtis & Sanger, Struthers & Curdy & Co., Hew R. Wood Co. Hlscoe, Bstabrook & Co., Babcock, Euahton & New York — Sutro Bros. & Co., Frank P. Co., Coggeshall & Hicks, Low, Dixon & Cd., ■Ward. Callaway, Fish & Co., Gilman & Clucas. Price Range. Spencer Trask & Co. Jan. 1, '11 to Jan. 1, '19 1918 St. Iionis — Bowman, Cost & Co. Bid Ask Bid Ask Price Range — ^N. Y. S. E. High.lOl '13 102 '13 98 Mar. 99 Jan. Jan. 1, '10 to Jan. 1, '19 1918 Low. 95 '18 98 '18 95 Dec. 98 June High.103% Feb. 11 '16 98 Jan. 2 Low. 94'!4 Oct. 1 '18 94'% Oct. 3 WESTERN EL.ECTRIC CO., 1st 5s. Due Dec. 31, 1922.^P. V^'ESTEBN tlGHT Si POWER CO. 1st 5S. Dated December 30, 1909. Interest payable Due May 1, 1925. — N. Jan. and July 1, at Merchants' Loan & Trust Dated May 1, 1915. Interest payable May Co., Chicago, and at Bankers' Trust Co., New 1 ^^d Nov. 1. York. Tax Status — Payment of Federal Income Tari Tax Status — 2% Federal Income Tax paid not assumed by company, by company without deduction. Authorized— $6,000,000. Tax exempt in New York State to 18.7%. Outstanding— $2,390,000 (June 15, 1919). Bondholders must pay tax on 81.3% of face •» Treasury — $170,000. value. Reserved for Prior Lien — $104,800. Authorized and Outstanding — $15,000,000. Reserved for Ext. — $3,605,200. Denomination — Coupon, $1,000. Registerable Retired by S. E. — None, as to principal. Denomination — Coupon, $100, $500 and Trustees — Merchants' Loan & Trust Co., $1,000. Registerable as to principal only. C. Chicago, and Leon L. Loehr. & R. interchangeable. Redeemable at 105 and interest any inter- Redeemable as a whole or in part by lot, est date on 60 days' notice, upon 60 days' notice, on any interest date at Assumed by the Western Electric Co,, Inc. 100 and interest. Organization and Control — Incorporated in Improvement or Sinking Fund — Annually, New York Nov. 17, 1915, as successor to com- beginning July 1, 1918, amounts equal to the pany's incorporation in 1881 in Illinois, which following percentages of gross earnings: 2%, succeeded the Western Electric Manufacturing 1918; 2%, 1919; 214%. 1920; 2%%, 1921- Co. Controlled by the American Telephone 3%, 1922; 3%, 1923; 4%. 1924. This fund & Telegraph Co., through ownership of a ma- may be applied to the purchase or redemption jority of both common and preferred stock. of these bonds at not over 100 and interest, Secured by a first mortgage on all the prop- or to reimburse the company for expenditures erty plants, licenses, patents, real estate, etc., made for additions, etc. Bonds acquired are of the Western Electric Co., now owned or to be cancelled. hereafter acquired. The Mortgage provides Special Sinking Fund — In addition to the that the company's net cash and other current above fund, a special sinking fund is created assets must at all times be at least twice under a contract with The Denver & Interur- the par value of all outstanding bonds and ban R. R. Co., which will amount to aboul that /after the regular dividends shall have $243,000. been paid on its capital stock, no additional Organization — Incorporated in Colorado in dividends shall be paid which would reduce 1906 as Northern Colorado Power Co. Pres- the profit and loss surplus below $30,000,000. ent title adopted in 1914. The Western Electric Co. is the largest Control — In 1919 the Cities Service Co. ac- manufacturer of telephone apparatus and sup- quired a controlling stock interest in this plies in the world. It owns extensive fac- company. tories located at Hawthorne, 111. The Haw- Secured by a first mortgage on steam gen- thorne plant covers 200 acres, and the plants crating electric plant, coal mines, 180 miles generally cover 5,000,000 square feet of floor of transmission lines, 74 miles of telephone ^pace. lines, 11 miles of street railway, comprising Year ended Dec. 31 Net Interest the street railway system of Boulder, Col., 1918 $5,050,849 $1,540,528 and distributing plants supplying electricity in 1917 4.161,560 1,309,844 Boulder, Louisville, Lafayette, Port Collins, 1916 3,204,710 880,094 Greeley. Loveland, Longmont and other towns 1915 3.616,777 789,664 in northern Colorado, and by a second mort- 1914 3,533,467 862,507 gage on plants supplying gas and electricity in Listed on the New York and Chicago Stock Cheyenne, Wyo. Franchises, with three minor Exchanges. exceptions, are reported as extending beyond Original Market — Offered in 1910 by Lee, the life of the bonds. Higginson & Co., New York, Boston and Chi- Population served, 1918, Cheyenne, 14,000; cage, at 99 and interest. Boulder, 12,000; Louisville, Lafayette, Fort Market. • Collins, Greeley, Loveland and Longmont, Chicago — Hornblower & Weeks, Megowen & 45.635. Co., Lee, Higginson & Co., Merchants' Loan Prior Lien — $104,800 Cheyenne Lt., Fuel & & Trust Co., Babcock, Rushton & Co., Cen- Pr. 1st 5s. to retire which bonds of this issue tral Trust Co., First National Bank, Hulburd, are reserved. Warren & Chandler, Illinois Trust & Savings Eamimgs — Not reported. Bank, Curtis & Sanger, Taylor, Dodge & Ross. Original Market — Offered in December, 1915, Philadelphia — Graham, Parsons & Co., West by W. C. Langley & Co., New York, at 93% % & Co., C. Clothier Jones & Co. and interest, and offered by Blythe. Witter & Providence — Bodell & Co. Co., San Francisco, February, 1916. at 94% Omaha — Burns, Brinker & Co. and interest. 1327 Sj- Co., Kimball, E. & C. Market. Cleveland — Otis & Co. Boston — Richardson, Hill McKinney & Co. New York — Earle A. Miller & Co, Rando'.ph, Lynch & McDermott. Milwaukee — John E. De Wolf & Co. Chicago — Union Trust Co. , Fort Dearborn Trust & Savings Bank, Hoagland & Co., Babcock, Rushton & Co. Detroit — Union Trust Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask Hig:h.92'^ -n 95% '17 85 Jan. 94 Jan Low. 75 '18 78 '18 75 Nov. 78 Oct. Bait. & Harriaburg Ry. Western Ext. stock Western Md. Tidewater Co. stock Maryland Smokeless Coal Co. stock Maryland Smokeless Coal Co. 1st Mtge. Bonds.. 240,000 5.000 999,500 1,000,000 600,000 600,000 $2,619,150 $2,655,100 Prior liiens — $2,300,000 prior liens as fol- lows: Coal & Iron Ry. Co. 1st Ss 1920 $1,000,000 Potomac Valley R. R. 1st 5s 1941,. 1.300.000 This mortgage also provides for the re- tirement of the following: Bait. & Cumberland Vy. R. R. 6s 1929 $72,800 WESTERN MARYLAND RAILROAD CO. 1st ^ Bait, & Cumb. Vy. Ry. Co. 6s 1929. 48.500 4s. Due Oct. 1, 1952. — P. Halt. & Harrisburg Ry. Co. 5s 1936 690.000 Dated October 1, 1902. Interest payable Baltimore & Harrisburg Ry, Co. April and Oct. 1, at Bankers' Trust Co.. New Tork. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $50,000,000. Outstanding — $46,633,000 (Jan. 1, 1919). Reserved for Prior Liens — $3,367,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered. $1,000 and multiples. Trustee — Bankers' Trust Co. , New York. Organization — Sold at foreclosure sale Nov. 19, 19 09, and succeeded by the present W^est- ern Maryland Ry. Co. In 1917. the latter company, under a readjustment plan, was merged with several subsidiaries into the new Western Maryland Ry. Co. Secured by direct mortgage on 392.57 miles (total owned) and by collateral trust on 16,60 miles of road and equipment; securities aggre- gating $2,619,150 and any property hereafter acquired with the proceeds of these bonds, viz. ; A first lien on 331.89 miles — Hillen Station to Madison St, (in Bal- timore, Md.) 0.40 Fulton Jet. (in Baltimore) to Potomac Valley Jet. Md 90.11 Big Pool. Md. to Knobmount, W. Va. . 59.28 B. & O. and N. & W. Connection at Hagerstown, Md , 1.79 Charlton, Md, to Connection with W. N. & M. Ry 2.84 Port Covington to Warwick Jet. Md.. 6.30 Cumberland, Md. to Belington. W, Va. 130.18 Harrison to Elk Garden, W. Va 6.99 Hartsmanville Jet. to Hartsmanville, W. Va 3.20 Thomas Jet. to Davis, W. Va 5.98 Elkins Jet. to Huttonsville, W. Va 16.77 Belington to Weaver, W. Va 6.20 Weaver Jet. to Dartmoor, W. Va 1.12 Highfield, Md. to Pennsylvania State Line 0.34 Keyser Jet. Md. to Keyser, W. Va 0.39 A second lien on 60.68 miles — Covered by the first lien of the following: Potomac Valley R. R. 1st 5s 14.30 Coal & Iron Ry. 1st 5s 46.38 A second collateral lien on 16.60 miles — Covered by the first collateral lien of the Potomac Valley R. R.- 1st 5s.... 16.60 Also secured by deposit of the following securities: Deposited Bait. & Harrisburg, Ry. com. stock Bait & Cumberland Vy. Ry. stock 4-M50 42.500 BR't, & Cumberland Vy. R. R. stock 75,450 76,700 Issued 658.450' $690,000 Westn. Ext. 5s 1938 240,000 Baltimore & Cumberland Vy. R. R. Ext. Co. 6s 1931 230,000 Washington & Franklin Ry. Co. 5a 1939 378,000 Net $4,365,932 4,272,462 3,203,293 Interest $2,724,647 2,953,402 3,310,800 $1,659,300 Underlies — Western Maryland Ry. (new) 1st & Ref. Mtge. Year ended Dec. 31 Gross 1917. ..$13,638,450 1916.., 11.967,982 1915. .. 9,888,600 Legal for Me. Listed on the New York Stock Exchange. Market. New York — ^Wm. C. Orton, J. S. Fariee & Co., Coffin & Co., Harvey Fisk & Sons, J. S. Bache & Co., Wood, Struthers & Co., Curtis & Sanger, E. & C. Randolph, Coggeshall & Hicks, Gude, Winmill & Co., Balcer, Carruth- ers & Pell, IMcKinley & Morris. Baltimore — Strother, Brogden & Co. , How- ard R. Taylor & Co.. Hambleton & Co., Jen- kins, Whedbee & Foe, Townsend Scott & Son. Philadelphia — C. D. Barney & Co., Cassatt & Co., West & Co.. Newburger, Henderson & Loeb. Pittsburgh — Mellon National Bank, & Co. Chicago — Kissel, Kinnicutt & Co., Trust & Savings Bank. Boston — Harris, Forbes & Co. Houston — Sherwood & King. Price Range— N. Y. Jan. 1, '06 to Jan. 1, '19 High. 88% Jan. 24. '06 Low. .49 Mar. 6, '08 Gordon Harris S. E. 1918 72 Nov. 12 56% Dec. 30. (THE) WESTERN MARYLAND RAILWAY CO. Equipment 5s, Series "B." Due S2S,- 000 each July 1 and Jan. 1, from July 1. 1916, to Jan. 1. 1921. inclusive and $22»- 000 each July 1 and Jan. 1, from July 1, 1921, to January 1. 1926. indasive.— N. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at Company's office. New Tork. Tax Status — Payment of Federa'. Income Tax not assumed by qompany. Authorized — $450,000. Outstanding— $312,000 (Jan. 1, 1919). Balance retired. Denoniination — Coupon, $1,000. Trustee — Equitable Trust Co., New Tork. Secured by a conditional sale agreement on 15 iMallet compound locomotives, costing $557,- 000. of which the Railway Company pays $107,325 in cash. Title to remain in Blair & Co.. New Tork, until these notes are paid. 132S Original Market— Offered by Blair & Co.. New York, Feb., 1916. Market. New Ifork — Freeman & Co.. Baker, Carruth- ers & Pell, Evans, Stlllman & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 High. 118 Mar. 2 '06 99 Jan. 29 Low. 99 Apr. 26 '17 99 Jan. 29 WESTERN NEW YORK & PENNSYLVANIA RATLROAD CO. 1st 5s. Due Jan. 1, 1937.— F. Dated Dec. 1, 1887. Interest payable Jan. and July 1, at Treasurer's office of Penna. R. R. Co., 85 Cedar St., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized — $10, 000, 000. Ontstanaing — $9,990,000. Cancelled — $10,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., New York. Organization and Control — Incorporated In New York and Penn. in 1895 as a reorganiza- tion ot the West. N. Y. & Penn. R. R. Co. and is leased until 1923, at a rental eaual to net earnings to the Pennsylvania R. R. which owns practically the entire stock. Secured by direct mortgage on 566.03 miles of road, viz: — A first mortgage on 663.71 miles — Buffalo, N. Y. (Junction with Union Terminal R. R. at Fillmore Avenue) to Oil City, Pa 136.91 Buffalo, N. Y. (Bailey Avenue) to Em- porium Jet., Pa 118.40 Clean, N. Y. to Warren, Pa 69.68 Irvineton to Oil City, Pa 60.19 JiJahoningtown to Stoneboro Pa 37.42 Tryonville to Lakeville, Pa Kinzua to Gates, Pa Morrison to West Line, Pa Larrabee to Clermont, Pa Rochester to Hinsdale, N. Y SoottsviUe to Garbutt, N. Y Rochester to Lincoln Park, N. Y Nunda Jet. to Nunda, N. Y Olean, N. Y. to Empire Tanning Co.'s plant A second mortgage on 2.32 miles — (Covered by the first lien of the W. N. Y. & P. Ry. Genl. 4s) Buffalo, N. Y. Louisiana St. to Bailey Ave Also secured on the company right to and interest in the railroad, franchises and prop- erty and upon the entire ($7,700) capital stock of the Bradford R. R., Bradford. Pa., to Tarport, Pa., 2.34 miles. This road affords the Pennsylvania R. R. Co. its only entrance into Buffalo and Roch- ester, N. Y. Underlies — $10,000,000 Gen. 4s of 1943 and $10,000,000 Income 5s of 1943. liisted on the New York and Philadelphia Stock Exchanges. Market. New York — Sam'l. Goldschmidt, Morton Lachenbruch & Co , Brown Bros. & Co., B. & C. Randolph, Coffin & Co., Seasongood, Haas & Macdonald. Redmond & Co., Shuman & Seligmann. Abraham & Co., Taylor, Smith & Hard, Vilas & Hickey. FhiladelDhia — H. W. Clark & Co., B. B. Smith & Co., Chas. Fearon & Co., Reed A. Morgan & Co.. Bkins, Morris & Co., Wheeler, Elliot & Mann. Welsh Bros., Blddle & Henry, Graham, Parsons & Co.. West & Co., Brown Bros. &. Co.. Barclay, Monro & Co., Cassatt & Co., Newburger. Henderson & Loeb, Thos. A. Biddle & Co.. H. D. Boenning & Co., Huntoon & Co., S. K. Philips & Co., Warren A. Reed. Plttsbnrgli — B. B. Hutchinson & Co. 8. 42 13, ,22 9. ,86 22, ,34 9S, 40 2, 90 2, ,38 2, ,44 1.15 2.32 WESTERN NEW YORK & PENNSYLVANIA RAILWAY CO. Gen. 4s. Due April 1, 1943.— F, Dated April 1, 1895. Interest payable April and Oct. 1 , at Treasurers' Office of Penna. R. R. Co., 85 -Cedar St., New York. Tax Status — 2% Federal Incom.e T;ix paid by company without deduction. Tax exempt in Pennsylvania and New York. Authorized and Ontstandine — $10,000,000. Denomination — Coupon, $1,000. Regristerable as to principal. Trustee — Central Union Trust Co., New York. Control — See 1st 5s. Secured by direct mortirage on 587.80 miles of road, viz: — A first mortgag-e on 24.09 miles — Leesburg to Redmond, Pa 14.10 Winchester to Blasdell. N. Y 7.67 Buffalo, N. Y- Louisiana Street to Bailey Avenue 2.32 A second mortgage on 563,71 miles — Covered by the first lien of the W. N. Y. & P. R. R. Co. 1st 5s 1937 563.71 Also secured (subject to the lien of the 1st 5s) on the company's rights to and interest in the Railroad, franchise and property of the Bradford, R. R. See 1st 5s. Prior Liens — $9,990,000 Western N. Y. & Pa. 1st 5s of 1937. Underlies — $10,000,000 Western N. Y. & Pa, Income 5s of 1943. $9,400,692 of which are owned by the Pennsylvania R. R. Co. Year ended Dec. 31 Interest Gross Net Rent, Etc. •1918. , .$1,156,106 $1,194,636 $2,095,757 1917... 14,710.397 739,621 2.739,300 1916. .. 13.682,410 2,624,8 50 2,5 43,968 1915. , . 10,871,845 2,027,080 2,402,982 •Corporate Income Account — Standard re- turn under Federal control. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Morton Lachenbruch, Sam'l, , Goldschmidt, J. S. Farlee & Co., Brown Bros. & Co., Seasongood. Haas & Macdonald, Baker, Carruthers & Pell, Redmond & Co., Vi'.as & Hickey, Philadelphia — Chas. Fearon & Co. , B. B, Smith & Co., Harrison, & Co., B. W. Clark & Co., Barclay, Moore & Co., Reed A. Morgan & Co. , Harper & Turner, Blkins, Morris & Co.. West & Co., Biddle & Henry, Brown Bros. & Co., Wheeler Elliot & Mann, Reilly. Brock & Co. , C. Clothier Jones & Co. , Thos. A. Biddle & Co.. H. D. Boenning & Co., Huntoon & Co., Floyd & Palmer, S. K. Phillips & Co, Price Range — N. Y, S. E, Jan. 1, '06 to Jan, 1, '19 1918 High.97% Jan. 30 '06 70 Apr. 2 Low. 60 Aug. 23 '18 60 Aug. 23 WESTERN NEW YORK & PENNSYLVANIA TRACTION CO. 1st & Ref. 5s. Due Jan. 1, 1957.— F. Dated December 1 , 1906. Interest payable Jan. and July 1, at New York. Tux Stntus — -2% Federal Income Tax paid by compan.v without dedur'tion. Tax exempt in New York and Pennsylvania. Authorized — $5,000,000. Outstanding — S2. 2 40, 000. Reserved for Prior Liens — $258,000. Reserved for Extensions — $2,502,000, 1329 Denomination — Coupon, $1,000. Re&isterable Secured by a lien on the property covered as to principal. -Trustee — Equitable Trust Co., New York. Redeemable at 110 and interest on Jan. 1, 1912, or on any interest date thereafter. Organization — Incorporated in New York and Penn. in 1906 as a consolidation of the Clean Street B.. R. Co. and the Bradford Street R. R. Co. and subsequently purchased the property of the Clean, Rock City & Brad- ford B. R. Co. and the entire capital stock of the Shinglehouse Street Ry. Co., the property of which company it also leases. Secured by first mortgage on 68 miles of track and by second mortgage on 30 miles ot track, located in Cattaraugus and Allegany Counties, N. Y., and McKean and Potter Coun- ties, Pa., serving the towns of Olean, Ports- ville, Ceres, Bolivar, Alleggany, ^ Salamanca and Little Valley. N. Y, , Bradford, Lewis Run and Shinglehouse, Pa. Franchises are all perpetual, except that in the City of Bradford, on B % miles of road, which runs until 1944. Prior iien — $148,000 Olean St. Ry. 1st 6s of 1929, and $98,000 Olean St. Ry. 1st Extn. 5s of 1931, for the retirement of which bonds of this issue have been reserved. Year ended Dec. 31: Gross Net Int. & Rent 1918 .$475,276 $113,702 $133,847 1917 482,601 162,626 133.312 1916 468,326 192,148 133,802 1915 429,015 176,014 126,029 1914 454,3 47 189,672 126,19 5 1913 459,039 191,389 126,620 Listed on the Philadelphia Stock Exchange. Original Market — $2,000,000 offered in Oct., 1910, by J. S. & W. S. Kuhn, Inc.. Pitts- burgh, Chicago, etc., at 95 and interest, and in 1911 by the same corporation and Robert Glendinning & Co., Philadelphia, at 94 and interest. Market. Baltimore — Nelson, Cook & Co. , Strother, Brogden & Co. Pittsburg-— R. B. Hutchinson & Co., Lyon, Singer & Co. New York — E. H. Rollins & Sons, "Wood, Struthers & Co., Martin, Berwin & Co.. E. & C. Randolph, Martin & Co.. Otto Billo. Philadelphia — H. D. Boenning & Co., Elkins, Morris & Co., Frazier & Co. ; Townsend, VVhelen & Co., Huntoon & Co., S. K. Phillips & Co. Boston — Baker, Ayling & Co. Price Range, .Jan. 1, '08 to Jan.. I, '19 1918 Bid Ask Bid Ask High.93 '13 95 '11 60 Jan. 75 Jan. Low. 30 '18 40 '18 30 June 40 June WESTERN NEW YORK & PENNSYLVANIA RAILWAY CO. Income 5s. Due April 1, 1943.— F. Dated April 1, 1895. Interest payable Nov. 1, when earned and non-cumulative, at Trus- tee' s office. No interest has been paid on these bonds as of Dec. 31, 1916. Tax Status — 2 % Federal Income Tax pa id by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding in Hands of Publir — $204,238. Owned by the Pennsylvania R. R. Co. — $9,400,762. Held in Treasury of Company — $395,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Fidelity Trust Co., Philadelphia. Control — See 1st 5s. by the Gen. 4s of 1943, but subject to the lien of that mortgage. See 'Gen. 4s. Prior Liens — $9,990,000 1st 5s of 1937 and $10,000,000 Gen. 4s of 1943. Earnings — See Gen. 4s. Listed on the New York and Philadelphia Stock Exchanges. Market. New York — Morton, LachenbrUch & Co., Samuel Goldschmidt. Philadelphia — Elkins, Morris & Co., Chas. Pearon & Co., Harrison & Co., B. W. Clarli & Co., Reed A. Morgan & Co., Welsh Bros. Huntoon & Co. Price Range — N. Y. S. E. Jan. 1. '06 to Jan. 1, '19 1918 Bid Ask High. 37 Aug. 22 '16 40 Jan. 45 Sept, Low. 17% May 17 '15 WESTERN NEW YORK TTTILITIES CO.. Inc., 3&-Year 1st 5s. Due June 1, 1946. Dated June 1, 1916. Interest payable June 1 and Dec. 1, in New York. Tax Status — 2 % Federal Income Tax paid by company without deduction. Tax exempt in New York, Authorized — $5,000,000. Outstanding — $700,000. Additional bonds issuable for 80% of cash cost of additions, etc., or 80% of cash cost, but not to exceed 8 % of replacement value of additional public utility properties, pro- vided net earnings for preceding twelve months are twice interest charges on bonds outstand- ing and to be issued. Issuance of these bonds approved by the Public Service Commission, Second District, State of New York. Denomination — Coupon, $1,000, $500 and $ 1 0. Registerable as to principal. Regis- tered $1,000, $5,000 and multiples of $5,000. C. & R. ($1,000) interchangeable. Trustee — New York Trust Co.. New York. Redeemable at 105 and interest on any inter- est date. Depreciation Reserve — Annual payments be- ginning with 1916 fiscal year, based on the combined depreciable fixed capital assets at the close of the preceding year. As of June, 1916, this annual fund was estimated at about 11% of gross earnings. Organization — Incorporated in New York in 1898. Secured by a first mortgage on all the prop- erty of the company, including three hydro- electric plants with a combined capacity of 2,300 k. w. ; 23 substations; 68 miles of high tension transmission lines; 76 miles of dis- tributions lines; water rights, including a body of water known as Glenwood Lake, ad- jacent to Medina, and gas plant in Albion The company sells electricity to 19 communi- ties in the northwestern part of New York State, located between Buffalo and Rochester and including Medina, Albion, Middleport and Brockport. The company purchases additional electric power under long term contract from the Niagara, Lockport and Ontario Power Co. Population served about 45,000. Fran- chises with one minor exception, are either unlimited as to time or extended beyond the life of the bonds. Replacement value of the property appraised March, 1916, at $1,173,431. Year ended Dec, 31 Gross Net Int., Etc. 1918 $192,641 $69,697 $35,000 1917 188,578 73,182 39,939 1916 183,139 59.216 39,348 1915 183,812 65,828 38,974 1914 169.612 53,498 38,632 1330 Original Market — $700,000 . ofEered July, 1916. by N. W. Halaey & Co., New York, Bos- ton, etc.. at 97% and interest. Market, New York — The National City Co.. J. A. Clark & Co., Sharretts & Young, Lynch & Mc- Dermott. Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Bid Ask Bid Ask Hi&h.94 '17 97% '17 80 Jan. 85 Jan, Low. 70 '18 78 '18 70 Aug. 78 Aug. WESTERN OHIO RAILWAY CO. Ist 5s. Due Not. 1, 1931. — F. Dated Nov. 1. 1901. Interest payable May 1 and Nov. 1, at Trustee's office, or the First National Bank,. New York. Deferred Interest — May 1, '1918, interest paid Sept. 1, 1918; Nov. 1, 1918, interest paid April 30, 1919; May 1. 1919. interest not paid as of June 1, 1919. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $3,000,000. Outstanding — $2,600,000. Cancelled — $476,000. Pledged— $24,000. Denomination — Coupon, $1,000. Registerabl e as to principal. Trustee — Citizens' Savings & Trust Co., Cleveland. Organization — Incorporated in Ohio in 1900, and owns the entire capital stock of the • Lima, Findlay & Toledo Ry. Co., owning 32 miles. The latter company has $336,000 bonds outstanding which this company is paying off at the rate of $10,500 per annum. Secured by a first mortgage on 80 miles of high speed interurban railway from Lima to Piqua, Ohio, with branches to Minister and Celina, Ohio, and a second mortgage on 33 miles of road from Lima to Findlay, Ohio. This road forms an essential link in shortest route from Cleveland and Sandusky to Day- ton, Cincinnati and Indianapolis and from Detroit and Toledo to Dayton, Cincinnati and Indianapolis. Outside of municipalities road is constructed on private right-of-way. In municipalities franchises extend beyond ma- turity of these bonds. Prior Lien — $336,000, Lima, Findlay & To- ledo, 1st 5s of 1925. Year ended Dec. 31 Gross Net Interest 1918 $841,364 $187,026 $163,402 1917 803,814 166,819 161,747 1916 749,863 264,314 165,739 1915 638,667 206.550 172,039 1914 664,537 236.722 16 5,259 1913 642,719 246,711 154,565 Listed on the Cleveland Stock Exchange. Original Market — $1,500,000 offered in May. 1912, by Wm. Salomon & Co., New York and Mackubin, Goodrich & Co., Baltimore, at 94% and interest. Blarket. New York — Hornblower & "Weeks, Earle A. Miller & Co.. Merrill, Lynch & Co.. CofRn & Co., Berdell Bros., F. H. Hatch & Co. Baltimore — Mackubin, Goodrich & Co., "W. W. Lanahan & Co. Philadelphia— R. M. Stinson & Co., H. D. Boenning & Co., Capelle & Co., Cassatt & Co, Chicago — Merrill, Lynch & Co. Cleveland — Borton & Bbrton. Roland F. Meacham, Hayden, Miller & Co, Boston — Hornblower & Weeks. Price Range. .Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High 931/6 '11 95 '12 82% June 88 Jan. Low. 65% '09 69 '09 78 Aug. 80 Apr. WESTERN PACIFIC RAILROAD CO 1st 5s. Due March 1, 1946.— F. Dated June 26, 1916. Interest payable Mar. and Sept. 1, at Equitable Trust Co. , New York, or First Federal Trust Co., San Fran- cisco. Tax Status — 2% Federal Income Tax paid by company without deduction, Authorized— $50,000,000. Outstanding — $20, 000, 000. Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal. Regis- tered, $1,000, $5,000 and $10,000 and multi- ples of $10,000. C. & R. interchangeable. Registrar — Bauitable Trust Co., New York. Trustees — First Federal Trust Co., San Francisco, and Henry B. Cooper, New York. Redeemable at par and interest on any in- terest date on 60 days' notice. Sinking Fund — Annually beginning Jan. 1, 1919, $50,000 for the purchase or redemption of these bonds at not over par and Interest. Bonds so acquired to be cancelled. Organization and Control — Incorporated in California in 1916 as a reorganization under foreclosure of the Western Pacific Ry. Co. The entire capital stock is owned by the Western Pacific Railroad Corporation of Delaware. In May, 1917, the Equitable Trust Co., as Trus- tee of the (old) Railway 1st 5s in suit brought to endorse guarantee, obtained a judgment for upwards $32,000,000 in the U. S. Dist. Court in New York against the Denver & Rio Grande R. R. Co. Secured by a first mortgage on 956.57 (total owned) mile^ of road, equipment, terminals, etc., and all other property of the Company hereafter acquired, vi^. : San Francisco, Cal., to Salt Lake City, Utah 927.30 Carbona to Tesia, Cal 13.00 Partola to Loyalton, Cal 16.27 Also secured by deposit of the following; Deposited Issued Salt Lake City Union Depot & R. R. Stock $99,500 $200,000 Standard Realty & Develop- ment Co. Stk 400,000 400,500 Note — The Claim mentioned under * 'Organ- ization" may be subjected to the lien of this mortgage by an instrument executed expressly for such purpose. Year ended Dec. 31 Gross Net Int., Etc. 1917 $9,898,484 $4,043,9 05 $1,600,636 1916 8,270,262 3,181,389 741.476 Listed on the New York and San Francisco Stock Exchanges. (higinal Market — Holders of Western Pacific Ry. Co. 1st 5s were offered the privilege of purchasing these bonds at 90 to the extent of 40% of their holdings. Plan underwritten by Wm. Salomon & Co. and Equitable Trust Co., New York. $10,000,000 offered Nov.. 1916, by E. H. Rollins & Sons and Hayden. Stone & Co., at 90 and interest. Market. New York — Samue! Goldschmidt, Sutro Bros. & Co., McDonnell & Co., E. H. Rollins & Sons, Dunham & Co.. W. C. Orton, John Muir & Co.. E. F. Coombs & Co.. Coffin & Co., Morton Lachenbruch & Co. , Wm, Salomon & Co. St. Louis — Whitaker & Co. Philadelphia — J. W. Sparks & Co., E. H. Rollins & Sons, Harper & Turner. San Diego — Stephens & Co. Chicago — H. M. Byllesby & Co., E. H. Rol- lins & Sons. Boston — E. H. Rollins & Sons. Baltimore — Nelson, Cook & Co. Denver — E. H. Rollins & Sons. 1331 Pasadena — Blankenhorn-Hunter, Duiin Co. Tms Angeles — B. H. Rollins & Sons, A. E. Lewis, Blankenhorn-Hunter, Dulln Co., L. A. Crisler & Co.. A. H. Woollacott. San fVancisco — B. H. Rollins & Sons, Wm. R. Staats, Blankenhorn-Hunter, Dulin Co., Sutro & Co. Salt Lake City — Palmer Bond & Mortgage Co. Price Range — N. Y. S. E, Jan. 1. '16 to Jan. 1, '19 1918 High.90 Nov. 13 '18 90 Nov. 13 Low. 78 Dec. 20 '17 79% Feb. 6 WESTERN PENNSYLVANIA RAILROAD CO. Cons. (New 1st) 4s. Due June 1. 19^8. Dated June 1, 1888. Interest payable June and Dec. 1, at Broad Street Station, Philadel- phia. Tax Status — 2% Federal Income Tax pai^ by company without ■ deduction. Tax exempt in Pennsylvania. Authorized — $5,000,000. Outstanding — $4,000,000 (Closed mortgage). Denomination — Coupon, $1, 000. Registerable as to principal and interest. Trustee — Provident Life & Trust Co., Phila- delphia. Assumed by the Pennsylvania R. R. Co., aa of Dec. 31, 1915. Organization and Control — Incorporated in Penn. in 1864 and in 1903 was absorbed by the Pennsylvania R. R. Co. Secured by a first mortgage at the rate of $28,700 per mile on 140.13 miles of road from Allegheny to Butler, Pa., and branch to Bol- ivar, Pa. Underlies — Pennsylvania R. R. Gen, 4%s of 1965 which mortgage provides for the retire- ment of this issue. Legal for Bait., Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. L, Vt. and "Wis. Listed on the Philadelphia Stock Bxchange. Market. Philadelphia — E. W. Clark & Co., Reed A, Morgan & Co. , Chaa. Pearon & Co. , Welsh Bros. & Co. , Frazier & Co. , Elkins, Morris & Co., West & Co.. Graham, Parsons & Co., Wheeler. Elliott & Mann. Brown Bros. & Co.. Barclay Moore & Co., Biddle & Henry, Wm. C. Ewen, Huntoon & Co., S. K. Phillips & Co.. Warren A. Reed. New York — Wm. C. Ewen, Baker, Carruth- er.g & Pell, McDonnell & Co., Abraham & Co., Chas. W. Place, Vi'.aa & Hickey. Pittsburgh — R. B. Hutchinson & Co. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High.102'10 103 '09 92^ Nov. 94 Dec. Low. 85 '17 90 '17 86 Mar. 90 Mar. WESTERN POCAHONTAS CORPORATION Lands Purchase Money 1st 4^5. Due Aug. 1, 1945.— F. Dated August 1, 1905. Interest payable Feb. and Aug. 1, at J. P. Morgan & Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 750,000. Outstanding — $750, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable at 105 and interest on any in- terest date after four weeks' notice. Sinking Fund — $9,000 annually, beginning Aug. 1, 1911, to purchase this issue at not exceeding 105 and interest, or to be invested in other securities. Guaranteed principal and interest by the Chesapeake & Ohio Ry. Co. by endorsement. Control — The entire $250,000 capital stock of the West. Pocahontas Corp. is owned by the Chesapeake & Ohio Ry. Co. Secured by a first mortgage on 27,500 acres of coal lands in West Virginia, and coal in about 672 acres additional. Market. New York — Baker, Carruthers & Pell, Abra- ham & Co., H. I. Nicholas & Co. . Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid High.85 '17 93 '17 78 Sept. Low. 65 '18 93 '17 65 July WESTERN RAILWAY OF ALABAMA Cons. 1st 6s. Due Oct. 1, 1938. Dated Oct. 1, 1888. Extended Oct. 1, 1918, with interest increased from 4% % to 6%. Interest payable April and Oct. 1, at Guar- anty Trust Co., New York. Tax Status — Payment of Federa. Income Tax not assumed by company. Authorized — $1,543,000. Outstanding — $ 1,543,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — The Metropolitan Trust Co., New York. Redeemable aa a whole only at 103 and in- terest on any interest date after Oct. 1, 1^20, and prior to Oct. 1, 1928, upon 30 days' notice. Guaranteed principa' and interest by . th« Georgia Railroad & Banking Co. by endorse- ment. Organization' — Incorporated in Alabama in 1883 and acquired main line of Western R. R. of Alabama. The company's stock is owned one-half each by the Central Trust Co., Trus- tee for mortgage of Central of Ga. Ry. Co. and Louisville & Nashville R. R. Co. as Trus- tee for itself and the Atlantic Coast Line R. R. Secured by first mortgage at the rate of $11,900 per mi'.e on 129.80 miles from West Point, Ga., to Selma, Ala. This line forms part of the shortest through route between Atlanta, Ga. , and points north thereof anfi Montgomery, Ala. , and New Orleans, La. Legal for Me., Mich., Minn., N. J., R. I. and Wis. Market. Baltimore — Jenkins, Whedbee & Poe. Philadelphia — Graham, Parsons &. Co. Pittsburgh — R. B. Hutchinson & Co. M'ESTERN STATES GAS & ELECTRIC CO. (OF CALIFORNIA) let & Ref. 5s. Due June J, 1941. Dated June 1, 1911. Interest payable June and Dec. 1, at Girard Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized — $10,000,000. Outstanding — $4,347,500 (Mar. 1, 1919). Redeemed by Sinking Fund — $530,500. Resen'ed for Prior Lien — $304,000. Hedd in Treasury — $7,000. Reserved for Ext. — $3,852,000. Deposited as Collateral — $959,000. Denomination' — Coupon. $1 ,000 and Registerable as to principal. Tlrnstee — Girard Trust Co., Philadelphia. Redeemable at 105 a nd interest on any in- terest date on 30 days' notice. $500. 1332 Sinking ITund— Prom Dec. 1, 1912, to June 1 . 3 914, semi-annually, one-half of 1 % of bonds previously issued, from Dee. 1, 1914, to June 1, 1919, 1% semi-annually; and semi- annually thereafter, 1%%, to be applied to the purchase or redemption of these bonds at not over 105 and interest". Bonds so acquired to be cancej^led. Ortranioeation and Control — Incorporated, 1910. in California as a consolidation of the HumboMt Gas & Electric Co. , the Areata Lighting Co., the American River Electric Co.. the Stockton Gas & Electric Corporation and the Eureka Lighting Co., controlled through entire stock ownership by the West- ern States Gas & Electric Co. of Delaware, a majority of the stock of which is owned by the Standard Gas & B'.ectric Co. Serves over 30 communities, including Stockton, Richmond and Eureka; population estimated over 90,000. Secured by a first mortgage covering all properties of the company, except a part of the American River Division, against which there are outstanding $304,000 divisional bonds due 1933. Franchises not required. Prior liiens — $304,000 American River Elec- tric Co. 1st 5s of 1933, which will be retired by bonds of this issue. Underlies — $1,564,000 67o Notes, due Feb. 1, 1927, and $690,000 6^^% Notes, due Aug. 1, 1923. Year ended Dec. 31 (combined): Gross Net Interest 1918 $1,628,996 $643,594 356,774 1917 1,402.869 625,235 325,012 1916 1,239.337 597,909 291,641 1915 1.183,834 569,942 281,560 Original Market — $2,035,000 offered in May, 1911, by A. G. Edwards & Sons, New York and St. Louis, Mo. , Montgomery. Clothier & Tyler, Philadelphia, and "White, We'.d & Co., New York, at 95 and interest. Market, Chicago — Hulburd. Warren & Chandler, King. Hoagland & Co.. H. M. Byllesby & Co., E. H. Rollins & Sons, Babcock, Rushton & Co. Milwaukee — Morris F. Fox & Co.. John B. De Wolf & Co., First National Bank. New York — Low, Dixon & Co., Bonbright & Co., White. WeM & Co., H. N. Whitney & Sons. E. H. Rollins & Sons, S. L. Snow- den, Kiely & Horton, Hanson & Doyle, P. H. Hatch & Co., Morton Lachenbruch & Co., Mar- tin, Berwin & Co., Montgomery & Co.. H. M. Byllesby & Co.. BerdeM Bros., H. F. McCon- nell & Co.. McDonnell & Co., McCIure. Jones & Reed, J. Nickerson. Jr. Boston — F. B. Bassett & Co.. L. Sherman Adama. Philadelphia — H. D. Boenning & Co., Lloyd & Pa'mer. Montgomery & Co.. Cassatt & Co., Elkins, Morris & Co.. Welsh Eros., Bauer. Starr & Co., S. K. Phillips & Co. St. X>ouis — John Nickerson. Jr. Providence — R. S. Moore & Co. !Lo9 Angeles — A. H. Woollacott, Price Range. Jan. 1, '13 to Jan. 1, '19 1918 Bid Ask Bid Ask High.93 '12 95 '12 86 Dec. 90 Nov. Low. 75 '17 80 '18 77 Mar. 80 Mar. WESTERN STATES GAS & ELECTRIC CO. of California, 10-Year 6% Notes. Dae Feb. 1, 1927.— F. Dated Feb. 1. 1917. Interest payable Feb. 1 and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. AuthoHzed— $5,000,000. Outstanding — $1,564,000. Reserved for Ext.— $3,436,000. Issue approved by the R. R. Commission of California. Denominations — Coupon, $1,000, $500 and $100. Registerable as to principal or exchange- able for fully registered of $1,000 and multi- ples. C. & R. interchangeable. Trustee — Guaranty Trust Co., New York. Redeemable at any time prior to Feb. 1. 1921, at 102 and interest; at 101 and interest prior to Feb. 1, 1925; and thereafter at 100 and interest on 30 days' notice. Organization — Property, etc., see 1st & Ref. 5s. Security — A direct obligation of the com- pany but not secured by mortgage. No new mortgage can be created on the company's present property without equally securing these notes. Prior Liens — $4,347,500 1st &. Ref, 5s, due 1941, and $304,000 (c'.osed mortgage) Amer- ican River Electric Co. 5s, due 1933, Earnings — See 1st & Ref. 5s. Original Market— Offered April, 1917, by H. M. Byllesby & Co., Inc., and Bonbright & Co., Inc., at 98 and interest. Market. New York — Bonbright & Co., H. M. Byllesby & Co., Geo. S. Crap & Co., Hanson & Doyle. John Muir & Co., H. N. Whitney & Sons, Ber. dell Bros.. McClure, Jones & Reed, J. Nick- erson, Jr. Boston — Bonbright & Co., F. B. Bassett & Co. Chicago — Bonbright & Co., H. M. Byllesby & Co., Babcock. Rushton & Co. Philadelphia — Bonbright & Co., H. D. Boen- ning & Co. Portland, Me. — Beyer & Small. Los Angeles — Blankenhorn-PIunter, Dulin Co. Pasfidena — Blankenhorn-Hunter. DulJn Co. San Francisco — Blankenhorn-Hunter. Dulin Co. Providence — R. S, Moore & Co. Price Range. Jan. 1. '17 to Jan. 1, '19 1918 Bid Ask Bid Ask High.97 '17 98 '17 90 Jan. 90 Jan. Low. 82 '18 86 '18 82 Sept. 86 Sept. WESTERN STATES GAS & ELECTRIC CO. OF CALIFORNIA 5-Year 6M!% Coll. Tr. Notes. Due Aug. 1, 1923. Dated Aug. 1, 1918. Interest payable Feb. 1 and Aug. 1 at Union Trust Co.. San Fran- cisco. Tax Status — 2% Federal Income Tax pai^ by company without deduction. Authorized — $1,500,000. Outstanding — $690,000 (Jan. 1. 1919'». . Purpose of Issue — The proceeds will retire floating debt incurred in extending system, and to provide funds for additions, including work on storage reservoirs on the American River. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Union Trust Co., San Francisco, Redeemable on any interest date prior to Feb. 1. 1921, at 102 and interest, thereafter prior to Feb. 1, 1923, at 101 and on Feb, 1, 1923, at 100^^. Organization, etc. — See 1st & Ref. 5s. Secured — At all times by sufficient 1st & Ref. 5s to make them a legal investment fot savings banks in California. Earnings — See 1st & Ref. 5s. Legal for Cal. 1333 Original Market — $690,000 offered Sept., 1918, by BIyth, Witter & Co., San Francisco and National City Co., New Yorlc, San Fran- cisco, etc., at 98 and interest. Market. ProvWencc — R. S. Moore & Co. WESTBRN TEXEFHONG & TELEGRAPH CO. Coll. Xr. 5s. Dae Jan. 1. 1938.— N. Dated Jan. 26, 1902. Interest payable Jan. and July 1, at Old Colony Trust Co., Boston. Tax Status-^ — Payment of Federal Income Tax not assumed by company. Authorized — $10,000,000. Outstanding — $9,986,000. Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Old Colony Trust Co., Boston. Assumed by the American Telephone & Tele- graph Co. Bonds will be endorsed with the Am. Tel. & Tel. Co. on presentation to the trustee. Control — ^Absorbed by the American Tele- phone & Telegraph Co. Secured by a first lien on securities of the Cleveland Telephone Co., New England T. Sc T. Co.', Wisconsin Telephone Co. and North- western Telephone Exchange Co. LiiBted on the Boston Stock Exchange. Market. New York — Curtis & Sanger, Oilman & Clu- cas, Hornblower & Weeks, Burgess, Lang & Co., Callaway, Fish & Co. Boston — Lee, Higginson & Co., Hornblower & Weeks, Paine, Webber & Co., Estabrook & Co., Old Colony Trust Co., Blake Bros. & Co., Kidder, Peabody & Co.. J. W. Bowen & Co., Merrill, O'.dham & Co., A. Perry & ,Co. Chicago — Hornblower & Weeks. Price Bange, Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 102% '16 102% '16 90 Deo. 92 Deo. Low. 77% '08 78 '08 82Vi June 83 June Price Range, Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High.91 '17 93 '18 91 Dec 93 Deo. Low. 78 '16 83 '18 86 June WESTERN UNION TELEGRAPH CO. Coll. Tr. SO-Xear 6s. Due Jan. 1, 1938 — N. Dated Jan. 1, 1888. Interest payable Jan. and July 1, at oitice, 196 Broadway, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Outstanding — $8,637,000. In Treasury — $108,000. The authorized amount of this issue is limited only to such an amount as will be nec- essary to acquire the securities of leased com- panies. Denomination — Coupon, $1,000. Resister- ab'e as to principal. Trustee — Bankers' Trust Co. Organization — Incorporated April, 1856, in New York as successor to the New York & Mississippi Valley Printing Telegraph Co., which controlled the Morse and other patents. The company has acquired or leased a num- ber of telegraph and cable companies. In 1909 the American Telephone & Telegraph Co. acquired a large minority interest in this company, but disposed of this stock in 1914. Secured by deposit with the Trustee of stocks and bonds of the following companies all of the stocks bearing a guarantee of the Western Union Telegraph Co. of 6%. The N. ,Y. Mutual Tel. Co... Stock $2,387,700 Gold & Stock Tel. Co " 1,111,800 Internat. Ocean Tel. Co " 1,961.500 Maine Telegraph Co " 111,000 Wash. & New Orl. Tel. Co.. " 30,000 Mutual Union Telegraph Co. Extended 6% Bonds " 3,143,000 WESTERN TRANSIT CO. Ist 3V&8. Due Feb. 1, 1923.— N. Dated Feb. 1, 1883. Interest payable Feb. a;id Aug. 1, at Grand Central Terminal, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $1,500,000. Denomination. — Coupon, $1,000. Guaranteed principal and interest by New York Central R. R. Co. Organization and Control — Incorporated in New York in 1883 and owned and operated a fleet of 10 freight steamers plying on the Great Lakes between Buffalo, Milwaukee and Chicago and between Buffalo and Duluth. April 1, 1916, this company sold all its steam- ers to the Great Lakes Transit Corporation and discontinued operations on that date. Its corporate existence is to be maintained. The entire capital stock of the company, $1,000,000 par value, is owned by the New York Central R. R. Co. Security' — A direct obligation of the com- pany, but not secured by mortgage. Market. New Yorit — Wm. C. Bwen, J. S. Farlee & Co., Sam'l. Goldschmidt, Hanson & Doyle, JTartshorne & Battelle, Louchheim, Mlnton & Co., F. H. Hatch & Co., Abraham & Co., Baker, Carruthers & Pell. Phelps & Neeser. Pliiladelphia — Louchheim, .Minton & Co.. Pittsburgh — R. B. Hutchinson &, Co. $8,745,000 Year ended De«, SI Gross Net Interest •1918.. $64,283, 411 $12,396,726 $776,913 1917.. 76,996,611 16,697,216 1,331,850 1916.. 61,919,140 14,383,679 1.331,850 1916.. 61,171.796 11,503,180 1,335,588 1914.. 46,264,777 6,708,637 1,337,242 * ' 'Gross' ' includes revenue from Land Line System for seven months ended July 31 and Cable System and Maritime Provinces Tor cal- endar year. "Net" includes compensation due from Government and also other income. "Interest" includes bond interest for seven months ended July 31. Listed on the New York Stock Exchange. Market. New York — Tobey & Kirk, Gilman & Clucas, Low, Dixon & Co., Seasongood, Haas & Mac- donald, J. S. Farlee & Co.. J. Davenport, Ked- TOond & Co. Philadelphia — ^Harper & Turner. Boston — J. W. Bowen & Co. Price Range — ^N. Y. S. E. Jan. 1, '06 to Jam. 1, >19 1918 High.l09?i Jan. 19 '06 93% June 16 Low. 84 Mar. 7 '08 87% Sept. 10 MTBSTERN UNION TEI^EGRAPH CO. Fund- ing & Real Estate 4%s. Due May 1, 1950. . Dated May 1, 1900. Interest payable May and Nov. 1, at office, 195 Broadway, New York. Tax Status — payment of Federal Income Tas not assumed by company. Anthorized and Outstanding — $20,000,000. Denomination — Coupon, $1,000. Reglsterable as to principal or fully reglsterable. Regis- 1334 tered $1,000 and $5,000. C. & R. interchange- ab'.e. Trustee — Farmers' Loan & Trust Co., New York. Secured by a first mortgage on all the com- pany's real estate in New York City and Chi- cago, together with all buildings, fixtures, and telegraphic instruments thereon. The company covenants that if any mortgage is placed on any real estate or telegraph lines or plant of the company, these bonds are to be secured by prior lien on any property so mortgaged. Earnings — See Collateral Trust 6s above. Legal for N. H. Listed on the New York Stock Exchange. Original Market — $10,000,000 offered in April, 1900, by Kuhn, Loeb & Co., New York. Market. Boston — J. W. Bowen & Co., New York — Gude, Winmill & Co., Morgan & Finlay, Wood, Struthers & Co., Tobey & Kirk, ^Oilman & Clucas, Coffin & Co., Season- good, Haas & Macdonald, Low, Dixon & Co., J. Davenport, Redmond & Co. Portland, Me. — Chas. H. Oilman. St. Louis — Bowman, Cost & Co. Price Range— N. Y. S. E. Jan. 1, '0€ to Jan. 1, '19 1918 Hlgh.105 July 20 '06 92% Nov. 14 Low. 80 Oct. 2 '18 80 Oct. 2 WESTERN UNITED GAS & ELECTRIC CO, 1st & Ret. 5s. Dne $25,000 each Feb. 1, to 1924, $30,000 ajuiiually to 1949 and bal- ance Feb. 1, 1950. — F. Dated February 1, 1905. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized^ — $5,00,000. Outstanding — $4,831,900 (Jan. 1, 1919). Maturities Retired — $100,000. Cancelled — $68,100. Denomination — Coupon, $1,000, $500 and $100. Registerable aa to principal. Trustee — Continental & Commercial Trust & Savings Bank, - Chicago. Redeemable at 103 and interest on any in- terest date after Feb. 1, 1916. Sinking Fund — $25,000 of these bonds are .due, and payable annually from Fpb. 1, 1915 to 1924, and $30,000 annua'.ly Feb. 1, 1925 to 1949. Organizatioin — Incorporated 1905 in Illinois as a consolidation of. the Fox River Light, Heat & Power Co. of Aurora, 111. ; Joliet Gag Light Co.,. La Grange Gas Co., and Elgin American Gas Co. \_ Secured by a- first mortgage on all the prop- erty of the -company now owned or hereafter acquired. Company buys its gas from the ■Coal Products Mfg. Co., Joliet, 111., under long 'term contracts. It has uuxiliary gas plants at Aurora, Elgin, Joliet and La Grange. Dig- tributes gas to 63 cities and towns, all located within a radius of 45 miles from Chicago. Has plants supp'ying electricity in 7 towns and steam heat in Aurora. Population served 210.000. Has in operation 1040 miles of gap mains, 48,960 gas meters, G68 miles electric lines, 6.739 electric meter.q. Franchises — In Aurora and Joliet are per- petual and in other cities and towns from 30 to 50 years. Underlies — General 6s and 6s. due to 1920; and Deb. 7s 1950. Year ended Jan. 31 Grass Net Int. etc. 1919 $1,985,442 $766,229 $344,720 1918 1,830,437 702,081 322,168 1917 1,605,238 667,876 321,688 1916 1,637,179 701,382 361,999 Original Market — Ottered in 1905 by N. W. Halsey & Co., New York, Howard, Simmons & Co., Chicago, Mercantile Trust Co., St. Louis, and Merrill, Oldham & Co., Boston, at 99 and interest. Market. New York — Babcock, Rushton & Co., Hal. sey, Stuart & Co.. H. D. Bobbins & Co.. Berdell Bros. Philadelphia — Cassatt & Co.. Harper & Tur- ner. Portland. Me. — Fidelity Trust Co. Chicago — Peoples Trust & Sav. Bank, Bab- cock, Rushton & Co., Chicago Savings Bank & Trust Co.. Ft. Dearborn Trust & Savings Bank, Emery, Peck & Rockwood, A. B. Leach & Co., National Bank of the Republic, Halsey, Stuart & Co. St. Louis — Mercantile Trust Co. Boston — Merrill, O'.dham & Co., McConnell & Co. Milwaukee — Second "Ward Savings Bank, First National Bank, F. A. Bartlett & Co. Price Range. Jan. 1, '12 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100 '17 101 '17 92 Jan. 95 Jan. Low.. 88 '18 90 '18 88 Sept. 90 Dec. WESTERN UNITED GAS & ELECTRIC CO. Gen. 6s and 5s. Due $80,000 Aug. 1, 1916: $85,000 Feb. 1 and Aug. 1, 1917: $90,000 Feb. 1 and Aug. 1. 1918; $95,000 Feb. 1 and Aug. 1. 1919: $100,000 Feb. 1, 1920 and balance (5s) Feb. 1, 1950. — F. Dated Aug. 1, 1913. Interest payable Feb. and Aug. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $290,000 6s, $1,305,500 6s, Retired — $446,000. Pleflge to secure 7% Notes — $440,000 6s. Denomination — Coupon $100, $500, $1,000. Trustee — First Trust and Savings Bank, Chicago, 111. Redeemable on any interest date at 102^ and interest. Secured by a second mortgage on property described under 1st & Ref. 5s. Original Market — $1,000,000 offered In Aug.. 1913. at par and interest by W. "W. -Arm- strong & Co., Aurora, 111., and Howard, Sim- mons & Co. Market. New York — J. A. Clark & Co., Halsey, .Stuart & Co., Ussing, Poole & Simmons, H. D. Robbins & Co. Chicago^-Chicago Savings Bank & Trust Co., Child & Levering. Fort Dearbon Trust & Savings Bank, Halsey, Stuart & Co.. Emery, Peck & Rockwood, Babcock, Rushton & Co., The Peoples Trust & Savings Bank. Philadelphia — Harper & Turner. Price Range — 5s. Jan. 1, '16 to Jan. 1. '19 Bid Ask High.99 '16 100 '16 Low.. 92 '17 WESTERN UNITED GAS & ELECTRIC CO. S^year 7% Coll. Gold Notes. Due Feb. 1. 1921. Dated Feb. 1, 1918, Interest payable Feb. and Aug. 1. ]33i Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Out»ta.ndine — $330,000. Denomination — Coupon $100, $500 and $1,- 000. Trustee — Northern Trust Co., Chicago. Redeemable at 100 '/^ and interest at any time. Secured by deposit with the Trustee of $440,000 Gen. 5s, due 19B0, being at the rate of 133^% bonds to notes outstanding. Original Market — Offered Feb., 1918 by W. W. Armstrong Company, Aurora, 111., at par and interest. Market. Chicagro — Babcock, Rushton & Co. Westinghouse Foundry Co. l.-at 5s due to 1926 and $120,000 Real Bstate mortgages. Year ended March 31 Total .Sales Net Interest 1919. $160,379,942 $17,336,802 $2,276,794 1918. 95,735,407 16,834,736 1.429,052 1917. 89,539,442 18,848,237 768,348 1916. 50,269,240 10,536,626 869,837 1916. 33,671,485 3,720,939 1,268,918 Original Market — $15,000,000 offered in ex- change, par for par, for one-year 6% notes- due Feb. 1, 1919, by Kuhn, I^oeb & Co.. New York. Market. Pittsburgh — Glover & MacGregor. Philadelphia — Graham, Parsons & Co. WESTERN UNITED GAS & EU5CTBIC CO, WESTINGHOUSE MACHINB CO. 1st & Ref. Bebenjture 7s. Due SSO.OOO each Dec. 1, gg jy^^ y^^ j 1940 F from 1919 to 1988, inclusive. Dated Nov. 1, 1910. Interest payable Feb. Dated Dec. 1. 1918. Interest payable June jj^^^^ j^^g_ a^„a Nov. 1, at Colonial Trust Co.. 1 and Dec. 1 in Chicago. Pittsburgh, Pa. Tax Status— 2% Federal Income Tax paid ^^^ Status— 2% Federal Income Tax paid by company without deduction. i by company without deduction. Authorized- $600,000. Authorized- $10,000,000. Outstanding— $500,000. Outstanding- $6,666,000 (June 12. 1919). Purpose of Issue — To retire floating indebt- Retired by Sinking Fund — $1,661,000. edness. Reserved (or Prior Lien — $360,000. Denomination — Coupon $1,000. $500 and Denomination — Coupon. $1,000. Eeglsterablo $100. Registerable as to principal. as to principal. Trustee— Northern Trust Co., Chicago. Trustee— Colonial Trust Co.; Pittsburgh. Redeemable at 102 and interest on any m- Redeemable at 102% and interest on any terest date on 30 days' notice. interest date. Organization — See 1st and Ret. 6s. Sinliing Fund — Minimum of $150,000 an- Security — ^A direct obligation o£ the com- nually plus interest on bonds retired, and pany but not secured by a mortgage. until $1,000,000 o£ the bonds are retired, an Earnings — See 1st and Eef. 5s. additional sum equal to 25% of earnings after Original Marlcet — $500,000 offered Decern- fixed charges. ber, 1918. by Emery, Peck & Rockwood, Chi- Organization — Incorporated in Pennsylvania cago. at prices ranging from 99% and interest 1881. Finances readjusted, December, 1907. to 96H and interest according to maturity. In March 1911 absorbed the "Westinghouse Market. Foundry Co. The company manufactures Aurora, III. — W. W. Armstrong Co. steam turbines, gas engines, automobile en- Chicago — Babcock, Rushton & Co. glnes and other power generating appliances. Control — Merged in 1917 into the Westlng- WESTINGHOUSE EUECXRIC & MANUFAC- •"'"^e Eleotrio & Manufacturing Co. TURING CO. 1-Year 6% Notes. Due Secured— Subject to prior lien noted below Feb 1 1920 ^"^ ^^^ property of the company, including Dated' F4b. 1. "1919. Interest payable Aug P'ants at Bast Pittsburgh^ ^^■■.. ^°? -*■"'=»■ 1 and Feb 1 in New York N- ^■- ^"'' ^ foundry at Trafford City, Pa. Tax Stitus— Payment of Federal Income /^j5° seared by deposit of the foUowlns Tax not assumed by company. ^t J t ^ / ^t \ .n ««« nn* Authorized— $15,000,000. N""S* ^^"^ 9°- i^""?®';.- • -, '?'22J'JS2 Outstanding-$15,000.000. RH,-^r w„,^f.S„,?,°»- FW^il'Mf^ 1.360,000 PuriMise of Issu.^To provide for the ex- ^"^J-*;^* rYd S?»?T ^' ■>i>i oi', change or payment of 6% notes due Feb. 1, BrUUh Westinghous4 " Elec.- ' & ' iifg. ' ?f."ri^^':;ri^°Tninn'' Trust Co New So^fete "^Blectri^e Wesilngliouse ' de '"''" Trustee— Centra,. Union Trust Co., New j^^^^,^ (rights) 174,S»« Ji . i- - A J , T^ , . Traction & Power Securities Co., Organizationi — Incorporated in Pennsylvania - ^^ (Com ) 116 167 ^ ':?^,^'„. , . »,, ■ J ^ * . ... Trafford Improvement Co. (entire).. lOoioOO 2'"V*^'J'°* t^^T^^^ „",^f=''??f^ Westinghouse Inter-Works Ry. Co.. 40.000 Pref. (7% cum.... ".000,000 ".908,700 B^a^an Chemical Co 30 000 Cnmmon 71.000.000 70,813,960 p^g,, Uens- $194,000 Westinghouse Foun- Secnnty— A direct obligation of the com- ^ry Co. 1st 5s due serially to May 1, 1926, pany but not secured by a mortgage. The to retire which bonde of this issue are re- company (including its proprietary companiei) served. as defined in the indenture) covenants in this TJsted on the Pittsburgh Stock Exchange. indenture that while these notes are outstand- Earnings — See Westinghouse Electric & Mfg. ing it will at all times have on hand current Co. assets, as defined in said indenture, equal to Market. at least twice the amount of its current ob- New York — C. H. Hensel. Moore, Leonard ligations, as also therein defined, and that it & Lynch. Oilman & Clucas. Lindley St Co.. will not hereafter and sn long as any of these c. H. Hensel. Holmes. Bulkley & Wardrop. notes are outstanding make or permit to be Babcock. Rushton & Co.. Baker, Carruthers & made any mortgage or any of its properties Pell. F. H. Hatch & Co.. Morton Lachenbruch or upon the properties of any of its pro- & Co. prietary companies. Pittsburgh — Moore. Leonard & Lynch. Co- Prior IJen. — $6,666,000 Westinghouse Ma- Innial Trust Co.. R. W. Evans & Co.. R. B. chine Co. 1st and Ref. Cs of 1940; $194,000 Hutchinson & Co.. Goddard, Hunter & Co.. 1338 V^m. M. Bell & Co., Lyon, Singer & Co., Ward-Darley-Lupola Co., Jas. Carothers & Co., Speer Bros . W. E. Bullard, Go'.dsbor- ough & Hammoria. Philadelphia— Capelle & Co. , . „ Price Ranee. Jan. 1, '09 to Jan. 1, >19 191g Bid Ask Bid Ask High. 102% '16 103 '16 100 Deo. 100% Dec. Low.. 70 '14 75 '14 90 Oct. 95 Oct. VVESTMOBEIiAND COUNTY BATLWAY CO. 1st Kb, Due March 1, 1935. — ^N. Dated 1905. Interest payable March and Sept. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $250,000. Outstandine — $207,900 (June 16, 1919). In Treasury — $42,100. I>enominatioii — Coupon, $100. Reglsterable as to principal. Trustee — Bast End Savings & Trust Co., Pittsburgh, Pa. Organization — Incorporated in Penn. In 1904 as a consolidation of the Bradenville & Derry St. Ry. and Blairsville & Derry St. Ry. com- panies. Secured by a first mortgage on seven miles of track from Latrobe to Derry, Pa. Years ended June 30 Net Int. & Tax. 1918 $30,975 $14,852 1917 27.660 22,402 1916 20.906 15,223 1915. 10,670 13,923 1914 14.978 13,868 VVHAIBN PULP & PAPER MIL,I.S, LTD., Ist & Ref. 6s. Due Each May 1 as fol- lows: $100,000, 1920 and 1921: $110,000. 1922; $120,000, 1923; $130,000, 1924: $140,000 192S; $180,000, 1926; $160,000, 1927; $170,000, 1928: $180,000, 1929: $55.- 000, 1930. Dated May 1, 1917. Interest payable May 1 and Nov. 1 at Northern Trust Co., Chicago. Merchants' Bank of Canada, Montreal, Tor- onto or New York, and London .Joint Stock Land Bank, Ltd.', London. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $4, 000, 000. Outstandlne — $1,480,000. Reserved for Prior Liens — $520,000. Reserved for Ext. (66%)— $2,000,000. Denominations — Coupon, $1,000 and $500. Registerable as to principal. Trustee — Montreal Trust Co., Montreal. Secured by first mortgage on company's plants at Quatsino Sound and Swanson Bay, British Columbia, having combined annual production of 30,000 tons of sulphite fibre, and daily capacity of over 500,000 feet of lumber, together with timber limits and con- tracts covering approximately 155,000 acres. Original Market — Offered Nov., 1917, by Peabody, Houghteling & Co., Chicago, at prices from 98% to 95% for various maturi- ties. Market. New York — Lynch & McDermott. Montreal — Royal Securities Corp. Price Ranee 1918 — ^Ask 95. WHARTON STEEL CO. 2-Year 6% Notes. Due Dec. 28, 1919. Dated Dec. 28, 1917. Interest payable June 28 and Dec. 28 in New York. Tax Status — Information on Federal Income Tax not available. Tax free in New Jersey. Authorized — $1,200,000. Outstanding — $1,200,000. Purpose of Issue — To extinguish the pres- ent real estate mortgage of $750,000 and for the liquidation of bills payable. Denomination — $1,000 and $5,000. Redeemable at 100 and interest on any in- terest date. Organization — Incorporated in New Jersey in 1907. Its furnaces and works are located at Wharton, N. J. The company manufac- tures Bessemer basic and foundry pig iron, also owns ore lands in Morris County, N. J., and the Wharton & Northern R. R. Capital Stock Authorized Outstanding $3,000,000 $3,000,000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Original Market — $1,200,000 offered Jan., 1918. by Chandler & Co., New York and Philadelphia, at 94 and interest. Market. New York — C. H. Hensel. Price Range 1918 — Ask 91%. WHATCOM COUNT-Y (WASH.) RAILWAY & LIGHT CO. 1st S. F. 5s. Doe Nov. 1, 1935. — F. Dated Nov. 1, 1906. Interest payable May 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — Closed mortgage. Outstanding — $1,390,000 (Jan. 1, 1919). Retired by S. F. — $128,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Old Colony Trust Co.. Boston. Redeemable as a whole at 105 and inter- est on 30 days' notice. Sinking Fund — Annually 1% of outstanding bonds payable Nov. 1 for the purchase of these bonds at not exceeding 106 and inter- est, or for the purchase of first mortgage public utility bonds. Assumed by the Puget Sound Trac,, Lt. & Pr. Co. Organization and Control — Incorporated 1902 in New Jersey as a reorganization of the Bellingham Bay Blec. St. Ry. and the North- ern Ry. & Improvement Co. Owns entire stock of the Bellingham & Skagit Ry. Co. Absorbed by the Puget Sound Traction, Light & Power Co., which company is controlled and managed by Stone & "Webster. Secured by a first mortgage on 24 miles of street railway in and about Bellingham, Wash., together with gas and electric plants supplying the same city. An extensive hydro- electric plant is owned near Mt. Baker, about 50 miles from Bellingham. Population served, over 26,000. Franchises expire in 1940 and 1941. UnderUes — P. S. T., L. & P. 5s of 1919. Earnings — See Puget Sound Trac. Lt. & P. Co. Original Market — First offered by Lee, Hig- ginson & Co., Boston. Market, Boston — Lee, Higginson & Co., Stone & Webster, Hollister, White & Co.. F. B. Bas- sett & Co. New York — Hanson & Doyle, i-ee, Higgin- son & Co., P. H, Hatch & Co. Price Ranee. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 94 '13 97 '10 83 Jan. 88 Jan. Low. .78 '18 83 '18 78 Oct. 83 Oct. 1337 WHEELING &. -LAKE ERIE RAILBOAD CO. 1st Cons. 4s. Due Sept. 1, 1949 F. Dated September 1, 1899. Interest payable March and September 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company witBout deduction. Authorized — $15,000,000. Outstanding — $6,847,000. Exchanged for Bef. 4%s of 1966 and Pledged Thereunder — $4,850,000. Balance Unissued, Denomination — Coupon, $1,000. Begisterable as to principal or fully r°"- "•°°«- Registerable T^tJLtn 'l'"cT,"Vdeorge''t^Vand?rhoe^f; Tmst^c r-PTifT-ai TT«j « rrr .^ „ ^, Abraham & Co., Chas. W. Place. Tor" ^™'' '^°- ^^^ Philadelpliia— Frazier & Co. Assumed by the Wheeling & Lake Brie H ^'"'"' "auBC — N. Y. S. E. E. Co, Jan. 1, '06 to Jan. 1, '19 1918 Organization. Earnings, etc.— See 1st Cons. „. ^,„,„ „ „,„. „o,A^'' 4s. H:igh.l06V4 Dec. 8 '08 98% Jan. Secured by direct mortgage on 246.94 miles ^°^- '^ ^^^- ^^ '1* ^2 June of road, viz. ; . A first lien on 60.19 miles— Bowerston, Ohio, to Martins Ferry, Ohio 60,19 (THE) WHEELING & LAKE ERIE RAIL- A second lien on 196.76 miles — WAY CO. Ref., Series "A" 4%s and "B" Covered by the first lien of the Lake 5s. Due Sent. 1. 1966. Brie Div. 6s 196.76 Dated Sept. 1, 1916. Interest payable Prior Liens — $2,000,000 Wheeling & Lake March 1 and Sept, 1. at Trustee's office. New Brie, Lake Brie Div, 1st 6s of 1926. York. Underlies — W. & L. B. Bxt. & Imp. 6s of Tax Status — 2% Federal Income Tax paid 1930; W. & L. B. 1st Cons. 4s of 1949; and by company without deduction, the W. & L. B. new Kef. Mtge. of 1966, Autliorized — $50,000,000. which provides for the retirement of this Outstanding — $4,860,000 "A"; $3,182,000 issue. "B." Listed on the New York Stock Bxchange. Reserved for Prior Liens — $13,303,700. Market. Reserved for Corporate Purposes — $1,020,- New York — Coffin & Co., Tobey & Kirk, "*"• Shuman & Seligmann, Samuel Goldschmidt, Reserved for Ext.— $27,644,300. Baker, Carruthers & Pell. Abraham & Co., Denominations — Coupon $1,000. Eegistera- Simon Borg & Co., Korn, Lehman & Co F *'e as to principal. Registered $1,000, $6,000, J. Lisman & Co. ' $10,000 and multiples of $10,000. C. & K. Philadelpliia — Chas. Fearon & Co interchangeable. Price Rang^N. Y. S. E. ^Jrnste^Central Union Trust Co., New Jan. 1, '06 to Jan. 1, -19 1918 Redeemable at 102% and Interest on any TTiirh noli Ti-oK a .no oo n,T nn»/ -., intcrcst date on 60 days' notice. f\J^lV^ ?^, oo.Z^ 88 Nov. 99% M;ar. Organization^Inoorporated Dec. 1916, In Low. 95 July 29 '08 96 Dec. Ohio as a reorganization of the Wheeling & Lake Brie H. R. Co. WHEELING & LAKE ERIE RAILWAY CO Secured by direct mortgage on 617.40 miles Ext. & Impt. 5s. Due Feb. 1, 1930.— N.' "' A^flrit "itn „„ ii Rq ™ii»= Dated December 20, 1889. Interest payable ,,»f, "7,1 ''?" p"^ ",5,^ Sn^,^"~'oh,„ ,1, Februai-v anf\ Anp-iiat 1 =f T 1920.— F. Dated March 1 , 1915. Interest payable Mar. 1 and Nov. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. -Pennsylvania State Tax refunded. Authorized — $1,750,000. Oulstanding — $1,370,000. Denomination — Coupon. $500 and $1,000- Reglsterable as to principal only. 1342 Trustee— West End Trust Co., Philadelphia. Keilcemable at 102 and interest. lonq ■S?''"°"~^'"=°™<"'ated in Delaware In J.3U3. ine company and its predecessor have been engaeed in the lumber business for 40 years. Secured by a first lien on the entire capital stocks of the followinB companies: Parsons Pulp & Lumber Co. ($2,000,000). owning extensive timber lands in West Vir- ginia and North Carolina, 84 miles of rail- road with equipment, two saw mills, and other eauipment. Property subject to $1,880.- 000 bonds. R. P. Whltmer & Co., Inc. Carolina Supply Co. North Carolina Mercantile Co. The above three companies are supply com- panies.-- £arning8 not available. Original Market — Ottered in July, 1916, by George v. Larson, 25 Broad St., New York, at 99 and Interest. Market. New York — Freeman & Co. Boston — Chas. A, Day & Co. Price Range. Jan. 1, 'IT to Jan. 1, '19 1918 High Ask Bid Ask High.96 '17 99 '17 90 Jan. 96 Jan. Low. 90 '18 96 '18 WICHITA rAI^LS & XORTHWHSTERN RAILWAY CO. 1st Ss. Due Jan. 1, 1939. Dated January 1, 1909. Interest payable Jan. and July 1, at First Trust & Sa:vings Bank, Chicago, or at the EQuitable Trust Co., New York. Default— July 1, 1918, interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,300,000. Outstanding- $2,098,000 (June 1, 1919). Retired by S. F. — $196,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustees — First Trust & Savings Bank, Chi- cago and Emii K. Bolsot. Redeemable at 105 and interest on any in- terest date on 60 days' notice. Sinking Fund — % of 1% of issued bonds on each Jan. 1 and July 1, to be applied to the purchase or redemption of these bonds at not exceeding 105 and interest. All bonds so ac- quired to be cancelled. Organization and Control — Incorporated In Oklahoma in 1906. Owns all outstanding bonds and stock of Wichita Falls & North- western Hallway of Texas and Wichita Falls Ry. Co. Controlled through ownership of en- tire stock by Missouri, Kansas & Texas Ry. Co., which has deposited same under Its Con- solidated Mortgage. Sept. 27, 1915, the Mis- souri, Kansas & Texas Ry. Co. was placed in receivership. Protective Committee — Oscar L. Gubelman, chairman: Oliver C. Fuller, Henry W. George, Austin McLanahan, David B. Forgan, with P. W. Seymour, 120 Broadway, New York, secretary, and Bankers' Trust Co., New York, and Wisconsin Trust Co., Milwaukee, deposi- taries. Secured by direct or collateral first mortgage 153.17 miles of road, viz.: A direct first lien on 118.09 miles — Okla. -Texas State Line to Elk City, Okia 118.09 A first collateral lien on 35.08 miles, through pledge of the entire out- • standing bonds and stock of the fol- lowing; Wichita Fall Ry: . Wichita Falls to Henrietta, Tex 17.98 Wichita Falls & N. W. Ry. of Texas: Wichita Palls, Tex., to Okla. State Line , 17.. 10 Also on' certain eauipment. ' Underlies — ^Wichita Falls & Northwestern Ry. Coll. ts, due 1925 and 1st & Ref, Ss, due 1940, which provide for the retirement of this Issue. Original Market — $1,000,000 ofCered in June, 1909, by Lewis Bros & Co., Boston, at 96 and interest. Market, New York — ^B. & C. Randolph, P. J. Lisman & Co., Coffin & Co., P. H. Hatch & Co.. Baker. Carruthers & Pell, Shuman & Sellg- man, Samuel Goldschmldt, Hotchkin & Co., W: C. Rauscher. Chicago — A. B." Leach & Co. Milwaukee— ^irst National Bank. Philadelphia — S. K. Phillips & Co. Baltimore — Middendorf, Williams & Co., W. W. Lanahan & Co., Mackubin. Goodrich & Co., Poe & Davies, Jenkins, Whedbee & Poe. Boston — Hotchkin & Co. Texarkana — R. S. Cheatham. Price Range. Jan. 1, '09 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100% '12 103 '11 65f. Jan. SOt. F.ib. Low. 60f. '17 70f. '17 60f. Apr. 70f. Apr. WICHITA FALLS & NORTHWESTERN RAILWAY CO. 1st Lien Coll. Tr. 6s. Due Jan. 1, 1986. — P. Dated January 1, 1910. Interest payable Jan. and July 1, at First Trust & Savings Bank, Chicago, or at the Equitable Trust Co., New York. Payment of Interest — Jan. 1, 1918, Interest was paid Aug. 1, 1918: July 1, 1918, Interest was paid Jan. 1, 1919. Tax Status — 2% Federal Income Tax paid by company v/ithout deduction. Authorized — $900,000. Outstanding — $838,000. Retired by ,S. F. — $62,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustees — First Trust & Savings Bank, Chi- cago and Emile K. Boisot. Redeemable at 105 and interest on any in- terest date upon 60 days' notice. Sinking Fund — % of 1% of bonds issued, each Jan. 1 and July 1, payable either in cash or bonds of this issue. Cash payments are to be applied to the purchase or redemption of these bonds at not exceeding 105 and in- terest. All bonds acquired by the sinking fund shall be cancelled. Control — See 1st 5s. Secured by direct or collateral mortgage on 210.07 miles of road, viz.: - A first collateral lien on 56.90 miles — Through pledge of entire outstanding bonds and . stocks of the following: Altus, Wichita Palls & Hollis Ry, — Altus to Texas-Okla. State Line near Hollis 41.90 Wichita Falls & Wellington Ry — Okla-Texas State Line near Hollis to Wellington, Tex 15.00 A second lien on 118.09 miles — Covered by the W. P. & N. W. 1st 6s. 118. 09 A second collateral lien on 35.08 miles — Covered by the W. F. & N. W. 1st Bs 35.08 Prior Liens — $2,121,000 1st 5s of 1939. T7nderlles — ^Wichita Palls & Northwestern 1st & Ref. 5.= of 1940. which provide tor the retirement of this issue. 1348 Original Marlcet — $900,000 offered in March, 1910, by Allerton, Greene & King and the Na- tional City Bank, Chicago, and by the Mar- shall & lUsley Bank and the Wisconsin Trust Co., Milwaukee, at 97 and interest. Market. Cliicago — King, Hoagland & Co., National City Bank. Milwaukee — Marshall & Illsey Bank. New York — F. J. Lisman & Co. Minneapolis — Minneapolis Trust Co. Detroit — First and Old Detroit National Bank. Texarlcana — R .S. Cheatham. Price Range — 1918. Bid Ask High. 6 5 Nov. 75 Nov. Low. 60 Nov. WICHITA FAIXS & XOBTHWESTSBN RAILWAY CO. iBt & Ref. 5s. Due Jan. 1, 1940.— F. Dated July 1, 1911. Interest payable Jan. and July 1, at M., K. & T. Ry. Company's office. New York. Default — July 1, 1917, interest. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $3,000,000. Owned by M. K. & T.— $519,000. Pledged for Loans — $82,000. Reserved for Prior Liens — $3,018,000. Reserved for-Ext. — $3,381,000. Denomination — Coupon. $1,000. Reglsterable as to principal. Trustees — United States Mortgage & Trust Co., New York, and Calvert Brewer. Redeemable at 105 and interest on any In- terest,date on 60 days' notice. Protective Committee — Elisha Walker, J. A. Kemp, R. Walter Lehigh, Merle B. Moon, G. H. Walker, with S. N. Lindsay, Secretary, 25 Broad St., New York, and United States Mortgage & Trust Co., Depositary. Receivership — C. E. Bchaff, receiver for the Missouri, Kansas & Texas Ry., was appointed, June, 1917, receiver for this property. Secured by direct or collateral mortgage on 378.07 miles of road. A first lien on 168 miles — Forgan to Elk City, Okla 168.00 A second collateral lien on 56.90 miles — Covered by the first collateral lien of the W. P. & N. W. 1st Lien Coll. 5s 56.90 A third lien on 118.09 miles — Covered by the first lien of the W. F. & N. W. 1st 5s 118.09 A third collateral lien on 35.08 miles — Covered by the first collateral lien of the W. F. & N. W. 1st 5s 35.08 Prior Liens — $2,110,000 Wichita Falls & N. W. 1st 5s of 1939; $838,000 W. F. & N. W. Coll. 5s of 1925 for the retirement of which bonds of this issue have been reserved. Year ended Dec. 31 Gross Net Int. & Rent. 1917 $1,053,274 $24,005 $363,555 1916 1.354.946 344.647 459,793 Original Market — Offered in Sept.. 1911, by Wm. Salomon & Co. and Alfred Mestre & Co., New York, the National City Bank, Chi- cago, Chandler Bros. & Co., Philadelphia, and Mackubin, Goodrich & Co., Baltimore, at 97% and interest. Market. New York — Sam'l Goldschmidt, F. J. Lis- man & Co., Babcock, Rushton & Co.. Spencer Trask & Co.. Coffin & Co.. Shuman & Selig- man. Baker. Carruthers & Pell, W. C. Rauscher. Minneapolis — Minneapolis Trust Co. Detroit — First and Old Detroit National Bank. Philadelphia — Chandler & Co. Chicago — Babcock, Rushton & Co., National City Bank, Hulburd. Warren A Chandler. St. Louis^-G. *H, Walker & Co. Texarlcana — R. S. Cheatham. Price Range. Jan. 1, ai to Jan. 1, '19 1918 Bid Aslk Bid Ask High. 96 73 97% '13 35f. Jan. 40f. Feb. Low.SOf. '17 40f. '18 32f. Apr. WICHITA FALLS & SOUTHERN RAILWAY CO. 1st 5s. Due Jan. 1, 1938. — F. Dated January 1, 1908. Interest payable Jan. and July 1, at First Trust & Savings Bank, Chicago, or at the Equitable Tfust Co., New York. Payment of Interest — July 1, 1918, interest was paid on and after Dec. 26, 1918. Jan. 1, 1919, interest had not been paid. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $ 780,000. Outstanding — $729,000. Retired by Sinking Fund — $51,000. Denomination — Coupon, $1,000. Reglsterable as to principal. Trustees — First Trust & Savings Bank, Chicago, and Smile K. Boisot. Sinking Fund — % of 1% of Issued bonds each Jan. 1 to July 1, payable either in cash or bonds of this issue. Cash payments are to be applied to the purchase of these bonds at not exceeding 103 and interest, or invested in other securities. Guaranteed principal and interest by the Wichita Falls & Northwestern Ry. Co., the Wichita Falls Ry. Co. and the Wichita Falls & Northwestern Co. of Texas by endorsement. Protective Committee — Robert Eliot. Milwau- kee ; Wm. N. Buchanan, Ben j. F. Taylor, Secy. ; Theodore Chapman, Attorney. Depositary — First Trust & Savings Bank, Chicago. Additional Committee — Truman H. New- berry, Philip H. McMillan, Leo. M. Butzel, with James R. Coulter, Secretary, Union Trust Bldg., Detroit. Depositary — Security Trust Co., Detroit. Control — The Wichita Falls & Southern Ry. Co. was incorporated in Texas in 1907 and road was opened Jan. 1, 1909. Controlled by the M., K. & T. Ry. Co. through ownership of entire $53,000 capital stock. Secured by a first mortgage at the rate of $14,300 per mile on 52 miles of road extend- ing from a junction with the Wichita Valley R. R,, near Wichita Falls to Newcastle, Tex., also on certain eciuipment. Famings — See Wichita Falls & Northwest- ern Ry. Original Market — Offered by Megargel & Co., New York, and W. P. Dickinson & Co., Chi- cago, at par and interest. Market. Chicago — Hulburd, Warren & Chandler. New York — Plympton, Gardiner & Co., Mor- ton Lachenbruch & Co. Detroit — First and Old Detroit National Bank. WICHITA RAILROAD & LIGHT CO, 1st 58 Due April 1, 1930.— F. Dated April 1, 1900. Interest payable Apr and Oct. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. 3.^44 Authorized ■ and OutstandliiB— S300,000. jumomuiation— Coupon, $1,000. i™,^'*--PortIana Trust Co., Portland. Me. S^^^ab'e at 106 and interest. ,,.„,j2!rv oy a first mortgage qn 32 miles of a^^% ■ '" ^"<^ adjacent to Wichita, Kan. see aescription of property Wichita B. B, 4 !•'• Ref. & Cons. 6s. ' > Pnoerlles— Ref. & ^oBs. 6s due 1932. WICHITA BAILEOAD & UGHT CO. Ref. & ?*n^ ," ■ *• ^''°''- Interest payable April and Oct. 1, at Portland Trust Co., Portland, Me. Tax StataS^2%.Pedera] Income Tax paid by company -without deduction. Authorized — $1,590,000, Outstaiidi]i«r — $1,193,000. Denomination — Coupon, $1,000. Trnstee— Portland Trust Co., Portland. Me. Bedeemable at 105 an^ interest, i Organization and Con^l — Incorporated ■1900 as successor to the "Wichita Ry Light & Power Co. Controlled by the "Western Rya. .& Light Co., which in turn was acquired by the Illinois Traction Co., Nov., 1913. Secured by a second mortgage on 32 miles of traction lines in and adjacent to Wichita, Kans.. including a double tracked bridge over the Arkansas River. Purchases power from the Kansas Gas & Electric Co. Franchises .expire, street railway, 1933; lighting. 1919. Population served, about 60,000, Prior Uens — $300,000 1st 5s. Earnings included in those of Illinois Trac- tion Co. Market. New York— F. H. Hatch & Co. Portland — Fidelity Trust Co. Price Bange. Jan..!, *16 to Jan. 1, '19 1918 Bid AsK Bid Ask High. 95 '.17 99 '17 77 July 84^ July Low. 77 '18 82*15 82 Aug. WICHITA UNION TEBMINAIi BAII.WAY CO. 1st 4^s. Dae Nov. 1. 1941.— F. Dated November 1, 1911. Interest payable May and Nov. 1, at "Wm. A. Read & Co., New York or London. Tax Status — 2% Federal. Incbme Tax paid by company without deduction. Anthorized— $2, 500, 000. OutBtanding — $2,300,0001 Reserved for Ext. — $200,000. Denomination — Coupon, $1, 000. Registerable 'as to principal or fully registerable. Trustee — Central Union Trust' Co. , New Tork. Bedeemable as a whole at 108% and inter- est pn any interest date after May 1, 1921. Guaranteed jointly and severally "as to prin- cipal and interest under terms of the operat- ing agreement by the companies mentioned " below. Control — ^Incorporated in Kansas in 1911 for the purpose of providing' terminal facilities in the City of Wichita, Kan., for the Atchi- son, Topeka & Santa Fe Ry. Co., the Chicago, Rock Island & Pacific Ry. Co.. the St. Louis- San Francisco R. R. Co., and the Kansas City, Mexico & Orient Ry. Co., each of which owns one-auarter of the capital stock. The terminal properties are operated under a 999- year agreement by which each of the proprie- tary companies obligates Itself to pay one- fourth of the bonds outstanding when due, and its proportionate share of the interest charges. In case of default by any com- pany the deficiency is to be made up by the other companies. ; As of June 1, 1919, the Kansas City, Mexico '& Orient Ry. was not using ■ these ter- minal facilities and paid no part of the op- erating expenses. It still held its one-fourth stock interest in the Terminal Ry. Co:' and had paid all assessments on that stock. Secured by a first mortgage on entire prop- erty of company, including real estate, tracks, (JepotS, buildings, and other terminal facili- ties in the City of Wichita, Kan. ' Earnings not available. Original Market — Underwritten in 1911 by ^Wm. Aj, Read & Co., New York. Market. ' New York — Morton Lachenbruch & Co. , Wm. C. Ewen, J. S. Farlee & Co., F, J. Lis- Aian & Co., Baker, Carruthers & Pell, Sam'l. Goldschmldt, Abraham & Co., J.. Davenport, Spencer Trask & Co. Price Bauge. Jan. 1. '12 to Jan. 1, '19 1918 Bid Ask Bid Apk High.98 '12 10|L '1S4 83 Nov. SSNov". .Low. 70 '17- 80 '18 70 Oct, 80 Oct. 13^ WICKWIRE STEEL CO, 1st 6s. Due Nov. 1, 1934. Dated Nov. 1, 1914." Interest payable May and Nov. 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in New York. Authorized — $2,500,000. Outstanding — $2,399,000 (Dec. 21, 1918). Retired by S. F. — JlOi^-OTH). Denomination — Coupon $500 and $1,000. Registerable as to principal. Trustee — Bankers' Trust Co., Ne-^ York. Redeemable as a whole at 1 02 ^JRand inter- est on Nov; 1, 1917, or any ii^rest date . thereafter and for sinking fund at 105 and interest. Sinking Fund — Annually beginning Nov. 1, 1917, 2% of outstanding bonds 1917 and 1918; 3% 1919 to 1923: 5% 1924 to 1933, for the purchase or redemption of these bonds at nbt over 105 and interest. The fund will retire 70% of authorized Issue. Organization — Incorporated in New York in 1907. The entire capital stodk owned by the Wickwire family of Cortland, N. Y., who for 35 years have been important manufacturers of woven wire products. Secured by a fi,rst mortgage on all the prop- erty of the company ' including 85 acres of land on the Niagara River at the city limits of Buffalo, upon which are located two mod- ern blast furnaces, annual capacity 300,000 tons; ore docks and all equipment to manu- facture superior pig iron; water frontage 1,655 feet; storage yards with capacity of 1,000,000 tons. .Coat of property $2,800,000. Further secured by deposit of 3,400 of 4,000 shares of the Wickwire Mining Co., and 3,997 of 8.000 shares of the Buffalo Iron Mining Co. With the proceeds of these l>onds the com- pany erected a steel and wire plant. The company through subsidiaries, controls lake vessels and Important- ore properties in Minn- esota and Virginia. Underlies^Gen. 6s of 1944, all pledged to secure 6% secured serial notes. ' Earnings — See 6% secured notes. Original Market — Offered by Wm, Read & 'Co., April, 1916, at par and' Interest. Market. New York — Moore, Leonard & Lynch, J. S. Bache & Co., C. H. Hensel, Wm. A. Read & Co., Morton Lachejibruch & Co. Buffalft^-A. t,. Chambers & Co.. John T, Steel, Teller & Bvers, Inc., O' Brian, Potter & .Co., Inc., Baker; Mandeville & Co.; Gard- ner, Penn & Co. : Philadelphia— Capelle & Co. Fittsbursrh — ^Moore, Leonard & 'Lynch. Kochest'er-^Sage, "Wolcott & Steele. Price Range. Jan. 1, '16 to Jan. 1. '19 1918 Bid Ask Bid Ask . Hieh:i0l'I7 102% '17 98 Dec. 102 June Low. 94 '18 98 '1-8 94 Apr. ^8 Apr. WICKWIRE STEET. CO. 6% Secured Notes. Due as follows: $150,000, January 1, 1921; $200,000, July 1, 1921; $250,000, January 1, 1932; $300,000, July 1. 1922. and $600,000, January 1. 1923. ■ Dated January 1, 1919. Interest payable January 1 and July l.in JSTew York. Tax, Stiitus — 2%' Federal ^'Income Tax paid by company without -deduction. ■ - ' - =" -'•■ Authorized— $1,500,000. Outstanding — $1,500,000, PurpoBB of Issue — To reduce current obliga- tion, and increase working capital. ' Denomination — Coupon, $500 and $1,000. Registerable as to principal. Trustee — Central Union Trust Co., New York. Redeemable as a whole on any interest date at 102 V^ and interest for notes maturing in 3 years or more; 102 and interest for those ma- turing in 2 years, but less than 3 years; 101% and interest for those maturing in 1 year, but less than 2 years; 101 and interest for those maturing in less than 1 year from redemption ~ date. Organization — See 1st 6 s. Secured by pledge of $2,000,000 (total issued Gen. 6s due 1944. The Trust Agreement con- , tains the following covenants : No additional General Mortgage bonds can be issued while any of these notes are outstanding, unless pro- vision is made for their redemption; the full amount of collateral remains pledged with the Trustee, until after the first two maturities have been paid, thereafter the company may withdraw bonds for a 4ike f acre ■ an^ount of notes paid off; net quick assets are to be maintained at not less than <$1,000,000 at all times and no cash dividends will be , paid which will reduce net quick assets below that sum after reserving and settmg aside an amount, sufficient to meet all Axed charges, including principal and interest of these notes due .within six months from such payment. Prior Uen^— Outstanding. Firsts. F. 6s. 1934 $2,399,000 Year ended Dec, 31 Bond Net Interest •1918 . $925,470 $122,357 1917 673,368 145,323 1916 • 900.715 120,584 ♦10 months ended Oct. 31. Original Market — $1,500,000 offered Febru- ary, 1919, by Wm. A. Bead & Co., New York. etc., on a'6%% basis. ' Market. Pittsburgh — Moore, Leonard & Lrynch. WIUCES-BARRE & EASTERN RAIIiROAD CO. 1st 5s. Dae June 1, 1942.— N. Dated June 1, 1892. Interest payable June and Dec, 1, at Brie. R. R. Co. offlces. 50 Church Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $ 3,000,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Guaranteed principal and interest by , the New York, Susquehanna & Western R. R. Co. by endorsement. Organization and Couifrol — Incorporate In Pennsylvania in 1892. Entirp stock is owned by the N. Y., Susa. & West. R. R.. which is controlled through ownership of a majority of its stock, by the,. Erie, ,Ra,ilroad Co, Secured by a first mortgage at the rate of $46,000 per mile, on 65 miles of road from Stroudsburg to Wilkes-Barre, Pa., and branch. liegal for Me. liisted on the New York Stock Exchange, Original Market— $3,000,000 offered in 1894 at 98 and interest by Redmond & Co., New York, and the State Street Truat Co. and Third National Bank, Boston. - - Market. New York — Sam'l. Goldschmidt„ 'J. S. Stubba & Co., Brown Bros. & Co.. J. S. Parlee & Co.., F. J. Lisman & Co.. W. E. B. Smith & Co., Redmond & Co., Baker, Carruthers & Pell, Abraham & Co., Hartghorne & Battelle^ Taylor, Smith & Hard, Tobey & Kirk. Philiidelphia— Brown Bros. & Co.. Warren A Reed Price RanBO— N. Y. S. E. Jan. 1, '06 to Jan. 1, '19 1918, High.113 Apr. 12 '06 67 Oct. 14 Low. 60 Oct. 18 '17 Feb. 9 WIOiES-BARBE & HAZIETON BAItROAD 1st Coll. Tr. 5s. Bue May 16, 1951. Dated May 16. 1901. Interest payable May and Nov. 15. at Trustee's offlce. Payment of Interest, Etc. — 1915 and 1918 coupons are at present unpaid and under an agreeipent with bondholders dated Feb, 16, I5I8, payment .of these coupons was extended tdr' -five years. 1917 ana* 1918 coupons were paid when due. According to the company sinking fund payments under the provisions of the mortgage are to -be -set aside i£ possible from time to time. No payment has been re- ported as of December 31, 1918. Tax Status — 2% ICederal Income Tax paid by company without deduction. Anthtfrized — $2,600,000. Outstandine— $1,900,000. Retired by S. F. — Nope. Reserved for Prior liien^JSOO.OOO. Denomination — Coupon. $1,000. Registerable as to principal. Trustee — Guaranty Trust Co., New York. Sihl(ing Fund-^Beginning .Tune 1, 1908, $20,000 annually to be invested in coUateral trust bonds. Organization-^Incorporated in New Jersey in May, 1901. Acquired the entire stock and bonds of the Wilkes-Barre & Hazleton Ry., a Pennsylvania corporation. Controls through ownership of $922,000 of the $1,000,000 stock ■ ot the Lehigh Traction Co., and operates un- der lease the Wi'.kes-Barre Terminal R. R. Secured by deposit of $1,600,000 1st 5s due 1951 and $1,500,000 stock( Entire . issue of each) of the Wilkes-Barre & Hazleton Ry. ; the $■140,000 certificates of Indebtedness and $922.- 000 of the $1,000,000 stock of the Lehigh Traction Co., the latter owning the Hazleton & North Side Eleo, Ry., the Hazleton & South Side B'.ec. Ry., and the Haz. & Suburban ■ Elec. Ry. These companies own 52 miles of traction lines, including the lines from W. Hazleton to Wilkes-Barre, and from Haz'.eton to McAdoo and Milnesville; Hazleton to Lati- r mer Mines and Freeland: the street rai'.way '-1346 lines of Hazleton "and West Kazleton, etc. Franchises 999 years and perpetual. Prior IJens — $500,000 Lehigh, Trac. Co. 1st 5s due 1923, and SOO.OOO Ha2ae Park 5a due 1925, for which $600,000 bonds of- this issue are reserved. Underlies — $1,227,000 Co'.. Tr; 5s, due 1945. Year ended Dec. 31 (consolidated) Gross Net Interest 1918 $667,561 $205,907 $189,218 1917 508.317 211,203 189,791 1916 483,099 206,199 189.326 Original Market — $500,000 offered in 1914 by Rudolph Kleybolte & Co., Cincinnati, at 101 and interest. Market. Philadelphia — H. D. Boenningr & Co.. S. K. Phillips & Co. Scranton^— C. E3. Robertson. New York — E. &. C. Randolph, Baker, Car- ruthers & Pell, F. H. Hatch & Co., Lynch & McDermott. • Boston^H. C. SpiUer & Co., F. B. Bassett & Co. Price Ttamge. Jan. 1, '00 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 89 '09 -93 '09 33f Apr. 42f June Low. .26f '14 30f '18 29f Dec. 30f July WrLKES-BAABE « SCBANTON RAILWAY CO. 1st' tV^a. Doe May 1, 1938. — F. Dated May 1, 1888. Interest payable May and Nov. 1, at. Trustee's office. Tax Status — 2 % Federal -Income 'tax paid by company without deduction'. Tax exempt in Pennsylvania. ' Aatliorized and Outstanding — $500,000. Denominatiokl — Coupon and Registered $1.- 000. Trustee — Fidelity Trust Co.. Philadelphia, Pa. Guaranteed principal and interest by the Lehigh Coal and Navigation Co. Organization and Control — Incorporated in Pennsylvania in 1886 and Is leased during the continuance of its charter to the Central R. R. of New Jersey (which assumed -lease to the Lehigh Co€kl -& Naviga4ion Co.). Central R. R. of New Jersey is controlled through ownership of a majority of its stock by the Reading Company. Secured by a first mortgage on 4% miles of road from Scranton to Minooka Junction. Pa. liCgal for Conn.. He.. Mich., Minn.. N. J. and Wis. Market. New York — J. S. Farlee & Co., Coffin & Co. Philadelphia — Chas. Fearon & Co., B. W. Clark & Co., H. D. Boenning & Co.. Graham. Parsons & Co., S. K. Phillips & Co. Price Range. Jan. 1, '16 to Jan. 1, 19 1918 Bid Ask Bid Ask High. 98 '16 102 '17 89 May 94 May tow. .86- '18- 88 '18 86 July 88 Apr. WILKES-BARRE & WYOIMINO TAI.I£Y TRACTION CO. 1st 5s. Due April 1, 1921.. Dated April 1, 1891. Interest payable Apr. and Oct. 1, at Provident Life & Trust Co., Philadelphia. Tax Status — Payment of Federal Income Tax not assumed by company.v Tax exempt in Pennsylvania. , Authorized and OutstandiliE — $1,500,000. Denomination — €:k>upon.- :$5.0D and $1,000. Registerable as to principal. 'Tmstee — Provldentijvife & Trust Oq«. Phila- delphia. '>■-., - - , ,. ■ Organization and , Cdnt*6I— -Incorporated In February. , 1899, to consolidate Street Railway Ijbes in Wilkes-Barre and throughout the Wyoming Valley. Controlled by the United Power & Transportation Co. (a New Jersey Corporation) through ownership of all except $800 of the $6,000,000 capital stock. Leased to the Wllkes-BarE.e. Ry. Co. for 800 years, at a. rental of $380,000 per annum for 1914 and 1915; $390,000 per annum for 1916 and 1917 and $400,000 per annum thereafter. Secured by a mortgage subject to underly- ing bonds on the property of the company. Among the properties owned, leased or con- trolled are the Wilkes-Barre & East Side Ry., the Wllkes-Bai^re & Kingston Passenger Ry., the Wilkes-Barre & Plains Ry., the Wilkes- Barre & Suburban St. Ry.. the Wilkes-Barre, Dallas & Har.vey's Lake Ry., the Wilkes- Barre West Side Ry., the Pittston Street Car Co., the Pittston & Avooa St. Ry., the Pitts- ton, Moosic & Pleasant Valley By., the Ply- mouth Street Ry., the Nanticoke Street Ry.. Plymouth Bridge Co., West Pittston & Wyo- ming 'Ry., Coalville Passenger R. R., and Ply- mouth & Larksville Ry. . The length of line of these controlled companies is about 104 miles. Prior Liens — ^Approximately $842,000 bonds of underlying companies (not Including bonds owned by W. B. & W. V. Ry.) indirectly un- derly this issue. Underlies — $528,0001 Collateral and bonds. Market. Scrantcm. Pa. — C. E. Robertson. ■ Philadelphia^-Graham, Parsons & Co., Glendinning & Co., Huntoon & Co., Phillips & Co. Wilkes-Barre — H. B. Schooley. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask . High. 104 '09 103% '12 93 Apr. 97 Apr. Low. .93 '17 97 '17 Mtge* Robt. S. K. WCLKES-B-ARRE COLLIERY CO. 1st S. F. 68. Due Sept. 1. 1923. — F. Dated Sept. 1, 1912. Interest payable -March 1 and Sept. 1. Tax Status — 2% Federal Income Tax paid by company without, deduction. Tax exempt in Pennsylvania. Authorized — $600,000. Ontstandine — $146,000 (Mar. 15, 1919). Retired by S. F. — $335,000. Denomination — Coupon. $1,000, ' ^egisterable- as to principal. Tmstee — Girard Trust Co.; Philadelphia. Redeemable at 102 and interest on any iU' terest date. Sinking Fund — 55 cents per ton (2,240 Iba.) of all coal mined or shipped, with a specified' minimum amount sufficient to retire these' bonds at maturity. Fund to be applied- to the- purchase or redemption of these bonds at not over 101 and interest. Guarantee — The payment of any deficiency in interest or sinking fund is guaranteed by Madeira, Hill & Co.. Inc., Philadelphia. Control — Entire capital stock owned by Ma- delra. Hill & Co., Inc.. Secured by a first mortgage on 63 acres of surface lands, with 98 acres of underlying coal-bearing strata, located almost 2% miles north of the city of Wilkes-Barre, Luzerne County: Pa., further secured on all improve- ments to the property including plant, build- ings, equipment now owned or hereafter ac- quired. Property is estimated to contain 1,- 600,000 tons of recoverable anthracite coal. Original Market — Offered in 1912 by Brown Bros. & Co. ?JG»7 Market. New York — Baker, Carruthera & Pell, Brown Bros. & Co., H. I. Nicholas & Co.. E. & C. Randolph. Fhlladelphia— Biddle & Henry, Brown Bros. & Co., Graham, Parsons & Co., H. D. Been-: nine & Co., S. K. Phillips & Co. Frioe Range. Jan. 1, 'll to Jan. 1, '19 1918 Bid Ask Bid Ask High.lOO'A '17 101 '18 99 June 101 June Low.. ,96 '17 98 Deo. (THE) WILKES-BABRE CO. Ist & Ret. Ss. Due July 1, 1960. — P. , Dated July 1, 1910. Interest payable Jan. and July 1, at Trustee's office. . Tax Status — 2% Federal Income Tax paid by company without deduction. ■ Tax exempt In Pennsylvania. ■ Authorized — $7,500,000. Outstanding — $1,986,300 (Jan. 1, 1919.) Held in Treasury — $624,200. Eeserred for Prior Liens — $3,000,000. Beserved for Ext. — $1,989,500. ' -Denomination — Coupon, $1,000, $500 and $100. Registerable as to principal or fully registerable. Trustee — Glrard Trust Co., Philadelphia. Redeemable at 105 and Interest on any In- terest date, on 90 days' notice. Guarantee — $1,537,300 of these bonds are .guaranteed principal and Interest by the United Gas & Blectric Corporation of Conn. Organization and Control — Incorporated 1910 a.s a consolidation of the merged Wllkea-Barre Heat, Light & Motor Co., Anthracite Electric Light, Heat & Power Co., Union Light & Power Co., the Standard Electric Co. and the Wllkes-Barre Gas & Electric Co. Controlled by the United Gas & Electric Co. of New Jer- .sey through ownership of 74,62% of its out- fitanding capital stock. The latter company is controlled by the United Gas & Electric Corporation of Conn. ,' Secured by a second mortgage on plants sup- plying gas, electricity and steam heat in Wilkes-Barre, and vicinity. Including two elec- tric and one gas generating plants. Popula- tion served, gas 90,000; electricity 113,000. 'Franchises are perpetual. Prior liiens — $3,000,000 Wllkea-Barre Gas & Elec. Co. 1st 53 of 1966 for the retirement of which bonds are reserved under this mort- .gage. -year ended Dec. 31 Gross Net Int. & Rent 1918' $978,764 $373,194 $258,622 1 1917^... 817,683 366,401 242,794 i 1916 755,614 380.400 238,676 * 1916 695,316 376,292 235,232 ^-Original Maricet — Offered In 1910 by Graham & Co., and M. M. Freeman & Co., Phila- 'delphia. Market. Philadelphia — H. D. Boenning & Co., Gra- ham, Parsons & Co., West & Co., Reilly. Brock & Co., Harper & Turner, Reed A. Mor- gan & Co., J. W. Sparks & Co., Cassatt & Co., S. K. Phillips & Co. Scranton, Pa. — C. B. Robertson. Boston^McConnell & Co. ■ Price Range. Jan, 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Aak High. 95 '17 96% '18 86 Nov. 90 Nov. ■Low.. 70 '18 72 '18 70 Sept. 72 Sept. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Authorized and Outstanding — $3,000,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Trustee — Fidelity Trust Co., Philadelphia. Redeemable at 110 and interest on any inter- est date on three months' notice. Organization and Control — Incorporated In Pennsylvania 1904. AcaUired the Wilkes-Barre Gas Co., the Wilkes-Barre Electric Light Co., the Consumers Gas Co. of Wllkes-Barre, the Ashley Electric Co, and the^ Gas Co. of Luzerne County. Consolidated 1910 Into the Wilkes-Barre Co., which in turn is controlled by the United Gas & Electric Co., New Jersey. ' Secured by a first mortgage on an impor- tant part of the plants supplying gas -and electricity in Wi'.kea-B.arre, Pa., and vicin- ity. Population served, gas, 90,000, electric- ity, 113,000. Franchises are perpetual. Underlies — Wilkes-Barre Co. 1st & Ref, 6a of 1960, sufficient bonds of which are re- served to retire this issue at or prior to maturity. Earnings — See Wilkes-Barre Co. 1st & Ref 6s. ■ Listed on the Philadelphia Stock Exchange. Original Markei^^il, 0.00,000 offered in Feb., 1905, by Graham & Co. and Forrest & Co., Philadelphia, at 101 and interest. Market, Fhilailelphia — Blddle & Henry, Graham, ' Parsons & Co., H. D. Boenning & Co., West & Co., Reilly, Brock & Co., Reed A. Morgan & Co., E. B. Smith & Co., Cassatt & Co., Barclay, Moore & Co., Wurts, Dulles & Co., Huntoon & Co., S. K. Phillips & Co. Scranton, Pa. — C. E. Robertson. New York — W. J. Wall & Co., F. H. Hatch & Co., Spencer Trask & Co. Price Range. Jan., 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 103 '11 103% '16 96 Jan. 97 Jan. Low. 90 '18 93 '18 90 Oct. 93 Sept. WILKES-BARRE GAS & ELECTRIC CO. 1st Cons. 58. Due Jan, 1, 1955, — F. Dated January 3, 1905. Interest payable Jan. and July 1, at Trustee's office. WILKIN8BURG & EAS?? ■; PITTSBURGH STREET RAILWAY Ist 6s. Due Sept. 1, 1929,— F. Dated. Sept. 1, 1899. Interest payable Mar. and. Sept. 1, at Mellon NatYoi\al Bank,. Pitts- burgh, Pa. Defaults— March 1, 1919, interest was not paid when due. / " ~ Taj^ Status — 2% Federal Income Tax paid by company without deduction^' Tax exempt in Pepnsylvania. Authorized and Outstanding — $2,000,000. Denomination — Coupon, $1,000. Registerable as to principal and fully registerable. Trustee— Union Trust ..Co., Pittsburgh, Pa. Guaranty — ^The principal and Interest of these bonds are guaranteed under terms of lease of Monongahela Street Railway Co. to the Consolidated Traction Co. of Pittsburgh. . The Philadelphia Co. guarantees the lease.^ Receivership — See Pittsburgh Rys. Co. Gen. 5s. Control — Consolidated 1901 into the Monon- ' gahela Street Railway Co. which is leased to the Consolidated Traction Co., of Pittsburgh, which in turn is controlled by the Philadel- phia Co. through ownership of practically the entire Capital stock. The Philadelphia Co;" Is ■ oo'ntrblled Iorris ■&- Co., E. R.' Bar- nard. Robt. Glendihning & Co., Huntoon & Co., S. K. Phillips & Co. New York — Chandler Bros. & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask Hjgh;10,l '12 n04 ,'16 - 96 Jan. 100 Jan. Low.. 80 '18 9D '18 80 July 90 July WILIilMANTIC GAS & EliECTRIC CO. Ist 6g. Due Jan. 1, 1923.— N. ' Dated Jan. 1, 1903. Interest payable Jan. and July 1, at Boston Safe Deposit &. Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized and Outstanding — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Boston Safe Deposit & Trust Co., Boston. Redeemable at 106 and interest. , Organization and Control — Incorporated. 1901 in Connecticut. Merged into the Rock- vllle-Willimantlc Lighting Co., of WlUiman- tlc. Conn., which was incorporated in Con- necticut, 1903. Secured by a llrst mortgage on the- plants supplying gas and electricity to Willimantic, Conn., and vicinity. Power is obtained from hydTB-electrio plant of Rookville-Willimantio Lighting Co. Franchises perpetual. Popula- tion served 15,000. Underlies — $260,000 R. W. Ltg. Co. 6% Debs. Earnings — See Rockvllle-WiUimantic Light- ing Co. Debenture 6s. - Original Market — First offered by Mason, Lewis & Co., at par and interest in May, 1903. Market. New York — Berdell Bros., Fuller & Co. New Haven — The W. T. Fields Co. Price Range. Jan. 1, '08 to Jan: 1, '19 Bid Ask High.lOl '13 102% '09 Low.. 96% '16 97% '16 , WrLI.MAR & SIOUX. FAI.I.S EAII-WAY CO. 1st 58. Due June 1, 1938. — N. Dated June 1, 1888. Interest payable June 1 and Pec. 1, at office of Great Northern Ey. Co., 34 Nassau Street, New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — Closed mortgage. Outstanding — $3, 625, 000. Pledged Under G. N. Ry. Co. Ist & Ref. Mtge.— $21,000. Denjuniination — Coupon, $1,000. Registerable as to principal, or fully registerable. Regist' ered, $1,000. Trustee — Central; ■ Union Trust Co.. New y.ork. Assumed by the G. N. Ry. Co. :. Organize tion and Control^Incorporated In Minn, in 1886 and in 1907 was merged into the Gi Northern Ry. - 'Secured by : a tirst mortgage at the rate of $12,000 per mile on 304.09. miles of road from Willmar, Minn., "to Sioux . City, Iowa, and from Garretson to Yankton, S. D, • Underlle»-^G. N. Ky. Co. 1st &- Ref. 4s of 1961, which provide to "retire this issue. Legal for Bait., Cal., Conn., Me., Mass., Mich;, Minn.. Mo., N. H„.N. J., N. T.. R. I., Vt. and Wis. liisted on the New York Stock Exchange. Market. New York — Remick, Hodges & Co... Taylor, smith & Hard, Coffin & Co., Estabrook & Co., Seasongood, Haas & Macdonald, Tobey & Kirk, Baker, Carruthers-Je Pell, Hornblower &' Weeks,' Shuman & Seligmann; Ambrose R. Clark, J. S. Farlee & Co., Chas. W. Place, Redmond &e.o., Vilas & Hiekey. Boston — Parkinson & Burr. Pittsburgh — K. B. Hutchinson & Co. Price Range — N. Y. S. E. Jan. 1, '06 to Jan. 1. '19 1918 . Bid Ask High. 116% Feb. 20, '09 97% Nov. Low. .104% June 20. '13 91% Jan. 95 Sept. WILMINGTON & CHESTER TRACTION CO. Coll. Tr. Ext. 6b. Dne April 1, 1923. Dated April 1, 1898. Extended April 1, 1918 interest rate increased from 5% to 6%. Interest payable April and Oct. 1, at Provident Life & Trust Co., Phlla. The Equitable Guarantee & Trust Co. , Wilmington;. Del., or the Delaware County Trust, Safe Deposit & Title Insurance Co.. Chester, Pa. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,000,000. Outstanding — $2,306,000. Reserved for underlying securities — $1,695 . 000. 1350 Denomination — Coupon, $1,000 and $500. Registerable as to principal. Trustee — ^Provident Life & Trust Co., Phila- delphia. Redeemable at 101 and interest on any in- terest date. Organization and Control-^Inoorporated In New Jersey, 1898, and owns the entire capital stocks of the Wilmlnston City By. Co. and the Chester Traction Co.. the entire capital stock and bonds -of the Front & Union St. Ky. Co.. the, Gordon Heights Hy. Co. and the Chester & Delaware St. Ry. Co. The com- pany is controlled by the United Power & Transportation Co. through ownership of Its entire capital stock. The lines of the com- pany in Delaware are ' leksed to the 'Wilming- ton & Philadelphia Traction Co., and those in Pennsylvania to its subsidiary, the South- ern Pennsylvania Traction Co. The W. & P. T. -Co. is a subsidiary of the American Rys. Co. Secured by a first Hen on all of the securi- ties of subsidiary companies except $850,000 bonds of the Wilmington City Ry. Co. and Chester Traction Co. These bonds are thus secured by a first lien on eight miles of street railway in Wilmington, Del., and two miles in Chester. Pa., and a second lien on 26 miles In Wilmington arid on the stocks of companies . owning 30 miles of street railway in and around- Chestftr, Pa. -The company also owns a line between Wilmington and Chester. Population served, 200,000. Franchises per- petual. Prior Lien's — $600,000 Wilmington City Ry. ist Bs of 1951, - $'250,000, Chester Traction Co. Bs of 1944 and $575,000 bonds of oom- pahies' leased to -the Chester Traction Co. Underlies — Coll. Tr. 5s of 1961, Under which bondg are reserved to retire this issue.' I/isted on the Philadelphia Stock 'Exchange. : Market. >few York: — Brown Bros. &• Co.. Joseph & "Wiener. Fhiladelplila — ^H. D. Boennlng & Co.. Brown I^os. ' &' Co.. Capelle & Co., Newburger, Hen- derson' & Loeb, Harper '& Turner, Merchants ■ Union Trust Co., Eikins, Morris & Co. Wilmihgton^Geo. P. Bissell. Price Range. Jan. 1, '08 to Jan." 1, '19 1818 Bid Ask Bid Ask High. 99 '16 100 '08 96 Jan. 99 Jan. Low. .89 '10 92 '10 96% Feb. WttMINOTON St NBWBERlSr RAILROAD CO. - It 4s. Dae Aug. 1, 194r. — N. Dated Augifet. 2. 1897. Interest payable Feb.' and Aug. 1. at Trustee's office. Tax Status — Payment of Federal Income Tax not a,ssumed by company. Authorized — '$500.0.00. Out8tanding^$10i. OOO. Exchanged for Atl. Coast Line Cons. 4s and held by Trustee of that issue— $394,000. Denomination—Cpupon. $1,000. Registerable as to principal. Trustee — Sate Deposit & Trust Co., Balti- more. Assumed by the Atlantic Coast Line R. R. Co. • Caniarol — ^The W. & N. R. R. Co. was . consolidated , in 1897 into the Wilmington & Weldon'R. R. which was merged Into the At- lantic Coast Line R. R. Co. April 18, 1900. Secured, by a first mortgage at the rate of $1,171 per mile on 91 miles of road from Wil- mington Junction to Newbern 'Wharf, N. C, and Wilmington to Fernside N, C. Underlies — A. C. L. Cons. 4s of 1952, the Unified 4s of 1969 and the General Unified r.Itge. due 1964, which provide for the retire- ment of this issue. ' Legal for Bait., Cal., Conn., Mich., Minn,, N. H., N. J., N. Y., R. I., and Wis. Market. Ne'w York— Remick, Hodges & Co., Wood, Struthers & Co., B. & C. Randolph, Baker, Carruthers & Pe'.l, Abraham & Co.. Chas. W. Place. Baltimore — ^Poe & Davis, Townsend Scott & Son. Jenkins,- Whedbee & Poe. Price Range. Jan. 1. '16 to Jan. 1, '19 Bid Bid High. 90% "16 75 Dec. Low.. 75 '17 WILMINGTOX & KORTHBRN RAILROAD CO. Ist 68. Due Dec. 1, 1927.— F. ' Dated December 1, 1887. Interest payable June and Dec. 1, at Reading Terminal, Phila. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt In I*ennsylvania and Delaware. Authorized — Closed mortgage. Outstanding — $354,000. Cancelled — $484,000. Denomination — Registered, $500. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities. Phil- . adelphia'. Redeemable at par and interest on any in- terest date. Guaranteed as to Intfe'rest under terms of lease by the Phila. & Reading Ry. Organization and Control — Incorporated in Penn. and Del. In 1877 and is leased for 999 ' years, from 1900 to- the. Phila. & Reading Ry. at. a rental equal to interest on bonds and 3 % % on 'stock practically all of which is owned, by the Reading Co. Secured by a first mortgage at' the rate of $4.,000. per mile on 90.44 miles of road from Wilmington, Del., to Reading, Pa., and branches. ' Underlies — $462,000 Wilmington & Northern Gen. Bs of 1932, which provide to retire this, issue. ,, Legal for Me. . - Listed on the Philadelphia Stock Exchange. Marlret. .Philadelphia — Graham, Parsons & Co., C{ias. Fearon & Co., B. W. Clark & Co., - Reed A. Morgan & Co. . Abraham & Co. , .- Biddle- & Henry, Robt. Glendjnning & Co., Huntoon & Co., S. K. Phillips & Co., Warren- A. Reed. New York — Baker, Carruthers & Pell,, Tay- lor, Smith & Hard. Pittsburgh — ^R. B. Hutchinson & Co. Price Range. .Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 104 '17 107 '16 98 Jan. 100 Jan. Low.. 80 '08 100 '17 96 July WILMINGTON & NORTHERN RAILROAD CO. Gen. Ss. Due Aug. 1. 1932.— F. Dated Aug. 1, 1892. Interest payable Feb., May, ■ August and Nov. 1, at Reading Ter- minal, Philadelphia. Tay Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania and Delaware. Authorized — $ 1,000,000. Outstanding — $462,000. Reserved for Prior Lien — $354,000, Denomination — Registered $1,000. Trustee — The Pennsylvania Co. for Insur- ances on Lives and Granting Annuities, Phila- delphia, 1351, Cfuaraiiteed as io interest under terms of the., lease, by the ..Philadelphia & Reading Ry. ' Control — See Ist 5s. Secured by a secdnd mortgage, at the rate of $B,,200 nerimile, on 90.44 miles of road from IVitmi'nstbn, Del!, to Reading, Pa., sub- ject- to a prior, lien at the rate of $4,000 per niile. Prjop .I/Senth^$354,0,00 ■Wilmington & North- ern 1st 5a of 1927 for 4he retirement of which bonds of this issue are reserved. Listed on the Philadelphia Stock Exchange, Market. New York — E. & C. Randolph, Blodget & Co., Baker, Carruthers & Pell, Abrahams & Co.. Taylor, Smith & Hard. Philad«10Uia-^Chas. Fearon & Co., B. W. Clark & Co., Reed A. Morgan & Co., Graham, Parsons & , Co., West & Cor, Wurta, Dulles & Co.. Biddle & Henry, Huntoon & Co., S. K. , Phillips Sc Co. . Warren A Reed. Price Range; Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 11014 '09 112 '09 9B Jan. 102 Jan. Low. . 86 '17 102 '18 85 July do-riji WlLMINGtON St WEIiDON BAXLROAD CO. Gen, l8t 48 and Ss. Due July 1, 1935. Dated June'l, 1885. Interest payable .tan. and July, 1, at Fir^t National Bank, New York, or at Triastee'^s office. Tax gtatus— Payment of Federal Income Tax not assnmei? by company. Authorized — $4,000,000. Pntstanding— $3,062,000 Ss; $938,000 4k: Denomination — Coupon, $1,000. Reglsterable as to principal, or fully reglsterable. . Trustee — Safe Deposit & Trust Co., Balti- more, Md. Assume^ by the Atlantic Coast Line R. R. Co. Organization and Control — Incorporated in North Carolina in 1834 and in. 1900, was merged into the Atlantic Coast Line R. R. Co. . . Secured by. a first mortgage on 479 miles of road from Weldon to South Carolina State Line, Tarboro to South Rocky Mount, N. C, Pender to Kinaton, N. C, Parmele Junction to Washington, N. C, Rocky Mount to Spring Hope, N. C, Contentnea to Wilmington, N. C, Goldaboro Junction to Smithfleld, N. C, Warsaw to Clinton, N. C, and Elrod to, Boardman. N. C. Tlnderlies — A. C. L. Cons. 4s of 1952, the Unified 4s of 1959 and General Unified Mtge., due 1964, an equal amount of the latter be- ing rese,ryed to retire these bonds at maturity. Legal 'for Bait., Cal. Conn., Mich.,, Minn,, N. H., N. J., N. T., R. I. and Wis. Listed on the Baltimore Stock Exchange. Original Market — $938,000 4a offered in 1897, at 10.1 H and interest, by Brown Bros. & Co., New York and Philadelphia. Market. New York — Hornblower & Weeks, Remick, Hodges & Co.. T,aylor, Smith & Hard, Peck & Co., J. S. Farlee & Co., Coffin & Co., Bsta- brook & Co., Abraham & Co., Baker. Car- ruthers & Pell, Wood, Struthers & Co., Chaa. W. Place. - Baltimore — Jenkins. Whedbee & Poe, Baker, Watts & Co., Sutton & Co., Nelson, Cook & Co., Poe & Davlea, Mackubin, Goodrich & Co., Townsend Scott & Son, B. Warren Corkran &,Co., Alex. Brown & Sons, J, D, Howard & Co., H. H. Taylor & Co. Bostoii— Estabrook & Co., Hornblower & Weeks. Fhlladelphia— Graham, Parsons Biddle & Henry. Pittsburgh— R. B. Hutchinson & Co. Chicago — ^Hornblower & Weeks. Norfolk — Mottu & Co. Price Range. ■ ^ ^ Jan. 1, '08 to Jan. 1, '19 191$ BS. ; Bid Ask Bid . . Ask .. High.114%'09 115 '09 100% Dec. IW^ Dec. Low.. 85 '17 i01>A'18 . -95 Jan. , '4s. . . High. 105 '13 106 '13 85 Noy. Low.. 75 '17 95 '08 ,, 78 Oct. WILMINGTON (DBL.) CITY KLECTEIC CO. 1st 6s. pne May 1, 1951..-^F. .Dated May 1, 1911. Interest payable-; Jlay . and Nov. 1, at Trustee' s office. New. York. ;; , , Tax Status — 2% Federal. Income Tax paid: by company without deduction. I Authorized — $1,000,000. Outstanding— $1,000,000 (Deo. 1, 1918). Denomination — Coupon, $1,000. Reglsterable as, to principal. Trustee— United States Mortgage & Trust Co., New York. Redeemable at 110 and interest on May 1, 1921, or on any interest date thereafter. Guaranteed principal and interest by the Wilmington & Philadelphia Traction Co., les- see, by endorsement. Organization and Control — Incorporated 1896 in Delaware. Leased 1910 for the term of 990 years to the WlImlnEton & Philadelphia Traction Co., the latter company assuming all fixed charges. The Wilmington & Phila- delphia Traction Co. is controlled by the National Properties Co. . Secured by a first mortgage on electric plant of 11,000 h. p., supplying Wilmington, Del., and -vicinity. Franchises perpetual. Population served, 100,000. Original Market — $500,000 offered In May, 1911, by Parkinson & Burr, Boston, etc., at 98 and interest; and $300,000 offered Feb.. 1912, at 99 and interest, by the same firm. Market. New York — ^Kiely & Horton, Parkinson & Burr, F. H. Hatch & Co. Boston — Parkinson & Burr. Wilmington, Del. — Scott & Co. Portland, Me. — Fidelity Trust Co. Hartford — Francis R. Cooley & Co. Baltimore — Jenkins, . Whedbee & Poe. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 101 '17 81 July 88 May Low.. 81 '18 88 '18 WILMINGTON (DEL.) CITY RAILWAY 1st 5s. Due Sept. 1. 1951.— N. Dated Sept. 1, 1911. Interest payable March and Sept. 1. at Eaui table Guarantee & Trust Co., Wilmington, Del. Tax Status — Payment of Federal Income Tax not. assumed by company. Authorized and Outstanding — $600,000. Denomination— Coupon $,1,000. Reglsterable as to principal. Trustee — Equitable Guarantee & Trust Co., Wilmington, Del. Redeemable on or after Sept. 1, 1914, at 105 and , interest. Organization and Control — Incorporated in Delaware 1864. Entire stock owned by thai Wilmington & Cheater Traction Co., which In turn is controlled by the United Power & Transportation Co., a subsidiary of the In- terstate Rys. Co. Leased for 990 years to Wilmington Sc Philadelphia Traction Co. which 1352 OB controlled by the National Properties Cc. sedured by a first mortgaee on street railway system in Wilminirton, Del., embrac- ing 33 miles of track. Franchises are per- ipetual. Eaminss not reported separately. Original Market — First offered by Scott & ■Co., Wilmington, Del. Market. Baltimore — J. S. Wilson. Jr.. & Co., Jen- kins, Whedbee & Poe. Wilmington — Scott & Co. New york — Kiely & Horton, F. H. Hatch .& Co. Boston— Q. w. Walker & Co. Price Range. -Jan. 1, '16 to Jan. 1, '19 - Bid Jligh.lOlVi '16 Low.. 98 '17 WILMINGTON GAS CO. 1st & Eef. 58. Due Sept. 1, 1949.— F. Dated September 1, 1909. Interest payable March and Sept. 1, at Girard Trust Co.. Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Pennsylvania State tax refunded. Autliorized — $5,000,000. Outstanding — $2,595,000 (Jan. 1, 1919). Reserved for Ext. — $2,365,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Girard Trust Co., Philadelphia. Redeemable at 106 and Interest Sept. 1, 1919, or on any interest date thereafter. Sinking Fund — $25,000 per annum, com- mencing June 1, 1924, to be applied to -the purchase or redemption of these bonds at not over 105 and interest. Bonds so redeemed ■to he kept alive and interest added to the sink- ing fund. Organization — Incorporated in Delaware In 1909 as a consolidation of local gag prop- Gerties. Secured by a first mortgage on plants sup- plying gas to Wilmington. Del., having manu- facturing capacity of 1,000,000.000 feet per year, and 153 miles of mains. Population over 123,000. Franchises are perpetual. liisted on the Philadelphia Stock Exchange. Earnings are not available. Original Market — $2,b00,000 offered in Sept. 1909. by Drexel & Co.. Philadelphia, and Brown Bros.& Co.. New York. Philadelphia and Boston, at 98 and Interest. Market. Philadelphia — Barclay. Moore & Co., Ca- pelle & Co., Newburger. Henderson & Loeb, Drexel & Co., Brown Bros. & Co., Reed A. Morgan & Co., B. B. Smith & Co., Ervin & Co., M. M. Freeman & Co., Elkina, Morris & Co., Frazier & Co:, Biddle & Henry, H. D. Boenning & Co., Robt. Glendinning & Co., Huntoon & Co., S. K, Phillips & Co. Wilmington — Laird & Co., Scott & Co. New York — ^Brown Bros. & Co., Newburger, Henderson & Loeb, Berdell Bros., F. H. Hatch & Co. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 100 '12 100% '12 90 Feb. 92 Feb. Low.. 75 '18 80 '18 75 Nov. 80 Nov. Tax Status — 2% Federal Income Tax paid -by company without deduction. Authorized — $2,000,000. Outstanding — $1. 599,000. Denomination — Coupon, $1,000. Registerable as to principal only. Trustee — Wilmington Trust Co., Wilming- ton, Del. Redeemable at 110 and interest. Organization and Control- — Incorporated 1906 In Delaware. Controlled through ownership -Qf entire stock by the Wilmington & Philadel- phia Traction Co., which is controlled by the National -Properties Co. Secured by a first mortgage on electric 'lighting plant distributing system, etc., sup- plying a portion of the city of Wilmington, Delaware, and vicinity. Also secured by sec- ond mortgage on automatic telephone system of 3,000 stations formerly operated by Del- marvia Telephone Co. Population served, 100,000. Prior liiens — $100,000 Debenture 6s of Del- marvia Telephone Co. Original Market — $200,000 oftered Nov.. 1913, by Newburger, Henderson & Loeb at 85 -and Interest. Market. Philadelphia — H. D. Boenning & Co.. New- burger. Henderson & Loeb, S. K. Phillips & Co. New York— Berdell Bros., Engineering Se- curities Corporation, F. H. Hatch & Co. Wiimingtonr-^Scott & Co., Geo. P. BIssell. Price Range. ■ ' ; - Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid . Ask High. 83 '16 92 '17 80 Mar. 88Jan. Low. .68 '18 76 '18 68 Ju'.y 76 July Wn.,MINGTON RAILWAY BRIDGE CO. Cons, (now iBt) 68. Due April 1, 1943.— N. Dated April 1, 1893. Interest payable April and Oct. 1, at Trustee's ofUce, Tax Status — Payment of Federal - Income Tax not assumed by company. i Authorized — $260,000. Outstanding — $217,000. Denomination — Coupon, $1,000. Trustee — Safe Deposit & Trust Co., Balti- more. Guaranteed as to principal and interest Jointly by the Wilmington &' Weldon K. K. Co., the Wilmington, Columbia & Augusta R. R. Co, and the Carolina Central R. R. Co. Assumed — The above guarantee has been assumed py the A. C. L. R. R. Co. and the S. A. Li. Ry.. Co. through mergers of guar- antor companies. Controlled by the Atlantic Coast Line R. R. Co. and the Seaboard Air Line Ry. Co., through ownership of the entire capital stock. Secured by a first mortgaire on two bridges over Cape Fear River, N. -C.. and 2.4 miles of track. Market. New York — Morton Lachenbruch & Co. WILMINGTON (DEL.) UOHT & POWER CO. 1st -Ss. Dne April 1, I960.— F. Dated April 1, 1910. Interest payable April and Oct. 1. at Wilmington Trust Co., Wilmington, Del. WILSON & CO., Inc. 2S-Year S. F. 1st 6s. Due April 1, 1941. — N. Dated April 1, 1916. Interest payable April 1 and October 1, at Trustee's office. . Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $25,000,000. Outstanding — $20,080,000 (Jan. 2, 1919). Held in S. F. — $332,000. Denominations — Coupon $1,000. Registerable as to principal. Registered $1,000, $5,000 and multiple. C. & R. interchangeable. 1353 Tniste© — Guaranty 'TfUst Co., New York. Redeemable at 107^' sind interest on any interest date on eight, weeks' notice. . Sinking ^nd — Annually on December 1, be- ginning 1917. 1% of outstanding bonds for the purchase or redemption of these bonds at not exceeding 107 % and interest. Bonds so acquired are to be kept alive and interest added to this fund. Or^ranlzatioi) — This company is one of the four largest packing companies in the United States. Business was established in 1853. In addition to the distribution of dressed meats, the company directly or- through sub- sidiaries manufactures and seUs lard, oleo- margarine, beef extract, soap, glue, hides and rallied products, and sells butter, eggs, poultry 'and other produce. The company is also one of the largest canners of vegetables in the- country, operating canning plants at Shel- byville. Ind. : Whiteland, Ind. ; Tipton, Ind. ; -Anderson, Ind.; Three Oaks, Mich.; Cumber- land, Wis. : Clear Lake, Wis. ; Ladysmith, Wis. The company has also become a large factor in the salmon industry, operating plants at Anacortes, Washington; Blain, Washington; Kitchikan, Alaska; Port Walter, ■Alaska: Lisianski, Alaska, and has 124) dis- tributing branches, 2.193 railroad cars. 1.773 of which are refrigerator cars. The com- pany also does a large export business. Pack- ing houses are located in New York, Chicago, Kansas City, Oklahoma City and Los An- geles, NebrAska^ City, Nebr. ; AJbert Lea, Minn.; Mobile, Ala. ; Natchez, Miss.: Cedar Rapids, la.; Sao Paulo, Brazil; Buenos Aires, A. R. Name changed from Sulzberger & Sons Co. to Wilson & Co., Inc.. July, 1916. Secured by a mortgage on all the property of the company directly owned and by deposit of entire issues of stock of subsidiaries. The mortgage provides i that no ■ new mortgages shall be placed on collateral properties, and that no dividends shall be declared unless ag- gregate net quick assets of combined proper- ties shall equal aggregate amount of indebt- edness, including these bonds, but excluding inter-company indebtedness. The property di- rectly or indirectly covered by this mortgage includes packing houses with a combined ca- pacity of 187,000 cattle, etc., per week, and manufacturing plants. The properties of the company and collateral companies are free fi^om mortgages except miscellaneous mortgage ' obligations aggregating $636,000. tJnderIies^$20,000,000 Conv. 6s of 1928. Year epded Dec. 31 Net Interest 1918 $8,563,911 $932,376 - ■ 1917 7,408.172 903,750 1916 5.710.353 796,485 1915. 2,463.732 ....... , liisted on the New York and Chicago Stock Exchanges. Original Market— Offered March, 1916 by Guaranty Trust Co., Hallgarten & Co., Wm. Salomon & Co., New York, and Illinois Trust & Savings Bank and Continental & Commer- cial Trust & pavings Bank, Chicago, at 100 and interest. $5,00t).000 offered .January, 1919, by Guar- anty Trust Co.. Hallgarten & Co., William Sa'onion & Co.. New York, and Illinois Trust & Savings Bank and Continental & Commer- cial Trust & Savings Bank, Chicago, at 98% and Intereet. IMarkpt. New York — Low, Dixon & Co.. E. & C. R'iU- do'ph, J. Nicki?rson. Jr.. Wm. Salomon & Co. PittsburBli — R. AV. Evans & Co. Cliicago — Ames, Emerich & Co. , Babcock, Rushton & Co., Curtis & Sanger. Illinois - Trust & Savings Bank, Pynchon & Co. St. liOuis — Bowman, Cost & Co. Price Range. Jan. 1. '16 to Jan. 1, *19 1i>18 Bid Ask Bid ' Ask High. 105% '17 103% '17 98% Dec. 99 Dec. Low.. 90 '18 91% *18 90 Sept. BlV* Aug. WILSON & CO., INC. lO-Year Conv. 8: F. 6s. Due Dec. 1. 19^8. Dated Dec. -1, 1918. Interest payable June 1 and Dec. 1 in New York City. Tax Status— Payment of Federal Income Tax not assumed by company. Authorized— $20,000,000. Outstanding — $20,000,000. Purposes of Issue — The proceeds of this issue to be used to reduce the company's cur- rent liabilities. Denominiatlon,;— Cflupon $1,000, Registerable as to principal. Trustee — Guaranty Trust Co.. New York. Redeemable as a whole, or in part, on 60 days' notice on June 1. 1919, at 105 and interest, and on any interest date thereafter at 105 and interest less % of 1% for each year, or part thereof, elapsed after June 1, •1919. Sinking Fund — $1,500,000 annually on each March 1. 1921 to 1925, both inclusive^ and $2,000,000 . annually on each March 1,! 192,6 to 1928, both inclusive, cash so paid to the Trustee to be applied to the purchase of these bonds at not exceeding their redemption prices or to their redemption. The Company is to be entitled to be credited on its obligations to this fund with the principal amount of the bonds which shall be exchanged for comm.Qn stock under the conversion privilege. Pay- ments to this fund may be anticipated by the company. Bonds acquired for this fund or exchanged for common stock shall be can- celled. These , sinking fund provisions call for the retirement prior to m.aturity of about 65% of the total issue. Convertible from and after December 1 , 1920,- at any time prior to maturity into com- mon stock . at the rate of ten shares of stock (no par value) for each $1,000, principal amount of bonds, with cash adjustment of accrued interest and dividends. Bonds called fpr redemption may be converted up to 30 days prior to the redemption date. Organization — See 1st 6s. Security — A direct obligation of the com- pany, but not secured by a mortgage; , The Trust Indenture contains the following pro- visions: No new mortgage shall be placed on the properties of the company or of any subsi- diary, except inter-company or purchaser- money mortgages, but this shall not restrict the issue of additional First Mortgage Bonds, or the purchase of additional property sub- ject to lien or mortgage. Quick assets shall at all times, be main- tained in an amount at least equal to 1% times current liabilities, all as defined in the Trust > Indenture. Net quiclc assets as defined in the Trust , Indenture shall be maintained in an amount at least equal to 1 % times the principal amount of these bonds then outstanding. -, Prior TJeiis — $20.-080.000 1st 6s of 1941. The company also has $300,000 real estate ..mortgages outstanding. learnings — See 1st 6s. Listetf on New York Stock Exchange. Original Market — $20,000,000 offered Dec, lSt)4 1918, by the Guaranty Trust Co., Hallgarten &. Co.. William Salomon & Co., New York, a^d Illinois Tr^ist & Savings Bank and Con- tinental & Commercial Trust & Savings Bank, Chicago at 95 and interest. Market. Chicago— ^Ames. Bmerich & Co., Babcock, Rushton & Co., Curtis & Sanger, Illinois Trust & Savings Bank, Merrill, Lynch & Co., Pyn- chon & Co. liOuisvUIe, Ky. — J. J. B. HilUard & Son. New York — Bull & Eldredge, Hornhlower & Weeks, Wm. -Salomon & Co.. T. Hall Keyea &" Co., McKin^ey & Morris, B. A. Ungermann, Bill & Co., Morrison & Townsend. J. N'icker- son, Jr. Grand Rapids — ^Howe, Snow. Corrigan & Bertles.' Milwaukee — Second "Ward Savings Bank. WHiSON (C. R.) BODY CO. 1st 6s. Dae as toUows: $166,000 May 1, 1920; $167,000 Xov. 1, 1930; $166,000 May 1, 1931; $167.- 000 Not. 1, 1921; $167,000 May 1, 1932. and $167,000 Nov. 1, 1922.— F. I)ated May 1, 1917. Interest payable May 1. and Nov. 1 at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Michigan. Authorized— ^$1,000,000. Outstanding — $750,800 (Jan 1. 1919). In Treasury — $249,200. DenominationB^— Coupon, $1,000, $500 and $100. -. - - . Trustee — Guardian -Savings & Trust Co., Cleveland. Redeemable at 101 and interest on any in- terest date. Organization — Successor to the C. R. "Wilson Carriage Co. which was reorganized in 1900, The company manufactures automobile bodies. Secured by a first mortgage on all the prop- erties of the company located in Detroit, Mich., comprising 4% acres owned in fee on which is a plant with a floor space of 300,000 sq. ft. Under the provisions of the mort- gage the company is required to maintain net quick assets over liabilities (exclusive of this bond issue) equivalent to the total amount of bonds outstanding, the company furnishing to the Trustee quarterly statements properly cer- tified. Dividends on the common stock are limited to 6% while these bonds are outstand- ing. The company is also" required to carry adequate insurance payable to the Trustee. As of Feb. 28, 1917, land, building and ma- chinery appraised at $898,415; net assets, $2,- 278,360; plant capacity 500 bodies per day. Year ended Dec. 31 Net 1918 $407,246 1917 323,012 1916 274,018 Interest ■ charges not reported. Original Market — Offered June, 1917, by Otis & Co., Cleveland, at 100 and interest. Market. Detroit — Joel Stockard & Co. .,New York — McKinley & Morris. VAIXNIPEG ELECTRIC RAILWAY CO. 1st Ref. S. F. 5s. Due Jan. 2, 1935. Dated Jan. 2, 1905. Interest payable Jan, 1 and July 1. at Bank of Montreal. Montreal, Qiiebec. "New York, -etc; Tax Status— Payment of Federal Income Tax not assumed by company. Authorized — $5,000,000. Outstanding — $4,000 000. Denomination — Coupon, $ 1 ,0 00. Registerabl© as to principal. Trustee — Royal Trust Co., Montreal. Sinking Fumd — Annually, from Dec. 31, 1915, a sum equal to 1%% of outstanding bonds from 1915 to 1924 inclusive, and there- after a sum equal to 2% payable in cash,, or in these bonds, or in "Winnipeg Electric Street Ry. 1st 5s of 1927, taken at par. Money received is to be app: ied to the pu r- chase of Winnipeg Electric Street Ry. 1st 5s of 1927 at not exceeding a 4% basis, and if said bonds are not so purchasable fund is to be applied to the purchase of bonds "of .this issue at not exceeding a 4% basis. If bonds of neither issue are so purchasable Trustee may invest in securities which are legal in- vestment for trust funds in Canada or in bonds of railroad companies (other than street railway, etc. , companies) listed on the New York Stock Exchange. Bonds of this issue acq.uired, are held alive; As of Dec. 31, 1918. $192,500 1st 5s of 1927 had been acquired. Organization — Incorporated in Manitoba in 1904 as a consolidation of gas, e'.ectric and street railway properties in Winnipeg and St. Boniface. Controls through stock ownership the Suburban Rapid Transit Co. and Winni- peg, Selkirk & Lake Winnipeg Ry. Co. Secured by a first mortgage on hydro-elec- tric plant of 30,000 h. p. and one steam plant of 12,000 h. p. and a second mortgage on plants supplying gas and electricity in Winni- peg and on 110 miles of street and interur- ban railway track. The company controls alj the street railway" and gas business in Win- nipeg and St. Boniface, Man., and part of the electric light and power business. Fran- chises are perpetual and street railways are exclusive in Winnipeg until 1927 and in St. Boniface until 1943. Prior lii^s — $1,000,000 Winnipeg Electric St. Ry. Co. 1st 5s, for the retirement of which bonds are reserved under this mort- gage. Year ended Dec. 31 Gross Net Interest 1918 $3,633,655 $1,221,428 $1,132,694 1917 3,386,887 1.243,374 1,150.795 1916 3,311.169 1,398,139 952.887 1915 3.663.895 1,331.737 835,635 Listed on the Montreal Stock Exchange. Original Market — First ofCered by N. W. Harris & Co., New York, Boston and Chicago, and the Bank of Montreal. Market. Montreal — ^McCuaig Bros. & Co., Nesbit, Thompson & Co., Canada Sec. Corp., Ltd., C. Meredith &■ Co.. Hew R. Wood & Co. New York — Harris, Forbes & Co., Hotchkin . & Co., Taylor & White. Boston — Harris, Forbes & Co, , Hotchkin & Co. Chicago — Harris Trust & Savs. Bank. Toronto — Dominion Securities Corp. Price Range. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask Bid A.<5k High. 105 '12 106% '09 .94 Mar. 9£ Mar. Low.. 82 nS 84 '18 82 Dec. 84 Dec. WINNIPEG ELECTRIC RAILWAY CO, 2- Year 6% Notes.. Dup Jan* 15. 1931. Dated Jan. 15. 1919. Interest payable July 15 and Jan. 15. Principal and interest pay- able in gold in New York; also payable in Toronto. Tax Status — The company covenants to pay. So far as is permitted by law. all Canadian and United states taxes; including any United ' 1355 states Normal Income Tax aeductible at the source up to 4%. Authorized — $760,000. Ofutstandlne— $750,000. Purpose of Issue — To refund a like amount of 6% notes due Jan. 16, 1919. Denomination — Coupon $1,000. Trustee — Central Union Trust Co., New Tork. Redeemable at 101% and interest at any time on 30 days' notice. Sinking Fund — Month'.y, beginning March, 1920, $37,600 for the purchase of notes in the market at not to exceed 100 and interest. It is estimated that this fund will retire one- half of the entire issue before maturity. Organizaticm — See 1st Ref, 6s. Secured by pledge of £200,000 (about $976,- 000) 4V4% Perpetual Consolidated Debenture Stock of the company. , , The pLedg^ed collateral is part of an issue of £1,300,000 authorized and outstanding, se- cured by mortgage lien on the entire property of the company now owned or hereafter ac- ciuired, subject to only $5,000,000 underlying bonds due 1927 and 1935. The company agrees not to issue any bonds or other funded debt prior to January 15, 1921, .without providing funds for the re- demption in full of these notes. Earnings— See 1st Ref. 6s. Original Market — $760,000 offered Decem- ber, 1918, by Wm. A. Read & Co.,^New York, etc., at 97% and interest. WINNIPEG EI/BCTBIC STREET RAII,WAY 1st 6s. Due Jan. 1, 1927. Dated 1898. Interest payable Jan. and July 1, at Bank of Montreal, Montreal, Quebec. Tax Status — Payment of Federal Income Tax not assumed by company. Autliprized — $1,000,000. Outstanding — $807,600 (Jan. 1, 1919). Held iji W. B. Ry. Ist & Ref. Mtge. S. E.— $192,600. Denomination — Coupon, $600. Registeh-able as to principal. Trustee — Soya,l Trust Co., Montreal. Sinking Fund— ^Purchasable under the sink- ing fund of the Winnipeg Bilectric Ry. 1st & Ref. 5s. Control — Merged 1904 Into Winnipeg Blec- tric Co. Secured by a first mortgage on about 110 miles of track In and about Winnipeg, Can. Franchises perpetual. CnderUes — $4,000,000 W. B. Ry. Co. 1st Ref. 5s of 1935 which mortgage provides to retire this issue. Earnings — See Winnipeg Electric Ry. 1st Ref. 6s. Listed on the Montreal Stock Exchange. Market. Toronto— Murray, Mather & Co., Dominion Securities CoEp. MontrealTv^N. B. Stark & Co., St. Cyr, Gon- thier & Frigon, Rene T.. Le Clero, C. Meredith & Co.. Hew R. Wood & Co. Price Range 1918 — ^Bid 94, Ask 96. WINNIPEG. SBI,KIRK & TAKE WINNIPEG Gen. 6b. Due July 1, 1986. Dated July 1, 1915. Interest payable Jan. 1 and July 1, at Bank of Montreal, Winni- peg, Toronto, Montreal, New Tork and Lon- don. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized- $1,400,000. Outstanding — $663,200. Pledged under loans to Winnipeg Blectrlo Ry., $746,800. Denomination — ^Coupon, $100, $600 and $1,- 000. Registerable as to principal only. Reg- istered, $100, $500 and $1,000. C. & R. in- terchangeable. Trustee — National Trust Co., Ltd., Toronto. Redeemable at 103 and interest. Sinking Fnnd — ^Annually, an amount eaual to 2% of outstanding bonds, plus Interest on bonds in sinking fund, to be applied to re- tirement of these bonds. Guaranteed* principal and Interest, by the Winnipeg Electric Ry. Co. by endorsement. Organization and Control — Incorporated in Manitoba. Controlled through stock owner- ship by Winnipeg Electric Ry. Co. Secured by a first mortgage on two interur- ban electric railway lines, one from Winni- peg to Selkirk, 23.93 miles, and one from Win- nipeg to Stonewell, 17.40 miles. The latter line is bui'.t on private right of way, the mort- gaged property includes, 7^ acres for terminal purposes in Winnipeg, and 36 cars. The roald is operated for freight and passenger traffic. Franchises run to 1939 and 1952. Prior Lien — $400,000 6s due 1932, for re- tirement of which bonds of this issue are reserved. Original Market — Oifered in November, 1910, by the Dominion Securities Corporation, Ltd., Toronto. Market. Montreal — McCuaig Bros. & Co., Hew R. Wood & Co. Toronto — The Dominion Securities Corp. WINNSBORO MILLS 4-ye»r 6% Notes. Due Jan. 1, 1921.— F. Dated Jan. 1, 1917. Interest payable July 1 and Jan. 1, at New England Trust Co., Boston, or Lee, Higginson & Co., Boston, Ne-n York and Chicago. Tax Status — 2% Federal Income Tax pa,id by company without deduction. Authorized — $900,000. Outstanding — $600,000 (Jan. 15, 1919). Retired by S. F. — $300,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — New England Trust Co., Boston. Redeemable as a whole or In part for sink- ink fund at 101 and interest on four weeks' notice to and including Jan. 1, 1920, and at WO and interest thereafter. -Sinking Fund — Annually $300,000 In cash, payable $150,000 semi-annually beginning July 1, 1918. This fund is sufficient to pay oK $750,000 of. these notes before maturity.. Organization — Incorporated in Massachu- setts and owns a cotton manufacturing plant at Winnsboro, S. C. It is engaged in manu- facturing tire fabrics, and has a contract with the United States Rubber < Co. running at least until Jan. 1, 1921, which is reported to insure prompt payments of all obligations of this note issue. The proceeds of this note issue are to be applied to enlargement and reconstruction of the company's plant. Management — Lockwood, (ireene & Co., Boston. SecurltiT — A direct obligation of the com- pany, but not a mortgage. The company has no mortgage debt, and while these notes are outstanding can incur no Indebtedness (other than current operating accounts) ranking equal or superior to these notes. Original Market — Offered March, 1917, by Lee, Higginson & Co. Market. Philadelphia — S. K. Phillips & Co. 1356 WINONA BBIDGB RAILWAY 1st Ext. 69. Due Sept. 1, 1935. — N. Dated Sept. 1, 1890. Extended Sept. 1, 1915, for 20 years. ($104,000 bonds paid at matur- ity.) Interest payable March and Sept. 1. at 547 W. Jackson Boulevard, Chidago. and Chicaeo. BurUnston & Quincy office. 32 Nas- sau St., New Tork. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $ 280,000. Outstanding: — $238,000 (June 23, 1919). Retired by S. F. — $42,000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee — Farmers* Loan & Trust Co., New Tork. Sinldns; Fund — ^Annually, begrinningr Sept. 1, 1916. an amount idufficient to retire $14,000 bonds at par and interest. Organlzatioa and Control — Incorporated in Minn, in 1890 and is leased until 1935 to the Green Bay & Western R. R. which own the entire stock. Secured by a first mortgagre on bridgre over the Mississippi River between Winona, Minn., and Buffalo, Wis. Market. Boston — Parkinson & Burr. WINONA (MINN.) GAS LIGHT & COKB CO. 1st 5s. Due July 1, 1925.— F. Bated July 1, 1905. Interest payable Jan. and July 1, at Cleveland Trust Co., Cleveland, Ohio. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $300,000. Out9tanding^$293,000 (June 25, 1919). Held in S. F.— $7,000. Denomination — Coupon, $1,000. Trustee — Cleveland Trust Co., Cleveland, O. Redeemable after July 1, 1915, at 105 and interest. Sinking Fund — 10% per annum of net earn- ins^ (commenced 1910). Bonds acquired are he'd alive and interest added to fund. Note. — No bonds were retired by this fund in 1918. Organization and Control — Incorporated 1905 In Minnesota succeeding the Winona Gas Co. Absorbed by the Wisconsin-Minnesota Light & Power Co., a subsidiary of the American Public Utilities Co. of Grand Rapids, Mich. Secured by a first mortgage on plant, sup- plying gas to Winona, Minn. Population served, 18,000. Franchises expire May, 1929. Underlies— Wls.-Minn. Lt. & P. 1st & Ref. 6s. Market. Cliicago — Union Trust Co., Chicago Sav. Bank & Trust Co. Cleveland — Borton & Borton. Grand Rapids. Mich. — Kelsey, Brewer & C^o.. Howe, Snow, Corrigan & Bertles. - New York — J. A. Clark & Co.. Edmund Sey- mour & Co, Milwaukee — ^Wisconsin Trust Co., Morris F. Fox & Co. Philadelphia — H. D. Boenning & Co. Price Range. Jan. 1. '17 to Jan. 1. '19 1918 Bid Ask Ask High. 96 '17 98% '17 94 Mar. Low. 90 '17 94 '18 Default — Jan. 1, 1916. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $750,000. Outstanding — $ 698,000. Pledged Under Loans — $52,000. Denomination — Coupon, $500 and $1,000,^ Trustee — First Trust & Savings Bank, Chi- cago. Redeemable on any interest date at 105 and Interest. Receivership — In Suit to foreclose tmder thia mortgage, C. S. Munton was appointed re- ceiver June 25, 1916. Protective Committee — J. D. Mortimer, pres- ident of North American Co., chairman; H. H. Phillips, secretary, 209 So. La Salle St.j Chicago; Central Trust Co, of Illinois, Chi- cago, depositary. Organization — Incorporated in 1903 in In- diana. Began business in 1905. Secured by a first mortgage on about 23 miles of track extending from Goshen to War- saw, Ind. Franchises expire after 50 years. Company operates a total of 70 miles of road including from Goshen to Peru, of which about 5 miles are leased (Warsaw to Winona Lake7. Population served by this line about 20,000. Year ended June 30 Gross Net 1918 $247,745 $18,322 1917 220,907 32,048 1916 "224,664 56,293 1915 218,621 53,288 Interest not reported. Market. New York — Tobey & Kirk. Chicago — ^Hulburd, Warren & Chandler, WoUenberger & Co, WINONA INTERURBAN RAILWAY PERU Division 1st 5s. Due April 1, 1936. — N. Dated April 1, 1906. Interest payable April and Oct. 1, at Union Trust Co., Indianapolis, Ind. Default — Oct. 1, 1915. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $2,000,000. Outstanding — $290,000. Collateral for Loans — $1,303,500. Denomination — Coupon, $100. ' $500 and $1,000. Trustee — Union Trust Co., Indianapolis, Ind. Redeemable at 105 and interest on any in- terest date. Receivership — See Goshen Div. 1st 5s. Secured gy a first mcrtgaere on 42 milea of Interurban electric railway between Warsaw and Peru, Ind. (For other details see Goshen Div. 1st 53.) Population served by this line, 22,000. Market. Chicago — ^Hulburd, Warren & Chandler. WINONA INTERURBAN RAILWAY Goshen Div. let 5fl. Due July 1, 1925. — N. Dated July 1, 1905. Interest payable Jan. and July 1, at First Trust & Savings Bank, Chicago, III. WINSTON-SALEM GAS CO. let 5b. Due July 1, 1932.— F. Dated July 1. 1912. Interest payable Jan. and July 1. at W. B. Moss & Co., Detroit. Mich. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $500,000. Outstanding — $269,000. Denomination — Coupon, $1,000. Trustee — Union Trust Co., Detroit, Mich. Redeemable at 102% and Interest. Organization — Incorporated in North Caro- lina in 1912 as successor to the Winston- Salem Light & Fuel Co. Secured by a first mortgage, on plant sup- plying gas to Wlnaton-Salem, N. C, serving 1357 a population of 33,000. Franchises expire June 1, 1934. Earnings — Not available. Orieinal Market^$250/000 ottered in Auet.'. 1912, at 95 and interest, by W. E, Moss & Co., Detroit, Mich. Market. New York— Foster & Adams. Philadelphia — ^West & Co. ; Detroit— W. B. Moss & Co. WINSTON-SAUSAI SOUTHBOUND RAILWAY CO. 1st 48. Due July 1. 1960. — P. Dated July 1. 1910, Interest payable Jan. and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized and Outstanding: — $6,000,000. Denomination — Coupon, $1,000. Reg^lsterable as to principal. Registered, $1,000. C. & R. interchangeable. :' ■ Trustee — United States Trust Co.,, New York. Guaranteed principal and interest jointly and sevei;ally by the Norfolk & Western R. Co. and the Atlantic Coast Line R. R. Co. by, endorsement. , '.Control — The $1,245,000 capital stock >of the 'Winston- Sal em Southbound Ry, is, - owned in ■ eaual proportion by the Norfolk & "Western Ry. -Co. and by the Atlantic Coast Line R. R. Co. The road ' is operated independently. Secured by a first mortgage on 89 miles of road from Winston-Salem to. Wadesboro, N. C, all branches, equipment, etc.,- and exten- sions constructed or acquired with bonds issued under this mbrtgase. This road- forms ,a connection between the Norfolk & Western Jly. Co. and the Atlantic Coast Line R. R. Co, Legal for Cal. , Mich. , Minn. , N. H. and R. L ^ - ' ■ Listed on the New York Stock E3xchange. Year ended Dec. 31 ■ Gross ■ Net , Int. & Rent =*19]8 $260,252 $268,365 $224,295 1917 898.302 400,773 3*9,981 1916 790,336 430,277 303,655 *Corporate Income Account — Standard re- turn from Federal' contrbl. Original Market — Offered, in Feb.. 1911, by 'Chas. D. Barney & Co., and Brown Bros. & 'Co. , Philadelphia, Wm. Salomon & Co, , New York, and Union Trust Co., of Pittsburgh, at :96' and ihterest. Market. New York — Sam'l Goldschmidt, J. S. Parlee & Co., Lee, Higginson & Co., Coffin & Co., 'Chas._ D. Barney & Co,, Foster &. Adams. -Bull & Eldredge. Brown Bros. & Co., Shuman & Seligmann, Abraham & Co., Wm. C' Bwen, F. J. Lisman & Co., Redmond & Co., Taylor, Smith & Hard, Vilas & Hickey, BostO'ni — Lee, Higginson & Co. Phiiadelphia — Graham. Parsons & Co., B, E. .Smith & Co., C, D, -Barney & Co., Brown Bros. & Co., Blkins. Morris' &' Co., Huntoon & Co., S. K. Phillips & Co., Warren A. Reed. Baltimore — Jenkins, Whedbee . & Foe, John D. Howard & Co. Pittsburgh— R. B. Hutchinson & Co. Price Range — ^N. Y. S. E. Jan. 1, '10 to Jan. 1, *19 1918 High. 95 Apr. 28, '11 72 Nov. 6 Low. .67'A Aug, 9, '18 67M Aug. 9 Tax Status — Payment of Federal Income Tax hot assumed by company. Authorized — $250,000. Outstanding — $250, 000. Denomination — Coupon, $1,000. Registerable as to principal. Trustee— Wachovia Bank & Trust Co.,_ Winston-Salem, N. C. Redeemable at 107% and interest on any In- terest date after Oct. 1, 1930, on 90 days* notice. Guaranteed jointly and severally as to. prin- cipal and interest by endorsement by the Nor- folk & Western Ry. Co., Southern Ry.. Co. and Winston-Salem Southbound Ry. Co. by endorsement. Control — The entire capital stock is owned by guarantor companies which lease the prop- erty during the life of these bonds. Rental, operating expenses and interest on these bonds. ■ Secured by a first mortg'age on all the prop- erty of the company including real estate, union passenger station, tracks, power house and other terminal facilities; also by deposit of lease aboye'-mentlo^ied. Original Market— $25 0, 0' offered July. 1916, by Rhoades & Co., New York, at 104% and interest. , Market. New York — Baker, Carruthers ' & Pell, Mor- ton Lachenbruch- & Co., Abraham- & Co, , -■ WINSTON-SALEM 6. 567, 000. - Reserved for Refunding. Extensions, etc. — $48,617,000. Denomination — Coupon, $1,000. Registerable as to principal or fully registerable. Regis- tered. $1,000, $6,000, $10,000, $50,000 and $100,000. Trustees — Empire Trust Co., New York, and Leroy W. Baldwin. Control — See 1st Gen. 4s. Guaranty- — In Oct.. 1912, the Minn., St. Paul & Sault Ste. Marie offered to endorse its guaranty of Interest on these bonds If presented for that purpose. Secured by Sbuond mortgage on entire prop- erty (except land grants) now owned or here- after acquired, including 1,020.96 miles of road, terminals, etc., as follows: Covered by the first lien of the following; Wis. Cent.-Superior & Duluth Div. & Term. 1st 4s 158.09 Wis. Cent. 1st Gen. 4s 830.26 ,0359 Wis. ■ Cent. -Marshfleld • & Southeastern dolph, John Mulr & Co., Hanson & Doyle, Div. 1st '4s 32.61 J. Niclcerson. Jr. Also secured by deposit of $1,245,000 Wis- Boston — Hotchkin & Co., F. B. Baasett & consin Central Hy. 1st Gen. 4s 1949. Co., Chas. A. Day & Co., Moore & Cabot, Prior Mens— $23,017,000 Wisconsin Central Richardson, Hi'.l '&. Co., T. Sherman Adams, Superior & Dulut'h Div. 4s of 1936 and 369,000 Kimball, McKinney &■ Co. Wis. Cent. 1st Gen! 4s of 1949; $7,500,000 New Haven — The Chas. W. Soranton Co. Wis. Cent. -Marshfleld & Southeastern 1st 43 Philadelphia — Barclay. Moore & Co,, Ca- of 1951, for the retirement of which bonds Pelle & Co., Bauer, Starr & Co. of this issue are reserved. Chicago — Baboock, Rushton & Co. Original Market — $3,600,000 ottered in Feb., Price Bange. 1912, By the Bank of Montreal, Montreal, New jfan. 1, '15 to Jan. 1, '19 1918 York, etc. Market. Bid Ask Bid Ask New York — ^Wm. A. Read & Co., Folsom & High. 99 '17 100 '16 90 Deo. 93 Dec. Adams, Sam'l Goldschmidt, Struthers & His- Ijow. .85 '18 86% '18 85 Oct. 86% July COS. E. &. C. Randolph, J. S. Farlee & Co., Miller & Co., F. J. Lisman & Co., M. J. Hoey & Co., J S. Stubbs & Co.. Wm. M. Clarke, WISCONSIN GAS Si EUECTRIC CO. Ist 6»>' Korn, Lehman & Co., Spencer Trask & Co. jp^^ j„„^ 1 1952.— F. , j^. St. Paul— Kalman, Matteson & Wood. j^^^^^ j„„g ^ 1312. Interest payable^ S 1 .,c . ,^"''^ *?,"„"• ,oi« and Dec. 1. at Harris, Forbes & Co-.U , " Jan. 1, '16 to Jan. 1, '19 1918 Tork ' iV * TT. ^ ^i,**,,,. tf^,,„ ,.,.^''l^ ^r^^ . Tax Status— 2% Federal Income TaXi^paftf" HiBhg 77 16 81 17 66 Dec. 77 Nov. by company without deduction. Low.. 66 '17 63 '17 61% Nov. 63 Aug. Authorized— rnlimited. Outstanding — $3,027,000. (THE) WISCONSIN EDISON CO. 10-Year 6% Additional bonds issuable for permanent ei- Conv. Debentures. Due May 1, 1924. — N. tensions, improvements, etc., at 80% o£ cost. Dated May 1, 1914. Interest payable May subject to certain conditions and the approval and Nov. 1. of the Wisconsin Railroad Commlssiiit]^ Tax Statiis — Payment of Federal Income Tax Denomination — Coupon, $1,000 aiil $600. not assumed by company. Registerable as to principal. asl Authorized — $10,000,000. Trustee — Harris Trust & Savings Ba\i Chl- Issned — $6,500,000. including $3,698,000 oago. xA owned by the North American Co. Bedeemabie at 105 and interest on vspiie 1, Beserved for Corporate Purposes — $3,500,- 1917. or on any interest date thereafl.,iP 000. Organization and Control— The Wi£K)nsin Denomination — $100, $500 and $1,000. Reg- Gas & Electric Co. succeeded in 1912 tiJe Ra- isterable as to principal. <=i"e Gas Light Co., and acquired the f prop- Boglstrar — Bankers' Trust Co., New Tork. erties, business and franchises of the ^eno- Bedeemable at 102 and interest on May 1, sha Gas & Electric Co. and Kenosha BiBctrlc 1916, or any time thereafter on 60 days' no- Ky. Co. In 1915 acduired the propertfcs of tice. the Watertown Gas & Electric Co. and! Bur- Convertible after May 1, 1916, and prior lington Electric Light & PowerCo. The\com- to May 1, 1923, into stock at $80 per share. P^ny is controlled by the Wisconsin Edison Organization and Control — Incorporated In Co., which was organized by the North Aimer- New York in 1912 to take over the holdings of lean Co. to take over its holdings of pjubllc the North American Co. in Milwaukee and utilities in Wisconsin. [ other Wisconsin public utility companies, and Secured by a first mortgage on plants isup- controls through stock ownership the Milwau- plying gas In Racine, Watertown, South iMil- kee Light, Heat & Traction Co., Milwaukee waukee, Cudahy and Kenosha and electrijclty Electric Ry. & Lt. Co., Wisconsin Gas & in Kenosha, Wis.: also on eight miles of stireet Elec. Co. , North Milwaukee Light & Power railway in Kenosha and on transmission land Co. and Wells Power Co. distributing systems supplying electricity! in These companies own and operate some 37B Watertown, Burlington, Lyons, Springfield land miles of street and interurban railway, in- several other towns In southern Wisconsin, eluding street railways in Milwaukee, Racine, Also wholesalers electricity to several towTOS.- Kenosha and Watertown, Wis., and supply Population served 100,000. Street rail\lray gas and electricity to a population of 675,000. franchise extends to 1952. Gas franchilses Franchises — Street railway franchises ex- perpetual and exclusive. Electric indeterilnl- pire in I9S4 and subsequently. All others in- nate permit. determinate, unlimited as to time, but subject Prior Jjien — $100,000 Watertown Gas & to termination upon acquisition of the prop- Electric Co. 1st 5s of 1921. erty by the municipality. Year ended Dec. 31 Security — A direct obligation of the com- Gross Net Intera^st pany but not secured by a mortgage. 1915 $2,106,440 $333,612 $209,0114 Year ended Dec. 31 (after subsidiaries) 1937 1,610,679 341.254 isi.ejgs Net 'Deductions 1916 1,143,791 319,044 139,5|69 1918 $1,197,276 $668,120 1915 950,737 281,316 137,7 66 1917 1,446.411 617,376 Original Market — $2,000,000 offered in OoB o- 1916 1,430,882 469,262 ber, 1912, by Harris, Forbes & Co., New Ton k, 1915 1,058,396 457,681 N. W. Harris & Co.. Inc., Boston. Han .-Is ♦Includes taxes, expenses, interest, etc. Trust & Savings Bank, Chicago, and Spenc- ,er Original Market — Offered May, 1913, by Traslc & Co., New York, Boston and Chicago i, Jackson & Curtis, Boston and New York, at at 98% and interest. 96 and interest. Market. Market. Chicago — Harris Trust & Savings Bank, New York — Bonbright & Co., Berdell Bros-., Ft. Dearborn Trust & Savings Bank, Ames, S. L. Snowden. H. F. McConnell & Co.. Kiely Emerich & Co.. Spencer Trask & Co., A. L. & Horton, F. H. Hatch & Co., Dunham & Co., Baker & Co., Babcock, Rushton & Co., Merrill, Hotchkin & Co., Moore & Co., E. & C. Ran- Lynch & Co. 1380 Milwaukee — Edgar. Rlcker & Co., John E. De "Wolf Co., First National Bank, Marahall & Ilaey Bank. New York— Kiely & Horton, J. S. Bache & Co. , B. & C. Randolph, Merrill, Lynch & Co.. Babcock, Rushton & Co., Harris, Forbes & Co., Glidden, Lyon & Co., Joseph & Wiener, Spencer Trask & Co., F. H. Hatch & Co. - Bpston — ^Harris, Forbes & Co. Price Range. Jan. 1, '12 to Jan. 1. '19 1918 Bid Ask Bid Ask High.97V^ '13 99 '13 86 Jan. 90 Jan. Low. .80 '18 82 '18 80 Sept. 82 Sept. WISCONSIN-MINNESOTA I/IGHT & POWSB CO. 1st & Ref. 5s, Due May 1. 1944.— F. Dated May 1. 1914. Interest payable May 1 and Nov. 1, in New York or Chicag:o. Tax Status — 2% Federal Income Tax paid by compS-ny without deduction. Authorized — $ 20,0 00, OHO. Outstaiidins^$8.900,000 (Jan. 1. 1919). Reserved for Prior Liens — $509,000. — Reserved for X^t. — $10,&91,000. X Denomination-^Coupon, $500 and $1,000. Registerable $1,000. C. & R. interchangeable. Trustee — Harris Trust & Savings Bank. Chi- cago. Redeemable at 105 and interest on or after May 1, 1919, on any interest date. Sinking Fund — 1% of outBta;nding bonds from 1919 to 1928. 1%% from 1929 to 1938 and 2% thereafter to retire bonds or for ex- tensions and betterments. Organization and Control — Incorporated In Wisconsin in 1914; as a consolidation of three earlier companies. The entire common capital stock is owned and the properties managed by the American Public Utilities Co. Secured by a mortgage on 25 miles of elec- tric railway embracing the street railway lines in Eau Claire and Chippewa Falls, Wis., and Interurban lines between those cities, hy- dro-electric plant at Menomonie and Cedar Falls, Wis., plants, transmission lines (300 -Miles) and distributing systems supplying elec- tricity in Eau Claire, Chippews Falls and other towns Iii Wisconsin, Red Wing, Lake City and Wabasha, Minn., and gas S)lants in Chippewa Falls, Wis., Winona and, Red Wing. Minn. , and on gas and electric plant in La Crosse, Wis. Population served, about 120,- 000. The company operates In Wisconsin un- der indeterminate franchise from the Railroad Commission. Prior lAens — $509,000 Chippewa Valley Ry, ■Lt. & Pr. 1st 5a of 1924: $293,000 Winona Gas, Light & Coke Co. 5s; $220,500 Eau Claire Gas Light C. 53, and $250,000 Red Wing Gas Light & Power Co. 6 s. Year ended Dec. 31 Gross Net Interest 1918 $1,829,711 $771,754 $510,900 1917 1,712,220 896,480 298,861 1916 1,304,460 698,150 241,801 1915 1,143,262 585,016 _ Original Market— First offered in June; 1914, by Harris, Forbes & Co., New York, N. W. Harris & Co., Boston, and Harris Trust A Savings Bank, Chicago, at 93% and Interest. Market. New York — Harris, Forbes & Co., F. H. Hatch & Co., Kiely & Horton, Earle A. Miller & Co., Paine. Webber & Co., Dunham & Co,, J. S. Bache & Co., J, A. C:ark & Co., Merrill, Lyjich & Co. Ctdcago — ^Paine, Webber & Co_, Harris Trust St Savings Bank, Merrill, Lynch' & Co., Harris Trust & Savings Bank, A. L. Baker & Co., Babcock. Rushton & Co., H. T. Holtz & Go. St. Paul-^Merchants' Trust & Savings Bank, Kolman, Matteson & Wood. Milwalikee — John B, De Wolf & CO., First National Bank, Wisconsin Trust Co., F. A.. Bartlett & Co. Hfew Haven — The Chas. W. Scranton Co, Hartford — Conning & Co. Boston — Paine, Webber & Co., F. B. Bas- sett & Co., Chas. A. Day & Co., L. Sherman Adamsi Kimball, Russell & Co. PliiladelpMa — H. D. Boenning & Co. Grand Raptds — ^Howe, Snow, Corrigan & Bertles. Price Range.^ Jan. 1, '15 to Jan. 1, '19 191» Bid Ask Bid Ask- High. 95 '16 98 '16 85 Dec. 91 Apr.. Low. .75 '18 82% '18 75 Feb. 82% Jan.. WISCONSIN-MINNESOTA UGHT & POWER CO. 1-Year 7% Notes. Due Feb. 1, 1930. Dated Feb. 1, 1919. Interest payable Aug.. 1 and Feb. 1 in New York and Chicago. Tax Status — 2% Federal Income Tax paidi by company without deduction. Authorized — $1,000,000. Outstaiidins; — $1,000,000. Purpose of Issue — To fund floating indebted- ness and to reimburse the company for cash, expenditures actually made in the property. Deniominationt — Coupon $500 and $1,000. Trustee — Continental & Commercial Trust & Savings Bank, Chicago. Redeemable at 100^ and interest upon 30' days' notice. ' Organization' — See 1st & Ref. 5s. Security — A direct obligation of the com- pany, but not secured by a mortgage. While any of these notes shall be unpaid, no bonds shall be issued estcept to provide funds to reimburse the company for capital expendi- tures and all the proceeds of the sale of any" ' bonds so issued and any proceeds of the sale- of any property which may be paid to it by the trustee under any mortgage to reimburse it for capital expenditures shall be applied, to the retirement of the notes of this issue. Original Market — $1,000,000 offered Febru- ary. 19191 by Paine. Weber & Co., Boston. and New Tork, at Q9''i^ and interest. WISCONSIN MOTOR MANUFACTURING CO.. t% Notes. Due $50,000 each December 2.. from 1919 to 1933, indusive. Dated December 2, 1918. Interest payable- June 1 and December 1 at Wisconsin Trust Co., Milwaukee, or First National Bank, Chi- cago. Tax Status — 2% Federal Income Tax paid, by company without deduction. Authorized — $250,000. Outstanding — $250,000. Purpose of Issue — The purpose of the pres- ent financing, including this issue, is to retire- present current bank loans and to provide additional working capital to take care of the rapidly increasing business of the company. Denomination — Coupon notes. Registerable- as to principal. , Trustee — Wisconsin Trust Co., Milwaukee. Redeemable at 102% and interest on any interest date on 40 days' notice. Organization — Incorporated in Wisconsin in 1909. The company is engaged in manufac- turing internal combustion motors for trucks, tractqrs, power boats, electric generators, pumps, hoisting p'.ants and for other com- mercial uses. Plant is located in West Al'-is, Wis. (near Milwaukee) arid has a daily capa- city for 50-comp'-eted and tested motors. m^ Capital Stock Authorized Outstanding Pref. (8% cum.) .. $800,000 $514,000 Common , 1,200,000 1,000,000 Security — A direct obligation of the com- pany but not secured by a mortgage. The company has no mortgage indebtedness. The Trust Indenture, under which these notes are issued, provides that so long as any of these notes are outstanding no mortgage may be placed upon the property of the com- pany, nor may any other Indebtedness, run- ning more than one year, be incurred without the assent of the holders of 75% of the notes outstanding. The Trust [Indenture also pro- vides that so long as any of these notes are outstanding the company shall maintain total net assets of not less th£in 500% and net Quick assets of not less than 200% of the par value of the outstanding notes. As of Dec. 2. r918, net assets were $2,069,- 443 and the net quick assets $1,384,723. Years ended Dec 31 Gross tNet *1918 $2,721,020 $292,916 1917 3,122,403 247.200 1916 1,236,151 176.488 1915 1.070,512 146^450 *Nine months ended Sept. 30. tBefore Federal taxes. Original Market — $250,000 offered December, 1918, by. Coutiselman & Co., Chicago, at 99%, '99%, -99-^, 98% and 98 and interest , for "respective maturities. Market, Chicago — Counselman & Co. WISCONSIN POWBR XIGHT & HEAT CO. 1st & Bef. 5s. Due June 1, 1946. — F. Dated June 1, 1916. , Interest payable June- ■ and Dec. 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $20,000,000. Outstanding — $965,000 (Ju'.y 8, 1918). Pledged to Secure 3-Year 7% Notes — $150,- 000. ♦Reserved for Ext. — $18,885,000. ♦Issuable for 85% of cost when net earn- ings are twice interest charges on total issue, after depreciation. Denominations — Coupon $1, 000. $500 and $100. Registerable as to principal. Trustee — First Trust Co., Milwaukee. Redeemable at 102 and Interest. Maintenance Fund — ^Annually 12% % of gross earnings. Any" part of- this fund hot ■ uged for, maintenance, etc.,- must be expended for ■ extensions and additions, which shall not be made the basis for the issuance of addi- tional bonds; or such unexpended balance may be applied to the redemption or purchase of outstanding bonds. Sinking Fund — Annually beginning June 1. 1922, 1% of outstanding bonds for their pur- chase or redemption at not over 102 and In- ■ terest, or fund may be used for improve- ments, etc.. against which no bonds can be Issued. Organization — Incorporated in "Wisconsin, In May, 1916, and acquired by purchase the en- tire capital stocks and properties, of the Bara- boo Gas & Electric Co., Portage Eleotpic Light & Power Co., Beaver Dam Light & Powbr Co., Fox Lake Light & Power Co., Horlcon Light & Power Co.. Berlin Public Service Co.,- Cen- tral ■Wisconsin Railway & Light Co. , NeSh Koro Light & Power Co. and Omro Electric Light Co. . Authorized Outstanding Capital Stock $1,000,000 $363,500 Control — The entire $400,000 capital stock of this company has been acquired by the ?forth "West Utilities Co. and is pledg-^-d under that company's 6% Serial Notes. Secured by a first mortgage on all the prop- erty of the company. Property comprises elec- tric, gas, steam and hot water heating plants in sixteen towns and villages located in the central part of Wisconsin having a population of about 40,000, The company has built 85 miles of transmission line connecting a num- ber of communities served with hydro-electric - current from plants at Kllboum and Prairie due Sac. The company operates under a Wisconsin Indeterminate Permit. Year ended June 30: Gross. Net. Interest. ■ 1918 $337,914 $127,906 $51,850 1017 258,632 .67,-778 40.702 Underlies— $215,000 ($150,000 pledged) Gen, Mtge; Bonds, due June 1, 19 46. Original Maiicet — Offered Nov. , 1916, by W. G. Souders'& Co., Chicago, etc., and Fox, Hoyt & Co., Milwaukee, at 93% and interest. Market. Milwaukee — Edgar. Ricker & Co., First "< paiu tional Bank. Minneapolis — Minnesota Loan- & Trust Co Grand ' Bapids — Howe, Snow, Gorrigan ^ Bertles. Cliicago — Babcock, Rushton & Co, . Price Range. Jan. 1, '17 to Jan. 1, '19 1918 Ask Ask High. 94: '17 88 Dec. Low. . 84 *18 84 Dec. WISCONSIN POWER. LIGHT & HEAT CO. SrYear 7% Coll. Notes, Series A. Due July 1, 1921. Dated July 1, 1918, Interest payable Jan. 1 and July 1, at Ft. Dearborn Trust & Sav- ings -Bank, Chicago. Tax Status — 2% Federal Income Tax paid by .company without deduction. Authorized — $200, 000. Outstandirig^-$200,0.00.. Purpose of Iseae— rTo reimburse the com- pany's treasury for expenditures for improve- ments, etc. Denominations — Coupon $1,000, $500 and .$100, Registerable as .to principal. Trustee — Fort Dearborn Trust & Savings Bank, Chicago. Redeemable at any time upon 30 days'. notice at 100 and interest, Orgajiizatipn^See 1st & Ref, 5s. Security — A direct obligation of the com- pany and secured by pledge otvSlBOrOOO 1st & Ref. 5s. due 194?. and $150,000 Gen. Mtge. Bonds, due 1946. . ' EarninsfS-^See 1st & Ref. 5s. Original Market — $200,000 ofEered July, 1918. by the Port Dearborn T'rust & Sayings Bank. ,Chicaj:o. at 97% and interest." WISCONSIN PUBLIC SERVICE CO 1st & Ref. 5s, Due Jan. 1, 1943. F Dated Jan. 1, 1912. Interest payable Jan. and July 1, at Wisconsin Trust Co. Milwau- kee,- Wis. : Tax - Status-^2 % Federal Income Tax paid by company without deduction. Authorized — $15,000,000. : Outstanding — $£,438,000. , > Retired by S. F. — None. Reserved for Ext.— $12,562,000 Denominationh— Coupon, $1,000. ReglsterablP as to principal. Trustee — Wisconsin Trust Co., Milwaukee Wis. ' Redeemable at 105 and Interest on any in terest date on 30 days' notice. 1202 . ImproTement or Sinkingr Fund — 2% annually of outstanding bonds, commencing Jan. 1, 1917. for the purchase or redemption of these bonds at not over 105 and Interest, or may be applied toward the acquisition of prop- erty; extensions, improvements, etc., of prop- erty covered by this .mortg-ige. Organization, and Control — Incorporated in "Wisconsin in Debr, 191i; aS a" consolidation, and Is controlled through stock ownership by the* Wisconsin Securities Co.. of Milwaukee. ■Wis. - ■ Secured by a first mortgage on street rail- way system in Green Bay, Wis., comprising 14 miles of track and 28 miles of . interurban lines extending from that city and Including line to Kaukauna, . 21 miles, where it con- nects with interurban line to Appleton and south to Fond du-Lac, and also on hydro- electric plant of 7,400 ft. p. at High Falls, '61 miles from Green Bay; a second ihortga^e on plants, supplying gas and electricity In Oreen Bay. Population served. Green Bay, ■about 30,000, remaining territory 10.000. Franchises are indeterminate. Prior laens — $ 43 7, Green Bay Gas & -Elec. Co; bonds, which this mortgage pro- vides to retire. Year ended June 30 Gross Net Interest 1918 $653,605 $211,465' $168,386 1917 564,571 260,992 156,407 1916. . . . 523.640 ■■253.790 152,995 • Original Market — $1,150,000 offered in 1912, by N. W. Halsey & Co., New Tork, etc., at 9 5 and interest. Market. . Milwanke&-^Marshall & Ilsley Bank. Edgar, Ricker & Co., John B. De Wolf Co., First National Bank; -Morris F. Fox & Co. Chicago — Halsey. ' Stuart & Co., Bullard, . Hetherington & Co. New York-^Halsey, Stuart & Co. Price: Range. 1918 — Asked 92. WISCONSIN RAILWAY, UGHT & POWER CO. ist & Ref. 5s. Due Feb. 1, 1933.— F. "Dated Feti. 1, 1913. Interest payable Feb. an.d Aug. 1, at Trustee's office, or in New Tork. Tax Status — 2% Federal. Income Tax paid by company without deduction. Authorized — $10,000,000. Outstanding — $1,400,000. . Held in Escrow — $825,000. These are jun- ior in lien to the $1,400,000 outstandlhg, and may be released only In multiples of $50,000 under certain restriction. Reserved for Prior JAen — $220,000. Reserved for Ext. — $7,555,000. Denomination — ^Coupon, $1, 000. Registerable as to principal. , Trnstee — First Savings & Trust Co., Mil- waukee, Wis, Redeemable at 105 and Interest on any In- ' terest date oil 30 days' notice. ~ Improvement and Sinking Fund — 2% per an- num beginning 1918, for the purchase or re- demption of bonds at not over 105 and Inter- est or for improvements. Organiasitlon — Incorporated In Wisconsin Jan., 1913, as successor through reorganiza- tion of the Winona Ky. & Lt. Co. Also of the La Crosse Water Power Co; and the La Crosse City Ry. Secured by a first mortgage on hydro-elec- tric plant on the Black RiVer at Hatfield, Wis., and transmission lines to Winona, -Minn., and La Crosse, ' Wis., and on plants supplying electricity In Winona, Minn., and Onalaska, Wis., and street railway system in WinDna; a second mortgage on the street railway system In La Crosse, Wis. Total track operated 24 miles. Prior Liensr— $220,000 (closed), La Crosse City Ry. ist 5 s. Year ended June 30 Gross Net Interest 1918 $482,842 $181,241 $136,721 1917 432.259 153,001 125.554 1916. .,. . 408,846 178,298 116,509 1915 380,831 145.095 ' 112,917 1914 385,801 137,831 111.386 Original Market — Offered by N. W. Halsey & Co. In 1913 at 88% and Interest, and at 90 and interest in 1915. New York— Earle A. Miller & Co.. "Halsey. Stuart & Co., Sam'l. Goldschmidt, 32,. & C. Randolph, J. A. Clark & Co. Chicago — ^Ames, Bmerich & Co., E. T. Kous- "bei'g & Co., National Bank of Republic, Hfl.1- sey, , Stuart &.Co, Milw^nkiee — First National Bank. , Chicago — Powell, Garard & Co.', Babeock, Rushton & Co. Price, Range. Jan. 1, '15 to Jan.' 1, 19 Bid Ask High. 85 '16 93 '17 Low;. 60 '17 88 '15 WISCONSIN SECURITIES CO. 5-Year 6% Secured Notes. ' Due July 1. 1923. Dated Jiily 1, 1918. Interest payable Jan. 1 and July. 1. . Tax Status — 2% Federal' Income Tax paid by company without deduction. • Authorized' — $500,000. Outstanding — $500,000. Purpose of Issue-^'Tb reimburse, the. com- pany for money invested by it in the stock Df.the Marijne Securi'fies Co. and .for advances made to its vatious other subsidiary coth- panies. Denominiation^Cpupon $100. $500 and $1,000. Re^sterable as to princilial.* Trustee — Wisconsin , Trust Co., Milwaukee. ' Redeemable on any interest date on 40 days' notice at 104 and interest up to and inc;lud- ing July 1, 1919; 103 and interest to July 1, L920;. 102 and interest to July 1, 1921; 101 and interest to July 1, 1922; and 100 'and interest after Ju'.y 1, 1922. Organization — Incorporated in Wisconsin in ' August, 1911, as a financial, holding and owning corporation. It owns the following , All the $600,000 6% preferred Stock and over 74% of the $1,000,000 Common Stock ,Qf the Wisconsin Public Service .Company, .which furnishes e'.ectric light, power, gas and , street .railway service to Green Bay and vic- inity, with , water power at High Falls and transmission lines to Green Bay aiid Manito- woc, Two Rivers and other . points in that territory; The entire $150,000 of capital stock of the Sheboygan Gas Light Company, • which fur- nishes all the gas in the city of Sheboygan ; ,. A'.l the Capital Stock of the .Calumet Service.^ Company, which furnishes electric light and power at Chilton;- All the $100,000 Capital Stock of the Mani- towoc and Northern Traction Company, which operates an electric railway between Manito- woc and Two Rivers; A substantial interest in the Capital Stock of the Wisconsin Railway, Light and Power Company; , About 50% of the Common and Preferred Stock , of the Marine Securities Company,, a corporation owning all but a few shares of the Common and Preferred Stock of the Balti- :1S63 more Dry Docks and Ship Building- Company of Baltimore, Maryland. The company also owna securities of various CO rporation s amounting- to, nearly $1,000,000, and real estate, buildings and water power rights costing over $479,000. Authorized Outstanding Capital stock $2,000,000 $1,690,000 Security — A direct obligation of the com- pany and secured by pledge of the following securities : $105,000 Wisconsin Public Service Company Pirat and Refunding Mortgage 5% Bonds; 48.000 United States of America Second Liberty Loan 4% Bonds; 60.000 Sheboygan Gas Light Company Notes; 450,000 Marine Securities Company 7% Pre- ferred (Stock; 7,000 Green Bay Gas & Blec. Co. 5% Bonds. The trust indenture securing these notes gives the company the right, under strict regu- lations,' to make certain substitutions of col- lateral. The above collateral is valued in excess of $1,000,000. The indenture also pro- vides that in case the Wisconsin Securities Company in any fiscal year pays in excess of 10% dividends on the Common Stock, an amount equal to that which is paid in excess of the 10% shall be set aside for the retire- ment of these notes. Original Market — $500,000 ofEered July, 1918, by the first National Bank, Wisconsin Trust Co. and Second Ward Savings Bank. Milwaukee, at 95.85 and interest. Market. IVIilwaokee — Edgar, Ricker & Co. Price Bange. Jan. 1, '16 to Jan. 1, '19 Bid Ask High. 971^ '16 100 '16 Low. .96% '16 99 '17 WISCONSIN TRACTION, UGHT, HBAT & POWER 1st 6s. Due July 1, 1931. — F. Dated July 1, 1901. Interest payable Jan. and Jlily 1, at First Trust Co., Milwaukee, Wis. Tax Status — 2% Fesderal Income Tax paid by com.pany without deductioh. Authorized — $3,0Q0,Q0p. Outstanding — $1, 600, 000. Denomination — Coupon and registered, $1,- 000. Trustee — First Trust Co., Milwaukee, Wis. tCedeeinable on any interest date at 110 and interest. Organization — Incorporated In Wisconsin 1900 as a consolidation of the Fox River Valley Elec. Co. and the Appleton Elec. Lt. & Power Co. Secured by a mortgage on 20 miles of street and interurban railway. Including four miles of street railway In Appleton, seven miles from Appleton to Neenah and nine miles from Appleton to Kaukauna, Wis., on plants supplying , electricity and gas to Appleton, Neenah and Menasha. Population served, 40,- 000. Prior lAetns — $350,000 Pox River Valley Elec. 1st 5s of 1921. Year ended Dec. 31 Gross Net Interest 1918 $761,819 $57,255 $110,833 1917 665,741 147.139 95,749 1916 495,447 178.957 78,484 1915 439.889 167,653 73,600 Market. Clii'cago — McCoy & Co., Babcock, Rushton & Co. Milwaukee — John E. De Wolf Co. , Edgar Ricker & Co., Wisconsin Trust Co., First Na- tional Bank. New York— E. & C. Randolph. Tobey & Kirk. WISCONSIN \AX2LEX MUQCTBIC CO. 1st & Ref. 68. Dne May 1, 1043.— N. Dated May 1, 1917. Interest payable May 1 and Nov. 1, at First National Bank, Mil- waukee, or the Wisconsin Valley Trust Co., Tax s'tatos— Payment of Federal Income Tax not assumed by company. Authorized — $16,000,000. Outstanding— $925. 000. Reserved tor Frior Iiiens — $412,500. Additional bonds lasuabla with approval of the Railroad Commission of Wisconsin, for 80% of cost of additions, etc., when net earn- ings for 12 consecutive months, ending not more than 60 days prior to date of issue, are at least twice Interest charges on all bonds outstanding and to be issued. Denominations — Coupon, $100, $500 and $1.- 000. Reglsterable as to principal. Trustee — Wisconsin Valley Trust Co., Wau- sau. Wis. Redeemable at 102 and Interest on any in- terest date. Maintenance Fnnd — ^Annually 12%% of gross earnings for maintenance, repairs, renewals, ' etc. Any part of such fund not so employed must be added to the sinking fund. Sinking Fund— Annually 1% of outstanding bonds (also see "Maintenance Fund") for the purchase or redemption of these bonds or for permanent extensions, etc., against which ad- ditional bonds cannot be Issued. Organization — -Incorporated in Wisconsin in 1906. as the Wausau Street R. R. Co. Pres- ent name adopted Dec. 18, 1915. In 1916 and 1916 acquired the properties of the Merrill Railway & Lighting Co., power property of the liindauer Pulp & Paper Co., at Merrill, Wis. , the Stevens Point Lighting Co. , and Stevens Point Power Co. Authorized Outstanding Capital Stock $800,000 $600,000 Secured by a first mortgage on properties. from which the company derives about two- thirds of its entire revenue, located at Wau- sau, Scofleld and Rothschild, Wis., comprising 9% miles of street and interurban railway track and plants supplying electric light and power, together with several valuable unde- veloped water powers on the Wisconsin River near Wausau and Merrill; also a general mort- gage on street railway and electric plants serving Merrill, Wis., and gas and electric plants serving Stevens Point. The company's system includes hydro-electric plants at Wau- sau, Merrill and Stevens Point with auxiliary steam generating stations, at Wausau and Merrill. Transmission lines are to connect the various cities and towns. Population served about 45,000. Prior Liens — $412,500 bonds (closed mort- gages) on Merrill and Stevens Point proper- ties, for the retirement of which bonds are reserved under this mortgage. Year ended June 30 Gross 1918.... $453,732 1917 368.357 •After depreciation. Original Market — Offered June, 1917, by The First National Bank, and Morris P. pox & Co.. Milwaukee. Wis., at 97 and interest Price Range 1918— Bid 98. .-, *Net Int. & S. P. - $183,042 $81,850 162,361. 56,497 1864 WOOr* (G. H.) PAPER CO. 1st S. F. 5^8. I>ue Jan. l. 1923. Dated Jan. 1. 1917. Interest payable Jan. and July 1, at Trustee's office. Tax Status — Payment of Federal Income Tax not assumed by company. Tax exempt in Michigan. Aathorized — $ 350,000. Outstanding — $3 50,000 Retired by S. F. — None (June 15, 1919), Denomination — Coupon, $1,000. $500 and $100. Registerable aa to principal. Trustee — Union Trust Co., Detroit, Mich. Redeemable in amounts of $25,000 or more or any interest date at par and interest. Sinking Fund — Amounts eaual to 1 % of net profits for the year ending Dec. 31, 1918: 25% for the year ending Dec. 31, 1919, and 50% annually thereafter for the purchase or redemption of these bonds at not over 100 and interest. Assumed by the River Raisin Paper Co. Organization and Control — Incorporated In Michigan in 1916 and in Feb., 1917, its prop- erty purchased by the River Raisin Paper Co., of Monroe, Mich. Secured by a first mortgage on all the prop- erty of the company. Original Market — Offered Jan., 1917, by the Union Trust Co., Detroit. Market. Detroit — Joel Stockard & Co., Union Trust Co. Price Range 1918 — Bid 94, Ask 100. 5,000 acres of red iron ore lands, with four operating mines with a combined daily capa- city of 5,000 tons; 45 miles of railroad with full equipment of locomotives and ears; elec- tric power plants, water plants and repair shops. At the present rate of production it is esti- mated that the company has ore and coal to last about 250 years. Prior Iiien — $2,000,000 Birmingham Iron Co. 5s, due March 31, 1926, to retire^ which bonds of this issue are reserved. Earnings not available. Original Market — Offered June, 1916, by Clark, Dodge & Co., New York, and Curtis & Sanger, New York and Boston. Market. New York — D. T. Moore & Co., W. C. Or- ton, Curtis & Sanger, Joseph & Wiener, W. J. WoUman & Co., Equitable Trust Co., F. J. Lisman & Co. , Hanson & Doyle. M. J. Hoey & Co., Baker. Carrutbers & Pell, P. H. Hatch & Co. , McGeorge & Vanderhoef , Taylor & "White. Harvey A. Willis & Co. Boston — F. S. Moseley & Co., Curtis & San- ger. Chicago — Curtis & Sanger. Birmingham — Geo. B. Ward, Caldwell & Garber. Philadelphia— S. K. Phillips & Co. Price Range, Jan. 1, '17 to Jan. 1. '19 1918 Bid Ask Bid Ask High. 86 '17 90 '17 82% Dec. 88 Aug. Low. .70 '17 80 '17 82 Apr. 84 Dec. WOODWARD IRON COMPANY Ist & Cons. S. F. 5s. I>ae Jan, 1, 1952.— P. Dated Jan, 1, 1912. Interest payable Jan. and July 1, In New York City. Tax Status — 2 % Federal Income Tax paid by company without deduction. Authorized — $25, 000, 000. Outstanding — $11,267,000. In Treasury — $733,000. Reserved for Prior lAen — $2,000,000. Reserved for Ext. — $11,000,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Farmers Loan & Trust Co., New York. Redeemable at 105 and interest on any In- terest date on 30 days' notice.. Sinking Fand — Semi-annually April 15 and Oct. 15, from 1917 to 1951. inclusive. 3. cents per ton of coal and iron mined from mortgaged premises during the six calendar months next preceding, with minimum payments of not less than V4, of 1 % of bonds outstanding and in sinking fund. During the years 1940 to 1951, inclusive, minimum amount shall be in- creased to retire all outstanding bonds at maturity. Fund to be applied to the purchase or redemption of these bonds, at not over 100 and interest. Bonds acauired to be kept alive and interest added to this fund. Organization — Incorporated in Delaware in 1911 as a consolidation of the Birmingham Coal & Iron Co. and the Woodward Iron Co. of Alabama. Secured by a mortgage on all the property of the company, subject to $2, 000, 000 Bir- mingham Iron Co. 53, on a part of the prop- erty. The property covered Includes five blast furnaces with a capacity of 450,000 tons of pig iron, of which three are located at Wood- ward and two at Birmingham, Ala.; 170 by- product coke ovens of the Kopper type and 60 Wilpulte ovens with a combined capacity of about 3,000 tons of coke per day; 50.000 acres of coal lands near furnaces, on which there are four fully equipped coal mines, with a capacity of about 4,000 tons of coal dally; WORCESTER & CONNECTICUT EASTERN RAILWAY CO. Ist 4^8. Due Jan. 1, 1943.— F. Dated Oct. 1, 1902. Interest payable Jan. and July 1 , at Trustee* a office. New York, Tax Status^2% Federal Income Tax paid by company without deduction. Authorized — closed mortgage. Outstanding — $1,748,000 (June 1, 1919). Held in S. F.~$244.000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — New York Trust Co., New York. Sinking Fund — Commencing with the year of 1908, and in each succeeding year, a sink- ing fund not exceeding 1% of the bonds out- standing is provided for the redemption of these bonds on condition the bonds can be purchased at a price yielding at least 3%%. Three weeks' published notice will be given in December each year of the proposal of purchase. Assumed by the New York, New Haven & Hartford R. R. Co. Organization and Control — The Worcester & Connecticut Eastern Ry. Co. was an elec- tric railway company, originally chartered as The Thompson Tramway Co. , under special laws of Connecticut on April 30, 1901; and was authorized by the Superior Court of New Haven County, Jan. 24, 1902, to change its name to the Worcester & Connecticut Eastern Ry. Co. ; and the last named company was authorized by said Court, May 18, 1904, to change its name to The Consolidated Railway Co. This latter company was merged with the New York, New Haven & Hartford R. R. Co.. May 31, 1907, and its obligations are the direct obligations of the New York, New Haven & Hartford R. R. Co. In 1910 this property was purchased by the Connecticut Co.. and in 1914 the $40,000,000 stock of that company, formerly owned by the N. Y., N. H. & H. R .B. Co. was placed in the hands of a board of five trustees, who are to sell the stock, if possible, before July 1, 1919, 1365 Secured by a first mortgage under which all the property and leases of the company were covered, including a hydraulic electric power plant on the^ Quinnebaug River, in the town of Killingly, and the leases of the "Worcester & Webster and Webster & Dudley Street Ry. eoB., ana all the stock and all but $50,000 of the bonds of these companies, The lines of road extend from the boundary line be- tween the St&te - of Massachusetts and the ^tate dt Connecticut, in the town of Thomp- son, to Moosup, in the town of Plainfleld,- Conn. ; also from a point , on the main line in the town of Killingly, -Conn., to a. connection with -the railway constructed by the Provi- dence & Danielson Ry. Co., a;nd' all extensions of said railroad ahd branches yithin tiie towns" of, Thompson, Putnam', Killingly, Brook- lyn, Plainfleld, ■Stei'ling, 'Grlswold and Pres- ton in Connecticut, being 52 miles in length. The leased lines extend north to City of Worcester, Mass. liOgal for Me. !Listed on the New York Stock Exchange, Original Market — $2,050,000 offered In 1902, by Thompson, Tenny & Crawford, New Tork and Boston. 'Market. New Haven — H. C. Warren & Co. Hartford — F. R. Cooley & Co. New York — B. Sc Ci Randolph, H. I. Nicho- las & Co., Coffin & Co.! Wm. C. Ewen, F. H. Hatch & Co., Redmond & Co., Spencer Trask & Co. Fitisbnrgh — R. B. Hutchinson & Co. Philadelphia — Chas. Pearon & Co. Price Bange. Jan. 1, 'OS to Jan. 1, '19 1918 Bid Ask Bid High. 106 '09 108 '09 80 Jan. Low. .71% '18 92% '16 71% Jan. WORCESrBR & SOTJTHBRn>Gi: STBBIET RAILWAY 4V&S. Due Sept. 1, 1922.— N. Dated Sept. 1, 1902. Interest payable March and Sept, 1, at International Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $500,000 (Bonds may be Issued to total of $1,000,000: maturities will, how- ever, be later). OutBtandin^-^$ 5 , 00 0. DenominationT— Coilpon $1,000. Registerable as to principal. Trustee — International Trust- Co., Boston. Organization and Control-^-Incorporated 1905 as a consolidation of> several lines, Worcester, Southbridge,' etc. Leases (since 19^7) the Worcester & Webster Street Ry. Purchased 1910 the property of the Hartford & Wor- cester Street Ry. Merged into' Worcester Con- solidated St. Ry. in 1911. The latter is con- trolled by the New England Investment & Security Company. Secured Jointly with $200,000 4%s, due 1925, on about ' 30- miles of electric railway track from Worcester to Southbridge, Mass. Population served,' Worcester 162,697, remain- ing territory, 40,000. Cnderlles — ^Indirectly $3,322,000 Worcester Consolidated Rys. 4%s and 5s. Earning^— See Worcester Consolidated Street Ry. -Debentures.- Ijegal for Mass. Original Market — First offered by Winslow & Co.,- Worcester, at 104 and interest, in Dec. 1002. Market. New York — Harris, Forbes & Coi Boston^-R. L. Day & Co., Merrill, Oldham & Co., Harris, Forbes & Co. Chicago— Harris Trust & Savings Bank. New Haven — The Chas. W. Scranton uo. Price Range. „ Jan. 1, '08 to Jan. 1, '19 1»1* Bid Ask Bid H-igh.98 "17 99% '16 90 Jan. Low. .86 '09 89 '10 88 May , WORCESTER & SOICTKHKIDGB STREET RAILWAY 4>^8. Dne June 1, 1925.— N. ' Dated June 1. 1905. Interest payable June andDec. 1, at International "Trust Co,, , Bos- ton.' "' " Tax Statnis — Payment- of Federal Income Tax not assymed by company. Anthor^ed — Closed mortgage. Outstanding — $200,000. Denomination— Coupon $1,000. Registerable as to principal. Trustee — International Trust Co.. Boston. Secured by a first mortgage jointly with 4%s of 1982, which see above. Underlies — $3,322,000 Worcester Consoli- dated Street By. 6s and 4Ub. Legal for Mass. Market. Boston — ^W. S. Place. — - WORCESTlai CONSOLIDATED STREET RAILWAY CO.- Debenture iVxa. Due Marob 1, .1920. Dated March 1, 1900. Interest payable March 1 and. Sept. 1 at Mechanics & Metals National Bank, New -York. Tax Status — ^Payment of Federal Income Tax not assumed by company. Authorized — $840,000. Outstanding— ^$700,000. Denominatlonr— Coupon $1,000. Register- able as to principal. Organization, etc.^— See 1st & Ret. 4%a. Secured equally with Deb. .5s of 1927 and 1st & Ref. 4%s of 1930 on all the, property of the company. For detail see 1st & Ref. 4^8. Prior Liens — See 1st & ^^eit. 4%s. Earnlnes — See 1st & Ref. 4%s. I^gal for Mass.. Martlet. Boston^ — Estabrook- & Co., Wm. A. Read & Co. New York— F. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 101 '12 102 '12 96 Nov. 96% Jan. Low.. 90 '14 96 '08 93% Jan. 96 Apr. W0RPESTC3R CONSOLIDA-CED S'FREEn' RAILWAY CO. Debenture 58. Due Not. 1, 19*7. Dated Nov. 1, 1907. Interest payable May and Nov. 1, at Old Colony Trust Co.. Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized— $1,200, 000. Outstanding — $1,200,000. Denomination- — Coupon, $1,000. Register- able as to principal. Organization — See 1st & Ref. 4 Vis. Secured equally with Debenture 4%s of 1920 and 1st & Ref. 4%a of 1930 on all the property of the company. For details see 1st & Ref. 4%s. Prior Liens — See 1st & Ref. 4%s. Earnings — See 1st & Ref. 4%s. Legal for Mass. Market. Boston — Merrill, Oldham & Co.. Geo. A. Pernald & Co., Estabrook & Co., W. S- Place,' Wm. A. Read & Co, • 1366 ■New York — Estabrnok & Co.. Curtis & San- ger, Harris. Forbes & Co., F. H. Hatch & Co. Price Range. Jan. 1, '10 to Jan. 1, '19 1918 Bid Ask Sid Ask ■ High. 106 '11 107 '12 90 Nov. Low.. 86 '17 90 '17 86 Jan. 90 Jan. WORCESTER CONSOXiIDATED STBE^ET RAH/WAY 1st & Ret. iVsS. Una Aug. 1, 1930. Dated Aug. 1, 1910. Interest payable Feb,' and:Aug.-l, at Old Colony Trust Co., Boatonj Tax Status — 2% Federal Income Tax . pa,id by company -without deduction. , : , Authorized — $6,000,000. Outstanding — $1,490,000. . In Treasury-^$132.0,00. '. :, Uenominatlon-^Coupon $1,000. . Register,: able as tp principal. , i -. Trustee — Old Colony Trust Co., Boston. Redeemable oA any interest, date at 110. ^nd interest upon 30 day*'- notice. .Orgamzation — Incorporated in , Massachu- setts in 1886 , as the Citizens Street Ry- Co. and present name adopted in 1887. . The form- er company purchased the property of the Worcester Street Ry. Co., which company was organized in 1867 and had purchased the property of the Worcester Horse R. R. Co., organized in 1862. 'The Worcester Consolidated Street Railway Co." has absorbed by consolidation the follow- ing companies: Worcester & Suburban Street Ry. Co. ; Leominster & Clinton Street Ry. Co. t Worcester '& Marlborough Street Ry. Co. : Marlborough & Westborough Street Ry. Co.: Worcester & Biackstone Valley Street Ry. Co.: Worcester & Southbridge Street Ry. Co., and Worcester & Holden Street Ry. Co. r The company "■ leases the properties of the following companies: North £lnd Street Ry. Co.,' 99 years from 1895: Worcester & Shrews- bury Street Ry. Co., 99 years from. 1896: -Worcester & Shrewsbury Railroad Co., 99 -years from 1896: Webster & Dod.ey Street Ry. Co., 25 years from 1902: and Worcester & Webster Street Ry. Co., 26 years from 1902. The company leases 28.81 miles of track and has trackage rights over 13.29 miles of track. . Capital Stock Outstanding Preferred '$3,600,000 Common 3,326,000 Controlled through ownership of entire com- .hion stock by the New Bngland Investment & Security Co., a voluntary association. Secured equally" with Debenture ■4%s of 1920 and Debenture 5s of 1927 on all the property of the company comprising 209.97 miles of main track, 32.49 miles of second track, 19.29 miles of sidings, etc.: total owned track, 261.75 miles. The mileage cov- ered by this mortgage includes the street rail- way system iii Worcester (96.82 miles) and lines radiating to numerous surrounding towns. Total track operated, 303.85 miles. Prior !Liens — On property directly owned as follows ; Worcester & Clinton St. Ry. Ext. 7s, 1921 $116,000 Marlborough & Westborough St. Ry. 6s, 1921 160,000 Uxbridge & Biackstone St. Ry. 6s, 1923 80,000 Uxbridge & Biackstone St. Ry Deb. 5s, 1927 40,000 Worcester & Biackstone Vaalley St. Ry. ihis. 1926 200,000 Worcester & Holden St. Ry. 6s, 1923 160,000 Worcester - & Southbridge St. Ry. '. 4M!S, 1922 . 600.000 Worcester & Southbridge St. Ry. '• ■ ■■ 4%^. 1925- .. 20 0. OOP ■ Total . . .' ; - «1,446;000 ■ Bonds are reserved- under this mortgage to retire the above issues. Th^ following issues ■ a;re outstanding on North End .Street Ry.' 1st 6Si 1915. $75,000 Webster & Dudley Street Ry. S(, '1919 . 30,009 Worcester & Shrewe'bury R. R. 1st ' ■ '6s,- 1916' ". 20,000 Woi'cestSr & Webster Street Ry. 1st' '■'■63;' 1919 . .-. 150,000 Total $275,000 Ye^r ' ended Bee. 31 ■ Gross 'Net Interest •• 1918. .:. $3, 328, 705 $304,009 $279,80? 1817. ...:3, 349, 076 670,675 262,396 *After rentals. Liegal for Mass. Market. New York — Estabrook & Co., Harris, Forbep & Co., F. H. Hatch & Co. Price Range. Jan. I, -12 to Jan. 1, '19 1918 Bid .'^ak Bid Ask High. 98 '12 100 '12 86 May 86 Jan Low. .82 '17 82 '18 82 Jan. 86 Apr WORCESTER, NASHUA & ROCHESTER RAILROAD CO. Ist 4s. Due (a) Jan. 1, 1935: (b) Jan. 1, 1930; (c) Oct. 1, 1934. Dated: (a) $150,000, Jan. 1, 1906: (b) $736,- 000, Jan. 1, 1890: (c) $380,000, Oct. 1, 1894. Interest payable (a) ahd '(b), Jan.' and July 1: (c), April and Oct. 1: all' at Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $1,789,800. Outstanding — ^$1,266,000. Denomtnation — Coupon $1,000. Registerable aa to principal. Trustee — American Trust Co., Boston. Control — ^Absorbed by the Boston & Maine R. R. Co., 1911. Assumed by the Boston & Maine R. R. Co. Secured by a first mortgage on 46 miles of road from -Worcester, Mass.. to Nashua, N. H. Legal for Me. Market. Boston — Blodget & Co., Geo. A. Fernald & Co., Parkinson & Burr, R. L. Day & Co, New York — Blodget & Co., F. H. Hatch & Co. Price Range. Jan. 1, '08 to Jan. 1, '19 1918 Due 1930. Bid Ask Bid Ask High. 100 '09 100 '12 86 Jan. I.,ow. . 80 '18 85 '18 80 Mar. 85 Mar Due 1934. High. 100 '09 100 '12 80 Jan. 86 Mar ' Low.. 80 '17 86 '18 WORCESTER (MASS.) SUBURBAN EIXIC- TRIC CO. 3-Year 7% Notes. Due March IS, 1921. Dated March 16, 1918. Interest payable March 16 and Sept. 15 at Old Colony Trust Co., Boston. Tax Status — Payment of Federal Income Tax not assumed by company. Antliorized — $400,000. Outstanding — $188,700 (March 1, 1919). In Treasury — $211,300. -1367 Denomination — Coupon $100, $500 and $1,t QOO. Regiatera,l3le as to principal. Registrar — Old Colony Trust Co., Boston. Redeemable at 101 and interest on March 15 or Sept. 15, 1919, and at 100%' and In- terest on March 15, 1920, or Sept. 15, 1920. Organizatioui — Incorporated in Massachu- setts in 1887. Sella electric light and power in the district south of Worcester to the State line, including Auburn, Douglas, Graf- ton, Mendon, Millbury, Northbrldge, tJxbridge and other lowijt^, having a total population of over 3 6,- 9 75. The company purchases elec- tricity from the New England f*ower ' Co under a 30-year contract from Jan. 1, 1914 and in turn the New Kngland Co. leases ae a reserve station the steam generating plani ■of the company. Outstanding Capital ."itock $800,000 Premium paid in . . ! 50, 000 Security — A direct obligation of the com- pany, but not secured by a mortgage. No mortgage shall be placed on the property without ecLually securing- these notes, and the total amount of indebtedness IncurreiJ, Includ- ing these notes, shall not at any time ex- ceed the amount of capital stock and prem- iums. year ended June 30 Gross Net 1918 $341,156 $144,649 1917 301,119 159,695 1916 263.053 137,548 1916 221,106 118.964 1914 218,607 102,905 Original Market — $400,000 offered March, 1918, by C. D. Parker & Co., Inc., Boston, at 99 and. interest. (THE) WRIGHT WIRB CO. t% Notes. Due $300,000 each April 1 from 1019 to Apri] 1, 1933. inclusive. Dated April 1, 1918. Interest payable April 1 and Oct. 1 at New York Trust Co., New York. Tax 8tatna---Payment of Federal Income Tax nbt assumed by company. Pennsylvania State Tax refunded. Authorized — $1,000,000. " Outstanding — $1,000,000. Purpose of Issue — To fund bank loans. Denomination — Coupon $1,0 QO. Register- able as to principal. New York Trust Co participation certificates $500 and $100. ■ Trustee — New York Trust Co., New York. Red'eemable on any interest date on 30 days' notice, as a whole or in part by entire ma- turities (last maturity outstanding must be the first called), at the following prices; 4 years or more to run 1 2 % 3 " * 102 2 " " " " " 101 1 " " " " '* 101 less than 1 year to run 100% Organization — Incorporated in Massachusetts in 1889. Business established in 1883. Thfe company's plants are located at Palmer ana Worcester, Mass. The company's products m-- elude wire rope, screens, fencing, etc. Capital Stock' Outstanding Preferred (7% cum.) $250,000 Preferred (7% cum. series A) 150,000 Common 250.000 Security — A direct obligation of the com- pany, but not secured by a mortgage. Tha company has no funded debt. The indenture provides that no mortgage can be placed on the company's property during the life ot these notes, and that net quick assets shall be maintained at all tim.es at a minimum of 125% of the face value of the notes out- standing. Original Market — $1,000,000 offered June, 1918, by Liggett & Drexel, New York, etc., at prices to yield from 7 % % to 8 % f oi various maturities. Market. BoBUm — Q. "W. Walker & Co, WRiOHTSVU'iiE & tknnllije: railroad CO. Ist €s. Dae Jan. 1, 1958.-^Nk - Dated Oct. 1, 1907. Interest payable Jan. and July 1, at Company's office, Tennille, Qa* Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $250, 000. Outstanding — $200,000 (March 1, 1919). Retired by S. F.— $50,000. Denomination — Coupon $1,000. Registerahle as to principal. Registered, $1,000. C. & R. interchangeable. Trustee — The Citizens & Southern Bank, Savannah, Ga. Redeemable at 102% and interest on any Interest date after Oct. 1, 1912, upon four weeks* notice. Sinking Fund — $5. 000 per annum, from 1912. Organization and Control — Incorporated in Georgia in 1883 and is controlled through own- ership of all the $70,000 Preferred and $^78,- 600 of the $530,000 common stock by the Cen- tral of Georgia Ry. Co.. all of whose stock is owned by the Illiols Central R. R. Co, Secured by a first mortgage at the rate of $1,900 per mile on 104 miles of road from Tennille to Hawkinsvllle, Ga., and Dublin to Bastman, Ga. Legal for Mich., Minn., N. H.. N. J.. R. I. and "Wis, Year ended Dec. SI Interest Gross Net Rent, etc. 1917 $340,400 $80,774 $19,268 1916 290,486 41.256 22,336 Original Market — $100,000 offered in 1911 by Jas. H. Oliphant & Co., and by Potter, Choate & Prentice, New York, at a price to yield 4.90%. Market. Atlanta — Robinson-Humphrey Co. I36S YADKIN EIVER POWER iCO. Ist 6b. Dae AprH 1, 1941.— F. Dated April 1, 1911. Interest payable April ana Oct. 1, at Old Colony Trust Co., Bos- ton. Tax Statnf9 — 2% Federal Income Tax paid by company without deduction. Authorized — $15,000,000. Outstai^ding — $3, 600, 000. Held In Treasury — $214,000. Denomination — Coupon, $1,000. ReBistered, $6,000. Trustee — Old Colony Trust Co., Boston, Mass. Redeemable on any Interest date at 106 and Interest. Improvement Fund begins Aug. 1, 1916; %% of bonds outstanding 1916 to 1920: 1% 1921 to 1925: 1M% 1926 to 1930, and 2% 1931 to 1940. Orsanization — Incorporated March, 1911, In North Carolina, succeeding the Rockingham Power Co. sold under foreclosure. Owns all of the capital stock, except directors' shares, of the Palmetto" Power & Light' Co. (successoz to the Carolina Gas & Electric Co.). Controlled by the Carolina Power & Light Co. through stock ownership. Secured by a first mortgage on hydro-elec- tric plant of 24,000 k. w. on the Tadkin River, near Rockingham, N. C, and 184 miles of high tension transmission lines built on private right-of-way. and connecting with the lines of Carolina Power & Light Co., to which it furnishes power, and 66 miles of distributing lines. The property covered includes electric light and power systems in Rockingham, Hamlet and Wadesboro, N. C, and Cheraw, S. C, and electric power systems in Lumberton and LilesvlUe, N. C. The company also sup- plies under contract, the entire reauirementa of the privately owned electric light and power systems In Maxton and Laurlnburg, N. C, and of the municipal lighting systems In Ulesville and Lumberton, N. C. Population served 29,000. Franchises extend to 1971 oi beyond. Year ended Deo. 31 Gross Net Interest 191S $528,154 $398,422 $201,676 1917 486,411 368,673 176,915 1916 426,477 312,906 208,606 1915 349,978 232,851 186,359 1914 299,606 200.744 186,449 Market. New York — ^H. T. Carey & Co., Morton Laohenbruch & Co., P. J. LIsman & Co., F. H. Hatch & Co., B. & C. Randolph, Berdell BrOa., Hotchkln & Co., Gude, Winmlll & Co., Kiely & Horton, McGeorge & Vanderhoef, J. S Farlee & Co.. H. F. McConnell & Co., Mc- Clure, Jones & Reed, Earle A. Miller & Co., J. Nickeraon, Jr., Spencer Trask & Co., Tay- lor & White. Boston — Kimball, MoKinney & Co.. H. L. Mason & Co.. P. B. Bassett & Co., L. Sher- man Adams. Chicago — Babcock, Rushton & Co. Grand Rapids — Howe. Snow, Corrigan & Bertles. Philadelphia — Huntoon & Co. Price Range. Jan. 1. '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 82 '17 80 '18 81% Dec. 86 Deo. Low. .70 '16 80 '17 76 Jan. 80 Feb. YARMOUTH MGHT & POWER CO., LTD., 1st 6b. Due Oct. 1, 1937. Dated Oct. 1, 1912. Interest payable April 1 and Oct. 1. Tax Status — Payment of Federal Income Tax not assutned by company. Authorized — $260,000. Outstanding — $240,000 (.'^pril 30, 1919). Retired by S. J?.— $10,000. Denomination — Coupon $1,000. Registerable as to principal. Trustee — Montreal Trust Co., Halifax, Can- ada. Redeemable at 106 and Interest. Sinking Fund — ^Annually on and after Oct. 1, 1916, 1% of outstanding bonds for their purchase or redemption at not over 105 and interest. Control — The entire capital stock, $260,000, owned by the New England Electric Securi- ties Co. Secured by a first mortgage on all the prop- erty of the company, including gas, electric lighting plants and street railway system (three miles of track), serving Yarmouth, N. S., and vicinity: The company's property in- cludes a hydro-electric plant 18 miles from Yarmouth. Population served 22,000. Fran- chises are perpetual. Year ended May 31 Gross Net Interest 1919 $50,011 $16,966 $12,417 1918 4.'i,112 18,125 12,500 1917 41.114 16,213 11,117 •1916 39.205 21,940 10,633 •Oct. 31. Origlinal Market — Offered Feb.. 1917, by Stranahan & Co., Providence, etc., at price to yield 5.60%. Market. Providence — Stranahan & Co. Worcester.^^W. E. Wardwe'.l & Co. (THE) YAZOO & MISSISSIPPI VALLEY RAILROAD CO. Imp. Mtee. 6s, Series "A" to "S." Due Jan. 1, 1934.— N. Dated Sept. 29. 1914. Interest payable Jan. 1 and July 1, at company's oflice. New York. Tax Status — Payment of Federal Income Tax not assumed by company. Authorized — $26,000,000. Outstanding — $483,000. Owned by lU. Cent. R. R.— $2,614,000. Retired by Exchange of Stock — $7,963,000. Held in Insurance and Pension Funds — $376,000. ReBerved for Ext. — $13,664,000. Denomination — Coupon $1,000. Registerable as to principal. Registered, $1,000 and mul- tiplies. C. & R. interchangeable. Trustee — Guaranty Trust Co.. New York., Redeemable at par and Interest on any In- terest date on 80 days' notice. Organization — Incorporated in 1892 In Mis- sissippi and subseauently in Tennessee and Louisiana. Capital stock:- Authorized, $15,- 000,000; outstanding $6,012,600. Owns 1,- 291.52 miles and leases 88.98 miles of road. Controlled through stock ownership by the Mississippi Valley Corporation, a subsidiary of the Illinois Central R. R. Co. Secured by first mortgage on 345.51 miles of road in Mississippi; Rosedale to Dockery, Leland to Terger, Mattson to Lombardy, Lake Cormorant to Yazoo Jet., Lambert to Brazil, Silver City to Kelso, Philipp to Charleston, Black Bayou Jet. to Greenwood Jet., Brazil to Swan Lake, Mlss.-Tenn. State Line to Lake View, and Parsons to Grenada; a second mort- 1369 gage on 140.36 miles of road in Mississippi; Jacltson to Parsons and branch from Tchula to Durant, Prior Lien — $2,800,000 1st 5s, all deposited under Illinois Central B. H. Coll. Tr. 4s of 1962. VOI-0 WATER & POWER CO. 1st S. F. 5s. Due Jan. 1. 1952. — F. Dated Jan. 1, 1912. Interest payable Jan. and July 1. Tax Status — 2% Federal Income Tax Raid by company without deduction. Default — Ju'.y 1, 1918, interest. Note— 1914, 1915 and 1916 interest was paid by White & Co. Authorized — $10,000,000. Outstanding — $2,600,000. Reserved for Ext. — $7,600,000. Denominationi — Coupon $1,000. Register- able as to principal. ^ Trustee — Oakland Bank of Savings, Oak- land, Cal. Redeemable at 105 and interest on and after Jan. 1. 1922. Sinking Fund — 1% of outstanding bonds 1918-22; 1%%, 1923-27; 2% 1928-62; to retire bonds at not over 105 and Interest. ; Organization — Incorporated in California • to develop two power sites for electric lighting, etc.. and for irrigation rights to use the water exclusively. Beorganizationi — Under the reorganization plan of April 8, 1919, these bonds are ex- changeable par for par for preferred stock of new company. Reorganization Committee — A. Scott-Elliott and W. Skidmore Barrett (special representa- tives , of British holders); F. W. Stephens, J, S ' Stephens. L.. H. Stephens, Arthur C, Huston, President of Yolo Water & Power Co. The Martin committee have disbanded and as individuals have agreed to participate in the plan above outlined without however giv- ing any advice to depositors as to the plan. Secured by (1) the exclusive right to the waters of Clear Lake and its" only outlet. Cache Creek, on which are located two power sites; (2) on about 5,000 acres of land bor- dering on Clear Lake and Cache Creek; (3) $225,000 (entire issue) of 1st mortgage bonds and $1,000,000 (entire issue) of capital stock of the Yolo County Consolidated Water Co.'; (4) $50,000 stock (entire issue) of the Capay Ditch Co.; (5) all works and extension carried out and properties acquired out of proceeds of the bond issue. By ownership of the above the company controls the irrigation system of Yolo County, embracing about 106,000 acres. Original Market — Offered by White & Co., New York. Market. New York — Berdell Bros., E. & C. Ran- dolph Martin, Berwin & Co., McDonnell & Co.. A. D. Converse & Co. Boston — J. S. Orler & Co. Price Range. Jan. 1, '16 to Jan. 1, '1» Bid Ask Guaranteed principal and interest, by Union Ry. Co. of New York. . Controlled by the Third Avenue Ry. (N. Y.) through stock ownership. Secured by ■ a first mortgage on 26 miles of street railway in the City of Yonkers. Bamings not reported separaely. New York — B. & C. Randolph, Theo. L. Bronson, Bigelow i Co., Wm. A. C. Bwen Tobey & Kirk, Strong, Sturgis & Co., Foster & Adanfs. Abbott, Johnson & Co., Wm. Carnegie Bwen, Berdell Bros. Price Range. Jan. 1, '08 to Jan. 1, '19 19J8 Bid Ask Bid Ask High. 92 '12 100 '15 76 Jan. 85 Jan. Low. .70 '18 76 '18 70 Nov. 75 Oct. High. 81 Low. . 17 85 '17 30 '18 Bid 30 June 1818 Ask 40 Sept. 30 June YONKERS RAILROAD 1st 5s. Due April 1, 1946.— N. Dated April 1, 1896. Interest payable April and Oct. 1, at Equitable Trust Co., New York. Tax Status — Payment of P'ederal Income Tax not assumed by company. Authorized and Outstanding — $1,000,000. Trustee — Bankers Trust Co., New York. YORK HAVEN W.4TBB & POWER CO. 1st 58. Dae June 1, 1951. — F. Dated June 1, 1901. Interest payable June and Dec.,1, at Land Title & Trust Co., Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized and Outstanding — $1,600,000. Denomination — Coupon $600 and $1,000. Trustee — Land Title & Trust Co., New York. Organization — Incorporated 1895 in Penn- sylvania. Secured by a first mortgage on hydro-elec- tric plant of 20,000 h. p. capacity at York Haven on 'the Susquehanna River, transmis- sion lines, 800 acres of land, and all other property of company. Has contract for re- serve steam power with the Edison Light & Power Co., York, Pa. Population served by' plant 300,000. Franchises perpetual. Underlies — 2d 6s, due 1924, and Cons. 5s. due 1967. Sufficient bonds of the latter issue are reserved to take up the two underlying liens at maturity. Earnings — See 2nd 6s. itfarket. .Boston — H. C. Spiller & Co., Hotchkln & Co., F. W. Mason & Co., Chas. A. Day & Co. -New York — Chandler Bros. & Co., Coffin & Co., Hotchkin & Co., E. & C. Randolph, Berdell Bros.. F. H. Hatch & Co., Morton Lachenbruch & Co., J. Nickerson, Jr. Fliiladeli>hia — H. D. Boenning & Co.. Fincke. Bangert & Co.. Chandler & Co.. Barclay, Moore & Co., Frazier & Co., Richards & Co., Bauer. Starr & Co.; Huntoon & Co., S. K. Phi'.lips: & Co. York,- Pa. — R. B. "Winchester. Price Range. .Ian. 1. '15 to Jan. 1. '19 Bid Ask Bid High. 89 '17 92 '17 85 July Low. .70 '16 77 '15 .80 Jan. 1918 Ask 90 July 86 Jan. YORK H.WEN WATER Si POWER CO. 3d 6s. Due May 1, 1924.— F. Dated May 1, 1904. Interest payable May and Nov. 1, at Land Title & Trust Co., Philadelphia. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in Pennsylvania. Anthorized — $1, 000, 000. Outstanding — $978,000. Held in Treasury — $11,000. Retired — $11,000. Denomination — Coupon, $1,000. Trustee — Land Title & Trust Co., Philadel- phia, Redeemable at 105 and interest. Sinking Fund — 10% of net earnings, payable annually since May 1, 1909. 1370 Secured by " second mortgage on property described under 1st 6s, which see for details. Underlies — Consol. 5s. due 1967, sufficient of which are reserved to retire this issue 'at- maturity. Prior Liens — $1,500,000 1st 6s. Year ended May 31 Gross Net Int., etc. 1918 $486,396. $339,449 $202,281 1917 393,402 261.893 238,436 1916 371,963 268,240 212,264 1916 291.247 205,867 239,259 Market. Boston — Chas. A. Day & Co.. H. C. Splller & Co., F. W. Mason & Co. New York — W. J. Wollman & Co., F. H, Hatch & Co., J. Niclcerson, Jr. FhUadelpbia— 7H. D. Botoning & Co., J. W. Sparks & Co., Barclay, Moore & Co., Bauer, Starr & Co., Biddle & Henry, Huntoon & Co., S. K. Phillips & Co. - York, Pa. — R. B:' Winchester. Price Kange. Jan. 1, '16 to Jan. 1.' '19 : 191? Bid , Ask . Bid A.Sk High. 75 '18 8j0 '.18 . 75 Nov. ' 80' Aug. t,ow..66 '17 ;69 '17 ; 65 Jan. 76 Jan. YORK HAVEN WATEK & POWEIB CO. Cons. Ss. Due May 1, 1967.^F. , Dated May 1. 19tf7. Interest payable May and Nov. 1. at Land Title & Trust Co., Phila- delphia. . Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in, , -Pennsylvania. Authorized — $4,000,000. Outstanding — $1,374,000. 'Held in Treasury — $76,000. .l^eservedi for Pripr I/iens — $2,550,000. , .Dendmination — Coupon. $1,000. Trustee — Land Title & Trust Co., Philadel- phia. . Redeemable, on or after May 1, 1927, at ■ 105 and fnterest. , Sinking rund-^10% of net earnings per an- num. .beginning, in -1927. 1 Secured .by ihl'rd mortgage on property de- scribed, under.j 1st 5s, which see lor details. ; Prior liena — $1,600,000 1st 6s and $978,000 2nd 6s for- the retirement of which bonds of this issue are . reserved. . I^mingB — See 2nd 6s. . . . , , Market. New York— ^/ &. C. Biridolph, F. H. Hatch & Co. . J, Nickerson, Jr. , Pynchon & Co. Boston — ^H. C. Spiller & Co. Philadelphia— S. K. Phillips & Co., H. D. Boenning & Co., Barclay, Moore & Co.. Bauer, Starr & Co. . Huntoon & Co. - York, Pa. — ^R. E. Winchester. Price Range. Jan. 1, '16 to Jan. J, '19 1918 Bid Ask Bid High. 50 '18 50 Sept. Low.. 36 '16 45 '16 46 Jan. YORK (PA.) MANUFACTURING CO. 1st 6S.. (Series. VA" to- "I/« IriiiliisiTe). Due SSO.OOO annually to Nov. 1, 1923, incln- - slve.^— F. Dated May 1. 1911. Interest payable May and Nov. 1. at Henry & West Philadelphia. Pa. . -■ Tax Status — 2% Federal Income Tax paid by company without 'deduction.. . Tax exempt in Pennsylvania. Authorized — $750,000. Ontstaitdine — $250,000 (Jan. 1,. 1919).' Balance Retired. DenonUnation — Coupon $1,000. Registerable as to principal. . Trustee — Girard Trust Co., Philadelphia. Redeemable at 102% and. interest any in- terest date. Organization — Incorporated 1875. Secured by a first mortgage on plant of the company, including .43 buildings on 10 acres of ground, at York, Pa., where the company is engaged in the manufacture of re- frigerating and ice manufacturing plants. Original Market — $500,000 offered June. 1911. at 100 and interest by Henry & West, Ptailadelphia, Pa. Market. . Philadelphia— West & Co. Baltimore — J. S. Wi'.son, Jr., & Co. YORK (PA.) RAILWAYS CO. 1st 6s. Due ' Dec. 1, 1937. — F. Dated Dec. 2, 1907; Interest payable Jtme 1. and Dec. 1, at Brown Bros. & Co.. Phila- delphia. Tax Status — 2% Federal Income Tax paid by company without deduction. . Tax exempt in Pennsylvania. Authoriz^^$l 0,000. 000. Outstanding — $ 4.938.000. Held in. Treasury — $267,000. Denomination — ^Coupon $1,000. Registerable as tp principal. Trustee — Guarantee Trust & Safe Deposit Co., Philadelphia. ' BedeemablB at 110 and interest on four weeks' ■ notice. .Organization — Incorporated . 1907 In Pei^n- sylvania. A consolidation of ' seven companies operating in York. Dallastown. Hanover, Red Lion, etc. Controls other companies by stock ownership. Secured by a first mortgage on 84 miles of street and interurban . railway centering at York and extending in various directions ' to Hanover. York Haven, Dover, "WrightsviUe. Dallastown. etc. Secured also by deposit of the stocks of Bdison Light & Power Co., fur- nishing electricity, in York,. Pa. and vicinity, York^ Steam Heating Co., fu'rplshing heat in York, and York Suburban Land Co. Fran- chises are perpetual. Year ended Nov. 30 Gross Net Interest 1918 $1,091,711 $333,213 $262,195 1917 1-,051,.472 ■ 396,6.59 251,641 1916 967,496 430,248 259,076 -1915 828,299 360.186 239.473 1914 ,796,646 331.332 223,i38> Listed on the Philadelphia Stock Bxcbange;- Original Market — $3,400,000; ofC^ed in June. 1908. at par and interest by Brpwn Bros. & Co.. Philadelphia, Market. , Philadelphia — ^Browijs Bros. & Co., M. M. Freeman & Co.. Barclay, Moore & Co., .C. D. Barney & Ck>.. E. B. Smith & Co., Townse'nd Whelen & Co.. Harper & Turner. Capelle & Co.. "West & Co.. Biddle & Henry, Harrison & Co. . H. D. Boenning & Co. . Montgomery & Co.. Newburger, Henderson & Loeb, Hun- toon & Co., S. K. Phillips & Co. New York — Brown Bros. & Go., O. D. Bar- ney & Co.-, Montgomery & Co., £1. . & C. Ran- dolph. Newburger.- Henderson & Loeb, Taylor & White. Price Range. Jan. 1, '15 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 98% '17 9914. '17 89% May 92 May Low. .81 '18 86 'IS 81 , Sept. 86 Sept, YOSEMITB LUMBER CO. 1st Mtge. Serial 6% Bonds. Due $138,000 semi-annually Apr. 1, 1916 to Apr. 1, 1928. — F. Dater April 1. 1913. Interest payable Apr. 1371 and Oct. 1, at Trustee's office, and at Guar- anty Trust Co., N. T. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $4,600,000. Ontstandine — $2,484,000 (Apr. IS, 1919). Redeemed — $966,000. ReserTed for Ext. — $1,060,000. Denomination — Coupon, $1,000 and $600. Kegisterable as to principal. Trustee — -Merchants' Loan & Trust Co., Chicago, Michigan Trust Co., Grand Baplds, Mich, Redeemable at 101 and interest on any in- .terest date. Sinlcing Fund — The Company agrees to de- posit with the Trustee in advance of cutting, $3.50 per 1,000 feet, log scale, for all timber on each 40 acres or more. This will retire all bonds when 60% of the timber has been cut. Secured by a first mortgage on over 26,000 acres of pine timber land, owned In fee simple situated in Mariposa and Tuolumne Counties Cal., and on approximately 1,622,345,000 fee of merchantable standing timber conserva- tively valued kt $7,606,812, and on mill prop- erties and logging equipment, increasing the total value ot the property to $8,006,812, 15 months end March 31 Gross Net Int., etc. 1918 $1,220,297 $237,037 $293,981 Original Market — Ottered March, 1914, by Clark Li. .Poole & Co., Chicago, E. W. Clark & Co., Phlla., Pa., Fisk & Robinson, New York, Wm. R. Compton Co., St. Louis, Chi- cago and NevF York. Market. New York — ^Robinson & Co., C. D. Barney & Cn. Philadelphia — C. D. Barney & Co. Chicago — ^D. L. Starring & Co. St. lipula — William R. Compton Co. Price Range. Jan. 1, '16 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 88 '17 100 '16 88 May 100 June Low.. 88 '17 94 '17 94 Aug. YOSEMITE TALrEY RAILROAD CO. Ist S. F. 5s. Due Jan. 1, 1936.— F. Dated Dec. 30, 1905. Interest payable Jan. 1 and July 1 at Mercantile Trust Co., San B'ranciseo. Default — Jan. 1, 1919 interest. Tax Status — 2% Federal Income Tax paid by company without deduction. Tax exempt in California. Authorized — $3,000,000. Outstanding — $3,000,000. Denomination — Coup6n $1,000. Reglsterable as to principal. Cisco. TniBtee-^Merca'nti'.e Trust Co., San Pran- cisdo. Sinking Fund — %% of outstanding bonds annually from 1911 to 1916; 1% from 1916 to 1920! ?% from 1921 to 1930; 2%% from 1981 to 1936. inclusive. This fund may be in- vested in bonds of this Issue or other securi- ties approved by the, Trustees. Orffanization^-Incot-porated In California In 190S-. Boad completed in 1907. Secured hy a first mortgage on 80 miles of road from a connection with the Atchison, Topeka & Santa Fe and the Southern Pacific at Merced, Cal., via Pleasant Valley to the Tosemite National Park. tTnderlies — $2,000,000 2nd 53 of 1936 (all held in treasury). Original Market— $1,500,000 ottered In Aug,, 1906, by N. W. Halsey & Co., New Yorlj, . Boston, Chicago, ^etc. Year ended June 30 ,, Gross Net Deductions •1917...:. $311,152 $160,664 $277,273 1916..., 323,216 132,443 171,861 1914 273.880 136,163 232.041 •Tear ended Dec. 31. Market. New York — ^Hanson & Doyle, McDonnell & Co. IjOS Anjgeies — ^A. H. Woolacott, Frlce Banee. Jan. 1. '08 to Jan. 1, '19 1918 Bid Ask'^ Bid Ask High. 97 '11 100 '08 36% Nov. 65 Jan. Low. .36% '18 66 '18 YOUNGSTOWN & OHIO BirBB BAILEOAD CO, let 5s. Due AprU 1, 1935.— F. Dated April 1, 1910. Interest payable April 1 and Oct. 1, at Citizens' Savings & Trust Co., Cleveland, or First National Bank, New York. tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2,600,000. IJutstanding — $1,200,000. Reserved for Ext. (T6%>— $1,300,000. Denomination — Coupon $1,000. Reglsterable as to to principal. Trustee— Citizens' Savings & Trust Co., Cleveland. Redeemable ^t 106 and interest after April 1, 1916. Organization — Incorporated in Ohio in 19D5 and operates a steam road for freight service and an electric trolley road for passengei service. In 1906 leased the Salem B. B. of 7 miles tor 99 years at a rental ot $6,000 per annum. Secured by first mortgage upon 29 miles of first and 3 miles of second track extending from and through the City ot Salem to Bast Liverpool, together with power station in West Point and mineral rights to 240 acres of coal lands. All track is on private right- of-way except .84 which has 26-year franchise. Year ended Dee. 31 GroBB Net Bond Int. 1918 $420,967 $115,078 $60,000 1917 356,669 119,096 60.000 1916 337,667 131,060 64.611 1916 290,374 103,011 60,096 1914 279,666 100,067 60,000 Ijegal for Me. Original Market — $1,000,000 ottered In July, 1910, by C. B. Denlson & Co., Boston and Cleveland. Market. New York — Hornblower & Weeks. Barle A. Miller & Co., R. C. Mayer & Co., F. H. Hatch & Co. Boston — C. B. Denlson & Co., Hornblower & Weeks, L. Sherman Adams. PhiladelDhlB — ^Francis Ralston Welsh, C. D, Barney & Co., Huntoon & Co. Portland, Me, — ^Maynard S. Bird & Co. Cleveland — C. B. Denlson & Co., Hayden, Miller & Co. Chicago — ^Hornblower & Weeks. Price Bange. Jan. 1, '11 to Jan. 1, '19 1918 Bid Ask Bid Ask High. 99% '12 100 '13 92 Jan. 98 Jan. Low. .88 '18 94 '18 88 Deo. 94 Dec, 1372 YOUNGSTOWN (O.) lEON & STEXil. CO. 1st 6b. Due £50.000 each Jan. 1 from 1911 to 1920, $60,000 1921 to 1926 and $75,000 1986 to 1029.— F. Dated Jan. 1, 1916. Interest payable Jan. 1 and July 1, at Trustee's office. Tax Status — 2% Federal Income Tax paid by company without deduction. AnthoTized — $800, 000. OutstanditaK — $660,000 (Har. 1, 1918). Balance Betlred, Denomination — Coupon $1,000. Registerable as to principal only. XmgteD — ^First Trust & Savings Bank, Clever land. Redeemable on any Interest date in the re- verse order of maturity and serial number. Orinnlzation — Incorporated in Ohio in 1891. In March, 1917, entire capital stock ($2,000,- 000) was purchased by the Sharon Steel Hoop Co., Sharon, Fa. It is expected that the two .companies will be merged. Secured by a first mortgage on plant at Toungstown, Ohio, including 23 acr«9. ot ground, and on new plant at LoweUville. 'Ohio, completed in 1916, and including 19 acres of ground. The company manufactures' sheet Iron and sheet steel, and also presseii steel specialties. ; Earnings not available. Original Market — Offered at par and in- terest in February, 1916, by the First Na- tional Bank, Cleveland, Ohio. YOUKGSTOWN - SHABON RAILWAY & UIGHT CO. Ist Ss. Dne Jan. 1, 1931. Dated Dec. 31, 1^00. interest payable Jan. and July 1, at New York Trust Co., New York. Tax Status — 2% Federal Income Tax paid by company without deduction. Authorized — $2, 600, 000. Ontstanding— $1,947,000 (June 27, 1919). Held in S. F. — $663,000. Denomination — Coupon, $1,000. Trustee — ^New York Trust Co., New York. Redeemable on any interest date at 116 and interest upon two weeks' notlc. Sinking Tanit — 1% of bonds outstanding an- nually from 1906 to 1916, and 1H% there- after to be invested in these bonds at a price to yield not less than 3%%. Bonds acauired by sinking fund to be kept alive. Control — Absorbed by the Youngstown & Sharon St. Ry., which is controlled through stock ownership by Mahoning & Shenango By. & tit. Co., which is controlled by Republic Ry. & Lt. Co. through stock ownership. Secured by a first mortgage by deposit of securities on 46 miles of electric railway, in- cluding local lines in Sharon and Sharpsvllle, Pa., and lines between Sharon, Pa., and New Castle, Fa., and Y^nngstown, Ohio; also on plants supplying electriciity to soAie of the above' cities. The securities deposited include all of the stocks and bonds of subsidiary com- panies. Population served, Youngstown, 100,- 000, remaining territory, 63,000. Practically all franchises in Fenn. are perpetual. Rail- ■way franchises in Youngstown, O., . expire 1936: lighting franchises 1926 to 1934; and interurban franchises from 1946 to 1950. - ' IJnderlies— Mahoming & Chenango Railway & tight Co. 1st & Cons. 6s of 1920 and Conv. Notes due 1920. Barnings— See Republic Ry. & Lt. Co. 6% Secured Nrftes. Market. FUladelptUa— S. K, Phillips & Co., H. D. Boenning & Co., West & Co., Montgomery & Co., Frazler' & Co., Robt. Glenflinning & Co., C. D, Barney & Co., Harper & Turner, Bauer, Starr & Co., Graham, I'arsons & Co., Hun- toon & Co. Boston-^. E. Denison & ires between 1926 and 1928. Prior Liens — $260,000 ZanesviUe Electric By. 4s of 1924, to retire which bonds of this issue are reserved. Underlies — $1,211,000 Columbus, Newark t ZanesviUe Ry. Gen. es, due 1926, Earnings — See Columbus, Newark &~ Zanes- vUl^ Ry. Cnriginal Market — First offered by Rudolph Kleybolte & Co,, Cincinnati,. Ohio, at 101 and interest. in. October, 1902: $760,000 ottered at par and inteirest . in Oct., 1912, by Drexel & Co., PhUadelphia. .Market._ Cincinnati — ^Rudolph Kiey^olte & Co. Portland, Me. — ^Maynard S. Bird & Co. Philadelphia — ^H. D. Boenning & Co., S. K. Phillips & Co., Drexel^ Co., Ervin & Co., R. M. Stinson & Co.. Huntoon & Co. New York — B. &. C. Randolph. F. H. Hatch & Co. Price Range. Jan. 1, 1909 to Jan. 1, 1918 Bid Ask High.lOO '12 101% '09 Low.., 90 '10 92 '10 1374